Up 40. Tures dow futures well out over 400. Andrew sheetz of Morgan Stanley joining us imminently on this program. There are always things that preoccupy the minds of economists and things that Market Participants focus on. , the Market Participants looking at the continued positive Forward Momentum of. Forward momentum. Lisa i thought you were going to say that they were looking at the money printing banks. In china, seeing one of the best trading days and more than a year. In the states, very big focus on the virus, on the progression in the reopening. We are getting phase three in new york today, without indoor restaurant dining. That said, you can get your manicure, pedicure, and massage done, tom. Nine 45, we get a read on u. S. Service is that he for the month june. At 1 00 p. M. At the berkeley at the brookings institute, holding at event on how deep will the recession be. Goldman sachs downgrading think the expectation for u. S. Growth this year. Looking forward to catching up with catherine man of citi. Ive already signed tom up for a medicare this afternoon for a manicure this afternoon. Equities with a really nice lift. China overnight. A massive rally. One house stood out in particular as being more constructive than the rest. Andrew sheets, the chief asset strategist, joins us now. Theres nothing normal about this, but your argument has been entirely the opposite. It is more normal than most people appreciate. Why is that . Andrew good morning. Theres a couple of things we have been following. A lot of the conditions that preceded this recession have a lot of very normal late cycle characteristics in terms of what we are seeing with the Unemployment Rate or the yield curve or valuations or volatility. Late normal of cycle the tiller the we had a lot of normal late cycle volatility. Recoveryhe type of forecast is above consensus on the speed of this recovery and how vshaped they think it will be, but that will also make it looke normal than at more normal Going Forward. Tom we have seen mr. Buffett pony up a new obligation of 9. 7 billion, 4 billion dollars cash for the dominion gas lines. Is that a harbinger of things to come . Are we going to see exceptional m a which buttresses this bull market . Would beur expectation that Companies Remain a little more cautious it is actually consumers we are counting on to continue the growth momentum because i think companies will be looking at the continued uncertainty over the economic backdrop, the fact that for a lot of them, given the strain in credit markets as recently as april, we really see a focus to protect Balance Sheets, not take on aggressive new action. You also have a u. S. President ial election coming up in early november which could also change either regulatory tax policy, trade policy and the like, which would be another reason to wait on this activity. I think for both of those reasons, we would expect businesses to lag the rebound in activity we see on the consumer side. Bullish with respect to going further into risk in moving from growth to value stocks. Does value mean anymore . Andrew what is pretty interesting about this market is on the surface, it would seem like the equity markets have embraced a vshaped recovery, and certainly i think theres a lot of reasonable focus on this is trading ats p 21 times forward earnings, and yet the economy is clearly still very weak. This must mean that the market is discounting with these high valuations and extremely strong recovery. And yet, when you look at what is driven the market rebound where the way the market is valued, there has rarely been a more extreme gap between the month but when what the for itss paying highquality companies and what it is paying for the rest. I think it is that for the rest. I think it is that extreme gap, worried about headline valuation at the extreme level, and yet has no problem embracing some of the most extensive companies. We think those factors can lead the market to have a more broader approach, a equity Market Participation that d some of the Smaller Companies to perform better. Jonathan at the epicenter of this debate r0 rates. Are zero rates. Money costs nothing right now. From a people, including Warren Buffett, theyve got to get that to work. Tom this is really important. What is important is the idea that dominion in this transaction will go right where you said, to a more conservative structure. They will go to a more conservative dividend payout ratio, etc. What do you think of all the money that jon mentioned . The billions he has. Its got to find a warm place, right . I think if with think about this, tech is a great example. There was criticism of the large cash balances Tech Companies were holding, and yet when the pandemic hit, that became another reason why investors favored a lot of these names, fortresshey had these Balance Sheets within normas flexibility to see them through any scenario. In some ways, that could reward or encourage companies to remain somewhat conservative. I think we see the same thing from the investor side, from the Retail Investor side, where we have seen a lot of investors raise cash in march as the pandemic was intensifying, as markets were falling. In many cases, they havent redeployed that money back into the market. There are a number of reasons for that. The fact that you still in the u. S. Clearly have a severe Public Health challenge that is all around us. But i think it is not just about the businesses. We do think on the investor side there are still above average levels of cash balance which we need to monitor, but still remain a support effect a supportive factor. Lisa what is the full year total return going to look like . Andrew i think that is a good question. We are positive. Weve been positive but i feel. Weve been positive, but i feel i need to caveat that. We feel the gains will be modest for equities, mid to high single digit type of returns for the s p 500, for europe. 