they are for 9 trillion or so , there talking about convexity. i've got an open mind on these kind of things. slowf you are in a long long -- of have a slow growth, then you have a long perio of recession. everything compresses on zero, the balance sheet is constrained as well. you can't build it forever. they were buying 75 billion a day as of a month and a half ago. purchasesized rate of of assets. the point is they are constrained and they are's scaling back. the policies that might be there, yield curve control we discussed more. the guidance itself could be important. they could have projections for that. they could come out today or we would have to wait till june. this opportunities to give guidance. how much they are going to buy each week or all kinds of tools they have that they can deploy and so i'm assuming that stays in place. thank you so much. steven major. he joins us back in about 15 minutes from now. coming up next, the chief executive of astrazeneca to talk about testing and vaccinations. that's coming up next. this is bloomber

that may be sufficient, depending on numbers, we need to see a clearer study, there's convexity thereicient in reducing the probability of infection by 90%. >> right >> because of convexity. because of -- you need a lot of viruses, not just one. >> so given that, how do you think about the marketplace right now? right now the market -- >> we are dealing with severe unknowns we cannot -- anybody making pronouncements about the future, we're dealing with severe unknowns everybody has been surprised by this virus the chinese were surprised the europeans were surprised we don't know the side effects we do not know of people getting reinfected again we have so many unknowns so unless we clear up, we will live in a domain of high uncertainty. in the meanwhile, we can start with simple measures, mandate the use of masks i don't want -- i'm not infringing on your liberty i don't want you to infect me in a public place we don't know how far it spreads when there's air conditioning or the wind mandate the use of masks prevent people from riding elevators in groups. prevent subways, prevent the

be but i would look at commercial reach with call options only that would actually give you some convexityo the upside as a long-term play i don't like them but as a short-term bounce i do >> you know, tim might not be kidding. i'm looking at all the boxes on everybody's driveway i'm thinking is there a recycling or trash play there. i kid. what are you looking at? >> the boxes on people's driveways are improved b to c shipping so fedex if you think about fedex which was down 40% into this crisis and then it went down another 40% i think it's a self-help story. i think integration of ground and express have started to figure out some of the cyclicality of their business. these shipping stocks tend to bottom well before the recession. fedex i think is a buy >> true story, tim the fedex guy in our neighborhood, they've got a penske rental truck because they're running two guys instead of run >>> coming up, an exclusive look inside the big companies that arof saw their insiders, ceos, bod directors buying their own stocks who are the top five >>> welcome back you're watching a bonus hour of l

those people are fed, that there is housekeeping and security on premise all of which raises the convexity and cost. instead she says there prioritizing moving some of the most vulnerable homeless into hotels or into. >> this is more complicated and opening up at the hotel room in san francisco and making it available. if that were possible, we would do it in a heartbeat. but there are a lot of other things that come with doing this right. >> reporter: she is also encouraging san franciscans to maintain their positivity, she says that the city is already offering economic aid to some local businesses, because she knows that that is going to be needed going forward as the city recovers economically in the days, weeks, months and possibly even years to come. we're live in san francisco, ktvu fox 2 news. >>> during a briefing today in sacramento, the governor confirmed that the state is facing a massive testing shortage and backlog. he says health officials believe there are far more infected with the coronavirus than the state and counties have confirmed. a major focus of his briefing was ca

event that things get better, you have an enormous amount of downside when rates are at zero, so the convexitys not very attractive. when you look at investment-grade credit paying you 200 to 300 basis points over treasuries, you have some real yield there. so when things get bad come of the fed needs to do more, and they have committed to not moving the treasury rate below zero. then you have potentially investment-grade corporates that can tighten significantly because the fed is likely to buy more. alix: is it the same view you might have towards europe? obviously, the overall fiscal package is a lot smaller than what we have gotten from the government here. nonetheless, on the individual country basis, they are stepping up. to the sovereigns by the investment-grade or -- do the sovereigns buy the investment grade or fallen angels? ,ike: i think the policy levers particularly at the ecb, are much more limited than at the fed. the ecb has been buying investment-grade corporate for a long time with very limited level of success. they've already driven rates negative, and there's less commitme