>> the fed just doesn't know what the outlook for the rest of this year for next year is. >> there are positions for the upside, but it is not this euphoric reach for all grab. >> we are seeing this incredible tug-of-war between positive technicals and a much more uncertain outlook for fundamentals. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. ♪ tom: good morning, everyone. "bloomberg surveillance." jonathan ferro, lisa abramowicz, and tom keene. we welcome all of you this morning.

most interesting across this nation, the uncertainty of the pandemic. indeed, around the world as well. i was under struck the and delics of mexico, in india is in a crisis. jon ferro, the sensor folds right into a four-day work week jon ferro, this intro folds right into a four-day work and a jobs report. jonathan: the low as -500,000. when you see a range that wide, it is safe to say that no one really has a clue. in deutsche bank, they missed the retail v-shaped bounce we got as well. you get the feeling that economists are pretty much flying blind right now on

each and every data point. jonathan: i would agree with that, but he talked about consumers and businesses self-regulating. even if the governors, the local officials, state-level officials don't hold that themselves, companies and consumers will, and we are already seeing signs of that in various states across america. appraise fore a four-day workweek, it is all about the two-year yield coming in. 0.1602%.wn to there is a ground in the short-term space, isn't there? lisa: certainly, borrowing costs are on the low side. i am struck by how low the borrowing costs are for the top-rated companies, especially at the federal reserve released some of the details of their bond buying and showed that the likes of apple and verizon benefited significantly from the purchases.

liquidity does not equal solvency. i put do the fed's measures run out and a cascade of bankruptcies starts to change over and take the tone for markets? tom: the tone for every house is different. to start with us, james caron of morgan stanley. he's got great knowledge of fixed income, combined with managing real money as a portfolio manager at morgan stanley. jim caron, as john pop mentioned ash as jon mentioned earlier ash as jon mentioned earlier -- as jon mentioned earlier, how do you filter your strategy as an economist to managing fixed income assets? jim: i think it is a fair point. we have to look at the narrative that has been in the marketplace, which is at risk right now. the narrative has been that the second quarter is weak, third quarter strong. what has been convenient and

unfortunate that this is now threatening on the retail side to put some of the economic data that we expected to be strong and robust into the third quarter, that might not come out as strong. if the virus continues to get worse and broadens and spreads to other parts of the states, that does not hurt things. ultimately, what we would expect is that it makes it more likely that we get a bigger stimulus program from the federal government. i know there has been some debate on that. jonathan: how do you model -- tom: how do you model in this change? we have seen this in interview after interview, the renewed urgency of a new stimulus. do you agree with that idea, that it is tangible, it will be sooner and larger? jim: i do think so. i think there is enough support

for it right now, especially with what the country is going through with the virus uptick and what is happening in some of the financial markets as well. the most important thing is that the early stages that these markets are supported so that we don't have lasting damage. you don't want to have insolvencies turn into bankruptcies, which turns into high unemployment, which has a lasting effect. so it is between the fed and the federal government. it is better to go early and big. i think that is essentially what is taking place, and to the extent we can get this virus under control, which distancing and masks tend to work and if people more broadly adopt those behaviors, then i think you can start to get a rebound in the, activity -- in the economic activity. jonathan: it has got to rebound and rebound fast. if you are an airline borrowing at 12%, struggling to be at

capacity, hardly anyone is going to turn up to a full plane at this time. the impaired sectors, i wonder how long they've got left. jim: that is the key. it is a question of time. whether it is an airline or just consumers that don't feel safe going outside and spending money , i think that is a big problem as well, and becomes more yupik -- more ubiquitous throughout the broader markets. the way we start to think about managing these risks is we don't take any short-term bets. we are not going to bet on a virus, vaccine, or anything of that nature. but it is really to try and find where the value sectors are within fixed income, where the sectors are that of the most durable and will be the most responsive to fed policy actions. these would be areas like an asset-backed securities, which forhink are very good value

the risk and the opportunity, given that national incomes this year are going to be up. the consumer has money. they are getting some support and some stimulus. it is just a question of are they spending their money. those might not be assets that we like. but things like credit cards, auto loans, things of that nature, consumers are paying their bills. essentially, you're not getting the defaults in those sectors, and those would be the fixed income assets we start to move towards. that is how we manage some of this risk and tie it together with some of the stimulus. lisa: anyone listening wondering who jon ferro was talking about, american airlines said they would start in claims to full capacity starting july 1, who may.uestions about

