To do in these extort every times. You can see the closing levels for the day. Scarlet looks kind of mundane, a welcome breather for everyone. This is the first time in nine days we have not seen a 1000 point move in the industrial average. We have been seeing 1000 plus point moves every day the last eight sessions. Today, we break that streak. The s p 500 up 0. 5 . Keep in mind that we will have quadruple witching tomorrow. The excitement begins again. Romaine fulltime saying that could bring relief to the market because once we get that, it gives an opportunity to reset on volatility. Some of the individual movers. There are some big names. Uber up 30 today. Cisco of 20 . Slack up 16 . There are people bottom fishing, saying some of these stock valuations have gone down too far, too fast, and there are some longterm opportunities here. That are some of the names investors saw worth buying. Scarlet scarlet the faang index rising 8 . Clearly people seeing value in the big cap tech names. Romaine lets take a deeper look to where the markets are. Looks like we have seen a dip and eventually closing in the green on the s p but it has been a day of mixed emotions year. Real confusion in the market. Has been a major concern for stocks right now. Market makers having their hands tight, trading off of technicals on the fibonacci levels. The level is 2351. We could flip up the boards to the credit market. That is an interesting story because we are seeing more red on the screen for the two creditbased etfs. Someone tweeted that that action could mean reduction but could also mean the market does not expect many ratings to remain. From the equity perspective, you look deeper and see this press. Some crucial news happening. Risk premium jumping along with the low treasury yields. The highyield side seeing crude a big part of the story. X energy. E spread seeing them spread past the 2016 levels, in 2011 levels. That is when we saw the european sovereign debt crisis under pressure. To acan be attributed default spike, liquidity evaluating. Economic activity could really shutdown. Refinancing not able to go through because of lower demand for this asset class. Lets look to the trading day ahead. Volume is a key story here. With thewas matched heavy green volume. Volumes lately higher than the past quadruple witching. That could mean tomorrow will be one of the most active trading days potentially for the decade. Scarlet we have had a lot of those lately. Thank you for that analysis. Regan and us is mike nancy. Nancy, let me go back to you because we had Economic Data that was highly anticipated because it was a High Frequency data point, which is jobless claims. The data only went to saturday so we did not include most of this work week when we saw a lot of people staying home and shelterinplace. What kind of data point when it comes to the economy appears to move this market . Or are we had a point where we will not react to that until we see the virus case numbers start to peak or bend . Question. Is a great because many of these numbers are backward looking here is the good news. The economy was in great shape going into this. Jobs were robust. Consumer confidence was high debt levels were muted. All of that is off the table now. What investors are paying attention to is the number of cases and how effective the governments policies are in shoring up Small Business and the unemployed. Inre was a modest spike those numbers this morning, but i dont think there is much we can read into it because it is old news at this point. Romaine yes. Mike, jump in here because a lot of people are going to be scouring the data once we get the official data. I dont want to t how much does it matter i dont want to say, how much does it matter, but will it tell us something we dont already know or feel . How are investors going to react to it . Is that sort of pain in the economy already priced into the market . Or once we start getting the actual hard numbers flashing across the bluebird screens we are in for another selloff . Michael obviously, the market is way ahead of the Economic Data at the moment. We have a 30 drop in the stock market. We know in the next few weeks those claims are going to be enormous. Essentially possibly record claims, given the amount of bar and retail employees who will be affected by this. Massive numbers of jobs. Massive numbers of people filing for uninsurance claims. Some questions about whether the states will be able to handle this demand for the claims. The Municipal Bonds theory is another element of this that is very important. But i think the market is priced in as much as it can as far as the curating data. It is ahead of the data. We could theoretically see a we got in risk assets. But again, i think there is still the element of surprise from companies, whether it be dividend cuts, massive credit rate downgrades, bankruptcies, that sort of thing. The fed has done a good job of pricing in the most obvious leisure,he energy, hospitality, travel industries, that sort of thing. The question i would be wondering right now and am worrying, where has it spread . Where has it spread that the market has not figured out yet . A key thing for people to wrap their heads around in the near future. Scarlet that is a great question to pose. Where do you think the contagion has spread that people have not appreciated the smart . There are corners of the market that months later we realized was a real hotspot but at the time did not appreciate. Nancy that is the difficult question. I do agree with mike. I think the market has priced in a good deal of this. We have been climbing out of places we think there is