sonali: how do you feel about the technology industry?you said at cigna him, you guys are -- at signum, you guys are evaluating how tough he might be there. charles: they have been a big part of the solution around covid, but the truth is that the antitrust move which is well underway will accelerate under a biden administration. we will have a much more aggressive department of justice with a much more aggressive view on antitrust, and i think between that and privacy, the four big u.s. tech companies will look quite different to her three years from now. aople underestimate how large priority the process already is, even before biden takes office. guy: the game is afoot. our thanks to charles meyer and bloomberg's sonali basak. u.k. prime minister boris johnson is currently on his feet in the house of commons, updating the house on what he said over the weekend. this one-month lockdown that is going to have a pretty dramatic so england.k. data, going into that lockdown. u.k. going of the separate ways. that is on your bloomberg terminal

sonali basak staying with us. scar? term, then the short market is repricing the prospect of a blue wave. it is not impossible, but it hasn't happened yet. the thinking is without a democratic sweep, you can say goodbye to massive fiscal stimulus and infrastructure spending. the root inflation trade that had been building up, where we saw in ask petitions rising through inflation swaps, as well as the breakeven rate, that is unwinding right now. even talk that the federal reserve may need to raise interest rates sooner than , keep in mind as well the federal reserve is starting its two day meeting today and will have a decision out tomorrow. u.s. treasuries are in rally mode because we are also seeing the short treasuries trade unwind as well. higher price means lower yield, and as a result, a flattening yield curve. there is a move lower at the very end of the chart. the 10 year yield went from 94 77.s points to again, the fomc will come out tomorrow, and traders are looking for jay powell to come in and buoy the marke

sonali pesek, thank you very much, indeed asked sonali basak, thank you very much, indeed -- sonali basakyou very much, indeed. judith hartmann is going to be joining us. nowassociated press is reporting that two were killed following an explosion at a veterans affairs hospital. we are going to continue to monitor that situation and bring you the key developments. this is bloomberg. guy: live from london, i'm guy johnson. alix steel is a new york. this is "bloomberg markets." the ongoing ballot count in the united states and a covid vaccine on the horizon sent markets into a frenzy this week. scarlet fu is here to break it down. scarlet: we had a mixed week in the cash market, although the are muted compared to the cash market. it all comes back to the between themes that have dominated this week, a divided government led by joe biden and progress on pfizer's vaccine. . a vaccine signals a pass to normalcy. the reopening of the economy. consumers getting on planes and employees getting into their cars and driving into the office, which means demand for oil. take a look at oil futures. the

sonali: a lot of this is electronic already. is one of the big firms in personown on workforce. deutsche bank, the idea of having more people work from home will help with their real estate footprint. it can cause a significant dent in their cost base as it relates to real estate. there are still regulatory concerns about doing this, but it could cause a real dent and perhaps because other people to shift as well. of how this terms is long-term going to change the risk profile, what kind of people are we talking about here working from home? sonali: it is unclear because you see traders still wanting to come in, especially at a firm like deutsche bank, which has been changing a lot. that kind of push, that cultural push for traders to come into the office, is still there. but you see a lot of investment bankers working from home because they can make calls from there. guy: absolutely. -- thank, indeed -- thank you very much, indeed. we will talk more about the european close next. this is bloomberg. ♪ bloomberg. ♪ businesses tod

sonali: that is something to think about. of america you have brian moynihan, who knows what optics look like. he had to rebuild the bank's brand after the 2008 financial crisis. a really great point that a lot of this is paying people for a wall street business that is rising while the rest of the economy is not as great. and remember, the gains moving forward for trading are not expected to be as booming as we have seen earlier in the year. for bank of america, to put this in perspective, only about 14% of their total revenue was a sales and trading at the end of last year, a lot less than i goldman and morgan stanley. guy: how high were expectations? sonali: for the compensation consultants at more than 40% gains, it really set the bar high. when you see public consultants making those kind of estimates, the top performers on the desk are going to say i want to get as much as i can hear, but remember, we knew from the beginning that that would not be the same for everybody. it couldn't be the same for everybody because the

