u.s. treasuries.3 trillion this quarter? it is extraordinary and yet there is no indication people are getting cold feet. mike: it is very strange. by the book yields should rise at this point because we are looking at so much issuance. you would have to pay people to take them, but no, they want u.s. treasuries. that may be in part because everybody is thinking they have got to save, but you would expect more on that at the short end. you would also expect portfolio measures to be taking up 30's. it is an anomaly and many think at some point we are going to pay a price and higher yields. we just do not know where that is. you have people saying m.i.t. is right. we have got enough buyers. david: a little over an hour from now we are going to get the minutes, but you have got something more current because you could talk with robert kaplan in about 20 minutes. give us a sense of what you want to hear from him. mike: we want to know how the economy is faring in various districts around the country as th

u.s. treasury is now doing but what's really interesting about this to me is that apparently in the treasury secretary says the u.s. government has actually floated 1st the idea of a 100 year bond and then a 50 year bond but what they were advised on was that there's no interest from investors in a 100 year bought 50 year but i'll be dead but they are then absolutely they'd be dead before they were able to see that a yield from that but the 20 year bond there was more interest in and so they're seeing that investors do like the idea of one of those long term bonds but 20 is about the breaking point and it seems like it will. it's been a pretty volatile week for wall street as we have seen stocks right sharply on wednesday is this all part of the new normal are we just going to keep seeing it go up and down throughout the next few months yeah i think it is part of the new normal at least for the temporary at least for the time being i think what we're going to see is continued kind of ups and downs based on. different factors headline seem to be driving a lot of this you know we have more sta

u.s. treasury security, especially given a lot of the movement away from riskier assets.ot seen any signs recently of a shortage of demands globally for u.s. treasury security. markets have had to have absorbed that increase in supply very effectively. rates are very low. this is not a situation where the federal reserve is constrained or limited in what we are doing because of what is happening in terms of the issuance of debt securities. michael: one quick follow-up to something you said about a trough. we are opening up again. do you think, barring a second wave of the virus, we have seen the worst of it? ms: it is hard to say. the data we have is incomplete. we have little indicators. we will get a report from may. we will get more data over the next few weeks and months that will help us understand that. based on what we are seeing, i think we are close, may be may or june will be the low point right now based on what we are seeing. let's not forget this is an extreme decline in economic activity, and enormous hardship for people in this country. even if we are start

u.s. treasury securities. we have not seen any signs demandy of a storage of globally for u.s. markets have absorbed that increase to supply very effectively and rates are low. this is not a situation where the fed reserve is constrained or limited in what we are doing because of what is happening in terms of the issuance of debt. follow-up very quickly to something you said about a trough, we are opening up again. do you think barring a second wave of the virus that we have seen the worst? >> it is hard to say because the data is incomplete. we will get an employment report for may to get the bigger picture and we will get some more data over the next few weeks and months that will help us understand that based -- understand that. based on what we know now, we are close. let's not forget, this is an extreme decline in economic activity and an enormous hardship for people. even if we are starting to see a stabilization in terms of the economy, we may see a little bit of a pickup, we are in a difficult situation. francine: that was the new york fed president john williams. for m

u.s. treasury. the consequences are huge.esponses are different, but if you can put it into context compared to 2008, how would you describibe the ececonomic consequences right n? >> the cirircumstances arere que different to the 2008 great financial crash. all we have here is a crisis that arises from the supply side ofof the economy, because businesses are, essentially, having to close or restrict their production in response to the lockdown, and in response to having symptoms related to coronavirus. it is something to do with the capacity of the economy to produce. in 2008, it was a demand-side problem, so it is different for different solutions requiriring now.w. the lockckdown many countriesese gone i into has beeeen appropri, but it is time now the start thinking about relaxing those lockdown restriction, because the economic cost is substantial, and they need relaxing in a way that t assurea reasonable amount of safety for people while still allowing production to take place, once again. >> one leader who was pushing h

