>> your credit card companies they've agreed to cap credit card swipe fees. and is considered to be one of the most significant antitrust settlements. the deal is subject on approval. you can see a little bit of a lift when it comes to those shares.

we want to take a look at apple. it's a little bit lower and this comes after iphone shipments in china fell in february from a year earlier. this extends a slump in demand for the device in its most overseas market. that's a narrative dissuade on apple all year. let's broaden out and take a look at risk assets. kristi noem, greg -- christina, great to see you in person. we are at or very close to all-time highs. it feels like volatility has been squeezed out of the market with earnings season and the fed behind us. where would we go from here? >> it will be an environment supportive of assets for several reasons. we are at the start of right cuts. swiss national bank started last week.

it it won't be the last. we are likely to see something of a cascade of central banks over the next several months starting to cut rates. it creates a supportive environment for equities. add to that or that we have a very very significant cash on the sidelines, and overweighting for many in cash that can be deployed. two catalyst for redeploying are lowering rates as well as fomo, let's face it. katie: i want to talk about cash. we were talking at etf iq yesterday about the demand for income. you have money markets paying close to 5%. it is interesting that even with stocks at all-time highs that money is just not coming out of it. what do you make of the demand for safety and income even at this juncture in markets? kristina: so much money goes where the yield is. there have been very attractive yields, as you pointed out in cash instruments.

having said that we are at the point where we will start to see yields go down. that comment to me, could very well move money into fixed income. locking in rates for the longer-term. moving out in terms of duration as well as some money going into equities. i think it's a story in which we will see access money -- excess money go into a well diversified set of assets. katie: does it matter how many rate cuts we get? it is striking to me that we came to the year with six cuts priced in and it was rejoiced by equity balls and now we are at about three cuts priced in and even so, the s&p 500 continues to march higher even though rates will be higher than was previously expected. what you make of that dynamic? kristina: i don't think it will make a huge difference. i think it is about direction. we are moving to lower rates and

we would do it publicly gently. it makes sense given the overall macroenvironment. so, three or six, certainly, six would probably be better. but, for markets. in general i think it is an environment quite supportive. in the long run it probably makes more sense to be more measured and thoughtful about rate cuts. katie: is it supportive for every company in the stock market? think about small caps, the russell 2000, i forget the exact percentage of nonprofitable companies in there. think about those firms often burdened with pretty heavy debt loads, having to face refinancing. now, may become a rate cut relief is not coming to the same magnitude as was initially suspected. what does it mean for people and companies that are not enormous with big, healthy balance sheets ? kristina: you could argue rate

cuts coming will be more impactful for smaller companies even if it is not the magnitude we originally hoped. of course we will get overtime, it will just take longer. the long-term projections for where we see the fed funds rate is still around 215%. i don't think -- 2.5%. i do think it is that much of a problem and i suspect we will see a b acceleration in the u.s. economy later this year that benefit smaller camps more than larger caps. katie: we had ryan dietrich on the program yesterday saying he expects small caps to outperform the s&p 500. i don't know if you would go that far. kristina: i don't -- i think there is a very good chance that would happen if with the economic we acceleration --re- acceleration. katie: talk about the bond market. designing a portfolio and allocating to different asset classes, clearly, you are positive on the stock market. how are you thinking about treasuries in this environment

especially if we get the economic re-acceleration? kristina: there are many opportunities beyond treasuries and it's important to stress that right now i would argue that investment-grade credit is the sweet spot. because, i don't think it will be a completely soft landing. i think we will have some bumps and r.g. credit looks very attractive in this environment. i would also argue high your looks good. it is not an environment in which we will see a lot of pressure on most companies in the high-yield space. so the argument can be made that you want to move out on the risk spectrum when it comes to fixed income. certainly in a thoughtful, prudent way, have inadequate exposure across the fixed income asset classes. i think it's very different, for example, from 2022. i think of it as the environment

that is quite different. we had surprised rate hikes, very high magnitude. now we will see gentle easing in rates. i think that is supportive of fixed income in general. i would certainly be focused on longer duration fixed income in this environment a lot in higher yields. katie: a good place to live it. time to migrate out the risk spectrum with credit risk and duration risk. kristina always great to speak with you. invesco chief global market strategist kristina hooper. a state of emergency in baltimore. live on the ground as a major commuter bridge collapses. this is bloomberg.