dividend cut risk. So boeing. We have not jumped in deep into retailers or auto stocks or even the airlines at this point. Because there is a lot more pain that we have to go through. But inessarily in price getting these things back up and running. I would rather be more biased to growth when i come out of this and when we come through this. We have an increasing exposure to technology, particularly software. You have seen a lot of Companies Buying equipment to staff their employees at home. We think that is an interesting place to be poking around. Cybersecurity. And the consumer. The Consumer Confidence does not plummet dramatically but kind of stabilizes at a reasonable level. We think then that will drive those stocks forward. And Communication Services like facebook and google. Romaine we only have about one minute left but what about outside of equities . When you look at where bond prices are right now, this idea that you have a lot of folks who want that exposure to the treasury market. What are you seeing their . T here . Is it attractive at all or will it be down the road . Nancy that is super interesting because we have had clients call and say, isnt this a good time for me to take gains in my bond portfolio . We have been directing them into convertible securities. We have a convertible security strategy. It is an interesting space. It has been dislocated as well along with Everything Else doing the security taps, but it is a great alternative because you are getting an equity kicker when we get out of this and collecting 4. 5 yield or income. That is what we have been doing. And also looking selectively internationally. Romaine we will have to leave it there. Our thanks to you. Of course, we want to think our very own mike regan, who was joining us on the phone. That does it for the closing bell. Whatd you miss . Is coming up next. We will look at the coronavirus and how it is impacting a lot of different areas, including the nba. This is bloomberg. Romaine live from bloomberg World Headquarters in new york, i am Romaine Bostick and joined by scarlet fu. Scarlet we are taking a look at how stocks closed for the day. It was a relatively calm day. The dow industrials rose 1 . Less than 1 . The s p 500 gaining 0. 5 . According to Abigail Doolittle crunching the numbers at home, this is the smallest move for the s p 500 in 14 sessions. 15 days. Breaking a 14 day streak in which a move quite a bit. The russell 2000, which we do here, is notable because it outperformed, closed up almost 7 for the seventh straight day of gains of at least 6 , or losses of 6 . Romaine you can see it there. Thanks to abigail. We should give a shout out to all the folks who are working from home. We have a whole team of people behind the scenes here helping keep the broadcasts going. Scarlet keeping us on air. Romaine you can see both of us. You dont need to cs but here we are, essential to your life. A lot of people even more essential behind the camera who are making this happen. Scarlet absolutely. Romaine extort every effort. Where is joe extraordinary effort. Where is joe . The question is, whatd you miss . Scarlet wall street economists are united in declaring that the coronavirus has caused the World Economy into a recession. Joining us to discuss is the partner of and Senior Research advisor at Research Affiliates and a professor of finance at Duke University. Thank you for joining us again. Really good to speak with you. The yield curve, lets just take the 2 10 as an example, has been steepening. It had been inverted not so long ago. Most notably in late august. People have been talking about a recession. We all moved past that and soared into the end of the year when it came to risky assets because the trade war have been resolved. Is this significant that it is steepening now . June 30, first thing, 2019, that is when the yield curve measure that i look at, the 10 year minus the three month inverted, that is when i call a recession for 2020. Second, my forecast was not an extreme forecast given that over half of the cfos the Duke University surveys every quarter believed a recession would start in 2020. Wasver, where we were wrong we thought this would be a mild recession. Then a pandemic arrives. An event that was completely not anticipated. The peak was separate 2020. It will be the easiest date for the start of a recession. It is obvious we are in a recession. Romaine you dont need a committee of experts to tell us when the recession started here. When we talk about the initial response we have gone so far out of the fed, we have seen some pretty extraordinary measures already. The Market Reaction in risk assets and not risky assets was not necessarily encouraging. I am wondering why we saw the negative reaction that we did to some of those measures rather than more confidence. Cam i think it is certainly straightforward. 1. 5 irst fed rate cut from to 1 , 50 basis points, seemed dramatic. It was off the schedule. But where they are starting from is the key thing. September 2007, they cut 50 basis points also at the beginning of the Global Financial crisis. They were starting at 5. 