u.s. treasury department says it will need to borrow nearly trillion dollars in just a few months raising questions about what this could mean long term and a number of troops lines across the globe are facing criminal investigations will prosecutors claim money set sail without fully disclosing the risk involved we have a show for you today so let's go and dive right it. as of tuesday global deaths from corona virus top 254000 the number of cases stand more than 3600000 a vaccine possibly and play now as u.s. based company pfizer is working with german drug maker biotech and said they have already started delivering doses of their experimental vaccine here in the united states if the vaccine proves to be safe and effective it could be ready for the u.s. distribution by the end of the year well this comes as we reported yesterday the trumpet ministration is predicting a continuous surge in new cases based on a new model where up to 3000 daily deaths will occur by june 1st the white house now predicting a death toll of 134000 this is nearly double its previous estimate well the trumpet min

u.s. treasury.ou going to be stuck keeping rates low even if you don't want to, for a very long time? >> it's hard enough to forecast where the economy is going to be going over the next several months. forecasting what potential output will be in the next several years is even harder. sure thatwant to make businesses that exist today are able to get through this period, and we don't have lasting damage to the economy. the way i view it is, the policies and actions congress has been taking or to try to not only minimize the spillovers from the pandemic on the economy, but the longer-term damage to the economy. the second question, the treasury obviously is issuing an , andous amount of debt there is also in ormiston man globally for u.s. treasury securities, especially given a lot of the movement away from riskier assets. we have not seen any signs treasuryfor u.s. securities, the markets have had to absorb that increase in supplies very effectively. this is not a situation where the federal reserve

u.s. treasury security, especially given a lot of the movement away from riskier assets.ve not seen any signs recently of a shortage of demand globally for u.s. treasury securities. absorbed that increase in supply effectively. rates are still very low. this is not a situation where the federal reserve in some way constrained or limited in what we are doing because of what is happening in terms of the issuance of debt securities. reporter: before you go, a quick follow-up quickly to something you said about a trough. we are opening up again. do you think borrowing a second wave -- barring a second wave of the virus that we have seen the worst? >> it's hard to say because the data is incomplete. we are looking at indicators. we are getting an employment report for may. we will get more data in the next few weeks and months that i think will help us understand. based on what we are seeing now, i think we are pretty close. may be may or june will be the low point. let's not forget this is an extreme decline in economic activity, an enormous hardship for people in the country

u.s. treasury secretary steven hayes warns the jobless numbers in the u.s. are going to get much worse before they get better but he said the bigger risk is to keep businesses closed during a pandemic the u.s. unemployment rate jumped to almost 15 percent in april the highest since the great depression. more than 7000 people have been left homeless in the kenyan capital nairobi after the government forcibly evicted them and then bulldozed their homes authorities say the settlement was built illegally on government owned land but according to residents the evictions couldn't have come at a worse time and the economic uncertainty caused by the coronavirus pandemic. they're returning home to scavenge things to sell or to help themselves build new temporary accommodation. like this. do the government everything that is happening around the demolishing our houses with no notice very early in the morning 5 in the morning when you are sleeping especially in that time is doing that then that is ok. but i'm sorry to say that the government is not seeing as us as huma

u.s. treasury plans to borrow record $3 trillion in the second quarter. a quick look across the board. you can see u.s. ten-year treasury yield at 0.69%. >>> brin, i want to get to what fed funds futures did on friday sessions as we saw this switch into negative territory. do you really think we are setting course for negative rates in the u.s. at some point? >> i'm not so sure in the short term possibly longer term i think more to do with the amount of purchasing by the federal reserve large qe purchases continuing to drive down yields. i don't think we'll get there in the short term but there might well be a longer term view that goes negative. >> in the short term we'll hear from jay powell due to give keynote speech wednesday what do you think he'll outline to investors that won't undermine risk assets? >> i think we're likely to see qe until the end of the year whether they make that statement this early in the year but i do think the federal reserve and the treasury are almost playing a game of modern monetary theory we heard new zealand possibly monetizing their debt for every d

