plus, get $400 off when you buy the new samsung galaxy note20 ultra 5g. >> we are in a recovery, but this is about to slow down. >> a longer term is not looking good in terms of the support for consumption. >> we are pretty sure the fed is not going negative. >> the right policy approach is probably to do nothing. >> investors are sleeping on a dynamite pillow, and that dynamite is inflation. >> this is "bloomberg surveillance," with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. jonathan ferro, lisa abramowicz, and tom keene on this september 11. we welcome you all of you

worldwide on bloomberg radio and bloomberg television. we've been doing this for 19 years. each year is different. vice president pence will travel here to the memorial site, maybe with vice president biden in attendance as well come on his way to pennsylvania. it is a most different september 11. jonathan: 8:46 eastern is the first moment of silence as we observe united airlines flight 11 striking the north tower 19 years ago. tom: there are all sorts of remembrances, but no one on this team but lisa abramowicz understands this. to go back 19 years, really and ask ordinary moment for those of you native to this island. lisa: you nailed it when you year is residents this notable and poignant in out-of-the-way -- in another way. after 9/11, 2001, was the

silence. airplanes were in flying overhead -- weren't flying overhead. the nose of the city -- the noise of the city. was gone. now we are having that again. tom: definitely looking towards 8:44 and the first remembrance. just an interesting day to say the least. what do you observe in the markets today? to me it is a market in search of news. jonathan: i have to say come out of all the asset classes that have made a move this week, not just equities, not tech stocks

i wanted talk about foreign-exchange. we have seen a real break down in sterling and real resilience in the euro, even as the chief economist of the european central bank made an effort with a blog post to put a lid on it. tom: how odd is that? i can't think of a fed equivalent, where you come out the day after and re-manage the message. let's do that right now before we get to michael shaoul. is this normal business there, to readjust the message the day after? jonathan: with any central bank, when the governor, the president goes into a news conference after a decision, they are representing the governing council, and it got to try to represent some kind of consensus, even if that consensus is not obvious. next time when president lagarde speaks alone, she speaks for herself. when philip lane spoke in that blog post, he was speaking for himself. it is not just a cleanup, it is a personal opinion. right at the bottom of that post was the following line. "over the coming months, a richer information set will become available and we will have to inform the calibration of monetary policy." that is central-bank lingo for in a couple of months, we will have to think about doing more.

that is the chief economist of the ecb. tom: classic language of philip lane. right now we will drive forward this conversation. the vix to me is a serious story. this really vaulted from 30 down to 28.2. handleg, one dollar 27 now -- $1.27 handle. oil, $37.20. i'm not doing bonds because nobody cares about the bond market this morning. lisa: kind of true, actually. tom: we are thrilled to have with us michael shaoul of market field asset management. he is one of our most astute conversations on the view forward. give us your sense of enthusiasm to own equities right now. michael: it is kind of split. there are sentiment measures that i think track older, more established investors, that show plenty of skepticism.

outflows for mutual funds and etf's have been significant, and yet at the same time, very obviously, at the end of the summer there was a mad rush into this limited pocket of the u.s. equity market. just a crazy rush. tom: interesting to say the least. what will be the next catalyst, the fed meeting in mid-september? michael: no, i think the fed has taken itself out of the conversation. i think powell was very clear at jackson hole that the fed will be following the current policy for the foreseeable future. i think it is going to be more about the resilience of the equity market itself, whether support at the 50 day holds. if it does, i think this is a consolidation that goes on and bricks to the upside at some point in q4, or if the 50 day gives way, you potentially have more internal selling pressure in the most unpopular parts of

the u.s. equity market. jonathan: we can get a broader rebound. using we can establish that in the coming weeks and months? ken: i do. a five-day selloff now is not really a very long one, but what is noticeable is some things have not gone down. most of the cyclical sectors have sidestepped this. transportation, most of the industrials. a market like japan, which is very cyclical, has stood absolutely no interest in this correction. i think that not going down is the first sign that something is moving towards leadership, so i do think we have some hint of that. as we say, for that stuff to break out, i think you need to nasdaq to be range bound. think if the nasdaq actually broke down, it does enough damage to people that there's probably a temptation to generally liquidate. then you would be talking about

