we will talk central banks. we will go to the bank of international settlement.t is next, this is bloomberg. ♪ from london, i'm guy johnson. alix steel is in new york. this is "bloomberg markets." let's talk about the relationship between central banks and the global economy. global coronavirus cases are now 10.4 million and climbing and the world health organization's warning that the worst is yet to come. >> the critical question all countries will face in the coming months is how to live with this virus. that is the new normal. we all want to get on with our lives. but the hard reality is that this is not even close to being over. what does that mean for the global economy and the monetary policy response we are getting? now, from the bank of international settlements, the ceo, the central bank of central banks. sir, thank you for your time today. the world health organization is saying we have a long, long way to go. what does that mean for the global economy. what is your work telling us? >> basically the report is telling us that basic monetary policy shoul

it is something the central bank has in a toolkit. it's limited, mostly because of concerns about cash funds and if you go too far into negative territory. a tool that is available. i don't think that the u.k. needs to worry about it right now, because he does have some room in terms of other instruments he can deploy. we will see where it goes. as long as you have your citizens that have access to accounts, it is certainly a tool that is available to all central banks. francine: thank you very much. later, a a little conversation with larry fink, that conversation is that 10:30 in the u.s.. this is bloomberg. ♪ ♪ i'm tom keene in new york, we have francine lacqua in london. we are starting with philipp hildebrand, he's here describing this synthesis we see in central banking and the public service he had to switzerland years ago as well as what he's doing with back rock area i want -- blackrock. i want to take yield curves and folded into what blackrock has to deal with and what every other fixed income shop has to deal with. do you

credibility, as do all the central banks in the g10. --is interesting that we see when we see central banks do inething, -- mario draghi 2012 said we are prepared to do whatever it takes. it did not need to do anything, the market just believed it. i think when the fed is talking about rates being zero, i think market believes that will happen. what is going to be interesting is how that curve steepen's at what pace it will steepen as we move into next year, as we move into more of a recovery phase, whether or not yields will remain low. and now we have this argument on this debate about whether or not youfed would assert yield -- assert yield curve control. it will be interesting to see how yields move in that segment of the curve. with this debate currently hanging over the markets. the two year yield, don't they just test that down poured debt down toward .05 .01 or try to test a negative statistic? certainly not in yield curve control. in this environment, perhaps that would not be the first thing for them to do. it will be interest

going up forever into the heart of darkness pursuing colonel kurtz who is in this analogy the central bank he's gone rogue his methods are on sound be surrounded by heads on stakes as you mention and we're artifacts and jungle creatures and of course that's the balance sheet of the federal reserve bank and dennis hopper is an acolyte he's hopping up and down talking about fractions talking on fractions you know what does that mean i think you've got some thoughts about that and captain willard would be coin right but coin is now made it to the gates of the central bank and chaos just like of course apocalypse now was a remake of heart of darkness and it really reflects the chaos and insanity of the vietnam war america's heart of darkness america's plunge into imperialist insanity by spending billions to conquer really nothing of vital interest but spending billions and trillions to get their roots or it's a repeat of the insanity but on a much more epic scale exterminate the brutes of course is anybody without any debt the brutes are those without debt and the kurtz in the situation is and

central banks are buying gold around a roll 'd hedge against themselves. they claim being another alternative is actually very positive for everyone including banks play to me how works over there vanek because you've got of course maybe some different camps different ways of thinking because sensed a recent crash in the stock market and the huge bounce back in stock what we know is that it's almost entirely driven by central bank money printing the fundamentals of harlem and yet stocks are going higher thanks to the fed buying stocks the fed is actually buying e.t.s. right what i said there would be no stock market rally at all they're the only as a matter of. they outbid warren buffet for airline stocks that's why he didn't buy any airline stock because the fat outbid him to buy airline stocks so within the vanek community is there 2 separate camps think because yes you're talking about a nonviolent revolution against central bank monetary control meanwhile there's other funds in the vanek umbrella of funds that are participating directly in the central

