Ease some of the Capital Buffers as well, potentially some of the u. S. Banks. We know again this is not a financial crisis, this is more of an exhaustion us shock. So letting the banks perhaps ease up on some of these roles to make sure they can get loans out to people who need them, certainly perhaps a smart idea. Ofncine yeah, i think a lot policymakers are just worried over what is essentially a Health Crisis that will turn into a financial crisis as they are trying to give loans and credit to Small Businesses that need it. I am looking forward to an interview with the treasury people in charge in the u. K. About the stimulus they put out yesterday lets get to first word news in new york city with viviana hurtado. Viviana we begin with the Trump Administration pushing a one point 2 trillion stimulus plan. This to counter the Economic Impact of coronavirus. Bloomberg has learned americans could get direct payment of 1000 or more within two weeks. A month later, a second set of checks could be sent out. U. S. Treasury secretary Steven Mnuchin warning republican senators if there is no stemless package, the u. S. Could face a 20 unemployment rate. Over to the u. K. , Prime Minister Boris Johnson said his government is acting like it is wartime. 424 billion in loan grants and tax cuts, to keep the coronavirus from wrecking the economy. Plus, the bank availing and that the bank of england will set up joe biden is tightening his grip on the race for the democratic president ial nomination. Yesterday he swept all three primaries arizona, florida, illinois. Now the former Vice President has more than half the 2000 or so delegates he needs for the nomination. He also has a 284 delegate lead over Bernie Sanders. Global news 24 hours a day, on air and at quicktake by bloomberg, powered by more than 2700 journalists and analysts in i amthan 120 countries, viviana hurtado. This is bloomberg. Taylor . Francine . Anna viviana, thank asked francine viviana, thank you so much. Looking at the news over the last couple of weeks, i think this is the fourth time this has happened. Futures declining along with european stocks, tracing some of the moves from a day earlier. Treasury yields are continuing to climb. Traders are trying to figure out if the fiscal and monetary stimulus is enough to counter effecting the impact of coronavirus, oil dropping to a 17year low. Taylor it is interesting, the technicals of the market. I think we have all learned what Circuit Breaker limits are. Within the futures market, that limit down 5 per that is when you check the sp y, which is ck the sp y, which is we would remain trading at these levels, but nonetheless, like you said, perhaps the futures market, if we get down to 5 , that is when we would start to look at the sp y, which is the etf that tracks the s p 500. Elsewhere, it does not look like another good story for crude. Take a look at that. We are down more than 2 on crude, with a 26 handle, but we are getting a lift in yield, just nine days ago, that 30 year yield in the u. S. Was below 1 . One point 80. We have climbed 80 basis points in nine days. We are still at 1. 80. Wheres climbing 80 basis points and nine days. Lets get straight to 1 taylor lets get to one of the strong us voices out there, when it comes to the Financial Rescue packages we saw in 2008. Were wondering if there is a worry that we are seeing the same again. We are joined by howard davis, the chairman of that Howard Davies, chairman of rbs. When you look at what has happened over the last couple of weeks, i dont know if you are looking at a recession we were speaking with mervyn king yesterday. He said this is the wrong kind of language. We need to look at temporary halts in the economy, and whether you think it will get better with time or unless monetary stimulus comes out full force, it will turn ugly. Howard i dont want to disagree his usevyn king, with of language where he is an expert. Weo fear that that is where are headed, certainly the First Quarter i think is going to be very difficult. But i think he is right, that it is not a conventional recession, which typically arises either indebtedness and enthusiasm in financial markets, whether there is a correction, we are not in that position. It is largely a supplyside shock rate but nonetheless, it is going quickly to have the natural consequences. At the moment, from a bank perspective, we are in a sort of phony war where we expect the invaders to arrive but they have not quite turned up yet e just at the moment the economy as of two or three days ago, was fine. So we are gearing up for a wave of requests for financial but it and forbearance, has not crashed over us yet. Francine sir howard, what is the weak link in the economy right now . We have a lot of countries saying they will transport small and mediumsized enterprises, germany saying they will let ask have capital buffer to weather the fallout from the virus. Is there a worry about liquidity . Is there something you look at saying policymakers and governments are not doing enough on . Howard until yesterday, my answer to you would have been the commercial paper market, by the end of last week was seriously broken. That has been corrected by both the fed and the bank of england saying that they will buy commercial paper. Apart from that, i think where you have got to look for worry is bank credit. Because as we know, the squeeze on banks with additional capital, banks have had to have, the growth in credit has been to quickly in the nonbank sector. Some of the neobanks, if you would like, lenders, money market funds in the u. S. , that is an area where we have to look carefully because all they the banks because although the banks