treasuries proposed budget mr. secretary, how will the treasuries proposed budget increases assist the department in monitoring suspicious cryptocurrency transactions and prosecuting terrorists and other criminal organizations financing illicit activities with cryptocurrency? sec. mnuchin: first of all, thank you, and thank the committee for the generous report on funding increases in these areas over the last several years. we've really built up a very dedicated career staff and specifically on cryptocurrencies we are spending a lot of time on , this, on an interagency basis and with the regulators, we are about to roll out some significant new requirements. we want to make sure that technology moves forward, but on the other, hand we want to make sure that cryptocurrencies are not used for the equivalent of old swiss secret and rebecca counts. hassan: well, thank you, and i look forward to continuing to work with you about that. another question, under the previous administration, treasury department budgets cont

>> treasury doesn't do analysis as part of regulations, but what treasury does do is when we update the budget and there are specific regulations or technical changes, we do take that into account. >> so, did you estimate how much? did you have any estimate about how much revenue would be lost by those regulations? >> again, what i would say is that now having reanalyze those relative to the overall, receipts we don't think there are significant materials changes. >> 102 million is pretty significant and when you look at. >> i don't think there are hundreds of billions, just to be clear. >> i didn't say hundreds, i said 110. you know, this when the president put out his budget monday, after your tax cuts about what you brag and i was forget to mention that this had never happened during periods of economic growth when the budget expose the way it, does something you told your administration does not seem to care about, you then, the president goes, announces, it takes it back, and then goes in his budget and makes huge cuts in medicare, social security, medicaid, and all kinds of things

is the treasury market too pessimistic? will argue that we have seen an allocation trade away from global rates, equities into the u.s. that explains why the fx markets are moving the way they have, why long-end treasuries have seen the bid. if this was the market saying u.s. growth was slower, we should have seen steepening. the market should have been pricing more fed rate cuts than they are pricing in now. you have also seen some convexity below. insurance companies have to hedge. the rate move is getting ahead of itself. i'm still worried, how big is this iceberg? now that infections are outside china, this will keep growth weak for a while. this rebound we are looking for, i'm arguing we have not yet seen the weakness, let alone the rebound. jonathan: this is more technical than fundamental? priya: the movement in treasuries is largely technical. it is a function of positioning and hedging. if the growth data weaens, which i will argue, it is only a matter of time, it will show up in global growth data first, then the

treasury's lower. would argue even if the fed is not cutting, we could see the 10-year get to 1.25 or lower. this technical flow of hedging, it's the only safe haven asset. if risk assets are still high, what am i supposed to buy? businesses are not going to give me any hedge protection. i have to buy the 10-year. there is a decent amount of room for rates to fall even without recession. jonathan: what do you think of that argument? tony: it is legitimate for sure. we will look at 1.25 as a place where you can get safe haven flows. if you have that occur, it is probably because the news on the coronavirus continues to leak out negatively, increasing incidents of the virus. then you start to have greater probability of fundamental impairments, so not only china growth, but more broadly, in europe and the u.s. in that environment, where you see growth risk to the u.s. market, then i think you open up the playbook to sub 1% 10-year levels in a recessionary environment where global central banks are starti

as we said, treasury does not process -- sen. wyden: your stonewalling -- you are stonewalling about stonewalling. sec. mnunchin: that's really not fair at all. sen. wyden: two committee chairs, one gets no response. republican gets a quick response. sec. mnunchin: that's just not fair mr. wyden, we have responded. sen. wyden: it is a fact. sec. mnunchin: we responded to your requests another, we are following the law of 6103. sen. wyden: i gave you a specific example that shows a double standard. sec. mnunchin: one has to do with sars that's under a different section which we have responded to your request and the democrats request on this committee equally with republicans. sen. wyden: let's talk about something else where once again, it sure looks like there are sweetheart arrangements that do not meet the test of the public interest. i'm talking about the state owned bank which has been accused of a billion dollar scheme to help iran evade our sanctions, and it sure looks like erdogan and his son-in-law have been personally i

