we did get a rocky start this the dowbut we did see at session highs. With look at what is happening with the numbers the s p 500 up by about. 8 . The last the nasdaq the least hashe gainers, echoing what been happening in tech stocks for most of the year. Materials, industrials and energy are the biggest gainers on the s p. Speaking of industrials, they are some of the top dow performers. Namely these 3 general up aric, bowling and nike little bit more than 2 . This is its highest since new years eve and the biggest jump since the end of january. Very strong and brought across the board there. Going back to what i was talking date, thedow year to volatile ride we have been seeing ever since we saw the route in equity from january through february and then we had this Inflection Point and you can see year to date, we are up about. 4 and continuing to climb. Points, we are about 1. 5 away from turning into the green but the nasdaq is down. David the rally in commodities has been driving the action today. Ramy basically looking at commodities, lower Interest Rates and the fed holding steady, that is basically good for commodities and is what is driving copper as well as zinc and oil is pulling the markets up. Waslast time this happened in early december. One of the things driving this is u. S. Production falling to a low not seen since november of 2014. We are just off session highs, up 2. 7 . Lower rates are generally speaking good for gold and it is still on two days of gains after the fed cap as Interest Rates unchanged. Id a bit of breaking news Pershing Square holdings on negative watch here. Droppedt value has substantially because of a percent this decline in the market value of Valeant Pharmaceuticals. Lets get a check on the bloomberg first word news with Mark Crumpton at the news desk. Mark president obama privately told a group of democratic donors is nearing the point where his campaign will come to an end, according to the new president made the remarks in austin, texas after reporters left a fundraising event. The comments were later confirmed by a white house official. Five sheriffs deputies in North Carolina have been suspended and put on probation for their actions at a Campaign Rally for donald trump. The deputies had been escorting a black man from the event when video shows him being struck in the face by a white man. The deputies had their eyes on the stairs when the man was struck. The suspect has been charged with assault and disorderly conduct. Canadian Prime MinisterJustin Trudeau acknowledges his countrys economy has been hurt by the global oil route. Prime minister trudeau says the government is looking to make investments for the future. This idea that confident, Optimistic Companies will invest in the future is what we are focusing on. Cleantech, Renewable Energies and whether they are investing hospitals,ridges and the kinds of things that will lead to better quality of life in the coming years, we think this is a great opportunity to be building for the coming decades. Mark Prime Minister trudeau is scheduled to deliver his first budget on tuesday. Automatic braking will be standard on cars and trucks within the next six to eight years according to an agreement transportation officials and automakers announced today. Global news 24 hours a day powered by our 2400 journalists in more than 150 news euros around the world. Thanks talks are becoming the biggest drag on the market this year. The fed signaled more dovish in this and theres concern about lending profitability coming into the fold. Joins me now. Good to have you with me. Let me start with what we learned yesterday. Janet yellen said caution is appropriate. What did you make about what she said about the economy writ large in the face of rising rates . Guest it is clear they are concerned about the level of economic growth. They have not seen the level of growth and in metropolitan new york, i would say the economic environment is at risk. We have then delete a lot of relationships and in sectors Like Health Care and real estate, those continue to expand and i think it is vibrant. Done no matter what the Interest Rate environment is, we try to reinvent the company. You try to look at how do you take best practices and apply them . . Ow do you add value is aest rates being low challenge but there are always opportunities to make a difference. You are in a position where you are lending money maybe not to individuals but to businesses. What does the credit market look like to you . The credit market today is pretty strong. Metropolitan new york is probably the greatest opportunity in the world. Banks have tried to be all things to all people and we have their own our focus to say we are a business tank. Primarily focused on companies and we want to add value to that niche. I would tell you the credit markets are interesting. Ive been through many cycles in my career and credit quality has been pristine. You can see some erosion and see the outcomes which are certain financingcertain diminishing the requirements on Debt Service Coverage or reducing covenants. You start to see the beginning of an erosion to that, so i wouldnt be surprised if that them point in time, credit quality starts to erode and certain banks contract. The folks who do it in a traditional focused, credit quality, high quality manner stay in it. Capital. E lots of buffersa lot of capital