>> if you look at the midterms, the market generally does better after that. i just don't think that at this time it is going to carry much weight. >> doesn't change the near-term future. the near-term future and risks it is about fed and the inflation. >> i think it is going to gradually fall. >> we are still racing ahead on

all cylinders with an incredibly strong jobs market. announcer: this is bloomberg surveillance with tom keene, jonathan ferro, and lisa abramowicz. jonathon: cpi data one hour 15 minutes away. this is bloomberg surveillance on tv and radio. equity futures are just about positive on the s&p at about .25%. tom: 8:30 eastern time, we will go below cpi data. you have got to partition out real estate. excuse me, folks, it is called shelter, not real estate. [laughter] i looked it up the other day. [crosstalking] it is 33% of the pie. people spend 33% nationally on average on shelter. jonathon: your delicate this morning. getting the data and getting the

fed life block after this. who is not speaking today? lisa: fed chair jay powell and others are central. but we are not getting from the leadership necessarily. whether you start to see a growing number of fed officials talk about the risks of the overshoot and what that could do longer-term to the economy and potential deflation -- inflation , where likely starting a seat around the edges. jonathon: isn't it slowing down anyway or they are implying they will slow down? lisa: cumulative lags and all that stuff, sure. at the same time, if you hold rates at 5%, there is a key militant effect of that. people have not fully gamed out because it is impossible to do so. tom: the debate here, and for people watching who are not sophisticates like jon ferro,

are we restrictive? that's the debate. to me, it is people ignoring the elephants in the room of cpi. i am making a joke about it, but you are right, they are ignoring shelter, ignoring selected food. can we do that? 100% of our audience is saying that is nuts. jonathon: they are looking at retailers and saying disinflation is starting to appear. other people are saying to hold on, that was the story of last year. it is broader and stickier now. that is the problem with this fed come constantly chasing their tail. tom: after this report and the next report before the fed meeting, they are going to be evermore ex post. lisa: when you talk about why this matters, holding for up to a year, i will put this number on it. the aggregate number stands at

$23.6 trillion. if that resets at another level, what does that do to an entire nation, in terms of borrowing costs and ability? jonathon: i think about things a little differently at times. i don't think the end of hyping is the same as the end. i think the fed is getting tighter in that world. inflation is coming down, growth is rolling over, [crosstalking] that fed is getting tighter. that is why i pushed back that maybe we have seen peak fed. peak fed for me, and i think for others too, is that if you are having a recession and they are not cutting interest rates, that is when you will feel real pain. lisa: tightness is a relative game. when that relative game changes into a weaker reality, all of a sudden the fed's position carries a lot more weight to do nothing rather than just continue to tighten.

jonathon: the market looks like this. well said. look out for shelter later. the euro-dollar, stronger dollar, weaker euro. .9944. lisa: 8:30 a.m., we get the october cpi, which we expect to be a .9%. -- 7.9%. people will dismiss this as not as important as the one we will get in december. tom always dismisses this. it is important to note that yesterday moved the market broadly. it moved equity markets because it did not go well. 10 year yields were much higher than people had been expecting and a lot of people were wondering why for a whole host of reasons we can get into today. fed's speaking, including the

philadelphia fed president, dallas best -- dallas fed president, san francisco fed president, cleveland fed president, and kansas city fed president. jonathon: that will be later. [crosstalking] out of control. tom: out of control. lisa: there it is. tom: do you want to hear from five fed officials were here from philip camporeale? jonathon: i want to hear from phil. when we start calling the sable market? -- calling this a bull market? >> not yet. it has been a recurring nightmare for investors. inflation has been very, very slow to come down. it has caused terminal rates to jump, the dollar to rally, equity markets to fall. it has been a nightmare all year. i think that is the reason why we are feeding some of these rallies and while we don't think

