The ‘ABC’ Test for COVID-19

dot com. If you can also listen to our radio show at two pm Eastern on Bloomberg Radio, and be sure to watch us too on YouTube by searching Bloomberg Global News. A lot of virus headlines certainly coming today. Among them, chief uh is certainly the COVID night teen vaccine, developed by University of Oxford and Astra Zeneca, preventing a majority people from getting the disease, but falling short of

the bar set by Fiser and Maderna. This is all happening as global cases past fifty eight point seven million deaths topping one point thirty nine million. Working though to help in managing covid is, writ Egan, chairman, CEO and co founder of Utah based Co Diagnostics. They make diagnostic tests, including one that detects influenza A and B as well is Kevin Nighteen, also another coronavirus TESK Dwight joining us on the phone from Salt Lake City, Utah. Dwight, nice

to have you here with us, UM. I gotta ask you quickly though. First let's start with Utah. I have a niece there, she's a doctor. It's been pretty tough, it is, and Utah happens to be one of those states which is experiencing a very large increase in current COVID cases. So when you look at what's happening and you see again this second third wave that we're seeing globally, UM and the role that you guys can play, talk to us a little bit about your diagnostic tests and

how that is going, Uh, Carol. First of all, I would say that the problem that we think some of the states are having is a lack of protocols that are in place to deal with businesses and to deal with schools. For example. It's not enough to just tell people to be preventative, in other words, to wash your hands a lot, wear a mask, and so sleep distance. You actually have to have a protocol. I think you're seeing more success in places where they actually have a

testing protocol. You don't have to test everybody all the time. You have to test enough of a scientific random probability sampling that you can spot where it's showing up. For instance, in our in our own business here at CO Diagnostics, we test our lab three times a week and every other employee at least every other week, and that makes it so we have a COVID safe workspace and we are employees know their COVID status from day to day.

And I think that's one of the places where the States have fallen down is not being able to have those types of protocols firmly established so that a business knows what they're supposed to do to be safe and a school knows what they're supposed to do to be safe. Now, with respect to our testing, we have developed a COVID test that was our original test offering, which we still

sell a lot of. We also have done a COVID two test which we sell internationally in places that are more were influenced by the World Health Organization and their recommendations that learned some multiple genes, and then our most recent iteration is an ABC test as we stylize it, which tests for flu a flu B and COVID nineteen. And the reason we did that is that we're entering now at cold and flu season with potentially a hundred

million cases flu like symptoms. You're just in the United States, and of course, in the course of a year, the United States has about a billion colds, and all of these, the covid, the flu, and the colds present with similar symptoms, especially in the early going of the disease. So this this test is meant to make it so you can tell a patient you do or do not have COVID nineteen, you do or do not have flu A or D, or you may have both of them and so on.

So it's we're doing that kind of a test in order to make it so we can have more differentiation between the different types of diseases that present present with similar symptoms. Hey, remind us, you know, Dwight, in terms of how many people are accessing I haven't given me an idea if you have, you know, in terms of distribution of your test, you know, if that's wrapped up in terms of demand, and remind us of what the cost is and kind of the timeline and and the

accuracy of your testing. Yeah, so you know, we were the first US based company to have a ce MARK test for COVID. As a result, a lot of our distribution is overseas. We service over fifty countries throughout the world with COVID testing. We also have a plant in India, which is the second largest hot spot in the world, where we actually manufacture in India. We service well over half of these states in the United States, and our

model is a clear lab model. Care we don't we're not a clear lab, but we don't actually perform the tests at any of our facilities. We actually make the tests and sell them to clear labs around the world and around the United States, who then do their own testing, So we don't really even have control over the final

pricing those Clear labs asked for. Our tests historically have been compassionately priced since the get go, and that means, you know, we're selling tests for you know, six seven eight dollars to our customers who they then put into their uh their order flown and their workflow, and you know, they have to do the collecting of the sample and the doing the PCR test and everything associated with it. But you know, our whole history as a company deals

with tests that are like tuberculosis and malaria. We see and we do that all around the world. And what I'm curious to white to it. As you said that what's lacking right now is some of the protocols in states to kind of have a testing plan in place that can give people some confidence in terms of safety and who's got the virus, who doesn't have it, how frequent is it. Just got about forty five seconds left here. What kind of demand have you seen, UM for your tests.

