st. louis fed president. president.ncine: nearing a peak, the world health organization says europe's outbreak may be stabilizing. 45 days since the first coronavirus death on the continent, today over 25,000. the pandemic rages on in the u.s. new york city reports a 16% increase in deaths in six hours. the white house and congress consider a fourth round of stimulus. and china pmi's come in stronger than expected. crude oil climbs from an 18-year low as a volatile quarter for markets comes to a close. well, good morning, good afternoon, good evening, everyone. i'm francine lacqua in london. with your main stock movers, let's get to annmarie hordern. annmarie: i want to kick it off to the upside. shell out with an update, talking about the fact that they do not see the pandemic to hit them on the first quarter in terms of their oil product sales. will kennedy saying the worry will come in the next few months. from here out, demand is catastrophic, the second one on the board, up 6%. tell a fresh hitting a fresh record o

st. louis fed president. ♪ vonnie: live from new york, i'm vonnie quinn.n, i'm guy johnson. this is "bloomberg markets." vonnie: as we all know, the travel industry being hit immensely by the coronavirus. one of the world's largest aircraft leasing companies, avolon holdings, is considering measures to help. backonald slattery is just -- ceo domhnal slattery is just back from the conference. what was the message you are receiving? domhnal: i would describe it as two core themes. i met with a number of asian and a number of asian airlines. the perspective coming out of china and singapore was a sense of may be the worst is over. cautiouslyeeling optimistic that they were in the endgame of the virus. thattrically opposite of were european airlines and some of the u.s. majors, who are now for the first time really beginning to see some direct impacts. on tuesday, we had a number of the major wall street investment banks deciding nonessential travel was off the cards. that has an immediate and direct impact where we expect a lot of money. think it is a tale of

st. louis fed president -- new york fed president -- st. louis fed president. think meet makers cutting prices -- with fake meat makers cutting prices. impossible foods has cut wholesale prices for its products by 15%. big companies such as nestle plan to make their own plant-based burgers. now to the billionaire family that has agreed to sell the thesurance business ream -- french insurance business team. testing ah jp morgan, coronavirus plan for u.s. employees today. thousands are being asked work from home. bloomberg has learned about 10% of the staff and consumer banking will work remotely. -- thatabout 1000 2000 is about 1270 workers. now it's time for wall street beat. deals pulled from leverage loans. the refinancing frenzy dying down as billions were pulled in the last six trading days. and kkr at the top of pe median salary pay. joining us is bloomberg's sonali basak. can jp morgan do business from home? sonali: not everybody, for sure. you can't trade a big amounts from home. volatility is going wild. there's a lot that can go wrong. short answer is

st. louis fed president. a: you are watching "bloomberg daybreak." we begin with johnson & johnson taking up with the u.s. health department to supply one billion coronavirus vaccines worldwide. expects to launch clinical studies of its lead vaccine candidate i september at the latest. j&j says the first batches of a covid-19 vaccine could be available for emergency use authorization in early 20 when he won -- in early 2021. a company unveiled a coronavirus test that can tell if someone is infected in as little as five minutes. the medical device maker says it plans to supply 50,000 tests a day beginning this week. the test is so small and portable, it can be used in almost any health care setting. the fda has given abbott emergency authorization to use the test. jeffrey financial saying the long time chief financial officer of its main subsidiary died from couple of the coronavirus. he is one of the first senior wall street executives to die from dependent. he had been ceo of the new york firm since 2007. bef

st. louis fed president james bullard says the u.s.rd to add trillions in coronavirus relief debt, and that it will not hamper the country's ability to grow in the future. he spoke exclusively to michael mckee. james: i didn't want to see pandemic relief, i would not call it stimulus, but pandemic relief. what i interpret the program as trying to do is stabilize incomes, stabilize businesses as we work our way through this investment in our national health over the next couple of months here. on the unemployment, we have a blog on this. if you read it carefully, there is a way to bound the unemployment rate. it will be somewhere between 10%, and the upper bound is 42%, and that is because we are just identify vulnerable workers in this environment. , somes going to happen is of those workers will have to seek relief so they can pay their bills through this printout. we expect the unemployment rate to spike. let's call that pandemic relief. then they can pay their bills. once the virus goes away, we can return to normal. hopefully, if t

