>> people don't like the fact that they don't know what their next 3, 6 months are going to be like. >> it is possible for unemployment to rise and for gdp to grow at the same time. >> there has to be more fiscal stimulus. the markets are expecting it. >> markets are going to force the government to act here. >> the fed is going to have to be highly accommodated for a number of years. >> we are in a low-interest weight world, probably -- low interest rate world, probably permanently. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. extraordinary 2020, and wow,

does october start most interesting. as you well know, the president of the united states at walter reed hospital. he has been tweeting actively this morning, almost as much as jon ferro. in the markets, i would say we've got a bit of a celebration. futures up 21, dow futures up 184. what do you make of the markets this morning? jonathan: a strong correlation between the president's health, his tweeting activity, and equity markets. we hope we avoided the local crisis, the chaos that many people were thinking about last friday. up 0.6% on the s&p. in the bond market, this is where things get interesting for treasuries headed into election day. if the polling remains the way the polling looks right now, at a national level, the 14 point lead joe biden at the moment, at some point you do start to think about prices in the fiscal stuff. the key risk at the moment, i am catching up with henry peabody a little later --

tom: on one of your other properties. jonathan: his view is that the risk -- the election is not a risk. let's face it. if you get a democratic wave that is higher yield, potentially more inflation, fiscal impulse, those kinds of things. i am not saying those kind of things will materialize, but those are the things people wind up thinking about. week, let's odd give you the synthesis of what is going on right now, particularly out of washington, and out of the pandemic in europe, also with the economics of finance and investment. it gets us out to q1 and q2 of next year. there's no better place to look at those dynamics than full facing credit bonds versus high-yield and ig. they were on two different planets on friday, weren't they? lisa: they were.

in credit, you saw yields going down. down, so basic to become more creditworthy. very hard to understand all of this, to build on what jon said, which is an increasing number of people are saying you cannot trade the near-term turmoil. you've got to trade the longer-term outcome of whatever this election has to hold. given the fact that joe biden seems to be breaking away and some of the polls means people can price and a little bit more of that agenda, and i think you are seeing the key to watch, the dollar, continuing its weakening trend, which is also key as people watch this election. tom: we are doing the data checking in pieces this morning. it is a "bloomberg surveillance" thing. shows stronger over the last couple of days. one other idea on this, the headlines out of madrid and paris on the pandemic are

outright shocking, with the leadership of paris today really talking about a lockdown. a restriction to bars closing on tuesday. his london anywhere near the draconian outcomes we see in madrid and paris? jonathan: not for me to say that, but people are thinking about it a whole lot more. pressure is really building on the prime minister. i don't think anything we wakes up in the new year and a new world. we hope we get to the end of the year and the outlook for a vaccine really improves. the distribution of an effective vaccine better as well. i would be focusing on the economic data and the correlation between economic data and the experience some of these are having at the moment. for france, for spain, they are the two countries on the continent right now that are struggling with coronavirus. you see it reflected in the economic data as well. as for the happy talk around the

euro, if you've got a bid on the euro, that upside has got to be capped by the idea that if they did more restrictions, this data will deteriorate. tom: good way to start our conversation here. david riley gets us started in this hour with bluebay asset management. we are thrilled he could join us today. first chart i looked at today were those five-year out five-year forward breakevens. so different for the united states, with a lift of inflation, versus the disinflation of europe. what does that signal? david: i think that signals that europe is in a very difficult situation in terms of the extent of the disinflationary, deflationary forces. record number of inflation prints recently, and that is going to prompt the ecb to expect more policy action, but probably not until the end of the year or early next year. , there is toe u.s.

a challenge on the inflation front, but i think there's more upside potential, particularly if we do get a substantive fiscal stimulus after the u.s. elections. lisa: given that, using the rally we have seen versus the dollar is overdone? david: well, i think if we get a situation where -- you were discussing before a democrats think sweep -- then i the expectation for markets will be a very sufficient fiscal stimulus sometime in early 2021. i think it will be associated at least initially with a weaker dollar. i think you will rightly see that play out with a stronger euro. i actually think it will benefit the sort of laggards of this recent dollar weakness, which has been emerging-market

currencies. i think a biden and democratic clean sweep is on them to give silly positive for emerging-market assets, including currencies. that is where i would rather play, where we think we are going to see some future dollar weakness. jonathan: is that a trade policy trade? what is that? david: i do think that it is a sort of trade policy premium uncertainty associated with a trump administration. that extends to not only relationships with china, but also the way that tariff policy has been used with a number of trading partners, including allies of the u.s. as well. when you take that out, that implies a weaker dollar. i think a big u.s. fiscal stimulus package would also be a sort of signal for the market to

