WEBVTT - Wall St. Calling Traders Back to the Office 0:00:00.440 --> 0:00:02.960 This is Bloomberg Business Week. I'm Carol Masser and I'm 0:00:03.040 --> 0:00:05.480 Jason Kelly. We're here every day bringing you the latest 0:00:05.519 --> 0:00:09.840 news from the world's of business and finance, plus technology, politics, economics, 0:00:09.840 --> 0:00:13.480 all harnessing the power of Bloomberg Business Week reporters and editors, 0:00:13.480 --> 0:00:16.759 not to mention our journalists and analysts more than a 0:00:16.800 --> 0:00:19.520 hundred and twenty countries. You can download Bloomberg Business Week 0:00:19.560 --> 0:00:22.439 on iTunes, SoundCloud, or Bloomberg dot com. You can also 0:00:22.480 --> 0:00:24.880 listen to our radio show weekdays at two pm Eastern 0:00:25.000 --> 0:00:28.120 only on Bloomberg Radio. One headline, They're just starting to 0:00:28.120 --> 0:00:30.200 cross and I think, you know, let's remind everybody that 0:00:30.200 --> 0:00:33.120 there these are the minutes from two FED meetings, both 0:00:33.200 --> 0:00:36.239 on March three, that emergency meeting that we got and 0:00:36.280 --> 0:00:40.159 then again that earlier than expected March fifteenth meeting that 0:00:40.240 --> 0:00:44.120 happened over the weekend. One headline, I've got extremely large 0:00:44.120 --> 0:00:47.480 degree of uncertainty on the outlook that is coming from 0:00:47.680 --> 0:00:50.240 that FED meeting and also that rates at zero until 0:00:50.280 --> 0:00:54.240 the economy, weather, the virus, So some initial thoughts on 0:00:54.280 --> 0:00:56.600 all of that. Let's get to our team. Kathleen Hayes 0:00:56.720 --> 0:01:00.160 is with US Global Economics and Policy editor at Bloomberg New. 0:01:00.200 --> 0:01:02.720 She's on the phone from the Poconos. Dave Wilson also 0:01:02.760 --> 0:01:06.600 with US, Stocks editor at Bloomberg News, also with us 0:01:06.640 --> 0:01:10.959 from New Jersey. So, Kathleen, initial thoughts here, as you 0:01:11.040 --> 0:01:15.920 see these minutes, you know this is interesting because um, 0:01:15.959 --> 0:01:19.520 you know, we have our entire he said, ECO team 0:01:19.720 --> 0:01:24.000 UM Washington d C based in any lock up that 0:01:24.040 --> 0:01:26.360 occurs when the minutes are released. I've been in this 0:01:26.440 --> 0:01:28.640 lock up, and generally speaking, you go in about an 0:01:28.680 --> 0:01:31.800 hour forty five minutes before the minutes are released, and 0:01:31.880 --> 0:01:33.640 you have time to read them and really vet them 0:01:33.640 --> 0:01:36.920 and make sure whatever headlines you put out, whatever story is, 0:01:36.680 --> 0:01:39.640 is fully thought over, you know, when you put the 0:01:39.680 --> 0:01:41.840 most important things first, and the two headlines you read 0:01:41.880 --> 0:01:45.000 are all we have so far. I have been looking around. 0:01:45.040 --> 0:01:47.600 I see that Dow Jones, one of our competitors, who 0:01:47.680 --> 0:01:50.640 also covers a FED very closely, has a brief story out. 0:01:50.760 --> 0:01:54.120 Not this this outpouring up. Here's what the FED was thinking. 0:01:54.560 --> 0:01:58.919 It was obviously unusual because there was the unscheduled emergency 0:01:58.960 --> 0:02:01.960 meeting on March second. So presumably, as we see more 0:02:02.000 --> 0:02:05.080 headlines are more of a recounting of what the minutes say, 0:02:05.160 --> 0:02:07.520 we're going to find out, you know, what the debate 0:02:07.680 --> 0:02:10.079 was there, how urgently they felt they had to act, 0:02:10.120 --> 0:02:12.280 and of course they cut the key rate. Then they 0:02:12.320 --> 0:02:15.399 made it very clear that, you know, quantitative using bond purchases, 0:02:15.440 --> 0:02:17.720 whatever it takes, basically is going to be done. Then 0:02:17.760 --> 0:02:20.280 we got the minutes of the March fifteenth meeting. So 0:02:20.480 --> 0:02:22.760 it's something I think it's a bit different today in 0:02:22.840 --> 0:02:25.480 terms of how the information has been given to the 0:02:25.520 --> 0:02:28.760 press and what we're waiting to see. But um, it's 0:02:28.800 --> 0:02:31.160 pretty clear from what we have seen rates at zero 0:02:31.280 --> 0:02:35.640 until the economy has weathered the virus. So in other words, 0:02:35.639 --> 0:02:38.200 we have to see and I think that is the question, 0:02:38.240 --> 0:02:41.320 doesn't it, you guys, that whether what is weathering the virus, 0:02:41.480 --> 0:02:43.320 is it getting to the point where the virus peaks 0:02:43.320 --> 0:02:45.880 and comes down, is it having the economy show it's 0:02:45.919 --> 0:02:49.320 gotten through it? A lot of unanswered questions, Yeah, exactly. 