jack ablin is from chicago and joins us now. we are grinding down the discount rate, grinding down the actuarial assumption. how close are we to the zero bound of our pension? how close are we to the zero bound where all that math does not work? jack: it is confounding. when you look at the possibility of negative rates here at home, i have trusted the fed in their pledge to avoid negative rates. the thing about negative rates that always puzzled me was, foreign entity that is trying to guard against runs on the bank, one key ingredient to runs on the bank is negative rates at the bank. knowing that you could earn at least zero with a pile of cash under your mattress. tom: i look at this, and it comes back to the market telling people what to do. , awe go back to decades younger mr. soros told the silver market what to do. is there no power in the market to tell chairman powell what to do? jack: yeah, i think there is. late, the late 2008 gaffe in raising rates and the market piled on top of him, he is certainly flexible and wil

we will look at what we can with jack ablin, the markets and inflation. he joins us next.oomberg. ♪ ♪ tom: this morning, it is a "gift" that keeps on giving. president trump for negative interest rates. it is virtually certain the chairman will agree to disagree in a speech this morning. hands a grim view on the pandemic or the brutal admitted death toll in south america. history made for francine lacqua as she will pay the bank to keep the kids' money, a negative rate. the cusp of new swiss strength. it looks like deflation is here. this is bloomberg "surveillance," tom keene in new york, francine lacqua in london. famous bluebird red headline