but what are bonds? but what are? bonds a bond is an i owe you. write that a bond is an i owe you, down. and i write that down and i owe you, it's a statement that owe you is a statement that the united states government the owes you money. united states government owes you money for so basically what uncle sam much. was doing was saying, we will basically, what uncle sam was doing was saying, we are going to have people pay us taxes to pay for have people pay us taxes to this thing pay for this thing, but, we, but will also have to go into we also are going to have to go debt to pay for this thing. into debt to pay for this now, a show of hands, how thing. now, food show of hands. many people have some sort of how many people have some sort of united states saving bond? a few united states savings? hands. how many people have been bonds? given something like that for a birthday, or a graduation or something of that kind? right? >> how many people have been given something like that for it is a birthday or graduation or a very something of that ki

♪ buy a bond ♪ and by buying a bond it will bring you victory ♪ ♪ buy, buy, buy a bond ♪ buy a bondequest ♪ ♪ for after all you know that you are investing in the best ♪ ♪ until the lads come back again ♪ ♪ back to the old attack again ♪ buy, buy bonds >> do you think the message got through? oh yes. oh yes. buy, buy, buy bonds. keep buying them, and do not think that just because the war seems to be going our way that you can slack off. and actually after the war was won and that hard fought victory was achieved, the united states treasury department continued to advertise u.s. savings bonds and stamps as a way to finance your education, to finance a home, to finance civilian things you wanted as an important way to save money. as of 2012, you can't go to a bank or other over-the-counter institution as they say to buy bonds, but you can buy them at the u.s. treasury online website treasurydirect.gov. people have been asking why aren't u.s. savings bonds and things of that nature as popular now as they were back in the days of world war ii? one of the reasons is that for some of the

with the boj and implementation of the bond buying, they have set they will now have unlimited bond buyingn reality, will it lead to much more of an increase of the balance sheet? open, that is completely and i sort of doubt it. ambiguous anden confusing in combining the price target. they still have the 80 trillion purchase target but, at the same time, they declared a control issue. since they announced the yield curve control measures, they have actually had to buy much less. boj is with the signaling, we will be buying much less than we need to in order to maintain this target, no matter how much the government issues bonds. i think it is really much more or clearingy issue out obstacles in the way rather than imminent change in policy. i think the much more interesting and decisive change is the corporate paper and bond buying. see how thatl plays out. i was reading a number of different facts from the boj. one of them is guidance of cpi. at theat breakevens lowest since 2009. should we be talking more about global deflation risks? yes, that is definitely the big risk rather than any

for the bonds we estimate $158 million over the 30 year term of the bond. this includes interest of 4.4%. the bonds will be structured as taxable debt which carry a higher interest cost but offsetting the higher interest cost is the strong expected rating of aaa plus for the bonds which is due to the cfd participation in the city's tr plan. the debt service $587 million for the jtpa tax allocation bonds assumes interest cost of 3.86%. the lower cost is anticipated because they will be structured primarily as tax-exempt debt. this last slide outlines the anticipated financing schedule. i would note that given recent volatility in the municipal market we are allowing more time for marketing and sale of the bonds before the closing in may and june. with that, i would be happy to answer any questions as would my colleagues. >> that you for the presentation. before we go to public comment, colleagues do you have questions or comments? >> i do, mr. chairman. there is aaron peskin. maybe this is a question for the transbay joint powers authority, but in item 2 why

this will be our inaugural bond sale, the tax allocation bonds. we have three main goals in doing this bond sale, and this is to refinance our tifia loan, to refinance any balance, and to execute our loans. we expected a loan in 2010 at an interest rate of 5.7. it currently has an outstanding balance of $179 million with a final maturity in february 2051. we anticipate in this market that we would be able to refinance the full amount, the 179 million, still secured by net tax increment. our good faith estimate as of february 20 had a -- has a saving or an interest rate of approximately 3.5%. the market is continually moving -- in the last few days, it's been rather volatile, but still moving in a direction favorable for us. we would anticipate level annual savings and a net present value savings of at least 10% or about 20 million based on that good faith estimate. this slide is actually stale now that we've gotten to this point. you have to get all your documents together, but as of march 6, the 30-year m.m.d. was 1.52. it is dependent on the day

