that is the russ kester is world -- russ koesterich twirled. -- world. russ: the credit is supporting the market. you have had the fed and other central banks expand their qe well beyond what we saw last decade. in march, you had fears about solvency and unprecedented issues of liquidity. the spreads have come in that has helped justify the stabilization of multiples. one thing investors have going is in some asset, even credit, you are investing alongside the fed. do you worry about a financial crisis, or are we beyond that to mark -- beyond that? russ: i wish we were beyond it. we don't know how the economy comes out of this or how severe a second wave is likely to be. we don't know the economic devastation on small and medium-size businesses. i am much more sanguine that in the medium-term we passed below butthat is -- past the low if you think of long duration asked let -- assets, you have to acknowledge uncertainty and the world will look different than it does. that will exacerbate the headwinds and other segments -- in other segments. look at energ

joining us now via phone, russ koesterich, manager of blackrock global allocation fund russ, great to have you with us. i wanted to kick things off with the technical aspects we're seeing in the market as you looked across the different asset classes. we spoke with james gorman about how bad it was a couple weeks ago, it may have peaked then but today a few hints of that coming back when you see the dollar strengthening again and a little bit of a pickup in credit spreads. but overall are you still happy that the technicals are much better than we were a couple weeks ago? >> well, happy the a strong word, but i do agree the technicals are better and there are a few reasons for that, one of which is it's not clear we've hit the absolute bottom but we are seeing some pullback i volatility it looks like some of the forced selling that characterized the market a few weeks ago where you saw risk party funds, levered funds, all sorts of different players dramatically reducing leverage it looks like we've worked through a lot of that. and your point about credit, we did see a little widening

we will drive forward the conversation with russ costa koesterich of blackrock about what the bond marketdit market signals over to the stock market. a really important week for earng and for central banks. ofy with us, another hour bloomberg "surveillance." ♪ 49...50! daddy, i found you! good job. now i'm gonna stay here and you go hide. watch your favorites from anywhere in the house with the xfinity stream app. free with your xfinity service. now any room can be a tv room. stream live tv, on demand shows and movies, even your dvr recordings. download the xfinity stream app today to stream the entertainment you love. ♪ tom: good morning, everyone, a moment of silence for the prime minister. let us listen in as he honors the nhs.