3350 target has a for the s p 500 by the middle of next year. So it is still positive. It is still higher. It is still better than cash. In credit, we see modest spread tightening. I agree with the earlier comment, we think volatility can fall a reasonable amount over the next 12 months. But i do think we could potentially see the Bigger Movement wont be at the headline equity market level. It would be more of these rotations under the surface as some more of the traditional early cycle things do better. Jonathan but we are seeing in the economy is quite clearly some upside surprises, but there is reason for worry. I wonder whether this continued positive Forward Momentum, whether that is sufficient to continue the durable rotation that you are looking for. Thats a great question, and something where i think we might know the case this month. It big part of our positive economic view specifically in the u. S. Is the expectation that congress will pass another round of stimulus to extend the c. A. R. E. S. Act. That is very important for supporting the consumer, reducing the severity of the scarring you mentioned, but there is a certain irony here where there is a risk that if there is perception that the data is improving very clean, maybe that reduces the impetus on the government to act, which would in the long term be the worst scenario, which would increase the risk that the recovery is slower and more prolonged. One of the reasons we are positive is we do think that stimulus passes, but if it doesnt, that would be a severe risk to our scenario. Jonathan enter sheets of Morgan Stanley, always great to catch up with you and the team. Been great to hear you challenge the less constructive view of the market of the last several months. Tom keene, it all comes back to one thing this month, the next move down in washington on the fiscal side. Tom thats really emphasized over the weekend. Acob fells mentioned this joachim fels mentioned this of pimco. Even before the jobs report, trillion is the number everybody seems to be working on. You know how an Election Year is. Possibly the politicians will get feverish, and possibly one trillion dollars will become 1. 2 trillion, or 1. 4 trillion. That is what happens. Maybe a visit back to the home states is what some of the politicians need. We advance a little more than one percentage point. Coming up a little later, as new york city enters a new phase of reopening, we will catch up with ochul, new yorks Lieutenant Governor. This is bloomberg surveillance. Ritika with the first word news, im ritika gupta. For the 27th day in a row, the u. S. Set a coronavirus record. A sevenday average of new cases reached another new high yesterday. Over the weekend, florida and texas established daily records. The top official in the houston area once more restrictions to contain the spread of the disease, but the State Government has blocked them from doing more. India now has the Third Largest number of cases in the world. Brazil have. And more. India failed to suppress the virus despite implement in one of the most expensive lockdowns at the end of march. President trump sounds as though he is changing his position on masks. The president will hold a rally in new hampshire, and masks are strongly encouraged. The u. K. Is injecting 2 billion into theaters, museums, and bees in use in an attempt to rescue the countrys arts and culture sector from the break of collapse. Chancellor of the exchequer rishi sunak tweeted, the show must go on. Uber is expanding its food delivery business. The ridehailing service has agreed to buy postmates for a little under 2. 7 billion in an all stock over. Uber recently failed to take over another delivery service, grubhub. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Im ritika gupta. This is bloomberg. Mr. Kudlow many things are on the table. It is just a question of shaping it and do it smart. I thought the original rescue package was very smart. I dont know if everything has to apply all over gang and thats all over again. We will see all over again. We will see. We assess the economy. Thats the point. Jonathan National EconomicCouncil Director larry kudlow. Good morning to you all. Alongside tom keene, together with lisa abramowicz, im jonathan ferro. Counting you down to the opening bell, around two hours and 12 minutes away, equity futures up 36 on the s p, a little more than 1 after a weekly rally last week of around 4 . We add some weight to it this monday morning. In the treasury market, 10 year yields up around three basis points last week, up about two basis points this morning, still south of 0. 7 . In foreignexchange, this monday morning the dollar weaker against everything g10. Your euro stronger, advancing about 0. 6 . Tom we really havent seen the dollar breakdown yet. Dxy 96, that would be a big deal. We are not there yet. As jon mentioned earlier, there is this thing. Youre in washington, and then you have to go home to the constituents within an Election Year. That is happening right now. Kevin cirilli is our chief washington correspondent. ,n the battleground states republicans and democrats have to go home. What do they go home to . Kevin an economy that is in shambles, and trying to really sort out whether theres going to be the type of recovery that is going to allow for not just employees of big businesses, but main street businesses, Small Businesses to get back to work. Not just restaurants, but all different type of cross sector industries. I think that is why you heard that from jonathans interview with larry kudlow friday. That is why there is this reopen debate about there being another round of economic stimulus. I am told by one republican lawmaker it is a matter of when, not if. Tom ok, great. This weekend, it sort of got codified as 1 trillion, which is not all that much. Are we going to get into a bidding war where we get that up well over 1. 