Jonathan ferro, Lisa Abramowicz, and tom keene. We welcome all of you to our simulcast on television and radio worldwide. Thrilled you are with us today. Coming up, a really important conversation on the global markets. The new slow today absolutely asked ordinary. We have been absolutely extraordinary. We have really been focused on hong kong, but right now weve got to turn to the american claims, which is surveyed again to be over 2 million. Near 40 a lot of pain, million over the last two months or so, so clearly the labor market is in an absolute mess. It is really painful. I think it would be a mistake to think the policy effort was done. It is not. There is certainly debate in washington on what to do next on the fiscal side. Lets not forget the monetary side either. The ecb has been flirting with doing more. Think we have to move to Forward Guidance. What does future policy look like . That is where the effort transitions in the next several weeks. Tom i agree on the idea that we are really shifting to Forward Guidance. Part of that is the bond market, the debt Market Reaction to all of this has got to be a better and more constructive debt market after you see what equities have done. Lisa yields have absolutely been flat or going down, certainly in the corporate debt market. I want to build on something john said. I think that report we are going to get today showing more than 40 million job losses over the past two and a half months highlights a shift from temporary job losses to permanent job losses. I wonder how much the policy conversation is going to change and how we reskill individuals to take over a new economy given the Drug Discovery given the job instruction we are facing right now. Tom before we get to Thierry Wizman, what part of the market interest you . Jonathan i think what weve got to focus on in the equity market is whether this cyclical rotation continues. Lifted the lid on the s p 500. See whats moving, what isnt, what is lacking, what is leading. , thed some head fakes transition away from growth. That seems to be the focus at the moment. Tom on radio and television, a must listen for global wall street right now. Thierry wizman its a remarkable strategist. Acutely sharp on emerging markets and international economics, and pulling that into for macquarie group. I got to go into the dollar dynamics. The president i think wanted weak dollar, and now he once strong dollar. What dollar are you predicting . Thierry good morning to all of you. We have a view of the dollar that sees it weakening versus , anduro and sterling delving into the back have this year. What trump once or , buts not relevant here one of the issues the market has not factored in recently are the risks around the u. S. Election. Not thinking so much about the president ial election, but if the senate goes to my credit, i think the situation with regard to taxes could change in the u. S. We could see a shift away from u. S. Equities and shift toward higher statutory Corporate Tax tax. Tax rates, wealth if that is the case, we could see the dollar start to weaken against the majors. That is clearly one thing that could take dollar a bit lower relative to the euro potentially. I think the market is not taking too much account right now. Even if we were to get Something Like this, some issues prevailing on the downside, the dollar weakening, but not that much against euro and sterling this year. Jonathan you touched on the fx market. What is the dominant driver . Is it rate differentials or policy . Which one is it for you at the moment . Thierry i think it is more rate differentials at this point. It is very difficult for the market to make distinctions between fiscal policy across countries. And we are talking about trillions of dollars of spending , it is veryrantees sayicult for traders to that country is stimulating more and that country is stipulating less. Youre not getting very much guidance with regard to when all of these policies will be ending. I will say this. Policyextent that fiscal has other effects as well, it could be important. I believe that is the case in , aboutrgency relief fund 750 billion euros in grants and loans. To bes obviously going stimulatory, but to the extent that it is going to help the , it speakse back end to the mediumterm and longterm risk, which is the existential risk of an ultimate year obra cup. Becausee more eu unity of this fiscal stimulus, it could help the euro, but that is a special case. Instances, the magnitude is not important. It will be things like rate differentials that drive these currencies. Lets talklisa about rate differentials in the era of yield curve control. This is clearly something they are considering. If the Federal Reserve does pegged the yield curve at a certain place, if it commits to buying enough treasuries to keep it there, what does that mean in terms of currencies . Does it dampen the volatility . Does it give a lift to the dollar . Thierry i think it dampens volatility. I dont think it gives a lift. We all have to consider this in relative terms. Is yield curve control better or worse for the dollar than the alternatives it might have pursued . Lets put it this way. If the fed did go to negative rates, it would be much worse for the dollar then yield curve control. Is if you were to peg the three year or five year yield to a specific level, you would have to issue policy guidance with respect to the overnight rate, which is where you are pegging the three year or five year yield. If you make a mistake in that regard, you may have the market