Transcripts For BLOOMBERG Bloomberg Markets Balance Of Power 20240712

That investors will start moving out of bonds. If that happens, that could be the next big rotation possibility to keep an eye on, out of bonds and into stocks. Should that occur, it will suggest the rally we are seeing they have legs and could continue. David take the flip side of that. It is a good point. If we do not have rotation out of bonds, does that Say Something about where the equity markets are headed . Abigail it could, indeed. Equity investors are watching bonds. When bonds were in rally mode, there were people reluctant to get into stocks because they were curious of what bonds were telling them. That was true in the summer of 2018. If we see bonds stagnate, that may suggest the rally we have seen for stocks will stagnate. Right now it is largely about the dollar. That is tied into bonds. The dollar has been week. As we have yields rising, the dollar has been going down. The yield curve steepening, supporting that as we have had the dollar go down over the last several days. That has helped out the s p 500, but that is a great point you make. If the move out of bonds does not gain steam, that could suggest the rally is cap. It will be interesting to see. The thing that stands out the most is you have stocks climbing , even though it does not feel right, does not match not only what has been going on with a pandemic and the economic situation, but certainly the social unrest in the u. S. , even though it is perhaps improving right now. David . David right now the news is not making a big difference to the markets. Thanks to Abigail Doolittle for that report. There is a lot of news at the same time. We have the civil unrest throughout the country, although it was less violent last night. President trump has had an aggressive response to the rights and demonstrations, which has brought a lot of criticism, not all of it from democrats. We welcome jeanne zaino, our bloomberg little contributor and a Political Science professor. Pray to have you with us as always. Are the republicans distancing themselves a little bit from president on his aggressive stance . It has been a muted response on the part of republicans, although we have seen some take exception, particulate to him standing with the bible in front of the church. People like james lankford. The response has been particularly muted. We have seen others, particulate and the religious community on ,he right, say Pat Robertson who was critical of the president for that same photo op. We even heard the pope speak out. There has been criticism from both sides. Certainly it is louder and more critical coming from the left then it is from senators on the republican side. David you got your start in polling. Talk to me about the monmouth bowl of right track, wrong track. 74 wrong track. That is a high number for President Trump. Jeanne it is a very high number. We had two important balls out. One is monmouth we had two important polls out. One is monmouth, the other is politico. Seven in 10 voters in the politico and you just mentioned the monmouth. As we look at the recent survey about the handling of the protest, 33 approval. To 66 one third disapproval. These numbers are going in the wrong direction for the president , but we have to be careful about these right track, wrong track calls. Wrong track polls. These have been the standard. Both barack obama and bill clinton were elected with really high wrong track numbers. It is not something that will necessarily hold the president back. It is not what the campaign wants to see. The more important number for the election is his approval rating, and while that has always been fairly mixed, it has not moved that much despite the pandemic and his response, and now despite this issue with the riding and alluding and his handling of the crisis out of minneapolis. Lootingioting and the and his handling of the crisis out of minneapolis. When you talk to the campaign, that is something they want to focus on. What you have to remember is the election will be decided in swing states, and those polls are biden ahead or fairly close, certainly the president is not out in those states by any stretch of the imagination. David it is way too soon to tell. It looks like almost a junkball. Lets go to the other a ju mp ball. Lets go to the other side of the court. Joe biden did come out in a statement with philadelphia. What is the proper joe biden response . Will he change his campaign . Jeanne he came out of Philadelphia City hall yesterday, one of the first times he got widespread attention. The speech he gave was covered on all of the cable news shows and it was a good moment for biden, it was a strong and powerful speech. If we recall, the reason joe biden said he was running for president because of the racist violence in charlottesville and what he saw as the president s problematic response. That was the whole reason for him to run. This was something that is close to him. I thought it was a particularly good speech. He talked about the fact he wants to focus on unifying the country, not dividing it. This is an interesting theme. Even people on the left have criticized joe biden, saying he is not taking a Strong Enough hand when he talks about being a unified or. At this moment, as we see so much of the widespread protests and division across the country, it does fit for him to be talking about the president s role to unify the country and move forward. That is what he has been topping about his entire campaign. We only have five months until the election. It is a long time, but it is stunning it is one of the first times we have seen joe biden get this amount of coverage because of the pandemic. He has been basically in his house like so many of us. David can Vice President biden take a strong stance as a unifier without it appearing he is going soft on violence . Everybody agrees some of what has been going on, some of the looting