Retail sales were down over 13 16. 4 is the most on record. Of the 13 categories, only one was up, internet shopping. What we bought we did buy online. Even Grocery Store sales down 12 on the month. I guess we are still eating the macaroni and cheese we bought in march. The control group, leave out food, cars, gasoline, building materials. That was down and that is also a record. That is the part that goes into gdp and in this case does not go into gdp. Not the only data out. Industrial production down 11 . Manufacturing production down 13. 7 . That was the worst number in the history of the index going back to 1919. Two bits of good news. Empire manufacturing improved. 78. 2. 48. 5 from the Michigan Sentiment number. From 71. 8. To 73. 7 the Current Conditions index rises. Everybody scratches their head, but the folks at the university of michigan say it is because during the month people started getting the checks, the 1200 checks and that made them feel little bit better about themselves. David that is the question. The question is when is this over. Is that more about the unemployment or will the checks start to pick up things like retail sales . Michael it will probably not pick them up quickly, because a lot of categories in retail sales are not things that will bond as fast. Retail sales are calculated on a dollar value. Gasoline prices are down. They are down. That will not go anywhere. How much shopping will people do . How many restaurants will they visit . It will take a while for spending to come back. It will probably be sometime in june or july before you see things bottoming out. Numbers will be bad for a while. We have to get used to that. We look to china to give us guidance. We had numbers out of china that are not encouraging, which indicated Industrial Production is coming up nicely. On the demandside, retail sales were not up fast. Michael one of the first things the chinese did was put factory workers back on the Assembly Lines and started building things again which meant Industrial Production rose 3. 9 on the month, which is good news, but they are building things no one is buying, retail sales were down 3. 3 , and retail sales off significantly during the month. At this point, if that is a model for where we are going, it will not make people very happy. Guy at the same david at the same time, some states are starting to come back. It varies state to state. That may mean that it may we will not see much, but in june we will see whether some of the opening up has an effect. Michael and some of the categories you might see that. You might see homeimprovement, things like that. We did see a rise in gardening stores, we have seen them open up in florida and some other places. Even michigan said you can go out and garden. Stretch that metaphor, those will be the green shoots of the recovery. Itll take a while to get there but we may see some change. David that is the key issue. It will take a while before we get there. We heard from jay powell that if this goes on too long it could do some real damage in terms of bankruptcies and unemployment. The question for congress is how long can we wait . Democrats a we have to move right away, republicans say we have allowed to measure things. Michael there is an interesting argument on both sides. The fed chairman is suggesting we will be need more stimulus, but he did not put a time on it. Democrats are saying we need it right now. The question is how soon do people need more money . These 1200 checks have gone out and the Unemployment Insurance money that was added to the extra 600, a lot of people said they do not want to go back to work because they are making more money than they would have been. If you do not go back to work when your company says, then you lose your Unemployment Benefits and you lose your job. At this point maybe we do not need it on an emergency basis, and there is time, but it will be needed is the point jay powell is making good david an interesting to me is we saw an issue for both democrat and republican this week in congress. Talk about that universal guaranteed income that has been talked about before. At what point does this rolling extension of benefit turn into a ugi for people at the lower end of the scale . Michael that will be an interesting bait going forward. The whole thing will be interesting and how it plays out in society. Inequality, how bad that has gotten, and how people at the bottom of the income scale have been left behind. Is it enough to change the view that the government should do less and people should depend on their own initiative . That will be a hard sell. There is a case to be made for helping the least fortunate and helping those who cannot help themselves. This is nobodys fault, getting laid off. Ht, historybig weig and institutional, against doing Something Like that. Im not sure if it goes very far once the virus starts to taper off. Unless we have another round and we have to close it down again. David that is something dr. Fauci you warned about that we could go do more harm than good. I do not need to remind you this happens to be an Election Year for president. At some point you Pay Attention to the numbers such as jay powell put out that 40 of people making less than 40,000 are out of work. At some point to has to affect the polls in november. Michael you would think so. You would think it might already. The president has been hammered by