25 interest rate. There is plenty of room to go. Then they cut another 100 basis points and basically used all the bullets. Effectively, i think what that did was drive us into this dreaded liquidity trap. We saw evident yesterday and are seeing it today also that stocks and bonds have become decoupled. People are abandoning the long bond because it is risky. Scarlet you talk about the Central Banks having nowhere to go. One place it had to go for a long time is European Central bank. We know mario draghi 2012 had said he would do whatever it takes. That seemed to calm investor nerves. The new president of the ecb failed to do that earlier on this week. That was this week, wasnt it . When she said it was not the ecbs job to close the italian bond spread. She has now come back with a different tune, which is, there are no limits to our commitments to the euro. I ask you this because will investors test her on this . Is this something the market will test a central bank on . They did not do that with mario draghi in 2012. Cam this is what i really worry about. Some of the steps the Central Banks have taken or right out of the playbook of the Global Financial crisis. A completely different crisis. The Global Financial crisis, that was essentially a financial event causing a financial crisis. This time around, the banks are much stronger. 1. 5 trillion of excess reserves. Yet they are pulling pages out of these old playbooks when this crisis is different. It is a biological event causing a financial crisis. The negative reaction in terms of the market is, well, the fed thinks this is like the Global Financial crisis. It is not. It is completely different and hits everywhere. There is no place to hide. We need basically a new strategy. I am afraid we talk way too much about the fed. The fed has limited things it can do in terms of liquidity. What we really need is the treasury to step up. Romaine we only have a little bit of time left. I want to end were scarlet started, with the yield curve. If you are is asking about the steepening curve, how it tends to discount at some point in the future. And wants to know whether you think the curve is carving a bombing growth. Cam so basically, i have studied all of these inversions and how they play out with the business cycle. It is not unusual for the yield curve to steepen actually before the recession begins. Essentially what we have seen is a steepening just a little bit before. What this is telling us is that there is light at the end of the tunnel. Hopefully this will be resolved within a year. At least the recession will be painful and hard but hopefully will be short. Romaine alright. Great you could join us today. Also of course, a professor of finance at the school of business at Duke University. The dissertation was the first link we saw across the yield curve this session. Coming up on this program, tracking the treatment. We will talk about what is working what is not when it comes to developing treatment for the covid19 coronavirus. The race and biotech is coming up next. This is bloomberg. Racing for a treatment. Biotech firms are working tirelessly to develop treatments for the covid19 coronavirus. New evidence out of europe and the u. S. Suggests younger adults may not be as clear of the virus as previously said. Bob, thanks for joining us. We started out with some of the efforts that we have seen among the various biotech firms and pharmaceutical companies. What do we know about the progress they have made so far . There is what i call a mad scramble to test and get treatments for covid19 for the new pandemic virus. I kind of put them into two buckets. One is people ticking off things and testing them. The most dramatic example of thatis the gilead drug they already have in trials and hope to have some results by april. Thing is people are trying to create a whole new preventative drug just for this virus. One of the prime premier examples of that is what is going on to try to generate an antibodybased drug against the virus. Scarlet ok. Then there is what President Trump talked about at his briefing this morning. He talked about something that has not yet been approved for treatment of covid19 but is basically a treatment for malaria that has been in use for decades. There is something we talked about how this could be a possible solution and the fda has walked that back. Can you give us more information on this . Robert yes. Some sketchy evidence out there derivativerug or a of a similar drug, very preliminary data, saying there could be activity against the virus but nothing like a solid randomized controlled trial that shows it works. The data is very sketchy, based on small numbers of patients. There was one study i read yesterday out of france that has 20 people. It did not say it was promising but it had no control group. We do not know at this point whether this will work or not. It is one of the things they are testing. Data. Are using these these are drugs that are out there right now. As a doctor, you can take the drug for one use and try it in a new use, a new disease for which there is no treatment. Totally natural that doctors will try different things. We got to be careful about rushing to conclusions based on very sketchy evidence. We really need to have good trials to prove it one way or the other. The worst thing you can do is get different side effects with severe disease and make them worse. Robert, thank you so much permit giving us an overview of the kinds of treatments we are keeping and i on here as we search for a treatment for covid19. Lets check on the latest business flash headlines. Three of the worlds Biggest Airlines are making it clear just how badly the Virus Outbreak has devastated the industry. Lufthansa and delta are taking a total of 1500 planes out of service. The german carrier is eliminating 95 of its capacity. Delta is cutting 70 . Australia playing off thousands of employees and ending all international operations. Boeing reportedly considering layoffs and a dividend cut according to dow jones. Americas biggest mini factory disruption. The also still dealing with the fallout from the fatal crashes of the 737 max jet. Ford is taking the 