kerber all said 1876 was the lowest point in american history. gore of the doll said 1876 with the lowest point in american history. it may be top. nebraska says we are a nation of laws, not tweets. markets churned this morning. 26 days until the next fed meeting. and the white house coronavirus task force -- they had a briefing yesterday. the first since april. that was some 200,000 deaths ago. bloomberg surveillance. i am tom keene in new york, francine lacqua in a really different london in the continent of europe. francine, paint a picture of what london is like in pandemic. new york has shifted this week. francine: i know there was a big shift in new york because you closed the schools. we have been in locked down for two weeks. we expect some of these restrictions to lift on december

2. the center, what american holidaymakers would have known, there are not many people around. if you look at the shift, where people are going to get their contact lenses, shopping, it is really more on the outskirts, where the parts of london that are still in central london but where people have homes, because no one has gone back to work. i think 20% of the city of london occupied. there was a wave of people coming back, and that is where boris johnson and announced extra restrictions. but the schools remain open, and this was the linchpin of the boris johnson strategy. you close everything else and keep the schools open. john's hopkinsve university with us today. i believe the leadership of outside i will be with us as well. there is ritika gupta. ritika: another legal stepped another legal setback in

president trump's bid to overturn joe biden's election victory. georgia'sto halt recount election results has been denied. biden won georgia by more than 12,000 votes. president trump is now reaching out directly to michigan lawmakers to overturn the state vote. bloomberg has learned the president will meet with republican leaders in this late -- in the state legislature today. some trump allies have urged him inpersuade legislators states he is contesting to overrule voters and give him the state electoral college vote. it is a big blow to drugmaker gilead. the world health organization has recommended against using remdesivir to treat hospitalized coronavirus patients. the w.h.o. says there is no evidence it improves survival or the need for ventilation. less than a month ago, this qualified speedy

approval for remdesivir. stemming up preparations for a new deal brexit at the end of the year in case talks with u.k. do not result in a trade and security agreement. disruption and higher cost will be faced because tariffs and quotas will be back. global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more i am ritikantries, gupta. this is bloomberg. check,e news, the data it has been like a second day, back-and-forth, red and green on the screen. 103.84. and the mexican peso -- can that get to a 19, stronger peso? we see that with stronger em this week as well. theything said, a turn to market, yield set right now. i'm going to call it a little

bit elevated. francine? happy friday. it has been a choppy week on the market. global stocks winding up with investors trying to look beyond the rift between treasury and the fed. in europe, people leaders are struggling to approve these to mills package with the block's weakened economies, but european stocks gaining some 6%. i'm looking at portuguese and spanish bond yields because they are very close to 0%. tom: all sorts of things going on this morning. there is economics, finance, and investment. we are thrilled to bring it to you, along with politics of the moment. extraordinary news out of washington, with vice president pence in georgia, scheduled to be there today. cameron crise is our bloomberg macro strategist, and he is focused on the other washington, which is the institutional battle between the executive branch and the fed over stimulus.

cameron, what is new? cameron: so the deal is that the treasury wants its money back for some of the emergency lending programs that the fed created over the course of the year, and the fed does not want to give the dough back. there are a couple of possible clinician for this. one we could call the good faith explanation, which is that some of these programs have essentially been duds. if we combine the main street lending program, the corporate credit lending program, the municipal lending program, they have only grown by about $13 billion since the beginning of the third quarter. that is not a lot of money. it is not moving the needle at all in the economy, and it is not a good use of the hundreds of billions of dollars that the treasury and congress have allocated to the fed. the money is sitting

metaphorically in a vault somewhere. come on, karen, you know the math of the multiplier effect -- come on, cameron, you know the mass of the multiplier effect. what is the multiplier effect of the stimulus or the fed? cameron: it is clearly fiscal. is good faith estimation that mnuchin wants to take that money back to the treasury and give it to congress, then have congress out ok it as grants rather than loans. the point being that the fed can only make loans, not grants, which is a point that powell makes very often. really what businesses and people need is direct injections of money, not more debt. that is the good faith explanation. the bad faith explanation is that the administration is trying to steer the ship of the state toward an iceberg so that when the biden administration takes over, it

