Transcripts For BLOOMBERG Bloomberg Markets Balance Of Power 20240712

The other sectors such as tech and health care. The stayathome sectors turn into the new defense, calling into question the rally. We have haven assets rallying in a significant way. Dollaryen down more than 1 . The 10 year yield reversing. It had been a sixday backup. Now 10 year yields is trading lower. That tells you there is a move into bonds. If you start to see haven assets rally, especially on the back of a strong move up, you wonder what are traders looking at. Are they just treading water waiting to see how this resolved or is it a talent on something that is about a flareup, which is u. S. China relations not liking the cyclical rally, maybe it has gone too far, too fast. There is questioning around the payrolls report on friday. David a lot of indicators pointing in different directions. What about the yield curve . There is a lot of information about the yield curve that is deepened. What does that tell us about what is coming down the road . Abigail the last time i looked the yield curve is deepening. It is no longer steepening. When you have a steeper curve it is more normalized. Last august and september it inverted. I do not think anyone wouldve thought that little bit of inversion last year was italo on what happened this year, but lo and behold we are in a recession. You want the yield curve to steepen and normalize. Going into the fed on wednesday will be interesting to see whether or not they talk about yield curve control. Probably pretty unlikely. The fed meeting may be a Cruise Control meeting where they do not have to do all that much and it is for the future to make big changes considering how much has been done for them with the yield curve steepening over last couple of weeks and the move lower for bonds, plus some of the Economic Data coming in stronger. Thatll be an interesting meeting. Do your point, the yield curve have been steepening. Right now taking a bit of a breather. That having to do with we do have this rally for bonds. A ton of supply. Itll be interesting to see whether billions of billions of dollars will be absorbed in this environment. David thank you so much for that report. Markets got a nice surprise for the jobs numbers. That means this week will be looking at any Economic Data comeback to see if they support what we saw on the jobs numbers. To take us through that, we welcome michael mckee, bloomberg chief economic and policy correspondent. What are you looking at . Will it give us any indication of whether the jobs numbers are indicating something larger about a rally . Michael it is hard to tell because the data we have do not do a lot. I have not got a lot of numbers on the labor market. We do get initial jobless claims. Still expecting 1. 5 million claims. That is hard to square with what we saw on friday. We had a lot of churn in the labor market but that is an extraordinary amount. We will have to see what we make of that. This is a week of price indicators. Cpi in particular. If we are in a deep recession we should see prices lower falling. Last month the cpi fell. 8 . This month we are looking at a flat number. It leaves yearoveryear inflation rate at just. 3 . That would definitely say we are in recession. Then the question is for wednesday with the fed meeting, what do they think of inflation . Do they think it will start rising again . It is hard to tell. We may not get a lot of ratification of where we are going, just more indications of where we are. Fed for a covered the good number of years. The jobs report on friday make the fed job easier is wednesday . Michael in a sense, yes. They are not expected to do anything so there is no pressure on them because the jobs numbers are better. The question becomes does that continue . Professional economist say we never look at one month. They will want some sort of Additional Information to decide whether theyre going to be changing policy going forward. Probably not anytime soon. The question of yield curve control can probably wait. Well be interested to see what the minute say, because if youre going to do yield curve control is a question of where on the curb you do it and what Interest Rate you will set. You know they want zero for the short end, so where they go for the long end. Those are the questions that may be answered, but will probably not get a lot of the fed out of it. Be sure to ask jay powell at his news conference. The most interesting thing from the fed will be there Economic Projections they are doing for the First Time Since january, since they decided there was no point in march. We will see where they think the economy is going. We will get the. Plot which will we will get the dot plot which will probably be flat with no indication of rate increases and if they have scrambled to do their own Employment Forecast after this last weeks jobs report. The mainve they gotten Street Lending Program Going . Every time we hear from chair powell he says it is just a matter of a couple of days. Have they got it going . Michael not yet. We will have to wait and see what is going on with that and why they have not been able to. It has been promised on a regular basis. We need to ask jay powell about that. I would imagine he would be telling us the same thing. But we dome anytime, not know when it will start. We all thought it would have started by the time they start their meeting tomorrow. David i think you call it waited for ghetto i think you call it waiting for gadot at one point. Coming up, democrats on capitol hill are unveiling a sweeping plan for Police Reform. Imani cheersto next on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Time for first word news. We go to mark crumpton. Mark Congressional Democrats