u.s. treasury secretary steven the new engine saying today that the world's largest economy could be permanently damaged unless it gets back to work soon. telling a committee of senators that the trump administration wanted workers back to work but in a safe way and he rejected criticisms that the white house valued the economy more than worker health and course more states are reopening businesses even as health officials warn of the possibility of new waves of covert 19 infections so yes an economic restart sooner rather than later in the u.s. that's at least what the push is for how do normal americans view that idea. well everybody is hoping for that but it might be challenging i'm standing here by the way on a parking lot off a big bear furniture chain and as you can see nothing happens here if people take the space to teach their kids to ride a bike or how to drive a car one issue for example it's also what's going to happen with schools they will certainly stay closed at least here in new york it till september so a lot of families might not even if the possibility to fully return to work

u.s. treasury secretary steven manage and has warned the jobless numbers in the u.s. are going to get much worse before they get better but he said the bigger risk is to keep businesses closed during the pandemic on friday the labor department reported that the unemployment rate jumped to almost 15 percent in. turkey same as citizens have been allowed to venture outside for the 1st time in 7 weeks as the country relaxes coronavirus measures people edged 65 and over an album it had to leave they hung up to 4 hours a day. they are considered the group most at risk from the car. a 25 year old german man in the southern german town of. has been charged with arson and attempted murder after a series of attacks on shops and by people of turkish origin the man said he sympathizes with the soaked so-called islamic state and ninety's quote hatred of to us as a motive. the sport now and german football fans have been eagerly awaiting the return of the bundesliga this month but could their hopes soon be dest 2nd division side wriston have been ordered to send the entire squad in

u.s. treasury certificates. the done a lot better on s&p 500 but we don't want the government playing mother rivate -- playing in private markets. that's the problem. rate ofwering it at the $100 billion to $150 billion a year now. again, that's the difference coming in and money coming -- going out. been misspent. nobody has missed a social security check. it hasn't been stipended off and else.omeplace that's one of the great myths. the reality is people are living a lot longer. social security in the 1930's, you know, the average -- you got your check you were 65. he average american lived to 63. so most americans theoretically didn't get it. 65, the t the to average american lived about another five years to literally three score and 10. not 67 longer. 65, you haveget to a 50% chance of getting to 85 93.25% of getting to now i'm 71, this is a very good thing. i am not owe owes posed to that -- i am not opposed to that. way to to figure out a finance the system. people love to play politics on system.al securi

u.s. treasury?ou going to be stuck keeping rates low, even if you don't want to, for a very long time? >> it is hard enough to forecast where the economy is going to be going over the next several months. we are forecast -- forecasting what potential outlook will be in the next several years is even harder. have -- we want to make sure we don't have lasting damage to our economy and our economy's potential. the actions congress has been taking are not to try to minimize spillovers from the pandemic on the economy, but to minimize the longer damage to the economy. in terms of your second question, the treasury obviously is issuing an enormous amount of debt due to the various spending programs it has passed. there is also an enormous demand globally for u.s. treasury securities, especially given a lot of the move away from -- movement away from riskier assets. we have not seen signs recently of stories of demand globally for u.s. treasury securities. markets have absorbed that increased supply very e

u.s. treasuries. that would be something we certainly would not want to unleash. $1 trillion.much so it is hard to know whether or not there would be a buyer if they would try to sell. certainly not worth investigating. david: one thing for sure, we need people buying our treasuries. thanks to abigail doolittle for the stock of the hour. coming up, we will talk with steven rattner. he was the u.s. treasury advisory on the auto restructuring. he will talk to us about a possible recovery. coming up on "balance of power" on bloomberg television and bloomberg radio. ♪ david: welcome back to "balance of power" on bloomberg television and radio. i'm david westin. it's time for first word news, and for that we go to mark crumpton. north carolina republican richard burr is stepping down as chairman of the senate intelligence committee. senator byrd is under investigation for stock trades of the at the head market downturn sparked by the coronavirus pandemic. senate majority leader mitch mcconnell announced the move in a statement, saying he agreed it was in the best interests of a com

