Is the ecb doing every thing it can, or will it do more . I think that is the question the market is looking at. We are trading 1. 94 on btps. Vonnie in the u. S. , we erased all of our 2020 decline on the nasdaq, now down slightly lower, but pretty much flat on the year. Microsoft, facebook, all of the things have been doing all of the faangs have been doing particularly well, leading this rally. The s p is up, but there are a lot of crosscurrents, from earnings to the dire economics. We saw the adp report yesterday, followed by jobless claims today, waiting on the payroll report tomorrow. And of course, different reopens across the states. You mentioned currencies making lows today. The dollar index is higher at 100. 29. We were to speaking about crude, up 7 on saudi arabias goodwill on prices. Still not a huge amount for a barrel of wti. Guy every little bit helps. Lets talk about that bank of an story. The new governor Andrew Bailey making it clear today that policymakers could expand monetary stimulus as soon as next month, this is the u. K. Potential he faces the worst economic slump in europe and the last 300 years. Francine lacqua cut up with the bank of england governor earlier today. My. Bailey two of colleagues on the committee voted to do more qe now. Others thought it would be a sensible decision to take in our next meeting, when we may have more information. Guy Andrew Bailey talking to francine lacqua. For more, we are joined now by max kettner, who joins us from hsbc. Hes one of the strategists there. U. K. , like so many economies around the world, trying to figure out exact how it is going to reopen its economy. We are going to get some news sunday from boris johnson, the prime minister. Andrew bailey, at this point in time, is expecting that it is going to be a very gradual opening of the economy, and that the u. K. Is going to suffer its worst contraction in around 300 years. Given all of that and given the brexit backdrop, what do you think of u. K. Assets right now . Do you think the bank could do bar . Do u. K. Assets look like good or bad value . Max i think with regard to the u. K. , if we look at equities, if we look at sterling, if we look at gilts, i think from a multiasset perspective, i still it to be fairly neutral there, even though i a knowledge this probably sounds extremely boring. But if i look at gilts right now in the portfolio complex, probably treasuries are giving you a better value right now if you look at how treasury curves have steepened in the wake of all of the issuance announcements that we had over the last couple of days. Probably the back end there gives you more from a portfolio context. The value isnt really there in the fixed income context. From an ethics perspective, when i compare it from an ethics from an fx perspective, when i compare it, it probably looks better. In the equity space, u. K. Midcaps, which have lagged a little bit over the last couple higher, the movement they have lagged a little bit when you compare it against the large caps in the u. K. , so that is still probably good value from a relative perspective, being more in the midcaps, less any large caps in the u. K. Guy we wouldnt want you to be boring, max, so lets move onto a Bigger Picture conversation. Europe is lagging the United States more broadly. We are expecting more action from the ecb. Also expecting more action from the fed at some point as well. But nevertheless, it does look as though the u. S. Economy is going to open probably a little bit more swiftly and gain a little bit more traction, as u. S. Assets also have the benefit of having a lot of technology in the mix as well. Just in terms of what people think about how they are going to be allocating assets at this point in time, do you discontinue to stick with the u. S. . Max oh yes. You are probably trying to give me not a boring angle, but i will probably be even more boring now and say theres no other way around than the u. S. If you think about it in terms of distribution of probabilities, if you are saying if we continue to grind higher in stocks over the next couple of weeks and months and it is very difficult to see in the process of a global gradual reopening of economy how we rotation intog cyclicals, small caps, value, how that would happen. I would say you still stick to the quality, the growth, the tech names in the u. S. Even in a different kind of scenario, if you move to the left side of the tail, saying as we are right now that this rise in stocks we have seen in april is probably a little bit overdone, if you are of that opinion, than actually it doesnt make sense to say even if a decline in stocks is initially led by the u. S. In general it doesnt make sense that in the wake of such a selloff, people would suddenly value,into cyclicals and i. E. Into europe. So on both sides of the distribution tales, im afraid to say it is as boring as it gets. You have to stick to the u. S. Ignie if you consider that has made priced in a little more pessimism than equities, and even highyield, would that mean there are more opportunities in credit and in equities, despite what you say . Max i think what is underestimated right now, probably begets you had on the show right now, it is probably very evenly split at the moment. Theres either the guys saying this is overdone, there has to be another led lower, the comic reality is not reflected in the price, or theres the other half that says actually, we are faced with this unprecedented amount of stimulus, and it doesnt pay the fight the fed. I think what is underestimated is that we have a continuation of what we had over the last four or five weeks. If you look at the rest of world equities or outright yields at the long end, theyve barely moved. When we look at european equities, japan, u. K. , they