Before the first tuesday of november. From london, new york, on radio and television worldwide, we are thrilled you are with us. There is market turmoil. Futures terrible earlier, now doing better. We are going to talk really interesting dynamics of the depths of the market, which is foreign exchange. We will do that in a minute. Got to look at a president who launched 10 tweets last night somewhere in the vicinity of 2 00 a. M. The president says, watch the great red wave, and that goes to his hope on tuesday. Jonathan and wasnt that the perfect gdp print to take on the campaign trail . Heres the number. Dont mention it is annualized and how big it is. Is it too late to make a difference, given how maybe will given how many have already voted in this election . The difference this time around. S much wider than we have seen at the end of the election, it in a two point lead clintons favor. On the focus of the morning november 4. Somewednesday we will have special coverage for you, but i wonder how far out in november we go to learn of the president and the senates future as well. I look at yesterday as well, and mckee has forced us to look at all of these economics as well, but the labor economy barely got summarized. Give us a summary of what you observed yesterday of the American Labor economy. Lisa the numbers were better than people expected, but still brutal when you look at any kind of historical precedent. I guess a week ago, we probably would have said this would have been the dominant theme today, but really, when we talk about the labor market and everything else, it is all about the virus. A headline just crossing that gives you a shift in tone and how this is going to be the main driver heading into december, more than even the election right now. Tom the pandemic across the battleground states, and both candidates visit there, a very heavy growth of cases. Jon, you were weeks out front of this. Into this weekend, what are you trying to study to think about depend amok across Greater Europe . Greater i think the unknown is outside of europe. The loss of momentum is pretty well flagged. It bled across into october. For me, the unknown is the United States. Cases have been picking up. We dont have the restrictions in the u. S. Like we do in europe, but what we saw in germany before restrictions came through was consumers starting to disengage because of the caseload. That is what youve got to keep your eye on in the United States. How sustainable is the recovery . How durable is it . Will consumers disengage if these cases had the wrong way . Tom weve got so much to talk about here across the morning on bloomberg. Thank you for joining us. Jonathan ferro with Mohamed Elerian coming up in the next hour. The real yield, look for that later today. I should point out, the real yield is 0. 8809 . You will see that sometime in the vicinity of 5 00 p. M. London time. Right now, we are in the vicinity of jordan rochester, strategist. X in your essay this morning, you got stopped out of a trade. I want you to explain the value to global wall street of being in a trade like you were, you got it wrong, and you got stopped out. Explain that process. Jordan well, it is about transparency. I have my to do is frameworks, my way of approaching trades. What you are referring to is i on thert eurodollar back of, i think jon was alluding to this has well, we saw the cases picking up. We saw hospitalizations picking up in europe, germany included. To idea of mobility data your rating, consumers starting to step away a bit, we had seen that as well. So we had eurodollar trading around 1. 1850, which was the level we said, if we go above that, we might start to approach 1. 20. That is what i blue wave scenario in the election could do. Part of the problem with trades is you can have the right foresight in predicting iris cases go up, lockdowns to come, but it is about knowing the right moment when the market will price that in. My case, as an example, had the right direction, just bad timing. I think right now, there is a difference for markets that we need to talk about when it comes to these lockdowns. Tom that is like my bets on the tots. I can sometimes get my bets right, but my timing they lost to antwerp. They lost to Royal Antwerp. Help me. Jonathan wasnt happy about the result. Tom Royal Antwerp . Onathan eurodollar 1. 