i can hear mike mckee rolled his eyes. do you deal with a short-term deflationary growth scenario versus longer-term, these massive budget deficits? i don't know how that doesn't come to inflation at some point. irah: neither do i, but also, expected that after 2008 and 2009. i think when you have demand problems and you have oversupply globally, it is harder to get inflation than when you really are chasing fewer things. i think to the extent that people and governments are going to ask corporations to move their supply chains because of the issues we have seen because of this pandemic, and that corporations are going to look to move their supply chains, that is not going to take capacity out of the system. you have the ingredients for a continued inflationary move, and i think that is what has governments worried. all of that debt is much more problematic than in an inflationary environment. clearly that is not some people want to see, but if you look at the last 10 years, you could argue you have seen or problems on the

david: that was loretta mester talking with michael mckee. ,ow we have michael mckee archie economics and policy correspondent. that was loretta mester. chair powell did not talk much about yield curve control. he did say read my lips on negative rates. michael: that is a message they keep having to deliver to the markets and i'm thinking they are getting annoyed. they tell us over and over we will not do negative rates and people in the markets do not believe them. they have a history of giving into what markets demand. once again, it is bad for the banks, it is bad for our money market system, and we do not think it will work. he poured more cold water on the idea of negative rates and went back to what the fed has been saying all along its next move would be. forward guidance and using the qe process. yield curve control is a little bit of a variation on that. loretta mester said she is not convinced yet, but it is certainly something they are looking at, which is what john williams told us earlier this week. david: he also talked about a risk of a second wave of the virus and they

and bloombergs michael mckee -- washington center for economic -- and bloombergs michael mckee.raps it up for me at "bloomberg daybreak: americas" on this jobs friday were 20 million people were unemployed in april. do not forget to tune in later. white house reaction to the jobs report with larry kudlow. in tune in tonight for my coronavirus special, "crude in crisis" at 9:00 in new york. oil jobs definitely on the line, particularly in texas. this is bloomberg. ♪ jonathan: from new york city for our audience worldwide, good morning. good this is not -20.5 million. this is not normal. you may have been expecting it, but there is nothing normal about this. it would be embarrassing for me to start the show like it was any other day, any other payrolls friday. this is not any other payrolls friday. this is not sport. these are people's lives, people's jobs. people's anxieties that make up the statistic. pe

jonathan: let's bring in bloombergs michael mckee who can weigh more on the data.saw the payrolls report pickup for a different reason. personal income picking up for another reason. has a shape your thoughts on the economy and the recovery? michael: it tells you how dependent the american people were on government handouts during april. we saw government transfer payments to individuals rise 89.5% during the month. that is where the increase comes. 8%es and salaries fell during the month. the money that was out there came from the government at this point. as for the spending, the savings rate went up 33%. people put the money in the bank, which is why we are not seeing big spending numbers. it tells you how bad things were during the month. it does not give unification of where we will go from here in may. -- indication of where we will go in may. tom: i would suggest this interview with a gentle lady cleveland is important. you and jonathan ferro will speak to dr. master at 9:50 -- at 9:15.r tell us why it matters. michael: the fed has to decide if it will put a

that is our chief economics and policy correspondent michael mckee. coming up, we will talk with the senior foreign policy advisor to the biden campaign about all of the developments with china and the growing hostility between united states and china. what it all means. that is coming up on "balance of power" on bloomberg television and radio. ♪ david: this is "balance of power" on bloomberg television and radio. time for first word news with mark crumpton. mark: a grim milestone in the coronavirus pandemic. the number of infections worldwide has doubled over the last month and now top 5 million. the united states accounts for almost a third of the cases. health experts widely believe it is higher than the official numbers as covid-19 has proved difficult to detect and track. the official death toll is at more than 328,000. u.s. fatalities have topped 93,000. president trump is said to visit the ford motor company's ventilator facility in detroit today. the big question is whether the president will wear a mask. the automakers require everyone at its