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this is katie: this is bloomberg markets. i'm katie grayfield. the s&p 500 sitting on gains of about .3%. look at the nasdaq 100. your big tech benchmark slightly better about .4%. it is on some pretty large volume. of course, the big thing to watch this week is pce coming out friday, interesting, because u.s. markets closed friday. taking a quick look at the bond market you can see two year treasury yields down about one to two basis points and i will call that unchanged on the long and when you look at the 10-year treasury yield. the big story outside of markets today is the major commuter bridge cutouts in baltimore. it came down earlier this morning after being struck by a container ship christie and cordero is on the ground.

give us the latest on what you are hearing. >> six people are still unaccounted for. search-and-rescue is ongoing and extremely urgent. this happened at 1:30 a.m.. i suppose you can say the outside of it is it was not in the middle of peak rush-hour because tens of thousands of people travel on the bridge every day, but it tragedy nonetheless and something that governor in maryland it said was shocking and heartbreaking because everybody knows the bridge end area so well especially if you live in the region. tens of thousands of people travel on it every day. eight people total were thrown into the water when the container ship hit the bridge and therefore the bridge collapsed. of those 86 are still unaccounted for. of the two rescued in the early hours this morning one is in the hospital in serious condition. katie: tell us about what this means for baltimore. it's not just to the bridge.

it is all of the routes around the bridge, all the roads being impacted. what is the latest for the commuter? christiane: when tens of thousands of vehicles travel on this every day it creates a lot of other issues. if you are familiar with maryland you know there's a lot of navigating waterways. there is a ton of congestion around the area, as you would imagine. more so than that, what does it mean for the state of maryland? a lot of people are really shocked and heartbroken, as the governor said. he made a point to go out of the way and say they will rebuild this. that is functionally necessary and also which means something beyond that symbolically. katie: it is hard to imagine the process of rebuilding such an important large bridge. before we get there tell us about the cadence of today. do we expect to hear from the governor again? what should we look for in the next couple hours? christiane: information to

change. the numbers we got came to us a couple hours ago. we are hoping the next update has numbers that bring good news. a change in the right direction. that is the big thing. the coast guard overnight was working through the darkness, which of course complicates things at once daylight came, you had the benefit of daylight but the downside is it was so cold through the night. the water temperature near the bridge was 47 degrees. time is of the essence. it only takes an hour for hypothermia to kick in at that temperature. they have been working very diligently. we heard helicopters overhead and we know that crews have been in the water pretty much nonstop. katie: it is a really important point that the exclusive focus on search-and-rescue is being conducted in freezing temperature, the water. think about where we are in the calendar year approaching easter. where does this leave us when it

comes to holiday travel expected this weekend? christiane: it surely will, take things. yeah, i mean, there will have to be some adjusting of plans, perhaps. we know they have declared a local state of emergency here, the formality to allocate resources a little quicker. i imagine that is one thing local officials are really thinking through thoroughly. one thing they made a point to bring up today repeatedly was that this, by all accounts, and granted, it's up with them in every investigation, but, seems to be an accident. there was a container vessel that had a couple pilots on it and several other crewmembers. they lost, essentially, control of the vessel as it was making its way out of the harbor. when it lost control it sunday made a call -- mayday call prompting bridge operators to stop traffic. so, for how terrible this is it

could have been much worse. katie: that's abc reporter christiane cordero and we will be back with her later this hour. outside of the rescue efforts the bridge collapse is causing big concerns about the supply chain. i spoke earlier with ford's cfo about the fallout. >> this is a large port with a lot of flow through it. it will have an impact. at this point we have to understand what that means for us specifically. we will work on the workarounds and divert parts to other ports along the east coast or elsewhere in the country. it will probably lengthen the supply a bit. katie: for more knowledge let's bring in bloomberg trades are -- trade czar brendan murray. put into context how important the port of baltimore is when it comes to the global flow of goods. brendan: it's not a gigantic board for containers, but as you indicated, it's one of the most important ports for automotive imports and exports.