at what point does the bankruptcy rate start to pose a concern for you? is: well, that absolutely the issue. the fed doesn't want to get anywhere near where that magic rate is. i don't know that there is a specific number out there for that. however, i will say that this is something the fed is watching very closely, which is why they have cap straits as low as they have. here is one important fact. you look at the 10 year yield, it has been around 65 basis points whether the stock market has been going up or down. look at real yields. look at 10 year real yields. when you look at real yields, what you find is that they are at -70 basis points. the real yield is effectively the stimulus interest rate in the market from an asset support perspective. that is where you start to compare u.s. treasuries versus investment grade corporate's versus high-yield versus equity. it is what the fed because their

portfolio rebalancing effect. the lower yields go, and 10 year real yields have been going down pretty steadily, the more likely you are to have asset support. so there is going to be a disconnect between the economic fundamentals and financial asset prices, and this disconnect can be seen most probably in what is going on in real 10 year yields, which has been going straight on. how does that factor into when markets start to care about the increase in virus counts, the increase in political increase ine tensions between the u.s. and china? everyone is focused purely on the technical underpinning of markets right now, which is fed support and very low real yields. it ultimately comes down to unemployment and layoffs , and eventually incomes. we know that spending is already

being curtailed. spending has improved in retail has done better. however, that is starting to slow. the more people get nervous about the virus, the less they are going to spend, but it really has to do with what i believe is the unappointed rate, the number of layoffs and human claims. these are the jobless claims. these are the indicators we are looking at the most that tells us, is the consumer confident, will the consumer be confident into the future. when they start to turn down, i think it feeds on itself and i think risk of that happening is not low. i think there is some risk that could happen, but the portfolio manager, we have to make money no matter what happens in the market. mindve to keep a very open and make our decision-making is toy fluid, and we have

watch for those economic indicators that tend to be worrying at this, but also recognize there is enough stimulus out there that if things are to turn a bit positive, there's a lot of gas in the engine room a technical , these low interest i've been talking about. so at one does the market start to care? it starts to care when the technicals aren't strong enough to support markets, and confidence probably comes down when unemployment rates start to move higher instead of lower -- instead of lower. that i think is the issue at hand right now. jonathan: always great to catch up with you. jim caron of morgan stanley, portfolio manager. in this market, up 16 points on the s&p 500 this monday morning.

we advance their .5% your treasury yield basically unchanged, a place and go basis points on tens to 0.65%. coming up next on bloomberg tv and bloomberg radio, the mayor of miami beach right here on "bloomberg surveillance." i'm ritika gupta. from the coronavirus pandemic have topped 500,000 worldwide, and the number of cases surged past 10 million. the u.s. and brazil account for almost half of the new cases. texas florida, and arizona are becoming overwhelmed get president is rejecting a port that russia paid bounties for american soldiers to be killed by the taliban. earlier, the white house denied

reports that the president had been briefed, but had done nothing to respond to russian bounties. in hong kong's, more protest against that nations security rule. says the rule want need to be used as long as they don't cross certain red lines. become oneenergy has of the biggest victims of the spectacular collapse in energy demand. just because of agreed to eliminate -- chesapeake also agreed to eliminate about $10 million in debt. 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. gupta.ika this is bloomberg. ♪

dr. fauci: you have an individual responsibility to yourself, but you have a societal response ability because if we want to end this

outbreak, and really end it, we've got to realize that we are part of the process. jonathan: dr. anthony fauci there, looking for a collective response to the outbreak we see in many states across america. from new york city, good morning to you all. alongside tom keene, together with lisa abramowicz, i'm jonathan ferro. one hour and 12 minutes away from the opening bell, with equity futures positive 16 points on the s&p 500, up around 0.5%. in foreign exchange, the euro strength in g10. -- arrow outperforms by 0.6% the euro outperforms by 0.6%. tens up byes, the about one basis point to 0.65%. justury yields came down five basis points over the week. maybe not the movie would expect with the concern we had over last week. tom: totally, totally agree.