1670, sitting right on top of the 100 a moving average. Have you taken that short off . Jordan we are currently completely flat in the euro. Weve got some sort in the pound. We think we will see some progress next week on those talks on brexit. We got a long cable position. I think this goes into the u. S. Election as well. Next we get such a jampacked week. The u. S. Rexit talks, election, the fed. Theres various reasons to be expecting movement in currencies next week, and isaac a lot of it is going to happen at the same time. Yesterday we saw the ecb deliver a more dovish than expected come unique. Unique ect it come mmunique. Co the point i have made to clients is we expect the ecb to do everything. Through the kitchen sink at the problem. Next week weve also got the cases in then the u. S. As well, the fed will also be looking to do something similar. Not a rate cut, but at least providing support and expanding their Balance Sheet once again. I think the risk reward is here from this level. In eurodollar, we are at the bottom of the recent range. Folks have derisked into the u. S. Election because of the situation in europe. I think the opportunity is there for buying some euro topside. Lisa ive got to say, next week is going to be wild for foreignexchange traders. You have the election. People are very clearly positioned for joe biden to win the presidency. We may not get a conclusion. What kind of volatility do you expect . Do you expect the dollar to strengthen significantly if it looks like we are headed toward a contested election, the irony that behave haven investment is also at the heart of the political turmoil . Jordan we look at the future data. We have seen investors cooled off in the past couple of weeks, but they havent reduced their short dollar positioning is enough. Euroe still quite long the as a result. If you have uncertainty, it leads to risk sentiment falling, and positions get reduced. If we saw joe biden lose the election next week, or if you see the senate lead to a republican outcome, or we just dont know the results for a couple of days, that is definitely pushing the dollar lower. That could see go 21. 16, down 1. 15. And where you have a split congress, 1. 14 is not ridiculous to talk about. What i want to talk about is the experience we all had together in 2019. Jon, you may remove or this, would we had the u. K. Election. The exit poll comes out showing a strong showing for Boris Johnson, and during that campaign period, the polling for all of it said Boris Johnson was going to win. But because we were so paralyzed by the 2017 experience of the polls getting it wrong, investors didnt fully price it in. They didnt have the positions on they would want. I think this election is a similar situation where we are happenied by what is ng in 2016 when it came to the surprise trump win. We have such clear polling leads for joe biden. We are not fully pricing it in. The dollar will still selloff. Jonathan before you go, lets get an electionrelated trade. Something exotic. Ble, i dont know. Whats on your mind . Jordan still a favorite among markets is to be long cnh, so shorting dollarcnh. You are going to have a big jump higher if you have the blue wave scenario, so looking for Something Like breaking the ranges out of euro, buying 1. 20 topside or Something Like that short dated, is the sort of stuff that i would be looking at in this scenario. Thats when the action will be. You are so g10 and vanilla, jordan. Great to catch up with you, though. Tom that was very exotic. [laughter] Jonathan Paul mcnamara was talking about this on twitter, and i think it is worth thinking about. Peso on the one side, ruble on the other. If biden wins, that is good for the peso, bad for the ruble. The kind of thing to thick about in foreignexchange. Tom i am looking for an exotic entry point. Jonathan it is the fx market. Lisa this is going straight downhill. Jonathan just look outside of g10. Just get creative. Tom exotic. Jonathan we talk about sterling and the euro all the time. Dont you think its boring . It gets boring. Tom what i think that . Jonathan ed mills up next, Raymond James policy analyst. Rochester, for the record, is not boring either. We are down 0. 9 . This is bloomberg. With the first word news, im ritika gupta. House Speaker Nancy Pelosi and treasury secretary Steven Mnuchin are playing the blame game. Each blames the other for the lack of a Coronavirus Relief bill. Pelosi ofcused holding up a bill by refusing to compromise. The speaker says they have not responded to a number of compromises. Joe biden told florida, if florida goes blue, its over. Biden and President Trump are virtually tied in the state. Shares of apple are lower today. The Company Reported iphone sales that missed wall street estimates. Plus, revenue in china plunged. Apple gave no forecast for the holiday quarter, but ceo tim cook says the new iphone 12 line has been well received. Global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. Im ritika gupta. This is bloomberg. Mr. Biden more than 225,000 people dead. 225,000. The estimates are if we had acted responsibly, there would be 165,000 fewer dead than there are today. Nowuse of covid19, we are past the 9 million mark of people infected. Pres. Trump they are shutting down, they are looking down. I disagree with that because we are never going to lock down again. We lucked down. We understood the disease. Now we are open for business. Andthan President TrumpVice President joe biden both rallying in tampa with just four days to go until the u. S. Election. Two months to go through 2020. This year is a blair. Heres the is a blur. Heres the price action. Alongside tom keene and Lisa Abramowicz, im jonathan ferro. Radio, bloomberg tv and equity futures down. We were recovering, now down again. The rout is in the equity market, in the nasdaq off the back of those tech earnings. You still have a bit of dollar weakness in the mix through much of g10. Tom even in the bond market, flatness. 