jean boivinack with from blackrock. we will take a break and he stays with us. coming up, a conversation with david herro. that is at 90 5 a.m. new york, 2:00 p.m. in london. this is bloomberg. ♪ tom: bloomberg surveillance, good morning, everyone, from london and new york. not enough time to justify what should be a one hour discussion, though we are thrilled to bring boivin from blackrock. to him.onored to speak you took your phd with benjamin bernanke at princeton, but far more with mark watson, who has a wonderful econometric foundation in the beliefs and theories. think about nobel laureate robert engel of nyu as one example of the mathematics of the belief. we are flying blind right now. how do we get back to any use of theory, whether we use the theory for rules or we use the theory for discretion? well, that is a tough question. despite the know, fact that we have never faced a situation like this, i think that what we have to try to do virusk back at the elements happening -- there are aspects of the current situation that are like a natural disaster, s

you are seeing blackrock say it is time to follow the fed. are saying we are not through the worst. a number of issues at play. retail sales getting crushed. today, we wait for the jobs numbers. those are the markets in context. a little bit more dollar strength coming to play on the market. let's talk about the data out of the u.s.. the was economy sharply contracted as the coronavirus outbreak swept through the country, according to the fed. the central bank said august -- all districts reported highly uncertain outlooks. most expecting concert -- conditions to worsen. manus: yeah. let's discuss this and more with robert kaplan. we did discuss this with robert kaplan. you don't want to miss those. [inaudible] let's talk about the economic pain in the u.s.. outputsales, factory posting historic declines in march. other figures showing that worse could still be to come. david moss is the cohead of global equities at bmo global asset management. thanks for being with us this morning. i look at the s&p 500. the american equities story. up 27% f

most importantly, we have 250 clients including all of blackrock.he aladin system worked fantastic. we did not design it to have 90% of employees remote. i probably received more compliments about the aladin system you are right, the whole firm came together with $35 billion worth of inflow. operating income was up 3% our margins didn't really move all that much. up 20 basis points i want to use a bench mark of february 21st to give you an idea of what we saw. we saw cumulatively from the beginning of the year to february 21, we had about $82 billion of long-term inflows we had outflows in cash. from february 21 to the end of the quarter, we actually had $1 $100 billion of outflows, mostly in index product where people are going in and out buying exposures. we were beginning one of the best times in our history and ended up where we were so we saw big outflows in the index products huge inflows in cash in quarter year, we are seeing bigger inflows we had active equity inflows of a quarter billion. what this shows me, the area we emphasizes i shares,

isabelle mateos y lago is with blackrock. thank you for joining us today.here have been a lot of questions about this, people working on their houses. if you have the terminal, tv is an efficacious way to hear what we do. tv will give you not only the livestream, but a lot of previous conversations as well, to the efforts of bloomberg radio and of course bloomberg news worldwide. stay with us. from london, from new york, futures lower. this is bloomberg. ♪ viviana: this is bloomberg surveillance. we begin in china. that is where the central bank injected medium-term funding into the financial system. as expected, the people's bank of china also cut the cost of the funds. both measures are aimed at countering the economic fallout from the coronavirus pandemic. now to airbnb. for the second week in a row, it lined up a billion dollars in debt. that boosts the financial cushion for the home sharing leader. the coronavirus pandemic has crushed demand for travel. it heads -- it is also reducing the chances airbnb will go public soon. we end with wells

philipp hildebrand, vice chair at blackrock., more conversations about the markets, many more conversations about crude oil. and a conversation you don't want to mess with the chief financial officer of coca-cola. this is bloomberg. ♪ francine: good morning. this is "bloomberg surveillance." coming up, a full round up of the price of oil. some of the industry had to actually pay consumers to take some of this oil. we will speak to john browne, former chief executive of bp. executive, shortly after this. this is bloomberg. ♪ ♪ francine: this is "bloomberg surveillance." i'm francine lacqua in london. we had a dramatic fall in the price of oil. beneath $20 falling a barrel. in the may contract still in negative territory. we will have a full round up of oil new shortly, but let's get to new york city with first word news and viviana hurtado. viviana: we begin with encouraging signs the coronavirus pandemic in the u.k. is slowing. members of parliament are set to return. they will likely scrutinize the government's handling of the

