bull market that is under some pressure. >> we are probably getting towards the low end of this correction phase. >> investors are starting to show more bearish sentiment. >> rates may never rise. that is entirely possible. >> september has been a month of consolidation, and i think october will to be -- will be the same. >> if you have money, you can grow the economy and the household. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. from new york and london, for our audience worldwide, good morning, good morning. this is "bloomberg surveillance, live" -- this is "bloomberg surveillance," live on bloomberg tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro.

tom: jon, get out of the sand trap, or whatever he said last night. just absolutely extraordinary. we have been talking about it all morning. i would think the worldwide audience must be. just extraordinary. can we also note there is a job economy coming up, and maybe the next debate they can talk about where this unemployment factor is maybe going? jonathan: and maybe the c-suite is still very strategic about when they drop bad news. the walt disney company talking about dropping 28,000 jobs a few hours before debate. tom: well said. jonathan: it is amazing for me to wake up this morning, to watch back at that debate and hear the former vice president call a sitting president a racist, and it doesn't even register. it is not even a headline this morning. that speaks to where we are at currently in the political discourse in washington, d.c.

tom: some of the discussions on the white super missy issue last night are beneath the fold because of the turmoil, the emotion, the rage and the rank we saw.d the rancor you've got to go to steve scully in a town hall format on october 15. frankly, it may be more amazing than what we witnessed last night. jonathan: i've heard from some republicans in the regrets -- republicans and democrats that maybe they don't want to see a second debate. can we finally make some policy downing washington, d.c.? -- down in washington, d.c.? lisa: that's the question. the main story is jobs, and that is what we see with the adp report comes out.

you will see on joined got growth -- ongoing job growth in some of the bigger employers. report,get the q2 gdp as well as core pce, all of this backwards looking. important to firm up numbers that have been a moving target, and very much what you are talking about today, nancy pelosi, steven mnuchin are meeting to talk about stimulus. jobs really is the most important story. 28,000 layoffs by disney. 9000 layoffs now in the oil sector. you see what we are going to experience in the airline sector. 30,000 furloughs tomorrow based on c.a.r.e.s. act funding that is poised to run out. these are the longer-lasting, scarring job cuts that we really have to be watching. jonathan: the bad news is that 2020 isn't over yet. the good news is that q4 is here tomorrow. let's get to the price action. equity futures, -0.4%. i am not sure what your reaction

was following that debate. the market is not sure what to do with it. in foreign exchange, stronger dollar, weaker euro. guess what the bond market does? nothing. your yield, 0.65% on the u.s. 10 year. that is the cross asset price action. here's the flavor of the chaos in cleveland. mr. biden: we know he is a liar. pres. trump: you're the liar. you graduated lessen your class. >> mr. president, can you let him finish, sir? mr. biden: he doesn't know how to do that. you picked the wrong guy on the wrong night at the wrong time. jonathan: there seems to be the consensus waking up after this one. tom: there's no question. a lot of people said to me they weren't all that surprised by the energy that we saw, but it was just amazing to see someone as quality is chris wallace

struggle without a new button, without the faders. there were moments when the vice president weighed in as well, but they got to fix that. i think all of america as a primal scream to get back to some form of debate decorum. we rely on lisa abramowicz as our debate expert here. jon: she moderates you and i every. tom: that broke every rule of decorum that any of us had beaten into us as kids. [no audio] lisa: -- was a disappointed. jonathan: i don't have fleeces microphone -- i don't have lisa's microphone. was that part of joke, tom? did you mute lisa? [laughter] that timing was perfect. tom: it's mute lisa -- let's mute lisa.

tom: can i just state, everybody in the control room is working. dayink they did in 18 hour yesterday, kailey leinz. combinedooking at a total of sleep in the control room of about four and a half hours. jonathan: i am pleased to say, joining us now, lisa shalett, morgan stanley cio. great to catch up with you. you are calling this a policymakers correction. what is a policymakers correction? , it hasas we know really been the policymakers' he that haveforts allowed us to rebound and by septembereven 2, hit new, fresh all-time highs on the s&p 500.