0. 17. Ties, oil down we will see what the news flow is today. Right now, we continue with the politics, as we heard the gentlemen from tampa. Ed mills, a historic career in washington working in the legislative branch, particularly for congresswoman mahoney of new york. Ed mills joins us from Raymond James. Youve got too many numbers in your latest research report, but the answer is you have seen the possibility of a Biden Victory and the possibility of a democrat senate. Do you have any sense with your years of expertise of the wind of it . The when of it . When will we know that . Ed our latest report is titled all blue or deja vu. We certainly think this is a lead for democrats. We asked the question, can trump win . Absolutely. Can republicans maintain the majority . Absolutely, but just lower odds. In terms of the timing here, we do think that we are watching North Carolina to see if it can give us an early signal. To count their votes in advance. They started counting 14 days before the election. If we can get a clear winner in North Carolina for the president ial race and for the think that is an early sign that that has been a democratic sweep. Or inconclusive, we may have to wait for a while, and we are warning clients about the potential for a bloom arrive or read a mirage blue mirage where the final vote count is significant different. Articleitico did the about who would run the committees if the democrats took over the senate and the house. How progressive would the Committee Leaders be with a biden presidency, or would they be as President Biden is perceived, to be middle of the road . Which is it . Edward i think it is both. You could certainly see a budget chairman bernie sanders, or are we going to see him kind of stick around in the senate . Or is he going to make a play for labor secretary should biden win . In the banking committee, was head of the progressive voice of the house and senate for elizabeth warren. He comes across as more pragmatic, especially when you compare him to other colleagues. We would see a pretty progressive chairman of the Senate Banking committee as well. Ultimately, it comes down to what you have the votes for, and when you look at who is most likely to win senate seats and what a Senate Majority would look like for democrats, you have to realize that there are a number of pretty moderate to conservative democrats who are running, and if they win, that is the majority. That is the difference maker. Taxes, theylls like probably stick together. More ideological things, it would be difficult to get those done. So you lean more towards the Center Versus a push towards the left. Lisa how significant is the dynamic of republicans registering more voters in swing states, as they have been claiming . Edward it is the debate of the election. We have seen registration gains in florida, in pennsylvania. Ultimately, if trump wins reelection, this will be the focus of where the Biden Campaign didnt go strong enough. Use all republicans continuing to register throughout this year, were democrats went on the sidelines because of covid concerns. There is a real debate within the Political Community on whether or not voter turnout among groups that didnt show up in 2016 that have favored democrats will overcome that, how much of that registration was a switch of people who voted for trump in 2016 that were registered democrats, who switched to republican. It certainly is a bright spot for President Trump. If it is enough or not, we have to wait and see. Jonathan just to think about what a second term would be like, what is the number one priority of a trump second term . Edward i think it will be all about the economy. We will see another push for tax changes. We would be ensconced a lot of and agulatory changes, doubling down on the china trade policy. Jonathan something to think about, whether either side, whoever wins, we will see that stimulus. Wins,er happens, whoever we are good to go. Some people share that view. I am not advocating for it. I am just highlighting that it exists. Tom what is interesting about this, and it is great to have edward mills on of Raymond James , there is no substitute away from the pundits of people who have actually worked. Shows up on capitol hill, hes not working. The people that are working, theyve got a huge perspective on how does it get done, and i agree, it is up in the air. Jonathan i think you just said that Kevin Cirilli doesnt