steve: the first one ended up as blackrock.rry fink, and larry brought people over and they were called blackstone financial. david: blackstone financial. you actually own the firm? or own part of the firm? steve: 50-50. david: so you own 50-50. now blackstone financial is now blackrock which is managing $6 trillion or something like that. steve: $6.5 trillion. david: how did they escape from blackstone? steve: they did not really escape. you know, we set up an economic arrangement which ended up being inappropriate for a business that was growing as rapidly and needed to add as many people. i made a mistake. i took the original agreement and i did not want to change it. it was advantageous for my side. the blackrock people, blackstone financial people were frustrated with that. that was the judgment of an amateur. me. david: the real estate market crumbled right after the deal was done. how did you survive with that deal? steve: just buying $39 billion of real estate i thought was dangerous. ♪ ♪ david: in 2007, you decide mayb

you take a longer term view at blackrock. investors be doing around their risk profile in the longer-term? ursula: absolutely. i would agree with you that although we are going into a volatile market, it is important for investors to continue to focus on long-term objectives of their portfolios. there are certainly areas where tactical opportunities will be available, but again, broadly speaking, a lot of end clients are in market fall for the end game. if we take a step back, from a blackrock perspective, the view remains that without a doubt the pandemic will deliver economic shock, and yet although market boosts are reminiscent somehow of -- we do not think reminiscent of the -- reminiscent of the financial crisis somehow, we do not think we will return to that again. that remains the central view, and that means drastic public health measures without a doubt. it also coordinated monetary and fiscal policy we are observing. this is the backdrop that drives the views. if i look at what investors are doing, how they reach ou

blackrock's asset management fell to $6.5 trillion at the end of the quarter down from a record high of $7.5 trillion at the end of 2019 shares higher after earnings per share beat forecast with revenues of $3.7 billion for the quarter. blackrock cofounder and ceo larry fink said the time line to return to work is a key uncertainty. >> until we have adequate, rapid testing, it is hard to see how we are going to reboot from the next 30 days every business is going to be very cautious. they want to be protective of their employees and want to make sure they feel good about coming back to the office let's be clear, anxiety is still very high. with he hope we have the ability to reboot. >> the biggest banks have shored up their finances against the outbreak the five biggest lenders build up $24 billion with provisions with warnings of soured loans and credit losses. a warning on jp morgan and bank of america the wall street giant's profits revenues down to $9.5 billion despite a boost from robust trading. the ceo said the last few months have seen more volatility than any time in a finan

that is rick rieder of blackrock. coming up, we will talk with the energy secretary as we wait for the possible oil deal between saudi arabia and russia. ons is "balance of power" bloomberg television and radio. ♪ david: this is "balance of power" on bloomberg television and radio. oil markets have been rocked because of the collapse in demand, and then saudi arabia decided to have a price war with russia. we welcome the person responsible for u.s. energy policy, the secretary of the department of energy, dan brouillette. as we talk we are not sure what is going on. do you have any information about whether a deal has come forth? they are close to one. sec. brouillette: thanks, i appreciate the opportunity to be with you. i am not aware of an actual deal, but i do remain optimistic they will reach a deal sometime today. there is a lot of speculation about what that deal may look like. at one point they were talking about 20 million barrels a day. at one point somebody said they needed 27 million but now reports art mi

worried blackrock might have undue green influence on the process at the fed. blackrock announced it would move from portfolios the public securities both debt and equity of certain companies so they're concerned about that. they say as long as blackrock doesn't put its thumb on the scale they don't have a problem, but it's interesting to watch as senators raise this question about the oil industry, all the other sectors of the economy that will be concerned about how these lending facilities will impact them and what sort of politics will play a part in all that we're seeing that now with this letter. >> 'mon, thanks so much for that we'll keep an eye on that story as it develops meantime, oil has been front and center in the market today, a big time in the commodity, down 7% energy still the best performing sector within the s&p 500, which is up about 1.25% as we stand with 45 minutes left of trade. we'll switch focus now and talk about gilead that stock saw its biggest intraday can drop in almost two weeks before recovering slightly they're conducting study

