bonding co seeds amanda has volunteered for the study. doctors explained that the vaccine proved harmless in animal tests but there is always an element of risk. for total of 2000 people to be testing the vaccine which was developed in england so monday is getting a 15 year old expense allowance but the money is not why he's here. when so many people all over the world have died that's why i'm taking part also because i hope to protect myself with a vaccine. so why is. the risk of infection continues to rise here kovan 1000 patients are treated in tents this is the only way some south african hospitals can cope with the dramatically increasing number of infections we know in parts of the brain. we want to get it. remember. we were you know. this is why the vaccine is being tested here in the johannesburg township of soweto as well as in other places to mandy lives in soweto but many of his neighbors are baffled by his participation in the trials. but says mom they can't understand all the excitement after all he says the vaccine is also b

. >> well, i think that, i think that michelle obama really bonded with dr. jill biden. i cod the dnc veterans and military council i'll be speaking at tomorrow. jill biden was such a force for blue star family members, as stepmom of the late beau biden. and michelle obama and her book really talks about the entree to military families and her experience that she gained through jill biden. i think what we're going to see, it's not only personal, because president trump is trying to tear down everything barack obama did, and by the way, he keeps lying about it. barack obama signed into law the bernie sanders/john mccain veterans choice act in 2014. president trump says i got veterans choice. no, you didn't. and so he's not only trying to undo the things that barack obama did but take credit for the things that barack obama did that he still likes. >> all right. final question here, we're seeing the hobbling of the u.s. postal service and the president said he wants to stop mail-in ballots. what do democrats plan to do about that? in the midst of a pandemic, a lot of people don

co-cio. he says bond losses could far outweigh their potential gains if inflation should pick up or real yieldsise from the current depressed levels. joined by the portfolio manager for globally multi-assets at pine bridge investments. to some extent, you agree with prince's statement. he's talking about investment-grade debt. do you think there is a possibility inflation would really hurt investors holding this kind of paper? >> good to be with you. inflation would hurt, not just investment-grade debt. it is the risk for fall -- all financial assets. there are few exceptions, but within fixed income, we would say to investors, focus on real returns and real yields. is very few options on that front and that is what has led us to shift our focus toward emerging-market debts as really the only meaningful remaining worthve real yields taking some risk on. matt: what emerging-market debt that you like? we saw local currency and dollar-denominated debt spreads came down pretty drastically. for in ayou looking emerging-market debt as the right choice? the spreads have tightened across the board, but

iain: we've been saying that we want to be co-investing with the central banks, so finding parts of the government bond market where there is some yield. i would have said the 10 year treasury a couple of weeks ago. it went down 50 basis points or so but when you look out to the the curve,t of and markets got confidence the central banks around the world will continue to support the credit market, investment-grade credit. the ecb has been doing it for a long time, buying corporate bonds. i think that is the area there seems to be the biggest focus. we are seeing flows going to that market, and really, the challenge from -- when you go into the high-yield space is rolling up your sleeves and finding companies that will still be with us over the next few quarters. we are seeing defaults picking up, but that is where the value is and the yield. that is where the hard work will be for us over the coming months. francine: how much more support can we see from central banks around the world? iain: i think we've heard very clearly from central banks that they will continue to support the economy's as needed.

co. is still with us. the bondket is holding on to all details around inflation this week area what will you be looking out for? i know you are in general underway government debt. what are you going to be looking for from a u.s. treasury perspective? >> a may be interesting to the they will have inflation. we are seeing slightly higher inflation globally, quite natural after the amount of stimulus, actually cash injection. if you look at it from our perspective as an investor, what .e see is inflation rising the central bank is going to say we don't care. we saw this in 2011 where inflation went beyond that. interested -- i in that very interested 5, 6, seven number, the kind of numbers central banks find it hard to avoid. the nightmare scenario for bonds and risk assets, would be higher rates. for now there is a big tail risk. central banks actually reacting to inflation. reassurings would be , how they ignore an uptick in inflation. matt: on the consumer level we hear about it all the time with groceries. on big

co. and have an amazing bond.el. >> you know, they're very different from each other. they still love each other. they care for each other. they trust each other. >> reporter: their humans are lea and her husband eric. but he wasn't always a dog lover. >> i convinced him to get one dog and got calvin and he fell in love and two years later we got samson. he's always been a cat person and then we got cleo who is 4 months old. samson took to cleo immediately. carter calvin is a certified therapy dog volunteering the aschools, hospitals and nursing homes while sam song is a trained service guard safeguarding lea who suffers from a medical condition. >> samson has been trained to help with some of the medical episodes that i have, and so he helps prevent them. >> reporter: calvin and they're known online, share pet friendly travel spots complete with fur-tastic snapshots. >> they make us laugh every day. we love to have our whole family together and enjoy like what the world has to offer. >> and we will be sending cle