I'm just trying to get an idea if it's been ramping up in the last couple of months. We have very strong demand for our test, Carol, we have since we started selling them. Uh, we have a very robust business in our original COVID test. We're now taking orders all over the world with our ABC tests. And so we think even with vaccination around the corner, and we don't resist that, of course, as long as you've got cold and the flu, you're going to have to figure

out whether people have COVID or not. Even if they're vaccinated, right, You're going to still need to do this. To have an idea of exactly what we're all dealing with, UM. Dwight we're running out of time. I appreciate it. I hope we can get you back here real soon to talk a little bit more about what you guys are doing. Dwight Egan he chief executive officer and co founder of

Utah based Co Diagnostics. They do make diagnostic tests and as you just heard, with flu A and B as well as COVID nineteen uh and certainly in the thick of all of this, this is Bloomberg Business Week with Carol Messer from Bloomberg Radio. So this story was the top the most read on the Bloomberg when it recently hit. It was about Prince Andrew acting as an unofficial door opener for a particular individual and his private bank and bottom line added all up, it's not been a good

year for the Prince. So for more, let's bring in Harry Wilson, reporting for Bloomberg Business Week. He's financial reporter at Bloomberg News on the phone in London along with Jail Webber, Bloomberg Business Week Editor. He is on the access line in Brooklyn. Maybe it's because I've just been binging on the Crown again, Joel, but I am kind of all in on this story. I know the Crown is basically the only reason we did this story. Now I'm joking, um uh, you know you mentioned a rough

year for Prince Andrew. It's actually longer than a year because of how his name has been sort of dragged around. But you know, we didn't we didn't go dragging in in that same mud. But what we we did learn and and Harry's reporting is part of this, is that he's been a little bit of an unofficial door opener for a certain private bank that has dealt with some sketty customers. Um, so here, what's the bank and what

was Prince Andrew's relationship with him? Hello? Yes, so, um, Prince Andrew was exectually an unofficial door door opener for a bank in Luxembourg called Bank Hatland. Now most people won't have heard of this bank because as a as a tiny bank. So Prince Andrew was very close to the owners of this bank, David Rowland and his son Jonathan Rowland or one of us was Jonathan Rowland, and he basically started introducing well he was out there acting

as a door opener. His neighbor was being used by them to attract clients and generally I guess for acting as a it's kind of hard to say, well, he didn't have any official role there, but he was basically

being used to to attract people to the business. Well, and what's interesting is, okay, I mean, these kinds of things happen, But when you start to dig a little bit deeper, and you guys got access to a bunch of filings, regulatory filings that was reviewed by you and your team and a lot of you did a lot of interviews with former bank insiders. Tell us a little bit about the information that started to come across as you went through it and the picture that started to

develop when it in terms of how it involved Prince Andrew. Well, so Prince and Story has been friends with the Rolands since at least these mid aughts, and and what you kind of see is a picture developing there of this relationship whereby the Rolands would be out trying to pitch

for their business. So it started off with their own family office, Blackfish Capital, and then in two thousands and nine they buy this bank from the ruins of Iceland's Calcting, which they don't go on to Bank caval And what what you see is some gradually over this time, Prince Andrew is used to you know, when when they want to get introductions to someone or something like that, his name will be being voked. And these really, you know,

there's some pretty extraordinary names out there. So, for instance, on a trip to North Korea, Prince Andrew's name was used as that they were when the when the Romans were there, that they were introduced as friends of Prince Andrew. So it really is quite a Quinn extraordinary Carter characters. When we started looking into it, Okay, I gotta ask a question there. You said, North Korea, who are these