against any challenges in the future. David we focus on the fed and its responsibilities here. It obviously has a regulatory role as well. Issue intion still an terms of cost or perhaps being onerous on your ability to lend . Guest the Regulatory Environment, we have found regulars to be very helpful. Some of my brother and may not agree with that but we look at it as bring us best practices. We want to do the right things and be focused on always improving and reinventing the company. , soave a lot of regulators being coordinated is the biggest challenge out there. The majority of the things brought to bear over the last several years have in positive and frankly, companies and organizations that embrace that and utilize that, it becomes a competitive advantage to take the Regulatory Environment and be excellent at Risk Management and be progressive in that it is what it is. There not going to change Regulatory Environment, so you might as well embrace it and do something positive with it. Mentioningt yellen the risk she sees around the world and how it affects her line of work. How is it effecting yours . Guest it goes back to reinvention. The challenge to running businesses and banking especially hasnt changed that much. I think Great Companies constantly reinvent themselves. You look at best practices and they find ways to take something someone else does and put it in their own context and make it happen better. That is the opportunity we have and i think weve done a good job at that. Our performance metrics are very strong and we took a bank for years ago and now it is a 12 billion bank and the performance metrics are very high. There are tons more opportunities to create positive operating leverages and efficiencies for economies of scale. No matter what Interest Rate environment you are in or what Economic Situation you are in, there are always opportunities and you have two adjusts the model and never be satisfied with the way things are. David thank you so much for the ceos perspective on the janet yellen decision. Coming up, chipotle shares getting hammered as sales at the restaurant fell 26 . Thelighting that and companys safety practices. And we will head to sao paulo for the latest on the crisis. The president may have roque in the law by appointing the armor president as chief of staff. Healthy gains for brazil, argentina and chile also up but not by much. More Bloomberg Markets after the break. David this is Bloomberg Markets. Time now for the bloombergs as flash and a look at the biggest stories in business right now. Cutting its rating for Pershing Square holdings. A big drop in the Net Asset Value over the last five months accelerated by a dramatic plunge. Shares of Valeant Pharmaceuticals falling again today. Nations wealthiest colleges refusing to open their books to lawmakers demanding transparency. They are facing pressure to look theirances made through endowments. With combined endowments refusing to provide a angle record. Google parent atbat is looking to put boston dynamics of for sale. The unit is known for making amazingly cool robots. Possible buyers include Toyota Institute and amazon. Lets check the s p 500 just turning positive. Ramy inocencio is looking at some of the individual movers. One point positive for the year putting things into positive territory. In terms of major movers stock look at fedex the most in six years of has been moving because of an improved profit outlook, profit it says ending in may. Aso, lets look at Amazon Office depot. One going up and one going down. Amazon might be looking at corporateots business unit. Amazon could use the Corporate Accounts to jumpstart its new Office Supply business. Amazon did not return any calls but amazon is down by 2 but office depot is rallying by 10. 3 . Talk about is with mastercard and paypal. Both rising paypal, not so much. Mastercard up by nearly 2 , but according to wedbush, saying mastercard could be the most interesting dance partner for paypal because wedbush says a deal between the Credit Card Company and Payments Company into help mastercard get the faster growing ecommerce business and now its seeing just singledigit growth. A look at chipotle, down the lowest in a month because of an analyst downgrade by jefferies. Jefferies saying the turnaround efforts will be much longer than expected. Going to stick with chipotle here. The Company Working to get back on track the a call i outbreak. News about a massachusetts restaurant closing has the company back in the headlines. Our reporter has been covering this story from the very beginning. Implemented a lot of new safety and regulatory aspects to keep this from happening again. How big a setback is this going to be . The situation is not good. Sales were down 26 in february. The extra day added 2. 