st. louis fed president, and bloomberg's michael mckee.ou think the impact is going to be on jobs? mr. bullard: for this jobs report? alix: more like for march. constance: i think markets --mr. bullard: i think markets are discount get, no matter what it clearcause it is not so with the impact will be on jobs. this events are moving so quickly that i don't think 30 days is eternity. we will have to wait and see. hearingi am not companies saying we ditched a bunch of employees because of this. i'm not hearing that. michael: the general feeling among people -- is the general feeling among people you're talking to that this is going to burn out, so why get rid of people you may need? mr. bullard: the general idea would be the job market is really tight, and if i can, i am going to hold onto all these people because it is really hard to replace them, and then i will wait for this to recover. michael: we were talking during the break. if a company does get into dodd-frank, you could do some lending. what can the fed do now? dodd-frank, before t

st. louis fed president says policy is in the right place. policy editor.eat job in his press conference of elucidating the details around us. that thisare rising coronavirus could be more severe than what we were previously thinking. the sentiment was being that we would have to move at the march meeting anyway. this was the basic thinking. i think we got the policy rate to the right place for now. given the information that we have yeah -- now. you say it is at the right level for now. president trump is the person calling for more rate cuts. that does not something test sound like something you are on board with. >> i don't think you should prejudge that meeting at this point. we just had a meeting. it is a very fluid situation. have hung around monetary policy for a long time. it is unlikely we will have that much different information when we get to the march meeting. depending on how rapidly this is going to move. we can keep our options open. i'm not sure you should put a lot of weight on the march meeting right now. i would not want to put a tremend

st. louis fed.ention when he made the comment we could see jobless rate climbing to 30% in this country in the second quarter. could also see gdp slashed in half president bullard, thank you for being with us this morning >> great to be here. >> so, walk us through how you get to those numbers and if that's still what you think the case will be based on what you've seen in the past couple of days. >> sure. we do have expected macrop.m. during the pandemic adjustment period so ears can click on that. excuse me. we want to focus on the second quarter where i think most of the disruption will be it seems like it's taking forever to even get to the start of the second quarter. but we got plan ahead here and offer some focus i want to think in terms of a national pandemic adjustment period mostly q2, real gdp will be reduced on purpose to meet health objectives. we just heard doctors talk about essential services and nothing else so it's essential services plus whatever can be produced at home you got to

st. louis fed president jim bullard. welcome: so happy to our bloomberg audience to the federal reserve bank of st. louis. president jim bullard joining me again at the home of the lecture that happens today. jim, thank for taking the time. mr. bullard: welcome again to st. louis. we've been doing this for a long time, so welcome back. kathleen: and what a time it is for us to do it. let's start with the big move this week. two weeks ahead of a scheduled meeting, just a couple of hours after a g7 announcement from the finance ministers and central bankers, then comes barreling out of the gate an emergency meeting, 50 basis point cut. hasn't happened since 2008. why the urgency? what shifted? mr. bullard: i think jay powell did a great job in elucidating the details around this. risingks obviously are that this coronavirus could be more severe than what we were previously thinking. i think the sentiment for me was that we were probably going to have to move at the march meeting anyway. we might as well move that up and do

st. louis fed chief warns -- gdp harmed.overnments scramble to respond, australia prepares additional budget, australia -- new zealand readies qe. china could be ahead of the game. the pboc expecting significant economic recovery in the next quarter with targeted easing. >> i want to get a check on how u.s. stocks are looking very we came off of our worst week since 2008 and futures don't look to be any better. we have opened up in the market here in new york and we are off 4.3% on the dow and the s&p. the nasdaq trying to hang in a little bit later. we are off 4%. the russell 2000 domestic small caps, more u.s. focus, they are in the worst of this. they are off 5% or more. it was a rough week. the indices are off 18% or so. let's look at what it means for the commodities market. we just came off $20 a barrel on wti last week, the worst week since 1991. and going back to the worst now since 2002 hundred weekly basis. we expect additional 2% with brent, 5% down or so. equities or the crude markets. i want to see how it is sha

