>> it looks like we are heading toward a double-dip. >> the consumer is very nervous. >> we could be in for a prolonged correction. >> the duration for any selloff is as important as the magnitude of that selloff. >> but we need is a central bank stability in financial markets. >> policy on the fiscal side continues to come up short. >> i find it difficult to build a four portfolio i think will be truly robust to every outcome. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: from new york and london, for our audience worldwide, good morning, good morning. this is "bloomberg surveillance ," live on bloomberg tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. monday morning, equity futures with a bid. 24 hours to go. tom: very exciting. we will have coverage here and on all of jon's properties, and on all of bloomberg as well. let's be honest, we are not

going to know where we are tuesday night. let's call it less than likely. maybe somebody can disagree with me on that. we will go into wednesday and may go into november to get to a successful outcome. jonathan: that is the risk of this market, and it has been for the last couple of months. the other issue this market is grappling with at the moment is the breakdown of traditional correlations. last week was brutal for the equity work it -- the equity market. you've got no comfort for the bond market. tom: bonds really don't move today. it is a higher yield into the weekend. a less than correlated market. i would note the absolute stasis in strong dollar. dxy, that blended company index against the dollar, 94.03. that is a strong dollar. jonathan: we've got to talk about the weaker euro over last week as well. the economic data in europe set.

to get worst. we have manufacturing -- set to get worse. we have manufacturing pmi's in europe tomorrow. lockdowns in france, lockdowns in germany, and the u.k. joining the party this wednesday. lisa: it is brutal. "the financial times" did a survey of economists, now predicting retraction in the fourth quarter for most euro zone after predicting an expansion. we will get a read in the united states as well, u.s. manufacturing pmi's, followed by ism figures. it is a conviction less set of data, trying to mine the future, looking at the past at the time of a very fast-moving virus. joe biden is holding events in cleveland and pennsylvania, a key state that will probably not be decided for several days at least. president trump holding five

rallies in four key states, north carolina, but sewing you, michigan, -- north carolina, pennsylvania, michigan, and wisconsin. most of the early polling tended onlead to joe biden, whereas election day, republicans are expected to turn out. but this feels like a convictionless market in a pivotal week. jonathan: adding to that is just the conditioning we got four years ago around the polls. we've been covering this for months now, but you can really feel it 24 hours out. the debates out there over this polling has really ramped up in the last day. tom: one is the polling polling. hour, original polls in the national vote clearly show mr. biden more likable than mrs. clinton was four years ago. then there is the state-by-state. the other polling is the market

voting. it will be fascinating to see whether the angst we are in right now, do you get a moonshot out of the election as we saw in 2016? jonathan: here's the price action this monday morning. last week, down 5.5 percent on the s&p 500. worst week since spring. this morning, up 44 points. we are elevated by 1.36%. futures with a bid. treasuries with a very subtle move lower on the yield, the 10 year down to 0.86%. last week, up about three basis points, even with the equity market selloff. last month, a move of almost 20 basis points higher on the 10 year yield. $1.1651.ar, england joining the lockdown wednesdayhappen overnight. france, germany. who is next?

that's the conversation in europe right now. let's begin the conversation with michael shaoul. fantastic to catch up with you. how on earth do you navigate the next 24 hours for this market? michael: i think with no great certainty. we don't know who is going to win the election. it looks likely that biden will win. not clear that the democrats will take the senate. what is even less clear is what immediate reaction will be. there are certain things that seem to be happened globally. i think that will continue, whoever wins the white house. pretty much everything else i think you simply have to say you don't know and deal with not knowing. tom: i wanted to get away from the domestic politics. we will do that with some other good guests this morning. i am fascinated by what you think about e.m. in what seems

to be not a surge, but a resiliency up to e.m.. why's that occurring? michael: one is index composition. the index is absolutely dominated by asia, particularly south korea, taiwan, china, and hong kong. those countries are the least affected large economies by covid directly, so you have stable domestic demand. they also feed heavily into technology and heavy industrial activity that remains the strongest part of the domestic u.s. economy. for various reasons, this time around e.m. is something of a haven, and the underlying currencies are strong. i would say the dollar is less week at 94 rather than strong at 94, but the currencies which have really been strong this year have been the asian currencies.