relative outperformance by not going down of much as the overall market, which isn't quite as good as breaking out. jonathan: what do you think the big distinction is between you and the long tech crowd? michael: you know, i think partly i've been wrong for a lot of years. [laughter] but i do think that people have missed the degree to which what i call the durable goods economy has been a beneficiary of this crisis. has beennal sector forced or encouraged to spend significant amounts on retooling is, i believe,t a sustainable change in behavior. jonathan: how much do you change positioning --lisa: how much do you change positioning ahead of the election? michael: not a great deal for myself. i think whichever party gets

control, there are degrees of fiscal support, but those are generally going to be fiscal supported. it is not like we have austerity versus spending between the two parties. i don't think monetary policy changes a great deal. we haven't yet seen the market show a clear purpose. if you go back to 2016, by now we knew the market wanted hillary clinton to win and trump to lose. ironically, it changed its mind hours after the election results, but when 16 was an example of a very politically driven equity market. i think right now, the nonpolitical factors are bigger than the political factors. lisa: which is interesting, considering people are indicating an increase in volatility bets around that november 3 election. and while, we are getting no fiscal deal whatsoever in washington. how much of a selloff do you expect if we really get a breakdown in talks, and it does look very unlikely that we get anything ahead of the election?

michael: we still have a lot of monetary support, and i think the part of the economy that is most affected by the failure to get a deal done is not that widely represented within the equity markets. so far, the market has been patient. thatnk there is a belief something will get done, and even without a stimulus bill being done, i think the extension to the debt ceiling means we are not dealing with the kind of fiscal cliff that we had several years ago. so i don't yet see the market showing a great deal of concern about that. weather: i wonder that is because the data hasn't broken down, and the recovery has continued. what would your reader be on that -- what would you read be on that? michael: i think that's true. my view of the u.s. economy is you have a labor market which is back to the early teens, somewhere between 2012 and 2014,

depending on what metric you look at. we have much more fiscal support, even without a stimulus bill, and much more looser monetary policy. i really think that the u.s. economy has enough support without a new stimulus bill. as far as the equity market is concerned, you may have social concerns that don't get addressed that need that money. maybe the issues of genuine poverty and hardship. but that is not what drives the s&p 500. the s&p 500 is not controlled by sociologists. it is controlled by investors. and they really have a different outlook on what needs to get done. jonathan: michael, great to catch up. michael shaoul of market field asset management. headlines crossing the bloomberg from ecb chief economist philip lane. "the recovery is far from complete." put that together with the comment he made this morning,

"there is no room for complacency." tom: i will let you figure it out, jon. you are the expert on the ecb. but to me, it is a confusing set of almost monetary physics. what i heard yesterday versus now leads to confusion. jonathan: this is where the confusion stems from. it is difficult, almost impossible, to simultaneously do that and then say you've got to do more. when it comes to the fx market, you can sit here and use that central-bank lingo we talked about yesterday. target for exchange, but the fx market matters for that reason that only matters if you have a credible policy option to execute off the back. right now, no one knows what that is. no one thinks they are going to cut interest rates again, and it is not here to me whether you do more qe at the in europe that it

would actually weigh on the currency. tom: i agree with that. the inelasticities here are tangible. jonathan: euro-dollar still positive 0.3%. coming up, vassili serebriakov, ubs fx and macro strategist. on.ember 11, 2020, 19 years we remember on bloomberg tv and radio. this is "bloomberg surveillance ." ritika: with the first word news, i'm ritika gupta. president trump won't extend the deadline for tiktok's u.s. operations to be sold. the president said if bytedance can't sell the u.s. unit issa temer 15th, -- unit by september 15, it will be shut down. officials have been debating whether to extend the deadline. bloomberg has learned a deal was unlikely by next week because new chinese regulations complicated negotiations with

macro soft and oracle. the fda s with microsoft and dru -- with microsoft and oracle. the fda will require more data than usual about how well a vaccine shot works, trying to reassure the public that they will not given to political pressure to approve a vaccine prematurely. tesla plans to ship cars made at its factory in shanghai to other markets in asia and europe. bloomberg has learned that china built tesla model threes intended for delivery outside the country will likely start mass production in the fourth quarter. targeted markets include singapore, australia, new zealand, and europe. president trump and joe biden will mark the 19th anniversary of the 9/11 attacks in the same place, but not at the same time. the president will attend a memorial service near shanks folk, pennsylvania, where one of -- near shanksville, peddling you, where one of the --

shanksville, pennsylvania, where one of the airplanes crashed. 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. ♪

