but instead it is going to just make it a little bit less worse than it could be anna: there you have the closing bell. 4.7%s of 6% on the dow, for the s&p 500. well off of the lows. nothing like -- now down by .2%. there you go. romaine: we are talking about 57 stocks in the green. that is an improvement from a couple of hours ago and we had maybe 12 to 15 in the green. you have to look at the decline .r -- decliners a lot of discretionary names getting killed like killed -- u ulta beauty, the airlines, things that are dependent on people going out and spending money to enjoy ourselves and entertain ourselves. you're seeing those gravitate to

the consumer staples, bottom fishing on companies and may think have gotten oversold. companies could benefit from the work at home movement which is encapsulating this entire globe. walgreens, have got walmart and costco among the gainers in the staples space. theee another winner in dollar. everyone is flocking to the dollar, the dollar index rising for a seventh straight day, claiming to an all-time high. the biggest loser against the dollar among the g10 currencies appears to be the pound. romaine: yeah. scarlet: let's look at today's market action. we will bring in our live reporter and one of the new voices. what have you been watching? reporter: oil markets were catching my eye. wti, 14% in in brent.

what is moving this action? it is a risk off water market story. pressure oil as well and you're seeing all of this action move off of the official order from the energy ministry to saudi aramco to 12.3 million barrels keep -- but as for the next coming month. that is how the indication is that there will be a price war that will not last just a few weeks months. the chart on the screen is between the beauty i and brent. -- wti and brent. -- redeemingsuming qualities is it is a discount to brent. this can be served as a recession indicator, highlighted by those circled in the chart. romaine: i want to go back to the dollar. , at onear spot index point on the day, that index had its biggest one-day gain ever. it was at the highest level

ever. this is unprecedented to see this type of not just the level but the surge higher in the dollar versus the rest of the world. i'm wondering what is driving that and what unwinds that trade. move, you're seeing that but when you are actually seeing, you are seeing the fed adding towards the front end of the treasury market. you need dollars. that is why you're seeing huge it.nd for it the safest asset is the treasury market not just because it is considered a safe haven assets that because the fed is targeting to send cap -- this end of the curve. with revolvers and very that is a big -- weibo operations. you can see the biggest decliners, the pound some of the norwegian krone off of the oil hit, canadian dollar, fixing to note though is the reason the pound really felt, the headline

was the most since 1985. notable for reagan era dollar strength. scarlet: we enter another era of dollar strength -- do we enter another era of dollar strength and how does president trump respond? all of that is forthcoming. stocks fell off, once falling off -- bonds falling off. the 10-year moved up 36 points yesterday, not nearly as much today. this is a sign of i don't want to sleep in excelling but forced selling. kriti: when you are looking at the treasury markets, the normal rules don't apply. we saw moves in the treasury markets on the front and long ends. you saw the haven bid, duration place, things like that. now it is more getting out of market. liquidity is king. scarlet: think you so much. giving us insight into this specific move. you can follow her chief

analysis on the mliv blog and listen to the audio squawk. still with us is alicia levine and michael regan. today was supposed to be that day. the federal reserve was supposed to come out with its policy decision and hold a news conference. he didn't need to do that because it did so on sunday. what more should we expect from the federal reserve and how effective could it be? or is it a case of we need to wait for congress and the treasury to expand the mandate? alicia: the fed has been very proactive in pumping liquidity into the markets. what michael was saying today about 10-year yield, it is hard to unpack. spending,out deficit -- or abouture

forced selling of a very liquid asset class? it is hard to unpack that. the next big thing we are going to see is whether or not the fed asks congress for authority to bind different kinds of -- buy different kinds of assets. it is different looking at a credit event. the banks balance sheets -- corporate not so much. the issue is how long is this air pocket? that goes back to the conversation whether it is a v or a u. if it is two months, the businesses can get through it. if the air pocket is three to six months, you are going to have credit events. this is where the fed will ask congress to purchase different kinds of assets, like the ecb. not that it has been helpful in growing the economy but it

stabilizes market risks. michael is still with us. talk to us about the technical measures. technical analysts, traders, they had a lot of ideas about how to play the downturn similar to go before its order reached to severity it has gotten to this point. how have those traits hold up and what are you hearing -- trades held up and what are you hearing from folks about positioning? michael: we are going to look at some of the most popular technical strategies. these have a very mixed track record in like a bull market that is slowly grounding higher. 19, youtart at february -- a whole bunch of strategies based -- various forms of trading moving averages. little: we are having a

