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tv   Bloomberg Surveillance  Bloomberg  November 19, 2020 8:00am-9:00am EST

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- [narrator] compare prices to get the best discounts. - goodrx, smart. - [narrator] stop paying too much for your prescriptions. download the free app today. >> we are in a much worse place today then we were in the first half of october. >> we have seen a massive momentum shift that we don't think investors should be ignoring. >> we will not get a continuation of this straight upward movement. there will be pullbacks. >> the fed has been quite clear that they expect the federal government to hopefully provide more income support. >> what we really want is for congress to do his job, and that is not happening. >> the vaccine news is game changing. this gives us a bridge to policy. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone.
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morning, thevember imf is direct. there is real risk to any form of international recovery. they look at the pandemic data, they look at the gdp data, and they look at the lack of fiscal stimulus nation to nation. this time is different. these headlines are original before a g20 meeting, but we got to get right to this. this is a real wake-up call of the immediacy into december. fromhan: it's an echo chairman powell and president lagarde over the last few days as well. i think market dispenser quick to untangle be short-term from the long-term, to bear their hope in the sands of in the back end of 2021. i think what policymakers are suggesting is that the short-term matters. it can shape what the long-term looks like area when you look at
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the balance of risks, they are tilted aggressively to the downside. abramowicz, this headline, elevated asset values point to financial stability risk, and i am surprised that is a judgment by imf on where fixed income and equities are. lisa: this is something that has been a consistent theme throughout the past decade. central bankers prop up asset prices, then worry about said asset prices. the question is how far are they going to go. i know the federal reserve has said they are looking at the shadow banking industry, hedge funds particular, about how much leverage they use in their role in some of the march turmoil, but how far will any of these central bankers, any of these international agencies be willing to go at a time when we've got such fragility and the underlying economy. tom: we focus on something like the international monetary fund, we talk about em in south
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america, other nations as well. any judgment of this pandemic is eurocentric. the greater sprawl that imf and other institutions see, and they mentioned it these headlines, of on its back from this pandemic. jonathan: president lagarde said the following. "companies are lightly to remain hesitant about committing funds to long-term investments as long as there is continued uncertainty about how the pandemic will unfold and the rollout of the vaccine. policymakers understand the risks in the near term, but they complaint about financial stability just make me shake my head and laughed. the policy objective was to diverse -- was to divorce financial conditions from the underlying economy. they have been successful doing that. you can't complain about spreads in the months afterwards. that just doesn't make sense. tom: this is a really important insight, and get this -- and
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gets us perfectly to our esteemed guest. yu with bny mellon joins us this morning. the risk here is that government comes so intrusive as japan did that we almost have zombie full faith and credit. -- full facing credit lisa: how it risk -- full facing credit. how at risk are we to becoming some be liked at -- becoming zombielike debt? geoffrey: a lot of that will depend on the institutional link between the corporate space, and monetary policy and government policy. i would say in japan, the link between the private sector and the corporate sector was ,tronger than it needed to be so the onus for europe and the u.s. is to make sure that that link between the corporate and central banks doesn't go in that
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direction. tom: i know jon and lisa want to get in here. let me jump to the core issue, which is the pernicious negative interest rates in europe. zombie all imf headlines if you have persistency of negative interest rates. geoffrey: only if there is no growth, no other way to grow, to help x make money through a steeper curve again. it doesn't matter about the front end as long as there is a curve for banks to actually grow their way through the balance sheets out. then it is ok. that is the risk for europe right now. if there's no growth, negative rates were very low rates are going to be here to stay. jonathan: basically what you're saying is that this central bank can't engineer a steeper curve. is that fair? thatrey: you could argue corporate need a flatter curve. to negativeike free
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based fundings that central banks have discovered, and central banks have may be discovered if we have an entire industry for credit that is dependent on this, than they are stuck. so how do you get unstuck? how do you kickstart the economy again? this is something europe with is desperately trying to do forward, but now once again it is being held up because that is going to be the crunch point for europe. imf is saying there are stability risks, yet it is hard to see that if you look at the vix and other gauges of potential volatility. what is the key financial stability risk as you see at, based on central bank intervention and the current outlook? geoffrey: are we going to see default rates go up? if we talk about financial stability risk, i think liquidity risk has pretty much been taken care of, but there are going to be solvency risks. solvency risk means a very sharp
