It seems investors are jittery. Apple is lower but the faang index over last month is leading the rally, up more than 20 off the lows. Investors seem to be pulling back a little bit. They want the proof that is justified. David as you say, it is a big week for tech. At the same time, every week is a big week for oil. You are looking at that specifically because the contrast between commodities on the one hand and equities on the other. Abigail is interesting because oil is all over the map. We have been talking about the tale of two economies. Oil, the crude crash pointing to something less constructive. We keep hearing about the difference in contracts. When we take a look at the contracts, the june contract is down 6. 5 at 12 per barrel. The latest news on this is s p global exiting and rolling out from june into july. July is higher, down on the day but significantly higher. 18 a barrel. August and september are higher. Slightly lower on the day. When we look at august, it is 21 a barrel, in september 20 four dollars a barrel. That tells me that crude oil ,utures should be higher perhaps suggesting the storage issue we have had more recently, the demand destruction could fade a bit, possibly catch up with a more optimistic view of stocks, although as we have been talking about, the tale of two economies, the truth lies in the middle. Back some ande hopefully oil will do what is in its future contracts. David thank you to Abigail Doolittle for that report on the markets. We are waiting for remarks from President Trump and ron desantis from their toxic the white house. We want to go to Kevin Cirilli who is there with it there talks at the white house. We want to go to Kevin Cirilli who is there with a report. David if you can hear me kevin if you can hear me, i am having a major connection issue right now. David in the meantime, we are having technical difficulties. Earlier today dr. Anthony fauci spoke with our david rubenstein. This is what he said. Auci i think people will look when this is all over. Aid thisay they had s was a virus that jumped species in an animal market and it only goes from animal to human and there is no evidence that it is transmissible from human to human and if so, very inefficiently. They were saying that weeks before it was clear that there was human to human transmissibility in china. When we look at retrospectively. Not only was it bad for the rest of the world, but they hurt themselves because what they did is soon after the realization that there was this new infection and to their credit , they put the sequence up on a public website very quickly but what they also did is by not letting their own Health Authority know there was transmission from persontoperson, they held Something Like a 40,000 Person Block Party in wuhan, which is the worst possible thing you could do is to have congregation of people when you have a virus circulating that has a high degree of transmissibility. 55,000 to 56,000 americans have died from this. What is your latest in the projections of what the likely death toll will be based on the modeling youre looking at . Dr. Fauci although models are helpful, they are only as good as the assumptions you put into the model. Misled as can be often as you can be helped. Right now where are at 55,000. The model has been upgraded to say instead of 60,000, it will probably be 70 plus thousand good that is an assumption. The assumption is based on how you respond. Here is how you can determine how many deaths we have, as we try, and hopefully everyone does it according to the guidelines for opening america again, which were very carefully designed and which i played a role in making them very conservative and very careful. If as we open up the country economically and otherwise, if we have the capability to implement well when new cases occur, which they will, there is no doubt they will as you try to relax mitigation, if we have the capability of isolating and Contact Tracing in a highly effective and efficient way. The numbers will stay low. It may be 80,000 or 70,000 like the model says. If we are unsuccessful or prematurely tried to open up, then we have additional outbreaks that are out of control, it could be much more than that. It could be a rebound to get us right back into the same boat that we were in a few weeks ago. That is why we have to be careful and very circumspect as we go from a lockdown to a gradual rolling reentry into some sort of normality. David that was dr. Anthony fauci talking to our colleague david rubenstein. We will try to go back to Kevin Cirilli in washington because he is worth the effort. What we know about what is happening . Kevin coming in loud and clear. The president meeting with the Florida Governor earlier today. Three points i would like to highlight. The president saying they are considering suspending International Travel between miami and brazil and the second point, allowing for airports on International Flights to do immediate testing as it relates to covid19. Obviously as weve been reporting, the Airline Industry as a result of this and testing for flights for covid19, something that very much appears to be in the early stages in the shortterm. The final point is the president as a relates we do not have the specifics of the