in the market doing better than the economy here. >> we are looking for continued improvement in the economy, but the pace will probably slow down now that we've had this quick rebound. been thinking about changing its monetary policy framework for a long time. >> this is a secular downtrend in the dollar that could be 10%, 20% over a 10 year period. >> this is "bloomberg keene,lance" with tom jonathan ferro, and lease up on what's -- and lisa abramowicz. tom: good morning, everyone. ferro still off. somebody said, where's jon? i noticed they are playing football today in the netherlands. i thought maybe he ran up from tuscany to watch. we hope she's well.

sort of gone incognito on us. the market still reacts to the powell speech. lisa: i've got to say, august is northerly a sleepy month -- is normally a sleepy month. this has been extraordinary, the best for the s&p since 1986. the biggest increase in 10 year yields on a monthly basis. is 2016, sogain anyone saying it is a sleepy august, not so much. we will -- tom: we will do some data in a moment. i need to brush up on my japanese reading on these trading companies, going back to the restoration and the world before world war ii. to me, this is a big deal. lisa: it is a big deal, a $6 billion investment into these five brokerage companies in japan. i wonder how much of this is

diversification away from the united states. is that the real story here, that warren buffett is shifting an increasing amount of his portfolio overseas? old, anday be 90 years we celebrate his birthday as he did, by buying japan. when you look at some of these trading companies trading at 10, 11, 12 multiples, they are trading way under. i understand some of the goofiness there, but they are trading way under the valuations of america. we've got a lot going on. futures up eight. lisa: looking forward to 9:00 a.m. eastern time, fed vice chair richard clarida is going to be speaking at a pearson institute event, extrapolating on the new regime of the federal reserve. curious to see what tools he may outline for the fed. zoom reporting second

quarter results. later today, former vice president joe biden expected to speak in pittsburgh on the violence we see, the deaths in portland, and kenosha, wisconsin. interesting to see how he frames this as a law and order type of argan and really becomes front argumentr -- type of really becomes front and center. tom: i do want to point out, renminbi, we have a further strengthening in the chinese currency. it is off the radar, but --ertheless, 6.85 you on 6.85 yuan per dollar is a long way off. lisa: we shouldn't undersell this. the whole service is outperformance in china shows that the recovery is on track. how much steam will that get globally at a time of so much uncertainty? tom: before we get to eric stein here, we are monitoring el -- el al 971, this

historic flight from tel aviv to abu dhabi. borderddles the southern of the united arab emirates now, ready to make that turn into auh. right now we turn to eric stein of eaton vance, codirector of global income. how has eaton vance adapted to the new fixed income regime brought on by the powell speech? eric: thanks for having me on. i think we speak a lot about forward.cy going if you go back five and a half months or so ago, the middle of march, we are in the worst part of the panic related to covid-19, and the fed is just focused on getting markets functioning. functioning,ts are

and have really transitioned to focus on the medium-term, focus on the real economy, on getting inflation expectations higher and telling markets that they are in no hurry whatsoever to raise rates. so i think this is good for a we getting dollar. we like emerging-market that. we like on dollar currencies. i also think inflation breakevens should go harder from here. they certainly rebound a lot off the march lows, but i think the powell speech, and we will see what the other fed policymakers have to say this week, it's just coming to encourage more dovish policy with various tweaks. tom: how do you manage price down and yield up? it is always a mystery to me. how do you manage to that at a venerable house like eaton vance? eric: you can buy a floating instrument. there are certain parts of the mortgage-backed market that, when yields go up, particularly when the curve steepen's, expect

future mortgage prepayments to fall. again, you can play in none dollar securities. for traditional fixed income that has duration, i don't think that being at the long end of the yield curve right now is where you want to be, just and that the said lessee is really going to be trying to have a steeper curve. after the speech, we had a bear steepening, and then a bull steepening. i think the long end of the curve will continue to react to increased inflation expectations. lisa: so where do you go for income? is it stocks? tom: you can go to --eric: you can go to stocks, but floating rate bank loans offer solid value. they have clearly rebounded significantly from march. i think you are more in a clip your coupon type environment. you've got to be more selective in those environments. yields are low everywhere, but i think if you want to play only weak dollar, that can be good as well. lisa: we are seeing irritation.

