margy: certainly not. the issue is that when you look at the average spend for a visit there, it is infinitely more than a local tourist. your average chinese visitor spends a point $5,000. things like the bubble will be useful. they are important. being able to open our borders to other countries that have a similar disease management profile. that will start to make a difference. the job loss in the industry is a significant now. we are starting to worry about whether there will be a tourism industry this time next year if we don't get additional government support. >> even if you do have the resumption of travel, how much more cost do you have to factor in to the fact that the new normal for travel will look different to pre-pandemic? margy: that's quite right. the most interesting things about what new travel will look like is the larger and much higher level of responsibility for travelers themselves. a part of what is being proposed in terms of our capacity to have a bubble is that if you have a cold

here's margie patel, asset management and jason, this gap in the average estimate and where the market is now, i think, sis the widest in maybe 2 years. my concern is that as the street kind of catches up to where we are, that's an indication that the highs are in >> i think that's exactly right. if you look at the path way of forecasts, it's always falling behind where the market is as we talk to clients, what we're speaking to them about is trying to focus their attention a little bit more on some leading indicators or some inputs to some of these market levels for us one of those big inputs is interest rates. interest rates have gone up quite a lot, and what that's meant is some of this rally has looked a little more like 2018 than the early part of the rally in 2020 which has been cyclicals and small caps and survivors in the market so focusing on interest rates actually gives you some idea of what's going on out there. >> okay, margie, did you have any thoughts on rates? we did see a move up 10% last week >> i think rates anything under 1% is really immaterial. i think these rates

margie: yes, we had a huge move in high-yield.ctually in this quarter so far, we've had a move in prices of high-yield bonds of 10% to 12% which is huge for the high-yield market. right now, a yield of around 3.3% to 4.4% which is pretty modest them where they were a couple of months ago. still, for an income oriented buyer, it is the only game in town in a relatively safe sector. it's interesting that many people felt a month or two ago when the high-yield market had a huge correction that this was a warning sign of fundamental deterioration in the economy and a warning sign that equities were going to weaken. what we've had in the last month is just the opposite. we've had yield spreads of, prices go up and now the high-yield market reflects a pretty healthy condition. the average bond yield is about 6%. we were close to 5% only a month ago. haidi: always appreciate your time with us. margie patel, senior portfolio manager for wells fargo. you can get more on the markets on today's edition of daybreak. bloomberg subscribers, go

parson: margie, thank you very much. one of the things, zombings ra will be up here to talk from the higher education side of it. one of the things that i thought was so important once we realized what we were going to have to do is share that with the commission, with the educators around the state work the higher ed community. the one thing i learned a long time ago, you're much better off being upfront, telling people the truth and make sure they know how to prepare for it instead of walking in here and say, we are making cuts and they find out about it at a press briefing. we have to prepare for these things, that's why we wanted to make sure they were aware this was coming and make sure they could make those preparations. zora, do you want to talk on the higher education side of it? >> good afternoon, i'm zora mulligan, i lead the missouri department of higher education and work force development. the expenditure restrictions will constitute a significant hardship for colleges and universities around the state. the

there margy rather frightening. for 3 years you should pay as man. we miss you we love you you set off a revolution. what his whole country for his whole world. the thing about my brow was before that it had been several decades is america at uprising like that you know and we got a missed opportunity i feel like with the ferguson situation. was. cut. to the people of all the praise yes you put. judge you but. the real but. the state isn't for us this country doesn't work for us it doesn't function for as. you can talk what a machine as a machine so you can have any real conversation about real life and feelings in what people are going through what a machine what a robot. you can only destroy a robot. it's got to be taken down and abolished when they made a constitution and all this it really was in may for me. world wide to begin with the lives next to black people and so he created soap suburbs and small little time as the fight for our use of floor space small the details existing can sell a lot of flats in this a lot of homes sold and stack poor

margy all those developments for us from bogota thanks very much on a sunday. now new york has become the latest state to introduce reforms to its police department following the death of a black man during his arrest almost 3 weeks ago now george floyd died after an officer in minneapolis minnesota pinned him down to the ground and knelt on his neck for its death sparked protests across the united states calling for racial justice and demanding a change in policing the governor of new york describes the new laws as the most aggressive in the nation aimed at ending police brutality against african-americans there is no quick fix to this there is no more well stop here gas. change the uniforms that's not with this is about my friends and it would be a mistake if we went down that path this systemic reform of police departments this is sitting down and taking a look at exactly what they do and have been doing and looking at it through a new lens of reform and reinvention because this has been 4050 years in the making all demonstrators and some politicians across

you talk senator margie with black lives matter says he won't vote for the president. colin powell says he will vote for democratic joe biden. the chairwoman of the republican party say most republican support president trump. >> i think the last few days of incidents of extremism in our country, and calls to defund the police and things like that have increased support for the president of the united states. >> with the election five months away president trump is ready to hit the campaign trail again possibly within the next week. from libraries to pools this will be a very different summer than what we are used to due to the covid-19 pandemic. "ktvu" maureen naylor has what's new. >> this is what some are in the bay area usually looks like. and this is june 2020 in the covid area where water slides and roller coasters sit idle. raging waters and great america santa clara remain closed indefinitely. while other summer attractions are reopening partially. >> the hopeful messages we are opening even if it's not 100%. >>reporter: movie theaters can reopen friday but san