people and what were they doing business with? Well, so, so one thing I should make clear is, um, they never actually ended up doing business. So, but just the very fact that you would entertain the idea of potentially doing some kind of business with the leadership of North Korea, it's pretty crazy. Um, so this this was a business opportunity. I guess who might describe it that they went out to pursue their potentially to offer banking services to the

family of the North Korean leadership. As they say, nothing, nothing actually happened with it. But just the very facty going out there, it's it's it's it's pretty out there. And tis let's look about more of that Kasak characters that you know. The North Korea one is obviously a recognizable one, but there's some other Kase characters that big have. One's also counadas as customers area, and some of those

customers have recent eyebrows. Can you work us through some of those other cast of characters, Yeah, sure so so Actually, um, you know it's for instance, to take to take New York, the largest, one of the largest foreclosures in New York was actually a bank Havalian customer. This was Cutaway Luco, who was a It was a Nigerian old tycoon who was They lent twenty five million to twenty five million euros to buy this this or so after you brought

this part the ex plunging with a mortgage. But the you know, the this sent he was then linked to or he was linked at the time to a massive bribery scandal back in Nigeria. And you know that that's you know, that's one customer. I guess. You also have

the family of the ruling family of azerbai Chan. You know, this is one of the most corrupt countries on earth, and they were thanking the daughters of the of the President of azabay Jan. Well, and it's interesting to you know, I wonder what the princess saying, what the palace is saying, because you say, the emails don't connect Andrew to any of these clients, and you don't know whether the Rollins

mentioned him to kind of get it out there. Just to be fair, Yes, yes, so the palace, as as the story shows that the palace really is instant, isn't saying anything on this one. I think, you know, obviously they've got quite a few things going on there at the moment, so you know, it's probably quite busy. But you know that basically the it's a sort of a straight no comment from the Palace on this stuff. And uh yeah, well we're waiting to see what comes out

and other things. So so here I do want to ask, because there's a there's a reference that you guys making the story about investigators and regulators looking at bank have we in and what do we know on that front in terms of of what you know, outside interest might might be in sort of the banks in its dealings, So we have, um, you know, as we reported, there

is a Luxemburg prostitutors are looking at Bank Kavalant. So this follows a referral from Luxembourg's financial regulators, who'd already find the bank four million euros, which you know, it doesn't sound like an awful loss, I guess to a lot of people who might be more used to banks getting multi billion dollar fines, But in Luxemburg this is probably one of the largest signs ever ever levied there and so this this anyway, so the prosecutors there are

now looking at the bank. They're looking probably you know a lot of the things that we prison about. We know that they're looking at the relationship with the as of by John Ruling family. Um. I think obviously the investigation who has been somewhat kind of waylaid by the COVID pandemic, but it's still there, and I guess, you know, as as things start to clear up, you know, the process should get going again, and you know, who knows

where that could lead. Well, it's a great read, Harry, and as you could get off you and Gavin Finch in your story, it isn't much fun these days being Prince Andrew. There's so many great details and it sounds like there's still more to be known. But what a great deep dive into this. So thank you so much

for bringing it to us. Our thanks to uh Harry Wilson reporting for Bloomberg Business Week, Finance reporter U Bloomberg News joining us on the phone in London, of course, our thanks to Joe Weber are Bloomberg b is this week editor from Brooklyn. Vince is Bloomberg Business Week with Carol Master on Bloomberg Radio. It's indeed you are listening to Bloomberg Business Week on this Monday, just crossing the bloomberg. According to Dow Jones, Janet Yellen is President elect Joe

Biden's pick for Treasury secretary. So again some speculation last week, but again crossing the bloomberg. According to Dow Jones Wall Street Journal, Janet Yellen, former Fed chair, is President elect Joe Biden's pick for Treasury secretary. So we continue to see more and more headlines and news about what a Biden cabinet and senior advisory team would look like. Alright, so we're watching that. I'm also watching a story that

also came from Dow Jones the Wall Street Journal. It was about senior Trump administration officials saying that they are pushing for new hardline measures against Beijing, even as President Trump winds down his final two months in office. Anything China always a top story in my view. Let's get a smart perspective from Bloomberg New Economy editorial director Andy Brown, joining us on the phone in New York City. Andy, Um, nice to have you here with us on this Monday.