st. louis fed, jim bullard, 11 a.m.>> long-term point of view, equities, dividend paying equities, strong balance sheets, good earnings growth, is where you should be from the long-term point of view. tom: important comments yesterday in this. multi-asset,ing all-time. jim of morgan stanley, what we're doing here, instead of planned blocks and fancy charts, we are letting the dialogue go. we look to credit. we looked at the credit market and corporate yields. now we go mathy on hedging. so important. you do things in the market, jim, then you go out and useful faith in credit and debt to protect yourself? jim: that is the right idea. extending into equity, we think of risk clarity. 60-40 portfolio. high-quality asset to hedge the risky asset and dampen volatility of returns. when interest rates go low, you were showing the 30 year bond low,, when yields are that the bond correlates hi with equity. if bad things happen, yes fall, but only so much. there is not as much of a hedge. if rates rise, you have a significant los

that's probably greater than we've ever seen i mean it will be greater bullard last night the sense st louis fed governor said he thinks it's 30 percent unemployment and 50 percent drop in g.d.p. i think that's a bit extreme and goldman morgan stanley have come out. recently was sort of less extreme but you know that there needs to be extreme policy to lean against that kind of contraction and we've also seen a contraction liquidity in the markets people don't realize this but quite a few of the corporate credit markets muni's those markets have been are frozen in some cases i don't see no bid but you know virtually no bid for certain securities and so that tells you that the fed really isn't doing their job we've had an exogamous non economic shock. and really this. it's what central banks of were invented for to lean against these type of things so i think they've been very slow to the punch. and i'm glad finally this morning that they have come out with such a policy i'll say one more thing i think that. you know we all know this policy is working not because the stock market stabilizes which

st. louis fed president james bullard at 4:00 p.m.don time. [ fast-paced drumming ] [ fast-paced drumming ] matt: welcome back to "bloomberg market: the european open." 30 minutes from the start of cash equity trading here. you can see we have futures rising, although not the kind of gains in the u.s. 1%futures up more than because those markets came down 3% yesterday. the greenin yesterday, so we will not see the kind of gains the u.s. will see. possibly due to super tuesday, possibly a dead cat bounce. that has been the pattern. huge drops, little bounce. the events you should be watching today, the european commission will unveil its draft eu climate law and cement on the -- a new goal of climate neutrality by 2050. watch also for greta thunberg's address at noon u.k. time and in imf managinghe director holds a news conference at 2:00 p.m. u.k. time banks, today,ral the incoming bank of england governor mander bailey expected to speak at his appointment hearing with the -- parliament treasury committee. watch his comments on corona

pandemic which is just bizarre in the past week before as this crisis was unfolding we saw the st louis fed president bollard says credibility of central banks seems to be eroding so comparing it again to 2008 and the 2008 crisis when we saw gold sell off by 30 percent over the course of 6 months i don't think we're going to see that this time because as he points out rightly so i believe that the fed has lost credibility and there is nothing but faith in the sense of a fee up currency world so i think central banks have been the biggest buyers of gold since 2008 so you have strong hands holding gold at the moment rather than those we cans of the hedge funds that had to sell off gold in order to meet margin positions back in 2008 so this is my instinct it could be wrong but this is what my instinct is telling me well you know people are losing faith in central banks so central banks replaced every institution and society they replace the church they replace the schools they place the markets with no price discovery and so it's very this is part of the transformation of the global economy in

for joining me during these times there's a lot to dig into but i want to get started with the st louis fed chief who last night said that unemployment could reach 30 percent and that we could see 50 percent reduction in g.d.p. what do you make of this. well i think right now that most of wall street most investors and frankly a lot of small town america has is literally written off the entirety of the 2nd quarter i can't tell you how many how many close colleagues friends family members i know who've lost their jobs in just a matter of days and i don't think that in our lifetimes we will ever experience a quarter where the largest economy in the world comes to a sudden stop so even though 'd president bullard's statistics that he threw out last night may sound daunting it's it's absolutely conceivable that we see such terrible numbers in the 2nd quarter and that is why i think getting our arms around this virus and getting it contained is so very important so that we can begin to see clarity and come out of this hopefully before 2020 ends especially because we don't know how long this will