but i think it also sets the bar many investors expect them to continue to follow through. september, days of it became very clear that some of the gifts we were given in march, april and may were perhaps going to be a little tougher to procure. that is really around the certainty of what policy is. we've talked about three things. wetalked about the fact that are, quite frankly, shocked that the market isn't more tumultuous given what looks like could be a delay in the c.a.r.e.s. act, but even a materially reduced and water down version -- and watered down version of it when 70 people were saying we are definitely going to get another -- when so many people were saying we are definitely going

to get another $1 trillion, $1.5 trillion, and it is not coming. municipalities, for many of the small businesses now beginning to have to make decisions about shuttering, this stimulus matters a lot. it was in most peoples forecasts. lisa a: push this forward. does this mean in your view, the market needs to selloff further in order to adequately reflect the lack of fiscal stimulus from washington? lisa s: yes. 8%had this pullback from 7%, , from extraordinary highs. our thought was that you could get something much closer to 10%, 15% from those levels, potentially with 3100.

so yes, we do see there is downside to this market. the disappointment on the timing of cares and the size is the first thing. the second thing is where the fed is, and some of the ambiguity in their guidance. i think clearly, at jackson hole, chairman powell fired a big bazooka. you all have been talking about that thoroughly over the last 30th, how this is the end of ideology.oelker has not yet really specified how we are going to measure that, over what time period, using what metrics. i think the market is frustrated about that, because how do you really try to guess at what

inflation or inflation expectations are going to do, and therefore what must trigger a hike? tom: good morning. i am just fired up about this. you've got the best bio on wall street. you start off with your protests at brown university million years ago, and now you're working for james gorman on wall street. that emotion is out there right now. we certainly saw that emotion last night. officers of all of our corporations adapt and adjust to what they witnessed last night? do they make plans? do they setback -- today sit back? or do they say, let's go? lisa s: i don't know that there was any optimism to be seen. without getting into the politics of it, my observation is, and some of the folks said it on some of the other news outlets, that dignity and

a big hit last night. from that perspective, if i am sitting in the c-suite and talking about what does this all preparingink it is your teams for the fact that there could be material andrtainty between november january. that is volatility in markets and potentially indecision by customers, and partners in the economy. that is what i would be talking about. jonathan: lisa, always great to catch up with you and the team at morgan stanley. looking forward to catching up with mike wilson of morgan stanley in a few hours' time. typically, we would say that what will street would like his divided government. at the moment, i don't get that at all from the people we speak

to. it is pretty much the same thing. we need a wave to make something happen, to get that fiscal stimulus over the line. tom: i remember it clear as a gore didn'tsh v. get decided until december 12 of that year. there is a belief that there will be infrastructure spending in the first quarter of this new administration, whoever it is. jonathan: we hope. we talk about it a lot, don't we? coming up later in the next hour, tom barkan, richard -- tom barkin, richmond fed president. this is bloomberg. lisa a: with the first word news -- ritika: with the first word news, this is what he could gupta. last nights event -- with the first word news, i'm ritika gupta. in cleveland,ent

president trump and joe biden battled over the coronavirus. mr. biden: he knew it was a deadly disease. what did he do? he said he didn't tell us or give people a warning because he didn't want to panic the american people. you don't panic. he panicked. pres. trump: we've done a great job. the only thing i haven't done a great job, and that is because of the. . fake news. no matter what you say to them -- because of the fake news. no matter what you say to them. they give you good press. they give me bad press. i don't care. i've gotten used to it. you could have never done the job that we did. it's not in your blood. mr. biden: i know how to do the job. well trump: you didn't do on swine flu virus. .- well on swine flu global newsitika:

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. ♪

pres. trump: almost everything i see it from the left wing, not from the right wing. i want to see peace.

>> then do it, sir. mr. biden: do it. say it. pres. trump: what do you want me to call them? give me a name. mosys's --ng super right wing white supremacists. pres. trump: proud boys, stand back and stand by. but someone has got to do something about antifa and the radical left. jonathan: alongside tom keene and lisa abramowicz, i'm jonathan ferro. this wednesday morning, equity futures down 0.5%. off session lows, -17 on the s&p. it is a stronger dollar in g10, a weaker euro. , coming in $1.17 0.3%. the story of the moment is the nonstory in the bond market. it is a real challenge for pms. a yield still in and around

0.65%. tom: one of the themes that goes back to our conversations with mr. prince of bridgewater is bonds are an anchor, a dampening of volatility for sophisticated lios, and thattfo has vaporized with these low nominal yields on the 10 year. jonathan: what do you replace it with? lisa brought up the story of cash. is that the new treasury? you don't have the allocation like you used to. but it is doing well. you missed out on the risky set of the portfolio, but on a serious note, many people brought this up in the last few weeks, got we -- few weeks, that we got a test this month. the bond market really hasn't done much at all. tom: tomorrow, jobless claims. michael mckee saying it is simply still a mystery the actual unemployed in america. we will go through that data on

