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alix: a very important interview from michael mckee, with robert kaplan. some of the highlights, talking about the un-limit rate, saying that could peak in the low to mid teens, but then decline to 7% or 8% by the end of 2020. also some predictions about what is happening to the oil market, that permian raise in production is likely to shrink. we can watch that as we go. overall, keep saying that the fed is going to provide credit support through banks. they are going to come out of this strong and continued to pump as much liquidity as needed. i do want to check in the markets because the risk off tone really developing now as we head into the open. dow futures off by over 700 points. s&p futures around the lows of the session. haven't hit limit down or anything like that. also what you can expect as you see money moving to the bond market, as well as into the dollar, if you look at the dollar index, you have been working at -- you have been looking at the worst week since 2009. now we are inching higher. part of that is the cable rate, which rolled over

still to come, conversation with robert kaplan. stay with us. this is bloomberg. ♪ this is bloomberg. ♪ paul: welcome back to bloomberg markets. i'm paul allen, with taylor riggs in san francisco. want to get you across a breaking news on the bloomberg terminal from costco, saying we are doing our best to stay in stock. costco says it is getting daily shipments but it is still not enough. at production levels factories. this all of coronavirus. costco saying coronavirus transferred back -- trepidation transportation impact. inspired by weak -- before the break. over the course of the weak, asx is off 7/10 of 1%. 7.2% the7.2% the aussie holding onto the 66 cents handle. the fed with an emergency half-point cut with economic activity for some time. we will get to chicago with kathleen hays. kathleen: hello. welcoming on bloomberg television and radio audiences to a very special conversation with robert kaplan, president of the federal reserve bank of dallas. we are at the chicago council of global affairs. robert, speaking to an audience and w

one of those who voted wasn't dallas fed president robert kaplan. he spoke exclusively to global impact and policy editor kathleen hays. >> the situation has changed pretty uniquely the past couple of days. you are right, if you asked me two weeks ago, i was saying publicly let's see how this unfolds and i will make a judgment at the meeting. it is too early to comment. what happened once the virus got to south korea and then to italy and then it was clear there were diagnosed cases in the united states, for me at least, the probability of material deterioration in the u.s. economic outlook, the probability of that increased to the point i came to the view we were going to need to take action at the fomc meeting, and then i felt the situation is changing so rapidly that i thought it would be wiser to act now and act boldly where it could make an impact. here is what i mean by that -- it's not going to help with obviously the number of diagnosed cases. it is not going to also get people to want to go out. it's not going to do anything reaction contai

still ahead, as we review the week, robert kaplan on what comes next for the fed. plus, initiative conversation with a new seo. and coming up, for the week's top headlines. creates a $50 billion fund to help the nation deal with coronavirus and set the stage for a coordinated global fund. they would do less than necessary. ♪ >> this is bloomberg best. let's continue our global tour of the week's top stories in business, finance and politics. a new chapter in the brexit begin as the u.k. and eu talks to define their future trade relationship. >> british and european union officials will start hashing out a post-trade deal as negotiations of the future partnership open in brussels and bloomberg sources raised concerns that red lines on both sides could put the agreement in danger by early april. >> no one is surprised to hear it. >> he says he does not see a full need for convergence when you look at the european rules, june is what he said will be the deadline and is prepared to walk away without a trade deal if that is what it takes. they say nothing will be agre

. ♪ ahead, robert kaplan and james on what comes next for the fed. plus, an exclusive conversation with the new ceo task to turn around nissan. more of the week's top headlines. the imf creates a $50 billion fund to help nations deal with coronavirus. and hopes it will set the stage for a coordinated response. we must do more than do less than what is necessary. ♪ ♪ is "bloomberg best." let's continue our global tour of the weeks top stories. the brexit saga opened this week as the u.k. and e.u. began talks to define their future trade relationship. >> reddish and european officials will start hashing out a post-brexit trade deal as negotiations on the future partnership formally opened in brussels. raised concerns that red lines on both sides could put the chance of an agreement to danger. >> no one is surprised to hear the prime minister says he can get a canadian style deer. he doesn't see a full need for convergence. is when he says will be the deadline. he is prepared to walk away without a trade deal. -- they seeve said this as a full packa

hour, the dallas fed president robert kaplan will join us. linking business with central-bank action. stay with us. this is bloomberg. ♪ tom: "bloomberg surveillance come code come keene in new york -- tom keene in new york, guy johnson london for francine lacqua. coming up, jean-claude trichet will join us in this real world experience of the french swine pandemic in 2009 looking forward to speaking with the former president of the ecb. guy: very much looking forward to that conversation. davide serra and daniel morris are still with us. daniel, it spoke fear. daniel: the market seemingly ultimately came to the view and we go back and forth with markets going up with what is behind it. when you have an emergency cut of that size, you start thinking there must be an emergency. that may be the message we should have taken initially. reaction ina better the market, it may not be what the fed has done will ultimately going to be so helpful over the medium-term, but it may be more around either the anticipated path for the virus or the fiscal s

