Governance, a brutal turn for markets. Welcome to bloomberg surveillance on bloomberg television, bloomberg radio. Jonathan ferro is still reading, on page 4300 when he won. Looking to see if anything was in there for ac milan. I hear that your red sox got blessed. Tom 6 billion. They told me this morning, not a chance. The yankees got 7 billion because of senator schumer. [laughter] lisa the mets got a lump of coal because they are not doing so hot. Tom youve got that right. Lisa what is notable to me is the lack of reaction to this bill. It was baked in. People are looking forward to potential he what comes next, if there is an additional round of stimulus that could be in the works, and whether it is even needed. Tom we will have to see. I mentioned steve cohen of the new york mets. Sry to join us this hour. Just reporting on the european update at the imf i love this. The 2020 discussions on, nero area policies, what on euro area policies. Theyve got a problem in europe, and it starts with an 8. 3 slump and only a 5. 2 rebound. Do the mass. Thats not good. Lisa the concern, the euro area is at risk of a slower recovery than what we previously expected, and they are urging more support. When you start to have the urgency tamped down a little bit as we start to get a vaccine getting circulated, as we start to get some of the money that is already approved out there, what then . Will that be the political will to incur more debt to pump more money into the system, as many people think is needed . Tom and you wonder what that will be. We talked to brian leven about this in a moment, the struggles of europe versus the United States and the stimulus we saw today. Theres green on the screen ofer the tumult yesterday. A 6 plus move in the dow yesterday. The vix comes in a full stick off of the recovery yesterday. 23. 8. From 31 to 23, on the vix nasdaq futures up nicely, not to record highs, but nevertheless, the risk on feel really pretty tangible. Very quickly here, let us state the reversion to a weak dollar strategy. It has occurred over 12 noon over 12 00 noon yesterday. Lisa that is basically what we are seeing across the board, whether it is momentum gaining steam or a weaker dollar. Everyone is on the same trade. They have been right so far. Lets get right to it now. Finance,t, international relations, and International Investment, which is lit up like a candle. Brian levitt is with invesco, their Global Market strategist. For years, international behind, and then with the weak dollar come on it goes. Wonderful to have you with us. Is the sergeant international simply correlated moment to moment with a weak dollar . Brian it certainly has been. Investors for a lot of years have been looking for the more valued parts of the market to begin to outperform, and they never really got it outside the United States because it needed a catalyst. We kept disrupting it from a policy perspective in the United States, whether it was the taper tantrum in 2013 or the fed rate hike in 2015, or the trade war in 2018. , the covidas created outbreak and the massive stimulus in the United States, this idea that we are not going to tighten policy for years to come, has weakened the dollar and created that catalyst to enable capital to flow to other parts of the world and enable value to flow there. We have seen stronger momentum stocks and yields that creepy little higher, but nothing that significant when we look at treasuries. Yet, theres a lot of uncertainty, whether it is the georgia election, another round of fiscal support, the exact trajectory of the pandemic. What are you backing on for your base case for the consensus called to be right . Brian we are banking on a recovery trade. This is an economy that had a pretty disastrous result, and now with policy and a vaccine, you start to see recovery conditions as you move into 2021 which could support rates going up from here, which should be supportive of cyclicals, the more valueoriented parts of the market in the none other parts of the market market and the nondollar parts of the market. Even if we talk about a recovery trade, i think the word trade is incredibly important there. It is not as if we change our longterm investment thesis. Our longterm investment thesis is still a prolonged period of slow growth globally. You may say when the sun shines, economic recovery is likely to play out, but that will give way to prolonged expansion and another long process of lowered interest rates. International was buy a concrete stock or maybe the telephone company. That has been pushed aside. If i buy a given country, doesnt matter what i buy . Or do i buy a blended index . Brian of course it matters what you buy. What a lot of us are talking about here is when you get this big surge in Economic Activity, a lot of the indices, particularly in europe, but other parts of the emerging market index are very focused on what we would call the old Smokestack Industries or financials. A lot of those indices will require a big, sustainable pickup in Economic Activity and a sustainable rise in industry. I think it is difficult to get the math on that given where productivity trends are globally and given what population growth looks like globally or label or Labor Force Growth looks like. Investors thinking internationally should be looking similar to the way they had in the United States for years at what the Growth Companies are. Who