8:30 on friday. beneath the headline data in cleveland, kevin cirilli in .ashington -- kevin cirilli thrilled he can be with us. how does president trump spin his way forward? how does the vice president regroup after a good sleep last night? kevin: vice president joe biden is headed on a train tour of parts of ohio, as well as southwestern pennsylvania, battleground portions. that was what you saw last night in terms of biden trying to make inroads with white working-class voters, a voting block that still stuck with president trump. president trump laid to his base last night. joe biden really question his base in terms of criticizing bernie sanders. there's no way to look at that debate and not say that america lost. million13.6

americans unemployed, and they are voting on a $2.4 trillion fiscal stimulus plan in the house later this week. , said to congressman tim ryan are you going to get on board the train with joe biden to campaign? he said, no, i've got to go back to the house to vote on this bill. it was a completely divorced from reality moment last night with regards to what washington is dealing with, the middle class is dealing with, with regards to the fiscal stimulus. goinghe fact is, they are down to conor lamb territory. you spoke to the cumbersome and from pittsburgh yesterday. what does conor lamb think about the vice president's move to the center? him.: i asked right here in my notebook. congressman lamb, what did you do that hillary clinton do, that the democrats were unable to do? he flipped a district in trump

country in 2018. he said he talked about pensions and the economy, and that is what the biden coalition is going to have to do. enough of the political theater. they got to talk directly to those specific issues. that is something that, through all of the noise, no matter who you blame, that did not break through on either side for those economic issues last night. lisa: it seemed like they were speaking to different realities. president trump seems to be trying to fire up his base, whereas joe biden is trying to win over undecided voters. is that the rate strategy at a time when, as jon pointed out, there aren't really that many undecided voters? kevin: i put this question earlier this morning to a senior media strategist for republicans. what this source told me essentially was that this froze the new cycle. was aou had last night

political timebomb that went off, essentially. everyone this morning is waking up and thinking, what did we watch last night? if you are c-span's steve scully, plotting out the next week and a half where we had to miami for the second presidential debate, it is going to be a very different style, especially in the town hall format. lisa: are more people going to turn out to vote after watching this debate, or fewer, given that there were questions raised about the legitimacy of the ballot? kevin: that is the risk. the last five minutes of that debate, really, if you are trying to figure out and calendar out, so to speak, november and december, this is a situation where you've got a supreme court pick to the high court, and you've got president trump and nominee biden saying

they are committed to seeing this all the way through, even if it should go to the supreme court. that is a lot of volatility coming out of washington, d.c. for the next month or two months. tom: we are all addicted to this silliness, the kevin cirilli world. when do we see polls of what happened last night? do we see them today, this weekend? when do we see the measurement of what we observed? kevin: we will see them i would say at the earliest, friday. some polls will come out friday and over the weekend, and then into monday and tuesday typically. and just beyond that, i was struck by this. you look at how vice president biden really tried to moderate last night, both in terms of his tone, in terms of some of the policy prescriptions that he has talked about. it will be very interesting once this is all said and done,

whether or not those supporters of bernie sanders ultimately come out to support in droves for joe biden. jonathan: kevin cirilli, fantastic reporting as always. our chief washington correspondent. october 22 in nashville, tennessee feels like an absolute lifetime away. there was a discussion immediately after last night as to whether this debate would actually even happen on the 15th, never mind the 22nd. tom: oh, come on. shut that down. jonathan: given how it went. who got anything last night? tom: the american electorate sees these guys in their perfectly choreographed campaign garbage. asked night they were out there with mr. wallace. they were essentially unrehearsed. respectfully, there isn't enough of that. i would say the british do a better. jonathan: i would also say that

for the president, that was the strategy. the chaos was the strategy, and it made it difficult for the former vp to get off any punches. we can talk about it more. from new york and london, this is "bloomberg surveillance." tom: hopefully we can get to a pub before they close. jonathan: i would love that. ♪

jonathan: from new york and london, for our audience worldwide, good morning to you all. alongside tom keene and lisa abramowicz, i'm jonathan ferro. this is "bloomberg surveillance ." here's the price action this wednesday morning on the s&p 500. futures off the lows, down 0.4%. the bond market not doing much, even with the s&p 500 down for -- down 5% september 4%, 5%.ent -- down dollar strength once again to close out the month of september. tom: as you say to the end of the quarter, now is when the mystery starts. i think there was a wide consensus, down big, up big.