So this story from the Walls Street Journal. Uh, you know, it looks like the Trump team maybe looking to be even harder, if you will, when it comes to Beijing. What's your thoughts on that and what might be going on inside the White House right now? Yeah? So I think the sense in the White House and the China team is that, you know, we've got two months left to put in place a series of tough measures against Beijing, which the Biden administration will find very difficult to roll back,

even assuming that they wanted to do that. And I think that that is quite an assumption. And so um, the reports that the US is going to come up with a list of dozens of Chinese companies affiliated with the Chinese military and ban US companies from doing business with them. So that would include, for instance, Komac, which is coming up trying to build a mid sized airline that would affect companies like Honeywell and ge which of

joint bench agreements to help build that aircraft. And then in the latest report, the one that you mentioned the Wall Threet Journal, Dal Jones this idea that the U s should put together an informal coalition of like minded

democracies to push back against Chinese coercion. And we've seen that most dramatically just in the past few months, with China sanctioning or choking off exports of Australian wine, of grains, lobsters, seafood um in response to a whole laundry list of complaints or as a result of a laundry list of complaints that China has against Australian behavior, basically behavior that's critical of China and its human rights, critical of China

over Hong Kong and Shin Jong and so right. And we know President elect Joe Biden has been very careful about not really commenting right now in US China policy, certainly when he's been asked about it. Um, But do you find it odd potentially that there's all of us done kind of a ramping up um by the U. S and this administration in terms of new policies. And I do wonder Andy, what you think that Chinese officials are they saying, all right, this is just the current administration.

It's unlike any other and we're going to really just wait to see what happens come January. Yeah. Look, I I mean we we of course had as you know, you were you were hosting this and you're going to be forum last week. And I think what was very clear I'm talking to the Chinese delegates is that is that nobody has any expectation that a Biden administration is going to dismantle wholesale all of the menasures that the

Trump administration has has built against China. And it may actually well be that the Biden administration may welcome all this UM. It will give them some room for negotiation with China after they come in UM. And as they it's not at all clear that that in the area of trade, commerce investment, the Biden administration will will take us off the line. UM. Then then then the Trump administration and actually in some areas you could see a hardening.

I mean, there's been reports that Michelle floor, and I could be the new Defense secretary. She is actually quite hawkish on China and a big defender of Taiwan. Well,

that's what I wanted to ask you. I mean, you've got to be watching, you know, as these names continued across the Bloomberg in other news outlet, other news outlets, about what you know a Biden administration would look like, whether it's Secretary of State, whether it's National Security Advisor, you know, the people that that he is considering or

will be potentially in those positions. What it What it tells you And like you said about the Defense secretary, what it tells you about you know, what kind of policies might be coming out of the new administration when it comes to China. Yeah. So, so even though is you know, Biden hasn't been quite careful not to say anything about China, I think his cabinet picks tell us

quite a lot about where a Biden administration will go. So, as I said, you know, with Michelle Flournoy, I think we could expect a much more hawkish military posture by the Pentagon um. She critiques the Trump administration for not standing up to China strongly enough and not coming up to alternatives to China's vision for global order as expressed by the Belt and Road initiative. On the other hand, um, I think what was interesting is this is appointing John