bit of problems with his connection. maybe you can jump in. we are still seeing this response from the government, this response from the fiscal side as well as monetary policy side in the u.s. when you look at the world overall, do you think we have gotten enough ordination amongst the various -- coordination amongst the various world leaders? more andhere will be more coming. the real issue is we can't put a number on this. we are all projecting forward and running models and projecting what we see. if you take a 15% earnings decline or 20% and for the appropriate multiple on what that means, your market has risks to the downside even here. even from here. markets came into this a month

ago. they were expensive and complacent. now we are paying the price for it in a sense and paying the price for what free money and she money went over the last 11 years. -- free money and she money meant over the last -- cheap money meant over the last 11 years. that is a scary thought. we will have to leave it there. the president is getting ready just the three thank you for joining us on a day where there is so much to do to try to make sense of. she is the chief strategist at bny mellon. regan as well.e the market has fallen 5%, 6% and the dollar that is soaring. president trump is speaking. use to assistn

know, we with, as you need. i asked states to set up emergency operations centers and hospitals to activate emergency plans. they have been fully notified. we are urging hospitals to cancel all elective medical procedures. we could wave regulations to give doctors and nurses maximum responsibility to respond. telehealth is becoming a big step. it makes it a lot easier for patients and it has been working out amazingly well. we empowered states to authorize tests developed in their states and we are working to expand testing capacity. we have rebuilt that whole system. it was obsolete and it was rebuilt, and a lot of good things are happening. we are ordered 500 million and

95 masks. -- n95 masks. one major ambassador -- producer has doubled capacity. companies have quite a few unused masks, construction companies. they are going to be donating unused masks and the defense department is making millions available for health care workers. we are asking every american to make major changes to reduce social interactions over the next two weeks. makel know that we must shared sacrifices. it has been amazing to see the way the country has come together, tremendous spirit and even republicans and democrats are getting together for the most part. that is a good thing to see. i thought i would go around the room and we will say their name and who you are representing and

it is great to have you. thank you very much. >> dr. debbie, chief nursing officer for the american nurses association. >> dr. suzanne mia moto. american the association of nurse practitioners. troutman,. debra president and ceo for the college -- >> theresa davis and i am clinic operations director [indiscernible] representing the american association of critical care. >> i am the 2021 national president for the emergency nurses association. >> i am robin begley, ceo of the american organization for nursing leaders. mr. trump: do you have anything to say? >> i want to join you in welcoming these great healers to

the white house. the president spoke today to the leaders and physician organizations from around the country. we garnered from them recommendations about how we can those of yourt that are coming alongside americans that are impacted by the coronavirus. as the president said, we are the full to bringing resources of the government and economy to work with states across country to be there for americans struggling with coronavirus. but at the same level of priority, the resident has made it clear we are to -- president has made sure we are to make sure the people serving the patients, doctors and nurses, are in the forefront of the president's mind. we have taken decisive steps. ,e have enabled the expansion

and availability of n95 masks. progress has worked in a bipartisan way to make that available. we are working on personal protective equipment all of you rely on everyday. i will talk about how we most -- we might be most helpful. i hope to carry back the gratitude of your president and our entire team. the hands and feet of american compassion, and every american is grateful to our nurses. is fully: fema engaged. we are working with them very closely. they are seeing many of the states, engaged in the country. some areas have far greater problems than others. some areas don't have much of a problem.

fema is fully engaged as of about two hours ago. tomorrow we are having what i think will be interesting -- be an interesting news conference. the fda have been working very hard, and i appreciate what they are doing. i think we have some interesting things that will be brought up tomorrow at the news conference. it will be set up around 11:00 or so. thank you. [indiscernible] scarlet: that was president trump speaking at the white house.

breaking news during that time, the senate passing the coronavirus relief package which sends the bill directly to the president desk. -- president's desk. the president has indicated he plans to sign that. made, hemments he just said the u.s. government has ordered $500 million -- 500 million respirator masks. there will be a conference around 11:00 tomorrow. we will get more details on testing. romaine: that will be key. people talked about the idea that one fundamental thing, missing from any sort of recovery in risk assets is really from evidence that the health effects here, that we kind of lost over at times, until we see those infection rates peaking and hospitals and first responders prepare for this, that will prepare -- provide more confidence. scarlet: we want to go back to