-- we are seeing a rotation. initially, people were betting on junk bonds. you've seen a shift towards the lowest tier of junk bonds, the most vulnerable to default, saying at least there's still income there. are you among those doing that? eric: i will refer to my colleagues at eaton vance. we have a great high-yield team. i think it is quite natural, thinking of how markets evolve. when you first have everything sells off, the narrative in late march into april was let's go up in quality. now yields have come down everywhere, so to me, the certain return target is natural for people to go out the yield curve a little bit. at the same time, i think it is important to be selected markets. clearly we have seen a massive structural transformation in the .conomy because of covid-19 even if we get significant

recovery, a lot of sectors are going to be hurt differently, so you need to be selective there. you talk about yields higher, the idea that now the is not the time to invest in duration, how high could yields get without necessarily getting a selloff in risk? eric: excellent question. i was talking with one of my colleagues a week or so ago, saying you could maybe get another 30, 40 basis points before it really affects risk assets. i do think at some point, the yield curve-poohed a little bit. they've more focused on the long end. but if yields were to selloff and that were to feed through to a negative impact on risk assets, at some point be the fed wants to reconsider yield curve control. i don't think we are there yet, but that is always possible. tom: i am glad you are bringing

this up because this is the massive conundrum. they want inflation, that they want to control the yield curve? calledve on cfa, that is have your cake and eat it, too. [laughter] me, that is exacting what they are trying to do in terms of getting real rates lower. so keep nominal rates anchored. get inflation higher. but you really have to be incredibly aggressive in the market, and there's clearly second-order ramifications. school can't even get supplies right for our kids, let alone figure out how to manage nominal yield or inflation expectations and the residual real yield as well. what is your call on the nominal yield? are we actually going to get out yield?0 year eric: we could come up at isaac

at some point, the fed will step in. deal ont is what is the the economy. i think some of the rebound in yields we are getting is related to economics and the path of covid. it is clearly still a problem in the u.s., but versus a month ago, new cases and whatnot don't seem to be as big of a problem as they were a month ago. we will see what happens as we get into fall, back to school weather getting colder. if that gets worse and you don't have a vaccine, that is also going to move yields. so the fed is not the only game in town as to who is going to move yields. tom: the only game in town is everything with a price that has gone up. and i missing something? lisa: the fed is saying they want to increase inflation, and they are concerned about how low inflation is. the price of everything is going up, and yet people are saying, where is inflation? you go out to the grocery store, you see yet. tom: i think it is much more pernicious than that.

if you survive back-to-school supplies -- remember it was easy? you got a crayola 16 and threw them out the door? lisa: now you get them an ipad, as well as a chromebook and air pods. you go out to dinner and the portions are smaller. tom: interesting. lisa: you are getting less for the same price, and you are seeing that increasingly. how does that translate to inflation? tom: i was out this weekend and looked at the number two value meal, and i swear -- [laughter] lisa: that is so inaccurate. you were not eating at mcdonald's. but i'm sure that the big mac is a little bit reduced in size. my: she always bribes mcdonald's. lisa: what does she bribe you with? tom: the number two value meal. [laughter] this is really true in the restaurants of new york.

the restaurants try to survive. the futures up nine. with academy securities, this is always a timely interview. stay with us. it's a simulcast. this is bloomberg. ritika: with the first word news, i'm ritika gupta. joe biden has accused president trump of fanning the flames of hate and violence. biden spoke after a trump supporter was shot and killed in portland, oregon after a clash with those protesting the shootings of black men and women by police. president trump called his supporters "great patriots." he ended ministers and officials blamed the violence in portland and other cities on democratic officials. president trump praising shinzo abe as japan's greatest prime minister ever, according to a white house readout of a call between the two leaders. e tworesident spoke to ab

days after he announced he was resigning for health reasons. he said that the japanese relationship is better that it has ever been. warren buffett's berkshire hathaway is betting $6 billion on japanese trading firms. buffett has taken stakes in five of japan's biggest trading companies. amongst them, mitsubishi and sumitomo. shares of all five companies rose at least 5% today in tokyo. another sign that china's economy is rebounding, one gauge of the service industry hit the highest level this month since early 2018. the manufacturing index fell slightly, but reported that new orders were up. in belarus, thousands of protesters again gathered to demonstrate against president alexander lucian go -- alexander lucas and cow. the eu -- alexander lukashenko. the eu criticized police crackdown on dissent. 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.