proposed a sweeping overhaul of Police Oversight and procedures on before unveiling the package, house and Senate Democrats held a moment of silence in the z emancipation hall, reading the names of george floyd and others killed during police interactions. They knelt for eight minutes and 46 seconds of silence to honor floyd. The u. S. City hit hardest by the coronavirus started to reopen. In the initial phase, new york city will allow construction, manufacture, and wholesale trade to start operating again. Curbsideores can offer pickup. New york could expand the reopening in two weeks. More than 17,000 people in new york city died from the coronavirus. Lockdowns and other Public Health measures may have prevented about half a billion onavirus infections in six in countries including china and the United States. It suggests the toll wouldve been vastly worse without lockdowns, social distancing, and travel restrictions. The report says there was no strong evidence that School Closings had an effect in any country. Although cristobal has been downgraded to a tropical depression, it is still bringing heavy rain and gusty winds to louisiana. The storm is also bringing flooding from mississippi to wisconsin. The storms travels in the gulf of mexico shut more than a third of offshore energy production. One bright spot is giving farmers and the midwest muchneeded relief over their parched fields. 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 . Mark. Thank you so much, in the wake of all of the demonstrations in response to the tragic killing of george ,loyd, we welcome imani cheers associate professor of media and Public Affairs at George Washington university. Thank you for joining us. I want to get some thoughts about Police Reform. Give us a broader perspective. We have seen too many demonstrations related to Race Relations in this country over many years and yet things do not seem to get fixed. Is there something everett that gives you hope some changes will be made . Absolutely. i am incredibly optimistic, and for someone born in the United States, raised in south africa, i have seen the way in which protesting, rebellion which we have seen, not only in the United States, not only in washington, d. C. , but across the globe we are seeing that a tide is coming. We are realizing that the majority of these marches and these protests have been incredibly multiinternational and interracial, which is important to note. David this is a problem that has been with us for 400 years. It is multifaceted. There is not just one thing we can do. Lets take the thing that seems to be coming up first, which is the proposed reform of the police. We have House Democrats proposing something new on capitol hill. What you understand about what they are trying to do with things like a National Registry, putting a ban on chokehold, and you think that will help one part of the problem . Prof. Cheers absolutely. , the Organization Called Campaign Zero released a set of tangible and actionable wait,called eight cant and a number of those policies and suggestions we are seeing implemented into the bill. The number one thing, we saw within 10 days of the protests, that minneapolis in particular, where a number of these issues, as a result of the murder of thege floyd, they banned use of chokehold. We see charges have been brought against the officers. In oakland, the mayor had agreed to adopt a zerotolerance policy on racism in their police department. We are seeing it across the country. That is why believe we are seeing this bill being discussed today. There at the same time, are broader issues as well. It includes the police and goes well beyond the police. It does strike me it may be powerful because the covid19 virus, so disproportionately affects people of color, africanamericans and hispanics, native americans as well. These things come together with the horrific killing we saw on video in minneapolis. Prof. Cheers we are seeing a nation and a global attention to communities that have long been marginalized, have long been forgotten, in particular the africanamerican and the hispanic and latinx communities in the United States, the native american populations that have higher rates of covid related debts than other populations in the country, and you take other realities and you marry it with the realities that have been happening for 400 years in the United States, and we are finally seeing a culmination and a true call to action. I am optimistic. I am still putting pressure on lawmakers. It is not just about dismantling or Defunding Police departments nationwide, but it should be about having real and tough conversations around racism, around systemic oppression and White Supremacy that for a long time in this country we were afraid to have. Not having those conversations is leading to the rebellion from all people who see this is completely unjust. Me,d finally, it strikes you are a media professional, you teach media. What is the role of media . What is the constructive role the media can play and having those difficult discussions . Prof. Cheers absolutely. I am an associate professor at digital of digital storytelling and documentary filmmaking. Within that triad, the media is incredibly powerful. What i teach my students is understanding we are at a time in all of our lives where we are bombarded with images constantly , 24 hours a day, seven days a week. It takes skills to understand what is misinformation, what is disinformation. I do not like the term fake news, but there are things that are presented to cause chaos and dysfunction. We saw that last tuesday where there was a blackout tuesday, and what that meant, there was a lot of misinformation around that topic, who is this moment for . It is important