where else? what other ports can handle these flows of automobiles is baltimore is off-line for months, say? you are showing pictures of the wreckage. that will take a while for salvage crews to deal with to get the channel clear again. the question then becomes, what other ports can hondo that handle automobiles? those would be places like charleston, south carolina, savannah, georgia, the new york/new jersey port is another that people are talking about that can handle part of this. the port of virginia, norfolk. that's another. some ports will start picking up extra diverted cargo. it will just push other cargo to go around weather reports, say, in houston or even the west coast. so, it will be kind of a domino

effect for at least initially until the shipping lines can reroute their services and get something more normal. for the time being it will be a bit chaotic. there will be delays. a lot of the kinds of delays we saw during the pandemic. serious, but only some of the things analysts are talking about are saying. katie: i appreciate your insights. thank you brendan murray. , we speak to an economist at rbc. that conversation is next on bloomberg.

katie: this is bloomberg markets. i am katie greifeld. a major commuter bridge collapse

in baltimore early this morning after being struck by a container ship. it will certainly disrupt the supply chain, and perhaps, the economy. joining us now is rbc economist claire fan. obviously this is an early, very fluid situation that is still developing. when you look at this key bridge, this access point to the port of baltimore being taken down, what could it mean in terms of the ripple effects for the supply chain? claire: absolutely. near term, to recap a little bit, throughout 21-2022 we have only heard good news about global supply chains starting from this year with attacks at the red sea. today the unfortunate news of the collapse of the bridge will obviously bring tremendous pressure to the supply chain. one thing to consider here is our, that is, as well, globally speaking.

container ships have a lot of added capacity. that adds more flexibility in terms of rerouting options. of course, whether there are options in this specific case, that is something to be looked through. overall, likewise, in the u.s., what we are really looking for here is transportation of autos. over the past couple months we have seen a pretty steady build of auto inventory in the state. so there is a little bit of a cushion to absorb some near-term impact in terms of what this could have on the supply chain. just how long the disruption will last is a key factor. as long as how long the bridge will be down. there was a lot more in certainty. katie: i think we might have lost claire. unfortunately, rbc economist claire fan. very interesting conversation about the potential impact to the supply chain from, of course, what is going on in

baltimore now, the unfolding situation of course with the key commuter bridge collapsing overnight after being hit by a container ship. hopefully, it seems like we do have claire back. claire, it was interesting. i had a conversation with the chief financial officer of ford earlier today and he made the point that the experience with the pandemic, for better or worse, they do have some experience now, a blueprint they can rely on. before, of course we lost you for a moment. it sounded that you were saying that it perhaps introduced a bit of flexibility into supply chains. claire: absolutely. i was alluding to exactly that point. on the supply-sider there is added capacity in this case. the most disrupted sector will probably be auto. that is also a sector where we have seen a build up of inventory over the past year. again, similar to the point that

was being made that there is near-term flexibility to absorb some shock. and on the demand side as well, it is probably a bit more pressure in the u.s. than where i am in canada. where consumers are still doing really well. the demand is still high including for autos as well. that will probably open more the supply chain constraints. in key factor to consider here is how long it really hurts for the port to resume operation. in this case there are a lot of uncertainties and it is hard to know but as the days progressed we will hopefully get more clarity as to the near-term operation here and went disruptions will end. katie: we will have to see how the situation develops when it comes to the commuter bridge in baltimore. i want to talk about inflation and the economy more broadly. this course we had the fed decision last week.

they held rates as expected. still, the conversation is, when will the fed cut? why bother with rate cuts at all? you have an economy that is still growing very strongly. inflation is coming down. why does the fed want to cut rates to begin with? claire: what we are currently expecting, first of all, that's a great question. but, sort of, with the projections we are expecting for the u.s., first of all, the starting point of the u.s. economy currently is incredibly solid and strong. consumers are doing really really well and the labor market is overheating. unemployment rate has been edging slightly higher but still relatively low. so the fed really cares about two things. number one, inflation dropping low and steady. so over the start of 2024 there has been bread -- bad news. it looks like near-term pressures have been re-accelerating a little bit and obviously the supply chain

disruptions we just talked about will add more uncertainty to the inflation outlook as well. outside that it is down to the current rate of growth in the u.s. economy and how strong it is and how long it is to be sustained. ultimately it lands on inflation. for the most part, over the second half of 2023, the fed has been asking, are these low-inflation prints sustainable with the economy running this strong? for two quarters of the answer was yes. starting at the beginning of this year again we are seeing inflation pressures pick up. that is what we all expected with the very solid economic backdrop like you mentioned, but moving forward, will we really be able to achieve exactly the historic elusive soft landing we are hoping for here? with labor markets resuming back to a steady state of equilibrium

and inflation coming down without the economy taking a hit? that's a huge question. katie: that is rbc economist claire fan. this is bloomberg. when i was your age, we never had anything like this. what? wifi?