for joining me during these times there's a lot to dig into but i want to get started with the st louis fed chief who last night said that unemployment could reach a 30 percent and that we could see 50 percent reduction in g.d.p. what do you make of this. well i think right now that most of wall street most investors and frankly a lot of small town america has is literally written off the entirety of the 2nd quarter i can't tell you how many how many close colleagues friends family members i know who've lost their jobs in just a matter of days and i don't think that in our lifetimes we will ever experience a quarter where the largest economy in the world comes to a sudden stop so even though president bullard's statistics that he threw out last night may sound daunting it's it's absolutely conceivable that we see such terrible numbers in the 2nd quarter and that is why i think getting our arms around this virus and getting it contained is so very important so that we can begin to see clarity and come out of this hopefully before 2020 ends especially because we don't know how long this will

volatile market a lot has happened in the last 48 hours alone now i want to start by asking you st louis fed president james bullard he's been very vocal lately appeared and the media almost every day you could say well he said the economy will take a huge short term hit but it will essentially bounce right back up now this is after he just said that the unemployment would skyrocket to 30 percent now to be clear that's worst than during the great depression and $133.00 it was about 25 percent now is this bounce back going to happen or are we going to see more of an al shaped recovery. the answer the honest answer is that nobody knows and i remembered amazed that mr willard would be as confident about such an iffy proposition as he seems to be it would be nice to believe all of that but there's no historical basis for doing it let me pick up on one point you made in 133 the death of the great depression unemployment was registered at its peak of 25 percent mr bullet is right and there are others that were great with them we are going down a. conditional on the employment now when unemployment

st. louis fed president. dallas fed the president robert kaplan going to join is at 5:30 p.m.ew york time, that six: 30 a.m. for viewers in hong kong friday. he is a voting member of the fomc and did approve tuesday's rate cuts. let me get you across some breaking news now out of the u.k.. concerning the budget airline slide, i think that is how you say it, is entering the administration that usually carries 9.5 million passengers a year. it was saved last january, but not good enough. will bes of travelers stranded around airports in europe as a result. it is a major u.k. budget airline going into the administration. to asiat our focus back now. some of the measures being used to counter the economic impact on the virus. you are getting a victory note eugenia is still with us. we are getting coordinated action around the world, but when you are hammering and everything was like a male, is it actually going to make a difference to this problem? they already said it. the central cut is not likely to give cure to the virus. i think what has really happened is that the cut provid

for joining me during these times there's a lot to dig into but i want to get started with the st louis fed chief who last night said that unemployment could reach a 30 percent and that we could see 50 percent reduction in g.d.p. what do you make of this. well i think right now that most of wall street most investors and frankly a lot of small town america has is literally written off the entirety of the 2nd quarter i can't tell you how many how many close colleagues friends family members i know who've lost their jobs in just a matter of days and i don't think that in our lifetimes we will ever experience a quarter where the largest economy in the world comes to a sudden stop so even though president bullard's statistics that he threw out last night may sound daunting it's it's absolutely conceivable that we see such terrible numbers in the 2nd quarter and that is why i think getting our arms around this virus and getting it contained is so very important so that we can begin to see clarity and come out of this hopefully before 2020 ends especially because we don't know how long this will

st. louis fed this can well afford adding trees of dollars of debt.e spoke exclusively to bloomberg's michael mckee earlier. >> i did want to see pandemic relief. i wouldn't call it stimulus, i would call it pandemic relief. when i interpret the program is trying to do is stabilize incomes and stabilize businesses as we work our way through this investment in our national health over the next couple of months. have aployment, we do blog, if you read the blog carefully you will see there is a way to bound the unemployment rate. somewhere between 10% and the upper bound is like 42%, but that is because we are just identifying vulnerable workers in this environment and what is going to happen is that some of those workers are going to have to seek relief so they can pay their bills during this period. so we are expecting the deployment rate to spike. with pandemic relief, they can pay their bills, and once the virus goes away, they will be able to return to normal. hopefully if this all works smoothly, and there's a lot of legislation as well, we will be

