Those gains. Tesla is trading above 1000 a share for the first time. I want to point out the dollar in yields. The dollar has been a proxy for Risk Appetite and Risk Appetite is higher when it is weaker. The fact that the dollar is weaker again signals are not entirely risk off day but you have yields moving lower by about four basis points ahead of the fit decision. Are sensitive to whatever the fed says or does. Yields were moving up yesterday. Seems to have come off a little bit today. Kailey you are seeing yields move lower and the curve flatten out a bit after the dramatic steepening we had seen. The bond market will be hanging on any word the fed may say about possible curve control from economists we talked to on Bloomberg Television. It does not seem like they are expecting a lot on that yield curve control, but that is definitely a market waiting and watching to see if we will get anything there. David thank you so very much. That is kailey leinz reporting on the markets. Today is the day. Just under two hours we will get the federal open Market Committee latest decision and we will find out what they have to say about the economy as well with projections for the quarter. They have not done that since december. We welcome lisa cook, a professor at Michigan State university. She served on the council of economic advisors for president obama. The first thing i am starting out as the economic outlook. We have not had one in six months. What are we looking for . For wherere looking top growth is and might be. Was a bubblethere with respect to the Unemployment Rate, and the fed has much more information than most of us do. That thewas declared recession dating Committee Early that the economy was in recession, i think we are beginning to see more signs of the dimensions of that recession. I think that is what we will be looking for. Other dimensions of that recession. David i suppose a lot of people will be looking not just at the dimensions but the direction. We want to talk about a vshaped recovery, people have almost given up on that but then we had the jobs numbers. Will we get some indication of whether the jobs numbers were a blip or they are indicating whether we are coming back faster than we thought. Lisa what happened in the last localion is state and governments kept shedding jobs month much after the private sector had. If there is no intervention by congress, that is what i would expect as well. There are still job losses that are going to happen, and clearly we see a second wave of covid19 coming as states begin to open up. That people have directions, instructions about how to keep themselves safe and where, and the virus is still circulating. Iect to see continued do not expect to see a v, but i expect to see a swoosh. Not as deep as the last recession, but the recovery i do not think will be a v. We do not have enough information to discern that. David the Federal Reserve has already done a lot in terms of monetary policy. It has encouraged fiscal policy to try to help with the recovery. At this point is the fed focused on making sure the markets are functioning properly, or they actively participating in the recovery, and if so what could they say today to help . Lisa i think they are actively participating, certainly. I think begging and pleading for partnership with the fiscal authorities, with congress, those who are in charge of the pocketbooks and for whom fiscal policy is the mandate. This is just extraordinary. These efforts the Federal Reserve has undertaken were quick and they are still extraordinary. The administration and congress have to do a lot more to pick up the slack. They cannot do everything. They cannot do everything. Their facility for mediumsized businesses, not the smaller ppp type businesses, that is an innovation. There are a lot of innovations. They should be capitalized on. They cannot do anything. The Federal Reserve cannot do and every cannot do everything. It is the burden of it becoming a prolonged swoosh or a shorter swoosh will be on congress and the administration. David the economy needs a lot of work, but we have learned in the aftermath of the tragic killing of george floyd theres a lot of other work that needs to be done. It has put a spotlight on some of the great economic inequality in this country. Is there anything the fed can do about this . I would be surprised if chair powell got through the News Conference without being asked about what the fed might do to correct some of the inequality. Lisa i think there are several things the fed can do. It is beginning down that path. What we heard from janet yellen was the lack of lived experiences, diversity and lived experience of the economists at the fed led to the great recession, and i think there has from more Diverse Voices those with different lived experiences. We are seeing that play out with the conversation among economists right now, that there ,s not this kind of diversity and the field cannot stand itself up without that kind of diversity, whether we are talking about economic policymaking or those who are creating new knowledge in the fields of economics. That is one of the first ways. s,n there is cdf i institutions working on the racial wealth gap. Cdfi whohe board of a has that on its mission statement. The Federal Reserve can play a these areking sure creditworthy institutions and they get as much support as possible. David finally, we hear a version of this in various parts of society, certainly in corporate america. Even in the economics field, which is there is a pipeline, it will take some time, but we never seem to get people into decisionmaking positions for people of color, africanamericans, or hispanics. What needs to be done so we can overcome that, that we are not just talking about it, that we are doing it. Lisa