Dont have symptoms, you dont need to get a test. We need to make sure the testing is available for people who have genuinewho have concerns about being exposed. Americans can expect to see how an increased number of cases, as our testing system comes online, should not be a cause for concern. She will explain the importance of taking into account our new testing system as new data arrives. On supplies, the priority the president has given to our task force, we work with Health Care Providers and state leadership to provide available supplies not merely in the federal stockpile but of mobile in the private sector. Available in the private sector. Havenies like honeywell taken advantage of the changes last night that allow the sale of industrial masks right to hospitals. By the tenscreased of millions increases of the minister n95 mask to to people dealing with the coronavirus. Following last night bill bill, the companies can sell those two hospitals. It is important to seek Construction Companies across america that are checking those supplies and donating them to hospitals. I speak on behalf of the when partnering with health care officials. With respect to ventilators, we are working with Health Care Providers around america and suppliers, and have identified tens of thousands of ventilators that can be converted to treat patients. We remain increasingly confident we will have the ventilators that we need as the coronavirus makes its way across america. As we said before, we are all in this together. Before i step away and give the podium back to the president and i want to draw attention to the president s 15 days to slow the spread. Another, one city after people are putting into place the principles the president outlined this monday. While for the American People as a whole the risk of serious illness remains low, these guidelines should be practiced by every american in every community, not only to lessen the spread of the coronavirus but to protect the most vulnerable among us. Areicans from their hearts not only practicing these principles of social distancing and avoiding social gatherings of more than 10 people, using drivethroughs at restaurants, but they are also recognizing that no american wants to inadvertently convey the coronavirus to someone. The consequences could be quite serious. We will marshal resources at every level and reiterating the partnership with americas states. The innovation you just heard described, on the first day of spring, i know we will get through this and we will get through this together. Thank you, mr. President. I know you are watching the data carefully. You can see the dramatic increases in the number of cases based on our ability to test additional people, and this will continue over the next two to three days every as we have backlogs. Anecdotes ofd people waiting five to six days for testing. I want to applaud the Frontline Health care workers, nurses and doctors and testers who have prioritized and the American People who have prioritized those with symptoms. The number of those testing positive is decreasing, a dramatically important signature that people are doing their job, self isolating. Illness areserious getting tested. 90 of the illnesses out there are not covid19. Many of you are looking at state level data, still over 50 of cases come from three states. That is why we prioritize testing in those states. 50 of the cases come from 10 counties. We are a very large country with very many counties so i applaud the state and local government implementing their emergent the operation plans. Emergency operation plans. Health careank workers reducing elective procedures. This will increase the number of ventilators that can be converted and utilized, and also to the construction industry, we to a numberrateful of individuals who have come forward with their construction masks and tyvek suits to contribute them to the health care sector. The president s request to make this available changes this ability and changes the availability immediately in the 75 to 90 elements. Today, you heard a wonderful announcement from the fda and i would just like to give a shout out to the folks at the fda were several hundred of my officers work. They are tireless, doing things that have never been done before to bring the most prudent advances to the American People. I want to talk about Something Different refully. Many of you are at home practicing the president s guidelines for home distancing, but one thing we should all consider is donating blood. As an anesthesiologist who still practices at walter reed taking care of Wounded Warriors and soldiers, donated blood is an essential part of carrying caring for patients and one donation can save up to three lives Blood Centers are open now and in need of your donation. Blood donation is safe and centers are taking extra precautions based on cdc recommendations, including ,pacing beds six feet apart taking temperatures, and encouraging appointments ahead of time. Social distancing does not have to mean social disengagement, so give blood today. You will feel good and you will be helping your country and community, and you might even save a life. President , the efforts to , will youeconomy guarantee the tens of billions of dollars, hundreds of billions of dollars that will go to these industries will not go to executive bonuses or stock buybacks . We dont want that. Some companies did stock buybacks and i was not happy with that. I would tell them not to. I would say i dont like it for that reason. If they waited a long time, it would be much better off if they did. You can put that in the bill. It takes many people in this case to tangoe, but as far as im concerned, conditions like that are ok with me. Enabled the defense production act yesterday but never pulled the trigger on it. We hope we will not need it. Calls from democratic peter ship to pull the trigger on it, what is democratic leadership to pull the trigger on it, what is the hold up . Clerk. Re not a shipping the governors are supposed to be doing testing. Canill