hits and gets blamed for it. the idea here is that once the needs torecalled, it be specifically appropriated back to the fed before they can kickstart these programs again. given the trajectory of the public health data and renewed lockdowns and how things are likely to curate on a real-time basis in the very near future, there is a chance that these programs might face more demand in the future. and if it is shuttered at the end of the year, there will be institutional hurdles to .ickstarting them rapidly but i think ultimately that we would -- how you choose to interpret is in the eye of the beholder, i suppose. but ultimately they have not been particularly efficacious, so i'm not terribly concerned by the fact that they might be shutting down. cameron, if this

is a ship being steered toward an iceberg, how much more damage can be done in the next seven to eight weeks? cameron: it is not just about economics, obviously. if you believe some of the stuff you read, foreign being impacted, it -- i gather that the kerman virus task force has finally met again, -- that the coronavirus task force has finally met again, but there is not effective leadership on that front. the fact that we have not had a transition is extraordinary. and unprecedented. i am far from a cloak and dagger expert. cameron, we have to leave it there. cameron crise, thank you for the briefing. we greatly appreciate it today. speaking about europe come on to bember of topics,

direct, her plate is full. francine: her plate is full because of course she is trying to push this agenda. this is one of the biggest things that they can do, but the concern is over the budget. this was kind of in the works, and we also spoke with wolfgang munchau. so poland and hungary have decided to veto really important funds to certain economies that need it. and people are saying is this a bluff? they want something in return? it looks like this is not a bluff. .t is a major headache . tom: some of the reading may be for americans over the weekend, the european story. we will continue to watch that as well. have much more for you this morning. interesting, interesting weekend, and of course this election in america. it is well into november, and we are still focused on the election of 2020.

this is bloomberg. good morning. ♪

>> new york city will be back. i'm bullish on new york city. this is a particularly tough time. 2020 and 2021 are going to be tough years, but with the great news from pfizer and moderna, the vaccines in the offing, that will be great news. new york city will be back after getting through the dark phase no question in1, my mind. tom: this is the most emotional interview, for those of us in new york. the beginning of this pandemic, we decided to speak to medical experts. we spoke with adam byrne chaim,

a radiologist from mount sinai brought radiological images, snapshots of the lungs from wuhan. that was the first important interview of this pandemic. today david rich joins us, president of mount sinai hospital and mount sinai, queens. i looked down 100 1st street and i count the annual into this -- i count the ambulances. it is not as bad as it was in april and may, yet we are hearing about increasing trouble . give us a snapshot of this friday money. >> this friday morning, mount sinai hospital has 50 patients with active covid infection. that is significantly less then thepeak from 770, including patients in the tents across the street. it is a markedly less severe surge than what we saw in the first wave.

tom: then why are we closing schools? why are we seeing hospitals in north dakota, utah, and idaho closing? -- hospitals in north dakota, utah, and idaho with more patients? david: we have testing in the region that is certainly not as good as it needs to be in the long-term, but we can see the positivity rates. we did not know back in february and march what was coming toward us. there was no capacity and then we were overwhelmed. this time we can see the increase coming at us and take proactive measures in order to control the spread. so that we don't see the incredible amount of death and excess death outside covid that we saw during march, april, and may. rich, good morning from london. is it a different type of population being affected this

time? is it because fewer people are ending up in hospital, or is it because of the viral load? david: there are certain things that are different looking at it from our perspective, for inpatients. they are slightly younger, implying we are doing a better job of protecting our elders. we see a slightly decreased length of stay, and we are very happy that the mortality rate came down from 20% in the first wave to 5.1% in the second wave. while still a very deadly disease, this does give some hope that something we are doing, something in terms of therapeutics or better management of oxygen levels is improving the outcome of patients. but still not a disease to take lightly at all. francine: the world health againsttion has ruled using remdesivir as a treatment