and the violence has not been appropriate. A lot of peaceful demonstrators, but there appear to be some bad apples. Does he have a problem with President Trump sticks to the law and order theme . I think it is possible for him to do it and he started to do it in his speech time the, when he president s word and action, but the talk about rhetoric. The talk about vicious dogs, the talk about when the looting starts, the shooting starts. He tied them to a race is passed in the United States that is painful for most americans. He can walk this line between condemning any act of violence, but also tying the president s rhetoric to this racist past and saying the president , as joe biden said yesterday, the pain is real and the president needs to be part of the solution and not the problem. As he recounted some of what the president has been doing in the wake of the riots, he described somebody he saw as part of the problem. Twitter he used as examples of that. I think it is possible. I think it will also impact what biden does Going Forward by choosing a Vice President , and other steps he takes in this campaign. We have to take a waitandsee attitude. David there is indication that maybe it may be coming back. The markets are doing particular well. If in november the market is not where it was before the pandemic, but it is on its way up, will that cut in President Trumps favor . Jeanne it well. It is so fascinating to hear you and abigail talking about stocks climbing. You look at the market and you look at what is going on in the ground politically in the u. S. , it is almost like you are living in two different worlds. I think there are signs the president can benefit from. We are likely to see unemployment go down. Bloomberg was reporting the number of cases in new york of covid going down. People looking at the markets are feeling optimistic that we have reached a point at which covid will start to go down and we can start to reopen the economy. Thenemployment goes down, president will politically take advantage of that and he will take credit for that. We do have some economists saying by november the numbers could look good in his favor. The democrats are going to try hard to say this was something of a selfinflicted wound, that had he acted earlier, acted in a different way, we might not of had to take the step we did of shutting down the economy and the way we did and going through all of this pain. I think it is a fair question and this is what the president is hoping, that by the third quarter, those jobs numbers and other numbers in the economy look good and there is a chance they will, or they look better and he can make the case he is responsible and there is more to come. David always a treat to have you with us. That is jeanne zaino, political contributor and a professor at iona college. Coming up, we will go to the pentagon. This equity of defense said he did not think it was a good idea for the president to send in federal troops. We will talk to our National Defense correspondent bill faries. Power onalance of Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. The secretary of defense mark esper surprised quite a few of us where he said he disagreed with President Trump and the suggestion they should send in federal troops to quell some of the civil unrest. He has been summoned to the white house. We do not know why. It was not on the public schedule. To explain this is bill faries, he heads up our National Security team at bloomberg. What we know about what is going on . Bill we know mark esper and pentagon leadership have been heavily criticized for taking this march across Lafayette Square with President Trump when the square was cleared by security in the president went to st. Johns church and held up a bible for what people were saying was a photo op. There is appealing the military presence there, with the secretary of defense, made it look more aggressive than it needed to be. What we know is as per, who has been publicly loyal to the president , came out today and said he was not aware of why they were going into the plaza and said he opposes the use of activeduty military forces to help quell the protests. That goes against some of the comments President Trump has made in terms of cracking down on the protests in cities around the country. David we have any indication of whether President Trump, if he is upset, is it more about saying i do not think we should be sending in troops, or is it more about the question of the photo op . The president seems to be a little defensive about that. He also said he did not know they were going to clear those people out. Bill there is a little bit of both. I was surprised to hear mark esper even use the phrase photo op. That has been a real source of irritation with the white house. I think the other point of contention is not that esper opposes the use of the troops, but that he said so publicly. The pentagon has wanted to step away from that rhetoric for a few days, but particularly in this administration, very public and like that out, is often time seen in a positive light within the oval office. David lets be clear. Mark esper serves at the pleasure of the president. If the president orders it to be done, it will be done if it is lawful. There is not much question the president does have the authority under that old insurrection act to do this if he decides to . Bill he does. It is something that has been used. It has not been used a lot in the last 50 years. Last time was during the los angeles riots in 1991. It is a law that has been invoked before. It would be a controversial step to have activeduty military forces patrolling american streets. That is not something we are accustomed to seeing. David it is fascinating. There was a piece in the Washington Post that said the leadership in the pentagon, the civilian leadership had ordered the joint chiefs, the cheese of the army and navy, not to make any comments about the shooting