we pay attention, it is important we are critical of the information d, butomes across our fee if it was not for the capture on video of the murder of george floyd, the murder of ahmaud arbery, and those are just what weve seen in the last five weeks, we cannot forget Breonna Taylor in this conversation. These are recent murders. If it was not filmed, i do not believe we would have the global outrage for these types of murders. Having the media and using the power of the image, we are seeing you cannot turn away. When you cannot turn away, you are forced to confront and face ugly truths. David thank you so much. Appreciate you being with us. Associateani cheers, professor of media at George Washington university. Coming up, we have our stocks of the hour. Travel stocks may be on their way back. That is coming up next on balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. New york city is starting up regular Subway Service with a lot of social distancing regulations in place. Oyelier today patrick f talked with our Bloomberg Television. We are restoring full service the subway. Service is good this morning. Last week we did a physical survey of 50,000 customers, and mass compliance, which is now part of state law, was 92 . The most important thing our customers can do is wear a mask to protect themselves and their cocommuters and our employees. That 92 is an impressively high number and one we want to drive higher. Policew are you going to usage of masks . I am on a train, im on a bus, and there are two idiots without a mask, how do you police that . Atrick we are starting from good place, which is 92 compliance. I spent 40 minutes in Grand Central terminal, and the customer compliance looked higher. Doing in subway stations throughout the system is distributing 2 Million Masks. We got a Million Masks donated by the state and the city, each. We have mta employees and volunteers helping distribute the masks. The most important action that can be taken by our customers is wearing masks. 92 is a good start. We will monitor and reported going forward. On top of that, we are disinfecting every subway car, every bus, every metronorth of long island, railroad, commuter rail. At least once a day. In the case of subways and buses, multiple times a day. We are disinfecting our stations twice a day. We announce the great news that ultraviolent see light ultraviolet see light kills the covid19 virus. We are piloting that last week and this week on subways and buses to roll it out. We are also looking at antimicrobials, which promised to have the ability to eradicate the covid19 in months after application. Tom let me bring in my colleague lisa abramowicz. Lisa . Lisa one thing im struggling to understand is how quickly ridership has to get up to near where it was in the past in order for the mta to remain solvent without federal government help or additional borrowing through the fed new facility. Patrick lisa, great question. In the cares act the mta received 3. 8 billion. The heroes act, passed by speaker pelosi, and both of those we owe a great bank a great thanks and have to acknowledge the work senator schumer did on a bipartisan basis. Agency,ry transit ridership has declined precipitously. That is the flipside of new yorkers responding to governor cuomos directive and request people stay home. Today is an important date. We expect we are providing reliable subway and bus service this morning. Thereve been no delays. We see mass compliance at a high level and we will see that ridership is headed higher. Obviously we are in the phase one, significantly below the ridership in prepandemic days. We in every other Transit Agency will require federal aid to get us through 2020. Half of our revenue is based on fares and the other half is on a dedicated package of subsidies which are economically sensitive or transaction based. Week on theon last missable liquidity facility is important. Governor cuomo has dedicated has named the mta as one of the revenue bond issuers in the thee of new york rela state of new york. David that was patrick foye. We will stay in a travel theme and go to cruise lines. Abigail doolittle is here with our stock of the hour. Abigail it is amazing the gains we are seeing for some of the cruise operators. This has something to do with the fact that these stocks were hit so hard by the virus. Relative to carnival itself, some encouraging signs. It is seen as one of the first to restart service on august 1. It may not happen definitely. The ceo is saying they want to be completely at the social distancing protocol if not better so there is no sign the virus could get on their ships. They are burning 1 billion of cash per quarter per month, and a quarterly basis, numbers are down in a huge way. Investors are looking past this. If we take a look at Airline Index and hotel index, huge gains over last month. Investors want all in on this area. As for airlines, encouragement coming as American Airlines is talking about boosting their flights in july. Other airlines, encouraging signs. Tsa check in having in the right direction. 