are strongly capitalized, in some cases outside the banking system, there could be difficulty. That is an area i have been concerned about at the moment. And then i would say it is going to be just a spending gap, where a lot of people get laid off quite quickly. And then you will discover, in the famous Warren Buffett phrase, when the tide goes out, you will discover who has been swimming naked, and we will find out if there are companies that have been running with very small financial cushions. A the moment, i dont see straightforward liquidity problem in the sense that the banks can extend credit. The difficulty we will have is whether we are extending credit to people who are a liquid, fundamentally viable companies, or if there are companies who will be insolvent as a result of the slightest downturn, and there will be bankruptcies, im quite sure. Taylor it is interesting that we get the shock and awe yesterday in the u. S. , with a 1. 2 trillion stimulus package, and yet futures down this morning for percent, 5 in the 4 , 5 in the u. S. Is it enough . Howard my own hunch is that the consequences for spending are going to be greater, and therefore our government is saying this may not be the end, we may need to do a lot more, and i think they are very wise to do that. That is something that i am sure that we will have higher financial crisis higher financial consequences for governments. Particularly, there is a problem in the euro zone, where we are seeing spreads widening in the euro zone, some countries getting into much more difficulty than others. That is a tension i think people need to watch carefully. Taylor what is most effective . As you dive into the details, the devil is in the details there a 1000 check, payroll tax, bailing out the airlines what is the most effective form of stimulus . Dependswell, i think it place to place. If you are talking about companies, i think debt holidays, if you like, is probably the most important thing. Tax holidays we have here very large tax payments due at the end of this quarter. And the government have not yet done this, but i suspect that they may be looking now at whether they should extend dates for those taxes to give people more liquidity. But individuals, i think the problem is going to be to identify those people whose earnings will fall very sharply, and where there may be a gap before the benefit system kicks in. Here as in most developed countries, we have a benefit system which ought to kick in, but we know there are dangerous lags in it. In those circumstances, we could have a situation where spending falls very sharply shortterm because the benefit system cannot catch up. In the u. S. , i can see given the benefit system being much less welldeveloped, you have to go to a blunt instrument of just giving people cash. Here i think we should be working to make sure that the benefit system kicks into action extremely rapidly. You so much, sir harry davies, the rbs chairman. U. K. Sir Howard Davies, the rbs chairman. To the measures in the u. K. Go far enough . We will ask stephen barclay, chief secretary treasury about what more they can do, and the consequences of that on brexit. This is bloomberg. Taylor this is bloomberg surveillance francine this is bloomberg surveillance, taylor and francine from new york and london. We are at home today lets look at some of the measures put in place, lack of measures put in place. The European Central bank, after a pretty difficult press conference last thursday, saying in its was unanimous analysis that additional measures could be put in place, and if you look at the market the 10n, italian bonds, year yield surging to 50 basis points, around 2. 90. We are back with sir Howard Davies, chairman at the royal bank of scotland. If you look at the eurozone at whole, we are seeing spreads widening unlikely not unlike the eurozone crisis. Could this be much worse . Howard i think the euro zone is very worrying at the moment here at at least tight coordination between the bank of england and the treasury, which helps in these situations. In the euro zone, as we have all known, the problem is that euros on finance minister, whom the ecb can coordinate, that is very evident. There is a flaw at the heart of the eurozone. What we are now seeing is the spreads widening, not helped by a slight misstep last week by the ecb in terms of saying it is not our responsibility, but i think you are seeing a very dangerous sign of once again a kind of twotier eurozone appearing, with spreads widening in italy in particular, and therefore likely to increase the italian deficit even more, with the northern countries no doubt increasing their deficits, but nothing as much. Once again, tensions are rising in the euro zone. I think we will look back and say that the proposals that i think macron will come out of this looking quite good, to strengthen the Fiscal Center of the eurozone, but people continue to argue and nothing was done. We will look back and see that was a really big mistake, and i think in the meantime, the only thing the ecb can do probably is to buy more italian bonds. They have a limit on one proportion of bonds they can buy, but i suspect that limit will have to go if they want to maintain the euro zone. When you look at brexit, how does this impact brexit . I dont know whether you can negotiate, if you cannot do it in person because of the coronavirus. There is a deadline, so does it automatically get pushed back . It is up to the pie minister, at i dont know what the dynamics are it is is it up to the Prime Minister . I dont know what the dynamics are. Howard i am one of those that made no secret of saying lets call the whole thing off. I dont think