it's a different dynamic. one other thing to look at for the different dynamic is the charges. some in the fbi argue that the tempo hasn't dropped too much but what has changed we are kicking cases earlier on. we are arresting individuals for false statements of the fbi or gun charges and before we would let it build up to terrorism case. they'll say, there's only been a dozen cases you know about but there's two dozen you don't because we don't put the word isis when we arrest a guy for gun charges. that's what we are talking about when we don't have a full picture of isis in america and will take quite a bit to do so. i will say to my colleagues in law enforcement, i'm still looking. i will find the cases because we are just diggers by the nature and investigators and i think it would, again, incumbent on us as democracy to share as much information as we possibly can if only so we can get a sense of the nature of the threat and put our resources against it. do we have a $100 million for isis and 200 million for white supremacists or is that number even? i don't know that we

anymore. >> if that's dynamic alignment in the u.k. is saying we are not going to golong with that, what is it suggestion to the e.u. as an alternative to satisfy their concerns that it may seek a competitive advantage? ns well, i have to say we do not really know ther to that question. i think it is worth cavting anything that anybody says that only a handful of people knows whatoing on in these negotiations. so, whether dynamic aligneunt is what thpean union has suggested we don't know. i think with the european union feels about th' u.k.' suggestion that is a session -- essentially britain is saying to brussels, trust us leaving the european union is not sometgang to get a sre on thames. the view in brussels, what on earth is the point of brexit? of the brits saying we want to be able to divert from rules and regulations if it is not perhaps to be more competitive? that is the suspicion at any rate. >> thanks very much. a few minutes on "outside source" we turn to nigeria and the awful story of hundreds of childr being kidnapped fro

that change in dynamics -- in dynamic enables our president to to say this is a first step but that we want much -- but that much more needs to be done. so while this has our values which some of the other bills did not, it has a shorter time frame but in light of the new president, gives us time to inaugurate a president, have discussions about how to truly meet the needs of the american people. we should all be so saddened by the fact that these loss of lives an these families across america, approaching the holidays with this sadness in their hearts an we have to make sure they know that we carry them in our hearts, in our prayers, in our thoughts, and that hopefully whatever we do can prevent more, the rate of more deaths from occurring. more deaths pretty soon, sad to say than lost their lives in world war ii. whereas this covid package which i'm hoping will come to be shortly then has to go on to the omnibus bill. that's another set of discussions that is going on. i salute our chairman especially nita lowey, chair of the appropriations committee, that's carried much of the negot

and the european inflation dynamic. what does that mean for markets? is that a discontinuity that leads to instability? james: it could be. what we think we know is that the most relevant central banks for market conditions is the federal reserve. an upside stock in the u.s. which seems to be coming hand-in-hand with a weak dollar, which i would argue economically --tightening conditioning tightening conditions for experts around the world, the commendation of those has the potential to restrict the fed's ability to be the provider of liquidity to the market when anything remotely negative happens. conditionsundamental why we should see this. there are mash-up -- there are massive structural issues. the u.s. inflation market i think is more pressing risk, saying risk goes up, so breakevens go up. i think it is really based on underlying inflation dynamics, but a very well could see an upside inflation reshot -- inflationary reshot -- inflationary shock, and that could well present destabilizing problems for the market.

but in that same dynamic they would get six years. so it is a balancing and why word you put yourself in a situation level of victimhood that cannot be overplayed. >> and to call it public health. and with the american emergence the reform as a signifier the weird thing attention to and try to flag those issues. >> you can think about this in a vacuum. and isys was killed in syria and child protective services and what does that look like? there is a whole host of things we need to tackle those that are returning are repatriated individuals. there are 2000. those who are not charged with any crimes and those that were women i don't see them as having recidivism. and with that disillusionment and coming back to america. >> in the way it is with the criminal justice system reform generally how we sentence criminals and what chances they have. >> with the role of women is the outside role they play online so a number of supporters that were the key connectors for men to travel so particularly on twitter to connect these individuals to re