have barely moved. It was really a sideways market. The third scenario that could really play out is we are going to have the same kind of conversation into or three months, and we have to admit nothing has really changed. That means it is a carry environment. I think the carry you are facing right now and that you can have in your portfolio is probably a little bit better than currency debt compared to the likes of, particularly u. S. High yields. If you look at em have currency debt, it looks much more attractive than u. S. Highyield, for example, where you have. Allied an awful lot seem currency where you less of retracement so far is probably really, from a relative perspective, a much better bet. Vonnie max, we have to leave it there, but do come back soon. Max kettner is a multiasset strategist at hsbc. Coming up, and interview with San Francisco fed president mary daly. This is bloomberg. Mark im crumpton with bloomberg first word news. As we reporting throughout the morning, the number of americans filing for Unemployment Benefits went over went over 3 million two over 33 million. Tomorrow, the government is likely to announce that the Unemployment Rate in the United States has hit 16 . Top u. S. And chinese trade negotiators will speak as soon as next week. They will try to make progress and implement in a phase i trade deal. President trump threatened to terminate the agreement if beijing wasnt sticking to the terms. The trade deal was signed in january, just before the coronavirus outbreak hammered the worlds two biggest economies. The world health organization, the who, is considering a new mission to china, looking at what is called and couldnt trip to find what is called an academic trip to find the animal origins of the virus. The Trump Administration has likely said that has said that it likely escaped from a lab in wuhan. China has denied that claim. Justice Ruth Bader Ginsburg has been released for the hospital. She was being treated for a benign gallbladder condition. She is the oldest justice on the court. She took part in to telephone arguments from the hospital. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Im mark crumpton. This is bloomberg. Michael this is Bloomberg Markets on Bloomberg Radio and tv. Im michael mckee, speaking with San Francisco fed president mary daly. Thank you for joining us. Howme start by asking you companies in your district are faring. You have the largest geographical district of all of them, so there are many different industries, but in general, what are companies saying about financial conditions now and what they see as the economy begins to open up again as far as how fast things will come back . Ms. Daly like every other company in the United States and even globally, they are feeling a lot of pain right now because we had to shelterinplace for Public Health, and they know that. They want to do the right thing. But they are definitely feeling the pain. When thinking about getting past this, they are doing everything in their power in order to take advantage of the programs available from congress or the fed to ensure that they can get past this and be ready to reopen, but do it safely. No one who i talk to is looking at a vshaped recovery. They really think this will be gradual, and it will take time to build confidence backup for consumers asand they reengage in Economic Activity. But they are more up mystic and they are more optimistic than you might think. Gina i know you want the michael i know you want the paycheck Protection Plan to help, but is it . Ms. Daly the Paycheck Protection Program is really about keeping the workers they have, and when the economy reopens, we expect those to come back and i troy perform work, but right now come back and actually perform work, but right now we are seeing most people at insuranceunemployment so she can wait so we can wait. The main street program, one of the things with all of the fed facilities is there have been these what we would call announcement affects, that when we say we are going to have a facility, the markets start to function better. We are already seeing that across the board in all of the areas where there was dislocation, so i dont think it is going to be too late to be affect to be effective. I think it is important for all american businesses and households. Michael i dont want to get into the off of that business alphabet business of were nots, but you seeing any expansion until 2021. If that still your view . Ms. Daly my view is that 2020 as a whole is going to be a negative year, and then we will start to see a positive year in 2021. That is about as good as forecasting can get right now. Forecasting is always a tough business, but it has become very tough right now because it is so dependent on the evolution of the virus and what actions we have to take to constrain. Michael obviously, the markets are seeing things a little differently. I am wondering what you think of that, and the idea that just a short while ago, the fed funds futures market priced in get of Interest Rates starting in january. What do you think of the Way Investors are looking at it . Ms. Daly i think investors are looking at it as essentially the coronavirus is with us and to we get a vaccine some way to control it. They see that as distant, and then they price that in. That is what we are all dealing with. But i am an evidencebased optimist, i guess, and the evidence is that we came into the coronavirus with a strong economic momentum, and we are already seeing businesses are fundamentally entrepreneurial. We are seeing them start to think about how we reengage while we live with the coronavirus until we do get a vaccine some other remediation. So i have a little bit more optimism there. Michael municipal finance is in tatters around the