4 trillion . Kevin i think the price tag is something that republicans are uncomfortable with, especially when theyre talking about things like extending unemployment benefits. As you look at some of the other things, the manufacturing industry, there could be more pressure to be some type of bailout. And then look even further beyond that to see whether or not there is going to be any momentum for the infrastructure plan come the fall. Youve got a new head at amtrak, and i think that could be driving force. He has a great relationship with secretary of transportation elaine chao. All of those pieces of the puzzle are working behind the scenes to come together. Lisa theres a big question about the type of stimulus or bailout will beget, given that it is unlikely to get some sort of mass shut down akin to what we saw earlier in the year. People are feel for are feel full are fearful of going out to control the virus. How will this be different with that in mind . People are still social distancing, but also hurting they lack of a job. Kevin it is the timing of a potential second shut down in the fall that has lawmakers incredibly uneasy. Ng in partspticki of the country. Anxiety as aomic result of the virus, but if this comes back and hits america in the fall, whether it is a second strain ahead of a mass , really that could pose significant trouble and risk. I think policymakers on both sides of the aisle are really trying to figure out the timing here in order to figure out when another round of stimulus would be the most effective. Om bloomberg surveillance spoke with ambassador bolton the other day. He followed with face the nation and Margaret Brennan over the weekend. He stunned me when he said he totally agreed with susan rice that he would be much more assertive about policy. And 48 hours,n, susan rice is a viable Vice President ial candidate for Vice President biden. Can she do it . Can she get the nod . Kevin i was talking to some sources over the last couple of and in democratic circles, many of them would argue that the supporters she represents, the type of experience, the type of command experience needed to take on deVice President ial role. Her detractors would argue that an alliance not even an alliance, but the praise from bolton could be a political liability. That after he made that very interesting remark. Some other potential names on the shortlist are senator Kamala Harris and hungers woman val demings, someone who and congresswoman val demings, herone who, earlier in career, was a chief police officer, so she has the background of the Police Community as well, which could be interesting given the current dynamics of the country. To catch up with you. Kevin cirilli down in washington, d. C. I am not sure what i john bolton endorsement for either, kratz or republicans at for either democrats or republicans at the moment. Tom the number i believe i saw was 700,000 copies. I know you read it cover to cover this weekend. I got to 500. You are way ahead of me. It is interesting. It is a silly season, but it is a broken season. We are not looking at the conventions. There is something very different this time around. Somehan and we still need unity in washington to get another fiscal bill passed, and the only place there seems to be consensus in the administration is not extending the enhanced on a point benefits. For mini people, that has really helped to offset the income shock and support the guns back in the Economic Data support the comeback back in the Economic Data we have seen. Lisa this has been baked in, if you speak to a lot of wall street analysts. This would be a huge game changer if all of the income padding that has supported supportedending Consumer Spending went away. Theres the economic issue and the health issue, and we are not necessarily hearing a coherent strategy on how we are going to tackle the spreading virus throughout the country. When we talk about president trumps support levels, in states where the virus cases are going up the fastest, which are red states, his Approval Rating is going down significantly. I am looking for a more coherent strategy on not front, as well as some sort of stimulus or bailout plan and a timeline for when they plan to get that through. Jonathan on the fiscal package, it is not a matter of when. It is not a matter of size. It is a matter of composition and what will be in this fiscal package and what the administration will support. That will be where the debate will be in the next several weeks and months. From new york city this morning, good morning. Later, kathy hochul of new york. Up next, Catherine Mann of citi. This is bloomberg surveillance. Jonathan the equity market rally going global this morning, surging in china, positive followthrough for the u. S. Session. From new york, this is bloomberg surveillance, live on bloomberg tv and radio. Alongside tom keene, together with lisa abramowicz, im jonathan ferro. Two hours away from the cash open this monday morning, with equities elevated, up 36 points on the s p 500. We advance a little more than 1 . Elsewhere in the bond market, treasury yields bleed a little but higher, up to basis points , still10 year to 0. 69 south of 70 basis points. Just to round things out quickly , looking at foreign exchange, the dollar weaker against the bulk of g10. 