the democrats. Even with all of the numbers, donald trump still gets better marks than joe biden for his handling of the economy. It is a go figure moment when you look at the polls. The president s Approval Rating is still dismal. It has not gone down except for the bump it had up and then it fell back to its average of around 43 . Does it matter . Or is this a situation most people have made up their minds one way or the other about donald trump and the progress of the disease in the economy will not change a lot of peoples minds . David the virus does gave out. That is clear. Even now as we wait for donald trump to come out to the rose garden and talk about a vaccine, he is putting a lot of hope in the possibility of a treatment or a vaccine. He is been talking about this a lot. We have not seen it yet. A lot of things could change between now and november. Michael that is the interesting thing. Neither note neither joe biden nor donald trump is in control. It is up to the virus in the pharmaceutical companies and the Biotech Companies working to get not just a vaccine, but to get treatment. I think people would be willing to go out and risk getting the virus if they knew there was a medicine that would keep them from dying. Either one of those paths would be a game changer in terms of the Public Confidence in the economy and its willingness to go back out again. Then the question is, to whom does either side give credit, or is it just they like the Biotech Companies in the pharmaceuticals. Thank you so much. Always great to have you with us. That is Michael Mckee from bloomberg. We are still waiting for donald trump to talk about the possible vaccine. We will bring that you when it is live. This is balance of power on Bloomberg Television and radio. David welcome back to balance of power on Bloomberg Television and radio. It is time for bloomberg first word news with mark crumpton. Mark nancy pelosi is going ahead with a vote on a virus relief bill that has no chance of being signed into law. Only democrats are backing the 3 trillion measure. Speaker pelosi is counting on getting public support for some parts of the bill such as aid to states and extending Unemployment Benefits. That could force Senate Republicans into having to negotiate another round of stimulus. Theyork governor is giving green light for five of the states 10 regions to start reopening. New york city is not one of them. It has not met the seven healthrelated benchmarks to start lifting restrictions. Italy is taking steps to ease restrictions after more than two months of a stringent lockdown. According to a statement by bloomberg, italy will allow citizens to move freely between its 20 regions starting june 3. Retail stores and other businesses or reopen on may 18. African nations are rallying to the defense of World Health Organization erector general director general after the body and its leader was criticized by the u. S. For the handling of the coronavirus outbreak. The African Group of ambassadors in geneva is also echoing calls by Angela Merkel to avoid scapegoating over the virus. President trump has withheld funding from the who. He has accused the organization of mishandling the initial stages of the outbreak. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Crumpton. This is bloomberg. David . David thanks so much. Earlier today, the opec secretarygeneral spoke with vonnie quinn and Annmarie Hordern about the state of the global oil economy. Far, we are now focused on the full and timely implementation of the 9. 7 that was signed off by participating countries. Note importantly, to take is that some of our countries, like the kingdom of saudi arabia, kuwait, and the United Arab Emirates have come forward with additional supply adjustment in the region of 1. 2 thison barrels a day and is also on top of the baseline, the effective baseline that they were coming down from. Which in total, just these three countries had effectively 2. 74ed production by Million Barrels a day. Total at theome moment, accumulative 16. 4 Million Barrels a day for opecplus. If you take into account the involuntary shutins as well as the voluntary shutins globally that we are closely monitoring, the numbers are evolving. Showe moment, our numbers there is an effective shut in of three point 6 Million Barrels a day globally, including in the United States, bring the global 17. 20 4 Million Barrels a day. So far, so good. We are closely monitoring these developments and the conference in june will look at all of this data and all of the scenarios depending on the demand outlook in the second half of the year, the recovery plans of the Global Community as we navigate ourselves out of this horrific pandemic. As you look around the world at the shutins and the demand picture, is it your contention that perhaps the worst of the demand instruction has passed, or are we still going to see more demand destruction . Sec. Gen. Barkindo there is no question at the moment, although at opec we remain cautiously optimistic, that the worst is behind us. What we saw in april was extraordinary. You saw how our member countries together with our allies in the declaration of cooperation rose to the challenge and how the leadership of the kingdom of saudi arabia and the russian federation, and all other countries to confront this double whammy of the demand shop of unprecedented proportions as well as a supply shock in the midst