Kerry as climates are. Just a few weeks ago, he published a long piece in The New York Times calling for a really ambitious engagement with China to protect the Antarctic. He talked about creating three gigantic marine parks to protect biodiversity and allow and allow wild you know, wildlife to

get used to to climate and acidifying oceans. And that again last week we talked about that, yes, the US are going to have rivalry, Yes they are going to be competitives, that they also have to find discreet areas where they can collaborate so that their ride read doesn't been out of control and into potentially hostility in war. Right climate change, especially if you think about things like

that right knows no borders. It's not like you can just draw a line at this way, do you anticipate And just got about forty seconds here, Andy that we kind of have good cop, bad cop, you know, good parent, parent, kind of uh, you know, relationship with China potentially within this administration. I think it's going to be Yes, that's one way of putting it. Another would be a mixture of competition and collaboration, and um Biden has has talked about that in the past, and I think it's going

to be a much more balanced sort of relationship. All Right, Gonna leave it on that note, Andy, Thank you so much. I always appreciate it. Bloomberg News Bloomberg New Economy editorial director Andy Brown joining us on the phone in New York City. This is Bloomberg Business Week with Carol Messer from Bloomberg Radio. President like Joe Biden planning to nominate former Federal Reserve your Janet Yell into service his Treasury secretary. It's a move that would put the first woman in

a seasoned central banker into the nation's top economic policy job. Again, this is said to be true according to those familiar with the matter. Let's bring in our Bloomberg Intelligence senior US economist Jelena Lativa. She joins us on the phone from Long Island. Hey, Yelena, you know this name was floated about last week. We were all kind of talking

about it and reporting it. But it looks like it's more likely Now, what does a Janet yell and bring to the position of Treasury Secretary, and especially at this particular time. She brings a lot of experience, a lot of crisis time experience, so she was at the helm

of the FIT during the last expansion. And Uh. She also brings a lot of expertise in terms of the labor market economics, so she her research has been always focused on the labor market, how this is working, how the labor mark it should be, labor labor market indicators should be targeted in in terms of policy, and I think that will be very helpful for the economy going forward. How would it how would it be different from a J.

Powell fan for her? Well, yeah, it's a slightly different job description obviously, so that will be a lot There will be a lot of focus on the fiscal policy. But again I think she will focus on the fiscal policy in terms of how it can help the labor market at the time of the recovery. So she knows this inside and out. And I would just say that if confirmed by the Senate, UH, Janet Yellen and Jerome Powell at the head of the FIT would make it an optimal pair to lead the economy out of the crisis,

so that I really applaud the Peak. Yeah, and and forgive me, I misspoke. I'm like, you know, confusing my positions here, but I mean she would be a very different Treasury secretary from Stephen Malution. Well, at the time of the crisis, it's really about how to pull all the forces together, walk as a team, and really try to help the economy. I would say that even the notion and J. Powell work really well as a team at the height of the crisis, as it wasn't folding

in in the springs. So you know, there was some recent disagreement about the fate of the lending lending programs, but I think it really worked well as a team in the beginning of the crisis, and I think it would be a great team again if J. Paw Will gets renominated and Janet Yellen is confirmed as a Treasury Secretary. Well, and I guess what I was thinking, And like I said, forgive me, I was kind of mixing my fans and

my Treasury secretaries. But I think what's important yell And is that this is somebody Janet Yell and someone who understands how the FED works. Right, And the FED and the Treasury Secretary often work, as we've seen certainly during this pandemic crisis, have to work closely in hand, right, because there's different tools that each of them can employ. But you know, it's all about making sure the economy can keep moving as well as it can or doesn't

fall apart, you know, more than it needs to. Uh So, And I do wonder about, you know, her having this knowledge of how the FED works, how that will be an advantage during this time. Again. She brings a lot of experience, a lot of knowledge from all different aspects so for policymaking, and she would just use this knowledge as in her new position. Uh. Look, the teamwork during the crisis time was very important during the financial crisis. We saw that back in thousand nine, and uh you know,

the combined response from physical and monetary policy authorities. Uh you know e then truly brought us out of the crisis. We saw that again this time around in in the spring, and we will definitely need the steamwork going forward as we really get through the recovery. One thing I want to ask you got about forty fifty seconds here. I mean, what's also key is she's got to, you know, deal with and what will be a challenge is the logjam that we have on Capitol Hill to deliver economic relief

to those long and growing unemployment lines. Does she have the respect and do you think she'll be able to work her way through Congress? And just got about thirty seconds here. I think she has all the respect from different you know, sides of the aisle, and she proved that very much during her tenure at the fifth All right, well, certainly living in interesting times, you know, just quickly you len it, does this seem like the right type of