more decisively go into a rotation trade and a kind of global reflation trade. i think you get a steeper treasury curve as part of that as well. i think you get some rotation from growth to value. i think also into some of those assets like emerging markets that do better in a global reflation world. jonathan: and there i say, you said it a muscle let's discuss it, this rotation. the elusive rotation. this idea that the banks can start doing well, the curves can start steepening. that is the trade everyone wants to see work and just hasn't for so long. if it worked in the united states, can it work in europe? david: i think it can help. i think if we see that kind of move in the u.s. to steeper curves, to some extent that would show the way for european policymakers. we have seen a better and more coherent policy response from policymakers on the fiscal side

in this crisis than we have seen in previous crises. that in order to get that sort of story for europe, we are going to need continued fiscal policy support, and i think the ecb is going to have to accommodate that by extending its asset purchases, by essentially saying we are going to backstop government borrowing, and don't worry about how much debt there is right now. keep on borrowing, keep on supporting the recovery. story in thet as a u.s. and europe, i think we will see steeper curves and i think it will be beneficial for cyclicals and value. lisa: what is your hedge? what is your go to asset to counteract if you are wrong about this reflation trade? actually not an easy thing to do to find hedges

for portfolios right now because i think the way that fixed income has behaved toward government bonds during september shows that has become very asymmetric. i think it is harder for those yields to go much lower, and if we do get incremental policy news, particularly on the fiscal yields sortk those of move higher. how you try to mitigate that risk a little bit, we've reduced it in our portfolios given the level of uncertainty at the moment, but also you stick with your bias to up in quality to places like high-grade credit. great to catch, up as always. david riley there of bluebay asset management. get your head around this one. jens eichmann of the bundesbank is speaking at the moment, saying german recovery is likely

to be incomplete, and culling liquidity and low interest rates crucial. with his workr would think that was unthinkable from him 10 years ago. it is not how people respond in the emergency, and the media aftermath of a crisis. it is how they shift, and the permanency of that shift over time afterwards. to hear the hawk over at the ecb talk about low rates being crucial just tells you about the whole we are in and the shift we are seeing. tom: what is so important here is the percent of gdp of every story out there. i don't have the percent with me of germany needed. but we are miles, even with speaker pelosi's fiscal stimulus, we are miles from the kind of fiscal stimulus economists are talking about of 5% or 6% or even 7% of gdp. we are miles from that. jonathan: after 2021, maybe

beyond. coming up, university of london college professor of political science. to --rofessor group professor gupta, ritika gupta will be joining us. jonathan: i believe it is professor norman. this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta. there is confusion over how president trump is being treated for the coronavirus. in public, his doctors remain upbeat. one says the president could be released today from the military hospital in maryland, where he has been since friday night. another says the president has been given supplement to oxygen, and he has received medication typically used in more severely ill patients. meanwhile, the president unexpectedly left the hospital to greet supporters in a bid to

demonstrate strength. joe biden leads president trump by 14% in the new wall street journal/nbc news poll. the lead is his biggest of the campaign. the polls were taken after tuesday's debate, but before the president was hospitalized for coronavirus. boris johnson is warning the british public that a very tough winter lies ahead. he says he accepts that people are angry with the way he has handled the pandemic. he says it will be a bumpy ride to christmas, and maybe even beyond that. a huge deal and big pharma today, bristol-myers squibb has agreed to buy biotech firm myocardium at a 61% premium to the company's closing price on friday. it will expand personal myers' lineup of heart drugs. i'm ritika gupta. this is bloomberg.

♪

>> see the leader of our country getting it, i think you start

reassessing your chances. my guess is people will be much more careful about going out. jonathan: the former federal reserve governor weighing in on the prospect of consumers disengaging. fascinating column out overnight, worth the read on bloomberg opinion. from new york and london, good morning. alongside tom keene and lisa abramowicz, i'm jonathan ferro. one hour and 12 minutes away from the opening bell this morning. the good news in your market, futures up 20. equity futures up 0.6% on the s&p. euro-dollar, $1.1768. curves steeper at the long end. i believe we will hear from the fed chairman tomorrow, jay powell. put that one in the diary. we will bring you some of the headlines on bloomberg. tom: far more importantly, charles evans. always f -- always