more than 90% of blackrock employees are working remotely.banks paying dividend payments. credit suisse wants to pay half and pay the rest next spring. the banks toging delay part of the payouts until the impact of the coronavirus pandemic is clear. that is your bloomberg business flash. guy: thank you very much. the swiss banks resisting a little longer but ubs and credit suisse are pushing back. exclusively spoke with sergio monte. sergio: we announced we would suspend the share buyback following the second half of the year and the coronavirus situation has only confirmed that it would not be prudent to continue with share buybacks, so the share buyback team has been postponed to the late part of 2020 or for the future, so there is no discussion on that point. earlyor 2020, it is too to make a forecast. think prudently about balancing our desire to keep a strong capital position lendlso serve our clients, where appropriate and necessary, and take into consideration the needs of our shareholders in terms of capital returns. this will be a ba

sean carney, blackrock head of municipal strategy.s is bloomberg. ♪ vonnie: live from new york, i'm vonnie quinn, along with guy johnson in london. this is "bloomberg markets." we are awaiting oil inventories. last week we had 19.2 5 million barrels for the prior week. the survey is looking for 13.8 million barrels. but it is going to be a whopper of an inventories number. it may not have any actual impact on the price of oil, given how low we are already. and again, we beat the survey. in0 2 million barrels inventories last week, according to the doe. 15.2 million barrels. just piling on the swimming pools of oil. it is absolutely incredible. let's take a look at the price of futures right now. wti is trading at $13.73. prices.are at varying basically, going nowhere. let's get some analysis on what we are getting out of the crude market from all of the other news we've seen over the mess couple of days. we are joined now by eugen weinberg, commerce bank head of commodities research -- eugen weinberg, commerzbank head of commodities r

number of new companies that are coming out with interesting solutions as we all work from home blackrock has been talking about the fact we have 16,000 employees working in 16,000 locations seamlessly a lot of that has to dowith th investment we made in technology i expect more and more companies to increase their technology spend even if they reduce their spend in other places. i see a huge amount of opportunity there. don't also forget there's other themes and technology around 5g and the speed of connectivity that will be really relevant to the consumer side over the next two years. >> this is great time to bring in mr. wonderful, kevin. you deal with all different types of industries. give us your take of what's going on with the economy. has there been a change. can you see from your standpoint the economy here, in the way it's played out with the virus changing fundamentally in the coming months and years? >> i do. i do see some fundamental changes that will permanently impair certain sectors of our economy and boost to the upside some others. i'll give you an example it was clear

of blackrock employees are working from home.says no layoffs this year and all interns and new hires are on track at blackrock they are upping their donation to food banks, another $6 million on top of the previously announced $18 million. upping the match on employee charitable contributions, some incrementably positive news from blackrock there. we always try to highlight that for you. >> of course very important these companies, deserve credit for things like that still to come on "the closing bell," senator mark warner on whether he supports more stimulus for the economy (vo) quickbooks salutes those who work for themselves. they're adapting to support their communities. but many need our help. if you're a small business in need, or want to help a local business, go to quickbooks.com/smallbusinesshelp intuit quickbooks. >>> less than two weeks since president trump signed the $2 trillion c.a.r.e.s. act into law. talk of more relief to come. here's the latest. >> reporter: senate majority leader mitch mcconnell is planning to