mckee -- so much, mike thanks so much, mike mckee. here is where we stand globally on coronavirus to set the stage for the rest of the conversation. brazil reporting a record day of infection, now the world's fastest-growing virus hotspot pirate -- virus hotspot. that is leading president trump to consider a ban on travelers. country mayy the have avoided a second wave of infections. they are also reopening some schools. infections in india are also rising at the fastest pace in asia. officials are worried a cyclone threatening the east coast could make matters worse as some areas need to be evacuated. coming up, more of your morning news, trade and analysis on the markets in today's first take. this is bloomberg. ♪ alix: time now for bloomberg for stick. joining me is bloomberg's michael mckee, and stuart kaiser, ubs equity derivatives strategist. it seems like daily, the swings we are seeing in the equity market are picking up again, maybe over 1%. what do you make of the price swings we are seeing? stuart: good morning. i would say

vonnie: michael mckee, i think we have to leave it there. michael mckee is our international economics and policy correspondent. coming up, the outlook for oil prices in our exclusive conversation with opec secretary-general mohammed barkindo. this is bloomberg. ♪ ♪ vonnie: live from new york, i'm vonnie quinn. this is "bloomberg markets." oil is headed for a third straight weekly gain a supply is being cut around the globe. joining us now is an exclusive interview with opec secretary-general mohammed barkindo. we are joined as well by bloomberg's annmarie hordern. mr. secretary-general, can you tell us how well the countries of opec and opec+ are adhering to the agreement struck to cut supply? mr. barkindo: thank you very much for having me, and good afternoon from rainy vienna. historic agreement came into effect on the first of may, just a couple of days ago, and i can tell you that we are all ramping up all participating countries, all ramping up their level of compliance. so far, so good. annmarie: mr. barkindo, nice to see you. the nex

vonnie: michael mckee, thank you so much for the context. mckee is bloomberg's international politics and economics correspondent. this is bloomberg. ♪ vonnie: live from new york, i'm vonnie quinn, alongside guy johnson in london. this is "bloomberg markets." broad markets rising pigeons between the u.s. and china -- rising tensions between the u.s. and china. joining us is bloomberg's james seyffart. there is one tf higher right now. what is it -- one etf higher right now. what is it? james: there's different ways to slice and dice these stocks. all of these make it very difficult, and different etf's have different exposure to different types of rocks. holds stocks traded on hong kong in hong kong, and that is down 2.3%. e -- from ishares,, holds stocks in hong kong, and that is down the lowest. guy: goldman sachs just launched their first set of core equity beta products in the united states. walk me through the pricing of these. these core beta products, are what most people tend to think about when they think etf's. they are supercheap

vonnie: let's get to our resident fed expert, michael mckee. we are awaiting remarks from the fed chair jay powell, and conversation with princeton's alan blinder. we will be bringing you those comments. michael mckee is with us, and michael spoke with loretta mester earlier on. i would like to talk to you about about that conversation before we hear from the fed chair. it is going to be a really interesting inter-look you should come alan blinder. what did you learn from loretta mester about what we might see from the fed and the fomc? michael: that is the question. june 10 is the next decision day for the fed. if jay powell wants to send a message, he will have to do it today. the message from loretta mester's we are going to do another round of monetary policy stimulus, but it is probably too early right now. the other thing wall street wants to know beside timing is what tools we are going to use. she suggested they will use asset purchases over guidance, which everybody has said. so then the question becomes what kind of asset purchases, a

michael mckee has more. just in case we weren't sure that people were hoarding toilet paper, we get walmart. michael: i think there's a headline out on the bloomberg from the earnings report from walmart that tells you everything you need to know. walmart online e retail sales up 74% in the first quarter. remember, this lockdown only started in the beginning of march, maybe even the middle of march. so 74% rise shows people went immediately to the web to try to get toilet paper and whatever else they could get. kohl'strast with couldn't be starker. outart has started to build a real competitor to amazon with online sales, and doing much better. comparable their store sales without gasoline, of course, you've got to take out the price drop, they just did very well, what you would expect. kohl's struggling. interesting headline that they are going to discontinue jet.com, though. i guess they have just decided to consolidate everything they are doing under the walmart brand. like they got the talent they needed

