the new bull market. >> this is a bull market that is under some pressure. >> people don't like the fact that they don't know what their next six months are going to be like. >> it is possible for unemployment to rise and gdp to grow at the same time. >> the fed is going to have to be highly accommodative for many years. >> we are not going to be out of the woods, but things are slowly grinding higher. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. from new york and london, for our audience worldwide, good morning. this is "bloomberg surveillance ," live on bloomberg tv radio. negativetures down 46, 1.35%. overnight, everything changed. tom: we are going to have coverage through the morning, overlaid with our always important job covers as well -- job coverage as well. here's the one thing i've

learned. the number one risk here is not now. it's a week from now, and it is with any 74-year-old weighing 244 pounds. does the president get or not get pneumonia? that is a major concern now. jonathan: first and foremost, our thoughts and hearts are with the first family. we hope the president pulls through, of course. the focus you've had over the last couple of hours something we will replicate. we don't want to go too deep into speculation. for me, what is interesting right now is the substance of that campaigning. i don't believe in a single issue election, but this single issue now will be hard for the president to divert attention away from. tom: you've got to believe that, going from the depths of ruth bader in -- ruth bader ginsburg onto this shock come onto the

debate, if there is a debate. but i would go back to jennifer jacobs and her team in washington on the illness of ms. hicks. and then this began to unravel with mr. hannity at fox, and here we are on a jobs day with a changed script. jonathan: we will catch up on the timeline in just a moment. equity futures down 45. it took two minutes for you to mention payrolls. it is that kind of morning. lisa: that really is the interesting thing. this should have been the main story. it is the last report for the u.s. jobs picture before the u.s. election. it is likely to show a deceleration in the recovery. we are likely to see an increase in unemployment. the question is how does affectnt trump's illness a stimulus bill getting through the house, getting through the senate?

it is going to be very thisesting to hear how affects president trump holding in person rallies. will he change his tune about recommendations for masks and other preventative measures? at 10:30, u.s. factory and durable goods orders. no one cares. it is all about momentum heading into election with yet another layer of uncertainty piled on top. jonathan: the economic data just an hour or so away. equity futures down hard overnight, recovering a little bit, then down again. on the s&p 500, off by 44 points. we are -1.3% this morning. a lack of price action in the treasury market over the last couple of weeks. 0.6627%. yields coming in a single basis point. we have been playing fiscal

headline relet for the last week or so. will that continue today? i have to say, what is playing out right now in washington is the most high-profile track and trace we have witnessed in the last eight months. tom: there's no question about the medical overlay here on the stimulus. of course, speaker pelosi with david westin yesterday. i am going to be benevolent here and believe may be these illnesses are a catalyst to compromise. maybe. jonathan: maybe. joining us now, kevin cirilli, chief washington correspondent. we have to start with an update on the president's health. kevin: good morning. president trump and first lady melania trump announcing that they have in fact and diagnosed with covid-19. the question this morning's weather on that the american people and the world will hear directly from president trump. that is an option i am told is being weighed at the white house.

they have been quarantining, according to their public statement, in the residency of the white house. the statements have been pouring , asrom the vice president well as other embers of the cabinet. -- other members of the cabinet. the other question is the impact this will have in terms of how the president, how his staff chooses to communicate in real time with the president's ongoing illness. this is the first time since the attended assassination of former president ronald reagan where the president of the united states faces such a major health concern. in addition to that, many lawmakers are still asleep this morning. i connected with a few staffers who work on capitol hill, and it is just as much of a scramble for members of congress as it is for the white house, and terms of the shock, and terms of the

plan moving forward, and terms of what the next hours bring coming out of washington, d.c. tom: everything is in disorder right now. i refused to believe it is possible to have a debate on october 15, 13 days from now. do you speculate right now that may, ift two debates we are lucky, become one debate later in october? kevin: i don't want to speculate. i don't have reporting from the debate commission. what i can tell you is it does, without question, raise questions in terms of the procedure, the process, and whether or not there will need to be changes to that. we have not heard from the biden campaign. we have not heard from the debate commission. right now, in the immediate three to four hour window ahead is do wee big question hear from president trump.

