Youre seeing money coming out of the bond market. The u. S. 10 year yield up about four basis points. The dollar is down for the first day in 11. That shows some of the dollar funding stress that was present in the market may be easing a bit. All of that should support this rally, but we have to wait and see if we get that stimulus. David we are promised daily, but they are saying today it is coming in just a matter of hours. We hope that that is true. How broadbased is this on the equities side . Kailey it is pretty much across the board. Everything is green, and what is interesting is it is the most beaten up sectors leading this rally. Energy is on pace for its best day since 2008, up about 10 . Abouttocks that have lost half their value are actually leading the charge, so you are seeing some buying of those dips, where evaluations are quite suppressed at this point. David on airlines, that could be tied to the bill because theres reportedly some help from the airlines, but energy is a bit different. I wonder if that has to do with anticipation of global demand, or whether it is things like chevron saying we are going to eliminate our Stock Buyback Program and cut by 50 or Something Like that. Going to cut were 4 billion from capex and their Stock Buyback Program. On ourgoing to pull back buybacks. That seems to be the status quo. I dont think it disrupts the market anymore because we do have the coronavirus out there. So a lot remains unclear at this point. David that is a rather good point. I will stay on the subject of that massive spending bill everyone is waiting for. Thus far, we havent had it. Welcome now from washington terry haines, founder of pangea policy. Thank you for joining us today. Give us some sense of what is between us and having that bill actually pass. [laughter] terry thanks for not holding me accountable, david. I think it is pretty much all over but the shouting. A lot of ministerial details to go. Speaker pelosis late incursion into this process added a little bit of time to it. Theres complete understanding that things need to happen as quickly as possible. I understand this morning in public, when push back upon whether you could get this done tonight, she didnt object to that. It is sort of a tuesday late, early wednesday at the absolute latest, that this thing gets done pretty quickly. David most people are saying just get it done as long as there is money coming our way, but have the republicans come her way some. There were a couple of basic categories, number one, are we helping the working people enough through things like Unemployment Insurance and things like that, and the other is strings on money going to corporations. Have republicans moved in her direction . Yes. i think they have, one of the things democrats and Speaker Pelosi have been saying is theres been more accountability and more oversight for that money. Congress has the validity to oversee what treasury does anyway, but they would like some additional oversight, and that is more of a ministerial detail than anything else. Republicans i think are quite willing to accept that. David the president himself said he would favor restrictions on stock buybacks. Senator Elizabeth Warren of massachusetts saying i want a separate body to oversee this rather than Trusting Congress to do this. Is it likely we will have Something Like that . Terry i think whatever misses warren might like probably waits for another day. The broad outlines of this have been clear for some days. What the House Democrats priority has been has been clear for the last 24 to 48 hours. I think anything more elaborate, if this gets set up in the end, may have to wait. I would look for separate bodies and things like that, i would look for strong Republican Opposition to that. They certainly are not going to let yet another end up in and body. David fairpoint. It is one thing for congress to pass a bill and the president sign it. Is it another thing it is another thing to get cash into peoples pockets. Do you have any idea what might get cash into the economy the fastest . Terry the rule of thumb i would use is the more direct the assistance, the faster it works. Secretary mnuchin has been saying for a week or more that his goal is been to get checks cut immediately, so i think that happens. Immediate assistance to a variety of industries happens. It will take a little bit longer, largely because there are hoops you have to jump through in order to get those. Be ans going to need to expedited application process and an expedited acceptance. That is going to add a few days to things. Onrybody has been focused trying to get the aid out of quickly as possible, which is exactly why the major stumbling block into b b bill itself. Stumbling block ends up being the bill itself. David everyone agrees this is necessary, but it is probably not sufficient in the end. Terry i think that is right. I would look for bill four. Things change. A week ago, i would have said seven to 10 days for this bill, and we are going a little faster than that. Forward a period of weeks. What they need to see is how quickly this third bill writes the checks. How quickly this third bill writes the ship. If you see congress coming back beginningly, from the , there has been bipartisan agreement in washington on doing whatever it takes, and i expect that to continue. David thank you so much for joining us. Always so good to have you with us. That is terry haines. We turned out to ritika gupta for bloomberg first word news. Ritika the tokyo summer olympics have been put on hold. Japans Prime Minister shinzo abe and the International Olympic committee have agreed to delay the games by a year due to the coronavirus outbreak. It was scheduled to begin july 24. The euro zone is sinking into the biggest economic crisis in its history. Efforts to contain the coronavirus pandemic have brought much of the Business World to a standstill. Private sector activity plunged to the lowest since the index started, more than two decades ago. The price of oil rallied for the second day in a row. Brent crude is approaching 28 a barrel. The trumpet ministration says an alliance with the saudi the Trump Administration an alliance with the saudis is one idea under consideration. Transportation will be allowed to resume in the city of wuhan on april 8, and residents will be able to leave the city and the surrounding province. Last week, the province reported that new infections had dropped to zero. 