jeffrey solomon told bloomberg that it is a common misconception that democrats are that for stock marketse are concerned that if there is a democratic majority that we will have higher taxes but i have always said even if that happens, that just means we will have higher spending. if there are higher taxes, higher spending. if you net it all out, it is probably good if two of the georgia seats go to democrats. people freak out because they presume that we will have much higher tax rates but they will realize that we will have a lot bigger stimulus if that happens. >> i am worried about the balance out there. the last four years, it was -- markets were dominated by this discussion of later regulation, a lower tax base for a lot of corporations out there. that has underpinned evaluations out there. -- evaluations out there. outnderpinned valuations there. stimulus, will cancel out the bite of higher taxes? the bitehat cancel out of higher taxes? jeffrey: we are talking about basically some return to what it was like before the trump tax cuts. there could be some higher keppel gains rates. p

coming up, jeffrey solomon at 2:00 new york, 7:00 in london. this is bloomberg. check it on the bloomberg first word news. joe biden is on the verge of winning the white house. he has overtaken president trump in pennsylvania and has a slight lead in georgia. pennsylvania has 20 electoral votes. , heiden were to win there would have more than the 270 electoral college votes needed to be elected. meanwhile, president trump shows no sign of dropping his legal challenges. last night he said the election was being stolen but has offered no evidence of voter fraud. the u.s. labor market got stronger in october. employers added 638,000 jobs, beating estimates. the unemployment rate fell 1% to 6.9%. that was double the prior month decline. the number of long-term jobless americans surged and now makes up one third of those out of work. russia is seeing its worst coronavirus numbers since the pandemic began. the country reported more than 20,000 new infections today. nohorities insist there is need to impose a second lockdown or shut down of businesses nationwide. they c

we heard from jeffrey solomon on the potential path to a normal economic cycle.res his optimism. at barclays, they are saying the economy is losing momentum and the resurgence of covid may add further damage. covid is closer to the 10 million mark so barclays is recommending 20 year treasuries with limited room for yields to rise higher after they top 145 bids. markets trading with a divided government baseline so they slashed their year end target to a baseline to 75 from 105 and explict -- expect replacement to be in the second quarter of 2021. juliette: the yuan continuing to rally but volatility pulling back. some bullish forecasts piling up instead of renminbi. . sophie: and morgan stanley joining that camp. being bullish is becoming the consensus, but they know the access in the options market with positioning not too heavy yet. morgan stanley recommending going long the offshore yuan against the japanese yen at 15.56 with a target of 16.5 and a stop of 15.4. there are three reasons, one being economic performance unfavorable payments.the second reason, bro