The British Government told businesses today to be ready for big changes when the u. K. Makes its final break from the eu in one month. Opec and its allies need more time to reach a deal on Oil Production policy. A meeting today broke down today without any agreement. Again ministers will try thursday to allow more time to figure out whether to delay a planned increase in output starting in january. Supporters say the market is too fragile to absorb more oil. 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. Treasury secretary Steve Mnuchin and jay powell testifying earlier before congress on the cares act. Itsla says the fed will use tools until danger has passed. Doordash and airbnb are leading a parade of tech ipos as 2020 comes to an end. We will analyze what is driving the activity. Exxon mobil is poised to incur the biggest right down in modern history, thanks to this years in energy prices. We have the details. Lets take a quick check of the markets as we await president elect biden, who will introduce some key Economic Policy posts in delaware. Right now, we have the s p 500 on a bit of a tear, with other indices up 1. 3 percent. The dow and nasdaq up 1 as well as. In november 2 remember. Todayo have a strong euro against the u. S. Dollar, 1. 2048. Crude oil down but still at 44. 68, as we await the proper opecplus meeting. Above 20. , staying we are awaiting president elect joe biden, who will introduce his Economic Team, particularly janet as treasury secretary. We will bring you those comments as they begin in delaware. First, lets get to Kathy Bostjancic for a few thoughts on the economy as we await the president elect. We know that janet yellen is likely to be announced as the designate treasury secretary. How would she approach the job . She will certainly utilize all of her experience andg in the Federal Reserve the council of economic advisors. She has absolutely been at the white house and in that political sphere. Dohink what she will try to is quickly build rapport with congress. Getwill work where she can more stimulus into the economy. That is what is needed. We heard from powell and mnuchin , pulling backn the money from the Federal Reserve for stability, even said that further stimulus is needed. Grants, not loans. It is important for her to focus on that first. Have a greate will working relationship with the Federal Reserve. We dont have to worry about that. Vonnie we saw her come out and sit at the table beside the podium alongside neera tanden, who will be nominated to the office of management and budget. Do you think that will go tanden willt neera be enough to satisfy both wings of both parties . Kathy that is a tougher call. Yellen has a lot smoother sailing. Whindinds arelitical right now, it may be difficult, especially if republicans pushback. We know that Lindsey Graham has already expressed some concern that perhaps she is too liberal in some of her thinking. We will see. It is hard to handicap these things ahead of time. Lets get to the president elect for these announcements. Sidentelect biden ebita even if it was away from the traditional gatherings of family and friends, from those that we love, but i hope you had a great thanksgiving. Times are tough but i want you to know help is on the way. Last week i announce the nominations and staff or critical Foreign Policy in National Security positions, a first rate team that will keep us safe and secure. Ofay i have the pleasure announcing key nominations and appointments for the critical economic positions in the administration. A first rate team that will get us through this ongoing economic crisis and help us build the economy back, not just bat, but build it back better than before. 18 that is tested and experienced, that includes groundbreaking americans who come from different backgrounds, that share my core vision for Economic Relief here in the United States of america. Given a fair shot and people chance, there is nothing we all believe, nothing beyond the capacity of the american people. Lets not forget who built this country, workingclass and middleclass people built this country, and unions built the middle class. From the most unequal economic and job crisis in modern history, we can build a new American Economy that works for all americans, not just some. We need to act now, though, and we need to work together. In the weeks since winning the election, Vice President harris with have covered meetings a number of people. We convene meetings with labor leaders and ceos at the same time, mayors and governors of both political parties. There is a consensus out there, that as we battle the covid19 disease, we have to make sure that business and workers have the tools, resources, and guidance, and the health and Safety Standards to be able to operate safely. The goal is simple. Keep businesses and schools open safely. For millions of americans who have lost their jobs or hours and have had to claim unemployment, we have to deliver them immediate relief. That includes Affordable Health care for millions of people who have lost it, and are in danger of losing it. Childcare, sickleave leave, family leave. So workers dont have