lisa: cookie mom, lisa. lemonis: i'm marcus. lisa: how are you doing? lemonis: nice to meet you. tell me what's going on here. cory: okay, so today we actually have a pop-up shop and customers come, they get a cookie. they sit down and wait for their car. lemonis: are we generating revenue? or are you giving them away? cory: the company buys them and then we give them. lemonis: very smart. whose idea was that? cory: both of our ideas. lemonis: okay. now more importantly, i love cookies. cory: so you got to try them. lemonis: so i'm a really tough judge, though. cory: okay. okay. i got you. lemonis: okay. cory: okay, this is the chocolate chip. they're all natural, and they have no preservatives added. lemonis: the chocolate chip was amazing. cory: thank you. second, this is a double dark. this is like the brownie. nice and soft in the middle. lemonis: it's delicious. cory: and sugar cookies. lemonis: is there orange in this cookie? orange peel? cory: it's a secret recipe. lemonis: okay. let me just tell you right now. lisa: oh, no. lemonis: if we do a deal, i'm gonna need to know

davis is the author of "mona lisa in camelot." the white house historical association hosted this event and provided the video. rhett: this evening it is a pleasure and honor to introduce a friend to the association, margaret leslie davis. she is an award-winning author of books about the history of the west. her books have been praised by reviewers in the los angeles times, washington post, npr and new york times. her most recent book is "the lost gutenberg." in a starred review, kirkus described the book as "an engrossing read for any book lover." her work has been featured on fair.orning and vanity the author has appear don c-span's book tv, the history channel, as well as the discovery channel. she is a lawyer, graduate of georgetown university, and joins us from the hills of los feliz in los angeles county. thank you for joining us, margaret. margaret: it is a joy to be here for your weeklong celebration in honor of first lady jacqueline kennedy. i am so delighted to share with you a story from my book called "mona lisa in ca

-lisa: okay. -lemonis: ...in the next... -lisa: week? -lemonis: yeah. lisa: yeah. that's fine. we'll get started right away. i'get started right away. giovanni: i'll be out of it. lemonis: okay. see you, buddy. -giovanni: thanks, sir. -lemonis: bye. ♪ things are moving forward at bentley's. giovanni: we have been working on acquiring natural pet market in wheaton, illinois. her best year was about $850,000. this year, she's on pace for about $720,000. she wants $285,000 for the business. lemonis: gio has genuinely done a great job of getting feedback from his team before he makes decisions. giovanni: moment of truth. yes or no? woman: yes. giovanni: you want to go for it. nevine? nevine: yes. -giovanni: mark? -mark: yes. -giovanni: dan? -dan: yes, i do. man: absolutely. lisa: i think we got to double-check, make sure the name's involved. let's tighten up the numbers, but i'm good with the $285,000 as the final number. giovanni: we'll move forward. i'll take the next step. i'll set it up today. thanks, guys. nevine: thank you. ♪ lemonis: meanwhile, we've gotten the packaging

to very first to see the mona lisa. by the time the doors open, a line extended down the steps and all the way along fifth avenue. the city had fallen crazy in love with mona. bars and restaurants got into the act by generating a new cocktail in honor of the visitor called simply the mona lisa. the concoction was made up of cognac on the rocks with a -- of dry vermouth. andkeepers sold mona lisa asked by the box load and the famous name appear to everywhere in cartoons and advertisements. i had to share this newspaper clipping. see the little girl on the shoulders of her dad. she emailed me after she read my book and said seeing the mona lisa was one of the most precious memories she had as a tiny child with her father. the best part she said is when the line got long and it was cold and they were waiting 3, 4, 5 hours to get into the museum, her father said he would take her to tiffany's. she was allowed to purchase anything she wanted as long as it was $10. i love that story. after the mona lisa was hung inside the me

lisa abramowicz, claims in america. lisa: we will be getting jobless claims data at 8:30 a.m. eastern time. curious to see the integrity of the data. that will be a major focus as we see a decline in the total number of jobless claims. at 8:30 a.m., august housing starts. is really hot housing market hunkering down for an all-cash on-site -- sight unseen. a nancy pelosi will be giving a press conference, talking about money for coronavirus testing, but the focus is on fiscal stimulus and her approach to holding out for more money. president trump saying he supports the bigger numbers yesterday, the rift in the republican party is growing. jon: this is what the federal reserve and bank of england avenue in common, both institutions held hostage a fiscal policy. we will talk about the fed in a moment. the bank of england headlines crossing the rate unchanged. the asset purchase target unchanged. sterling, a little new guidance. the bank of england will not try to do significant progress on its inflation goal. guy johnson joins us to break it down. good morning to you, guy. guy:

