represents one side and tom represents the other so my name is stanley tom i'm the trouble minister for a newcomer to this and comes recently i was selected to be a tribal at nish. board in your will it's schoolteaching new entity there was a election dispute. in october a tall. the new top traditional council. somebody who works there. said we've never had to. hide a while. and it's an accident you were being accused of not having it us 8 to 9 years of election when we moved in you had election all these years i know it was coming up. and some of the smarter words began following the money. and realizing somewhere the money's not accounted for while they actually suspended the elections once they suspended the elections there was a feeling that the community was being left out of the process yeah they were scheduled to leave in 2012. but through the division and the infighting and some of the you know bureaucratic issues stalled as it stands now the federal government cannot. contract with either group so what they did was they basically took the contract o

1st cousins tom and 1st because it's a tradition versus you know the new prostitution or majority way of thinking so you have that tremendous divide different philosophies together and stanley represents one side and tom represents you know. my name is strongly tom i'm the troubled minister for a new through this and come recently i was selected to be a ministry organ you will it's council it's a new entity there was a election dispute. in october on day 12. the new cars from council. somebody who works there. said we've never had a. quite a while. and it's an excellent piece you were being accused of not having it use 8 to 9 years of election when we moved in we had elected and all these years i know it was coming up. and some of the smarter words began following the money and realizing some of the money's not accounted for while they actually suspended the elections so once they see. the end of the election there was a feeling that the community was being left out of the process yeah they were scheduled to leave in 2012. but through the division and the infighting and some of the you know bureaucratic issues the stalled as it stands now the federal government can not. con

tom: if you look at the morgan stanley note where they lift up their targets, people are beginning toecalibrate. i want to go back to the way we are seeing people lift up, up 7%, up 6%. i questioned if that is framed into people's minds. they are buying but they are not buying to be on board, buying to be a reachable target. 3900han: morgan stanley year end 2021. in a call on the bond market for a higher 10 year yield. as you said at the top of the -- lisa "lisa bramlett abramowicz, we are not getting the move in the bond market. lisa: is actually rolling over. barely any move at all on the 10 year yield. 1.45% and here yield. longer-term growth does not escalate that much. perhaps we return to a new normal but still slower growth with a lot of debt and an overhang from the pandemic. jonathan: in just a moment we will turn to a panel at the new economy forum, and on that panel will be blackstone's steve schwarzman. in the news in the financial times because of the call of business leaders, the financial times reported that sportsmen defended -- that steve schwarzman defended the presi

stanley. do you share the discontent about equity markets? mike: good morning, tom. the discontent in the economy may not necessarily mean discontent in the markets. markets trade differently from the economy. we are looking at a slowdown for sure as case counts rise, potential lockdowns and all of that good stuff. while the s&p 500 is basically flat since early september, there's a raging bull market going on under the surface. this is the point we have really been trying to emphasize. as we look forward to next year, there is still a lot of undervalued assets within the equity market that had not participated yet. that is the big story really going on in the equity market. tom: do you unload your tactical over to materials, cyclicals, and the rest, or do they participate as well? mike: that was the strategy. you guys are talking about stepping into the fray back in march being difficult. a thicket was even more difficult to kind of move away from the former leaders to the laggards. that is a real risk for a lot of people. i think folks have thought that itlong as t

tom: thank you. it is jobs day. coming up as i mentioned, ellen will join us with morgan stanley. pretty good data.loyment rate down to 7.6%. stay with us. it is election 2020. important results from new jersey from nevada. this is bloomberg. ♪ ♪ francine: good morning, everyone. this is bloomberg "surveillance" day three of the election special. i'm francine lacqua with tom keene in new york. we try to break down the counties and look at the number of votes that have been cast and counted. we have two dives rallies. it was very clear to see for everyone. global stocks, that rally is halting a little bit. we had a little fluctuation with the dollar here in europe. now we're on the lower side of things. the dollar is holding steady but i think president trump attacking the credibility of the elections may be casting a doubt on the vote and that is maybe pricing in on the markets. treasuries little changed after the fed kept interest rates near zero. did have some comments on hiring and coronavirus. u.s. payroll day today. tom: it is. we call it jobs day. on the data front. it is real simple. 1.32.en