>> by relying excessively on monetary policy, those low andrests are fueling

skewing the stock market bubble that really benefits the upper 1%. jonathan: professor joseph laureate,here, nobel alluding to some of the policy options deployed in the last couple of months. let's get you the price action ahead of the opening bell this morning. the fx market shaping up as follows. euro-dollar, $1.1855. that is a stronger euro. with futures positive, we are up 0.7%. let me go straight to the epicenter of foreign-exchange. cable, the pound against the u.s. dollar on the week, down by about 3.5%. the worst week for sterling going all the way back to march, with the key distinction that march was about a dollar surging. this week is very much about sterling weakness. tom: the history here is simple. during the the pound

financial crisis, and then massive weakening and trend weakening overtime, and you got down to 1.20. then we really had a run here, and we had a feeling of genuine enthusiasm about sterling strength. jonathan: on an intraday basis, i think we had a $1.14 handle, with the dollar breaking out several months ago. but i have been surprised about is how much time sterling has spent north of $1.30 over the last several weeks. i've been scratching my head, trying to work out why when we still haven't resolved so many key differences in europe. that is what has broken the back of sterling, the realization that basically we've got a month ago, and all we are doing is arguing. tom: right now, with ubs, vassili serebriakov joins us on foreign-exchange, and there macro strategist as well. what is the opportunity in pound

sterling? i guess we've got some difficulties there. jonathan: maybe he just didn't like your question. i don't. -- i don't know. tom: it was challenging, to say the least. i've got to give you some tangible feel here. the day after brexit, i had dinner, and then i got up, you know. i was casually american through the day. jonathan: should i tell the real story? tom: you were on air for like eight hours. jonathan: german street around piccadilly, where you might go and buy some shoes, a shirt, whatever. tom was looking for a bowtie, and a gentleman invited them to a drink -- invited him to get a drink. i got a text asking him to join

at this club in mayfair. i was at work. tom was out. tom didn't sleep. he came into the office at about 7:30 local time, watching the ftse open up, and you didn't sleep for a very different reason. i was working. you were having a nice little drink. tom: that's true. i was trying to help the united kingdom economy. but the thing here that is so important is the hope that i saw two weeks ago with $1.30, maybe even higher, was that hope tangible in the united kingdom? jonathan: no, tom, i really don't think it was. but what the surprise was this week, no one understands what is going on and where these latest moves have come from. i don't think the europeans do either. how do we resolve this in the space of four weeks? i don't know. even if we do get this, it's got

to be ratified by the end of the year by all of these parliaments. you've got to agree with everyone across europe. it is going to be so hard. tom: and of course, the other thing we can do, even on september 11, we can look to this weekend. you talk about resiliency in new york, and washington, across been blown away by the resiliency in the united kingdom. the premier league is the absolute he can of intelligence -- the absolute beacon of intelligence we have seen with in football. i just think it has been extreme there. jonathan: let's just hope it continues. i think we have reestablished to the connection with vassili serebriakov of ubs. in the short time we have left, please weigh in on sterling and what on earth is going on between the u.k. and europe. vassili: i think we know what is going on. all of a sudden, the market has pretty high hopes that we will get a skinny trade deal in a

like time, and now things these hopes have been thrown back. i think the market has not decided whether this is a negotiating actiq or whether this is something serious, but certainly markets are getting more and more worried. we will just have to wait -- jonathan: i think we've lost the line again. vassili serebriakov of ubs. tom, we know that when you mention brexit, what happens with guests? everything time. when you call me and ask about brexit, that's how i feel. tom: seriously, on brexit, we've got to get to important dates in late september. jonathan: we've got to make an agreement before the middle of october so the european union can work out how this gets ratified asap. i know we talk about so many different deadlines when it comes to brexit. it's this week, it's that week,

