tv Bloomberg Markets Balance of Power Bloomberg October 13, 2020 12:00pm-1:00pm EDT
tv and radio audiences worldwide, i am david westin. welcome to "bloomberg markets: balance of power," where the world of politics business.world of the big story today is the confirmation hearings in the senate for judge amy coney barrett. as expected, one of the most important topics was the role of president. professor tara leigh grove from university of alabama law school. one of the questions is that it mad want t take the law in another directiony, but how much would she be bound by president. we have two examples who are in front of her, one is chief justice roberts who is constitutionalist, and the other --. do we know which camp she falls into? tara: my prediction is that justice barrett will move
carefully and pay a lot of attention to precedent. that is something professor barrett focused on a lot in her scholarship. she cares deeply about precedent and about the institution of the courts. i don't think she would be inclined to move the law very fast?me a very david: in some of the writings i have gotten a chance to look at, she has some skepticism about majority rule. she thinks when congress passes look at ithould because if it interferes potentially with individual rights. tara: that is right, but that in and of itself is a very commonly held view by a lot of individuals. depending on who we are, we care about different rates, let all of us would like a federal judiciary to protect our individual rights from interference. which things should be left to the political process.
this apply to statutory rights as well as constitutional rights? we have the bill of rights to protect us. but when it comes to the statute that the congress has passed? tara: i think many members of the supreme court right now, and i think a justice barrett would fall under that category, care about the words congress has passed. they adopt a textualist interpretation of the federal statute. athink justice barrett, justice barrett would adhere to the text of the statute. that means that if done properly, a textualist will read a civil rights statute broadly. we can look back at justice gorsuch tragic opinion in the title vii case that involved whether title vii protected the lgbtq community. justice gorsuch, to the surprise
of many, said, yes, it does. the text of the statute for tax against discrimination because of a person's sex. he said that means it protects people who are discriminated wasnst, because of man discriminated against because he is romantically attracted to men, or a person who is discriminated against because she transitioned from male to female, that is covered by sex discrimination. and this was not a decision that was divided along political lines by democratic appointees and republican appointees. i don't purport to know what judge barrett would say about that particular statute if she were on the supreme court, but it suggests that textualism does reachad a justice to necessarily conservative or necessarily progressive outcomes? david: which i think leads us to her taking issue fair to say, with chief justice roberts in
the affordable care act case. that is a subject of a lot of discussion right now in this hearing. it tends to be that senators think that she is against or for the effort will care act. i understand the issue she had with chief justice roberts was not for or against, it was what the statute said. . right. . >> the supreme court in this case involving the affordable care act from 2012, the court said the individual mandate could not be justified under the commerce power but could be poweried under the taxing because it effectively it was attacked for individuals who chose not to buy insurance. what a number of commentators pointed out, including judge barrett, is that the statute itself didn't say the words tax. the statute said the words penalty. so it was a matter of textual interpretation. it is a stretch to call it a tax. there are reasons one can do
that. supreme court justices often try to interpret statutes so as to find them constitutional, and chief justice roberts was invoking what we call a canon of constitutional avoidance. but on the pure text of the statute, it was a stretch and i think many commentators, both who support the affordable care act and those who oppose it, sai recognized it was a stretch on the statutory reading? david: bringing that forward to the here and now if judge barrett becomes justice barrett one of the cases she will sit on is the affordable care act something the senators are saying maybe you should recuse yourself. at the same time, the issue of the tax penalty has been decided. do we have any sense on how she might will on that? tara: we do not have a sense. there are several issues that could come before the supreme court. one is whether the plaintiffs have the right to sue at all
once there was no longer a tax for them to pay in the 2017 statute. commerce zero out the tax and said you can either purchase health insurance or pay zero. so the question is can someone sue about that if you don't any longer have to pay the tax. the other question is constitutional power of the individual mandate now that there is no longer a tax. even though there is no constitutional power for the mandate, the question you noted his separability. that involves when the supreme court strikes down a version of the statute, then that means the rest of the statute has to fall. i think there are significant hurdles for the challengers on all three of these potential claims. i think the biggest hurdle of all is the separability claim. the justices will be disinclined, i think, not just a justice barrett but others on the court right now, will be
disinclined to say that if one version of the affordable care act goes down, the entire hundreds of pages of statutes have to go down as well? david: finally, professor putting aside how justice barrett might rule in any individual case as you look at it do you think her sitting on the supreme court might shift the way the supreme court rules. the way, for example, justice scalia shifted the direction of the court with regard to them?lism and original is tara: i think you are right about justice scalia the court to a focus on statutory text. i think this was the single most important aspect of justice scalia's jurisprudence even though people focus on his approach to the constitution, his originalist approach to constitutional interpretation. i think the biggest change his mate was getting the rest of the court, and the
rest of the judges of the lower federal court to focus on the text. the big question after he passed away is whether that would go away, the focus on statutory text. i think judge barrett, previously professor barrett, is very dedicated to textualism and they think her presence on the court will very much encourage the rest of the justices to focus on the text of statutes. i think it will also make the court pay even more attention to history when interpreting the constitution. but i think that would happen anyway. that change has already occurred in the court. she will really focus on the text if she is confirmed to the supreme court? david: professor, i appreciate you being back with us. tara leigh grove is professor of law at the university of alabama. you can catch more of the barrett confirmation hearings on the bloomberg at liv . next, tax planning for a possible biden administration.