420,000 on june 5. Encouraging signs that folks want to take back to the skies. On the year, the stocks are down in a big way. Lets see if the rally can last. David thanks so much. Coming up, rick davis on the politics of the demonstrations. That is coming up on balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Im david westin. It is time for first word news. For that, we go to mark crumpton. Mark worldwide infections from the coronavirus have surpassed 7 million. The grim milestone comes more than a week after reaching 6 million cases. Hotspots including brazil and india are driving a daily increase of more than 100,000 cases. A london. G news on the city reported no new coronavirus deaths in the past 24 hours. It is the first time that has happened since lockdown begin at the end of march. During the peak of the crisis, london was seeing hundreds of deaths each day. Is dismissing President Trumps offer of a better deal with the United States over its Nuclear Program as nothing but political showboating. Mr. Trump made the offer and a tweet last week, celebrating the return of an american citizen imprisoned in iran. The exchange represented a rare sign of diplomacy between washington and tehran as the United States continues to increase sanctions on iran over its Nuclear Program. Germany is pushing back against plansent trumps reported to pull 193,000 troops out of the country. Germany said this would weaken the Nato Alliance and the United States itself. Mr. Trump has criticized angela kels government david a pretty euro we last week as he took an aggressive stance against protesters and then have that stroll across Lafayette Park with tear gas still hanging in the air. To take us through the coming week and how important it is for President Trump, we welcome our political coordinator, rick davis. We spend a weekend following coverage of President Trump and these internal workings with campaign staff, struggling. Did he have as bad a week as it looked . I think the multiple pillars in his campaign that have come under assault what are you doing about these riots protests,the country and then the management of the pandemic, the challenges that that brings to the campaign, and his campaign style, which are big events, and on top of the secondnt pile, the guessing of whether you will hold the Republican Convention in a very important state, north carolina. When you look at those things piling up on the Balance Sheet of the Trump Campaign, you really have to wonder, can they really move to be meeting these challenges in a quick enough fashion to keep the campaign from getting away from them . David is it starting to show up in the polling numbers . We had that wall street journal news poll that said 86 of people think the country is spiraling out of control. At the same time, his Approval Ratings stay around 40 . Rick there has been some softness in that rating. Week hadof polls last him at 38 , which is rare for him. You are right, he has an incredibly stable base, almost regardless of what happens domestically or internationally. That being said, the same poll showed a deterioration of his national ballot. Losing to biden by 7 . Cnn. Er poll today by show you a moment in time, but they can also pick up trends. Onthere is a deterioration his ballot based on this trend, then he has a worry. That is why they were huddled last week to figure out how to manage the deteriorating situation. When you say 84 see the country spiraling out of control, that is a scary number. In the same nbc poll, you have probably 70 say the country is on the wrong track. As the party in power, wrong track definite generally cuts against you. These are all things that are piling up as problems or the Trump Campaign and donald trump personally. As we know, he takes these personally, and will do what he can to change the topic or change the outcome. Im sure we will be seeing that in his twitter storms over the next few days. David does he need to be concerned about some of the people that are going public and disagreeing with him . People that you would not expect to go public. We had jim mattis going after him harshly. Mitt romney marching over the weekend in washington. Do things like that bother him, if some republicans publicly say i dont agree with him . Colin powell saying he will vote for joe biden. Rick colin powell, president bush, he takes all of this personally. To him, politics is personal. The advice we constantly give to candidates is dont take things personally. Trump cannot inherently do that, everything is personal. Eachee him counterattack and every one of these people that came out against him. Whether or not this is a drumbeat of republican ,pposition Lisa Murkowski who has a big impact on getting anything through the u. S. Senate, mentioned she could not support some of the moves he has been making lately. Andort of upped the ante said i want someone to run against her in 2022. All they need is a heartbeat in order to get my support. Wherethe kind of thing none of these things are actually going to be beneficial to him. It is not like republicans dont know they dont speak out, they dont receive some negative tweets. But i think if this becomes more han just an isolated incidents, it could spell problems for the base. David finally, what about this defunding issue . There are reports that they may actually cut in President Trumps favor, against president biden, if you talk about defunding the police. There is a law and order question there. Rick you have it right. This may be the one positive of the week, which is an overcorrection by the left by the democrats in power, when you have people like the mayor of new york city talking about cops. Ing new york city in minneapolis, they are basically talking about shutting down the police force and looking for a better option. These are things that most voters would be concerned about. Most voters have a positive inclination toward their police department. I think we have seen in the past nixon and reagan use law and order as a very successful tool to show that we can keep people safe in their homes by increasing our support for the military not the military, the police. I think democrats are treading on a little bit of a nice, reacting a little bit too much to the protest movement. There is no question judicial reform and Police Reform will be hot topics, whereas a month ago we would have said that was probably not going