many thanks to robert kaplan. atwill have more with him 12:00 eastern on bloomberg radio, including discussing the effects of plunging prices on oil in iran. ahead on bloomberg television, much more on the market selloff at the close of trading in europe. that is coming up. this is bloomberg. ♪ guy: britain delivers a coordinated fiscal and monetary's response to the virus. markets wait to see what the united states and europe cantilever. sharplycks trading lower as investors growing impatient with the lack of action from the white house. the pressure is mounting on president trump and his team. european stocks are at session lows. christine lagarde warns unless there is action, could be facing a similar shop to 2008. angela merkel says berlin will do whatever it takes. live from london i'm guy johnson with vonnie quinn new york. we are coming you down to the european close on bloomberg markets. ♪ vonnie: another difficult day in u.s. markets. the 12th down day in 15 sessions. almost 18% lower than the high on

let's talk with the dallas federal reserve president, robert kaplan. >> if you had asked me two weeks ago, i was saying publicly, let's see how this unfolds and i will make a judgment at the meeting. it is too early to comment. what happened once the virus got to south korea and then to italy and it was clear there were diagnosed cases in the u.s., for me at least, the probability of a material deterioration in the u.s. economic outlook, the probability of that increased to a point where i came to the view we were going to need to take action at the fmoc meeting. then i felt that the situation was changing so rapidly that i thought it would be wiser, and i will explain a little bit why, to act now and boldly where it could make an impact. here is what i mean by that. it is not going to help with the number of diagnosed cases. it will also not get people to want to go out. it will not do anything about the containment reaction if the diagnosed cases spikes. what it will do though is if we enter a period as a result of containment where we have a severe slowing in the economy that lasts

we will be speaking with robert kaplan and raphael bostic exclusively today. do not miss those interviews. this is bloomberg. ♪ good morning from london. i am nejra cehic. this is "bloomberg daybreak: europe," and these are today's top stories. the u.s. overtakes china on global coronavirus cases. afterquity futures drop the first three-day rally since mid-february. e.u. leaders clash on financial burden sharing as the high-stakes summit ends with few concrete steps. -- to stabilize the economy. italy reports new cases, the most in five days. and morgan stanley and wells fargo join european lenders in pledging to preserve jobs during the crisis. deutsche bank says it will pause future cuts amid its restructuring. welcome to "daybreak: europe." the best three days for the s&p 500 yesterday. the dow is in a bull market, but is this a false bottom? green on the screen and asia, playing catch up to the u.s. session yesterday. indian stocks rallying after an emergency cut by the r.b.i.. industrial profits dropping in china. u.s. futures are still in the red. the

bloomberg spoke exclusively to robert kaplan. key to the proposal from the fed point of view is there are a number of special purpose vehicles being created to implement these programs to buy assets from commercial paper to asset-backed securities to corporate bonds to municipal commercial paper. each of these requires approximately $10 billion. the money from the bill will be used to seed these various programs we have already announced. two newill suggests lending programs. one for companies and one for small businesses. what is the difference between the two? what is the main street program? robert: the details are still being worked out but the long and the short of it is we would help lend to small businesses but we would do it most likely through commercial banks. but we will provide credit support to those banks so that they can step forward and make clones that are up -- make loans that are appropriate. they can do it with confidence that they have credit support. the program is still being developed. the need is immediat

coming up next, robert kaplan sees u.s. unemployment rate rising this year. this is bloomberg. ♪ this is bloomberg. ♪ these days you need faster internet that does all you expect and way more. that's xfinity xfi. get powerful wifi coverage that leaves no room behind with xfi pods. and now xfi advanced security is free with the xfi gateway, giving you an added layer of network protection, so every device that's connected is protected. that's a $72 a year value. no one else offers this. faster speed, coverage, and free advanced security at an unbeatable value with xfinity xfi. can your internet do that? the president of the dallas fed said he expects u.s. unemployment to peak in the low to mid teens in the coming months. this as businesses hunker down amid the coronavirus pandemic. robert kaplan says he sees the rate recovering to around 7% or 8% of the end of the year. he spoke with bloomberg in an exclusive interview from dallas. proposalhe key to the from the fed point of view is there is a number of special purpose vehicles that are being created to imp