fascinating. right now, julie norman with us with ucl, professor of political science. arab-israelion conflicts, particularly around the palestinians. but far more, it is simply about the politics of our conflict. i don't mean to make light of it, but you can take your conflict over to culture wars of the united states of america. how will they play out in the next 29 days? julie: that is certainly what we are all going to be looking at. this has obviously been such a polarized year, a very polarized election, and with the events of the recent days, with trump's diagnosis, with the response to that, it is looking like the end of the campaign is going to look even more different than we had thought before. looked at things in the biden

campaign and the trump campaign, and have they moved up leading to the crucial time in november. tom: all of the focus on the president tweeting out massively , single cap, all caps -- single-line, all caps tweets. what should we look for from vice president biden? julie: biden really needs to keep up his momentum for these crucial weeks. he's already decided to suspend negative ads while trump is sick, and has canceled a few events, but for the most part, is moving ahead with his plans and planned events starting in florida this week. it is really crucial that biden keep that going. he needs to make sure he keeps the enthusiasm going as it gets closer to november, and doesn't play it to safe even though he's ahead in the polls. jonathan: at what point do some of these senate republik and's start to break away and go solo

-- senate republicans start to break away and go solo? julie: that is something we have been wondering since the start of trump's ascendancy, and so far, most have stayed allied with trump. of course, there are a few notable exceptions. but i think for senate republicans right now, especially with the amy coney barrett nomination trying to push through the senate, there's a sense of commitment to conservative values, conservative policies, and trying to look more at the long game of staying committed to those aims rather than race forly making it a trump, and keeping a standard strong front with the republican party with its conservative values. that seems to be the best way forward for those senators right now. toathan: how difficult is it get the senate operational now, given that some senate republicans have been exposed to covid-19? can you walk us through the

process and what that might look like down in washington? julie: we heard from mitch mcconnell that most senate activity will be suspended this week and not start again until the week of october 12 at least. but mcconnell emphasized that the confirmation process for amy coney barrett will move forward. that regards some of the meetings and procedures they are currently having. people, even if they are sick or don't feel safe coming in, can tune in virtually. where that is don't change is when there is actually a vote. they will actually need senators to come and be physically present. that is really when it will probably depend on the health of those senators who have been inspected -- you have been infected so far, and the extent of the virus among other members at that point. lisa: there is so much confusion about the virus and how it is hitting washington. president trump with conflicting information from his own doctors over the weekend.

from an international relations per spec if, given the fact that president trump is on the mend, if there is such a lack inconsistency in the number make, how much does it put the u.s. at risk or anymore vulnerable position when it comes to dealing with other -- or in a more vulnerable position when it comes to dealing with other countries? julie: this is a rather vulnerable moment for the united states, having the president hospitalized. does seem to be recovering within the next few days. but you have a president who is hospitalized. you also have a number of other members from the highest levels of government who are sick or have potential for being sick. and also the country really quite distracted at this moment. from a security point of view, the united states is relatively vulnerable, but i say that relatively strongly. inrything else we have is

place. there are so many agencies and things beyond the presidency and beyond the white house that really gauge more of our international relations. it is a rather unprecedented situation. jonathan: late start to the year for universities here in the united kingdom. today is a day off, julie. thank you. headlines coming from the new jersey governor, tom. tom: you were way out front on this. it is like governor murphy is channeling mr. ferro. we spoke with mr. murphy a a few days ago. there was a concentration, as you identified, at the trump fundraiser, and here is the governor saying it should have been canceled. jonathan: the timeline never stacked up, and still doesn't

stack up. it wasn't just from reporting and sources from in and around the administration. it was white house chief of staff mark meadows that basically revealed they knew about the positive result before they left for westminister new jersey -- about the positive result of hope hicks before they left for bedminster, new jersey. why did the president go on that trip? tom: at that fundraiser, there were x number of people in the higher risk groups, over 60, over 70, over 80. how many of those do you have to line up before you get very serious illness in one of them? that is a tangible risk at events like this. jonathan: we hope that risk doesn't materialize, but the messaging is also where lines blur as well. there are protocols they have to

abide by. good morning to you all on this monday morning. equities. up. i talked -- equities up. the president and the first lady, their health continues to improve. that's the message from their doctors. advance 0.61%. ♪ so you're a small business,

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newthan: from london and york, here is the price action. i'm jonathan ferro, tom keene and alisa with us. now, upo-dollar -- i k 4/10 of 1%. tom: i am horse. -- hoarse. i'm exhausted. $30.61.: crude is at and equities are up after a week of gains. it is amazing what i've learned to do with a skill set that is useless, apart from this program. talk about the market and converse with my coanchor who is talking about something completely ridiculous. my skills, tom. tom: do the data, why are there so many goals being scored?