the government is going to do that. They have a clear mandate to pursue this. But it does look as if negotiating a complex future trading relationship in these circumstances, where the teams cannot even meet is going to be extremely difficult. Government, i would take a pragmatic course and say the destination remains clear but we are going to have to take a bit more time, they will have to eat some words in saying that. I suspect that is where they will get to. Taylor sir Howard Davies, rbs chairman, he does stay with us. If you have bloomberg, check out tv for our interviews and live events. Click on our charts and interact with us directly. Click on tv. This is bloomberg. Do whatever it takes to sue our economy. I dont have a claim to history saying whatever it takes. Number two, i would really like all of us to join forces. We are ready to adapt and do whatever we have to. The public can be sure of that. Sentiment before fiscal year end was needed. Are fight against the virus and outside force beyond our control that is wreaking havoc around the globe. Mr. Speaker, we are up to this fight. Francine yesterday pie minister Boris Johnson announcing a primeescue package minister Boris Johnson announcing a massive rescue package, in an attempt to stop the coronavirus from affecting the economy too much. The Prime Minister saying they would do quite a lot. Joining us now is steve barklay, thank you so much for joining us on such an important day were a lot of enterprises are looking at us, worrying about their future. The government has laid out quite an extensive package of measures, but a lot of businesses are saying more is needed. Will there be more direct assistance to them if needed, not just loans . Stephen the chancellor has been very clear that we will do whatever it takes, but as you correctly say, this was a major set of measures yesterday. 330 billion pounds of loans, but also targeted measures in terms smes in, so grants to particular, and also flicked ability and support on tax. For example, blue removing does this rates from the for example, removing Business Rates from hospitals and others. Working closely with the bank of england, taking measures to support our businesses in the weeks and months ahead. That the could you say government would also look at being the buyer of last resort for every business in the country . Stephen well, we think the best way to support people through this time is by supporting businesses and keeping people in their jobs, and that is really what is at the heart of the package yesterday. It has been well received by Business Leaders. As the chancellor said, we will do whatever it takes and we are in discussions with trade unions and business groups in terms of what further measures may be required. We are in discussion with the transport secretary the transport secretary is in discussion with them today and we will continue to take measures as required. Francine there was assistance to homeowners announced yesterday. What about people who rent . Will they see measures, and how quickly will you announce them . Stephen you are right. Working with the industry was a threemonth mortgage break, and we also recognize, as your question says, that for many people who rent, that is often their biggest cost, and the housing secretary will be making further announcements on that. We do recognize there is an issue in terms of rent. We are looking at that very actively. But again, the best way to help renters is to keep them in their jobs, and that is why the package yesterday, the 330 billion pounds, was to provide a bridge for viable businesses, successful businesses, for the coronavirus. They will be successful and viable businesses after we have overcome this virus, and we need to help them particularly with their cash flow over the weeks and months ahead. Actually thanyou can you actually ban evictions because of late rent or unpaid rent . Stephen we need to look at what the best package of support is, and the best way to avoid people being under pressure in terms of housing is by supporting the business community, supporting them in their work. And if they do need to rely on the safety net, then we begin taking measures both in the budget and more recently to support people in terms of making it much easier to access, quicker to access greater flex ability in terms of the in terms of those accessing welfare. The key is how do we take coordinated effort with the bank of england, looking across government into specific sectors. What is best targeted to the needs, providing overcoming challenges, and the package yesterday was part of a concerted effort building on the 30 billion fiscal stimulus that we set out, a billion of which was to support not just Public Services but also individuals and businesses. We built on that with packages yesterday. The chancellor was very clear, we will continue to look at what is required and we will take what measures are necessary. What does this mean for brexit negotiation . Given the sheer amount of effort, time, and a lot of these packages coming from the u. K. And the e. U. , do you see a postponement to negotiations and therefore a delay to actually getting out of the e. U. By the end of the year if necessary . Negotiatorsw, the no, the negotiators will continue their response within the treasury, we are looking at how we ensure we get the right support. David frost and his team will continue their decisions with commission colleagues. Francine i think the two sides this week could not get away with the videoconference. Do you think there will be a delay . Stephen as i say, that is for david frost and his team to take forward, and a huge amount can be done in terms of