executive order the president has signed, but we will be monitoring the president s remarks as a relates to tyson and the meat industry. David does the president approve of the way Governor Desantis has been handling this. He has had disagreements with the governor of georgia. As the governor of florida complying with the guidelines . Kevin i was struck by this. Several weeks ago Governor Desantis received criticism by many individuals in terms of perhaps not acting as quickly as other states had hoped. At onesident saying point people thought florida was going to be another northern italy and that has not turned out to be the case. The president is sending defending Governor Desantis, defending florida. When you talk about florida in a president ial year you have to note its political importance. There appears to be a Strong Political alliance between President Trump and Governor Desantis. David Kevin Cirilli, our chief washington correspondent. We keep waiting for that tape playback. In the meantime, coming up, we will talk with the man responsible in the house of representatives for antitrust enforcement about antitrust in the time of coronavirus. That is coming up next. This is balance of power on Bloomberg Television and radio. David welcome back to balance of power on Bloomberg Television and radio. When Companies Get in trouble they look for mergers and acquisitions to help them out. Does that apply in the time of the Coronavirus Crisis . We welcome representative David Cicilline of rhode island. He serves as the chair of the antitrust subcommittee. Thank you so much for being with us. You have proposed putting a hold on all mergers and acquisitions for the duration of the crisis. Explain that to us. Cicilline as we continue to respond to the pandemic, we support businesses and workers and families and small and midsize businesses as they navigate this crisis. One of the lessons we saw from the Great Recession was tremendous buying opportunities as investors saw companies that were struggling great it led to significant market consumers. Ons for willie want to ensure is the antitrust agency what we want to ensure is the antitrust agencies focus your attention on allowgouging and we not the equity farms and the investor class to take advantage of this pandemic to produce significant loss of that will reduce choices, drive up prices. We saw after the Great Recession a tremendous consolidation immediately after that. What i am calling for is, other ton mergers and acquisitions assess whether firms are truly failing or in bankruptcy attempting to have a fresh start, we ought to put a moratorium on other mergers and acquisitions so there is not market concentration that occurs as a result of this pandemic. Investors are already advising clients there are great opportunities. Unique opportunities to invest during this pandemic. I think we should not allow that to occur. It is not good economy, it is not longterm. Focus on a number of other responsibilities right now. David i saw senator warren proposed legislation. Are you signed on to that bill or do you have a different approach . Rep. Cicilline i am circulating a letter in the house in the hopes it will include moratorium in the package we are currently looking on the fifth package to respond to the pandemic. That is the vehicle where we are most likely to see client action because it will be passed by both the house and senate and signed by the president. Language is to get included in the package that will provide obviously there is another way to do it and i guess it will have ago in the house at some point. Lline, congressman cici the reason we have antitrust laws is there adverse effects of Companies Getting too big of a position in the market. At the same time, there are advantages for mergers and acquisitions, sometimes it can keep a Company Going that would go out of business. Are you concerned that if we spend mergers and acquisitions for an indefinite period, we might put more stress on companies and lose more jobs . Rep. Cicilline i do not think that will be the case. Companies truly failing would not be covered by the moratorium. What we want to ensure is investors and those in the business of gobbling up companies do not exploit the companys Global Pandemic as a way to further consolidate the market share. The agencies that would have the responsibility for mergers and acquisitions of things that affect consumers, price doubting and holding. Moratorium during the life of the pandemic so we ensure companies are not unfairly increasing their market share and exploiting a Serious Public Health crisis. At the market consolidation we saw, and even in some of the Technology Sectors after the great that takes a long time to overcome after it happens. We drive down cost, we protect organization, all of this is implicated when you have market concentration that can come from the consolidation that occurs during a Public Health crisis such as this. David give us a sense of what is going on with mergers and acquisitions right now. , you haveegislation to wait from certain mergers for clearance from the antitrust division and the ftc. Are those going through or have they been suspended . Are we delaying acquisitions and mergers anyway . Rep. Cicilline merger activity has temporarily slowed and that is not unsurprising. Many of the forecasters are forecasting and acceleration that could supercharge economic concentration. Equity firms have settled on a lot of cash, 2. 