did you mute lisa? [laughter] that timing was perfect. tom: it's mute lisa -- let's mute lisa. tom: can i just state, everybody in the control room is working. dayink they did in 18 hour yesterday, kailey leinz. combinedooking at a total of sleep in the control room of about four and a half hours. jonathan: i am pleased to say, joining us now, lisa shalett, morgan stanley cio. great to catch up with you. you are calling this a policymakers correction. what is a policymakers correction? , it hasas we know really been the policymakers' he that haveforts allowed us to rebound and by septembereven 2, hit new, fresh all-time highs on the s&p 500. but i think it also sets the bar many investors expect them to continue to follow through. september, days of it became very clear that some of the gifts we were given in march, april and may were perhaps going to be a little tougher to procure. that is really around the certainty of what policy is. we've talked about three things. wetalked about the fact that are, quite frankly, shocked that the market isn't more tumultuous given what look

lisa: all right -- the mighty liverpool. lisa: all right. they lost. i understand. i think a team, and they lose. tom: liverpool is good. liverpool is like the boston red sox. lisa: so what are you drinking, bloody mary? tom: it's like a standard beer from cleveland. jonathan: it only took 25 minutes for this show to go off the rails. alongside lisa and tom keene, i'm jonathan ferro. special coverage coming up later , bloomberg radio, bloomberg tv. david westin, 8:30 eastern. the coverage begins right here on bloomberg. this is "bloomberg surveillance ." ♪ jonathan: from new york and london, for our audience worldwide, good morning tea while. this is "bloomberg surveillance ," live on bloomberg tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. two hours away from the opening bell, here's your price action. equity futures taking a dip even 0.1%. not the euro-dollar reclaiming a $1.17 handle. a weaker dollar story through much of g10. the bond market, we keep joking about it, but it has really important consequence is for people trying to pu

i'm lisa abramowicz. tom keene, jonathan ferro off today, both playing hooky as we get ready for the long labor day weekend in the united states. i'm lucky, though. paul sweeney, my former cohost on bloomberg radio, joining us today. it is so telling that we are showing an image of washington, d.c. because it was too cloudy in new york city, and perhaps that is a metaphor right now. very cloudy in new york city for the future for a lot of things. very much the focus on washington, d.c. as people wait for some signs of fiscal support , as people wait for some signs of just how contested this election in november is going to be. paul: i think all eyes are going to be turning towards washington. this is then thetion, more near-term fiscal stimulus. the question is, does this economy need more? a lot of folks are saying yes, but we need to get congress back at the bargaining table. they seem to be pretty far apart at this point. lisa: we will find out. right now, markets unfazed. they are indicated to open at

first to see the mona lisa. by the time the doors open, a ed, a line extended down the steps and all the way along fifth avenue. the city had fallen crazy in love with mona. bars and restaurants got into the act by generating a new cocktail in honor of the visitor called simply the mona lisa. the scintillating concoction was made up of cognac on the rocks with a dash of dry vermouth. shopkeepers sold mona lisa knickknacks by the boxload and the famous name suddenly appeared everywhere in cartoons and advertisements. lisanly, all things mona were terribly en vogue. i had to share this newspaper clipping. see the little girl on the shoulders of her dad. she emailed me after she read my book and said seeing the mona lisa was one of the most precious memories she had as a young tiny child with her , father. the best part she said is when the line got long and it was cold and they were waiting 3, 4, 5 hours to get into the museum, her father said he would take her to tiffany's. at tiffany's, she was allowed to purcha

lisa: we learned something yesterday. we take that pile of cash and split it into quarters and then you have more money. that is what we learn from our end has left. -- apple and tesla. tom: we are doing a lot of strategies,equity fixed income strategies. futures up, another equity lift to the markets. let's get right to the morning brief. lisa: we are going to get the manufacturing data for the month of august at 10:00 a.m. you're getting, u.s. july construction spending. housing, red hot. we are likely to see more edification of that trend. look at lumber prices tripling. u.s. august to get ward's total vehicle sales. there may be cooling there. what does this mean about how much money people have to spend? also today, president trump visiting kenosha, wisconsin against the wishes of some local officials to discuss recent events that have transpired there, the death of one of his supporters, the rioting come of the protests -- the rioting, the protests to figure out how much he is gaining popularity by hammering home th

lisa: yes. what it means is that investors are saying that in order to take the risk of investing in lending to this company, we are going to demand a higher premium based on the rate of treasuries in order to be rewarded and compensated for taking that risk. does that clear it up? jonathan: you know he already knows it. tom: she mailed that. -- she mailed that. lisa: there you go, so it's worth it. jonathan: i am just going to get to the price action. every time i get uncomfortable on this show, we get to the markets. [laughter] tom: what a marriage. jonathan: tom and i were married, that would be it. every dinner. tom: we are at home on the weekend. time for a market check. lisa: thanks giving discussion. [laughter] 500 futures in 11. euro-dollar, $1.1636. you know what you are listening and watching. this is "bloomberg surveillance ." ♪ ritika: london has been placed on the u.k.'s list as an area of high concern, and covid cases continue to soar. a group is calling on londoners to abide by