lisa: who else in his immediate cabinet is exposed? we heard about mike pence -- have we heard about mike pence and his status on testing? kevin: we have not. preciselyint, when president trump contracted this virus and when he actually got this virus is of course an important question that will also have to be answered. communicatehow they , there are some global models that the administration can follow. they can look to the u.k., for example, that has gone through this, that has experienced this. the one thing that the u.k. did not have was an election so close to where we are standing today. so it is impossible to cover this story and to not also weigh the impacts of the election, and that is what is

coming. this is on a collision course with november 3. tom: kevin cirilli, thank you so much. boris johnson is 56 years old. the president is 74 years old. every medical authority we have says age is the key determinant with weight. jonathan: they have said that repeatedly. i think kevin is right not to delve too deep into the realm of speculation. the key difference is that the prime minister, for a while, actually carried on working from his office. it was only a couple of weeks later that he deteriorated. i don't think you can guess what is going to happen in the next couple of weeks. what we do know is the president will be quarantining. what that means is he won't be able to go on the campaign trail where he had planned over the next week. what does this mean for the campaign? what does this mean for the price action in the fiscal talks? lisa was right to bring up the other people in the administration, have they been tested. the likes of secretary mnuchin, white house chief of staff mark

meadows. the people that have been negotiating with nancy pelosi. for that reason, this market does not know what to do with this. joining us now, subadra rajappa, socgen head of u.s. race strategy. your initial thoughts this morning, please. subadra: i am quite surprised how extort nearly sticky the bond market has been -- how extraordinarily sticky the bond market has been. we saw very large swings in the bond market. i think now the focus has got to shift entirely to the progress that president trump is going to be making, and what the implications are for the election. tom: very quickly, i look at the bond market as well. . are you opportunistic on a friday, or do you pull back and reassess in the coming hours and days?

subadra: i think you just wait. you wait to see what happens with the data, and broadly dataing, i think today the has to be either at or above consensus for the market to get confirmation that economic recovery is somewhat steady. today or aad number weak number today is only going to fuel the negative sentiment in the market right now. at or aboveeed an consensus number. the fed expects the unemployment rate to decline to 7.6% by the end of this year. to achieve that, you need steady improvement every month until year end. so we really need to see at or above consensus today. lisa: it is a cliche in the market that markets don't like uncertainty. could have said that all of 2020, but the market has done pretty well, all things

considered. theou put that aside, it is main driver of the safety trade today, aside from the uncertainty? what is the outcome of this turmoil that people are perhaps looking toward? subadra: i think the key risk event is the election. we need to get to that and get past that to have some clarity on a variety of issues, on taxes, on what the deficit spending outlook is going to be. 3, itween now and november think that interest rates are going to be relatively range bound. beyond that, we have seen two diverging paths. one is interest rates stay stable based on the infection .ate and the progress on covid or we see a modestly higher yield because the deficit story will start taking center stage

after the election. jonathan: subadra, always great to get your thoughts. thank you. just want to touch on the markets briefly again and get everyone up to speed. ahead of payrolls, which we have barely discussed, futures down by 1.42%. i know this is got everyone's attention -- this is not on everyone's attention. i think the natural question to ask, are the haven assets not working? maybe they are behaving rationally. at a time like this, it is always a cell first, ask questions later. the bond market, i think we still got to work all of that out. it is always good to know the caliber of people watching us. dennis gartman emailed in, and he made it clear he expects to hear from chairman powell today. jonathan: we will hopefully hear from the administration. economiclow, national

council director, joining us here at 9:30 eastern. from london and new york. this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta. stunning news from the white house. president trump says he and his wife milani have tested positive -- wife milani have -- wife melania have tested positive for coronavirus. will remain at the white house. he says he will continue his duties without disruption. it is the last u.s. jobs report before the election. to show axpected sharp deceleration in job gains. would be down from almost 1.4 million in august. the report is out at 8:30 a.m. new york time.

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. ♪

>> the president's vulnerability does put the issue of continuity

of government immediately before. the 25th them and meant -- the 25th amendment grants the pass leadership to the vice president. jonathan: futures -48 on the sb 500. it was the -- the s&p 500. it was the tweet from the president of the united states that rocked the world. "the first lady and i have tested positive for covid-19," since that tweet, relative quiet from the administration. that the vicee president and joe biden will be tested today. maybe we will see a flood of statements in the coming minutes and hours.