u.s. treasury, etf. the rates have been going down for the last year, the 10-year treasury has seen to have found a home you may see rats going back higher here. obviously it's been a pretty decent trade to be long tlt. i would see that reversal if there's some confidence about a vaccine this year or early next. >> as stocks sore today, the next guest says we're in the recovery portion tony, always great to speak with you. >> in terms of the markets, do you think we're in a range right now, is that why it's going to be frustrating >> yes, so since this crisis began. as you know, we downgraded the market in january. after that, we went into a panic. when you're in a crash environment, you go through three phases, the viewers are probably sick of me talking about it panic phase, we went through that the second one is the relief rally phase. i think it's something that one of the guys mentioned earlier. as of last thursday morning. the equal rated s&p 500 was within 1% of where it was three days after the r

u.s. treasury. u.s. t now, ten-year, .7 so if you can get a couple of points, couple in dividend , we think that's good. i like the blue chips, pepsi, proctor and gamble, johnson a& johnson. close to 3% dividend out of those and i'd rather be with those balance sheets than some companies that are going to struggle in order to maintain cash flow and find way to pay those dividend holders >> and steve, michael just mentioned names that have been b relatively steady. everything is relatively speaking a lot of people are concerned not just about the dif dend going away, but also the yield is so high because the yield declined so much or may do so again in the future. >> right so i agree with all of michael's picks. i always like hearing michael speak. but when you look at these name not the ones he's mentioned, some of them like a verizon r are seen as safety bets. so people rush into them as the market is collapsing they're looking for a safety, not necessarily a dividend the if that makes sense. telephone i

u.s. treasury expects to borrow $2.99 trillion. a swing for them in the estimate of $3.05 trillion because they were planning this quarter on paying down the debt by $50 billion but that swing obviously, because the coronavirus spending package as well as a senior treasury official saying reduced revenue coming into the coffers. for the third quarter, the u.s. expects to borrow $677 billion but again, this quarter, really seeing the impact of all the stimulus that has gone through. almost $3 trillion is what the u.s. will borrow. they will have $800 billion in cash on hand. now again, the last record for the second quarter borrowing was $344 billion back in 2010. this blows away any record related to that. back to you. liz: blows away any record. just keep churning out the money. edward, thank you very much. edward lawrence. you know, what the government has done, whether that's the federal reserve or treasury or congress, is something that warren buffett said he thought was fantastic right now. the oracle of omaha owning up to som

u.s. treasury for $348 million.early 4 million californians are out of work and on unemployment benefits. >>> speaking of numbers, new numbers reinforce what we've been talking about with houses. not only are prices nationwide not going down, they're going up. far fewer people buying homes, of course, but demand is down but so, too, are supplies. far too few people selling. the latest numbers from the national association of realtors show, and, again, nationwide, home p% this month compared to last year when life was normal. inventory, though, the number of houses, marcus and laura, on the market right now is at a five-year low. >> people just want to sit and stay, i guess. shutdowns of meat packing plants are hitting home to burger chains. wendy's had to remove burgers from some locations. at least three san jose locations were out of the hamburger patties. some longtime wendy's lovers invoking the phrase where's the beef. recent shifts to fresh beef has left them more vulnerable. >> it's cinco de mayo and this yea

u.s. treasury department list of sanctioned institutions for transactions that facilitated the nuclear proliferation network. the bank secretly opened branches in countries including china and austria. more than 250 front companies were also created to process illegal payments and ede sanctions. the justice department said that the indictment dememstrates its commitment to hampering n north korea's ability to illegally access the u.s. financial system and tosing proceeds from illicit actions for its weapons programs. u.s. media say the indictment is believed to be the largest criminal enforcement case ever against north korea. >>> u.s. president donald trump is expected to announce shortly his administration's response to china over its decision to introduce national security legislation for hong kong. >> we'll be announcing what we're doing tomorrow with respect to china, and we are not happy with china. >> trump plans to hold a news conference on friday. observers say the row between washington and beijing is most likely to intensify if trump announces harsh measures. china's congress on thursday

u.s. treasury department says it will need to borrow nearly 3 trillion dollars in just a few months raising questions about what this could mean long term and a number of troops lined the cost of globe are facing criminal investigation for prosecutors claim money set fail without fully disclosing the risk involved we have a pack show for you today to let go and dive right it.

