Republicans want pennsylvanias mailin voting process declared illegal. One of the president s most loyal supporters says it is time for mr. Trump to move on. Stephen schwarzman says the outcome of the election is certain today, and he is ready to help president elect biden. Global news 24 hours a day, onair, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. Vonnie it is 1 00 p. M. In new york, 6 00 p. M. In london, and 2 00 a. M. In hong kong. Im vonnie quinn. Welcome to bloomberg markets. Here are the top stories we are following on the bloomberg and from around the world. Astrazeneca and the university of oxford the latest to deliver positive vaccine developments. Shares are lower today as analyst question some of the findings, although there is an outperform on the stock. We will speak with Matthew Harrison about the study and environment. We are talking health care with larry robbins. His outlook on how the pandemic is shaping the future of medical care, and of course the spac merger. As covid infections rise and diving dining restrictions return, we will speak to angie mar. We are higher in the markets but not by that much. A little bit of a slow day. The 10year yield at 85 basis point. Crude Oil Continues to move ahead a little bit. 43. The vix below 23. Butterfly networks, the makers of an ultrasound device is going publix to compete with larry finks spac. Founder larryal robbins joins us now. You must be thrilled about the launch on friday, reception of butterfly, though it is a fantastic device. Explain what it does. It is the first and only to put ultrasound on base on a semiconductor chip. It follows the innovation of the doctor who did the same thing with next generation dna. Equencing a decade ago the idea is simple. Instead of us taking our patients to the Imaging Center, it takes the Imaging Center to the bedside of the patient. Is onlyw, ultrasound performed by a limited number of professionals that are trained to use large machines. Clinicale it is better medicine and also at a lower cost that this device can be brought into the pocket of every position, and the hand of every nurse that needs it. Not only is it lower cost, about can seellars a day, it much more patience, so patients dont have to wait a week to get an image. Super excited about the medical benefits. Forie the ramifications this device globally are mindboggling if they can be executed. What do you plan to do with the nearly 600 million in cash raised . Will that carry the company to profitability before 2024 . Larry the simple answer is yes. The capital that we raised is approximately double that is necessary to be consumed in order to get to profitability in 2024. The remainder can be used for offensive investments in order to accelerate the investment. Today, there is the butterfly secondgeneration handheld device. Chip23, that same sensory will be put into a wearable patch to enable home monitoring, which we believe will be an even larger market than the handheld device, which we believe will serve over 40 milliprofessionals around the world. Vonnie you have a lot of expertise in health care. What can you bring to the table in terms of making this accessible to more people, making the company more successful . Larry we are so excited to be a part of a coalition, partnership that has not only been aligned with financial investment, but also societally. We joined together with the gates foundation, with baillie gifford, other investors in the private rounds, and we are pleased to be the spac and merger partner of choice, but we are also joining with two. Eading medical institutions there is also more than a dozen institutions that all locked arms to invest here. Specifically what glenview bring is conductivity, not only to the financial community, but importantly to the Health Care Community. We are so excited about the potential of point in care devices, and butterfly has the best prices and platform. You want to make sure we are accelerating the connectivity of this product to get it to a patients bedside, and by 2023 come into patients homes. Aoviding not only capital but true connectivity to the Health Care Community so they can accelerate growth. Vonnie more broadly, the pandemic has impacted everyone across the globe. Onlyyour workplace is about 10 in the office right now. Talk about what you see in terms of health care and value plays. Everyone is talking about the rotation to value. You should be perfectly positioned if this comes to pass. Do you see that happening . Larry certainly, you mentioned our workforce. Lets mention the health care workforce. There have been no greater heroes in this effort then the doctors, researchers, Lab Technicians who have been helping to get our country through this. Our thoughts are with them, not necessarily with our own team. But you are right in saying this is triggered the greatest rotation we have seen in two a simple trade come along stayathome stocks, to avoid anything that requires mobility. Healthlenview