9 45, pmisorning, in america. A final read for the month of june. A little later, the ism at 10 00 eastern. The nonmanufacturing ism coming up a little later this morning. Thee akamai data Economic Data is going to be really interesting. It seems to me like Third Quarter kind of got out the fourth quarter. Right now we are going to speak on finance and economics and reframe for the rest of this year. We can do that with catherine man of citigroup. Far more importantly, and jon ferro has been really out front on focusing on chinau. S. , i think hes got the advantage of being from england and can look with a different prism. Dr. Mann has led with our analysis of economics and codependency of beijing in washington, and i must start their this morning. Give us an update on the codependency that we see right now between beijing and washington. Catherine it is great to be with you again. The codependency seems to have taken a bit of a turn to the negative. We thought that the relationship as of january was one that was a tentative truth, but of course, things deteriorated since then, not only because of issues with regards to the disease, but also because theres some lack of ability on the part of china to really by all the things that the u. S. Would like to sell. We have been calling this a Shopping List for quite some time since last year, and when we look at the items on the Shopping List that the u. S. Would like china to buy, the ag there,e, the energy is but some of the other products they are not going to be able to buy. In order to reach those targets by the time it matters, later this year, but not the end of this year. Tom part of your research this week and goes to the heart of microeconomics and macroeconomics as it is taught, which is finance is an afterthought. You note the booming financial economy is compared to the economic economy, which is grim. How do we bring the two together . Catherine this is been a conundrum and a puzzle even for folks,ncial market who have been arguing that the earningspershare consistent with the Economic Data is different from what we see the Market Pricing in now. There are a couple of theories it would make this apparent levitation of the Financial Markets make sense. One of them is everybody is looking through 2020 to 2021. The error of that is individually, a stock analyst can say, well, my stock is saying they are going to be lean. They are going to cut to maintain earnings going into 2021. But if everybody cuts, your cut is my revenue. So it doesnt add up lly, and that is where the puzzle comes in. What this implies is a lot of looking below the index at the individual stocks. This is what finance people ought to be doing at this point. Jonathan for economists who have got to look low the headline economic figures, the aggregate numbers paint a constructive picture of a really nice bounce. Anything surface, there were 12 point Million People who flowed into the labor market, 7. 5 million who flowed out. You look at the same numbers, the same data. How are we meant to digest turn hurn big digest c that big . Catherine we are in unprecedented times. Churn has always been big. This puts it in a completely different category. In some sense, there is a sector of the economy, leisure and hospitality, many of workers were out of work because of the way that was shut down. But there is a second shoe to drop, which is thinking about how are firms planning on weathering the next half of the year in order to survive into 2021. They are going to do that by cutting, and they are looking now at how i am going to do that. That is where we get a lot of the separations from. It is a different category of workers than those coming in from leisure and hospitality. Witho think in keeping what we were talking about before the levitation of the stock market indexes in general is looking below that what the Federal Reserve is doing. We cannot talk about the strengths of the markets in absence of talking about the extent to with to which the central bank is on a supportive track. Jonathan did next phase, Forward Guidance, seemingly. How do you thing that will take shape . Catherine this is a real challenge because true Forward Guidance is where you talk about it, but that has the appropriate effects so that you dont actually have to do anything. True Forward Guidance is one where the fed says i stand you, but then the market takes on its own dynamic to make things appropriate again. This time, the market has taken off a little too much, in part because it is not just Forward Guidance that the has provided. It is actual implementation of all of those programs that they put into place. Back in march, that was the appropriate thing. Being ready in case there was another collapse in the market. Unfortunately, what we have right now is a replay of what i read about last year, which is the central bank dilemma. Yes, they want to prevent a fire sale situation where the Financial System cascades. On the other hand, how much do they want to contribute to moral hazard . Things are levitated, so any kind of decline from where we are now really puts the central bank into a dilemma situation. The how much do they really want to support the existing level . Lisa how much are fed policies bringing jobs back or supporting a positive environment to allow drop growth Going Forward . In thene that is all relationship between centralbank action and actions in the real economy that have a lot of different links in the chain. What i can say right now is the dynamics of some of the fiscal , also the mainpp Street Lending in the u. S. That matters. Thatve done some things look like possible downgrades from Investment Grade into highyield, and then from highyield into default. Analystsorked with our in those two categories of Asset Classes and evaluated what are