Middle of may. The key question is why should Americans Care about it because it will rebound right back if it fails this weekend. Jonathan what is failure this weekend . What is success . Will they kick the can european style, or will we see progress . Lisa theres less than a 50 chance there will be a deal agreed upon, something we are watching. 8 30 am, u. S. Housing starts and building permits. Got Mortgage Rates under 3 at record lows. P. M. , former fed chair janet yellen and ben bernanke testifying before congress, signing a letter alongside 28 other economists urging more fiscal support, piggybacking on what a lot of people are saying. Tomorrow, that meeting in brussels wraps up. It is believed to be the biggest meeting of World Leaders since the pandemic started. They are taking measures such as opening bathroom doors with their elbows to avoid spreading the virus. Jonathan why dont they just do it with their feet . Tom this is really important. The Prime Minister of the United Kingdom we watched carefully in the last hour, and he is vamping this exactly like the president of the united states. The politicians are making this up by they go. Jonathan the Prime Minister coming out with the following headline, aiming to allow larger sports gatherings in october. Not a medical expert, a journalist. Why october, going into the winter flu season, would you want to allow for larger gatherings . Tom exactly. Jonathan show me the science. Show me the medical reasons he would go forward that. Tom our james wilcox noticed the lack of science experts advising the Prime Minister in this press conference. That is exactly like the uproar of navarro and felty at the white house and fauci at the white house. Jonathan on the s p 500, we advanced 0. 4 . The burning question going into fiscal negotiations in the united states, to what degree is this recovery already stalling . Lets bring in dan alpert, Westwood Capital managing partner. El this is moving into a full on financial crisis and perhaps a depression. There are things that the cares package pride to act package try to do for households, which i think worked quite well. I see lots of people at restaurants eating outside, and many of them probably lost their jobs and they are getting 600 a week in extra income supplements , so that works. But the last part was stabilizing businesses so that they would be around to reemploy people when this crisis was over. On that side, we have really come up against a wall. The ppp money that was sent out has basically been spent, and we are seeing high volumes of layoffs from businesses large and small. It only covered eight weeks of payroll, so we saw a decline in unemployment during that period, largely fueled by that ppp money, much of it which went to employees who were not actually called back to work. Tom we are going to get to the age of oversupply in a minute. Lets stay on american jobs right now. 13 of your classic the age of oversupply, good deb t, bad debt, dealing with deficits. Are republicans right that we have an oversupply of deficit . Daniel you cant have an oversupply of deficit until you see some semblance of inflation. We have now been in a 12 year atle, if you dont even look the low inflation during the 2000s, of basic disinflation across the goods sector. The only thing that has kept inflation high in this country has been housing, a little bit of medical, a little bit of medical. Shot now, and we are going to see oncoming deflation to a very large degree over many years. Theres noironment, risk of having the federal government spend money. Lisa what kind of fiscal stimulus is required at a time when so many have filed for unemployment since the start of the pandemic . Daniel theres two things. What do you do about maintaining households . I think theres been some really good proposals out there in terms of lowering that number across time as the end employment rate comes down. I think if you target that 600 against declining unemployment , at the end of the day, it map and exit. Y to the bigger concern i have and the thing that i have been writing about for the last several weeks, where are these employers going to end up at the crisis . Just because they can stay alive for eight weeks doesnt mean they can survive out there in the ocean, floating around when that relief is gone. And that relief right now is gone, and i believe we will continue to see high levels of initial unemployment claims, many of them from employees who were laid off at the beginning, payroll, and then the second. Tom ive got to go to the fiscal. You are right about the empty toolbox in the age of oversupply. The toolbox has a can in it that they keep ticking down the road. What is the risk for european leaders, for america for that matter, if the eu once again kicks the can down the road . Daniel the eu is in a different position. The countries of the eurozone dont have a sovereign currency. They dont have the ability to control the Exchange Value of that currency, and therefore, their equation is very different. Europe desperately needs to federalize this is the point of no return for europe, and my