videoconferencing and other ways of taking that forward. The key challenge now as we address coronavirus is how do we support our businesses. We recognize particularly in certain sectors those pressures are acute, so we are working very closely with the bank of england, working to make sure we get the right package of measures in, and we will do whatever it takes to support those businesses. Barclay, and, mr. A lot of businesses have spoken to you since the package was announced yesterday. What are they telling you . We have heard that some chief executives are worried that this virus gets compounded by leaving the e. U. Without a trade deal. How can you reassure them on that . Stephen i think the key message we got from businesses ahead of ofs was the challenge, one cash flow, and the package yesterday, the response we have had from Business Leaders since that was announced by the Prime Minister, the chancellor last night, has been an extremely positive one. The measures were widely welcomed. We recognize we need to continue those discussions, and that is exactly what we are doing. Do you worry that we will get to a point of food having to be rationed by the government in the u. K. . Stephen the message from the is that the secretary is in close discussions with the supermarkets, and that the message is positive, that they are well prepared. One of the consequences of the process is that we have a very good and uptodate understanding of our supply lines. We have a good understanding of what routes they come in, where they come in, and a huge amount of work has been done to ensure that those supply lines are uptodate. In the message from the industry is that they are very well prepared. Francine stephen barclay, thank you for joining us this morning. A very valuable conversation. Get straight to new york city with the bloomberg first word news. Here is viviana hurtado. Viviana we begin with Steven Mnuchin, he warned that there it that if there is no stimulus package, unemployment could reach 20 . Later, if there is still a national emergency, there would be a second round of payments. There would be nonessential a ban on nonessential Business Travel between the countries. One is calling for a ban on terrorism and vacations. To a Hong Kong Company it got chinas approval to start human trials of acre one of virus vaccine. Company developing the vaccine with the chinese military. It will run through the end of the year. The vaccine was successfully tested on animals. We end with u. S. Politics. Joe biden keeps piling up the victories. The former Vice President easily leading Bernie Sanders and democratic in democratic primaries in florida, illinois, and arizona. Mr. Biden reaching out to sanders supporters. To the young voters who have been inspired by senator sanders i hear you. I know what is at stake. I know what we have to do. As a campaign and my goal as a candidate is to unify this party, to unify the nation. Viviana last night mr. Sanders said he wants to stay part of the political conversation, but he did not directly address last nights results. Global news 24 hours a day, on air and at quicktake by bloomberg, powered by more than 2700 journalists and analysts in im than 120 countries, viviana hurtado. This is bloomberg. Check i do want to get a on the u. S. Markets because we have been talking so often here the futuresfew days market is 5 that is where we go down 5. 5 percent. The limit down in the cash market is 7 . If we hit that, we know the drill. We close for 15 minutes while we markets are priced will hit that limited the cash i downtake a look within 6 at a point when he five handle. It is all about the drop in bond price. You are getting a 30year yield jumping 14 basis points to 1. 82. It was nine days ago, but that 30 year yield was under 1 . You are getting a massive global bond plunge on fears that we cannot pay for all of this debt that we are going to be issuing and running, these massive deficits, while we fund the pandemic from the coronavirus out rake and try outbreak and try to offset any offset we get into the economy. Also relative to the aussie dollar, which is a big trade. Again, it looks like safe havens are again the new name of the game read speaking of being back here in the u. S. , i want to bring in Stephanie Baker, Senior Writer for bloomberg news. She is joining us on the phone, all about u. S. Politics. In the midst of the craziness that we are seeing within the markets, we have to remember, there were some serious primaries in the u. S. Yesterday. Almosten, i suppose now, now the new candidate, correct . Stephanie yes, after yesterdays primary, he has an almost lead. Ountable yo coronavirus has all but frozen campaigning, and there is some real question over whether the Campaign Goes from here. Canceled of georgia its primary for next week. There are other states that have either delayed or moved to delay their primaries, so we are entering a period where there is a lull. The real question is how long does Bernie Sanders stay in the race, and given the current crisis, does he backout taylor . Curious on Bernie Sanders dropout. Where do his supporters go . Can they go for joe biden . This appeale made to young voters, to Bernie Sanders voters. He is very much saying, i hear you, i think you are port. In the real question is whether those standard voters will come out in november or whether they will stay home. Knowing he is unlikely to get trydelegates to win, but to bait will continue debate will continue. Thank francine thank you so much, Stephanie Baker covering the u. S. Election. Our guest is john ball event and still boivin and still with us this are Howard Davies. Thank you for joining us. When you look