believe care utilization will not only lead to recovery but will likely have to reaccelerate. What this pandemic has shown is there is an underserved population that has not had universal access to health care, and as such, has multiple comorbidities in the pandemic, which has been cruel. What we are seeing is, we have an election cycle that seems balanced or it may end up in congress, where there will be a moderate Health Care Solution focused on not only quality affordability but universal access. We know there are patients that have diverted necessary procedures, screenings, appointments, lab tests. We know that is likely to come back. We see strong utilization that will provide tailwinds for everyone like tenant help, Companies Whose pharmaceuticals to treat lower gi visits. Anything related to medical utilization fell by a third in the april timeframe and the height of the pandemic. It has held up quite well as we move through the year, but still a dominant category. We certainly hope the vaccine rolls through the population between december and may, and then we will use that not only to improve Public Health and mobility, but provide better connectivity so that patients again can be connected with their physicians. Vonnie you seem to be low and your exposure to stocks. Given what you outlined, wouldnt it be time to increase your exposure . You exited United Health care. Is that play over . Larry United Health care was treated well, as investors in thated the Quality Health insurer. They are a wonderful company. Theyes, we do use opportunity to rotate down into things that we thought would be even greater value. We continue to be extremely positive about signal, our Largest Holding in the managed care space, which is at 10 times earnings. We think we have a skill set that is similar to what United Health care has, simply trade at a material discount. We are longterm bullish on United Health care. You are right. Challenging,t is looking at public filings, it doesnt show you where our public filings are. As we move through october, and we saw the vaccine news coming, we believed it would be positive, and has been. We believe the safety profile of vaccines has been exceedingly strong. The efficacy data, particularly from pfizer and moderna, has been above the high end of what people expected. We believe now is the responsibility of this tribute hers and Government Agencies to make sure that we are educating the public so that all people can protect themselves by getting vaccinated. On the are you staying vaccines, Vaccine Companies themselves . You mentioned distributors. We think the Vaccine Companies have provided a tremendous public service. We dont think necessarily being in the vaccine business is a great business unto itself, but we are certainly appreciative of the work they have done. From an investment standpoint, we think there are better ways to play the reopening. Whether you are talking about the health care market, things that are directly tied to medical utilization, or outside the health care market, we know that names in the travel and mobility space. We want to be a long things that did not burn cash in the downturn but nonetheless have not recovered. With certainty, leisure travel, and we could see other travel. That is hurting names like avis marriott hotels, expedia, as an adjunct to the reopening play, we are positive on that. You also mentioned value accretion. They had perfect liquidity or not, whether they were investmentgrade or not. One of our favorite names, dxc communications, is trading at 5. 5 earnings power looking when youre out. They have an investmentgrade balance sheet. They shrunk the amount of gross debt they had. Right even the rotation away from stayathome names back toward things that clearly have duration but also highly attractive Business Models and strong cash fundamentals, we are excited about that. Been a management change, and he has done a phenomenal job there. To ask youanted about the distributors. Substantially on the news that amazon would get into it. Was that warranted . Can amazon really compete with those companies of the world, do they want to . Larry the important point is they didnt say that they were competing. Amazon is to be respected as one of the most phenomenal companies we have seen across verticals. What they announced was, for longterm prescriptions, chronic recurring prescriptions, they could offer those services on their website, just like many other electric pharmacies have. Given their power and their brand, fulfillment, relationship with prime customers, they will be a more impactful Online Pharmacy than others. They are still talking about a couple days delivery time, but we assume that as they move through time, they will be quicker than that. Half of the prescriptions that one gets, you dont have two days to wait for it. Amazon is going to methodically build out their business. What is important is this is being done in partnership with cigna, who is managing their