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katie: welcome back to "bloomberg markets." let's get back to baltimore, where a search and rescue mission is underway after that bridge collapse. joining us now from the scene is bloomberg's kailee leinz, who is on location. what he wants the latest? kailey: the search and rescue effort is still underway. the dolly ran into a support beam around 1:30 in the morning. it is thought that eight individuals fell into the water. two have been rescued, one of

which is hospitalized. there are still six others unaccounted for. there's also been a number of vehicles that have been recovered after being submerged within recent hours. we do expect that president biden will be addressing this bridge collapse coming up any minute anyway as he travels to north carolina. the secretary of transportation, pete buttigieg, will be here on site at the invitation of maryland's governor, wes moore. we heard from governor moore earlier today. he was asked about the timeline for the reopening of this port of baltimore, as well as the reconstruction timeline for the bridge, which he described would be a long-term haul. he did, though, say that right now the number one priority is saving lives and focusing on that search and rescue effort. katie: that is the primary focus, like you say. this is all about search and rescue at this moment. you mentioned that we're going to be hearing from president biden in just a couple of minutes. what is the administration's response expected to be? we heard from senator von hollen

earlier today talking about the biden administration working to release emergency funds here, for example. kailey: funding is going to be one of the most paramount concerns. what exactly can be unlocked in terms of emergency funding or infrastructure funding that will facilitate the reconstruction of this bridge, which, again, could take a long time. there is no set timeline for that right now. it is imperative, because this is a very major transitway here on the east coast. it's an artery of i-695, roughly 35,000 individuals per day cross this bridge, over 11 million vehicles per year. so there could be serious choke points as traffic has to be rerouted, not just in terms of commute traffic and the gridlock that could create, for example, but also in terms of actually getting goods to and from the state of maryland to elsewhere. we heard from a trucking association that suggested 49,000 commercial trucks crossed this bridge every single day, so there could be disruptions in terms of the delivery of the goods by ground, by the roads, but then also the transit of

goods through this waterway. incredibly busy port, one of the largest in the country. actually the single busiest in terms of importing and exporting it autos, cars and light trucks. close to 850,000 of them were handled by this port just in 2023, and already, as i know you have had conversations with ford, for example, you are seeing some of these automakers having to reroute to other ports, trying to divert out of the port of baltimore, which could mean there would be an up tick in traffic in ports to the north, like in new york, or even to the south in virginia down in norfolk. it's going to be about retransitting some of the goods. 20 million tons of coal exported how much this port last year, so there could be serious disruption in terms of the supply chain perspective, and that is going to be something we're keenly watching in the coming days and perhaps coming months as well. it's going to take a while to clear the debris of this collapsed bridge and get this port reopened. there is no timeline for that. katie: kailey, always appreciate your reporting. our thanks to bloomberg's kailey

leinz reporting on location. of course, when it comes to polling for president biden and the upcoming presidential election, he's closing the gap. he's gaining six of seven key swing states against former president donald trump. this is according to the latest bloomberg morning consult poll. joining us now for more is bloomberg's mayor yell parker in washington. that's the head lean. walk us through the key findings of this latest poll. >> the key finding, the primary finding is the fact that president biden has made up significant ground in wisconsin, for example. the last poll that we had, he was down about four percentage points. he's drawn that to a one-point percentage lead over donald trump. at the same token, he's drawn, come back from a six percentage point deficit to draw even in pennsylvania. so this shows, this is the best so far of the polls we've had in the field. this is the best for president biden t. shows some real post-state of the union momentum

for the president, even as he continues to trail former president donald trump in those seven key swing states. katie: of course, we're talking about a two-person race at this point. of course, it's between trump and biden. nikki haley dropping out. did this show any suggestions of where people who would have voted for haley are leaning? >> to the president's dismay, he's been trying to court the nikki haley voters, but the majority of them are breaking for president trump, polling shows. there had been essentially this dissatisfaction within the republican party with trump as the nominee, and so you're seeing signs that some of those factions of the party that didn't want him to be the nominee are resigned to the fact that he will be and are coming into the fold. guy: . katie: it's interesting, going through some of the findings here, in addition to some of these headlines that we're working through, it's interesting that a majority of voters, they seem to favor raising taxes on the wealthy. maybe that's not surprising,