but now what? tomorrow is the now what day. jonathan: q4 is the now what, facing serious job cuts. the news from the walt disney company, 28,000 jobs. that is real for a company that employs 220,000. that's big numbers. tom: and royal dutch shell, 9000 as well. right now, john ryding joining us. 47 ways to go here. --r the break, we will going we were going over the penalty kick in the video you see from the premier league. we are not going to digress on soccer right. john ryding with brean capital, you are acclaimed for speaking on the golf course and trying to figure out where the putting green is. madame lagarde in europe today stole from john ryding and talked about the goal posts. do we know where the putting green is, or is this central banks, particularly the fed, making it up as they go? john: i love how you go back to

a piece that i wrote into thousand four that leaves the audience -- in 2004 that leaves the audience totally puzzled about what we are talking about. [laughter] but that is a reference to bramante -- reference to bernanke. jonathan: carry-on, john ryding. im: i would say -- john: would say he was just on the green. they were a long way from putting. so where is monetary neutrality? after framing them a little differently, is it really high interest rates that are the problem in getting the economies back to work? ? i would argue there are two things we really need here. regardless of whatever administration it is an office after january, it is a safe and effective vaccine. that is the number one thing the

economy needs, both in the u.s. and europe, to get back to work. secondly, we need fiscal support until we get there, and the fiscal support has dried up. i would put it to you that what the american public really needs to see and what the european public wants is what is the income support that is going to keep us going until we get to the point where people can go back to work, and we can get the 11.5 million people who have left their jobs since february back into bars and restaurants and cinemas, sports events, and so forth. tom: is modern monetary theory, whatever it is, is it working? that the question to that -- the answer to that is it is too soon to know, in terms of whether we get the side , and we will know that down the road. i would say that the inflation

is perceived by the public and the numbers we have seen recently would be a problem. however, for the fed, that inflation will be a high-class problem, the way they have been looking at things and they are trying to raise the inflation rate, which i would argue is the wrong way to think about the effects of monetary policy at this point. but in the short run, we are in a situation where the fiscal deficit is large. the government has provided massive income support through at least the end of august, and the fed has bought an awful lot of those treasuries through the used to provide that income support. so yes, modern monetary theory is the way we are going, and yet only a year or so ago, i think it was a university of chicago poll ofabout -- chicago

about 100 leading economists, and not one of them said that modern monetary theory was the way to go. and yet, last week we had the richmond fed president and the money marketeers in new york saying that the fed issuing bank reserves is essentially just funding the deficit with t-bills. it is not. we are printing money to finance a good portion of the deficit. whether or not that has consequences, we will have to wait. but i think there will be consequences down the road. jonathan: let's talk about those consequences. we will catch up with president barkin a little bit later this morning on bloomberg. your thoughts on what to ask him. john: i think that asking about that -- he was speaking last week on the issue of inflation. he said he didn't think inflation was going to be a problem. i think that inflation is not a problem to worry about at the

moment, but after an 18 month review process on monetary policy, these very fine tweaks that we have made, the fed has ise to this inflation target something that the general public can really understand. something that your mother and my mother what understand -- my mother would understand. there is some interesting work that says if you interview the public and ask them what the fed is doing, 40% of the public in this survey, 26,000 people, said that the fed was targeting a 10% or higher inflation rate. the fed is debating how many angels can dance on a pinhead here, when perhaps the real problem is we are now locked into zero interest rates at and don't we 2024, have to take financial stability considerations down the road?

what we are doing now is absolutely essential, but we didn't get out of this accommodation in the last cycle, and that left us with a high degree of leverage. are we not going to build up leverage again in this cycle, keeping those rates pretty goodly at zero for the next three or four years? jonathan: i know a bearish journalist is going to jump in and a minute and ask you about financial stability, but you know what they say every time we get on the phone. he price of food is going up. the price of shopping is going up. the one question this fed still can't answer, and chairman powell has been asked it multiple times, how do you communicate to main street that higher prices are a good thing? why can't they answer that question? john: i would put it to you that there is no good answer to that question. are veryk them, there technical answers. some would say a bit of inflation allows us to cut real wages in certain industries were

to engineer negative interest rates. and then you ask your mother or my mother, and they say, negative interest rates in real terms? that is just eating into my savings. so i thick it is very difficult. i think it is a problem the fed is trying to solve that the public doesn't even see as a problem. if anything, the public sees a lower inflation rate as a plus, not as a minus. lisa: i will confirm your view of me as the parish debbie downer over here -- the bearish debbie downer over here. this is an important one. you are talking about inflating asset prices, the potential for bubbles. the question to me is, without fiscal support, can the fed avoid risking bubbles or avoid having asset bubbles by propping up prices at a time of 30,000 layoffs in the airline sector that will come due tomorrow without additional aid, 20,000 at disney? these are big numbers that will leave long-lasting scars.