>>uest: that's really interesting dynamic. we look to the cases in the trial records the words and brainwashe come up a lot for judges when they sentence. men were sentence at a much higher, longer sentence than their fema counterparts. i think t criminal justice system looked at the issue differently. they so women have almost secondhand i not have agey and the sprite when in fact we interviewed a lot of individuals who joined isis that were women. they knew what they were doing. they came in with clear eyes. think a good take away from that would be -- a good ample of that was woman from indiana who traveled with her husband and her kids to syria. she alloweder son to be in an isis video. she was all in from an outside perspective her defense attorney would argument cpletely off. sue and estes going to speak ofer defense attorney? speech it they would argue there's a whole host of asons including an abusive husband. we cannot discount that. but i would ao say you had the same dynamic for a mail counterpart that came back the

to have a prosperous and dynamic and contented u.k. on your doorstep and it will be a good thing it will be it will drive the jobs and prosperity across the whole continent and i do to be a bad thing if we in the u.k. do things differently or take a different approach to legislation because in so many ways our basic goals are the same and in the context of this giant free trade zone that we're jointly creating the stimulus of regulatory competition will i think benefit us both and if one side believes it's somehow being unfairly undercut by the other then subject to independent 3rd party arbitration and provided the measures are proportionate we can either of us decide the sovereign equals to protect our consumers or businesses but this treaty explicitly envisages that such action should only happen infrequently and the concepts of uniformity and harmonize ation are banished in favor of mutual respect and mutual recognition and free trade and for squaring that circle for finding the philosopher's stone it's enabled us to do this i want

how do you feel the dynamic has changed ? tonight. how do you feel the dynamic has changed? it's good. tyson is talented and he will bring out the best in me. i really feel like his confidence, the bookmakers, me steadying him. i have been to tyson fury's fights when he forjohn mcdermott when i was still an amateur, i saw him fight chisora, so it will be good to change those odds and put them in my favour. that's all from sportsday. we'll be back with more at 7.45 up up next on bbc news it is the media show. hello. this week, ofcom, the broadcasting regulator, put out a pretty stark warning. they said that traditional uk broadcasting is at risk without radical shake—up. but at risk of what exactly?

tom: and on a friday, that dynamic that the dynamics are important. the german 10 year yield, we are nowhere near the march negative yield from march in germany, but other than that, we are on the cusp to breaking down to an ever greater negative yield. we need to get back to first principles, and there is no one better than that at frances donald, the dangerous excel sheets at manulife. give us the updates on the 1,erican economy this q4, q and into the fourth of july next year. frances: it is not great. we are heading into a very soft patch, something that looks like a double-dip on the services component of the economy. i agree with bloomberg economics. there is a chance we see a payroll fridge on the -- how would the markets trade that? maybe they have a little bit of a step back as they focus on the longer-term, but this is not a rates market that i think will struggle off a lot of the challenges that we see. ast importantly, this is not federal reserve, or any global central bank, that will shrug off the damage that will be equated -- created in

this is going to be something that is going to be driven by a month-to-month dynamic. i think the euro probably still peaks around $1.25 even if we get the up to mystic outcomes next year. lisa: so you are -- the optimistic outcomes next year. lisa: so you seem to agree with the consensus baked into a weaker dollar, stronger yuan, and even stronger euro from here. where would you push back against consensus trade right now? mark: the fact that it is consensus is challenging. we are all forecasting a year out amid the pandemic. if you overlay what the major theme is, there is complete dislocation without globalization, and if you want to call it the general public while globalization, biden will represent a change in foreign policy, the meta-theme of globalization and this age of disruption is not going away. we are still going to live with extreme geopolitical uncertainty. we are still going to live with event risk that has to come through all kind of elections. risksould say that the are that all of these things that are happening so quickly and are changing the marke

and i think this dynamic along with the dynamics around the company and how they have grown to be a major player in terms of everything you do possibly in terms of your financial world being managed off of square, i'm forced to reassess some of my assessments about how expensive it really is >> yeah. so i'll just scrap this thing here listen great reasons to wrap it. you know, the cash app, the bitcoin, the growth this year on a gaap basis they'll lose money. trades at a ridiculous multiple to the non-earnings or the adjusted earnings. it doesn't make sense here to tim's point, the stock has gone up 50% since the end of october. it's up 600% from the march lows at some point there has to be some sort of financial reality that comes into this stock market with the growth opportunities of some of these companies. yeah it's a transformative company, but does it deserve to be at a higher market cap than goldman sachs? i don't know so at the end of the day, i think when you think about such a short-term gain in the last couple of months there needs to be some sort of correction here in the nam

dynamics will be. where we are positioned will be less than great for rainfall. we could see up to a quarter of an inch. santa rosa, this will be a deal where you get less rain than san jose. that is the reverse of what we typically see. showers do not move onshore until late tonight and early tomorrow morning. here we are at midnight tonight. you can see where the rain is. you are 7:00 morning. this is not doing it for us. here is monday. this is not bad. things clear out. this is all day on tuesday. we have a weak system gliding by on wednesday. you can see the clouds getting thicker. never fear, we have more rain in the forecast. you can look at the model running through one more time. there's more rain in the forecast. the pattern is much that the jet stream and the model shows that the first week in january, the first couple weeks in january have the potential to be as wet, or as stormy as we have seen all year. let's keep our fingers crossed for that. these are the forecasted highs. this is a fiv

