could that be a change in the united states off of the president's stock? joycee already seen the see changes from both the ecb and the fed, which was talked about. markets are always going to want more and ask for more, but what we haven't seen is if any of this has brought inflation back. where allstability is of this comes to, just to assure stability. i think there is that debate right now. the recovery fund -- does that mean more of the fiscal union in the u.s.? we are looking at, if a biden administration comes in, that that he would add another $2.5 trillion over the next decade. i think you will have this discussion, like we have blurred the lines really between the monetary and fiscal, and also you have this unusual coordination, which we haven't seen before in crises between the central bank and the treasuries as well. are we looking at something that rc changes from the way we have looked -- that are see changes, with the comments, that this ordinary is no normal, we have seen the strategic framework that are changing. i think we are seeing more discus

for more on what is going on, i want to bring in jp morgan global research chair joyce chang.nk you for joining us. there are so many moving parts right now. there is a general question of the pure economy and the degree to which that is recovering. , whichs a virus itself is its own distinct thing at this point. that has to be measured. and then of course, the election. from your perspective, what is the key thing investors need to be watching first and foremost? joyce: it is great to be here. first and foremost, everyone is focused on the u.s. election. have seen a real seachange. the market has come full circle from thinking if you had a blue wave, it would be bad for the market. now thinking if you had a status quo trump any republican senate, that might be the worst thing for the senate. the immediate focus is on whether the elections will be orderly. that is even more of a focus than the actual outcome. i think that is the first thing markets are focused on. then they are focused on the rebound. after seeing such a synchronized downturn in the second quarter and just off

coming up on bloomberg markets, joyce chang, j.p. morgan securities global research chair.'t miss that interview. that is at 4:30 p.m. in new york. this is bloomberg. ♪ tom: good morning everyone. with aerg surveillance" most interesting london, monitoring headlines from the mayor and many in government today on the pandemic. west, wevies from net are thrilled he could join. sir howard, i looked at the five year, five year breakevens. transatlantic tension on inflation, i am thinking irving fisher, is one indicator of a society/economy, just in the last number of days, reaffirmation of disinflation. year,y, swiss year 20 yields.year, yo ar lower the oddest time. tell us what a gap in expectations means? howard: conventionally, one would say it is likely to weaken the euro. people are looking at the prospects of zero interest rates in europe, as far as i can see. normally, that would weaken the euro. there are other things going on in relation to the dollar and u.s. economy broadly, upsetting that. the school answer to your question is we should be looking at a weaker euro.

today, joyce chang of j.p.morgan. this is bloomberg. stay with us. ♪ hope it doesn't cost too much.e my insurance pays for it. can you tell me how much this will be? - [cashier] 67. - sorry. - wait, have you heard about goodrx? goodrx finds free coupons to help you save up to 80% on your prescriptions. - wow, i had no idea. - [announcer] goodrx, stop paying too much for your prescriptions. >> in the administration -- in your country, does that worry ,ou when it comes to recovery being optimistic before the summer? >> i think the best guarantee for recovery in europe is that .e take necessary measures it will then be too lenient or will not be able to reach these decisions. to contain the price, that would be of a huge disadvantage to the economy, so of course, at a lower spreading rate with a -- and ifin taking up it is spreading again, you knew take theyou need to necessary measures. it provides clarity, a government that is absolutely committed to beat the virus. that is what people want and that will create stability in the end. i'm absolutely convinced of that. i am not in the b

we love talking to you thank you joyce change jp morgan >>> let's get to meg terrell are more on thent and highlights from her interview this morning with the ceo of regeneron what's the latest? >> we did learn over the weekend that president was given three drugs to treat covid-19. first was regeneron antibody cocktail which is still an experimental drug. friday night, he was started on a five-day course of remdesivir which has emergency authorization. saturday, he started dexamethasone, which is a steroid also given to patients in the hospital with the disease. the unknown is the unapproved antibody from regeneron. we talked to the ceo from regeneron about the antibody and whether he's seen signs that it is working for the president >> you are asking me did we help him? i'd like to think so it is impossible to know from one patient. the evidence we have from hundreds of patients so if you give this drug early in the disease particularly if they have have not enough of the appropriate immune response, can you really help them clear that virus. >> if this did help the president, a lo

so joyce chang's desk, their argument is the polls are not going to be any worse of a predictor than they were four years ago. >> cerulian blue there is a whole other cohort of people who say come tuesday night, bunch of us will stay late and won't mean anything because pennsylvania just got permission to vote whenever it wants to and pennsylvania is obviously -- >> whenever it wants to. >> did you see the supreme court? >> i did everything has to be postmarked prior to election day. >> there is more leeway than we ever had. >> did you have a bunch of conversations this morning with some of your friends in d.c. >> i always talk to people in d.c. >> talk to jack nicklaus, jim? >> i'm going to stop giving him a hard time. did you see pinterest? >> they used to work for me -- >> when did you ha >> what did you have for breakfast this morning it is extraordinarily strong it is is it in some way reflective of the continued move away from traditional advertising and is it perhaps therefore a good sign for facebook or not? >> i think it is everyone is glooming on to that one line they used

joyce, who's an irishman. >> jimmy: certainly, yes. >> "ulysses." it changed the face of european literature., i felt very guilty. >> jimmy: did you like it? do you give it a thumbs up? >> yes. anybody who hasn't read it before, you should read it very fast. because it's just -- the whole book's like a stream of consciousness. >> jimmy: which of all those books you read was the best? which one did you enjoy the most? >> you know, there's a great -- i love nordic noir. >> jimmy: oh. >> there's a wonderful writer called henning mankeel. he passed away two, three years ago. crime writer. fantastic. all his books were fantastic. >> jimmy: was he murdered? [ laughter ] >> no. >> jimmy: he wasn't, okay. maybe you can write something about that. i don't know what's funny about that, but anyway. >> agreed. >> jimmy: how do you read the books? do you have the physical books themselves? are you reading on an ipad? what do you do? >> no, i have -- my wife and my wife's father left a collection of extraordinary books. like real books. >> jimmy: right. >> but also because i travel so much, and i do these