0:02:49.400 --> 0:02:51.079 And I'm just looking through some of the notes too, 0:02:51.080 --> 0:02:53.639 and it's talking about, you know, the pace of economic 0:02:53.680 --> 0:02:56.320 growth abroad was already subdued before the appric I mean 0:02:56.400 --> 0:02:58.920 they were also looking at, you know that this wasn't 0:02:58.960 --> 0:03:01.040 just a u S thing that this was obviously a 0:03:01.080 --> 0:03:04.520 global thing as well, and just looking at you know, 0:03:04.639 --> 0:03:07.760 uncertainty in the markets, volatility in the markets, conditions in 0:03:07.760 --> 0:03:11.920 short term funding markets also deteriorated sharply amid a decline 0:03:11.919 --> 0:03:15.800 in market liquidity and challengers and dealer intermediation. They were 0:03:15.880 --> 0:03:19.520 specifically going into the weeds of how the financial markets 0:03:19.520 --> 0:03:22.040 are working or not working, and that is why you 0:03:22.080 --> 0:03:26.120 saw those unprecedented actions and also the expansion of the 0:03:26.120 --> 0:03:29.240 balance sheet to make sure that there was liquidity in 0:03:29.280 --> 0:03:31.960 the markets. It was all about making sure also that 0:03:32.040 --> 0:03:35.960 those markets were operating accurately. Jason, all right, so Dave Wilson, 0:03:35.960 --> 0:03:38.320 come on in here. It looks like we're seeing equities 0:03:38.360 --> 0:03:40.440 take a little bit of a tick up. Not nothing 0:03:40.520 --> 0:03:43.680 dramatic going on here, but tell us what's underneath. Uh, 0:03:43.840 --> 0:03:46.240 this trade based on the FED, but also based on 0:03:46.280 --> 0:03:50.000 everything else that is happening in the world, well back 0:03:50.040 --> 0:03:52.400 toward its highs of the day, and sort of backed 0:03:52.440 --> 0:03:56.800 off a bit before the minutes were released. So clearly 0:03:56.880 --> 0:03:59.640 that's being taken as a positive. Now a whole lot 0:03:59.720 --> 0:04:03.080 of a positive, but certainly kind of helping things along. 0:04:03.720 --> 0:04:05.720 You know, what jumps out today's trading. I mean, we 0:04:05.720 --> 0:04:08.280 were seeing the travel related shares rally as we have 0:04:08.440 --> 0:04:11.119 for a couple of days. Now, what's different this time? 0:04:11.160 --> 0:04:13.440 At least it got my attention, And one is we're 0:04:13.440 --> 0:04:16.560 seeing the home builders with some pretty substantial gains. Poultigroup 0:04:16.640 --> 0:04:19.520 notable in that score. It's up ten percent in today's trading, 0:04:19.880 --> 0:04:22.680 uh Leonora, Dr Horton also in the SMP five hundred 0:04:23.080 --> 0:04:26.559 also showing some pretty substantial gains as well. But even 0:04:26.600 --> 0:04:30.320 more so, what's going on with the hospital chains? And 0:04:30.360 --> 0:04:32.920 if you think about an area that's being affected by 0:04:33.000 --> 0:04:36.240 the virus, I mean you figure that's front and center 0:04:36.279 --> 0:04:38.760 at this point. You know you've got h C A Healthcare, 0:04:38.800 --> 0:04:42.640 biggest owner of hospitals on a for profit basis, up 0:04:42.640 --> 0:04:46.760 more than eleven percent in today's training, and smaller companies 0:04:47.160 --> 0:04:49.720 doing even better. Community health systems up seventeen and a 0:04:49.760 --> 0:04:52.600 half percent, ten at Healthcare more than twenty six percent. 