to choose between work and family. Relief from rent and student loans. We need to support Small Businesses and entrepreneurs, who formed the backbone of the communities we live in, as they are teetering on the edge. There is an urgent need to fund states and cities so that frontline workers on those jobs can stay in the jobs. The founders are pretty smart. I could have gotten this lesson from the future secretary of the treasury. There is a reason why all the states and localities need to have a balanced budget but we are allowed federally to run a deficit in order to deal with crises and emergencies we have. We have to keep Vital Public Services running. We have to give it 80 local and state governments to make sure that they can have Law Enforcement officers, firefighters, educators, as we did in the recovery act of 2009. Right now, the full congress should come together and pass a robust package for relief to address these urgent needs. In any package passed lameduck session is likely to be, at best, just a start. My Transition Team is already working on what i will put forward in the next congress to address the multiple crises we are facing, especially our economic and covid crisis. The team im announcing today will play a Critical Role in shaping our plan for action starting on day one, and move fast to revive this economy. They will help me help us, help the country lay out my build back better plan, a plan that an independent analysis of moodys projected would create 18. 6 million jobs. It is based on a simple proposition. Reward hard work in america, not wealth. It is time to invest in infrastructure, clean energy, Climate Change, manufacturing, and so much more that will create millions of good paying jobs. Its time to address the structural inequities in our economy, that this pandemic has laid bare. Economists call this current economy and recovery kshaped. Like the two lines coming off of a k. Some are seeing their prospects sort upwards, while others are watching the economic prospects drop sharply. For those at the top, jobs have come back, their wealth is rising. Overy home sales are up 40 compared to last year. But for those in the middle and the bottom, it is a downward slide. They are left figuring out how to pay the bills, food on the table. Almost one in every six renters was behind in payments as of october. Let me be clear. With this team and others, we ahead, wen the weeks will create a recovery for all. We will get this economy moving again. We will create jobs, create incomes, reduce drug prices, advance Racial Equity across the economy, and store the backbone of this country, the middle class. Our message to everyone struggling right now is this help is on the way. You have heard me say this before, when my dad lost his job in scranton when i was a kid, and we eventually moved the family not far from here to claymont, delaware, he used to say, joey, a job is a lot more than just a paycheck. Its about your dignity, its about respect, your place in the community. Say,about being able to its going to be ok, and mean it. He also used to say, i dont expect the government to solve my problems, but i do expect them to understand my problems. This team understands. The secretary of the treasury i am really pleased to be able to nominate janet yellen. No one is better prepared to deal with these crises. I wish it were not as much of a crisis, future secretary. But she will be the first treasury secretary who has also chaired the Federal Reserve, vice chair of the Federal Reserve, and shared the president s council of economic advisors. Janet is one of the most important economic thinkers of our time. She spent her career focusing on employment and the dignity of work. Which is really important to me and all of us. She understands what it means to people and their communities when they have good decent jobs. Looking at their neighbors and being respected. It matters. And being respected across party lines and around the world, by main street and wall street. And abover, mentor, all, daughter of a workingclass brooklyn neighborhood who never forgot where she came from. Her husband george is pretty good, too. He has won a nobel prize. But he is the one that married up. [laughter] janet will be the first woman to hold this office. We may have to ask lin m anuelmiranda to write another musical about the first woman secretary of the treasury. That is what im working on, janet. [laughter] for director of the office of the management and budget, i nominate neera tanden. I have known her a long time, a brilliant policy mind with practical experience across government. She was raised by a single mom on food stamps, an immigrant from india struggled work hard, and did everything she could for her daughter to live out the american dream. Neera did just that. She understands the struggles that millions of americans are facing. She will be the first woman of. Olor from south asia we also had one of those women as Vice President of america. Being very serious, she will be in charge of laying out the budget to help us control the virus, deal with the economic crisis, and build back better. Overall, she believes