do central banks reduce balance sheets before raising rates? andrew bailey weighs in on the subject. more on central banks next. this is bloomberg. ♪ francine: economics, finance, and politics. this is "bloomberg: surveillance ." i'm francine lacqua in london. wirecard says it is missing 1.9 billion euros, probably doesn't exist. the payment firm is withdrawing results for fiscal 2019 and the first quarter of 2020. the company says it is in constructive discussions with lenders about renegotiating terms. the scandal has seen wirecard shares collapse and its chief executive depart. lufthansa's ceo says the bailout bill may not pass. the biggest shareholder is threatening to block the plan which would dilute its holdings. it casts doubt about the nine -- about the plan to rescue the airline. the sides are holding talks before a virtual shareholder meeting thursday. pg end he has one thing final approval for its bankruptcy plan. it includes billions of dollars in damage claims stemming from wildfires linked to the company's equipment. it needed a

you know, that's something that the central bank does. and i think -- i know their ideas that this should really be the work of a private board, i don't really think the public would welcome the idea that private employees who are not accountable solely to the public good would be responsible for something this important. i mean, once it's -- once we assess it and decide what to do, it will be all about the prechblth you know, it has to work through the banking system and through businesses and the economy for individuals and all that. i think in the first instance it's got to be the work of central banks. >> which leads me to the last question. if the fed were to adopt a digital currency, should the fed have the technical capability to deny access to law-abiding citizens for any purpose, and should it oversee transactions between private individuals? >> yeah, those are the big questions. you know, you've got in one case -- if you create a central bank digital currency, you can know every payment by everybody. and that's no good. if you d

and reflect on what is happening in develop central banks. think they are taking on emerging-market characteristics, how the central banks are operating with fiscal authorities? raghuram: for sure. this was always an emerging-market problem. the central bank was under the thumb of the fiscal authorities and had to monetize the debt. in many countries we are in a similar situation with enormous amounts of debt having to be put out, and central banks taking it on the balance sheet. look at the fed balance sheet. trillionpanded to $7 in the basis of a few weeks. this looks a lot like monetization. it is helpful in enabling the government to issue, but it has to be seen as temporary. that is what they have to make -- that is what they have to work hard on doing, ensuring their separation. to fed is doing it in order meet its mandate, not something forced on it. lisa: a lot of people do not see a path for the federal reserve to shrink its balance sheet at this point. it does not seem like there are hawks left in washington, d.c. what are the poten

central bank can provide that. they are doing the we will have to see how the progress of the virus is and what the other policy responses are. things have continued to hammer demand. that will put downward pressure on prices and push the central banks up to buy more assets to the decline of the general price slump. francine: ready croson are -- randall kroszner stays with us. business drive diversity in the workplace? we ask that of executives and is this leaders. more on that next, and this is bloomberg. ♪ >> if you are going to drive diversity, so many people want to start from the bottom of the organization. we want to start at the top. >> if you want a more inclusive workforce, we have been making progress, but we still have a long way to go. >> we need to understand, listen, understand what the different concerns are about the black community and our other minority colleagues. >> you have to think about who you partner with and who you do business with. look atshort review you the providers and the firms you

the central bank is to inject 50 billion rials into the banking system. another layer in a really progressive movement over the past number of days. 50 billion rials goes into the system, the central bank says to support financial stability according to some. it is to boost credit facilities to the target sector. at the end of last week, the billionbank took 150 riyals and shifted it into pif, the sovereign wealth fund. it is their spending vehicle, all pieces of boeing, marriott, disney. what we have here is transfers from the central bank about liquidity and growing the future of saudi arabia because it is opec week. annmarie: we think it is opec week. it wouldn't be in opec meeting without the group debating and having all this drama on when they should hold the meeting. it is supposed to be next week but they are talking about moving it to this thursday. alongside what is happening in saudi, a slew of austerity measures the kingdom has taken and we have seen them have to draw on reserves due to the collapse in the oil price. everyone tracks each other

the country's central banks as -- early -- earlier the country of south africa's head of the reserve en axles of interview. >> this is what the full opening of the economy as the government has set out, it is featuring a risk-based approach. of as a matter of including the -- gross domestic product, including the consumer price inflation, and as the economy opens up, we do have a meeting scheduled in july, and by the time we get there, we would have seen enough -- >> that being said, the mist to the role of central bank are in play, but is there conversation about broadening the mandate, changing the mandates of the central bank can respond to the needs of the south african economy? there must be lots of central banks globally asking themselves what is the limit of our action here? you -- we do not -- the is set out price the instance of growth in the public, and we have taken this to provide relief. disposal,truth at our as the role takes place around the world and south africa is no exception. very clear.e there are limits to what the government can do. ,here are institutions design

