Ields are higher. In eight basis point increase yesterday. You are getting a weakening the dollar by about 1 . It could be seen as some good news if some of the funding pressures are relieved. The hope and optimism is still moving through into the copper market. Those are off 3 . Copper has been searching to the highest now in almost three weeks after minds have been closing to reduce supply and some of the coronavirus headlines have been coming in showing signs of easing in these hot spots. Flip up the board. I want to take you through, if you want, to take you through an 11 day chart. David of course. Taylor this chart is getting us into so trouble because im getting so much twitter hate mail. Take a look from the lows of the session, we are now up 20 . Technically speaking, if we close at these levels, it would mean we have closed out the bear market. There are still a lot of people that think this is a drop because we are still off 20 from the record highs in february and the worst of the selling could be over. It does not mean the buying is helping. We are still taking a look at correlations which are still elevated. That shows signs of selling. David . David that was terrific. A nice positive report. We hope it holds up. We know the economic recovery will depend on the strength of Small Business. We will go to a Small Business in jasper, indiana. , the republican senator from indiana, joins us. I understand you have some association with a Small Business from which you,. From which you come. My. Braun i am sitting in wifes store which was started in 1978. I have started i have talked to so many Small Business owners , small medium, and large. This is one that wouldve been considered a nonessential business. The report i am getting in that category and many of the essential businesses, talk to a casting company that does a lot of business with the automotive industry. March only off 10 . 80 off in april to where they now, with seven or eight plants have to look at which ones they will close, how many workers they will lay off, and they are large enough where they got access to the general liquidity we put in the system. I think the focus has been, we have all been watching the disease and i think we are benefiting from how we did incorporate social distancing hygiene, but the chorus i am hearing in indiana, we are the crossroads of the country, is the real solution is not more government. Lets be smart about selectively reopening the economy, protecting the vulnerable populations, the elderly, defend them well, and the Health Care Workers that have to fight it. Indiana is an interesting place where across the state, we are rural. Indianapolis has been cited as a place to watch. We have been lucky so far, it has been under control. In general, what we do in terms of phase four, i would be willing to more to the sba package. Billion inplaced 60 just two days. There will probably need to be more. I will be focusing on how we partly reopen the economy without giving any ground back to the disease. I think a lot of my cohorts in the senate are thinking along those lines as well. David you are one of the first officials i talked with who said very early on we have to think about how we reopen the economy after we get the better of the virus. First talk about what is going on right now with the Small Business loans. There were 350 billion appropriated. Is that going out the door . We are hearing reports there is a lot of difficulty with bureaucracy. Increasing 50 billion . Mitch mcconnell seems to be open to that. How much more do we need to appropriate . En. Braun we will see we have done 60 billion in a little over two days. That tells you the pace is brisk and that means that soon we will be at a point where we will have to look at that. I do not think any senators will be against that or any particular groups or individuals that have been displaced where we may be did not catch them in phase three. When it comes more broadly into some of the discussions you heard, our fellow senator that came in with me, josh holly, he is hearing the same thing about how much devastation there is across the Small Business world. Talking about a more comprehensive thing for the government. I will be leaning more towards be careful on what we do in phase four. Truen the side of solutions to getting things back to normal. Selectively reopening the economy. One of the things being discussed is the need to give support to state and local governments. Some people think it not enough was given in phase three. Do you share that view . What is the situation in indiana . Sen. Braun when youre talking about giving more help to small iness number particularly to Small Business particularly . David i am talking about the state and local governments. New york is losing the revenue and they have a dramatically increased cost. Sen. Braun i think there, that was one of the last discussions we had that we knew would be local and State Government is run by basic services. There revenues are off because businesses are not making incomes to pay taxes. That would be another area where when we ended up where we did with the figure, most of us thought that needed to be readdressed. That would be something i would be ok with looking into because it started at 25 billion and ended up in the neighborhood of 125 billion. It looks like that may not have been adequate. I think most senators would be ok with doing something there as well. David lets turn to the question of reopening the economy. We do not want to do that too soon, we have seen situations like singapore where they may have moved too fast. How do we come up with a plan about how to do that . How will we know the right time to do that and how do we do it . Sen. Braun take an example. In indiana, governor