can generate growth in that world . Tom general counsel of invesco said to ask brian his question. [laughter] are you hedging for on your International Investment . Folks, this is a joke. This is a question that gets everybody in trouble with their lawyers. Are you hedging foreignexchange into your International Equity investment, brian levitt . Brian no, im not. [laughter] thanks for the tee up, tom. Lisa happy holidays. Tom it adds cost of the portfolio brian it adds cost to the portfolio. You wouldnt want to hedge your foreign exposure. Tom the history of this, and he nailed that, as brian levitt does, hedging currencies against International Equity portfolios is just about near impossible. Know, and is good to brian approved of your answer. A carefullyart of balanced portfolio. Lisa it is a holiday miracle brian it is a holiday miracle. [laughter] Gina Martin Adams was on earlier, saying that it is kind that kinda miss of a myth that tesla is driving a lot of volatility in the s p. Brian i think volatility is largely driven by what type of policy uncertainty we have or what type of insert he we have with regards to the covid cases. I wouldnt attribute it to one individual. This has been telegraphed. This has been well understood. It is going to become a large part of the s p 500. Volatility emerges and theres uncertainty, and we have been in a year since march where things have been getting uttered to relative expectations, and because of the recent rise in cases, things are getting a little bit worse relative to expectations, and as a result, you get volatility around that. Investors are obviously going to have to deal with volatility as we always do. The bigger get consistently better as we move through 2021 and into 2022. So that is what volatility is going to be driven by, whether policy expectations to go along with it. Brian levitt, thank you. Lisa, we have really had some smart equity coverage. Lisa i like that people are putting to bed the myth of the bogeyman, whether it is the robinhood traders or the tesla addition, or the softbank whale, whatever the rumor is in the market today, people kind of but that off to say, no, it is just uncertainty. Media and, the modern the modern dissemination of rumors and speculation and the whole thing lisa you mean us. As guilty as anybody. How do you have the courage to invest, or even harder, stay invested . Vicks down from the 31 fear level yesterday. I call it the pandemic partition, and depended partition nz pandemic partition is real simple. And the pandemic partition is real simple. It is about those who are in the know and those who are not. Dr. Deborah fuller has a lab known as the fuller lab. We are thrilled that deborah fuller will join us from her university of washington, and we will get an update here on the virus come on the mutation, the variance that have been reported in the last few days, and critically, how that folds over into the winter season to the. Eal dread of the pros dow futures up for, nasdaq 100 leading the way today. Down 0. 67. Stay with us. This is must watch, must listen on the pandemic. We do that next. On dependent. We do that next. This is bloomberg. Ritika it is a spending bill that has something for everyone. Last night, the senate gave final approval to a measure that combines Coronavirus Relief with regular government funding and tax breaks for businesses. White house aides say President Trump will sign the measure into law. It includes 900 dollars in economic relief. The second largest such measure in u. S. History. Most americans will get a onetime payment of 600, plus enhanced jobless benefits will be extended. To havetackers are said targeted senior officials at the treasury department, according to senator ron wyden, alleging Russian Hackers accessed treasury emails come up the extent of the attack isnt known. Meanwhile, irs data and taxpayer data dont show any signs of attack. Joe biden says the trumpet adminstration deserves some credit for the Government Program the Trump Administration deserves some for the Government Program that developed a vaccine. In for another setback in postbrexit trade talks. The European Union now projected the latest offer on fishing rights. The u. K. Proposed that the eu reduce the month of fish it catches in british waters by about 1 3. Last week, the u. K. Insisted on a 60 cut. Global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. Im ritika gupta. This is bloomberg. announcer do you want to reduce stress . Shed pounds . Do you want to flatten your stomach . 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Tom it is the story we have tried together with the adult voices. That is the biontech ceo on the new strain that has transfixed europe. Futures still up nine, but we still have headlines off the tensions of a full lockdown in the united kingdom. Lisa the European Commission is calling on Member States to reopen critical trade and Passenger Transport to the u. K. Area they are still discouraging nonessential travel, but this comes after france in particular in the European Union said they were closing some supply lines to the u. K. Or from the u. K. Sunday night after learning of this new virus strain. This has been an ongoing issue as people are concerned about supplies of medicine and food. The eu now coming out and saying keep those trade lines open. Tom we have tried all across bloomberg surveillance to give you the