"balance ofis power" on bloomberg television and radio, i am david westin. >> senators are questioning supreme court nominee amy coney barrett again today. she dodged questions from democrats about how she would issues.particular judge barrett also said she hasn't made any promises to anyone about how she would decide any case. one of those asking questions will be democratic vice presidential nominee kamala harris. members of antigovernment groups accused of plotting to kidnap
michigan's governor, gretchen whitmer also discussed kidnapping virginia governor ralph northam. the fbi testified in a hearing today that the groups were on unhappy with the looked on orders of the governors issued to contain the coronavirus pandemic. six men have been charged. seven others face state terrorism charges. governments across europe are ratcheting up restrictions in an attempt to contain the virus. the world health organization says there were more than 700,000 new covid-19 cases reported in europe last week, a jump of 34% compared to the previous week. soccer star cristiano ronaldo has tested positive for the virus. ronaldo will not be allowed to play for portugal's team in a match against sweden tomorrow.
the country's soccer federation says he has no symptoms and is in isolation. global news, 24 hours a day, on air and @quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg. david? david: thank you so much, mark. presidential candidate joe biden has made no secret of his plans to raise taxes on the wealthy if a, using them to pay for his programs causing some americans to look at their tax planning ahead of the election. joining us is jere doyle, bny seniorwealth management vice president. talk about why americans would want to rush through their lawyer right now to figure what they need to do. jere: one of the problems is currently there is a very large exemption in the united states. you have the ability to give away, during a lifetime, without
having to pay transfer tax or million. up to $11.5 that $11.5 million exemption is scheduled under current law to revert in the year 2026 to $5 inflation.exed for the problem is that if the democrats hit the trifecta in november, there is a fear that what will happen is that exemption that is currently $11.58 million will be reduced to as low as $3.5 million, and possibly as $1 million for gift tax purposes. we are turning clients to look at this now. go to your attorney and perhaps what you want to do is make some transfers to use this large $11.58 million exemption, all or it, before they take it away, because there could be a situation after the november elections where if you don't use the exemption, you will lose the
exemption? david: first of all, they would have to pass a law to do this, and it would have to be after the first of the year if vice president biden becomes president. so you have until the end of the year. but if you make a large transfer to your sons or daughters, and you are under the exemption, then you are good to matter how they changed the law? jere: that is correct, even if the exemption goes down and you millionwhole 11.5 8 exemption, if they change the law and the exemption goes down, they told us in the regulations enacted in november of last year that they will not "clawback" the exemption. if you use it, you are good. you will not run into a situation where they will taxi on the difference between what the previous exemption is and now?it is david: we hear about the wealthy
having various trust arrangements that they can enter into, generation-skipping that., things like would those be affected by a biden administration if it changes the law? jere: it probably would. there might be a potential change in the amount you can give to those trusts if they reduce exemptions. there has also been talk of dynasty trusts, those are designed to transfer assets into the trust that the trust can last multiple generations, in some cases, in perpetuity depending on the state you set them up in. there have been indications that some of the things they might do is limit the duration of those trusts to 50 or 90 years so they can't last in perpetuity. that would bring those assets back into the transfer tax system? david: as i understand, if you die and you give assets to your in those assets gets stepped up to the value of when you died?