we have seen some of that continuing the short-term space this morning. what you need to know is it has just been a grand. this is a really interesting interview because he's a very interesting guy. his father basically made modern miami beach. eymour gelber was the mayor of miami beach forever. he's one of the most interesting democratic voices across the sun belt, and he is the mayor of miami beach. mayor gelber, thank you so much for joining us. if i went down to the betsy hotel this morning, could i have a beverage of my choice on that wonderful veranda looking out across miami beach? mayor gelber: if it were open you could come up because it is a restaurant, not a bar. bars have been closed in our city since we sheltered in place. we were the first city in florida to do so, so we don't

have bars right now anywhere, but we do allow restaurants with limited passive the at the -- limited capacity at this point. mayor gelber: what is the capacity you need -- tom: what is the capacity you need from your state government, including the governor, and what do you need from washington right now? mayor gelber: from washington, we need people to start sending out a message that you need to do the things that we are asking people to do. -- mayors inribe south florida know about hurricanes. they happen all the time. they seem to be coming our way generally during hurricane season, so we all prepare. there's never any discussion about whose fault it is or what party it is. everyone just does what they need to do, and they tend to help everybody else. they tend to listen to the direction of their political and health management leaders, and they tend to sort of get in line and help people they don't even know.

this, for whatever reason, the messaging from washington has not help everybody else, help yourself. it has been don't wear a mask or stand up against this or that. it is so unhelpful. right now, the biggest concern we have is getting people to simply do whatever he health expert else than they should -- what every health expert tells them they should do, which is where he mask -- which is where a mask, and they are not complying. young people are especially not complying. since my city is in the middle of this, since we get so many guest, so many visitors, so many hospitality workers all in this little interchange that happens on this little island, we see it in a big way. we need direction, and we need leadership. lisa: as you look to leadership, there's a question about some of the hard decisions you have to make as the leader of your city. as a parent, i know the conversation very much is a

question about when summer camps can get up and running, when schools can get up and running. i know summer camps have been opened in your region. at what point did you shut them down and keep schools closed during the fall? mayor gelber: we have tried very hard to follow very directly the advice of the health care professionals. campsc allows for summer if all of these other provisions are taken care of, and i think the pediatric association today really wants people to strive to open up schools in some way because they are worried about the impact of not having schools open and the failure to socialize and all of those issues. we are going to try to do what we can within the confines and constraints of the health care professionals say. this is a health care issue, and it should be treated that way. that said, a lot of it is what parents are going to permit. we opened up virtual and regular summer camps with lots of

restrictions, and we got a good number of people, but many obviously didn't. the reason we opened up summer camps and the reason why schools are trying to open up is obviously, people can't work if their kids arrive home, and her children, so it is part of not meant, butids' develop also the economy. but right now, the enormous spikes we have seen in the county in the state, we are not sure what we are going to be doing because if we can't get a handle on this, then obviously the health care will override everything else. lisa: not an easy decision, and i am struck by the economic concerns, people not getting back to work if their kids are not in school, and the idea of what could happen if we have children congregating. they don't social distance. what happens with respect to all of the little vectors of disease who go home to their families?

tom: what is interesting here, mayor gelber -- go ahead, please. europe -- you are up. tom: what i was going to say, excuse the delay, is your father basically invented the idea of york down to miami beach. -- the advantage of that idea of moving from new york down to miami beach. he took advantage of that. how do you do the winter season in miami beach this year? how do you convince those northerners to get down there when it gets chilly? mayor gelber: the first question is how we are going to tolerate crowd. my little city, and i am just a small part of the county, has 4000 new york addresses, 4000 units owned by new yorkers. so we already have a pretty natural influx of people visiting or people living part of the year here, sometimes six

months and a day for tax reasons. matter is thehe market is going to determine some things because some people will simply not travel. so much of our hospitality economy is tethered to planes , theoats, and these ships cruise lines that seem to be moored for quite some time now. we are seeing probably more regional tourism. but i don't know. we are worried, obviously. we have huge events every year down here. we just had a super bowl. we've got the ncaa championships. we have lots of things that we rely on and that we enjoy. look, we are a community built to not socially distance ourselves. we are a community built for all of the other gatherings that we want. jonathan: mr. mayor, we got to leave it there. appreciate your time this morning.

mayor gelber on the situation in florida and in miami beach. up next, tiffany wilding of pimco. with equity futures up 0.4%, this is bloomberg. ♪ 49... 50!