they have much legs, at least to the end of the year. as i keep telling people, it is like groundhog day. there is a terminal rate problem in the equity market. in other words, we have no idea when the fed is going to stop. they mentioned last time, maybe we will pause and may be it will affect all of our tightening, but if we continue to get sticky inflation, there is no fed member who wants to go down in history as losing the fight on inflation. that is why we are cautious on the equity market. tom: that's every behavior i've seen coming off central banks. translate a higher real yield as they moved to some form of terminal rate over to the equity market. why should stock pickers or index buyers worry about a 1.85% real yield? >> it's the opposite. remember last cycle, there's no alternative? helping the cap weighted s&p 500

index. it is the opposite of that now. there are a ton of alternatives. i can't believe how much i'm talking about things like cash rates and t-bills and a 4% risk free rate. that just raises the barrier of entry into all of those asset classes that did so, so well because there was no alternative. cash for us is a nice alternative. we have 10% cash. that's the most we have had in cash. also in front, the fed jacking up the yield curve and going by 75 all the time. there is really high-quality credit you can get a 6% yield. lisa: 10% of your portfolio, the highest of all time. can you give us a sense of how you build that over the year and how you could see it going even higher? >> i think even higher would be in a world where the fed would have to break the back of the economy in order to get inflation back down to their

target. that is to be determined. i would say summer is when we start to build that up. remember when we got that cpi number for may and then the fed had to call the "wall street journal" and say we have to do a 75 basis point hike? that is when we had to raise cash in the portfolio and we kept it there. i cannot stress enough that that was trash in the last cycle. it was so high because rates were at zero. now it is again raising the barrier of entry to every other asset class. lisa: when you talk about potential downside risk in equities, how much are you looking at the potential for triggers like bitcoin and ftx collapsing and other types of events that might seem peripheral but that do have forced selling on the other side of them? >> this all comes down to sentiment. folks are seeing things that they presume to be safe as the bottom is falling out.

that will drive sentiment. same thing from a couple weeks ago. it did not necessarily affect the u.s. because it was specific to the u.k., but that was a driver. rates were taking up higher here in sympathy. i think just seeing volatility in things that were very, very good in the last cycle, i think it just puts pressure on the market in general. jonathon: once you make the decision to go to cash, you have to make a new decision to get out of cash. on the dashboard free to make that call? >> it is this race. a soft landing is not avoiding recession anymore. a soft landing, as you guys were pointing to, is a mild recession. i think this race between glow -- growth and inflation, i think we could think about it as the first quarter next year. one number does not make a trend. if people are cheering, you will not get open-mouth operations to be cheering.

fed speakers will not be cheering anything. i think it has to be at least two numbers, the perfect scenario. i don't think the fed will say anything in their december meeting that will be good for investors. in the first quarter, if you can get inflation turning down and growth around trend or even below trend, that will allow the fed to pause at a time where they don't have to break the back of the economy and we are thinking about things like equities again and high-yield. jonathon: we used to joke about the federal reserve controlling the s&p 500 and having a price target. is that a little bit more real now? do you get the sense that they do have a limit on where they want this market to be and where they don't want it to be? >> i don't think so. only because that strategy of late 2018 and 2019, worst christmas eve we have saw in 2018. the fed pauses in 2019, rates moving down in july. you throw that out the window. jonathon: now it is a fed call.

i am thinking about the upside. are they uncomfortable? do they like that? >> they do not want financial conditions ease anytime soon. jonathon: that's the problem. tom: you're watching the bloomberg financial conditions index and it is a little more strenuous. jonathon: coming up, a call with dan ice on tesla. phil, this was awesome. [crosstalking] [crosstalking] jonathon: live from new york, this is bloomberg. lisa m: keeping up-to-date with news from around the world. with the first world -- with the first word, i am lisa mateo. control of senate comes down to three races where votes are still being counted. each party needs to win two of those states to secure the majority. burger, arizona, and nevada are still in play.