yeah i mean i think it very much relates to electoral dynamics the premature administration in mogadishu feels that kenya has been supporting the political opposition whether that soften the door in cuba land whether that's somaliland itself or whether that's the political candidates that are running against of them a lot of them have been based in nairobi have their campaigns based there before some of them travel to mogadishu recently so i think it is very much ties with internal somali politics and election dynamics and in terms of somalia trying to put pressure on kenya to maybe we we assess those relationships so what we're on the ramifications could this cutting diplomatic ties how. well i mean the ramifications can be quite serious so 1st of all the region when it comes to somalia is quite divided right now you have kenya on one side of the on the other and we've seen these proxy dynamics kind of play out in somalia with damaging effects you school competitive electoral process on top of that in which different candidates are speaking different external allies and so this adds ano

i think it very much relates to electoral dynamics the premature administration in mogadishu feels that kenya has been supporting the political opposition whether that and matilda enjoyable and whether that's somaliland itself or whether that's the political candidates that are running against of them a lot of them have been safe in nairobi have their campaigns based there before some of them traveled to mogadishu recently so i think it is very much ties with internal somali politics and election dynamics and in terms of somalia trying to put pressure on kenya to maybe really reassess those relationships the ramifications can be quite serious so 1st of all the region when it comes to somalia is quite divided right now you have kenya on one side if you will be on the other and we seeing these proxy dynamics kind of play out in somalia with damaging effects you through a competitive electoral process on top of that in which different candidates are seeking different external allies and so this adds another layer of division to that i think one big unanswered question is the future of keny

is that a fair characterization of the dynamic? >> sidney powell calling people in that room that refused to use the resources of the federal government for the efforts of the campaign to overturn the results of the election, she was calling them quitters, quote, unquote, quitters at that point. yes, you hit on it. you do have people that are within the federal government, including the attorney general, who just today at a press conference, an unrelated press conference, said that he had no intention in appointing a special counsel to investigate so-called widespread fraud or hunter biden, which had been another wish of those individuals. >> yeah. so, there is a guy who is a former ceo of overstock.com, patrick burn, who claims he was in the room at this meeting as well. i don't know if that's been confirmed by other independent reporting, but i think the tenor -- we know he has become a very big maga die hard. the tenor of what he's saying is partly what you're getting from sydney powell, is my involvement was i was in the room w

to have a prosperous and dynamic and contented u.k. on your doorstep and it will be a good thing it will be it will drive jobs and prosperity across the whole continent and i do to be a bad thing if we in the u.k. do things differently or take a different approach to legislation because in so many ways our basic goals are the same and in the context of this giant free trade zone that we're jointly creating the stimulus of regulatory competition will i think benefit us both and if one side believes it's somehow being unfairly undercut by the other then subject to independent 3rd party arbitration and provided the measures are proportionate we can either of us decide as sovereign equals to protect our consumers or businesses but this treaty explicitly envisages that such action should only happen infrequently and the concepts of uniformity and harmonize ation are banished in favor of mutual respect and mutual recognition and free trade . and for squaring that circle for finding the philosopher's stone it's enabled us to do this i want to

dusty dynamic? -- change the dynamic? billione you said, $200 has been wiped off of the stocks of other companies. -- clearly there is concern. the investors you mentioned are going to be in wait and see mode just to see exactly what happens. regulators have stepped in every now and again with these companies. tencent in 2018 came under scrutiny because it was criticized for having a lot of mobile gaming that was attracting china's youth, and they didn't like that. the shares dropped, but then rebounded to all-time highs, and the tech sector was a darling again. it is very difficult with china to know exactly what the -- exact a the regulars are going. wherey they -- exactly the regulators are going. the way they write the regulations. but this could be a potential flashing red warning sign for them. alix: it is hard to understand the regulatory framework in china, but therein lies the problem, particularly as china is trying to open up. what specifically did they say "wrong," or doing what they need to fix? sam: they cam

that is what dynamic alignment is. the uk is at the moment saying we are not going to go along with that, what is it suggesting to the eu as an alternative to satisfy the eu concerns that it may seek to get a competitive advantage? concerns that it may seek to get a competitive advantage ?|j concerns that it may seek to get a competitive advantage? i have to say we don't really know the answer to that question. i think it is worth cab yachting everything that i have said or anybody else's with the best caveat same. only a handful of people know what is really going on in the negotiations with up with a dynamic alignment is what the eu is suggesting we don't know. i think with the european union feels about the uk suggesting that essentially britain is saying to brussels you will trust us, leaving the european union is not some attempt by us to get a singapore on tim's but of course reviewing brussels as well is that what on earth is the point of brexit and what is the of the brick saying we want to be able to diverge f