in minneapolis. Have you had any reporting on that . Is that typical . Is that normal . Often i think the chiefs are supposed to be independent of the political apparatus, arent they . Bill that is right. Mark esper came out today and talked openly about the killing of george floyd. He said it was a tragedy that happens far too often in this country and called it a horrible crime. I think the pentagon is trying downamp down to clamp on too many public officer Public Comments from lowerlevel officers they worry will conflict with an eventual mission to go into the streets or conflict with what the white house guidance is on this. David what is next for the white house . Have a 2 00 White House Press conference. Well be looking closely for criticism of mark esper. A follow up on the meeting he is having with the president. We believe that meeting is to discuss the situation in afghanistan, but clearly with mark esper making these remarks before he headed over to the white house, that is going to be the next step. A lot will depend on how these protests unfold and whether there is more pressure from the white house for military deployment. Last night, washington was more calm. The pressure eased on that sense. It is obviously very fluid and things are changing day by day. David really appreciate your taking time to join us. That is bill faries who heads our National Security team in washington. Time for first word news. We go to mark crumpton, who has more on secretary esper. Mark as you and bill were just alluding to, breaking with President Trump secretary mark esper said he does oppose using military forces for Law Enforcement in containing street protests. Secretary esper did refer to the insurrection act, which would allow the president to use activeduty military and Law Enforcement in containing street protests. The option to let use activeduty forces should only be used as a matter of last resort and only in the most urgent and direct situations. We are not been one of those situations now. I do not support invoking insurrection act. Mark secretary esper making his comments at the pentagon. He added the National Guard is best suited to perform Domestic Support to signal authorities in the situation in support of local Law Enforcement. Pope francis says he is deeply concerned about the social unrest in the United States. In his weekly greeting is that racism cannot be tolerated. He called the killing of george floyd tragic, and said he was praying for all of those whove lost their lives because of the sin of racism. Iran is seeing a second wave of coronavirus infections. There are more than 3100 new cases infected today, up 60 from a week earlier. Provinces are 31 considered red zones or carry a virus alert warning. Iran begin relaxing lockdown measures in early april. Another sign of how relations between United States and china are getting worse. The Trump Administration has warned it will suspend passenger flights from china if beijing does not allow american carriers to reenter the market. The coronavirus pandemic prompted cuts earlier this year. 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. I am mark crumpton. This is bloomberg. David . David thank you so much. Coming up later, we will be joined by leon panetta, who was secretary of defense but also the white house chief of staff. We will talk to him about how white house handles a cascade of crises such as this white house is handling. That is coming up on balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. It is time for our stock of the hour, warner music group, which went public today. It has gone public and the price has gone up since it started trading. We are joined by kailey leinz to take us through the warner story. Kailey it started trading just over half an hour ago. The stock up 6 , trading 28. 61 a share after it priced at 25 this morning. It raised about 1. 93 billion in the listing, which i should shares, up77 million from 70 million. It makes it one of the biggest offerings we have seen in 2020 and values the company at 13 billion. This was delayed from yesterday to observe the Music Industry blackout tuesday to support the protests against police brutality. It was delayed about three months because of the pandemic. It being taken well by the public markets. A signal of potentially renewed strength in u. S. Offerings after we saw them put on pause because of the pandemic. David exactly. I wonder if it says more about the state of the equity market or about the state of the music market . Is the music market a stayathome kind of business . Kailey it is a little bit of both. We have seen increased demand for risk. It is not just a big week for warner music. We are about to see 6. 4 billion in ipos, a revival of companies coming to the public markets. This is a lot about streaming. Warner music is catered toward streaming. 70 of its revenue comes from digital sales. Spotify and apple account for 27 of revenue if youre looking at the last year, and everybody is homebound, we cannot go to concerts to get entertainment, likely giving an added boost warner music. David lets be honest. I have downloaded more music while i have been stuck at home. Maybe you have, too. It might be happy days are here again for the music business, which has gone up and gone down. Kailey there has been a lot of backandforth for certain. I would point out that the man who is making all the money from lens labonte net he is getting 85 of economic interest from this. Basically all of the proceeds from the ipo are not going to warner music, they are going to him. David that is better than mark zuckerberg. That is a good deal. Thank you so much to kailey leinz. Great to have you with us on warner music. Coming up next, he ran the defense department, the cia, and was chief of staff to president clinton. Leon panetta is here to give us his thoughts on how the government handles the series of crises we are facing right now. That is coming up next