stanley is focused. is the unemployment rate of this ?ation under 8% but it hasllen: no, the longest history. tom: what is our unemployment rate?ere are statistical errors that put that 7.9% that is currently on the books as really 11.2% roughly. then you've got underemployment, which is higher than that. anyone that would like a job that doesn't even look right now, and there are a lot of those given the issues out there with covid, some businesses shutting back down after having opened up, nervously eyeing what is going on in europe. that underemployment rate could rise rapidly. we just don't know. we are going into what could be a winter of discontent if we all move indoors. i don't think we should be surprised if after today's report, because i do think job growth was still strong in october, if that doesn't worsen over the winter. lisa: let's talk about what you're looking for in today's jobs report to give us a sense of just how much the labor market could worsen, or at least deteriorate in parents of improvement, if we continue to see the virus spread we are seeing now in the united states. ellen: it is a good question.

stanley. we can talk for three hours. we'll try to do it in a good 12 minutes. 'm looking at yen 10382. futures negative 3. good morning. ♪ tomg "surveillance." good morning, everyone. francine lacqua and tom keene. it is a good way to thend hour. there are people that make a lot of money and they do and then there is people that do not. lliam gates of microsoft and he has been absolutely extraordinary on this planet on working with bacteria and viruses. nobody is close. ere he is on the pandemic. >> in case over the u.s., the only thing they have done well is they funded more r & d. not just for u.s.-based companies but for companies around the world including a lot of these european constructs. that was a good thing. that was a favor to the world. the rest is the u.s. is at the back of the pack. the diagnostic work we did. the messaging. even today the messaging is reaching a new level of incoherence. >> you look at the numbers, i just looked again on the bloomberg virus tracker. you look at the deaths for every million people. america is close to 750 deaths. china the other great participant in this conference is around th

tom: thank you so much for joining us. as we go toward jobs day and onto december 16 and the fed meeting, ellen zentner is with morgan stanleyt now, first word news in new york city with ritika gupta. ritika: of the trump campaign lost another one last night. a federal judge refused to block your jeff from certifying its election results. a hand recount shows that joe biden won in georgia by more than 12,000 votes. earlier, it judge in arizona throughout the seeking of an audit in a pivotal county. and the trump campaign pulled its own plug on the certification in michigan. u.s. economic policymakers -- treasury secretary steven mnuchin called on fed chairman jerome powell to return money for several fed lending programs that rely on treasury's backing. minutes later, the fed put out its own message urging that all of the lending facilities be kept in place. mnuchin told bloomberg that companies do not need more loans, they need more money which must come from congress. congress is getting close to a deal on a one point $5 trillion spending bill that would avert a government shutdown next month. nancy pelosi and mitch mcconn

tom: thank you for joining us. short, but in the mid of november we are coming up on a lot of use forward for 2021. i am sure we will hear much from morgan stanleys karina mitchell. federal and state election officials couldn't agree more with president trump. thecials who supervised vote call it the most secure in u.s. history. they say that there is no evidence the system lost, changed votes, or were compromised. some congressional republicans are splitting with president trump over his refusal to acknowledge the outcome. they say joe biden should receive presidential-level intelligence briefings here at president trump started getting briefed one week after his election in 2016. he has refused to allow joe biden the same information. it is make your mind up time for boris johnson. another week of brexit negotiations and today with little progress. thatficials insist reaching a deal will require johnson to move first, a position there british counterparts reject. the pandemic has been a huge learning experience for drugmakers and pharmacies. >> the world is mobilized right now to get to faster solutions, and i hope we learn lessons in the way

tom: futures up 37. yields up on the 10 year. we have some dollar weakness as well. texas has a 38 handles -- a $38 handle moments ago. michael zezas is with us of morgan stanley, with a foundational extending that's with a foundational understanding of our municipal finance. every single conversation we says and thenrea there will be infrastructure, and yet there is never infrastructure. what is the political outcome you need so that there can be infrastructure? is a necessary condition to getting meaningful infrastructure package, that you end up with a situation where the democrats take the white house and the senate, and keep control of the house. scenarioded government , there is not much legislation thanng done perhaps other another covid relief package. in a divided government, you have the same problem you had in 2017 and every other time you have complete control by the republic and party. in theory, they are on board with infrastructure spending. in practice, they have not been able to get there because they cannot agree on raising taxes to do it. they are against letting the deficit expand to do it. up end up sort of twisted without a solution. the