treasury. prior to his current position secretary mnuchin was finance chairman for the trump for president organization and served as a senior economic adviser. he has very extensive experience in global financial markets, u.s. government securities, mortgages, money markets, and municipal bonds. he has held various positions in successful private enterprises and has a long-standing commitment to philanthropy. he was born and raised in new york city, earned a bachelor's degree from yale university, and i suppose there's a lot of other things i could say about you but i want you to take the time now to make your statement. and it's my -- we're going to keep this meeting going during the vote. >> thank you very much, chairman grassley, ranking member wyden, and members of the committee. i'm pleased to be here with you today to discuss the president's budget and the administration's top priorities. president trump's economic freedom agenda is working. tax cuts, regulatory reform and better trade d

that is why the treasury pretty -- treasury market pretty much ignored it.onathan: treasury yields are down six basis points. 158 on a u.s. 10 year. it is as if the payroll support -- payrolls report never happened. matt: this reminds me a lot of 2014. u.s. economic data was outperforming almost the entire year. what happened to treasury yields? they went down, down, down. if you look at why that happened, it was because overseas investors bought a tremendous number of treasuries in 2014 because yields outside the u.s. were minuscule. it is the same thing. people are coming to the u.s. because you get high quality, high growth, high yield. jonathan: the u.s. economy can decouple from the rest of the world to some degree. the treasury market cannot. are we seeing that play out again? bob: absolutely. i was in europe last week. everywhere i go clients have too much cash. they are looking for reasons to get to the bond market. if they are in markets with negative yields, they are trying to find that thing in the u.s. that gets them to jump in. i think the marke

it was housed on the third floor of treasury.lmost all of the staff were treasury department lawyers. time, thee first united states has an official policy, and by the end of the saved tens of thousands of lives. is the first" non-self published book about the war refugee board. this seems strange given the tens of thousands of books about world war ii and the thousands of books about the holocaust every year.lished while i was riding the book i expected someone to come behind me and get there first. on older relying scholarship -- why we watched the abandonment of the jews, and many of these books parrot each other or play this elaborate game of history and telephone where one person will cite the document and another person will cite that person citation and it becomes this more elaborate story they tell of american indifference has been in during. that the efforts americans did make have been completely overshadowed. that work is important. the archival records are almost impossible to navigate. when i started working in 2011

and china growth fears keeping a lid on treasury yields. we begin with the big issue -- another solid jobs report. >> these numbers are impressive. >> this is a steady as she goes number. >> there is a lot to like about this report. >> momentum is definitely turning in the right direction. >> job creation, wage growth, labor participation. >> these employment gains are clearly above the underlying trend. >> definitely trending higher. >> confirmed that the u.s. economy is in a good spot. >> absolutely. the u.s. is clearly the bright spot in the world. >> the u.s. economy is in good shape. >> we have to take into account what is happening in the rest of the world. >> it will be interesting to see if the effects of the coronavirus eventually come to our shores. >> something like 70% of the industrial production is still shut in china. we don't know when it comes back on. >> global growth takes a hit if china takes a hit. >> i think the markets may be range bound as we get through this. jonathan: joining me around the table here in new york is

what we haven't seen yet is his own approach to running any big department, let alone the treasury.hat he didn't have any advisors to sack. sajid javid had a close knit team he worked with and like a good boss he wanted to stick up for them. i think rishi sunak is coming from another point of view, he says he will need a load of new advisors to do the job. that's it out to find out who they will be. so it will be easier for him. he will also be more difficult to sack, because if you have just lost a chancellor, do you really wa nt have just lost a chancellor, do you really want to lose another one so soon? and is he going to stand up for whatever he believes in? we will find out. yeah. who knows? sajid javid walks out in protest overjohnson power grab which is what we have been discussing. it is interesting the language they use, they talk about the brutal way in which he has departed, the power struggle and it does raise the question as to whether the budget will actually go ahead and four weeks. it is very difficult now to change the numbers involved with the budget ahead of march