. >> i am here to tell you that we will not be collaborating on blackrock city in the desert. black rock city 2020 is in the multi verse. >> burning man will now be an online festival. not sure yet how that will play out. people who already bought tickets to the september event in the nevada desert can get a refund but event organizers are encouraging ticket holders to consider donating theiricket value to support the missn. >>> some peninsula boy scouts bought dinner and broht it to frontline workers at stanford spital. they bought 3 wanted to ank not just the docto and nurses surity guards. >> i think there heroes why?e away from home. and they - isust difficult tis. >> the scos used mon ty raised sellingopco that was supposed to go toward a summer camp. last weekend they did the same thing for the menlo park police department. >>> two of the bay area's largest tech companies are joining forces to try and stop the spread of covid-19 with the help of your smartphone. here's n bay ea's joe ris ott ta jr. >> rorter:n the world of technogy, competition is king. but it seems even

where those guys built she's universities and libraries and institutions now we have people like blackrock and other private equity groups that are known for their destruction basically what's prompted this conversation is the negative price on oil it had gone down to $37.00 as we were talking about was josh crumb the last episode and you know this is defying all laws of nature right natural laws our economies especially based on this so we're trying to understand what happened and it's really complex and it's really deep as deep as this conversation you know on this new design of our set by the way well this is a great look at this boy but i want to tell you you know the information is out there for you and i want to before i get on to these next few headlines here i do want to tell people before i forget because i have a short term memory now last. because we're through the looking glass right so there's hash tag 000 t. t. and it's really interesting because these are actual it's called the organization of oil trading tweeters so these are for the most part you know it's all online it's

things they're owned by blackrock the things they're owned by the huge you know a more precise organization ultimately downstream and the employee owns a few $100.00 or. but i we don't know where you stand on this and the matter is we should just explain this right because he's right the vast majority of stocks are own by about 10 percent of the us population think about that 10 percent the other 90 percent is that those of the workers right and others and business networks like c. and b.c. and bloomberg and all the others they're out there mainly to benefit that 10 percent that's their audience that's who they're talking to right they try to hook others and using other methods but that's essentially by the way that is why a guy like this the c.e.o. will not likely be invited back to have this crowd to continue this conversation even though by the way he himself is a very successful c.e.o. why his argument doesn't fit their narrative that said mr chime of polly. you're more than welcome to come on here with us why because well we believe all sides should be heard and of course as you very w

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

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 u.s. are really growing at more than 420,000 wednesday. this is the deadliest day on record. 15% more than any previous day during this pandemic that started in the u.s. five weeks ago. all of this data from johns hopkins university. the brakes are beginning to slow. then and italy at are at two epicenters. the trend is down according to text. she has been urging governments to get over their differences. we had european finance ministers failing to agree on half a trillion or 500 billion packages to mitigate the conseq

government because the government more or less hand in hand with the with private institutions like blackrock or pimco. you know married to the treasury and the fed are essentially dictating everything not just geo economics but politics domestically than geopolitics if you think about it but under the auspices of this of this pandemic of this massive crisis or as it's just you know really piecemealing of its role prior crisis not again and prior to the 2008 financial crisis crisis the 2000 dot com burst you know and greenspan's role and hike you know dropping interest rates artificially and aggressively to you know void deflation it's like what is socialism versus a genuine market fundamentalism in genuine free market capitalism when you have this quote unquote free hand free hand in the market not being so free and basically dictating so much if anything february showed overtly the very you know socialistic direct involvement of central banking and hybrid public and private banking and dictating the mors of our existence to our i don't care how efficient you run your company you're only 20

francine: thank you so much, russ koesterich of blackrock joining us.enstein speaks with the cargile chief executive about how the agricultural giant is managing in this unprecedented time. refinancing about and what happened to the agricultural supply chain. this is bloomberg. ♪ ♪ good morning, everyone, bloomberg "surveillance." let us pause in london and new york in this pandemic with all we do in economics, finance, and investment, to gossip in washington with our chief gossip correspondent kevin cirilli joining us. all the gossip of a washington focused on itself is this interesting relationship between this president and his party. break for us right now the relationship of president trump and his core diehard constituency with the rest of the republican experiment. kevin: in terms of the base, that is still firmly unified, but there is an interesting question that has emerged about the president's relationship with senior republican donors, especially for down ballot races and senate races in november. that is where a lot of uneasiness is existin