of covid-19. what treatments are available right now that you are using? david: remdesivir, it does have some data that are contradictory, but in the early phase of inpatient care, remdesivir and patients not yet showing their own antibody that we are tools using, and as the disease progresses and we see more -- the use of glucocorticoids come as dexamethasone, and drugs that are in the blood that prevent clotting have been effective for us in preventing some of the complications that we saw in the first wave. tom: in your 36 years of -- at mount sinai, bed to bed what people do -- i want you to speak to our audience worldwide about the cdc basically canceling thanksgiving or what

about canceling christmas. how does a pro like you observe the political maelstrom of this pandemic? david: it is very hard for many of us to see that science is not being taken in the proper regard throughout the united states. i cannot speak as much to the rest of the world. but it is a problem when we don't have universal acceptance by public health officials and by governments that we must mask, we must socially distance, that the thanksgiving holiday is in many ways the worst of possible situations for spread of this virus because having large amounts of people indoors sharing a meal is probably the oft effective way, and -- spreading it, and therefore we must avoid it. tom: we spoke with epidemiologists like steve riley of imperial college.

i'm sure you're briefed on it if it is not your direct focus. howrich on herd immunity -- do you respond to people saying herd immunity will work. wayfair -- we have heard that this virus is too toxic. will beerd immunity achieved with vaccines went somewhere between six to present to 70% of the population has achieved high levels of antibodies that are able to neutralize the virus. so we will get there with vaccines, assuming we can overcome any reluctance within the population, which is a big assumption. but we know that if you are going to achieve that from previous epidemics in previous diseases, that is the number. even in new york city, it is probably only about 15% to 20% of the population that is currently immune, so that is well below the threshold for herd immunity. francine: how long are they

immune for he? looking at these vaccines, looking at these propositions, they have a 94.5, 95 percent efficacy, but for how long? if it is only for six or seven months, will we ever reach herd immunity? david: we have vaccines for the flu that we have to take every year. but even if there is a need for additional vaccination in the future, that is a reasonable to expect of the population that we will get additional shots at different times. what we have seen in our own research after people recover from the disease is the antibody response is very strong for about three months, and then gradually starts to decline in an average person. some people maintain immunity for longer. we also do not know if they are re-challenged with the virus if they will have a much quicker immune response, where the body remembers that it has already seen the virus, and for various

mechanisms is able to mount a response that either prevents the disease or causes a very mild version of it. reich, how are the doctors and nurses doing in queens at mount sinai? how are your doctors and nurses holding up? david: we have an incredibly hero in team. we have seen people put their own lives at risks but do with -- do it with professionalism, grit, and great determination. i think it has been very hard for people because they -- there has really never been a complete theite from this, and population with covid, the fatigue is even stronger in the health care profession. we work very hard to support our staff. we have developed ways to do that, everything from special respite rooms to behavioral

health programs, and that is very important for all health systems to do, to support their teams that are doing this work. francine: thank you so much, dr. david reich, president of the mount sinai hospital and mount sinai, queens. joining us from the bloomberg new economy forum, covid-19 on the pandemic, be sure to capture our special programs, discussions over the virus catchers. this is this weekend on bloomberg tv. this is bloomberg. ♪

francine: this is bloomberg surveillance. i'm francine lacqua and london. tom keene is in new york. we saw a shift in the last 10 minutes or so. european stocks are gaining, falling as of 10 minutes ago. it just be up between the u.s. treasury and concerns that they will be unable to release further stimulus for the battered economy in the u.s. a similar conversation in europe because of the e.u. budget and that veto from hungary and poland. churning a bit. we see an eventful week of stronger sterling. i have noted yen under 104, really has my attention.