we have to Start Talking about the pipeline. The pipeline is supply. On the others, there is demand. There is a Racial Climate that deters the best ideas from coming forward and the best people from coming forward. People need to be higher now. They are there. They cannot say this is just a pipeline problem. There are a lot of people working on the pipeline problem. We cannot wait another 20 years for these people to get tenure, to become advanced in their jobs wherever they are. Argument to shut down conversations of doing something immediately. There are assistant professors and others in academia who can topromoted or can be invited other institutions now. This does not have to wait. There are lots of africanamericans, especially africanamerican women who are stuck at the associate professor level. I think we can look around the profession to see where advances can be made, where pay gaps and promotion gaps can be made, where the climate of harassment racial harassment and misconduct can be minimized. These are facts. We saw them in the 88 Study Released last year and i think theres a lot more that can be done just based on that survey. David thank you so much. Good to have you with us. Professor lisa cook of Michigan State university. Coming up, full fed coverage of the fed on Bloomberg Television. Coming up, we will have representative french hill of arkansas. This is balance of power on Bloomberg Television and radio. David i am david westin. It is time to go to Mark Crumpton for bloomberg first word news. Mark thank you. George floyds brother told a house panel he is tired of the pain. He testified before the House Judiciary Committee as lawmakers consider legislation to change policing practices in the United States. He called on them to make it stop and ensure his brothers killing leads to positive change. The Republican National committee may move at least part of its invention to jacksonville, florida. Bloomberg has learned the rnc has not been able to reach and agreement with the city of charlotte, North Carolina over the scope of rotavirus safety precautions. North Carolina Governor Roy Cooper says his state cannot agree to a full convention because of social distancing requirements. President trump tweeted that forced the gdp the gop to find a new location. Coronaviruslls the pandemic his Worst Nightmare and says it is far from over. The top Infectious Disease specialist says the virus will not burn itself out with just preventative measures. He says billions of doses of vaccines will be needed. China is offering workers at large state run companies the option of being inoculated with two coronavirus vaccines being developed. Bloomberg has learned employees attending to travel overseas for work can volunteer to be vaccinated. The shots are being to look by China National biotech group, a subsidiary of beijingbased sino farm group. 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, mark. Secretary of the Treasury Steven Mnuchin is testifying on capitol hill today. He says there is a strong recovery coming although he does say sooner or later we did we do need to have more legislation. We welcome representative french hill, republican from arkansas. Give us a sense when it comes to small businesses, you have some experience with that, having been a Community Banker in arkansas. Rep. Hill thanks for having me. Steven mnuchin has been constructive since april 3 and having to make the Paycheck Protection Program the centerpiece of the administrations effort to get people back to work, keep workers connected to a job, and here in arkansas, over 40,000 businesses and nearly 3. 4 billion have helped keep people on payroll and connected to a job as arkansas opens backup. We have passed in the house, the senate concurred, and President Trump signed into law additional flexibility for the ppp loans. Amount, are is a fair surprising amount of money that has gone out already under the ppp program. Has it gone to the right places . We hear some reports the rich get lesser the rich get richer and the poor get poorer. Lets put it up in the context of today we are seeing the effects of economic any polity. What are you seeing in arkansas in terms of the Banking System and service for minorities . Rep. Hill thank you for asking that questions. We have a National Leader in the Community Development financial space, Deron Williams at Southern Bank or. Ie has been making sure cdf got their share of ppp loan access. It has been part of my career in banking and congress. I was president bushs appointee board infi advisory the early 2000. sknow the importance to cdfi reaching the unbanked or nearly on bank around the country, particularly in poorer communities. David explain what we can do to buttress cdfis. We know private companies have tried to support them. We have a fed meeting today. Are there things the fed can do to help the cdfi situation . Rep. Hill most cdf i are additional shareholders, but they also have nonprofit shareholders. That is how they build their capital. Some of them got in trouble in the 2008 to 2009 crisis and have just been expanding after the crisis our economy went through a decade ago. I would say regulatory balance, make sure they have access to capital, make sure they have training for their staff. I see it in the Credit Union Arena and the banking arena. They are there to serve our low income americans and americans trying to get a leg up. From the smallest towns in the mississippi delta to the innercity. They provide a valid and important niche in finance in our country. David you sit on the Congressional Task force overseeing the implementation of the cares act. As we look around the country in different states, as different states are trying to come back online, are you concerned about the numbers we are seeing move up