u.s. treasury expects to borrow $2.00 trillion a net marketable debt in april to june quarter $3.00 trillion dollars more than estimated in february to put not trillion dollars come on down to the fed's bargain basement to put in dollars order now again 6 trillion dollars more in 6 months or now just 6 trillion dollar war in 6 months come on down to the fed broader base with high of j.p.l. i print money like a man to come on down to the feds bargain basement i'll give you a trillion dollars right now because of all baseball cards gets a pulse of or you've got some old rags that round the house will give you a $1000000000.00 come on down to the printing shop right now. you know you might want to this is christina guards money printing go to christine like that well just ridiculous to look at than the one most soon to imprint how do you know how to rid of. all of movement is all of that. you. 7 can assume. we know that your french is not up to par but we're going to say i have $100.00 euros right on my jacket my velvet jacket i'm feeling flush unprecedented the u.s. expects to borrow a massive

u.s. treasury obligations.e tong about american taxpayers with -- at the same time, when you compare those with other jurisdictions in the world of high-grade credit, those greats -- rates are lower. it is not just for the american taxpayer. we are seeing foreigners come into the market to get additional yields. we call them crossover buyers. payment of a raw higher interest payment. haidi: i alluded to this in my thet question but this is first question of the day. why are we seeing this massive dislocation between real and financial markets? is it because of the fiscal and stimulus being deployed globally? thesis as to why we are seeing this? nail on theit the head. we have the largest central-bank response ever. the largest fiscal response ever. the combination of the two is extremely powerful. invites -- it provides investors who are willing to look down the road through the three years, because the earnings this year will be terrible, economics this year, terrible. if they are look -- willing to look to or

u.s. federal reserve and treasury support how does the government backstop hurt or, i guess, work its way into your analysis about this market at all? >> the stimulus has been massive and it is one of the big differences in the past. policymakers have learned to be proactive and will have to wait much longer. the fed has been an example of covering every angel it can to help ease this and has held back confidence some of the fiscal measures at this point have been income replacement and relief and stimulus that definitely does change the picture. the other part is exactly what you've said. we've always had a second leg or third or fourth leg. the risk i think is that it is almost a little bit consensus to expect another leg down and also why it might be milder than we think. when we look at the reality of the fundamentals today and you even think three to six months out, the picture is not all clear, i think at the moment, the market is saying it doesn't matter what happens in 2020, let's focus beyond that. you need to get priced in. >> i think we are can all say we are looking forward to

u.s. treasury expects to borrow $2.00 trillion a net marketable debt in april to june quarter $3.00 trillion dollars more than estimated in february to put not trillion dollars come on down to the fed's bargain basement to put in dollars order now and get 6 trillion dollars more in 6 months or do now give 6 trillion dollar war in 6 months come on down to the fed broader base with j.p.l. are pretty.

treasury was announced that today u.s. small business administration in consultation with u.s. treasury department announced it is setting aside 10 billion of around it to funding for the paycheck protection program to be lent exclusively to cbs eyes. those are community development financial institutions. cdf i worked with to expand low income community despite providing access to financial products and services for local residents and businesses. we are encouraged to do that. finally, before taking your questions i wanted to address what is been going on on twitter and with social media. i believe it is time to quote, get the facts about twitter. other social media platforms targeting their bias against president trump and conservatives online. if we were to judge the bias of twitter and its top employees by their own words the case to be an easy one to make. twitter's head of the site integrity that there are quote, actual not seize in the white house and olfactory global whatever applied to this actually outrageous, of sense of false claims made against the white house and i