i'm not calling for stronger yen, but it is giving it to me. 3.82 -- 105, 10 4,103.82. it has that weekend august feel to it but you wonder when the news comes along what this market will do. let us not forget dow futures, -63. 29,300 80, and you see it in the vix, 22.87. on the american economy, ellen zentner, next. ♪ businesses today are looking to tomorrow.

adapting. innovating. setting the course. but new ways of working demand a new type of network. one that's more than just fast. you need flexibility- to work from anywhere. and manage from everywhere. advanced technology. with serious security. and reliable coverage, nationwide.

forward-thinking enterprises, deserve forward-thinking solutions. and that's what we deliver. so bounce forward, with comcast business. >> it is possible we could have negative growth if this resurgence gets bad enough and mobility falls off enough. so the next couple of quarters

is going to be very challenging. >> we knew that things were going to slow down after the bounceback of the third quarter. we are seeing that in the data now. >> we are going to be well into 2021 before there is some sort of equilibrium that we achieve where people can understand how they can do commerce and all that sort of stuff. this uncertainty that is looming over us, it is a continuous drag. tom: we welcome all of you to bloomberg television worldwide and across this nation. this is what we do, important conversations with experts. .hat was wonderful to see we advance the discussion with ellen zentner of morgan stanley. i have eight ways to go on stimulus and that, but i want to get out the ellen zentner 2021 57-page. the only thing that james gorman reads. what does the job economy look like in february of 2021? askn: that is an easy

because that is the dead of winter. we put out what i would call a very lofty outlook. i have heard back from folks that the baseline looks like every button -- like everyone thats but the contours of are important. we have a difficult winter to go through and we have assumed consecutive declines and spending as we go through the winter of discontent. it is a tough time, so you throw out an easy month, february, and it is not going to look good. news onugh the efficacy the vaccine, great news because even through the dead of winter, it can keep hope alive because there is a light at the end of the tunnel because of the positive vaccine news. it is not going to help us to stay open if they have been mandated to close. so we assume that lockdowns are more pervasive across the country, that we've got a difficult time to get through first, but next year, the

timeline of the vaccine is not -- has not changed. rolling that out, having the service side of the economy coming back more strongly. tom: two thoughts. one is your idea in the dead of winter, the winter of our discontent, and stephen engle of standard chartered says pings are so grim, the fed may act for the december 16 meeting as well. what is the urgency for the fed given your winter of discontent? ellen: the fed is in a tough spot because financial conditions are very easy. the markets certainly have not seen the kind of data that they typically would need to see in order to fall apart in a way that would get the fed to respond. hand, because financial conditions have not tightened and they have said they have done enough, stimulating the economy for now,

unless financial conditions tighten, they will not act to offset that. but on the other hand, the cost of doing something like extending the duration of their asset purchases, putting further pressure on long-term rates, doing something like that in the december meeting is very low cost. is indecision among fed policy makers of, is that really necessary? is it going to be pushing on a string? that is why they continue to call strongly for fiscal policy to do more. this economy needs more support. it needs more support because the unemployment rate is coming down quickly, and we have talked about this before. you look under the hood and you've got long-term structural issues in the labor market like more long-term unemployed folks that may leave the labor market permanently. we could all say it is easy to point to fiscal policy and say we need more support. but can't the fed wait for that? that is the biggest debate today among economists, do we get that

announcement from the fed at the december meeting or not? if they stick to what they have been communicating, that they are only acting if they need to offset financial conditions, financial conditions are extraordinarily easy today, and yesterday at the end of the day they were even easier. so we still are not seeing the catalyst. francine: there is this pretty unusual public disagreement between the treasury secretary and the fed, some of these funds and how they get dispersed. --t does that tell us about is it a misunderstanding? is this obstruction? does this get worse? ellen: i think, you know, it certainly makes it appear that treasury and the fed are not playing nice in the sandbox together. you know, this was going to be an unpredictable time coming up

