Remember on the week u. S. Markets are lower. On the week european markets are higher. Eurodoller trading 118. 30. Taking a tougher line on the link between the Exchange Rate and inflation. The pound continues to fall trading 11787 as we continue to see the stalemate between e. U. And the u. K. On the u. K. s new legislation, the internal markets bill, which will undermind the treaty signed between the Boris Johnson government antie. U. Not that long ago. Alix thanks so much, guy. We are very welcome special guest, we are happy to have him here. Stanley fischer, the former vice chairman of the Federal Reserve. He has just been awarded the first miriam pose yem prize by the m. I. T. College center for finance and policy for his Outstanding Research and leadership in financial policy. Its a pleasure. Congratulations. We truly appreciate you spending this time with us. Not to get right to it but lets get right to t the latest Inflation Numbers out of the u. S. Today, Consumer Prices arose
The s p 500 really getting back to the record highs. What i really want to focus on nowne day, two days, and wednesday, we are giving up the yield surge of the past week, a profoundly for global wall street it profound week for global wall street. Francine i will never forget valentines day of 2020, i think it is the last time i traveled. [laughter] kind of like a milestone i remember. It feels it yields away. Lets get straight to the bloomberg first word news in new york city with karina mitchell. Corrina m a cuts have made it official and nominated joe biden covering up karina democrats have made it official and nominated joe biden for president. Meanwhile, the Trump Administration sees a path to a pared down 500 billion stimulus deal. Bloomberg learned the package will eliminate the biggest area of disagreement between democrats and republicans, would include money for the postal service, and money for businesses to keep workers employed. Pelosi suggested democrats might agree to a
Election that may lead on for a while. Jimthan joining us now is karen of morgan stanley. Lets start with that question on the election. So many things we have been told to care about have not ended up mattering. Is the election any different . The election will matter, i just dont know when. Going into the election, there will be some risk that needs to be taken off the table, but when we think about both candidates, what is the main driver for the Economic Policy . The pandemic. Do we get a vaccine, second lockdown. That will be the main driver. If you think about a bride and presidency, you have to see growth coming from the fiscal side, expansion. If it is a trump presidency, probably more from the private side. Either way, both politicians have a plan to generate growth. It is up to the voters to decide which is better. I think both are going to matter. The point that another person brought up earlier, if there is a contested election, thats a problem. Markets can deal with uncert
Boris johnson sparked outrage. News out ofing south korea. We are getting the jobless rate falling to 3. 2 percent. The expectation was that the jobless rate would come in at 4. 2 percent so this is much better than expected. We are also talking about the sixth straight month of decline in jobless rates. That 270 4000ring jobs were removed in august from a year earlier. We know that south korea has seen its government really boost those job creation efforts not to mention we could have seen domestic demand being held by the Summer Holiday season and more jobs being available. The government pushing for a fourth extra budget. This is of course helping workers and businesses who lost income due to the latest restrictions and jobless rates. 3. 2 . In for august at watch out for what happens later in the following months given we have seen this flare up in virus cases towards the end of august, haiti. Haidi. Haidi pretty dire numbers coming out and we continue to watch what happens when it
Last 10 years. That doesnt get it done. Guess what . Job cuts. Lisa how much more can Central Banks do to juice job growth at a time of zero Interest Rates . I find it fascinating that coke is offering voluntary separation programs with its employees, read, job cuts. More interestingly, yesterday salesforce. Com, one of the winners of this, and also job cuts. Tom cocacola managing the message as they always do. I dont know what their cute phrases for firings. Lisa separations. Tom exactly. That is just as phony as all of the rest of the. What is so important in that set of announcements across the bloomberg, as they make clear this is an International Strategy to right size on 86,000 employees right now, what we really need is a morning brief. Where you start . Lisa at 8 30, ancient history, which is u. S. July income and spending data for individuals. This is very backward looking based on how quickly the jobless benefits are running out and the changing scenario. We are also going to