Ields are higher. In eight basis point increase yesterday. You are getting a weakening the dollar by about 1 . It could be seen as some good news if some of the funding pressures are relieved. The hope and optimism is still moving through into the copper market. Those are off 3 . Copper has been searching to the highest now in almost three weeks after minds have been closing to reduce supply and some of the coronavirus headlines have been coming in showing signs of easing in these hot spots. Flip up the board. I want to take you through, if you want, to take you through an 11 day chart. David of course. Taylor this chart is getting us into so trouble because im getting so much twitter hate mail. Take a look from the lows of the session, we are now up 20 . Technically speaking, if we close at these levels, it would mean we have closed out the bear market. There are still a lot of people that think this is a drop because we are still off 20 from the record highs in february and the worst of the selling could be over. It does not mean the buying is helping. We are still taking a look at correlations which are still elevated. That shows signs of selling. David . David that was terrific. A nice positive report. We hope it holds up. We know the economic recovery will depend on the strength of Small Business. We will go to a Small Business in jasper, indiana. , the republican senator from indiana, joins us. I understand you have some association with a Small Business from which you,. From which you come. My. Braun i am sitting in wifes store which was started in 1978. I have started i have talked to so many Small Business owners , small medium, and large. This is one that wouldve been considered a nonessential business. The report i am getting in that category and many of the essential businesses, talk to a casting company that does a lot of business with the automotive industry. March only off 10 . 80 off in april to where they now, with seven or eight plants have to look at which ones they will close, how many workers they will lay off, and they are large enough where they got access to the general liquidity we put in the system. I think the focus has been, we have all been watching the disease and i think we are benefiting from how we did incorporate social distancing hygiene, but the chorus i am hearing in indiana, we are the crossroads of the country, is the real solution is not more government. Lets be smart about selectively reopening the economy, protecting the vulnerable populations, the elderly, defend them well, and the Health Care Workers that have to fight it. Indiana is an interesting place where across the state, we are rural. Indianapolis has been cited as a place to watch. We have been lucky so far, it has been under control. In general, what we do in terms of phase four, i would be willing to more to the sba package. Billion inplaced 60 just two days. There will probably need to be more. I will be focusing on how we partly reopen the economy without giving any ground back to the disease. I think a lot of my cohorts in the senate are thinking along those lines as well. David you are one of the first officials i talked with who said very early on we have to think about how we reopen the economy after we get the better of the virus. First talk about what is going on right now with the Small Business loans. There were 350 billion appropriated. Is that going out the door . We are hearing reports there is a lot of difficulty with bureaucracy. Increasing 50 billion . Mitch mcconnell seems to be open to that. How much more do we need to appropriate . En. Braun we will see we have done 60 billion in a little over two days. That tells you the pace is brisk and that means that soon we will be at a point where we will have to look at that. I do not think any senators will be against that or any particular groups or individuals that have been displaced where we may be did not catch them in phase three. When it comes more broadly into some of the discussions you heard, our fellow senator that came in with me, josh holly, he is hearing the same thing about how much devastation there is across the Small Business world. Talking about a more comprehensive thing for the government. I will be leaning more towards be careful on what we do in phase four. Truen the side of solutions to getting things back to normal. Selectively reopening the economy. One of the things being discussed is the need to give support to state and local governments. Some people think it not enough was given in phase three. Do you share that view . What is the situation in indiana . Sen. Braun when youre talking about giving more help to small iness number particularly to Small Business particularly . David i am talking about the state and local governments. New york is losing the revenue and they have a dramatically increased cost. Sen. Braun i think there, that was one of the last discussions we had that we knew would be local and State Government is run by basic services. There revenues are off because businesses are not making incomes to pay taxes. That would be another area where when we ended up where we did with the figure, most of us thought that needed to be readdressed. That would be something i would be ok with looking into because it started at 25 billion and ended up in the neighborhood of 125 billion. It looks like that may not have been adequate. I think most senators would be ok with doing something there as well. David lets turn to the question of reopening the economy. We do not want to do that too soon, we have seen situations like singapore where they may have moved too fast. How do we come up with a plan about how to do that . How will we know the right time to do that and how do we do it . Sen. Braun take an example. In indiana, governor holcomb was out early listening to what we needed to do, especially with a place like indianapolis that was different from most