of a pandemic, when more than half of the global population is in one form of lockdown or another, bringing the entire Global Economy to a standstill. Vonnie what is your base case right now, given what you can see visibility wise for the second half in terms of those cuts . Will you be able to taper . Will opec countries begin to ramp up production ever so slightly or taper off those cuts . Sec. Gen. Barkindo there is a growing consensus that the Global Economy will begin to rebound in the second half. It is the form and shape of the recovery that is in contention. May, we will look at all options when we meet in june, dependent on the impact of this virus as well as the impact of the recovery plans, as well as the outlook for demand going into the second half of the year. David that was mohammed barkindo, the secretarygeneral of opec speaking to bloomberg earlier today. We have some news that is important to those of us in the northeastern part of the United States. Andrew cuomo, the governor of new york has announced that new york, new jersey, delaware, and connecticut beaches will open for memorial day. We heard from the governor of new jersey yesterday saying they would open in new jersey. Now it has expanded out saying they will include connecticut and new york as well as delaware. We will continue to watch carefully as President Trump says he is about to come up into the rose garden and talk about the vaccine. We will cover that when it happens. Ons is balance of power Bloomberg Television and radio. Vonnie welcome david welcome back to balance of power. It is time to figure out what is going on in the markets. They have been all over the place. Given the nature of the Economic Data, im surprised theyre not worse. Interestingt is an point. They did have the horrible retail number. A record low plunging for april. We did see futures react. Earlier today the s p 500 had been down more than 1 and then flat, now down. 3 . The whipsaw weve been seeing all week continuing. Yesterday we had a similar reaction around another horrible jobless claims report where stocks initially reacted to the downside, one of the first times we have seen a reality check between data and stocks. At the end of the day, big rally. It seems like some of the volatility may have to do with options expiration. Interesting is the weakness we have for sectors within tech, especially chips, down 3 . Earlier today there was chatter about huawei and there could be some sort of a new huawei rule would put american first and American Companies first. Whether or not that is true i do not know. It does seem to be weighing on that sector. Making rep making it less risk off and the declines for stocks, we have bonds lower as well and the haven yen is flat. An interesting tugofwar between the bulls and the bears within that range for the s p 500. On the week, we are down about 3 . That would be the worst week going back to the awful week in march when the stock market was down about 15 . Nothing in comparison, but a little bit of a win for the bears within the range. David . David thank you so much Abigail Doolittle for that report. Now we want to bring in the person who heads up our Health Care Coverage, drew armstrong. We are still waiting for the president to talk about efforts to develop a vaccine. We have a sense of what we will hear from the president today . Like one of the formal introductions of the operation work speed, which is something we broke news on several weeks ago and have been seeing pieces of news about. It is a consolidated effort by the white house and the Trump Administration to try to accelerate the development and manufacture of a Coronavirus Vaccine down to a period of months instead of the typical years it can take to get one of these inoculations into the market. We are expecting trump to thatduce the leaders of effort, a u. S. Army general who heads up the logistics and ,upply chain side of the army and the former glaxosmithkline executive who has been vertical in their Vaccine Development efforts. David goodness knows we are all rooting for them. We want this as fast as we can have it. Is that realistic given the way you develop vaccines and test them . Can you speeded up by bringing a lot of people together . Drew i think there are certainly areas where you can speed things up. I think it is important to remember that all of this is dependent on the science, in addition to the science risk, there is a lot of development and manufacturing aspects of this that can be set up if youre willing to spend the money and take on the wrist and assume some of the waste is going to happen. Or threeve five to 10 promising vaccine candidates, you can start producing them en masse before you know if they work. The reality is they may not and if they do not you will have to throw them away, is wasted money and supply you could of been spending elsewhere. There are things you can compress instead of saying lets identify a vaccine candidate and lets do one task and then a wider test and only after that week begin scaling up manufacturing and only after that beginning massproducing. You can compress those things, but it does, at a substantial cost to do so. David goodness knows we are not the only ones trying to do this. Everyone is trying to find a vaccine for coronavirus. China has ramped up. Is this turning into an arms race or a space race . There are certainly a lot of questions. The