work. Lisa excuse me, hold on a second. I think kevin is calling. No, youre fine. We know you are working. He was a saying he works all the time. Jonathan seriously, tom, pretty rude thing to say. Kev. hey, tom i am just saying, theyve got a huge knowledge about how does the sausage get made. Tom i hear you loud and clear jonathan i hear you loud and clear. Very passionate about this. Tom i agree, the stimulus is going to be complex to say the least. Jonathan this is bloomberg surveillance. This is what the equity market looks like this friday morning. Good morning to you all. We are shaping up as follows. I might be sleep deprived. [laughter] lisa youre doing great. Jonathan the more you are deprived of sleep, the more it sounds like you might be drunk. I am not. Equity futures down 33, 1 . On the fx market, eurodollar 1. 1675. In the bond market, the yield unchanged. This is bloomberg. Jonathan almost the end of the month. Huge week ahead. An election, a fed decision, payrolls friday just round the corner. Here is your equity market. 31 going into Economic Data in the United States of america which means Michael Mckee is back with us. Lets get to the numbers. Michael we are waiting for personal income and spending. A pretty good idea of what theyre going to be because they were included in the gdp report yesterday. We are waiting for the data. We are also waiting for the employment cost index, which has also not popped up on the screen. Everyone now releases everything on the internet and we are not getting the numbers. I just got Service Unavailable in terms of the income and spending numbers. Here it comes in. 9 for the month. In august it was down 2. 7 . Income is up significantly. Drop in the Unemployment Compensation we saw last month falls out of the data. Spending up 1. 4 . That is better than the 1 of the prior month and the 1 forecast for the month. It looks like we have a better baseline Going Forward into the Fourth Quarter than people had anticipated. The other big number that comes out of the release is the pce inflation figures, and those are what the fed watches most carefully. The pce on a yearoveryear 1. 4 ops. 1 to actually it stays at 1. 4 . 1 lower than anticipated. That is the headline number. The fed wants to percent on that number. 1 from does drop 1. 5 to 1. 6 . Less inflation, but more spending and certainly additional income for people. The revision we are just seeing now is personal income was revised down to two point 5 from 2. 7 . One more quick number is the employment cost index, which is a quarterly number. It comes to an added increase of. 5. That was expected. Showwe will stop the because this is important. On the deflators we sought not only the numbers tick down but the revisions as well. This goes right back to what chairman powell and David Rosenberg said the other day. Yes there is service dynamics, service disinflation, may goods come back to some form of zero or outright deflation. This is what we got. In the lethargy, we have a disinflation. Jonathan let me jump in. Maybe it is just the mood im in. What are we arguing over . 50 or 60 basis points on the pce . Let me just finish. Cpi court in europe is 0. 2 . That is what a problem looks like. I do not know if 1. 5 , i do not have we should be obsessing over this like the fed seems to be every single month. Michael i do not think the fed is obsessing over it and i do not think it is a problem. It is disinflation, not deflation, and more the trend of than the actual numbers. It matters more to people in the fixed income markets in terms of your positioning for what you want to buy and sell. It is not really an issue for the fed. They do expect this to happen. It is much more of an issue in europe and Christine Lagarde had to answer questions about their forecast for negative inflation or deflation for a couple of months. Much more of a problem in your. Have inflation through the winter. Winter is coming, all the cliches. Will we see worries about inflation . Michael i do not think you will see too much. The greater concern seems to be when we come out the other end, especially if the democrats come to power in january and we get a big stimulus, there is a worry we could see inflation down the road and it could appear quickly. That is something we have seen as a theory in the past which has not played out which is why the fed seems fairly confident in letting the economy run hot for a while. Lisa just to wrap up all of these numbers, the income and spending numbers edify the idea that the complete that the consumer has been stronger than a lot of economists have but giving them credit for, and the idea that income rose so much more than expected hints at a stronger recovery. Does this give you a sense that household Balance Sheets have much more ammunition to sustain a rally without more fiscal support for many more months and perhaps even weeks than economists are giving on . Lewis i am looking michael i am looking for a number that would give us a better indication. Disposable personal income is up. 9 , the same as the overall personal income numbers. In august. From 2. 