tune in later today for an exclusive interview with robert kaplan, dallas fed president. coming up, opec gamble. opec ministers agree on an output cut. russia not yet on board. this is bloomberg. ♪ alix: opec ministers conclude their meeting in vienna, agreeing to an output cut of 1.5 million barrels a day. russia not yet on board. 20 me now is gary ross, black gold investors ceo, and --omberg's and reordering bloomberg's annmarie hordern. annmarie: we just heard from iran saying that there is no plan b. it is interesting that opec decided to release this press statement today. as time, they waited for opec+ to meet. so it looks like the saudis are trying to put putin in a bit of a corner. it is a risky move. on top of that, if russia calls their bluff, the saudis aren't going to allow the price to drop. they are going to have to cut even deeper than they already are. alix: what do you think? gary: i think russia likes the attention, and they are going to cut. why not? they haven't cut much at all anyway. if you look so far, there's been agreed to cuts of something like

that was robert kaplan speaking to kathleen hays. february, the jobs report will provide a snapshot of the labor market before the coronavirus outbreak. the jobs report is tallied using data through the middle of the could so other surveys better reflect evolving economic conditions. but what do some of our top guests think? well, simon french things it's more likely to indicate the impact of a pause in the trade war. -- berenburgd economist says the coronavirus impact is likely to be reflected in march. we think theis " pace of u.s. payrolls is on a due to slowdown trend signals from leading indicators such as job openings." our guest is still with us. ghadir, what number do you expect is the number we normally ask, but what importance the place on it today? ghadir: the number is not the issue today. the issue is that the number is backwards-looking and would tell us things are improving following the impasse in trade relations. it will not tell us anything about what will happen going forward and when a slowdown will come because o

coming up, we speak to robert kaplan at 10:30 p.m.. it might require -- it might be a little late for some. you can watch it online. this is bloomberg. matt: welcome back to "bloomberg markets: europe." session, wento the are seeing red arrows across the board. live to the opec conference in vienna. only a matter of toermination of this issue discuss and find a way to help the markets. >> excuse me. are you surprised by the amount of demand instruction? >> it's enormous. >> is it serious? >> ok. as you can see, that was one of those little moments here at opec that we get one of those magic moments, with very difficult to understand where we are with these negotiations. iran is trying to destabilize the market. some of these propositions to my guest, who has been very patient. researchhe director of over at rapid and. your first time on bloomberg and you get in the scrum. societies are flooding 1.5 million barrels of cuts and russians seem to be pushing back what does it take to stabilize? >> opec really needs to cut 1.5 million barrel

a lot of those -- one of those who voted was robert kaplan. he spoke exclusively to bloomberg's global economics and policy editor, kathleen hays. situation has changed for the last couple of weeks. if you had asked me two weeks ago, i was saying publicly, let's see how it unfolds and i will make a judgment at the meeting. it is too early to comment. what happens once the virus got to south korea and italy, and it was clear there were diagnosed cases in the u.s., the a material of deterioration in the u.s. economic outlook, the possibility -- probability increased to the point where i thought we were going to need to take action at the fomc meeting, and i felt the situation is changing so rapidly that it would be wiser, and i will explain why, to act now and act boldly, where it could make an economic impact. with the going to help number of diagnosed cases, it will not also get people to want to go out. it will not do anything about the containment reaction if the diagnosed cases spike. what it will do, is if we enter a period as a result of

kaplan and the atlanta fed president, raphael bostic. this is bloomberg. ♪ this is bloomberg. ♪ francine: this is "bloomberg surveillance." tom and francine from london and new york. the we were talking about jobless figures outside of the u.s., peter schaffrik saying they were awfully underestimated. this is what i want to focus on now -- eu leaders yesterday struggling to agree on a strategy, the fallout from the deadly virus. let's get back to peter schaffrik from rbc. peter, i do not know if there were two any expectations about some kind of joint bond issuance, that actually germany was still not behind. peter: well, we have seen this movie. every time there is stress in the sovereign market a particular, the call is to issue joint bonds, and every time, predictably, the germans, the dutch, the austrians say, "no thank you." the question is for the european finance ministers to come up with a solution, but we know what the solutions are, to come up with something entirely fresh. i am wondering if the outcome is going to be any d

our exclusive interviews with dallas fed president robert kaplan and atlanta fed president raphael bostic. welcome to "bloomberg daybreak" on this friday, march 27. i'm alix steel. happy friday, everybody. that mean something very different to us all now that we are working from home. we are not able to sustain the rally we had yesterday. the dow went to an -- the dow went into a bull market. asia was able to rally, but new york gave up those gains. it doesn't feel at they are a