of the states. They extended it for two more weeks. Ton gave a little latitude smaller businesses that are nonessential. They are letting them do curbside delivery. The customer can pick it up without reopening the store. That is the kind of common sense stuff i am talking about. You do it selectively. Where it in the places you have the least number of cases, where you are most sparsely populated. You need to do a national shutdown. Even the states that have not differentiated between hotspots and places theres more social distancing by the nature of how densely populated you are, that is what i am talking about. Having your eye on not giving any ground up to the disease. It does not have to be an all or nothing one way or the other. We do not want a wholesale reopening of the economy because i think we would backslide on tamping the disease down and vice versa. David senator, as a practical matter, do we need to have vastly greater capability of testing to reopen the economy . We will not know where we are if we cannot test an awful lot of people. Sen. Braun testing is something we will grapple with. We will probably not get to where we need to be during this first about with the novel coronavirus. I think we will be in great shape if it tries to resurface this fall. I look at the mortality rate and the cases. The mortality rate is accurate. We also know the number of cases , if we could verify it with test, experts have said it is three times to 10 times as many. Most people the thing that got most people freaked out early was the mortality rate look like it could be 2. 5 to 3 . Most of the experts are saying it will be under 1 , if not even closer to the flu. I do not want to give up any ground. I want to be smart about how we do it. That means you take the risk of reopening the economy in the places where you have not had the incidents of the disease. Testing we should be doing as aggressively as we can to get data that backs up the general idea of what i think the solution is. I do not think we will get there with enough test that would give us the full amount of information we need to where we start reopening the economy before we have everybody tested. That will take us way too deeply into the year and we will have a repairable demand and supply disruption as a consequence. Clearlyenator, we are fighting National Crisis and you would like to believe there is no partisanship. Give me a view into the phase four, you said you did not think any senator would resist an increase in money for Small Business. Do you think we can get a phase four through without partisanship. The nancy pelosi work with Mitch Mcconnell . Sen. Braun i think we can if we stay focused. That means take care of anyone who was overlooked or omitted from phase three, enhanced where we know there was a need for more when we had a limited amount of time to get the numbers right, do not be tempted to try to add a grab bag of policy stuff into it, which i think Speaker Pelosi did try to do that. That delayed it three days, back from sunday, where most senators, democrats and republicans thought we had it across the finish line. That did not happen until late on wednesday. I think we have learned a lesson. Stay focused on where we didnt have it fleshed out, do not try to add a lot of extraneous stuff. David thank you so much. Appreciate your time. Indiana, republican senator indiana mike braun. Thanks for joining us. We have a headline crossing the bloomberg which is the u. S. Has slashed its forecast for 2020 oil by more than 120 Million Barrels per day. In the meantime, Prime MinisterBoris Johnson is in the hospital in icu and their monitoring. Dominique rap has been speaking about his condition. We will go to london to get an update next on mr. Boris johnson. This is balance of power on Bloomberg Television and radio. David this is balance of power. Boris johnson is in the hospital observed for covid19. We go to david merritt, our colleague in london for an update. We have had some news about the Prime Ministers condition. David m. we were just hearing from his deputy, the foreign b, who says there has been no significant change, no deterioration in the Prime Ministers condition. He remains in the intensive care unit in the hospital in london. The situation can be described as serious, but he has been put on oxygen to help his breathing. No mechanical aids, not on a ventilator, which is rbc the most serious stage of this disease. Same it was at the same press conference where we are were assured there was no serious change in the Prime Ministers condition. Three hours later we were told things had got worse and he was in intensive care. As we know, this disease can develop and deteriorate rapidly. Stable he seems to be and there is no change. They pledged as soon as there was a change there would be an announcement. David we all wish him a speedy recovery. In the meantime, who is running the country, to put it bluntly. Meantime,in the minister raab. He is the foreign secretary, he used to be the brexit secretary. He ran for the tories against mr. Johnson. Eventually losing out to him. Says he is the person who is whereing mr. Johnson necessary. He was at pain to say the cabinet as a whole are making collective decisions where necessary. There is no one who has become the Prime Minister. That remains mr. Johnson. ,he way the u. K. Is set up opposed to the u. S. , if the president is indisposed, someone needs to step up. No one knew here is called the Prime Minister unless the queen appoints him. It is murky. The timing cannot be worse. We have the virus hitting its peak for the next week or two weeks. The government having to review its lockdown measures. Mr. Johnson will not be back at work by then. Has to make this decision. Can the cabinet maintain their discipline without mr. Johnson at the table . That is the question at the moment. David i assume that in the u. K. As it is