mario. mario: it's not really surprising. one thing that i think is surprising is the different views and doctrines that president biden and former president trump have had. one distinction is kind of a thread that's gone through the entire political discourse is one of populism, right? there's this sense that the rich should pay their fair share. there's a refrain on the campaign trail for president biden, he won't raise taxes for anyone making less than $400,000 per year. of course, that populist strain has also gone through the republican party, which was once the party that was the friendliest toward the wealthy, but has now turned to more of a small business working class type of party. katie: mario, really appreciate your time. our thanks, of course, to bloomberg's mario parker. now let's keep our focus on former president donald trump, because in its first session as a publicly traded company, trump media and technology group has

had a roller coaster of a day, soaring to almost 60%, triggering a brief halt, paring gains, and currently, look at where shares are. they're up about 40%. we've been covering this very closely. this says the highest profile stock we've seen in quite a while. >> really ever, katie. there's a lot of talk around draft kings setting this off, but when you look at valuation, it is donald trump's media company really built on the truth social platform and meaning this could be wealth for the president, i think it's the most high profile. katie: talk about what this company actually does. i think most people have a vague idea it's a social media company, but give us some details here. >> truth social is really the crown jewel. it's kind of a twitter lookalike that has become trump's kind of mega phone of choice, if you will. that's where he has about 6.5 million followers the last i checked. that's where he posts updates, videos, different posts, as

opposed to leading into elon musk's x, instagram, tiktok, other media venues were the whole goal of the company has been to rival big tech. they call out x and instagram and netflix in their filings. questions around the valuation are their own kind of thing for investors, but that's really been the company's mission since it was formed in line with this deal. katie: what sense of valuation do we have? you look at shares up about 40% or so at this moment. what's the latest there? >> $9.3 billion at the current level. to put that into meme stock perspective, about twice the size of game stop right now. it's still a far cry from where some of the companies were are before, but that is quite a hefty valuation for a company that lost money last year and generated a revenue of $3.4 million for nine months. so when you slap that on, it's

eye-popping. katie: maybe the bull case is already baked in, but what is the bull case if there is one with this stock? >> when i talk to investors, the vince is that trump does not sell and that media kind of everyone has to go to truth social to hear what he's thinking. we all end up having to make accounts, and that kind of opens the door for it to be a true x competitor, the big questions when i talk to investors is how do you monetize that? how does the model look like given the issues elon musk has with examine. if the stock prices stays elevated, he needs to acquire companies in an all-stock deal. katie: that is the full case. we'll see if that plays out. billy, while i you, let's switch fears. this is exciting. we have the highest profile in quite a while. but we also had big i.p.o.'s last week, had hadlined by the

likes of reddit. what's the latest with how reddit is being received by the markets, if you will? >> it's more than doubled the. the stock rally and had a selloff on friday, but right now still continuing to rally. when you look at the volume being traded today, it does seem like there's a lot of interesting demand in reddit. one of the things is when it combs to some of the low-flow i.p.o.'s, what are our options saying? we are seeing small call options, picking up in the reddits of the world. it's up some 185% from a year ago. it seems like the casino crowd is coming into things, he is they shaly a market that is holding up really well. katie: bloomberg's bailey over

all of it, thank you so much. of course, we are awaiting president biden to speak after the baltimore bridge collapse, so we will bring you that as soon as we have it. this is bloomberg. ♪ the future is not just going to happen. you have to make it. and if you want a successful business, all it takes is an idea, and now becomes the future. a future where you grew a dream into a reality. it's waiting for you. mere minutes away. the future is nothing but power and it's all yours. the all new godaddy airo. get your business online in minutes with the power of ai.