the race in georgia heading to a runoff next month. neither the incumbent nor the republican herschel walker received 50% of the vote. in china, the government has once again reiterated its support for the covid zero policy. still, it is urging more precise and targeted control measures against the virus. according to the state run news agency, beijing will try to minimize the impact of economic and social developments. bloomberg has learned that crypto exchange ftx.com has told investors that without a bailout, it would need to file for bankruptcy. ftx cofounder sam bateman freed said the company faced a shortfall of up to $8 million and needed $4 billion to rib solve it. one company agreed to buy, but walked away after conducting due diligence. meanwhile, u.s. regulars are investigating. new twitter owner elon musk has emailed his staff of the first time. he warned them of "difficult times ahead. he said there is no way to

sugarcoat the message about the economic outlook he also said remote work will no longer be allowed and employees are expected to be in the office for at least 40 hours per week. lisa m: -- global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i am lisa mateo. this is bloomberg. ♪ we all have a purpose in life - a “why.” no matter your purpose, at pnc private bank we will work with you every step of the way to help you achieve it. so let us focus on the how.

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pres. biden: while the press and

pundits are predicting a giant red wave, it did not happen. i know you were somewhat miffed by my obsessive optimism, but i felt good through the whole process. jonathon: the president of the united states feeling good. cpi data one hour 20 minutes away. equities look like this on the s&p 500. equity futures firmer, positive, higher. yields down by almost one basis point, 4.1% on a 10-year. i have got this notice, but let's start with this tweet from dan this morning. tesla up by about .3%. a new price target at wedbush. $250. now sitting on the peak of the mountain with tesla in a position of strength, they have managed to do what bears have not mean she for years. crushed tesla's spending in a

purely painful situation. they have been a big bull on that stock for a long time. tom: is it presumed that mr. musk will sell other shares of tesla? jonathon: we don't know. that has been the trend and the problem. lisa: it has also been brand destruction, with the news from twitter. and the spaces that he held, just trying to get advertisers to stay with him. is he becoming toxic to himself and his company that has been a shining star? tom: as an amateur on this, from a strategic standpoint, are there 42 or 47 electric vehicle cars competing with pasley? -- with tesla? jonathon: he has been encouraging that with the immense success he has had over the last two years. i would love to catch up with dams soon. -- dan soon.

[crosstalking] we are lowering our price target to a hundred $50, related to a musket overhang that gets worse by the day. still looking for the upside here at $250. this mass capitulation this morning certainly reflects some concerns people have about the main. tom: it's a readjustment. we will have to see how we readjust on a daily basis with musk. he is only buying companies with [indiscernible] is that even a company? i don't even know. some themes to talk with anne-marie about. it has certainly been under the radar, certainly with our study of finance investment. whether real or perceived, crime is front and center, lots of morning after analysis in new

york state about how crime was handled by both parties. what is your knowledge, your summary of what you learned about crime in america in this election? annmarie: i think new york for the democrats is going to be something they really need to dig into as a postmortem. for the republicans, it could potentially be a playbook. what new york is showing is that republicans were able to really pick up districts that the democrats and president biden had one by large margins, because they were really able to come out and deliver this message on rising prices in new york city and the surrounding areas, and across new york state, as well as the concern over crime. yes, the governor did end up pulling it out and she won the race, but look at some of these congressional districts. hudson valley, even people were voting republican in places like queens and brooklyn. this is something the democratic party is going out to deal with, because this is perhaps one of the most, if not the most, liberal state in the united states. tom: can there be a centrist

aspect to the crime debate on capitol hill? can there be democrats and republicans that come together on crime, or is that just unthinkable? annmarie: i think it potentially can, because the biden administration, and president biden said yesterday he understands concerns with the electorate that inflation and crime is still a major problem. these are major things he understands people are concerned about. potentially, even though it was not the red wave and the president wants to keep reminding all the journalists in the room that it was not a red wave, that pendants and some polls were predicting, that he is going to have to maybe move a little bit more to the center. he already spoke with kevin mccarthy last night. we are already seeing the president do that. these next two years, he wants to get items done on capitol hill. lisa: meanwhile, republicans also moving more to the center in certain aspects. do you get the sense that more