here and many other countries, most of the decisions of government have to do with how you respond to this virus. Are there major policy decisions to be made or do they basically have their approach laid out and it is a matter of executing it . David m. that is a good question. At the press conference we saw raab flanked by the two chief scientific advisors and they say all of the decisions are based on the information they have been getting. The conditions are changing and we saw the government change its strategy to suddenly impose a lockdown and have a more laissezfaire attitude. Back then they said they would review the situation in three weeks time. That is next monday. There is a big decision to be made next week. Do they continue with the restrictions on business and the economy or do they start to relax it like some countries in europe . Last night austria and denmark gave a roadmap to how they might start opening their economies. These are Big Decisions. There is work on how to support companies, Small Businesses, employees, that is moving rapidly. Huge amounts of money being spent to try to keep the economy alive, and all of these there are Big Decisions coming in mr. Johnson is not going to be able to make any of them. As i said, the cabinet is having to come together. We have a lot of reports about improvising without mr. Johnson around. The cabinet made those decisions separately and allowed on mr. Raab to steer them through this difficult time. David i wonder whether there might be another set of decisions having to do with allocation of equipment, like personal protective equipment, things like ventilators, how is the National HealthService Holding out . We have that crisis of how we allocate that critical equipment. David m. it depends who you listen to. A pretty devastating survey from the British Medical Association this afternoon was published that said a majority of doctors are not having enough protective equipment. When you hear the chief medical officer talk about how there is plenty in the system and it is being sent and has been a problem for distribution. ,n the ventilator question companies have been stepping up the manufacture of more ventilators because they definitely need a lot more than they currently have. Some of those are starting to trickle in. Complaints from hospitals, they have still not arrived, they are worried. One thing is true that so far the National Health service seems to be holding up. Weve not reached capacity. They have built a 4000 bed hospital in a London Convention center. That has not yet been needed. So far, the question was put to the chief scientific officer a few moments ago, he said so far it is holding up. He cannot pledge it will be the same situation for months to come, but we have not seen the overwhelming of the Health Service we have seen in places in the past week like spain and italy. David good news so far. Thanks a much to david merritt, our colleague in london. Coming up here, we will talk to the Lieutenant Governor of new york about how new york is holding up in the coronavirus prices. This is balance of power on Bloomberg Television and radio. David this is balance of power on blaber television and radio. We turn to our stock of the hour. For report we turn to abigail doolittle. 3mgail we have shares of popping higher. One of the new realities of living with the coronavirus in the u. S. Is wearing a mask. That is particularly true if you are health care worker. 3m makes the higher in demand n95 masks but there has been a shortage in general. The company this, 3m and the white house were in a bit of a dispute. That is good news not just for 3m but americans who do want the mask. Relative to the details of the respiratorsl import and masks into the u. S. In addition to 35 Million Masks made per month in the u. S. A big piece, 3m will now be allowed to export u. S. Made masks into other countries. The white house had not wanted that. Most of the masks, those 166 Million Masks imported into the u. S. Will be coming from china, which the white house is also agreeing to. Relative to why 3m wanted to be able to export masks, most of the business does come from outside the u. S. 41 of the demand for masks in the u. S. , the other 59 for the rest of the world. Finally, it is incredible in this new world of the coronavirus prices and tragedy and wearing masks, before the pandemic, 50 Million Masks were needed around the world per month. Now it is 290 million. That is a 490 increase in mask wearing and demand due to this coronavirus tragedy. Today 3m is benefiting from that demand and this white house deal. David thank you so much to abigail doolittle. Good news for 3m. Bill richardson is coming up next on balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Im david westin. For bloomberg first word news, we go to mark crumpton. The u. N. Labor organization estimates the equivalent of 195 million fulltime jobs could be lost in the Second Quarter alone from the coronavirus pandemic. That is a big increase from last month when the International Labour organization predicted next 25 million job losses for all of 2020. The agency says full or partial lockout measures now affect nearly 2. 7 billion workers, or about 81 of the global workforce. A grim statistic in new york city today, Officials Say more than 3200 people have died from the coronavirus, that makes it deadlier than the september 11 terror attacks. Its firstity recorded coronavirus data on march 13, less than two weeks after confirming its first infection. Considering easing its nationwide lockdown as new coronavirus cases and deaths continue to flatten out. Some companies could open by midapril. Denmark and austria were the first two european nations to loosen restrictions as governments sit to gradually revive economies crippled by the containment measures without making a second risking a second wave of infections. Worlds biggest letdown has brought the transportation of goods to a near halt, despite the fact that the government has exempted the sector. Officials say Daily Movement of trucks has plunged to less than 10 of normal levels. The Prime Minister imposed 83week lockdown on the nations 1. 