Before the coronavirus and it looked strong but there was a caveat, because we had a warm winter and that meant labs in the construction sector are behaving strangely relative to what is ordinarily the case. Hiring was good but not quite as good as the headline number suggested area david headline numbers. David we had the president speaking and then is this good news being bad news with the administration saying we dont have to worry about it very much . Carl we see investors treating it accordingly. When larry kudlow is saying we need a targeted response and a narrowly targeted, temporary, was the expression he used to of this has echoes of summer 2008 during the early stages of the financial crisis where we were in a president ial campaign and john mccains chief advisor, phil gramm, was talking about a nation of whiners and a recession and it became clear the Mccain Administration did not have a grasp on how to deal with a fastmoving and large crisis, markets lost confidence and that was when we saw the obama team surge and the support with hopes of having a better economic plan in place. There will have to be a moment of reckoning where we realize we need a major multipronged approach on health care policy, Monetary Policy and further accommodation from the fed and a stronger fiscal year. David well said. He is our chief u. S. Economist. Lets turn to kevin cirilli. The president and it larry kudlow seem to be confident about where we are. Do they know something that we dont . Kevin they are protecting optimism. The president signed 8. 3 billion of in a package that suggested. 3 million will go toward Vaccine Research and slightly more than 2 billion will be spread out in order to fight for preparedness throughout the country. Lawmakers starting to look at the economic implications. Senator marco rubio, a republican from florida, saying they are having opening conversations in the capital on what would happen should it impact legislators and get onto capitol hill. There have been reported cases in pennsylvania and maryland. In addition to that, i caught up with the top democrat on the intelligence committee, and he said he is looking at regulatory for various issues as it relates to the regulators giving a nod of sorts to Financial Institutions who may have to provide some more leniency for consumers as delays are becoming more anticipated over the next several months, essentially because of the coronavirus. David that sounds encouraging, but for me, how do we know how many people had the disease right now, because we have not done the testing. Where is the testing . Zar . E is mr. A kevin a portion of that money will go towards testing. When i spoke with lawmakers yesterday about this issue of the need for more Public Awareness as to how to get tested all of those are being openly discussed in realtime. The final point about data is crucial for all of this. Yesterday i spoke with two top officials in both parties who raise the concern that the data coming out of china is not to be trusted and has not been accurate. Surroundingstions how to get accurate data as it relates to the coronavirus. David investors have a lot of markets questions, including today. From cirilli, reporting the white house. And now lets bring in jeanne professor. Litical we also have an election going on. We lost Elizabeth Warren yesterday and then there were two, except tulsi gabbard, basically to on the democratic two on the basically democratic side . Jeanne many people are lining this up as your home state of michigan being an important state for bernie sanders. Anheard he has canceled appearance in jackson, mississippi and putting all efforts into michigan. He really does feel like this is a must win state for him. Is this conceding the africanamerican in the south wrote to biden. Inid he did well in 2016 michigan and beat Hillary Clinton handily and michigan. Privateso for canceling Health Insurance and we have a lot of automakers from my home state of michigan and they are not keen on losing their insurance they campaigned so hard for four years. Thene he did well with midwest states, including michigan, since 2016, and he has not changed his issue on the privatization of Health Insurance. He does have real support in michigan and is well organized and has a lot of money to spend up their. There. En up joe biden has to catch up. What we are seeing from super tuesday is that voters around the country see a must win for getting donald trump out. We may see voters, particularly late deciders, pushing themselves again to joe biden. David thanks to jeanne zaino, are bloomberg political contributor our bloomberg political contributor. Here is Abigail Doolittle. How are we doing . Bigail another bearish day what is spooking investors is the big rally in bonds. They are at epic rally. The 10 year yield is well below 1 at this point. High yield spreads also blowing 2018o levels last seen in and then in 2016. That tells you the highyield demandingtors are because the wrist picture is increasing. We talk about the unknown around the coronavirus, you cannot value the unknown. That is the ultimate challenge faced by stock investors. David is there a bottom . Just take yields on the 10 year, is there a bottom . We could look like we are heading to a recession. Abigail you could say we are headed to a recession looking at the bond markets. Talked about the yield curve and we had the inversion last august that was very brief. By steepingfollowed in the past and leading to a recession. A here in the u. S. , you need to have a better sense of what the coronavirus is and what the impact it would be on the corporate profit outlook. We just dont know right now. Until we have the information, traders will be very the information, traders will be very uncomfortable. That is what these parameters in market gauges are telling you. David thank you to Abigail Doolittle your here is Mark Crumpton with first word news. A 7. 