Treasury secretary for the world that we're in right now? Well, I I think yes, absolutely. I think she just has a lot of experience and knowledge and she would just be the right peak of the job. Yeah, she's definitely As we said earlier Charlie and I were talking about at Charlie Pellett, she certainly has seen the world and the economy from a lot of different perspectives. Um so brings kind of a rich base of knowledge to the position. Or would certainly All right, Elena, thank you so much.

Bloomberg Intelligence Senior US economist j'll initiall let give up, brother Journal now, but you let me drive. No, no, no, drive home, honey, please, I'll do the right drivel I want to drive, just drive the question try this is the drive to the globe. Gim me thanks. We'll drying us down on Bloomberg Radio. This indeed, everyone just about twenty minute, twenty minutes left his training session as I

checked the clock. Here, uh, let's do the Drive to the close with Michael Sheldon back with US executive director, chief investment officer over at High Tower r DM Financial once again joining us from Westport, Connecticut. Michael, good to have you here with us. How are you good? Good? Thank you, happy pre Thanksgiving? Thank you and to you as well. Uh. You know, I kidded at the top of our broadcast, it's supposed to be a quiet week.

It's a holiday week. But because it's it's unlike any holiday week that we've known before, a lot of news, virus news, vaccine news. And then we had, of course um crossing the Bloomberg about Janet Yellen, said to be

President elect Joe Biden's plans for Treasury secretary. According to those in the know, as you start to see the Biden administrations start to shape up, what does it say to you and what kind of environment and what kind of team does it mean for the markets the economy in your view, Well, I think is as a president elect Biden builds out his team. I think he's one. He has to he has to put together a team of people who is likely to be able to pass both the House and the Senate, so to get approved

of the first thing. And then I think he's really a pragmatist, so I think he's likely to put people on his team that have a lot of experience already. And I think if you look at Janny yell and she sounds like a good choice. She has an impressive background. She's was the former chair of the Federal Reserve for several years. She was head of the San Francisco FED. She was previously part of the Council of Economic Advisors under Bill Clinton, so she definitely knows her way around Washington.

And I think the market should welcome the fact that fiscal and monetary policy should be able to coordinate fairly closely and which should help the economic recovery at least over the next several quarters. I would think, yeah, and listen, this is someone who also prioritizes, as we just heard from our lane is selective Bloomberg intelligence. This is someone who prioritizes the labor market, right. She fcuses on it.

This is where her work and research has dealt with, UH, and she understands maybe what needs to be done to get a labor market back to more normal And she also importantly knows her way around Washington, so that should help. But work with policymakers and coordinate again with the felt to a reserve, which outgoing Treasury Secretary of Minuchin seems to maybe have hit a little bit of a stumbling block in his last parting days. But that's a really

good point, Michael. I mean, listen, that's going to be the roadblocks that are Congress, right, or that is Congress. Uh. That's a big deal in terms of trying to get the necessary policies that need to be put into place to help out workers, to help out the economy. We've seen it. As you said, we thought things were going so well, and they were for the first round, right, but it's gotten much more difficult. We need somebody who

understand the intricacies and the difficulties that are Congress. Absolutely, it seems like it's gotten a little more of a contentious the relationship between the Fed and the Treasury have gotten a little more contentious in recent weeks. But I think I think it sounds like Johnny Yellen sounds like

a sensible, solid choice. Yeah, exactly, Well, what are you going to be looking for specifically when you know, as an investor somebody who watches the markets, what are the types of policies that you think are going to be at least mentally necessary to kind of provide a little bit of a safety net and kind of shore up the economy at this point, which ultimately then right shoes up the market. I mean the markets, as we heard at the top of our show with our Gina Martin Adams.