pros out of this. Someone who has helped so much out of the combine at Wisconsin Court innow holding ennis claimed dish in an acclaimed medical program, dr. Deborah fuller. What is the great mystery we need to solve with this fear of mutation, this fear of variant . Dr. Fuller there are two mysteries we need to solve. The first is whether it truly is more transmissible, and the second is does this impact the efficacy of our vaccine. If you break that down just a little bit, this is a new variant that has about 20 patients, and it does appear to be taking over the dominant strain in the u. K. Based on a substantial increase in the frequency in detecting this train detecting the strain in the population. What we dont know yet is whether that is truly an increase in transmission. We will need additional tests to validate that. Does it outcompete other viral strains in the lab . Does it result in higher amounts of viral shedding in animals affected with it . This usually does translate to higher in transmission. So those studies need to be done to confirm that. What it means for vaccines, we dont really know yet. There is no evidence yet that these mutations are going to impact the efficacy of vaccines. There is some confidence among the manufacturers that it wont come but they still need to test that. Tom in microbiology, it is about all of the drama in the cellular wall. The drama here, the fearsome spikes we see on this virus. Do we have an understanding of the physiology of those spikes and what we can do about it . Dr. Fuller the spike protein on the virus, you mean . Tom yes. Dr. Fuller the spec protein on the virus is essential for that virus to be able to enter the cell. Area thatg to be the the virus is likely going to mutate the most because are often buy the virus wanting to improve its own fitness. What we have done with the vaccines is that we have ongeted a particular area the spec protein that was absolutely essential for the virus to be able to enter the cell. So if it enters that area, there is a good chance it is going to abort itself, so that is probably why we havent seen many mutations that have risen in this virus. Said, i had a mentor who once told me if a virus can, it will. And viruses can eventually toentially figure out a way bypass immunity. This is when we have to look at our vaccines and see whether or this could result in resistance. Lisa ive got a much simpler question. When will kids be able to be vaccinated given the lack of information in studies so far . Dr. Fuller right now they are initiating Clinical Trials that would include younger children. Unlike what was required for adults, where we had to go all the way to an efficacy study, compare those who have taken the study, we compare those who have taken the vaccine and we know they are protected. We can look at the levels of immunity they have and then use that information and say are comparable are kids comparable to where we are seeing the vaccine used . Lisa based on the rollout so far, what is your best estimate for a timeframe of when we will reach some sort of i hate to say this because i know tom has a lot of issues with it herd immunity . Dr. Fuller being defined as when we get sufficient amount of Vaccine Distribution in the community so that the virus is not able to transmit as well anymore. It really depends on how many people we can get to come forward, to get vaccinated. If we can get over six to cent of people vaccinated over 60 of people vaccinated in q1 or q2, predicting by april that most people will have an opportunity to get a vaccine, and the mac give hatcheries the manufacturers are able to produce that many vaccines, we will see herd immunity sometimes in late spring or early summer. Tom dr. Fuller, thank you so much, the Washington School of medicine. Dow still above 30,000 that we have seen. Nasdaq 100, 12,750 as well. What i find so interesting is we have been distracted by the united kingdom, by the huge lockdown there, and by the variant, but we have really lost sight of the United States. What i noted this morning with s nationwide coverage is the hospitalization of l. A. Is atrocious. Lisa the numbers are sobering, and when you look at the lockdown measures that have gone into place, you wonder how much more we are going to see this. Scale, the actual numbers are starting to take down a little bit in the United States, but los angeles continues to be a hotspot. Tom we will have to see on that vaccine as well. President elect yesterday was a chosen victim. Lisa he didnt wear short sleeves, though, like mike pence. He had to roll it all the way up. Tom i cut the nose thing yesterday in the acclaimed bloomberg pup tent. Lisa did you wear a bowtie with your shortsleeved shirt . Tom yes, i had two nurses helping me. Lisa with gloves, with a lot of purell. Tom i will learn in just a few minutes if i pass the test. We have been trying to be very careful, as well. I anticipate this. Sry is interesting. You may know him from bouncing basketballs in milwaukee. But far more, he is exceptionally acute about hedge rest andsts distressed investments. Hope it doesnt cost too much. I hope my insurance pays for it. Can you tell me how much this will be . [cashier] 67. Sorry. Wait, have you heard about goodrx . Goodrx finds free coupons to help you save up to 80 on your prescriptions. Wow, i had no idea. [announcer] goodrx, stop paying too much for your