bilal: that is a very good point.hink the language central bankers have been using is they have been urging finance ministers, prime ministers, or presidents of their countries to engage in fiscal policy. almost every credible institution is talking about fiscal policy because, as you rightly point out, monetary policy is less effective. so there is a strong case the central bank does want to accommodate that and make it easier to happen. in terms of the next steps for central banks, as you point out, qe is one, but yield curve control is the next step. the bank of japan has done this for a number of years. you have someone but the rba, the reserve bank of australia, already engaging in that. that would be one of the next steps. there is an alternative to all of this where we follow the path of china. the pboc has not done as much in terms of qe or rate cuts. instead, they have been very smart about giving credit to different parts of the economy. recently they did a digital currency program, where they gave digital c

bilal: yes, absolutely i think it will. this is one of the ironies of the big climate change and green energy movement. i think the infrastructure you need to build, green energy grades require a lot more hard materials. copper mining and fossil fuels to create that infrastructure. i do think there will be big demand for commodities in this environment, and of course, we are seeing that already with copper, iron ore, even soybeans on the ag side. part of that also has to do with china because china has continued to power ahead over the course of this year, and more generally, if you look at the segment of the economy has done very well this year, it is manufacturing. any factoring has kind of -- manufacturing has kind of hummed along relatively well, so the commodities are all kind of connected together. i do think there will be continued upward pressure on those markets. guy: stick around. plenty more to discuss. bilal hafeez of macro hive staying with us. this is bloomberg. ♪ ritika: let's check in on the bloomberg first

bilal: of course.ne of the biggest debates at the moment is will inflation go up or will it fall in the period going forward in the people who are very bullish on inflation or expect it to go up are focusing on debt, the amount of printing by central banks. to me, the more important thing is supply side aspects of the virus, and which part of the economy is affected the most. unlike any other resgs, it's a service sector that has been completely impacted during the covid period. so that's the part of the economy that is really dropped significantly, held up, and if you look at inflation in advanced economy, in rich countries, most of inflation is service sector inflation, and so it's really -- if you go back over the last 10, 20 years, the only area of inflation we have seen in rich countries has been service sector inflation. goods inflation, cost of tv's and such things, have been close to zero. my sense is if it's a service sector, therefore, you should naturally see a downward call on inflation. an

but ant group, the fin-tech founded bilally baba's -- by alibaba's jack ma just got bad news.ne who personally ordered a halt to the ipo on both the hong kong and shanghai stock markets of after ma gave a speech critical of chinese government regulations. this is part of the spin-off from alibaba, so baba shares are down about 1.5%, down about 14% for the week. all right, markets may not show it, but corporate ceos are really fretting about the already chaotic transition to a soon to be biden administration. to charlie gasparino on exclusive details on conversations top executives are having behind closed doors. why do they think it's chaotic, charlie? >> jeff siden fed, our friend the yale professor, smart guy, management guru, did a round table recently with some corporate executives about the election and the aftermath, the fact that president trump has yet to concealed. it was an interesting conversation according to sodden fed who was interviewed by my producer, lydia moynihan. and this is the upshot, instead of talking, spending all day talking to ceos, there's a one-sou