You know, they're forward looking and they're getting more optimistic as we see more news about a vaccine. But nonetheless, if the economy starts to come undone again, markets and investors are gonna get a little bit nervous. Yeah. I think the big news over the past few weeks is certainly news about the vaccine. The fact that we have multiple vaccines that will likely be available to the general public over the next maybe three to six months or

maybe a little longer depending on logistics and distribution. I think that sort of provides a light at the end of the tunnel, And while the number of cases may go up and economic data make it a little bit weaker over the next two or three months, as we head into early two thowy one, it sounds like from our perspective, it looks like the economic data should start to improve during the middle of the year and we could have a pretty solid second half of next year

heading into two thousand twenty two. So, having said that, have you been kind of repositioning at all? Are you still kind of playing a little bit of a weight and see mode might you at this point? Right? Well, in our traditional models, outside of our income oriented model, which has a little bit of a different mandate, we really have sort of a barbell approach. We've we've been overweight growth for much of the past several years, which

has worked out pretty well. But now we're basically moving a little bit from growth and basically trying and participate a little bit more in the parts of the market that are likely to perform better as the economy recovers. So we have started to shift a little bit in terms of investments towards parts of the economy that will participate better. But we do have a barbell approach because

you do want to be diversified. Yeah, exactly. Well, what's going to be the trickiest I want to go back to Johnny Allen just because it is our top story on the Bloomberg and I just think, you know, as we continue to try and focus and look forward, Um, this is a key part of it. You know, what will be kind of her number one task or does it need to be do you think day one? Uh, if she indeed becomes the next Treasury Secretary, as it

seems likely, Well, I think she's going to be. I think she'll have to work with the Senate early in two thousand twenty one. It will be critical for Congress

to pass another stimulus package. There are a lot of workers who are going to be losing their unemployment benefits in the next few weeks or so, and so that the economy doesn't run on and run on, run out of gas, so to speak, heading into the winter and early two I think she should work as much as best she can and coordinate with the Democrats and Republicans to get some sort of fiscal package passed in early two thousand one. And the government also is actually is

supposed to run out of money in a few weeks. So, but that's part of the new the current administration, not her administration. I think. I think over the first few months she'll I think the best things she can do is to work more closely with said share Powell, so that monetary policy and fiscal policy are coordinated on the same page to help the recovery. There used to be a separation between the two of them, but the lines

have blurred a little bit. Uh, And you can see that and the fact that the Federal Reserve has been buying lots of treasury bonds and almost financing the US government deficit in recent months. So we'll see sort of how that develops during her administration. Yeah, and listen, no doubt about it. There's an advantage just being with Jake balancing. Listen. I understand your job, I understand your position. Been there,

done that, right, right. But I think for the markets, the important question is does the economic recovery which started this past since summer, doesn't remain on track, And we think it does. And it's also important to think that historically economic expansions don't typically last a number of weeks

or months, they last a number of years. So from our perspective, we think the economic outlook we're likely to see somewhat better GDP improvement in corporate profits UM employments should continue to gradually improve, and this should set the stage for some improvement as we head through next year, right, provided we do get these virus cases under control and the economy starts to get back to normal. Michael, thank

you so much. Really appreciate your thoughts on the markets, as well as Janet yelling at news of her expected expectations really to be appointed the next Treasury Secretary by President elect Joe Biden. Michael Sheldon, executive Director, chief Investment Officer at High Tower r DM Financial, joining us on the phone from Westport, Connecticut. Thanks so much for listening

to Bloomberg Business Week. Download the podcast on iTunes, SoundCloud, or at Bloomberg dot com, and be sure to check out our daily radio show at two pm Eastern on Bloomberg Radio, and be sure to watch us too on YouTube by searching Bloomberg Global News