and the broader dynamics in terms of the covid response mechanisms. i'm not sure this report adds too much to the narrative. the timing is interesting in view of the snb decision tomorrow, but it is one we will move on from relatively quickly. the u.s. treasury secretary is negotiating with counterparts. the treasury secretary change relatively quickly. and the nature of the new cycle will move on quickly. jonathan: the other issue is the swiss have not been that successful since early 2015, addressing the fx market. jeremy stretch. michael mckee, final word on this one? michael: the treasury secretary is supposed to determine whether countries manipulate the rate of exchange for purposes of protecting effective balance adjustment or gaining unfair competitive advantage. on that basis you go back to what jeremy said about intervention versus manipulation. the swiss would say we are not manipulating the currency, we are just trying to hold our currency at a reasonable level so it does not affect our economy. i think jeremy is right. it will probably no

how do you feel the dynamic has changed 7 it's good. tyson is talented and he will bring out the best in me. i really feel like his confidence, the bookmakers, me steadying him. i have been to tyson fury's fights when he forjohn mcdermott when i was still an amateur, i saw him fight chisora, so it will be good to change those odds and put them in my favour. that's all from sportsday. it is still arsenal 0—0 burnley, and leicester have scored a second goal, leicester have scored a second goal, leicester 2—0 brighton. those games approaching half—time. from me and the rest of the team, have a lovely sunday evening. goodbye. hello. after today's rain, we have a windy night to come. the we have a windy night to come. showers will stay v there will be a few sunny spells around. the persistent rain will clear away north and east as we go away this evening. some of these showers will be heavy and possibly thundery and accompanied by some gusty winds as well. temperatures are continuing to head up and rising overnight across parts of scot

some people question if the robots are cgi, but boston dynamics says no. even elon musk tweeted this is the real thing. and the past boston dynamics rattled the web with two and four legged robots that can walk upstairs, jump and even open doors. >>> on "the cbs moneywatch," the census will miss a big deadline today. and peloton is offering some exclusive song remixes. naomi ruchim is here in new york with that and more. good morning. >> good morning to you. wall street is open for a full day of trading today. the last day of 2020. the major u.s. stock indexes are set to end the year at or near record highs. yesterday the dow gained 73 points, the nasdaq added 19, and the s&p 500 rose by five. >>> it appears the census will miss its year end deadline for the first time in 40 years. it is supposed to hand in numbers used to help divvy up congressional seats. but the delay could also jeopardize president trump's plan to exclude undocumented immigrants from the count. the bureau plans to deliver the population count of each state early next year, possibly aft

this topic that you bring up lisa was the thing out these modern dynamics of schools. and some talk about the digital ses talking about the negative negative aspect there's a little bit of tool that no one really sees them as negative. yeah i think that some fans do talk about these things the reason the whole reason that this book came about was because jessica and i and friends like us and people that we work with have these conversations all the time and one of the things that we really wanted to do with the book was allow the allow the space for these conversations to happen without someone questioning your own faith and if that makes sense we lead the book basically by saying we've love sports we love sports so much that we do this for a living that we cover these things but we believe that they can be better we want them to be better because we think that they have the capacity to do so so in having these conversations and we don't have all of the answers we like very decidedly say in the book we don't have solutions to hold still solutions here because none of t

think this is something that could be built on with good effect not only for the regional security dynamic of deterring iran but also removing the ideological support for jihadist terrorist organizations. it's the specter of iranian -backed militias and the threat they pose to the uyghur sunni communities that allows sunni communities at times to view

what do you make of this dynamic between the president and vice president? >> i think this is the toughest spot mike pence has been put in yet in the trump presidency. he's worked really hard over the last four years to avoid

i think this is a lot about market dynamics right now. the world is a scary place but i think we're largely until otherwise told from the science and medical community that we have a cure and it's about getting it out to people in a safe way. >> yeah. by the longer-term picture, that was highlighted by black rarock when they increased to overweight going into 2021, they say the restart will reaccelerate and rates will remain low. it's hard to fight those two things which are going to happen. how do you position yourself now with the view of four months, five months, six months? >> it's interesting because i think charlie came out later in the day if i'm not mistaken and said you see subdued returns to the next few years to ten years. a lot of people in different camps. but they answer your question specifically. listen, i think the names that work in 2020, the pelotons, zoom, stay-at-home craze, i think they continue to work in the early part of 2021. by the way, i still think banks can probably continue the trajectory they're on because