8 billion dollars emergency coronavirus spending. And localses state governments for the cost of preparing for and fighting the virus. The president says he believes the markets will recover from recent losses. Pres. Trump think Financial Markets will bounce back. Dont forget, they are down probably 10 or 11 from where they were, they were up 70 . It is a relatively small piece. Is set to visit the centers for Disease Control and prevention in atlanta this afternoon. There are 200 confirmed infections in the United States. Iran warns it might use force to limit travel between cities. Iranian Health Officials did not elaborate on the threat but did acknowledge the coronavirus is in all of the countrys 31 provinces. Iranian media posted long lines of traffic as people try to reach the caspian coast from coast from taiwan, despite authorities telling people to stay home. There are 4700 confirmed cases of the virus in iran, 124 people have died. Opec talks in vienna today sending oil prices plunging. Delegates failed to reach a deal as russia refused to bend to prussia from the cartel from russia as russia refused to bend to pressure from the cartels to join them in a supply reduction. Oil reducers trying to offset the impact of the coronavirus, which has hammered demand. The United NationsMigration Agency reports a grim milestone regarding deaths of migrants trying to cross the mediterranean. It is estimated 20,000 people have died since 2014. That includes the presumed drowning of more than 90 people after a small boat overturned after leaving libya last month, and the disappearance of a ship set off from algeria. Global news 24 hours a day, online and at quicktake on bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. David a hiring search last month, but can the labor market hold up as the coronavirus spreads . We ask alstom goolsbee at the university of chicago. This is bloomberg. David this is balance of power. Im david westin. The u. S. Labor market surprised upside last month with wages going up at the rate of 3 per year. The president s Senior Executive advisor showed just how strong the u. S. Economy is but did warn growth would be slow in the Second Quarter. Are better there you may be 2. 5 to 3 in the first quarter. I know, as a realist, Economic Growth is likely to slow in the Second Quarter and maybe the third. David for his take on the state of the u. S. Economy looking forward, we welcome austan goolsbee, former chairman of economic advisers under obama and currently economics professor at the university of Chicago Booth School of business. Us. S great to have you with as an economist, from the white house, what is your take on where the state of the economy is today and where it is going . Austan the solid jobs numbers in the gdp growth has been modest at best, as you saw at the tail end of last year. Growth sputtered down to 2 and most of the forecasts are nowhere near the 3 that larry kudlow was talking about. It is 2 at best. There are something we make it down into the ones. And the danger from the virus, if i were in Larry Kudlows position, and he is a friend and im not criticizing him as a person, but i would not be trying to get out front and assure people that everything is fine and we are going to be growing 3 over the course of the year. David there is a range of possibilities here. We dont know how bad this is or how bad it could get. You have a piece in the New York Times today on the subject. You say the outbreak may be less than china but you say if there was an equivalent outbreak, you said it might easily have a worse impact in the United States than china erie why is that . Austan on the economy, because if you look at what happens, there are two steps in what happens. One is the negative impact on the supply chain and manufacturing and that is what you have seen so far. The step two is the fear factor selfregulating and so quarantining and not going to restaurants in flying on air planes or going to the gym and stuff like that my only point is if you look at the big, rich economies in we are the biggest and the richest, our economies are more dominated by those facetoface services than the chinese economy is. If everybody stops going to restaurants and flying on airplanes and going on cruise ships, that is a bigger hit on our economy than even it was in china. Hopefully the health and medical show a virus spreading as rapidly here as it did in china, but if it does, i am nervous that the impact on growth would be bigger than the really major they already had in china. A health issue and a personal tragedy for people who are dying. We should focus on that, but there are economic effects and that is what we are talking about. Lets talk about what one would do, because we dont really know about how bad it might be or might not be. What can be done . Lets start with Monetary Policy. We had the emergency rate cut with 50 basis points this week and the chairman, jay powell, talk about what that was. I talked to Larry Summers and this is what he said. He was not very complimentary of what mr. Powell did erie this is what he said. The choreography was a calamity powell did. This is what he said. The choreography was a calamity and there was no reason to foreshadow it on friday was to secure a buy on the rumor intel tell on the news situation oncell on the news sell the news. What was the reason of having leaks come out early in the week . I dont see how they could have thought that this was going to be highly effective. David as you know, the