michael mckee, digging into the key details of the report. a similarrry on with subject.d futures pricing and the possibility of negative rates. this is bloomberg. ♪ vonnie: live from new york, i am vonnie quinn, along with i johnson in london. it is time now for our stop of the hour -- our stock of the hour. kailey: lower by 7% today, giving back some gains after what had been a remarkable rally. this is a stock that had more than doubled since the march low. retreating before the coronavirus proved to be a double-edged sword. on the one hand, roque who benefiting from the fact that people are stuck at home and streaming content. they posted a 38% gain in active accounts and 13.2 billion streaming hours. that was up 80%. both of those numbers roughly in line with expectations and revenue came in higher-than-expected with both of 55%. but the ad business is under pressure. the company saw a higher than normal cancellation rate through march and the rest of the year is looking trouble as well, the company acknowledging the pandemic is weighing on advertising and expenditur

michael mckee has more. similar to what we saw in asia, what we are seeing in turkey, for example, lower pmi. michael: absolutely, and the think. are bad as you record lows in france and italy, 11 year lows in germany and spain. a headline measure of euro area activity fell to 33.4, the lowest since the series began in 1997. the measure of output plunging to 18.1. 50 is the ostensible dividing line between contraction and expansion. in a report, the european manufacturing is going to take a long time to overcome covid-19, and the recovery from shutdown will be "frustratingly slow." germany and france have asked economists to look at how the two countries could perhaps coordinate some sort of canonic rebound stimulus to reboot their economies. the french finance minister bruno le maire has words that may not make donald trump very happy. he says they will not increase taxes on individuals to pay for the damage of the coronavirus, but says they want to move ahead with a digital tax scheme and a global tax on m

michael mckee, international economics and policy correspondent, has more. was there anything new on cbs? michael: nothing really new, just summarizing what we already knew from the fed and from economists and disease experts. he suggested that what it is really going to take is a vaccine before people feel really confident and the economy can start to move back in the direction of where it was before all of this started. he said congress and the central bank may need to do more to keep us afloat during that period. appropriate government policy could buy time for workers and companies, and that might need to span another three to six months. he didn't give lawmakers advice. he was trying to be very political, very careful. but he said they should focus on keeping people in their homes, ensuring they can pay their bills, help companies avoid going bankrupt so that jobs are there when they come back, and he did say that states and localities probably need help. that is something congress should consider. as far as the fed is concerned, there is almost no limi

san francisco federal reserve bank president mary daly spoke to michael mckee in an exclusive interviewe shape of the recovery and why investors are pricing in a negative feds hundred. take a listen -- negative feds fund rate. take a listen. >> they are feeling a lot of pain right now because they have had to shelter-in-place for public health. they are definitely feeling the pain. in thinking about getting past this, they are doing everything in their power to get their finances in order, take advantage of the programs available to ensure that they can get past this and be ready to reopen but do it safely. no one who i talked to is looking at a v-shaped recovery. they really think this will be gradual and it will take time to build confidence back up for both workers and consumers as they reengage in economic activity. they are more optimistic than you might think. they are ready to reopen and reengage. >> i know you want the paycheck protection plan to help, but is there some evidence that it doing that? are companies hiring back workers now? >> the paycheck protection program is real

michael mckee, thank you so much.later on with mary daly, san francisco fed president coming up at 11:00. still on jobs, the pandemic appears to be hurting some groups of employees more heavily than others. check this out. the unemployment rates for black americans and hispanics felt to historic lows during a record long economic expansion and has changed. minority workers have been penalized by a last hired, first fire dynamic. the question is whether that will hold true when the jobs come back. a staggering chart as we delve into this complicated jobs picture. filinglion unemployed for initial jobless claims last week. now let's give an update on what is making headlines outside the business world. here is ritika gupta with first word news. ika: china and u.s. negotiations will resume next week. president trump threatened to terminate the agreement if beijing was not sticking to the terms. agreement went into effect in january. the world health organization is considering a new trip to china to find the animal origi

