he and bullard have come down towards 10% unemployment. want to remind you 10% unemployment was the top of the global financial crisis. i know the stimulus is different, but these are very bullish economic record pieces that inflame the mood this morning. good morning. nejra: good morning. yes, it is really interesting with jamie dimon's focus, versus what we saw in 2008-2009. that leads people to question at this point when we do see the rally continuing in risk assets, particularly equities, with the rebound towards 30% since the march lows. whether now you want to start positioning in the cyclical sectors, and those value sectors, small caps versus large caps. that can continue. in terms of what we are seeing, you are seeing green on the screen in asia. yesterday, we saw a strong rally for the s&p 500 but it gave up some of the gains on the concerns between u.s.-china tensions. so we did not quite managed to close above 3000. the 10 year yield is steady. we are seeing some dollar weakness. the dollar yesterday fell to its lowest level s

are you familiar with eugene bullard? >> absolutely. he is interpreted within the exhibition. >> okay. because i was wondering. i hadn't heard you up until now mention him, if i'm not mistaken but he was one of the first african-american combat pilots. >> and we'll let colonel salter pick up the story from there. >> okay. absolutely. so he was not one of the first, he was the first african-american fighter pilot or combat pilot if you will. so let's talk about that definition. there is no mistake that the tuskegee airmen in world war ii were the first african-american combat pilots to fly for the united states. so eugene john bullard flew for the french. when you talk about that contact, the u.s. was not training african-americans to fly and actually eugene bullard was already in france before the war started. when we talk about what was life like for african-americans before the war, he was from columbus, georgia. his father got into a scuffle with his boss and so they left town, eugene eventually made his way to france. he was a boxer

joe all can you hope, i suppose, is what president bullard said is accurate.p decline in job losses and then a quick back. >> let's see what president bullard thinks about this. we'll bring him back in, st. louis fed president james bullard for some reaction and i guess in the back up think of the answer to this question. your full jay big time mmt now is everything fine we'll do whatever we need to do. have you adopted that stance >> great i have to react to that outside job numbers and mmt at the same time >> think about it. think about your answer for that i don't think there are any great surprises in what you're seeing you've been talking about just what we saw in vivid full color on what we saw so you can comment on that it was interesting that big employers, maybe big employers do have more fat that can cut without negative consequences than small firms >> yeah. this number is not a surprise. we had a blog post which your viewers can check out, back of the envelope calculation on unemployment rates we said something like 47 million workers are in high c

in separate remarks, james bullard, the president of the st.ouis fat, also presented a cautiously optimistic view. he said we have a better chance of a swift recovery with this shock than with others in the past. it is -- if the crisis is managed properly. bullard was speaking in a ofinar and that webinar course was with the national association for business and economics. our guest house is the ceo of an asset management company. let me get this narrative from the white house, which is open up. we want the economy opening up, back to normal. people will suffer, people will contract the disease, and people will die. is that inspired thinking or is this where the health wheels come off? >> this is cautious optimism. the s&p has gained 30% since its low on march 23. it is this v-shaped recovery that everyone has been talking about that has already happened. we need to be quite cautious. markets are ignoring q1 numbers and are focused on q2, which will be the proper earnings numbers. remember unemployment spiking. we had 30 million jobs lost in si

and actually eugene bullard was already in france before the war started. when we talk about what was life like for african-americans before the war, he was from columbus, georgia, his father got into a scuffle with his boss and so they left town, eugene eventually made his way to france, he was a boxer, and he actually joined a french foreign legion. he's interpreted about three different times in the exhibition. so now we're in the gallery. he joined a french foreign legi legion. he was wounded in one of the two bloodiest battles in 1916 and then he became a pilot. he flew with the french and the continuation of his story, where we interpret him in the after the war section, is also part of that war. he owns a club for a short time. he is a manager of many clubs and is also one of the drummers. we actually have footage of him in this exhibition playing the drums. absolutely eugene bullard is interpreted in this exhibition and he is a key to the african-american experience during world war i although he did serve with the french. >> another individual stor

jim bullard commented on that. a lot of fed officials have been asked about that. negative rates don't have a good track record. look at japan and europe. he said other tools should be used first. jay powell is speaking tomorrow morning -- actually this afternoon in asia. he has been asked about this. it will be interesting to see if he rejects negative rates as an effective tool as he has in the past. shery: kathleen hays. let's get a quick check of business flash headlines. elon musk thinking president trump for his support in the reopening of tesla's fremont plant as he defies orders of bringing the factory back on stream. alameda county and other bay area officials have warned of restarting businesses. elon musk congratulated workers returning and say he appreciates their drive to make tesla successful. we work is exploring plans to sublet its headquarters in manhattan including seeking tenets for certain floors or renting out the entire building greeley have been seeking to minimize the lease liability by promoting revenue-sharing. they have laid off staff and

