levels. >> and look, we have been keeping an eye on corporate credit spreads. elevated significantly. nowhere near where we were a decade or so ago, when we were in the throes of this. we should point out, as we get bell, this is ah stensly what would be the anniversary and let of --ple to get to march 9 anniversary. it to marchple peg 9, 2009. you see where we are on the s&p 500. from thatthan 18% all-time high on february 19, 2020. scarlet: every industry group and the s&p is down. consumer staples, health care, utilities.

the sectors where you might want to hide out, each down by at least 4.5%. volumes down as well. industrials, 106% above the industrial average in canada. canadian stocks fell 10% on the day as the country recorded its first death from the coronavirus. romaine: european stocks flirting with the bear market. of course, we had that big drop in crude. we know what sovereign bond yields are doing with the treasury yield. scarlet: everyone is looking for different technical levels, searching for any kind of hint. that is what abigail doolittle does so well. abigail: i want to start out with what stood out to me most. capitulation, even though

we are probably not close to a capitulation bottom. the dow transports in a bear market. oil clearly in a bear market. the s&p 500 down almost 19%. hard to see the s&p 500 not slip into a bear market. what the impact will be to the global economy. this is the chart that really, on this day, stands out the most the dow transports today did something it really has not since 2008. back in 2002, you can see the dow transports went below the 100 month moving average. that means it went down to the 200 month moving average in yellow. in 2011, we did see a little bit of meandering below the moving average.

today, the dow transports below the 100 month moving average. clearly confirms the transports to go to another 20%, 5% down from here. it is hard to see the s&p 500 inding up finally, bringing oil once again. the dollar-yen in white. they, this huge rally for yen. some of the money coming out of these risk assets clearly going into the haven assets. bestthe last 12 days, the 12 days since 2008. that is the kind of pilot into the haven assets that we are seeing. to abigailr thanks

doolittle. joining us around the desk, sarah ponczek and sherry paul. a very lofty title. you bring a lot of authority. share some of that authority with us. asot of people look at this a one-day sort of event. it is easy to sort of get scared. are there areas of this market that are still healthy and resilient, even if we do see some of the worse her case scenarios for coronavirus. thank you for that question. two things. number one, i think what is to 2008, inis time 2008, we had a failure, then a demand shock. here, we have a demand shock and we may end up having some

failures. we sort of have a reversal of the causality, which i think is really key. i think that speaks to the crocks of your point, which is, what happens from here, does demand backup? if that is the case, where are the bargains today? we go back to the things that are not as down today. financials are getting crushed, oil stocks are getting crushed. we want to go back to those defensive areas. waven forget, the second china discussions out there in the wind. consumer discretionary stocks, high-quality companies that pay dividends, that can be dynamic with their cash flow. we know they will deploy that cash to the benefit of

shareholders. central banks around the world will deploy their balance sheets to stabilize companies. we want a mindset that is fundamentally accountable to share growth. when we start to look at where the money is, it is on the balance sheets of corporations. willat is the case, we probably see some share buybacks with the exceptions of probably fundamentals and a few other sectors. >> we have seen high-quality companies outperforming a very large amount we have heard the likes of wells fargo, goldman as well. the dow jones market neutral fully go that focuses on quality having its best six-day streak right now since 2009. at the same time, goldman sachs ranked stocks by their balance

sheets. right now, strong balance sheet companies have formed those week balance sheet companies by the most since 2008. >> i don't know if we can show a chart. there is some concern. when we saw the selloff, obviously one that started days ago. american airlines, some of the peer airlines really plummeting at the open. atwere down $.14, closed $.10. this is american airlines. i guess the concern here is, when we talk about the bounce back or whatever potential recovery we have. if people are not flying, is there a way they can sort of recoup that without some sort of actual bailout from the government?