andael mckee of bloomberg lara rhame of fx investments.out another way consumers are spending. -- an onlinerecast restaurant reservation networks warning one of four restaurants will go out of business due to the quarantine. data is showing there signs people will eat out in states where it is allowed. florida reported traffic was down 83% from a year ago. the state begin a phase reopening last week. florida is followed by indiana and tennessee. staggered data about restaurants. let's do an update on what is making headlines outside the business world. here is ritika gupta. ritika: nancy pelosi is going ahead with a vote on a $3 trillion democratic relief bill. the measure has no chance of getting signed into law, but pelosi counts on part of its generating public support such as aid to state and more payment individuals. that could force senate republicans into negotiations for another round of stimulus. china is denying you try to cover up details of the coronavirus outbreak beijing said it did not know until january 19 how infectious th

we welcome michael mckee who is our chief economics and policy correspondent.h a big deal? mike: in part because there is nothing else going on. the bond market has this to focus on. [laughter] it has not traded or auctioned since 1986. there is a uniqueness to that. the question is whether this is going to be well received especially given the fact the treasury is issuing so many bonds over the next couple of years to pay for the deficit. do people want them? a lot of people say maybe they do because the 30 year bond was -2006.upted from 2001 there are not a lot that would have climbed down from the original 30 year issuance. if you are looking for that duration, particularly if you are a retirement fund manager, you want to be happy to have this. the question is do enough other people wanted to make it a liquid market to keep issuing it? the treasury secretary said they would like to keep issuing not only 20's but at the long end. with interest rates so low in the deficit so high they have to pay a lot of interest costs. it it as you explained may help the tr

vonnie: thank you to michael mckee. quite optimistic under the circumstances.e: he is in a place where they are opening more quickly than other places. i thought it was interesting he said he was going out to dinner. vonnie: exactly. i would like to get some barbecue right now. this is bloomberg. ♪ ♪ 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. mark: i am mark crumpton with first word news. president trump ascending workers to fix a dam. the flooding may force the evacuation of more than 10,000 people. governor whitmer says the city of midland could soon be under nine feet of water. the european union

york fedt was new president john williams speaking with our own mike mckee a little bit earlier. interview, and we continue to get more and more comments from fed governors. we heard yesterday from jim bullard that he expects the recovery to push unemployment ofk under 10% by the end december. 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 inc

and we have with us michael mckee. michael: i didn't bring eric along with me. just happy to have you sitting there. he seems to be throwing a spanner in the works, and yet at the same time, he says these programs are necessary, and yet they may not be enough michael: -- may not be enough. michael: all of the fed people have said what they have done may not be enough. what he was referring to there is why the main street program is and running yet. powell said yesterday, and rosengren confirmed, it should be by the end of the month. because these are risky loans, because these companies could be trouble, and because many of them are private, and don't sincerely have credit ratings you can rely on, it is harder to set up risk management and do the loans because the companies go to banks and have one to one relationships with their banks. the fed doesn't have that, so it is taking longer to set up. but they have both said it is important to do, and rosengren come i asked if it is too late. he said no, they really need the money still. so we will have to look at wh

michael mckee is our international politics and economics correspondent.his is bloomberg. ♪ vonnie: live from new york, i'm vonnie quinn, along with matt in berlin. this is the european close on "bloomberg markets." citigroup spoke exclusively with bloomberg's erik schatzker on the recovery and expansion plans in asia. have a listen. ♪ michael: this stabilization will be an important thing, that we have actually gotten through this, and we have been able to start to bring things back more towards the norm, and not have increases in cases. really, what i want to see is the return in normalization. we don't know as we go into the following the u.s. whether some whether some of the health care experts are right or not that we may see resurgence. so we want to keep a watchful -- take it as it comes, and try to make sure that we support our clients as we go through this. citi has a large and distorted business in asia, but less in china than in some foreign banks. i would like to know if you are reconsidering some of your expansion plans there in light of the t