lisa: perhaps. the question i have is what kind of guidance will be give about how they would increase inflation, how they measure inflation? we do not talk enough about the divergence of inflation in day-to-day goods people by versus a lack of inflation and other areas that are measured and how much does this matter to the vet? -- to the fed? tom: an academic paper saying inflation is at much higher than what the statistics say that obese something to speak of into october. there is a spectacular article out by catherine martin of bloomberg news on the underperformance of bridgewater associates. ray dalio is a class act. he will appear on bloomberg this afternoon with our erik schatzker. cannot say enough about the importance of that interview. futures advance, up 30. stay with us, this is bloomberg radio. this is bloomberg television. ♪ ♪ ♪ you can go your own way ♪ go your own way your wireless. your rules. only xfinity mobile lets you choose shared data, unlimited or a mix of each. and s

lisa: that i will go with wes tam. -- westham. tom: lisa is a newcastle type. lisa: i will do research all weekend. jonathan: that is a night out. have a quick google of nights out in newcastle. that would suit you down to the ground. rubenstein,avid carlyle group and host of peer to peer. this is "bloomberg surveillance." senate majority leader mitch mcconnell says the new republican stimulus plan focuses on restoring supplemental jobless benefits and extending help for small business. the senate votes on the measure tomorrow. it will cost as much as $700 billion. that is about a third of what house democrats want to spend. astrazeneca has paused its coronavirus vaccine after a person taking part got sick. that could delay efforts to speed immunization. the drugmaker says at trial participant has developed an unexplained illness. researchers will examine safety data and maintain the integrity of the trial. wildfires are now spreading beyond california. oregon's portland general electric turned off power. drive winds are threatening to take down power lines and

lisa, will you count it? lisa: no, but i'm going to let tom know that. tom: 47 times. lisa: there you go, 47 times we mentioned fiscal stimulus. jonathan: just to clear this up for our listeners, our audience worldwide, tom keene has not counted how any times. [laughter] maybe he find out it was 47 times. just inant to clarify case someone puts it down in a research note. tom keene wasn't watching that in the testimony yesterday. lisa: jay powell keeps saying we need this go support. we don't know how much moment to him it's going to decline as cases this momentum it's going to decline as cases think -- momentum is going to decline as cases increase. that seems to be the major of a point in the framework for the federal reserve. vice chair richard carrin adjoining "bloomberg --veillance" at 8:00 a.m. vice chair richard clarida joining "bloomberg surveillance" at 8:00 a.m. you do not want to miss it. you talked about the discipline in europe with manufacturing. we will get the read for september in the united states. 10:00 a.m., fed chair jay powell going back to congre

we are riveted by premier league opening this weekend, lisa abramowicz is a study. lisa: yes. jonathan: she might have chosen a team. rumor has it. lisa: i will not reveal anything until monday. on monday, i will come in and it there mayor and may not be paraphernalia -- and are there may or may not be paraphernalia for my favorite team. jonathan: if you have gone with a london club, can you give us a preview? lisa: you have to wait like everybody else. there is a lot going on today. as you mentioned that 7:45 a.m. meeting. we will get that rate decision. the meaning 45 minutes later's later,is christine -- speaking is christine lagarde. and 8:30 a.m., the u.s. jobless claims. we will probably see ongoing improvement. we saw that yesterday. the question i have is when do we reach new normals, the potential longer-term damage in the labor market. this tenet is going to vote on a skinny relief bill today. the democrats may have enough to block the vote. this will be interesting to see what gives and take there will be on state and local funding, that seems to be right now the ho

lisa: carry on, john. jonathan: you will hear it over the next couple of hours when she refers to tom and me. .07% on the s&p. weakest. i have to say, the range and treasuries has really helped, and not many people think it will break soon. europe-dollar approaches 1.19. just aalreal this coming little bit. it is not a -- yield -- real yield is coming just a little bit. there it is, a lesser negative statistic. now, --: janice right joining us right now, jpmorgan strut this is your most recent research -- about the bond market, where do you get that downside protection from? what is the answer? is a difficult question. with all difficult questions, i think it depends. say first the underlying trend is a positive one based on fundamental factors. you have surprising early-cycle dynamics. the fed is providing support. the balance of risk on the downside is pretty good. it is a portfolio construction headache in the sense your usual sources of protection are the longer active. the most impressive thing over t

lisa: one thing. when you talk about the moral obligation of president trump, there is a question about the moral obligation of journalists. this is one response to your book. people were saying if you knew that president trump understood the danger of covid, why didn't you get out there sooner? have you been surprised by the degree to which president trump's presidency has put into the limelight the morality of the media and from that into question? bob: we should be accountable, but there is no one who has read my book and the details of the reporting process who think i could have put something out. there was nothing to put out. i thought trump was talking about china in february, all of the discussion was about china. the head of infectious disease for this country for the last 40 years was saying at the end of february, do not worry about it, go to the mall, go to the movies, go shopping, go to the gym. inwe know, the virus hit us march. californialing to and florida. if i thought trump knew some