i'm ritika gupta. this is bloomberg. ♪

>> we brought up the number. i had a conversation with speaker pelosi. even on her counter offer, she can't tell the american people, nor me, what is in that.

i can tell you what is in the offer the president made and is willing to sign. . she puts forth a number, suggests that she came down, and yet she is willing to turn down $1.3 trillion of help that goes to the american people. meadows on "meet the press" this sunday. an eventful set of sunday talk shows. here many of them on bloomberg radio. we stumbled on that idea. people really care about the sunday talk shows. as does kevin cirilli. he's gone through the detox postconvention, back with us for a normal political season. right. i look at the stimulus and the need. give me a reason why either party really wants a signed document. are they just going through the motions? kevin: first and foremost, there's a lot of increased pressure given that many individuals down in the gulf coast need some type of federal

assistance coming from hurricane laura, but also the anticipation aat this is something that dumbbell race -- that a down ballot race would like to see. there's fascinating tensions unfolding here, and that is the history. that is the history between speaker pelosi and now the president's chief of staff, mark meadows. he's one of the founding numbers of the freedom caucus, which the left completely looked down upon when they first assembled. worsteaker pelosi's ideological nightmare, she is having to negotiate a deal with. so it is a very rich history. tom: where is the number going to come in? i still don't understand how it benefits mr. biden or mr. trump to get a stimulus done. don't they just jawbone it forward, and all of a sudden it is october, and we are gone?

kevin: i think when you look at it through the lens of politics, yes. to some extent, there really is no incentive. but from the lens of people hurting and people needing some relief, especially as there seems to be so much uncertainty around closures and whatnot, there is a large incentive to get a deal through. lisa: where are we in the silly season, as tom would put it, of presidential elections? kevin: we are in the middle of it. [laughter] lisa: i mean in terms of who is leading in the swing states? what are we seeing? maria: the president got a bounce out of -- kevin: the president got a bounce out of the republican convention, a couple of single-digit percentage points in battleground states, as well as national tracking polls. but the second point is on the issue of law & order, which, prior to kenosha, the president that is leading on,

something the biden campaign has sought to make sure they are telling their policies in a more clear way. you saw the biden campaign came statements condemning the violence. ,n the issue of the economy from that vantage point, whether reopening,king about that is something else the trump administration feels they are ahead of in that debate. we arehat is what checking to hear from joe biden today in pittsburgh. why is the economy not still the lead issue, or is it? kevin: it is the lead issue, and for millions of americans in the polls, even that have come out in the past couple of weeks, still rank the economy as the number one issue. for the biden campaign, he is appearing in southwestern pennsylvania because that is the portion of the state where the

president over performed. he's going there to try to pick off some of the more rustbelt type of voters because if he wants to win pennsylvania, he's got to make up ground there. tom: i do not make light of it, the law & order score right now. who won the weekend, and what is the to do list for trump and biden on law & order on this monday? kevin: they have to figure out how to talk about this. for the trump campaign, they have to figure out a tone that will address law & order, but also speak to the racial inequality of the country. for the biden campaign, they have to make sure they are continuing to condemn the violence and calling on their to be a de-escalation in violence. those are the two hurdles that each campaign faces this morning. tom: but mr. biden, the criticism is he's been in the