markets did not react well to what was done there. Did the fed a mistake . Did jay powell make a mistake . Austan secretary summers is right that anytime you get the fed leaking information or foreshadowing how we are thinking on monday doing this, you open the door to rapid trading and dealing and information which can be problematic. The fed is not alone. You have seen around the world Central Banks trying to come forward and saying we see this could be a problem and we just want everyone to know that we are on it and are willing to cut rates. That makes me nervous is the double whammy that first we all know the fed that a shorter runway because rates are starting lower than they normally are and trying to fight recession. In the second is a virus induced recession in which people just dont want to leave their houses for a couple of months or so as they wait for the virus to go by. That strikes me as a very different scenario than a normal business cycle. I dont know that tax cuts or rate cuts or maybe we should be thinking about monetary and fiscal stimulus, but im a little afraid if we do those stimuli, that we will come back and look and say, oh, their impact was much smaller than they normally are, because for whatever reason, you gave a tax cut nobody still wanted to leave their house people spend their tax any. Tax money. , we ought tohere redouble our efforts to slow the spread of the virus, because if it does get here, i dont think dealing with the Economic Impact of it will be as easy as maybe people think. David that sure sounds right. We have to do what we can, including testing to know what big of a how big of a problem we have. What about remediation in this sense . We will have small is this is stressed if people arent going out to dinner and are not buying airplane tickets and things like that. Should we be having facilities in place to help tide them over and maybe loans, sorry love sort of what like fema would do . Austan it is exactly the style of thinking the fed uses at the discount window in a crisis. You say, the finance still Financial Institutions can solve it during a small panic and i think they should be able to explore things like that. That is probably on the fiscal side and not the fed, but they should be open to thinking through things like that if it has this feature that everybody is going into hiding for a short period, but we think that in a few months its going to come back to Something Like normal. David thank you so much for being with us. That is austan goolsbee, the former chairman of the Economic Council under obama. A strong jobs report not enough to calm investors fears. Markets are plunging. This is balance of power on Bloomberg Television and radio. David this is balance of power. Im david westin. Talks stumble all treasury yields plunge to new record lows over concerns of the coronavirus and what effect it may have on the Global Economic recovery. We now have more. We are heading towards the lows of the session. I would say that is a dramatic move. We moved by 2. 5 every day this week. We started the week with a big move to the upside and wiped out gains. The stock market is starting to reflect the fears you are seeing in the bond market. Anywhere you look, you are seeing yields absolutely tumble. The 10 year is at 72 basis points. The farther you go out on the curve, 30year down by 27 basis points, the biggest oneday drop since 2011. Serious reflection on how concerned the market is on the Economic Growth dori. David that should be enough, but it is not. We have oil and look at what is going on with oil. Is now at his lowest since august 2016. Deal witht going to what could be the biggest man stock in years. It is a brutal story. Oil is tied to Economic Growth. It is a painful day and Energy Stocks hit hard off of the back of that. David they did not get a deal after they got everybodys hopes up, so it is even worse. Many thanks to kailey leinz. Are the policymakers measuring up to the task on dealing with the Health Crisis . We are going to talk to political scientist Michael Burkman from penn state Michael Berkman from penn state. David from new york, this is balance of power. Im david westin. We go to Mark Crumpton first will visit thek cdc in atlanta this afternoon. Canceledwas initially over concern that somebody at the cdc may have contracted the coronavirus. The president will stop there before he goes to his maralago resort in palm beach florida for the weekend. Mr. Trump is headed first to nashville where he will meet with the governor and survey the tornado damage. More than 100,000 people around the world confirmed to have the coronavirus. The number jumped after a spike in reporting cases in europe and iran. One positive note, china is seeing a drop in the number of infections and deaths. That is where the coronavirus outbreak began. The Trump Administration moving dnaep closer to requiring samples on undocumented immigrants being held on criminal charges in the United States detention facilities. Under a new rule, Homeland Security department can collect dna samples put in a massive database used to identify and locate violent criminals in the country illegally. Civil liberties groups say it sends sets a dangerous precedent. Families of those who died in the downing of Malaysian Airlines flight 17 in 2014 bracing for a trial that begins next week in the netherlands. Three russians accused of mass murder for their alleged roles in the shooting down of the pain plain. It was headed to amsterdam when it was brought down by a missile fired from russiancontrolled territory. Russia has denied any involvement. All 298 people on board were killed. Global news 24 hours a day, online and at quicktake on bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This bloom. David each this is bloomberg. David each day brings disturbing news about the spread of the coronavirus and its effect on our people and economy. We look to our government for leadership. Is it what we need and expect . We turn to Michael Berkman, professor at penn state. Welcome paired really good to have you. Lets go to the core welcome. Good to have you here. Lets go to the core question how is the administration responding . Michael it is complicated. They have certain responsibilities and the public turns to the National Government for information and to feel confident about how things are being handled. The state governments are responsible for a lot of the Health Measures that will affect peoples lives. David it is sometimes our strength and our weakness as well. To which thesense United States government between the cdc and federal agencies is able to influence or direct state and local agencies . Do we have protocols across the country . Michael and they can help with money, which is what happened today. The president signed the bill that will buy more money to state and local governments. The federal government can set certain requirements and regulations as circumstances might require. S andof the travel ban restrictions come out of the federal government but states are also setting social distancing rules and things along those lines. David i would think it would be a courageous state official who disagreed with the federal government who came out with guidelines. Governmentall of our officials month the same thing and that is to get rid of this as fast as we can. Michael of course that is absolutely true. They want to be on the same page. I think that the white house is doing a better job on the optics of communicating each day what is going on. The experts have been out front and taking a vocal role, and that is important because people look to washington for that. David what about clarity of communication . That her there is not always been agreement and some of the officials. For example, on the test kits. Yes, not unusual in this administration for the president to sometimes disagree with his administration. We have seen this in the case of the health emergency, and that can be particularly concerning. People are looking for information, accurate information, and consistent information. The testing is to be a real problem, because when they do start testing, then we will suddenly see a lot more cases. David and even before we get to that, it is unclear how many kits are going out. We have had varying numbers. Even after they go out there is a training and testing that we make inconsistent results are false positives or negatives. Michael i am sure. It is going to take a wild before they get this down. This should have been set up and ready to go in advance. What hashe concern and come out of washington has to do with setting up and being repaired for this in the time after which we first heard about it in china before it got here. David what about the idea of having the Vice President being in charge of all this . He is a senior official and has a lot of experience in government. On the other hand, he has some other things to do and he cannot fire him if it goes wrong. Michael that is a good point. At least he cant fire him right now. What he does Going Forward is another story altogether. It makes sense to put somebody in charge who has a good handle on how Government Works and is in a good position to talk with different governments and get them to work together. From that perspective, putting somebody like the Vice President in charge makes sense. President obama did not put a Health Official in charge during the ebola crisis, he put someone in charge who knows how Government Works. That part makes sense to me. Know what else the Vice President is doing. David what is the role of congress in you said that they todayppropriated money and what kind of role can Congress Play or is this an executive branch function . Executivet is much an branch function. Congress has an Important Role in terms of oversight and in terms of getting permission about what had been done and what will be done in terms of providing a place to ask difficult questions. David if your advisor to the president of the United States today, what would you advise him to do . What is the one thing he is not doing or the government is not doing or something that he is doing that he should stop doing . Michael you should be much more careful in your own Public Comments that i doubt will be received seriously. But it is confusing at times when he is saying things in interviews that contradict or not fully consistent with what we hear from his Health Professionals. ,avid thank you so much professor. That is Michael Berkman at penn state was a professor of Political Science. Will the government give fiscal support to the economy . I pose that on this weeks wall street episode. That i posted that question on this weeks wall street episode. That is coming up next. David this is balance of power. Im david westin. Markets and government officials can say all they want about the coronavirus, the end, it comes down to the scientist and Health Professionals for a read on what is going on with the coronavirus. Dean forend the Vice Public Health practice and Community Engagement at Johns Hopkins universitys Bloomberg School of Public Health. He is also the author of a public Health Crisis survival guide. He comes today from baltimore. Thank you for being here. Us your prescription on how we are doing on the public Health Crisis and what are we doing that we should be and what are we not doing . This is very much a public Health Crisis and people are