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rise in defaults. even if you look at china, the latest find show -- the latest financial stability report from the pboc, they are concerned you could see a 10% rise in the rate. if that happens in a supposedly good growing economy, all of the other central banks need to monitor this. how you get growth in place and actually avoid bankruptcies coming through government support, through a vaccine, this needs to happen very quickly, by this time next year. i think we need to do a double take on where the rates are and hope they are not higher than where they are right now. jonathan: let's get you in trouble. we can try to do that for at least 60 seconds. i woke up this morning and heard the word default, and china in the same sentence. what is going on there? geoffrey: what is happening there is very isolated in the bond markets. let's be clear, it is something
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that china has been trying to risk pricing into credit markets, and to bond markets. be aware of the red flags. this is a repricing going on which is very necessary, but at chiname time, i am sure once to keep things in check. ds long as there is a planne fall back, hopefully the risks can be contained. tom: what do you glean from five-year five-year forwards? they say whisper of disinflationary intent there. is it real? geoffrey: even in supposedly the good places, central banks are worried. look at what happened in em in asia overnight. you saw the philippines and indonesia cut rates against expectations. both say inflation is a bit weaker than they expected. even in a good growing economy,
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where there is reflation driven by china, they are worried about disinflation. what is that say about europe and the u.s., and the midst of a second wave? you're going to see expectations cave for some time. lisa: just to wrap this all together, do you think we have reached the point where central bankers have run out of room to stimulate? that basically, we have reached the point of diminishing returns where when they act, it is actually counterproductive? geoffrey: no, and no central bank will ever say they have run out of room. i thing that is a clear shift away from negative rates. think that part is very clear. but in terms of yield curve control and just sticking around, we are absolutely not out of room, they will continue to look for new ways to supply. there is conviction moving forward to get economies to reflate come about at the same sort stimulus.o
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if that comes through, it really will give a world of benefit. jonathan: great to catch up, sir. thank you. for our audience worldwide on bloomberg tv and radio, just mamas ago, the managing director weighing in with a blog post ahead of the g20 meeting and saying the following. "the recovery might be losing some momentum. they must prepare for a synchronized infrastructure investment push. we haven't seen much of the g20 level over the last 12 months. the science is the same everywhere, but the approach has been very different from the united states to europe to china. when it comes to fiscal policy, i do wonder, can they all do the same thing at the same time? tom: one day come on a cold winter morning in davos, i had to take the bus that goes along the promenade. [laughter] jon, you know the bus on promenade.
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i am watching all of the buses go by me, telling me we are going to have infrastructure in azerbaijan, infrastructure in london. where is it? i know it is out there in a lot of other countries, but the crying need for infrastructure has been there for well on eight years, even 10 years. jonathan: they need to clear the ice off of those roads. that's only part of the story, you waiting for the bus. me walking down the hill and almost breaking my leg that year. they need to sort the ice out. tom: every year, a laureate goes down on the ice. it is actually very serious. everybody has got the spiky things on their shoes. ferro just brings his old soccer cleats from years ago. jonathan: davos problems. small violins all around. lisa: i mean, really. i feel for you guys.
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year.o davos this jonathan: i'm happy to skip it. tom: no davos in the summer. jonathan: i'm happy to skip that, too. you not going to that? tom: i am hermetically sealed in the "surveillance" room here. jonathan: jobless claims 20 minutes away. this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta. joe biden warns that the delay in starting the presidential transition could set back the efforts to distribute coronavirus vaccine. the general services administration has refused to begin the transition process while president trump challenges election results. the leaders of the national association of manufacturers is urging the trumpet ministration that to begin working -- the to begininistration
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working with biden. there will be recounts in two heavily democratic counties in wisconsin. recounts have historically shifted only hundreds of votes. the controversial nomination of judy shelton to the federal reserve board is hanging by a thread. there is little chance it will be revived. the senate is preparing for its thanksgiving recess. once lawmakers return, democrats will be picking up another seat. that makes confirming shelton an even tougher battle. the city of phoenix has improved plans -- has approved aslate of plans for billion-dollar chip plant. it will address national security issues about the supply chain. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more
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than 120 countries. i'm ritika gupta. this is bloomberg. ♪
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jonathan: from london and new york this morning, good morning to you all. alongside tom keene and lisa abramowicz, i'm jonathan ferro. we are about 12 minutes away from jobless claims in america. your estimate is about 700,000. we want to get you up to speed on how we are positioned going into that data point. the hope that things will improve into 2021, we've got to grapple with how much things will decelerate in the months to come. market, 0.8544% is your 10 year. stronger dollar today in g10 and against emerging markets. a quiet morning so far. we welcome quiet mornings sometimes. , negative about 0.1%. tom: i thought you weren't there for a second, jon. i am seeing a little bit of an improving take.