thank you so much for michael mckee, ever stalwart correspondent for bloomberg news.e time, coming we will talk about whether the tech industry can save us from the coronavirus. we will do that next on "balance of power" on bloomberg television and radio. ♪ david: welcome back to "balance of power" on bloomberg television and radio. states and the federal government are desperately trying to get their arms around the data surrounding the coronavirus. there is a lot of data, but how can they understand it? there is one company helping states do that. it is domo. we are joined by their chief officer, mr. john melloy. -- john mellor. you have maps and charts that are very instructive on coronavirus. john: thank you, david. i appreciate the opportunity. domo is a company grounded in data. our business is about helping companies leverage the data in the systems they have, do that at massive scale and do it at an incredible amount of speed. you've seen the coronavirus tracker that has been on our domo.com website that gives you detailed information at a macro level on how t

that is michael mckee. great to have you with us. coming up, we will talk with dick durbin, the senate minority whip, the second most powerful democrat in the summit -- in the senate. ♪ david: welcome back to "balance of power," i am david westin. we welcome senator did durbin, durbin,iment -- this the senate minority whip. i want to start with the coronavirus and the human toll it is taking. we have on -- more unemployment reported and we have the disease and the deaths. you talked about the situation in the state of illinois and we talk about these terrible numbers but they are disproportionately hitting people of color. african-americans, and hispanics. sen. durbin: we started asking the question when people said there were infection -- infected, and we found that disproportionately african-americans and hispanics are coming up with dramatically larger numbers when it comes to the illness. a friend of mine put it well. he said the coronavirus is not going to break us, that it will teach us about what is broken in america. what is

that is michael mckee from bloomberg. we are still waiting for donald trump to talk about the possible vaccine. we will bring that you when it is live. this is "balance of power" on bloomberg television and radio. ♪ david: welcome back to "balance of power" on bloomberg television and radio. it is time for bloomberg first word news with mark crumpton. mark: nancy pelosi is going ahead with a vote on a virus relief bill that has no chance of being signed into law. only democrats are backing the $3 trillion measure. speaker pelosi is counting on getting public support for some parts of the bill such as aid to states and extending unemployment benefits. that could force senate republicans into having to negotiate another round of stimulus. theyork governor is giving green light for five of the states 10 regions to start reopening. new york city is not one of them. it has not met the seven health-related benchmarks to start lifting restrictions. italy is taking steps to ease restrictions after more than two months of a string

that was the fed's mary daly speaking with mike mckee.ositive session for the european equity markets here in europe. remember, the london market is closed, but elsewhere we see equities moving higher. u.s. futures also pointing higher. we will be back with more next. this is bloomberg. ♪ anna: welcome back to the european market open. we are just coming up to 50 minutes in the trading day in europe. such as it is, london out for a public holiday, so no trading in london, but elsewhere we see gains made in european equity markets. aker sans net assets in the first quarter faulted just under 24 billion norwegian krone, down from the previous quarter. that is as the pandemic and oil market clouded the outlook for the company. we are joined by oyvind eriksen, the ceo of aker. good to speak to you. let me ask you about the oil sector, your exposure to it. what are you expecting in terms of oil prices? what assumptions are you making about when we get a meaningful increase in oil prices? this year, the markets have been extraordinary in all as

michael mckee joints me now.t the week before was revised lower by about 3 million -- 300,000 as well. michael: you will get a low movement. those numbers are always adjusted each week. when you're dealing with very small numbers it is a problem. 300,000 when you're talking about 2.4 million is not of a deal. we are still trying to get the pig through the python. people in states trying to get through their system. they may have filed but have not got money yet. we are starting to see the continuing claims pile up. those are the people that are finally getting checks. you have to keep filing to continue getting checks. there is a lag in the delay. that 25 million is from last week, the week before. there is a week delay. keep an eye on that. when we start to see that decline is when you will be able to say there is a recovery. offay see some people go because they will be rehired under the paycheck protection plan, but it does not look like a lot yet. one other number i would highlight is a new number in these jo