opinion. They are going to continue to face the same growth challenges they have for many years from the americas and china. Their economy cant survive at frompoint, cant recover this crisis without really ongoing pattern, not a onetime fix is all kind of solution. Actually begin to support each other. That as ado you see processor a destination . Dan up until now, it has been a destination. It is about time to get started with a process. The problem with all of this, theres been a lot of talk about issuing covid bonds that would be equally backed across the union. But as a practical matter, the amounts involved a very small, and it wouldnt be done on a sustained basis. So this is something that needs to be not only reexamined and talked about, but actually done. Lisa this is the key question heading into this weekend. How likely is it that we are going to get a deal, at a time when the euro is the strongest versus the dollar since march 9 . What is the risk that this could all get unwound if the dissidents of the disagreement the dissidents of the the e of the disagreement is stronger than people expect. I dont believe that europe can survive as an economy much above the dollar. You are already seeing each shipments out of china surge. China has not enjoyed the increase in Consumer Spending that it would have hoped for after they reopened, and yet the production is through the roof, so those have to go somewhere at some price. Is that europe come of the americas, and everywhere else is going to be under a great deal of pressure from chinese exports. Europe itself has to be price competitive, and i dont believe it can be price competitive with a strong euro. Eurodollar at 1. 14. At some point, some of that is going to be loans. Some of it will be grants. And in the netherlands, they want a lot of strings attached. Tom they are meeting in brussels, and this really goes a long timedebates ago. Nothing has changed in 50 years. They really on a financial basis dont trust each other. How doalperts comments, you get to federalism . Jonathan many people stateside this top programs like see overweight european equities lining up on this program lining up on programs like this to say overweight european equities. Firmer going into this one. We will look ahead to further reopening in new york with the states Lieutenant Governor kathy hodel. Heard on bloomberg radio, seen on bloomberg tv, this is bloomberg surveillance. Ritika with the first word news, im ritika gupta. Across the u. S. , Public Officials are warning that they could impose lockdowns again if people dont act to help resurgent coronavirus. , ands of miami, houston idea. Ave floated the case numbers are climbing and all but six states. The white house is drawing a line in the sand for the next coronavirus aid bill. President trump could reject a measure passed by congress if it doesnt include a payroll tax cut. Democrats are solidly opposed, and even republicans are cool to the idea. German chancellor Angela Merkel is raising doubts about reaching agreement on a landmark 855 billion Dollar Recovery Fund this week. Eu leaders are meeting in person for the first time in five months. Merkel says the differences remain very great. Amongst them, how will the money be distributed, and rules dictating how funds will be greenlighted. Prime minister boris bracing for primewavr minister Boris Johnson bracing for a second wave of coronavirus cases. He is also due to unveiled plans today to ramp up testing to 500,000 a day by the end of october. In china, people are reluctant to travel to eat out, dragging on the economy, according to a supplement to report on secondary gdp. Some areas in china still have and make restrictions in place, plus tourism has shrunk of people avoid public places. Two more airlines are saying goodbye to the first jumbo jet. Itsish airways is retiring fleet of 747s immediately. The plane was supposed to stay in service until 2024, but that was brought forward because of the pandemic. It made a farewell tour over canberra, brisbane, and sydney. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Im ritika gupta. This is bloomberg. Rep. Pelosi we cant go home without it. Because of the Unemployment Insurance expiring and the rest of that, we have to have the legislation. Its been two months. Its been two months. More people have died. More people have gone unemployed. More people have been infected. Jonathan House Speaker nancy pelosi speaking to bloomberg in the last 24 hours on the next steps for fiscal policy. She was sounding a little more optimistic about coming to an agreement with republicans, but it speaks to the dysfunction worldwide at the moment on getting things done. Why wait so long . Tom exactly. Lets get right to it. Kevin cirilli with us. Mick sally, gardner, collins, tillis. These are senators of the republican persuasion at risk. Can you explain to me my any democrats to me why any democrats or republicans cant get this thing done fast for the benefit of all . Kevin it is the folks on the far left on the far right, to be frank with you. From the conservative perspective, they are representing