choose to either buy three year of paper or five your paper aggressively, or sell it, and which case the fed would lose control of the Balance Sheet. , then fed was to do that i think you would have a problem. We assume that they would do it consistent with the Forward Guidance. Jonathan Thierry Wizman on tom keenes favorite subject. But i wonder if it sounds more dramatic than it actually is. If they go forward with what williams and clara to and cla about, it isked contingent to data Forward Guidance. Basically, it will sit on yields out to five years, whatever it might be. Guess what . The market is already there. The market is in line with the fed funds rate already. Hasnt the market already done this work . Is in the market basically saying, heres the cap . Thierry i agree that yield curve control is complement three and has to be done income limits with Forward Guidance, but if they were to make a mistake, or maybe the market misinterprets them as issuing Forward Guidance which is not with the yield, then you have a problem. You have to thread the needle a little bit. You have to make sure that the Forward Guidance you issue is specific enough that the market. Lways interprets it that is important. Likeact that people Richard Clarida are speaking about yield curve in terms of Forward Guidance [indiscernible] jonathan Thierry Wizman of macquarrie. Tom, i know this drives you absolutely insane. One part of the biggest drives of a bigger story that drives that of people insane, they are involved in setting prices worldwide. Tom i am going to give major credit here to timothy geithner. He just said, look, weve got to go out a long time to heal these various crises. Theres a headline percolating out right now that the Swiss National bank is going to dive in and buy more equities, particularly tech. Is buying amazon for a central bank that much different than the belief of yield curve control . Jonathan that its the extreme, isnt it . That is just one way of getting your currency down. In the u. K. , some would say over the last few weeks, theres been a pivot, not just from the governor, but other officials as well. They are actively flirting with negative interest rates. I have no idea if they will go through with it, but lets be clear, they are actively flirting with negative rates in the u. K. Now. Tom no question. I go to june 5 and the jobless claims at 8 30. What are we going to do in this country on our theories with 20 Unemployment Rate . Jonathan the data 19 minutes away. The coverage continues from new york city this morning. We are live on bloomberg tv and bloomberg radio. The first word news, im ritika gupta. Lawmakers in china have defied a threat from President Trump. They approved a proposal for sweeping National Security legislation aimed at hong kong. Democracy advocates safety measure will curb essential freedoms in the city. The vote came a day after the u. S. Declared hong kong was no longer autonomous. It could lead President Trump to impose sanctions on china. The Trump Administration reportedly taking aim at Chinese Students in the u. S. According to the new york times, it plans to cancel the visas of chinese graduate students and researchers who have ties to universities affiliated with the chinese army. Chinese students form the largest single foreign student population in the u. S. A grim milestone, there have now been 100,000 deaths here from coronavirus, the worlds highest death toll. It has been almost three months since the government announced the first fatality in washington state. More than 1. 6 million in the u. S. Have been infected. The number of new cases is trending downwards. 1 4 of Companies Using the British Government furlough plan cant afford to take on the cost of paying additional workers, according to the institute of Directors Think tank. The government wants to change it so firms can bring back workers on a parttime basis, but would be asked to pay a greater share of those wages. 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 ritika gupta. This is bloomberg. The calculations and the modeling we do remains very sensitive to unemployment, very sensitive to gdp, the housing crisis. So as we continue to look at what we think the future trajectories are of those, we will continue to make appropriate decisions around the future. Jonathan Michael Corbat there. Big banks in the United States have had quite a run over the last couple of days. On the year, the s p 500 banks index down 30 , but what a oetracement just in tw sessions. The storys rotation into the cyclical areas of the market. The s p 500 banks are up 16 in just two trading days. Tom and the two trading days is a key thing. If they can put this together over one week, two weeks, three weeks, that is an oppressive moment. Usht, Gerard Cassidy joins of rbc capital markets. We are thrilled you are with us. I know jon was to talk about the equity markets. We will get a claims report any moment that will show horrific unemployment to your state of maine. How do banks prosper with 20 unemployment . Gerard the Unemployment Rates we have seen are extraordinarily high. None of us have witnessed this type of unemployment. But we have to remember that the unemployment number, though it is extremely high, Unemployment Benefits are extremely positive for many workers. So i think what you are going to see is as the economy opens up, these people will get through hopefully this downturn with the end of lemon benefits, and they can get their jobs back. But you are right, it is a challenge for the banks and credit