jere: what happens under the stepped up basis regime is, say i have stock i bought are $10 a share and is currently worth $50 a share, if i were to die, the cost basis for income taxes purposes would be increased to $50 a share, meaning the gain never gets taxed. what biden would like to do and the democrats would like to do is eliminate step up in basis. so in my example, if i died with the stock butterball i bought for $10 that was currently worth $50 a share at the time of my death my heirs would not only inherit the stock, they would get the embedded gain. the cost basis when they received the stock would be $10 . share versus $50 a share that is called carryover basis. we had that in 1976. it proved to be unworkable and it was repealed retroactively in
1980. so we have dealt with this before. and it didn't work out that well? david: the polls you can't always believe them but they seem to be pointing in the direction that it is possible that joe biden could get elected november 3, and it is even possible that the senate could switch over to republican, which would be important for this purpose. are you seeing people lined up outside your door, or around the door of trust and estate tax accountants and lawyers in this country? jere: we are trying to let people know about potential changes and things they might want to do such as use exceptions now and set up trust now. we had the experience in 2012 where they were going to change in exemption. a lot of people waited till the last minute and as a result of a found that attorneys were too busy to handle their work for them. appraisers were too busy to do appraisals for difficult to value assets.
now. tell clients, plan you don't have to pull the trigger and actually transfer the assets, but you have at least have the documents in maybe you have an appraisal in place that way if you want to pull the trigger if the law changes, you can do it at a moments notice? david: the reason why the former vice president proposed this is not to be nasty to rich people, as far as i can understand, he wants the money for programs to invest in, in things like infrastructure spending, things that we agree should be done. do you think enough wealthy thiscans will try to get fixed so he will not get the revenues he would like to get out of it? has substantial could this be, the tax structuring? that he wants to use the money for health care, infrastructure and even to battle climate change. you are finding that there is a potential that the large source of revenue, measured over a
ten-year period, to cover the costs for some of these programs . hopefully, our clients will engage in some type of planning before the changes have. tell aproactively deposit take advantage of these changes before they happened so they can save some of their estate and pass it down to their heirs? david: jere doyle, senior vice president of bni mahlon wort wealth management. coming up, we speak to richard haass for his thoughts on how the pandemic has changed foreign policy and much more. this is "balance of power" on bloomberg television and bloomberg radio. ♪
time for a check of the markets with scarlet fu. banking numbers are out. but on the other hand not encouraging news about the vaccine. scarlet: david, investors are dialing down the risk appetite. in the markets are taking a breather after the s&p 500 want to a six-week high. tech is extending its outperformance once again, a bit of a sign of the bid for safety. but turned to safety is reflected across asset classes, equities.n we are seeing u.s. treasuries move higher as the market returns from a long weekend. the dollar is also former as well. and there has been no movement on stimulus discussions. pimco writes that can perhaps of stimulus looks very likely dead until january. and the macro picture remains challenged. the latest data shows inflation remains tame despite the feds. best efforts to push prices higher. and the imf says the global
recession will be lower than forecast. so in this new normal, you look at what sectors are outperforming and underperforming, the worst three performers are all cruiseship operators in the s&p 500. one of them is trying to raise a billion dollars in bonds. that will dilute existing shareholders. this is crews ships in the u.s. remain docked. delta is leading airlines lower after third-quarter results is appointed, also delaying $5 billion in jet deliveries. wise splash out on increasing supply when demand is still pretty low? david: not good for cruise lines. what about banks? we started with j.p. morgan and citi both surprising with the upside. looks like they are doing pretty well scarlet: they were doing well operationally. people were expecting they were
provisioning for bad loans but they were very aggressive in the first half of the year. they set aside money to cover loans that could go bad. what we saw this time around is provisioning slowing down. j.p. morgan and citigroup set up a combined less than $3 billion. an analyst from academy securities says financials have been conservative in their reserves, and having these much lower third-quarter provisions could be a catalyst for the sector to finally provide leadership. you saw in the trading numbers how they are doing. jp morgan saw a 30% jump in markets revenue. citi's fixed income and commodities trading had its best quarter in years. but you look at stock performances today, they are down, investors not convinced we have seen the worst when it comes to bad loans? david: yes, seeing the stock prices, i am surprised. and we have.