districts where it is a very tough sell in parts of their state where the virus has to infiltrated as much, argue that additional funds are needed. However, with the reclosing of several states, that has muted the issue. That Speaker Pelosi did sound more optimistic about the timetable. I spoke with Governor Gretchen Whitmer of michigan, a key state not just for 20 20, but the conversations we are having on trade and stimulus. She praised governor larry hogan and said she is working with him to try to make sure that the states get more Financial Aid in the next round of stimulus as well. Lisa nancy pelosi may sound optimistic, but so is the market. The market is pricing and that congress will pass some sort of extension to the enhanced unemployment benefit, which is being doled out to more than 30 million americans. Running out of time, two weeks left. Who are the key constituents within congress that need to be swayed to get this through kailey to get this through . Kevin from this perspective, it is actually more nuanced. As states like arizona and california have shut down, and you now have there are conservative representatives in states like california, and obviously in states like arizona. The math on this, if those conservatives get on board with extending the benefits because their constituents need it, it is very likely this will get over the finish line. But for the whips in the house and the senate on both sides of the aisle, what they are working around the clock because it is not a simple anymore a saying i am conservative, i disagree with sending federal aid and not having an incentive to get back to work because some of the theirvative districts, constituents are unable to go back to work. Jonathan we have heard from the administration they would like a payroll tax cut. Can you speak to any division in the white house on what they would actually like to see . Kevin President Trump has been saying a payroll tax cut is something he wants and that is a redline, that that is what he needs. But when you talk to his chief of staff mark meadows, or you talk to some other conservatives in his administration think mark meadows has emerged , or evenice on this some of his outside advisors like Mick Mulvaney i think they would be more skeptical. From a broad standpoint, it is something the president has pushed for and really could be a campaign issue. The crux of another round winax cuts should he another term. Cutseverybody loves tax when weve got to get elected. What are we going to see until november on tax cuts . Kevin i think that is the main argument, that allows for him this is where i would put on the political reporter cap it allows for him to bring up the tax relief bill he passed several years ago now, to bring that up for debate is a contrast against democrats. Jonathan what is the mood of washington . Do they understand the gravity of the moment we are approaching going into the back half of the summer . Kevin for the unEmployment Benefits, absolutely. I think on the payroll tax cut, it is a bit more open for debate. To your point, to all of your points, i think specifically on where the end Employment Benefits are headed, it has been an uncomfortable debate for republicans to be having, not with democrats, but with themselves because of the dynamics of their communities. The next round of economic stimulus, i think the behindthescenes conversations are that this likely will get past before august, and theres another round potentially that will be needed in the fall. Lisa this is all meant to be a bridge to the other side, but the other side is getting further and further away as the virus count increases to record highs. What has been the strategy of the white house . How has it shifted as we see the proposal of lockdowns restarting in places like florida, arizona and california . Kevin lets go through the politics, the personality, and personality of whats been going on. From a political standpoint, i think the president has had a. Ampaign shakeup you have a much more experienced political advisor. From a policy standpoint, you have seen the president come out and the opeduci from peter navarro. Think heof his tone, i has struggled with that. Hes adopted both tones. Hes worn a mask. Beyond that, hes also been quite critical of some in the science community. Jonathan great to catch up with you. Stay well over the weekend. Kevin cirilli down in washington, d. C. This is not a political point. It is a point about politics. This points to the best and worst of it, the idea that they dont come back to work until monday to really get the negotiations moving. The idea that they will be gone again in a couple of weeks time. In a moment like this, is this serious . Itia it is typical tom is typical of our four year cycle. The magnitude of the crisis is something that is new to everyone out there. I am going to take it right over to the data off the bloomberg terminal. The 30 year bond is really getting back to recent lows, 1. 