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jonathan: from new york city, this is "bloomberg surveillance." for our audience worldwide, we are live on bloomberg tv and bloomberg radio. alongside tom keene with lisa abramowicz i'm jonathan ferro. equities higher, up 11 points on the s&p 500. we paid a little bit. still up 14%. -- still up .4%. on a 10 year, up a single basis point 0.65. talk about that euro strength in the fx market through most of this morning. .5% or where we stay, up .6%. payrolls thursday. your median estimate, 3 million. rbc is looking for 8 million this coming thursday. tom? tom: huge disparity, but i would

not underplay all of the other economic data we will get, including the ism manufacturing, which i believe is a 43 to a 49.50. they are looking for a v-shaped ism of some nature as well. it is the conundrum of the morning for us. tiffany wilding of pimco does careful economic work that their portfolio managers jump out of. -- i want an update on how the ve is? how is the v-shaped recovery going? tiffany: i think it will look like a v for the first several months of this recover me. it is important to note we think we came out of recession in may, and as we came out of that recession, not only the deepest recession, but also the shortest

recession. we clearly saw growth in the payroll figures as well as retail sales in may. we probably came out of recession in may. what will happen is the next couple of bonds will look like a v-shaped recovery as we get this part of activity as people start to get back to work and start to reopen the economy. ther that, we think recovery will be much slower. you are starting to see some of the economy with some of the rising cases within the sunbelt in the united states of the covid virus. after that initial spurt of activity, things will be more slow going. a lot of theom: reports over the weekend have this down you go, and nudging up in business activity. we spent a lot of time on the consumer with the pandemic. what does pimco observe about business spirit across this nation? a little bit more

cautious. they are getting going more slowly than the consumer sector. i mentioned retail sales. clearly we saw a bounceback, a pretty dramatic bounceback in durable goods. spending --e still the data we look at durable goods looks like it might be similar to pre-covid. services are down, but consumers are spending. they are shifting their spending. on the others of that, businesses look more tentative. the business surveys, we do 50,k it bounces back to which means the manufacturing sector is expanding, but it does not tell you how much it is expanding. it tells you 50% of firms are. they will be more slow going, still a lot of uncertainty out there. a lot of uncertainty be about

what the virus path will be. i do not think business is investing in the projects that could take five years to get going if they're uncertain about how things will be. this is -- jonathan: the main issue for investors. because of the fragility and the reopening process, how instructive will the aggregate data be in the coming weeks and months? tiffany: how instructive will it be in the economy and how it is going? jonathan: let me clarify and make it super clear for our listeners and viewers, if the aggregate data continues to show improvement because of the mechanical reopening of a state like new york, doesn't mask fragility in places like florida, texas, california, which are struggling with the reopening process? tiffany: i think you absolutely have to go from a national analysis to a very regional

analysis. that has been the case with the hospitalizations and the covid .irus on a national level counselor coming down. if you dissect the data, there is a concerning trend of even after controlling for testing -- we are doing more testing -- even after controlling for cases and some of the southern states are doing very poorly. we are watching some of our high-frequency data on credit card sales to see if our consumers are reacting to those increases in cases and increased outbreaks. we are monitoring it closely. so far we have not seen that big of a drop-off in sales in those regions. i think this will be more like a light switch. people will continue to try to get on with their lives until

one day things will get bad enough where they stopped consuming. that is the kind of thing we are waiting for. it is a non-layered process that has to be monitored on a regional basis. lisa: that is one reason a lot of people are saying there could be a series of downside surprises on the economic data front going forward in the next couple of months. at the same time, some, including yourself, seem to believe there may be an upside surprise when it comes to the policy response, which comes as a surprise to me because it feels as if the market is baking in a re-up of the enhanced unemployment benefits. what is the market pricing in and what you see as likely when it comes to fiscal stimulus? what the market is grappling with is we are going to have a fiscal cliff in the neighborhood of july if congress does not do more.

the unemployment insurance benefits, the $600 a week, they will expire. he also have a delay in the april 15 tax. people have to pay taxes on july 15. the ppp goes away. there's a lot going on at the state and local levels. because people have to have balance budgets in the fiscal year end is ending in june, people have to start slashing spending which means cutting jobs and services. there is a potential fiscal cliff we could see in july. markets are weighing that with will federal lawmakers get together and do something? we think they will. at this point the economy is still quite fragile. the reason we are seeing this v-shaped recovery in the first couple of months is because we have a large amount of fiscal stimulus we have gotten. arehousehold rebate checks

being fed to the economy, you can see that in the retail sales data. very bad for the economy if the federal government pull back on spending when the economy is so fragile. we think it does happen -- we think we could get another trillion dollar stimulus plan in the neighborhood of july to abort the fiscal cliff that is coming. jonathan: let's talk about the composition of that plan, where the effort should be directed. what is the optimal composition of the fiscal effort in the next 30 days. tiffany: i think lawmakers should be careful, because we are what we are starting to see is this crisis, like others will have lasting scars. consumersse things is are changing their behavior. we think they will probably change, they will be permanently changed. some of the things we are seeing