at what the markets are freaking out about, volatility is intense, it seems the stimulus packages to support Business Leaders have now met with the market saying should they be concerned . I think the market are digesting many asked tax of the situation aspects of the situation at the time. We believe that column will come back calm will come back once we have that are clarity. That can get signals anxiety returning in italy, that would be good news. We have seen very aggressive somens over the past days, inconceivable even a few days or weeks ago. A double package we are seeing. Now growth in the four largest regions to be about 2 , which is higher than the financial crisis. I think there is still support. Truee same time, it is that it needs to be and what it means for the coordination. Monetary policy will be essential to avoid a backup in yield that will derail this. Jean there is going to be a significant slowdown. We are talking about the economy coming to a halt. Not a typical Business Cycle sewn fact, rapid decline in activity is good news for containment of the virus and the health of the economy. The data that will come on the backside will really be about containment. I think we will see a recession technically in the regions of the world. Markets are adjusting to that, but at the same time it is what is needed to ensure the mediumterm health of the economy. Taylor still with us is sir Howard Davies. I want to bring him back into this conversation. You had an interesting point about the eurozone and peripheral countries starting to break away and get two different portions of that and eurozone. That it daily 10 year yield jumped 10 basis points. Problem andcb Christine Lagarde coming out with the lack of communication, saying it is not her job to control credit spread, and that is when these italian bond yields started selling off. Ard it is to some extent an ecb problem. In the eurozone there are constraints on the ecbs ability to buy disproportionate amounts of debt from affected countries. The ecb is constrained in the portion of debt it can buy and the reason for that was the eurozone could or should not be used as an excuse for free riders to bail out their debt. Now we are in a situation where this increase in italian debt is not because the italians have lost control of their fiscal policy or are trying to free ride on the credit of the ecb, this is an act of god, a deliberate recession in order to solve an exhaustions problem. In those circumstances, it makes perfectly good sense for the ecb to buy disproportionately where yields are rising. I think it is the ecbs problem to narrow these spreads, and that is going to be difficult. There will be german members of the council who do not like that but i think that is what the ecb will have to do. The alternative is to see an increasing divergence in the eurozone which is dangerous in italy where you have one Political Party which was advocating leaving the euro. Taylor i want to bring back n bove in john ball van while van yesterday we decided we did not care about deficits because we needed a 1 trillion package. Shows people are concerned about how to pay for these deficit. Jean the last point on the ecb, i agree with the points that were made. This is a symmetric shock for the eurozone. Ensuring theof proper transmission of monetary the policy issue within the ecbs mandate to address. On your broader question on whether the market is waking up we believestancing the stimulus is needed and this is a Natural Disaster that requires proper support to ensure that we dont get this turning into more longterm damage for the economy. This is limited in time and as a taylor thanks as always to juan bolvin. Coming up on daybreak americas, a former white House Counsel and economic advisor, endicott am new york, noon in london. 8 00 a. M. New york, noon in london. This is bloomberg. Francine good morning, everyone. Good morning, good afternoon, good evening, depending on where you are in the world. In new london, taylor is york. Looking at the patterns, i know a lot of people have been talking about flattening the curve, getting the number of infected down. This is where we are so far. 193,000 worldwide, deaths exceeding 7000 800. The Trump Administration considering a stimulus plan that could reach 1. 2 trillion dollars, european leaders also agreeing to restrict most travel into the continent in an unprecedented move. Joining us now is a professor of Infectious Disease dynamics in london. Mr. Riley, thank you for joining us. When you look at the concerns out there, what we should be looking at . At . And a lot of companies, a lot of countries are in socalled lockdown. When is the delay, or when is the peak . Are we looking at infections going up and a number of deaths going up, or does it plateau at one point . Carefulgoing to be very not to claim to make specific forecasts. There is a lot of uncertainty. I think the first point, i would stress, behavior has changed in many countries in the last few days. We will not see that in the data for some time. Though i think in terms of assessing the impact of these recent changes through specific interventions and through people becoming generally much more concerned about the virus in some countries in recent days, people looking at those data should not expect to see that propagate for some time. There is good evidence of that from looking back at wuhan and how behavior change said through those data. Is lots of talk about a potential vaccine. Is that the right course of action, or is there another method that you think might be better and working on developing a vaccine . To accept that this virus is spreading in most countries and it is