to be the case. But i think the democrats run the risk of over correcting. We will wait and see how the public reacts to that. I think it could be negative. David thank you so much to rick davis, our bloomberg article contributor. Breaking news right now. The u. S. And russia will be meeting in vienna on june 22 for nuclear arms talks. This is a throwback to the original cold war. Outu. S. Not willing to rule extension talks. A Significant Development on the International Relations front. In the meantime, we will be speaking with the michigan lieutenantgovernor, garlic gilchrest, whod has gone through some unrest as well. This is balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Im david westin. About every other state across the nation, michigan has had its fair share of demonstrations in the wake of the tragic killing in minneapolis. Demonstrations all over the state. We welcome the lieutenantgovernor, garland gilchrest. Always great to have you with us. I have been trying to follow it. There have been some arrests, but it doesnt seem to have been as bad as other places. Thank youilchrist for having me on the show. Always a good conversation. The state of michigan, like every other part of the country has seen people step up, walk into the streets and demand justice not just for george floyd look for people in communities, especially black communities and cities across the state who may have felt the police were not there for them but experienced pilots. It reminds me of when i was a child, responding to Police Violence in my own community in the city of detroit. Ist has been important it the diversity of the demonstrations. It has happened in every part of the state. Marquette,eninsula, places that people dont think of when they think of communities responding to police. Iolence, have all set up that is a testament to the organizing and leadership to the folks that demand justice. Certainlystration supports the calls for justice and equity. Governor whitmer and i participated in a protest this past thursday. I participated in one the weekend before that in the state of city of detroit. We all want to see change so people feel like Law Enforcement and community, we are all working toward the same goal of investment in futures and opportunities. We have put some plans forward about the ways that police are trained, continuing education, so officers can get the professional development, check in on their Mental Health periodically, all things to make sure that less mistakes are made, less accidents happen, and less people lose their lives. David as you know, today, House Democrats in washington joined with democrats on the senate side proposing National Legislation about Police Reform, including a National Registry, limiting immunity for police officers, pending chokehold. Is that appropriate to do as a federal matter across the board . Should it be more local . Every levelchrist of government has a role to play in ensuring communities can experience safety and are invested in equitably. There are things that can happen at the local level, we are talking mayors and police chiefs, that can do things through the local levels, governors office. I support local leaders stepping up. Things like the National Registry are a good example of a federal role. You dont want Law Enforcement officials who have had bad records to go to another jurisdiction and do bad things. That is a National Role for the federal government to play. I support every leader, whether you are elected or appointed, that you search for the role that you can play to make sure communities feel safe. David ms. Comes up at a particularly tragic time, when we have been fighting covid19. Talked before about the disproportionate effect on africanamericans, particularly in the detroit surrounding area. Governor whitmer has pointed out there is a real connection between the Racial Injustice we have seen, and the condition in some of these areas giving rise to the disproportionate deaths. What can you do about that, how can you put these together in a way to have fundamental change, so we dont keep doing this . Lt. Gov. Gilchrist how they connect, they are all grounded in what has been an historic assault on blacks and people of color. People have felt held down or held back or held out of systems that were open to others for progress and opportunity. Whether that is covid19, which has shone a when it comes to the disparities with Health Outcomes in michigan, we have some responses to that. These are connected because disparities exist across our lives and culture. Our responsibility as leaders is to find specific ways to step up respond. We are trying to do that in michigan, try to model what that looks like. Say,f the things i will the demonstrations that have been happening in our state, we continue to have concerns making sure that people do so as simply as possible. Covid19 did not go away. We need people to wear their masks, try to have some sort of social distancing. That is difficult, so we are watching closely the impact that could have on the cases of covid19 in our state, trying to be my love that. Meantime, no action that we took as a State Government limited peoples abilities to exercise their constitutional rights, their freedom to assemble, freedom of speech, freedom of the press. All of this is legally unwarranted, and from my perspective, it is justified. I am a black man. I have had experiences that i wish i did not have. So many around the country in the world are stepping up to speak out. This momentct in with policy change that can lead to real progress. Michigan got hit very hard from covid19 and you had to shut it down to a large degree. Now you are starting to open back up again. Are the things that you are seeing