into 6% bonds. the market price of deferreds slowly rise towards that of sixes and maturity came ever closer. when a holder of revolutionary war debt redeemed their ious, most of which had promised 6% interest, they voluntarily received a combination of sixes, deferreds and threes that yielded about 4% total. a few of the holders thought that was a bad deal and held off but most preferred a more or less certain 4% over the possibility of one day receiving 6%. hamilton's funds were fully funded, in other words, backed, by taxes and pledges, while the wartime ious were not. in addition, a liquid market for hamilton's bonds formed immediately. that means that holders could sell their bonds to other investors at fair market prices quickly and at minimal brokerage expense. holders of revolutionary war ious may not be able to find a buyer at all or they might have been offered a low ball price. a holder of a three -- a holder of a three, by contrast, could see the going rate published in the local newspap

coronawould call that bonds, why not. why not call them krona bonds. also other possibilities.ave to differentiate what you mean by corona bonds. tom: anything that includes joint issuance but it does not agency issued will not work from your perspective. i think we are probably there now in your position. in terms of what happens after the crisis, we are going to potentially end up in a situation where once again we have countries with data that potentially is not sustainable. a you worry we could see repeat of the 2000 7-2008 crisis where two years after that we becausero zone crisis countries like italy and greece had debts that was not sustainable and we ended up trying to find situations where work? tom: i think we have to learn a lot from the last crisis. -- >> europe did its homework on this issue. we have instated mechanisms that enable those countries that have problems on the capital markets to be sustainable. for example, the european stability mechanism. if you look at the debt ratio of all of the countries in europe, some of them have already reached -- before the

bonds will act. they won't be completed until we get through the rating agency, insurer conversations, and before we go to pricing, all the documents would become final and disclosed publicly. >> thank you. that's so helpful. and i'm going to go back to the numbers. so what we're approving today in terms of the sources and uses, the $50 billion for t.i.-6, that's what's going to go back in the bucket. the program reserve of 35.5 is the number. >> yes. >> the 29 million is what we will adjustment. >> that is correct. >> and if there's moneys to be refunded to the city financing, that would be a separate line item? >> yeah. >> just -- i'm just making sure that what we're finalized except for the nuance on the capital reserve and the city financing refunding. >> correct. >> okay. thank you. i do want to also acknowledge my communications and actions on this is simply as a board member. as you know, i'm ocii, office of community investment and infrastructure. i'm not obligating or committing the agency a

oh there is the build america bonds program where sort of by municipal bonds to the balance sheet of said you know the u.s. government i decided to actually insure a portion of the coupon for build america bonds and they made them taxable instead of tax exempt so that other people would buy that their stock up that's calories of course but buying the muni bonds is it's an ok idea but i think reviving perhaps the little barack obama program is a better idea i'm curious to see if the fed will start doing things like education history where they're actually you know over the last 2 years of it by e.t.s. it because they were right out of the piece to purchase and that's really the only way that they can. lift asset prices so we'll see if the fed turns to those measures it reminds me of 1st grader 2nd grade where the teacher gave everybody a gold star because they didn't want any of the kids to feel bad and some other fed is saying hey you companies and banks out there we know why they feel bad we don't want the executives the missi out payment we we want to be your friends so we're going