the employment effects of a downgrade on the Investment Grade or a default out of highyield. What we have found is that those are pretty big numbers, especially on the highyield going into default. It has pretty significant implications for employment. So there is a rationale for the fed to be in a supportive mode to try to avoid having fallen angels. As you know, those are Investment Grade that turn into highyield. A particular date put on them for the Federal Reserve program. And then the cash availability and liquidity to try to tide over on the highyield. Of course, underlying this, it has got to be the real economy that performs. Otherwise, none of these companies are going to be able to make it through to 2021. Lisa your projection is that markets will catch up to the economic reality, which is bleaker then stocks and Corporate Bonds are portraying. Is the sense here that the solvency issues will overwhelm the Liquidity Solutions the solutions liquidity the Federal Reserve has presented the market . The problem here is the markets want a precovid situation, and we dont have that in several scenarios for the u. S. Economy. In a very optimistic scenario, the u. S. Returns to precovid level of gdp in the middle of next year, but that still represents an entire year where firms are not generating revenue along the path they had expected. Some of them have replaced that by borrowing and issuing equity amazing, with historic issuance to given their own liquidity in order to tide them over. , there is still a whole year where there is no new revenue generation. No one has a return to 3. 5 unemployment. So that argument that by next year, everything will be ok is really optimistic. Really appreciate and enjoy your insights, especially this morning. What catherine is talking about is critical for the future of this economy. In an economic downturn, the number one thing a large Multinational Company with a strong Balance Sheet does is retain optionality. Drawdown credit lines, give access to capital, and then wait. Then work out with the new economy looks like. They are all looking at the same thing now, these Large Companies thinking about rightsizing for the new economy and an episode that is going to be with us for a long time. Tom you are too young to remember this, but d is the symbol for dominion of virginia, and that used to be the mother retirement safeties. Now we see the menu going back to that multinational safety, that caution forward. I am just as interested in if mr. Buffett gets all of that big money out there to get going. I really wonder if this is the advent of m a activity by the people with cash up to their eyelids. The deal drought ends over at berkshire hathaway. Up next, new york continuing to reopen, but without in restaurant dining. Up next, kathy hochul, new york state Lieutenant Governor, here on bloomberg surveillance. Ritika with the first word news, im ritika gupta. Coronavirus is skyrocketing in sunbelt and interior states. New cases have exploded in particular in arizona and florida, both battlegrounds the president must retain to win reelection. Polls show the president s support is slipping in counties with high case counts. Sanctions will involve visa bans and asset freezes, expected to target saudi citizens suspected of involvement in the killing of jamal khashoggi. Argentina has come up with an improved offer to restructure 65 billion of foreign bonds. Proposal seeks to reduce creditor losses. Argentina defaulted for the ninth time in history, and talks with creditors have been going nowhere. Billionaire Warren Buffett is making a pot on liquefied natural gas, agreeing to pay 4 naturalto dominions Gas Pipelines and storage assets. That facility has a longterm supply contract with india and japan. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Im ritika gupta. This is bloomberg. It is not enough. It has to be accompanied with hygiene. It has to be accompanied with physical distancing. It has to be accompanied by appropriate behavior by people who have symptoms. Jonathan the spokesperson for the World Health Organization on as the of masks and more administration makes a real shift on Wearing Masks in public. From new york city this morning, good morning. Alongside tom keene, together with lisa abramowicz, im jonathan ferro. Equity markets up 4 last week. We had some weight to it this monday morning, up a little more than 1 on the s p 500. Risk on worldwide in the bond market. Yields are up by a couple of basis points. 0. 69 . Year up to a little dollar weakness. Euro stronger. Eurodollar up 0. 6 . The dollar weaker against the bulk of the majors this morning. Of stronger into the end june, and weaker the last number of days. Bears careful consideration if we see a break under 96 on that blended dxy index. We welcome all of you on our simulcast. City, andin new york across the empire state. We have been thrilled that the Lieutenant Governor could come in week after week and give our onional audience perspective the success new york state is having on lessening of cases of the virus and much lower depths of the virus as well. Chul joins us. I need you to give us an update on what Everyone Wants to know, if new york is responsible, unlike other states, when do we get the restaurants open . Lt. Gov. Hochul thank you for having me back on the show again and allowing you to have this conversation with because it is so important people understand what the governor is thinking about, what are districts are thinking about, when we make these determinations on whether a region can go into the next phase. New york city is now in phase three. There was no pause. Personal services are still allowed. A lot of the hair salons have been opened, but they can do more