michael mckee joints me.ting for a lot of the data in the intricacies of the trade deficit. this sets the stage for how bad it would get in april, which is what we keep talking about when we get economic data. michael: it also has implications for the first quarter. the trade deficit wider than anticipated. from $39.8 billion to 44.4. it suggests growth slower than the first quarter. not that anyone cares that much anymore. we did not see a big drop in imports and exports. exports were 20 billion less than february and imports were 15.4 billion last than in february. it is a sign the global economy was shutting down. this all started about halfway through march. a lot of the stuff would have been in transit. it would still have come in. it does show you the change can be fairly rapid. the fact that we saw exports fall less than imports is one reason the deficit was a little wider, but not as wide as it could be during the month. a milliononly down dollars in the month. -- $1 billion during the month. i am rea

in-house team our of wall street veterans and insiders, michael mckee and damian sassower.k, you came with charts. this is all about the fed finally by corporate debt etf's. i assume that is what you are watching today. michael: that is definitely what i am watching, plus some fed speak. this is the most important thing that has happened to the markets this year, the fed announcing it would buy corporate bonds, especially in the secondary market. the market has been rallying ever since, so it really had a major effect. today they are going to go to market. we don't know exactly how much they are going to buy. they also released to their agreement with blackrock. there are going to be three different stages of the fed's buying. the stabilization phase, which we may have already been through , the ongoing monitoring phase, and then the reduction in support phase. see, this is how they will decide what to buy. particularly if they start buying etf's right away, they say they will buy investment grade and a little bit of high yield. everybody once to see if that happens today a

bloomberg's michael mckee, thank you very much. i do want to touch on earnings that broke at the top of the hour. under armour adjusted loss a little wider than estimated, coming in at $0.34 a share. theysee negative impact -- say negative impact on results cannot be estimated. a very different story, obviously, for marriott. they had $4.34 billion liquidity , bute beginning of may total debt of $2.13 million, and cannot say the impact of the virus. nevertheless, they are seeing significant issues. they do say they have significant resources to manage, but those numbers are pretty ugly. revenue is down by 6.16% year on year. let's stay with earnings for a second because as we head into the final stretch here in the u.s., i am watching the equity rally the experts insist was probably doomed. it is now starting to look like it could prove more permanent. u.s. companies had been reporting numbers the worst since the financial crisis, and during that time, the s&p jumped ticks .6%. ,ince march, the index is up and gains have fallen onl

michael mckee joints me now. that winds up coming out as we had the deficit heading towards $4 trillion, walk me through the treasury. michael: i am confident no bond trader has seen anything like this. the massive debt will call for massive treasury sales. $3 trillion this quarter alone. that doors anything we have seen before by many magnitudes of standards of deviation. last quarter treasury borrowed $389 billion. they forecast this quarter we would've had that redemption of $56 billion. not happening. here's how they will handle what is coming up. the initial refunding next week of $96 billion is record. we see $42 billion in three years, and $22 billion and 30. it will be about $37 billion in cash. they want extra cash on the books. they will start turning out the debt across all nominal debtors starting in may. each month they will go up as they try to raise more and more money. seven years goes up $3 billion a the new5 billion for -- no change10 and in tips at this point but we will not see much inflation

bloomberg's michael mckee.iew of the jobs market is ravin gandhi, nonstick coating founder and ceo. the company provides coders for the world against makers of pots, pans, and bakeware. let me start with the job picture. for your company, what have you done, have you hired, have you furloughed, have you fired, can you give me an insight? ravin: i am proud of the fact that we have not furloughed anybody or fired anybody because we have a large operation in china. we were the canary in the coal mine. we started to see this virus would be a bigger story than people realized so we put a furlough on hiring at that point across our various locations. at the moment we are expecting to not do any hiring until the end of q2. at that point, like other businesses, we will reassess the economy and then see if we will change our policy. alix: something i've been concerned about is a second wave. companies reopening and bringing back workers they have furloughed, and then they realize the business is not there and have to do