right now, the right guest on policy forward. henrietta treyz of veda partners , not only their director of economic policy research, but has tangible experience on the art of compromise with her committee work with the senate over the years. i brought this up earlier. under this stress, under this true constitutional crisis and medical moment, do you see any fromism for a compromise this urgency? henrietta: thank you for having me. that is the question. i got a flood of emails in my inbox, and they are all about will we get a stimulus deal now. my first reaction is very unlikely. we were very far away from reaching a deal on stimulus even before this bombshell hit. secondarily, what we have seen over the last seven months is that the members of the house and senate who average over the age of 60 are very concerned about quarantine, very concerned

about coronavirus. they are all on the campaign trail, and i don't anticipate that they will meet much longer. i am anxious about how the supreme court justice, the potential nominee has been in contact with the president, with all of the senators, especially on the republican side. the senate and the house effectively go into a lockdown situation. tom: i don't mean to interrupt, but i think it is important to frame the ages here. speaker pelosi is 80, and grassley of iowa is 87. lisa: this is a key issue for all of the individuals in washington, and frankly everywhere president trump has visited recently, as well as his advisors. if we zoom out, what does this mean for the election, and terms of the procedure of it? is there any call for it to be postponed or interrupted in any

way? henrietta: there hasn't been yet. i imagine there will be a lot of speculation to that effect. the reality is that it is probably too late to stop anything. over one million people have already voted. this is up to the states. they have control of the situation, not the federal government. that applies to president trump saying i want to delay the election. he does not have the authority. this is allstate run. i think the individual members who are out campaigning right now are going to have to seriously reassess the way they campaign. i have been speaking with the leadership in the senate, and they say they are holding in-person events. that is something they will probably have to suspend going into the final stretch. my expectation is that the first reaction from individuals is to hear this news, and we tend to think of the president as america, so there is an immediate flight two, is the president ok? is america ok? , is it ar level is

war? is it a foreign policy event? no, it is a domestic event, and it seems that the president has specifically downplayed it. so i think it will be very interesting to see how individuals digest this information and senators digest it. you will probably see a push for more stimulus from the democratic side. they are going to shut down, so i expect they will shut down more than they will be inclined to open up and negotiate. onathan: a question for me the campaign. i think the initial reaction is to ask the question how they will campaign. my question is what they will campaign on. this president did not want to campaign on covid-19. how difficult will it be to direct the attention elsewhere? henrietta:henrietta: i think it will be nearly impossible.

every minute will be spent on how the president is progressing, who else has he been near that is getting sick, what does this mean for the chain of command, for the supreme court race. i imagine that process will have to stop. those are all in person meetings, very intimate. so covid all day, every day. tom: this has been shockingly informative. the bottom line is everyone is a fossil on capitol hill, including vice president nominee biden. you are saying that they will be completely overcome by the realities of this virus and their age. can you predict or suggest that the debates are done? henrietta: i can't imagine you would be able to have a debate from here. the vice president for debate is on wednesday. i suspect that will be canceled. the president has been with the vice president. -- it haso scenario

been six days. i don't see that going forward. you have to ask what are the health ramifications for the president. are they going to have a severe case were a moderate case? my understanding is the president very much wants to stay in the public sphere. that tracks with the last four years we have seen enough president trump. whether that is an in person, event, they will find a way to stay in the public sphere, but it cannot be in-person for the for the oval future. the vice presidential debate is on the seventh, and the next president will debate -- next presidential debate is a week after. t seems to be the question, if we will have a debate at all. jonathan: the story changes. the countdown to the election continues. the campaigning is going to change in a major way. let's pick up on one of the

things henrietta said come of the ability to have fiscal talks in this environment. we are emotional human beings. this market is pricing off emotions, to some degree, but at the same time, focused on fiscal talks. right now it is difficult to imagine those fiscal talks continue on a day like today. tom: it will be interesting to see what we will do with our challenges of the new slow. we will stay on the story, but also pay respect to the fragility of the american economy. ellen zentner will be with us, and also david malpass from the world bank. jonathan: i don't think i've had to wait 25 minutes to have a conversation on payrolls on payrolls friday. tom: never happened before. jonathan: if anyone is wondering, it is momentum. that will be the question. what momentum do we have coming out of this month? right now, this morning, there's

only one story. the president and his health. from new york and london, good morning to you all. this is "bloomberg surveillance ," live on bloomberg tv and radio. we are -1.6% on the s&p 500. this is bloomberg. ♪

jonathan: from new york and london, for our audience worldwide, good morning. alongside tom keene and lisa abramowicz, i'm jonathan ferro. your price action ahead of payrolls, 60 minutes away, shaping up as follows. ite 52 on the s&p 500, call -1.6%. in the bond market, yields headed south by two basis points to 0.66%, almost exactly where we were this time last friday. dollar stronger against the euro. euro-dollar, $1.1717. what a strange 12 hours for the world and the united states of america. a story that started almost 12 hours ago here at bloomberg. reporting that a close aide to the president and this administration, hope hicks, tested positive for the coronavirus.