help out wherever we and buy in volume and in some cases, great volume, for example the masks. There are millions of masks being made, but this is for the local government, governors, and states, depending on how they divided they will do that and they are doing a good job of it. Where you have problems with ventilators, we are trying very hard to find. Nobody in their wildest dreams would have thought we would need tens of thousands of ventilators. Would you put the defense production act into action . If we were desperately in need of something and we will know about that shortly. We dont want to do it as it happens, but before it happens and we will know a lot in the next two days. When the drug will be available in the market, and are there drugs in the pipeline that you believe could qualify for a treatment . With respect to the first question, i am prohibited by law to disclose that information. We are working closely and they will have relatively information relatively soon. Yes, there are drugs in the pipeline and everyone on this dais gets calls every day. We are looking at every one of them. Are youtions confirming austin tice is still alive . No, i am not, but we are trying to figure this out. This has been going on for many years. He was in syria, as you know. His mother is an incredible woman. His mother is an incredible woman who is desperate to find her son and im not confirming alive, but if he was alive, we would like to get him back quickly. On coronavirus, speaking of shortages of supplies, the cdc has put out guidelines for hospitals dealing with a shortage of masks to use them beyond their shelflife and in worst Case Scenario use a bandana instead of a mask. How is that acceptable . I have not seen that, but i will let mike answer that. The cannot emphasize enough incredible progress that was made with the passage of the legislation last night. The president had me go to 3m in minnesota and we learned that their production of 35 Million Masks a month, less than 5 million of those were qualified to be sold to hospitals, so the president worked with leadership and extended the Liability Protection so that all the industrial masks are available to hospitals. We are seeing a dramatic increase in production. Honeywell is refurbishing a factory to produce another 120 Million Masks. 3m is improving increasing output to 420 Million Masks per year. We have put a priority on the president s direction for those providing health care to america keep themselves safe. With the great response among private Sector Companies and as we have mentioned repeatedly, Construction Companies around the company heeding the call to donate their masks. When will they be ready or when will we start getting them ready . 3m is increasing their production to 420 million year. They make 35 million a month at that facility and we are prioritizing the distribution of those. The other thing that we will emphasize with governors, we will make sure the Health Care Providers, hospitals, and clinics in their state are placing orders now that this tremendous increase in supply particularly with industrial masks, has grown. Expandedy has greatly thanks to bipartisan legislation, and the response of these companies is making more masks available. We will make sure Health Care Companies are purchasing those and the federal government has a stockpile. Ready, will those be because they need them today . They are available now. Told me inlity january they went to full production on 35 Million Masks. Means allative change of those 35 million can be sold to hospitals. That is the distinction here. It is an important change and part of the way the president is engaging the private sector, pushing Regulatory Reform and the Liability Reform that has expanded the availability of the masks. They are in the market now and we will make it clear to governors that those resources are now there. We vastly increased the supply of medical masks and will put a priority on calling on industries at every level, major suppliers, to make sure the personal protective equipment are there. The liability of the company, they had a big problem with liability and much of it had to do with the liability to the kind many company. The American Hospital association told nbc news they need 100 billion dollars for shortages in equipment and other things. It did not commit money directly to this issue. That is a separate issue, but we are looking at it very directly. We will do our best. We are working with democrats and republicans, looking at that specifically. Can you bottomline people, ton can you expect americans have their lives to go back to normal . We will see. This is uncharted territory. We think we have ideas. I would hope very soon. We pull together as a nation and people for the most part are doing what they are supposed to be doing. Term, distancing is a new somewhat of a hot term. People are listening and doing a great job. I think you are up to 141 Different Countries now, so it is unchartered territory. Could have been stopped pretty easily if everybody had known about it a number of months before people started reading about it. Stopped inve been its tracks. Unfortunately, they did not decide to make it public and the whole world is suffering. Sense did say you had a this pandemic was coming, so why was the United States not more prepared with testing . We were very prepared. We were not prepared for the media. I will tell you how prepared i was. I called for a ban for people coming from china long before anybody i believe it was your network who called me a racist because i did that. Many people in the room called me racist and other words because i went so early, so when you say we werent prepared, had i let these tens of thousands of people come in from china aday, we would have had something you would not have recognized. How many people have passed away as of this moment . You could multiply that by a factor of many. When you say i was not prepared, i was the first one to do the band. Ban. The media does not acknowledge that they know it is