mckee. every black pilot in the cockpit, whether it is the military or commercial industry are standing on the shoulders of you guys. and particularly with what is going on in society today, i want to ask you this question. at the time did you have any idea of the impact you would ultimately have on the lives of those who came after you? mike: did you have any idea of the impact you had on those who came after you? >> i would say not at all. it came out of 10 years of depression when war was declared. it was a different time. the country came together because of what was going on with europe. even though there was segregation, again it was america, our country willing to put the lives on the line. we don't all enjoy all of them in the same way or even to the same extent. but it is still america when you look at what is going on around the world. >> thank you very much. i'm very interested in knowing your perspective. and given what is going on today and the opportunity that the military shou

michael mckee joins us today. at least according to the earnings we have seen, and they are stores that have really remained open, the consumer might be ok. is that a good readout? michael: i think it is too early to say that. we don't know. we saw first quarter earnings which took us through march, anti-lockdown's -- through march, and the lockdown lockdownsnd the didn't start until the middle of march. walmart did well, e-commerce up 74%. everyone went to walmart to stock up on toilet paper and hand sanitizer and all that stuff. we don't know whether that continued into april and may. kohl's, on the other hand, sells clothes, and they had a terrible quarter. an exact week by week break down, but people stop shopping before the lockdown started. maybe people were afraid of what was going to happen and started saving money. whenll see what plays out we reopen stores. will people go back to those stores, or continue to shop online? if they shop online, what are they going to buy? home depot, it took longer for them

a great example of what something new and innovative about this technology and they can see taken mckee's. preparations are underway for the 1st light field video shoot in europe they need to break up the cameras and connect fast lengths of cables and prepare the stage for. the scientists and animation specialists will test whether it's possible to capture this new form and transfer the enormous amounts of data at the same time. refuses to come out using 64 cameras gives us 64 different perspectives. in addition to the color and light properties of each point you can also calculate the distance this has huge advantages for post production you can add the extra factor after the fact into. the light field video shoot has proved a success the team has managed to create a 3 d. model of the cellist the recordings have captured the amount of light reflecting in all different directions from every point in the scene. and this means they can calculate the exact position of each of those points. they've also managed to successfully capture her movements using the spatial data they can replicate th

would be a timely interview with michael mckee. he can really change his tone quarter to quarter. this will be an update with the federal reserve bank of boston. this is bloomberg. ♪ tom: good morning everyone. much news for the world health organization. the president going after them. i read the letter, it is an extraordinary document including the president's mention of taiwan. the president says he is taking hcq, i am not going to pronounce the whole name. thatrapped around a market was extraordinary yesterday. there can be time to look at an individual stock which is home depot. ken lyon with his ability across different sectors. i want to get to banks in a minute. mr. moynahan with bloomberg later this morning. home depot, i thought it was an exceptional first quarter. 6% statistic gets my attention. how do they carry that into the second and third quarter given this depression we are in? ken: they are moving into the strongest quarter. is the economy just beginning to recover. households are beginning to spend on their homes. march travel. the projects they were doing the l

because those are situations in which the transmission of the virus is very likely professor martin mckee is part of an independent group of scientists and public health experts examining government policy on covert 19 they've called parts of it dangerous the easing of restrictions premature and they question official messaging like the new instruction to stay alert and use common sense about social distancing rather than simply stay home to tell people that they need to use their common sense when we're dealing with a virus a piece of r.n.a. that most people are completely unfamiliar with them terms of the transmission the dynamics and so on it's really quite quite problematic it's not just scientists who are worried the care home sector remains in the grip of its deadly epidemic that has seen a quarter of all u.k. lives lost among society's most vulnerable people and doctors and nurses on the health care front line are being told to brace for a 2nd wave doctors and nurses are absolutely exhausted the 1st wave of this virus and this condemn it was. has drained as physically and emotional