what i believe. A budget should reflect our values. Again quoting my dad, he would say, let me tell you what i value. A high school educated guy, very well read. He would say, dont show me your values, show me your budget. That is what you will do for us. Deputy secretary of the treasury , i nominate wally odierno. I dont know i tell you what, senator warren really likes you. She highly recommended you but she might have been worried that i stole you as well. Thank you for doing this role. Thatlled leader, i know she has thought about macro economics to Consumer Protection. And National Security and economic affairs. I worked with molly during the Great Recession. I saw him tackle one big job after another. Deputy National Security adviser to president obama, Deputy Director for the National Economic council, former chief of staff to elizabeth warren, where he helped to create the Consumer Protection bureau, financial bureau, which has done so much good. It is designed to protect consumers and working people from unfair and deceptive financial practices. Now wally will be the first africanamerican to hold this post, the highest ranking africanamerican in the treasury departments history. An immigrant from my nigeria. He understands everything that we do is basically for the people, for the families, hardworking people. Who understands their struggles and most of all their dreams. He understands both. I want to thank you for being willing to do this. For chairperson of council of nomic advisors, i nominate notwithstanding she was a this team was professor at princeton. My children went to penn and always joked. Cecilia rouse. One of the most distant wish to economist in the country. An expert on labor economics, race, poverty, education. Dean of the Princeton School of Public International affairs, member of the council of economic advisors to president obama, advisor to president clinton. More than that, she is a proud daughter whose mom is a school psychologist, encouraged her to pursue economics, and her dad, one of the countries first africanamerican astrophysicists who dared her to dream. She has done both. If confirmed, cc will be the fourth woman to lead the council of economic advisers and the first africanamerican to hold the post. Chair, she will serve as a member of my cabinet as well. As the member of the council of economic advisors, we also appoint Jared Bernstein, an old friend who has been with me a long time, quick wit, with a and aas big as his head, heart that he got from his mom, and educator. A social worker turned economist, he is one of my closest advisors and friend. He served as my chief economist during my vice presidency. He was there during the Great Recession with the economy on the brink and our country on our back. I could not think of anyone else that i want to be at my side to face the challenges ahead. Voice will be a leading in my administration on Economic Policy. I can always count on him to deliver straight from the shoulder, as his hero fdr used to say. You isng i can assure that working people will always have a voice with jared in this counsel. As a member of the council of economic advisors, i appoint heather buse. Thank you for all the help that you had in the Transition Team, getting me here. She is one of the foremost economists working to make sure that we build an economy that works for all americans. The daughter of a union family. No wonder she believes so deeply in the idea of leave no one behind in this economy. During the campaign, i relied on her counsel to address structural inequities within the economy, and i will do so again as president. That is one of the central issues of our time. Thank you for accepting the call to serve again. Families, thank you for the sacrifices. There is real sacrifice. We could not do this without you. To the american people, this team will always be there for you and your families. His is family oriented we have to make sure ordinary people get the chance to do well because when given the chance, they have never left the country down. Obamars ago, president and i entered office in the Great Recession and implemented the recovery act to save us from a great depression. I didnt see the map of america at the time, nor did he, in terms a red or blue states, we only saw the United States of america. We worked with everyone, for everyone, and we recovered and rebuilt together, as one nation. Vice president harris and i will do that all over again. They are ready on day one. To the United States senate, i hope these outstanding nominees will receive prompt hearings, and that we will be able to work across the aisle in good faith, move forward as one country. So lets begin the work to heal, to unite metoo we build an economy for all americans. They deserve and expect nothing less. Thank you. May god bless you. May god protect our troops. I will now turn this over to the new team, starting with our next secretary of the treasury janet yellen. Again, thanks for accepting. I think they are going to clean this off for us. Sec. Yellen thank you, mr. President elect, madam Vice President elect. It is my great honor to have this opportunity to serve