Top banks in frankfurt. A Brexit Debate almost. There is huge symbolism. When you line up the five banks above j. P. Morgan in germany, they clearly have a european heritage and they are the lone american bank. Francine we will have plenty more on that. Others will follow suit. Lets get to first word news in new york city with ritika gupta. Prime minister Boris Johnson is warning difficult months to come for the u. K. In an address to the nation, he , theled to britons tightening of rules coming with higher enforcement and tightening said we do not need this stuff and we should leave people to take their own risks, i say these risks are not our own. Tragic reality of having covid mild cough can be someone elses death knell. Andka republican senator trump critic mitt romney says he supports moving forward with a confirmation vote, all the crushing democrat hopes for stalling and nominee until inauguration day. President trump plans to announce his pick on saturday. The u. S. Pound to ke
The cash trade is an hour away. These are your top headlines from the bloomberg terminal. Traversing course. Goldman sachs tell staff in london to work remotely, reversing course after the u. K. Government appeal to britain to head back home if they can. Temporary power. The ecb says the central bank risks legal trouble if it tries to extend crisis era flexibility to regular Bond Buying Program area and battery day with no sparks. Elon musk disappoints as tesla fails to unveil any major innovations, but it does promise a massmarket car by 2023. We are just under an hour away from the start of cash trading in europe. Look at futures and you will see green arrows. The percent missed price points to stronger than 1 gain on the Major National benchmark indexes here. You can see ftse futures up 0. 9 . Take a look at u. S. Futures. More of a mixed picture there. Dow andgreen arrows for s p futures. Nasdaq futures are little changed. Slightly to the downside. What do you see on the dmm . Attr
Across this nation and worldwide. In morning on bloomberg television. Coming up, an important conversation with the vice chairman of the Federal Reserve system, Richard Clarida of columbia university. Jon, were way out front on the collapse of the United Kingdom suffered on the pandemic. But the bombshell you and i didnt see was the Prime Minister taking this Natural Disaster out to march of next year. Jonathan and maybe beyond. We certainly didnt see that in march 2020. We had three months of happy talk around europe versus the u. S. Many people have come on the program and talked about it. The data is not great either this morning. The service data softer than people expected. Manufacturing data ok. Do we start to hit some road bumps not just on the policy around covid, but also on the economy and this recovery . Tom what is your measurement of the American Economy now, in the many conversations you have on this . I am getting the sense of down big, up big, but i dont understand wher
Of significance in what is happening. I just want to make sure every audit i just want to make sure everyone understands that. If you look at the markets, there is the election uncertainty. In the u. K. , we are being briefed by the Prime Minister at that 00 p. M. It has been a long time since it we have been briefed. We are expecting him to announce measures such as closing of restaurants at 10 00 p. M. Why not catch the virus at 8 00 p. M. . Cut to the deli delinquent way of not crushing hoursnomy, but avoid the of drink and cocktails when you do not social distance as you should. Tom if i want the yorkshire the last sitting is 6 00. Is that what youre telling me . Franciene 7 30. You are right. Settings, one two at 7 30, one at 9 00. It really crushed the restaurant market. Tom there is the most Important Information today. [laughter] here is ritika gupta. Ritika the u. K. Government is telling the public to work from home if possible. It comes alongside new restrictions for bars an
You might say better late than never. Adam that is exactly what i would say. Better late than never but also powell and Richard Clara for the process. There is a reality going back to well before the Global Financial crisis that the phillips curve has been flat. This is a fancy way of saying you can have deviations in inflation deviations in employment to the upside and you do not get that much inflation for it. Then you combine that with the reality we have seen in japan for a long time and in the u. S. And europe for the last 12 to 15 years that when youre too close to zero on your Interest Rate balance, you cannot react as well as you should to policy and adjust policy. Fomc powell and the they unanimously adopted the statement before he spoke what jay powell and the fomc are saying is they are catching up with reality. And jay powell was framing this as we have to be realistic and pragmatic. This is how the economy has changed in our process must reflect the way the economy has cha