our coverage of the economy and markets. philadelphia fed president patrick harker said the central bank is weighing whether to expand the scope of its interventions. what do they have left in their toolbox? they say the fed will stay at the lower bound through the end of 2022. .ates, one of the many tools when it comes to its mandate, does that need to be expanded and include things like buying equities? munis or >> there is a lot the fed has already done and tools they have. if you focus on today's price action, there is massive volatility in the treasury acted, for a long and. selling off pretty aggressively. the fed has the tools to keep that part under control. they need to give them more flexibility to the trading desk

to be more discretionary. they could solve that. the breakdown and treasuries is affecting other assets. when it comes to -- breakdown in treasuries is affecting other assets. i think the argument against buying corporate debt, at some point you are picking winners and losers and that is kind of a fiscal choice. with the fed's commercial paper facility, the treasury department is guaranteeing the loans. you have the federal government and fiscal authority is part of it. just as easy would be corporate loans which require an act of congress. congress could incorporate money from treasury to do the same purchases. this is a question of philosophy of who should engage in the markets. romaine: when you through the toolkit for the fed and the government, what about the idea of dropping the capital buffers? germany and france have taken

this step and there seems to be agreement among market participants this is something they think will happen. i hear that a lot and the arguments are make banks more flexible. allow them to lend to the rest of the economy. there is an argument for that but a more critical part that is going on is markets don't have a view on the fundamentals of the economy to trade. until the federal government has a more clear, credible plan first with the perspective of the virus and how they will secure the economy, the market will be flailing, looking to grasp some fundamental. scarlet: flying blind. we have jobless claims coming out tomorrow. wasemain -- romaine reminding us, it goes to the saturday before this thursday. it will be dated but it will give us the first read on what

the damage outbreak -- of the operate and social distancing has had on the labor market. is this something investors are going to pay attention to? we are operating in a world where we don't have current data on the number of cases of infections and deaths to key off of. will focusnk people on it for the reasons you are saying. it is a high-frequency indicator. it is a lot of what we have. we have information about closures at schools, travel restrictions. those are sort of data points but this will tell us on the ground. there are anecdotal reports of big waves of layoffs. i would remind you we got retail sales for the month of february which ostensibly should've been pre-corona. that was a pretty crummy report. forecast in slowing

the first half of the year. chairman powell said the u.s. economy is fundamentally strong. the path of retail sales suggests we have started off into a soft patch and corona is going to get us harder. romaine: when you are trying to model things and get a handle on how deep and prolonged this recession could be, how much can you look forward to those second order effects? there is us ecology -- a psychology that even the people that have the capacity to continue spending are not going to do it when the notice other people being laid off, seeing stores and bars shut down. that has a psychological effect where you think, i will not buy anything other than rice and beans. agree. that is the most difficult aspect of this forecasting inc. is the human psychology. behavior.look at past

set of an unprecedented circumstances. people will look at 9/11 and other disasters what it is difficult because we have not shut down schools in 35 states for this long in the past. it means our uncertainty is huge. what should be clear by now is there is a huge hit to the u.s. economy coming. it looks like given retail sales and the indicators, q1 could be negative even though we are in march. supply chains from china having been shut down, the pullback in travel, the closing of bars and restaurants means q2 is looking not just negative but as time goes by, increasingly negative, very large negative numbers. it has been 5% negative and it could be even bigger. i would like to hear your thoughts on inflation versus inflation. deflationsocial --

versus inflation. people will be using less resources. oil has dropped, very deflationary. on the other hand we were talking with janice henderson, who say a large fiscal stimulus, while needed, it could become a deflationary -- inflationary for the economy. how do you see that playing out? do we get hit by deflation first? does it balance itself out? mostlyhe net effect is disinflationary. the supply shock has a possibility of creating shortages but for all of the reasons you laid outcome of the public and demand in the near term is disinflationary. if we get this big contraction, if it lasts any longer, you will see people losing their jobs. and then you can get disinflationary insults --

impulse. and then there is a possibility of being inflationary but what we saw 2017, 2018 with the unappointed rate down at 4%, people thinking we were closing ofthe -- there were no signs a pickup in inflation. i think inflation is low for a long time and this adverse shock is going to weigh on inflation, not boost it. romaine: we appreciate you taking time to join us. seth carpenter, chief u.s. economist at ubs. let's look at the markets. uncertainty over the virus delivering a bigger shock to the pound in brexit. johnson'sster boris response might be inadequate. we want to bring in the voice of the bloomberg audio squawk who joins us. thank you for joining us. i hope you washed your hands

before this interview. give us a sense of what we are looking at with regards to liquidity in the fx market. the move on the pound was not just the level in decline that was astonishing but how sloppy the trading seemed to be. said liquidityrs is nonexistent. people are not getting in the way of this. we are a machine driven environment. crash was a major execution of stops with a lack of liquidity, caused the gap. what happens is people are poorly.filled there is a big gap on where you are putting your stocks and where you have executed. the drift enhances your losses.