we heard nothing from the administration until president trump went on air with fox news, and this is what he had to say. pres. trump: i just went out for a test. it will come back later, i guess. in the first lady also, because we spent a lot of time with hope and others. jonathan: and here was the tweet from the president just hours later. "tonight, the first lady and i tested positive for covid-19. we will begin our quarantine and recovery process immediately. we will get through this together." straightaway, there were questions about the timeline. when did the ministration know that hope hicks tested positive for coronavirus? at what point did the president find out? in between, the president was on the campaign trail. these are the questions this morning that we continue to ask, without many answers. tom: those will be the questions into the weekend, particularly about the president's knowledge

and the advisors' knowledge. our david westin mentions to me that the staff of the president is literally tested on a daily basis. that is certainly the thrust on a daily basis. all of this goes to the effect on the nation and on this jobs day, and on the american economy. we begin strong with ellen zentner, morgan stanley's chief u.s. economist. i don't want to get political theory from you on what the next hours and days look like, but the foundation of this is an employed america. all of us have been shocked not so much by the firings, but the percent of firings of any given corporation's labor force. the level of seen firings we have seen now? ellen: frankly, no, not even in 2008. it is made worse this time because there are certain

industries that will take so long to come back to any semblance of normal, and are giving up hope that we would have gotten through this already . so we are seeing those big layoff announcements come through, just getting punched across the face with them, a few times every day with announcements of large companies that provide high density services. the ones that are most impacted by covid. so it continues to be shocking to see these kinds of numbers. tom: what is your statistic for this numbing -- for this morning? it could be enough of a shock with the president's illness to lead the stimulus and compromise in washington. ellen: we are not that far from consensus on this morning's payroll report. 830,000 jobs. but everything else aside, and that on its own is an eye-popping number, a huge number. but it is down quite a bit from

creating close to a 2 million range two months ago, and terms of one month job creation. some of this is normal. the more we brought people back as the economy is opening up, though hous -- opening up, the less they have to bring back. we are still about 50% of the way bringing jobs back. this underscores why it is important for further stimulus to be put in place. thoughtsdon't have any on whether this particular announcement of the president having covid would mean that we have a greater chance of getting stimulus or not. that know as an economist more than 8% unemployment rate, further stimulus is important. we do have a forecast that growth slows sharply in the fourth quarter because we have strict that additional potential

benefit out of people's pockets. it is just less buying power. they seem to be willing. look at consumer confidence. consumer confidence jumped again. it has really been recovering sharply, and across all income groups. but it is a mechanical thing. we have stripped a lot of income out of people's pockets. they are not going to have as much buying power. meathan: just a question for , one place you were out of consensus at morgan stanley, and it turned out you are correct to be so, was just how quick we would bounce back. what are the numbers you are looking for to 2021, the parts of a fiscal package that underpin those numbers, and what a drawdown would look like if we don't get that package? ellen: we had originally assumed we would get an extension of the stimulus and that it would expire at the end of the year. expiring at the end of the year, it has already expired. through it now.

a sharp slowdown from more than 30% growth annualized in the third quarter to just over 3% annualized in the fourth quarter. slowdown.really sharp it were >> that loss of income. but you don't have that same cliff going into next year because the benefits have already expired. in our forecast, we have stopped assuming that more stimulus is coming. it is just the natural process of more jobs coming back to the labor market and creating labor income to offset somewhat the benefits that have not been extended. like it is a better place to be in to stop expecting that congress is going to get attacked together and -- to get morect together and pass stimulus. we are just going to have to grow out of this organically. we are still assuming that by march, we've got more broad dissemination of a vaccine, and

that thereafter, the states start to return some of those high density services back to 100% capacity. it is all still a guessing game at this point, but our analysts leave that is still the track we are on for covid. but still a good deal of uncertainty around this, regardless of throwing in the election and everything else that leads to uncertainty. i would still put the path of covid as the number one uncertainty. jonathan: you mentioned the word income. build on that for us. it really broke down because of the fiscal effort. how do you think it will hold up in the coming weeks and months? ellen: we have just seen in the data this week that in august, we had a huge drop month-to-month and expose will month in month to disposable income. that is the reset. we have said that without