737 max jet. Ford is taking steps. It is withdrawing its guidance. New car customers can get six months on no payments. That is your business flash update. Romaine coming up on this program, Oil Companies citing concerns over supply chain disruptions. We will discuss the fallout with an expert. Director over there. He will be with us, coming up next. From new york, this is bloomberg. When you move homes, you move more than just yourself. Thats why xfinity has made taking your internet and tv with you a breeze. Really . Yup. You can transfer your Service Online in about a minute. You can do that . Yeah. And with twohour Service Appointment windows, its all on your schedule. Awesome. So while moving may still come with its share of headaches. No kidding. Were doing all we can to make moving simple, easy, awesome. Go to xfinity. Com moving to get started. Scarlet the spread of the coronavirus continues to take a oll on supply chains as businesses try to assess the damage of the outbreak. To bring in yossi dr. Sheffi teaches on these subjects. With, ce to start off professor, the Healthcare System. We know that the success in how deal with the coronavirus depends a great deal on how well is toed our Health System deal with the strain that well be facing in the days and weeks come. Is there a way to increase capacity of the Healthcare System in this short amount of that we do have . The answer is yes. First of all, thank you for me, but the answer is yes, we need to start thinking out of the box. Were doing certain things already. There is a push by the federal the military by to supply more hospital beds and healthcare providers, but lets think about the following, a huge shortage of urses and lots of flight attendants with training in first aid with nothing to do. They can serve on a voluntarily basis, of course, they can serve the front lines in hospital. Also need equipment, now instead of, im talking about and masks and gloves and equipment, i do not understand the shortage right now because the United States ability to manufacture, we may have to commandeer some plants, we have to make these at a much higher rate. Me suggest we can build, not from one day to the but very quickly sophisticated machines like we start thinking about 3d printing. General, Companies Like electric who are building jet printing ts with 3d and they have the capacity, they of dozens and dozens machines and many other told or that can be volunteered to start making ventilators for which we need the blueprint, the digital blueprint. The simple stuff and even in terms of sophisticated stuff, if the private sector in particular get together and on this, we should be this in the matter of two or we hit the before big peak of the coronavirus. An if, thats professor, should there be someone or something coordinating this so we marshall resources or do we have the type of Capital Markets we can sort of trust the private companies to sort of their own . Putting up a trillion dollars, a trillion here and there, were talking about pretty much real money. Money is here. Start what can we also have to do with regard to military and the government o suspend some of the procurement rules. A cannot ask for, you know, proposal and get the best and just get it done so congress can suspend the procurement rules so we dont to wait this long. The president is talking about suspending some regulation, are the regulations right now that need to be suspended, a of the government and pentagon procurement rule so they can buy and at this point pentagon, you know the we can buy, so we can certainly motivate the and do sector to change something. Scarlet clearly youre an advocate of common sense all ions because these sound very reasonable. One thing i do want to get your ake on since you are an expert in systems optimization, i get social distancing, people are no longer showing up at work at the office, they are working at home. Longer in e no school. One place we are congregating in of the super market or at the super market paying for frozen and beans and dinners. Professor, is there a way to avoid people getting too close infecting each other while theyre standing in line trying to buy the groceries shelter at home . I am glad you asked this question because i actually about it. We can do several i dont simple ple, relatively steps, first, by the way, allow tores, here in massachusetts, its this, you know, some what he progressive state, we frown on companies charging more for the goods. Is charging more when demand high will deter holding and will include supply. Second, we are shortening our sort of super market which is not great, youy, congregate more people in a smaller number of hours. Me talk about the process. Hey should divide people into two groups, one is people who can operate smart phones, its they need to call the and order, establish time when the store should tell ready. Ll is customer should take the car come to the store approximate ready. Is open the trunk, not get out of the car. Get back in the car. Somebody bring the order into the car and drive away assuming paid online. Dy by the way, the first two both price and this will also reduce the number of people who are coming to the store and the associate to stack the shelf more. Then there is a group who needs to pay cash. They dont speak english, immigrants, what have you, they need to go to the store. Store should allow only a limited number at a time. I hope with all of the other that the store will do, there will be limited hours and a numbering use system, they can go to the, i know, to the d. M. V. And to ance to the parking lot take a number and then they a certain number in the