you put all of that together, is a relatively safe place to be right now. lisa: what is more important for your investment thesis, the election or the path of the virus? michael: i would say the latter, and the impact of the latter on demand for durable goods. that has been the plot of the last few months, the resilience and acceleration of spending on durable goods in the face of a virus which has not been under control, certainly in the united states. jonathan: what do you see in the high-frequency data at the moment? do you think that should drive risk assets in the united states? michael: i think it is less important than it was. the high-frequency data told us in the springtime that people were starting to engage in commerce again. i don't think it is as important today with the fluctuations you see in something like restaurant

usage. that you do need a leap of faith to invest at this point in time. i think you were entitled -- i think you are entitled to say the virus not be conquered for the foreseeable future, and you are going to go super defensive. i think that would be a mistake. or to say we have come this far and we have seen patterns of spending emerge from the virus that looked to be resilient and look to be fairly long-lasting. now a portfolio that focuses on virussitives of the probably makes sense going forward. tom: i want to bring up a really important series, the pacific japan.a currencies, less the chart goes back to the beginning of the year. adxy. at that is not the right chart,

folks. we will get it for you in a bit. it has basically been a moonshot. within that, what is the specificity in the this vikram off of the march -- in the pacific rim off of the march low? it is a moonshot from march, straight up on the chinese currency. what is the specificity on the pacific rim? i want you to get granular. do you buy big cap? do you buy consumer? korea and taiwan, both i find interesting. the aide market does whatever it wants to do. it doesn't pay a great deal of attention to the rest of the world. but i think high-quality korean and taiwan to make sense right now. jonathan: michael shaoul of market field asset management, great to catch up with you. a little later on this program,

we will catch up with kevin cirilli down and washington, d.c. as we count you down to that election day. dare i say election day result. that has what we have been discussing over the last two months. will we actually get one come wednesday morning? times" had at "the great break down hour-by-hour of what we see through tuesday. david westin with our coverage there. i'll tell you, you get out to 11:00 p.m., 1:00 a.m. wednesday time, then what? nobody has a clue. jonathan: axios reporting that the president has confidence that maybe he will declare victory tuesday night if it looks like he is ahead, even if the electoral outcome hasn't been decided and even if we haven't heard from some of the major states. that just speaks to the tension at the moment. even here in london, i can feel it, the building tension on either side wing into this result, going into this final day of voting. jonathan: thank you so much for

bringing this up -- tom: thank you so much for bringing this up. i had this conversation at the dining room table saturday night. this is america. it is normal. 1800, 1824, 1879, and on and on. this is the normal cadence. granted, with the social media, it is in our face, but it is normal to have close battle elections in america. jonathan: everyone is imagining dinner with tom keene. [laughter] lisa: hold on a second. tom: let me rephrase. jonathan: being confronted with that on a saturday night. tom: it was held in honor of sir sean connery. we drank vespers each weekend. lisa: i actually think this is a different election then we have had in the past. the level of social unrest on all sides is something very concerning for a lot of people.

you can see people batten down the hatches and markets. you see windows boarded up in midtown because people are expecting some sort of unrest should the election be too close to call. this does feel different, a little bit. jonathan: i was going to let you have the final word, tom. do you want to say anything? tom: i was going to talk arsenal and manchester united. jonathan: itjonathan: is a really quiet week, tom. alongside tom keene and lisa abramowicz, i'm jonathan ferro. tom: second-place. [laughter] jonathan: we advance this morning. good morning to you all. this is bloomberg. ritika: with the first word news, i'm ritika gupta. the presidential campaign is now in its final full day. a series of polls show democrat joe biden leading president trump nationally and in battleground states.