we need to change the hearts and minds of systems that were designed and created to margi l marginalize >> right. >> so as long as we do that, this will be difficult. we need to demand it, and we can't allow beautiful things to get us distracted from that. >> j.a. moore, thanks so much for making time for us. >> thank you so much. good to see you again. >>> our final word this hour comes from prince. he would have turned 62 today. prince frequently performed on his birthday. this year, his estate gave us a different kind of present, an unpublished, hand-written note from his archives. nothing more ugly in the wide world than intolerance between everyone. thank you, i look forward to seeing you next weekend. until we meet again, i'm joshua johnson. stay safe, stay sharp. we will get through this. good night. everything's stuck in the drawers! i'm sorry! oh, jeez. hi. kelly clarkson. try wayfair! oh, ok. it's going to help you, with all of... this! yeah, here you go. thank you! oh, i like that one! [ laugh ] that's a lot of storage! perfect. you're welcome! i love it. how did you do all t

the simpsons will still have the familiar collar act tors of bar lisa, maggie, and margie and mike henryl stop voicing the black character of cleveland brown. got through it. much more on the next half hour. a busy week of protests fighting against policing injustices of people of color. one city's event kept calm and nt gunshots rang out. >>> why spending more at the grocery store may mean spreading coronavirus less. the study that may want to m [ gunshots [ gunshots ]. >>> fights for racial justice and police accountability gaining renewed strength across one city a surprise of gunfire turning violent and deadly. good morning, everyone. thanks for joining us. if you are just joining us, we'll get to that full day of demonstrations in a moment but first, a quick look at the weather with lisa argen. >> good morning to you. we have a bit of marine layer but it is being scoured outt li doppler seven, you'll notice to the north of us, it is this system influencing bringing gusty conditions and later on tonight, look at the red flag warnings starting with mount tam. as we go through clear la

margie cater and her pr partner launched the optimist collective earlier this month. one benefit, no pricey office space. >> you have the ability to be really flexible and really nimble. we weren't hindered by being in one specific location. and with the pandemic, it's just become a lot more accepted to have a virtual business. >> reporter: in atlanta, aaron fender, founder of portrait coffee, unable to physically open his new store, even discovered a new business opportunity. >> we had to quickly pivot and realize the only way we were going to survive is sell coffee online. not only that, but to do it quickly. so we launched our e-commerce website. we offered local delivery throughout the city of atlanta. >> our thanks to rebecca jarvis for that report. >>> long before george floyd and eric garner, there was james mincey. >> we're looking back on a piece of history that helped shape the modern black lives matter movement. m aaaah! nooooo nooooo nooooo quick, the quicker picker upper! bounty picks up messes quicker and each sheet is 2x more absorbent, so you can use l

much did we compiled in that reporting there from hong kong the situation in china was enough for margie clements who is unhappy dimeola just as cut university and personal straightly and my colleague fairly well but you spoke to him earlier and started when asking if it could be the source of the latest information jane in beijing. i don't think there's a lot of evidence the the bar's spreads. i think it's far more likely that. the plans to stop it where you've been infected but some you may have trouble but other area where we may have been on the. visit of the muppet others a worked out or as a customer and set up a chain of transmission that was over and that's buster i think. the risk for the china is not through the food packaging in food distribution system i think it is through the people in and out of the mom but it's a very very large market. you know many thousands of visitors to the market. and it supplies about the budgets of fresh food so i think the really the biggest there was the baby a lot of on the table business market and then potentially spread around the city becau

to prevent and hold officers accountable for discriminatory policing and reduce and mitigate its i margi i want to thank her for her testimony and i want to thank senator booker for including those provisions that would end this practice in the justice in policing act. there's a second bill that i've introduced for several congresses, the law enforcement enforcement trust and integrity act. it provides for rformance-based standards for police officers. it embraces acreditation standards based upon president obama's task force on 21st century policing. it does provide for training and oversight and proper investigations for those police officers that have crossed the line. it enhanced the pattern and practice discrimination cases so that consent decrease can be -- decrees can be effective in ending these wrong practices. madam president, i'm pleased that these two provisions shall included in the justice in policing act and so many other important changes for reform and accountability in law enforcement, the no-knock warrants, standards that we hold officers accountable who have lost the

. >> reporter: she isn't alone, margie and her partner launched their pr company, the optimist, earlier nimble. we weren't hindered by being in one specific location, and with the pandemic, it's just become a lot more accepted to have a virtual business. >> reporter: in atlanta, aaron fender, founder of portrait coffee, unable to physically open his new store, even discovered a new business opportunity. >> we had to quickly pivot and realize the only way we would survive as a business was to sell coffee online and not only to that but to do it quickly. so we launched our e-commerce website and offered local delivery throughout the city of atlanta. >> reporter: and here's a stat that's rererevealing. more than half of fortune 500 companies began in moments of recession or market declines, companies like trader joe's, airbnb, venmo, even disney, the parent company of abc news. they all started, whit, in times where the economy was not on solid footing. >> so, rebecca, let's say you have an idea to start a business, where can you actually find resources right now? >> so, one area of resour

. >> my name is margie driscoll. i work in the arts and fine arts space. i'm also a mom and married to an essential worker. i've gone geoff gordon-creed for over a decade. as a lawyer he helped me sort through professional legal issues and ethical issues. as a friend he has provided balanced and thoughtful perspectives, honed from a legal kind. he has a curiosity to ask the right questions, the intellect to sort through conflicting information and the heart to embrace a broad understanding of human nature. his ability to approach others with open-mindedness rather than bias and cynicism is crucial in a strong democracy now more than ever. he has the courage to make the tough decisions that benefit the city. i found myself drawn to the words of martin luther king to guy this decision-making for this important seat on the police commission. the ultimate measure of a man is not where he stands in moments of comfort and convenience, but rather where he stands in times of challenge. until he can rise about the narrow confines of his concerns to the broader conc