good morning on radio and tv. these are the important matters. jonathan: you complained about this for years. tom: i am not complaining, i am curious. why are there more goals being scored? jonathan: i think it is a total fluke what happened over the weekend. we have seen days like this over the last few decades, but that was a remarkable day. i think it is unlikely to be repeated. there was lot along the way -- luck, the way, and some pretty dodgy referee calls. tom: richmond relegated to the champions league over the weekend. jonathan: do you want to explain what you are talking about? no. why would you do that? shall i do that headline? tom: please, it is important. jonathan: the president and his doctors will decide about his charge later today. lisa: nailing it. jonathan: thank you, lisa.

we will find out later today whether the president will be discharged. tom: can we all agree that it is the thingy on the finger and the oxygen measurement, that is the key determinant, isn't it? jonathan: i think as amateurs we should not way and. i can tell you what -- weigh in. i can tell you what you should do, bring in the next guest. tom: we have a senior economist who went right to the unemployment report, a good report, a mixed report. and the markets are reacting to it. you went to immediate duration, which shows two americas. theuss what you saw in median duration statistic. >> the median duration is basically how many weeks people have been unemployed. so, one of the things that we have been following is people who say they are on temporary layoffs versus permanent layoffs. s a issue is those -- it'

distinction without a difference when the number of weeks people are unemployed keeps extending. right now, the median duration is going out to 17.6 weeks. that's the longest since 2012. so, one of the issues that we had the last week of the financial crisis was long-term unemployed. the longer you are out of a job, the more your skills erode and the harder it is to get back in the labor force. tom: the team has nailed this. deutsche bank has moments when it is optimistic on the direction and he rolled over here. reaffirm right now your caution on the american recovery. brett: it has been a fast, a certainly surprisingly fast start out of the gate, no question about that. we have recovered half of the jobs lost between february and april. the problem is looking forward, and every member of the federal

reserve has basically said, we need more fiscal support. without that, without the benefits, which have been used up, the fema money now gone, that is $300 million in income that will be lost between q3 and q4, during the holiday spending season. and it will come upon those who have the highest margin upper budgeting. fastere have had a start, looking forward to it only gets more difficult from here and there is a risk consumer spending could be negative in q4. that is a reason we are more cautious. lisa: there is a narrative that is becoming popular, even if we do not get fiscal support from washington before the election, we will get at some point. it does not matter when. then other people say, if you get bad data and it really shows a market deterioration, that

changes at the dynamic and you have to start accounting for that in your calculus when you decide whether to invest. have we already crossed that rubicon? are we at the point where we see a material deterioration in the momentum of the economic recovery and people have to account for that? t: 6 million people are collecting unemployment insurance right now and they are seeing their income cut in half. tell that to the restaurant going into the winter season, the ppp loan money has dried up. there is money sitting there, why not allow them to take out another loan? because these programs were designed to deal with a 4-6 mother shut down, not a year, or at least restricted capacity. these businesses need help now. and airlines as well, they need help now, not three months from now because they will have businesses and that go under in the meantime. so that is one thing. but, yes, will there be fiscal

stimulus at some point? yes, but it is more important -- you are going to delay the recovery by causing hardship over the next three months for thousands of businesses, restaurants are that will go under if they do not get ppp money. demand,ill hurt especially during the holiday season. so companies it will be less likely or less willing to hire. it sets you back unnecessarily. lisa: policymakers will say, show me the numbers. how much will it set us back? if it sets us back a little bit, then it is worth it. how much does it set us back if we do not get fiscal support before the election and it is prolonged? brett: it risks the consumer spending recovery and you could have a negative quarter of consumer spending. basically, there is a 50% chance that you will have a negative quarter. and the economy is not exiting

the recession. to it is hard for the nede declare the end of the recession. and it could weigh on jobs. we have seen a slowdown in the pace of job gains, as we saw in the last report. the unemployment rate, while it did go down, it would've been 40 basis points higher if not for misclassification issues. so you are really at 3% unemployment rate. tom: that does not help me. where is the deutsche bank real unemployment rate? this is a power game where we go through the maps, this does not work, what is the real number? what is your recalculated real number? is it double digits or can you be more optimistic? brett: it should be a 3. deutschei want the bank perspective? brett: [laughter] tom: we all see what is going