picture, and it has deteriorated significantly for these banks. Jonathan i think weve got some technical difficulties, so forgive us for that. Thank you very much for your patience. Lets talk about the rate story and why some people dont believe in this rotation into the financials. It is because they listen to Federal Reserve officials that tell them rates arent going up for a long time. Therefore, why do i want to own the banks . What do you say back . Gerard one of the things i think you pointed out, year to date, the stocks are down 30 , so we are nowhere near the levels we were at the end of 2019. Theres still a little value here, even though the rate environment is not as positive for the banks as we would like to see. I would point out the yield curve has steepened a bit. But a low rate environment we are in today, the fed has indicated we are going to stay this way, that is one of the challenges banks have. One of the challenges is that Balance Sheets are growing for the banks, which is very different than what we saw in 2008, 2009. This will offset the pressure on the margins due to the fact that more people are borrowing not but also theppp, commercial lines of credit banks are issuing to corporate customers. Jonathan you know better than most that is a doubleedged sword. They are extending their Balance Sheet and a really tough time, in a weak economy. I just wonder how much risk they are taking on. Gerard that is an interesting question because we are certainly seeing a wary weak economy, and generally speaking, the consensus call is that the economy will recover in the second half of the year. Should that play outcome of the credit risks are not as high as they made it appear at this time , but if we stay in extended recession into 2021, theres going to be greater credit losses on the books. But right now, we dont see that at this time. Lisa some of the response we might see from the Federal Reserve, we have been talking about yield curve control. The bond markets are pricing in negative rates. What would it do to u. S. Banks if the Federal Reserve was to take rates below zero . Gerard that would be really bad. We have seen this happen in japan and erupt, and we have seen the pressure on the banks bility with negative rates. That would be one of the worst environments for u. S. Banks. We dont see that happening yet. There are futures calling for negative rates, but one of the enormous differences in this country is our Money Market Mutual Fund industry, the four point 5 trillion in deposits. If we move negative rates, youre going to break the buck in many cases in that industry, and we know that is not acceptable for the money market funds, and they are critical for the Financial System in the u. S. So i still dont think the fed is going to take rates negative because of the money markets importance here in the u. S. Lisa given the fact that we have seen a rally in equities tied to financials recently, what are they currently pricing in given the devastation we saw in the share prices earlier in the year . Are they pricing in a ushaped recovery, and increase in private credit loan losses . Gerard gerard i think it is pricing in a recovery. It may be a ushaped recovery. Certainly not a vshaped, even though we are seeing some numbers that, if the numbers are as bad as expected, we could get a steep recovery off of an extremely low number in the Second Quarter. But the banks are pricing in recovery. If you look at the valuations today, most banks are trading at an average of 80 of book. To put that in comparison, in 2008, the low for the evaluation in that crisis was 46 . So certainly, the banks are not pricing in anything like the 2008, 2009 debacle, but there will be some recovery they are pricing in now. Tom Gerard Cassidy, thank you so much. Greatly appreciate it. Jon, you always go to book value as well, but it really goes too, given the challenges forward, now you have second wave and this, that, on the other thing, is will challenge we see a great recovery for the u. S. Bank industry . Jonathan i also think it is going to be difficult for many of these names, for people to capitulate on their view of financials at the moment because of their view on rates. What we have seen in the last couple of days, the reopening rotation, is that just a position squeeze, or is that sustainable . I think that is the big question for a lot of people in the equity market. Tom i totally agree. With four minutes to go, we must look at this claims report. Lets be clear, it is improving, but at 2. X million, that is not improving. Relative to who . It is bad. It is bad for the people that make up the number. Youve got the market conversation. Is it better or worse . Then youve got the economic conversation. Who makes up the data . Who is in pain . Right now, a lot of people in this labor market. That is five minutes away, jobless claims in the United States. Ist up, the median estimate 2. 