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i want to emphasize this come about when we see microsoft producing headlines like imf, we assume they are not always directly linked into market response. the thinking of the imf is very much in the tank for must be bought the but would. i think what people are trying to grapple with is how much those near-term risks materialize and pull down potential growth in the future, regardless of the vaccine rollout we all hope will come imminently. i don't think you can separate the short-term from the long-term. the short-term, if we do real damage in the next couple of months, that can do damage to the outlook. tom: even more damaging is british economics, where jon had to learn the medium-term, as opposed to the united states. ri with us ofu chatham house, u.s. and americas
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program. what is the long-term gain to get to january of next year? dr. vinjamuri: right now, the biden team, and it is quite a were markable team effort we are seeing, is focused very much on the long game, and that is all aout the pandemic, delivering clear message and preparing to be able to deliver a clear response both on the health side and on the applicant and exide -- and on the economic side, and to avoid the very dramatic situation where despite the 6 million vote lead, president trump continues to refuse to acknowledge the results of the election, and has launched new challenges in very democratic areas, trying to really cast out and undermine the credibility and legitimacy
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of the next president's term, so we will see what results. recently suggested 77% of republicans recognized bidens was but don't believe it legitimate because there was electoral fraud. president biden needs people to trust him if he is going to which iss problem, getting americans to really comply and change their behaviors so the pandemic can come under control and the economy can fully reopen. that is the name of the game that biden is focused on. lisa: it is certainly an uphill battle on many fronts when he enters office. we also have an uphill battle over the next couple of months as the virus continues to decimate certain areas, including rural areas across the united states. there is a feeling, and correct me if i am wrong, but the senate has entered a recess.
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it feels like they have thrown up their hands and cried, too politically difficult. there is going to be a vaccine. we are not going to do it until we can figure everything out next year. is that your sense as well? dr. vinjamuri: my sense is slightly worse than that. we are in campaign season. we don't know who is going to control the senate. january 5 is when it falls out. some interesting arguments coming up saying there is too much focus from across the nation and across the republican and democratic parties on georgia. leave this to the people in georgia. but nonetheless, it seems like the country, certainly the political parties and the senate , remain in campaign mode. we all know how important fiscal stimulus is. we see leaders across the business sector calling for fiscal stimulus. americans needed. it is a grim week ahead. it couldn't be more important to so many -- it is thanksgiving next week. it can be more important -- it
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couldn't be more important to many americans. they appear to be not standing up to their response ability right now. jonathan: that is why this transition is so important. i admit, i did not know who the administrator of the u.s. general services administration was. i am sure many people shared that. going forward, what is it that emily murphy is doing has been politicized, and what is it that, and the minds of many people, is just doing her job? dr. vinjamuri: she has refused let the biden transition team in to give access to that intelligence, to work with people currently in post, and to have the budget set aside to ensure that the peaceful transition of power, the most fundamental norm in any democracy, certainly in america's democracy.
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we have an incredibly complex system, as everybody knows, and she is holding it up. it looks clearly to be very political, and in a position that somebody like her holds which is meant to be anything but political. jonathan: great to catch up. we appreciate your time. there, chathami house head of the u.s. and americas program. the last four years for many people in the democratic party who failed to recognize the legitimacy of president donald trump presidency, and here we are going into this transition period, and on the other side, all group of people failing to recognize the legitimacy of a joe biden presidency. at some point, that's got to get cut. tom: at some point, but the history of american politics is it doesn't. it goes on and on. a huge separation here that you see frankly in the separation of
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the popular vote. i get that 5 million is 5 million votes for mr. biden, but mr. trump garnered 49% of the vote. that is a hugely divisive america. jonathan: we need to push forward to the jobless claims data. it is unbelievable to still sit here and talk about numbers as high as 700,000. in thisnt of churn labor market is phenomenal for all the wrong reasons. tom: this is tangible. we see it in new york city. but do you are member 200,000 -- do you remember 200,000? are you still with us, lisa? lisa: i am. [laughter] you are talking about way back when. i thought you were talking about in the pandemic era. we are in a new era, and the question is how much scarring. i sound like a broken record. save me here. jonathan: is everyone checked
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out this morning? [laughter] michael mckee will be on top of this, the data five minutes away. this is bloomberg. ♪ businesses today are looking to tomorrow.