9 we are starting to see more money in peoples pockets. The question is how willing are they to save that. I am looking for the savings rate, which we are waiting for that. I think we may have just gotten it. 14. 3 ,l savings rate is slight drop from 14. 8 . April when in everybody started getting checks and started putting money in the bank and not spending it. 14. 3 is still quite high and it does suggest people have dry powder they can spend Going Forward. In september. That is down from 1. 4 . Weember most of last year were around the. 4 mark. Wages are still higher. This may have to do with the fact that lowwage people have dropped out of the calculation. It does suggest to those who are getting paychecks have money. Michael tom thanks. That was outstanding. A lot of movement about an economy in a pandemic. Right now lindsay case joins us. I want to go right to that. Michael mckee showing oddities, savings rate in the double digit. That is not normal for america. What are the ramifications of that high savings rate . Lindsay it is not normal. When we see american squirreling a may squirreling away that amount of wealth, it speaks to the uncertainty americans are feeling about their security Going Forward. It translates to 2 trillion in accumulated savings that can be deployed into the marketplace but right now consumers are looking at the recovery, looking at the prospect of resurgence of the virus and further restrictions or shutdowns in the consumer is very nervous. Rather than immediately spending that wealth, they are deploying that to their savings account and sitting on that Additional Savings. The distribution for those savings is not equal. Where in society is that money sitting and how likely is it it will be spent . Lindsey i think there is a disproportionate amount of savings being held at the top rung of the income ladder. With generous unemployment benefits, there is a sizable amount of wealth that has been captured, even in the bottom wrong of the income ladder. There is a skew towards the top but when we look at overall, the average american may be better off than they were prepandemic, or at least on somewhat stronger financial footing. Going back to the point you made earlier, i think this looming fiscal cliff many are concerned about may not be quite as ominous as previously assessed because of that Additional Savings or that additional wealth the average american is facing. Lisa that is where i wanted to go. If we condemn out how long households have to maintain spending or reduce it a little forto edify these forecasts a blockbuster holiday season, how long do we have before we hit the wall where we need more support are we actually see the slow down 70 people have predicted would already have happened and yet has not. Lindsey if we assume the economy continues at this pace, if the consumer does have several months to eat through the accumulated wealth that should carry us well at the first quarter, even independent of a stimulus package. We also have to recognize the virus is far from contained in that remains the number one risk to the economy, or should i say the policies aimed at stemming the spread of the virus remain the number one risk. If we do see resurgence toward the end of the year leading to further restrictions and further lockdowns resulting in further business closures, job losses, lost income, revenue, opportunities, wheeze could see both regardless of the savings we could see growth so slow significantly or fall into net negative territory depending on the duration of the resurgence of the virus. Jonathan final question from me, the biggest question for any economist in United States right now. Does this u. S. Economy recovery go the way of china or the way of europe by year end . Lindsey right now the risk is we see a similar scenario that is playing out in europe. That second round resurgence of the virus undermining the improvement we have seen july to september. That was a welcome step in the right direction, a record 30 bounce. Reflecting the fact we are simply reopening the economy, so emphasizing the power of reopening the economy, bouncing off of the low levels we saw in the Second Quarter when businesses were first closed and individuals were forced to stay within the confines of their home. It highlights the detrimental impact of keeping the economy closed should we see new policies force the same scenario as we head toward the end of the year. Jonathan and that is the issue. Great to catch up with you. Lindsey piegza, steeple chief economist. I will step away in just a moment. A little bit later this morning i will catch up with Mohamed Elerian, Queens College president and Bloomberg Opinion columnist. I think we have to start right there on that very