on balance of power on Bloomberg Television and radio. The option to use forces in a Law Enforcement role should only be used as a last resort and only in the most urgent and dire situations. We are not in one of those situations now. I do not support invoking the insurrection act. That was the secretary earlier today, saying he disagreed with the president s suggestion that federal troops could be sent in to quell some of the civil disobedience across the country. Welcome to somebody who had that job, as well as being director of cia and the chief of staff to president clinton, leon panetta and the founder of the leon panetta institute. Thank you so much for joining us. You have been in the room when all sorts of very difficult situations are addressed. We have a remarkable situation right now with three crises, the pandemic might the economic collapse, and now civil unrest. It is the best way for a government to address that cascade of crises. I always found, as chief of staff and later as cia director and secretary of defense, that when facing a crisis and when facing a series of crises as we are now, the best approach is to gather the National Security Council Together and determine what the best strategy is to deal with each of these crises. And to develop options, obviously, to present to the president. But to try to develop at least a common strategy that everybody can support, and that is in the best interest of the country in terms of dealing with that crisis. I think this is a moment with the president needs to listen to the advice of his most experienced advisors. That is critically important at a time when you are facing this kind of serious threat to the country. David we heard from one advisor today, but it was public, not behind closed doors. Is there any doubt the president has the authority to send in federal troops if he chooses . There is this insurrection act. Leon i think its clear that the president could assert the insurrection act, but again, this country has recognized that the purpose of our military is to be trained to confront foreign adversaries in combat, not to be used for right control or Law Enforcement. Thei, titus was passed in tatus wasposse comi passed in the 1800s. I commend the secretary of defense for taking the position that he took, because military leaders almost in unison do not believe that our military ought to be used to fight our own people. It ought to be used to be used to fight foreign enemies. Our federal troops even trained to do this . To pick up on your point, are they trained to deal with crowd control . We have seen instances where some military were not properly trained and we had some tragic results, such as kent state. The federal troops our federal troops trained to be effective in this situation . Is this the best tool in the toolkit . Leon i dont believe it is. Is to train our military engage in combat with a foreign adversary. It is what they are trying to do. They are not trained on right control. They are not trained drunk trained on crowd control, they are not trained in Law Enforcement. In this country, believe Law Enforcement ought to be left to the states and local communities and that, if necessary, the National Guard can support those efforts. But u. S. Military forces are trained primarily to engage in combat with an adversary, not to fight our own people. David at the same time, we have a difficult problem here that im sure you appreciate. I think the vast majority of , butsts that are peaceful there are clearly some bad actors and some of these demonstrations who are prone to violence or trying to instigate something. Put aside the federal military as a tool, what is the best way for the government to sort those bureau things out so we maintain law and order, we protect people and property, but we also preserve the rights of those who want to peacefully protest that horrific incidents in minneapolis . Leon i think it would be preferable, rather than the president asserting that somehow he will take control of the situation, if others dont, i think the president ought to be offering Law Enforcement assistance to states and local communities so that they can determine whether or not there are criminal elements that are trying to take advantage of these protests. It is a Law Enforcement issue. That is anfbi issue, intelligence issue, frankly. The federal government gets good intelligence on those who are trying to conduct those kinds of criminal activities. Withought to be shared state and local Law Enforcement so that they can play the primary role in trying to maintain order in their communities and states. We as ahat could country learn from the military on the subject of race . Put aside their active involvement in any peacekeeping, but the u. S. Military, they are held up ahead of a lot of society, going back to the days of harry truman integrating the military. You have a more integrated military than most companies. What could you teach society . Goodness knows, you need to learn some things fast. Is a i think the military good example for the rest of the country. Minorities,allowing allowing others to be able to serve their country. And to be part of a unit working together to accomplish a common mission. My experience is that, you know, whether you are black or brown or whether you are a woman, that you should have the opportunity to serve this country. That is exactly what happens in our military. We ought to be very proud of the fact that we have a broad crosssection of our citizenry that are part of our military force. Theyrespect each other, operate under discipline, but they respect and work with each other, regardless of race or color or creed. That is what the rest of our Society Needs to learn. We have to work with each other, regardless of race, color, creed and understand that first and foremost, we are all citizens of this country. Were not black, were not white, were not asian. We are all american citizens who