with demonstrations and protests, is that determine your process of opening the state backup . Lt. Gov. Gilchrist the reason we started as reengage and of certain economic activities, business activities, is the Public Health indicators showed us we had the Public Health system capacity to do so in the Testing Capacity to do so, and our testing rates, positive treatments, other things seven going in the right direction. We can look closely at those indicator to see if we are seeing spikes within certain communities that would cause us to be a little bit more cautious. Right now, we have not seen that. We are going to take some time. Twoweekow, there is a incubation period. Nevertheless, the choice to reengage in activities was based on science, based on our increasing Testing Capacity, our ability to treat more people. Increasing infrastructure for isolation. Those steps we have taken have put us in a position to be able to reengage certain activities. As long as the indicators remain trending in the right direction, we will continue to move forward. David in order to have that science of life, you need the testing capability. If there is a resurgence, you can isolate it, you can contain it . We feel welchrist would benefit from more Testing Capacity in michigan. We are trying to do our best to operate in the vacuum that has existed in the lack of a national strategy, but we have done everything we can, whether it is the professionals in state professionals in labs, we are trying to get more. More testing means more open doors to treatment, more ability to address hotspots where they pop up, in our migrant communities, tribal nations, communities where we have seen protests. We want to make sure there are no barriers to getting tested. We think we are on the right path. We always need more, would benefit from more. We are continuing to fight for that every day to make sure we can get more testing. I have done some experiments through our Racial Disparity task force on bringing some resources to our communities. Drive up testing in hardhit zip codes. These are the kinds of things we are modeling in michigan. There is a lot to learn about how we can do more. David thank you so much for being with us, Lieutenant Governor garlin gilchrist. Coming up, we will talk about those talks have been between United States and russia with respect to Nuclear Weapons. This is balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Im david westin. Earlier during balance of power, we learned the United States would be sitting down with russia later this month in vienna to resume strategic arms reduction talks involving Nuclear Weapons. Want nickake watt. I didnt know that arms talks were a priority of his. Nick the issue here is the new start treaty which limits u. S. And Russian Strategic Nuclear Weapons expires next year. Folks have in watching this for a long time have said we are not going to continue with this until china joins for a broader set of trilateral talks. The fear has always been the u. S. Will let the new start treaty expired, which it does in february of 2021, if it didnt get what it wanted with china. Now we have learned the u. S. And russia will go ahead and have talks possibly to discuss extending new start, they dont have a commitment from china to join broader talks yet. How does this fit with modernizing the Nuclear Force for the United States . Nick this is pretty separate. What you are seeing is the administration trying to find new angles for how to proceed, whether to totally give up on the start treaty, while it pursues this broader goal of bringing china in. The administration believes china has a secret and unconstrained program of nuclear buildup. Russiaer weapons than and the u. S. Has, but nonetheless, the administration believes it is adding to its stockpiles and wants to pull china in to a more robust Nuclear Arms Treaty that would include additionally more robust verification measures. David we also had reports earlier that the United States may resume nuclear testing. How does that fit together, or is this a part of the negotiations . You are seeing more broadly is the Trump Administration believes it needs a much more robust stockpile of Nuclear Weapons. It believes past administrations essentially left the Nuclear Deterrent to whether a little bit, not sufficiently funding it. President trump largely believes a restriction on testing is just unnecessary and cupping of this administrations prerogative to make its Nuclear Weapons determines more robust. A negotiatings tactic or not, it is certainly a priority of the administrations. The significant thing is we are seeing some indication the Administration May be willing to bend and allow this arms control treaty, new start, to be extended with russia come even without chinese participation. David potentially very important. Our thanks to the quantums. That does it for our first hour. In the second hour, we will speak to labor secretary eugene scalia. We will talk about why we were so surprised. That is coming up on balance of power on Bloomberg Television and radio. Vonnie welcome to bloomberg markets. Im vonnie quinn. Guest ona is todays leadership live with david rubenstein. Isy are discussing how she getting the automaker back up and running after the coronavirus forced her industry to halt production. Are margaretre we wise coming up to the Halfway Point in the session. ,he dow sill leading the gains up by. 9 percent, as new york city takes tended to steps to reopen. The city being the largest contributor to the u. S. Gdp. The snp is up. 4 . The nasdaq is up. 3 . Lets get to carlisle cofounder david rubenstein. So is it harder to manage a company remotely with all of your employees, or is it harder to sell cars in a situation