holcomb was out early listening to what we needed to do, especially with a place like indianapolis that was different from most of the states. They extended it for two more weeks. Ton gave a little latitude smaller businesses that are nonessential. They are letting them do curbside delivery. The customer can pick it up without reopening the store. That is the kind of common sense stuff i am talking about. You do it selectively. Where it in the places you have the least number of cases, where you are most sparsely populated. You need to do a national shutdown. Even the states that have not differentiated between hotspots and places theres more social distancing by the nature of how densely populated you are, that is what i am talking about. Having your eye on not giving any ground up to the disease. It does not have to be an all or nothing one way or the other. We do not want a wholesale reopening of the economy because i think we would backslide on tamping the disease down and vice versa. David senator, as a practical matter, do we need to have vastly greater capability of testing to reopen the economy . We will not know where we are if we cannot test an awful lot of people. Sen. Braun testing is something we will grapple with. We will probably not get to where we need to be during this first about with the novel coronavirus. I think we will be in great shape if it tries to resurface this fall. I look at the mortality rate and the cases. The mortality rate is accurate. We also know the number of cases , if we could verify it with test, experts have said it is three times to 10 times as many. Most people the thing that got most people freaked out early was the mortality rate look like it could be 2. 5 to 3 . Most of the experts are saying it will be under 1 , if not even closer to the flu. I do not want to give up any ground. I want to be smart about how we do it. That means you take the risk of reopening the economy in the places where you have not had the incidents of the disease. Testing we should be doing as aggressively as we can to get data that backs up the general idea of what i think the solution is. I do not think we will get there with enough test that would give us the full amount of information we need to where we start reopening the economy before we have everybody tested. That will take us way too deeply into the year and we will have a repairable demand and supply disruption as a consequence. Clearlyenator, we are fighting National Crisis and you would like to believe there is no partisanship. Give me a view into the phase four, you said you did not think any senator would resist an increase in money for Small Business. Do you think we can get a phase four through without partisanship. The nancy pelosi work with Mitch Mcconnell . Sen. Braun i think we can if we stay focused. That means take care of anyone who was overlooked or omitted from phase three, enhanced where we know there was a need for more when we had a limited amount of time to get the numbers right, do not be tempted to try to add a grab bag of policy stuff into it, which i think Speaker Pelosi did try to do that. That delayed it three days, back from sunday, where most senators, democrats and republicans thought we had it across the finish line. That did not happen until late on wednesday. I think we have learned a lesson. Stay focused on where we didnt have it fleshed out, do not try to add a lot of extraneous stuff. David thank you so much. Appreciate your time. Indiana, republican senator indiana mike braun. Thanks for joining us. We have a headline crossing the bloomberg which is the u. S. Has slashed its forecast for 2020 oil by more than 120 Million Barrels per day. In the meantime, Prime MinisterBoris Johnson is in the hospital in icu and their monitoring. Dominique rap has been speaking about his condition. We will go to london to get an update next on mr. Boris johnson. This is balance of power on Bloomberg Television and radio. David this is balance of power. Boris johnson is in the hospital observed for covid19. We go to david merritt, our colleague in london for an update. We have had some news about the Prime Ministers condition. David m. we were just hearing from his deputy, the foreign b, who says there has been no significant change, no deterioration in the Prime Ministers condition. He remains in the intensive care unit in the hospital in london. The situation can be described as serious, but he has been put on oxygen to help his breathing. No mechanical aids, not on a ventilator, which is rbc the most serious stage of this disease. Same it was at the same press conference where we are were assured there was no serious change in the Prime Ministers condition. Three hours later we were told things had got worse and he was in intensive care. As we know, this disease can develop and deteriorate rapidly. Stable he seems to be and there is no change. They pledged as soon as there was a change there would be an announcement. David we all wish him a speedy recovery. In the meantime, who is running the country, to put it bluntly. Meantime,in the minister raab. He is the foreign secretary, he used to be the brexit secretary. He ran for the tories against mr. Johnson. Eventually losing out to him. Says he is the person who is whereing mr. Johnson necessary. He was at pain to say the cabinet as a whole are making collective decisions where necessary. There is no one who has become the Prime Minister. That remains mr. Johnson. ,he way the u. K. Is set up opposed to the u. S. , if the president is indisposed, someone needs to step up. No one knew here is called the Prime Minister unless the queen appoints him. It is murky. The timing cannot be worse. We have the virus hitting its peak for the next week or two weeks. The government having to