st. louis fed. look for that on bloomberg. this is bloomberg. good morning. ♪ tom: good morning, everyone. "bloomberg surveillance." we say good morning from new york, from london. again, under these arduous at home ines from new york, francine from home in london. a real deterioration in news that we saw over the wiccan. we will get to that on surveillance this morning. the ideas of 10 hospitals in central park. 'se oil market -- bloomberg advantage to have will kennedy and our team, arguably the best coverage of oil. our leadership there is with javier bloss. his leadership has been next ordinary, from $60 and $70 a barrel, down to where we are on the edge of the cusp of $20 a barrel. we're thrilled that he could take time out from bloomberg news print. why is brent coming down so sharply relative to west texas intermediate? javier: it gives you a better view of the global economy. -- is really feeling a lot of the pressure in europe or the lockdowns in earlier, and in the united states, that is what really is driving brent so sharply down. pr

st. louis fed. they do tend to be somewhat k crumudgeonly.day and this month of march the numbers will not look so bad, maybe a loss of 150,000 jobs. still that would snap a more than nine-year winning streak. the jobs wasituation is going t be getting worse and worse at least for the next few months, while i hope it doesn't get up to that 30% number, most of the economists i speak to really do expect us to peak at 10%, 12%, maybe 14%. my hope is that this will be short-lived but i don't want to pin this on hopes. we all have to prepare for the worst. i know that's hard to do, but we'll get through this. >> that is hard to do, and i'm thinking, you're calling them curmudgeonly, i bet they like that, jill. thank you very much. i know you mean it with great affection, i know. thank you very much. >> that's it. >>> stepping away from the pandemic for just a second, an attorney who fought on behalf of jeffrey epstein's victims for more than ten years is giving us new insights about the convicted sex offender. when it comes to parenting, you're a

st. louis fed saying we could possibly see a 50% lunch -- plunged. -- plunge. ♪ froms.ing back being limit down paid elsewhere, european markets dropping. u.s. government bonds coming off a bit of a bid. francine: thank you so much. stocks dropping. i make an equity futures, after a weekend where we saw the death to coronavirus surging in a failure by u.s. congress to agree on a $2 trillion stimulus plan. government bonds rising. are just, monday morning, a lot of focus on volatility, on government bonds. a lot of the focus will also be on government policymakers and central banks to do more to theld these economies from impact of coronavirus. italy beginning shutting most of its industrial production, having a big impact on government bonds. a full round up of some of your cross asset necessities, for example of the italian 10 year bond yield. treasuries gaining. brent crude extending losses after its 20% decline last week. we will look at whether opec+ can resume. no real signs of that. we are looking at political parties in the u.s. coming together, if they can. this

st. louis fed. are very large numbers by historical standards but he says it is a unique shock unlike any other experience by the u.s. economy in the last 100 years. the point being as fast as this shock hit the labor market, as fast as it can go the other way and turn around. i want to point out a couple of things. we'll get initial jobless claims on thursday. that will be another rough number. i've seen estimates of 3.5 million unemployment claims. a lot of folks when they lost their jobs last week couldn't get onto the systems. some systems in some states were crashing. the technology is 30 years old. the fact we're seeing more and more companies furlough workers. i want to make an interesting point about the job situation. there is furlough and fired. those are two very different things. we heard macy's, they say they'll furlough most of their workers. it doesn't mean your job is gone. for now apply for unemployment. macy's will be providing healthcare to their employees but they aren't saying w

st. louis fed president james bullard. midnight in hong kong. coming up, joe biden roaring back on super tuesday in part thanks to his former rival. this is bloomberg. ♪ >> i believe we can do this together. >> rallying the country together to defeat donald trump. >> to heal this country and build something even greater. >> in the name of that very same goal, i will be casting my ballot for joe biden. >> joe biden. >> joe biden. >> we need you, we want you. join us. paul: welcome back to "bloomberg markets." >> markets remain nervous about the coronavirus. cut,ed's emergency rate will it be enough to combat the impact of the spreading outbreak? jerome powell lowered it by 50 basis points. 10 year yield fell below 1% for the first time ever on the move. ally -- independent experts are recommending andctions of between 600000 one million barrels per day in the next quarter to counter drops in demand for energy. japan says the tokyo olympics may be held back by the coronavirus and could be held later in the year. the minister in charge said the eve