country. What are you hearing from cities and states in your district . Ms. Daly cities and states in my district are really in trouble. They are struggling, and they are trying to do the thing we are all trying to do, which is figure out where we can cut costs when revenues go down. They are facing tremendous declines in revenues and figuring out where can we keep essential services and what cuts can we make. This is just hard, and we are working actively with all of our states and localities to think about the best way to make these difficult choices so that we can all get to the other side of the coronavirus and be wellpositioned to move forward. Michael do you worry that we could see a cascading doom loop here if cities and states have to lay off people, and that hurts confidence . That if the virus hangs around, we may not get out of it very quickly . Ms. Daly you touched on the keyword, confidence. We have to be confident that the virus is under control and we can leave our homes, reengage in Economic Activity safely. We have to be confident that the economy is going to grow enough for firms to rehire workers. With states and localities, they have to make tough decisions and people read about even more layoffs in the press, of course that is a negative on confidence. But positives are we are starting to reopen, and businesses are doing it safely. The number of places on the thingsk i see with already marked off for six feet of space when i havent read and opened when they havent reopened yet shows me that they are preparing, and that is a confidence boost. Michael there are a lot of questions about the statistical nature of whether this will be a distorted report or not, but let me just ask you, when you see forecasts for 20 million or more jobs lost in a month, as an economist, how do you process that . Do you just throw it out and say, lets move onto the next thing . Ms. Daly no, i am just being really realistic. This is a outcome of the policy that we had to take to fight the coronavirus. Really is an example of we are all in this together, and that is why i am supportive of Action Congress and the fed have taken to say this is no ones fault. All of us are just joining together to shelterinplace, stop the economy. That throws more than 30 Million People out of work and countless others who dont even file for Unemployment Insurance you might want to work. These are just tough times, and it is a response of the be to help them weather this, and try to get the economy back in action as soon and as safely as possible. Michael another concern is the direction of prices. We have disinflation now. Do you worry we could see some deflation, and down the road, given the amount of stimulus you and others have put into the economy, do you worry about inflation . Ms. Daly i am not worried about deflation, nor inflation, getting about our target. We got into this crisis with inflation running a little bit below our target, and now we have some deflationary pressures , some disinflationary pressures on top of that, on top of the great demand shock we have seen. So i think that we are really looking at inflation being tepid, not getting up to our 2 target for a while, but i really saw in the financial crisis and its aftermath that Inflation Expectations remain well anchored. The credibility of the Federal Reserve built up over the past 30 years really helps anchor those expectations, and we continue to reiterate that we will do everything in our powers to achieve our domain date goals, and i think that our dual mandate goals, and i think that gives businesses and households confidence. Michael until we have weathered recent events, could you be more specific about what that means to you . Ms. Daly the guidance specifically says until we have weathered recent events and we are sure that our dual mandate goals are back on track, price stability and full employment. What it means to me is that we are committed to keeping Interest Rates right now in a , and untilposition we can feel successfully like we are achieving our dual mandate goals. For me, that is some time off. Michael the government is going to have trillions in lending to American Companies out there, trillions in added debt. Are you going to be able to raise rates if inflation starts to rise, or are you going to be accordn a treasury fed again because raising rates would be to damaging to the fiscal situation in the country . We always make our decision weed on the same ms. Daly always make our decisions based on the same two goals that Congress Gave us. We are focused on full employment, and we are also a lender of last resort. But lets come back to the fundamental question, am i worried about inflation rising to high. The answer there is simply no. We had a lot of concerns that may be inflation would be out of hand and we would be in an awkward position after the financial crisis. It simply didnt materialize. The pressures on inflation right now are downward, not upward. Michael right now we are looking at a situation where you are basically putting a floor under the economy. When we start to reopen, and maybe you look to stimulus, what is the next thing the fed would do . Ms. Daly i have been public about saying if you put a stacked ranking of our tools in front of anyone, i choose the funds rate first, so we aggressively move that down to near zero right away. The second tool that has been really powerful not only here, but in Central Banks across the globe, has been forward guidance. Helping market for dissidents, households, helping market participants, households, and businesses know how we will stimulate the economy. Right now, we year using our Balance Sheets to provide liquidity, but that could be another source of stimulus as we did after the financial crisis, when we engaged in qe. So we have many tools left to use, and those are the order in which i would use them. Michael we would like to offer our thanks to San Francisco fed Bank President mary daily for joining us here on bloomberg. Our thanks to our listeners on Bloomberg Radio and tv. Stocks are closing by about the same amount. We are looking at bond yields on the day that are a little bit lower. Yields coming down after yesterday. This is bloomberg. 