true. That. They know it is true. It is not just masks. Doctors are desperate for other personal protective year and governor dear and governors protective gear and governors are saying they do not have access to ventilators they are terrified. They bought them and all of a sudden they are coming to the government. We are working with the states, the governors, everybody. I spoke with Mickey Erickson of lines, Carnival Cruise should we need ships with lots of rooms they will be docked in los angeles and new york and san francisco. Reticence about invoking the defense protection act . I have done it. If we find we need something, we will have done that. You dont know whether we have invoked it, what has been ordered. I can only tell you that as an example, masks, nobody every heard of the number of masks that have been ordered and made now. People in the media probably do. Ot know that can you explain the gap in what you are saying today that tens of thousands of masks are available and what we are seeing on the ground is opposite of that . People are saying they do not have access to test. Can you explain that gap . I cannot explain that gap they had to ramp up gap. They had to ramp up. No one knew there would be a pandemic or epidemic of this proportion. No one has ever seen this before. We are working with local s and mayors state to get what they need, and the system is doing very well but we had to break the system like an egg because the system we had did not work. That was the system we inherited. The system will be good for the future. There seems to be a backlash professionalsst about a corporate bailout. Like 2008, taking winners and losers and he indicated his colleagues may not be comfortable with that. We do not want winners and losers. We want the worker to benefit and sometimes you have to go through the company. If the company goes out of business no fault of their own, the workers will not receive a check. Our ultimate goal are the people. Our ultimate goal are the great people of this country and we will have things work out very well. It is a very complex formula, but it is working out. I think we will have pretty uniform support. We hear the state department will advise americans not to travel overseas at all. We are speaking with the state department later. I have not had the meeting. Dr. Hawned to ask about todays announcement if i could. Rencovir,o ask about would you say it is currently produced approved to treat the virus . In clinicalrently trials here and around the world , and we have made it available by compassionate use where a doctor could ask the fda for that. The passion important thing about that is it gets it rapidly and allows us to collect data because we need to understand the data and science to make the appropriate decision about safety. How do you make sure it is safe . Is there any concern it will be through theng normal process and could cause negative effects . Faicu she it is going through the normal process. We are using our internal processes at fda to set up with the company, the protocols to protect the data, and we need to know about the safety and effectiveness and that is done through the clinical trials. Those data will inform the decisions made about safety and efficacy. This is an unprecedented situation. This is a really significant time, and one thing, with the president s leadership, the fda has said, how do we approach these extraordinary times with extraordinary measures knowing we have a sacred trust the American People about safety and efficacy and yet enable these drugs to get into patients, and that is what we are doing. How likely is it that the 15 day guidance will be extended . I can tell you better on the 14th day. Indicated three states and 10 counties. Doing moree areas be measures than shelterinplace . I think they are doing a lot. New york is working diligently, very strong. San francisco and los angeles, and the state of washington is one that has to be up there. They are all working hard to quarantine just about the working hard to quarantine, just about the equivalent of quarantine. As far as the government, is there more teleworking . We are, and we are using the medical term of telemedicine. It has been really busy. Some people cannot get up and see a doctor. We are using this, and it has been telehealth. It has been really successful, some thing a lot of people out if they dont have to and form dust from a safety reason if they are feeling poorly, or we dont want them transmitting anything. China, they reported for the First Time Since the outbreak no new cases over 24 hours. Do you have any reason to disbelieve them . The National Security council theout a tweet critical of chinese government, saying they suppressed resort reports and missedd doctors and opportunities to prevent a global pandemic. It would have been better if we had known about this month earlier. It could have been contained to that one area of china, and the world is paying a very big price for what they did, for not letting them come out. As far as believing what they are putting out now, i hope it is true. Who knows, but i hope it is true. A question for you and also to the doctor, you have been talking about china quite a bit and talking about the chinese had the u. S. Heard about this on day one we could have potentially made a difference, are you thinking about repercussions for china and rethinking the supply lines for our manufacturing . I dont want to comment on that right now. I have a question for you and yrx. B people are losing their jobs at an unprecedented rate and we could see some of the worst job numbers ever. Is the government prepared to see a spike in unemployment . WorstCase Scenario you would see a jump. If we get this thing taken care earlier, one of the elements that is being worked on on the hill is to get the jobs going so when we get the virus i think we will go like a rocket. When he said that, he was using that as the ultimate bad outcome. I dont think anybody believes that will happen. Congress are now testing positive for coronavirus. We have almost 2000 and quarantine. In quarantine. Do you have any guidance . I know all of them and i dont know if you people if they are sitting like you people are you are sitting too close. 