lisa: lisa hornby nailed a yesterday. basically, the fed is saying we are going to support you to buy risk. i guess of companies go bankrupt,, that seems to have slowed down. it seems like there is a symmetric risk right now. you can either pick up a coupon or get blown out of the water. people are going to risk getting the coupon for now. jon: i'm herding cats this morning because i know what is coming up every segment. to manageoing to have it. tom: do you want to explain why this is so exciting? they almost lost to bulgaria so bad lost my. this is joy norma's money. know the financial details yet. i understand it is going to be alone deal initially. tom: i am a loan deal. jon: can we send you back somewhere then? tom: good morning, jon. jon: good morning to you all. from new york and london, this is "bloomberg surveillance." ritika: the chinese owner of tiktok is gaining confidence beijing will ok its proposal line with oracle. isomberg has learned it likely to greenlight the deal as long as it doesn't involve the tran

lisa: you nailed it. tom: lisa, take a red bull. jonathan: up next, the mystery of 2021. dr. jonathan quick of duke university. ritika: with the first word news, i am ritika gupta. theary clinton says republican rush to fill ruth bader ginsburg seat on the supreme court could spell the end of obamacare. clinton spoke with bloomberg in an interview taped for today's bloomberg equality summit. seat filled right now, as opposed to waiting until we know who the president is, could very well mean the end of the affordable care act and the loss of health care for millions of americans who have suffered from covid-19. movea: clinton calls the "an unfortunate display of partisan power." she says she would not favor a strategy being discussed by some democrats doing priest the size of the court to dilute the conservative majority. -- some democrats to increase the size of the court to dilute the conservative majority. she thought that a step too far. you can watch on bloomberg tv or at bloomberg live? . -- or at bloomberg live go. alexey navalny is out of the hospital. gaugeyed is too

tom: lisa, are you looking at me? lisa: i'm looking at you. i know you are loading that roomful of cash. gina: if you think about the s&p 500, you have seen something of a mini bubble develop in the mega cap tech stocks. it does appear a lot of that was created by the culmination of institutional investors chasing return, getting dragged into the market after the second quarter gains surprised everyone. we did see institutional investor flows into some of the mega caps names in july and august, but also a continuation in speculation among retail investors. it is hard to ignore the fact that retail has been responsible for roughly 20% of equity market flows this year, and historically they average about 15%, so you are seeing some degree of speculation. you are certainly seeing the highly leveraged triple q's rience a tremendous amount of flows in either direction. we did see institutional start to get pulled into some of these names as they chased performance to some degree. we are now seeing that froth removed in the market, and i would say t

lisa: would you ever want to be an astronaut? tom: i used to sit in a cardboard box in the basement and you would fake you are in gemini or mercury. that was before apollo. lisa: i have gone to the intrepid in new york and sat in the old space capsule. so much fun. the name falcon 9 harkens back to an era that was a gilded era of space exploration. tom: we are getting back to it with this private public consortium. for those of you on radio, the thing i cannot get used to, a drone down and landing on the drone ship like we do that every day. that is extraordinary. we will exit from space-x and get back to the business at hand . here is the business at hand. 800,000 to 900,000 jobless normal so far from the we once knew of 210,000 and 220,000. it still bears careful scrutiny. we will give you that scrutiny into tomorrow's jobs report. as always we have a terrific team lined up to go but need that headline and data. william acxiom, pershing square -- look for that this afternoon. this is bloomberg. ♪ ♪ jonathan: live on bloombe

lisa: good morning, everyone. from new york city, for our audience worldwide, this is "bloomberg surveillance,"

lisa: does that mean you are betting on duration tom: lisa: lisa: expressly, no expressly,ames --james: no. i think it is very difficult. isbability tree of outcomes tough because so much is dependent on what will be dictated something as unpredictable as the virus. it is something we just don't understand well enough to have a high conviction call. . i could see us in deflation's elite -- in deflation easily. i want to position for what they are doing, not what they are trying to achieve. low ine keeping yields my opinion. i'm not too worried about inflation near-term. i think it is definitely something. tom: we welcome all of you on bloomberg television and bloomberg radio. it is a most eventful tuesday. huge news flow, particularly out of the united kingdom. james athey with us from aberdeen standard. his status -- if that is the case, what is the value or ever of being in cash -- or error of being in cash? james: go back to the start of this year and i would have said there's very little error potential. cash was a very attractive part of your portfolio because use also many risks

lisa, your thoughts. lisa: i have to remember what is happening. i think the conversation with carl is so important, this idea of how it will be different this time. i think it highlights the poignancy of this moment, i keep going back to this word, looking at everybody in masks, not able to get too close. lots of elbows. i think about all the funerals people have not been able to go to, the weddings people have not been able to go to, and i wonder when we can get a real sense of the recovery process and we can finally hug each other and experience unity on that level. it sounds trite, but on a day of mourning like this, more than any, the physical presence is important and that is what has been disrupted. tom: it will be most interesting. after this further moment of silence, vice president biden will travel from new york to shanksville, pennsylvania. separately, the president already on his way to that remembrance in the 9:00 hour just to the south of pittsburgh. they have done a wonderful job of building out the memorial to the very courageous p

