Our focus of america on Christine Lagarde yesterday, really stepping up and really confirming the independence of the European Central bank. Francine i think you are right. The markets are focusing on more focusing more on what is happening in in europe with the ecb turning more than markets expected at this economic response with extra stimulus from germany and austria today. 750es optimism this policy from europe they are focusing more on this stimulus and social unrest we saw in the u. S. The other thing i would point to is the fact that u. S. china trade relations, theres a lot going on with china stepping up 33 of then against chinese company. Companies. Rick hsbc tom hsbc and charter extending into the weekend. Here is first word news in new york. Todays jobs report is expected to show the u. S. Unemployment rate surged almost 20 last month, after reaching the highest level since the Great Depression in april. The may report is likely to show the jobs slump has extended into whit
This for bloomberg on the economy. I am going to lose the introductions this morning and get right to the moment. Weve got great markets. Yields higher, dow futures up 300, etc. No one is focused on anything but an update on this grim labor economy. Jonathan how quickly can this labor market hell is the question we ask every single month now, and we will ask it continually through the morning . Maybe we getting median estimate , maybe it comes outside of that. But the question hasnt changed. It is how quickly we will heal after a big downturn in a very short space of time. Tom a lot of opinions on that, and of course, as i was just mentioning, across the 10 of the american demographic, it will be a different rate of change for the haves and the havenots. And, what is so important, you nailed this a number of weeks ago, is the damage to the broad middle class. We are focused on the elites at bloomberg, and we are focused on maybe the people that service the elites, but it is a broad swa
He made very clear there are tangible parallels back to the Great Depression. Let me give you the one thing i will be looking for besides your interview with lawrence kudlow, and that will be the all in Unemployment Rate. It is at 22 now. Are we going to exceed the 1933hat foggy statistic of . Jonathan i think we all hope that is the worst of it area there is a singleminded focus of this market im recovering, focusnths to come of this market on reopening come on the months to come. Tom absolutely. Just to distill that, weve got wonderful guests to talk to on our simulcast this morning. The single chart for me that matters is the vanilla twostens spread. The difference is now out three standard deviations. To trains like that, that is a giant norm us a ginormous move. Jonathan the data is 90 minutes away. Lisa we are going to be getting at 8 30 a. M. Wall street time the u. S. May jobs numbers,. Xpected to be catastrophic 7. 5 million jobs lost, expected 19 ployment rate to surpass , th
Shortly. What do you observe this morning, nejra . Nejra im observing headlines coming through right now from andrew bailey, in the core with journalists he is having right now, that it is clearly a commitment to take action, saying the qe program is highly aggressive and appropriately is so. Also saying there is no evidence the boe is targeting any part of the yield curve, but what is really interesting is we did see a little bit of differing views in terms of the decision today. There were policymakers that wanted to extend qe today, but the reaction to the fact we have had no change in policy today is coming. Analysts say we will get more qe in june or august or both, and the pound catching a bid off the back of the boe forecasting the vshaped recovery. That is what i find staggering. A 15 rebound in 2021. Tom i think you are dead on in that, nejra. There is no question what six out within all the excel spreadsheets and the heroic language at this moment, really with depressionera e
Good morning, everyone. Tom keene here. Thrilled to be with you, honored to be with you with your coverage of 10 downing street. How will the Prime Minister celebrate this important day . Are all going to be listening to another Prime Minister about 3 00 u. K. Time, tom. You quoted him talking about winston churchill. We will get a broadcast of what he said at that time 75 years ago. Interesting the parallels between then and now. Of course, limited as they are, certainly a very difficult time to be celebrating 75 years since given we are not able to go out onto the street and celebrate. Tom just extraordinary week that it has been. On this friday, of course, all focused on the depth of the jobs report that we will see at 8 30. That was adjusted over the last two days with a difficult adp report on wednesday and a really challenging and grim weekly jobless claims report. Right now with our first word news in new york city. The top trade negotiators for the u. S. And china have agreed t