you and the american people, and to join this incredible Economic Team at this moment of great challenge for our country. When youdentelect, reflect on what your father taught you about how a job is much more than a paycheck, i hear my own father, who raised our family in workingclass brooklyn. When he graduated from medical school during the great depression, he looked for a home and a place to hang his shingle near the brooklyn docks. Terminal was ah thriving hub for manufacturing and transportation. And for the Union Workers whose livelihood depended on them. Knowing they didnt have cars, near aer found a home bus line. He started his Family Practice in the basement while we lived on the floors above. At the end of the day, he would talk to me, my brother, and my mom about what work meant to his patients, our friends and neighbors, especially if they lost a job, the financial problems, the family problems, the health problems, the loss of dignity and selfworth. Always stuckwork with me. So much so that i became an economist because i was concerned about the toll of unemployment on people, families, and communities. I spent my career trying to make sure that people can work and achieve the dignity and selfworth that comes with it. Mr. President elect, i know that you have done the same. I saw that understanding during the last Great Recession and the recovery act that followed. Now, we are facing historic crises again. The pandemic and economic fallout that together have caused so much damage for so many, and have had a disproportionate impact on the most vulnerable among us. Jobs. Ives, lost Small Businesses struggling to stay alive, or closed for good. So many people struggling to put food on the table and pay bills and rent. It is an american tragedy. And it is essential that we move with urgency. Ction will ina produce a self reinforcing downturn causing yet more devastation. We risk missing the obligation to address deeper structural problems. Wages,ity, stagnant especially for workers who lack a college education, communities that have seen industries disappear with no good jobs replacing lost ones. Racial disparities in pay. Job opportunities. Housing. Food security and Small Business lending that deny wealth building to communities of color. Keepr disparities that women out of the workforce and keep our economy from running at full force. Tragediesnvergence of that is not only economically unsustainable, but one that betrays our commitment to giving every american an equal chance to get ahead. But i know this team will never give up that commitment. As you have said before, mr. President elect, out of our collective pain as a nation, we will find collective purpose to control the pandemic and build our economy back better than before. To rebuild our infrastructure and create better jobs. To invest in our workforce. To advance Racial Equity and make sure the economic recovery includes everyone. To address the Climate Crisis with American Ingenuity and american jobs. Working together with the outstanding National Security and Foreign Policy team you announced last week to help restore americas global leadership. And above all, we share your belief in the american dream, of a society where each person, with effort, can rise to their potential and dream even bigger for their children. I pledge, as treasury secretary, to work every day toward rebuilding that dream for all americans. And to the great Public Servants of the treasury department, i look forward to working with you and wally to rebuild the public trust. To the american people, we will be an institution that wakes up every morning thinking about you. Your jobs, your paychecks, your struggles, your hopes, your dignity, and your limitless potential. Thank you. Mr. President elect, madam Vice President elect, i am humbled and honored by the trust you have placed in me to work with this talented team on behalf of the american people. I am especially proud to work alongside leaders who understand that budgets are not abstractions. They are a reflection of our values. They touch our lives in profound ways. Sometimes they make all the difference. President ice elects mother, my mother was born in india. Generations, she came to america to pursue a better life. I was raised in a suburb of boston, a middleclass kid, but when i was five, my parents got divorced, and my mom was left on her own with two Young Children and without a job. She faced a choice. At a timeindia where divorce was stigmatized, and the opportunities for her and her children would be limited, or keep fighting for her american dream. She stayed. America came through for her when times were tough. We relied on food stamps to eat vonnie we want to welcome our bnn bloomberg audiences. Amanda lang beside me. Im vonnie quinn. You are listening to neera tanden, president elect joe bidens pick for omb. We will see if she gets senate approval. So far, we have six nominees. Janet yellen of course for secretary of the treasury. Deputy secretary wally adeyemo. Neera tanden, director of the omb. Chairperson of the council of economic advisors, cecilia rouse. Two members of thecea, Jared Bernstein and