medical benefits. It is also being done in partnership with a merit source amerisource. The case that we made three years ago, which is the case we are making today, is that we believe amazon is a phenomenal product to consumer company. It is a threat to other business toels like good rx, arbitrage the high cost of cash pay at drugstores, but we dont believe that they will be a threat. We believe they will be a partner to the largescale administrators, and the largescale distributors. Much bigger for the pharmaceutical distributors, we believe that a settlement is close to being within reach for opioids. A lot of those estates need the money. That capital should be spent on helping patients, as well as the states who need the capital in this pandemic, so they can properly invest in their priorities. We have seen Strong Performance from pharmaceutical manufacturers and distributors this year. Vonnie we are out of time, but you mentioned the filings dont tell the whole story. Do you have a derivatives play that maybe we should know about . Net long position is near the highs, because we are so optimistic about the company that we follow. Being short in this market here zero interest rates, lots of reasons why people are hiding out in defensive stocks, but we dont believe the business momentum is gone. Shorting is a little bit of a challenging business. There are places that will only benefit from stayathome, and we might be interested there. Wem a political standpoint, are going to have a moderate congress behind a moderate democratic candidate. I think we are likely in a less extreme environment, constructive for valuations. Particularly constructive for Health Care Value equities. Vonnie thank you so much and best of luck. We appreciate your time today, larry robbins. This is bloomberg. Vonnie this is bloomberg markets. Im vonnie quinn. Time for stock of the hour. Tesla shares leaving 500 in the rearview mirror. Remarkable what tesla has done over the last week, up over 25 , hitting record high after record high on its confusion to the s p 500 on december 21. All sorts of index funds have to buy shares, and it adds legitimacy to a company that some folks wondered was a going concern. Relative to other indexes it is in, it is in another big cap index, the russell 1000. It is up more than 520 on the year, so its right behind apple, microsoft, ahead of nvidia. This gives you look at what it may look like in the s p. Some believe electric vehicles relative to overall automobile space will take 10 share by 2025. He has raised his price target on tesla to 1000, up by 21 . In the bloomberg terminal, we see lots of chinese automakers that have Movement Toward electric vehicles in the Fourth Quarter soaring. Three of them up 150 , making teslas 22 moves look rather paltry. Again, lots of excitement about the electric vehicle space. From a valuation perspective, tesla at almost half 1 trillion. Before toyota, volkswagen, daimler, gm its pretty amazing, considering they produce a fraction of the vehicles, but it shows you the optimism surrounding the electric vehicle space. Vonnie thank you for that. The uncertainty still looming over new york citys Restaurant Industry. Mayor de blasio is expected to introduce new rules on the Restaurant Industry next week. Mar, ownerme angie of the beatrice inn. Spoke with you, you were extraordinarily concern for the future of the beatrice inn. It was difficult. Rent was a sore point. You have now decided to do something very major with the beatrice inn. Meie thank you for having back on. Always a pleasure. Move. E have decided to i will be relocating next door. I am really just in the beginning phases of the Creative Process right now. Exciting. Very to be able to take what we have built and reconnected with a family that actually owned and operated the beatrice in for over 50 years, it feels very special. Vonnie how did you come to the decision to move next door . As i understand it, there is a big change happening. Space, very different and youll be changing the name just to the beatrice, it will have a different character, potentially a different menu, set up. Im not sure who you know who your neighbor will be at the old beatrice inn. How did you come to this decision . Angie it all fell into place at the right time. The last time we spoke, the future of the restaurant was very uncertain. Model,th my business with the rent that my current landlord wanted, it was not going to work. Maybe that will work for somebody else, but unfortunately, it didnt work for my business model. Moving next door is tremendously exciting. The space is absolutely very different. Street, a sunny corner. Tremendously excited to breathe new life into that new space. As far as the menu goes, it is just food. As a creative, we have to continue to evolve always. Im very excited to do that. When youive us a date think youll be opened at the new space, and what challenges remain . Staffing wise, people in the door, at the table . Angie right now, we