phrase being tossed around his vaccine nationalism, and our competitive aspects to this. Youru have people in population and your economy inoculated with the degree of immunity, it is far easier to open up a business, trade, education, all of the things we want to do and get back to normal with under those circumstances. There is a competitive aspect. I would say it is beneficial to have the rest of the world safe as well, not only because they are important trading partners, but also it means you have fewer risks about people reimporting the disease in your country. There is a benefit to this being a global effort from a Health Perspective and an economic perspective. David will take any benefits we can get right now. Thank you so much to drew armstrong, who heads up our Health Care Coverage at bloomberg. We are waiting for donald trump to come out in the rose garden at the white house before where he will talk about the initiative to produce a vaccine called work speed where he is putting together a group of people to try to get a vaccine as fast as possible. In the meantime, when we come back, we will be talking with the ceo of the largest medicaid divider in the country about how the plight of americans has been affected by pandemic. That is next on ounce of power onnext on balance of power Bloomberg Television and radio. David welcome back to balance bloombergon television and radio for the response to the pandemic has put 36 million americans out of work in eight weeks or so. One company that has a unique addition to judge what is going on is 17 of the largest medicaid 1centine. We welcome the ceo, uncle my door. Give us a sense because you do have medicaid, medicare, a lot of what we talk about, seeming to be the most vulnerable to this disease. Give us a sense of the disease from their point of view. You, it is ak pleasure to be here. We deal with some of the most vulnerable population, and some of it is the density in the urban areas. The individuals we cover on medicaid and longterm care tend to have high quality care and access. We are focused on those that dont and we will see what we can do to help them. But it is really this is something we have never faced before. There people experience, is not enough experience in this. We have to learn as we go. We are growing significant. People added over 1000 to our cash because of the expansion of business. It is very difficult and we are learning as we go. Is that mainly in the area of medicaid patients that you are adding because of unemployment . Adding yes, we are significant medicaid, we anticipate having some studies done. Adding we wont be that is really where it is at come in medicaid. David what about the demand for services . An awful lot of elective surgeries have been put off. What do you see in terms of what the health care being provided has done . Discretionary care has fallen off. I expect we will see that as we get our numbers out of it. April was probably the lowest utilization we have ever seen. Emergency room, which a lot of our proposition population has used from time to time, has fallen off. We have a lot of baby boomers and our population, and that has not fallen off. That comes when it is ready. Use,he inpatient outpatient services, has fallen off. I expect to see it start to pick. P the end of this month hospitals are doing what they can to start to be able to bring the is and is back in for their own reasons. David a fair amount of your business must be reimbursement from states with medicaid and things like that. Are you concerned that with some states in really bad shape, that could put pressure on reimbursements . Michael there is always that risk, but the law that says the rates have to be actuarially sound. The federal government has the f map, where they contribute the amount that they contribute in matching funds to the state for medicaid. They increased it by 6 , and now they are talking about increasing it further, to 12 or 14 . The federal government is this area and providing funds. The big issue here is, the states might say, look, there was less utilization in q2, but we are helping them understand this is going to come back in q3 and q4, hopefully. We hope the pandemic eases to the point where it starts to come back. It is a matter of time. We talk about choppiness. The utilization is there, the idical needs are there, and think it will come back. With the states and the population that we are working with, i think they understand that we bring value. I have told some states that if they want to save money, where they have not done the longterm care or some high acuity cases, we could save a lot of money in that and have demonstrated it with higher quality. Ask you was going to about the choppiness that you describe. You had a strong first quarter. For the year you have kept guidance, which is pretty unusual these days. A lot of companies walked away from guidance altogether. You are saying that over the course of the entire year, you will make up what you might lose in the second quarter. What are you looking for in 2021 . You really are asking the question we think about a lot, because the baseline, what we will have if you compare quarter reporter for 2021, presuming we are able to resolve and a lot of the covid issues, it will be very difficult. I think on this year we have held that guidance. We think there could be some improvement in that is yet to be seen. We prefer