it's this month, it's that month. boris johnson said we will be breaking away officially at the end of this year. they didn't extend that around the middle of the year. here we are. one thing i have learned with brexit, and i said it in the last 24 hours, and i will say it again. in a week, things can change in a big way. if you are in the business of making forecasts, the brexit story is in the business of making you look full it's very quickly. one thing i have learned over the last four years, don't make forecasts around the story. tom: there's no question about that. right now we are beginning to memorialrings at the in lower manhattan. this is very different this year, no question about that. the mayor of the city of new york, and we have press conferences on bloomberg radio, as he end governor cuomo have dealt directly with this pandemic. there's no question that the track record they have is extraordinary, what we have

seen in declining cases and climbing deaths. recognizing other faces is a little bit difficult because everyone is wearing masks. you can tell mayor de blasio. some of the others are harder to recognize and the much smaller crowd this year. jonathan: of course you can tell who mayor de blasio is because he's about your height, about seven feet tall. the events playing out in the next hour or so, at 8:46 eastern there will be a moment of thatce to observe the time united airlines flight 11 hit the north tower. we will have another moment of silence for the moment that flight 175 hit the south tower. after that, the financial community, so badly hit by this event 19 years ago, the pain still remains. there will be a moment of silence on the stock exchange floor, and the nasdaq and the u.s. stock exchange. tom: always poignant, and then

we will go to shanksville, pennsylvania, where trump and biden will have a were members. -- have a remembrance. jonathan: from new york and london on the september 11, this is "bloomberg surveillance." ♪

jonathan: from new york and london, this is "bloomberg surveillance" live on bloomberg tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. moments away from cpi. with latest data in america, here is michael mckee. michael: consumer prices out this morning. everybody keeping an eye on that for its implications for the federal reserve. in cpi increasing .4% august. that is higher than expectations. expectations were for a .3% rise. the core rate rises .4% as well. that is double what the forecast was from economists surveyed by bloomberg. you take a look at the year-over-year numbers. that poses -- that pushes the cpi number to 1%, the core

number 1.7% which gets us back into the territory we were in before the pandemic started. the increase in the headline number was broad-based. and trucks the biggest factor. there has been a run on used cars and trucks. recreation,elter, and household furnishings increased. gasoline rose 2%. the thing to keep in mind for this month is those prices have started to go back down again. let me take a look at the breakdown for used cars and trucks. 5.4%, as and trucks up major impact on the index overall. apparel gets an increase of .6%. that is three months in a row apparel prices have gone up over tanking. , and that is always something people keep an eye on,

a .2%. no real inflation. tom: and inflation report, we will have much to talk about of the coming days with michael mckee. you and i on september 11 have always been together, particularly the 10th anniversary at the dedication of the memorial. you more than anyone here is qualified to speak on the resiliency we see now in a pandemic as compared to the resiliency you observed after you were downtown on that september 11. michael: the country rally together in 2001, rally around president george w. bush, rally around the flag. so did the rest of the world. that is the biggest difference you can see between now and then. country itemic, this has devolved into finger-pointing. everybody else is to blame. a lot of countries going their own way. that is a different world from

the atmosphere just after 9/11. lisa: if you look at the rebuilding in the wake of the 9/11 spirit, and the cpi report, where are we? orthe rebound losing steam is it still a disinflationary environment with a bit of recovery showing in the data? wehael: it does seem to be are seeing a real inflationary environment. it is a slow inflationary environment. we are seeing increases in industrial production and we are seeing much more people going back to work, people buying things which leads to supply shortages because inventories were low and that starts to push up prices. it is not like we are going crazy, except for used cars and trucks, but beyond that we are seeing a slow grind higher. tom: thank you so much for joining us on this september 11. right now to give us an update on the economy and the resiliency of the american economic experience is michael