2911 . To our audience that is not as sophisticated on this, it is real simple. Was an actuarial assumption in the United Kingdom under 4 or so. Jonathan things have changed. The team at Bloomberg News has reported repeatedly coming not the cleanest of reads on this equity market even what we saw in futures yesterday off the back of netflix. Bear that in mind when you look at futures prices this morning. Coming up this morning, abigail , minneapolis fed director of opportunity and inclusive growth. This is bloomberg. Hike Simon Pagenaud takes the lead at the indy 500 coming to the green flag, racing at daytona. Theyre off. In the kentucky derby. Rory mcllroy is a two time champion at east lake. Touchdown only mahomes. The big events are back and xfinity is your home for the return of live sports. Iredefined the wordng thschool this year. Its why, at xfinity, were committed to helping kids keep learning through the summer. And help College Students studying at home stay connected through our university program. Were providing affordable Internet Access to low income families through our internet essentials program. And this summer, xfinity is creating a Virtual Summer camp for kids at home all on xfinity x1. Were committed to helping all families stay connected. Learn more at xfinity. Com education. Jonathan from new york city, this is bloomberg. We are live on bloomberg tv and radio. Wrapping up the trading week with the price action as follows. Equity futures positive 0. 4 . Think of this not as an indicator of what we are about to see at the opening bell, but for the bounce back after we got smacked around yesterday evening off the back of net licks earnings. Euro firmer of netflix earnings. Euro firmer, up 0. 3 . Asyear yield at 0. 6 evidence begins to grow that this recovery is stalling in the focus shifts to washington and the fiscal move. From new york, alongside tom keene, together with lisa abramowicz, im jonathan ferro. Fiscal, fiscal, fiscal going into the weekend. Tom that is the clear and present reality for all of us. Weve tried to take a different tact in this pandemic to get away from the hype and get to the real world solutions. We had the ball out of the park with our next guest, without question. Our interview of the day for those of you coasttocoast and worldwide scared stiff about the kids and education. Ofgail wozniak is out chicago and harvard, notre dame, and here she is now with minneapolis. Minneapolis owns the high ground on childrens education in america. Wonderful to have you with us. You have written on the inequalities of this virus. We are living in now in july, august, and into september, with Public School kids crushed by , andts, fiscal, the rest fancy private school kids actually may be will be able to go back to school. That is just one inequality we have. How do we solve this . Abigail right. I think one of the things we really want to highlight coming out of the latest research is something that i think is going to help us think about the tradeoff of some of the policies governors are considering. Any progress we make in containing a verys containing the virus is going to have serious ramifications for our children. What we want to highlight is the fact that after a few months and weeks with this virus, we have been able to understand what is happening to labor markets in places where different policies have been adopted. A really striking finding coming out of many pieces of research. I have seen this repeatedly in very Timely Research seminars since early summer. States that had strict and early lockdowns are seeing labor market changes that are really just as significant as states that did not lock down. What that is telling us is the Economic Impact of the virus is happening regardless of the letdown measures states put in place. Foreignererro, as the from england, has really noticed this. The gainsout question of the stimulus have gone to wall street. We saw that with the earnings. What is the policy prescription you would advocate so that we get a bit of equality across society right now in the crisis . Abigail i think with this new information we have that the virus contraction is pitting all states, regardless of the shutdown practices, we really see that it is imperative that support continue for workers and small and mediumsized businesses. I think some of the evidence we are seeing on consumer finances, from research is that have access to bank account and credit card spending data, even for very low income households, we can sometimes see them in such data. It does look like some of these fiscal policies have definitely made it to those households. It does not mean that has erased the Financial Hardship of the pandemic. For many households, they are treading water. Many are still facing significant financial uncertainties. We see that in the data that looks at Food Insecurity and the inability to pay for mortgage payments on time. It would be an overstatement to say that the stimulus and extended benefits packages that were in place under the an. R. E. S. Act, it would be understatement to say it hasnt made it to Many American households. Need to see those , socies likely continue engaging in a second round of such packages i think could help atvent an Economic Disaster