coins us now, with bloomberg correspondent sonali basak.uup guys left off, you have 10-year gilts at 95 basis points. how did he reconcile that in your conversation? michael: we have to recognize that 95 basis points is still very low, and we have seen a lot of volatility in the rates market within the range that these things have traded. it broke through the range, but does it stay there, given the fact that the pandemic news is bad, that right now there does not seem to be a fiscal program on the horizon, or on the far horizon? the fed is keeping an eye on this, but i think they are expecting to see yields fall a little bit. prices back up some given everything that is not going on. throw on top of that the additional supply from the federal government. a little bitlk about what loan officers are saying right now. we got a new survey out on that very subject. i am curious as to what u.s. banks are thinking right now. you've got a pandemic that is still rippling through the economy, but you do have a vaccine coming, and while the third qua

sonali: i want to shift over from this market conversation. was an opinion piece that you had written in the hill earlier this year about u.s. economic stability being threatened with the conflict with china. i know it's a conversation that we have at bloomberg all the time. how do you believe the next administration will handle the u.s. relationship with china, and how will that impact big business? daniel: really glad that you asked that. their relationship with china has fallen into the background during the pandemic and election process, but there is no economic topic, in my view, that is more important to the future economic opportunities for the united states of america. you have the republicans and the president, for the past several years, criticizing the democrats for being too permissive of china, for trying to bring them into the global trade infrastructure, overlooking their violations. the trump administration, when we look back in history, the largest single failing of the administration -- by the way, there have been some accomp

sonali: what about nonbanks?e know that she has taken some concern about the shadow banking system. can we expect more regulation there? jeremy: i would anticipate nonbanks to be a major emphasis of the biden administration, including treasury department. over the past year, we have seen stresses in the nonbank sector, just like 2008. by nonbank i mean money market mutual funds, hedge funds, broker-dealers. the u.s. regulatory system has never had a satisfactory approach for nonbanks. fsoc being set up in 2010 was attempt toress' regulate nonbanks after 2008, but the trump administration has really deemphasized fsoc. although they have made some noise about exploring that space, we have not seen it in practice. addressing those nonbank financial stability risks is likely to be a top priority of the biden administration, and that will start with reviving fsoc's institutional capacity. vonnie: unfortunately, we have to leave it there. appreciate your patience. we didn't get the janet yellen announcement yet, but it

sonali: another big thing that happened this year, and i know citigroup was on the deal, not necessarilywering to ant in particular, but i know people are looking at the relative advantages between u.s. tech and china tech. the largest ipos we have seen in the last 12 months have come from china. how are investors looking at this? leon: obviously i can't comment on the ant situation, as you correctly pointed out. at the moment, the investors are very focused on the ipo market so youu.s. right now, can see record ipos and specs that continue to be a number of winners coming out of the technology sector right now. in terms of what happens outside of the u.s., at think it is simply going to be a wait-and-see attitude. let's understand how all of this gets resolved and with the investment horizon is, that people are going to sit and look at it. from a u.s. standpoint right now , the ipo business, especially when you think about tech and health care right now, is continuing to be very robust. a number of winners deciding that this is the time to access the market, either directly through an i

if you go get bin again and when there is mario again, sonali as you are saying. but are you going or a song you could very or your staff wear out? not be venice by nia, in all we saw the look a passer or get our sun power momento known not where they're going. when you got a 2nd 20 minutes is better only about is that her. 2 2 car i am also pointed out that i'm on the heels of a political gibson. you know that i'm completely olympic. you want to have a bit, let me go look what i want as little golovkin. ok. downpour. put it best for you. so i want to open, so i don't forget, almost on a failure much of anything. you know, you know, i mean, you know, i was crying when i got that import, i'm going to want to tour de france. you to see that i look and see the seine here, in n.y.c. and yet you have just started going to right now once again buffalo not, you're lumbee. i guess you get there by then. yeah, a little progress on what routes and there's more for the years, i guess a little trickle of it almost as mothers mothers called i was till she called, you know, the

yeah. 0k. ahead virtually, is that what you are saying, sonali? yeah. ok.ate to represent respective countries. the mock cop will look at giving them a platform to voice how they feel and at the end of the two weeks, we are hoping to come up with a high—level statement that will reflect the views... i think mock cop 26 has the potential... let's pick up on that with mitzi in the philippines, why is it important for you to be involved in this event and do you hope the organisers of the postponed event due to take place next november, do you hope they will look very closely at what comes out of the talks you are having in this virtual mock cop? mock cop 26 is so important for me, especially because in the philippines we got hit by a massive typhoon, two massive typhoons, a week apart, one was the strongest typhoon in the planet this year and the other one pouring a months worth of rain and under 24—hour is. very clear to me someone who has to sit in the dark with no electricity, this is the climate crisis, it is real, we need real action, we need plans. we ca