in texas and arizona . Rep. Hill i think you will have different kinds of spikes of the coronavirus. Dr. Fauci is right. We do not have a vaccine, we do not have therapeutics. Americans will have to learn to live with the virus. We know so much now, so much more than we knew in late february or early march. Americans have the skills to live safely with the virus as we cope with it over the coming days. It is impacting our economy and that is why i think the economic expansion will be uneven depending on where states are reopening and hotspots that develop that we have seen in arkansas, in northwest arkansas and in our poultry processing towns. You are helping oversee the cares act. We heard from secretary mnuchin he think more needs to be done. Do you agree with that, and if so, what and when . Rep. Hill it is a good question. The reason why i think every member of congress is talking and collaborating is that during the month of june, as the economy reopens, what are the gaps, what are the areas where Congress Needs to do more to be helpful . As you noted with your previous speaker, the fed has just barely gotten started. They have not put that much capital into the main Street Lending facility or the municipal lending facility, both of which could be helpful to the economy. This is the key period, the next two or three weeks where we are looking for gaps. We need to tweak the ppp program further. There is about 100 billion dollars that has not been expended, but people were to apply by june 30. Should we consider changing that . Should we consider tweaking the pandemic Unemployment Compensation and changing that to reflect that the economy is reopening, but that reopening is uneven around the country . David i am sure youve taken a look at that. You have an idea of what to do. I understand special supplemental unemployment is to expire. There are some who think it was so rich it mightve created not going back to work, is there way of phasing it down . Rep. Hill it is a good question. In the studies released last week, 60 of americans receiving the pandemic unemployment extra payment of 600 a week, in addition to the states unemployment, 60 are making more than they made when they were employed. It could be a disincentive to work. The idea kevin brady has talked about of allowing people to have a portion of it as a back to work bonus, or consider phasing it down, is something Congress Needs to address as we get back together over the next few weeks and look at the gaps in what we have to do to keep the economic momentum moving. David really appreciate you being with us. Always helpful. That is congressman french hill, republican of arkansas. Coming up, we will talk about starbucks which reported it will not make quite as much money as i thought because of covid19. That is next on balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television radio. It is time for our stock of the hour. Today it is starbucks. Theyre having trouble as they change their projection on the top line. Kailey leinz is here to explain. Kailey starbucks down 4. 5 today, on pace for its worst day in two months. Thelook pretty gloom outlook pretty grim. It will drop because of the impact of the virus, resulting in a loss of up to . 70 per share. The company gave as a read on how shales are doing on how sales are doing. They were down in the u. S. And down 21 in the china market, where 99 of its stores are operating. In the third quarter, they expect china to be down between 20 to 25 , while in the americas and maybe 40 to 45 . They expect sequential improvement in the fourth quarter, but this is underscoring the fact this will be a long slog to recovery. As a result, they are seeing other restaurant stocks, not just starbucks today lower. The s p super composite restaurant index has 25 members. Only two are positive on the days, which are dominos and papa johns, both much more catered to delivery. David at the same time, Kevin Johnson says they will try to get through this long slog faster by reconfiguring their stores. Tell us about that. Kailey they are looking to build up more pickup locations. This is an initiative starbucks had started pretty covid19. They are looking at accelerating it to make it happen in the next 18 months. This will be stores where there are not seating, it is not a cafe, it is just store pickup orders. They said they have to rethink their models as being a thirdplace whether consumers hang out that is not home or the office. You have to make changes. You have to consider it is pricier than competitors like dunkin. It does not have as much drivethrough in its locations, and it is also catered toward breakfast. Consumers are not swinging by and picking things up on the way to the office. They are not getting that commuter traffic. Starbucks will have to think about the other ways it operates as well. David fascinating. Thank you so much to kailey leinz for reporting on starbucks. Theng up, what effect does shutdown have on the pandemic . We will talk to professor solomon hsiang on the effect it is having. That is coming up on balance of power on Bloomberg Television and radio. Save hundreds on your wireless bill without even leaving your house. Just keep your phone and switch to xfinity mobile. You can get it by ordering a free sim card online. Once you activate, youll only have to pay for the data you need starting at just 15 a month. There are no term contracts, no activation fees, and no credit check on the first two lines. Get a 50 prepaid card when you switch. Its the most reliable wireless network. And it could save you hundreds. Xfinity mobile. David this is balance of power. Bloomberg first word news. We go to Mark Crumpton. Mark the chief of police in minneapolis is promising reforms following the death of george floyd. Maldonado said