car and allow a certain number into the store. Nother thing they should do, they should have all the aisles one way, so people dont run other. From each they can keep distance. Finally, at the counter when to pay, you should make six feet apart or what the lines, people would and not these lines crowd into each other. Make sure that the cashiers use and wear gloves. A combination of all of this to reduce the umber in the store, the people will get to the store and the staff. Comment, the main social distancing is wrong. Physical be distancing. Keep social connection all the time. Thingsthe most dangerous is to create social distancing. Ets talk about physical distancing. Social distancing whether its telephone, hangout or people should keep in touch and lot more than usual because there is a danger of isolating people. Professor, some very practical advice, physical social. Ng, not yossi sheffi. Real quickly to the first word news. Is standing by. Mark thanks, grim milestone italy, it has now surpassed country with the most coronavirus deaths. More than 3,400 people have people in than 41,000 italy have been infected. Italy has been under a nationwide lockdown since this month. The worldwide death toll crept toward 10,000 as the total infections topped 85,000 including nearly people. To ress is working urgently draft a 1 trillion measure to prop up households and the u. S. Amid the coronaVirus Outbreak. The proposal is set to include a Americans First round aid checks potentially four. For a family of as the ck effort came first two lawmakers tested covid19, or the others are selfisolating and ease rules lls to and allow remote voting. The food and Drug AdministrationPresident Trump to see if can expand the issue malaria drug ntal to treat patients for the coronavirus. The president and the head of f. D. A. Gave apparently conflicting comments about the ability of the drug. He president said the medication had been approved and could be prescribed to patients. F. D. A. Later commissioner steven hahn said se of the drug would be in a Clinical Trial to figure out whether or not it works and if o, what dose would be safe and effective. The Coronavirus Crisis is making the 2020 Tokyo Olympics less likely by the day. Thats according to a former team u. S. A. Executive. Chief marketing officer of the u. S. Olympic Committee Told the Bloomberg Business and podcast, it getting harder and harder to imagine hat the olympics can take place. After weeks of refusing to acknowledge that the games would the International Olympic committees executive board said this week that the quoting here, unprecedented situation that is changing daily. News 24 hours a day on air and on quick take by powered by more than 2,700 journalists and analysts in over 120 questions. Mark crumpton. This is bloomberg. Romaine a third of the coronavirus cases in the u. S. Led to super market demands. The supply for consumers instead now. Estaurants for c. E. O. To bring in the of the largest grocery chain in manhattan, john, we want to talk grocery chain ur here. So changes have you made there is a efficient and seamless supply chain of goods through dy that walks those doors . I have been in this business for 50 years. I havent upon run the company for 10 years, i ave Different Company president s, but i went back to old friendsiers, my from 20, 30 years ago and pulled need avors, i said i product. I need a truckload of this. I need a truckload of that, i that. A truckload of hair used our old gray experience to make sure stores our employees have been there, we have old time 30, 40 years and own the stores and looking great. They have 80 of the products we great in ave which is this situation. And were here to service the here to service the consumer and our people that there are working hard and theyre doing a great job. Scarlet when you service the service your customer, i wonder, have they hours for senior shoppers or set aside early or s for senior shoppers customers whose immunity systems re perhaps a little bit more compromised . John people did talk to me about it. And d i would look at it bout opening 7 00 to 8 00 excex k exclusively for Senior Citizens and were looking at it. Would hate a regular customer wanting to come in to buy bread and say, no, youre not welcome to come in. Its a struggle to have the right thing done. People are ot of putting some pressures here on the stores and on the supply chains here. Started to get a little bit more coordination, not only local, state e and and local governments like here in new york, but also as well as government. With regards to what help the government can sort of provide in order to make sure that access to the food and supplies they need, do you think they have done enough so far . John i think the president has job. A tremendous he showed tremendous leadership and the governor in new york Governor Cuomo has shown leadership and put politics aside. Right now between governor trump, they esident are the adults in the room which to do. Right thing scarlet we asked you about the local response because i know speaking the g. O. P. Nomination for mayor of new york city back in 2013 a couple years ago. When it comes to dealing with he logistics of managing the city and the possibility of erhaps a shutdown of the city, know that bill de blasio, the current mayor of needing to look into that and he has pushback governor, andrew cuomo. Job . Is doing a better john Governor Cuomo, you cant down, e city completely you put barriers on the highways subways. Down the we have to be careful, yes, we have to be careful, you cant people prisoners of the city. Good stuff, john, c. E. O. Joining us by