we are picking up our conversation with patrick armstrong, with plurimi wealth.e dovetail around the election, we can dovetail it to stimulus. i look very carefully today at the slope of the five-year, five-year breakevens. the guesstimate out five years of what inflation will look like five years on from there, and it is amazing the inflation distinction, the upward vector of the united states versus everyone else. how do you play that discrete separation, inflation guesstimates in the u.s., disinflation guesstimates everywhere else? u.k. being thehe other notable exception, we have high inflation in this country as well. for me, i'm surprised gold has not been rallying over the last month. tod got up to 2000, fell off 1900. i think that is your natural inflation hedge, and if we do see inflation coming into the system, we will see a massive amount of people wanting to hedge inflation. there will be a significant amount of demand for gold as well. treasuries as well, to traditional traders, which is in the negative real yield. that is a hedge from outside moves.

dashiell -- patrick armstrong earlier said about gold, 19.01. francine: this will have repercussions. the fact that the sec has shelved these plans. plannk you mentioned, the would have increased the threshold of who would have to billion to $100 million. if i look at my data check, a lot of what we're looking at has to do with earnings. a lot of also with renminbi, and we heard from china possibly some of the prints -- some of the plans. futures for a little optimistic. a brightering outlook for dividends. accrued a little higher. -- crude little higher. tom: kevin cirilli is our chief washington correspondent. the strategies of the two candidates changed in the last 24 hours? what are the odds of a biden adjustment in the trump adjustment. beene biden campaign has sticking to the course. ae biden has not been holding campaign schedule. president trump, ramping up his rallies. he had three in pennsylvania yesterday. he's got up to five and six plans per day. this is the same trip -- the same strategy he deployed in 2016. tom: the same strategy

patrick armstrong joins us of plurimi wealth. distill what we have all been talking about, about class half-full or glass half-empty. which is it? patrick: while the stimulus is there close to glass half-full for markets is good. regardless of what is happening in the world, a biden presidency and a blue sweep was something people feared a few months ago. i think markets have come to term with it come of that as long as central bank policy stays the same, you're going to get some fiscal stimulus from biden. the market is not worried about that anymore. anytime you are half-full, that is probably positive news. jonathan: is there a good reason to maintain faith in the economic recovery? patrick: i have a very high conviction that there is to be a continued recovery. i don't have as high a conviction that the economy gets to something that is good and strong, or anything even approaching an economy approaching its capacity. so incrementally, quarter on quarter, for many quarters ahead of us, we are going to keep pinching better, and

jonathan: coming up, patrick armstrong of plurimi wealth.on and new york, this is bloomberg. ♪ so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business. >> we are now fully in this reflationary reopening stage of the economy. >> people are now finding ways of carrying along their business. >> have the economy will come back. the other half will not have come back and cannot come back. >> the market gets appointed with the fact that the fed has not articulated a more concrete policy path. >> we are realizing the world is not a perfect place, and we are in the long haul. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. good mornin