to the end of the year with the specialties, facilities that the fed put in place to address liquidity and credit availability in the economy. these were set to expire at the end of december, and it has to be a joint decision between the treasury secretary and the board of governors in order to extend those. now, the disagreement comes from the fact that these facilities are not being used. that much. wouldn't that tell you that they are not needed? but the point is really not are they being used today or not, the point is that it is really the optics of them being there as a backstop while we continue to work through this unknown evolution of the virus and how it will impact the economy. i would imagine the fed would really like to extend these facilities and keep them available until that cloud is lifted, which means extending them well into next year. argument is return

the funds and let those be used for something else because they are not being used sitting in the facilities right now. so it is a difference of opinion, but unfortunately treasury can ask for the funds back. they have, and the fed will need to return those funds at the end of the year when the facilities expire, and then let the next treasury secretary refund the thelities, re-fund facilities when the next treasury secretary comes in. francine: what does it mean for defaults? apologies, i'm losing my voice. the defaults -- tom: you sound like tom keene. francine: could we see a wave of defaults into next year, given the trajectory that the u.s. economy is taking? the householdt on being addressed

-- this is really addressing the business side. -- we wouldave not have expected a pretty big market reaction yesterday. granted, this announcement came late in the day, but at the end of the day, financial conditions eased and we did not see the reaction in the credit markets at all. it is probably because -- let me just say may, because you could see the markets react more today. but if the only implications that you will have a three to four week disruption until a new treasury secretary is confirmed, credit investors, you know, won't look to sell illiquid corporate bonds. and so that may be why we are not seeing much of a reaction. is that a given that there is only a three to four week disruption? i think that's what folks will continue to try to figure out.

is it a given that these facilities can be funded again under a new treasury secretary, or will the shape of congress at that time make that difficult? so -- but we have not seen a response in the corporate bond market. on the personal side, because we have had forbearance programs and we still have not brought all of the jobs back to the labor market that were lost, we are seeing defaults and delinquencies rise there. still not to the rate that you would expect, based on an economy with the high unemployment rate, as high as it is, but those are on the rise. we are not out of the woods yet. covid is still a real issue. we really should not have to deal with things today like this of, do we have any kind of support at all pulled before we get out from under the cloud of covid. tom: thank you so much for joining us. as we go toward jobs day and

onto december 16 and the fed meeting, ellen zentner is with morgan stanley. right now, first word news in new york city with ritika gupta. ritika: of the trump campaign lost another one last night. a federal judge refused to block your jeff from certifying its election results. a hand recount shows that joe biden won in georgia by more than 12,000 votes. earlier, it judge in arizona throughout the seeking of an audit in a pivotal county. and the trump campaign pulled its own plug on the certification in michigan. u.s. economic policymakers -- treasury secretary steven mnuchin called on fed chairman jerome powell to return money for several fed lending programs that rely on treasury's backing. minutes later, the fed put out its own message urging that all of the lending facilities be kept in place. mnuchin told bloomberg that companies do not need more loans, they need more money

which must come from congress. congress is getting close to a deal on a one point $5 trillion spending bill that would avert a government shutdown next month. nancy pelosi and mitch mcconnell met to hash out details. talks are separate from negotiations on another coronavirus release -- release bill. joe biden says he has picked a treasury secretary and he promised an announcement either next week or the week after. the president-elect said the choice will be accepted by all members of the democratic party, from progressive to moderate. among the names being mentioned, roger berkson and former fed chair janet yellen. global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more i am ritikantries, gupta. this is bloomberg. tom? tom: not to turn it into a history lesson, but for our