the virus continues to spread in the next couple of weeks. Jonathan what youre saying is so powerful. Let me repeat it. Theres no action between labor markets and virus protection policy. What does that mean for reopening . Some people think we could see divergence across states. Are you saying we wont see that divergence . Abigail we are not seeing nearly as much as people expect. We have come to view containment policy is a tradeoff, where if we gauge and containment policy, we are going to lose out economically. They are seeing it as kind of a onetoone tradeoff. Learn isave come to that this is much more of an investment. If you invest in containment policy now, it pays benefits and that your economy can open sooner and faster. The reason we are not seeing as much of a connection in that onetoone tradeoff is that people are making Behavioral Changes on their own. That is the first reason. Folks are just not going to go out and they are not going to spend at the same level if they feel insecure about their families safety and their own health. The other reason is that state economies are connected to one another. So if one of them is very slowed down, it is going to affect other state economies throughout the u. S. So what we are seeing is that the labor market is not the same as the virus market. Lisa it is such an important point. You say shutdown orders work not only to control the virus, but for the economy. That said, if there is not some sort of lockdown, if there isnt stricter enforcement of some of the policies to constrain the ,irus, is any extra stimulus throwing good money after bad, the idea that this throwing , the idea that this bridge to the other side is a bridge to nowhere . Abigail we see that a significant number of folks are very concerned about their ability to continue to stay in their housing. We know that housing disruption is significant for families that experience it, and it would be significant for our cities and communities. I think in my view, preventing largescale housing disappointment housing display meant when the next round of mortgage and rent payments come due is really critical. Some of this policy i definitely agree is a challenge, but we need to prevent that next wave of collapse. Tom one final question. Heritageut it is the of the minneapolis fed folks. They own Elementary Education and all of that. Really simply, does Distance Learning work for kids . I havent observed it. Tell me it works, please. Abigail i am sad to say that it does not work well, particularly for disadvantaged students. Really striking data from brown university. They have a study in progress when the pandemic hit tracking student performance, using online models that a lot of us have encountered. We didnt go to school with them when when we were growing up, but they were collecting this data in the background. The pandemic hit. You can see how much learning loss has happened for students across the board, but most significantly for students from lower income households. So it is certainly helpful to have in place, but it is not a good substitute. It is not making up the ground. I think we need to think seriously about how we are going to put that back. These are investments that were gone in the last couple of months. How are we going to make this up to our children in the coming months and years when the defendant has passed . Jonathan a conversation we need to continue. Abigail wozniak of the minneapolis fed. Just this idea that Human Behavior matters more than policy in a moment like this, we are seeing that play out worldwide, not just in the united states. Tom we are focused on the markets, focused on business mind and of course, jons great interview with mr. Corbin yesterday, but there are these social concepts that can only move forward on academic research. Professor wozniak is at the top of the research pile on this right now. Jonathan i could not agree more. And it is a huge problem. She mentioned the integrated racial the intergenerational wealth gap we have seen. The younger are going to be disadvantaged. That is a story we have seen over the last decade or so, again and again across a range of issues. I think again, we are experiencing that right now. Tom who, the baby boomers . Lisa keep looking. [laughter] this is a key issue from who is losing their jobs disproportionately. You are seeing this across a whole slew of different factors, whether it is how we people are moving back in with their parents because they dont have jobs and they cant pay the rent versus people who cant work from home because they are more entrylevel. I think the implications for this are vast. What kind of policy prescription can there be like we have seen in the u. K. To try to bring young people back into the workforce faster . Lisa the political jonathan the political conversation is really going to ramp up. This is going to be a huge issue. We know what the left things about all of this. I just wonder how the republicans position themselves on some of these going into november. Tom you will see this going into july, but there is a phrase from years ago, the silent