3 billion people on march 25. Global news 24 hours a day, onair, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im mark crumpton. This is bloomberg. David. So much. Ank you the Coronavirus Crisis has posed challenges for government leaders at many levels. Bill richardson has served as the direct decider in at least three of them, as governor of the state of mexico, our u. N. Ambassador to the United States, and secretary of energy. We welcome secretary richardson back to bloomberg. Lets start with your hat as secretary of energy. We have this meltdown in the oil markets led by a demand crisis, but also this price war between saudi arabia and russia. Will it be resolved this week . Bill i expect it will be resolved because both countries need to do that. Their economies are suffering. The saudis and the russians both want to hurt our shale production, they dont like that we are the number one domestic oil and gas producer. At the same time, the russian economy is hurting. The saudis want to show they are still viable when it comes to opec, price wars. The russian economy is hurting. The geopolitical side, the russians want to help iran, the russians want to help venezuela. Those countries are suffering because of the price war. I think the saudis stability, but most of all, they want to hurt their big geopolitical rival iran. David so what about the point made by some members of opec, it is not fair for them to cut their production if the United States is not cutting . Should we expect coming to the table to save for the overall good of the oil market, we will curtail our production as well . Bill that is a problem for us. I am from new mexico, texas. That will hurt us all a. In the southwest are dependent on a stable price of oil. That will hurt us a lot. I think the president and the administration should be careful. I think they are playing it correctly right now, a little urginga balance, but both russia and saudi arabia to make a deal. The key again is the saudis. They control 11 other countries that are part of opec. Russia has shown its muscle. Gotten what they want. International economic stability is dependent on a stable price of oil and gas. Is the best way to get it resolved, through opecplus, or the g20 . We have an opecplus meeting schedule thursday. G20 says they will have their Energy Ministers get together on friday. Can g20 work this out . Bill no, i think it has to be russia and the saudis with the push from opec countries, push from the United States. Both sides have lost a lot. They have demonstrated their muscle. It is time to make a deal. Yes,think the g20 they are players, international players. But it is a bilateral deal between russia and china, pushed by the United States and other opec countries. In thewhat about tariffs United States on oil . The president meeting with Energy Leaders said he did not take that off the table. Would that be a wise move . Bill no, it would not be a wise move. I am a free trader. Tactics ofstrations maximum pressure on everybody, for manufacturing the masks overseas instead of the country, i think he uses that as leverage, the defense production act. Get our companies to work with us rather than going after. So, no, not tariffs. Lets have a good oldfashioned negotiations with russia and china pushed by opec. That is the way to do it. David you mentioned 3m. One of the issues that President Trump had was it had continue to export n95 masks to canada, and he wanted to clamp down on any export of masks. What do you think, as former governor, how do you think about this situation with maybe curtailing u. S. Exports and critical ppe material overseas . I am for curtailing then, i think we should take care of our own states, our own people, but it should be done in a negotiation, not by sanctions, not the way the administration was to punish 3m, calling them disloyal. They have to change their priorities, 3m, but it should not be calling them disloyal to america. They are a good company. They are a big company. Lets work this out instead of always maximum pressure, trying to find ways to punish. Give them incentives. Make them shipped more to Domestic Production but not necessarily through sanctions and calling them disloyal. I dont think that works. David finally, mr. Secretary, how is new mexico faring . Oncifically, where are you the issue of how quickly we should get back to work . It seems to be growing pressure that as we plateau here in new york, maybe we should start thinking about how and when we get the economy going again. Bill it shows once again that governors in states have more power than the federal government on these issues. My governor has been very aggressive and positive when dealing with the virus. But our economy is small. We are a tourism economy. We are an economy that is not terribly diverse, oil and gas. We are dependent on international factors like the price of oil. This is why we wanted economy to come back. It has to be a balance. Eventually, david, you have to choose between protecting your people and protecting your economy. It has to be a balance, shifting a little bit toward protecting the people and the health. David thank you so much. Great to have you with us, bill richardson. Former secretary of energy but also the former governor of new mexico. Coming up, the Lieutenant Governor of new york, kathy local, reporting on what is kathy hochul, reporting what is happening here in new york. This is balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Im david westin. York is the epicenter right now of the coronavirus in this country, as we near, we hope, the apex. We are talking with a woman