to allow the central banks.the answer is we do not want& deflation. the closer you are to zero, the you are to center on deflation. given you cannot move interest rates into negative territory -- we have already broken that, but nobody believes it can move very low into negative territory. you want to have a cushion. you want to have inflation so that you don't get into a situation where inflation is zero, you cannot move into negative interest rates, and your ability to move the real interest rate lower is curtailed. this is why central banks have been so obsessed about having an inflation that is above 2%. now, we have people arguing again. the professor was posing this years ago whether we should move to 4% to have a bigger cushion. it is irrelevant now because we can make it there. i do have some sympathy for people who believe that maybe -- whether we have 1.5% or 2%, the question at some point, how much financial risks are we going to take this to move that last 50 basis points or 100 basis points to reach

federal reserve the central bank has. done extraordinary measures to provide liquidity into the markets and that's also spilled over into the emerging markets that's what helped to provide the money. in order for governments to borrow so that's helped support risk assets but for the u.s. it's a question of whether they can get growth coming back again when we reflect back on the end of the 2nd world war which is where we are similar levels in terms of debt ratios just over 120 percent on average little less the some countries a little bit more the others like italy. they are in the fifty's or sixty's and seventy's the debt ratios came down but what helped there was of course growth recoveries after the war that was very important in bringing those debt ratios doubt we hoped for similar scenario this time around where we can rekindle growth and help bring back down those debt ratio is also what happened in the sixty's and seventy's we had inflation and inflation also helped a lot in terms of bringing those debt levels down

quite bullish on gold and i have been for over a year was i saw quince a dental easing by various central banksn september last year. the bank of india, etc. banks all over the world were easing policy. when you have global competitive devaluations, gold is the only asset that will hold its value. moreover, the fact that we have seen an increasing use of negative deposit rate means gold storage costs are cheaper than regular rates. this will attract consumers that have never looked at gold before. every day, every conversation i have with people is they want to know about gold. there isells you that a strong underlying demand for gold. if you look at it over the longer-term, the pace has been unbroken with the states. which is consistent with the large upward movement with gold. if we look at relationships with the u.s., that means that the current value is at about $1200. the tail risk would be if we see central banks moving towards helicopter money policies. of $2100 an ounce is very doable. the dollar would be one of them but it would be the least of them if i am frank. there are other stron

central banks doing crazy stuff.ave not got fiscal power and your fiscal -- your central bank will have to pick up the slack. that is your euros and your sterlings. manus: the fiscal differentiation is going to be the driver for you. you mentioned the aussie and kiwi a couple of times. two very different narratives about negative rates. ssie, you say the crowd has been roaring the encouragement but we will see back. the differentials between aussie and kiwi, and whether that expands? thed: i think you have hit nail on the head basically for once, so congratulations. there is a big break between them, and that is the central bank. the kiwi central bank wants to do more crazy stuff and the aussies want to keep it calm. the virus in australia and new zealand seems to have tampered down. the fiscal push seems to be the same. the gdps could get 45%. we started at 8590. the central bank in new zealand seems to be wanting to do a little more funky stuff. that is the whole idea that we have got. a perfect example where two t

roomed has more operating for taking action that some other central banks around the globe. ecb on the bank of japan, for example. the fed really needs to be careful not to let up on the accelerator to fast. we are coming up on about a half-dozen years where inflation ran below the 2% objective. the fed really doesn't what to allow that to perpetuate. tom: you are channeling professor blanchard, who has appeared with us many times. he said the same thing. there can't be fear of wreathlaying. evidence --ee any of reflate thing. but do you see any evidence that we can, policy wise, reflate in the future? david: i think we've got a tremendous amount of practical experience from the real world. this isn't just theoretical stuff that takes place in the graduate seminar room. banksw that if central put their foot on the enoughator pedals hard and make clear they are absolutely determined to achieve their objectives, results will follow. banks havet central to take responsibility for the outcomes, and if they persist, they will achieve those outcomes. criticallyw how important it is