still, some of those estates remain extremely close. both candidates will campaign today in pennsylvania. the state is vital to biden chances and has become almost a must win for the president as well. president trump is suggesting he may fire infectious diseases chief anthony cousy after the election. over the weekend, -- chief anthony fauci after the election. over the weekend, felty said that -- over the weekend, fauci said the country is in for a lot of pain with the coronavirus. the federal reserve won't increase the pace of asset purchases this year or next. most of those polled by bloomberg said even if the fed did boost bond buying, it wouldn't meaningfully boost the u.s. economy. fed policymakers meet wednesday and thursday. brexit negotiators are moving closer to breaking the impasse over one of the biggest obstacles to a trade deal. a compromise is emerging on the issue of what i access boats

from the eu will have to british fishing waters. 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 think it's a terrible thing when ballots can be collected after election. i think it's a terrible thing

when states are allowed to tabulate ballots for a long period of time after the election is over. mr. biden: there's nothing you can do to try to intimidate the american people about voting, scare people about voting, challenge the idea that voting is not going to count. it is not going to happen. 90 million people at this point have already voted. those people are going to be heard. jonathan: absolutely incredible in the united states. president trump and joe biden on a contested election, 48 hours to go. let's get to the price action this morning. good morning to you all. alongside tom keene and lisa abramowicz, i'm jonathan ferro. two hours and 12 minutes from the opening bell, futures nicely bid. we bounce back from last week's losses. on the week last week, down 5.64% on the s&p 500. tech, it has been brutal for tech. since the september high, down

about 8% or 9%. up 44 this morning, we advance 1.3%. not much price action to speak of elsewhere in foreign-exchange and in the bond market right now, not least the euro and the u.s. ten-year. crude, $34 and on wti. off.ave another 2.7% handle got my attention, to say the least. right now on the election, there's any number of ways to go with our kevin cirilli, but he's told us we need to keep it to seven minutes instead of seven hours. he is our chief washington correspondent. there's tons of good research out there. "the new york times" did a great job on the battleground counties. they went to erie, pennsylvania, where one strategist called it the oracle of pennsylvania. i is the oracle of pennsylvania. 11% off ofnton lost

president obama the last election. is your research that mr. narrow that erie, -- in pennsylvania? kevin: he is still trying to get out the vote effort. it really is the tale of how you look at it. from the democratic perspective, they say he is not barnstorming around the country like president trump, and that he is really focused on pennsylvania, where his campaign is headquartered, to turn it around. from the democratic perspective, they are saying joe biden should have pa lacked up -- pa locked up by now, but that fracking ff from the last debate really hurting him.

this is a lot closer than the national polls are indicating, but it really depends on how these states break. tom: in my little brain right now on a monday, i can't figure this out. i read somewhere that somebody is talking about president biden would not have sanders or the senator from massachusetts in his cabinet. does he need to make some bold statement today about seizing the middle ground of his administration to go over the top? kevin: i think what his campaign would tell you is that he has been able to draw a widespread coalition spanning from the likes of senator bernie sanders, the father of the democratic-socialist movement -- [indiscernible] he needs john kasich. that's what i would argue, he's also been able to put together a coalition with former republican governor john kasich.

but the question is, is that good enough for the union of philly, ine detroit, michigan? kenosha county obviously the site over the summer of some racial unrest. something president trump won by just 200 votes last cycle. this is also a ground zero of sorts for many of the economic issues we are talking about repeatedly over the past couple of months. so could this be an electoral blowout for joe biden? yeah, but it also could be one for president trump if you look at just how close these swing states are. let's fold and wall street. everything will piece of research i've read all reflect on 2016 and the polls. can you walk me through your comparison between 2020 polls in 2016? biden is running a campaign from the beginning of his cup political career, even