international audience, but yesterday afternoon in the united states was absolutely original. i have never seen it in my life and i had to go back to a historygore vidal, that that he did culminating in 1876. suffered valliere has -- has studied it. it is extraordinary what we are seeing. the only one the president cannot fire is the vice president. what do you expect to hear or see from vice president pence today and into the weekend? greg: this is beyond bizarre come as you know. i think mike pence is keeping his head down, in georgia working on the runoffs, but here in washington he has a president trying to undo the election results in a state that joe biden won by 157,000 votes. saw a sense of nebraska,

obviously romney of utah -- those are expected voices of protests. where is portland, ohio? outrage that so many republicans have kept their heads down and been silent. hopefully the voters at some point will call them on that. what i worry about is what else trump will do in his last eight weeks. i especially worry about geopolitics. tom: i look at this, and there are any number of ways to go and we don't have to play washington post and new york times and the outrage that we see in the zeitgeist. what our audience wants to know is how does the court system intervene on a strategy so original by this president? do you expect federal court or state court action, or does somebody go right to the supreme court to straighten out a debate back to 1876? greg: trump reportedly thinks

the supreme court could bail him out, but all legal scholars agree that his cases are without merit, so now he is going to election officials in various states, asking them to decertify the vote. tom: can he do that? greg: it cannot be done. francine: i am reading so much on how the president leaves the white house come if he ever leaves. is there any doubt in your mind that come january 20, joe biden will not be president? doubt.o, there is no i think that the last attempt by to get state legislatures to overturn this. it is not going to happen. if trump refused to leave, i think the generals at the antic on who despise trump would physically remove him. francine: that would be in early january if it were to come to that. what happens in the meantime

with the transition? greg: that is going to be more regulations -- there are going to be more regulations, more firings, more pardons, more geopolitical stories. i particularly worry about the u.s. and iran. trump has this tremendous antipathy toward the iranians, and i would not rule out some conflict between now and inauguration day. just absolutely bizarre. with all of your experience on this -- and i should say thank you for joining us on short notice this morning -- are there institutional structures within the executive and the legislative branch to temper the president's outburst and tone? as he drives toward january 20? greg: the only force that would moderate him -- and you hit on it earlier, tom -- his republican members of congress. we do have an example a few decades ago when leading republicans went to richard nixon and said it is time to go.

but no one, very few republicans other than mitt romney, as had the courage to do something similar with trump. one of the most bizarre things i have seen on twitter was yesterday, the gop reach weeding the trump -- the trump lawyer saying it is unfair, he is still president. actually, keep that spot because we are just having a couple of breaking news out of pfizer, and this is extremely important because we understand that pfizer and biontech are planning to file for this emergency use authorization of their covid-19 vaccine, and that would be today for use in december. so it is basically -- they are putting the plans today so that they have the vaccine to use next month. lets go once more to greg valliere this morning. we had a pandemic briefing from the white house.

we have a coronavirus task force? greg: they met yesterday for the first time since july, so you could say they are not really into it right now. i think that obviously biden and dr. fauci: and others will be far more involved. that is still another outrage that they have gone for five months without having a meeting. francine: greg, thank you so much. greg valliere. asking about the gop and that tweet. joining us today from johns hopkins, with the news on pfizer text, andrew pekosz. thank you for joining us. minutes ago, pfizer and biontech said they plan to file for emergency use authorization that could allow their vaccine to be usenet's month. this is record time. your thoughts? andrew: this will be important

because we will also see some of the additional data that has been ash that has not been released yet in terms of safety, as well as the efficacy data that they have since and press releases out on. completely expected. it will be important for us to go through the safety data to make sure that there are no signatures there of anything that could be of concern. but certainly everything that has been talked about from pfizer and the moderna vaccine as well has been very positive and leaves me optimistic about this vaccine coming down the pipeline. francine: you can see part of the population, the most vulnerable population, especially in the u.s., being administered this vaccine by, i believe, mid to end december. how many people will not want to take it because they think it is too soon? andrew: this is now the critical