you asked, you got gundlach, and howard the real moneye versus jp morgan, blackrock, morgan stanley,ll calling for a bottom. railing against these very big warnings coming from stalwart veterans of risk involved. nejra: absolutely. if you think about it, it is perhaps extraordinary that until now the assumption seems a bit and markets at the second half of the year is going to see a recovery in a big bounceback, especially when you think about the fact that there are so much uncertainty around how the virus is going to evolve. what if we have more than one lockdown, what if we have several lockdowns? what if we have a double-dip recession or even a depression. that something the market doesn't seem to have woken up to yet. manus: gun lock is saying stocks will fall beyond the lows we are seeing in march. i think it's critically important. the technicals are the most --ortant thing, you can gundlach says were already in a depression now. imbalances inmany the global economy going into this, showing it's going to be a very different world when we come out. let's get to the first word n

andrew, good job still to come we got blackrock's rick rieder.knows all things about credit markets related. he can help us navigate some of these difficult waters president if you're not in equity, market has to be somewhere. later an update on the retail sector, manny chirico of pvh his company owns calvin klein and tommy hilfinger. "squawk box" is coming right back ♪ in nearly 100 years serving the military community, .we've seen you go through tough times and every time, you've shown us, you're much tougher your heart, courage and commitment has always inspired us and now it's no different so, we're here with financial strength, stability and experience you can depend on and the online tools you need because you have always set the highest standard and reaching that standard is what we're made for ♪ >>> welcome back to "squawk box," everybody. we've been watching the futures this morning the dow will open about 100 points above where it closed yesterday. joining us now to talk about everything happening in the markets the rick rieder, chief i

. >> the day will come hopefully soon >> thank you >>> when we come back, blackrock's rick rieder will talk about the markets, the future, where investors should be looking for opportunities right now. "squawk box" will be right back. >> announcer: time now for today's aflac trivia question. in what year did netflix offer subscribers the option to stream its content? the answer when cnbc "squawk box" continues so we're answering their questions. aflac is auto insurance, right? no. uh uh. is it homeowner's insurance? no... uhuhuhuh! is it duck insurance? nope. ahhh! do they pay me money directly when i get sick or injured? yeah. aflac! you got it. you know aflac! boom! get help with expenses health insurance doesn't cover. get to know us at... aflac dot com. you should be mad they gave this guy a promotion. you should be mad at forced camaraderie. and you should be mad at tech that makes things worse. but you're not mad, because you have e*trade, who's tech makes life easier by automatically adding technical patterns on charts and helping you understand what they mean. don't get mad. ge

other interviews with bloomberg later today cleaning blackrock's vice chairman, coca-cola's the fo andun's general assembly. this is bloomberg. ♪ you doing okay? yeah. this moving thing never gets any easier. well, xfinity makes moving super easy. i can transfer my internet and tv service in about a minute. wow, that is easy. almost as easy as having those guys help you move. we are those guys. that's you? the truck adds 10 pounds. in the arms. -okay... transfer your service online in a few easy steps. now that's simple, easy, awesome. transfer your service in minutes, making moving with xfinity a breeze. visit xfinity.com/moving today. the xfinity my account app puts you in control with digital tools to give you the help you need when you need it. get fast and easy answers with personalized help 24 hours a day, 7 days a week. change your wifi password to a phrase that's easy to remember. even troubleshoot your services on your own. we're working to make things a little easier for everyone. download the xfinity my account app today.

interesting stat out from blackrock. they saw net inflows further invest in products for the first time in five years, about $31 billion in the first quarter. back, or iss coming there just a lot of cash? damian: when you think about blackrock's long-term investment products, i don't know if these are retail products, what have you, but when i think long-term come i am thinking engine funds, insurance companies. the government is now allowing pensioners to tap these funds for emergency cash. so what are these funds going to do? they are going to obviously have to turn inward. that means there's less demand for them, so you may actually see output. i don't know if that is what is driving larry fink's comments, but that is definitely a risk. if these guys aren't able to meet their now higher funding costs, all bets are off. so a lot of these products aren't equipped to deal with the rates they need in order to survive. alix: here's what i find really interesting, though. oil price is trading around $20. if there is stabili