0:04:52.800 --> 0:04:56.480 So whatever is happening, it looks like it's being interpreted 0:04:56.480 --> 0:04:58.520 as a positive for the hospitals here. Yeah, and I 0:04:58.600 --> 0:04:59.919 want to talk more about the markets, but I do, 0:05:00.000 --> 0:05:02.080 and also go back to those FED minutes, and I'm 0:05:02.080 --> 0:05:03.880 looking at the bond market, because it does look like 0:05:03.920 --> 0:05:08.160 a slight uptick in yields, if ever so slightly ten 0:05:08.240 --> 0:05:12.320 years yielding about point seven too before the Fed minutes 0:05:12.360 --> 0:05:15.719 now up to point seven four. Again minuscule, but nonetheless 0:05:15.760 --> 0:05:17.600 a little bit of a movement. Five year note was 0:05:17.680 --> 0:05:20.200 yielding about point four three. Now we're with the yield 0:05:20.200 --> 0:05:22.599 of point four five two year note, that shorter end 0:05:22.640 --> 0:05:25.200 of the yield curve res yielding yielding point zero two. 0:05:25.360 --> 0:05:28.040 It's now I mean sorry, point to uh, it's now 0:05:28.120 --> 0:05:30.680 yield point to one. It's now yielding point to four. 0:05:30.800 --> 0:05:33.919 So a little bit of an uptake to uptake. Um, Kathleen, 0:05:33.960 --> 0:05:35.800 As you said, you know, all of this stuff is 0:05:35.839 --> 0:05:37.839 just coming across and we're all trying to make sense 0:05:37.839 --> 0:05:41.080 of it. Um, So treasury is a little bit lower 0:05:41.120 --> 0:05:45.200 after that Fed mission. Fed minutes officials advocated quote forceful 0:05:45.240 --> 0:05:49.640 monetary response. That is truly what we got, Kathleen. Well, 0:05:49.720 --> 0:05:52.320 and we certainly did. And apparently according to the minutes. UM. 0:05:52.680 --> 0:05:55.920 We're looking at our market live blog, a few preferred 0:05:55.960 --> 0:05:59.800 to um do a fifty basis point. That's interesting meeting. 0:06:00.040 --> 0:06:02.240 I get some people saying, hey, let's don't wait. You know, 0:06:02.320 --> 0:06:05.320 let's let's be as aggressive as we can, etcetera, etcetera. UM. 0:06:05.800 --> 0:06:08.520 I think for the bond market, UM, what they would 0:06:08.600 --> 0:06:11.520 fear in something like us is any hint that the 0:06:11.600 --> 0:06:15.000 FED didn't say what we all we were just talking about, 0:06:15.120 --> 0:06:17.320 you're going to keep this response in place. You want 0:06:17.320 --> 0:06:20.080 a forceful monetary response, and you want to keep it 0:06:20.240 --> 0:06:23.400 in place until the virus has been vanquished. And you know, 0:06:23.440 --> 0:06:28.719 be FED officials UM have said since then that they 0:06:28.800 --> 0:06:31.400 know that they can't sure the virus, they can't get 0:06:31.440 --> 0:06:33.560 test kits out faster, they can't do that. But what 0:06:33.600 --> 0:06:36.120 they can do is do everything they can to bolster 0:06:36.160 --> 0:06:39.960 the economy, both to the financial markets throughout so that 0:06:40.000 --> 0:06:43.159 we don't get a bad financial crisis. There's been all 0:06:43.160 --> 0:06:45.039 those tresses and strain, but we've also seen that that 0:06:45.160 --> 0:06:47.000 just you know, you look every day to see if 0:06:47.000 --> 0:06:49.720 there's another headline on a new FED program. Right, well, 0:06:49.760 --> 0:06:52.719 and we're going to hear from Sorry to interrupt, Kathleen, 0:06:52.720 --> 0:06:54.160 but we're running a shot in time. We are going 0:06:54.200 --> 0:06:57.599 to hear from Jpale tomorrow, right, that's right, And a 0:06:57.640 --> 0:07:01.279 webinar at ten a m. We heard from Charlie Evans 0:07:01.279 --> 0:07:04.280 from Chicago, FED speaking to Econo Club of Chicago, by 0:07:04.279 --> 0:07:06.920 the way, um, and he also sees some you know, 0:07:07.040 --> 0:07:09.560 long drawn out damage to the economy, so it will 0:07:09.560 --> 0:07:13.040 be very important to hear what he tells us. All right, Well, 0:07:13.040 --> 0:07:16.760 thank you both so much. Kathleen Hayes, Global Economics and 0:07:16.800 --> 0:07:20.360 Policy Editor, joining us with her analysis of the FED mins. 0:07:20.360 --> 0:07:22.680 We're gonna have more on that coming up in just 0:07:22.760 --> 0:07:25.000 a few minutes, Carol our. Thanks to Dave Wilson as well. 0:07:25.040 --> 0:07:27.040 He'll be back a little bit later on with his 0:07:27.320 --> 0:07:30.240 chart and stock of the day. You're listening to Bloomberg 0:07:30.320 --> 0:07:32.800 Business Week Karl Masser along with Jason Kelly, and our 0:07:32.840 --> 0:07:36.640 top story certainly at this hour is the release of 0:07:36.680 --> 0:07:40.280 those minutes from the latest FED meeting meetings March three 0:07:40.280 --> 0:07:43.280 and also March fifteenth. Let's gettle bit more analysis. Steeplitz 0:07:43.760 --> 0:07:46.400 is back with US chief US economist at TS Lombard 0:07:46.440 --> 0:07:49.080 on the phone from New York City. So Steve, hopefully 0:07:49.080 --> 0:07:51.120 you've had a few minutes to digest it. Although it 0:07:51.200 --> 0:07:54.040 was a live release, so all of us were scrambling 0:07:54.360 --> 0:07:56.560 to kind of make sense of it, because usually they're 0:07:56.560 --> 0:07:58.320 released a little bit of ahead of time. We can 0:07:58.600 --> 0:08:01.160 you know kind of figure out. Certainly are our journalists 0:08:01.160 --> 0:08:03.720 are in the lock up? The key points? Um, what 0:08:03.920 --> 0:08:08.400 stands out for you from what you've read so far? Well, honestly, 0:08:08.480 --> 0:08:12.720 what's first of all, Hi, everybody, I didn't What stands 0:08:12.760 --> 0:08:16.160 out to me is it's sort of a time capsule, 0:08:16.920 --> 0:08:20.360 you know. It's it's like reading the minutes today from 0:08:20.400 --> 0:08:22.600 something that happened in two thousand and eight. I mean, 0:08:22.800 --> 0:08:26.160 so much as occurred from the time at which they 0:08:26.240 --> 0:08:29.520 met in terms of their own actions, as well as, uh, 0:08:29.760 --> 0:08:33.360 what happened to the economy since then. Uh, it has 0:08:33.400 --> 0:08:36.439 more of a it's an interesting slice of what they 0:08:36.440 --> 0:08:39.880 were thinking at the moment. And Uh, I think one 0:08:39.920 --> 0:08:42.120 of the things that jumps out at me, which I 0:08:42.200 --> 0:08:45.839 was saying at the time, was there are a number 0:08:45.880 --> 0:08:49.680 of FOC members who said, well, with all everything that 0:08:49.720 --> 0:08:53.760 you're doing, don't cut the rate to zero right now, 0:08:54.000 --> 0:08:58.000 just cut a fifty basis points in leasing room so later. 0:08:58.679 --> 0:09:03.280 And and I think that was a valid point that 0:09:03.280 --> 0:09:10.839 that they were making, because everything that fed is done right. Um. 0:09:11.040 --> 0:09:14.040 To use a phrase that was popular in two thousand 0:09:14.080 --> 0:09:19.840 and eight was to ring fence. In effect, the government 0:09:19.920 --> 0:09:24.559 mandated contraction. Uh. And that and the and the financial 0:09:24.600 --> 0:09:27.760 impact that that created, and to ring fence it from 0:09:28.720 --> 0:09:31.880 basically spilling into the broader economy to the point that 0:09:32.040 --> 0:09:35.680 something even worse, you know, gets created. But you can't 0:09:35.720 --> 0:09:39.120 do that with this right right, The broader economy was 0:09:39.200 --> 0:09:42.840 impacted from day one pretty much, right right. So what 0:09:42.920 --> 0:09:45.000 you try and do is by ring fencing, what I 0:09:45.040 --> 0:09:48.880 mean is make sure all these good businesses that have 0:09:49.040 --> 0:09:54.800 been are now shuttered or severely impacted, make sure that 0:09:54.880 --> 0:10:01.480 they have cash that they can open with and that 0:10:01.600 --> 0:10:05.280 they don't actually go out of business. Um. And then 0:10:05.400 --> 0:10:08.520 on the market side, make sure that everybody who is 0:10:08.600 --> 0:10:12.679 stressed in their positions who needed to raise cash could 0:10:12.760 --> 0:10:16.400 sell securities, that there could be a market price and securities, 0:10:16.400 --> 0:10:18.640 which if you remember was part of the problem with 0:10:18.800 --> 0:10:22.400 Bearer with Lahman um that there's a price for these 0:10:22.400 --> 0:10:24.240 securities and if they have to be in the bid 0:10:24.320 --> 0:10:26.760 on the office side of the market, that is the 0:10:26.840 --> 0:10:29.520 FED they will be to allow that. So if you 0:10:29.559 --> 0:10:34.920 