49. 50 daddy, i found you good job. Now im gonna stay here and you go hide. Watch your favorites from anywhere in the house with the Xfinity Stream app. Free with your xfinity service. Now any room can be a tv room. Stream live tv, on demand shows and movies, even your dvr recordings. Download the Xfinity Stream app today to stream the entertainment you love. Guy we are wrapping up thursday. 30 seconds to go until the end of regular trading. Let us see where we are and how the session has been developing. This is the trajectory. Remember, london is closed tomorrow. It is a bank holiday. As a result, we are likely to see a volume effect. Near 1 . 600 bestetail sector is the performing sector today, and one stock is genuine in a lot of that response. We will talk about the other top stories in a moment. Let us take a look at germany with the dax, and the ftse. I think i will put the ftse into give you what an idea of what is going on in italy. We have seen the effect on the italian assets. The banks are where we are seeing extra pressure. I guess that is the point that they would make. We are seeing the ftse outperforming, and oil and gas stocks doing well. The dax is up by 1. 34 . The lando is doing well. It is a fashion business and its numbers were cracking. A lot of analysts said that they would have to significantly upgrade. The dax trading up by 1. 34 . That is break it down bisectors and give you an idea of the risk on and offshore stories. Details are a little bit more optimistic. The Financial Services sector is coming back and real estate as come back a little bit. The oil and gas index is trading higher. The Health Care Sector under a little bit of pressure. Aboutm, and we will talk them in more detail in a moment. Let us show you the stocks. ,elefonica is doing business liberty mobile and Liberty Virgin media in the u. K. We will be talking about vodafone as well. We is it is trading down. 5 . Will be affected by that transaction. It is suspending payments to shareholders and it is having a meaningful impact that will be in affected by this virgin deal. The business that owns British Airways out as well. We will not see a return to 2019 levels of demand until 2023. A lot of that has already been baked in. The stocks are down by 2. 5 . Vonnie in the u. S. One of the big moves that was announced that erased all of its for the year. We are back to square one for the nasdaq. We will see how we progress. The s p 500 up 1. 5 in the earnings reports are coming in with civil linings Silver Linings attached to them including Companies Higher in the s p 100. 500. Paypal holdings getting upgrades and it is up more than 12 . The dollar index is mostly another currency story. The british pound is weaker and we have other currency like the lira and the central bank of norway and Czech Republic dropping in. The seller index is above 1200. Crude is recovering at one dollar 80 67 . 86. Saudi arabia has agreed to be more flexible on pricing. Let us move into the s p 500 because i mentioned stocks on the moves. Value thisme of its year, 70 if you take from last year. Today it is up 8 , and very few retailers are doing anything. Gap is being sued for not paying its rent for midtown manhattan. Allegedly it owes 500 of rent. That would tell you the difficulties between landlords and tenants. And, just what these retailers are facing. This comes on the back of Neiman Marcus news, it has finally gone into bankruptcy protection and it was obviously arranged by creditors. The let us get back to telco deal. Liberty mobile announcing the biggest deal since the pandemic really changed everything. The combination of telefonica and libertys virgin media will now create u. K. s biggest phone and internet company. Mobileaking internet and and putting them together. Let us bring in matt from Bloomberg Intelligence to get his take. This is a very curious deal. I am wondering what regulators are likely to think of it, and i am wondering longterm what the market thinks of days. Will it carry a lot of debt Going Forward . And it feels like a deal being done for the sake of doing a deal rather than creating anything meaningful in the market. Thatthink you are right on point. There was some chat about virgin media being merged with somebody for years, and the money was them on doing a deal with vodafone. Background, but it was not seen as the likely candidate. When you look at the deal, it is about financial engineering. I think telefonica has been carrying too much debt for a long time, so the deal suits them in terms of extraction. A bitk the stocks down because people are not getting quite as much money as they should get, and it will, in a number of stages until it will come in a number of stages instead of all it wants. I think this is a great deal, they are not paying as much money to much money to telefonica and are going in at 50 share. Vonnie how is it going to vodafone,als like bt, and skye . Competitor, they will be able to take a converged service to a ride wide range of customers, potentially with price discounts to be to get them to shift one of their products over to this new entity. Orre could be some broadband mobile share risk. We will do analysis further in the week and that could be about one billion pounds of bts consumer revenue that is at risk from this idea that virgin would take the mobile competition to their customers and