what is the moving part that matters to ethan harris? ethan: you guys just talked about it. the problem right now is the lagged effects on the economy are still playing out. recessions always start with some kind of shock and as the pain builds we get second-round effects rate having jobless claims, even if they are missed measured,- are missed at this level is disturbing, and is an indication of the pain that is still out there. it is consistent with the idea we are getting out of the phase where we are rebounding from the shutdown and now we are more to the grinding forward phase with a massive headwind from the labor market. we do not have to torture the data, the data is torturing us. forgive me just for a moment. i want to talk about the equity market. a little bit of a slip on the s&p 500. the nasdaq 100 breaking down about 1.28%. still the underperformance intact. we talked about the bid into the bond market. on a 10 year treasury, this is where things stand. yields in a single basis point. a bit of a breakdown in this market. a couple of reasons for this breakdown. i

ethan harris says the bounce is turning into a grind. the u.k. government says the coronavirus is still not under control and rising infection rates may not cover new curbs. 7000 new cases were reported for the second day running. their highest total since the pandemic struck. boris johnson said he wants to avoid a new lockdown but his government's handling of the crisis has brought increasing criticism. the retail sales slumped in sitters -- continues in hong kong. from the 13% dropped year earlier to $3.3 million u.s. that is better than a recent forecast. sales by volume also dropped 13%, but that's an improvement on the near 24% decline in july. global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm karina mitchell. this is bloomberg. haidi, over to you. haidi: next, gradient investment's mariann montagne says u.s. stocks will get higher despite the election uncertainty. but history tells us otherwise. plus, top money managers are calling on australia's

jonathan: quote of the week from ethan harris, bank of america head of global economic research. we will continue the conversation with mohamed el-erian. i guarantee that man will be in a tie for that interview. i have to put my tie back on as well. i do not need a mirror to put my tie back on. jonathan: i need a mirror to get the length right. tom: the hipster will figure out the type. jon ferro with an important conversation with mohamed el-erian. right now we got a ton of emails on this, on gold and the dynamics. dennis gartman has been brilliant on gold. for michael mcglone at bloomberg intelligence, every day puts together real chart -- real insight with charts with three lines on it. michael mcglone, the gate correlation on gold missing is the blowout in our debt and the dynamic of the blowout in the deficit as well. is that correlated with gold? michael: hello. i know you love my multiaccess charts. i have to control myself. the key thing people should remember about gold is compared to the big increase in u.s. debt to gdp, gold is basically unchanged. it is unchanged sinc

. >> harris: ethan, when i bring you back i will ask you about joe biden and race and violence in our cities, but to be fair i don't want to have to cut you gentlemen off mid sentence which sometimes can happen at the end of the program. thank you for sticking with me through the press briefing and breaking news, i pursue your time and we will see you very soon. i'm harris and "the daily briefing" begins with dana perino, now. >> dana: and senate republicans many right now on capitol hill after clearing the way for the supreme court. it comes as a republican senator mitt romney says he supports the vote after the election given the g.o.p. the backing and needed to move forward. >> i think at this stage it is appropriate to look at the constitution and look at the president which has existed over the process of our country's history. in the circumstance where the nominee of a president is from a different party on the senate, and more often than not the senate does notrm