to leave it there as a basis as it swings from quarter to quarter, and i think next year, if things come under more , itrol and we find vaccines think we will fall back to more quarters with growth. We are willing to significantly because of the unemployment that is not the way we want it. Withe able to grow expanded services. I am not proud of the fact that we are growing because of increased unemployment. It is an unfortunate consequence of it. But we will grow in 2021, i believe, in the normal way. With expanded service. We may interrupt you because President Trump is supposed to come to the rose garden and give an update. Give us a sense longerterm you have been ceo since 1996, of centene. You built this into a huge company. What do you think the longerterm effects may be on health care from this pandemic . Think it is going to change. I was thinking about that a lot recently. When we first came to town and , they hadng children two entrances, for Sick Children and for well children. We may start to see more of that , with individuals going to hospitals and providers, we will have to see some bifurcation, in my opinion. With some of them under normal care, they will have to go in one way, and if somebody has a suspected disease of some kind, they will go in another way. I think we will see these services bifurcated. I think we are going to see more in terms of we are working to develop our specific needs in telemedicine, because there is a lack of primary care. I think we are going to be finding ways to deliver things more efficiently. We are going to have to. And we are going to have to in whathat we reinvest we used to do in trying to identify where a pandemic might surface, be prepared for it. I think we will start to see Strategic Reserves in ppe. We have it in oil, we have it in weapons, we should have it in ppe. To see managedcare playing a bigger role because we are providing access because we are ensuring care is efficient. We reallyhael, appreciate you spending time with us. It is fascinating. Michael neidorff is the ceo of centene. It is time to go to mark compton for first word news. Mark the food and Drug Administration is giving new guidance to the white house about how often President Trump and others should be tested for covid19. This after data suggested a rapid test by abbott labs and used by the president and others every day may provide inaccuracies and false negatives. The fda says if someone is suspected of having the virus and the person tested negative, a second test might be worthwhile. New york city will remain on lockdown for at least two more weeks. The city and other nearby regions, including long island, did not meet requirements for reopening. Governor cuomo says five upstate regions can reopen. The metrics used to determine readiness include requirements for hospital bed capacity, testing, and tracy. The u. K. Says there is limited progress and tracing. Blames whatsays he he calls the e. U. s unbalanced proposal. He also criticized the demand for access to u. K. Fishing water. Only one round of talks remains. Next month politicians meet to decide the way forward. Global news 24 hours a day, on air and at quicktake by bloomberg, powered by more than 2700 journalists and analysts in i amthan 120 countries, mark crumpton. This is bloomberg. David . David thanks so much, mark. We continue to wait for the president of the United States to come out of the rose garden and address the press. We will bring it to you when it happens. This is Bloomberg Television and radio. Pres. Trump starting to resume their american way of life. We will be reigniting our economic engines. We are going to be taking care of our most vulnerable, which are our Senior Citizens and some others. We are going to be working very, very hard on our Senior Citizens and our nursing homes, and various communities to support those that are struggling. This is a very difficult time. Others dont have the same kind of struggle. For example, today secretary perdue, together with ivanka trump, launched the farmers and Families Food Box Program which will provide 3 billion to help small farmers, and it will help farmers, ranchers, but it will bring in food to some of the food lines and some of the food kitchens that you have been seeing on television. I said why are we doing that . We have all of this tremendous food produced by our farmers and ranchers. So we will be buying 3 billion of food for everybody, farmers and ranchers and people that need great food. A key feature of our reopening plan is the largest and most ambitious testing system in the world, by far. America is now conducting close to 350,000 tests per day, an unthinkable number a short while ago. More than anybody in the world by far, suggesting many states now have access Testing Capacity to monitor the new outbreaks florida, many other states have so much testing, the testers are waiting for people to show up. Rate. Another is central pillar of our strategy to keep america open is the development of effective treatments and vaccines as quickly as possible. Want to see if we can do that very quickly. We are looking to when i say quickly, we are looking to get it by the end of the year if we can, maybe before. We are doing tremendously well. From the earliest days of the pandemic, we have marshaled the genius of american scientists and researchers from all across government and the private sector, from academia, from