today the department will withdraw from Police Union Contract negotiations. He said the contract needs to be restructured, provide more transparency and flexibility. They will look at Critical Incident protocols and disciplinary protocols. Number of new coronavirus cases continues to climb. More than 67,000 cases in total, up more than 2 from a day earlier. More than 2700 floridians have died. The state began a phase reopening on may 4. The European Unions chief negotiator has said he wants a communique that it will compromise to reach a freetrade agreement. He says the u. K. Will crash out of the u european Single Market on january 1 unless the British Government scales back opposition to key e. U. Demands. Those include the insistence that any deal include provisions on fishing rights, fair competition, and dispute settlement. Olympic officials are still trying to figure out exactly what the 20 putting one games and talk what the 2021 games will look like in tokyo, but say they are not considering canceling the event. Airplanes to scale back staff and the size of ceremonies. The summer games were postponed until next year because of the coronavirus pandemic. Local news 24 hours a day on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. David . David thank you so much, mark. We have all seen the dramatic effect on the economy at the shutdown, but what effect did it have on the pandemic . A group of experts decided to look at that question spanning several countries around the world, including the United States. The lead author of that study is professor solomon shown is the director of the Global Policy laboratory at the university of california berkeley. Us a sense ofgive the scope of this. There was a significant difference i noticed in the effect how many people did not get the disease we thought might have. China is at the top of the scale. Funny nine states further down the scale. States further down the scale. We looked at six countries that had outbreaks early on and tried to understand what policies they deployed and whether those policies were effective at controlling the virus. We looked at china, south korea, italy, france, iran, United States. We collected data, some by hand, at the national, state, and local levels. Whether it is closing schools, shutting businesses. We used standard econometric techniques to try to figure out which ones were slowing down the virus. David to give a sense of the magnitude here, as i read your study, at least in firms of confirmed cases, the chinese think there were 37 Million People who did not get this disease. In the u. S. , it is more like 4. 8 million. There is eight range, although it is millions of people we are talking about. Those differences come from a few factors. First of all, china had the disease earlier. Basically, our study finds this thing was growing exponentially, you would expect in epidemiological models. The longer you have a growing exponentially, the worst things debt. China was able to flatten the curve real early, so the wedge between where they would be if they had not done it and what we see in the world is really large. The United States got the disease a bit later, but also, we have not fully controlled it. The difference between where we would be had we done nothing is a bit smaller. The u. S. Overall has prevented roughly 60 million cases already. Going forward, we have to maintain a certain level of control in order to keep that number to keep caseloads down. That, lets talk about going forward. That is a great point. States are opening to varying degrees. We are seeing maybe some increase in cases in places like arizona and texas. What are the Different Things you can do . What is most effective . What should we be considering now in the United States . That is a great question. A lot of us come from economics, and the big question we have was figuring out which policies are effective. We realized in early march that shutting down the economy is going to be tremendously expensive. Any kindactions pass of cost benefit . Are we saving enough lives and merit, in costs to the economy . Away at that problem, it gives us the power to start doing those costbenefit calculations. We focus only on the policies that are most effective. We ended up finding that in the u. S. Context, business closures, stayathome orders those things had large effects. Other things like transit restrictions had less of an effect. There are few things where we do not see a big benefit. That may not be as effective, like School Closures. School closures may have been a hadendously important and an effect on the kids. All reports do not say conclusively that School Closures dont help at all, but they add to a growing body of evidence that School Closures are not the thing that matters the most. Professor, to go to the does yourtion study suggest that it was worth it to shut it down . Lives lost wouldve been substantially higher in the United States and elsewhere. The goal of our study was to say we can all see these huge economic costs. Benefits,ee the because the benefits our lives that are never lost, infections that never occur. We dont see those things. We know the study was trying to give shape to those benefits. Decide as a whole could what tradeoffs are worth it. It is not really up to us. Dois what we are willing to as a country to save lives. We see the incidence is rising in places like brazil. Would you look at what those countries are doing and what they should consider in light of your study . Is to go to these burly countries that were having a disease outbreak early, like guinea pigs, to figure out what they were doing that was working. That knowledge could be transmitted for 180 countries around the world that also contain the virus. It has been useful. We are seeing a variety Income