>> i do think cheaper oil prices will support that. the good news is that interest rates are falling, money is getting cheap, gas is about to get cheaper. people are making more money but we are going to see some job description. in the end, the most crucial thing that investors need to think about, do they have the right allocation, the right kinds of fixed income and credit, and is there a hedge in their portfolio like gold, that should sustain through any system we encounter? that would be my most crucial advice. within equities, do you want to think about being outside of the u.s.? looking to see cases possibly start to pick in the united

states. there is not going to be any >> we are looking at now a three months turn for the virus spreading in china. if you want to bring that into the united states, that is a good example of the data is accurate. i would say cautiously, yes. china in particular, they will benefit from the oil price war. aboute: what do you think some of the correlations on this market? what is it, 100? we are all seeing the correlations with dollars, dollar-oil. it seems like everything is in this lockstep move. >> today, you

of 80.86 inigh 2008. volatility is now its own asset class. a story today on the bloomberg that indicates there is a call option with a strike of 100. there are people betting at the vix it's 100 this week. the oil price war over the weekend really got the vix jumping today. this is what i want to look at. the energy stocks complex

relative to the s&p 500. as a line goes down, energy stocks are underperforming the broader market. we have not seen these kinds of levels before. iss part of the market likely to be the biggest risk factor at the moment. you have a whole industry, jobs on this boom, cheap credit and growing demand, and all of that is at risk. now,ne: joining us right as to what happened today and may have been in the future. strategist joins us now on the telephone. >> ray no, the market is trading this concern. we have to step back and ask the question.

impacth will this we juste profits and lowered our estimates for corporate profits for the s&p. about 6% to just a little bit over flat. we don't think this is a disaster for me profit perspective but clearly, this will be a big hit. scarlet: we don't know how much of a hit it will be. resorts has withdrawn its guidance. this is a moving target right now. we have not even seen the worst of it in the u.s. how do you go about coming up with earnings projections, figuring out a valuation, when so much is unknown? >> you raise a number of important points. first of all, we have to be

really careful not to extrapolate. you're talking about a company in the travel and leisure sector. whether we are looking at hotels, airlines or the like, they will be under much more pressure than a company who makes cleaning supplies for your home or provide you with electricity or something else. that is an important but relatively small part of the economy they will get it relatively hard and relatively complete the other problem -- relatively quickly. the analyst estimates are not being updated because companies are saying, i am pulling my number. i don't know what it is going to be. when we look at the revisions to the earnings, they are not really reflecting the reality.

romaine: when you start to look ahead to the end of the year, this idea that we are sort of flying blind, not sure how companies are going to fair, at least not yet. do you get a sense that there are enough metrics out there that are painting a full share of what is wrong and what is right? the answer is sort of. let's start with, do i believe that an interest rate on a 10 year bond had less than 50 basis points is a reasonable expectation of the demand for capital over the next year or so? absolutely not. i think that is overblown. do i believe that oil, which has $30 in two60 to months is an indication of industrial demand? absolutely not. i think those things are

overblown. do i believe, by the end of the year, we will be in an environment that is substantially more stable? chances are the vix is probably closer to 15 than 16 at the end of the year and that will naturally push the value of assets. need to focus on timeframe. trying to predict what happens tomorrow very difficult. this is goonths out, buying opportunity. ofrlet: i know this is kind an impossible question but are there any numbers that look reasonable to you? you mentioned that the 30 year oil prices do not look like they reflect reality. does anything look reasonable to you? >> in what sense?

scar that they are trading -- scarlet: that they are treating where they should be trading? >> probably not. we tell you the things we are looking for. that this wills turn into job losses or issues for small businesses. right now, we are not seeing any strain but mostly because this has not had any chance to collate. ifd of the consensus view is companies believe as they do that this will be somewhat temporary, and the labor market is so tight. the unemployment rate is 3.5%. companies really don't want to lay off workers because they have had a hard time finding available labor. if this resolves itself, the

real key is it does not spill over into jobs market. right now, the consensus view is that it will not -- it will not. over into job markets and credit problems, you get a recession. if it does not, we basically have a really of the -- a really ugly episode move through it in a reasonable way. at credit suisse and i think the consensus view on wall street is that we are not going down that uglier path. i am looking for near-term indications of stress in those areas. credit, jobs. ofre is quite a number economic indicators which you can follow to give you a sense of changes in those short term economics.

scarlet: i hear what you're saying about looking in the credit market. i want to close out by asking you, what are some of the crowded decisions you see out there that might still have to be unwound, that might be difficult because there is this rush to the exits. the bloombergon terminal and look at the stock price movements. nearly today, a huge moving energy. moving oil and interest rates. but if you look at everything else, they are kind of together. these are not individual investors choosing to not be in one stock or another. these are people using etf's are the futures market or what have you to basically lower their risk profile all at once. so what we are going to see over the next several weeks is that

people actually start to look at this with a much finer land's and say, wait a second, there is some disruption here. there are better companies that we can get at a discount. someone told me they are seeing a bunch of technology stocks that they thought were expensive and they are getting very close to their individual by numbers to put money to work. i don't know if we are there yet but we are closer than we were there while ago. scarlet: thank you very much. obviously, we are focusing a lot on equities. mark nash basically talked about how credit, the market is basically broken. i want to start off with equities first. we are looking at what happened overseas. the msci emerging markets index. really the correlation is the connection with brent crude.