try to upsell it. Guy you mentioned vodafone a moment ago, and for a long time everyone has been trying to figure out if that will be the action that got done. Is this a done deal . Or is there anyway that this could fall apart . Given, what you said about the structure of the deal and maybe telefonicas shareholders owners being wildly happy about it. Can vodafone say we could be a better partner for virgin media . Matt i think the moment has passed. This deal does not need shareholder approval, so the only thing that could scupper it would be antitrust and i do not think we will have too many issues. Lots of would have had bigger associations with liberty over the last few years and for whatever reason they could not have could not find a deal that was attractive enough. I think vodafone will have to look again to see if it can continue to plow this solo path it has been pursuing all of this time, or whether it has to look around for another deal to beef up its scale on the u. K. Market. Triggerwill this deal opportunities vertical or horizontal . Many mobileo infrastructure out there. Sometimes you will see vodafone or skye buy some of these ventures. Maybe we will see expression in that way. Vodafone and skye seem to be happy to do commercial deals and not get involved with the infrastructure. There is definitely going to be more chat about these potential will be madeks about the potential acquisition irget for vodafone, but think, realistically, i doubt that we will see anything really significant happened. Going we are going to leave you there. Thank you for joining us. Away, we are settling out in terms of the european markets. The session high, the retailers are doing ok and we have been anding an eye on the telcos oil and gas doing well. That has held down the ftse 100 and is up by 1. 5 . The cac up i 1. 54 . 4501 clearing through. We will get the briefing from downing street at the top of the hour and we will take it live on the cable show. I will be joining you here in london. This is bloomberg. Vonnie this is Bloomberg Markets, i am vonnie quinn along with guy johnson and this is the european close, specifically. The launch of a 500,000 fund has been announced to support professional athletes facing hardship due to the suspension of international competition. Sebastian coe headed the suspect so the successful london bid 2012 olympics. He is now the member a member of the ioc 2020 Coordination Committee and he joins us by phone. What message would you like to send to athletes and those supporting athletes around the world during this time of pandemic . Sebastian the message is simple, we are in your corner, we know the challenges that you are confronting, we know that with competitions lost, prize money, even some of their arrangements around their contractual arrangements with their sponsors is under challenge. And the fund is really there to try and help them through this very difficult period, particularly given that we need them backing competition when it is safe and secure to do so, and we want to grow the fund, but it really does need to be targeted at those most in need. A lot of conversations going around about how to reopen economies and restart activities that have been stopped. How do you ensure the safetys of athletes in various boards, i know golf looks like well be the first thing that comes back because it is easy to socially distance during golf, what about everything else. Golf, you if you play have socially distance yourself for plan for 10 years. We clearly need to work in tandem with governments and take the advice of the world health organization, and Public Health authorities at a local level. We do not want to do anything that endangers the athletes and certainly not anything that endangers the communities that we want back in our stadiums. Athletics is slightly more challenging because we are a Global Sports and we have a pleasant a presence in 214 countries. Themg sure that we get back safely and securely, but in a way that is also respectful of our antidoping processes, because that has also been a challenge recently. Not an exact science. I do not think anybody really understands the nature, yet of how quickly will we will be coming out of this pandemic, and some countries are struggling to k, and some people have been moving some countries have been moving out of the locked down for a number of weeks. Germany even talked about the resumption of their league. It does pose its challenges. As you say, the bundesliga restart, and Angela Merkel is indicating that it could happen behind closed doors. I read some of your comments on how that changes the nature of nevertheless,rights are so important to many sports around the world, and maintaining them is important. Being stuck at home is one thing and being stuck at home without sports is a completely different matter. Sebastian completely. The loss of sport is not just isut competitive outlet, it also the social cohesion and to the glue in so many communities. I have spoken to people who feel the loss of sport on television grievousious one one. One of the things we have about athletics is that we are an individual sport and that has allowed us to get stuff done because we are not looking to get 22 people back straight on the pitch. You might have seen the ultimate garden clash where we had three of our top old altars who appeared in their own back vaulters whoole appeared in their own back gardens jumping against each other. We had millions of views and games, one ofess the Historic Events in track and field we hope will come back as the impossible games, allowing compete, and even those athletes competing against each other from different countries. There is the ability, because you are in an individual sport we rely veryut heavily on the broadcast model, which