we will break it down with mike pyle, blackrock global chief investment strategist.have a terminal, go to tv . check out anything you may have missed. tv on your terminal. . . this is bloomberg. ♪ viviana: this is "bloomberg daybreak." we begin with some breaking news. the german government setting out a unified position on a bailout for lufthansa. it sees the government taking at least a 25% stake in the airline and receiving at least one seat on the firm's supervisory board in exchange for about $11 billion in aid. they say the details are still being negotiated. blastedo elon musk stay-at-home orders on an earnings call. he went on a profane rant, calling them fascist. the outburst following news the company posted its third straight quarterly profit. those restrictions are putting tesla at risk. general -- at societe generale, setting aside $800 million to cover bad loans this year. bancshares have lost more than half their value among european value.- half their among european banks, one of the worst performers. that is your blubber business flash. alix

blackrock, we do a weekly investor survey as part registrationt pole.rently, three quarters of those clients across all countries in client segments are telling us they are either looking to buy at the first sign of stabilization. there is a lot of cash sitting on the sidelines that has been created during the market volatility and dislocation. all this cash is been sitting on the sideline for a long time because of worries around -- with markets having corrected, they are now being tempted to be deployed. so clients are telling us they want to act on the first sign of stabilization. around newsd come of the virus coming under control or data stabilizing. definitely a sign that investors being reach in this environment, being able to grow your earnings and even in times of economic stress. we've seen at this point in the late cycle, quality tends to do well. a lot of the combined communication service sectors and i.t. and health sector may be more than half the index which is more at than the equivalent in europe and japan which is why the u.s. stands o

we've got all the numbers you need to see this morning as we ahate morgan stanley, blackrock among others. plus the origins of the coronavirus. more focus this morning turns to a lab in wuhan, china. something i've been highlights for several months now. mornings with maria begins right now. global markets this morning look like this. cac quarante in paris is up 28 and germany taking steps to reopen its economy and angela merkel announcing some stores can reopen next week and schools will be reopening on may fourth. in asia overnight markets were mostly lower, take a look at the asian numbers, japanese prime minister shinzo abe reportedly to expand state of emergency to cover the entire country. the nikkei's average down one and a third percent overnight. trump administration reportedly considering paying u.s. oil companies to cut production as demand falls and prices hit levels not seen since 2002 with the price of crude oil 20.17 a barrel. some of the top stories that we are watching this morning. president trump is expected to reveal plans to get americans back to work. today sources t

of big guests coming up including we will discuss the broad market rally with bank of america and blackrock and chamber of commerce ceo, tom donohue will discuss the call for congress to provide more emergency funding to small businesses bob pisani is tracking today's rally. adam from staten news is with us to talk about the market moving report he cowrote on gilead's drug bob, let's kick things off with you. >> well, we are up today and have been all day, but we're at essentially just off the lows for the day. so the market's kind of running out of steam here. the good news here is is all the beaten up sectors are rallying today on the somewhat hopeful news on coronavirus treatments, so the russell 2000 offawful a week, outperformers. banks. energy, even with oil down today, energy's outperforming. the dow leadership group, these stocks have had a terrible week. dow inc. j.p. northgapmorga jpmorgan, exxon mobil down the week all of these up. that's good walmart is lag. proctor, good earnings report, merck, united health care doing well apple downgrade to the downside here i think my concer

bloomberg understands airbnb source the debt from investors including silverlake and blackrock.aktree capital howard marks. the investor known for buying up debt of troubled businesses says the troubled central bank is protecting investors and companies from the consequences of their actions. he says when they take on too much averages, businesses are shielded. that is your bloomberg business flash. francine? francine: thank you so much, that the on hurtado, in new york. -- viviana hurtado in new york. we understand that germany will likely extend the national lockdown measures until may 3. germany also one of the first countries mulling possible easing, but for the moment they are extending. we know that angela merkel, the chancellor, will speak to various regional governors today to figure out the next step. let's go to james athey, senior investment manager at aberdeen investment management. we saw the spread widening italian -- and german bunds. is that all with their ability to handle the pandemic? james: i think what we are seeing -- to be honest, the conversation is quite