we had jim bullard, president of the st., saying we cannot keep the economy shut that much longer are we will face a serious depression. michael: jim bullard speaking on cnbc was saying we could go, if we do not start growing again in the third and fourth quarter, we could go from a great recession to a great depression. his argument is that is just as bad for the health outcomes of the nation as the covid disease has been at keeping the economy closed. there has to be some sort of way of safely splitting the middle, getting the economy going without risking too many lives. that is what you will see for most people who look out and see what is happening in the economy. we are forecast on friday to report 21 million people unemployed. that is an astounding number. i keep saying astounding, but they are astounding. unemployment anywhere from 17% to 21%. there has to be something you can do. what we have not seen is states that have a good plan for doing it without causing a lot more death. that is what everyone is looking for.

want to thank jails bullard as well. thank you edward.much. >>> you are confused what the social distancing restrictions are in your state or city. you know there is a wearable for that. after this. ♪ we could never do what they do. but what we can do it be a partner that never quits. verizon is the most reliable network in america. built for interoperability and puts first responders first, giving their calls priority, 24/7. we do what we do best so they can too. there are times when our need to connect really matters. to keep customers and employees in the know. to keep business moving. comcast business is prepared for times like these. powered by the nation's largest gig-speed network. to help give you the speed, reliability, and security you need. tools to manage your business from any device, anywhere. and a team of experts - here for you 24/7. we've always believed in the power of working together. that's why, when every connection counts... you can count on us. ♪. neil: what if you could tell just by what someone is wearing whether

eugene bullard, is interpreted within this exhibition. he is a key to the african-american experience during world war i, although he served with the french. >> another individual story explored. sergeant thomas shaw. who is he? >> sergeant thomas shaw represents what we talked about earlier. what is going on with the black experience between 1865-1917. he was a buffalo soldier, he was in the ninth calvary regiment. in 1891 awarded the medal of honor. his particular story, they were fighting in mexico. they were outnumbered, 3-1. he exposed himself in what we call today, suppressive fire, to allow his comrades to survive that particular battle. he is interpreted within this exhibition, a story develops around artifacts. we own his medal of honor at the smithsonian national museum of african-american history and culture. used thomas shaw's individual story to highlight the fact that 18 buffalo soldiers and when you know me grow indian scouts. we always make a distinction it was actually 14 buffalo soldiers and for simone ego indian scouts,

bullard is saying the risk of a depression and there is a shelf life of 90 days to 120 days.f infections come through and restrictions have to be put in place once again, it is likely the optimism we have seen through markets will be tested, and i expect risk assets to come under pressure. thank you. laura cooper, bloomberg's mliv market strategist. under pressures this morning. matt: i am headed over to radio now. viewers can become listeners. tune in if you are in the city in london on dab digital radio. up next is "bloomberg surveillance." this is bloomberg. ♪ francine: the u.k. economy plunges into recession. growth thanks 6% in march due to the pandemic. we talk this shadow chancellor shortly. dr. fauci ways on sentiment on reopening too soon. a top german judge says the ecb is not master of the universe and must be held accountable as merkel and

jim bullard saying negative rates don't get you much. he talked about japan and europe, how that track record is not so great. jay powell is speaking tomorrow morning, 9:00, a special presentation. he has rejected that many times over. if the fedwondering officials will be more open to doing something like yield curve control, something the reserve bank of australia adopted recently as well. negative rates seem like a nonstarter. waitingthe rbnz, i am to see what adrian says in the press conference. rishaad: good stuff. thank you very much indeed, kathleen hays. talking about the possibility of a second wave of this coronavirus, talked about a city impartial lockdown. we have arguably a second wave in seoul at the moment as well. a nightclub has been linked to cases there. , thoseng to the mayor cases have now risen to 119 in south korea. we have 26lso that more coronavirus cases aside from that, totaling 10,962 at the moment for south korea. let's tell you about what is happening first word news wise. here's karina mitchell in new york.