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jonathan: from london and new york, good morning. i jonathan ferro. -- i am jonathan ferro. seconds away from initial job claims jobless claims -- jobless claims. mike, still waiting on the data. 742, the estimate is 700. the number in the forecast, the number in the forecast was 700. this is not a surprise because people have been expecting to see a rise in jobless claims with the rise of covid cases and a lot of bars and restaurants being shut down, we expected more people to go under. last month, 709,000. 2000, we go from
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711. claims -- that is a drop. that has almost become irrelevant in the sense that people are using up their benefits. moving into 27 weeks and that goes into emergency unemployment category. that was up by 233,000. a lot of people still getting benefits, they are just not getting them under the old continuing program. total people getting benefits falls by 841,000. it raises a question of if people are going back to work or are people dropping out of the labor force? one thing about that total, that is through the end of october, that is delayed. we may see that rise again with more people getting the unemployment claims numbers.
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tom: so glad you're here because you are a watcher. i had the g20 headlights out, know at 30,000 feet they are grim and all that. i want you to dovetail this into your great work on the importance of december with high hairs -- hi share holds about the grimness of december for those on claims, those on benefits. who are losing benefits. tell us what is coming -- benefits. tell us what is coming. mike: most of what the cares act produced is going to expire december 31 including that emergency assistance. the pandemic unemployment assistance which has 8 million people on it, for gig workers and the self-employed, that goes away on december 31. eviction protections go away, student loan forbearance goes away.
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away -- an awful lot goes unless it is extended by congress which is why it is disappointing by economists there are no talks in washington. jonathan: thank you. mike mckee there. a deterioration in jobless claims in america and a worry that things could get worse from here. the hope is that in the future in 2021 things could get better. one piece of news from pfizer another from garner. -- from moderna. rating fromficacy moderna. we can listen in to a panel which does have on it the moderna cfo. at the moment, the chief epidemiologist of the cdc is talking. let's listen in. example, when the -- the national experts
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wuhan, and will hi -- in were only 40there cases at the time. exposure to the market. --perts has [indiscernible] that determined the scale over all of china. i think we prepare for the worst scenario.
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we tried to remove all of the virus from a community. china -- >> i want you to come on this. what do you hear from your network on where we are in this process and cycle in terms of dealing with the virus? the normal time to go from an outbreak to a vaccine is something like five to 10 years. this achievement is remarkable, unprecedented. the team from moderna goes from virus sequence to dosing in humans in 63 days. that is an advance a decade in the making. i remember a decade ago when mrna based vaccines were first proposed.
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critics said there was no evidence to suggest it works. others said there is no evidence to suggest it won't, we should try. if we are successful it would matter. here we are today and it matters. nowink what we are hearing is how do we begin to work on the next pieces. how to we shorten the clinical trial, how do we begin to get manufacturing underway so we can couple the early warning with a rapid response. there is still much more to do their. in my view -- to do there. in my view, this is the sputnik of our generation. in the same way sputnik inspired a space-age, so to my this spike a new space-age -- jonathan: you have been listening to that pandemic
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listening to that panel -- listening to that panel. bet conversation, can you against the science, the hope this vaccine gets rolled out next year. it is a tug-of-war between that and the moment we are in now with more restrictions coming through in the u.s. are we starting to see it in jobless claims? that is the question you have got to ask, week after week for the next few months. tom: here's how it works and this is true in economics when you have long smooth curves, we have a huge recovery in claims and dow to a critical point where whatever moving averages you are using -- we are there right now as we wait to see what claims do in december and january. that is a precursor to bring in nathan sheets. he is a fixed eat -- fixed income chief economist writing
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for citigroup a few years ago and we are thrilled to have him with us. you know those curves, those functions, we have got smooth curves showing us getting to recovery. do you believe it? nathan: i think the word "coverage" is likely to be -- i think the road to recovery is likely to be rocky. restrictions the are being put in place to fight the virus are likely to take a bite out of economic activity over the next three or four months. i think the economy is more flexible than it was in the spring and we have learned how to respond to restrictions more efficiently and smoothly. u.s., q4think in the and q1 growth are going to be struggling to stay positive.
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if we get a small positive number, we should consider ourselves fortunate. run, once we have this vaccine, we had that smooth curve. i think the news on the vaccine is very encouraging. especially without fiscal stimulus, the next few months are going to be a challenging -- are going to be challenging for the macroeconomy. lisa: i am surprised at the market response to these jobless claims that came in worse than expected. it follows the trajectory including retail sales earlier this week that came in weaker than expected. the wave we are seeing is hampering economic activity more than economists are projecting. do you think the scarring, the longer-lasting effects of this uptick in the virus count is going to have a deeper effect on the economy that people are giving credit to for 2020 and beyond -- 2021 and beyond?