heather boucher. Lets get inside with Kathy Bostjancic. As we said before the announcement, pretty much exactly who we were anticipating. Janet yellen saying some interesting things. She is free now in a way, when she was not at the Federal Reserve, talking about the dignity of working and that is why she got into labor economics in the first place. Dreamedged to build the for all americans, talking about everything from disparities that keep women out of the workforce to Small Business lending, denying businesses a chance to grow. How will she enact this early in e, assuming the Senate Confirms her . Kathy the best way she can do that is try to build coalitions to pass some additional fiscal those whocularly for are struggling and hurt by the pandemic. Biden referred to the kshaped recovery, and it is true. Some are doing quite well and even prospering with the Financial Markets rallying, where others have been unemployed for a long time and are actually facing an end to the benefits if they are not extended by the end of the year. Crisis. Ally a we have 20 million americans continuing unemployment claims and benefits. It is of utmost importance. Has the knowledge, credibility, but also has the heart to understand it is a real crisis that needs addressing. To quicklyellen have move to build coalition and support for additional stimulus. Amanda we were just hearing from neera tanden. Almost a purely political question, but the cynics are suggesting that she may be the the one thatamb, biden knows will not get past confirmation. Is there something to that, or would it be a mistake on his part, knowing that they may fail . Kathy hard for me to say how he is viewing this, but i certainly have heard that from as well ases, progressive members of the democratic party, that she is not progressive enough. For the republicans, she is too liberal. It doesnt look like there is a lot of political momentum for her, but we will have to wait and see how that plays out. Biden, president elect before talking about his picks, talked about creating 18 million jobs through clean energy, Climate Change manufacturing. Are we going to see an infrastructure week early on in the administration . Will there be plans on infrastructure and concrete funding for those projects . Think eventually president elect biden and his administration would want to move forward on the Infrastructure Spending and plans. Emost, they need this Fiscal Relief package. Before you can think of building out and fortify our infrastructure or economy, you first have to strengthen the bridge. There is a bridge that the fed and treasury built to get past this crisis, but as you know, we are still very much in the middle of it. The next couple of months will be tough. Eventually, look to Infrastructure Spending. Critical, ifl be the republicans go along with that in the senate. We will see. Bidens ability to reach across the aisle will be tested at this time. Something may get done, but maybe not something fully what he was expecting. A light package where you get something but the dollar amount is lowered quite a bit. Amanda that point, we have some new optimism that there might be some kind of bipartisan deal to come together. What do you see as the minimum package that the u. S. Needs on the fiscal side to weather the next few months, keeping in mind there is already a gap between the end of the last one and where things stand today . Kathy what is being floated around right now is somewhere around 900 billion. So that is above the 500 billion dollars that senator mcconnell has been talking about, certainly well below what democrats would like. Maybe that is a sweet spot. Maybe you get some compromise that and somewhere are in area is when we get done politically. In terms of the economics, probably something around that amount is certainly helpful. Even 500 billion would be helpful. Extend theo Unemployment Benefits at minimum. It goes a long way. Our team is estimating that expiring on appointment benefits would be 20 billion. We also need state and local governments as well. There is a lot to be considered. In, flowing in households at least keeps the consumer alive. [indiscernible] amanda our thanks to Kathy Bostjancic. We appreciate your time today. It is time for first word news. Mark treasury secretary Steven Mnuchin and is defending his inision to move 455 billion unspent or pandemic relief money into an account that would lock it away from president elect joe bidens administration. Testifying before the Senate Banking committee today, he said he was following the law. He has come under fire for demanding the Federal Reserve return 429 billion in unused funds from the cares act. Covid19 may have been quietly spreading in the United States weeks earlier than previously thought. A new study identified more than 100 infections in nine states between december 13 and january 17. The samples collected by the American Red Cross were sent to the cdc for testing to detect if there were antibodies against the virus. The first case was diagnosed in the u. S. On january 19. Irans government says it will and International Inspections of its atomic sites and the month if the u. S. Does not lift key sanctions. Legislators are giving washington a month to comply with their demands. They toughened the original terms of the bill which called for a threemonth window after the assassination of a Top Iranian Nuclear scientist last week. 