we have rick rieder from blackrock and also the secretary of energy.eck on the markets. the fed made a ripple. we have taylor riggs here to tell us all about it. taylor: the s&p 500 on track for the best week since 2008. we were on track for the best week since 1974. a lot of hope and the optimism continuing to filter through the equity market. i want to take a look at some of the junk bonds. saying he would be supporting fallen angels. before march 22, and you are downgraded since, you do perhaps still qualify for that program. we were seeing a move in crude. there was about a 10 million barrel per day cut. earlier we thought

as owners of more than 50% of every publicly traded companies, the passive in terms, blackrock and vanguard leading should say to companies we want you to worry about those higher up in the food chain your employees, your suppliers, your communities take care of them first. we think long term we think ten years that's what i would like to see. i think the mark we trade up at that point >> shannon, tell me where you think we are in the market at the current time again, coming off a week that was huge to the up side. now we'll likely end to the downside this week we try to figure out where we go from here. >> the challenge here isthat w have seen the positive impacts of the fed already and we're looking for that positive economic stimulus. i see a lot of historical working done over the course of the last several weeks looking at when the bmarkets bottom versus peak bottom claims or the lowest levels of the ism if you're looking for economic data to provide you with this path, we have seen such a rapid deceleration in data i don't know that it's an apples to apples comparison we're look at th

, blackrock as you know is the biggest money management firm out there, all their risk models are and firms employ tremendous risk models, the same sort of risk models that helped some of them prepare for the 2008 crisis, all their risk models now, back in february showed that the virus itself was going to be contained to china, that it was not going to really go out to europe and to the u.s. they clearly did not arrange their portfolios to protect against that. obviously, there were some people, some money managers, mostly hedge fund that betted against the markets, that started shorting airline stocks and carnival cruise and you name it but the big money management firms, the ones that are supposed to be tracking this missed this big time. now how they missed it, they don't know. what they're saying now essentially, neil, they're saying cautious optimism going forward. markets got beat up. there is are a lot of good values out there. take it for what it is worth, these guys were flashing in february, their risk models were flashing this ain't that bad when it did become very good. w

morgan chase, citi, and managers at blackrock, dow components johnson & johnson reports on tuesday and united health care reports on wednesday. >>> neel kashkari is forecasting a gloomy road ahead. >> it would be wonderful if a new therapy were developed in the next few months that people would feel confident to go back to work and we would have a v-shaped recovery, but bar some health care miracle like that, it seems like we'll have various fadeses of flaring rollups, different parts of the economy turning back on, maybe turning back off again this could be a long, hard road we have head of us until we get to either an effective therapy or vaccine it's hard for me to see a v-shaped recovery under that scenario. >> joeing me is chief economist at rsm joe, i'm interesting because it doesn't seem like it could be that easy. we have nearly 16, 17 million jobs, unemployment claims filed in just the last three weeks it's hard to sigh v-shape recovery here despite the fact this is more like, say, a natural disaster than the great financial crisis of 2008-2009. >> well, neel has it right, the

jpmorgan chase, blackrock and liberty mutual are some of the companies targeted by the resolution. earlier this month, reuters reported jpmorgan chase, wells fargo, bank of america, and citigroup are preparing to seize oil and gas assets as energy producers reel from the oil industry crash. this i is 350.org g co-founder l mcmckibben, speaeaking during ga virtual news confeference yeyesterday. political changnge in wawashington, chchange on wallll v very f fast come becaususe when banks a and thins mamake announcncements, theyey d stockmarkets within minutes. and it could c come globalally. doesn''t realally rule thee worldld anymore, but walall street still k kind of doeoes. so the thihings that happepen iw of ababsoluteney arere first-ororder impoportance in ts fight, e especially given how little time we have. amy: that is bill l mckibben. those are some of the headlines. this is s democracy now!, democracynow.orgrg, the ququarae report. i am amy goodman in new york gonzalezohost juan joining from his home in new jersey. second only to new york with infections and deaths from co