prescriptions. announcer do you washed pounds . Stress . Do you want to flatten your stomach . Do all that in just 10 minutes a day with aerotrainer, the total body fitness solution that uses its revolutionary ergonomic design to help you maintain comfortable, correct form. That means better results in less time. And there are over 20 exercises to choose from. Get gym results at home. No expensive machines, no expensive memberships. Go to aerotrainer. Com to get yours now. Surveillance. Data dump. It is a holiday workweek for michael mckee. All i can say that is good is tomorrow is worse than today. Michael mckee. What if we got. We are waiting for data. This is your 15th look at gdp . Michael it takes a while for it to come back. Everyone hits the button at the same time. Waiting for the third look at gdp. The economy grew 33. 1 in the Third Quarter. He realize the economy fell 31 . Tom personal consumption up 40 . Can you explain how personal consumption can go 40 when lisa and i see the storefronts of america . Lisa amazon. Com. Michael much of that is through nonstore retailers. Remember in the summer time you were ordering everything online, and i mean toilet paper and sanitary wipes at all of that stuff . And groceries were delivered online much more than normal. Everybody went online to shop. While we are waiting, i have a chart. I do not know if they can throw this up. Wastore retail sales, i going to tie this into Consumer Spending because the Third Quarter numbers are things we already know have gone past that. It is the Fourth Quarter we care about. The numbers are starting to slow down. You can see that is nonstore retailers. Look on the right how it has flattened out. It came way up in the summertime. November was when we were supposed to see a big rise because everybody was supposed to be shopping for us must. We did see a decline in retail sales shopping for christmas. We did see a decline in retail sales for the month and then we saw nonstore retailers flattened out. Bad news going ahead. We have the first number coming in on thirdquarter gdp. 33. 4 . A slight rise,. 3 . Numbersreshing for the and im not getting the latest. Lisa it is not him. He is waiting for the update. [laughter] , we get wait for that word President Trump has signed the stimulus legislation, the 5539 pages that tom is still reading. Tom this is perfect. Mike, cut us off when we get the gdp. Your first thought on physical impulse to the economy if the pros are telling us it will only go to march . Michael just getting the gdp this is but let me say basically a safety net. Lisa fiscal support. Support to keep people in the game until we start to see the economy grow again. By this i do not mean the fact that 33. 4 in the Third Quarter. Personal consumption numbers, 41 . They had been 40. 6 . That is why we are seeing a change in the numbers. It looks like Consumer Spending is higher on the month and the gdp price index, 3. 5 . Casepected that to be the that inflation would rise. We are not expecting it to hang on. The increase in gdp says it is not just private consumption, but also private inventory investment of exports, nonpresident ial fixed investment, which is nonresidential fixed investment. Federal Government Spending came down. Fewer Paycheck Protection Program loans. State and local Government Spending we knew about. Not a lot of change but the thing you want to look at is where are we in the Fourth Quarter . That is the question. The atlanta fed gdp tells us where we are at the moment. 11. 1 . That would be a pretty strong growth rate, but then you look at what economists we talked to think is going to happen and it is at 2. 4 . Those numbers will have to converge. One hopes higher than lower, but this point nobody thinks the Fourth Quarter will be where it is at the moment because of other numbers like nonstore retailers. Tom a huge data dump tomorrow as well. Claims on a wednesday tomorrow. Mixed futures. This is a joy. Lasry joins us and we can talk milwaukee basketball and more. Of hartford, connecticut, wondering over the clark university, where he rocketed through distress investment to the success of his Avenue Capital group. Marc lasry joins us this morning to look at the pandemic, the partition of america, the distress, and if you forward for his industry. Are you optimistic about opportunity in 2021 . Marc first of all thank you for that introduction, i love that. Very few times to people talk about clark. I am pretty optimistic. I think for us, what youre seeing is a little bit of what you just talked about. You are seeing there are problems in a number of places, but there is also growth. For us what we are finding is opportunity where we can invest in situations where people need capital and we are providing that capital but doing it at a pretty steep price. A balanceyou clear sheet out you are clearing with the reality of the fed at a zero bound. Has the fed distorted your part of the Hedge Fund World . Marc it actually has. It has made it easier for companies to borrow money, so anybody who can borrow is doing so, but then what it has done is the reverse. If you cannot borrow, then you have to deal with folks like me. We are able to charge 12 or 15 . Environment,rate yet we are still charging 12 to 15 . Lisa i love how you say otherwise you have to deal with me and you do not want to deal with me. When you look at stressed investment going forward, i ask this