need to work and respect each other. Thatis the primary theme our forefathers built into our constitution. Frankly, that all of us have to respect if we are going to be thatto have a society truly provides equal justice for all. It was a sense of the role that psychology plays in addressing any of these crises. We have issues with respect to appealing people feeling comfortable to go out again, together again. I do we make sure they feel safe, had we make sure employees feel safe, and how do we make sure People Living in cities where there are demonstrations feel safe . Role and trying to restore confidence in our society . Leon that is the critical question we are all confronting. We are facing a unique set of circumstances between a pandemic that is uncertain, and terms of its impact, its already taken over 100,000 lives in our country. It has shut down our economy and businesses. At the same time, we have this racial issue which developed with this horrible situation and the needloyd placed on his neck, which i think created even greater concerns about our society and whether or not we are true to who we are as a people. Time,k this is the frankly, not to threaten, not a bully, not to yell at each other but to do some listening to each other as to what the American People are confronting. And to understand that we really are a list together. I think de tocqueville. The greatest strength of our country is that we care for our community. We care for our community. I think we ought to take that value and apply it to each of these crises. We are in this together as americans. We have to work together. This isnt one side against the other side. The last thing we should do is to polarize this country at a time and we are facing these crises. The purpose of leadership in this country has to be to bring us together, to unify this country so that we all understand the importance of making sure, not just that we preserve peace, that we preserve the health of all americans. Secretary, i cannot thank you enough. It is former secretary of defense leon panetta. Coming up, we are going to talk with jason furman about the state of the economy. That is coming up on balance of power. David this is balance of power. Im david westin. Bad economic numbers may have looked a little bit better today with job numbers coming up better than expected as we look forward to the real jobs numbers on friday. We welcome now dr. Jason furman, from the Kennedy Center at harvard. Practice ofessor of economic policy. He also was the chairman of the council on economic advisors. Welcome, jason. How much should we get our hopes up . The u. S. Economy hit bottom on april 1. And it has been reopening since then. So, these numbers arent that big arent that surprising. I expect we are going to see really, really good economic numbers. Even with those good economic numbers, we will still be in a very deep hole. See as the do you way out of that hole . Numbers. Ome cbo way, tove that kind of build backup . Ison i think the problem some economic shocks there is medicine for. But demand shock among you increase taxes, cut interest rates. We have done a lot of all of that. As a result, we protected peoples incomes. Disposable income rose in april. But we are also seeing is supply shock and a reallocation shock. If dont have great medicine millions and millions of people who are laid off dont get higher back, need to find a new job, might even need to move to a different sector. That is what i think will take such a long time to recover from. What could we do to make it a bit shorter . We have speaker pelosis proposal, i think 3. 5 trillion that includes state and local aid, disbursements directly to people. We also have the white house saying we have tax crushed drum tax credits to use at a restaurant. What effective policy tools do we have left that we havent used . Jason the biggest tool that we know works that we have accused to any substantial degree is assistance to state and local governments. They had balanced budgets before this crisis. Off sis pushed ben push them off that. Their tax revenues are down. If they did a round of layoffs, that would compound the economic problem. Understandhing to about the cares act is, it was basically a fourmonth piece of legislation. June much alike some of it september pending on which piece. The economy will not be in good enough shape at the time it lot of what will be needed in cares act will be needed. Explain the situation with unemployment. We are hearing people saying, maybe we went too far, at least at the time with some of the Unemployment Insurance because it pays people more for being out of work that and work. As we look forward to an extension, should we be tapering them down so we dont have a perverse incentive . Jason i think tapering them down would be a good idea, but its really important that something gets continued. Unemployment insurance, you always want to do the balance of what you are doing to protect people versus incentives to work. When the biggest problem in the economy right now is that there arent jobs that people can do, the problem is not so much with the labor supply, it is with the labor demand. I dont think its causing a problem right now, as the Unemployment Rate comes down, definitely it should be tapered and ideally switched to a system that was more like, youve got 90 , 80 of the wages you were getting on your job rather than this fixed 600 per week. David lets try to address that need for labor demand. Lets go to infrastructure. We talked with the governor of new jersey last week, phil murphy. He says he needs a big Infrastructure Project. That is something andrew cuomo said as well. Is this a time we could help that labor demand by a big Infrastructure Project . Goodness knows we need the infrastructure. Jason the number one priority is the immediately immediate relief for states and localities. I think, given the magnitude of the supply shock, given the magnitude