extending the benefits, you need to reset to above 8% unemployment. so you hit the reset button. you are now at a lower level, and then you start growing from there because we are creating jobs. as long as we have positive job creation, even if it is low as 200,000 a month, you are going to have growth in disposable income. so how have we continued to spend. we have built up trillions of dollars in excess savings from not building the stimulus fully from the first c.a.r.e.s. act. so that is firepower now that people can draw on in order to continue to fund some level of spending. you're seeing the savings rate come down, continue to come down sharply as they do that. that has been a significant cushion, something that chair powell mentioned after the last fomc meeting, so we quantified that. i think it has been surprising to folks how bid that -- how big that excess savings was, and it

was also in the hands of lower income groups. that was support earlier this year that turned into stimulus now. ls of theink the tai first c.a.r.e.s. act are longer than people had thought. that is how you have folks that can keep spending even as he stripped all of that income away. lisa: this morning's news of president from diagnosed positive for covid-19 is separate from the jobs report, which was the main story of today, and yet it is also really intertwined with the idea that, as you said, covid is really going to be the determinate of this economic recovery. what are you looking for in terms of the fibrous data and resurgence numbers we are seeing in the likes of new york city, in the midwest, and elsewhere that could make you revise your trajectory downward in terms of employment rate? ellen: it is a great question. what we are looking for is not just the total number, the total

count, but how are people handling it. an excellent paper that was presented over the summer at a brookings conference showed it was just as much people self policing as it was governments putting in restrictions that help control the virus, and has helped households, which frankly has surprised everyone, helped households find a safe way where they can feel safe to engage in more economic activity. so i look for our alpha wise team that does these arch scale consumer surveys. those are still showing that people are still feeling sick to go out and engage to whatever extent they can in economic activity. are those changing as those surveys come back? notar, those attitudes have changed, but that is something i watch for because it is that self policing that will be important. and i think that the death count

is something that has been itlly important there, that is more the discount that people have been following -- the death counts that people have been following. so i think people have found a way to try to engage where they still feel safe. jonathan: ellen, thanks for joining us this morning. that is the wonderful ellen's and their of morgan stanley -- wonderful ellen's and her of ofgan -- ellen zentner morgan stanley, the chief u.s. economist. we have a scheduled interview with larry kudlow, the national economic council director, the first response from the administration here on bloomberg. as i said, it is scheduled. if i hear anything about that changing, i will let the audience know. tom: we have not heard from them any people, but we are on "surveillance" time, and it is still only quarter of 8:00 this

morning. jonathan: we still haven't heard from the former vp either, joe biden. tom: we will, i'm sure. jonathan: as you indicated, cnn reporting this morning that former vice president joe biden will be getting a covid test today. from new york and london, alongside tom keene and lisa abramowicz, i'm jonathan ferro. this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta. more on that stunning tweet from president trump. earlier today, he tweeted that he and his wife melania have tested positive for the coronavirus. that happened not long after a close aide, hope hicks, fell ill with the disease. the president and his wife plan to remain at the white house. he also said he expects president trump to continue to carry out his duties without disruption. last jobs report for the u.s. election may suggest the winner will inherit an increasingly

shaky economic rebound. according to the median possiblyn, employers added 800,000 jobs, down from almost 1.4 million in august. we will get that jobs report at 8:30 a.m. eastern. the commission that runs the debates -- the president says the commission that runs the debates is biased. it has proposed changes to the debate format to limit the president's interruptions. president has condemned the proud boys, the militant group that supports him. that came two days after directly declining to condemn white supremacists. the president told fox news he condemns the proud boys, the ku klux klan, and other what to permit cysts -- other white supremacists. the tesla plant in germany faces

before it canes start building electric cars next year. 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. ♪

pres. trump: i have a mask right here. i put a mask on when i think i need it.