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 this is number markets. Im vonnie quinn. The markets in today powering the s p 500 and nasdaq to records. As more on this bullishness well as our new nominees to various posts, lets bring in Jeremy Siegel from the Wharton School of pennsylvania. First some commentary on janet yellen as the next treasury secretary. She took the ben bernanke fed and ran with it. Unveil some kind of a massive package at the beginning of the administration, assuming she is nominated, that will put people back to jobs and raise wages . Had the honor of interviewing and meeting with janet yellen right after she left the fed in an open forum at wharton. She is a wonderful choice. , she is anrate excellent economist. I am thrilled with the choice. Get a skinny to package together. I am very encouraged by some of the news i have heard. She will not go for an unreasonable package. The perfecterate, position for the postup treasury secretary. Obviously, a lot of enthusiasm around the prospects for a vaccine. Now there is renewed hope about getting a fiscal package together in short order, and possibly a big one. When we look at stocks hitting record highs, even as the American Economy remains mired in a deep recession, is that logical to you, that we can look past it and see a Bright Future . Jeremy absolutely. Stocks are the longest lived forwardlooking assets. The next two or three months will be tough, but 2021 looks absolutely excellent. Not only on the vaccine opening up the economy, but as i have spoken before, the tremendous buildup of liquidity that we have, a greater increase in the money supply than at any time since world war ii, i think is going to burst onto the scenes in 2021, give us an extremely strong economy. I think this move in the stock market is fully justified. Vonnie why do you say that . Upess this team can come with almost magical solutions, how do you see this continuing on, given we have not seen the worst of the bankruptcy process we dont know how long it will be before enough people are vaccinated so economies can get back to normal, and essentially the economy is still in a coma. There are geographical differences, but for a lot of the economy, it is in a coma. Walk around i philadelphia, it is really sad. Restaurants closed, shops empty. The next two or three months will be really tough, but again, and how fauci optimistic he is. By the Second Quarter, we can get a majority of americans vaccinated. The high risk people by the end of the first quarter. Were twoto where we months ago, this is much earlier , and reallycted just excellent news. The reopening of the economy, which many thought would not think, will2022, i come in the Second Quarter of 2021. It too soon to start worrying about the mountain of deficits . He massive we just got a fiscal update in canada. It is not being priced in anywhere. Ever, theu expect, if greatest economy in the world with the reserve currency of choice, to have to start worrying about that . Jeremy as i said before, i think Interest Rates on long bonds will rise next year, and the year after. In my opinion and i have said this for more than a decade the only way that our congress is really going to act on the debt is when people say ouch, and that means Interest Rates going to high. Too high. And six,gages are five people are going to say, we need to close the deficit. The bond market is backing up. Honestly, we are years away from that happening. Even though i think rates will arise, we are at 80 basis 250 after0 next year, itt, but until we cry uncle, may be three or four years down the road. Vonnie we crossed 30,000 on the dow, we have backed off of that. When do we see 4000 in the s p . Can see a 10 k we to 20 gain with reopening next year, and the buildup of liquidity. The cutting of costs corporate profits normally s p scales down. I think we may well Beat Estimates for 2021. After that, we can look at more modest gains. Maybe Something Like 7 per year, dividends returns plus capital gains, which is a little less than historical, but over the next six to 12 months, we could see continued doubledigit gains. Amanda there was a period not long ago, 6, 9 months ago when d about what a biden candidate could mean, other candidates in the race. His most controversial choice is neera tanden, hardly fringe. Mored there be thought on tech, financials . Optimism of the it looks like the senate will remain republican. I know we have the january 5 runoff. Strainsexpect it, but strange things have happened in politics. If the democrats take 50, we have some conservative democrats who will not go for the entire biden tax plan. I think that was a worry in september and october, if the morerats really swept, the green parts of the Biden Program would be enacted. I think that is pretty much off the table. Reason whyt is one we have done so well and will continue to do well. Omb position