basement, and maybe he is being quiet and letting mr. trump tweet, etc. do you sense a shift in the biden campaign this week? is that something we should look forward to or anticipate? kevin: yes, just the fact he is -- toto pittsburgh at pittsburgh is an indication he has to get back on the campaign trail. at the end of january, when the president restricted travel from china, and terms of taking a type ofe wait-and-see approach, and terms of their comments, it is not just on race. we also saw it on the coronavirus in terms of their comments and how they have been much more calculated or measured, depending on which party you are in, for the response it best for their responses -- for their responses. tom: el al descends into abu dhabi. explain this moment for jared kushner and his father-in-law. kevin: jared kushner is coming

off of the most significant inicy win in his career public service. if you look at the normalization of ties between israel and the uae, that is a monument a breakthrough. it received praise from obama state department officials. i am hearing from my sources that there will likely be a mid-september ceremony at the white house. -- will bear if attending. they will also go to bahrain. there's a lot of speculation about whether bahrain will be the fourth state to join in normalizing ties with israel. and they will be going to qatar. the qataris have a rich history with uae, particularly as it relates to foreign policy in their own relationship. we should also note that part of that normalizing of relations, the u.s. agreed to sell some

military equipment to uae. that is going to raise some concerns from the chinese. it is a massive policy breakthrough, regardless of what party you are in, and it is a restructuring of how the u.s. is going to look at the middle east. tom: right there is a vignette on a monday morning of why kevin cirilli is our chief washington correspondent. i ask a question and you get a wonderful, concise brief on what is going on in the persian gulf or the arabian gulf, as it is sometimes called. we anticipate the landing of el al 971 in abu dhabi. we will see when that occurs, somewhere in the vicinity of 7:00 wall street time. this is truly historic for israel and for the united arab emirates. lisa: and it shows some sort of thawing of tensions at a time when so much of the world, you are seeing the exact opposite. tom: it is really interesting to see. futures exams -- futures advance, up 10. again, mr. buffett investing in

japan. coming up, peter tchir of academy securities. stay with us on simulcast. good morning, on "bloomberg surveillance," on bloomberg television and radio. ♪

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tom: "bloomberg surveillance," the simulcast. good morning on bloomberg radio across this nation. good morning on bloomberg television worldwide. thrilled you are with us. , deserved,rro extended sabbatical. some form of retreat, lisa. i think he's retreated. it's like sean connery in one of those italian movies from your ago that's from years ago -- from years ago. lisa: frankly, he's joining the crowd. how many people are going to return from summer vacation? tom: how dumb are we to be here? [laughter] i want to talk about some supply-side disruptions. some of the steady services around this nation challenged given the pandemic. lisa: you are getting less for the same amount of money when it comes to public services. there's been a huge uproar over garbage collection and the lack of it across the nation, and how

it this is a public health hazard, creating issues for neighborhoods. a lot of music polities just don't have the money -- a lot of municipalities just don't have the money to collect the garbage. when is congress going to sign an aid package that is going to get some of these services up and running? it is a huge issue. tom: an issue that will be discussed, may be signed upon, but don't hold your breath as well. peter tchir is with academy securities, head of microstrategy. he's the guy you head of macro strategy -- head of macro strategy. he's the guy you hate because he puts out a memo and you have to read all two pages. you are way too young to remember the actual idiocy of stock split's from years ago. for instance, if amazon gets a disease and they do a 10 for one split, you are suggesting this

could drive the dow to something in the equivalent of dow 32,000 area discuss -- 32,000. discuss. peter: to me, it is shocking the impact in the market we are seeing from these stock split's. in this day and age, you can buy a single share, fractional shares, etf's. yet apple and tesla have performed phenomenally well since they announced their stock splits. well,alesforce.com doing just going into the dow. this stuff is all old school, and we are told old school doesn't matter, but you are telling me old school still matters. peter: it seems to be mattering right now. i don't think it should matter. i've clearly been wrong. today is going to be a real test of whether it matters or not, and i do think this whole daytrading crowd, whether it is the robinhood crowd, all of these day traders who like to trade weekly options, have had a huge impact on the market. tom: i just figured out peter