on. what is the real number? brett: i think it is definitely a double digit number right now. tom: thank you. brett: what is happening is as see the claims go down at the state level, you are seeing a good portion of those rolling off are going onto pandemic emergency unemployment conversation. that's the federal program with extended benefits that go towards the year's end. pua, even though california had issues reporting, you see pua, that assistance is also taking higher. so the total number of people collecting claims is not coming down as fast as you would think just looking at the state continued claims. 3 --expire december december 30. if congress does not do

anything, that is another hit to income, possibly $2 billion, and that densts the profile for spinning. jonathan: you have quantified the damage that would happen to the u.s. economy if we do not get fiscal help, but let's talk about the damage, not just for the u.s. but for the u.k. as well. the chancellor has talked about embracing creative destruction and not allowing it to rip, acknowledging the permanent changes and businesses that that will not be viable over the long-term. can you embrace great of destruction to any degree in a pandemic with the restrictions the government has on right now? brett: when it comes to restaurants, do i want to see my father with four restaurants go out of business and that create destruction, or is that somebody through no fault of his own is being restricted to 50% capacity? i think it is industry by industry. when we talk about creative destruction, businesses that are no longer or no longer a viable

through technology or some sort of natural process, sure. but for those businesses that, through no fault of their own, are being restrict it by the state, right? and they cannot operate profitably, there needs to be some sort of state aid. jonathan: great to catch up with you. send our best to the family. it is a tough industry. the headline, mark meadows on fox news moments ago saying he is optimistic, saying he is optimistic that the president will be discharged later today. an optimistic headline crossing the bloomberg from the white house chief of staff, mark meadows. tom: real pressure to get back on the campaign trail, and certainly after the polls that we saw, but you have to wonder, i would like to know, when will we hear from the medical professionals as well? we are saying good morning to somebody in the south watching us, who says we have great

interaction. jonathan: great interaction? lisa: [laughter] tom: we have great interaction. it's just -- lisa: is that a euphemism? tom: [laughter] i think it is you and alisa. -- and lisa. jonathan: i think that is great interaction, you and i. i do not know what it is. tom: it is great interaction. that is what we have. jonathan: one thing to call it, when i do my annual review i think my manager describes it as something else. i think it is something else. i think when they sit down with you, they describe as a something else as well. lisa: tom is drinking. tom: 1.526 is the bond. can we move that up to a 1.53? you wonder where is the tipping point on 10 year, the higher yield and lower prices -- you really wonder where that is. jonathan: i am with you.

tom: it is porridge. porridge. jonathan: you know what is the most exciting part of my morning? as i step away in about two .inutes and i go solo for 60 tom: to migrate to your other property. who do you have? anybody good? jonathan: i always have someone good. i will have four of them. i will tease them in a moment. right here on bloomberg. ♪ health briefings have offered misleading information about how president trump is being treated for the coronavirus. that has raised questions about his condition. one doctor said the president could leave the military hospital today. still, another disclosed the president had received a supplemental oxygen and being treated with a drug usually used for severely ill patients.

meanwhile, the president says he paid a visit to supporters of his who had gathered outside. he went out to visit them and a video shows him being driven in an suv while he wore a mask. and the republican plan to confirm amy coney barrett by election day is now in peril. three republican senators have tested positive for the coronavirus in the past few days, and at least eight others have had direct exposure. mitch mcconnell's narrow margin for confirming the judge would evaporate if three republicans are unable to vote. the mayor of new york city will close it to visitors because of a rise in infections. bill de blasio says there will be school closures in brooklyn and queens, starting on wednesday, for two weeks. they could be extended. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am ritika gupta. this is bloomberg. ♪

>> there was that momentary episode of a high fever and that temporary drop in saturation, which prompted us to act

expediently to move him here. fortunately, that was the one episode. a couple hours later, he was back up to mild again. jonathan: that is the white house physician weighing in on the status of the president. mark meadows saying moments ago that he is optimistic the president will be discharged today, and it goes on to say, that the president continues to improve, he is working and the doctors will evaluate him later this morning. so that is when we could see an evaluation about his potential discharge from hospital. we will about those issues at the top of the hour. we will top politics a little bit after that. then, henry peabody. and then tony fernandez. just rounding out my guests for the next hour on bloomberg quibi. -- on bloomberg tv. tom: we are looking forward to