it adds to the liquidity situation and the lack of liquidity. how much of a headache is a surging dollar? it is the speed of the move that catches people off guard. we heard the bank of international settlements say this will be a drag on global trade growth. beyond that, what does it mean for the emerging markets? currencies, weaker a lot of those have dollar loans. if the currencies are weekend, ed, they have to repay loans, the interest in a weaker currency. in thetes a bigger gap deficit. at a time when we need as much money as possible through the virus situation. i was thinking, do you think the fed -- could there be some g7

response? all of them say no. we see the aussie dollar and sterling sort of being out of whack or the worst of the markets are. everyone else is test directing along. the dollar has strengthened. even dollar-canada, -- they are not at this extreme levels. speed is something central banks may look at. as dollar continues to gain, very quickly come on could see central banks, just to slow it down, step in. scarlet: intervention might be needed to arrest the strength of the u.s. dollar. vincent cignarella, the voice of the audio squat. -- squawk. this is bloomberg. ♪ ♪

mark: i mark crumpton with bloomberg's first word news. the senate has cleared the second major bill responding to the coronavirus endemic with lawmakers -- coronavirus pandemic with lawmakers struggling to catch up with a investment package which could cost $1.3 trillion. the vote today following house passage saturday since the president a measured providing paid sick leave, food assistance for financial help for coronavirus testing. the president said today he is invoking the defense projection -- production act as the u.s. department of housing and urban development is suspending

foreclosures until the end of april. the defense production act allows the marshaling of the private sector in response to the pandemic. the white house said this in the briefing room, the third day in a row the president appeared there. >> we are all in this together and we will come through it together. it is the invisible enemy that is the toughest enemy. we are going to defeat the invisible enemy. i think we will do it faster than we thought. mark: the united states and canada agreed to temporarily close their shared border to nonessential travel because of the pandemic. said travelers with a lot of be permitted to cross the border for recreation or tourism but essential travel will continue. >> travelers will no longer be permitted to cross the border

for recreation and tourism. we are encouraging people to stay home. we are telling citizens not to visit their neighbors if they don't have to. this collaborative and reciprocal measure is an extension of that prudent approach. mark: the prime minister says essential travel will continue. he said it is critical we preserve supply chains that ensure food, fuel and life-saving medicines reach people on both sides of the border. he made his comments in front of his residence where he is self isolating after his wife tested positive for the virus. boris johnson announced schools in england will be shut until further notice from the end of the week. the u.k. is one of the last countries in europe closing schools amid the outbreak. >> all of the schools shut from

friday noon. they will remain as -- remain closed until further notice. mark: as the disease spreads, par minister johnson warns he could impose -- prime minister johnson warns to quit imposter dirt measures if necessary to counter the disease which has taken 104 lives in the u.k. so far. global news 24 hours a day on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg. toll of looking at the the coronavirus, the number of cases and deaths in europe has surpassed that of china. our next guest warned about this week ago that global outbreak would be difficult to contain. >> i think we are able to blunt force of the epidemic, but it will not be something we can

contain. it was not containable in the beginning. in january we talked about this being animal to human, but we found out that was wrong and that was data from the chinese. we found out it can spread human to human's. -- human to human. that means all that's are off -- all bets are off. romaine: he is joining us on the telephone. we talk about this idea that last time we were moving from the idea of containing and containment of this virus and moving to mitigation area where does the mitigation strategies -- moving to mitigation. where does it stand now? amesh: make sure there is capacity,ospital ventilators, supplies like slobs to test people -- swabs to test people. this is scattered across the country and i don't know we have

a good handle on what the gaps are and where those are. scarlet: if we don't have a handle on that, what kind of real-world effects does that have as we are trying to battle the virus and mitigate it? amesh: it will make it hard to know where to spend, what resources are required in each place. there has been a rapid focus on trying to understand what our ventilator situation is very that is one of the most critical supplies -- situation is. that is one of the most critical supplies. many states are taking this, but there is increasing federal involvement with the defense production act being invoked. there is also uncertainty because we have not been hit with a number of cases that will give us indication that our ic .'s are overburdened

there is uncertainty whether we will have this italian scenario or not. we are preparing. scarlet: we have heard different estimates in terms of when u.s. cases might peak. and you think it might, and where would it do it first? city? his be a bigger amesh: i suspect we will see it in seattle and that region where the first outbreak would be based on the epidemiology. this follows the pattern we see with other infectious diseases. i don't know -- we don't know where we are on the curve. because of the problems with testing, it is hard to say. i know we can expect to see cases going up for several more weeks.