bonds has been a place to hold wealth. the current zero rate environment is upending that. thepoke to the coon fund on that. while everybody sort of focuses on the change in payroll and people tend to focus on the growth rate, the big issue is the depressed level of spending at income in the economy, which is expected that's reflected in the on employment rate of around 10%. the longer we are in that situation of a depressed level of income and spending, the more vulnerable individuals and companies are to that set of circumstances. and the most likely timeframe for that virus impact on income and spending is 18 to 24 months, or something like that. but if you can imagine, we have just had kind of a four-month fiscal program, or one quarter. imagine having to do that a second quarter, third quarter, up to eight quarters. imagine doing that for eight quarters in a row, to make up for the low level of income and spending in the economy. imagine the potential on the dollar, the potential on inflation, and the effects on other assets. so yeah. and as that lingers on, i think you have a combinati

bond side with an asymmetric return pattern and a zero yield. it is a problematic scenario for any traditional investment strategy. shery: bridgewater associates co bob prince. putting is reportedly pressure on the trump administration to let it cell components to huawei. the wall street journal says qualcomm is lobbying to be allowed to sell 5g chips to huawei because foreign markets have access to a market worth eight dollars a year. is set to have preliminary talks about a deal with tiktok, although the outcome is unclear. favorite.is the the white house has given the chinese owned app to find a buyer. the administration has also barred american companies from dealing with its parent, bytedance. industry regulators in new delhi say the airplane that crashed touchdown too far from the airstrip. it may have resulted from the pilot's bad judgment. over more than a hundred were injured in 18 died -- and 18 died. biggestp, the world's oil exporter is pressing ahead with plans to pay $75 billion in dividends despite sliding profits and a surge in debt. we will have more on oil and saudi aramco's earnings, next. this is bloomberg. ♪ hike! simon pagen

nejra: bridgewater associates co-cio bob prince and georgina taylor of invesco asset management is still with us. thoughts on the asymmetric risk in the bondts versus equity markets where the fall has been taken away? georgina: it is so interesting. this dilemma between how we zero everything in a interest rate world and equities for a number of years have been a beneficiary of the low discount rate. the future path of earnings is more attractive. that whole discussion, debate, and change -- has changed and is a bit why the u.s. fiscal discussion is taking so much weight because it is now relying on the fiscal stimulus because arguably, monetary stimulus has gone as far as it can. if the floor had been removed, i sympathy with that, then maybe you stay in assets relative the history that don't degrade value but relative to this new world, that is a pretty attractive starting place and as an income investor, it is something i think about everyday. georgina, we could r erate going into next year with a vaccine. my question is on the bond side. i look back to the taper tantrum between may and september, we ratcheted by 140 basis points in rep

bond side of it with an asymmetric return pattern and zero yield. so it is a very problematic scenario for any sort of traditional investment strategy. bridgewater is the co prince, speaking with jonathan ferro. bloomberg surveillance continues in the next hour with tom keene in new york and guy johnson in the u.k. don't miss that conversation on commodities with the barrick gold ceo, mark bristow. meanwhile, the markets coming in a little more cautious the last 60 minutes after the announcement from the chinese government in terms of sanctions on 11 american officials, and the other big talking point is going to be around the american stimulus measures, the u.s. esident taking executive action. is that going to be enough? is it going to last long in the for the market to sustain its current leg up? this is bloomberg. ♪ experience the ultimate sports hub. where you can find games, news and highlights. all in one place, right on your tv. the xfinity sports zone. use your voice to search every stat and score. follow the teams you love. and, even get notifications with breaking news alerts and more. with the xfinity sports zone everybody wins. now that's sim

bond side with an asymmetric return pattern and zero yield. it is problematic for any traditional investment strategy. associatesgewater co-cio bob prince. trump was not bluffing. he said if democrats and republicans could not agree on a plan by saturday, he would take plans into his own hands. he did. kathleen hays is here with the latest. talk about those actions taken by the president, because they did kick up a major outcry. kathleen: they did. he is taking unilateral action on stimulus steps. that in itself is questionable on many levels. some would say constitutionally, others would say practically. it was the payroll tax holiday that everybody has been talking about. most people quite critical. he announced something else he said he would do if he had to, to extend unemployment benefits himself, the moratorium on evictions and to offer student debt relief. the democrats remain deadlocked and the gop. let's talk exactly what he is proposing. it is a deferral, not a suspension. so it means people have to pay more when they make up the payments they have not made along with their employers. it doesn't apply to everybody. only peoples

bond. bannon walking out of federal court in manhattan after pleading not guilty to charges he stole money that was donated to help build a wall along the u.s. mexico border. indicting bannon and three conts conspiracy to commit money laundering and conspiracy to commit wire fraud. arresting him on chinese billionaire's luxury lot off the connecticut. the president distancing himself never thought the fund raising effort was a good idea. >> i know nothing about the project other than i didn't like -- when i read about it, i didn't like it. i said this is for government. this isn't for private people. it sounded to me like show boating. >> bannon is accused of funneling $1 million from online crowd funding campaign called we build the wall and using it on personal expenses. in total that campaign raised more than $25 million. bannon faces up to 40 years behind bars and is expected back in court on august 31st. back to you. ainsley: thank you so much, todd. steve over to you. i have news for you people out on the west coast if you are throwing parties in los angeles it could be lights out. l.a. mayor eric garcetti shutting off utilities at one hollywood hills house including power and wa