going to change our social structure. Changing ourselves either the virus making us much more aware of context of contacts. In the time before a vaccine is available, we need to come up with the best ways to kind of keep activity going, keep our social structure, and therefore economyces of our going. Through a period of relative lockdown, what are the innovative ways that we can perhaps try and progress that while maintaining control of the virus. Francine mr. Riley, when you look at the best course of action, there are a number of different thoughts on this that a Large Population need to get immune to it so you do not spread it, ands people need to and people need to stay indoors. Do you know the best course of action, who is getting it right and who is not . Steven each individual country has to make the best decision at the time, and we cannot pretend that it is the best for everyone. Even though individual chances of having it are quite low for most of us, at a population scale, this is a severe challenge. In the short term, most countries are deciding they want to take the most stringent interventions, at least initially in the short term to give themselves time to assess and assess what it is going to do to their health care system. I think a lot of countries are leaning that way at the current time. Taylor steven riley, professor of Infectious Disease dynamics at Imperial College london. Thank you for joining us. Coming up, morgan stanley, Goldman Sachs seeing a global recession underway, likely to be worse than what we saw in 2001. Mores are Howard Davies, rbs. Are Howard Davies, eight rbs. This is bloomberg. Francine this is bloomberg surveillance. Taylor and francine from london and new york. We are getting a number of headlines from the European Central bank just seconds ago. This is the numbers of some of the facilities. The banks have taken 75. 8 billion in a funding operation. This gives you an idea of how much banks are relying on some of the facilities that the ecb had put in place. Lets get straight back to sir Howard Davies, chair of the royal bank of scotland. Howard, do you worry about banks not being Strong Enough . Will you be taking advantage of some of the measures that the bank of england has put in place . We certainly will be. What youre saying at the ecb is the effect of the swap lines that the banks have put in place. It is one thing that your local central bank can obviously provide without limit, but what they cannot do is provide you with dollar liquidity unless they replace the swap line with the fed because the bank of england and the fed cannot create dollars. That is what you are seeing, and that is helpful. In the last crisis, we saw that the Central Banks know how to do that. I am comfortable with what they are doing. Rbs, with health of Strong Capital base, we are over regulatorybove the minimum, so we do have a capital cushion there. But i dont think it would be wise to say that all banks will be fine forever because depending on the scale of this, we will definitely need support. We will take advantage of the money that the bank of england is going to provide, and particularly i think in the Loan Guarantee scheme because clearly we are going to be extending money to companies in a way that in conventional circumstances you would not do. And therefore, the government backstop for that in these circumstances is absolutely crucial. We will certainly be taking advantage of that and we will try to do so as quick as we can. Francine taylor i want to show a chart here to the audience, the german tenyear spread. Urinalysis seems to think that the global bond rout may not be as bad as we think. Probably is a specific one i have talked about. It is a requirement on the ecb to act to try to narrow that, because otherwise that could be fatal for the rest of the eurozone. In general, of course it seems logical to say that if governments run up massive increase debts, that will in the end have some impact on Interest Rates. But i think what the markets may be forgetting is that the Central Banks are highly likely to take up most of this, or a large proportion of this increased debt, just as they did after the last crisis, and we will have an increase in quantitative easing. People at that time said if they do that, we will see Interest Rates rise and inflation rise, but we have not. So i think that the Central Banks will increase their Balance Sheets with their take on the law of this debt on a lot of this debt for quite some time. It will have to be paid back, but i dont think the impact will be with the market is currently fearing. Taylor that is Howard Davies, rbs chairman, thank you for joining us for the hour. A quick check on markets as we go to break. Global bond rout continues. Yields rising across the curve. This is bloomberg. [ fastpaced drumming ] [ fastpaced drumming ]. Rancine shock and awe Steve Mnuchin says the jobless rate might climb to 20 without a stimulus. By a limit after yesterdays rally. Agreed toeaders restrict most travel to the region. Spain joins germany and france and announcing billions to support businesses. Good morning, good afternoon, good evening, everyone, depending on where you are in the world. This is bloomberg surveillance , taylor and francine from london and new york. Taylor and i had a wonderful hour with Howard Davies from rbs, and put together, i think we have a pretty good picture at some of the concerns out there when it comes to the markets. It is debt, debt, debt, and how a love these countries can afford what they are dishing out to support small and medium businesses. But businesses, taylor . Taylor the global bond
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