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nathan: the scarring is critical to think about. what are the longer-term impacts on the labor market and skills, on the small business sector and the capacity of businesses going forward? and importantly on household and corporate balance sheets and the willingness of folks to spend going forward. sense is what is likely to determine the scarring most importantly is how long it takes to get the vaccine. if we get that vaccine in the middle of the year, then i think the scarring -- there will be some but will be more limited. -- ie vaccine disappoints don't think the science is going to disappoint, those results seem strong. there are still questions about distribution and about whether people will get the vaccine.
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if the vaccine doesn't do what we expect, then i think the recovery will be slower and the scarring is likely to be more intense. jonathan: so many of us were wrong about how quickly the economy would bounce back quickly. how do you model the second shock? when the economy goes through one shock, how do you model the second shock when it begins to bubble away again going deeper into winter? nathan: one of the critical aspects of allowing the economy to absorb the first shock as successfully as it has was the power fiscal stimulus that congress approved. i think going through this second shock, this second phase of intense restrictions with what seems to be essentially no fiscal stimulus. if you are discussing some of the other key safety net measures like the renter's
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moratorium rolling off at the end of the year, i think the economy is likely to be more exposed. on the other hand, i think we are learning how to deal with the situation. we are learning how to respond to lockdowns more efficiently than we were before. it is a competing dynamic. without stimulus and without congress acting on these safety net measures, it is going to be a rough ride into the vaccine. jonathan: many people agree with you. nathan sheets of pgim. we are offering -- operating on two different time frames. we have 2021 way vaccine might be distributed and getting back to normal and the here and now as we get jobless claims. two things on this program, if you want to follow that panel with touchton on with the moderna ceo, you can do that.
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global health." tom: i will be honest, all of us in new york are colored by the closing of the new york schools. that is all understood around the bravery of essential workers in new york. what concerns me is the city schools are stories worldwide. moscow,the news out of overlay that with the imf news, overlay that with the short term. these pandemic events do have a short term event. jonathan: you know it is amazing, the difference in approach, the same science but a different approach. in the u.k., schools are still open. they were the last thing to close. in the u.s. and new york, it is the opposite. tom: applebaum had the tweet of
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the night where he said he's going to send his kids to a restaurant to be safer than schools. it is funny but it is not. jonathan: it is not funny. coming up, we will catch up with patrick foye the ceo -- the metropolitan ceeo. this bloomberg surveillance the international monetary fund warns the global recovery maybe dating. the imf cautioned government against withdrawing stimulus measures prematurely. a resurgence of the coronavirus is leading to new restrictions on companies and households. the job picture in the u.s. has gotten worse as the number of coronavirus cases rise. the number of employed americans fell by about 4.5 million in
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october to november. 4.2 million said they were sick with the coronavirus or cane for someone who had symptoms. -- or caring for someone who had symptoms. -- it is not owing to slow the virus's spread. the chubb administration shuts -- the trump's administration continued to shut out joe biden. the subway system in new york could be crippled by budget cuts unless washington comes to the restroom -- the rescue. forcing parents to find alternative childcare arrangements or adjust their work schedules. 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. this is bloomberg. ♪
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>> on our seven day rolling average for coronavirus, new hit has to sit 3.0% -- has 3.0% and we need to close schools for the coming days. no one is happy about this decision. morning, everyone. the mayor of the city of new , the blood ceeo, it is a story heard nationwide. with this with an immediate
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labor perspective is patrick foye. pat, i think you're lying to me. in no way do i think you are employees.t 9000 what is the real number if you don't get support from the federal government? 9300 50 number of operating personnel that would be cut. we would cut headquarters staffing, it is 20% from 2019. there is more to cut their. -- there. billion outn $2.8 2021 we- i would expect will take dollars additionally. we will be constantly cutting and reducing our cost.