dont have a date. A date. Sometime next year. I am not sure yet. Like i said, i am just at the beginning phases of our planning process. As far as the business side of open,tually being able to it is really up in the air. We expect indoor dining, if not all of dinein will be taken away next week and into the unfortunate, is especially considering there is no additional plan coming out of the government to help Small Businesses like mine survived the winter. , we may seelosed you on the other side or we may not. Vonnie we are getting more vaccine news by the day. Beforee saying q2, q3 the regular person can get the vaccine. Does that provide enough light at the end of the tunnel to borrow or whatever you have to do . No, itas of right now, is not enough. It is great news but not enough of a light at the end of the tunnel. What our industry really needs right now is funds from the government. Ppp was great. A lot of the businesses who received it have gone through it in order to make it forgivable. I know there are talks about a second round of funding, but we have not seen any of it. That deity is, i know blasio thinks that dining is an uppermiddleclass activity, but the reality is that people who are actually working at these restaurants are not uppermiddleclass. These are People Living paycheck to paycheck, who are struggling to pay their rent, feed their children. We have not seen any relief or any of them. It is imperative, especially if there are newly imposed restrictions, that the government stepped in and help those people, help small, independently owned businesses. Otherwise, when we come out of this and there is a vaccine, we will be left with businesses, restaurants that are Venture Capital backed with no soul. I would urge everyone to go to your last dinner new years eve. Angie mar, thank you. Coming up, we will be talking about those vaccines, the astrazeneca vaccine in particular. Businesses today are looking to tomorrow. Adapting. Innovating. Setting the course. But new ways of working demand a new type of network. One thats more than just fast. You need flexibility to work from anywhere. And manage from everywhere. Advanced technology. With serious security. And reliable coverage, nationwide. Forwardthinking enterprises, deserve forwardthinking solutions. And thats what we deliver. So bounce forward, with comcast business. Hey. [narrator] she takes two prescriptions. Kates son jack, takes one too. Kate works hard, and thought she had good insurance. But she still pays too much. Thats no good. So kate downloaded the goodrx app. Now she can compare prescription prices, to find the best discounts. She even beats her insurance price. Good for you kate, good for you. Goodrx, stop paying too much for your prescriptions. Download the free app today. Mark im Mark Crumpton with bloomberg first word news. British Prime MinisterBoris Johnson is confirming his countrys National Lockdown will end next week. He says today it will be ierlaced by a tougher threet system lasting until next spring. He says the u. K. Is still heading for a hard winter but praise that new vaccine news will help us turn the corner and the escape route is insight. We can take great heart from todays news which has the makings of a wonderful british scientific achievement. The vaccine developed with astonishing speed by Oxford University and astrazeneca is one of three capable of delivering a period of immunity. Mark Prime Minister johnson says people should continue to work from home whenever possible. A grim milestone for italy today. It became the second country in europe to reach 50,000 covid19 deaths. Italy has had more than 12,000 deaths in the past 30 days, as cases have search. The pandemic has overwhelmed hospitals and prompted a region by region lockdown. The u. K. Has had more than 50,000 covid related debts. Russian president Vladimir Putin is one of just a few major World Leaders who still has not acknowledged that joe biden won the president ial election. President putin told russian state tv he is willing to work with any american leader once a winner is confirmed and accepted by the opposing party. When asked if the move could damage u. S. Russian relations, he said they are already ruined. Human emissions of Greenhouse Gases responsible for Climate Change will fall between four point 2 and 7. 