allow that to occur and you push credit where where 0:10:34.960 --> 0:10:38.640 firms are shuttered, then you the presumption is you have 0:10:39.480 --> 0:10:44.040 something that's still viable so that when they mandated shut 0:10:44.080 --> 0:10:47.760 down ends or as it ends, because it's not going 0:10:47.840 --> 0:10:50.120 to just end to one fell swoop. We know that. 0:10:50.679 --> 0:10:54.400 But as it ends, then these businesses can come back 0:10:54.440 --> 0:10:57.520 to life again. Whereas if you don't do that, and 0:10:57.559 --> 0:11:02.120 this is what I mean by by the uh rein fencing, 0:11:02.240 --> 0:11:05.760 if you don't do that, then this thing just cascades through. 0:11:05.800 --> 0:11:08.440 And then when everyone goes back to work, that's great, 0:11:08.520 --> 0:11:11.880 but so many business will just just be permanently closed. 0:11:12.160 --> 0:11:13.520 And so what do you want to hear? So we're 0:11:13.520 --> 0:11:16.200 gonna hear at least from a speech perspective from j 0:11:16.360 --> 0:11:19.320 Pale tomorrow, we're continuing to hear from FED speakers. What 0:11:19.440 --> 0:11:21.360 more do you want to hear that? Maybe more up 0:11:21.400 --> 0:11:24.280 to date and relevant that the FED is thinking about 0:11:24.679 --> 0:11:28.920 or doing, Given as you say, Steve, that you know this. 0:11:28.920 --> 0:11:31.280 This feels a little bit outdated these minutes at this 0:11:31.320 --> 0:11:34.559 moment in time, given how fast the world is moving. Yeah. 0:11:34.679 --> 0:11:39.800 I think there's two things here, and I think one is, um, 0:11:39.840 --> 0:11:43.640 what's the simulus plan? Right? So everything they've done is 0:11:43.679 --> 0:11:47.520 to keep everything together, and I guess the stimulus plan 0:11:47.679 --> 0:11:50.120 is through the SPVs, and I like to hear more 0:11:50.160 --> 0:11:52.959 about that and more about we keep getting bits of 0:11:53.040 --> 0:11:56.160 pieces of information about this lending to main street business 0:11:56.400 --> 0:11:59.040 and I'd like to hear a little bit more specifically 0:11:59.080 --> 0:12:02.920 about what that is and how that's gonna work. Um. 0:12:03.000 --> 0:12:05.560 And but then I guess the stimulus is just for 0:12:05.600 --> 0:12:08.600 them to support whatever the fiscal side is because there's 0:12:08.600 --> 0:12:11.720 no more stimulus that they can really offer. And then 0:12:11.760 --> 0:12:15.920 while it's early to think about this, and I admit that, 0:12:16.520 --> 0:12:21.600 but triage is not policy. And what is your policy? 0:12:22.080 --> 0:12:25.320 That that is the FED? What is the FENS policy 0:12:25.520 --> 0:12:30.920 as we reopened? Because death Comb is on the scales 0:12:31.000 --> 0:12:35.480 of capital market prices everywhere, they're the both sides of 0:12:35.520 --> 0:12:41.160 the market almost everywhere. Um, what is their plan? What 0:12:41.320 --> 0:12:45.480 is their thought to unwind where they are? And are 0:12:45.520 --> 0:12:48.680 they going to go back to what they were over 0:12:48.720 --> 0:12:52.920 the last expansion, which is being the leverage for the system, 0:12:53.040 --> 0:12:55.000 their balance. It was a level of a system to 0:12:55.080 --> 0:13:00.880 allow um borrowing and and and and an equity issue 0:13:01.080 --> 0:13:05.560 was to occur at the same time, washing financial sector 0:13:05.880 --> 0:13:07.880 leverage to be fair, and Steve, we've just got about 0:13:07.920 --> 0:13:10.360 forty five seconds left here. I mean, the Fed's going 0:13:10.400 --> 0:13:12.679 to have to watch how this evolves on the other side, 0:13:12.720 --> 0:13:14.920 just like the rest of us. We don't know what 0:13:15.040 --> 0:13:17.880 the longer term impact will be. What kind of behavior 0:13:18.280 --> 0:13:21.480 will we see, you know, in individuals and companies. We 0:13:21.640 --> 0:13:23.400 just don't know yet. I mean, we were talking to 0:13:23.800 --> 0:13:26.160 John Worth, I'm well known to the sports industry and 0:13:26.240 --> 0:13:29.040 saying that is kind of a loss when it comes 0:13:29.120 --> 0:13:31.680 to sports at this point. So, UM, just got about 0:13:31.679 --> 0:13:35.640 thirty seconds left here. I I agree with you completely, 0:13:35.679 --> 0:13:39.440 and I don't expect him to answer that, but I think, um, 0:13:39.480 --> 0:13:42.720 I think it's something though that we should be thinking 0:13:42.760 --> 0:13:48.120 about as the economy solely does recover. And remember, our 0:13:48.200 --> 0:13:51.280 view is that the lows aren't into the equity market. 