of you knowing you did clark for a bankruptcy judge in new york, is that what this game has become . Marc i think you have to understand Bankruptcy Law because what ends up happening now is you will have a number of restructurings. I would tell you the most important part today is understanding the Balance Sheet of the company, that if we are going to land, are we super secured, are we senior, where are we in the capital structure because things can change on a dime and you want to make sure you are covered. I will tell you that capital structure will be more important but you better have the legal background. Lisa embedded in this is my presumption recoveries will not be as robust this time around given how much debt has been incurred and given some of the erosion with some of the covenant loans we have seen. How much lower will recoveries be and how much fiercer will the battle be over who gets what . Will i think recoveries definitely be lower in the fight will be absolutely insane because everybody will be fighting over a smaller pot. That is why the focus is where are you in the capital structure, but you will have lower recoveries. It is hard not to because of what you said, which is people have taken on more debt and there is less equity value. Michael i want to talk about tom i want to talk about market drawdown and the ability to make two and 20. I have a horde of people who want to know if you can bring the glory of Oscar Robinson and the Milwaukee Bucks back. What is the plan forward after signing this gentleman for a gajillion dollars. Intois the bucks plan 2021 . Marc the plan is to try to win a championship. The execution of that plan is hard. We will do everything we can. Big three,have our which is second to none, at least in the east. I think we will have a pretty good shot. I think everybody is pretty excited. The hard part was resigning giannis, and the fact we were able to do that was great for milwaukee and smallmarket teams, and great for our team. Tom your leadership was there and a time for this nation where milwaukee was the center of protests in this nation. What you want to see from milwaukee this year . What is the goal to get to a more peaceful america . Marc at the end of the day it is listening, it is trying to bring about change. What we have tried to do is be at the forefront of that with our players, with everyone. We are trying to bring about that change, but we are doing it by seeing how and what people need. Difficult, it be will take time. Hopefully if people have patients we be able to do it. So marc lasry, thank you much, with the Basketball Team in milwaukee and Avenue Capital. An important correction. The president and the signing of the bill was for federal funding , there is a correction to where the president is getting a december 20. Lisa he still has some time to go through the additional 5300 pages. This thing is massive. It is the size of all of the harry potter books . Tom bigger than the seven books of harry potter. Somebody had that on twitter. I was thunderstruck at the size. They are usually ridiculously big. Lisa this is a new level of ridiculously big and it was released hours ahead of when they had to sign off on it. How many of the senators and representatives read any of this . Tom we have to see. Is a whitmore with pwc great student of all of this. We will get transactions and accommodations. A good way to get into 2021. Futures up seven. This is bloomberg. Ritika with the first word news, i am ritika gupta. It is up to President Trump. White house aides say the president will sign a spending bill that confines coronavirus relieves, spending, and tax breaks for businesses. The senate gave final approval last night for 900 billion in economic relief, the second largest measure in u. S. History. Most americans would get a onetime 600 payment and Unemployment Benefits will be extended. Hospitalizations past 10 thousands for the first time in five months. The second largest past 10,000 for the first time in five months. Texas is struggling with a second wave of infections. Almost half of Texas Trauma Centers have 50 of their capacities occupied by coronavirus patients. The number does go republican in the senate is downplaying any challenges to the Electoral College results. Senator john thune says any attempt by house conservatives to challenge joe bidens election is going down. He says he knows no senators who have signed on to contest the Electoral College vote. To reopen trade routes to france after a day of chaos. The prince the french shut down traffic from dover after a fear of a mutated strain of coronavirus. That forced a Strict Lockdown on london and the surrounding areas. Fixed income traders at Deutsche Bank may get rewarded for a bumpy year. The german lender may raise their bonuses roughly 10 . The debt traders have kept the turnaround plan on track. Meanwhile Deutsche Bank retail and corporate bankers are likely to get more. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. I am ritika gupta. Bloomberg. Tom we have seen a ton of growth. Nobody would wish the Global Pandemic on anybody. Wee Growth Numbers have seen a ton of growth. Nobody would wish the Global Growth pandemic on anybody. Huge Growth Numbers. We have been investing for years and growing the supply chain. This is one element of that strategy. Peloton, i think this was put there because i need one. William lynch of peloton. Lisa you roasting yourself . Seriously. Are you going to get one . Tom i may get a brace. Preparation for the balaton. Tom a brace of peloton. The pandemic has to be the best thing that happened for pelaton. What you have at the open . Lisa will be talking to rob waldner. Pushing forward on the higher Inflation Expectations paired with the low yield expectation and at what point do we hit a breaking spot for the Federal Reserve . Always good about what not to do in the fixed income space. Rob waldner with Lisa Abramowicz. , 24. 25. We moved away from the crisis we saw yesterday. Right now, this is extremely timely, futures up seven as well, Colin Whitmer joins us, pwc in transactions and combinations, and all the focus goes to huge transactions, huge meltings, yet it is the additive effect of the little ones that add up. Pwc acclaimed across midcaps and largecap space. Colin, what does 2021 look like . A lifted midcap, a lived in small cap, will that bring on acquisitions . Colin i think it will. Seeing inat we are the number of metta deals that come down. Deals over 5 billion. 31 of those came in the second half. 19 came in the Third Quarter. We have 12 in the Fourth Quarter. Say that is metta deals and we expect that to continue. M a isat portion of occurring as a defensive strategy so the other guy or guys does not take the company . Colin there is defensive strategy, but the thing that strikes me as we are seeing a significant uptick in our investments. Theres never been a higher opportunity cost for the business. Prices do not come down the pandemic. Saying how can i maybe unload everybodyo fuel is pretty introspective right now to take advantage of the market. In the divestiture, it is costing nothing to find money. How are these transactions being affected . Hows it done with stock and cash . Colin as we get an early estimate, it has faired quite well during the pandemic. Off the pandemic, we have a 10 year support for Balance Sheets in cash and currency. We are starting to see deals that have a miss of cash and stock. The mix of cash and stop goes to the own the old accretion question. Are we going to still see the accretivey of transactions are we going to get to diluted insanity . Colin it is interesting. Interest rates of the lowest they have been in a long time. That helps with Net Transactions being made more affordable. The counterbalance as it feels more expensive. It is about getting transactions in order to get the return. You have to have rocksolid valuation beyond the synergies. Tom are International Investors calling . Colin we are seeing more crossborder deals but the uncertainty with the government and what could happen with trade is casting a pall. We will see how that goes. I find the basic phrase of mergers and acquisitions, the criticism is the bankers are driving the conversation. , theyou go out and listen chief executive officers and germans of words, what are they saying away from the banker talk . And twoe took a survey numbers struck us. 53 ofost 50 those are looking to increase their m a. Together, you have a catalyst of someone who is going to transform their business. It is as much about digital transformation. Tom let me take a final question. What does that do to valuations of nondigital . Colin valuations are high across the board. I do not think if you are not digital you will have a depressed valuation. Thank you so much. M an wittmer, a briefing on into 2021. Let me do a data check to get you set for your tuesday morning. Lots of movement on the week. Wednesday is more than busy with a huge data dump, into thursday as well. Wednesday, tomorrow will be the focus. Michael mckee will try forward the economic conversation. The vix, 22. 46. Down 700 the dow points, 1900 point swing in doubt, almost 1900 points. Dow. 8 on the nasdaq 100 near record highs. We are not there yet. ,. 92 . Year yield the two year critically has rebounded up to. 1 169. The gloom yesterday off of the u. K. Lockdown drove the u. S. Two year down that has reversed. That is been the theme i hear from Lisa Abramowicz through the morning, that we are rapid rebound over what we saw yesterday. I was taking their surveillance nap when that occurred. We thank Dennis Gartman for an appearance. Gold 1882 announced. Dennis gartman saying gold has a certain value, although when has he not said that . Has always been comfortable in gold. Lets end with sterling. We thank the gentleman from dover, the chief executive officer at dover for real perspective today across the english channel. 1. 4403. Stay with us through the day. Lots of goods conversations. On stimulus, david westin with secretary ross. This is bloomberg. Stay with us on radio and television throughout the day. Lisa for our viewers worldwide, i am Lisa Abramowicz in for jonathan ferro. The content of the open starts now the countdown to the open starts right now. Nine hundred billion dollars of relief targeted towards our fellow americans. The significance should not be underestimated. It will do a lot of good. 80 million for k12 schools to reopen safely. After months of negotiations. Billions more dollars to expand vaccine purchasing and Vaccine Distribution. Not as large as democrats want. Funding for health care and testing. It is larger than what many republicans want. It is certainly not the end of the story. Lisa the longsought fiscal package ending months of discord between members on bots