everywhere to vanquish the virus , and tremendous strides have been made. I get to see it every day. Tremendous strides have been made. Scientists at the nih began developing the first vaccine on january 11. Think of that. Within hours of the virus genetic code being posted online. January 11, was people never even heard what was going on january 11, and we were trying to develop a vaccine, not even knowing what we were up against. Then my administration cut through every piece of red tape to achieve the fastest ever by far launch of a vaccine trial for this new virus, this very vicious virus. Thei want to thank all of doctors and scientists and researchers involved because they have never moved like this or never even close. Nih and the hhs have also been working constantly with private industry to evaluate more than 100 potential treatments. The food and Drug Administration swiftly approved more than 130 therapies for active trials. That is what we have right now. 130. And another 450 are in the planning stages, tremendous potential awaits. I think we are going to have some very interesting things to report in the not too distant future. Hank you very much to dr. Hahn through a historic series of funding bills, my administration is providing roughly 10 billion to support a medical Research Effort without parallel. I especially want to thank senator steve daines of montana for his incredible work. He has worked so hard to secure additional funding for Vaccine Development. He has been at the forefront. I want to update you on the next stage of this momentous medical initiative. It is called operation work speed. That means big and it means fast. A massive scientific industrial, logistical endeavor unlike anything our country has seen since the manhattan project. You really could say that nobody has seen anything like we are doing, whether it is ventilators or testing. Nobody has seen anything like we are doing now within our country since the second world war. Incredible. Is to its objective finish developing and to manufacture and distribute a proven Coronavirus Vaccine as fast as possible. Again, we would love to see if we could do it prior to the end of the year. I think we are going to have some very good results coming out very quickly. In addition, it will continue accelerating the development of diagnostics and breakthrough therapies. The Great National project will bring together the best of american industry and innovation. The full resources that the United States government and the excellence in precision of the United States military. We have the military totally involved. We are working strongly with other countries who also have some great scientists, doctors, and we are working very closely together. They are viewing us as a leader, and we are the relationship with other countries on solving this problem has been incredible. Operation work speed has brought together all of the experts across the federal government from places like the nih, cdc, fda, and many other agencies. This Historic Partnership will now bring together the full resources of the department of health and human services, with the department of defense, and we know what that means. That means the full power and strength of the military. That, really talking about the logistics. We get it when we get it. They means the logistics, hitting it out so that that means the logistics, getting it out so that everybody can take it. Two of the most highly skilled professionals in our country, worldwide respected. Operation work speeds chief scientist will be dr. Moss have renowned a world 14,000who will create new vaccines in 10 years during his time in the private sector. One of the most respected men in the world in the production and really the formulation of vaccines. Joining him is chief operating perna, ageneral gus fourstar general who oversees 190,000 service members, civilians, and contractors as commander of the u. S. Army materiel command. That means logistics, that means getting it out. General, thank. Dr. , thank you doctor, thank you very much. Great to have you on board. These outstanding individuals will provide more details following my remarks. In parishioner for this initiative, experts throughout the government have been collaborating roughly 100 vaccine candidates from all over the world. They have identified 14 they believe are the most promising and are working to narrow that list further. We started off with over 100, we are down to 14. We have some really interesting choices to be made. Through operation work speed, the federal government is providing unprecedented support and resources to safely expedite at record,going on record speed. While we accelerate the final phases of vaccine trials, operation work speed will be simultaneously accelerating its manufacturing and manufacturing process. In other words, we are getting ready, so that when we get the good word that we have the vaccine, we have the formula, we have what we need, we are ready to go, as opposed to taking years to gear up. We are gearing up. It is risky, it is expensive, but we will be saving massive amounts of time. We will be saving years if we do this properly, and that is what we are doing. We are gearing up on the assumption that we will have, in the near future, relatively near future, a vaccine. Weekly pharmaceutical companies wait to manufacture a vaccine until it has received all of the