still more financials coming. scarlet: i expect more of the same trends. trading doing well and lo loan loss provision in going down a bit with all the work they did in the first half of the year. looking forward, we expect interesting numbers from the tech sector. health care and tech were the havetwo sectors to surprises in growth in the previous quarters? david: thank you very much, scarlet fu. coming up, we must to richard haass, president of the council on foreign relations. this is bloomberg. ♪ so you're a small business,
or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business. david: this is "balance of power" on bloomberg television and radio. i'm david westin. bloomberg first word news, we go to mark crumpton. mark: house speaker nancy pelosi
says president trump's latest stimulus proposal falls short of what is needed to shore up the economic recovery and battle the coronavirus pandemic. in a letter to her democratic colleagues, the speakers said significant changes must be made to remedy what she says are deficiencies in the president's plan. speaker pelosi and treasury secretary steven mnuchin and negotiated over the weekend on the administration's new $1.8 trillion proposal. no new talks have been announced. a second government official is complaining he did not consent to being used in a campaign at four president trump. after facing criticism for using --hony dr. ouchi in an ad, dr. anthony found in an ad, they add shows mark milley and mike pence in the situation room. the ad companies as president trump wants you to request your ballot. politico is reporting the campaign did not get milley's
permission to use his image. the military has strict rules about uniformed service and political advertising. the future of the iran nuclear deal may hang on the election but not just someone in the united states. iranians will elect a new president next june, and during the era of hassan rouhani, who staked his career on clinching the historic nuclear deal with world powers in 2015. experts say a new leader may have little incentive to formally abandon an accord that could give iran's devastated economy a lifeline, but may not return to the table on the same terms as before. global news 24 hours a day, on-air, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. david: thanks very much. the pandemic of 2020 is without a doubt the biggest economic and public health story of the year, the decade, and maybe even
century. it is also a global and national security story. the council on foreign relations convened an independent task force to look at what happened and what we need to do for the next one. we welcome chairman richard haass. it was pretty damming about what the globe did, particularly about what the united states did. where did we go wrong? richard: it is a long list. neither the world, nor the united states, have made this a priority. if we had, we would have predicted it, and would have been prepared for it. clearly, the world health organization dropped the ball, as did china, but i still think the report correctly says the bulk of the responsibility for the problems going on in this country is on us. ofe it got here, very little the death toll and economic consequences were inevitable -- and because of our lack of organization, clear messaging, lack of masks, making testing a
national priority --it is a long list. david: the last time we had this was 100 years ago, so you might say we have 100 years to get ready. that is not what the report says. it says it may even be imminent or another pandemic. richard: there will be a covid 22 or 25. god for bid, there may also be bacteria that is resistant to antibiotics. localization means nothing anymore. there are too many highways in this case, where infectious disease travels around the world at a norma's velocity. we just have to assume it will happen again, could happen regularly, and we have to be prepared for it, like we would against any other threat. david: for the united states, what do we need to do here that we have not done? achard: we need to create national organizing person,
ideally, someone in the executive branch, someone who is clearly in charge of coordinating, essentially a czar. we have to clarify the responsibilities, federal government versus state versus cities. we need to have an ongoing testing program. if and when there are infection breakouts, we don't have this long lead time in order to catch up. we also -- honestly, there are things you cannot legislate. having a president who sends an inconsistent message about taking this seriously, we aring masks. world,it is a globalized germs and viruses don't know borders. what do we need to do globally? we have talked about the united states. richard: the leading international mechanism is the world health organization. always will be. still, the u.s. should be in it, trying to reform it.