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. David thanks so much. Coming up, hes the man at the center of a huge effort to get protective equip into Health Care Workers protective equipment to Health Care Workers. We will talk to mike roman, ceo of 3m. This is bloomberg. David this is balance of power. Im david westin. Personal protective equipment for healthcare workers, especially masks, or key to fighting the coronavirus. We welcome now michael roman, chairman and ceo of 3m, for an exclusive interview. Thank you for joining us. Lets get right to s, those n95 masks right to it, those n95 masks. How any of them are you producing . Mike, can you hear me . We were just on the phone with him. We are going to get mr. Roman back on. This happens in this new world of coronavirus. Later on, we will have an update on the markets. Stocks are rally and, as you know. This is bloomberg. David this is balance of power. Im david westin. We are back mike roman, ceo of 3m. Crucial toks are so our Health Care Workers. What is your capacity . How many can you produce . Mike thank you for having me on. That respirator is at the center of what we are focused on. Not just for the safety of our people, but the safety of the public is critical. We have a unique responsibility respiratorshose n95 to people on the front lines. We have accelerated to maximum production globally, including in the u. S. , beginning in january, and we are currently operating at that level. Monthuced 35 million each we produce 35 million each month out of our facilities in the u. S. We have prioritized those for the Health Care Workers on the front line. To thatontinue to add capacity. We are at 35 million today, and really delivering to the greatest needs around the u. S. David we are all becoming familiar with these numbers now. We hear them from the president and the vice president. If you need to increase production, because it sums like right now we cannot get enough of these things, how long will it take for you to increase above that 35 million range . Mike we are working with government partners, with other companies, looking to always increase our capacity. Been to keephas idle capacity available for times like this. We have brought all of that online. We are adding to that with additional investments in the pipeline, and we are working to continue to add capacity further out as we go through the year. It is kind of in stages. Near term, we can add some increment of capacity, working with other companies to look at alternatives to add even more than that. We are striving to add more each month, and later in the year, we think we can increase significantly with additional production lines that would come online for us. Mike give us a sense david give us a sense of your relation to put the government here. We have heard about 3m more than once. My understanding is mike pence went out and visited you at one point. Are they invoking the defense production act with respect to 3m . \ 3m . Ith perspective with respect to 3m . Mike we have been working very closely with the administration. The amendment which enabled us to deliver our industrial rep raters industrial respirators to healthcare workers on the front line, that was the first big step. The defense production act has really enable us to Work Together on making sure we are getting the respirators to the most critical needs around the country. Our teams are working together with fema, with health and Human Services, making sure we delivering where the needs are greatest. It is a partnership that has really been very effective as we have come through the month of march. David you are at the center of a true global crisis. What in your past experience may have prepared you for this, or prepared 3m for this Unprecedented Demand . Not just demand, but need for the health and safety of the mark in public . Coming through sars and h1n1, we are a critical provider of these, and need to be able to lead in times of crisis. We made the decision to invest in capacity that stayed idle under normal circumstances. Normally, a majority of our respirators go to industrial use, protecting workers in difficult environments. In times like this, we have to both surge capacity, and we have almost doubled our output since the beginning of the year as we came into the year expecting normal business demand, and then we are able to surge everywhere around the world. We manufacture in all regions of the world. The u. S. Was very important, and we have ramped that up to 35 million, but we have ramped up globally to 100 million per month, so we are surging everywhere around the world. David there is something i am learning about called the powered air purifying respirator, the papr. There was an announcement made with 3m, ford, and ge. Explain what these are and what the nature of this joint venture is. Mike this is a great example of how companies have stepped up and responded to the call to action to do everything they can to help serve the Public Safety and the needs of the Health Care Workers. Ford reached up to us to Work Together on anything that we could do to increase our capacity and the solutions we can bring to the market. This powered air purifier is an area that is an important product for use in some of the health