hedging the default risk in long treasuries.t: you had two things happened that was a shock and all. one was the ecb. massive easing. if you look at the shadow sure great measures of what the ecb did, they had a tremendous about of impact on the market by flattening the bund curve. but cut 75 basis points, they told us once the uncertainty went away they were not going to take the 75 basis points back from us. that is a gift. to me that explained the risk on in the fourth quarter much more so than the balance sheet expansion. jonathan: you talked about the s message -- asymmetric risk. that is the additional layer on top. matt: when i look at what is priced into the front end the curve, we have about 1.5 rate cut in the price for this year. that does not stand up to me as being egregious. i can see that going to three rate cuts this year if things really deteriorate. that is not what i'm expecting but it can happen. jonathan: let's talk about the price. we are rich. we could have said that over the last for years for sure. they

one of the best things about studying the treasury department is the fdr treasury secretary all of his meetings. in the book i was able to use the treasury department's own words and express their frustration. you can read through the actual transcripts of what they are saying. at the end of december 1943, a lawyer at treasury said "mr. secretary, the only question we have in our minds, it think, is the bull has to be taken by the horns in dealing with the jewish issue, getting this thing out of the state department and into the hands of an agency willing to deal with it frontally. take the complaint -- what are we going to do with the jews? we let them die because we don't know what to do with them? another staff member quietly added that we are speaking as citizens now. armed with evidence they wrote a new report titling the report to the secretary on the acquiescence of this government in the murder of the jewish people. that is that generally the title of these reports, this is a d.c. town, we know that. jewishaughter of the people in europe is continuing unabated and unless remedi

treasury's?n though at record lows, they are still higher than home asset prices that you could get in those countries. the best house out of a bad neighborhood. thank you so much for the latest on the 10-year off on to record lows. time for the bloomberg business flash. home depot has rebounded from a string of disappointing results. the largest home improvement chain in the u.s. reported fourth-quarter results that beat estimates. same-store sales did better than expected and the company is forecasting comparable sales growth up to 4% this year. shares of drugmaker melon crops are soaring today. the company has agreed to pay $1.4 billion to settle claims stemming from the opioid crisis. some of their units will file for chapter 11 bankruptcy protections. firmsh financial revolution has completed a funding round, valuing them at $5.5 billion. it still has not turned a profit yet. says they will focus on expansion and strive toward profitability. that is your business flash update. string really

street and treasury advisers, as opposed to the treasury having its own advisers.ne of his former advisers frogmarched out of downing street by armed police after being sacked by dominic cummings, so in the circumstances he felt he had no choice but to resign. a former adviser sacked by dominic cummings, and let's talk about who is behind this attempt to control what is going on at the very heart of government. call it a power grab, call it what you will. over here, there is often a tendency to suggest that dominic cummings is behind everything, it's all dominic cummings taking control, but actually this is the prime minister's decision. he might have taken advice from dominic cummings, but he has decided he needs more control over the treasury, and the kind of fissures that racked labour under the brown—blair years, there should not be a risk of those, and there were warning signs last week when sajid javid appeared to make it public he was supporting hs2 before a public decision was announced, and there were clashes during the election campaign, with sajid javid

you have the 10-year treasury at one point 68%. 8%.1.6 treasuries have been surging all week and capitalns of been quite impressive. how are you thinking about diversification, what do you want to the diversifying to? know ifsince i don't the coronavirus is an attendant , whether it will cause inflation or deflation -- there inflation.iate , you have no room for mistakes. i stayed at the very short end of the treasury. much currentt so income on the one hand, but i can sleep better at night. joe: that is worth something, being able to sleep well at night. >> yes, and a lot of people are happy to have these short-term fixed income portfolio for sure. michael, one last question. i'm going to steal joe weisenthal's very good question. you have a viral outbreak in which we really don't have her read on what the fix is eons a vaccine or the outbreak just slowing. in the past, we of the debt crisis, germany, the taper tantrum, or even last december, 2018, it was the fed coming in and saying it's not going to raise rates. what's a positive headline that traders and investors are waiting for? --