services. Tattoo parlors. A lot of things have been shut down in the past that can now be ceteraas far as salons, salons, etc. The reason there is a delay for Indoor Dining is first of all, we have seen and will spike in cases nationwide. We are also concerned about local enforcement, to make sure that goes in a robust fashion. Thirdly, personal compliance. You dont have to go very far to see constant social media pictures of people in new york city not adhering. The majority are doing well, but it doesnt take a small minority of people to flagrantly violate the rules to shut it down again. That is why we are not going respect tothree with Indoor Dining. We have allowed the expansion of Outdoor Dining and we encourage people to continue to support their restaurants so they can hang on by ordering takeout, but to answer your question, it is just not safe to say that the usually smaller restaurants in new york city, which are usually smaller and intimate, and with the circulation of air, with this is doing to spread the covid virus, we cant take that risk. We are where we are a new york state from being riskaverse, and we are not going to do that. Is the point. That folds right over into the year as well. We are in july. To you and to all of the other to district of columbia and guam, are we going to get school in september . Lt. Gov. Hochul we are. I dont think being riskaverse is a problem. We are not striving for perfection. We are striving to save lives, and we are going continue to monitor the data as it unfolds. Back in march, no one was even talking about wearing a mask. Everyone thought if you washed your hands, you were going to be ok. Now we are understanding very recently that this is more airborne than we thought, and droplets can linger in the air for a longer time yet we have to have the benefit of the ability to turn on a dime, to say what we thought was right based on global experts, and new york state is being advised by global , werts, not just the cdc are always having to question the president s influence their, we to get it right when it comes to restaurants and particularly when it comes to schools. We do not want to make a mistake with the health and wellbeing of new yorks children. We want to take precautionary measures and enforce the social distancing, wearing the mask, shutting down, but now coming back in a way that is thoughtful and based on the data, not the emotion that we all want to get back. We cant possibly say in july what the landscape is going to look like when children should be starting school in september. We are planning for it, but we are not going to guarantee at this point. Lisa so important to be cautious and to care for peoples health. Theres also a question of how long this estate, and new york city in particular, can last financially as things do not get back to normal and people who have left the region stay away, and frankly, as people are worried about cuts to basic services, whether it is police or sanitation. Where are we on that front . Lt. Gov. Hochul there is a very simple solution, and that is that the federal government, the president has to recognize that this is not a state phenomenon. Thatis a hurricane that is the entire nation. If they dont realize this by now, that it is beyond the borders of new york, new jersey, connecticut, that the rest of the countries being hit hard, that we need the federal government to get back to business. The house has been on our side. We need senate and the president to sign a very robust, large, and impactful stimulus plan to help support our local governments so we can help the states and fund the essential services you referred to. Police, health care workers, teachers. And if they do what they are supposed to do, it will help our recovery. Ive said on your show before, there is no recovery for this nation without the recovery of new york state. We are the epicenter. We beat it back. We have contained the beast. We are the role model for the nation. But we want to start jumpstarting our economy, and we need help from the federal government. Jonathan the debate of this month for sure, and maybe beyond. Tom keene, i want to talk about what industry, one sector of this economy that has not been given a chance, and ive lived it. I have watched restaurants fail. Usually it is brutal, it is slow. Then it happens all at once. But you always have that last saturday to try to stay in business. This time that might not happen. Out outryone is dining on the street, and i mean out on the street, but you know at the margin that is not going to help. We have to figure out a way to do this, and as the Lieutenant Governor said, against a riskaverse reality. Jonathan and right now, we havent figured it out. From new york this morning, we advance 1. 2 on the s p. 49. 50 i found you good job. Now im gonna stay here and you go hide. Watch your favorites from anywhere in the house with the Xfinity Stream app. Free with your xfinity service. Now any room can be a tv room. Stream live tv, on demand shows and movies even your dvr recordings. Download the Xfinity Stream app today to stream the entertainment you love. Xfinity. The future of awesome. That kind of permanent jobs destruction is taking years to come back from, and we are just now getting a sense as to how much permanent damage has been done to the economy. You have a fed that has literally looked into a Television Camera and said we are just printing the money. It is not a discussion about whether there is going to be a recovery or not. Lets not confuse a bounce with recovery. This is bloomberg surveillance with tom keene, jonathan ferro, and lisa abramowicz. Tom good morning, everyone. Its really you are with us. Bloomberg surveillance on radio, on television as well