that. jonathan ferro driving for the conversation. the important larry kudlow conversation on friday as well. five pharmaceutical syllable words, the senior editor for health care translating what we have all tried to learn this weekend. let me start with a general question, mr. armstrong, which of these cocktails is the one that has your attention? >> the president has gotten three drugs, three main drugs, and in number of others as far as we know. therapy,t an antibody a replacement for the immune system early on, that's an experimental drug made by regeneron. he has been getting an antiviral drug, a direct attack on the virus itself, remdesivir. and we were most recently told

he has gotten a steroid called dexamethasone. that has caught my attention because it is typically used in those who are in the second phase of the disease. it is not necessarily something that acts on the virus itself, but it is meant to take care of overactive inflammation that can hurt patients when they get more serious and they need oxygen. tom: do these three doctors, do any of them have a tighter effect we can identify come over we can say the president is over one of these three concoctions by tuesday or by thursday or by never? do we have any idea the life of these drugs in his body? >> one of the things i want to back up on for a moment, there is a tremendous amount of speculation based on what the typical patient would get and what it means about the president's care, for his exact

health status. and the lack of really clear information to the white house medical staff, we really do not have a lot of information and people have to speculate based on the drugs he is given, but i think they are speculating based on the assumption that he is a typical patient getting typical medical care, not more aggressive medicine, which can be a bad thing, neutral thing or a good thing. this is a really strange environment where i think that it is easy to assume that normal things are happening and they may not be and we do not know if it is good or bad. lisa: we do not want to go into the realm of speculation, we do not know where he is healthwise. this is a tricky disease and it is likely there is a clear view anywhere right now, but based on the cocktail of drugs that the president has been administered, given how many therapies are available, are we getting to the point where if somebody gets the

virus and they are given the right therapies, they can survive at a higher degree than in the previous eight months? drew: absolutely. we have now had more than six months of medical experience dealing with the virus, there are more drugs available and we know more on how they work and when they work. we know when to use the drugs in the course of the disease to actually get a better chance at a positive outcome. so, fundamentally from a medical perspective, we are in a better place than we were treating the virus in patients of all types than we were at the very start of it. yes, this can be a deadly disease in some people, it tends to be more dangerous for those with underlying health conditions. and it is by no means a death sentence at all. most people do recover from this. that is it. it is still potentially very

scary, but the care has gotten better. lisa:lisa: this is a sensitive topic. we all wish the president well and we hope he recovers quickly. but there is an issue people have raised about the inconsistency of information. and as somebody who has been covering health care for a long time, give us a sense of the public relations damage that can be done if people are not trusting of health officials and what they give out in terms of information about the virus, guidance or even the president's own health? drew: i think we have seen right a demonstration of all of that. if you look at some of the steps that white house -- the white house, around the amy coney barrett event, did not take. we have seen a mosaic of steps you can take to protect against the virus, like social distancing, using testing to find cases after they have been to make sure people were not exposed by others, but in this

case the white house has only taken a handful of those steps. they obviously were not practicing social distancing in some of those photos of the indoor gatherings. and we are not big on the use of masks among those people. it is worth noting that if i had told you that we were going to invite your 74-year-old grandfather, that he would be having a birthday party, we were flying in people who have not been practicing social distancing and we will have an indoor outdoor gathering with 150 people, you would say, -- n ow, but that is exactly what the iite house did here and think that experts have been saying, you could not design a better case for a super spreader event to put people at risk from the virus. tom: that will all be battled out in the coming weeks, indeed after the election, even after

the inauguration. on themstrong, an expert mystery of the pharmacology going on right now. no mystery about the markets, the futures are up 22. lisa: the reason why, pick your reason, people are saying that the president is doing better, others are saying fiscal support is more likely to be passed before the election. tom you can, spin the narrative any which way. it is not getting done right now, though. right now, we have heard the story again and again. tom: i get out the calendar, 29 days to the election and i have real trouble with the pros and cons of fiscal support, even though we just heard from brett lewis, it is needed with their unemployment statistics. 28.83x settling at toward the market opening. 1.40.s large, up $

the dollar is weaker. 105.58. stay with us. good morning. ♪

jonathon: from london and new york, for our audience worldwide, the countdown to the open starts right now with 30 minutes until the opening bell. equity futures are up 21. good morning. we begin with the big issue, the president on a cautious road to recovery following confusion over the weekend. contradictory messaging and unanswered questions, the medical team insisting that they were trying to reflect the mood of the president. >> i was trying to reflect the upbeat attitude of the team, that the president has had. i didn't want to give any information that might steer the course of illness in another direction. and in doing so, it came off that we were trying to hide something, which was not necessarily true. jonathan:jonathan: the president talking positively about his recovery, insisting his health is improving. pres.