5 this year due to the Global Industrial slow down cost by coronavirus lockdowns. But Carbon Dioxide levels in the atmosphere will continue to go up, according to the World Meteorological organization. They say the locked unrelated fall in admissions quote a tiny blip on the longterm graph. Global news 24 hours a day, onair, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. Live from toronto, im amanda lang. Welcome to bloomberg markets. Vonnie im vonnie quinn in new york. We are joined by our bloomberg and Bnn Bloomberg audiences. Here are the top stories we are following from around the world. Astrazeneca joining madera and pfizer on the vaccine progress. We will discuss that with Matthew Harrison. Smiledirectclubs cfo will join us. Allies are urging him to move on. Steve schwarzman says it is time for him to accept the election results. Lets get a look at the markets, amanda. Amanda it is a bit of a reopening trade today, although we have seen some moderation from earlier enthusiasm. Astrazeneca with the university of oxford adding to the list of those getting closer to a vaccine. Thoses lacking some of benefiting from those openings, and we are seeing the price of oil jumping almost 5 . That has the energy subgroups on the move and those that have benefited from lockdown are lagging. That is despite the fact that we are in lockdown in toronto. There are places across north america with rising cases of covid facing new restrictions that will benefit some of those stayathome stocks. Still, the market is looking past that into the future. Lots of questions about these new vaccines, including the one from astrazeneca and oxford. The path ton about Regulatory Approval as well as some of the questions about efficacy. In the course of this week, we will discuss the dates that regulatory agencies across the that, and based on feedback, we will adjust our Clinical Trial if the fda agrees with our approach. We still need to remember the trial in the United States is still running. It is a very large trial. Than 30,000get more participants in the trial. Roughlyeak, we have 11,000 participants in the trial. If we need to include an extra arm in the trial, we have more than enough time to do that. Hadne of the analysts really critical things to say about the trial. One of them said it will never get approved in the u. S. They say that you try to embellish the results by highlighting 90 efficacy in a small subset of subjects. The suggestion by investors is that this was evidence of superior efficacy only to discredit the program as premature and insufficient. On to sayoned, goes that it will never get approval in the u. S. What is your response . It is quite harsh. We have to realize the study has been executed by top scientists from oxford and astrazeneca. We will publish later in the week the full data set. They are working around the clock in order to give full disability about the different cohorts we have studied. It is too early to speculate about how regulators will react to that. Certainly, the fda, once again, in the u. S. , we are running a special trial with more than 30,000 participants. Lets be more patient and see how the fda will react before we make such harsh statements. Vonnie that was the astrazeneca executive vp and head of the biopharmaceuticals business. Lets go straight to Morgan Stanleys head of Biotech Research, Matthew Harrison. Little bit of controversy. Astrazeneca shares went down, the opposite to pfizer and moderna, when their results were announced. It was partially these questions from these analysts about the data. What do you make of the data . I know that your team covers it specifically. Of things thatle we can comment. It is encouraging to have another vaccine that is successful. The astrazeneca vaccine can provide utilization in a lot of countries who would potentially receive pfizer or maternal much later. So that is important to keep in mind. Out, we, as you pointed are going to need more data. The sample of the smaller initial dose with the full boosting dose is a much smaller sample size compared to those who received both full doses. We need to wait and see what that data brings, see what happens once that is discussed with regulators. Has been a sense that the demand for any form of vaccine will be strong enough, this is not necessarily a horse race. But they are slightly different. We have this new technology of mrna. Oxford,erstand it, the as well as others are a little more oldschool. Will there be a divide, will that be a factor for these companies . Matthew initially, both pfizer and moderna will have the doses in the u. S. , so there will not be much of a divided there. Outside the u. S. , astrazeneca has the potential to deliver a lot more doses than pfizer and moderna can in the first half of 2021. That may play a role in distribution. Broadly, availability of supply will be the key determinant in the near term. Vonnie is there going to be any difficulty populating the next round of testing, given the 70 number, which was not as high as the 90 we saw from pfizer and moderna. And that was just one of the numbers. In another smaller subset we were at 90 . In another, 62 . Needs thousands of people to enroll. Will they get them . Matthew you are right. If you look at the u. S. Trial, they need around another 18,000 participants. There is no say is vaccine available right now. There are many other studies that you can enroll in in addition to this study. They have all been enrolling patients quickly and there is broad demand to be able to help the process of science. Given that you dont have a fundamental answer yet, i dont foresee a major issue in enrolling