how do you explain the asset prices without just calling it a bubble? john: i absolutely agree with the point you are making here. we need fiscal support. it is the fiscal bridge supported by monetary policy that gets through to the post vaccine economy. hast now, the fiscal bridge stopped constructing it, and we hope that the debates that go on between speaker pelosi and treasury secretary mnuchin will lead to something constructive in the next month or so because people's income supports have run out. the good news is we have seen an ,ccumulation in total unfortunately not for any individual household, excess savings at $1 trillion due to that income support. so there is something left over in the tank. but monetary policy cannot replace the fiscal support. monetary policy can only support that fiscal support at this

thet because keeping up price of airlines, keeping up the price of cruises, no one is going to be cruising for an awful long time, isn't going to keep those people in those jobs. jonathan: john, always wonderful to catch up with you, sir. john ryding of brean capital, thank you. disney will be cutting up to 28,000 jobs after american airlines are looking at furloughing 19,000 employees. we have seen the number 12,000 associated with united airlines. the really important piece is something john hit on again in the conversation. we had a labor market shock and spring. we did not have the corresponding income shock because of fiscal assistance. these job losses, will the fiscal support be there in the same way? that is the point lisa keeps returning to, and that is the most important one at the moment.

tom: what was tragic in the debate last night was all of that was alluded to, but never actually discussed. it was a very culture war debate in all of the themes they brought up. but what you just described, the lack of income support, and to hear a guy out of cambridge like john ryding saying let's go on stimulus, the urgency here for a president when they are inaugurated is profound. lbj after the assassination of kennedy and the action plan that lbj had. jonathan: where is the action plan? where are we down in washington? i keep hearing the happy talk on both sides of the last 24 hours. are they going well? lisa: we will find out today. the longer we wait, the longer the scarring, the bigger the scarring. these tertiary and secondary layoffs are of a different nature, and arguably have a longer lasting pain associated with them.

jonathan: coming up in the next hour, tom barkin, richmond fed president, joining us. bloomberg's michael mckee will be joining us a little bit later. equity futures down 18. we are -0.5% on the s&p. this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta. last nights presidential debate in cleveland made one thing clear, the two candidates can't stand each other. president trump and joe biden hurled insults throughout the hour and a half long event. mr. biden: everybody knows he's a liar. pres. trump: no, you are the liar. you graduated last in your class. >> mr. president, can you let him finish? mr. biden: he doesn't know how to do that. pres. trump: you'd be surprised. go ahead. mr. biden: you picked the wrong guy at the wrong time. pres. trump: you agreed with bernie sanders. >> let him speak.

please let him speak, mr. president. mr. biden: he just lost the left -- pres. trump: you just lost the left. you agreed with bernie sanders on a plan -- mr. biden: do you have any idea what this clown is doing? lisa: moderator chris wallace -- ritika: moderator chris wallace tried to stay in control. according to "the washington post," raids will take place in jurisdictions that have adopted so-called sensorial policies, any move seen as amplifying the president's law & order campaign message. apple is giving ceo tim cook new equity rewards that could be worth up to $114 million. they -- they are the first he has received sensed he became ceo. 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. gupta.ika this is bloomberg. ♪

mr. biden: here's the deal. this man is talking about a vaccine. every serious company is talking

about maybe having a vaccine done by the end of the year, but the distribution of that vaccine will not occur until sometime the beginning or middle of next year to get it out. jonathan: much more still to come throughout the day here on bloomberg on that debate. live on bloomberg tv and radio, this is "bloomberg surveillance ." alongside tom keene and lisa abramowicz, i'm jonathan ferro. down 19 on futures the s&p 500, we are off by 0.6%. we improve off the lows from overnight, but we are still negative. europe really of peaked at the start of q3, and then rolled over just a little bit. 0.65 percent is still your yield on the 10 year. i will tell you if that is no longer the yield on the 10 year. tom: the two-year yield comes in a little bit.