james bullard said there could be business failures on a wide scale that would prompt a new depressiona mester said u.s. unemployment could exceed 20% as the virus fallout spreads. twitter is offering employees the opportunity to work from home permanently when the coronavirus out rake finally received. told staff that company is unlikely to reopen physical offices before september, but after that, most can work wherever they want. twitter employs about -- the head of macau's gaming regulator has resigned just as the world's biggest gaming hub is facing its worst crisis because of the coronavirus. it was do to end in december and no reason was given for his departure. he will be replaced in june. gross gaming revenues fell by 97% in april as travel restrictions and the coronavirus kept gamblers away. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am karina mitchell. this is bloomberg. haidi. wuhan is preparing to test its entire population. that is 11 million people, for the coronavirus

james bullard expects the jobless rate below 10% in december.kari feels -- fears we could see bankruptcies of small businesses if the crisis persists. byare delighted to be joined tim adams. virtual foe sting a european conference on the issues most pressing to the community from the pandemic. you say lack of solidarity and we have this program put in place by the european commission. people say it is a step in the right direction, but will we get something concrete out of it? tim: it is a momentous time for europe. it is a big leap in the direction of a fiscal union that is not fiscal union. money,re huge sums of 750 billion euros in addition to what is in the pipeline, so it is a huge support for the european economy, a much needed support. francine: is there a danger that europe will lag the recovery in the u.s.? the u.s. may reopen not necessarily soon, but they come from a different time and place in the economy. europe faces: different issues. so they do countries not have the consolidated fiscal approach that we do. their reliance on the

jim bullard speaking about the economy in agreement with mr.s that it may have dropped. -- troughed. it may have troughed in april. in terms of the economy bottoming, as john williams said, when you look at the fed's beige book, it was ahead of the june tent meeting that they gather information. book -- lete me read you a key sentence. economic activity declined in all districts following sharply in most, reflecting -- falling sharply and most, reflecting disruptions from the covid-19 pandemic. claimsw, jobless this week, expected to be 2 million. when john williams said we may have a rebound but things will be tough, that is the kind of thing he is referring to. comingseeing measures from the bank of korea. what are we expecting in terms of the interest rate? they are well, expected to move, and i think what we have to remember -- you look around the world -- push virus and tothe protect the economy, protect its citizens. they are a major exporter. the 11th biggest economy in the world is the world's fourth biggest exporter. their trade partne

jim bullard has spoke about this , if people don't get back to work.fin, the treasury, said he got pushed back from republicans. he continued to argue, go towards reopening, get the economy on track. he said this could cause permanent damage. upwill see, but let me sum by saying it doesn't help either side for a republicans or democrats. they will have to battle it out and see who wins. you will be speaking with someone who has also demonstrated willingness to do whatever it takes when it comes to getting the economy back on track, the rbnz governor. what are the issues for him and what will you be tackling in the conversation? kathleen: he is an interesting central banker. he went into the meeting of the reserve bank of new zealand last week with everyone wanting to hear about what he had to say about negative rates. if they were to move towards that, it might not be until spring next year. it is one question what would make you move, what are you watching? his assistant the runner spoke to tracy withers -- a assistant governor spoke to tracy withers.

>> well, that was the fed chair -- the fed official named bullard, jim bullard, and i think he's a bitsensus is that the unemployment rate, and we'll get an update on that next friday, that that rate will likely stay above 10% through the end of this year. remember, anthony, we were at 3.5% just back in february. matching a near half century low. so even if we were just at 9% or 10%, that is three times nearly where we were, and the numbers are going to get worse before they get better. >> yeah, the virus has had a staggering impact on the economy. thank you, jill. >>> ahead only on "cbs this morning." film >>> award-winning director ava duvernay is turning her powerful productions into a resource for classrooms and independent study. today, ava duvernay is launching a new initiative called array 101, that's the name of her company. it will offer free learning guides for students and really anyone interested in social justice, she says, to accompany tv and film productions. the first is for her miniseries "when they see us," released almost one year ago this week. it documents the wron

bullard,obert lee commanded the second army and wrote off the entire division as a misguided experiment. in his words, and your division seems to be -- the negro division seems to be a failure. andou need combat soldiers if you need them in a hurry, don't put your time upon negros. a captain and officer in the his division accompanied good friend dubois during his trip to the front in january 1919. they reflected on the battles with racism as a black officer in an american army that no nation on earth has ever hated a group as americans hate the negros. black soldiers return home as he rose there they were treated with parades and festivities. there was a famous one in new york city. some were massive. at some were small. they became part of the historical memory of black contribution to the war and the allied victory. even celebrating the wartime service and sacrifice, african-americans could not ignore the variance of white supremacy the racial supremacy and the discrimination endured by black soldiers, the hypocrisy of american democracy. that is why african-americans prepared for th