0:13:51.280 --> 0:13:55.280 We're looking eighteen dreds thousand. I still see a negative 0:13:55.320 --> 0:13:59.680 GDP for the third quarter. Um, the overhang of what's 0:13:59.679 --> 0:14:03.640 occur ard is going to extend basically into the third quarter, 0:14:04.320 --> 0:14:07.040 very slow return and GDP doesn't get back to where 0:14:07.080 --> 0:14:09.640 it was in the fourth quarter twenty nineteen until late 0:14:11.480 --> 0:14:15.680 all Right, we really appreciate that instant analysis. Fast moving 0:14:15.679 --> 0:14:18.680 this afternoons ficial without that lockout. Steve litz c us 0:14:18.760 --> 0:14:20.880 economist for T s Lambard joining us on the phone 0:14:20.920 --> 0:14:24.560 from New York City. Stay safe. This is Bloomberg Business 0:14:24.560 --> 0:14:28.600 Week with Carol Masser and Jason Kelly on Bloomberg Radio. 0:14:28.920 --> 0:14:33.000 Let's turn to the doc our guy. Dr Ian LUs Bader, 0:14:33.080 --> 0:14:35.800 clinical Associate Professor of Medicine at n y U s 0:14:35.840 --> 0:14:38.920 Lango Medical Center, joining us on the phone from New 0:14:39.000 --> 0:14:41.640 York City. We love checking in with him because he 0:14:41.680 --> 0:14:46.240 gets it to a straight Dr leus Bader, how you doing, Hi, Thanks, 0:14:46.640 --> 0:14:51.360 thanks for having me. Definitely challenging times out there today, 0:14:51.400 --> 0:14:55.560 having done twenty telemedicine visits many patients with you know, 0:14:55.640 --> 0:14:59.840 really classic COVID symptoms so loss of smell and see 0:15:00.080 --> 0:15:03.320 or clough. I personally know about twenty friends and colleagues 0:15:03.400 --> 0:15:08.600 with diagnosed COVID, A number of physicians who have acquired it, 0:15:08.760 --> 0:15:13.640 some fortunately, most doing fairly well. Some has unfortunately been hospitalized. 0:15:14.200 --> 0:15:17.480 So very challenging. Times are really it's all hands on deck. 0:15:17.560 --> 0:15:20.440 Are friends who are in dermatology, urology are being called 0:15:20.480 --> 0:15:23.760 into the hospital to really help manage the huge volume 0:15:23.760 --> 0:15:27.640 of patients. So it's it's a challenge. So when you 0:15:27.680 --> 0:15:31.200 read are you know here Anthony Faucci as we know 0:15:32.040 --> 0:15:35.120 at the National Institute of Allergy and Infectious Diseases, you 0:15:35.160 --> 0:15:38.280 know very well known now because of the virus updates 0:15:37.960 --> 0:15:41.960 and SEANTA daily basis. When he says, um Dr les 0:15:42.000 --> 0:15:44.000 Bader that the start of a turnaround in the fight 0:15:44.000 --> 0:15:48.120 against the virus could come after this week, how do 0:15:48.200 --> 0:15:50.000 you see that? How do you interpret it? Because I 0:15:50.000 --> 0:15:52.520 think it is important that we not run into fast 0:15:52.560 --> 0:15:56.280 But how do you interpret that? Thinking? Well, Dr Faucci 0:15:56.400 --> 0:15:58.920 is is a legend. I remember him from the HIV 0:15:59.120 --> 0:16:02.320 days back in the eighties, and so he is. He 0:16:02.440 --> 0:16:06.440 is a very credible expert for a long time. And uh, 0:16:06.600 --> 0:16:09.280 and and hopefully the models are correct, and hopefully the 0:16:09.360 --> 0:16:11.760 numbers are correct. I can tell you the system, certainly, 0:16:11.800 --> 0:16:16.760 the hospital system is that max capacity and certainly very strained. 0:16:17.280 --> 0:16:20.680 UM it's always challenging when when some of your colleagues 0:16:20.680 --> 0:16:24.160 are succumbing to the same disease that that you're treating. 