u.s. lawmakers are asking as they grilled the treasury secretary and federal reserve chairman today plus president trump is threatening to defund the world health organization discrediting the organization and calling china calling them china centric rather then can the f.b.i. access your computer browser history without a warrant parents they can't and now privacy activists are trying to put a stop to those surveillance powers all right it's time to boost your i.q. . ever since the coronavirus pandemic forced stay at home orders which ultimately led to the shutdown of a lot of businesses congress has passed several relief measures aimed at getting americans back on their feet but after trillions of dollars got rubberstamp prove the country as a whole is nowhere near reopening and americans are becoming impatient with elected leaders and today the u.s. treasury secretary and the federal reserve chairman were grilled by members of the senate banking committee wanting to know where all that money went artie's rachel blevins has been monitoring the hearings today and she's joining us now. what is the

u.s. treasuries, i think.n: one of the big questions is, how do you get resilience and diversification in your portfolio in this environment? what has happened over the course of the last few months is structural -- but these are very material. hand, as a general statement, because of the innovation that central banks have done with putting new ways which are now at the lower bound -- with putting new rates which are now at the lower bound everywhere and central banks conducting some form of yield curve control, the role that government bonds plate, portfolios, is being questioned pretty fundamentally. we are less keen on government bonds playing a central role to protect portfolios for downdraft on equities. that is one aspect. where do you get resiliency elsewhere? emerging markets, countries that are exposed to china growth could provide more of that resilience. they have higher yields, more room for rates to go down. a bit more diversification may be coming from there. it is less about government bonds, di

u.s. lawmakers were asking as they grilled the treasury secretary and federal reserve chairman today plus over in new york city new data reveals that minority communities are the hardest hit by their own a virus going to break down those numbers then researchers are actually training dogs to sniff out coronavirus in humans will it work details next all right it's time to hear you and i. ever since the coronavirus forced americans to stay home that obviously led to the shutdown of a lot of businesses and congress has since passed several relief measures aimed at getting americans back on their feet but after trillions of dollars got rubber stamp approvals the country as a whole is really nowhere near reopening and americans are becoming impatient with elected leaders well today the u.s. treasury secretary and the federal reserve chairman were grilled by members of the senate banking committee wanting to know where all that money went artie's rachel blevins has been monitoring those hearings she's joining us now with the details as a ritual how did these hearings actually play. now well thi

u.s. treasury market. which was becoming more liquid and dysfunctional. what swap lines do is, we provided dollar, we swap dollars for local currency with the central bank. that bank faces off against its banks and provides funding. it had a very constructive effect on calming down those markets. you know, reducing the safety premium for owning u.s. dollars. it has played a role in supporting a return to more normal conditions. more broadly, i think what we have been able to do is to help markets return to more normal functioning, which has the effect of buying time. buying time for health care professionals, buying time for governments to respond at a time when the financial system is working. and we don't have to face dysfunctional markets and the loss of credit availability to companies and households. those measures on the swap lines and the facilities we have done have really been somewhat effective at achieving that. >> thank you so much jay. we are out of time and you obviously have a world to continue to say. i want to express my admiration for th

u.s. treasury department 'd the i.m.f. cannot make the s.d.r. distended drawing rights an international currency in fact they've just rejected an application by the government of venezuela to have access to its one standard in order to grow rights which just sitting in washington d.c. so their own money they're not able to access this means we don't have the ability to have i don't see outside the dollar the dollar that having the dollar as an empty vessel suitable for the american government it's to go to wall street but it's not so good if you live in calcutta yeah but i'm glad you mentioned venezuela one of the other planks on the platform is to end the economic sanctions economic war on various countries and the u.s. is doing exactly the obvious and where we're amping i'm up we recently announced like a $15000000.00 i think bounty on president maduro has had to which is basically unheard of for a country or. ostensibly not at war with can you talk about venezuela and why the u.s. is so eager to attack it well you know just when the bennett w