is not a sustainable model Going Forward for most sports. But it is an important part of the landscape. Guy i know you have probably been asked this question a lot, is it is going to be olympics 2021 in tokyo or olympics 2022 in tokyo . Hope that i sincerely it is 2021. I think everyone is focused on that. The delay of the games was worldtely essential, at athletics we pushed hard for that because we had to take the athletes out of that emotional roller coaster and give them certainty. I think speculating too far down the track is actually unhelpful at the moment. As i have said earlier, this is not an exact science. I am hoping that by the latter part of this year, we have this pandemic under control, and then it is a matter of getting the athletes back in competition. What we need to remember is that athletes are doing everything they can to remain in shape, but that is not the specificity they need in order to be able to compete. You can do all sorts of things in your sitting room, it is difficult to throw a shotput or to figure out stride pattern in hurdles. You need that specificity. I genuinely hope that the games are able to be undertaken in 2021, because you cannot continually delay them because it eats into other elements of a complicated matrix that is the global calendar. If we moved our World Championships on 21 to 22 on the basis or thought it was sensible to go headtohead with an olympic games, it becomes complicated. You cannot at these championships resolved and up and running as they are currently slated. I am optimistic that we will be able to do that. Upsides of what has happened is that we are watching some of the fantastic sports in the past. I watched the 2003 Rugby World Cup final and i watched the highlights of the 1984 games. Sebastian coe, it was pleasurable watching those games. Thank you for joining us and we greatly appreciate it. What is hope we get sport up and running soon. Thank you very much. This is bloomberg. We have to go beyond the normal, including the normal and conventional tools to use things that are often exceptional in nature, and that has to be designed and calibrated with the appropriate level of deviation, and room to maneuver in order to deliver on that funding. Will recognize many of the faces on the screen. The one you will certainly recognize is francine lacqua, moderated moderating a panel that included Christine Lagarde. Lead ther comments market and she said she would do anything to make sure that the ecb fulfilled its mandate. A few weeks ago she said that it was not her mandate to close spreads. What mandate did you get from the president about what still could be done by the ecb . Vonnie it is very clear, and good afternoon and francine it is very clear, and good afternoon, and it is clear that she is trying to walk back the fact that they will not do everything that is required. She was saying that the ecb most thend must go beyond normal tools to address the exceptional circumstances and it seemed to say that there was a remit to what they could do and they were talking about the fact that one of the things is what are these measures . It could being anything mean anything, but she was trying to give a sense that there was a horrible shock of the pandemic and it was opt up to fiscal and Monetary Policy to really do everything that they can. She quantified it by saying it is difficult to know at this point how badly the economy is affected, but she would ensure any way possible that Monetary Policy is translated transmitted to the euro area. Controversial the decisions was the German Constitutional Court saying that the ecb was going beyond its mandate. What did she have to say to that . Francine it was the first time we heard Christine Lagarde talk about the decision saying that she had no choice but to go beyond conventional policy to combat all of the crisis. She said that she is undeterred by the criticism of qe. She would not say whether she would respond. The ecb did put out something yesterday as a response. The methods it the message in general, and this is what we heard from the imf, is to buckle up. Christine lagarde was talking about this German Top Court casting a shadow over the ecbs efforts made it clear that she was not planning on changing the course of action she had taken so far. Vonnie what did they say about Debt Forgiveness for banks . They have a huge role to play in the economic recovery. Francine we had 45 minutes in all and tried to explore whether Debt Forgiveness had to be on the table. She was saying that it is something that will definitely be discussed, that at the moment there is no need for global debt standstill, we are not there yet. I think we are still in crisis mode and if you think about inflation versus deflation debate and what Debt Forgiveness means, there are a lot of people in charge of policy that are just saying let us try to get through the crisis. They say this is something they need to spend time on. Vonnie thank you, and i would urge listeners and viewers to go back and watch all of that panel. Coming up, nancy pelosi joins david westin. This is bloomberg. David from new york to our television and radio audiences, welcome to balance of power. I am david westin. We have two major lawmakers ahead, first nancy pelosi and dick durbin, the number two them a credit in the senate. They will both be joining us. We want to get a check of the markets. I looked at the speech the screen and strike and it strikes me that speakers that investors are in the mood to buy. Abigail that was a theme last year. A risk on tone despite the dismal jobs data. A disconnect between main street and wall street. 1. 8 and on pace for its best day in about two weeks. Oil is trading higher, storing up 6. 5 over the last six or seven days. A risk on mood and the fangs