and have a joint team of downing street and treasury advisers, as opposed to the treasury advisers,in the circumstances he felt he had no choice but to resign. a former adviser sacked by dominic cummings, and let's talk about who is behind this attempt to control what is going on at the very heart of government. call it a power grab, call it what you will. over here, there is often a tendency to suggest that dominic cummings is behind everything, it's all dominic cummings taking control, but actually this is the prime minister's decision. he might have taken advice from dominic cummings, but he has decided he needs more control over the treasury, and the kind of fissures that wrecked labour under the brown blair years, there should not be a risk of those, and there were warning signs last week when sajid javid appeared to make it public he was supporting hs2 before a public decision announced, and there were clashes during the election campaign, with sajid javid insisting on having some very tight fiscal rules which meant the tories must balance the books, and that was a p pa re ntl

no one wants to go into treasuries with them yielding 10% or less.es are above $1,600 what would you stay away from? >> we would shy away from those investments because if the crisis ends, they would be back. we would not be putting money in gold or buying utilities you want to try to focus on consumer product company with earnings ten or more if you have a 12-month time horizon and you can buy a business at 13 or 14 times earnings, you're generally going to do well. >> from a portfolio manager's standpoint what would be the news flow you do not want to see, that would make you feel worse about what would happen given the coronavirus outbreak and global developments with the economy? >> the two wild cards, coronavirus is going to spread you'll see more headlines. you saw it go to europe this weekend. it might come to the united states in a more significant way. the flip side is hopefully there's going to be some sort of a treatment that's better for it once you get that, that's the light at the end of the tunnel a spread of coronavirus globally is go

treasuries are not immune to that given that treasuries are very liquid.ou know you can find them because dealers will fund all of their treasuries through the fed if they have to. all of these things combined to make treasuries a very attractive asset for investors to hold everywhere in the world. romaine: you use the word hold. is there a risk if we see substantial increase in things improve quickly, do we get a snap back in the treasury market that could catch people off guard? >> i think we are set up now for very substantial volatility if the bond market sells. coronavirus fears go away in the warmer summer months, you wind up having some positive political outcome in the u.s. where people do not think the world is going to end, and at the same time you see a modest pickup in inflation expectations, the next thing you know, the bond market is off to the races to the downside and prices and upside to yields. you wind up with substantial losses and a lot of bond portfolios. 30-year debt has a lot of brisk. 1%, thatst rates go up bond can be down 20%. ro

treasuries, or the german bond yields.an political situation is in question because people have lost confidence on how the italian authorities are dealing with the situation. putting more political pressure which is not great for bond yields generally. anna: and we have already been looking at any sector attached to globalization. they are under pressure including toryism and aviation. when you think about it late you also think about the luxury sector which has already been a focus. now, we see that coming to the fore in the italian context. which sector should we be looking at? janet: la grippe will be taking a hit as you mentioned. they were already hit with the hong kong protest last year. think the sectors are going to be affected as a whole including aviation. has been onmpact china but now, we are talking about intra-european flights. those sectors will be particularly heads. anna: what about what you are seeing in the chinese economy? i have a chart showing china's air quality. 50. it is a little bit noisy at a bas

mode and their flooding into treasuries. i would say that's the primary driver right now. maria: is not indicative of a recession on the horizon? >> i think some people are saying if there is a more severe slowdown than they expect, and they want to hedge it one of the places they're hedging it is buying the treasury curve so there are some of that also. people are concerned about future growth and for some of them they are parking in treasuries as a place to weather the storm. maria: 's office of the last time we spoke we were talking about a very strong backdrop we were talking about an unemployment rate that was it a 50 year low, we were talking about wages going up and the federal reserve being on hold. is the fed still on hold over the federal reserve have to cut interest rates now? >> what i have said over the last number of months is we are on hold unless i see a material -- for me a material change in the outlook. obviously my comments this morning are indicative that i am carefully monitoring this and i think the pr

our treasury bonds are. inflation has remained low in the u.s. the risk-taking appetite of markets and market participants has been lower than people expected. all of that leads to lower interest rates. in a sense we understand it, but you asked, how has it changed my view? sure, 10 years ago if you told me where we were in the economic cycle, 10 or 11 years into an upswing, with the unemployment rate at 3.6%, no, i would not have expected interest rates to be as low as they are. that has led to a rethinking in the profession and certainly at cbo over the last year since i have been director, we have marked down our projection of interest rates substantially. mr. mcardle: what were you doing 10 years ago? and what did you do before you took this job? mr. swagel: i am a professor at the university of maryland school of public policy, on leave from the university of maryland while serving as cbo director. 10 years ago i had left the treasury department, where i was the chief economist of the treasury for the last two years of the bush administratio