who of been right to the side Governor Cuomo in this battle, Lieutenant Governor kathy hochul. Governoreard from cuomo today, third day of apparently plateauing infections, although the death rate did go up. Where do you think we are . That exactlyul right. One day does not make a trend but over three days we have seen the rate of hospitalizations go down. That is something we have been looking forward to. Although the death rate has gone up, and it is horrific to know that we lost 731 people in the last 24 hours, what that says to us is some of these people may have been in the hospital on ventilators for some time. If we have fewer people going into the hospital system, icus, this could be a break that we are looking for, but it is still far too early to change anything that weve been doing. We believe the social distancing that we have been putting in place aggressively in new york is the reason these numbers are not dramatically higher. David that seems to be a broad consensus among Public Health officials. Do we have any sense that people are backing off of social distancing now that . They arehearing things have plateaued at aov. Hochul plateauing high level is not something to give a high five over. It means there are still high numbers of people testing positive. 130 8000 people, up from 130,000. I dont think anyone should let down their guard or become complacent. If we do, we may have to go back to where we started and institute all of these measures again, and delay our recovery. Anyone who thinks that telling at a high level is declaring success is wrong and are not listening to the governor and myself as we sound the alarm that as the weather gets nice and we are approaching holiday season, passover, easter sunday, there will be tremendous temptation to say, we have not seen grandma in a month. Lets visit our families. Dont take our foot off the pedal as we are heading into the final stretch. This is what is saving us. If we back up now, this will all have been in vain. David give us a sense of how the Health Care System is holding up. Hospitals, by all accounts, are near or at maximum capacity. How long can they keep up this pace . Lt. Gov. Hochul this has been a problem. The governor has addressed it in three ways. One is hobson of bats. We went down from 53,000 when this started, from the governors efforts to increase capacity and get assistance from the federal government, we now have 90,000 beds available. But that doesnt mean anything if you dont have staff and supplies. On the staffing front, as predicted, our superhero front nine individuals taking care of the sick, they are also succumbing. Many of them are ill, have been away from their families a long time, but a keep going at it again and again. Now we have a reserve of 7000 people who have been hired from an incredible outpouring of volunteers from all over this country. 7000 people hired by hospitals recently. Many retired, from all over america. The supplies, the governor would ray, no hospital is going fo want for a ventilator, but that is also a concern. Any spike in a particular region a higher number of ventilators. Look at what is happening in suffolk county, nassau county. We are constantly redeploying resources to make sure the hospitals can handle the surge in their area, and leaving no area unprotected. That has been our goal all along. Or neare hope we are at the apex, so we are very much in the crisis. We dont know what is on the other side of that. We dont want to get ahead of ourselves, encourage people to do away with social distancing, but it is not too soon for the government to think about when and how we think about getting back to work. Are you working on how that plan like . Obviously, we cannot let everyone go, it has to be staged. Is there a plan that you are working on . Lt. Gov. Hochul absolutely. What the governor and i agree on is it comes down to testing. We dont want to declare it is safe to go back to work unless we can test and find out certainly, people who have already had the coronavirus and overcame it and are healthy again, and people who developed the antibodies. We will only know for sure if we have widespread testing. Because of a number of issues with the federal government early on, lacking testings capacity, and the basic supplies, the reagents you need, we have had a shortage of those. If we could get the federal government to ramp up the production of these supplies to have rapid testing, there are opportunities for us to have a result in 5, 15 minutes, half an hour, depending on the materials used. We have to get to that point in order for us to feel confident that we are not having a downward trend that will spike up again, as has happened in past pandemics, certainly the 1918 spanish flu. We dont want to end up with a sixmonth phenomenon. We lost 60,000 new yorkers. We have been proactive in preventing that scenario because of steps Governor Cuomo has taken, and other states are following our lead. We also had to talk about what it will take to get individual industries back. In addition to that, i have been focused, as the chair of the Regional Economic development council, i have already been in contact with the statewide chambers of commerce, regional representatives from industries, manufacturing, and others, talking about how we jumpstart the economy once we start going full steam ahead. There will be a lot of Small Businesses in particular that just may not make it, if they cannot get the assistance they need from the federal government. They need a lifeline now, or they are gone forever. All the work that we had done in the state to reduce unemployment, has more investment in economic development, we dont want to lose where we have gone, so im having the conversations, literally, as we speak. One last question specifically on testing. Do you have a sense on how far away we are in time to have the required testing to make