is certainly not as important as fed and treasury. Whether powell will be reappointed in 2022 when he comes up, i think some republicans have brought up positions. That is more than a year away. Confidencehe has the of the public and wall street, and basically a lot of support among the democrats, too. Amanda always great to have your thoughts, Jeremy Siegel. Author ofhool, stocks for the long run. We got that update in canada yesterday. Coming up, one of our Top Economists about what he makes of what he heard. Stay with us. Amanda welcome back. Christy freeland in canada gave a fiscal update yesterday and within an even higher expected deficit and projected spending that could be 100 billion over the next three years. Avery shenfeld is with cibc. Great to have you with us. Lets start with that deficit and whether you are concerned about what you are hearing. We already knew a lot about it, some extra spending here, but at what level do you start to sound the alarm . Avery it is not so much this year. You are looking at a deficit of 382 billion. If you break into that number, you realize a vast majority of that is the extra spending associated with the covid crisis. It will disappear because it is in temporary measures, as well as the hit to revenue. There is some pretty high deficit numbers beyond this year , numbers over 100 billion dollars next year for example, some additional spending still to be allocated into that number, so we dont have it down pat. When i looked way out into the future, the government is saying they can get the deficit down to under 1 of gdp by 2025, so they are still talking about getting back to a more reasonable balance when the economy improves. ,ut it will be important to incoming budgets, to lay out the explanation of how we are getting there, the guidelines the government will use to time that improvement in the fiscal results. Vonnie in the meantime, how will that impact the Canadian Dollar, its relationship with the u. S. Dollar . We have come down from close to 1. 2948. March to the interesting thing about the Canadian Dollar story is it is not about the Canadian Dollar at all. Its a story about the u. S. Dollar generally weakening against other trading partners. The u. S. Dollar was seen as the flight to safety can currency. So good news on things like the vaccine are driving the canadian weaker. U. S. Dollar the Canadian Dollar was strengthening. The problem is if you look at canadas trade fundamentals, they dont look good. Oil still at levels that are not particularly encouraging for Capital Spending in that sector. Canada has been running huge trade deficits with the rest of the world right through the last cycle, even when oil was stronger. I think its a bit disconcerting for the bank of canada at the Canadian Dollar keep keep c reeping stronger. Part of their job will be convincing markets that part of what is priced into countries, the fed will not move ahead in raising rates. They can afford to be at least as impatient as the fed before they start tightening. That may take the wind out of the Canadian Dollar next year. Obviously, so goes the u. S. Economy as does canada. We are waiting on this fiscal package in the u. S. Are you optimistic about that Economic Growth south of the border because of the influence it has on us . Avery in the post a vaccine world, we have a gap between the data and when the vaccination takes hold. Its important the life raft that has been keeping people in their houses, keeping businesses from shuttering, that now need summary inflating from congress. I am hopeful that in a postelection world, where perhaps a little more reason, less politicking takes place, a compromise will be reached to do just that. Vonnie always a pleasure speaking with you. Think you for joining us, avery shenfeld, of cibc capital markets. Quick look at the markets. 1. 4 , led byp media and entertainment. Up 3 . Tech close on its heels. Dollarcad,. 12 this is bloomberg. In a land not so far away, people are saving hundreds on the most Reliable Network with xfinity mobile. They can choose from the latest phones or bring their own. And because they get nationwide 5g at no extra cost, they live happily ever after. Again, again. Your wireless. Your rules. Your way to stay closer together this holiday season. Switch and save up to 400 a year on your wireless bill. And get 300 off when you buy the Samsung Galaxy note20 ultra 5g. Learn more at xfinitymobile. Com. Mark i am mark with bloombergs first word news. President elect joe biden set his policymaking tone with a focus on reducing income inequality as he introduced his Economic Team today. The team is led by janet yellen and several others who will help craft the incoming administrations response to the economic fallout from the pandemic. Also on hand was neera tanden, bidensn picks mr. Pick to run the office of the budget. Key battleground states certified their vote and took elect steps to electors. Trump asked wisconsin to reverse the certification of mr. Bidens win. He claims more than 200,000 ballots were illegally counted. Boris johnson is urging parliament to approve new pandemic restrictions for england. He said vacci