even robert kaplan said we could see the economy contract by 20% in the second quarter. the $2tie this back into trillion package. people are concerned about getting money right away. what is the fed's role? mike: they will probably backstop banks. there is no place to go. what they will have you do is go to your local bank and the bank will make you a loan and they can sell that to the fed. the banks will be the intermediaries because they can move quickly. they know you and your credit history and what you need. that program they are working to get stood up as quickly as possible. are talking about thousands of enterprises. do we have any sense of this? at thehen you look administration, it is understaffed anyway. it might be hard to get it going. even with a full staff, we saw in 2008, it took months to get this out the door. the fed feels they can move quickly. they have to get the fed and treasury and the banks all in line. tough job. david: and that is after congress votes on it. ok. thank you to michael mckee. go to taylore to riggs. three in a row. off today.ssic

robert kaplan is particularly concerned about a slow recovery. the fact that we could still be looking at 7% or 8% on a plumbing by the end of the year. he things it will get to the midteens in the short run. raphael bostic is not disputing we will see a big rise in unemployment and a big fall in gdp but things we could rebound more quickly once we get through it, once the disease progress is stopped and slowed. guy: what i am hearing, time and again from people i am talking to, is that small, medium-sized businesses, individuals are not getting the cash quickly enough to support their lives and businesses. the fed has talked about some sort of lending program to main street. did you get any and handle as to how progress is being made to that front and how it would be executed? michael: both told us they have been spending a lot of time on the phone working on this, trying to get it set up. the idea is you would go to your local banker, who would make a loan to you. then that loan would be backed up by the fed. the bank could essentially give tha

dallas fed the president robert kaplan going to join is at 5:30 p.m. new york time, that six: 30 a.m. for viewers in hong kong friday. he is a voting member of the fomc and did approve tuesday's rate cuts. let me get you across some breaking news now out of the u.k.. concerning the budget airline slide, i think that is how you say it, is entering the administration that usually carries 9.5 million passengers a year. it was saved last january, but not good enough. will bes of travelers stranded around airports in europe as a result. it is a major u.k. budget airline going into the administration. to asiat our focus back now. some of the measures being used to counter the economic impact on the virus. you are getting a victory note eugenia is still with us. we are getting coordinated action around the world, but when you are hammering and everything was like a male, is it actually going to make a difference to this problem? they already said it. the central cut is not likely to give cure to the virus. i think what has really happened is that the cut prov

tune in later today for bloomberg's exclusive interview with robert kaplan, dallas fed president, at 5:30 new york time. this is bloomberg. ♪ ♪ vonnie: live from new york, i'm vonnie quinn. guy: from london, i'm guy johnson. this is "bloomberg markets." with michaele back metcalfe, state street global head of microstrategy. michael, is there a difference between synchronized or coordinated action and what we are getting right now, which is governments acting on their own, but more or less at the same time, along with central banks acting on their own, but more or less at the same time? michael: i think there is a if after effect, so the call earlier in the week, leading attral banks the same time, that would have a difference. i think they talked about broadly their plans. i think each economy is going to be impacted in a slightly different way as the virus spreads, and is contained in some countries and isn't into others. i think what we are getting is, to be frank, pretty sensible. i think it a very similar way to house intra-banks reacted to the trade war last year, they are b

a programming reminder, later today we are speaking with della said president robert kaplan. that is at 5:30 eastern time. meanwhile, stay tuned to "bloomberg markets." we will have the hp ceo to talk this iraq's deal leader this hour -- to talk of the xerox deal later this hour. this is bloomberg. ♪ ♪ vonnie: live from new york, i'm vonnie quinn. guy: from london, i'm guy johnson. this is the european close on "bloomberg markets." let's check in on the bloomberg first word news. here with the details, ritika gupta. massachusetts senator elizabeth warren is dropping out of the presidential race, according to several media reports. her past to the nomination has been narrowing since the first round of voting in iowa, where she placed third. in subsequent contests in new hampshire and nevada, she dropped down to force. in south carolina, she came in a distant fifth. on super tuesday, she failed to win any states. rates for 30 year u.s. mortgages tumbled to the lowest on record, according to freddie mac. the average rate is a little under 3.3%, down from more than 3.5% last

this from robert kaplan. he is looking at how fast the u.s., he tells bloomberg it is too soon to forecast what will happen at the fed meeting later this month. today, a high-stakes showdown over oil in vienna. another 1.5 cut million barrels a day to offset the impact of the virus. opecssia does not join in, could abandon cutbacks altogether. russia has opposed a saudi led proposal two/production. dimongan said ceo jamie is alert after emergency heart surgery. he had a potentially fatal condition involving a tear in a blood vessel. 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 viviana hurtado. this is bloomberg. tom: thank you so much. good health to mr. dimon. i am framing the u.s. bond market. futures deteriorate. two days ago, up 1000. yesterday, down 1000. down 494., major correlated factor, american oil with crude under $50 per barrel. point 94 gets to a point of tension, if you don't keep score on the vix