mooted as a solution but that's exposed a rift between countries like italy and spain calling for the bonds and others like germany and the netherlands war against them it is one of the elements testing your . in a time of crisis. hospitals in italy have faced a massive challenge to treat all their patients critically ill with cove in 1000 disease spain's prime minister has called the pandemic europe's biggest crisis since the 2nd world war with but help has come for some in the form of the german air force specially equipped planes have flown kovi patients from italy and france to hospitals in germany in all more than 200 sick people have been transferred from european countries even in the time of corona germany sees itself as a good european. if. we want to and he will show solidarity we've proved that in the past but this is a crisis that affects us all in terms of health and economically and financially that's why we must take care in these times that the e.u. states together. but when it comes to financial help germany is less ready to offer everything that is asked for the e.u. has a

that your concentric bank could simply buy in other words the naturalization and the joint bonds more of a political symbol which could be very important for calming down the markets but in other words it doesn't actually add anything in terms of. what we can do in terms of fiscal terms and one thing that is also very clear which is that if you look at the north which is basically netherlands and germany at this stage. represented by the same people who negotiated the during the euro crisis we are looking at the prime minister margaret. and we are looking at an get a merkel and she is probably going to be still be here by the time i'm dead but. on the southern side we have people like mike jones saying and prime minister sanchez in spain and also comes in italy they're all newcomers and another factor think we should forget about is the fact that. president obama is no longer which means that the united states played a pivotal role in forging a compromise amongst the countries and that mechanism well that is no longer. greg we know about the grumbling from northern european countries

and you don't you know stocks always be bonds well over it's actually over last 20 years long bonds of beat stocks and over that 2 year period where stocks are down about 5 percent that portfolio that i just described is up about 22 percent so that's pretty good people are feeling pretty good about that i think it's unprecedented to have central banks so aggressively buying stocks in the open market they're buying junk bonds the swiss national bank is the more of the biggest holdout of apple stock and right now they seem to be complete going with donald trump's message that the only thing that matters in this world are people for a one k. accounts and getting that stock market back up higher and if you can borrow all the money you want to percent interest and you're buying all the stocks you want without any limitations at all and you've got a lot of hedge funds who are front running that action with a lot of money there's a lot of cash out there the saudi royal funds huge than the and the wage and wealth $1.00 is huge there's a lot still a lot the pockets of trillions of dollars ou

for the bonds we estimate $158 million over the 30 year term of the bond. this includes interest of 4.4%. the bonds will be structured as taxable debt which carry a higher interest cost but offsetting the higher interest cost is the strong expected rating of aaa plus for the bonds which is due to the cfd participation in the city's tr plan. the debt service $587 million for the jtpa tax allocation bonds assumes interest cost of 3.86%. the lower cost is anticipated because they will be structured primarily as tax-exempt debt. this last slide outlines the anticipated financing schedule. i would note that given recent volatility in the municipal market we are allowing more time for marketing and sale of the bonds before the closing in may and june. with that, i would be happy to answer any questions as would my colleagues. >> that you for the presentation. before we go to public comment, colleagues do you have questions or comments? >> i do, mr. chairman. there is aaron peskin. maybe this is a question for the transbay joint powers authority, but in item 2 why

for the bonds we estimate $158 million over the 30 year term of the bond. this includes interest of 4.4%. the bonds will be structured as taxable debt which carry a higher interest cost but offsetting the higher interest cost is the strong expected rating of aaa plus for the bonds which is due to the cfd participation in the city's tr plan. the debt service $587 million for the jtpa tax allocation bonds assumes interest cost of 3.86%. the lower cost is anticipated because they will be structured primarily as tax-exempt debt. this last slide outlines the anticipated financing schedule. i would note that given recent volatility in the municipal market we are allowing more time for marketing and sale of the bonds before the closing in may and june. with that, i would be happy to answer any questions as would my colleagues. >> that you for the presentation. before we go to public comment, colleagues do you have questions or comments? >> i do, mr. chairman. there is aaron peskin. maybe this is a question for the transbay joint powers authority, but in item 2 why