Regulatory Approvals necessary, and this can delay vaccines availability to the public as much as a year, even more of that. However, our task is so urgent, under operation work speed, the federal government will invest topanufacturing all of the vaccine candidates before they are approved so we know exactly what we are doing before they are approved. That means they had better come up with a good vaccine because we are ready to deliver it. This will eliminate any unnecessary delay and enable us to begin providing americans with a proven vaccine the day are Scientists Say we are ready, we got it. As we work to bring critical medical production back to america, these vaccines wi are going to be focused on and manufacturing they are all going to be right here in the usa we are working with other people outside, and that is fine, too. To get to the solution. We know where the other countries are, and we will be very happy if they are able to do it. We will help them with delivery, in every way we can. We have no egos when it comes to this. No ego whatsoever. Is alson work speed making the necessary preparations to distribute these lifesaving treatments at scale, so we are talking about massive numbers so that millions of americans will quickly have access to them. This includes ramping up production of supplies needed for distribution, and i have to say we are also very, very much involved in other things other. Han the vaccine if you take a look at what we are doing beyond vaccines, it is going to be very interesting. We may talk about that in a little while. This includes ramping up production of supplies needed for distribution such as cold chain storage, glass vials, needles, more. When a vaccine is ready, the u. S. Government will deploy every plane, truck, and soldier required to help distribute it to the American People as quickly as possible. Have thes blessed to most brilliant, talented doctors and researchers anywhere in the world. We have the mightiest military by far in the world. Our military is completely rebuilt. Much of the quitman has been delivered. Some of it is on the way much of the equipment has been delivered. Some of it is on the way. We took over very empty cupboards. We had empty cupboards in a military sense. Our military was in sad shape, depleted. We now have the starkest military the United States has ever had by far, at the best equipment. And you hear that outside that beautiful sound. Those are trackers that are with us all the way. In favor oftesting President Trump as opposed to against. There are hundreds of trucks out there, and that is the sign of love, not the sign of your typical protest. I want to thank our great truckers. They like me and i like them. We are working on something together. They will be helping us with this, by the way, speaking of truckers. We have the mightiest military in the long history of humankind. Best workers ever to walk the face of the earth, and we are combining all of these amazing strengths for the most aggressive vaccine history. There has never been a vaccine anywhere in history like this. And i just want to make something clear. There is port. Vaccine or no vaccine, we are back. And we are starting to process. In many cases they dont have a flues, and a virus and comes and you fight through it. You have not seen anything like this in 100 some odd years, 1917. But you fight through it, and people sometimes, i guess, we dont know exactly yet, but it looks like they become immune, or at least for a short while, maybe for life. You fight through it. What wed like to do is the vaccine i think we will be successful in doing it, hopefully by the end of the year. As generations before face down the most difficult trials, set their sights on the highest summit and overcame the biggest obstacles, america will meet the this moment specifically in our time. With unrivaled speed, unmatched skill, and the unyielding spirit of the American People, our nation will come back stronger and greater than ever. We are going to have a tremendous year next year. We are going to have a really good fourth quarter, a very interesting and productive transition quarter, where steve is there and im sure our secretary of the treasury i way,he feels the same steve. Thank you for your really good work. It is not finished yet. I want to thank steven mnuchin, everybody. David we have been listening to president speaking from the rose garden at the white house. He announced the leadership of operation work speed, the privatepublic partnership to get a vaccine as fast as possible. Scientists a chief from glaxosmithkline and a u. S. Army general. You can watch it at live go. This is bloomberg. Vonnie it is 1 00 p. M. In new york, 6 00 p. M. In london, and 1 00 a. M. In hong kong. I am vonnie quinn. Stocks are lower as investors digest a fresh round of Economic Data. Tensions between the u. S. And china are ramping up once again. The s p 500 tumbled within 1 for climbing briefly into positive territory. It is now down. 5 . As the other round of Economic Data highlights, the economic crisis unfolding in the wake of coronavirus pandemic, u. S. Retail sales and factory outlook both plunging by the most on record in april. A restriction a recession so deep, it would likely take many years to recover, according to economists. Bus, how Insurance Companies are faring through the pandemic. To 200 billion. We will speak with the athletic chairman and