yesterday, i think, james bullard said he think's unemployment can bounce back to less than 10% by december. i am thinking of your los angeles county restaurant workers. hopefully. they are back in their jobs by then. what kind of recovery do you think we will see? terri: a great interview with john williams. really a great amount of time you were able to get with him. there's been all of the discussion about the shape of the recovery. the biggest question we have been getting is how come this recovery has been so sharp. are we going to enjoy a v-shaped recovery? i wish i could say we are confident that we would. it is just not how things are with risk and return. i do think we have seen bottoms for the year, but that the movement to the upside is going swoosh.re like the nike sofell so sharply and painfully. we have a tactical, rules-based approach, and it gave us early warning signals, and we were selling. that protected a lot on the downside. sometimes you make money by not losing money. signals,e getting buy but we are getting cautious about that. we are fully invested, so we are per di

we heard yesterday from jim bullard that he expects the recovery to push unemployment ofk under 10% byecember. a little bit more positive commentary from the fed governors. european stocks have settled. take a look at the gains we see. big gains for the third day in a row on the major equity indexes with the dax shining bright, up 153 points. we see the dax adding a solid 600 points over the past three trading sessions. the cac 40, after the french put out an 80 billion euro rescue package for the auto industry closing up 1.8%. the ftse up 1% as well. european equity indexes closing up higher. this is bloomberg. ♪ matt: welcome back to the european close. european stocks closing higher on the continent. i am matt miller in berlin along with vonnie quinn out of new york. let's turn to the latest on coronavirus testing right now. now shippingh is thousands of covid-19 antibody test and planning to increase production capacity up to 50 million test per month. president of diagnostics at siemens engineers joins us to talk about this. let me get your near-term forecast for how quickly this

general robert lee bullard, named after that robert lee, commanded the second army and wrote off the entire division as a misguided experiment. in his words, as he wrote in his post more -- his postwar memoir, the negro division seems to be a failure. he went on to state, my memories of the negro division are a nightmare. if you need combat soldiers and especially if you need them in a hurry, don't put your time upon negros. officer ingil was an the 92nd division and accompanied his good friend, w.e.b. dubois, to his trip to the front in january 1919. he remarked, reflecting on his battles with racism as a black officer in the american army, that no nation on earth has ever hated a group as americans hate negros. in spite of it all, black soldiers returned home as heroes. they were greeted by parades and festivities. there was a famous homecoming parade of the three 69th in new york city. some massive like this, others small. they immediately became part of the collective historical memory of black contribution to the war and the allied victory. even in celebrating the wartime servic

this is from fed president jim bullard. thing caught my eye, and i have been asked about this in private, the shutdown policy threatens to pull the u.s. and the globe into depression. we have to do risk mitigation policy. are we doing that effectively yet, alicia? >> risk mitigation, yes, we're doing that now. as you see the conversation really suddenly changed over the globe as countries come out of lockdown, which is that we are all going to have to live with the virus. we're going to have to do something risk control as we do it until there is some sort of a vaccine. just going back to markets and the economy for a second, you know, 70% of u.s. gdp is consumption but it is only 20% of the s&p. that is why this really such a disconnect between the moves in the s&p and what the feeling is in the real economy which is that we're going to be here for a while, even with all of the programs in place. you could be left with a 10% unemployment rate at the end of this year which we're really the height of the unemployment rate in

louis fed president ji james bullard whether the fed will stay near zero rates for months or years.ears. charlie: you know, i will tell you this. when you keep interest rates this low, you create bad behavior. there has never been a time in financial history that i have covered that when the central bank kept rates too low, it hasn't led to something, like the dot-com crisis, like the housing crisis. we should point out that a lot of companies went into this pandemic highly leveraged in a lot of states like illinois. guess why? because they can borrow cheaply. then you have an economic, you know, this is a big economic problem but even a smaller economic problem, we had a mild recession. those businesses and municipalities will pay the price. when you have interest rates this low, it creates bad behavior, it creates moral hazard, means there's no consequence to your risk or you think there's no consequence to your risk until the consequence comes. these guys are playing with fire with this stuff, if they are telling the markets that we're going to have zero interest rates and cheap

louis fed president james bullard gave to our own edward lawrence about what will happen, what he thinks will happen after the current second quarter which he sees as the worst quarter ever. listen. >> i have often said that the main impact here in the second quarter and the third quarter very likely, right behind the worst quarter will be the best quarter of all time. liz: okay. so from worst to first. to our traders, who are already first with us. guys, i will start with you, teddy, is this a sign with all of this stimulus that we will see a clear investment runway ahead? >> well, it's never quite clear, liz, but one thing we do know is it's always been a mistake as long as i have been in the business to fight the fed. in this case, we also can include the central bankers from around the world. the fact is when the fed is in an accommodative mode, and we saw this after the financial crisis of '08 and '09, it went on for a good six or seven years, when the fed is accommodative, it's usually a very positive backdrop for the equity markets. it's never a straight line, but the fact is the