katie: this isrg markets." time now for our stock of the hour, and our stock of the hour is game stop. due to report results later today. david trainor is the c.e.o. of new con structures, and he has a sell rating on game stop, and he has for a while. david, what are you expecting to hear after the bell today? david: nothing special. i mean, you never know with these guys. they're going to buy another gold mine or invest in some

completely noncore asset. the big issue here with game stop, we really question corporate governance, profitability, long-term profitability. business has always been an obvious issue. corporate governance is really something that more investors should pay attention to when you got companies making it, executives making completely noncore investment decisions that won't help earnings. just pay close attention there's not anything else to potentially destroy a lot of shareholder value. >> when we think about what we could hear from the company when it comes to the plan that they've been talking about and trying to pursue for several years at this point, it sounds like you're not expecting anything material there necessarily. david: no, any kind of turnaround plan that takes years to execute when you're really done with a business model as simple as this is not going to manifest into much of a turnaround. you can talk about all kinds of things, but at the end of the day the dollar, the free cash

flow is the bottom line. the earnings are the bottom line, and we just don't think they're going to be able to produce. i mean, it's a buggy business. there's really no way to get around that, which i think is part of why they bought a gold mine, right? still, it's not helping. katie: let's talk about the fundamentals of the company relative to where it's trading right now. obviously it is down significantly, meaningfully from, of course, what we saw in the peak of the pandemic bubble, if you will. where's fair value for a name like game stop at this point? it's currently just below $15. david: when you've got negative profit margins, it's really difficult to see this as being anything more than zero. you know, this was on our zombie stock list, and, you know, we took a really nice gain on that list. we pulled it off because they were harvesting the balance -- katie: i'm sorry to cut you off, but it looks like president biden has come out. we want to take you to

washington. president biden: i want to speak briefly about the terrible incident and accident that happened in baltimore this morning. at about 1:30, a container ship struck the francis scott key bridge, which i've been over many, many times, commuting from the state of delaware, by train or car, been in baltimore harbor many times. the bridge collapse sent several people in vehicles into the water, into the river. and multiple u.s. coast guard units, which were stationed very nearby, thank god, were immediately deployed along with local emergency personnel. the coast guard is leading the response at the port, where representatives from the federal highway administration, the f.b.i., the department of transportation, the army corps of engineers, as well as maryland officials in baltimore, police and fire. they're all working together to coordinate an emergency response. officials at the scene estimate eight people were unaccounted for still, not still, were unaccounted for. that number might change. two have been rescued. one without injury, one in

critical condition. the search and rescue operations are continuing for all those remaining, as we speak. i spoke with governor moore this morning, as well as the mayor of baltimore, and county executive, both united states senators and the congressman, and my secretary of transportation is on the scene. i told them we're going to send all the federal resources they need as we respond to this emergency. i mean, all the federal resources. we're going to rebuild that port together. everything so far indicates that this was a terrible accident. at this time we have no other reason to believe there's any other act here. personnel were able to alert the maryland department of transportation that they lost control of their vessel, as you all know and reported. as a result, local authorities were able to close the bridge to traffic before the bridge was struck, which undoubtedly saved lives. our prayers are with everyone involved in this terrible accident and all the families, especially those waiting for the

news of their loved one right now. i know every minute in that circumstance feels like a lifetime. you just don't know, it's just terrible. we're incredibly grateful for the brave rescuers who immediately rushed to the scene and to the people in baltimore. i want to say we're with you. we're going to stay with you as long as it takes. like the governor said, you're maryland tough, you're baltimore strong, and we're going to get through this together. i promise, we're not leaving. here's what's happening now. the search and rescue operation is our top priority. ship traffic in the port of baltimore has been suspended until further notice and will need toe clear that channel before the ship traffic can resume. the army corps of engineers is on the spot, is going to help lead this effort to clear the channel. the port of baltimore is one of the nation's largest shipping hubs. i've been there a number of times as a senator and as a vice president. it handles a record amount of cargo last year.

it's also the top port in america from both imports and exports of automobiles and light trucks. around 850,000 vehicles go through that port every single year. we're going to get it up and running again as soon as possible. 15,000 jobs depend on that port. and we're going to do everything we can to protect those jobs and help those workers. the bridge is also critical for travel, not just for baltimore, but for the northeast corridor. over 30,000 vehicles cross the francis scott key bridge on a daily basis. it's virtually, it's one of the most important elements for the economy in the northeast and the quality of life. my transportation secretary is there now, as i told governor moore, i'm directing my team to move heaven and earth to reopen the port and rebuild the bridge as soon as humanly possible. we're going to work hand in hand with the support of maryland to support maryland, whatever they ask for. we're going to work with our partners in congress to make sure the state gets the support