broadly people are blaming trump for the lack of wins we saw from republicans? annmarie: a lot of people are blaming the former president for his picking of candidates that they say just did not have the credibility or quality to win, especially senate statewide races. you think of dr. oz in pennsylvania, and there is the report that the former president is not blaming himself for picking those candidates, but even blaming his wife, melania trump. you see the "mayor post" with the front page this morning taking age at the former president with an opinion piece, saying that yes, there was no gop red wave. it is astonishing there was not, given the fact that the party in power is dealing with 40-year high inflation. they also put the blame on the gop's take of core candidates paired that really goes down to the former president and the individuals he backed. jonathon: he told us, you heard

them. if we do well, i get the credit. if we don't, it wasn't my fault. tom: when do we hear from him? you said earlier that there is a huge push for him to stay out of the dialogue until after december 6. i would suggest that that is virtually impossible for mr. trump. jonathon: i watched a bit of fox news yesterday just to get the tone of things and that's what i heard from a lot of people, just pushing the former president. tom: i like libby cantrell. we talked to her yesterday. i thought her note this morning with pimco was just brilliant. this is so seismic, this election. you don't even understand that we go back to 50 days after 9/11 and that election. jonathon: i think she called it the red whisper. that was her phrase. tom: but the slice and dice of it will be fascinating. jonathon: anne-marie, thank you. you go into an early-season with

a big tech company that is really, really low, and they hop over a really low bar. and we are light, it is a great turning story. lisa: you thought it was too positive given the fact that that we are potentially going to lose the house. jonathon: this whole story could change in the next couple of weeks or a month from now. lisa: a low bar, to your point. jonathon: those earning stories, terrible expectations where they beat estimates. we don't have to change a thing. tom: the article i want to see is, who are the joe manchins for the republicans? there are five or six of them. they will be powerful. jonathon: cpi one hour away. this is bloomberg. ♪

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jonathan: cpi data in america 60 minutes away. equity futures positive .2% on the s&p. the rest of the year looks something like this. cpi this morning, december 2 payroll support.

the sixth, you should get a runoff in georgia. the 13th, the final cpi print of the year. the 14th, the federal serve. then, we can all go home. about a month away. let's get to the bond market. what a year it has been from 12 months ago. in and around 40 basis points on a two-year, friday came close to 480. at the moment, about 20 basis points south of 459 -- 4.59. i think the number we are watching, one eye on what happens in the land of bitcoin and crypto. bitcoin 12 months ago pushing about 70 k. right now, let's call it 16. tom: crypto will have a special report, i believe they are working at that. jonathan: 1:00 p.m. eastern. tom: really trying to explain this, to be honest to people like me who have no clue what is going on. jonathan: jp morgan potentially

talking about a cascade of margin calls. how much leverage is there, how much contagion can we expect perhaps across traditional asset classes? tom: i'm going to editorialize and say there is way too much focus on billionaires, or less than billionaires and far let's focus on people getting run over by this event. jonathan: couldn't agree more. there is going be so much pain for individuals across this country and beyond. that is the point, where the billionaires use to -- they were not billionaires, how much hot water are they going to find themselves in over this? tom: i have seen the ballet of davos. the billionaire adoration, it is gone. jonathan: i like that. price action with single names. lisa: let's talk about the bitcoin space. with these companies tied so intimately to the crypto story, including coinbase. i'm watching today yesterday and

the day before, huge losses up now 1.2 percent. how much to build on this idea of the ramifications, the broader acceptance of crypto. investment in it. how much does that rebound into other asset classes and potentially cause -- not the failure of other companies, but pain you see expressed in market valuations at the least? rivian, we were talking earlier about who the competitors to tesla are. rivian, the maker of electric vehicles. up more than 8% after reporting faster production than people had been expecting. better-than-expected guidance. how much do we start to see some others gain traction against the likes of tesla, given how much the technology is advancing and given what is going on right now with the controversy around elon musk? bumble shares down by more than 14%.