i'm watching that carefully. we are privileged at "bloomberg foreillance," for radio, television worldwide to bring you a lot of fancy people. i don't mean fancy meals. i am talking fancy economics, fancy politics, lots of fancy degrees. none of that matters. if you are a kid out of lyon and you are a chef, and you build a food restaurant empire, and this pandemic, what you are observing really matters. this is without question our most important interview of the day for small business america and those trying to survive this pandemic. he is daniel boulud. you know him from his restaurants. he joins us this morning. daniel: good morning. tom: wonderful to have you with us. what are you going to do in the next 30 days to keep your team ,mployed, to keep going forward and to avoid the reality of this pandemic in new york city? we are getting ready for

tonight, for the opening inside for 25%. of course, that 25% occupancy is unsustainable when it comes to the economic. it is unsustainable for any business, and some of them are not able to reopen period. but we decided to transform the -- inrant into sort of a the south of france every summer, i go every year, i thought coming to be i should some of the south of france. an artist help me set up the to core. i raised a little bit of money with sponsors to make sure that my priority was to protect my staff and to bring back more staff. tom: from a business standpoint, is it more efficacious to receive assistance from the government and wait for the

vaccine, or is it better to struggle forward with this limited occupancy? ofiel: i didn't really think the first. i went for the second. we have been struggling. it has not been easy. , but verylot of staff positive in a sense from starting early, from doing a lot of initiatives from charity meals with food first foundation , and agreeing to opening two of our restaurants in new york, to take one of our restaurants to the countryside. staff,taken 35% of my and i am very proud of that. least we are protecting the business and the jobs. lisa: as you reopen at 25% capacity, there's a lot of discussion about the state of new york city. people moving out, clients not

taking their business members out for dinner. are there clients for you to eventually reopen to the business which you once were? daniel: we have 70 regular customers who say, please, let me know when we are open -- we have so many regular customers who say, please, let know when we are open. teamnt our staff and our to also be very careful and clean with the process. alterations tode our hvac. we have done many different steps to ensure that safety comes first, of course, and also for our staff as well. we have regular checkups all the time with our staff. guests to make sure that feel very safe to be inside, and i think that is the case of every restaurant tour today.

they try to really be on par with the responsibility of opening inside. jonathan: before we let you go, forgive me for getting a little bit sentimental, but i grew up in this industry. i watched my father run several restaurants. i know how tough it is, but i know how much it means to people who work in this industry as well. it is a sanctuary for people down on their luck. it is where people go to get the first job. for a young, aspiring chef in their teenage years, i am just wondering, what is the message for them as they want to get on ?he chef's side of the pass what do you say to them as they look around and see our world being guesstimated? -- being decimated? daniel: i think they should try to find a job at any label. it doesn't matter what type of restaurant it is or what type of business. i think it is an important

experience right now. and to be positive because i think we will get out of this pandemic, and we will be stronger, and we certainly will have learned about -- learned a lot through it. positivessages to stay and try to keep learning in any which way they can about the profession of cooking. shouldn'to be a chef be a very expensive proposition to go to school. you can directly apply to a restaurant and start cooking as well. jonathan: fantastic to catch up with you today. come back soon. chef daniel boulud on the situation in new york city and beyond. tom keene, this is so tough for so many people in this industry right now. the thing we always forget, the other side of the industry. for many people, this is where they turn to get a job when they are really desperate for a job. this time around, when you hear

about those layoffs and the likes of the what disney company, those jobs won't be there to fall back on in the way they used to be. tom: what is so painful for totald i am speaking as a amateur, i observe an asian model that is working. --t they are doing and doing in seoul and so many asian cities seems to allow this part of our lives to move forward, and we just can't get it done here. jonathan: we hope to get it done very soon and very quickly. alongside tom keene and lisa abramowicz, i'm jonathan ferro. price action shaping up as follows this wednesday morning, following some se debate in cleveland, ohio. brace for the next one, i guess. october 15 in florida. in the fx market, euro-dollar $1.1710. i said i wouldn't check it unless something is happening, but i will check it anyway.

the 10 year, guess what? [laughter] lisa: can't stay away. tom: get out of the sand trap. jonathan: get a coffee. get something. what a mess. we do nothing once again. this is "bloomberg surveillance ," live on bloomberg tv and radio. ♪

>> we are in a bull market, but this is a bull market that is under pressure. >> we are probably getting toward the lower end of this correction phase. >> investors expressing their views are starting to show more bearish sentiment. >> september has been a month of consolidation, and i think october will be they same. >> it ultimately comes down to, do you have money or not? if you have money, you can grow the economy and the households. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. everyone.morning, jonathan ferro, lisa