that will be a topic for our michael mckee in conversation with loretta mester of the cleveland fed. stay with us. this is bloomberg. ♪ tom: good morning, everyone. jobs day is next friday, the first friday of june. we will have real attention there to the horrific american labor economy. it is not much better and other parts of the world. europe coming out of the pandemic doing better out of the pandemic, has its own challenges. wolfgango is with us right now. i don't know if you have a number on the unemployment rate for europe, but have they basically given up the labor games of the last 10 years? wolfango: possibly. i think possibly, we are heading that direction. likely, then other places. the other way around, i think this time, we have better tools to deal with that. we have a commission program. we have seen loss of shock absorbers put into place. this time, you could issue debt and nobody seems to be particularly troubled with that. definitely an issue. i guess there is a chance it is going to be better managed. what are we seeing -- give in the june of the politics of the d

rosengren of the boston fed, always interesting talk with michael mckee. come back futures -- come back. futures up nicely. we are going to address the pandemic. i want to talk to lauren sauer of johnson university about the kinds of cases that are out there. this is bloomberg. ♪ ritika: this is bloomberg "surveillance." the turnaround plan at rolls-royce has been derailed by the coronavirus pandemic. they will cut 17% of their workforce, about 9000 workers. tohas prompted airlines scale back years of jetline purchases. >> it is going to take several years for demand to return to the sorts of levels that we saw in 2019, and over the three to five-year period, we are expecting a decrease in demand of approximately one third. easta: feast says roles -- says rolls-royce plans to make half of the cuts this year. construction of wind and solar farms is being delayed by factory closures, financial pressures, and needs for social distancing, according to the iea. they say the world will add 30% less knowable capacity than 2019 -- renewable capacity than 2019. the

damian sassower, michael mckee, thank you very much.ny chart we use throughout the program over the next two hours, go to gtv on your terminal. you can browse the features, check them out. gtv . this is bloomberg. ♪ omberg. ♪ viviana: you are watching "bloomberg daybreak." moderna is teaming up with laws a group to make one million coronavirus vaccines a year, one of several partnerships being struck up between drugmakers rushing to bring a vaccine to the market. the two say the first batches will be produced in the u.s. in july. make20, the u.s. wants to shots available for americans, but it could take longer. the pandemic taking a toll on manufacturing in the u.k. the april purchasing managers index, since it began in 1992, it fell to its weakest reading for march. every sub index declining. only companies producing medical or food related goods saw increased orders or output. a grim statistic for a big indian carmaker. suzuki india produces more than half of cars on the country's roads. in march, it reported no sales. it was

thank you so much for that, damian sassower and michael mckee of bloomberg intelligence.ny of the charts we use over the next two hours, go to gtv in your terminal. rows of features, check it out. gtv . ♪ ritika: this is "bloomberg daybreak." ibm is the latest tech giant to cut jobs in the midst of the pandemic. one worker says the number of positions eliminated is likely to be in the thousands. it is unclear how many of the cuts are caused by the pandemic. ibm has suffered years of falling revenue. nissan reportedly met cut more than 20,000 jobs worldwide, according to japan's kyoto. reorganize operations in japan in a plan next week. in hong kong, there has been a spike in downloads of software designed to mask internet usage after china signaled plans to pass a new security law that could tightened its grip on the city. virtual private networks, norge vpn -- networks, vpn, says it saw a surge in downloads. alix: for more on hong kong's markets law, "bloomberg " enter yvonne man joins me. onne: from the opposition, you hear a lot about right now. there are call

michael mckee with sharp questions for loretta mester your of the cleveland -- loretta mester of theveland fed, well-timed questions. this is bloomberg. ♪ ♪ good morning, everyone, " bloomberg surveillance." lots coming up the day and of course the president's press conference scheduled this afternoon. want --darda with us i with us. i want to go back to the and money of velocity and the acceleration of economics, and something lawrence kudlow talked about years ago, high-powered money. we are up to our eyeballs in liquidity with someone say a nationalized bond market. how do you define "high-powered money" in june 2020? michael: you are onto my favorite topics. milton friedman defined "high-powered money" as the monetary base, the portion of the money supply the fed has direct control over. when the central bank goes out and purchases and asset, they are different than other banks and financial and duchenne -- financial institutions in that they print money to pay for it which adds reserves to the system. what the federal bank does not reserve -- control is the broader money aggrega