it is the app where the woman has to reach out first. it is something that gained traction over the pandemic. now, lower by 14% as they post worse than expected earnings. how many things gained incredible market share during the pandemic, incredible amounts of money do to zero rates --now struggling as they face a bleaker reality? tom: we will save leaker reality, --say leaker -- bleaker reality. bitcoin 16,000 a while ago. kathy, i want to get to the reality. i do not care about spreads. i do not care about nancy convexity and the rest of the -- world. i am down 15% in some flavor of quality bonds. how do i begin the recovery?

kathy: there is a couple choices you have. most likely what you want to do is start reinvesting in higher coupon bonds. in order to recoup your money, you want that coupon money because that is what you get out of the bond market. it is much less about capital gains. obviously, that was when yields were falling to zero. in reality, most income you get from fixed income is the coupon payment. frankly, to repeat what we had this year and get another 14% down, you need rates to go to 9%. i know a lot of bearish people. i do not know anyone talking about 9%. even in a static or higher interest rate environment, if you have higher coupon paying buzz, you will have a positive total return. tom: what quality of quality corporate's is best positioning point? is it the no-brainer aaa? i am not using his as a credit

rating basis, but the emotional, aaa quality, or do you want to go some shades of quality down to find that coupon? tom: in the corporate bond world-- kathy: in the corporate bond world, there is not a lot of investment grade paper out there right now. hi yield is appealing at 9% yield. the problem is, we do not think we have discounted the weakness in the economy that is coming. pretty cautious on high yield. sticking with higher credit quality. if you are in a higher tax bracket, the mimi market -- lisa: how much are you staying in cash or short-term bonds? jp morgan -- 10% of cash in his portfolio because there is an alternative. are you seeing the same in fixed income because of the uncertainty right now? kathy: we are seeing a lot of

people stay short, relatively short duration. we think that is a mistake to stay all in cash. to lock-in higher yields right now we think is an opportunity. we are looking for inflation to come down. we are looking at a rocky road ahead for the economy. we are not locking in some of that income right now. you are probably going to ride it up and ride it all the way down and be looking at lower yields down the road. we are not extending duration 30 years, but we think it should be moving out to at least an egg-like duration and portfolios. lisa: do you think longer term we will see an average 10 year yield closer to 3% or 2%? is that the more likely target people are looking at, to give people an understanding of the rate of change in where we may be headed? kathy: we do. i think some basic fundamentals have not changed. a, we've got weakness in the

economy coming. cumulative effect of the tightening we have seen globally. we should see economy continue to weaken and inflation come down. we have not changed the demographic profile globally and domestically of an aging population. we have a lot of savings around the world. frankly in the u.s., we have the bonds reserve currency people flock to when things get tough. i do not know why we would not go back. we get inflation down to roughly 3% 10 year yield. tom: ira jersey publishes and talks about a 10-year yield that will be hovering and will be almost a stasis. are you assuming we come out of bond volatility and yield volatility towards a hovering sense of the fixed income market? kathy: i would love volatility in the bond market to come down. [laughter] i think we have to get the fed to slow down or stabilize before

that happens. i think one of the concerns i have is that this volatility, this rate of change has been so dramatic and so high that it is going to destabilize in other things. because bonds are used to price other assets, if you have a highly volatile treasury market, you cannot price those assets well. i think down the road, sure, we should get lower volatility. i think we need to see the fed plateau before that is going to happen. jonathan: awesome. one of the best, as always. 400 basis points in eight months. for the federal reserve. what did we get the last time in the cycle in the last three years, half of that? tom: if you are on the right side of this, you are a genius. i would say that is a narrow group. not to compare and contrast bitcoin, but you've got this idea of a lot of people who face reluctance -- the index, -15%.