st. louis fed and from others >> it's another thing they could reignite >> whee ny not just announce a standing rate. this is where money clears at. >> it's not about price. >> it's psychological. >> they have to focus on the volume of liquidity that's available and are certain banks standing back like wells wells is in the penalty box. they are not providing liquidity. >> it's a post-crisis mandated amount that requires banks to hold onto certain short term treasury and treasury like instruments in the event that it hits the fan >> the biggest fear is the pipes of the financial system get clogged up >> it's a fear >> they already were >> it sounds to me as through your new reporting there is greater level of concern about that by virtue of some of the vents. >> some people in the market have greater level of concern that is perhaps obvious in the places you would normally look europe is place. apparently the bank of japan discourages its own banks from borrowing from the fed and that is something that has to change and so, i think from the g7 meeting, the one thing we didn't get was a central

st. louis fed president james bullard. oo high expectations out of that fed march meeting from him. more to come. this is bloomberg. ♪ >> this coronavirus could be more severe than what we were previously thinking. have to think of a more severe adverse cigarette -- scenario. >> we have to think about the demand-side about how the buying habits would change and what would happen for companies. >> the most immediate impacts now are for the travel business. no one wants to go on cruise ships or vacations. >> we have seen air traffic come down in the asia-pacific region. >> there has been a concern about the longevity of the outbreak. >> in all likelihood, this will be temporary. >> it will be temporary, eventually we will get through this, but how severe will be and how long will it last? ones onome big bloomberg to be assessing the virus. richard steinberg. we continue to see massive volatility because we have seen the fix coming down a little today, but after searching. since the highest level 2015. even bonds volatility at

st. louis fed does ignore the impact of the fiscal stimulus. it's to try to estimate the impact joining me more, matt mayly and hugh jackson it's good to see you both. matt, i guess it's important to know, to have a sense of how bad the information could be because it's going to look really bad and i guess the idea is to try to take the sting out of it when it hits so people understand this is the size of the hit we're potentially talking about but here are the things to get it down as quickly as possible, right? >> yeah. there's no question. it's good. you want to hear the instead of gradual things to roll out, it is going to be 10% unemployment, let's get the worst-case scenario out there so the marks can price it in. a lot of these things are starting to get priced in and does concern me that it's going to make it -- give us the -- a chance of any kind of v-shaped recovery is tough. with that number losing job and the concern that the coronavirus could hit us again next fall and people worried about to be laid off again even if they get the

st. louis fed president bullard who said it should actually be a holiday. not know how much that would be. it would be in the tens of trillions of dollars, if not more, when you think about it. measure, of band-aid but everyone we have spoken to so far is saying that they need to start thinking about fiscal stimulus part four, so this could be potentially the same size bill or even bigger. and again, it is not even the size, it is thinking about the details, how quickly they are taking about who it applies to, so we are just thinking of those details. ok, that is our very own koch a demetri -- koch a demetri dmitrieva.ia phone isng us by congressman trey hollingsworth, a small business owner himself. congressman, thank you for joining us via phone. what is this for? rep. hollingsworth: we want to make sure we are doing everything to help our employees, and to help everyone busygh this stressful and time. we need to make sure that the devils in the details here, that we get this money out as quickly as possible to those that needed as soon as possible, becau

st. louis fed president earlier today and i varied look, let's say the senate agrees to stimulus.tuff that the treasury and federal reserve has done today, will it make a difference? and he didn't back away from that number. that's 47 million americans, jake, that could lose their jobs. imagine the consequences that have. they need to agree to this deal and get paychecks out asap. >> julia chatterley, thank you so much, we always appreciate it. >>> the dow is about to close, we'll show where you it lands today. >>> more than half the cases in new york are young people. what experts think may be behind that, that's next. (burke) at farmers insurance, we've seen almost everything that can happen to your home...or car. bundle home and auto with farmers and you can save an average of twenty percent. so get a quote today. ♪ we are farmers. bum-pa-dum, bum-bum-bum-bum ♪ and mine super soft? with the sleep number 360 smart bed, you can both adjust your comfort with your sleep number setting. but can it help keep me asleep? absolutely, it intelligently senses your movements and automatica