phone. News here e breaking on tesla and it looks like tesla is talking about temporarily suspending production at a in fremont. Big change, others had been doing that and holding firm it was dea that what doing was essential and they are ontinuing to create tesla vehicles. Romaine there had been a lot of criticism among the employees into that g to come plant. Tesla says that its liquidity is sufficient. It says its cash position was capital and it capital can navigate through this uncertainty. Scarlet the available credit lines are worth about 3 billion according to tesla. Meantime, we also have some other company news to tell you about in the latest business headlines, trying to raise 10 million. It can support portfolio battered amid the pen demonstra analysts tests will be delayed until at least december. More than 245,000 people were registered to take the june example. Eating out in the u. S. May never after coronavirus. It has created a crisis for the Restaurant Industry that was down. Dy slowing the market has been oversaturated and now it faces a revenue. P in michael says you will see more under. The National Restaurant organization is asking the Trump Administration for tax credits to funding. Access nd that is your business flash update. Romaine. Romaine the nba season the players tting pockets. Were going to discuss that next. This is bloomberg. Scuss that next. This is bloomberg. Scarlet some headlines here out of new york city. Mayor bill did he glasso is for a federal response to the coronavirus. He asking for military help on the virus. We know that the mayor has been arguing with the state governor, about whether to lock down your city, perhaps a shelter in place order, but that s something that andrew cuomo, the governor has made clear ould be his car, although bill de blasio, the mayor, has made t clear that would be his preference. The new york city mayor calling for military help in response to the virus. Romaine lets turn to the world of sports. We know that the nba season like a lot of sports has been put on and a lot of players, just like everyone out there are their pay. Bout in evan. Ng lets start with the nba here. Explain ust kind of what the general contract structure is for these players and sort of what the concern is them about their pay . Evan absolutely, romaine. Arent the only ones out there wondering how and when to nba season is going finish. The players are also wondering. As you said, its about the way paid. E basket ball. P in revenue dips this year as it most likely is because of his shutdown, especially if we have to cancel games or god forbid, the playoffs, thats to affect players wallets as well. Theyre looking at this on ering, the sooner back the court, the better for their pay checks. Scarlet the fact of the matter of the season will be lost. Is it more important to get the layoffs on even if they cant get most of the regular season in . Evan youre right, the playoffs are way more important from a standpoint. Thats when the bulk of the edia money comes in, a lot of sponsorship dollars, et cetera. More people are watching playoff games than regular season games, no question. Had to give the union, the players their choice, heyre ok probably if you cancel the rest of the regular season, if they end up losing the playoffs, thats a much bigger deal. So no question, if they end up in a situation where only the layoffs can continue, if they can happen in their current form, 16 teams and the fans kind come back to the sport as a lot of people are expecting them o, that ends up being a good result for the players. Romaine youre going to talk about the nba, im curious about sports leagues that havent started their seasons, basically havent had their interrupted Like Major League baseball and of course the nfl in the u. S. Which typically doesnt start until august, september, do we have any sense that those leagues will be able to go forward in capacity with their full season . Question. O a good Major League Baseball delayed its opening day for two weeks nd a week later came out and said, its going to be a lot more than two weeks. They are a little more in danger losing their season right now than the nfl is for the reason doesnt oned, the nfl start for a number of weeks. My guess is Even Major League thinking ight now is about, hey, listen, if we cant start until august, which is through the year, what does this season look like . It . E want to abridge again, the same conversation basketball. F you can get your full playoffs in when the bulk of your fans are watching, when your Media Companies are paying advertisers y and are paying the most money, you end up probably in an ok situation. Points. All good thank you so much for giving us the latest on how pro sports is ealing with that shutdown in all of their games. Now, and their season, of breaking, news, romaine. Romaine regarding that united loan. Es well be talking a lot about this. Apollo has bought a big chunk of 2 billion t was a neyear loan designed to help united get through a major change here, apollo was a buyer of what is called a chunk our reporting of that loan. Scarlet and a lot of these p. E. Have a lot of dry powder playing , look at them big role for those needing cash and quickly. Bloomberg technology is up in the u. S. Romaine have a good evening, this is bloomberg. To bloomberg technology. We are coming to you live from san francisco, where we are sheltering in place. Emily chang the new york city mayor is calling again for a federal response to the coronaVirus Outbreak, calling for military help. The mayor says new york city is two or three weeks away from running out of critical, hospital supplies