majority. I would predict starting pretty soon, theres going to be a lot of Media Coverage of the makeup, the character and what the silent majority is believing in now. Jonathan and the age of the average voter. That is when it comes down to again and again in politics. The age of the average voter is quite old, and when you come to some of these issues, when it is about the intergenerational wealth transfer, guess what . No one really whats to do with it. Why . Because election risk is in front of them when they try to address it. Notice what bonds are doing in the last couple of minutes . Jonathan i am going to let that go. [laughter] lets talk about world markets, shall we . Tom it is amazing compression. Jonathan going into an important weekend for europe, and out the other side, Congress Getting back to work on fiscal policy. Coming up on reopening new york city, kathy hochul, new york Lieutenant Governor. This is bloomberg surveillance. Ritika with the first word news, im ritika gupta. Anthony fauci is optimistic there could be a new treatment for coronavirus by fall. The Infectious Diseases chief spoke to Facebook Ceo Mark Zuckerberg in a live interview. He says he expects results for a Clinical Trial in the next few months. That underscores the speed at which the government has been working to quickly approve and rollout a treatment. India has become the third country to record at least one million coronavirus cases. The virus curve there didnt flatten, despite imposing an expensive lockdown in march. Only the u. S. And brazil have had more cases. Indias population is more than double those two combined. That suggests the virus has more room to run. Former Trump Communications chief Anthony Scaramucci once to see the president humiliated in november. The founder of Skybridge Capital says the president is obviously incompetent. Scaramucci lasted only 11 days in the Communications Job before he was fired. The president called him a highly unstable nutjob. Bloomberg has learned that the dutch Internet ServiceCompany Process has come up with the highest offer for ebays classifieds unit. Ebays classifieds unit could billion. To 5 jumbo jet,bye to the British Airways retiring its 747s immediately. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. Im ritika gupta. This is bloomberg. There is still lots of need for support to get the economy through this and to minimize the structural damage and the frictions that can result if this just drags on and on and we dont get some clarity on the virus. Jonathan Julia Coronado there of Macro Policy Perspectives come on the economy if we dont get control of the virus. Alongside tom keene and lisa abramowicz, im jonathan ferro. Up 11 futures are firmer, or 12 points in the s p 500. Think of this is a bounce back from yesterday evening after netflix slapped around equity futures after that does appointment guide we got from that company that disappointing guide we got from that company. In foreignexchange, eurodollar 1. 1421. Euro stronger against the u. S. Dollar. Just to put a bow on it, yields in two basis points. A tighter trading range on the treasury over the last two months. Tom watching every tick of that today. You have yield compression, no question about it. Anant question important conversation on banking. We have been thrilled that kathy hotel has joined us often has joined us often through this pandemic. I am going to go to the heritage of your buffalo banking, and rubber wilte myers was legendary Robert Robert wilmers was legendary. The benefits of the fiscal support are going to the big banks of your new york city. Is that fair, and how do politicians adjust it so more gains go to society . Gladov. Hochul well, im you mentioned someone that was a dear friend of mind. I had the opportunity to work with bob wilmers, and what i learned is that the people who are conservative in their approach to any crisis, whether it is a financial crisis or a pandemic, are the ones who come out as a winner. That is exactly the strategy we used here in new york state in terms of managing a pandemic. Moneyo know that we had blended in the communities, and Small Businesses. We need to make sure that the institutions are Strong Enough to support them. But in terms of bailouts, no. The bailout money should be going to the momandpop businesses, the restaurants, the bar owners that are struggling, and my focus would certainly be on making sure that the main street businesses, the manufacturers i have been visiting throughout upstate new york to make sure they stay alive, that is where the money belongs, and the Financial Institutions have received a lot of assistance from the federal government during the last recession. Now it is time to assist Small Businesses. Tom inditex go around as we go out to a reported in the next go around as we go out to a 400 trillion in the federal deficit, what you need from j. P. Morgan and goldman, they are getting major gains here. How do we legislate them to get their fair share, but more from main street but more for main street . Lt. Gov. Hochul they need to lend the money to main street. If they want any