coming up later, we will speak to the dallas fed president robert kaplan, and atlanta fed president rafael bostic. both of those are exclusive interviews you can only see right here on bloomberg television. coming up, the worst of the u.s. jobless claims is far from over after this week's record shattering figure. data scientists at barclays detail the grim figure we can expect for next thursday in your morning call. [laughter] -- ♪ it is very normal for the markets to try to find a new level. it is way too early to predict which direction we are going to go next. >> some of the items do not want to hold. that is the best time to do it. >> we do see people taking advantage of the opportunities. for example, we are moving into credit. >> the first thing is quality that can recover irrespective of where spreads are. the assets will be very cheapened. matt: those are just a couple of the voices of leaders in the world of banking and finance speaking to us at bloomberg about where to put your money in the current climate. u.s.istoric surge in jobless claims make clear the magnitude of the ec

coming up later, don't miss our exclusive interviews with fed president robert kaplan and raphael bostic. of course, after we heard from their boss, jay powell, saying they are running out of ammunition. we will see what more the fed could do. make sure to check out those conversations. this is bloomberg. ♪ ♪ yvonne: china is ceiling borders and suspending entry of foreign travelers during the coronavirus, halting admission, even to people with valid visas. let's go to our china correspondent selina wang. tell us how this will be implemented now. starting saturday, all foreigners will be banned from entering, even those with valid work permits and visas. the only exceptions are diplomats and people here for to fix -- specific activities and urgent humanitarian activities. . china is increasingly concerned about a second wave of infections coming from international travelers. statistics, they've almost completely halted transmissions, but they are seeing increasing numbers from people traveling from abroad. from before, china resisted any outright ban and had even criticized other cou

alix: robert kaplan stays calm about the selloff. >> it may last a quarter. it may last a quarter and a half. alix: while the boe promises more fiscal and monetary policy. >> we are coordinating with her majesty's treasury to ensure that any initiatives winter take a couple of entry, and that they collectively have maximum impact. not: worries that these are sufficient enough for investors. >> low volatility stocks are not performing like we thought they would. they are actually having more volatility than the s&p 500. etf'shuge outflows from as treasury yields continue their outflow into the unknown. we have seen an outflow of more than $12 billion. that is telling us that investors are fleeing to safety. alix: markets look through economic data on jobs friday. >> i think the markets are discounting it no matter what the number is, obviously, because they think it was before this hit. alix: numbers will reflect the impact from policy. in the markets, it is into the unknown. it is a very scary morning out there. s&p futures down by 3%. we have seen a 2% plus

we will have an exclusive interview with robert kaplan and we will be joined by the atlanta fed president, about 30 minutes after that. next, coming up from the hong kong exhibition. prospects for the sector. this is bloomberg. shery: g20 leaders are violent to do whatever it takes to overcome the coronavirus and its fallout. what further steps are the leaders taking? does it include anything concrete? >> thank god they did not use the term the kitchen sink. they are presenting a unified front. they are playing the blame game a little bit about procuring supplies and about where the virus originated. meeting, emergency chaired by saudi arabia this year. a joint statement. let me give you the top line. the virus knows no borders. that is what they are saying. we are presenting a unified front. need andess the importance of sharing data and information as the u.s. has overtaken china in the number of cases. u.s., china and italy have more than 80,000 reporting cases of the coronavirus. -- half a million plus to havee are confirmed the coronavirus. the g20 leaders saying, we will continue to

the dallas federal reserve president robert kaplan, more apt to make a move if something is needed. patrick harker, the philadelphia federal reserve president not afraid to make a bold action. these are new members coming in this year. last year's fed may not have made this action as they were more on the hawkish side, more cautious. this year's fed more bold i would say, new members coming in willing to take action if the action is necessary. stuart: while you're with us, what can you tell us about the sanders campaign in vermont, just to change the subject radically? reporter: sure, sure. very excited feeling among the people here in vermont. this is senator bernie sanders's home state. they're is lot of excitement around the bernie sanders campaign and the energy he is generating. they're expecting huge crowds for his rally he is expected to have later on as the polling sites close. they are expecting to come out on top, that the campaign is expected to come out on top in delegates and hopefully try to close the door. stuart: yeah, right. reporter: joe biden is gaining momentum w