1 million jobless claims in america. This is bloomberg. From new york city for our audience worldwide, this is bloomberg surveillance live on bloomberg tv and bloomberg radio. Alongside tom keene, im Jonathan Ferro together with Lisa Abramowicz. We get data from the United States and america. One focus. Initial jobless claims. Lisa they are just coming in now. Slightly above the expectation of surveyed economists. Individuals filed for jobless claims over the past week. The number i am watching is something a lot of people will be analyzing. That is continuing claims. They came down significantly from the prior week to 21 million from more than 25 million the previous week. This show is if the reopening of the economy is leading to a reversal, people getting brought back into the labor force. Jonathan the data in isolation is ugly. It is about the sequential monthtomonth improvement we are about to see you next several months. June better than may. July better than june. August better than july. You want to see more of that in the months ahead. We see a hint this morning. Tom i am looking at the bloomberg. This is outstanding. For those of you on radio, i am showing it on tv. The bloomberg terminal on an iphone. The vix flooding at a 28 25. I would suggest it is an economic report that the market is comfortable with. What you think . Jonathan and expected. Lets bring in Steve Ricchiuto to weigh in on the situation. Your first take on the data in america . Ive been rolling through and the last minute or so. What you are seeing is expectation of declines being underreported. A sickly the expectations are weaker than the actual data coming in. It is not just a continuing claims drop, it is also in the durable goods report, and more importantly in the shapeless of not aircraft capital goods worked were expected to be down 12. 2 down only 5. 4 . It is this kind of expectation being ahead of what is happening in the economy, which will be as people begins looking towards the recovery phase of this expansion rather than worrying tom looking at the movement and the change. Let me ask you a question i never asked anyone before. If you come out of a pandemic, what is the rate of change to a better economy . Do things get better suddenly or is it slowmotion . Vshaped, butot a it is more like a swish. The big drop in the Second Quarter, lets say its 20 . Some people think it is 30 , some think it is 40 . 20 is an easy number. How much could q3 be up . It could be up 10 . We are looking at an economy that will be back at zero on a yearoveryear growth rate basis by the Second Quarter of 2021, which means we will mark the recession has beginning in march. Q1 and q2 of 2020 will be the recession, then the recovery will be q3 to q2 of 2021. Highlight ofhe this report is the continuing claims. I find this the most interesting aspect of recent reports. How many individuals in the United States are receiving jobless benefits. Interesting to see it came down significantly over the past week. Is it data adjustment versus a positive sign people are getting rehired as economies reopen . Steve we live in the new york metropolitan area and what is happening here is not what is happening in many other parts of the country. In fact, what is happening in many other parts of the country is these adjustments are taking place and people are going back. If you look at the data we have in terms of credit card activity , in terms of cell phone mobility we are seeing a dramatic rebound and all of that level of activity as people in the unblocked states are opening up more quickly or getting back to their normal lives that is what i think you are seeing reflected in that number this morning. To Jonathan Ferro, i want point out we have seen the yield curve shift steeper. A higher yield in the 30 year bond. That is the better feeling you get out of this report. Jonathan lets be clear. This is still grim report, but it is about the data and how it improves for many market participants. The problem i have is there might be a willingness to extrapolate out that initial quick improvement, going from shut down to reopening and extrapolating that into next year. I know the economic debate at the moment is a two speed recovery, initially quickly and then more slowly as the months progressed. It becomes a long slog to get in employment rate down. You sympathize with a few . Steve you have to understand. There two things you are talking about. The pace of Economic Activity and the labor market development. Productivity always exceeds expectations. Therefore, the jobless pulled out will be much slower than the economic recovery. That is the phenomenon that happens. This time it is likely to be a long one. You will have the two speeds between unemployment and Payroll Employment versus what happens in underlying Economic Activity. You will also have a sector shift between which portions of the economy do better coming out of this versus which portions were leading the employment gains before. Therefore there is an adjustment process that takes place as people relocate to areas where things happen. The unemployment environment is going to remain dramatically slower on the improvement side then will the gdp numbers. Steve ricchiuto of missoula securities. That is exactly where i want to go. The skills gap we are experiencing, some jobs get created come of that area coming out of this era. How will that get bridged, whose job is it, the company or the government . Steve the answer is it is primarily a corporate requirement to do it, at least in this country. We have abdicated a lot of that and gone to shortterm earnings gains environment where everybody is focused on a 10 earnings growth. We did not do a particular good job of training people for alternative sectors either. We will see environment where over time the market will take care of it. I do not expect to get benefit from Government Programs or corporate programs. It will be up to the individual to retool themselves which is the reason we have seen a slower trajectory in each of last couple expansions than the ones we had immediately after the war. Second look at gdp was little bit down. I know you need time to massage the data. What is the worst gdp will be on an annualized basis. Forget about the drama of 90 days. What is the Steve Ricchiuto calculation of how deep the decline will be on an annual gdp basis . Lisa somewhere between steve somewhere between 3 and 3. 