government is hesitant government assistance, i would be structuring it so we could take care of the little guy. The little guy got passed over the last time we had a bailout. We know how that played out. Those larger institutions that are continuing to drive through this, they need to be held responsible if youre going to take any government assistance. You better be making sure you are keeping our smaller businesses alive, the backbone of our economy, the largest i comers collectively out of a Small Business background. Ive helped Small Businesses and i know that we dont gain our footing nationally or internationally without supporting them. I would put those strings ttached to any assistance that goes out to Financial Institutions. Lisa one gold is having kids quebec to school and have the parents be able to go back to work in some sort of meaningful way. Governor cuomo has said he doesnt want to use kids as guinea pigs. What is the science you are looking at to determine whether schools in the state can open . Lt. Gov. Hochul that is an excellent question, something that has been traumatizing for parents to consider. We are equally stressed out by this, making sure that we get it right. We have one chance to get this right, and we will take a more conservative approach. A prayer approach when it comes to the health of your children. You have to make sure you feel confident. At the scientists and the doctors tell us, we can continue to make sure theres social distancing within the educational setting, and that your gymnasium and cafeteria and library our classrooms so we can keep children farther apart from each other, but that also means wearing masks. Start act limiting children to the idea that a mask is a natural experience. Where it all day long when youre home, whatever youre doing the summer. Get the kids use to it so the teachers dont have to struggle with this. That is how we keep our kids safe. Lisa Lieutenant Governor, as a parent, i have a hard time imagining that at home, my children will wear masks. Jonathan in order for it to be a naturalist. A natural experience. Lisa what is the Science Behind getting everyone back into Public Transportation . Lt. Gov. Hochul that is going to be a complication, too. Certainly this will be a big stressor for families in new york city especially. There are some places were just walking to school is going to be safer. Can you do some thing with neighbors and family to collectively get the kids there together in a different way . To note another option have them on a bus with a lot of other children . That is what we are trying to figure out. We are working diligently to make sure we get that piece right as well. When you think about the pandemic and what this has done to peoples psyche and stress levels, when it comes to our kids, it is off the charts. Theres a lot of concern. Better infection rate is still low in new york city, and we continue to keep those numbers where we are. We will feel more confident. We see a spike start going up, we are not going to feel confident, and we are going to shut it down. Tom very quickly, luke from toronto emails in and goes, how is jack aiko, the pride of buffalo . Lt. Gov. Hochul we are doing well with jack. It is a fascinating time for buffalo. We are gusty in buffalo. We love our teams. Our favorite saying is theres always next year. Tom thank you. There,n kathy hochul new york Lieutenant Governor. Tom ice hockey, jon. Jonathan the most unnatural thing in the world, all seven feet of tom keene Walking Around the office in a mask. I still cant adjust to the vision. Tom ritika gupta said i had it on reversed yesterday. Jonathan i will put out an exclusive photo on twitter so people can get a feel of what that experience is really like on a daily basis. From new york city this morning, good morning. This is bloomberg surveillance. 49. 50 i found you good job. Now im gonna stay here and you go hide. Watch your favorites from anywhere in the house with the Xfinity Stream app. Free with your xfinity service. Now any room can be a tv room. Stream live tv, on demand shows and movies even your dvr recordings. Download the Xfinity Stream app today to stream the entertainment you love. Xfinity. The future of awesome. Iredefined the wordng thschool this year. Its why, at xfinity, were committed to helping kids keep learning through the summer. And help College Students studying at home stay connected through our university program. Were providing affordable Internet Access to low income families through our internet essentials program. And this summer, xfinity is creating a Virtual Summer camp for kids at home all on xfinity x1. Were committed to helping all families stay connected. Learn more at xfinity. Com education. In ironman in an environment where unemployment is going up, there will be the specter of an employment coming down the tracks. Be those who have to hunker down for a lower economy. Many businesses are not buying into the v. They see a different destination regardless of the journey. This is bloomberg surveillance with tom keene, jonathan ferro, and lisa abramowicz. Tom we welcome all of