it needs. it's my intention that the federal government will pay for the entire cost of reconstructing that bridge, and i expect the congress to support my effort. this is going to take some time. the people of baltimore can count on us to stick with them at every step of the way till the port is reopened and the bridge is rebuilt. you know, we're not leaving until this job gets done. not leaving till then. i just want to say god bless everybody, everyone harmed this morning and their families, and may god bless little first responders, many of them risked their lives. the reason i'm not going to take a lot of questions, there's remaining issues that are open that we got to determine what's going to happen in terms of the rescue mission. >> do you plan to go to baltimore, sir, and if so, how quickly? president biden: i do, as quickly as i can. >> you said the federal government is also going to pay for the repairs. this was a ship that appears to

be at fault. is there any reason to believe the company behind the ship should be responsible? president biden: that could be, but we're not going to wait for that to happen. we're going to get it rebuilt and open. >> what did you make about the decision tonight attend this meeting this week? president biden: i don't want to get into that. there's plenty of talk to talk about rafah. katie: and that was president joe biden speaking following the collapse of the francis scott key bridge in baltimore to go through some of the headlines, what we heard from president biden. he said that they're going to send all the federal resources that baltimore needs at this point, that we're going to rebuild this bridge together. he directed his team to rebuilt the bridge as soon as possible and that the federal government will pay the entire cost of rebuilding that bridge, something that he expects

congress to support when it comes to funding that effort. he also did say that they need to clear that channel before ship traffic can resume. they're going to try to get the port of baltimore running as soon as possible. but president biden did stress that search and rescue operation is our top priority at this point. quickly moving, quickly developing situation, of course, we're going to bring you all the latest as soon as we have it. we do want to switch gears now, though, because it's time now for our wall street beat. today, we're taking a look at larry fink's warning to the u.s. economy n. his annual letter, he wrote it's no wonder younger generations, millennials and gen z, are so economically anxious. they believe my generation, the baby boomers, have focused on their own financial well-being to the detriment of who comes next. and in the case of retirement, they're right. joining us now for a breakdown is bloomberg's katherine doherty. that's one sampling of it, but what was the main message of

fink's letter? katherine: it's really rethinking retirement. we have folks that are out in the workforce, they're working longer and also living longer. so fink is saying we need to rethink how we're saving for that time, how we get and engage the younger generation so that they're putting their money to work, and he's really emphasizing the strength of the u.s. capital market to do this, to basically prepare for that moment, so even if you are keeping the age of retirement at 65, and you're not asking folks to keep working necessarily longer than they have to, but make that choice and also be prepared financially and be able to live past perhaps the time that we originally set before, really rethinking the marks along the way. katie: that's comments on the retirement crisis, a direct quote from that letter. he also talked about, when it comes to the u.s. economy, this idea of snowballing debt. what exactly does he mean by

that? katherine: absolutely, this debt problem is not going to go away. we need to address it, start chipping away. he also emphasized that the u.s. debt is not an instrument that folks are necessarily going to keep buying. right now with interest rates higher, there is an incentive to invest in longer dated treasuries, but that might not always be the case, especially if we do see the fed bringing rates down perhaps at end of this year or in the future. he is saying that this debt problem is not one that we can ignore, and it's one that needs to be talked about more in order to move forward in a way that is addressing the problem and not just acting as if it does not exist. katie: it's interesting, he did say that the debt situation, it's more urgent than i can ever remember, but he also said that a debt crisis, it's not inevitable necessarily. so it wasn't all doom and gloom. katherine: no, in talking about

the debt market, he's emphasizing there is strength and that he's not referencing any cracks, but that it's something that needs to be talked about and one that is urgent. and it cannot be ignored. katie: katherine, always great to catch up with you, really appreciate you breaking down larry fink's annual letter. our thanks to katherine doherty. and, of course, in just a couple of minutes, we're going to hear directly from larry fink when he joins bloomberg tv and radio live at the top of the hour. before we get there, we'll take a quick check on the markets right now, because it is an up day in the equity market. you can see the s&p 500 quietly rallying, up about .2%. same thing if you take a look at the nasdaq 100, up about .2%. the u.s. treasury 10-year yield is unchanged, no debt crisis there at this moment. the two-year treasury yield currently down about two basis points, but that does it for our

program. this is "bloomberg markets." ♪

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>> we're delighted to be joined right now by blackrock chairman and c.e.o., larry fink. larry, wel