feroli of jp morgan. his service to economics has been extraordinary, particularly in the measurement of what our potential is. is the feroli, what potential gdp calculation of america given a pandemic? is it possible to calculate that? michael: like a lot of things, including inflation, there's a lot of noise. that takes some time to filter through before we get a better sense of how things are evolving. has the pandemic infected trend growth in the u.s.? perhaps. there is still a big debate. we have had a period of slower capital spending in the middle part of this year, which will hold back productivity growth. capital spending, like many other aspects of demand is recovering nicely. that is why i think it is probably wise to hold judgment for a few more months to see where things settle before

reaching anyone view of potential gdp growth. surprisedare you about how balance the inflation debate is? i would've expected a consensus around disinflation, and that is not what we experience any given day on this program. what are you experiencing and the conversations you are having? michael: most people i speak with are in the low-inflation camp. it is reasonable there will be two sites to the bait -- to the debate because the pandemic is a supply side and a demand shock at the same time. there is no reason to think one side or the other will hold sway. reason i part of the am in the low inflationary camp is that while the supply constraints were temporary, particulate concentrated in second quarter, the slowness and weakness in aggregate demand looks like it will be enduring for longer than that.

the unemployment rate, while it has come down nicely, probably will be elevated for several quarters. that is why onnet the evidence will lead us towards low-inflation outcomes for the next few years. the federal reserve has said they have shifted the framework, the reaction function has changed. tolerating higher inflation is not the same as engineering higher inflation. are there any policy moves left? that is a good question. dore are things they could to bolster a recent change in their framework. none of them will be home runs. they can tell the market they will not hike rates until inflation gets above 2%, which is fine. they will probably eventually do that. the market is not pricing in hikes until 2024 to begin with. this is not right -- this is not

like 2009 where the market was price in rate hikes. i think the market has learned that lesson. the market has learned the lesson, it reduces how much these moves by the fed can provide further stimulus. michaelferoli -- tom: feroli, jp morgan. right now many images from a very different remembrance of some timber 11th. right now vice president pence and karen pence are walking into the ceremonies, very much pandemic affected. we just saw images of vice president biden and dr. biden along with michael bloomberg. i believe i saw governor cuomo there as well. lisa abramowicz -- there is vice president biden. for those of you on radio, the images are quite poignant. lisa abramowicz, for those on radio and tv, it is a lot harder

to do this this year because of all of the masks. lisa: especially when you look at the concept of mourning. the concept of resilience has to do with coming together and being face-to-face, and that has been shattered by the pandemic. the images raise a question about the recovery. michael feroli, i wonder what we are seeing with respect to the recovery of the labor market. i do not think we made enough of yesterday's employment figures. they came in higher-than-expected with the number of individuals receiving unemployment benefits increasing week over week. michael, is this a significant data point that marks a turning, a souring of the labor market that had been recovering at a fast speed? that is a fairk response. one problem is the jobless benefit numbers have been a bit skewed in recent months by issues with processing and

filings, and a lot of those continuing claims you mentioned. as for the pandemic unemployment assistance program, the jobless claims numbers are reported by the 50 states, and how those states are reporting that has been not a clean process. on the face of it i agree with you it is not a helpful indicator we have stalled, that has not been a perfect indicator in recent months. lisa: if we do not get another round of support, where will we end the year with respect to unemployment rates? michael: something in the high sevens without further physical support. that could remain in the low eights. seeing inse we are capitol hill, i would not want to say policy is perfectly and i. ness with respect to --

think the fact the economy has been performing better over the summer months may have reduced some of that urgency in washington to deliver more stimulus. we have to take the lack of stimulus or lack of progress alongside with the better numbers together when we look at how the economy is evolving into fall. jonathan: michael feroli, great to catch up. j.p. morgan securities chief u.s. economist. on that unemployment question, the forecast is quite bullish, to get down to the sevens. maybe not bullish where we are, but bullish compared to where the fed saw unemployment. the fed unemployment year end, 9.3%. they are looking bearish on the economy. tom: i am so glad you bring this up. we will get a fed adjustment. again, in all of the mail we get, thank you for the mail and tweets, you have to overlay the other labor statistics on top of