Countries are responding. Some countries have shut things down so much they smothered the disease and they get into a regime for testing and tracing was it enough. South korea now have 50 cases per day. We would have had tens of millions had they not shut things down, had they not contained it so effectively. We are on a drip where we are not totally smothering the fire. He continues to smolder and to grow. Exponential growth and cases, and we will be shutting it down. One way to think about managing this from a Health Perspective is imagine you have a car that does not have an accelerator. It just has a break. As soon as you take your foot off the break, the car starts accelerating exponentially. Your time to control it using ist this brake, but it pretty hard because it goes fast as soon as you take your foot off. That is the situation, and we have to be pragmatic about it and keep doing these analyses to figure out what is working and what is not a good use of our resources. David it is a fascinating study. I commend it to everyone. That is a professor from the university of california, berkeley. Uping up here, we will set the federal fomc division. Power. Balance of david this is balance of power. Im david westin. The oecds predict enjoyable global gdpedicting will decline 6 this year. On bloomberg surveillance today we have a vaccine or a medicine, we are in danger. Obviously, the focus has to be on accelerating the research in order to get the medicine or the vaccine as soon as possible. When you look at the economy, do you worry about deflationary pressures . Not the time to worry about inflation. Right now, you throw everything you have got at the virus. It. Hit you kill it. You win the war against the virus. You throw everything in terms of finance, in terms of budget resources, in terms of health resources, because the sooner you beat the virus, the less expensive the recovery will be. Also, you will be able to cure the consequences of the virus itself in terms of unemployment and other sequels that it will leave us. Good morning from new york. I am fascinated what was said at oecd about the amount of fiscal gdp. Lus compared to the variations are extraordinary. Who is getting fiscal stimulus right . The question is that in many of these cases what you call government and government stimulus is to a great extent guarantees or loans. Those would not become what i would call deficit numbers or fiscal officially. Until there is some kind of payback or facilities are built to become deficits to the extent that for example the companies could maintain their employment. Those are meant to become by thely taken up government. In most cases, 25 , 30 of the gdp is meant to be paid back to the banks or to the development banks, and they are only guaranteed by the government. So the numbers are not comparable in that sense. Wouldou would take what i call the hard expenditure measures, that changes all over the place for very little to very large. Gurria, you are truly one of the experts in the world on mexico, latin america, and the challenges of south america. The pandemic statistics from mexico itself are horrific. Chile is simply falling apart. What does oecd think needs to be Greater South a america in turning around this crisis. Angel first of all, they need to be aware, and that means the leadership has to share these views. They have to act accordingly, and within the constraints that they have. Within the constraints this is very important. Likehen apply measures social distancing, etc. The question, again, will not be solved until we have a medicine or we have a vaccine. Americaproblem in latin , the problem in africa, and the problem in asia is that you have it is very difficult to confine these people. They live in close proximity. They have to go up every day in order to make a living. That makes it more difficult. That was the secretarygeneral general of the oecd, angel gurria, speaking earlier today to bloomberg surveillance. We come back to the United States and the role Market Open Committee decision at 2 00 this afternoon eastern time. To take it to us, we welcome ira forey, rates strategist bloomberg intelligence. Lets start with rates projection. We are going to get some Economic Projections for the quarter from the fed for the first time in six months. What are we expecting . Ira i would guess that there is going to be the summary of Economic Production is going to show that the fed members are all over the place. Onhink a lot will depend various outlooks, depending on what some of the members are. For example, the south has been having a better economy than, say, the northeast, because they have had less closures, and because of the way social distancing has been implement it there, compared to the new york metropolitan area or boston. So i think they will be all over the place. But the one consistent thing is going to be that this year is going to be very bad. Importantly i think this is were policymakers and what we need to focus on in the summary of Economic Projections is, what does a preponderance of members think for 2021 . How significant is any rebound going to be, and how long is it going to take for things like the uninclement rate to get down below 10 , the Unemployment Rate to be down below 10 and on a more sustainable trajectory . David what about guidance of any sort, even on rates, or qe, and things like that . Are we expecting to get anything concrete . Willi think the dots probably be pretty important to look at this time, and i do think that most members of the fomc are going to have their dots near zero for at least through 2021. And then there will be a wider dispersion of people who are optimistic that they are going to hike maybe three or four times in 2022. That is not completely dissimilar to what you saw 