is people are buying more toping gear as opposed taking flights are going to a hotel, they are buying sporting equipment instead of going to the workout studios and things like that. we think because consumers are buying these durable goods as a substitute for services, there'll be more of an ingrained behavioral change. they are investing in things like rvs and camping equipment. that does speak to the idea you will have to have shipping -- shifting economic resources into other industries. government stimulus needs to understand that is going to happen, allowed to happen, and not slow it down, but at the same time count the economy while the transition is happening. the best way to do that is focus on unemployment insurance, maybe carefully calibrated so you do not disincentivize people to work, but focus on things that

will help the household gap that income loss while they're looking for new jobs in new industries. jonathan: fine tuning policy effort. a huge decision to make and the next 30 days. fantastic to catch up with you. my best to you and the team at pimco. tiffany wilding, the chief economist at pimco. this is the issue. we have a huge shock to incomes that is likely to persist for the next year, 18 months, maybe longer. at the same time, you also need to see transformation and the policy effort can and has impaired that process. question thatno in the u.k. is october, may be to shades of june. i would buttress in here with jonathan quick, what he says from the rockefeller foundation, the idea of correlating cases over the death.

i have to believe by the third week of july there'll will be a renewed urgency to get it done sooner. are you talking to lawrence kudlow? you have your usual soiree with mr. kudlow on thursday? jonathan: it is not penciled in but we usually do after payrolls friday so i hope we do so after payrolls thursday. i cannot confirm whether that is happening just yet. as soon as i note we will let you know. lisa, looking ahead to tom's point on the policy effort, we will need help. people are scared. said consumers and businesses will self regulate. i think we are already seeing evidence of that. lisa: i am struck by the fact that apple closed 10% of its stores already. you're starting to see similar responses from other companies. there's a big question about the liability of companies. does people getting sick in

their stores on that front. equityn: looking at the market, we roll over just a little bit. still positive seven points on the s&p. up .25%. from new york city, good morning. from our audience worldwide, heard on bloomberg radio, seen on bloomberg tv, this is "bloomberg surveillance." ritika: with first word news, i am ritika gupta. texas is fast becoming the new center of the coronavirus pandemic. the states positive test jump to a record of more than 14% over the weekend. the texas governor has ordered bars to closed and said he wished he has done so earlier. hospitals in the houston area have maxed out their intensive care ward. remdesivir -- the company will charge the u.s. and the developed countries more than $2300 for the typical five day of treatment. in may, a trial found remdesivir

speeded up recovery by about four days in hospitalized patients. china picked up the pace of buying u.s. goods. it is still far behind what is needed to meet the terms of the phase one trade deal. by the end of may, china had only bought 19% of the target of more than $470 billion of goods for the year. beijing says it plans to speed up purchases of farm goods. a critical set of test flights for the boeing 737 max will begin as soon as today. u.s. aviation regulators gave the go-ahead after reviewing the safety record of multiple fixes for the plane. the 737 max has been grounded for more than 15 months after two fatal classes. in mississippi, the legislature has voted to get rid of the confederate battle emblem from the state flag. white supremacist lawmakers had adopted the design more than a century ago. mississippi has a 38 black population.

it was the last state flag to contain the emblem widely viewed as racist. 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 ritika gupta. this is bloomberg. ♪

stocksnasdaq mega cap are considered defensive stocks. that is unique to this cycle. is a 2021 story.

it is not annexed 15 minutes we are off to the races. what you want to do is use periods of liquidity on the downside to add exposure. jonathan: tony dwyer on this program around one hour and 50 minutes ago on taking advantage of any side of consolidation to add to rest. from new york city, good morning. i'mgside tom keene, jonathan ferro together with lisa abramowicz. this is "bloomberg surveillance." on bloomberg tv in about an hour, i am looking forward to sitting back and listening and learning as i get to catch up with one of the deepest thinkers i know, often controversial, iq hendry coming up later on today hendry coming up later on today. tom: that will be a timing interview. that will be more than interesting.

a good time to catch up at year end. right now we want to drive forward the conversation on how we are really opening. you can do that with a lot of at this ae are good bloomberg, tossing out this phd and that double masters degree, but how about somebody who has always had a reputation for being grounded. from the gramercy tavern of years ago to his wonderful craft and the other different projects , and it is a great title to his podcast. he has his feet on the ground in the kitchen. i have been out trying support restaurants as best i can. benoit, all ofs, them. they are stuck out on the street with 10 tables. you guys cannot break even with