spain want germany to help in sharing the costs of recovery but berlin considers a so-called koroma bonds to be taboo in european solidarity survive coded 19 also coming out the various latest victim of the virus germany cancels its world famous october fest beer festival the various state leaders say it is just too risky to hold the event this year and press freedom at risk a new report warns that governments are using the pandemic to crack down on media across the globe. i'm burnt off it's good to have you with us we'll germany use its full financial muscle to help the countries hit hardest by the coronavirus pandemic as the crisis devastates economies across the continent italy's prime minister conte says that the full firepower of the european union is needed to overcome the shock to the system he wants germany and other wealthy northern european nations to issue shared debt in order to help countries such as italy and spain but that idea it is highly divisive. hospitals in italy have faced a massive challenge to treat all their patients critically ill with cove in 1000 disease spain'

they are going to buy state and government bonds. that may be a positive catalyst, but at the same time, you have people like mitch mcconnell saying they are thinking of allowing states to file for bankruptcy. do you have confidence in this market? loreen: we do. we liked municipals a lot. when you look at what the fed is saying, the fed was offering lending that would need to be paid back to the fed. when we look at default rates in municipals, they are very low. with the recent volatility we have seen in municipal bonds, that has more to do with liquidity issues that now are no longer an issue. that has been taken away by what the fed said. we don't anticipate huge issues in that area of the market. therefore, we say it is an area to look at now that it has been hit, and look for an area of a good entry point into municipal bonds. does it worry you that some governments have already started to try to revive new bond yields, that you will see more supply coming into the market? loreen: there will be more supply, and there is always

and high yield bonds but they're doing it they set up an s.p.v. funded by the treasury to get around it that is that is illegal activity why do we allow it to happen and yes the swiss national bank on the banks japan buy stocks and the fed would like to buy stocks janet yellen is saying we should buy stocks no we shouldn't but they actually do something called the plunge protection team and they operate from 10 o'clock in the morning to 1130 every day and what they do is the primary dealers get their bomb. bought from the fed and then they give the loans to the hedge fund or to leverage speculators or to the bank balance sheet themselves and they go buy equity so look at the stock market every day from 10 to 1130 just go straight up and then we got to meander in the middle of the day and then from 2 to 3 o'clock it goes up again because that's when buybacks happen now buybacks are down so it's not happening quite as much but then it 330 that's when the smart money trades that's when the institutions trade and if you look over the last 6 months the

they just need to buy more bonds.e thinks they will probably announce this but that won't make a big difference. tom: you talked about the size of the boj's balance sheet. if they expand it further, does it even touch the edges? what can it do in frankfurt? kathleen: they've got an ¥80 trillion budget right now. they're about ¥14 trillion year-over-year on april 20 of this year. whether or not they have that target, they could be buying more targets. they've been buying as many as the government issues. it will be interesting to see if they can announce it. as for the fed and the ecb, the fed has done so much. they are expected to sit tight. maybe say something about their outlook right now. it will be interesting to see if jay powell says well, they will reopen and that's a good sign. interesting to see what the ecb does, increase the size of its pandemic purchase program as rumors says it will. talk that the fed could actually signal that if they have to, they could buy stocks. around that by another economist that

are basically euro bonds or corona bonds will be a financial instrument that would work with guarantees by all european countries that are involved in this project you have to remember the euro zone works with countries that share a currency but they don't have the same fiscal policy making they don't have a joint finance minister don't have the same budget etc so the fear is by the fiscally conservative countries like germany and the netherlands is that there's no guarantee what other countries would do without money and that ultimately their own taxpayers would have to shoulder the liabilities for this debts but you know the knowledge of peers has this position on. how do we interpret. italy's prime minister content up until yesterday was adamant that he would battle until the end for corona bombs and then on tuesday he spoke ahead of the e.u. summit that is taking place on thursday where the 27 leaders are coming together to figure out how to get a european recovery fund underway and of course the big question there is how do you finance it and so content on tuesday then said that he