i wanted to gor, back to something you said about treasuries but also the dynamic between treasuries and gold. when did we get something that looks a bit like, you know, the old normal? well, i mean, treasury yields, if we are right to suspect that yields my stay --rly low, i do not think they are at the moment free risk. but if yields stay relatively low and inflationary pressures are actually building the underlying economy, then what you will see is a further drop in real yields that go deep into negative territory, and there are two things that tend to drive the gold price, one is the dollar, assuming a weak dollar trend, the others deepening negative real interest rates. at the moment, real interest rates are picking up on signs of optimism on the economy, and if we see nominal yields capped, and breakeven inflation rates have to widen by going more negative, that could be another big leg up for gold. at the moment, you know, i would be nervous about buying gold on the basis of what is happening with interest rates. if you start to see real interest rates go more negative again

those are the inflation dynamics of that era. those dynamics are not in place anymore. there's a connection between low unemployment and inflation, so much weaker than it was. it's still there but it's.to compared to what it was. if you get oil prices going up and it will send a temporary shock, persistence into inflation over time is not the there. what you describe may happen and we'd watch very carefully. we understand we will always be learning new things from the economy about how to behave in certain cases but i would expect that would be a one-time price increase rather than increase in underlying inflation. >> but not the kind of thing the fed would be trigger-happy to respond to. >> no, definitely not. >> thank you. >> what i want to ask, even size of the government borrowing and different regulatory changes and sector ones, do you think they can operate without active fed presence? want to know where you stood on the issue. >> you are breaking up a little bit, but i think i got the sense of that. i don't think there needs to be a permanent set, that's not some

the works and now before we go a look at how far the world of robotics has come the engineers boston dynamics have been planning this 2020 farewell party for you. know this isn't computer generated it's the real thing is guys aren't just good dancers they're experts at remote inspection and sensing that's their day jobs i think and have become extremely flexible and accurate in every motion even on the dance floor apparently japan's hyundai i recently snapped up boston dynamics valuing the company at over $1000000000.00. all right that's it for me and deed the business team no dancing here to fight is on. to own. or not to own. what about a sharing economy instead. of a change in thinking is changing the economy to create something new. the economics magazine in germany. next on d w. happiness is for everyone human penises are very different from primates you know we have a totally ridiculous romanticized view of nature david and this is climate change brags sex how to improve books you get smarter for free you know we've got 600. some are celebrated some are vilified and some are ignored but

those are the inflation dynamics of that era. those dynamics are not in place anymore. the connection between low unemployment or other resource utilization and inflation is so much weaker than it was. it's still there but it's a faint heartbeat compared to what it was. the persistence of inflation, if you get oil price goes up and that will send a temporary shock through the economy, the persistence of that into inflation over time is just not there. what you described may happen, and of course we would watch it very carefully. we understand that we will always be learning new things from the economy about how we'll behave in certain cases. i would expect, though, going in that that would be a one-time price increase rather than and increase in underlying inflation that would be persistent. reporter: not the kind of thing that the fed would be trigger happy to -- chair powell: no. no. definitely not. >> thank you. michael. reporter: what i wanted to ask was given the size of the government borrowing and different regulatory changes in the financial sector, do you think

brazil but with a new biden administration there is the potential for a very new and is celebrated dynamic and nonetheless. all the other countries moved on without the us so it's not just if we had just looking at the us everyone moves on and the us can step on the bandwagon and contribute to that dynamic and accelerate that dynamic they organization campaigns for equality for rich and poor and in poor countries are they in a position to d. carbonized we really so and actually it's very is poor and vulnerable countries have presented very ambitious goals for 2030 despite the fact that they hit severely by the corona and that is that they hit by fiscal constraints by and debt in this and still they are putting out high end vision the important thing is that developed countries bringing in the resources to support those countries developed countries have pledged to provide $100000000000.00 us dollars by 2020 and we do not know yet whether they actually will have matched that numbers and they will need to increase further that support because their those resources are necessary that developi

can step on the bandwagon and contribute to that dynamic and accelerate that dynamic in play organization campaigns for equality for rich and the poor and in poor countries are they in a position to d. carbonized we really so and actually it's very is poor and vulnerable countries have presented very ambitious goals for 2030 despite the fact that they hit severely by the corona and that they hit by fiscal constraints by and that this and still they're putting out high and bishan the important thing is that developed countries are bringing in the resources to support those countries developed countries have pledged to provide $100000000000.00 u.s. dollars by 2020 and we do not know yet whether they actually will have matched that numbers and they will need to increase further that support because there are those resources are necessary that developing countries can actually met them vision and depth to the effects of climate change david right experts in international climate policy from german watch thank you for joining us thank you very much. germany has set a new record for corona viru