lisa f: of course. having been established gender equality before the law was acutely aware of the importance of that case. two cases came up that term, both the city dow and vmi came up at the sink -- the citadel and vmi came up at the same time. the vmi case was the better case for the court to take, and it was very important to her. she was honored to be able to draft the opinion, to offer the opinion for the court. she cared tremendously about everybody's views on that court, and holding the big majority that she did in that case, i 7-1 case. justice thomas was recused because his son attended vmi, and the lone dissenter was justice scalia, her friend. but it was an important case. she thought a great deal about it, and articulated with regards to justice o'connor's case before that, the standard that states had to meet when excluding women. the exceedingly persuasive justification standard, which is quite a high hurdle. tom: what would you expect from chief justice roberts as he tackles the future

play: next time i will clair de lune for lisa. jonathan: for lisa, not for jon. [laughter] tom: i love what nickel back did with "clair de lune." jonathan: that describes our relationship with every guest that comes on this program. [laughter] i will do it for lisa, but not for you guys. kathy jones, thank you. fantastic. i was actually doing that interview trying to work out the baby name of gg hadeed, and couldn't find it. tom: for those of you on bloomberg radio and bloomberg television, the three of us are such nerds, we have no idea what we are talking about. [laughter] scarlet fu is like a magnet for this. she knows who their maid of honors were, the best man, the whole thing. lisa: are you going to sing for us, tom? jonathan: tom is going to sing later. a headline just crossed the bloomberg. i don't know how we go from this to new issues in the bond market. new bond sales reaching $1.4 trillion, a new annual record in europe. the high-yield side in the united states also hitting a record in the last 24 hours as well. same in ig. just records apply through

lisa: your rival. jonathan: this is amazing. thank you. lisa: any time. 3-0.n your spurs, nil. they lost to richmond the week before. they lost to richmond the week before and they got crossed. egerton was fired up. richmond there's pretending like they know something about london football. jonathan: this has been torture. let me confirm this because it is true. tom knows more about this than i do. lisa: [laughter] jonathan: it is shocking. he will call me out on a saturday night and tell me more about these teams than i ever knew. , up in boston,w good morning. when the red sox are last in the american league, you talk english football. 77 -- 37 points i should say. they are up -- were up over 40 early. dow futures are up. rest of the the data. on the business of fixed income and what to do right now, as we dive into the autumn, ian lincoln joins us. he writes really piercing, really dense research notes on the state of fixed income. ian, where is the belief right now, where is the opportunity into september and october? ian: well, i think it is an exciting period between now

lisa: we did. [laughter] the wall street zeitgeist right now, i want to get euro cents from washington about the oracle deal. tom: good question. lisa: oracle is the leader for this tiktok bid in a comes after the founder is the only big tech executive who has put his weight behind president trump in a meaningful way, how helpful is this? >> i think you put it out well right there. in terms of the expectations and to the belt way, the expectation was microsoft had the upper hand. this tiktok deal, the precedent it has set for the longer term is where things get more interesting. the stateticipate department to have additional comments this week not just pertaining to take talk at the door brought -- the broader strategy pompeo's trying to lay out. as for oracle, there will no doubt be questions to how democrats have raised questions about kodak in the next 24-48 hours. jonathan: do think the relationship with the president matters here? i think all relationships matter in terms of the c-suite. bott

lisa: we all are. this has been a brutal market and it has been moving from temporary layoffs to permanent ones. you've been talking about coca-cola and they are lines and everyone else announcing layoffs, even the company doing well. i want to go to numbers. the confusion michael mckee was displaying came from a very confusing set of data. yesterday we had a changed message of accounting for jobless claims. today there are separate survey is out. do you feel like the data itself is more confusing than it has ever been before? randall: the fundamentals of the data are the same, but the movements in the data in the short amount of time are so much larger than we are used to. of course there will be possibilities for misinterpretation or miss categorization. we have to take these numbers with little bit of a grain of salt, not because there's something wrong with numbers, but the movement is so large that what used to be -- 100,000 is a big movement. a very different kettle of fish. debate,re is a raging

lisa: is all about jobs. as michael mckee was saying, there is increasing concern the jobs data is messy. how much integrity does this data have? michael: it still has some useful integrity. i agree with the need to downplay any signal from the pandemic numbers, and even the initial claims data is something we are paying less attention to. continuing claims still seems to have a pretty good signal. the direction seems to be one of more modest improvement. this is just one of those periods where it is a data point that has lost some of its relevance. over time it will become more relevant again. we just down weight some of the signal, but we do not ignore it entirely. jonathan: you have your finger on the pulse of the conversation we had through the summer. so many people expected that late slow down. it did not develop and they capitulated and it breaks the idea that what we are seeing is a self-sustaining operate. are you saying what we need now is more physical juice -- more fiscal juice? i've tried to be c