issue. Europe going one way, china going the other. Which way does the United States go . Tom depending on the election, depending on the stimulus, but far more, i think this has been the theme of the week, the pandemic dynamics trump all, no pun intended. Jonathan they have started to bite big time in europe. Alongside tom keene at Lisa Abramowicz, im jonathan ferro. Lets wrap things up with price action. Equity futures down hard at about 2 00 eastern on nasdaq. We recover a little bit and then we rolled over. Softness reaping back in. Equity futures on the s p 500 20 points in down. 8 . Everything else, youve made this point and you are dead on. Story, he didk not see much in foreignexchange commie do not see much in the bond market, you do not see much in crude. Texas,m looking at west it is down but it is a fractional move. It will be interesting what happens in texas to reaffirm what seems to be in optimism. Jonathan the opening bell just around the corner. What a week we have coming up live on bloomberg tv and radio. This is bloomberg surveillance. With the first word news, i am ritika gupta. They were not able to agree on a Coronavirus Relief package before the election. Now nancy pelosi and Steven Mnuchin are still battling over terms for a postelection deal. Accusessury secretary the House Speaker of refusing to compromise. Nancy pelosi says she is waiting for mnuchins response to her demand. The path of the u. S. Economy is less certain after record thirdquarter growth. 33. 1 at largely affected a rebound in Economic Activity after widespread drop downs earlier this year. Theomist are projecting economy will grow anywhere from below 3 to 6 in the Fourth Quarter. The u. S. Has set a record for its most coronavirus cases in one day, 89,000 cases reported. There is a jump in infections in new york and new jersey plus a record outbreak across the midwestern states. You can assume ecb president Christine Lagarde has signaled more monetary stimulus has come according to one of the banks policymakers. He spoke with bloomberg. This is a correct interpretation with some caveats. The one is she also said it is clear we use the december projections and information in december to make our decisions. What we have decided is to make preparations, to go through our portfolio and see what area we need to recalibrate to be ready for december. The decision will be based on december data. Ritika global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. I am ritika gupta. This is bloomberg. , ask nine outet of 10 people, they will say they want to work from the office. Efficiencies are not close when people are not in the office because you get distracted with one other other things with 100 other things. Jonathan bloomberg served Tom Bloomberg surveillance with Lisa Abramowicz and tom keene. Jonathan ferro on assignment. Rob fallon with us. He is vice chair prudential consideringd getting people back to the or is there permanence to work from home. Lisa and i have heard 42 different opinions. What is the learning curve of people thinking about this . What is the thinking now versus what the thinking was in may . The thinking is we are not in a sprint, we are in a marathon. With the most recent data, looks like Many Companies are actually extending out from the time they think will be in this environment. We have done that recently. I have told our employees and will not be earlier than july of next year we will have them come back in a material way. It is a reflection of a couple things. In a survey we did recently it indicates remote work is working. It is relieving the stress a lot of these individuals were experiencing from the pandemic , balancinge worklife and doing it in a remote environment help see some of the pressures. The second thing is productivity has held up well in a remote environment. 60 of our survey indicated productivity is at or above where it was. Hearing, and this goes to a great team of bloomberg surveillance worldwide. You see the three or four of us on air when there are 40 or 50 people behind us trying to make the sausage every day. What i am hearing is the employees actually feel they are working more hours at home than they were in the office excommute. Is that what your Research Shows . Blur tore has been a the start and end of the workday. It is tending to start earlier and and later. , individuals have taken 65 less vacation year to date than they did last year. Three, on average there commuting an hour less every day, but 60 of that they are reinvesting back into work. It is not more leisure time it is more work time. Lisa i will say there was a story in the wall street journal, the lead what you would do with an extra hour, for many people it is work more. This is unsustainable Going Forward. People are medicating with alcohol and wondering what they will do with their children. They are not necessarily feeling the satisfaction that comes from working from