low.ar treasury a record just buy everything get what you can? >> it's by everything but high-yield energy. it seems like investors have a lot of cash but continue to see record inflows into investment grade. triple c'snt to buy haphazardly. we don't want to buy energy haphazardly but we need to put our cash somewhere. >> do you share that view? >> i do. all things commodity oriented, some risks to it. that is playing out in the high energy yield space. last year, what you saw was weakening an economic data michael tift at 2018 tightening from the fed in the pboc. from january on you saw easing in the market. but you so weaker economic data. now the story is you're are seeing the stability of earnings. so what you're saying is everyone comfortable but you are not going into recession environment and people are going to buy -- stable earnings because all returns are going to be low based on today's valuations. >> i think the market is being rational. when you look at it the credits that should not be priced low are priced low. what i'm looking for

treasuries because it's not just the dollar, it's the treasuries that have been very safe.e're seeing a lot of money coming out of equity and into more long-term, stable type investments like bonds so, the dollar has obviously been one that has been really strong for us, but you saw that the yen is up a little bit today but we're seeing a lot of coronavirus in japan people are really struggling right now. you look at the equity market this morning it's down across the board and dramatically down. so people are looking for safehavens and it's a tough find. >> dramatic is the best way to describe the selloff we're seeing this morning. over the last couple of weeks, markets have held up relatively well equities trading at record high across europe and the u.s. is europe a turning point, are we going to see a change in the narrative about the way narratives are i think thissing about coronavirus? >> yes but i think it's been more than just italy south korea has been a big push, too. i have friends in south korea. i used to live where the outbreak has come out. i've been talking

treasuries. jack: and that's has worked out this week.ing up historic low mortgage rates have a lot of homeowners thing about refinancing. economist mark zandi weighs in. we'll be right back. every year, our analysts visit thousands of companies, in a multitude of countries, where we get to know the people that drive a company's growth and gain new perspectives. that's why we go beyond the numbers. t. rowe price. invest with confidence. that's why we go beyond the numbers. tit's great actually, i've been listening to audible. it's audiobooks, news, meditations... gotta go! ♪ ♪ hey! you know, i do think it's weird you've started commuting when you work from home. i'll be in my office. download audible and start every day off right. doprevagen is the number oneild mempharmacist-recommendeding? memory support brand. you can find it in the vitamin aisle in stores everywhere. prevagen. healthier brain. better life. like a hybrid with best in class epa estimated range of more than five hundred eighty two miles. and ford co-pilot 360 technology

treasuries. jack: and that's has worked out this week.low mortgage rates have a lot of homeowners thing about refinancing. economist mark zandi weighs in. in. we'll be right back. the better question would be where do i not listen to it. in. we'll be right back. while i'm eating my breakfast... on the edges of cliffs... on a ski lift... everywhere. ♪ download audible and start listening today. and my lack of impulse control,, is about to become your problem. ahh no, come on. i saw you eating poop earlier. hey! my focus is on the road, and that's saving me cash with drivewise. who's the dummy now? whoof! whoof! so get allstate where good drivers save 40% for avoiding mayhem, like me. sorry! he's a baby! i am totally blind. and non-24 can throw my days and nights out of sync, keeping me from the things i love to do. talk to your doctor, and call 844-214-2424. ♪ ♪ everything your trip needs, for everyone you love. expedia. for everyone you love. apps except work.rywhere... why is that? is it because people love filling out forms? maybe they

treasuries. jack: and that's has worked out this week.ing up historic low mortgage rates have a lot of homeowners thing about refinancing. economist mark zandi weighs in. in. we'll be right back. the better question would be where do i not listen to it. in. we'll be right back. while i'm eating my breakfast... on the edges of cliffs... on a ski lift... everywhere. ♪ download audible and start listening today. i work hard and i want my money to work hard too. so i use my freedom unlimited card. even when i'm spending, i'm earning 1.5% cash back on everything i buy. earning on my favorite soup... got it. earning on that eclair. don't touch it. don't touch it yet. let me get the big one. nope. this one? nope. this one? no. let me get them all. i'm gonna get them all. it's just the basics. can you double bag this right here? earn 1.5% cash back on everything you buy with freedom unlimited. can you also tell me what it is? chase. make more of what's yours. how you watch it does too. tv just keeps getting better. this is xfinity x1. featuring t