st. louis fed president yesterday, the guy who has said we could see a 30% unemployment in this country. to him, what about with the stimulus? what about with what the federal reserve has done? he didn't back away from 30%. that's 47 million americans. when you and i know that 40% of households can't cut a $500 check. when you start to do the economics here, you can understand that we can't exist like this forever. that's part of the fragility of the system that needs changes going forward. they have to agree to the deal, meet in the middle and start getting checks out to people. that's the bottom line. >> yeah. there's some economists saying even with this 2 trillion should it get done, you might have to go back again with more stimulus in this economy. we'll see this week, these layoff numbers will come in this week and they will be epic, won't they? >> reporter: they will be absolutely shocking. it's the speed as well. 28 million people on the front line, restaurants, tourism, all of the things taking the brunt. they're wage workers. they'll lose their jobs instantly. they operate pay

st. louis fed said this could get to 47 million. people in new york are writing to me calling me saying they can't even get to the website to apply. the number is busy. what can your constituents do? >> well, listen, i understand there's frustration and concern but everyone needs to take a breath. there is going to be help to the people who are seeking it on those websites and on those phone numbers, and it's retroactive. so the fact is that in addition to things like banning utility shutoffs, banning eviction and mortgage foreclosures, there are lots of steps in place already that will protect people if they get a little behind. and all of these benefits will be retroactive to the date someone loses their job or loses their income. these are meaningful, sweeping, comprehensive benefits. and the bill stephanie was passed respectfully on friday. and so it is going to take a couple of weeks to get all these things up and running. but i spent two hours in a town hall -- virtual town hall yesterday with my constituents. we've done about

st. louis fed president said and suggested that we could see a 30% unemployment rate in this country in a worst case scenario. i spoke to him earlier this morning. i said, but what about if we add all the insurance, the stimulus from congress, the measures that the federal reserve has put in and he wouldn't back away from that percentage. 47 million people could potentially be unemployed, when we've got 40% of u.s. households that can't $500 check. if you compare those numbers to the number of lives that we're trying to save in terms of the health crisis here, it's a horrible conversation, it's a painful conversation, but i'm telling you, it's a conversation that's being had here. >> it needs to be had. and richard, i mean, we're looking at the markets. they're not loving what's going on for sure. how are they going to continue to react without a deal? >> more of the same and similar, and if there's no deal, then expect the worst. everybody is looking for direction and for leadership. that's what the markets want. they want to know that somebody is driving this thing forward and putting i

st. louis fed president james bullard, by 50% as unemployment spikes to 30% this is unheard of predictions right now. come in the fed before the market opened, we saw futures really move to the upside on this. buying whatever they can, doing whatever they can, whether treasurys, mortgage securities, loans for small businesses, money for consumers but it wasn't enough to help. what investors want right now is two things. they want congress to get this relief package together, stimulus together, they also want a cure. i want to show you some green. when we talk about treatments and vaccines, these are some of the stocks that did well today. regeneron, they're promising a treatment using one of their rheumatoid arthritis drugs. also heart therapeutics, are working on a vaccine for coronavirus. as you can see there, there is green for you. also take a look at netflix. i know a lot of us are stuck at home, watching a lot of netflix. baird says there is very little sports on television this is good for netflix, up 8.25% today. apple moved in the other direction. instinet said they are severely c

st. louis fed chief bullard saying markets seem to be pricing in the worst outcome i'm not sure that's wanted that's him speaking there. came off the lows there and still down 500 points. that comment about tax relief for the travel industry, tar getted fiscal stimulus what a lot of people talk about down here you see attempts today to buy the airlines, to buy some of the travel and leisure stocks like vail resorts, hyatt hotels that happened before the comments that kelly was making look at the heaviest volume etfs today related to travel. the airline etf, that went positive a little while ago. travel and leisure etfs there had been positive. slightly down today. that's not only airlines but that's hotels, as well, in the whole business so some selective attempts here to buy at the bottom. >> we are all watching to see if the sectors hold the gains we appreciate it thank you. >>> let's dive deeper into selloff today and we're seeing some parts of a rebound, different story in the plunging bond yields. join mega is jim carol and andreas garcia jim, let's start with you. what are the implicati