helped us there. that is what ferro is doing. he is just sitting on his couch daytrading. [laughter] lisa: he was like, last i checked, when you cast in a five dollar bill for five singles, you don't get more money. it seems to be that some people think they are getting more money with these stock splits. is this an indication of froth? peter: i think it is an indication of froth. gotle realize all they've his five shares instead of one share, and at 1/5 the value. we will see if that actually impacts the markets. i think this is going to see some weakness. i think people are going to realize this hasn't helped as much as people seem to bet on. on the other hand, if apple or tesla do well today or tomorrow, i would expect a bunch of companies do splits. why wouldn't you do a stock split if it seems to help, and there's really minimal cost? lisa: this has been the

conundrum. there are signs of froth, perhaps in some other areas. the fact that the likes of walmart jumps on them being rumored to be part of the tiktok people aret other saying these companies are being rewarded for doing the best in a very difficult time. which is it? do you see momentum building on itself because strong companies are in the leadership, or do using that the feeling of froth, the feeling of irrationality will drive things going forward? peter: i agree that the companies that are winning, when you look at the story, they do have the best stories. i do think it is a little bit stretched. i think something that people have been talking about, the breadth of the market has been a little weak. i think part of that is one side of the tesla story is tesla might go in the s&p 500. i don't think what gets talked about right now is the other 499 or so companies in the s&p 500

that are lagging, so i think we need some clarity on what is going on with tesla, and when you start looking at the factors, one thing that is driving this that doesn't get enough attention is we are at very negative real yields. negative real yields are helping a lot of these companies. tom: i don't mean to interrupt, but that is right where i wanted to go into, the idea of negative yields. is it about negative yields or just a crushingly low nominal yield rate that is helping people out? peter: i think we shifted from -- clearly the nominal yield is great, but a lot of companies are actually able to issue tenure debt at negative real rates. apple trades tighter, so apple is able to issue negative real rates. we are encouraging all of the corporations we work with to issue right now. this whole phenomenon of negative real rates way out the curve is highly unusual. i think the fed is going to try and change that.

tom: what are they going to do with all of that money? what we hear in interview after interview is the mass of money on the sidelines with this mr. buffett challenge out to japan today. people have got to be creative with money, including debt issuance. peter: i think you're going to see continued stock buybacks. you might see pickup in dividend, although dividend stocks haven't been rewarded very much. maybe start seeing this m&a we have been waiting for. we haven't seen much of that. maybe that is where that cash on the sideline goes. i think it is going to help the underperforming stocks. that's where the m&a is going to come in to pick those stocks up. i do think we are going to see rotation in the market away from some of the big tech leaders. yields start creeping higher. then we might see finally that rotation into the stocks that have underwhelmed. lisa: are we going to see rotation out of the united states into the likes of japan? peter: i think japan, i think europe looks interesting.

i think some of the countries that are dealing with covid reasonably well. the weakness i think is a growing concern, where foreign investors aren't doing as well in their dollar investments because the weak dollar. lisa: that's where i wanted to go, the idea of warren buffett, his bet, $6 billion on japanese brokerages. how much is that a wager on the japanese economy? how much is it a wager on the yen, or a hedge against color weakness going forward? peter: i think a decent amount is against the dollar. i like u.s. financials, but with european financials, you get extra kicker of a potential he strong euro. tom: this is just breaking across the bloomberg. a justt those ski -- published bloomberg opinion reaffirms peter's view. , "i ame exactly

maintaining a long exposure to fixed income and risky assets. negative real rates are a rare policy opportunity." what is your level of opportunity into the new year? peter: i think you are actually supposed to be going the other way and starting to sell some rates. i think the fed is going to aggressively push for inflation. i think there are going to be signs of them being successful. i think we are finally going to see the 10 year and 30 year bonds rise a little bit in yield. but then i think financials are a great place to be. tom: i get the financial angle, but dovetail that into your outlandish equity call of spx 4000, dow 42,000. you sound like jeremy siegel. peter: let's not go crazy. i do think we can start and limiting policies to bring jobs to america, where we start rebuilding our manufacturing base. we are never going to go back to a full manufacturing economy,