studies. That point, there are a lot of unknowns, we have not seen the full data. Communityific peer has not seen the full data. Do you think there could be any major changes in our assumptions based on what we see, concerns about longterm safety versus shortterm, the longterm aspects of this new technology that are not yet fully understood . Is an important question. We have not seen the full safety data from any of these vaccines yet. The first look is when the fda holds its Vaccine Advisory Committee december 10 for the pfizer vaccine. We are likely to get the full data set at that point. Moderna will be soon after. We will start to get that data in december. Safety data could make a determination, as well as efficacy data in different subpopulations that may lead to certain populations being prioritized for certain vaccines. Vonnie it has been stated by dr. Fauci and others that cue q3, we will see chunks of the population get vaccinated. Would that be your contention surveying the landscape . Matthew that is correct. I would expect around 30 Million People to be vaccinated as soon as the end of this year. It will take a month or more to vaccinate those people, and then around 25 million per month thereafter. Vonnie that is good news. Our thanks to you Matthew Harrison, for keeping us updated. Industryof Biotech Research at morgan stanley. Tune in next hour on bloomberg tv for an extrusive interview analyst whoerink was critical of astras news. He does have an outperform on the stock as of today. Also, some breaking news. Sources tell bloomberg that allies to joe biden have asked Lael Brainard to remain at the central bank and leave the treasury job for somebody else. These are sources telling bloomberg that allies to joe biden have spoken with Lael Brainard and asked her to remain at the fed board, not consider the treasury job, that they are looking in a different direction. Would besible that she more useful on the fed board. Of course, a nonpartisan board. Coming up, kyle wailes of smiledirectclub joins to talk about how the pandemic is impacting its bottom line. This is bloomberg. Vonnie this is bloomberg markets. Im vonnie quinn in new york. Smiledirectclub is up almost 40 this year, giving investors reasons to smile as the Company Beats earnings estimates and announces new partnerships. Lets get some insight from the cfo, kyle wailes. Talk about the success of smiledirectclub through this pandemic, in the sense that you narrowed your most recent quarterly loss. Does that come from fewer overhead expenses or more customers . Kyle as you point out, a great quarter over all. Up 60 articular, we were on the top line. We saw a nice recovery through q2. Ont was 50 over our plane the top line as well. On a yearoveryear basis, its about 90 of the revenue we were doing last year, but doing it in a much more profitable way. We have been able to control our costs through the pandemic, come out of covid with a much leaner cost structure as a result. Take a step you back and look at the quarter, what it is reinforcing is ever continued execution of our plan last year. The focal point of what that plan was was focused around customer experience, focusing on worldclass customers. We have been able to demonstrate that. Amanda obviously an impact on your business from everything going on. What is it, what is the key metric youll be watching to drive customer growth, to get your customers numbers moving higher . Kyle the pandemic has impacted every business. Our industry in particular has seen some nice tailwinds as a result of the pandemic. If you look at overall leceptance of telehealth, tek dentistry is no exception of that. If you look at the market, we are in a massive market with very little penetration. We are in the early stages of adoption. To gain shareing in the industry. Very early gains in that market. To the top line, the real metric for us is overall case starts, volume that we can drive there. It is really about executing against a longterm plan that we put out there. , at 20 ork at revenue 30 growth at an annualized basis, if you look at the guidance or the Fourth Quarter, we are directly in line with that, up about 7 sequentially. Vonnie when are you going to be profitable on a casebycase basis . Kyle we are profitable today. Our main metric to look at is adjusted ebitda. We were positive there earlier this year. In terms of tracking net profits, lowering those Customer Acquisition costs, how does that play out for you . Kyle it has done well. Last year, we were about 70 of revenue spent on sales and marketing. If you look at where we are this year, its about 40 of our revenue. Directly in line with our longterm targets, where we want to be. That was ultimately a big component to driving to ebitda profitability in the quarter this year. Vonnie in terms of international expansion, if you can get it right on tele dentistry, have dentists remotely doing all sorts of things, is there any limit where you could expand to . Kyle it is