worried about it and there is an enormous amount of activity in response. It is important to think about a couple different dimensions of the response. One is organizing the government and the private sector to do what is necessary to control the thease without devastating economy and shutting down in counterproductive ways. There is a lot of activity in. Hat area you have local and state Health Departments tracking people and planning on where patients could go. The cdc is providing national guidance. We have a lot of great professionals in all of those different areas. It is another dimension to this which is communication. It is important there be clear and consistent communications, because fear and panic always happen with Public Health crises. Here i think we get mixed reviews because we have multiple messages. Different messengers, confusion about testing and other things. It is really important and will be important that the people in the American People and who they are hearing from our important with scientific backgrounds and who can be trusted. I would like to be seeing more of a consistent and Competent Communications effort. David i am glad you mentioned testing. But for a sort of lay people and not professionals, we cant understand why we are not testing more people, because it is hard to address the problem if we dont know how big it is. Can we really know how many people have it in the United States right today . Dr. Sharfstein we do not know how many people have it because there have been some troubles with the test that the cdc created and they didnt work out of the box. We have been playing catchup ever since. The fda issued a policy to try to rapidly scarab testing, even before the agency scare up testing, even before the agency did. Hopefully we can address this initial problem. Even though it is absolutely true, we need more testing and have had a big problem standing up testing, but it is important for people to understand they dont necessarily need a test right now. There is a lot of thinking sometimes in this situation, if i just got a test i can be reassuring. But the truth is with an illness that has a 14day incubation period, you get get a negative test and then get sick. So understanding the results becomes important. Right now the priorities for testing are people who are sick, serious cough, pneumonia, no explanation for symptoms, anyone who is part of investigation of a particular case, or people who just wake up with no known exposure and are feeling fine and wondering whether they have it, this is not the time to go to the Emergency Department. You do not want to crowd the Emergency Department and you do not want to sit next to someone in the waiting room whom i have coronavirus. It is important to put this in context, even as we realize we dont have enough right now. David a headline just crossed the bluebird that the World Economic forum has postponed its thedd some crossed bloomberg that the World Economic forum has been postponed until next year. It is not the only event being postponed because of the coronavirus threat. Lets come back and let me ask you as a Public Health expert, we think of this as a medical problem, scientific problem. Is there a socioeconomic aspect to it . Those who feel most affected and least able to address the problem may be the poorest among us, they did with respect to testing. I realize that cost a substantial amount of money. 40 of the country cant afford 400 for emergency. Is there socioeconomic danger that actually it will spread worse in the lower socioeconomic classes because they dont have the wearable wherewithal to deal with it . Dr. Sharfstein when it is an infection like this, it affects everyone. If they cant afford to get testing or even worse treated and isolated. They have to go to work because it is the only way they can get money and that is a risk to everyone. For someone who works in a restaurant, it is the diners who could be at risk. It is important to see this as everyone is in it together and we have to help people who do not have financial means to make sure they get testing and treatment and other economic support that they need. That really does protect all of us. David you said earlier we may be playing from behind when it comes to test kits. Do you have a sense that we are catching up come as a country, federal government are we catching up . Dr. Sharfstein yes, in some respects we are catching up. In others we are doing well and i am impressed with the National Institutes of health launching different studies in record speed to try to eventually get to a vaccine or treatment that can save lives. That is very promising. I do think there is still some major . About whether the overall response will be led from a scientific viewpoint or not. David we just had a Political Science professor from penn state talking about the federal system of government. Is there a Quality Control issue that you dont have in china . In china they can decide what happens and it happens. Here you have federal, state, local public Health Officials. Should we concerned or maybe disagreement or a failure to have consistency across the federal government . Dr. Sharfstein i think that is both a strength and a weakness. But in many ways it is a strength of our system. I have been a local Health Officer and was the commissioner for Baltimore City and local Health Officers are often some of the most trusted people in their communities. If you are trying to reassure people in times of anxiety, having someone i would stand next to the doctors of Johns Hopkins, university of maryland, other hospitals and we would provide updates and reassurance and guidance on things like ebola or influenza, and it is the same people