we probably need some type of an organization that is more independent, that can basically blow the whistle on countries. almost a global rating system. then we need somebody to blow the whistle, if and when an infection breaks out, to look at what countries are doing. we need more transparency and monitoring. if the world health organization will not do it, we need to set up something more independently. david: do you kind of agree with that?ent trump on he has been critical on china and the who for not blowing the whistle. you do say china did not measure up. richard: clearly, china did not meet its international obligations for the first six weeks or so. the world health organization deferred to china in ways it should not have. all of that is true. is a difference between an outbreak and they
pandemic. there is a difference in a pandemic where 20 people die and 00 people die in 200,000. there is something wrong, and that is not on china or the world health organization. that is on us. we have to own up to that and learn from it. david: we have an election coming up. richard: so i've heard. david: you have written extensively on president trump's foreign policy, the good, the bad, and the ugly, if i can put it that way. let's talk about a possible blighted presidency. what president biden handle preparation for a pandemic differently, as far as we know? richard: my guess is he would make it a much higher priority. this is consistent with other democratic, and other republican administrations. oin the, he would rej
world health organization, require masks on federal property, trying to incentivize governors and mayors to insist on masking, social distancing. probably would put more money into a national testing effort. i think you would see much more nationally-led efforts. david: what might a biden presidency foreign policy look like in comparison to president trump. where would they have the biggest differences, that would make a difference? richard: i think you are right about china, either way it will be a difficult relationship. the biggest difference is a greater willingness to work with allies. would be to look for partners and allies in europe and asia and elsewhere to see if we can meet challenges together. second of all, you would not hear about america first, you would hear about multilateralism. you would begin foreign policy
with the recognition that the united states cannot do anything better alone than it can with others. you would have the u.s. much more involved with allies in international arrangements. multilateralism would no longer be a dirty word. david: does president trump deserve some credit for what happened in the middle east? he moved the embassy, taking out soleimani. right now, it seems like he has had some success. would joe biden build on that? richard: i guess the biggest success is the normalization of relations between the uae, bahrain, and israel. let's keep things in perspective. there has been no progress on the palestinian issue. if anything, resolution is farther away. multiple failed states in syria, yemen, libya. iran is closer to a new there weapon today that it was three years ago. was thisit of progress growing normalization between israel and several of the arab states. david: you have had positions at
the national security council, white house, state department, keying up the -- priorities for a foreign policy president. talk about some of the most important things. richard: one would be stabilizing the u.s. and china and russian relationships. still.owers we have to narrow the gaps between local challenges and global responses, whether you are dealing with health or cyber , and obviously climate change. we also have to make a better case to the american people that, even while we have to focus on our internal challenges, we cannot become isolationist. if we ignore the world, we do so at our peril. i think the oval office once again has to become something of a classroom, to make americans understand why the world matters, to generate support for
america's involvement in the world. david: interesting, you didn't mention iran and north korea. richard: proliferation is a big deal. north korea, you have nuclear weapons and missiles, they keep on advancing, farther along than three and a half years ago. the question is can you limit or reduce the threat? with iran, you have to print tha -- prevent them from getting a nuclear weapon, but we will not have a regime change there. we need diplomacy. that is what is missing. in our generation we called it arms control. we need to have serious negotiations with both countries. david: we need a good ambassador, richard. are you volunteering? richard: good to see you, david. [laughter] haass, council on foreign relations president. we talk with a candidate for congress in a key district in florida, alan cohn.
david: this is "balance of power" on bloomberg television and radio. i'm david westin. are taking a look at one of the key swing states in the run-up to the election. this week it is the crucial state of florida. to set the stage, we welcome our bureau miami chief jonathan levin. give us your sense of florida politically in this election year, where is it inclined to go? jonathan: it will be a super interesting year. we are essentially looking at a couple of key issues. one of them is older voters. has aleague josh greene
great story on the terminal this morning about this matter. and older population was key for trump in 2016. this year, there is a distinct possibility that they could go for biden. my colleague josh and his story looks at how turn among that 65 and older group with the mail votes is -- mail-in starting to look favorable for biden, if that trend in the polls holds. us have scars of from 2000 in florida, how critical and messy it was, the vote count. what will it look like this time when we believe there will be a lot more absentee ballots? that is right. it will all depend on margins. thisden can run away with
thing and win big in a place actuallyida, we may know who the president of the united states will be on november 3. if not, if it is extremely close, we are in for a long week. david: i hope it is just a week. thank you so much to jonathan levin. staying with the swing state of florida, we turn to the democratic candidate and what may prove to be a key congressional race, cohn.winning writer alan we welcome him to bloomberg. thank you for joining us. give us a sense of your race, your district. alan: the good news for us is a new poll came out yesterday showing that we are in a statistical tie in the presidential race. it is also a statistical tie. 4 always plays a pivotal role
because it becomes a bellwether. whatever party dominates usually takes the state. what's incredible this year is it has taken on national significance with all the discussion about whether there will be games played with the election, what we would think is impossible, but we have seen a lot of impossible thing the last four years, if the presidential race winds up in the house it is settled not by majority but congressional delegation majority. right now, florida has one more republican than democrat. if i win, it looks to a democratic majority. some of the television networks have said this race is actually the most important congressional campaign in the country because it could have an impact on the presidential election. i have seen that, that it may determine the presidency as a practical matter. take us inside your district. heavily caucasian. what is the age demographic. what are voters concerned about?
you were just talking about the 625 and older voter. over 25% of this for -- district are voters 65 and older. i am running against a guy that is talking about ending social security and gambling it in the stock market, which will not play well with the voters in this district. ,t's a suburban, working-clas middle-class district. my wife and i have lived the ups wherewns of the economy, even if you have health care through your employer or the affordable care act, you can hardly afford to use it because deductibles are so high. those are the issues that keep people in this district up at night. they want to see someone who focuses -- we want to do our part to change these things.