care environments. Expertise, they can bring skills where it is needed most for us and help us increase production of those powered air purifiers. I am really pleased with fords response on the help they have been giving us. David are there other joint ventures you may be working on or looking at that may expand capacity for giving Protection Equipment to Health Care Workers . Mike we are looking all across the supply chain about working with a number of companies on how we can increase the output of our lines, how we can bring new put get that is one of the things we can do, get what would be a normally longer lead time to bring on new capacity. Companies are stepping into that. Theres also the logistics side. Normally the supply chain is very efficient, but it is times changing when we are daily our working environment. We are finding people to help us areas thatpedite to we need to expedite overnight orders that are criit has been e supply chain spectrum, and maybe most important, help all the way back to run materials has been very important in the Way Companies have stepped up. Give us a sense in who decides where these are going. We hear from Governor Cuomo here in new york daily about a shortage of these. Healthe are working with and Human Services and fema to make sure we are prioritizing where they see the needs are greatest. We work directly with the hospitals themselves and the health care providers, and we are working to deliver on the greatest need and urgency. Over the last week, we delivered one million respirators into new york city, responding to the urgent need. The weekendver product into Washington State and new york city that began arriving yesterday. It is really prioritizing where the needs are greatest, and getting help from every angle on it edifying that. On identifying that. Running a also are very Large Corporation with Something Like 96,000 employees. You said the First Priority is the health and safety of your own people, but also the health and safety of the American People. How are you balancing that at that moment . We need people many factoring these things, but they are taking some risk being outside their houses. Mike we are managing that in our operations. We have been like every other company, adapting as we have gone. Everyone who can work from home works from home. That is not practical in a factory where we are producing these critical safety products, so we have procedures and operations we have put in place. Planning robust process. We have processes where we are having our own workers using respirators. We are implementing cleaning and ng cycles, really supporting their safety in the factories. There is a standard operating process that we put in place. We have escalated to the most critical safety levels for that. That allows us to keep operating in those plants and other operations that are so important at this time. David you are trying to strike that balance between the protection of your people and manufacturing things we desperately need. We as a country are going through a version of that right now. We heard from larry kudlow this morning, saying that with think we have to start bringing some of the economy back online by the end of the month, which would be next week. What do you thing about that . Where do you strike that balance more broadly . Should we be letting people back out of their houses for the sake of the economy . Mike we put our focus on the safety of our people. Right now, we are following all of the guidance that we are hearing from and being directed by the government. That is both local, state and federal, and we have been able to manage our operations around that, and getting that balance is critical. , the unprecedented challenges we are facing, but it is something that, with these kind of procedures in place, protecting our workforce, the people in the plants, we will continue to do our best to operate in support of the needs out there. David mike, thank you so very much. We all wish you the best of luck. That is 3m ceo and chairman mike roman. Lets get a quick check on the markets. Kailey leinz is back with us. Kailey we are still in the green. Of course, things can change in the blink of an in this equity market. I would caution that one day of gains does not a recovery make. We are still down about 30 from the s p 500 peak until now, and we have not seen back to back gains since we had that record high on february 12. We will see how sustainable it is, if the market is as excited about the prospect of stimulus tomorrow as it is today, but today it is indeed excited. David is it sort of buy the rumor, sell the fact . Kailey we have seen it coming to matter how dramatic the reaction of monetary policy, throwing the kitchen sink and more at the market doesnt always have a sustainable rebound. We will see what happens here. David somebody said take whatever number you think it is, and double it, whether it is the federal congress, and it just isnt enough. Kailey when you cant quantify the impact of the coronavirus, what it is going to have on unemployment, jobless claims, on growth, we have seen some really drastic downward revisions for u. S. Growth. When you still dont have an understanding about that impact commode you dont understanding about the impact, need. Nt estimate the david up next, Neil Barofsky will be joining us right here. We will talk about what we need to do to make sure the money is spent correctly. Live from new york, this is bloomberg. These days you need faster internet that does all you expect and way more. Thats xfinity xfi. Get powerful wifi coverage that leaves no room behind with xfi pods. And now xfi advanced security is free with the xfi gateway, giving you an added layer of network protection, so every device thats connected is protected. Thats a 72 a year value. 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