75 , 80 oft rid of you. You are much too close. You should leave immediately. I know all of them. They tested positive. Hopefully they will all get that are and it is one of those it is one of those things, it is congress. Should they keep going to the hill . I know somewhere they tested positive, they are in quarantine. Did notand many others test, but until they got the result, put themselves in quarantine. A number of people in congress are in quarantine. They dont know the result. When they get the result, they will stay there and get better. Most people by far, but people get better. It doesnt mean it is not a tough one, it is. Many people in congress have felt not perfect, or met somebody that was not perfect, turned out to be positive, and they put themselves in quarantine. I think congress has behaved unbelievably well in that regard. On the stimulus, given what is happening to the economy, do you think a trillion dollar stimulus is enough . We will know about that later on. So much depends on what is going on in this room, in terms of the medical. If we can stop it in its tracks, the virus, it is plenty. The idea of the government taking an equity stake in some companies . I do. Which companies . I am not going to say. People are coming in for money, in some cases, no fault of their own. In some cases, they did certain things over the course of the years, including buying back sstocktock. Than i do that differently someone who didnt, somebody who built plants all over the u. S. Airlines, boeing . Helping thee airline industry, cruise ship industry, probably the hotel industry. Created, youe dont want to lose Industries Like this. We will be focused on many industries. Enough, wey strongly will be helping small businesses. That is where it is complicated. That is the engine of the country. We will be helping small business. To members of congress have tested positive for coronavirus. [inaudible] slow downect us to the delivery of checks for American Families . Are you considering any executive action . There could be, a couple of things im looking at, hopefully we dont need it. There is a lot of executive power. If we dont have to use it, that would be a good thing. One for you, mr. President. The economy is essentially ground to a halt. Thank you for telling me, i appreciate it. What is the rest of your question . Everybody in the room knows that. How long should those who are either not working right now or Business Owners who have to make critical decisions, how long should they expect us to play out . We will be able to tell you that in the near future. We will see where we are going. You will see numbers. You are going to see the graphs. I will say, the American Public has been incredible for the most part, not in all cases. You will be able to see what is happening. We had a 15day period. You will be able to tell a lot in a week or so. Not everything. Home, all the parents at who are caring for their children, curious as to when my kids might be able to go back to school. When do you think is a realistic timeline . All of those decisions are made at the state and local government level. Each state and local government has handled it differently. That is why we have put up federal president ial guidance to every person about what we think is important for the next two weeks. As we look at that data, we will be able to see if it is having an impact. I think you have all seen the modeling studies. Driven by the modeling studies to show that if you add these together, they have a big impact. That was part of the decisionmaking. We had a group of modelers in yesterday, looking at the data. Everyone has those same questions of what the impact will be, and what pieces could essentially be removed and you have the same level of impact in decreasing the spread of the virus. That absolute key to this, though, is that every single american, looking at the guidelines and taking it seriously. The ax of selflessness that im seeing are so impressive across the board. But even if 50 of the population decides that what they are doing today is more important than the health and welfare of the rest of americans, they can spread the virus in a very strong way. You know the level of contagion. Chloroquine say, if works, any of the other things that they are looking at, if they work, your numbers are going to come down rapidly. We will see what happens. There is a real chance they might work. [inaudible] brazil whoesident of photos withs taking supporters, encouraging demonstrations. [indiscernible] he is a friend of mine, number one. Number two, we had dinner the other night, and he was negative. I was quite happy when i heard that. I have no message for him other than he is doing a good job in brazil, and he is very popular. [inaudible] i dont know about that. He is doing a very good job. Brazil was very troubled before he got there. The people love him, he is popular. I think he is doing a good job. Mr. President , there are americans traveling abroad who are essentially stuck, unable to come home. We spoke to a group of 10 women who were in morocco. All flights have been canceled. The hotel is shutting down, they have no place to stay and no way to get home. They are asking you, the administration, the u. S. Government for help. We know about it, we have peru. Of young people in we are working on taking care of that with the military. Military evacuations . Not evacuations. We are trying to get them out. They got caught. We gave them time but they did not make it. We will probably look at the military. We have a group of young people, i think young men, or people, could be women with them, from the great state of alabama. They are in peru, and we are working on getting them out. We will work it out. In your talk with the g7 leaders earlier this week, did you discuss together ending or postponing deal of vix deal olympics . The we