lisa: there is a question about momentum in the u.s. economy, jobless claims messy, hard to get a full read. the trend is not that encouraging. where is that momentum? we are not seeing it in the u.s. economy. tom: dollar strength through the morning, dxy -- bloomberg dollar index also moving to new highs. ounce, down57 an $11. in the bond market, even some .6642.t there, we count four digits, the roman method. futures deteriorate, dow futures -178. nasdaq 100 does little bit worse. the jobless claims, it was sobering. lisa: the idea we are not necessarily seeing gains, we see a worsening in the labor market this far in the suppose it recovery. this should fuel the debate in washington. tom: may be fuels the debate to the debates and we will have debate coverage from cleveland on tuesday. what an interesting day. particular thanks to our london-based team for coverage of the chancellor of the exchequer's important speech. the dollar strengthening. turkish lira on radio. lira. sassower on 12 people will listen. [laughter] on radio, on tv

[laughter] lisa: that is sarcasm. jonathan: michael mckee, bloomberg economics and policy correspondent. isn't that always the problem? it is the one that speaks a little bit more differently that generates the most headlines. pretty much everyone said the same thing, apart for one on fiscal policy. tom: you wonder, are they over speaking? is there over communication? jonathan: i don't think we need to wonder. i think we know. tom: i frankly find it of zero value. every once in a while, mckee will ask a good question, and it's like, that's interesting. jonathan: but given chairman powell's performance over the last couple of years, there's been some people who have felt the need potentially to come out and clean up the message a little bit. so there is an argument the other way, that if you just left it to chairman powell, it wouldn't be sufficient. don't think we can put chairman powell in the same bucket as the former ecb president mario draghi. it is a different story at the fed. tom: that's fair, but how many peop

lisa: i agree. michael purves put it really well and a note over the weekend where he said normally the supreme court justice vacancy would not make geopolitical noise. this would not have an effect on markets. this time is fundamentally different and this is important. the oxygen will suck out of the room in washington, d.c. and take the conversation away from the economy is a huge deal and torpedoes a lot of the chance of a fiscal deal before the election. tom: futures -60. you see that headline. i do not know want to make of it. lisa: bytedance will have no ownership of tiktok, this is coming from oracle. the head scratcher of a deal is even more of a head scratcher because bytedance will not be transferring their algorithm to tiktok global. we will dig into it to find out. oracle shares are significant higher in premarket trading, bucking the trend of the nasdaq. tom: it is a trend up on the headline. a lift, -63 on futures. we are looking for every little lift we can get. in the yield space, an

lisa season, and we are in lisa and i see it, and we are in new york. i think there's a desperation out there. it is really pretty grim. jonathan: let me be clear about it. here in the united kingdom, there is a huge worry about the job losses that will come about when that fiscal support evolves. much more still to come on that. from new york and london, good morning to you all. equity futures with a bid. the s&p 500 rallying by about 1.4%. this is "bloomberg surveillance ," live on bloomberg tv and radio. ♪ jonathan: counting you down to the opening bell in new york city's with equity futures getting a nice left, flying out of the gate in europe. a rally in frankfurt and a lift on the s&p 500. up 48 on the s&p. in the fx market, euro-dollar 1.1670. that is a weaker dollar. let's get to a chart of cable. pound sterling has been all over the place and last week, trapped between brexit roulette in the latest covid restrictions. ,e had a 129 handle last week we have been as low as 1.26 last week. we've been all over the place on the back of covid restri

lisa: i am very curious to see

good morning, lisa. >> good morning, liz. from the mid-60s t the delta. winds are light so the offshore component isn't with us yet, that will be late tomorrow. water view shows the smoke smoks the various fires burning in california. a high of 94 today at the host. 80 in mountain view. 72 downtown. mt. tam a little hazy there, 18 already in 79 in livermore. our 24-hour temperature change, we're building on the warmth of the overnight where we really didn't cool off. overnight lows, mt. tam, mt. diablo, in the upper 80s. you see the yellows there with good air quality for now inctte 90 ov0,e'reth by 20,hat out, 112 in livermore, 109 in concord, 94 san francisco. i don't know if you saw that, for a time it goes up to 115 in parts of the east bay valley. the fog will come back but we're also looking at a wind shift to bring high fire danger as soon as tomorrow night. more details coming up, liz. >> all right, lisa, thank you. >>> these high temperatures have prompted a pg&e public safety power shutoff watch for several places throughout the bay area for tue

lisa: fair enough. that said, are you saying that what we are seeing in tesla is not the result of day traders and people who have faith in the stop who want to get in through robinhood accounts, and this is a global wall street acceptance of the stock that was previously hated? barry: somewhere in between. there are people who are true who have in the stock been buyers for much lower prices and keep adding to their positions. there is been a bit of a short squeeze in the stock and a number of other stocks, although there seems to be a rumor going around -- i am unaware of a two for one or five for one or 10 for one split that leads to stocks being caught away from people who were shorted. this is just a fantastic momentum story that is populated by fan boys who love the product, love elon musk, love the narrative, that is what drives tesla. not people buying 1000 shares and selling 1000 shares. that is noise. to many trillions of dollars robinhood clients have? it is a fraction of that. tom: really wel