0:16:24.520 --> 0:16:27.040 And I think we have frustrations. I think a lot 0:16:27.080 --> 0:16:30.760 of the numbers we have are inaccurate because we really 0:16:30.760 --> 0:16:36.600 don't have testing. Getting um Miley symptomatic patients tested, UH 0:16:36.840 --> 0:16:39.360 is very difficult. You know, what's advertised as sort of 0:16:39.360 --> 0:16:43.440 the fifteen minute turnaround is very very limited. People are 0:16:43.480 --> 0:16:47.120 asking intelligently, I must say, patients asking about antibody testing 0:16:47.960 --> 0:16:49.720 they think they had it. Is it safe to go 0:16:49.800 --> 0:16:53.840 out those i GM early antibodies and i G G antibodies. 0:16:54.200 --> 0:16:57.120 So many people, including physicians, would like to be tested, 0:16:57.360 --> 0:16:59.560 and I think when we do test all those people 0:16:59.600 --> 0:17:02.760 were going to see the case number much much higher 0:17:02.760 --> 0:17:07.719 than what's officially reported. So hopefully he's right. Hopefully the 0:17:07.720 --> 0:17:10.719 the peak is sort of cresting at this time because 0:17:10.720 --> 0:17:14.280 the system certainly is is strained. I myself will be 0:17:14.320 --> 0:17:17.639 on call on the hospital next weekend, so certainly I 0:17:17.680 --> 0:17:20.159 would it would be great if the numbers begin to 0:17:20.200 --> 0:17:23.240 come down. And we also really need better, better treatment. 0:17:23.240 --> 0:17:26.480 A lot of patients are in studies for that plaquinal 0:17:26.600 --> 0:17:31.679 hydroxy chloroquine and zpac io sex inhibitors, but we really 0:17:31.720 --> 0:17:34.720 also are lacking data on what's the right approach to 0:17:34.760 --> 0:17:38.200 treat people. So that's a lot of supportive care. My senses, 0:17:38.240 --> 0:17:40.440 when all this data is in and all the ventilators 0:17:40.480 --> 0:17:43.440 have arrived, the storm will have passed and in June 0:17:43.480 --> 0:17:46.320 or July will have ten thousand extra ventilators and lots 0:17:46.320 --> 0:17:50.440 of studies and uh, you know, most of the storm 0:17:50.480 --> 0:17:54.120 will have passed. Unfortunately, so only got about a minute left. 0:17:54.200 --> 0:17:56.199 Dr les Bader, I gotta ask you just from a 0:17:56.280 --> 0:17:59.080 very practical perspective, because we're talking about it in our house. 0:17:59.400 --> 0:18:02.520 When do we are a mask? You know, in general, 0:18:02.600 --> 0:18:05.080 I think it's good to be safe. Most people in 0:18:05.119 --> 0:18:07.600 their household, if they've had it, they've probably exposed to 0:18:07.640 --> 0:18:11.040 other people. So unless someone for sure in the house 0:18:11.119 --> 0:18:13.720 knows you're in quarantine, you haven't no one else did, 0:18:14.280 --> 0:18:17.399 that's reasonable. It is reasonable to wear outside, although I 0:18:17.480 --> 0:18:19.280 must say there are so few people on the street 0:18:19.320 --> 0:18:22.560 you haven't more you know you've got. But I think 0:18:22.600 --> 0:18:25.800 if you're going into a closer space, that's reasonable if 0:18:25.800 --> 0:18:28.120 you're sure you haven't had it to where it play 0:18:28.160 --> 0:18:31.200 it safe. You know, Gloves, if you wash your hands regularly, 0:18:31.280 --> 0:18:35.320 are probably unnecessary. So I think it more is better 0:18:35.359 --> 0:18:38.520 when it comes comes to masks, I think that's reasonable 0:18:38.560 --> 0:18:40.840 to do. I'm going to replay that from my teenage 0:18:40.920 --> 0:18:43.280 daughter who keeps fighting me on it, like I can't 0:18:43.320 --> 0:18:45.320 breathe through it. I'm like, just put it on or 0:18:45.359 --> 0:18:48.480 just wear it. Figure it out. Figure it out. You 0:18:48.520 --> 0:18:50.320 do get used to it, and I think this is 0:18:50.359 --> 0:18:52.120 also a time to think about I hate to say 0:18:52.119 --> 0:18:55.600 it advanced directives many patients who are older who are sick. 0:18:55.880 --> 0:18:57.480 We know they get in the I c U. It's 0:18:57.480 --> 0:19:03.359 a mortality to the I see you think about it 0:19:03.480 --> 0:19:05.720 doesn't hurt to sort of say, what do I want 0:19:05.760 --> 0:19:09.399 to important to think about that? All Right, We're gonna 0:19:09.560 --> 0:19:12.080 put