of the reallocation shock, youre going to have a job shortage in 2021, 2022, 2023 and beyond. Infrastructure is one great way to fill that. If we take a couple of extra months to do the infrastructure bill, i dont think thats tragic, but one should happen. David jason, appreciate you being with us. That is dr. Jason furman of the kennedy school. Hes going to be staying with us. Were going to talk about some of the economic inequalities in the country and what we can do about them. Meantime, we are going to be talking with bill cassidy, republican senator from the louisiana wants to make sure we protect the rights of people to demonstrate what we dont allow violence. Youre going to ask him how he is going to get that done. That is on balance of power. Is balance of power. Im david westin. The big story in the United States this week has been the continuing civil disobedience, the continuing civil unrest across the country in the wake of that terrible incident in neapolis. The question is how we can preserve the best of the peaceful protest, at the same time that we weed out some of the people who are in it for stiff and mayhem. We welcome senator bill cassidy, republican of indiana. I know that something you have talked about. You have thoughts about how we can do that, preserve the rest of peaceful protests and not have the violence we have seen . Sen. Cassidy i think there is legitimate concerns that have to be addressed. Ive been speaking to Law Enforcement and one thing struck me. When you look at the picture from new orleans, the New Orleans Police Department is kneeling in prayer with protesters, asking divine guidance to find solutions to problems. Elsewhere, you had people writing. What was the difference . Things, the New Orleans Police Department has implemented a program called epic. Ethical policing is courageous. Officer had lost it. The other officer, no matter the difference in rank as the ability to tap the first officer on the shoulder and says, im taking over. In that way, there is mutual accountability. What has happened with that change of training has been much Greater Community acceptance and cooperation, decreased complaints about the police department, but also the police themselves more satisfied, less stressed. I think that sort of Training Needs to be taken nationwide. Boy, that sounds like a very sensible program. Let me ask you the question of the day. That has to do with use of federal troops. President trump he would send them in. He had the secretary of defense say, he thinks thats a bad idea. The federal troops are not the best to get that done. Do you have a view on that . , isher it is lawful or not it the best tool in the toolbox for this problem . Sen. Cassidy it does not seem to be the best tool. Obviously, National Guard can be called as a step before that. It does appear as if National Guard can be effective. The simple answer, it does not appear to be the best tool. In 1968, i think it was done by h w bush under rodney king, but it does not seem to be best tool now. David what about the larger, underlying issues here . Im old enough to remember 1969 and what was going on. It seems like we did not get them fixed. Are there things we can do to try to address some of the great and growing inequalities between lock and brown people on the one hand and white people on the other . Sen. Cassidy lets back up a little bit. I think there has been great advance. If you think about 1968, there was no sense of ownership those in the Minority Community relative to the geordie community. Now we have the mayor of atlanta saying, if you are running down purse,eet with a stolen you are not protesting George Floyds death. See black lives matter members taking a white hoodlum who appears to be a member of antifa, taking them and handing them to the police so that their anarchism does not corrupt the peaceful protests about George Floyds death. Weve made progress. We have to build upon that. I would also point out that before the coronavirus, the economic recovery had risen all votes. Africanamericans had the lowest Unemployment Rate Unemployment Rates they had had in the history of statistics. We need to do is build upon that. Then i go back to the next step. Everybody has economic dislocation. The idea you are losing your job because of coronavirus and may be at greater risk if you continue to work because of the nature of your work, clearly is going to add stresses to society. Racism to address the and brutality still evident in some communities. We have to show one another that we care for each other. Root out the violence that infiltrates that peaceful movement. But go back to that Economic Prosperity that rises all ships in a way which addresses inequality. Thats what we also have to have a component. One more thing, you also have to take care of coronavirus. Toht now thats doing a lot precipitate the uncertainty we are describing. David so well said. If so much. It is easy to forget. Cassidy,enator republican of louisiana. That does it for the television portion. We will continue on radio for the second hour. We are going to talk with jason furman as well as the Massachusetts Attorney general. This is balance of power. It is 1 00 p. M. In new york and i am taylor riggs. Welcome to bloomberg markets. Optimism is in the air, at least when it comes to the stock market. Even if protest continue across the u. S. Tensions remain high between the u. S. And china. Global stock continue to push higher. Is it time to get nervous about the rally . We will discuss the state of the markets with scott minerd. We will discuss the ramifications of the fed programs unveiled to support the economy. Later this hour, we will be the global head of strategy from b. N. P. Paribas. He details the next cycle and what it means. We are halfway through the trading day. Kaylee is here to join us with more. Prettyas been a incredible rally. We are continuing to climb, despite the fact we have unrest l