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that is the right thing to do. willervice reductions affect every new yorker, every one of our employees. region 450,000e jobs and destroy about 65 billion gdp. tom: what is so important here is the conflation of aerial and fixed costs. you have all sorts of realities including complexity, union relationships, etc.. what's we most get wrong about of your variable cost. patrick: i will this degrees between subways and buses. -- i will distinguish between subways and buses. subways have capital cost that has to be maintained. if you reduce service on a subway line to 40%, you may be able to cut the number of train
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operators and conductors. none of this is nothing we want to do. the men and women who maintain the tracks and trains, communication, power, etc. will have to maintain that subway if ridershipss of is 50% of normal. that is not the case in a bus system because you don't have that great fixed cost. -- the brakes fixed cost. ridership increases and declines. lisa: a lot of people may be listening to this from des moines or cleveland or el paso and they are looking at a metropolitan transport authority that is an debt. they wonder why we should be paying for the situation that is in hand. extraordinary
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situation, but why should it fall on them? there is mass transit in cleveland, there is mass transit in austin, texas. in san francisco, los angeles, new orleans, across the country. blue states, red states, mass transit is important. it happens to be the mta carries 40% of mass transit riders. we are a larger operation with larger financial challenges. every mass transit agency in the country has been affected, not at the same level of the mta given our ridership. on a typical day, we carry 7.5 million customers, the largest in north america. every one of the transit agencies is feeling same pressure. we will have to take steps not all like those we are talking about. no one at the mta once to make these cuts because -- wants to
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make these cuts because it is not what new york needs for recovery and it is not for first responders and other employers -- and other police. lisa: there is a question about downward spiral for public transportation that if you don't have reliable enough service, people stop using it. it begets less service and your people using it. at what point does the mta enter that death spiral that could have a more profound effect on the region? -- the: the root analysis took that into account. increase the time between buses and subways on weekends to save 15 or 20 minutes, new yorkers are going to determine that to get to their job, school, or medical appointment it doesn't work for them any longer. success in mass transit increases ridership, cutting it
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back will cause some of our customers to say it is not worth it. we want to get revenue, we want with -- we want to get their service and that is a terrible place to be. tom: i would assume in your career you have seen the death of new york city somewhere between three and five times. a lot of people know i was screaming after 9/11 that new york city would not die. i believe the mayor of new york had a little to do with that thought. everyone is moving to the suburbs, what do you say to them ? sayick: here's what i would london,s like new york, dubai, have survived. you had the flu in the u.s. which had an impact on new york city. the movement to urbanization across the globe is a global
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phenomenon. centers of cities as electoral capital -- new york city will be back -- intellectual capital -- new york city will be back. with the great news from pfizer vaccines,a and the that will be terrific news. new york city will be back after getting to the dark days of 2020 and 2021. tom: patrick foye of the mta. things youat the 47 and i could talk about. the mystery to me is the mystery of the fed summer 16th meeting. events -- december 16 meeting. lisa: the question is if there will be guidance about the asset purchases they have been taking. are they going to extend the longer-term bond purchases at
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the proportion of that overall portfolio. what will be the reasoning? we are looking at a bleak scenario but what does that do when you have a 10 year yield at 0.857%? today what to push it down further? are they concerned about high heel -- high yields are? continental a great europe and u.s. distinction, there seems to be a distrust in america about throwing income replacement money to people. don't like to do that in america. do you agree with me? event inkind of like april and may, but now we are like over that. lisa: this is incredibly divisive. yes andrew yang, former presidential candidate coming out and supporting some sort of universal income supplement and
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other people's anger not socialist, you have to earn -- and other people coming out saying we are not socialist you have to earn what you make. can people pull themselves up by their bootstraps in a pandemic? or they don't have the education or the infrastructure? a key question. tom: i would point out the calendar is moving along. we are having a huge argument at home for thanksgiving -- about thanksgiving. we are at thanksgiving right now. universalo from income supplements to thanksgiving. tom: the calendar is moving towards that fed meeting. people are going to be looking to see what support they can provide. where we should be looking is in washington where the senate is basting their turkey. tom: it will be interesting in
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conversation driven by michael mckee and jonathan ferro. you see that in moments here on bloomberg television. stay with us. good morning. ♪ businesses today are looking to tomorrow.
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london for our audience worldwide, good morning, good morning. "the countdown to the open starts right now. futures down five. increasing infections, increasing restrictions. the pandemic jeopardizing the recovery, triggering new drastic measures. new york city closing public schools and with no federal aid insight the city warning of massive cuts to its public transit service. president-elect joe biden watching to ramp up the transition process, sing the delay is risking lives. president-elect biden: i have no budget, i cannot do any of this until i am sworn in and can convince the president now to do things that should be being done already. there has hardly been a meeting that has taken place in the white house about any of this. the whitemeanwhile house permitting positive. vice president mike pence says the recovery is on t


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