5 . That is a pretty big down movement. Jonathan can we talk about that . The value of annual lysing the quarterly figures. What is the value . In the next quarter we will get a terrible number for q2. People will annualize it, and i wonder how useful that is. Steve were you asking me the annualized quarter over quarter numbers are the annual for the year . Year. He annual for the the issue is really important. We will stop the show. This is important. As john correctly brings up, there are eight ways to slice this, and the media loves to go to the drama of what happens in 90 days, the world is coming to an end. Steven ricchiuto, is the world coming to ned or is it better to end end or is it better 12 months . Steve it is better in 12 months. As i indicated before, i just wanted to make sure i gave the right number, the yearoveryear numbers will be down 3. 5 . Ricchiuto, doe not ever apologize for interrupting the conversation between tom and i. Have the audience are happy you did. As we count people down to the labor market data, next friday, i think the estimate is 8 million. Youve been focused. The Unemployment Rate will push towards 20 . 19. 5 is what people are looking for. 20 unemployment in america is reality for a lot of people. Tom right. Lisa, where she lives, where i live, where john lives, we are colored by what we anecdotally see. I would say it an intellectual migration out to a 27 Unemployment Rate, and there is all sorts of shades of gray from 20 to 27 as people guesstimate list. Jonathan you touched on something important. Our views are colored on where we are based. And right now we cannot get at have our apartments in new york city. I wonder whether the estimates and expectations are distorted by a home bias. In a high density, highimpact city like new york city. If you live in new york and you are an economist or a market participant, it is quite difficult to be optimistic. If you manage to get out of new york and look at the rest of the country, there are a lot more people who believe we can normalize quicker. At the pandemic statistics comparing new york and new jersey with North Carolina. The uproar over the republican convention. It is amazing how North Carolina is radically different in pandemic calculus than the big urban areas. Then the main farkas main focus for this market is the reopening of the United States and the global economy. The opening vales 49 minutes away. Futures positive three points on the s p 500. Tilt beneath the hood. We go higher. Banks, higher for travel stocks. Equities left behind continue to improve. In the bond market, yields unchanged. In foreign exchange, we have touched on this through much of the morning. No big moves. Thehe session grows older, dollar grows weaker. From new york, this is bloomberg. President trump now faces a tough choice on china. Lawmakers have approved a proposal for sweeping National Security legislation aimed at hong kong. Prodemocracy activists say it will limit essential freedoms. The president had already threatened to respond strongly to the move. He could do anything from sanctioning chinese officials to revoking hong kongs special trade status with the u. S. President trump prepared to strike back at twitter. He is angry because the social media platforms slapped factcheck links on his tweets. The president will issue an executive order that could lead to a flurry of lawsuits against twitter, facebook, and other tech giants. It would narrow Liability Protections they have for thirdparty posts. Citigroup will start bringing traders back to its london offices in two weeks. Other members of its marketing units will return. Bloomberg has learned citigroup has told employees to expect to keep working from home. Other big banks set their workers home in march. Boris johnson is asking the u. K. To move on from the controversy inic top eighaid domnic cummings. Miles at aveled 260 time the country was in lockdown. Nasa scrubbed yesterdays plant lots plant launch went bad weather hitne bad that Kennedy Space when bad weather hit the Kennedy Space center. 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. I am ritika gupta. This is bloomberg. If they want to impose theyre prepared to kill the goose who laid the golden egg. They give up hong kong already. Jonathan weighing in on the situation in hong kong. To the pushback communist Party Worldwide over the last couple of days. The market not responding. Equity futures unchanged into the cash open 43 minutes away. , i amide tom keene Jonathan Ferro alongside Lisa Abramowicz. Before i step away to get ready for the next hour, looking ahead to an interview with erin browne of pimco and catching up with dan skelly of morgan stanley. Morgan stanley has been out front of the following story the reopening rotation and the recession playbook. They suggest works where you pipit to the more cyclical areas of the market. Tom i have to do a major shout out. Michael wilson has been on. He was cautious. He was a pinata when the market went up. He got lucky with the pandemic crash and he has nailed the rotation up, up story. I had to go into therapy yesterday over being in the triple leverage cash. I am just devastated. Jonathan be transparent about therapy is in the keene household. You do not get someone on video call. You have it is a bottle and it