people you trust in your communities. Having that system where it is not just one person in the white house talking and that same message is amplified robotically and that people who are trusted and communities can help their communities make it through this. I think that will prove to be a strength for our system. David this has been very helpful. Thank you our time. Is also the author of the public Health Crisis survival guide. We should also note that the school he actually serves at is supported by michael bloomberg, the founder and majority owner of our parent company. One of the Big Questions about our response to coronavirus is whether and when the government will give fiscal support to the economy overall, or two different sectors particularly hard it. On this weeks wall street about howtalked realistic it is to expect the United States government to put forward substantial physical help to those who need it. Was, dontthere think about what politicians and policymakers should do, think about what they will do. We know the Congressional Budget Office is forecasting significant pressures by 2030 around the u. S. Fiscal, in terms and when i think about corporate incomes and Living Standards in the United States, what is it i know to be true russian mark regardless of be true . Orardless of a democratic republican president , we know taxes will raise. David we dont hear that from either side. There are no plans to reform Social Security or medicare. If you compare the growth during the second obama term versus what is almost a completion of the first trump term, fiscal policy loose during the Trump Administration and tight during the second obama term because of the mix of government. When you get democratic president and a partial republican house, republicans to not want to give the democratic president everything they want in terms of the budget and appropriations. You could see a replay if you do get a change in the white house in 2021 is you could at least see on the discretionary side budgetary constraints start to come back in. David you can catch the full episode of wall street week starting this evening at 6 00 new york time and continuing through the weekend. Coming up, equities and yield falling today. We will cover the markets next. This is balance of power on Bloomberg Television and radio. David this is balance of power. Im david westin. Here to wrap up the markets on a friday afternoon is kailey leinz. Where are we . Kailey we are lower for a second day. Any optimism that might be out there on fiscal stimulus and Monetary Policy being outweighed by the fact that the market is at this point very concerned about the coronavirus. 500. By 2. 5 on the s p if we hold at these levels, it will mean every day this week saw a move of 2. 5 or more. Of moreseen and uptick than 4 and a down day of 4 . If you look at a chart, we will be flat on the week. We are only down by. 2 . For all that drama, we got nowhere. David 2. 5 is not a great number, but better than it was at one point. It dropped below and came back up. Why is that . Kailey we are also at the highs. The market has yet to make up its mind. Andot conflicting reports we heard from larry kudlow and President Trump he was signing the coronavirus package. Everyone sending different signals about how and when they are willing to act. You had trump saying the fed should cut. And then you have larry kudlow saying, fiscal stimulus may be david temporary and targeted is what he said. Kailey the market does not have faith in those actions, because we are getting mixed messaging. On the stimulus, one thing that is higher in equity markets and that has not been the case is airlines. Part of that targeted stimulus according to reports is maybe deferred taxes for Industries Like travel and airline that have been heavily impacted by the coronavirus. So the likes of american airline, down 40 on the year, higher on todays session. David larry kudlow said i dont want to talk about the airlines. I thought he was signaling, we are thinking about them. Kailey i guess we will see what happens in terms of all fiscal and Monetary Policy. In terms of Monetary Policy and growth prospect, for everything in equities, it nothing compared to what we were seeing. David will not end up flat in the bond market. Kailey i just looked at a chart that shows the move in the bonds just for 2020 in two months, 110 basis points lower and 117 basis points lower on the 10 year. Have had dramatic moves and rapid moves and what you are seeing today is the stock market trying to catch up to the bond market in terms of how much the market should fear this coronavirus. David the market expecting further cuts by the fed. Kailey if not before. That was one of the more interesting parts of that interview. He said dont focus on march 18, it could come at any time. Nearly four cuts in 2020. Date expect the rate to be defined basis points the end of the year. That is very high expectation. David the fed did react and how the markets react . Not so well. Kailey i am not sure it had the intended effect. David thank you for kailey leinz. Will continueer on radio and in the second hour, we will stay on the response to coronavirus and on the voters as well. Weekn catch wall street on bloomberg. Jonathan from new york city for our it audience worldwide, im jonathan ferro. Bloomberg real yield. Tarts right now coming up, treasuries heading deeper into uncharted territory. Credit fun suffering the biggest weekly outflows in a year with crude markets plunging into low 40s. We begin with the big issues, treasuries surging. Just when you think treasury yields cannot go lower. Lower. They continue to do so. Global bond yields at historic lows. Record low treasury yields