tomorrow the european central bank will reveal details of its latest tltro operation for the bankingr. loanslly incredibly cheap for the european banking sector and it will have an amazing effect in terms of the story surrounding the bond market and the credit market surrounding banks. when you get sheet money like this from the european central bank, why would you like to find yourself in a different way? marcus ashworth of bloomberg opinion joins us to give us his take. walk me through what we are expecting to see tomorrow in terms of how many tltro's will be given out and what to matt will look like? marcus: there is several scenarios. isut 750 billion euros probably rolling off. we have seen a number of existing financing be canceled because these terms are extraordinary. every single bank will qualify at -100 basis points, -1%. not free money. they are paying you to borrow from the ecb. every bank under the sun which is eligible, which is all of the banks in germany and france you would think might avoid it, they will be coming in. everyone will come funding. we are even seeing

that every time there's a financial crisis the central bank comes to the rescue and the central bank comes to the rescue since $1071.00 because they can print money they can print their own currency unlike prior to 1071 that their currency was backed by gold or currency at least on an international trade account unit so here we have a situation where they're printing money but it's going to certain people and you can see that in the data and when you look at the unrest on the streets you know yes it's caused by this situation the murder of george floyd but there's something deeper and systemic that is also that the anger is due to the inflation due to the injustice of the money printing so with this latest crisis we've seen an overwhelming number of minorities and women lose their jobs compared to white educated men who are think of the tech bros they're working from home they have a really good right now they're getting paid you know many of them are receiving the $1200.00 stimulus check the data from the federal reserve shows that they mostly saved it because anybody with over $300

the dirty secret of central banking is that ultimately the role of the central bank is to finance theernment. this open-ended financing from the federal reserve, i think, will continue. and it's going to give a lot of to passity to congress additional support programs. obviously, some of them may be constructive and positive, but some of them might actually turn out to be highly disruptive. to the capitalist system. i believe we are fundamentally in the process of altering capitalism in the united states and the free enterprise system has a number of threats on a number of fronts. >> the idea of altering capitalism -- inequality has be t of peop's minds as this crisis continues and as bank sees continued to mount. what do you mean by a different capitalism? inequality, the inequality of all types racial inequality, wealth inequality, all of these things are the result of, basically, poor planning and programs at washington. you know, the dispersion of income as a result of policies which have favored tax reductions has basically exacerbated the income equality issue. one of the things

-- at what central banks can do?> i think what they have been showing us is we shouldn't think there is a limit to what they can do when they are determined to act. that would be the short answer. they are acting in different ways, but they -- certainly, it would be foolish to bet on the limits. francine: when you look at u.s. jobs and u.s. economy, how worried are you we are getting the kind of depression like spiral, which will last quite some time? isabelle: so, the u.s. jobs data, and like all mainstream data, the problem is it is backward looking, and telling us something we already know, mainly it is a substantial part of the economy. it had to shut down and is gradually reopening. to be honest, we're focusing more attention on alternative that give usys more quasi-real-time information reopening thee of economy, the pace of which consumers are going out there, spending money again, and so forth. traditional macro data is relevant at this stage. to answer your question about how worried are we, i would say not

central banks. replaced by strong investment demand. if we get the emerging market consumer, that's what's really going to take you up to the next leg. francine: how much do you look s, orme of the other metal the global iron ore market? many mines had to close down because of the covid-19 infection. does it bring that? to a brink are we on a knife -- brink? are we on a knife's edge? are the. metals star performers one of the key reasons is not only what you are talking about in terms of supply disruption, but chinese demand. chinese demand was up 29% in may. ore steel --on eel demand, it is up. those numbers are astonishing. what's driving? local government -- driving it? local government policy. as a result, we have a very strong property construction and infrastructure market going on in china right now that is pushing these markets higher. i want to go back to your point about supply. right now, you don't have scrap because the world is not creating scrap. .ou have the mine closures both of thos

the central banks from the banks and this is how bankers operate they transfer onto their own balance sheet bankrupt companies and maybe that's what i should do that could be trickle down economics happening there are the ivory tower economics it could be people instinctively running for some sort of half hearted asset we've seen that in places like say somalia is that you know when their currency collapse or their government disappear or their whole government disappeared they were using old somali dollars or notes whatever their currency is called from a print when they last had a central bank they were only accepting those from like 20 years ago as legitimate currency so you know it we're in of a paradigm shift something's happening we can see that all around us with protests and irrational prices negative interest rates negative oil prices something's going on and again like we were making fun of the mayans they could be right right well some websites that cover stocks and bonds they heard spec of things relatively new and they don't even have that updated information yet if you'r