before he announced he was going to start the cycle. the calculation was run a blue-collar type of coalition campaign. try not to go too far to the left. he was able to tap into that with senator kamala harris. he has been defined by the right is going too far to the left. we will have to wait to see if that is a strategy that works. progressives will tell you he should have doubled down and moved to the left like bernie sanders. but if you are pricing out the next two months, we've got cases on the rise. if you subscribe to the thought now germany, france, and conservative u.k. are having to have new restrictions, that would raise some significant political risk that the united states has additional restrictions in december at a time in which fiscal stimulus fights will be restarting. from a market perspective, it is divorced upon the volatility of this week. some peoplenate,

would argue, is more important when it comes to wall street following the election. where are we in terms of the suppose it blue wave in the senate? kevin: i would totally agree that the senate race and who wins control of the senate is going to be the definition of whether or not president trump and a second term is able to govern with a more middle approach, but also obviously president biden. hypothetically, let's say he gets a blue wave. he's going to have to govern more progressively. but if it is a divided government, he would argue there is a mandate for him to do this. races back34 senate in 2016. all of them, the way the state voted at the top of the ticket was how they voted for the senate. the idea of ticket splitting in georgia, and south carolina, and north carolina, where

republicans are starting to say vote for me even if you don't vote for president trump, historically speaking that has not been the case. but we will see if it has been a game changer this week. jonathan: kevin cirilli working on his birthday. it's a beautiful thing. lisa: happy birthday. kevin: thank you. nowhere else i'd rather be on a dat -- on a day like today. jonathan: this is where i would like to be on my birthday as well. i think everyone would want to spend their birthday on this program. kevin, thank you. [laughter] lisa: is that a new banner? jonathan: everyone should want to spend their birthday with tom keene, getting excited about our special election coverage, beginning tuesday night, 7:00 p.m. tom: his birthday is today? jonathan: how are you managing the tuesday night into wednesday morning? tom: i haven't figured that out.

i will be starting early in the morning. you only have tv two hours a day, so what do you know? jonathan: i will have a long lien. a nice big breakfast. awesome. tom: i will be having crackers. jonathan: from london and new york, this is bloomberg.

jonathan: from london and new york, this is "bloomberg surveillance," live on bloomberg tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. monday morning price action looks a little something like this. a nice lift to this equity market, bouncing back from some brutal losses last week. on the s&p 500, we advance 1.31%. . in the bond market, yields up friday. that's got to hurt. the euro stable. euro-dollar, $1.1650. euro weakness as lockdowns in euro took a hammer to this market. take a listen to what cavalli -- had to say. >> the risk was that we weren't

going to follow the signs and it was come back. that's exec you what's happened. jonathan: restrictions, lockdowns. france, germany, now the entire united kingdom. the good news on the economic front is the u.s. recovery does still have momentum. that is something europe did not have going into winter. that has just been over the horizon. does that continue in the united states, or do we go the same way as europe? tom: to a distracted america, let me ask this question with respect to how you have been out front on this. is there attendant stimulus or income substitution to help a locked down united kingdom? jonathan: there is. the furlough program will be extended, so that is 80% of wages. they got no choice but to ever to continue. the joke for everyone, and it is not a funny one, is that this only lasts a month. nobody i've spoken to, from

those that work in retail and restaurants, whatever, no one thinks this goes on for just a month. i am not sure the government is convinced either. michael gove alluded to the fact that this will probably go on a little bit longer, maybe a lot longer. tom: i read in "the telegram," talking about fervent hope as well. you can speak to neil dutta with renaissance macro, one of the true optimists on the economy. this is so easy to describe come the fear before the 2016 election come of the world coming to an end. then it was a moonshot of market success coming out of the 2016 election. is this an economy in a natural disaster who can deliver the same effect? the worry now that becomes more optimistic into 2021? neil: i don't see how you can't