tom: one of the great proxies here is the vix, a stunning 23.57. that is a measure of uncertainty. what is the next uncertainty? , across your asset classes at morgan stanley, is the next great mystery out there? andrew: i think there are a few things we need to watch. i think there is some uncertainty about how much the market has internalized the rise in case counts we will see in the u.s. going forward, and i do think this is also where a global perspective is necessary because the u.s. case counts do look like they will continue to get much worse. cases in europe are looking like they are stabilizing. cases in asia are on a very different trajectory. yes, i think the virus case count is a very here and now asue, but also somewhat of u.s. focused issue. we also have some key government deadlines. we have a funding deadline coming in the middle of december to avoid a government shutdown. is that theelief market expectations on further fiscal stimulus are low, so the disappointment from anything would be modest, but i think that is another uncertainty the market would like to get through. lisa: you say there are all these uncertainties in the near term, b

tom: it has been stronger euro through the morning. we give some of that up. stronger euro, weaker yen. right now on fixed income, really framing a global map strategy at morgan stanleyis matthew horn bok -- matthew hornbach. he joins us on this day of a jump condition in the market. let's go back to vassar economics come or you had to define a jump condition. is this a jump condition? matthew: thanks for having me on. this is clearly an important day for the world. we still have some top. we still have to get the vaccine further tested. it has to be distributed around the world. we are still not out of the woods yet, but certainly a bright day for the globe. i think you can see this playing out very clearly and mark, as you just discussed. also an that there is important underlying backdrop to all of this, which is the amount of central bank liquidity that is being pumped into the system on a monthly basis, and we expect to continue throughout the entirety of next year. so a tremendous day for the world, and we think next year looks to be a bright one. lisa: what does a bond market look like with a vaccine? are we looking at a 1% 10-year? more? matthew: we do think

. >> that was tom clancyho passed away i believe 2013 and 2003 on in-depth martin gilbert susan sontag. noam chomsky stanley crouch, and doug brinkley were all our guest that year. you are on booktv. >> how are you? >> i am just calling to recommend like gore vidal the first revenues imperial amica i like the author and his writing style with aristocratic political with the old world sicism and tells us the truth about unpleasa things without stoicism in the humor and it's a nice way to get information. >> nework city you are on tv. >> good morning. the book that is very wl written and churchill by andrew roberts and my favorite nonfiction book the wisemen by evan thomas and walter isaacson both of these gentlemen have written the inrstate books the wisemen a talk all the time with people because of those six subjects of the book. >> how do you know walter isaacson? professionally or personally? >> personally should my sister is an author and what about queen elizabeth. evan thomas has been here even sally. >> writing several books on the english monarchy and other topics and is well known to the booktv com

tom chance ya who passed away in 2013. in three the guests on "in depth." phyllis schlafly. martin fill bert. susan sontag. bernard lewis, harold bloom, noam chomsky, jeff shia r, stanleyuch, john keegan and doug brinkley. mike is in lakeside, california, mike, you're on booktv. >> caller: how are you doing? >> host: how are you. >> pretty good. i was calling to rem for fellow citizens a coup of book biz gore vidal who you had on a couple of times. and the first one, they're both short books to two for one. the first one is imperial america and the second one is dreaming war. now -- >> what is -- go ahead. sorry. >> caller: i like the awe here and his writing style. it's -- he comes from sort of aristocratic political family so has this old stowickism, and he telephones things and it's a nice way relay that information. >> rb from new york city. >> caller: churchill aandruw roberts and my favorite nonfiction book and this leads into two author us the wise men by evan thomas and walter isaacson. the two authors. both -- i know each of them a little bit. has written a eclectic and interesting books over the years since they wrote the wise men. the wise men i talk about a