the official statistics. our viewers and listeners are doing that even if the fancy statisticians are not joint jonathan: they are living it, they are experiencing it, and so many are experiencing the disparity away from the actual numbers. as far as aggregate numbers are concerned, they are better-than-expected. for an individual, it is not a relative game. it is about how you feel. thetive to expectations, economy has come in better-than-expected and continues to do so. many people would like to see the effort to blue -- supercharged, which is why lisa asked what would happen to the base case assumption if fiscal policy does fail. right now it feels like it is failing. we turn towards the first moment of silence, which is around five minutes away. tom: five minutes away, and the images for those of you on bloomberg television are clear. is ahose on radio, it

decidedly different 9/11 this year with the pandemic. there is been a heated debate in new york city on the spectacular light display we will see tonight. i believe they will occur with the support of governor cuomo and former mayor bloomberg with leadership in the debate. the officers bringing in the flag to this first moment of memory. you can never get over it. lisa: you never get over it. that moment, that day. do you remember where you were? tom: i was watching. this is a true story. i was watching out on logan, and after the first tower hit, i went out and smoked a cigar on the deck and we were all sort of numb, including my good friend bob, and the plane took off and did a turn back to the runway on logan i've ever seen in my life. it was a commercial jet looking like a military fighter landing. that is when it really sunk in.

far removed from what you went through with michael mckee in new york and all of bloomberg in new york. it is truly a worldwide story. jonathan: from new york city, good morning. this is "bloomberg surveillance." ritika: with the first word news, i am ritika gupta. president trump is playing hardball with the chinese parent of tiktok, refusing to extend the september 15 deadline to selloff tiktok's u.s. operations. the president says if there is no sale by tuesday, the u.s. will shut down tiktok for security reasons. bloomberg has learned the sale is unlikely in time because new chinese regulations complicated talks with bidders microsoft and oracle. at least 10 people have died in that massive wildfire in northern california and 16 others are missing. more than 2000 homes and other

buildings have been destroyed. 14,500 are trying to put out more than two dozen bushfires raging from the oregon border to north of mexico. 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. . am ritika gupta this is bloomberg. , thank you sopta much for that. we welcome all of you to "bloomberg surveillance." lisa abramowicz and tom keene here on september 11, 19 years on. a decidedly different remembrance. we all know the cadence, and the cadence has been shattered by the pandemic. at the lisa, as we look images of the singing of the national anthem and the officers walking in with the flags, the attendees including vice president pence and vice president biden, as well as

other dignitaries, almost this pandemic year makes us appreciate the remembrances year after year. lisa: the parallels are uncanny. the idea of the focus on the subway system in new york city and the fear of taking it because of a terrorist attack. now the fear of taking it because of the virus and the potential of getting it. the silence airplanes no longer flying overhead. the same sort of feeling, and the death and illness that was also in the aftermath. these parallels leading to calls for resilience. a different path forward. nonetheless, the parallel steer you in the face. tom: a virtual reading of the names in great controversy over that. there will be an actual reading of the names at that historic turner -- that historic corner of church and liberty street just off from the world trade center site. vice president pence will attend that reading of the names as

well. let us listen in to lower manhattan. [bagpipes] [no audio]

[reading names]

tom: we welcome all of you on bloomberg radio and bloomberg television. the imagery never gets old. the trees get bigger. what is important with these -- this memorial downtown is they get bigger every year. lisa: people showing the same sort of somber feel, this year more than most pure tom: this is very virtual this year and very different. , this is on radio without the podium and the lectern and seeing children growing up over the 19 years, this year a virtual reading of the names, much smaller crowd of dignitaries and family members at the memorial. the memorial will be opened up about 3:00 p.m. this afternoon. i am guessing. lisa: i will say this. every year the reading of names reminds me of the missing posters posted over lower manhattan in the wake of the attacks. this year ongoing remembrance as people look toward how do we