be a little bit upbeat about the u.s. economy going into next year. obviously, the first part of that is we've already been doing better fairly consistently since april. but since the economy bottomed in the second or third week of april, the economic data in the u.s. has been consistently outperforming consensus expectations. to beations continue beat. what does that tell you? continue.at can europe,y, just like in when you look at the countries as a whole, we have increased rate of infection in the u.s. but what we have seen is that uncertain service industries, it is not just about the lockdown itself. it is also about the voluntary

themselves.ple take we do know there are something that can still sort of work, even with lockdowns in place. manufacturing is one reason that the market is probably bullion today, that you have 80% of pmi's hitting expansion today. i think that is important because the u.s. housing market has seen a v-shaped recovery. about 30% to 40% of the io's economy has seen a v-shaped recovery. tom: but what about the other part? i've got, like, four ways to go here. lisa is emailing me now. we are in hermetically sealed parts of our building. she is emailing me, shut up so i can ask my question [laughter] . -- so i can ask my question. [laughter] what about the other part? widelye have a more distributed medical breakthrough, whether or not it

is a vaccine or a therapeutic. in the u.s., cases have gone up, but we know that the literature cominging deaths are down. that is a good sound. -- that is a good sign. the services industries are depressed, but it is not like in the summer, when we had that spike in cases across parts of the country that people took their restaurant activity down to zero. you have basically depressed areas of the economy that slow down a little bit come up it does also not contribute much to the macro story to begin with. people kind of taking that into their own hands. is this activity going to grind into a halt? i think that is unlikely. jonathan: what i hear from you is that the correlation between output and infections is a lot looser nine months later. linear.ll, it is not

the same economy with a lot of infections versus no infections, theously you do well when economy has no infections. but there is a middle ground with a lot of noise. if that logic were true, new york state would have the strongest economy in the union, and generally -- in germany arguably the largest in the western world. there's a certain level of virus that people are willing to socially accept for the sake of economic activity. learning a lot about revealed preferences here. jonathan: let's talk about manufacturing versus services. manufacturing in europe is pretty decent. i wonder how much of that is leveraged to what is happening out of china. services is deeply negative. the pmi will come out tomorrow in the mid to high 40's, maybe. that relationship between an economy that shows manufacturing doing better and services really struggling, how do you expect that to develop in the coming

quarters? that i personally think gap is going to widen because things like goods, a lot of this comes down to the inventory cycle. we have an inventory shortfall in the u.s.. we have a significant shortfall in europe. inventories have been depleted quite substantially, and that is going to require some manufacturing activity to restock those inventories. that is going to continue. services will remain sluggish. remember, a lot of what many lecturers -- these are tradable goods, so the fact that china is doing better and europe is tied to china, that can mean the manufacturing activity situation in europe remains relatively service, even with weak industries. lisa: if you go back a couple of

months, people would point out the expectation that if there were a second wave, third wave of the pandemic, the federal government in the united states would come in with another fiscal support package to keep up households. at this point, has the market priced out any sort of fiscal support effort before the end of the year. i think so. i remove are talking about this with you a few weeks ago. if they didn't do it after the left, andnt program they didn't do it after the paycheck protection loans basically dried up in the middle the odds, my mind was were pretty low going into labor day anyway. marketswe had the gyrate back and forth, will they , then't they, but to me function hasn't been there.

i do think fiscal stimulus is going to come one way or the other, but i think the market is right to think that if vice president biden wins the election, that will probably bring up enough immigrants over the line in the senate to get a more robust fiscal stimulus sometime early next year. lisa: what would you say if there were perma-bears out there looking at the market and saying, the setting was rate -- the savings rate is high, but people are getting fired again and it is going to be challenging to keep up this kind .f consumer spending . what would you say to those saying the savings rate can only keep us going for so long, and we need a fiscal support plan sooner rather than later? number one,d say employment is still far below where it could be.