the 15th massachusetts, frank bull ya bullard, they flew as fast as we could get them out of our runs. i thought to myself we got you now and i heard fall back. and i turned around and said what does that mean. but again the cry, fall back. now someone yelled fall back. we're flanked the rebels are in our rear, i looked back and i was true in a moment all was confusion, every man for himself. we ran like a flock of sheep. the remembers mowed us down. the sedgewick division moves into the westwood, they'll lose half of the command in 20 minutes. edwin sumner rides into the group, back boys, move back, you're in a bad fix. 20th massachusetts, in less time that it takes to tell it the ground was strewn with the body of the dead and wounded. jonathan stow in the 15th mass, you ask me about the battle of antietam of which i will try to relate. the battle occurred on the 17th of september, in my opinion be put down in history as the most des pat battle of the war. thousands yield their lives that this government must live and how i escape so many bullets that showered upon us god only knows

actually, the fed comments have been fascinating lately from bullard to kashkari to bostick to powellody has been out speaking and we have been paying very close attention. let's get to germany's merck. the company says earnings may be little changed this year as the covid-19 pandemic takes a heavier told bennett at to speed last quarter -- a heavier toll than it did last quarter. kgaa has also donated 2 million masks in germany, france and the u.s. it is really helping with the fight to get workers on the front line protective equipment. joining us now is marcus kuhnert , the cfo of merck. theme first ask you about expectations that have changed. i mean, you're not alone. i think pretty much everyone's expectations have changed a lot in the last three months. do you now feel like you have decent visibility into 2020 and 2021?two -- through to marcus: good morning? to be honest -- good morning. to be honest, the answer to that question is no. from march 5, we are transporting today our current viewpoints on how we see the corona pandemic to evolve over the further course of the year.

jim bullard says unemployment could be below 10% in december.ours a day, on-air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. now, ecb president christine lagarde is speaking on a afor -- for european youth. the european youth as a group of kids, i take it come on facebook -- is a group of kids, i take it, on facebook. it will revolve around the coronavirus pandemic, the impact on the economy and what the ecb do can -- can do to limit the impact. let's listen. >> thank you to those that have been, as has now been famously said come on the front lines. covid-19 -- said, on the front lines. covid-19 has been a health crisis, sanitary crisis by all accounts and pretty much all over the world, spreading rapidly from east to west. it has caused massive casualties. it has hurt people tremendously. it has caused grievances, particularly when you are not in a position to actually accompany those that are passing. those who have been true heroes are not the central bankers, not the policymak

both of them agreed with each other at separate offense, but bullard said there was a trough in april month when the shutdowns , the headlineoing says it all, catalog devastation wrought by the pandemic on the u.s. economy, saying economic activity declined in all districts, falling sharply in most in the latest reading. get the fed ready for the june 9 and 10th reading coming up. there may be a yield curve control need when you see that kind of dark outlook. but if people are right, the shutdown ban and things pick up, maybe they don't have to go that far. that is the big question right now. haslinda: our global economics and policy editor, kathleen hays. some headlines coming from the conference. governor lee saying the be ok will actively buy government bonds and the size depends on market. they will innovatively acquire more debt issue us. policymakersfences are thinking hard about positive security oath as ensuring borrowing costs stay at rock bottom. he spoke to bloomberg earlier. >> we've got issues that we are studying closely and we will be discussing as a group, so i don't h

there's other news regarding disney bullard is on the tape talking about fed programs, fauci at the top of the hour. a lot more "squawk on the street." don't go anywhere. when the world gets complicated, a lot goes through your mind. with fidelity wealth management, your dedicated adviser can give you straightforward advice and tailored recommendations. that's the clarity you get with fidelity wealth management. >> i'm really proud of our people and what we accomplished since the acquisition. the performance of the business has continued to be strong across the board on all value drivers for the acquisition where we are executing well. the pipeline is progressing. the approvals of new medicines in the first quarter really is a demonstration of the strong focus we have on the pipeline. >> that's jim last night on "mad money. there's moderna and labcorp also >> moderna loves press releases. they're fabulous at that when you fast track something from the fda, all it means is the illness is bad it's not like, hey, they just got some approval to do something fast bristol-myers, dr. caforio i