bonds.ia is already buying debt in the primary market, and global bonds funds things from for other central banks. monica hsiao joins us. more and more central bammings are buying more and more of the government debt, basically monetizing the fiscal debt. what do you make of this? how risky is this? we are seeing it not only in indonesia and independent arkansas but in the fed and the b.o.j. as well? >> werblings i mean i think -- well, i mean i think all central banks have the goal of maintaining liquidity in credit markets for it to continue to function so investors can step back and look at relative value rather than facing a real credit crisis that could happen if all confidence falls away. i think they are doing their job, and it is needed right now. the question then really becomes how do we assess the value across the regions? what is the relative value of that? i think that is where we see a lot of crawl today in asia credit markets compared to the rest of the world. >> the question

that means the combination of all brazilian bonds, dollar and local currency bonds, now faced $275 billion billion. the destruction in market capitalization across the whole of brazilian assets is just massive. brazil nevertheless remains the third issuer of dollar debt, the fifth the biggest issuer of em equities. so it is still a very big constituent within most em indices, but the losses are just building. should point out bolsonaro and his economy minister are speaking right now. bolsonaro saying his economy minister manages economic matters in brazil. economic policy is still the same, etc. i just have to wonder what is going to stem the tide for brazil, regardless of the external factors. what do they have to do to get more money coming into the country? damian: privatization. the minister you are referring to rejected bolsonaro's plans. he's been highly focused on fiscal austerity with all that has been going on to mystically. he wishes to privatize -- going on domestically. he wishes to privatize government assets. weighs probably going to on adr's at the open. alix: damian sassowe

corporate bond offerings of the year. finally, carnival is lower by about 13% today, turning to the bond market for cash. it increased its bond sale to $14 billion, according to people familiar with the matter. that is a stock that has lost nearly 80% of its value this year. vonnie: thank you for that. that is kailey leinz on the markets. guy. guy: that's get some more insight as to what is happening in europe. let's talk about about what is happening north versus south. today we are seeing bunds bid, btp's on offer. jacob kirkegaard of the peterson institute joins us now. we are seeing a lot of stress in europe between italy, spain, germany, and the netherlands, and the big debate. everyone trying to figure out whether or not we are going to see debt utilization. the eurozone acting as one to figure out how to deal with the virus, and then how to plan a

tony: which bonds? is it corporate bonds, high yield bonds? government bonds? i would not be a buyer. we are 0.63 in the u.s. -- we in the u.s. and we are one of the higher ones. when the government is telling you they will protect your corporate bonds, you could potentially look for those and they might buy. it is a dicey environment, you guys know, i am not scared to make an aggressive fundamental call. making ang a hard time good fundamental aggressive call when the government has got to buy corporate bonds because the market was acting poorly. tom: let's continue, tony dwyer with us, thank you so much. here with a reframing of where we are. futures up big right now. coming up later, it has been a series of wonderful interviews, michael mckee with loretta mester. look for that later this morning. from london, from new york, this is bloomberg. ♪ ♪ francine: this is bloomberg "surveillance," tom and francine from london and new york. we talked about china and the markets. we are back with tony dwyer. if you look at the chinese example as a template or somethin

a quick look at the bond market. bunds are bid, we are seeing other bond markets on offer.e are off our lows in the united states but make no mistake, it is a down day primarily on coronavirus spreading headlines. the dow is down 2.9%, the s&p down 3.2% and the nasdaq down 2.5%. i want to point out idiosyncrasies in the market like carnival increasing its bond offering by a billion dollars to $4 billion and cutting coupons to 12%. it was going to offer the u.s. portion of 12.5% in the european portion at more than that. it got rid of the european portion because it did not need to offer any bonds in europe. there was an oversubscription in the united states. in terms of treasuries, 60 basis points on the 10 year. this is bloomberg. ♪ david: i am joined by the governor of new jersey, the state with a second highest number of covid-19 cases in the nation. today it took action to try to address its fiscal issues by moving its fiscal year back to september 1. governor phil murphy is joining us now. let me start not with fiscal issues but with people. i listen to your news confe