there is not something to bet on. but it is hard to see where this peak is going to be. that is adding to the uncertainty because we don't know how applicable it is here in the u.s. romaine: making sure our hospitals and health system are prepared, we have seen some talk of china trying to create extra hospital space for people that don't have the rotavirus, people that need other medical care. there was talk of moving the needy hospital ship overture new york -- navy hospital ship over to new york. amesh: the thing most hospitals are looking for is alternate spaces. they are looking at shuttered hospitals to see if those can be reopened, trying to see if patients that have recovered but

maybe can't go home because they can't self-isolate, we are trying to figure out how to deal with patients if your whole hospital is full and you might have to use a field hospital, how you might set up triage tents in your emergency department, the parking lot. there is a host of different needs that people have. continueitals want to normal operations as best as they can because there are other things to worry about. people will still have heart attacks, strokes, and we need to make sure we can take care of those individuals. the balancing act will be hard. we are seeing hospitals cancel elective surgeries, office visits. we will see ripple effects. onis not easy what is going and how you are making these decisions dealing with coronavirus. there are these other time

sensitive things we need to have the capacity to treat. werlet: you mentioned that don't know whether the trajectory, the curve will follow what we have seen in china. in taiwan and hong kong there was hope they had stamped out the virus, it is making a comeback because you have people in those places going abroad, traveling and coming back and bringing back new infections. what does this do to our understanding of the fatality ratio? you don't have a good handle on it and that is one of the major outstanding questions that needs to be answered urgently. south korea's fatality ratio was one of the lowest in the world, .84. the have done the best testing, but we have seen up to 3% in certain areas. i think this question is one of

the -- we need to know how many patients will be critically ill, how many will require icu beds, and the fertility ratio is still this black box nobody quite understands where it might be because we have been come from ice with testing all over the world. i would say this is going to be less than 1% but i don't know where. that is a big range. scarlet: we appreciate your joining us by the phone. is with johns hopkins and the bloomberg school of public health and is supported by michael bloomberg, the founder of bloomberg lp and philanthropies. this is bloomberg. ♪

♪ romaine: the new york stock exchange saying on monday it will move to all electronic trading. they are moving temporarily to full electronic trading, closing down its equities and options trading floors out there in new york. they should say the training and oversight of the nyse is to companies will continue. a lot of trading already done electronically. let's get a quick check of the business flash headlines. the firm was once apple's

biggest pool is warning of dark days ahead, slashing its target of $400 down to 335. they will have a major negative impact on apple for the foreseeable future. iphonesdes the 5g apple which will not be released this fall. bloomberg has learned this company is holding talks with creditors about working its debt load which is $900 million. gnc warned there is substantial doubt they can stay in business. private jets demand is soaring. airlines, commercial airlines have been slashing flights who are trying to -- volumes of flights will be weakened. urban air mobility and new york's jet set group, this is air up 60% -- business air up 60%. scarlet: let's get to smart

charts. this week, you are taking a look at you charts during this market turmoil. abigail: that is right, extraordinary times for the financial markets. to look at those key charts is paul siena of bankamerica -- bank of america. thank you for joining us. so much volatility in those assets you cover, especially oil, down 70%. you joined us when it was closer to 50% earlier. what do you think is next? we have a great chart for you to look at for where you think oil is going next area paul: great to be back -- going next. paul: great to be back. global oil prices are in another reflection of the parabolic phase we have called for where markets continue to move levels

that are hard to rationalize. $20, $20.06 was the low today. we are here. to find the support level for oil prices, very difficult to do because how erratic markets are moving. we have to go back in the chart all the way back to 2001 where $16, $17 are about barrel. or that we were talking -- before that we were talking 1998 where we were $10 a barrel. the levels are there. which ones will work is hard to tell, which is about trying to be efficient on the right side of the market -- positioned on the right side of the market. abigail: this is a matter of watching price area the support around $20 is holding but maybe $16 is on the way.