there is not a lot of difference for a bond retiree from -6% and -15%. they are both equally painful. that is brutal. lisa: it has been a difficult year. when is the 60/40 going to come back, when are bonds going to act on a cyclical, counterbalanced to risk assets? there are some people suggesting that perhaps the second half of next year, a number of analysts pointing to then as possibly seeing some sort of counterbalance from the 10 year yield. we have not seen it reliably yet. jonathan: i think relative to 12 months, yields are so much higher. the question i have on the back of 400 basis points and eight months, is the price you are going to pay for it a 21% on the s&p 500? lisa: how do you game that out when you do not understand what the consequences are of a 5% fed funds rate? this is basically throwing darts

at a dartboard. jonathan: totally. tom: i am not cynical. jonathan: not at all. tom: i got an email, i was wondering if fillon was putting them on spacex to enjoy going -- elon was putting them on spacex. [laughter] jonathan: stay there. we will catch up with -- another time. tom: we haven't talked much about china today. the apple-china update is a great story. jonathan: the supply chain risk and china is real and has been the last 12 months. tom: you have alluded it has come back towards quarantine, covid. jonathan: it is a delicate dance. it is a huge production base. it is also a huge source of demand and you want to risk the blowback of exiting the country. i have talked about some unsustainable situations with multinationals. we are getting towards decision time.

lisa: decision time i who? government regulators that start coming in and saying, not so much. or, do you get the desire to avoid reputational risk? jonathan: do you know who called this election really well? terry haynes, found a -- founder of pangaea policy. coming up. this is bloomberg. ♪ ♪ ♪ lisa: figures out today are likely to show u.s. inflation moderated only slightly last month. keeping a fifth the basis point rate hike. economists forecast the consumer price index will show up 7.9% increase on an annual basis. cpi comes out at 8:30 new york times rate president biden says he plans to seek reelection and will likely make it official early next year. the president spoke after

democrats avoided worst case scenario congressional losses in midterm elections. he said the final decision on running again depend on health discussions and with his family. jeremy hunt considering whether to impose a top income tax rate on more britain's. hunt is thinking about lowering the 172,000 threshold and tax rate. richie sunak looking for more than 57 billion of spending cuts and tax heights. analysts say meta platforms more -- most job cuts will not be back to beginning the company as profitable as it was two years ago. it laid off 11,000 workers wednesday. revenue falling, spending has ballooned and money saved on job cuts equals one point of operating margin. the largest single owner arc auction in history. in two and a half hours

wednesday night, christie's presided over the sale of 60 artworks for an on precedented -- unprecedented amount of -- billion dollars. among them were works from lucian freud, gustav clint. global news 24 hours a day, on air and on "bloomberg quicktake." powered by more than 2,700 journalists and analysts in more than 120 countries. i am lisa mateo. this is bloomberg. ♪

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>> this slower then return to normal for inflation could -- inflation execution speed we cannot let the fed let inflation fester and expectations rise. if we back off on the fear of a downturn, inflation comes back and requires more of a restraint. jonathan: cpi print 42 minutes away. equities on the s&p 500, just about positive on the s&p and

nasdaq. s&p 500 higher .2%. 4.1% on a 10 year this morning. tesla -- he added to the call on twitter, we still believe in a long-term bullish thesis on tesla. that the was unchanged. this twitter agnes need to in. ran destruction as our biggest worry with this twitter circus show. his view. tom: we are going to move on. jon ferro to frame out our next guest. this is important. what an election. terry haynes has a certain perspective. jonathan: he got it right. everyone was looking for that massive red wave. that is not what terry was looking for. terry, why don't you start with what you were looking for and