the fact that employment is still growing means that organic wages and salaries are still growing. i would also point out that if you look at the growth in consumption since february versus the growth in personal beene, they have basically right on top of each other. a lot of that stimulus basically showed up as savings on households. a lot of it hasn't showed up as spending yet. there's still a lot of rate for the savings rate to decline. the savings rate actually fell more slowly than it did the month before, even though consumer spending was still at a fairly robust pace. here, ando be careful we do get obviously a lot of anecdotes about certain industries, but we also know --t, you know, look at the

that is couple of percentage points lower than it is right now. pulse on theira .wn local economies, i think they know about pink slips. they know about people hiring again. so i think it has been ok talking about the progress in the jobs market were generally. jonathan: great to catch up. it's been one of the biggest questions coming out of the pandemic. just how quickly will we bounce back? you've definitely been on the right side of it. think you for joining us this morning. you know what i love about this program? lisa asking questions about herself, the theoretical perma-bear. [laughter] wonderful. is that what you went for halloween as? lisa: no, i did mine is a chart

for radio. jonathan: i get management nightmares. tom keene, do you celebrate halloween? tom: no, i was so run over by sean connery's death that i had desperate all weekend. lisa: that's the reason -- i had vespers all weekend. lisa: that's the reason. tom: we watched the movie's all weekend, bond movies. jonathan: nice. tom: i can't understand the accent when he gets going. not a word. jonathan: we don't understand each other, and it's fine. i went has thomas shelby last year from pq blinders. you definitely would not understand him or me if i put on that birmingham accent. futures up 42. we advance 1.29%. no because if you're going to say peaky, it's got to be peaky something blinders, and i cannot say that on-air, can i?

this is bloomberg. ritika: with the first word news, i'm ritika gupta. president trump enters the final day of the campaign hoping for another poll defying victory. surveys show the president trailing joe biden nationally and in a number of battleground states. still, the numbers have been tightening in some of those races. both candidates will be campaigning today in pennsylvania, where polls show biden with a slight advantage. over the weekend, pre-election 2/3voting has surpassed of all ballots cast in the 2016 election. a majority of states are reporting record early turnout. in the u.k., one of prime minister boris johnson's top ministers says a month down lockdown for england may have to be extended. cabinet office minister michael gove says it will be reviewed, and if the coronavirus data

isn't good, the lockdown could be extended. 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. ♪

>> favorability is absolutely critical. with likely voters, biden has a

52% favorability rating. secretary clinton at the same moment, with the same .emographic, was at 43% compared to president trump, he is at 43% favorability with likely voters. that is a slight improvement from where we were in 2016 with president trump, where he only had a 39% favorability rating. jonathan: amazing to go through nis numbers with mohammed you earlier, the gallup editor-in-chief. fromtures, a bounceback last week on the s&p 500 in the states and the stoxx 600 in europe. we advance 1.25%. euro-dollar unchanged at $1.1643. last month, the turkish lira slammed. lira. move on dollar

a little later this week, we will get an inflation rate. just to give people an idea of where inflation is running in iskey now, about 12%, which why this market was so disappointed that we didn't get the expected rate hike from the turkish central bank. tom: the crisis people look at the calculus of this, the second derivative, which is the acceleration. it has flipped in the last two days of trading, and it is really showing and deterioration . 8.54 is my point on a fancy bloomberg chart. we will see if we get there. right now, on the calculus of the president, jeanne zaino joins us, wonderful bloomberg contributor. her widely into spaded book will be out after the election. tell us about the president one day calculus. beast, thatis own what is his internal calculus in

these final hours? jeanne: i get him credit for the month of energy he's had in the last few days. multiple big rallies outside every day, for a man that long ago who was suffering from covid. that said, i can explain the calculus of being where he is. he is in all of the key battleground states he needs to hold to push this through the 270 or above. i cannot explain the attacks on the doctors, for instance. i cannot explain some of the comments he just seems to make and get some off-track about talking to things he does win on , number one being the economy. that astonishing to me gallup last week said almost 60% of americans -- now. he seems to get off-track a bit. talking tot home, kids, to be fair and balanced.

