Because the s p 500 is down a little bit more than it had been , down poured 4 . Earlier it had been down. 1 . Perhaps a reason for caution overall to think maybe the difficulties around the nearterm may continue to move ahead. If we look at havens on the week, we have the yen climate against the dollar and bonds higher. Some reason for caution, but small moves. David one piece of news overnight. Late yesterday we heard Steven Mnuchin had sent a letter to his friend jay powell saying please give us back the money we gave you for the emergency Lending Programs. He probably did not like jay powell do not like that much. Did the markets like that . Abigail we have not seen much of reaction. Bonds are lower which means yields are higher. What is interesting is we do have a reaction for the financials. The financials typically would climb on yields going higher, but they are not. There i be uncertainty around this bat and what it means. The lifeblood of this rally coming out of the march lo
Disaster. Monetary policy works through emulating aggregate demand and that is important now. Ultimately, there is a job to replace lost income. Our congress stepped in and there has not been a faster or stronger response from congress to an economic emergency since the great depression. The cares act and other laws have been passed to more than offset lost income in the aggregate. There will be people for whom that is not true. You see high levels of savings on the Balance Sheets of households. Not experienced the downward cases we were worried about of mass insolvencies of businesses so far. So far, so good, i would say. There are no full recoveries without confidence. Do, which ipart to think we have done. The path forward will be challenging for a number of reasons, and i am sure we will get into some of them. Congresso do more and might need to do more with fiscal policy. The particulars of that are up to congress and not up to us. It is likely more will need to be done in time. O
Disease expert says covid19 will not be a pandemic a lot longer. , dr. Ing at an event today Anthony Fauci pointed to rapid progress in vaccine development. He did say the coronavirus could remain endemic for a long time. Generally, a pandemic is defined as an infection that puts the global population at risk, while an endemic disease is one that spreads in some areas and not others. There is a power struggle inside Prime Minister Boris Johnsons office that threatens to destabilize the british government. His communication director quit last night, raising concerns about the future of johnsons most powerful and controversial advisor, dominic cummings. All of this comes at a time when the Prime Minister is dealing with a new lockdown and brexit talks. Global news 24 hours a day, onair, and on quicktake by bloomberg, 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 in london, and 2 00
White house in the east room. With 400 of his closest friends. Thanks to mary a parker. Emily wilkins is covering the biden campaign. Emily the Vice President began his day in delaware. He visited the grave of his son beau biden. He said his sons passing was part of the reason he decided to launch this third for president. He visited scranton pennsylvania and is now just leaving philadelphia. We are expecting him on the stage in wilmington, delaware. We do not know whether we will be able to have a president ial announcement at that point, but we are expecting joe biden to address the nation. David Emily Wilkins will be with us throughout the evening as well as she covers the Vice President s campaign. The markets have been watching the election closely. We turned to Abigail Doolittle for what they are telling us today. What are they saying. Abigail we have investors interested in stocks. A very big rally on our hands. The s p 500 up 2 , its best day since june. Investors wanting in. I
Mccain in arizona. You know the state. There was a lead for biden that seems to be narrowing. A lot of pressure on the ap and fox about the early protection they made. What do you think is going on in arizona, will that projection hold . Have done our own independent analysis of where we think these ballots are coming from, what they look like. The vast majority of them are coming from the republican rich territory of Maricopa County. Won though joe biden has Maricopa County writ large, actually stole a republican county, which is driving his lead in arizona, the ballots remaining are coming in slightly advantaged to donald trump, so different from almost every other state still counting ballots. In arizona, the remaining balance seem to favor trump. Advantage thatte joe biden had at the start of the day will be whittled down, but i believe by the time all of these percentages, if they hold, based on what we know, netnet, biden will finish out the victory in arizona by maybe 50,000 vot