5 trillion, and they are speaking about the landscape of distressed assets and the opportunities to invest. Ist we are trying to prevent a loss to a series of mergers and acquisitions that will produce unhealthy failures in Consumer Market concentration. Im not waiting for to happen. David i would be remiss if i did not ask what is happening with rhode island with the coronavirus. How are you doing . What are the actions being taken by the governor and others to stop it. Rep. Cicilline our governor is doing an extraordinary job. Been very clear about the pandemic and how serious it is. Builds up capacity and sites outside the traditional hospitals. Acceptyathome order essential activities. People are expected to stay home. We have the most tests per capita in the country, so we have a good testing regime, although we have problems getting test and test kits like every state. We are in the middle of two hotspots, boston and new york. The governor has been very careful to protect rhode islanders. It is having a devastating impact on our economy. Well be look at trying to make sure Small Businesses in rhode island can access the resources congress has provided and think about what they need in the next package to mix more Small Businesses stay alive. It is very serious for the next few moments. Of the great challenges we appropriated 25 billion and a requirement the administration develop a National Testing strategy to make a difference. We are going through it like , but it is devastating to Small Businesses. David you mentioned how important it is to try to help the Small Businesses. There is also a lot of concern about helping states whose budgets have been devastated, both because of increased costs and also a slash to revenues. We heard from secretary of treasury mnuchin about how we should not be bailing out states that have been your governor took on the pension issue is there a way to give aid to states have been prudent about their pensions . Rep. Cicilline this is not giving aid to states and cities. What we have been fighting for is to bail out those who remain on the front lines of this pandemic. Police officers and firefighters and Emergency Rescue personnel and health care systems, hospital workers and nurses and sanitation workers. It is not a question of money to states. It is about resources so cities and states are not forced to lay becausential personnel theyve experienced devastating revenue losses. That is not a result of bad management, that is a result of a pandemic and a Government Election to stayathome and shut down the economy. We tried to get that help in the emergency relief package. Agrees mcconnell republicans were unwilling to support that effort. This is anell terrible suggestion. We have a responsibility to support the frontline. We can expect that will be included in the next package because we need to have states in a position to provide essential services that are necessary. Can you imagine being a state that has a county hospital and you have to lay out hospital likennel or cities providence or states like rhode lay them offg to because they do not have the resources to pay them. We have a responsibility to provide help. David appreciate your time. That is congressman David Cicilline of rhode island. Coming up, we will talk with linda mcmahon. The Small Business administration is in the spotlight to get that money out of Small Businesses. That is coming up on balance of power on Bloomberg Television and radio. David welcome back to balance of power on Bloomberg Television and radio. It is time for stock of the hour. One of my favorites Harley Davidson is up. Not because sales are up but because we got a plan. Abigail is one of the most that stockkers, hog, soaring, up 12. 5 . Its best day in three weeks. Its for update in a row. The longest since 2019. The bulls are out. Sales are going in the wrong direction. Five down quarters in a row. ,3 quarters down in the u. S. Speaking to a demographic change. Millenials not writing those motorcycles. What we do have rising and moving in the right direction is cash. They are in talks for some of the biggest banks in the country about raising 1. 3 billion in cash to help out the capital structure. They are in a round of costcutting. They are looking for a new ceo, but other executives are taking pay cuts and other costcutting measures in place. While there is not a great comp for Harley Davidson, we have strength across the automotive complex. We have manufacturers up and Winnebago Industries rally. That special vehicle maker up. Ford higher. On the year, it has been hard for all of these, including harley, office 2000 six highs by 70 . Up day. Have an david good for hog. The smallency, business agency, is responsible for getting the money out the door. We talked of former Small Business administrator linda mcmahon. That is next on balance of power. 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David balance of power on Bloomberg Television and radio. Welcome back to welcome back to balance of power on Bloomberg Television and radio. We are seeing