but i would love to see some of the jobs we lost return not a service jobs again, but as many factoring jobs. i think both parties are talking about that. think we are going to see a push towards more manufacturing in the u.s. the economy will recover from covid, and it is going to be a more interesting economy than we had pre-covid because there will be a manufacturing base, and more middle-class type of jobs. lisa: do you expect any asset class to see a significant decline in the near future? peter: no, i think we really have so much government money coming through not only from the fed, but ultimately d.c. is going to deliver. i wish d.c. had got as a stimulus bill before they went on august vacation, but we will see money coming from d.c. across the globe, you are seeing this money come into markets. i think there's going to be opportunities. right now i want to buy some of the beaten up stuff because that's where the opportunity is. i think you will see a pullback

in some of the tech, especially if real yield starts dissipating. tom: peter, thank you so much. peter tchir was academy securities. you see a two-part call of price lower, yield higher, but with it, some equity enthusiasm as well. just some really good work over the weekend. i get a major shout out to the summaries at zero hedge of higher equity prices, and with it a higher vix. that was a bit odd. lisa: they were talking about some of the technical trades. i am still struck by what peter was saying. what is potentially poised to go down? absolutely nothing, and any sort of significant way, in an era of ample fed stimulus. it really does strike you how people are not necessarily incentivized to look at fundamentals or to worry. i know that if jon were here, he would call me an angry bear. i am not angry bear. i am just trying to find rationality at a time of unemployment rates where they are.

tom: what we have is a correlated lift, a change from an hour ago as well. now with yields higher, futures update, dow futures up 40. the vix is supposed to go lower. you heard incur net talk about an 18 vix or even a 16 vix -- you heard dean curnutt talk about an 18 vix or even a 16 vix. finally, this is a big swing from earlier this morning. the 10 year yield, 0.73%. 30 year bond, 1.52%. have to look at that chart on the break here on the bloomberg terminal. $1975 an ounce. ,hould mention brent crude

$43.50. looking for el al to land in abu dhabi and a number of moments as well. stay with us. this is bloomberg, a simulcast. ♪ ritika: with the first word news, i'm ritika gupta. president trump called for law & order in a tweet storm following the death of one of his supporters in portland, oregon. the man was killed in a clash between trump supporters and black lives matter demonstrators. video showed some members of a trump caravan that rolled through portland shooting what appeared to be tear and paintballs. some say the president is encouraging violence and unrest because it is supportive for his campaign. john ratcliffe says he will primarily brief through written materials, but ruled out all member briefings. . as of the threat of leaks, kratz

the threat of leaks. democrats say he is only doing the president's bidding. stephen hahn tells bloomberg data will determine what decision is made. president trump has accused the aft a day -- has accused the fda of slowing work to hurt him. l airlinesl a flew through saudi arabia airspace for the first time on the way to uae, which agreed to stabilize relations with. israel united airlines. has put an end. -- israel. united airlines has put an end to its fees. 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. i'm ritika gupta. this is bloomberg. ♪

>> i think third-quarter gdp is going to be 20% plus annualized, so we are growing.

as long as we cut relatively high levels of virus present, it limits consumer willingness to engage in the number of industries and activities. tom: mr. kaplan from dallas with a great call there on the mystery of q4 and q1. so much of this happening around society still adapting to the case and depth dynamics -- the case and death dynamics of the covid-19 virus. right now, this is a really important interview. she writes in fancy medical journals, of northwestern university, professor of medicine with work out of stanford. we are thrilled she could join us. i don't want to talk fancy medicine, professor. i want to talk your glorious interview with wls in chicago back in june, where someone is knowledgeable as you worried

about the sweat of what you do with your kids in this pandemic to get them to socially interact. we are back to school now. who's doing back-to-school best? guest: those questions are really critical. i find them to be critical across our society, as well as how it contributes to our economy. the places that are going to do the best with returning to school safely are going to be those locations where the community spread is fairly low. that's because what we can expect to see in the school was a refection is what is -- refection of what is currently circulating in the community. it is places such as florida, georgia, and texas which coincidentally open schools the , and open schools amid high case rates in the

community, we see a lot of reports of outbreaks. such aseful that places the northeast that are opening in early september will have a better experience. something, really about the sweat of parents with young children. what do you do? in london, they are begging for people to come back to the office. are afraid tore go to work. and i want to say, bloomberg has been phenomenal with me and lisa about getting us safely to work everyday. damn they don't give a about, but me and lisa they have been good about. . should we get back to work and get back to work now? dr. carnethon: the challenge of getting back to work is whether or not we can actually find somewhere for young children to go. i have a five ended seven-year-old who will be home all day with me today, so what i get done is very questionable.