. ♪ jonathan: coming up, how fears in china fueling global growth worries, driving treasury yields downo october lows, pushing investors to pull cash from junk-bond funds. the big bond bid is back. >> we have seen this risk of terror. >> the treasury market rallying. >> rally in treasuries. >> fixed income yields keep falling. >> yields are incredibly low. >> we don't have any major inflation risks. >> if you look at inflation, what inflation? >> global growth will be relatively weak. >> the fed is on hold. >> the fed is ready to do what it has to do to keep things going. >> the coronavirus scare. >> the coronavirus. >> the coronavirus scare is completely dominating the conversation. >> we can still go lower. >> the message for investors is to find yield. keep your yield. >> interest rates will be even lower for even longer. >> you just can't be scared away. once you give the yield away, it is hard to get back. jonathan: joining me around the table is subadra rajappa, kathy jones, and rob waldner. kathy, typically when we start a week with sentiment like this, the next week things flip

and you do not do that when you are buying a ten year treasury or even corporate bonds. you are fixed at whatever that coupon rate is. maria: is great to see you thanks that much. maria: say with this my exclusive one-on-one with secretary steven maneesh in. secretary steven maneesh in. that is next. at comcast, we didn't build the nation's largest gig-speed network just to make businesses run faster. we built it to help them go beyond. because beyond risk... welcome to the neighborhood, guys. there is reward. ♪ ♪ beyond work and life... who else could he be? there is the moment. beyond technology... there is human ingenuity. ♪ ♪ every day, comcast business is helping businesses go beyond the expected, to do the extraordinary. take your business beyond. maria: welcome back treasury secretary steven mnuchin says it's too early whether the coronavirus will impact global growth. in his exclusive interview that treasury secretary explains why china cut tariffs on imports this past week. >> of this is part of china implementing phase one, which is our big focus at this point

we are watching treasuries because we are hitting lowe's on yields.354. 1.3180 is the record. the two 10ead -- lowering across the board. this is bloomberg. ♪ hi! we're glad you came in, what's on your mind? can you help keep these guys protected online? easy, connect to the xfi gateway. what about internet speeds that keep up with my gaming? let's hook you up with the fastest internet from xfinity. what about wireless data options for the family? of course, you can customize and save. can you save me from this conversation? that we can't do, but come in and see what we can do. we're here to make life simple. easy. awesome. ask. shop. discover. at your local xfinity store today. vonnie: live from new york, i'm vonnie quinn. guy: from london, i'm guy johnson. this is european close on bloomberg markets. it is time for our stock of the hour. here is viviana hurtado. hour's: our stock of the credit card processor mastercard. having the worst 20 day fall since 2011 on a warning of slower credit card spending because of the coronavirus. you can see it is d

and you do not do that when you are buying a ten year treasury or even corporate bonds. you are fixed at whatever that coupon rate is. maria: is great to see you thanks that much. maria: say with this my exclusive one-on-one with secretary steven maneesh in. secretary steven maneesh in. that is next. imagine traveling hassle-free with your golf clubs. now you can, with shipsticks.com! no more lugging your clubs through the airport or risk having your clubs lost or damaged by the airlines. sending your own clubs ahead with shipsticks.com makes it fast & easy to get to your golf destination. with just a few clicks or a phone call, we'll pick up and deliver your clubs on-time, guaranteed, for as low as $39.99. shipsticks.com saves you time and money. make it simple. make it ship sticks. shipsticks.com saves you time and money. beyond the routine checkups. beyond the not-so-routine cases. comcast business is helping doctors provide care in whole new ways. all working with a new generation of technologies powered by our gig-speed network. because beyond technology... there is