i have never believed in the idea that central banks need to nick --k x germans -- need to hold back struments. we should be talking about how react to a deeper recession so that we are ready once a deeper recession comes. central bankers say it makes no real good sense. you do what you think is right centralstage, and then banks never run out of firepower. their only limitations are political, and politics change. witherik nielsen will stay us. he is with unicredit. we are thrilled that we could have an extended conversation with mr. nielsen today. i want to talk to you about the european banks. paribas is one example. coming up later, michael swell from goldman sachs. we will see some of the distinctions that goldman sachs sees. stay with us. from london, from new york, this is bloomberg. ♪ ritika: this is "bloomberg surveillance." two drugmakers heavily involved in response to the coronavirus pandemic are considering a merger. bloomberg has learned astrazeneca has made a preliminary approach to gilead. the deal would be the biggest ever in the sector. astrazeneca is codeveloper of

i think central banks do like to get close to it.o it is to talk about modest amounts and let the market do the work for you. essentially, they didn't have to do very much buying and very much issuance to control it. because yield curve control is all about central banks buying the bonds, treasury issuing the bonds to maintain a balance and a certain yield curve, so you do need a bit of that supply and demand at the same time, it will be interesting to see how they change the rhetoric to see which part of the curves they're going to go for. are they going to go all the way out to the long bond? between fivedo it years and 10 years. i don't think they will need to specify a long bond rate going forward, but that is certainly the way we expect to see the conversation move on. i think today is the day where they talk more about it. the next meeting could be when actually put it in place or start to put it in place. they don't necessarily need to rush. matt: i just want to quickly some deutscheers bank headlines that are crossing the ter

chief economist also spoke about the role of central banks in fighting this economic crisis as well. we have actually wanted to reach and fiscal support we need to be continued but appropriate safeguards should be put in place there should be proper fiscal accounting fiscal transparency and when it comes to one of the policy central bank independence has to be maintained. with the i.m.f. advocating for central bank intervention danielle if this is going to be the new normal for the foreseeable future. you know i can't see a different path forward that the federal reserve for one has had such an impossible time trying to extricate itself from its very large balance sheet its attempt at quantitative tightening failed and the fed was was the chief central bank on planet earth that was able to normalize the most for as little as it accomplished headed into this next crisis when we saw the european union went into recession with interest rates are already in the negative the same goes with with japan so i think the i.m.f. point that it's going to be very difficult for central banks to ste

point there it's going to be very difficult for central banks to step back from where they are given the projections for how long this this downturn is expected to be we're not expected to get jobs back for years and years to come so i think that the central banks will become a permanent fixture of sorts and now we're hearing a lot of bubble talk of these days earlier this week we talked about jeremy grantham the investor who called the last 3 financial bubbles saying that this bubble is the real mccoy as far as bubbles go and you're denny of your d.n.a. research is saying that if the fed continues to flood markets with liquidity it could risk the greatest financial bubble of all time now do you know is this a real concern and is the fed actually worried about this bubble bursting or are they just trying to keep everybody's head above water at this point. well i think right now the fed is the latter the fed is trying to prevent this bubble from popping but the problem is that in doing so it's unleashed all kinds of record junk bond issuance even as companies are being downgraded to j

does he stay quiet or would you look for overt statements from the german central bank?first of [inaudible] after what the ecb did yesterday. that's a good sign. the german fiscal packages good. -- package is good. we have to figure out how to respond to the german court. if they could get around to making strong ecb and the public, that would -- tom: are you optimistic that can occur? you're telling me that when this bank has to have an independent strategy from domestic germany. it can they pull that off? holger: i very much hope they will. interestingly, when you think of berlin politics, in berlin politics, the ecb and european that's maybe ecb is the standard purchases fine, that has much more than the german constitution court, which is part of the previous circuit in berlin, seen as a development at a time or we need to hold europe together. this is really helpful. in a way, the german court is fairly isolated, and i kind of hope the head of the german and german government, let's find a way to diffuse this conflict without doing any damage to the ecb. diffuse a c

the central bank has been boosting its emergency bond buying program. some investors say anything less would cause a shock similar to market selloff. experts break with trump. the former u.s. defense attack onopposes the protesters, and others issue skating attacks on the president. and beijing, when it comes to the proposed security line in hong kong, the latter saying it will maintain security and division. good morning, everyone. this is "bloomberg surveillance." i am francine lacqua here in london. the market is actually pausing a little bit. if you look at the global stock seen, it isve pausing for breath today. the dow rebounding. the dollar actually rebounding from its weakest level since early march. treasuries are pretty much study. backup of 1% for the first time since march. a lot of the focus on stagnant asian, and a lot of the focus on the euro, depending on what the ecb does. the ecb plans to boost monetary stimulus, and of course we will look at jobs and employment data. now let's get to the bloomberg first word news in london with leigh-