the moves to start opening up . Lt. Gov. Hochul we just dont have the capacity yet. If we could get the federal government to invoke the defense production act and have widespread testing materials created, we would be in a much better place. In the absence of any action being taken, the governor is working with the governors of our regional tristate area, new talky, connecticut, to about incentivizing businesses to ramp up production. These three states are really interconnected, basically suburbs of each other, and new york is the epicenter of all that. For us to sayter in new york city we have a policy, but if workers are coming in from connecticut, that we are not going to get ahead of it. We are not there yet but we know what we need to do to get to that place. David Lieutenant Governor kathy hochul, thank you. This is balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Im david westin. The Federal Reserve is doing all it can to cushion the economic blow from the Coronavirus Crisis, including by helping Small Business. Alix steel spoke with a former fed governor about this just this morning. I think the fed is surely going to expand their Balance Sheet further, probably quite substantially further. The issue is, what kind of assets they by orlando against is one that they are not going to make just on their own. Remember. Under their authorizing legislation, which was reemphasized by congress indicators act, the fed is not supposed to take losses on the emergency lending it does. So the question of how hard to extend is in part going to depend on the degree to which secretary mnuchin and the administration are willing to use those funds that congress appropriated to back various kinds of assets, some of which might entail substantially greater losses than things like investmentgrade, corporate grade. The question is, as an economic component, and that is important for the fed to do that, to put a floor under Financial Markets in the economy, but secondly, to what degree does treasury want to allocate the funds it has two back assets where they could well take losses rather than just provide some insurance money. Dan, what do you think, if you were still in the fed . Would you be advocating to take on more risk, if it was backstopped by the treasury . Dontn this crisis, i think there is much question that the fed can and should take more risk than it did in the great financial crisis. If youll recall, in the great financial crisis, not a single fed facility had to dip into the treasury money, the top money used to backstopped it. There were some problems with some loans. The income from others more than offset that. This time around, given the breadth and rapidity of the problem, i would say, particularly for things like main street facility, which will presumably come on board, they need to complicate contemplate there may be losses, but those losses are supposed to be back by treasury. Yes, i think the fed should be prepared to set up a facility net, is not profitable on so long as they are reassured of the equity the treasury has put in. Alix when you have things like mortgage servicers being backstopped by the fed, when people are not paying their mortgage payments, or private equity thinking businesses they own over 500 people should get access to the Small Business loans, it seems like what you are saying is you would be open to all of that, as long as the treasury stepped in and gave the fed permission. Am i reading you write on that right on that . Dan the fed will still have to prioritize. As does the treasury. 454 billion is a lot of money, not an unlimited amount of money, even as it gets leveraged. I dont think this is a question of saying the fed can or should step into back everybody. I think it is a matter of the fed, in consultation with the treasury, deciding where the most important areas for the economy are. This all raises a larger question. Several of your guests have mentioned leveraged lending. In 2013,recall, back the banking agencies put in guidance that tried to limit the lending, atveraged least highly leveraged lending that was taking place. Of course, there was a big push back against that. Removed a fewwas years ago. So to some degree, what we are now seeing, is what happens when when there is not guidance or regulation for the migration of risk to highly leveraged, shortterm fundingdependent entities. That is something that the fed has to address now because it is a present problem, but we will all have to address it after the crisis. David that was former fed governor dan to reload t arullo. Coming up on bloomberg radio, we will be speaking to the alaskan governor about oil. This is balance of power on Bloomberg Television and radio. These days you need faster internet that does all you expect and way more. Thats xfinity xfi. Get powerful wifi coverage that leaves no room behind with xfi pods. And now xfi advanced security is free with the xfi gateway, giving you an added layer of network protection, so every device thats connected is protected. Thats a 72 a year value. No one else offers this. Faster speed, coverage, and free advanced security at an unbeatable value with xfinity xfi. Can your internet do that . Taylor it is 1 00 in new york, 6 00 in london, 1 00 a. M. In hong kong. U. S. Stocks gaining ground for a second consecutive session, this amid further signs the coronavirus pandemic may be slowing down. New York Governor Andrew Cuomo saying new infections in the state dropped by a third day but the daily death toll climbing to a new high. All of this as optimism collapses on main street. U. S. Small Businesses Sentiment plunging by the most on record, as owners weigh the impact of the pandemic on their firm. Plus, the outlook for the Drug Delivery space. Erict the latest from kinariwalla, ceo of caps on, a direct to consumer pharmacy. Lets get a check on the markets. Earlier, we were talking about how