he was quickly replaced by 39—year—old rishi sunak, his deputy at the treasury who's had a meteoric riselative newcomer tonight in one of the biggestjobs in government, a more dramatic today than anyone had expected. also tonight... one of the 15 babies whose deaths could have been prevented families welcome an independent review into maternity services at east kent nhs trust. china at war with the coronavirus — there's been a record rise in the death toll and the number of people infected has soared dramatically. and rewriting the text books. nasa scientists on how the planets in our solar system were really formed, it's being hailed as a major discovery. coming up in sportsday, israel folau catalan dragons coach says he shouldn't be given a life sentence for making homophobic remarks, ahead of a super league this weekend. good evening. the chancellor sajid javid has resigned suddenly in the middle of the prime minister's reshuffle. borisjohnson said he wanted him to stay on but ordered him to fire his entire team of advisers. mrjavid refused to do that saying "no self—respecting minist

he said he wanted the treasury to still bea said he wanted the treasury to still be a strong departmentter has in mind. but he was full of praise for borisjohnson. he said he had his full confidence and support, so boris johnson said he had his full confidence and support, so borisjohnson will be reassured that he hasn't made a new enemy on the conservative backbenches. phew, thank you. —— leila nathoo, thank you. our top story this lunchtime. new cases of coronavirus continue to be reported around the world, including the first case in latin america. still to come: in one of his last official engagements, prince harry warns that the growth of tourism is threatening to destroy some of the world's most beautiful places. coming up in the sport in 15 minutes on bbc news, england recall winger anthony watson after he missed the first three games of the six nations with a calf injury. flanker mark wilson also returns. the indian prime minister, narendra modi, has appealed for calm after the third night of sectarian violence in the capital, delhi. at least 23 people have been killed in the cl

and you do not do that when you are buying a ten year treasury or even corporate bonds. you are fixed at whatever that coupon rate is. maria: is great to see you thanks that much. maria: say with this my exclusive one-on-one with secretary steven maneesh in. that is next. with sofi, get your credit cards right by consolidating your credit card debt into one monthly payment. and get your interest rate right so you can save big. get a no-fee personal loan up to $100k. she is on her way to our house. what? i got it. alexa, start roomba. the lexus es. eagerly prepared for the unexpected. lease the 2020 es 350 for $389 a month for 36 months. experience amazing at your lexus dealer. battle sickle cell disease. i was one of them. a blood stem cell transplant from a perfectly matched donor saved my life. many patients are waiting to find their match. they need more black donors to join the be the match registry. learn more about becoming a donor and access free patient resources by visiting end sickle cell dot org today . you or someone you know could be the cure. maria: welcome

here's the ten-year treasury note there's the dow. we are now down 936 points heading towards the lows with about 20 minutes left of the is eggs s&p 500 also getting slammed if you're in the cruise business, energy among the hardest hit, airlines very hard hit, all china-related exposure, travel, tourism, supply chain, you name it, this is really a problem that's gone global as fears have spread outside of china it's triggered a new wave of selling. >>> and we did see steady improvement from about. >>> we're now down 940 points. again all of the indices down more than 3% at the knowledge not far behind. stocks are lower right now unh is actually the biggest weight on the dow. that's being chopped up to a bernie sanders win in nevada everything else really relating to the exposure. >> lots of selling, so time for last-chance trade, anastacia. >> it is a buy for me. i'm always on the lookout for contrarian opportunities and catch-up trades. small caps have lagged the broader markets, but also since the start of the u.s./china trade tens

treasuries had been surging.and they never really sold off in the last bull market to this week. there have been quite a few buyers. we will talk about that on the show. we will talk about how the rally and bonds continued. that seems so long ago now. coronavirusbout the and the impact on supply chains. joining us now is the director of the m.i.t. center for transportation. thank you for speaking with us. we know early on in the outbreak that there were a lot of comparisons to sars. now people are changing the frame of reference in looking at orhaps the financial crisis other shock events. how would you think about it when it comes to supply chain disruptions. is there a comparison to be made to any prior event? me.hank you for having i would like to ask you next time when you invite me to speak , i would like to speak with an introduction it is a little bit more upbeat. scarlet: fair. >> when we talk about supply chains in general, first of all, i was writing a month ago it should be compared to 2008, because we