and correlation has resumed so when you talk about crude oil being down around $30 a barrel, you will see this drop continue, whether you are talking about equities or currencies. back in the u.s., and this is how it played out this morning. more than 95% of the stocks on the day declined. this is the third time in the week that we have seen that percentage of stocks fall. about talking correlations which are dragging everything down. those correlations tie back in with the chart i showed you. this is how much you are paying to protect against default. for months or years, a lot of folks have said, not much to worry about. relatively safe for this type of quality of bonds.

at the beginning of the session, 600 basis points. the question is, how much higher does it need to go before you start to attract buyers. some of the strategists say you need to see another 100, maybe even 200 basis points for people can get comfortable taking that kind of risk. if you start to see this go up, you will see those other charts i showed you start to go down. scarlet: we want to bring in bloomberg senior editor james crombie for more on credit. the equity market takes its cue from credit as well. how much wider do spreads need to go before they start to look at it as something completely dislocated and therefore an opportunity? >> we are in the eye of the storm here. what they asked now. andal sign of panic

distress. there is no real bottom insight. are people who have cash, andnow they have yields they will come in at different levels. investors saidof that is not really the case, the risk is not there, the elevated risk. saying, what is different now than four-once ago -- four months ago? >> worries about the macro economic outlook, worries about earnings, all of those fundamental impacts on credits. where within the credit market do you see the most severe sign of stress?

>> oil stocks. credit is heavily weighted in oil. roughly 10%. a lot of those names are distressed. 40 points at the open today. a tent drop pond is something -- a 10 point drop on a bond is something people would worry about. dropse: we also saw some on travel, american airlines bonds drops about $.14. >> anything related to travel. cruise lines, restaurants, those things are trading at distressed levels. scarlet: where can you find shelter? >> utility bonds have gone up,

particularly in the investment-grade side. people have been rotating in stronger bonds. so, the bricks and mortar, services, everything people have to use regardless of what is going on. scarlet: thank you. we have talked about equities, we have talked about credit. we know that a lot of this depends on the government response. during past economic calamities, the u.s. government moved aggressively on the fiscal front. so far, there has been nothing. go to david westin, from power.rg's balance of there are reports that at the white house there are plans being drawn up for fiscal stimulus. we are told there are divisions

within the white house. in the past, the government stepped up big time. one of the biggest increases in percentage of gdp. during the great society of lyndon johnson, spending during the reagan deficit, and of course the financial crisis. the president says he does not want to run up a deficit even though he already is. in the past, the government has been willing to step up as needed. if they do step up, is it broader limited? do they go with payroll tax cuts or specifically people who are sick? one thing we heard from larry kudlow is that he wanted it to be temporary and micro-targeted. i spoke to larry summers and asked him about this micro-targeting thing. this is what he said about

micro-targeting in this situation the coronavirus. >> i don't think this is a micro-problem. micro-targeting is going to be sufficient. the right discussion, when you talk about micro and macro is not an either or discussion. david: you heard it. larry summers thinks we should be doing all of the above, monetary and fiscal, all around the world, should be coordinated he thinks we are behind the eight ball. scarlet: pessimistic outlook from larry summers. let's continue this conversation. americaing in employee director of analysis and research. you have written about this in great detail about how the

federal reserve and monetary policy only go so far. based on what you have observed, somear along are we to get fiscal stimulus going? thet seems like we are at very beginning. encouraging that some things now talked about within the white house, ideas for increasing lending to small business, ways to enhance the social safety net. we are talking about the scale of the problems that markets are pricing in the. a shutdown of economic activity, we had eight dollars of funding that was passed. , we are of this shock looking at something that should really be closer to 1-2 percent of gdp. david: there is the economics and politics. when you start talking about massive political intervention, you have a political football