lisa: 1000%. cheers. tom: cheers to jon. cheers. lisa: for the sabbatical. jonathan: this is me pretending i'm happy. good to see you, guys. in the markets right now, equities on the s&p 500, equity futures slightly negative. tomorrow, the payrolls report in america. live on bloomberg tv and radio, this is "bloomberg surveillance ." ♪ give you my world ♪ ♪ how can i, when you won't take it from me ♪ ♪ you can go your own way ♪ ♪ go your own way your wireless. your rules. only with xfinity mobile. lookentertainmentour experience: xfinity x1. it's the easiest way to watch live tv and all your favorite streaming apps. plus, x1 also includes peacock premium at no extra cost. this baby is the total package. it streams exclusive originals, the full peacock movie library, complete collections of iconic tv shows, and more. yup, the best really did get better. magnificent. xfinity x1 just got even better, with peacock premium included at no additional cost. no strings attached. jonathan: live on bloomberg tv and radio, for our audience worldwide, this i

lisa savage lisa: i think getting money out of politics is simple. candidates can do what i have done. do not accept corporate donations. do not accept money from corporate lobbyists, corporate tax, the packs that launder corporate money so candidates can claim they are not taking it while taking it -- corporate pa c's. my campaign has raised hundred $20,000 from grassroots supporters because we do not believe corporate government is going to solve the problems we are facing in this country. ,000.20 corporations profit from the problems we are facing. when people are struggling to get by, they do not have a voice in the senate. i am the only non-millionaire up here. people in maine need a real working person to go and be their voice in the senate, and reflect the values and the needs of actual people that are not multimillionaires. so i think that getting people into congress, that are not owned by corporate interests is absolutely job one. mr. linn, senator collins turn. sen. collins: sara gideon has set a record in the amount of dark money that has

alongside tom keene and lisa abramowicz, i'm jonathan ferro. with equity futures positive 0.8% on the s&p 500, the countdown to the open starts right now. we begin with the city of new york. we have to say, 19 years on, they are very few events in life like this one, where every single person you meet knows exactly where they were when it happened. family, friends, strangers. if they are old enough, if you ask them, they know where they were that day. 9/11 is one of those rare moments, perhaps one of the only moments like it. tom: in washington, was a plane ascending -- with a plane ascending out of reagan, a flag unfurled along the west wall of the pentagon. thee will be ceremonies at pentagon at the pentagon at 7:30 this morning. as you say, we moved to new york city. what a decidedly different 19th year of remembrance this is. with this pandemic, it will be a very different set of images this morning. jonathan: we will observe those moments of silence through the next several hours here on bloomberg tv and on bloomberg radio. lisa, give us t

jonathan ferro, lisa abramowicz, and tom keene on this september 11. we welcome you all of you worldwide on bloomberg radio and bloomberg television. we've been doing this for 19 years. each year is different. vice president pence will travel here to the memorial site, maybe with vice president biden in attendance as well come on his way to pennsylvania. it is a most different september 11. jonathan: 8:46 eastern is the first moment of silence as we observe united airlines flight 11 striking the north tower 19 years ago. tom: there are all sorts of remembrances, but no one on this team but lisa abramowicz understands this.

lisa: hold on one second, and i am sorry to interrupt. you say they are getting close to the end of the road for negative interest rates. you think that they will move to a positive interest rate regime? peter: i do not mean that they are going to reverse it, but they can keep rates at a very low negative rate that they want -- that they are at, and they will carry on putting qe in the system to ease monetary conditions. i think the big policy constraint question is at what point do they run out of government bonds and say they have to start breaking their own rules around which bonds that they are able to buy. that to me is a big question rather than when they can go more deeply into negative territory. at the end of the day, especially for an economy like europe's who are dependent on a banking system, you go into a reversal rate were negative rates start to do more harm than good. away --er west westaway. we welcome all of you to our simulcast. we are looking to the markets and we will look at that when we are done. futures, -46. it is

lisa: fair point. jonathan: coming up on this program, bloomberg contributor and former campaign manager ruth davis. this is bloomberg. lisa: with the first ash ritika: with the first word -- ritika: with the first word news, i'm ritika gupta. last nights first debate in cleveland quickly slipped into chaos. at one point, president trump joe biden battled over the coronavirus. mr. biden: he knew it was a deadly disease. what did he do? he's on tape acknowledging he knew it. he says he did not tell us because he didn't want to panic the american people. you don't panic. he panicked. pres. trump: we have done a great job. the only thing i haven't done a good job, it is because of the fake news. they give you good press. they give me bad press. because that's the way it is, unfortunately. let me just tell you something. i don't care. but you could never have done the job we did. you don't have it in your blood. mr. biden: i know how to do the job. i know how to get the job done. pres. trump: you didn't do