home when it comes to the Beautiful Image of not having to commute. Do you see this as the new reality or do you see this as people hanging on with all that they can given the fact they do not have options to go on vacation anyway and it is ok for now but then they will go back to the office . Rob there is no arguing about that. That comes through our survey. While remote helps with the stress of the pandemic, the reality is it is still very stressful for individuals. A couple of thoughts. If i think about the productivity gains we are getting and how much of that can be retained longterm, i think there is a real productivity in technology and digitization process out of necessity. It, ourte piece of surveys indicate three quarters of the individuals surveyed indicate they would like to continue to have some element of remote work. I do not think most people want to be fully remote on a go forward basis, but both our internal Company Surveys and our external surveys indicate people have gotten used to remote and think it is an enhancement to worklife balance and they like some element of that. Going forward i think when we return to the workplace it will be a different experience in a different place for individuals because it will at hybrid models of remote on a forward basis that looked different than what we had prepandemic. Lisa a lot of people would agree with you. I want to go back to something that the ceo Brookfield Asset Management said. It is what we heard earlier in the segment. He said if you go on the street and ask nine out of 10 people, they want to go back to the office and have some sort of communication facetoface with colleagues. Do you feel like from your conversations people want to be in urban centers, even if they will not be going to work every day, they want to be able to see and physically experience one another and the world at large, or do you think this is Wishful Thinking by a Real Estate Investor . Rob it is a Real Estate Investor, so a good note on that. The pandemic our surveys are not indicating people want to get back to the office place. Our internal survey, 87 of our employees that we do not want to go back. A High Percentage of individuals have indicated they do not want to go back. Post pandemic, to they want to go back to the workplace . But again, in a modified fashion. I will refer to our internal survey. Before the pandemic, we had about 21 of our people working three days a week remote. Postwe do a survey pandemic, three quarters of our employees indicated they wanted to be remote three or more days a week. 92 of our employees so they wanted to be remote two more days a week. There was a small percentage that wanted to be fully remote. I think people miss Human Interaction associated with being at the workplace, absolutely. That does not mean they want to return to five days at the office. Tom this issue is not going to go away. We would love to have you on again. Rob falzon, with decades of experience in real estate. Tape and it at the is an ebb and flow. Equities in fluting 30 to 21. Lisa what youve highlighted is the most important part of the story. This is little bit of the sheen coming off big tech as it has been since the peak in september. This is not the broadbased selloff we saw wednesday. You are seeing that with not much of a bid into bonds, not much of a bid into gold. Hard to say what this day is. On the idiosyncratics of the moment, lisa and i always end up idiosyncratic themes. Turkish lira breaking out to new weakness. Truly common i use this word with respect to the people of turkey, and unimaginable 8. 37. At some point that will be a large theme. Futures 1. 92. W the dollar a little bit weak. Jon ferro calls and from london and says sterling one point when he 972. 1. 2172. Lisa exotic. Ever aking of exotic, edward hyman, evercore. Stay with us on Bloomberg Radio and bloomberg television. You can go your own way go your own way your wireless. Your rules. Only Xfinity Mobile lets you choose shared data, unlimited or a mix of each. And switch anytime so you only pay for the data you need. Switch and save up to 400 a year on your wireless bill. With the carrier rated 1 in customer satisfaction. Call, click, or visit your local xfinity store today. Jonathan from new york and london for our audience worldwide, good morning, good morning. The countdown to the open starts right now. What he futures down. 7 . We begin with the big issue. Thick fog on the horizon. Big tech delivering blowout results, injecting more volatility into a jittery market during up for a massive week ahead. All of these binary events coming. We need to get through the u. S. Election. The election is driving shortterm volatility. If we can get a material expectation for large infrastructure spending. Wave, wehave a blue will get lots of stimulus. That can change the equation. Until we get some good news the next few weeks next few months do not sound good