going on. >> i think the beginning of 2008, when we did see a divided government in an election year. we did see direct payments to households. it was not big enough in the end but it did get past in the year when there was a political football. the scenarioink is when you should see both parties get together and figure it out. that remains to be determined and obviously there is more polarization now. larry kudlow dismissed the idea of a payroll tax. i haven't heard what they would do other than cut rates. >> the quick answer is all of the above. it should be things targeted

toward state governments. boosting public health funding to states since they are the ones administering what is going on in the system and increasing the capacity. it is also about households. sick leave, unemployment insurance extension, and expanding the safety net. for businesses, i think there will be some need for treasury and congress to take action together to make sure that lending is broadly available. .he fed can only do so much if we are really talking about what small business needs, that will require the fda and congress. david: do we need to decide right now? when it comes to fema, you just have a pot of money, you can build buildings, do all sorts of things depending on what a specific area needs. why can't we do that here?

>> i think that is the ideal solution that still needs to be put through congress. ais should be treated like natural disaster that should be scaled up. we do this with natural disasters all the time, low-cost loans to cover payroll. that is what we need to sort of fill the gaps now. they will be a temporary decline in economic activity because of this, but if businesses can see the light at the end of the tunnel, then there is no point in sort of resorting to layoffs and furloughs. indefinite becomes, the more persistent the damage ultimately. scarlet: of course, the president putting pressure on the federal reserve to do more, cut rates more. we have seen in the past that

the fed can get very creative if it wants to be. -- are any of these an appropriate response to what we have here? >> there are two things that are different now. one, there are more checks on what the fed can do unilaterally. it does not seem that the actual problem centers around the financial system in itself. this is about actually getting resources to businesses and households in government in a timely manner. so they spend the money today and in the future so that hopefully, as this subsides, there will be catch up spending. romaine: great to get your thoughts. speaking, some headlines crossing the wire,

giving a little bit more of that policy response. the fed board of governors putting out a joint statement, urging banks to work with consumers, to work construct of late with borrowers and others in communities related to the coronavirus. they did not specify what those messieurs -- with those measures should be but they said they did recognize the impact of coronavirus. in --bring scarlet: the former federal yorkve bank of new president, bill dudley. romaine: great to have you here. we have been talking about the policy response to the economic issues. policy issues that may be should go beyond the federal reserve cutting rates. what do you think? >> i agree with that.

a problem of a threat to the economic outlook which is driving market prices lower. it seems to me that monetary policy here is pretty limited. ,f i was in the administration i would be looking hard at fiscal policy, not necessarily saying i am cutting payroll taxes, but saying, may be conditionally, if things get worse, there will be payroll tax cuts, there will be an increase in compensation, there will be block grants. if you had that all in place so that people knew if the economy did take a turn down, that would help make people feel a little bit that are about the economic outlook. i'm a little bit disappointed that the administration has not talked about it a little bit more aggressively.

scarlet: if anything, the administration seems to be playing down the impact of the virus and pushing back. any kind of policy response is partly economic but a lot of it is political. what does jay powell say to president clinton to convince monetaryyou need policy to kick in? i think jay powell will explain why the fed has cut rates once again, but explained that there are limits to what the federal reserve can do. every economic situation is different. you need to use the right tool for the task at hand. the right tool for the financial crisis was to make markets work again. so there was a big role for the fed. this is not really about markets being dysfunctional. this is about the real economy

and a high degree of uncertainty. week, when the fed meets that you talk about the real economy, the fact that people are not riding the subway, that some construction worker cannot go to work because he cannot buy a mask to do his job because people like you and me are hoarding them all. the problem is that the economic data being released does not show much impact because it is so recent. the last employment report is actually very strong. the fed does not have a current set of economic indicators measuring what is happening today in real time. i thick is difficult to assess how damaging this will be to the economy. we don't really know how far this virus will spread, how many

people will get sick. we don't know how people will modify their behavior. there is a lot of uncertainty about how this will play out. it is not just that the economy will be weaker. we also don't know how much weaker and for how long. points, those are great that the data does not reflect what is happening now, and we know there is more coming. markets and investors are trying to price in what they think will happen. our markets right now acting rationally? if so, how does the federal reserve take that into account when they meet? know is always hard to what the appropriate prices for the bond market or stock market are. it seems to me they are reacting to the incoming news. the biggest news over the weekend was not just the