i would say it has more to do with the dynamic of supply verses demand. there are not too many companies out there that do what air bnb does expedia has a big part of their business i just think as investors saying to themselves this thing just came public and i want exposure to disruptive company and that's why you see money goes in there. i like air bnb hotel industry will be around. i don't think you have to buy air bnb right here >> it may not make a great investment at current prices tim, where are your thoughts >> you talk about current prices i think that's actually what it comes down to for me i hate the valuation, i think there needs to be some consolidation here totally different industries on the same level they also were revolutionizing transportation as a service uber, it took a long time for ip investors to understand the valuation before you built the base here. i think you have to see the same thing in air bnb ipo is extraordinary ecvent and extraordinary for me i find it uncomfortable. >> you talk about great investors of the 24th century

even hesitating indicates that there is, for some reason, is a special dynamic. now we know that bill barr's last day is attorney general was today. and from what i have seen come seen, apparently like elvis, he has artie left building. so we know that he declined to appoint a special counsel to investigate hunter biden say and it wasn't necessary, but sources are telling fox news that they are still ongoing discussions and some high-level officials feeling that it is warranted. so lara, what do you think of -- why was bill barr, knowing he's going out, make a statement that is that definitive and that we have a contradiction here? what he think is going on? speak out to me, for me the devil is always in the details. because if you actually look at the book bill barr says, he was very specific. there is no reason, he saw no need to appoint a special counsel to investigate hunter biden's tax affairs. so that doesn't cover anything else that's on the laptop, but i can tell you from what i've seen of what is on the laptop, but i've been able to confirm through other

to have a prosperous and dynamic and contented u.k. on your doorstep and it will be a good thing it will be it will drive the jobs and prosperity across the whole continent and i do to be a bad thing if we in the u.k. do things differently or take a different approach to legislation because in say many ways our basic goals are the same and in the context of this giant free trade zone that were jointly creating the stimulus of regulatory competition but i think benefit us both and if one side believes it somehow being unfairly undercut by the other then subject to independent 3rd party arbitration and provided the measures are proportionate we can either of us decide the sovereign equals to protect our consumers or businesses but this treaty explicitly envisages that such action should only happen infrequently. and the concepts of uniformity and harmonize ation are banished in favor of mutual respect and mutual recognition and free trade and for squaring that circle for finding the philosopher's stone it's enabled us to do this i want t

those are the inflation dynamics of that era, those are in place. the connection between low unemployment and resource utilization and inflation is so much weaker than it was. it is still there, but the persistence of inflation if you get oil prices go up and that will send a temporary shock through the economy. the persistence of that over time is not there. what you describe may happen and we watch it carefully, we understand we will always be learning from the economy in certain cases but i would expect going in, that would be a one time price increase rather than an increase in underlying inflation that would be persistent. >> to be trigger-happy - definitely not. >> what i want to ask, given the size of the government borrowing regulatory changes in the financial sector, it can operate smoothly without some active that presence. any questions about that? >> i got the sense, i don't think it is a foregone conclusion there needs to be a fed presence. that's not something we are planning on or intending. we are buying assets because it is a time w

you can see it just kind of -- the dynamics, here's strength. there's the low. that's where the strongest dynamics are, where you get the lift. down here is where we are. much weaker dynamics as it tails off. you can certainly see that by the greens. this tail end of the system slides through late tomorrow, early tomorrow morning, sets us up with quarter inch to a half inch to an inch of rain. some areas, like san jose and morgan hill, maybe just a few hundredths of an inch. that's that. when i come back we'll look at the model and the five-day. >> thank you very much, bill. >>> the water level at santa clara county's largest reservoir has now dropped to 3% of capacity. that's because anderson reservoir is being drained. the water district needs to tear down anderson dam and replace with it a safer one. officials say the 70-year-old dam could collapse in a major earthquake, sending millions of gallons of water downstream. officials say two small earthquakes near the dam a just yesterday are good reminders of why this work is being done. >> we did our routine che

a dynamic that is multi polar, it's automatically more dynamic and in ans a condition we are likely to remain in for some time. another condition is this rapidly emerging technology. if you look back to -- i guess call it 1970 or so -- that is the introduction of precision munitions. and precision munitions today are almost ubiquitous. most of the significant powers in the world have precision you nations. hit targets at great distances. in addition to that you have to be able to see. you mention 40 years. let's go back further. can see the information explosion. we can see globally better than any time in human history. right now i have a fitbit on a gps watch on. there's 22 electronic devices here. i would imagine a lot of people are listening in. you can pinpoint people through electronic devices very quickly. image, toe ability to see and hear. we have commercially available google earth, which really if train 5, 30 years, that level of technology was only available to sophisticated militaries. you have an ability to see and hit at range that has never existed in human history. the