issue. many of my colleagues have been "vaccinesphrase, don't save lives, vaccinations save lives." see publictant to confidence in the vaccine, that it is safe as well as efficacious. there is a pipeline to move the vaccine from an idea into something that is ready to be rolled out into the population. shortcuts, if i can use that term, have suggested that -- just production shortcuts. they are shortcuts that have allowed the companies to make large amounts of vaccines while they are doing their testing. the safety and the efficacy have not been short cut in anyway, and we will see that data today in the emergency use authorization statement that comes out. there any debate in the scientific community about whether these new vaccines could

actually alter your dna longer-term? norew: so far there has been report of anything like that in terms of long-term effects, but again, the vaccine has only been tested for a few months in humans. we have a wealth of data from animal studies that suggests that those types of things are not occurring in the animal models, that the vaccines have been tested in. but it is an important point to emphasize, as the vaccine gets rolled out into this first group of individuals, and as you mentioned, it is most likely to be frontline health care workers, other medical staff, residents, elderly residents of long-term care facilities and residencies. those highly vulnerable populations. that first round of vaccinations will also come with it additional monitoring. it is not like we will forget about monitoring for safety and efficacy that is going to keep going during this first round of

vaccinations. we are going to try to target the most at risk people in the population, and the other good news about the vaccine trials is pfizerth moderna and have data that suggests there vaccines are working well in the elderly, and that can sometimes be a problem population for vaccinations. so lots of good signals from the preliminary data. it is really now about an effective vaccination campaign. francine: is pfizer and biontech are ready to file, does it mean that moderna is also ready to file, and is moderna easier to distribute because of the freezing temperatures are not as high and you can keep it refrigerated for 30 days? andrew: moderna and pfizer are both the same types of vaccines. it seems moderna is about two or three weeks behind pfizer in terms of how they are moving through clinical trials.

i fully expect to see similar results from moderna. an coaching issue is important one. even though these vaccines are the same types of vaccines, or dharna appears ash but dharna moderna -- i am quite sure that pfizer is testing other storage capabilities for their vaccine. they have set up freezer banks across the country, and many of the distribution, and is like fedex and dhl have set up freezer banks to try to aid in the distribution of the pfizer vaccine. a will have more stability at room temperature, so that fixing will be easier to distribute. thank you so much for all of the insight, andrew pekosz with pfizer.

filing today for the vaccine. ♪

ritika: this is bloomberg surveillance. america's biggest oil storage hub is filling up again.

stockpiles at oklahoma were at 81% capacity as of the week ago. cushing is the delivery point for west texas intermediate futures. moreas america faces locked on measures, that could hurt demand. --. and china are looking according to the chamber of commerce in shanghai, more than half of american companies in shanghai are more optimistic about doing business in china now. they expect to have u.s.-china relationships more stable. s will have to take a coronavirus test within 72 hours of departure and the bubble could be suspended based on the number of traceable virus cases. latest bloomberg business. francine? francine: thank you so much, every tikka. big news over the last 10

minutes. theyr and beyond tech says plan to file today for emergency authorization for their covid vaccine to be used in the u.s. next month. that is coming from the bloomberg terminal, having a bit of an impact on stocks. we see stocks fluctuating. they are looking at this public spat between treasury and the fed on what to do with the emergency fund and that they have positive news that has been filtering all week from the vaccine front. the u.s. drug maker says that a final analysis of animal trials data showed it was very effective. coming up, or bloomberg surveillance. this is bloomberg. ♪

>> we are in a much worse today

than we were in the first half of october. >> you are not going to get a continuation of this straight upward movement. there are going to be pullbacks. >> we are very much due for a tough time. >> the fed has been quite clear that they expect the federal government to hopefully provide more income support. >> what they really want is for congress to do its job, and that is not happening. >> whether there is reflation, central banks are worried. >> 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 and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. equitymorning, with futures going nowhere, but the crosscurrents this morning absolutely phenomenal. where do you want to begin. tom: where do you begin? i've got to go to