coronavirus, it was the fact that it looked like there would be an oil price war. that would put more pressure on the u.s. economy because we are big producers. we are high cost producers. a new front opened in terms of the risk to the economy. romaine: a year-and-a-half ago, two years ago, we were talking a lot about policy normalization. i guess when you consider where rates are, the federal funds rate, and you consider how the bond market has reacted to that, is there any sense among the general financial community that may be the current level of rates could have a damaging effect to banks and the financial system. bill: it depends how long it will last. the coronavirus impact is likely economy, perhaps

a significant recession. but the virus is going to pass. either the containment efforts will fail and the coronavirus will just be part of our everyday environment, or a vaccine will be developed over time that will help reduce the , but this is not something that will probably be a problem 10 years from now. for the nextem year. if interest rates go down sharply to zero, it is not likely they will stay zero for a long period of time. scarlet: i want to ask you about a proposal made by eric rosengren, boston fed, where he talked about the federal reserve

seeking approval to buy a larger range of assets. the bank of japan has had to get really creative and buy equities. what do you make of that proposal? bill: i think eric is pointing out that the fed's toolkit is more limited than other central banks around the world. ofn you're fighting a period economic weakness. obviously, opening up the federal reserve act and getting new powers is a big deal. we had the deepest downturn ince the great recession 2008-2009, and the fed did not ask for or get these tools. i think it is completely reasonable to at least talk about it. scarlet: certainly, nothing should be off the table, in other words. thank you for joining us to give us the response hear from monetary policymakers as we try

to combat what we are seeing in markets and of course in the global economy. i want to welcome back our bloomberg news cross assets reporter sarah ponczek. further declines after a day in which u.s. equities sold off and fell on the day. calmingve not seen a yet. stocks across the market falling or than 7%, hitting circuit breaker limits. we are not seeing easing yet. when we get the official open at 6:00 p.m., we will see what happens. investors saying there are so many people out there considering the extreme declines, expecting a strong rebound considering the divergences we saw last week. romaine: they are expecting a large rebound with the fix still at 55?

a dead cat bounce. >> what matters is what is going to happen overnight. we typically have gotten more headlines overnight, so that would not be unexpected. still, it is difficult to know what we are looking ahead to considering you have the fix at a very high level and futures still not coming. to anothert's turn area of the market. 90's, you havely to go that far to see a drop like this. let's go now, alix steel, host of bloomberg commodities edge, standing by. slide way to look at the in oil prices is with this chart. prices today are a lot cheaper than prices in the future. this shows brent on a 1-2 month

basis. the deepest we have seen since about 2016. why that is important, it is going to incentivize things like a lot of storage on land and at sea. when demand. -- when demand picks up. demand, a warning about .nd the supply issue >> the so-called price war has started, we have foreseen the first quarter this year, 3.5 million barrels per day of surplus capacity of oil in the markets. >> who is this going to hurt? who is this not going to hurt? asneer diamondback as well parsley energy, all of them down

in the market, yet parsley is coming in and cutting their capex. pioneer has one of the best resources. these are the pure plays, not chevron, refineries as well as midstream assets. the not ok is a pretty grim look. occidental, a super preferred evident, that is going to cost stock world of pain that not really decimated. a juicy write down for some of their assets. they really want to be an oil play but they are still a natural gas play. the one that i am watching, which tells a grim story, is chesapeake. the blue line is the equity for chesapeake. $.16 earlier today. the dollar.

this is the rest of the high-yield market. this was a giant. a natural gas giant created from nothing. unbelievable shift. if you have a lot of debt, no matter how good your operations are, you are in a world of trouble. trouble sumsd of up what we are seeing in the energy space. in -- alexet's bring much to think about but i want to start big and broad. what do you think about the picture in trying to figure out where oil prices settle? basically in a price war. want to push the u.s. shale producers out of business.

tell us how you determine the demand and supply picture in determining the price for oil. >> one, we really do not know what the demand-supply picture is today. it is just so unclear. it is never very clear at the moment given the quality of the data, but it is really unclear right now. that makes projecting the price very difficult the second part of this is really -- i will take you off a little bit. you off aing to tick little bit. this really is a declaration of war by russia on the u.s. shale industry. we have been imposing sanctions on russia and they saw this opportunity to drive prices down. they don't know exactly where the demand and supply numbers. neither does anybody else.