tonight is an exhibit where everybody has had a test and eve have all the things you have to. i wear masks needed. i don't wear a mask like him. every time you see him, he's got a mask. he could be speaking to hundred feet away and he shows up with the biggest mask i've ever seen. jonathan: the president of the united states just days ago in the debate with the former vice president joe biden. this morning, we have the news that he has tested positive for the coronavirus. mornings like this morning, you always have to be careful. want to read you a quote cookie from ronnie jackson, the president's former white house physician, who was talking to fox news this morning. he said this positive test will affect everyone who's been around the president, but this is the quote that i think it's important. many people are jumping away from the idea that the president must have got this from his aid hope hicks. "that doesn't mean that is the person he got it from." the track and trace around this is all incredible complex. up earlier.ht that

i think you are 100% right. the assumptions we are all making leads to a little humility in order. someone who has practiced that humidity in economics and taking those skills to the world bank is david malpass. we are thrilled that they world bank president joins us this morning. there is an annual meeting, and yes, it will be affected by the president's illness. pass, covid is front and center for your world bank, different from the imf different from the world health organization. i want to know what you have learned on the efficacy of masks. david: hi, tom. good morning. well, i think the masks are helping in lots of parts of the world. one thing we did starting in april was to create programs where companies could choose the

different protective equipment they wanted with the financing we could provide. gives choice to the countries, and there's a variety of activities going on in order to counter the response. what i've done this week is announce the expansion of the program. thing for countries is that they begin to respond fully to the crisis and get people back into their livelihoods. that is critical because the poverty rates are going up so fast. nation, there's cultural differences in the wearing of masks. i know it colorado college, there's 100% usage of masks at all times. jonathan ferro mentions the variability of usage of masks in the united kingdom. right now, india is front and center. what has the world bank learned

about india's protective abilities? david: covid is a giant catastrophe, especially for the poorest people. as the economy has shut down, people that were in the formal economy didn't really have the ability to buy protective equipment, masks, and they didn't have the ability to have social distancing or space. so india is hit particularly observe ishat i waves of infection in the developing world. it is a very challenging environment. one of the problems is children are out of school, and we think there are one billion children out of school. they have the problem that they move backward in learning when .hey are not going forward

towe need to allow back school when it is safe and when they're ready, wearing masks. you raise the idea of the incredible told this has taken on the least advantaged, both in the united states, but frankly, around the world. this world is facing a debt crisis, a social crisis. , with the u.s. election, with the virus getting worse in certain cases, out of the room from getting aid to those that need it? david: i would say the wealthier nations have been generous, and one of the challenges is using the aid that is available as productively as possible. countries need efficient systems to do the distribution of the equipment, and also, if vaccines become available, that is actually a complicated process

to actually vaccinate a lot of people. so we are beginning that preparation phase, working with countries so that they will be ready if there is a vaccine. but you are exactly right. the inequality, there's many aspects. have relied heavily on remittances from workers that worked across the border, somewhere else. that flow has slowed down. the biggest problem is there markets have severely declined. for africa, they were used to shipping products to europe. there's just not as much demand. economies in is the advanced countries are showing recovery, if you look at the quarter over quarter kind of data. that is a start. that will help the developing countries a lot. i would say there is generosity in the world.

the competition is covid -- the complication is that covid is a really bad virus, and that is hammering poor people. lisa: how important has china been, given the they have emerged as one of the biggest lenders to the e.m. complex? the sourceing aside origin of the virus, in april and may, they extended the helping hand somewhat to the developing world. that is important. they had manufacturing equipment for some of the aid, so that is good. the u.s. did that, europe did that, so i welcome that. you are right that china has been one of the biggest lenders to the developing world over the last five or 10 years, so that is a real challenge because it comes from a variety of chinese policy banks and commercial

banks and government agencies. some of them are still taking payments from the poorest countries. march, i suggested a moratorium for bilateral official creditors so that they would stop taking payments. the heada georgieva, of the imf, and i push that in the g20, and many of the creditors have stopped taking payments from the poorest countries, but unfortunately, commercial creditors are still taking those payments. that means banks, hedge funds, asset managers, and a few of the chinese agencies are not fully , and they are some of the largest creditors. we are talking billions and billions inflows coming out of the poorest countries. jonathan: we've got to leave it there. we appreciate your time this morning. come back soon. david malpass there, the world bank president. from jen jacobs, "some of the

president's closest aides sensed on wednesday that the president was feeling poorly. some chalked it up to fatigue from the intense campaign schedule. others worried that he had the coronavirus." from new york and london, this is bloomberg. ♪

>> this is a new bull market, and ultimately this will be a dip to buy. >> people don't like the fact that they don't know what their next three to six months will be like. >> it is possible for on them limit to rise and for gdp to grow at the same time. >> the fed is going to have to be highly accommodative for many years. >> we are not out of the woods, but things are slowly grinding higher. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. good morning, everyone. "bloomberg surveillance." a most unusual jobs