household is all about gloom. he's going after his core audience. among increase turnout his core constituency, or all they are ready at max turnout? jeanne: i think they are at max turnout. his base is so devoted to him, they are chanting things like "we love you" at these rallies. his trick is not to get the base out. it is to get those moderates and independents. that is why the comments about doctors inflating covid numbers to inflate their bills is so detrimental to me, and places in the suburbs with seniors and suburban women that he needs to win in places like pennsylvania. that i don't understand. you can see it is even tougher his surrogates to explain that when they go and get questioned about it. lisa: trump supporters would say you just don't understand because not only has he rather

-- has he rallied the base, but has also registered reportedly more republican voters that had not been enfranchised in the last election, more noncollege a get -- more noncollege educated white men in particular. what do you thing about that? jeanne: i will give him credit, he is changing me map in ways we didn't think possible. he could expand his support among african-american men. it is not going to be hugely substantial, but he is getting new voters. the problem for him is this thing is so tight that he needs to talk to those suburban women and seniors. those are his core group, and he needs to focus on the things he is focusing on. but getting out his base is not his problem. it is the undecided or moderates or independents. lisa: 90 million, more than that have already voted, which has already exceeded the 2016 total

voting turnout. this play into who wins, given the imbalance in who the early voters versus day off of votersthe day prefer? jeanne: we really don't know, but the fact that we are over 90 million in early voting is something none of us would have predicted a year ago. the common thought is that the trump campaign, republicans are going to benefit from same-day election day voting. he's made a big deal of not voting early, not trusting the mail, but going in person, so he expects his numbers increase there. it is going to be a big question. if he is able to do that, do we see something of a red wave on election day, particularly in those states he needs? he needs to hold the sunbelt, then he needs to pull of a victory in pennsylvania or wisconsin, michigan, which is less likely at this point.

but if you see biden take one of those states early, it is probably going to portend a difficult night for the president. tom: what is so important as i look back to 1960, and the basic idea was nixon robbed, after that, there was ever off of the uproar grand jury juries and investigations and the rest of it. is that what we are in for after the courts get done? we are my fear is that in for the feeling that people were robbed, and that is really unfortunate. i was a bit concerned by some of the remarks on this over the weekend, talking about the fact that you can't trust the system. people have voted in these record numbers. anybody't seen signs of being unable to vote at this point. we are going to see a lot of litigation after this. i am hoping it doesn't either get violent, certainly, seeing boarding up of stores and that

in new york city, and people do trust the results as they come. people just have to be patient. in states like pennsylvania, we are not going to probably know results election night, and maybe night for a few nights after if this thing is really close. jonathan: great to catch up, as always. jeanne zaino, iona college professor. can you imagine what the price action in this market is going to look like? i have no idea what pricing and a blue wave actually means. can we say that anything is truly priced in? tom: i am priced into triple leveraged all-cash, but i do see people placing bets. david einhorn reported this weekend. the uncertainty is there. some will win, and too many will lose, and i will be in trip

-- in triple cash, so i will be safe. anathan: i'm sure einhorn had good week. special coverage of election 2020, tuesday night, 7:00 p.m. in new york. 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. tom: you guys do it with a birmingham accent. it would be great. ♪ birmingham accent. it would be great. ♪ when you switch to xfinity mobile,

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goodrx finds free coupons to help you save up to 80% on your prescriptions. - wow, i had no idea. - [announcer] goodrx, stop paying too much for your prescriptions. >> it looks like we are heading towards a double-dip. >> the consumers very nervous. >> we could be in for a prolonged correction. >> what we need is central bank stability and financial markets. >> policy in the united states on the physical side continues to come up short. >> we don't have safe havens of anymore. >> i find it difficult to build a portfolio that will be robust in any outcome. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. jonathan ferro, lisa