offering with a cue upon as high as 12% that's a yield more in line with high yield junk bonds. it comes as credit rating agency moody downgraded their rating today. what's unique about this bond offering is it's in part secured by some of its ships with sailings not expected to resume until mid may or further out, they're facing a cash burn. it's already drawn down a $3 billion resolving credit facility, states like alaska have been pushing for relief from the cruise industry after being left out of the relief bill but remember littcruise lines py

the solution is go ahead and buy bonds. bond yields trending really close now from that record low. the dollar obviously the safe haven of choice in the g10 space. oil getting a bit of a reprieve. the concern is you have even more oil flow if the opec deal comes to an end. we want to get you today's market moving news from new york as well as washington. we want to start with the latest pmi data. factories around the world suffering one of their grimmest months on record in march. fbloomberg's michael mckee joins me for more. there's a lot to dig into. give me some of your takeaways here. michael: mr. rogers word of the day is contraction. across the developed world, they are pretty bleak at this point. some of them not as bad as thought because of a quirk in the data, but let's go through the data right now. anybodye hardest hit of i the virus, and now the hardest hit in terms of the pmi number. eurozoneance, germany, , u.k. are also in the 40's, which marks contraction. new orders of production crashed, but there is a quirk in the data where supplier delivery times are linked. how

it was $18 and in 10 years the bond would pay back 25. the idea was that they needed the nation to all come together quickly to raise the funds from munitions and to equip the nation's soldiers appropriately. >> hollywood's most famous movie stars leave the film capital to help the government sell war bonds. irene dunn, ronald coleman, patty lamarr, all part of a contingent of 50's screen celebrities giving their talents to aid the national war effort. >> in the second war bond drive, the four freedoms were adopted as images of the bond drive. there was a publicity campaign that went to 17 different cities, starting in washington, d.c.. rockwell came to the department store in d.c., and they showed off the posters. they printed in the millions duplicate sets of the four freedoms. a set of four smaller images that were given to you when you bought the bond. the large posters would have been sent around the country in post offices and schools and elsewhere to rally the nation to buy war bonds. the dissemination of this image in 1943, the sp

we have a bid on the german bond market, an offer on the italian bond market.dp-bund 208.d 207, similar story in the states. vonnie: we are getting boeing orders, first-quarter orders and delivery figures right now. it appears that boeing booked 49 orders in the first quarter, including 29 dreamliners, 31 orders in march, including 12 dreamliners. we know boeing had already lost orders for about 150 max jets in march because of the coronavirus pandemic. 150

declared a worldwide global pandemic so the bonds are not going to pay out to a lot of the countries that actually need them and in the meantime we are seeing again investors having made a bunch of money by buying into these bonds and they'll continue to do so but they're not actually being used the way they're supposed to be a big surprise here you know kristie you have the background in wall street that we know you come from here do you explain number one how wall street is making money off these pandemic bonds when they're supposed to use to be helping poor nations. so the way that wall street views it and then we can know of no surprise here these are viewed as a short sort of insurance hedge so basically when a pandemic hits these bonds will pay out but in return because wall street is fronting all of the funding for these they're getting about between 10 to 11 percent return year over year so all the past decade that we've haven't had really a pandemic as big as this one they've been cashing in on between 10 and 11 percent return and as ben mentioned there are certain criteria

so you bought a bond and you received images of the four freedoms to put up in your home.arge posters would have been sent around the country in post offices and schools and elsewhere to rally the nation, to buy war bonds so the dissemination of this image in 1943, the spring of 1943 was pervasive and was seen as the face of the war effort at that time. he was trained as an illustrator. he studied in the art league in new york and learned the basics of painting and drawing the human body and mastered his craft essentially with a skill of being able to re-create in -- in drawings or in paintings as accurately and realistically as a camera might. he sometimes looked at the world as too messy and not quite as ideal as he might like it to be and therefore he made it more ideal in his paintings. he became extraordinarily well known through his art and first working for the boy scouts, and then working for magazines. the great one being "the saturday evening post," so as an artist who appeared on the cover of "the post," millions of people would see his art far more than were he