the thai story is quite interesting, with banks under a lot of pressure after the central bank said theould prepare capital management plans for the next one year to three years because of risks of covid-19 coming back. how do these commercial banks handle this? to reiterate-- and the question on central banks as well. the thailandt now, policy rate is at 50 basis points. i think they've already reached their comfortable level. even with the latest cut, the b.o.t. monetary policy group was divided in terms of delivering that last cut, so i don't think they would want to cut further. focuss now that the would be on maintaining liquidity and to boost reddit creation -- credit creation. when you have weak domestic demand, it's hard to see a real recovery in credit demand. rishaad: absolutely. what about the other banks i was talking about as well, the likes of new zealand and the philippines? having a look at their monetary situation? i would expect them to stay on hold later this week. at this point, the central banks would prefer to have a weaker currency, but really when you have -- tod

china's central bank has unveiled a $60 billion plan to aid small businesses. bank of china says it will purchase loans from smaller companies. it is a new policy to boost the supply of lending to the real economy. pboc is using $56 billion from its lending program. 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. manus, that pboc news actually is lifting the small caps that have been attempting to claw their way back from what has happened from those equities due to the pandemic. manus: yup. it looks as if all the trade uncertainties -- on the back burner for now. this is -- that is nearly a two month low. 3.8%. the greenbacks decisive move downwards at the moment, could it indicate a breakthrough moment? we discussed. this is bloomberg. ♪ manus: it is "bloomberg daybreak: europe." i am manus cranny in dubai. i am in dubai, ok? and roy horn turn is in new york. -- annmarie hordern is in new york. if i speak a little bit more slowly, we might get some of the show. th

you could argue we have central banks with a dovish policy.g us to move further from here, but here is one of the big risks for the second half of 2020. that is this. this is the corporate risk. this is bankruptcy filings in the u.s.. ofbally, there was a lot corporate risk. most companies have filed for bankruptcy since 2009. the fed can do all it wants to support financial markets, but how can it really backstop and closingcompanies from and likely jobs from disappearing off the market? so does that mean we are headed for no rebound in 2020 or at least further from where we already are? jp morgan argues there is a large buyer that is going to come into the market and help support it for the second half and that is retail buyers. you can see cash funds really pick up. all this panic, people want to move into cash, then they start to withdraw. for now, most of that money has gone into bond funds, but we should see retail buyers jump into equity etf's, and that will help give markets a left for the second half of 2020. manus? manus: thank you v

that is something ever central-bank -- every central bank wants to avoid.may lay off workers and more. in fact, they say that they are looking for second quarter drop that is even bigger than the first quarter drop. they are also saying that right where they are in policy now is the correct stance for the virus. they kept the door open to another small rate cut. here is what the committee of monetary policy said. they understand that the economic situation continues to prescribe extraordinarily high monetary stimulus but recognizes the remaining space for the use of monetary policies is uncertain. they certainly kept the door open to another rate cut. i think it is interesting to the statement was also said that slowing global growth from covid-19 is something that makes the emerging-market environment challenging, and this is something again all emerging markets are facing. thank indonesia meeting today, they are expecting to cut its key rate again. they have a bit less pressure when it comes to the rupiah. feifei: -- kathleen: that is the main thing that

he is stressing the need to reduce the central bank balance sheet before raising interest rates. he has an op-ed in bloomberg wouldn, he writes that it give officials more firepower in future crises. the disappointing turnout at trumps rally in tulsa was just the latest warning sign for his campaign. the rally attracted far fewer supporters than the president and his advisers promised, and it was overshadowed by criticism over his response to the pandemic and the protest against police brutality. president has fallen behind joe biden in national polls and surveys of key battleground states. vladimir putin says he will consider running for a fifth term in 2024. vote on sweeping changes to the constitution since it was adopted three decades ago. one provision would allow allow putint it -- to stay in office until 2036. global news 24 hours a day on air and @quicktake on twitter. powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. you so much. equities, currencies, commodities, gold elevating this morning. everything else, remarkably ran