u.s. treasury market which was becoming highly liquid-ing more dysfunctional than we had seen it.with the swap lines do is that we provide eight dollars -- we swapped dollars for local fund currency with another centralg e bank, and that central bank faces off against its banks and provides dollar findings -- it had a very constructive effect on calming down those markets and reducing the safety premiums for u.s. dollars. it has played a role inable to o supporting return to more normal conditions in global financial markets. more broadly, what we have been able to do is to help marketsme return f to more normalrnments o functioning which has thee time. of buying buying time for health care professionals, governments to respondo fa at a time when the financial markets are working and theeholds financial system s working. we do not have to face a dysfunctional market and the loss of credit availability for examples to companies andeffecta households. those hat.measures both the swap lines and facilities that we havend y done have really been o effective at achieving that. >> thank

and treasury that was announced that today the u.s. small business administration in consultation with the u.s. treasury department announced it is setting aside $10 billion of round two funding for the paycheck protection program to lent exclusively to cdfi's, community development financial institutions. cdfi's work to expand economic opportunity in low-income communities by providing access to products and services to local residents an businesses. we are encouraged to see that finally before taking your questions i want to address what's going on on twitter and social media. i believe it's time to, quote, get the facts about twitter and other social media platforms targeting their bias against president trump and conservatives online. if we were to judge the bias of twitter and its top employees by their own words the case would be an easy one to make. twitter's head of site integrity has tweeted that there are, quote, actual nazis in the white house, and no fact check label is ever applied to this absolutely outrageous, offensive,

u.s. treasuries except for i would say that's a bit of a different story so. i mean there's also not much transparency with regard to the holdings of china's central bank so we don't know how much exactly of advanced countries that they have been you know purchasing in the past but that's a very different set up because those are market based instruments and germany knows very well you know how much debt it has it has sold to the market which was then purchased at secondary market by chinese entities. that the real problem is with the developing country loans that are not picked up by you know any market based institutions say they fall to the cracks the rating agencies. bloomberg won't have them you know basically there is no way to get this information whereas for sovereign bonds of the bronze countries there's much more point have the chinese been willing to renegotiate debt to forgive debt. so in the past they have done so in multiple cases more than 100 cases in fact. but the approach was case by case so they would really go she ate with individual debtor

u.s. treasury has sent out more than 2 trillion dollars in a stimulus package with checks going to companies and individuals but young people were mostly cut out of that deal despite these negatives workforce experts advise new graduates to remain optimistic the next 12 months a challenging as the number one thing is going to be plenty of options you know your new career. you know you have plenty of time to be impacted technology is having own rules and jumps in future you know quite immense and the good thing about new graduates coming through i mean through i don't know. and then very trends are used. that advice. skin be hard for anxious young people to follow i want to go start my life i'm like really ready to do that and it's just like painful having to just sit for now the class of 2020 can only wait and hope for the best rob reynolds al-jazeera los angeles and that is our show for this week but we're always keen to hear from you you can tweet or d.m. me. to use the hashtag a.j.c. to say or you can go on scolding drop us an e-mail counting the cost at al-jazeera dot net is the address

u.s. lawmakers are asking it as they grilled the treasury secretary and federal reserve chairman today plus president trump now threatening to defund the world health organization putting him at odds with china as he calls the health agency to china central will look at what china had to say about that then russia warns the u.s. over the redeployment of nukes and that poland at the move which interestingly enough is also being criticized by some american institutions all right it's hard to believe i hear. ever since the coronavirus forced americans to stay home that obviously led to the shutdown of a lot of businesses and congress has since passed several relief measures aimed at getting americans back on their feet but after trillions of dollars got rubber stamp approvals the country as a whole is really nowhere near reopening and americans are becoming impatient with elected leaders well today the u.s. treasury secretary and the federal reserve chairman were grilled by members of the senate banking committee wanting to know where all that money went. rachel blevins has been monitoring tho