review its lockdown measures. Mr. Johnson will not be back at work by then. Has to make this decision. Can the cabinet maintain their discipline without mr. Johnson at the table . That is the question at the moment. David i assume that in the u. K. As it is here and many other countries, most of the decisions of government have to do with how you respond to this virus. Are there major policy decisions to be made or do they basically have their approach laid out and it is a matter of executing it . David m. that is a good question. At the press conference we saw raab flanked by the two chief scientific advisors and they say all of the decisions are based on the information they have been getting. The conditions are changing and we saw the government change its strategy to suddenly impose a lockdown and have a more laissezfaire attitude. Back then they said they would review the situation in three weeks time. That is next monday. There is a big decision to be made next week. Do they continue with the restrictions on business and the economy or do they start to relax it like some countries in europe . Last night austria and denmark gave a roadmap to how they might start opening their economies. These are Big Decisions. There is work on how to support companies, Small Businesses, employees, that is moving rapidly. Huge amounts of money being spent to try to keep the economy alive, and all of these there are Big Decisions coming in mr. Johnson is not going to be able to make any of them. As i said, the cabinet is having to come together. We have a lot of reports about improvising without mr. Johnson around. The cabinet made those decisions separately and allowed on mr. Raab to steer them through this difficult time. David i wonder whether there might be another set of decisions having to do with allocation of equipment, like personal protective equipment, things like ventilators, how is the National HealthService Holding out . We have that crisis of how we allocate that critical equipment. David m. it depends who you listen to. A pretty devastating survey from the British Medical Association this afternoon was published that said a majority of doctors are not having enough protective equipment. When you hear the chief medical officer talk about how there is plenty in the system and it is being sent and has been a problem for distribution. ,n the ventilator question companies have been stepping up the manufacture of more ventilators because they definitely need a lot more than they currently have. Some of those are starting to trickle in. Complaints from hospitals, they have still not arrived, they are worried. One thing is true that so far the National Health service seems to be holding up. Weve not reached capacity. They have built a 4000 bed hospital in a London Convention center. That has not yet been needed. So far, the question was put to the chief scientific officer a few moments ago, he said so far it is holding up. He cannot pledge it will be the same situation for months to come, but we have not seen the overwhelming of the Health Service we have seen in places in the past week like spain and italy. David good news so far. Thanks a much to david merritt, our colleague in london. Coming up here, we will talk to the Lieutenant Governor of new york about how new york is holding up in the coronavirus prices. This is balance of power on Bloomberg Television and radio. David this is balance of power on blaber television and radio. We turn to our stock of the hour. For report we turn to abigail doolittle. 3mgail we have shares of popping higher. One of the new realities of living with the coronavirus in the u. S. Is wearing a mask. That is particularly true if you are health care worker. 3m makes the higher in demand n95 masks but there has been a shortage in general. The company this, 3m and the white house were in a bit of a dispute. That is good news not just for 3m but americans who do want the mask. Relative to the details of the respiratorsl import and masks into the u. S. In addition to 35 Million Masks made per month in the u. S. A big piece, 3m will now be allowed to export u. S. Made masks into other countries. The white house had not wanted that. Most of the masks, those 166 Million Masks imported into the u. S. Will be coming from china, which the white house is also agreeing to. Relative to why 3m wanted to be able to export masks, most of the business does come from outside the u. S. 41 of the demand for masks in the u. S. , the other 59 for the rest of the world. Finally, it is incredible in this new world of the coronavirus prices and tragedy and wearing masks, before the pandemic, 50 Million Masks were needed around the world per month. Now it is 290 million. That is a 490 increase in mask wearing and demand due to this coronavirus tragedy. Today 3m is benefiting from that demand and this white house deal. David thank you so much to abigail doolittle. Good news for 3m. Bill richardson is coming up next on balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Im david westin. For bloomberg first word news, we go to mark crumpton. The u. N. Labor organization estimates the equivalent of 195 million fulltime jobs could be lost in the Second Quarter alone from the coronavirus pandemic. That is a big increase from last month when the International Labour organization predicted next 25 million job losses for all of 2020. The agency says full or partial lockout measures now affect nearly 2. 7 billion workers, or about 81 of the global workforce. A grim statistic in new york city today, Officials Say more than 3200 people have died from the coronavirus, that makes it deadlier than the september 11 terror attacks. Its firstity recorded coronavirus data on march 13, less than two weeks after confirming its first infecti