they want their employees back, and rightly so. however, for the millions of working parents who have extremely young children who can't stay alone, that is not going to be feasible without some sort of intervention. lisa: at the heart of this question is how much we know about the transmission of covid-19. do we have a sense of just how contagious it is, whether you are outside or inside? dr. carnethon: what we know so far, and it is certainly emerging, is that rates of transmission are lower when you are outside because the air droplets get dispersed a little more. we know that protecting ourselves wearing masks can help with spread in places where we can't socially distance. those areas are going to be workplaces and schools, as well as hospitals. you think about workers within a hospital setting. we haven't seen the extremely

high numbers of infected medical personnel as of late that we saw back in early march, so we know that protective equipment does work. perhaps what we are going to need to get people back to work is -- [indiscernible] lisa: the reason why i ask this, i was out and about in the city over the weekend. there's tons of people eating out at restaurants outside, and they are not exactly socially distanced, and yet we haven't seen the surgeon cases. some people -- the surge in cases. some people are questioning whether this is herd immunity. tom: i saw the social life that lisa lives that i don't live. what is so important, i want you on on this,. carneth if we are socializing like that on the street, why can't we

socialize like that in the office? lisa: to tom's point, is it safe to be less than six feet apart without a mask when you are outside, and is it possible that if you are six feet in the office, you're fine? dr. carnethon: six feet was a number that was generated based on a few experiments, and prior evidence suggesting an appropriate distance. we know for sure that these respiratory droplets can travel further than six feet. we saw the outbreak in washington state around choir practice. we know that shouting or exercising, breathing heavily. whether it is going to be sufficient for eating indoors, that is not entirely clear. i wouldn't roll the dice on that in an indoor setting. similarly, work is are very different. it is different in a private office and if you are in a cubicle or other shared space.

tom: i want to switch gears here. we do this on "bloomberg surveillance." i'm not going to ask you cubs-white sox. that would be too stressful. lisa: not that stressful. [laughter] tom: but i do want to talk about what you have been doing. you have been a leader in the framework of women to have a vision of a champion. that is a title from another book that you didn't write. give us an update on what you see in women's sports and framing women to be more intrinsically competitive. dr. carnethon: that's another favorite of mine, as a former athlete, and raising young children, one of whom is a girl. i think it is really important that we emphasize the importance of women to compete, of not being afraid to be able to beat someone else.

the last thing you would want is shyader or cfo who feels about that, and a lot about competition is learned through sports. so i think it is really important that girls get out there on the field and learn to compete. for everyone, sports isn't going to be there thing, but there are other competitive venues. there's debate, there are the arts, where you need to be the best, and quite often you are ranked by subjective criteria. the competitive spirit, having the focus to be able to practice to be the best, i think that is critically important, especially for women. tom: thank you so much. racially -- thank you so much. greatly appreciate it. some of the social aspects on our path forward as well. risk on, with yields higher today. real simple. that is where we are, with gold

ounce.n sebastien page was t. rowe price coming up on assets in september. this is berg, -- this is bloomberg, a simulcast. ♪ give you my world ♪

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and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business. >> there is a certain logic in the market doing better than the economy here. >> they will keep rates at zero for a long time, maybe forever. >> we are looking for continued improvement in the economy, but the pace will probably slow down now that we had this could bound. >> the fed has been taking about changing its policy for some time. >> this is a secular trend in the dollar that could be 10%, 20% over a 10 year period. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. a simulcast, bloomberg television, bloomberg radio. stock