We're gonna talk with you more about that the 0:19:12.080 --> 0:19:14.240 next time we catch up. And we've been very fortunate 0:19:14.280 --> 0:19:16.080 that you're able to spend some time with us just 0:19:16.119 --> 0:19:18.600 about every week. We really appreciate Dr Ian Lesibator, stay 0:19:18.640 --> 0:19:22.520 safe out there, Clinical Associate Professor of Medicine over at 0:19:22.560 --> 0:19:26.960 Lango Medical Center. This is Bloomberg Business Week with Carol 0:19:27.000 --> 0:19:30.920 Masser and Jason Kelly on Bloomberg Radio. I also think 0:19:30.960 --> 0:19:32.680 it's notable, and I just want to take a moment 0:19:32.720 --> 0:19:35.879 to point out that Newsom also has been doing some 0:19:35.920 --> 0:19:39.240 fairly remarkable things in terms of not just allocating his 0:19:39.280 --> 0:19:42.360 states resources within the state, but also reallocating them when 0:19:42.359 --> 0:19:46.920 they're not needed, sending ventilators to New Yorks. Yeah. I mean, 0:19:47.000 --> 0:19:52.440 it's really just amazing to think about how important New York, 0:19:52.560 --> 0:19:55.199 California and all of this is, especially as we move on, 0:19:55.359 --> 0:19:58.560 as you say, to this next phase, it's really um 0:19:58.920 --> 0:20:01.080 it's an important thing to to keep track of. And 0:20:01.119 --> 0:20:03.840 as you say, it's it's ventilators, but you know the 0:20:03.880 --> 0:20:06.360 PPE and everything else. Yeah, exactly. I mean they said 0:20:06.400 --> 0:20:10.199 their initial goals were five hundred million PPE, you know, 0:20:10.280 --> 0:20:12.960 and it's all its various forms. And then of course 0:20:13.040 --> 0:20:16.160 as the you know, the trendline and how the virus um, 0:20:16.400 --> 0:20:19.359 you know, the models, how they played out has given 0:20:19.400 --> 0:20:22.600 them an opportunity to kind of take a second look 0:20:22.600 --> 0:20:24.280 at that, and then that's how they've been able to 0:20:24.720 --> 0:20:27.320 certainly spread out the equipment not just to their state, 0:20:27.359 --> 0:20:29.320 but to other states. So I think I don't listen 0:20:29.320 --> 0:20:32.160 to you. I listened to you, listen to feel free 0:20:32.160 --> 0:20:34.000 to tweet me. Does he always listen to me? And 0:20:34.040 --> 0:20:36.000 don't think I mostly listen to you? You know who 0:20:36.040 --> 0:20:39.919 I always listen to and read? Though? Is Michelle what 0:20:40.000 --> 0:20:42.760 a rock star during all of this? Because we're always 0:20:42.800 --> 0:20:45.040 interested in what's going on in Wall Street, maybe now 0:20:45.080 --> 0:20:48.480 more than ever because at the crux of this geographically 0:20:48.480 --> 0:20:51.159 but also in terms of the recovery, really important to 0:20:51.200 --> 0:20:53.639 understand what's going on there. She joins us on the 0:20:53.640 --> 0:20:58.240 phone from Vermont. Michelle Davis does Financial Reporter her story yesterday. 0:20:58.359 --> 0:21:01.440 I feel like set the tone for everything that's happening. 0:21:01.800 --> 0:21:04.439 Greed and fear collide. Wall Street calls traders back to 0:21:04.520 --> 0:21:09.280 the office. So Michelle, help us understand what's going on 0:21:09.600 --> 0:21:12.160 when it comes to Wall Street people going to work, 0:21:12.359 --> 0:21:16.160 not going to work. What do you find? So we 0:21:16.359 --> 0:21:20.040 have been hearing from traders across Wall Streets that they 0:21:20.119 --> 0:21:23.639 are getting pressure from managers to go back into the 0:21:23.720 --> 0:21:28.399 office even as you know, infections rise around them, you know, 0:21:28.520 --> 0:21:30.880 not only around New York City, but in some cases 0:21:30.880 --> 0:21:34.160 on the trading floors that they had been working on UM. 0:21:34.280 --> 0:21:36.480 And I think this is a really important story because 0:21:36.480 --> 0:21:39.399 when we talk about Wall Street and traders, you know, 0:21:39.480 --> 0:21:42.920 these are white collar workers that you know, they're not 0:21:43.640 --> 0:21:46.600 a group of people that tends to realizeit much empathy 0:21:46.680 --> 0:21:48.480