10 years ago, when we were coming out of the last recession, when we had a lot of members, when they first implement of the dots, when you had a lot of members who thought they would be able to hike very quickly and normally, when there were others that were more skeptical. Look for the 2022 dots. Or twohave more than one people who think they are going to hike, i think the market will say there is no way that is going to happen. David one of the hot topics that has come up is yield curve control. Are we going to do it or not . Are they going to touch it with a 10 foot pole today . Think they will. Not that they are going to implement it now, but i think during the press conference, it is almost a certainty that someone will ask about yield curve control. Willnk that chair powell reference that it is one of the options they are considering. He will give maybe two or three things they have talked about, and ways to implement yield curve control, and say this has been done successfully, and been done as a policy option in japan. The Federal Reserve did it, coming out in world war ii and through the korean war. I think he will mention it and it will be on the table. I dont expect it to be implement in this time. Depending on what the yield curve actually does between now and the next meeting that they might implement it at that meeting. I think that might still be a little early, but i think it depends on where does the yield curve go, given all the treasury supply, and does demand keep up for the intervening period. Ira, im noty, sure this is a statement, but i would be surprised if in the News Conference chair powell is not act about asked about the killing of george floyd. What can the fed do or say about the subject . Ira chair yellen mentioned that once or twice about income inequality. It is not Something Congress and the president would need to work out, trying to find out how to pull back on the inequality, or lift up the bottom portions of wage earners and those with few assets. Instrument. Blunt i think chair powell is likely to continue to say that. Would not be surprised if you mention something about it in his remarks. He would want to get in front of his question. The fed does not redistribute money, right . That is not what the fed does. That is a job for congress. I think he will have to press on that and continue to use the feds traditional language in that area. The fed does not on purpose, at least. That is not what its intention was. Tunedt you to stay because we will have full coverage of that fomc decision. This is balance of power. David this is balance of power. To move theirng convention from North Carolina to jacksonville, florida. To take us to the significance of that, we welcome our political editor. Welcome back. It is great to have you here. What do we read into this . The president said it was social distancing. Is that all . Wendy that is really it, and thinks for having me back on the show. The republicans are looking to move part of their convention, sort of the hoopla part of the convention. It looks like it will be moved they have not announced it yet, but it looks like it will be jacksonville, florida, which has a republican mayor. Florida has reopened more than other states. Delegates willhe get some of the parties and some of the social parts of it. Donaldd culminate in the trump acceptance speech. The business part of the convention, where they formally nominate it looks like that will still be in charlotte, North Carolina. That is 100 people in the room. That is not the big party we are used to seeing. Could and the president use some help in florida. Is that right . Wendy he could use some help in florida. It is looking pretty tight there. The hurt he is starting to reach out more to cubanamericans, venezuelan americans. They might tend to be more conservative, at least antisocialist. It looks like the state is going to be competitive again. Georgia has a primary that did not go very well yesterday. What does that tell us about november . Andy it tells us november is going to be a mess. Big mess. Georgia had a lot of problems yesterday. We have seen this problem in wisconsin, nevada, georgia, some other places. In georgia, part of the problem is they were trying to set up new Voting Machines. But also, they did not get the Voting Machines in place. People who are usually there to take the ballot are staying home because they are afraid of the virus. Very longd be very, lines. In atlanta, the black turnout was very high, probably because of the protest. Some of them had to wait in line for four hours to vote. It is already pretty toasty in georgia. One of the big issues in november is, how are we going to vote at all . Are we going to vote by mail . Thank you so much to wendy benjamin, our political editor, reporting from d. C. That is going to do it for the first hour of balance of power. We will be joined by neil bradley, the executive Vice President of the u. S. Chamber of commerce. We will talk about Steve Mnuchin s statement we need more physical support even the we are on a rebound. That is coming up on the second hour of gloom on bloomberg radio. Newt is 1 00 p. M. In york. Markets. Bloomberg fewer than 60 minutes until the june fomc decision. Fed watchers are waiting for the latest Economic Projections. Also waiting to hear from jay powell has policymakers discuss the next steps in the recovery. I will be speaking with stephanie whiling, u. S. Economist at pimco. She expect the focus to shift from one of Crisis Management to keeping financial conditions easing. It was people the chairman and ceo of oceans financial. The bank had about 1. 6 billion toworth of exposure commercial buyers that may be sensitive. Where the bank stands now is new jersey reopens. Lets look at markets. The s p 500 is down 20 . 2