why? terry: good morning. i am old school. i look at the data as much as possible and way in other things. i pay attention to what some aggregators are looking at, whether it be real, clear politics or innate silver cider or whatever. i have been around this and doing this a long time. what you get from me is my own view. i was not seeing a wave. i was seeing slight red on the map. probably, a small house majority and the senate still up for grabs. right now, more likely to go hard on the d. it was not going to happen. what you get out of this is what you have. continued fiscal stability, nothing in the domestic and continued ambiguity on foreign policy. tom: will there be a set of joe

manchin's in the house, will there be centrist republicans looking to 2024 that will push against more conservative republicans, à la joe manchin and the democrats intent -- senate? terry: manchin is not alone. everyone knows manchin and cinema. they are representing others on the issues, whether it be energy issues or the regulation of financial services. remember, they rejected a bunch of people. those people exist in the house, as well. these are four factions, not two parties. that is true. tom: i do not think it is in the zeitgeist right now. i do not think it is a unified gop in the house. i get that. do they have real power to steer gop legislation with gop majority in the house? terry: if they can unify around

some things, sure. there will be lots of responsible people. patrick mchenry, the financial services will be one. who will look into do that. it will not be an easy process for them, just like it was not an easy process for democrats in the last cycle. it will take time. it will not be instantaneous. if the senate does not go -- whether or not the senate goes republicans way, it needs 60 votes to proceed the legislation in the senate. it will have nowhere near that. the net-net of that, you will not see much legislation be successful. lisa: is it too soon to say ron desantis is the new leader of the republican party? terry: no, it is not too soon to say that. certainly, the direction that desantis points is on -- unapologetic on policy, while at the same time, having a winning way about him. not only personally, but through election results.

it is exactly the direction the party wants to go in. sure, i think that is true. lisa: from a substance perspective, how does that differ from donald trump? terry: on a substance perspective? how it changes is consistency of purpose and consistency of message. what i always thought of donald -- former president trump was a lack of consistency and messaging and a lack of consistency in substance, to some extent. he had successes where he was laser sharp on both of those, china tariffs being one. a lot of other things, the trump white house all over the map and that was that for them. desantis has shown in his governorship that he has learned from that. jonathan: tom has talked about it and i want to build on it more. the failure to embrace mail-in voting on the republican side. how do they address that, how

did they talk about it in the coming months? terry: do what? jonathan: the failure to embrace mail-in voting on the republican side. it hasn't been part of their strategy. why not? terry: it is strange, isn't it? they are going to have to i think this is a wake-up call for that. i do not know why they have been late to the post on that. they are going to have to figure out there is two elections here, the mail-in voting election and the day of election. pennsylvania is a example of that. i could never understand why oz agreed to debate fetterman so late. they were already in. that is probably why the election -- tom: do not feel bad you didn't understand jon. i didn't understand him either. with every five words with his

accent, i didn't get the mail and thing. jonathan: should i go home? tom: it is leica tiki blinders thing --like a peaky blinders thing. the accent thing. now that i think about it, i need to get the word thing at the bottom of the screen. lisa: closed captions. tom: i do that with peaky blinders. i need close captions for bloomberg surveillance with jon ferro. jonathan: i'm trying to figure out how offended i should be. lisa: i think you are justified in being quite. jonathan: terry haynes of pangea policy. tom: thank you. jonathan: would you like to take us to break? tom: no, no. jonathan: please do. i do not think anybody would understand my birmingham accent. tom: what is the difference between a birmingham accent and

a manchester accent? jonathan: they sound different. tom: who has a manchester accent you talk to? lisa: this is getting incredibly uncomfortable. [laughter] tom: in america, we do not have the accent variants. you, how far is birmingham to manchester? jonathan: a couple of hours. tom: it is like another world. jonathan: are we done with this? tom: i struggled with it like terry did. that is ok. jonathan: matt is going to join us shortly. i may not be here. tom: dow futures up 50. jonathan: take us to break. please do. tom: cpi, 35 minutes. ♪

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