one chart you should with us last year which we agreed was more bearish with a long-term chart of the russell 2000 to long bonds, or i should say long bonds to the russell 2000. tell us about this chart, that is working. gauge for which market outperforms or goes home a winner, the bond market was the russell 2000. this one has been telling us the biggernds is picture winner going into potentially 2021. you can see the long-term trend line, the yellow color catching the trough of 1994 when ben bernanke was messing with interest rates too much and the asian crisis was about to occur. and then the .com bubble began to percolate.

in 2007, where the financial crisis began to percolate. and now 2018, the start of the u.s.-china trade war which has been amplified by covid-19. bonds are the winner here. this chart is starting to look almost as bad as the vix. it is a question of how deep does this price -- crisis go. i compare it to something like brexit. what is going on now is worse. abigail: so now talk to us about the yen. paul: safe haven assets have been bought and sold as markets try to raise capital and fund other investments and raise cash. this is a measure of overall yen strength. it formed a nice cup and handle pattern. last weekut over the

or two and it is turning to get going. we compared now versus the brexit eye in 2016. being more of a severe risk for macro at a time. the murat -- the index should go higher. be long yen. abigail: thank you. we look forward to joining you again. scarlet: great to get smart charts back on the air. from new york, this is bloomberg. ♪

scarlet: if you are searching for green in the markets, look at this one. it mitigates through options and treasuries are in joining us now and cio.rm's cofounder

you are positioned for this, the etf position. give us a sense whether everything has been orderly. have you seen this order through options and treasuries? -- disorder through options and treasuries? >> thank you for having me. it has been torture. we have 11 cross funds and only one risk. we certainly did see both sides of it. most of what we are seeing is fairly normal. most stock market returns in history and be extreme, whether on a daily, monthly or yearly basis. 5% up and down, happens 1% of the time, 10% .1% of the time. it has happened in the past. in the 1980's we had 20% down day but it feels like they are all happening at the same time which we did something called

the black swan, which shows volatility tends to cluster. attended to cluster when that times are happening when you are already in the downturn because 70% of the down -- good and bad at the same time -- we are using different motions, reacting with a lot of fear rather than logic -- different emotions, reacting with a lot of fear rather than logic. you could end up with different returns over time. romaine: one interesting thing is this selloff exposed how people were positioned leading up to this selloff. what was exposed was a lot of leverage and clustering and frankly what appeared to me to be not a lot of hedging. thing. is the we had one of the best bull runs ever, a decade where the u.s. stocks romped and stomped

everything else. you had a first calendar year, the market went up every month for the first decade of no recession. amazing unemployment, all of these things, 30% a year. fast forward, we start pretty extensive in u.s. stocks, not as bad as the late 1990's but expensive. expensive markets are fragile. you don't know what the event will be, but usually the ones where something happens, they can decline quickly. that is what has happened here. scarlet: the cofounder and cio of cambria investment. the senate is ready to move on to a phase three stimulus bill after clearing a second one today. joining us is josh wingrove. what is the appetite for what treasury secretary stephen mnuchin has proposed? $1.3 trillion with $1000 plus

checks to the american public? josh: it is very much tbd right now. the white house -- they mentioned $500 billion in checks adjusted for income, kids. $300 billion for some businesses, $2 billion -- for small businesses. .ou want to pay tax bills that closes it up into the $1.2 billion range but there is pushed back -- trillion range, but there is pushed back -- pushback in congress. we really need to send $1000 to someone who maybe hasn't lost their job? there is tension right now. romaine: when you look at the package that seems to be talked about, not putting pen to paper, we get a sense this is something that can move with the speed

trump wants it to do? he talked about two weeks to get checks back to people. mnuchin said early april. what kind of sense to be have mcconnell,ss, mitch if the policy, that they can get this done? >> mitch mcconnell is pledging to stay here until they pass something. is inflict there is certainty something will pass quickly then there is about -- it seems like there is certainty about something will pass quickly rather than what will pass. nancy pelosi and mnuchin were speaking regularly, several times a day. we have had a lot of indications whether the senate is planning -- it is an open question what will happen. all signs are something will move quickly. it is less your trump will get what he wants, the scale he wants, and the thing he is trying to do is stop the bleeding in markets.

this is a guy that two months ago was running for election on the strength of the dow, now it has raised all of the gains of the presidency. scarlet: thank you. he is one of our white house reporters. from new york, this is bloomberg. ♪ ♪

♪ >> live from new york, you are watching bloomberg television. this is bloomberg technology. emily chang should be joining us in a moment with our scheduled program. we are taking a look at what down,ed in the markets, but we did get a little bit of buying heading into the close,