5 to the comps but they said there were improvements. February was Getting Better and theres this headline out of massachusetts saying we did everything right. For workers called in sick saying they a have nor osiris. They close the restaurant and cleaned it. The headline hit and sales plunged again. They are really between a rock and a hard place. It just illustrates the fickle nature the goal nature of consumers. There were sometimes in the beginning of this out raked to pause and say the company is trying to figure this out and try to get back on the right track. Our people beginning to say they should have done this differently . Guest i have heard that they should have put the ceo out there and the message may not be getting through to the consumers. They have not had a reason to go back. They havent heard about why it is safer. Lost ina little bit of translation as far as what the consumers hearing. David how big is it that they dont know where this outbreak started . Problem fors a them. The cdc said there were issues with how chipotle keeps its records. Theres ays disagreement but it doesnt help. They would have been helped if they were able to say it was let us come it was salon tro, here is what we are doing. It definitely hampered the recovery. Chipotle off by a of Harvard Square and it was almost completely vacant. Andhave seen the Company Reports that the Company Might be giving away free burritos to make this happen. Free luncheshese is going to cut into its ability to make money here. Than 60sacrifice more million in sales to try hard to get people to come back into the store. Guest coupons are great for people who know the brand. Maybe they hear about people getting sick and say im staying home. But if they come in, do they come back . It doesnt help with new customers. Before this started, chipotle was slowing down a bit. Now they heard of the company and theres a big question about that person that is what they associate with this rant now is all of this crisis. Great to talk to you. We will be back with more Bloomberg Markets after the break. Well talk about the political crisis but the s p 500 has turned positive for the year, up about. 1 . More Bloomberg Markets coming up after the break. David welcome back. We turn now to the Political Drama in brazil. A federal judge suspending the appointment of former president lula. Our sao paulo euro chief joins us. It began with a ceremony with admitted dinorn in outside. What has happened since a fairly dramatic reversal. About half an hour after the ceremony was over, judge suspended the nomination and sent everything up in the air. The attorney general has said he will appeal the decision but as of right now, lula is not in the government. This is a little unprecedented in our history. A little speculation about the president s motivation for doing this a taped conversation between the former president and current president what does that indicate . Guest the nomination has been discussed extensively as rumors started flying around weeks ago. Member of the cabinet or minister, you could only be investigated by the woulde work, so that shield him from prosecution. Part of the phone call, although they have said this is not what she meant, it was to give a document to say we are giving you a document if you cant come to your swearing in ceremony, just in case you needed. That created a lot of confusion because why would he need to be doing at that soon . What is the status of impeachment proceedings being brought against the president . Guest the lower houses voting on that right now. The Supreme Court gave the guidelines yesterday and they already moved forward. House president expects this to be done in about 45 days or so. David thank you so much. Still ahead on Bloomberg Markets, its not just iran and the saudis running the price of oil, demand from china is causing rippling affect on the price of crude. Just looking here at nymex. Rude, up 4 more Bloomberg Markets coming up after the break. David from bloomberg World Headquarters in new york, this is Bloomberg Markets. Mark crumpton has more from our news desk. Is criticizingd Republican Leaders over donald trump, saying moral cowardice set the stage for the rise of the republican frontrunner. Senator reid called on paul ryan and Mitch Mcconnell to reject trump out right and chastise them for not denouncing the more extreme elements of their party. This is not the first time president obama has considered Merrick Garland for the Supreme Court. 2010. On the list in that nomination went to Justice Elena kagan. Hes the oldest nominee in 45 years. Some say that could be a strategic move by the president. Secretary of state john kerry is determined that thats has determined that Islamic State has connected genocide that committed genocide in iraq and syria. Overdosel medicine sends 160 children to hospital Emergency Rooms every day according to a new report from safe kids worldwide. 60,000 kids were seen in ers in 2013 after ingesting pain relievers and other drugs that adults had left in their reach. News 24 hours a day powered by our 2400 journalists in more than 150 news bureaus around the world. Im Mark Crumpton. David Commodity Markets are closing in new york. Gold advancing after four straight sessions of losses. The bti touched 40 a barrel in new york for the First Time Since december. Wti touched 40 a barrel. U. S. Crude output at the lowest levels since 2014 and supplies expanded according to an Energy Information report released yesterday. Lets get more insight on oil. The chilcote spoke with director of the International AgencyInternational Energy agency. If you get a bit of news from , loweror economies demand growth or our expectation production we a day decline this year, if it is more resistant, we may see downward pressure on the prices. Ryan the saudis seem to think of this idea of iranian iran going to 4 Million Barrels a day is laughable. They have a few hundred thousand more barrels in it in the short te