we keep reading about airlines cutting flights. the jet fuel -- the jet fuel collapse. headingy, the price was someplace between 20 and 10, unless there was a very large cut in production by opec. tried to oil minister do this but i think president and as much bigger fish to fry. i think demand will probably stay down. down 6 ftse demand million barrels per day for the next 69 months. which would mean that we would have very low prices. alex: what is the one thing that people are getting really wrong right now when it comes to the oil markets. >> i think they misunderstand what pressure is doing.

i think that russia knew what saudi arabia would do. you know that russia wants to create chaos in europe, chaos in the west, because they see this as an opportunity. they saw this opportunity with the virus to just pump oil out and pressure not just on the independent oil producers but also the majors. everyone of the majors will have trouble maintaining their dividend. as the opportunity to really put the nails in the coffin. as we bring it over to the equity side, which companies are most at risk. is this really where the true risk lies?

>> the first answer, and i will be a salesperson for bloomberg. we did a great article today on the exposure of a number of these countries who have written puts, who will not only have to pay off warren buffett but will have to hedge their puts. , ihink the other countries bp will be under pressure. borrowing to give its dividend, they will have to make a major change. the bp will be under pressure. top 10 of the s&p 500, it might fall out of the s&p 50 pretty soon. just circle back to

where we started. treasury secretary steve mnuchin earlier. could they facilitate some sort of order to the energy markets? in that same statement, talking about reinforcing it. is there something that the u.s. could broker that would bring more order? >> i think the secretary of treasury is playing chess -- is playing checkers with a group of people who are playing chess. the russians are going to pull the wool over his eyes. there is one thing we could do. the state of texas used to limit oil production. they called them shut down days. 1964-1965.n until if we want to do something about this, the federal government could go to the texas railroad

commission and say, mandate that every producer in texas cut production. and if were to do that the u.s. justice department allowed the states to do it, then you could get some stability. otherwise, russia will listen and laugh at the secretary of the treasury. this is a war. nobody knows it. romaine: great to get your thoughts. of course, also our thanks to bloomberg's alix steel. let's turn to technology. major tech and internet stocks tumbling today. biggest intraday loss going back to may of 2007. the biggest cleaners, apple, down 8%. big tech names,

you can see them moving lower. let's bring in emily chang. she covers this stuff and knows it better than most people here. apple down almost 20% really since the all-time high they had last month. is this simply about them not being able to sell as many iphones or is it about them not being able to make enough iphones? emily: apple getting hit the worst of the faang stocks today. some bad news out of china based on data from a chinese government think tank. iphone ship is dropped in china 60%. of revenue and china is a huge part of that. ise analysts saying this just a shock event, but the reality is that we just don't know. memo.nt a

to work at home as much as they can. -- they will apply work to reduce human density. still a huge question of whether apple will be able to continue supplying iphones and whether the demand will be there when this ends. >> a demand issue particularly for apple, microsoft. and is weighing on facebook amazon.com? some people might assume, you have people spending more money trying to order items off of their platform. what is weighing on companies like these? some people might assume, you have>> all of those companies he told their employees to work from home. they are basede, in seattle and an employee has tested positive and has been out of the office now for several

weeks. analysts are concerned about the ad business. --,of these companies, sue to a certain degree, make their money on ad sales. saying that these advertisers just are not buying right now. employeesgain telling work from home. the bayay that here in area, drivers -- streets were empty and there is normally heavy traffic. ship princess cruise passed by our office. it all feels very close to home. >> within the technology sector, there are certainly companies that are poised to benefit. zoom video communications is one i am thinking of. they make the software we use for conference calls.

you also have the work virtualization app that a lot of people will be relying on. talk about the companies in positions that might be more favorable. emily: the mood out of apple might be different than the mood out of cisco, which makes a lot of the technologies that we used to work remotely. sequoia, the venture capital firm, has sent out a memo saying, conserve cash, be adaptable to change. here is a quote from the letter which they call sort of their black swan morning. sequoia was the venture capital firm that in 2008 said rip good times. the hope is that it is not rip good times for good. chang, thank you very much for joining us.

we also want to thank sarah ponczek for sticking around. romaine: don't go anywhere. we will have more coming up in the u.s.. we are bringing back tom keene, jonathan ferro, lisa abramowicz. this is bloomberg. ♪

historicfternoon, an market opening. stocks, bonds, currencies, commodities pause. we consider a bear market. we consider where to from here. what is a central banker to do? powell, kuroda. the president suggests life in the economy go on. and when we do what we do best. and 2008. of 1998 good afternoon. tom keene, jon