discussed it. Prime minister abe was on the call. Japan has done an incredible job , building the venues, you have seen so many olympic venues that have been a disaster over the years where they cost five times more than they were supposed to. Japan has been the opposite. They built it beautifully, for what it was supposed to be built for. But that he got hit with the same thing that the rest of the world got. He has told us that he has not made a decision. Have you spoken to the leaders of saudi arabia or russia and encouraged them to stop the glut of oil hitting the market . You always get a little bit torn. Until we became the leading producer, i was always the person driving the car, filling gas, if thewith prices were too high, i would always raise hell with opec. I never thought i would see 28 a barrel, but that is what we have. In one way, how the consumer is very much helped. That is bigger than any tax decrease you could give. We could get all of these tax cuts, but they are paying so little or gasoline. On the other hand, it hurts a great industry, powerful industry. I spoke with numerous people that have a lot to do with it. We have a lot of power over the situation. To find some kind of medium ground. It is devastating to russia. Their whole economy is based on that. Lowest oil prices in decades, so it is very russia. Ing for i would say it is very bad for saudi arabia, but they are in a fight on price, output. At the appropriate time, i will get involved. What will the Carnival Cruise ships and be used for . Mickey called up and said if we need them. I will call governor cuomo, gavin, gavin newsom of california, and we are meeting through telephone, telephonically, as they say. Fema from here. You can increase places to stay. If it works. Maybe people will not want them. He made the offer, a generous offer. Ships thathas some would be ideally suited for what we are doing. Certainly they have a lot of rooms. We appreciate it from carnival. At what point will any americans who want the test be test . O get a you are talking about not needing a test if you are not showing symptoms. Or only getting tested if you are showing symptoms. I didnt have any symptoms but i got a test. It is because you people were driving everyone crazy. But i had a test. My doctor told me, you dont need it. Everybody said you dont need goingcause the press was crazy. After i got it, they said, you should not have gotten it. I am a unique case, unfortunately. That do not shows and, people that have doctors that say they should not get it, i would rely on that. I have to do view of questions. Do you consider the term chinese food racist . I dont think it is racist. On that note, major leftwing media have teamed up with Chinas Communist Party narrative and are claiming you are racist or making these claims. Is it alarming that major Media Players are consistently siding ,ith foreign state propaganda gangs and cartels, with direct access to you and your team . It amazes me when i read the things that i read, when i read the wall street journal, which is always a negative, it amazes me when i read the New York Times i barely read it. We dont distributed it in the white house anymore, same with the Washington Post. I know the truth. People out there in the world do not know the truth. They use different slogans, different concepts for me every week, trying to catch something. You see me, there is no chaos. I am the one telling everyone to be calm. We have unbelievable professionals. Term,k i came up with the i hope i came up with it, but it is fake news, and more than that, it is corrupt news. They write stories without calling anybody. I had a couple of stores today they never call me, that i know of. At least nobody tells me. They write a story about me without even asking my opinion on something. It is totally fake. There was a story today in the wall street journal about how we had done. We have done a phenomenal jo b. Even gavin newsom, who i have been fighting with the fires, i think you should do a different job in the forest, we argue, but kevin newsom has been generous. Andrew cuomo has been generous. They say we are doing a great job. It, and thensaying you read this phony story in the wall street journal. The Washington Post is going wild lately. I dont know what happened. We dont call them back or whatever. These are very Dishonest Media sources, very dishonest. What, someday, hopefully in five years, i will not be here, and i will be fine. I will have done, i think, great job. Nobody has done as much in three and half years that i have done. This administration has done a great job. But the press is very dishonest. With china. Ing they are doing things they should not be doing. China is the least of it. So why they are doing this, you will have to ask them. If we had an honest media in this country, our country would be an even greater place. Thank you very much. We are very excited about specifically we talked about oquine. Ark when chlor that could totally depress the times that we mentioned. Excuse me. It could totally depress any of the time that we talked about if it works. There are a lot of reasons i have to believe. Again, dr. Hahn is the expert. But i have reason to believe that it would have a positive effect. Maybe not very, but maybe positive. To me, it is very exciting. These drugs have been out there. The danger part of the drugs, especially clark when c hloroquine has been out there for years, and we know it can be stake i taken safely. Can you give us more about the process by which we can actually use these medicines . [inaudible] the president has asked us to expedite this. We want to make sure this is done well and right for the American People. We do have a lot of information about the side effects of the drug, so that helps in terms of expediting. I want to assure you we are working as quickly as we can. I dont want to speculate about a timeline. With respect to vaccines, that is under phase one trial. Ofare working with a number different other companies about vaccine development. Is it possible