lisa: you agree with neil dutta that the u.s. economy looks strong enough and has enough momentum to not need an additional round of fiscal support. stephen: largely i would agree with what he said. it is interesting because everyone was saying the economy would fall off the table if the benefits expired, and it did not. the markets also were supposedly dependent on seeing that continued fiscal largess, and we did not get it in the markets have moved on. we do need some level of support. it would be nice to get some level of bonus benefits, it would be nice for companies to be able to go back into a second round of ppp loans, maybe something for state and local governments, but i do not think the economy, the economic recovery depends on it the way a lot of folks were thinking a few months ago. you agree with the administration that this is a self-sustaining recovery that does not necessarily require a fiscal aid package? yes.en: in the aggregate, the way democrats are looking at it is not long, either -- is not wrong, either, th

lisa, a retail sales late this morning. lisa: 8:30 a.m. eastern time. to be the first read on consumer spending aspect and that's at the extra jobless benefit that did end of the end of july. we will be getting the housing market index, more optimism expected. possibly a new record among homebuilders. i'm thinking of transferring the oil out and bringing in lumber instead. that fed rate decision followed by the press conference with jay powell. what i am going to be looking for today is how the fed threads the needle between upgrading their forecasts for the economy based on the better-than-expected data while asserting the case for more fiscal support. there is a conundrum in this credibility gap between economists coming out saying more than ever, fiscal stimulus is required where washington is not seeing the urgency based on the data. jonathan: the dial, for the federal reserve may be what happened at the ecb last week as well. this could be tedious at times in this news conference. we will get questions on inflation targeting. mckee sits upel over z

lisa: perhaps not. the dollar has actually been the ballast for the portfolio, even though the turmoil is stemming from the united states. jonathan: i would agree, and that is where people have been wrong. they've been right on the treasury market, the consensus view. where they have been wrong, when things hit the fan, people by the u.s. dollar. nick is back with us. let's build on that. so many people out there doubting the dollar's role when things hit the fan. the timingng to be again? nick: i think so. although we think the dollar will soften over time, there are a few technicalities we need to get through for the rest of this year. one is a pretty sizable correction we are seeing in the equity markets, and of course, there is some focus around the uniqueness of the presidential election coming up, and whether or not we will get a result on the night of the election or whether it will take a little while after that. i think all of that uncertainty is playing into this temporary strength, so althoug

lisa at least finish the day ahead? lisa: thank you. the day ahead is full of washington, d.c. muddle. the house is considering a stopgap funding bill. now we have the concern of a possible shutdown at the end of a build notecause include $30 billion of farm funding, setting up a battle. also, republican senators setting up the timeframe for the replacement of justice ginsburg. again, washington dysfunction sucking the oxygen out of the room, raising even more questions at a time when the pass of the virus is still so unclear. jonathan: now we've done the day ahead. leslie into the fed. here's the story for me -- let's lean into the fed. here's the story for me. it is one of the most underappreciated things about any central banker. when the central bank governors speaks, if it is the fed chair, the bank of england governor, the ecb president, when they have to represent the committee, they have to try and reflect some kind of consensus. quite clearly, the fed right now, there isn't one. chairman powell, how money times did he say we debar fiscal action? then you have president

lisa: thank you for this. jonathan: don't worry, lisa. i'll try to keep it together. is justolls report around the corner. that's fish and chips for you, tom. i don't spend that kind of cash money. in the bond market, treasury yields unchanged at 0.64%. live on bloomberg tv and bloomberg radio, from london and new york, this is "bloomberg surveillance" on this payrolls friday. ♪ give you my world ♪ ♪ how can i, when you won't take it from me ♪ ♪ you can go your own way ♪ ♪ go your own way your wireless. your rules. only with xfinity mobile. >> i think there's honestly much more rationality happening in the market when we look beneath the surface. >> at the end of a melt up, you should expect some rack down. fiscal stimulus would obviously be nice to have. i don't think it is a need to have. >> the fed needs help. the fed needs a partner, and the partner is fiscal policy. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: the urgency of those voices on this most historic day for labor economics. jonathan ferro in

lisa: i am very concerned. the continuing claims are more than 27 million above where they were a year ago. i think the thing i am most concerned about is the dire and far-reaching consequences for the economy as a result of the expiration of the unemployment including july 31, for retail sales. that is why i would be concerned. we are seeing of economy support for an fueled by the consumer. without some sort of bipartisan focus on a relief package, how much worse could things get? lisa: things could get a lot worse. walmart reported a fall in sales. athink we probably don't have more diversified retail store that walmart or amazon. that as a result of the extension of additional unemployment benefits, walmart saw a decline in retail sales. i think this is particularly concerning because walmart is especially indicative of the people who would have the highest marginal propensity to who would be most apt to spend. gdp, fuelst fuels consumer spending. that is why i am really concerned. if walmart is sounding the