rebuild this time, how different will it be? tom: it will be. you cannot look at this natural disaster of a pandemic versus the horror we saw in 2001. truly extraordinary. we will continue with our coverage as we monitor some of the images. the vice president of the united andes with governor cuomo vice president biden and dr. biden in attendance. ,oining us is carl weisbrod senior advisor with exceptionally important duties as chairman of the new york city planning commission. to be direct and to the point, congratulations on the immense success in the back-and-forth in the battle of planning over the last 19 years. cacophony of themes and moods, and i can only say the outcome seems to be extraordinary. in our new york

city planning of lower manhattan? start by honoring the close to 3000 people who died 19 years ago. i was there in lower manhattan that day and it is the day i will never forget. also honoring those who have died since as a result of what happened on that day. was -- rebuilding lower manhattan and rebuilding the world trade center site was extraordinarily emotional. president of the alliance of downtown new york at the time , which represented the business .ommunity in lower manhattan mayor bloomberg appointed me as

the director of the lower manhattan development corporation. that among the many planning and development issues i've been involved in over 50 years, this was the most emotional. i do think, as you said, the result has been truly remarkable , both having a better world trade center site, and a lower manhattan that has thrived in the last 19 years, transforming from a one-dimensional neighborhood, financial services only, to a multidimensional a variety ofof different businesses, but also a thriving residential neighborhood. really remarkable. clear, mike bloomberg is the founder and majority owner of bloomberg lp, which owns this tv and radio station.

you talk about the rebuilding after 9/11. it will look different this time around given the idea people are working from home. will these offices be needed? you think lower manhattan can rebound from some of the carnage ongoing devaluations in the same way it did after 9/11? carl: nothing is the same in new york. i am the former chairman of the planning commission, but still very actively involved in city and urban affairs and development affairs. i think this is going to be different. sense, it is far more challenging than 9/11. 9/11 we had the entire country were united as a country in the aftermath of 9/11. that is not the case today. technology has changed.

i will say immediately after 9/11, i remember the year or two after 9/11 when people were concerned whether workers would ever work in tall office buildings. national policy was to decentralize financial services and spread them out across the country out of a fear of further terrorist attacks and the effect of that on concentration. i have seen new york come back from so many crises and i have no doubt we will come back from this one as well. it will be a different new york and probably a better new york because we have come back from each of these crises as a better, stronger city that continues to be the premier city in the world. tom: anybody that knows me knows

i have been giant on the idea of the resiliency of new york city, from september 12 of 2001. carl, thank you. former chairman of the york city planning commission. we welcome all of you and radio on television. september 11, very different this year. lisa, your thoughts. lisa: i have to remember what is happening. i think the conversation with carl is so important, this idea of how it will be different this time. i think it highlights the poignancy of this moment, i keep going back to this word, looking at everybody in masks, not able to get too close. lots of elbows. i think about all the funerals people have not been able to go to, the weddings people have not been able to go to, and i wonder when we can get a real sense of the recovery process and we can finally hug each other and experience unity on that level. it sounds trite, but on a day of

mourning like this, more than any, the physical presence is important and that is what has been disrupted. tom: it will be most interesting. after this further moment of silence, vice president biden will travel from new york to shanksville, pennsylvania. separately, the president already on his way to that remembrance in the 9:00 hour just to the south of pittsburgh. they have done a wonderful job of building out the memorial to the very courageous people of that airplane. a data check even on september 11. futures up 17. the future of new york up as well. on television we will watch, on bloomberg radio we will continue our coverage, paul sweeney and i. we greet all of you on this september 11. [reading names]

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♪ jonathan: from new york and

london for our audience worldwide, good morning, good morning. the countdown to the open starts right now. 30 minutes until the opening ballot, equity futures rolling over a little bit. first and foremost over the next 60 minutes, we will be observing a series of moments of silence. we begin the program with a quick market check. there is scarlet fu. scarlet: good morning the set up is for a higher open. according to jones trading, 9/11 historically is a bullish day for u.s. stocks. we also see gains in europe and asia. as we have seen since the tele--- since the tech selloff began last thursday, anything goes once the trading gets underway. we have seen nasdaq futures fall, then rise, then fall again. and the cash market, the index has moved 1% every day this month. the question now is how much options will drive the decline. in the broader