, a new president, in a little more than a month, committed to crushing the virus, a new dynamic, a vaccine, to make all the difference in the world. that is imminent to the inauguration and emergence of the vaccine which will be soon but not for everyone because of the quantity needed and the money needed to build from vaccine to the lab to vaccination and that is going to require me than we are talking about, what joe biden has been talking about. we believe the framework, bipartan framework unveiled by the senators in a biptisan way with the support of house members in the house, would be a basis for bicameral negotiations. as they work on the text, we hope it will take us close to something we would put into the omnibus. president-elect ben has said this package would be just a start and that, over shorter period of time we need to do it, with the hope that much more help is on the way. again, this vaccine has such high 91% of the pfizer vaccine and moderna vaccine, we have to have the resources to exercise our options we have to buy the vaccine, we hope the president would immediately

columbia talks about dynamism. we have a dynamic market. things are moving. everyone is adapting. what are you watching most closely into next year? michael: we have been most focused on policy responses for the pandemic, both in terms of the course of the summer, as we moved in the fall, in terms of bs and flows of the pandemic getting better and worse, are they saying we need the boom in the economy in 2021 and 2022 to recover the lost output and lost jobs we had in 2020. will they stick to the script wearableive in circumstances not change the field if they are forced to change. fiscal policy looks back on track. monetary policy, i was happy with what jay powell said yesterday about staying the course about keeping substantial gdp until the objectives are met. jonathan: easy to say now. harder next year. how easy is it to say that even if things improve if inflation starts to tick higher we will not do anything. michael: it will be a strong test. they have not change the way they think about monetary policy. they said yesterday there were focused on outcome based changes , basi

yeah, i'll tell you what, first of all, one of the dynamics we should be hearing more about data is the new oil if you think of the world 20 years ago and strategic importance, it's all about the power of data. in terms of large-scale software enterprise vendor who's had the ability and sense of eco system to dominate in a a.i.-driven world have a mathor major advantage. palantir with 15 new enterprise customers. yes we know about the large u.s. army and naval contracts and now the fda. they are a standard that i think very few people will be able to compete with when you have these kind of clients only breed more success. software companies trade at absurd multiples is the caveat here certainly this company came to market and flathrashed around h caught five over the last six weeks, scary for investors, but this theme is something you will continue to see and into reason palantir isn't at the head of the line. >> this is a stock that came out few months ago and didn't do anything for several weeks and as tim pointed out as you look at the chart over there it has taken off like the alps

what would it take to create a new dynamic? brian: yeah, that is the big question going forward. as i wrote in my column, the idea that long-term rates would go up would basically tell the fed ok, we are going to target the long end and buy more and try to clamp on it that way. even if you saw a pickup in inflation, you could see the fed saying ok, we don't care about financial pressure and if you have a negative real return for 10 years out, we are basically going to buy the long end and force you to accept the yield that we want you to accept. that's a tough pill to swallow, i think, for a lot of bond investors. inflation is rising, that means the fed needs to tighten, and this fed is not going to do that, regardless of the inflation price we see next year. they are going to say, this is transitory. we need to see more evidence and it will lead to legate -- negative real rates for the foreseeable future. romaine: do we ever get to a state where the bond market itself can push back on that? do they have the capacity to do that? isan: yeah, i think that just the threat of the fed

it's a key driver of dynamism in the economy and in china the state sector plays an outside role. the illustration of that considers the revenue of the state owned and as you can see in the chart they would be the third largest economy in the world. the state sector on its own is bigger than the entire german economy. now in the west we view that through a negative lens through inefficiency and corruption and that is not an incorrect way to view it. it's much lower but that isn't the only way to think about the state sector and that is not the way that the leadership thinks about the state sector so let's take a step back and try to see through the eyes of the leaders and to do that let's hear what the great reformer thought of mikael gorbachev the great reformer of the soviet union. my father thinks that gorbachev is an idiot. one important reason is they attempted to reform by taking his hands off the leaders which controls the soviet economy and by doing so ultimately lost control to execute on his objectives. the leaders have taken a different approach. they've kept their hand