has a name on it. Is it jim . Who help you out . Pete was his name. We will see at the opening as well. There are historic moments where you speak to someone, and with Christopher Patton it can be five years ago, 10 years ago, 20 years ago, it was an honor for Francine Lacqua and myself to speak to him today. Hong kong went to a different phase, different history. Here is lord patton. Jinping is a new sort of chinese dictator. When i say new, different from his immediate predisaster. Since 1997,s, and while they have been far from open in hong kong or in china, on the whole chinese leaders cap to their agreements on one country two systems, that hong kong could continue with a high degree of economy. What we have seen with xi jinping is a determination to strengthen the Party Control over everything. He has been throwing chinas weight around, which is a danger to all democracies around the world and i think we need to be taken advantage of the coronavirus, which has been more difficult to deal with, the way it was covered up by secretive communist officials. He is trying to take advantage of that, not only in hong kong, but there are incursions by chinese troops into india. Theyve been throwing their weight around in taiwan, they have been throwing their weight around in the South China Sea despite the promises they made to president obama. Jinping, whoto xi is terrible about having to deliver the promises people made that could that they could liver that they could live under the rule of law in relative peace. The see this merchants of a hong kong are going back centuries. How would you suggest to the Business Leaders of hong kong will react to this . What would be the best path . Lord patten i want to say this clearly. When i was governor of hong kong , there was great support from the American Chamber of commerce , and from the United States in general for what we are trying to secure in hong kong. Even though i have worries about china, as we all did, worries about communist system, not about Chinese People, but about communism, i used to lobby every fornd Congress Congress to give hong kong most favored nation status and world trade. I also used to argue that whatever happens we should not endanger the wellbeing in hong kong. That is still my feeling. Hope,hould happen, i following the secretary of ,tates understandable reaction is we should form together chinaies which will make pay for what it is doing in hong kong. I hope we will stand up for hong kong, as over 500 political leaders and Church Leaders and others around the world have already done. I hope business will welcome that. There is no question at all that if you undermine the rule of law in hong kong, then you start to make hong kong a less important Financial Hub in asia. It is already responsible for two thirds of the direct investment which goes into and out of china. Willnk a lot of people rethink running their business from hong kong or recruiting to people to work in hong kong. I hope business will work without too much nervousness. From 23 yearsent ago, your historic single sentence, i relinquish the administration of this government. God save the queen. What is your advice to the secretary of state of the United States as you call for an allied response, a developed economy response. What would be your counsel to mr. Pompeo . Lord patten my counsel would be to thank him for the interest he has taken in hong kong, which i think is widely accepted in hong kong. He is not interfering in hong kong. He is expressing the sentiment the democratic politicians about of what was aate community under the rule of law. I think him for that. The chinese do not understand the problems in hong kong are because of them, not people outside. I would also ask him to remember that liberal democracies around the world, i mean the word liberal not an american sense but in the classical sense, open societies around the world are under the world is american leadership. Europe, japan, canada, australia, the United States, all of them Work Together under american leadership. I hope that is what this administration or a future administration will allows to do. China is an enemy to us now i am sorry to say that that is how he has behaved. Not the Chinese People but the Chinese Communist party. Tom an extraordinary conversation with lord patten of the united kingdom. We will drive forward the conversation, particularly on banking. Our Erik Schatzker in conversation with Michael Corbat. Look for that at the 10 00 hour. For Lisa Abramowicz and Jonathan Ferro, i am tom keene. We thank you for listening to the simulcast on radio and on bloomberg television. The markets lift off of better claims data than was expected. This is bloomberg. Jonathan from new york city for our audience worldwide, good morning. The countdown to the open starts right now. 30 minutes from the opening bal in new york city the opening bell in new york city. Equity futures doing ok. Up eight points on the s p 500, up. 25 . The tension between china and United States doing little to reshape the market. 10 year treasuries come up two basis points on the 10 year to 0. 7 . In foreign exchange, the shape of things as follows for the dollar. The dollar grows weaker. Eurodollar up. 1 . That is your price action. Here is the big issue this thursday morning. More than 14 million initial jobless claims in the United States of america in more than two months. A couple of questions for all of us. For the people that make up that ugly statistic, can they hope for a Better Future . For all of us, are we con