phase two and phase three can be fast tracked, so that we can see something before that potential year . At fda totrying hard partner with great industries, academic partners to do that. But oneses can be made, thing we are doing is working hard to fasttrack as much as possible. We are going to have other times to meet. Hopefully not for very long. I would like to see this cleared up. To me, this was a very important conference, because i really think there is Great Potential here. A lot of people are going to be like literally, very soon, in a matter of days, if not sooner in some cases. It is already being experimented with and there are very good results. If we can be even partially right maybe we will be fully right this whole subject becomes a much more pleasant subject. Thank you all. We are going over to fema now. We will be discussing with the governors and lots of other people. You been listening to President Trump and the Coronavirus Task force prescott once that has been going on for quite a while. Wide ranging in terms of the topics they discussed. Some of the highlights for our audience is that President Trump said he supports the government taking equity stake in companies. He doesnt want to lose industries where jobs were created. He also talked about low oil prices were like a tax cut, even though it hurts industry. Dealing with cruise lines in order to make ships available if needed, hoping to get back to normal soon. He also discussed the idea of age condition on buybacks and bonuses, so any company or sector could not use any bailout from the government for payouts are buybacks. Lets get a quick check on the markets. There has been a lot of dramatic action in different asset classes. The s p is up by. 7 . The nasdaq is really outperforming, up by over 2 . Energy, consumer discretionary, and comedicish and in the s p. The dollar Index Holding on to its gains. There are some other currencies that can gain speed in the g10 space. By 10year yield now down nine basis points, coming into the long end. You may have a lot of issuance coming out of treasury. Huge moves in the last 24 hours out of europe. 750 billion coming out of the eurozone, ecb, you see what is happening with the bank of england, cutting rates effectively down to the floor. They dont want to go negative. The fed extending those swap lines. We have an update today. We saw some of the banks trading more positively today. Also up on the bank of england decision. End of the u. K. Curve, the twoyear, down by 2. 1 basis points right now. We have also seen the Danish Central Bank raising rates. It is trying to fight the currency situation as well. 10year, coming down by 50 basis points. This is the ecb prepared to come ize, to deal with the funding crisis. Lets get more on these stories. Joining us now is the portfolio gebrus investment. Have you seen any signs that the funding squeeze we have seen around the world is starting to eat today . The fed stepping in, extending swap lines. There are some parts of the where the stress in shortterm funding is easing, particularly on the euro dollar basis, it is going back to normal. Dollaryenor cable, is not there yet. Libor spreads, all of the shortterm swap and currency bases are still in stressed territory, but a little bit better than before. Generally, it is a market where people are selling coming not because they dont like the outset, but because there is a liquidation. Therefore, there are starting to be very good opportunities in assets that are fundamentally worth a lot more, but they are people and investors because they need to raise cash. We went from a market where there was nothing left to buy in february, to a market where there is almost nothing left to sell. So interesting opportunities for patient investors. Alix where are the opportunities . Alberto in those assets where investors were the most levered, or assets that have slightly less liquidity. For example, emerging market, even in Investment Grade corporates, without going down the capital structure, down in credit quality, you can find bonds that have lost 10, 20 points, and this is even in noncyclical sectors. Telecom, cyclicals, large employers, large firms who are going to get government help, National Champions in the major european countries. One differential between now and 2008 is this is a crisis where banks are well capitalized. So the nervous system of the patient are fine. It is parts of the real economy that are in trouble. There is less systemic risk, more risk in highyield corporate scum of those that have never the most. There is a slight difference, but generally, bonds are very cheap. You have to pick the company that will survive. Ecb canno b, the uy corporate bonds, the fed cannot. Do you think we will have an imbalance of credit . When thein the past, ecb also bought corporate bonds, disaffected u. S. Spreads. Rosy also by bonds in eu issued by u. S. Firms. It is interesting also that the fed is launching together with the treasury a commercial paper facility, where the treasury takes the first loss. Stress obviously to calm in the shortterm funding market, but we could see the fed expand to other asset classes, sengren asked for a few days ago. We are moving from easing to an even more radical monetary approach. I dont think this is enough. We need a combination of discounts, as has been discussed, more targeted and quick fiscal action. We are seeing it in the u. S. We still need to see more in europe. That is not going to solve the virus infection, but to solve the economic fallout from the virus. Alix great to get your perspective, alberto gallo. As we go to break, one quick check on u. S. Markets. The nasdaq up 3 . Large cap tech names. Faangs. Ove the still seeing a move into the bond market. Something has to give on that. Commodities also getting a relief rally as well. Much more coming up. This is bloomberg. It is 1 00 in new york, 5 00 in london, 1 00 a. M. In hong kong. Welcome to bloomberg markets. From bloomberg World Headquarters in new york
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