that was one of the dynamics people close to the transition raised to me. they said look at the cabinet that's taking shape. these are people who have decades, in some cases, of experience working closely with president-elect biden. his secretary of state, his defense secretary, tom dilsak at the department of agriculture. and if they don't have decades of experience with biden most of them go back at least to the biden administration. they have very strong relationships with the president-elect. and they also have very, very deep expertise in areas that a vice president might play a role in, like foreign policy, for example. so the question, i think, still stands, and we don't know the answer to it. how does she fit in with that group? and also how does her staff fit in with that group? not only do the cabinet officials, the nominees biden has put in place have strong relationships with biden but a lot of biden's top staff have tight relationships with each other and with the president-elect. her staff, while they're all incredibly experienced people, don'

a new dynamic, a vaccine, a successful vaccine. more than one successful vaccine to make all the difference in the world. that is imminent. until the inauguration and the emergence of the vaccine, which will be soon, but not for everyone, just because of the quantity needed and the money needed to go from vaccine, from the lab, to vaccination to the arm, and that is going to require more than we're talking about now. but what joe biden has been talking about. we believe -- leader schumer and i believe the framework, the bipartisan framework unveiled by the senators in a bipartisan way, with the support of house members, josh gottheimer in the house from our side, on both sides of the aisle, could be a basis for real bicameral negotiations. it's not next yet. it's a framework. as they work on the text, we hope it will take us very close to something we can put into the -- into the omnibus, which s at the same time -- president-elect biden has said that this package would be just at best just a start, and that's how we see it as well

strength,ull stick of showing some of the dynamics of the key dollar. gabriella santos, j.p. morgan asset management. international investment. she will explain the courage. this is bloomberg. ♪ every year, we set out to do one thing: help the world believe in holiday magic. and this year was harder than ever. and yet, somehow, you all found a way to pull it off. it's not about the toys or the ornaments but about coming together. santa, santa, you're on mute! just wanted to say thanks. thanks for believing. continues,ull market 2020, up 12%ays, per year for the past decade, near 11% per year since i was born. let's get it straight. it is not a single digit stock market. america, well, they need more within one vaccine. perhaps, johnson & johnson to the rescue before summer. order, all right, i have a few questions for this mr. trump, what is this? judge judy? the supreme court says we will not hear the case. good morning. "bloomberg surveillance" with tom and francine in london and new york, dinner on the 13th floor, i cannot pronounce it -- whatever the beautiful building

>> next year, i think the dynamics of inflation are going to be more forward talking. it is all about where will inflation expectations rise above what markets are expecting? here's going back to my view on europe. anduse for the third time so long, there is fiscal on the table, they have gotten through some of the rule of law issues. europe is where inflation can surprise to the upside. if that happens, the euro will be allowed to strengthen to offset that in a matter consistent with the ecb's inflation priorities. next year it will be about inflation expectations. tom: amazing to see the different slopes of the major financial nations here on inflation expectations. the u.s. with a real burst of inflation expectations. usually valuable as always. wonderful on how countries will react to a weaker dollar. one thing we are all reacting to is the great mis-call. small-cap, mid-cap, finally they move. david saar buried rumored to take over the detroit tigers. on the tigers and on small-cap, mid-cap excellence. futures up. this is bloomberg. good morning. ♪ ♪ lisa: --

and take a look at this. ♪ those are the boston dynamics robots doing the mashed potato and the twist. it can wash dishes and now they can break dance. boston dynamics showing off the dancing robot a couple years ago, but the technology has improved i think that it is a sign of innovation how the robots have certainly developed. might get creepy as it gets more human-like, but the fact that they can dance, pretty impress is i have. >> totally normal to you like the next thing you know, they will recreate the scene from dirty dancing are you okay with this i'm not. >> i mean, if they get to dirty dancing level, maybe then i'll be a little more skeptical but for now, let them do their thing. >> also back to that seaed food sa i'd like to be invited to some people's houses. all right. seema mody, thank you very much. >>> on deck, stocks looking to recapture record highs opportunity in the final days of 2020 and if you haven't already subscribed, you probably should. worldwi"worldwide exchange" evey in audio form. these days, we want sophisticated but simple. cutting edge made user friend

>> there is no question it has had a significant impact and i think you have the same dynamic there with these other companies getting involved. i think people underestimate the reach that paypal has. i think what happens is if you sit down around the investment community and believe me, all of these companies are, it is hard to get to different conclusions. many of the public companies that have announced they are going to be involved in bitcoin or cryptocurrency, many of the public companies that have announced they have purchased cryptocurrency have been rewarded by the public markets. this is against a backdrop of a -- assete at so class class, there is limits to other cryptocurrencies out there so that as the space becomes more crowded, the supply is fixed and there is not that many seats at the table. what we have is an increase in price. caroline: is there a risk that given the limited supply people start going down the food chain and start looking at more alternatives? absolutely, there are risks i want to be clear about their -- that, there are regulatory risks and people should