that is why my opponent is out of touch. he is a multimillionaire self funding candidate who has never had to worry about these issues. david: multimillionaire or billionaire named donald trump won last time, and his pitch was the economy. he says it is not my fault the pandemic hit. is that resonating with you are voters in the 15th district? alan: no, it is not. people in the district, whether republican or democrat or independent, are tired of the chaos that we have seen the last four years. they are not tired of it, and just the language. people are sick and dying because of this pandemic. they are out of work or underemployed because of the pandemic. the problems with the economy started long before this. people are looking for a return to normalcy. i believe that is what joe biden
brings to the table. david: talk about the role of money in your race, and in general in florida. a lot of money pouring into the state, as i understand it. as you mentioned, i am an inspector gate of -- investigative reporter, and i also anchored the news. in that time, i spoke to democrats and republicans. republicans raise money differently than they do democrats. they get a lot of pac money. democrats do not. i will call sometimes 1400 people a day, getting small and large donations from people who can afford it. people who want to end this chaos over the last four years. democrats have been targeting this seat for two years because the incumbent who was defeated in the primary is under criminal investigation. also, this district has been
trending democrat. there are thousands of people that have moved into this congressional district, a lot of new home construction, and the district has been steadily trending democrat. this district is a lot different than it has been in years past. it is a reason why it is on the map in terms of national politics. that ine have seen other places, maricopa county in arizona. they say it is a different district and it was four, it years ago. be many voters that will voting were not even living there for it years ago? inn: there is a saying florida that most people in florida are from somewhere else. there are a lot of people from the midwest, northeast, other parts of the country, because it is such a wonderful place to live. you see in the more suburban areas of the country a lot of
homebuilding going on. people commuting into tampa or orlando. idor, so a lotcorr of commuting, but it is also a heavily agricultural area. this is where your strawberries, your citrus crop come from. they have had it tough over the last few years because of climate change, more difficult irrigate crops. immigration is a huge issue. strawberry growers don't have enough help picking their crop. that is basically the demographic of the district. david: give us your best guess -- and i ask because it will be an informed guess, certainly more than mine -- about how late we may have to stay up election night, or even beyond that to know the results of the race. the: from my experience in
primary, we knew within the hour. vote by mail is crucial. we had the results within one hour. vote by mail gave as an early indication of where the primary would go. we believe that will be the case on election night. outpacedail absolutely early voting and election day voting. there are a lot of people who are, because of the pandemic, are less likely to vote on election day. we want people to be safe. the safest thing to do right now is to get your ballot in the mail as soon as possible. david: that is the one thing from every person we talked to. great to talk with you, alan cohn. democratic candidate for florida's 15th congressional district. this is bloomberg. ♪
power" on bloomberg television and radio. i'm david westin. on the markets. joining us is abigail doolittle. looks like a mixed day still. the dow the s&p 500 and up slightly, technology down slightly. today it's all about the banks. earnings season for the third quarter has kicked off. ,he banks are down sharply citigroup done 4%. jp morgan and citigroup beat estimates, but citigroup warning about the slowness of the economy. in this uncertain environment, bonds are higher. that means yields are lower. that is weighing on financials. we also have some movement in the health care sector. the reason the nasdaq is higher, it has to do with biotech. pfizer reported a solid quarter but they are halting their study for the covid-19 vaccine due to
an unexpected, unexplained patients. one of the as a result, some of the competitors like moderna and novavax higher. bonds slightly higher, so that tells you investors are a little bit uncertain hedging for what could be next. anything seems possible this year. david: that is fair. [laughter] anything is possible in 2020. balance of power continues on bloomberg radio. we will be speaking to mark china with, the new executive amy coneyn the barrett confirmation. this is bloomberg. ♪
democrats about how she would rule on particular issues. she also said she has not made any promises to anyone about how she would decide any case. one of those asking questions will be democratic vice president shall nominee kamala harris. a new study from the world health organization finds health-care workers have been contracting the coronavirus at a higher rate than the general population. countries,of 83 about 14% of cases reported to the who affected health care workers, and they make up less than 3% of the global population. the agencies as the data also signals a substantial decline in health care worker infections since the start of the pandemic. california's siege of wildfires has significantly quieted but forecasters are mourning a fall heat wave could bring back critical fire weather conditions this week. southern calif