10 tables. how far are you away from even breaking even as an industry? tom: we are not even close. your absently correct. having 10 tables on the street is not going to cut it. i do not see a reason to open a if youant right now, rushed open up you will lose money. you will probably lose money by paying rent. and payroll and other expenses does not make sense. we are doing it because our people want to get to work. if you have ppp, it makes a little but of sense, especially since it was extended out so your payroll is covered in your rent is covered. that helps a little bit but that money will run out soon if it has not already run out. how do you respond to the idea that a lot of people will go out of business, but there is always somebody new to take a

restaurant space and start over the dream. will that happen? tom: i think that is shortsighted. there will be a lot of empty spaces. i do not see a lot of people, especially new york city -- think of the typical investor that invests in a restaurant. i think they're looking at the risks involved and say i would rather not do it. i do not see that happening so quickly. this is the basis for what the independent restaurant coalition, an organization i founded that has members across the country, our bill we have been lobbying for, the we are asking, for $120 billion in income replacement so we can keep the restaurants open past the pandemic and employ as many people as we do. prior to the pandemic, independent restaurants employed about 11 million people. we add about $1 trillion to the

economy. we believe that if you put stimulus dollars through the economy, the best place to do that is restaurants because $.95 of every dollar we taken goes out the door. we continue to pay our staff and suppliers. our suppliers also include farmers and fishermen and winemakers. we believe the next round of stimulus that are restaurants at should be taken up whether as a stand-alone bill or rolled into a large stimulus package. meantime, perhaps this is the case where restaurants are not opening quickly. i was at home are sick of cooking. i can tell you firsthand i am sick of making dinner every night. how much are you shifting your focus from fine dining to delivery, to something that is more enable to this environment we are in? tom: we started doing meal kits.

even though you have to kick a little bit -- even though you have to cook a little bit, we do the prep work for you. we have fresh made pasta with various sauces you can order. you can order a roast chicken where it is marinated, it is ready to roast. you pop it into the oven and it takes about 40 minutes. ,he shopping in the prep work you will start to use your oven or stove top. we are doing that. we are open for sidewalk dining starting july 6, we can open for indoor dining. i'm still concerned about that. -- someoneis my coming in from outside and spreading covid to my staff. we are doing everything we can to mitigate that, even thinking of our waiters interact with customers via zoom, so in your menu you will have zoom number, you get your smartphone, you

punch the number in and that will bring you to a waiter with zoom. he do not have the one-on-one contact but you have someone to take your order. we are thinking of various different things to do to help mitigate the spread if we open indoors. lisa: zoom ordering? is that something we are preparing for? tom: seriously. i am discussing it with my team. having fewer people in the restaurant if we are ordering indoors. there'll will be a few managers walking around. the customer will sit down, they will have a menu, they can go through the menu. when it is time to order you punch in your smartphone, the waiter comes up on zoom, takes her order. the only person interacting with you was the runner delivering food to you. having as few touch points as possible, which is the complete opposite of the way fine dining works. you want as many touch points as possible to provide great service, but we will have to

rethink this. that is one of the things we are thinking of. lisa: thank you so much for being with us. chef and owner of crafted hospitality and also a top chef host. we do not get to the question of whether we would get top chef this year, but tom keene, i am struggling to understand the allure of fine dining in an era like this. will people be satisfied to order with zoom, are people sick of the four walls they are living within? i know you are, right? tom: i am trying to support people is much as i can. atte twice on madison avenue three guys, the claimed diner on madison avenue. they are trying. are it is allu back across america, but here in new york city, is a struggle. get out and support restaurants

as you choose. we have much more coming up your futures lift this morning. stay with us across bloomberg radio and bloomberg television. good morning. ♪

♪ jonathan: from new york city for our audience worldwide, good

morning, good morning. "the countdown to the open" starts right now. we begin with the big issue. the shift has not been subtle. we are seeing real signs of urgency from policymakers across the united states. >> we must all come together and work together to make sure we do all we can to continue to protect the lives of our fellow texans. these, worn by everybody. >> it is a difficult situation, but it a serious situation, and the window is closing for us to take action. >> if you cannot maintain social distancing, if you will be within six feet of people for more than 15 minutes, it is just a good idea to wear a mask. fromhan: that is the take policymakers. here's the take from this outside. deutsche bank writing "a robust and sustainable recovery is likely to be hindered even in the absence of official lockdowns.