a massive global market, as you point out. 75 of our Market Opportunity is outside of the u. S. If you look at clear aligners globally, about 50 of total volume globally is up outside the United States as well. We are in the early stages of the administration penetration, but we are in 10 companies around the world, and that is core to our growth strategy. Vonnie yes, thank you. Amanda great to have you with us, kyle wailes of smiledirectclub. This is bloomberg. Amanda this is bloomberg markets. Im amanda lang in toronto. Alongside vonnie in new york. Bloomberg is reporting allies of President Biden are telling Lael Brainard to stay on at the federal reserve. Implications of that could be significant. Mike mckee is with us now. Sources only here but what does that suggest about a path toward those that may replace jay powell in 2022 . Mike that would be the suggestion, that Lael Brainard would be favored. She is the only democrat on the board. There are two openings at the president has been trying to fill, so maybe a counterweight to that possibility, and the fact that she has an extremely strong background at the federal reserve. Partly in charge of the pandemic response, so they want to keep her at the board right now. She was mentioned as one of the favorite to become treasury secretary, served as an assistant deputy secretary in charge of International Affairs at one point, but it looks like, according to this information, she will stay at the fed. That would probably make janet yellen the favorite for the treasury job. Vonnie interesting that her name has come up in the sense of having been asked to stay. It would seem the pendulum has swung toward janet yellen on reflection. That, thatve heard janet yellen has emerged as the of joe biden, so that he would have somebody that is acceptable to all wings of the democratic party. Yellen is seen as the most acceptable to everyone. , theer, this is a question story says biden allies have asked her to stay there. This could be a trial blown float. One of the toughest things is trying to figure out who will be in a cabinet. We will not know until joe biden makes that nomination officially. Beasley, interesting, a lot of us will be riveted by how this unfolds. When it comes to fed policy and how that unfolds over the next five years or more, is it kinda set . Is it less relevant who steps in that it once may have been, because there is so much in place that is hard to undo . Mike it will be a little bit like the situation that janet yellen stepped into as fed chair. Policies of the Great Recession were already in place and it was her job to steer them out of it. It is likely the next fed chair, whether it is jay powell staying on, or somebody new, have to do that. That will be the challenge there. There isnt a whole lot more they can do in terms of stimulating the economy. They can buy more bonds, things like that, but it will not make much of a difference with rates near zero. Vonnie how does partisanship come into play here . You can be treasury secretary and be as partisanship as you like. Board,are on the fed doesnt really matter if you are democrat or republican . Mike it has not really matter up to this point. There have been people that have been influenced by politics. A great example of that was alfred burns, who Richard Nixon pressure to keep rates low after the oil crisis, which helped to lead to some of the great inflation. History, the fed has been seen as nonpartisan. More divided into the hock dove kinds of people. Et yellen has always seen been seen more on side, but not bending to the political wings one way or another. Vonnie michael will be on top of it. Plenty of defense names now, so potentially we will move toward treasury and so on. Michael mckee, thank you. This is bloomberg. Businesses today are looking to tomorrow. Adapting. Innovating. Setting the course. But new ways of working demand a new type of network. One thats more than just fast. You need flexibility to work from anywhere. And manage from everywhere. Advanced technology. With serious security. And reliable coverage, nationwide. Forwardthinking enterprises, deserve forwardthinking solutions. And thats what we deliver. So bounce forward, with comcast business. Mark i am mark something with bloomberg first word news. Joe biden picking the first latina,ina the first with the Transition Team saying they plan to name former secretary of state john kerry to be the climate czar. Other announcements are expected tomorrow. With the partial wisconsin recount entering its fourth day today, there have been very few changes in vote totals, as president trumps attorneys seek to toss tens of thousands of votes. Vice President Biden won 2 1 in wayne counties, the only counties where trump paid to have a recount. Secretary of state mike pompeo says they are withdrawing from the open skies agreement because pressure is not complying. It allows reconnaissance flights over each others territory, designed to reduce the risk of war. H