aussie bonds heading lower ahead of that.th korean notes for the finance ministry, ready it -- to issue a universal cash handout. a bond offer to support small businesses in south korea. as by is driven debt supply is ramping up, south korean bonds may emerge as the safest bet while india and indonesia may be looking more vulnerable in light of their current account deficits. supply on that set surge, countries hard hurt by the pandemic indeed to seek refuge in the bond market. investors have been more than willing to throw them billions of dollars in lifelines. the gap seeking new funding and a busy day for corporate debt sales. , great to have you with us. what's the risk that some of this buying may be indiscriminate? as soon as the federal reserve announced that they would buy high-yield bonds, possibly even high-yield etf's, a rush of money into the market. on the assumption, by with the fed is buying. it's clear that the fed is only buying a small sliver of the high-yield market. i'm afraid that the rush of money in may

would they ever support junk bonds? my base case is that it is difficult because of the amount of credit risk they are not getting in terms of the fed balance sheets. i think the direct support might be difficult. there are very decisive actions in terms of supporting the credit markets. overall, the key point i would say that is important is had we gone through whatever it takes, i think they will stay accommodative for the rest to help the markets. >> thank you. have a great weekend. the head of asian credit at blackrock in singapore. plenty more coming up. the career governor is due to speak and solve for the policy decision. bloomberg subscribes can continue to watch that. this is blumberg. ♪ >> cases of coronavirus have topped 1.5 million. it is a grin figure but would peace are worried about is the speed of contagion. the one million mark was breached less than a week ago. let's get to my colleague, rishaad salamat. that is an astonishing rate of infection. what is the situation in the u.s. and europe? >> cases in

the bond market seeing a pretty strong bid.to focus on gilts because it looks like you are having coordinated policy action between fiscal and monetary authorities, basically so they won't have to go into the gilt market anymore and issue. there's going to be an easier relationship, and unlimited relationship between funding for the government as they get through this virus, so watching that as well. joining me now is steve portfolio, federated manager. how are you handling the market right now? what we call in hold the line mode. our original expectation was that you were going to see a double bottom. you were going to see a retest of the march 23 lows. that was predicated on the idea that the virus really would peak in the next couple of weeks. i will say that the last few days of data out of the u.s. in terms of new infections, hospital rates, icu rates raise the possibility that we have peaked already, but we don't trust it just yet. it is tentative. .ou've got european data our view here is hold the line. if you came in fu

doingn that in return for bonds.ituation as asked the rbi to do something about what's going on. they are looking at another edition of operation twist. pera. >> the following is a paid presentation brought to you by rare collectibles tv. >> 15 seconds, guidance is internal. 12, 11, 10, 9, the sequence starts. 2, one. 3, zero. all engines running. we have left off. -- lift off apollo 11

bailout that does not involve corona bonds?hat is what the european is trying, this whole panoply of measures, including with the investment bank, what the ecb is doing, including the article 122. ultimately there is a number of us not just at peterson but at the central bank, you have an incomplete fiscal union and the monetary union remain politically and economically at risk, so the absence of corona bonds eventually becoming european bonds is not just a missed opportunity, it is an ongoing weakness. we can help italy in a number of ways. you are going to see these spreads we are seeing now on italian bonds despite ecb action , until you have some kind of european intervention. generous for you to be with us today. i want to highlight what the markets are doing. what is distinctive now in the last 24 hours is yesterday it cushing, oklahoma oil down. brent crude was relatively steady and that changed with tont plummeting from 26 down 20 and now it to one a1 dollars a barrel. we have -- now to $21 a barrel. the june contract i