It will restart production of the 737 max in may we will have more on that decision in just a moment. Stocks are higher in the face of thousands of new cases of coronavirus a day here in the United States. We are now approaching 60,000 total in the United States, but there may be some good news coming from italy and china and we will explain it but first, lets go to Kayla Tausche with the latest out of d. C. , as Congress Tries to put the finishing touches on the details of this massive stimulus deal hi, kayla. Reporter hi, tyler and we are expecting a vote at some point today, but now three republican senators are calling for some edits to be made to the nearly final draft legislative language that was circulated early this morning senators tim scott from south carolina, ben sasse from nebraska, and lindsey graham, also from south carolina, saying that there is a massive drafting error that incentivizes people to seek unemployment bonuses rather than working in jobs where they would work up to 40 hours a week a spokesperson for senator sasse says that they are working on an amendment to fix this by making sure that the maximum unemployment benefit is 100 of someones salary, so that people get the benefits they need and supply chains in industries that rely on some of these hourly workers like the hospital industry can keep running. So we are going to stay tuned for that we might hear from some of these senators a little bit later today. Its not surprising that in more than 800 pages of legislative text, that theres at least one provision that lawmakers want change but speaking about this potential issue broadly, senator Chuck Schumer said its okay to make changes, even if it takes time, because of how long this legislation will be in effect. This legislation will be with us not for days, not for weeks, not even for months, but probably for years to improve this legislation was worth taking an extra day or two. To that end, there certainly will be major changes coming from the way that Corporate America handles its cash flow for the coming years there is an impact, as i was reporting previously, on executive compensation, on employee retention, and also the cash that can be returned for shareholders now, if Companies Take loans from the treasury department, they cannot engage in buybacks or issue dividends until one year after that loan is paid back it is midsized businesses, so businesses between 500 and 10,000 employees that are able to restart their dividends sooner as soon as that loan is paid back, so certainly congress is trying toput some onerous restrictions here in place, saying that you must pay the Government Back before youre returning that cash to your equity holders guys kayla, a quick question or two quick questions for you. Is this legislation likely to be changed in any material way when it moves over to the house of representatives . And what has the reaction been to criticism from some states like new york and its governor, andrew cuomo, that new york is actually getting short changed here zble well, tyler, two things first on the house question, because Speaker Pelosi was loopd in with senator schumer is offc for the large part of these negotiations, we wouldnt expect large changes to be coming from the house. The second point on that, the house did release a 1,400plus page by, but that was seen as more of a stocking horse to insert some provisions or put some brainstorming ideas out there for things if they wanted included but thats not expected to factor into this at all. This is expected to be a bipartisan piece of legislation that will clearly pass both chambers the second question, could you repeat it one more time, tyler im famous for my compound questions. I know theyre often forgotten or lost. Governor cuomo was critical. He felt as though the senate, being the senate, when there is not proportionality, everybody gets two votes, the same amount, has kind of shortchanged new york state in terms of the money that will be coming its way. Are you hearing those kind of criticisms and what is the reaction in washington and tyler, i want to make sure that i answered that specific exact question and dont just spitball. One of the issues that came up is that senator schumer was seeking a large chunk of change for the state of new york as part of these negotiations and there has been some criticism behind the scenes that he was negotiating on behalf of the state and not on behalf of the democratic conference as a whole, so perhaps that is one reason why that pool of money going to new york got whistled down President Trump has also made some comments that it needs to go both ways and in order to get some of those funds that there needed to be a better relationship between new york and the federal government so its unclear if the white houses posture playinged into that, too. Were seeking a little bit more clarity on exactly how that came to be, but with new york at the epicenter, its clear its going to need a lot of resources kayla, thanks so much, in washington for us. Stocks, meantime, holding on to gains this hour after yesterdays monster rally. Lets get the news from bob pisani with all of those wonderful posters behind him bob . Yes, we got a few new ones up the one behind me is a very famous one lets talk about the markets very, very powerful rally here i want to point out, 90 upside day again today. 10 to 1 advancing to declining stocks we had volume speck at 12 30 and 1 30, as we passed the old highs earlier in the day thats a sign of technical buying we havent seen that much on the buy side, at all, when the markets are up weve seen some very heavy volumes and exchangetraded fund like the spider and the russell 2,000 today. Thats good news, because buying on the upside, we havent seen that much recently thats a very nice sign to see that sectors, its those beaten up ones that are advancing the most the industrials, energy, banks and retail, interestingly, Consumer Staples which have held up comparatively well is lagging a little bit here. The vix, we like to gauge the vix. Kur curiously, still pretty high but out towards june, you can see it dropping down closer to 30 that june contract was 50 a couple of days ago so calming down a little bit the front month still very high. Finally on earnings, all over the map, i told you, dont we lie on these numbers bank of america this is well be down 15 credit suisse, 24 goldman, 33. These are very, very wide disparities. As you can see, nobody quite has a clue about whats going on the earnings, at least not yet guys, back to you. Robert, thank you very much, bob pisani now to the bond market where the onemonth and threemonth treasury yields dipped into negative territory what does it mean . Well, Rick Santelli will explain. Rick it means people like to buy tbills, is what it means, tyler. Look at a month to date of the onemonth bill, currently minus two basis points, and a threemonth bill, just a whisker under minus four basis points. When they were auctioned, they were auctioned at positive or zero like the last auction we had for threemonth bill was at zero the sixmonth bill was around positive three so what we see is that once its into the secondary market, theres high demand. Many investors say, listen, i dont want to deal with this volatility, and they buy the bills and end up paying up for it and effectively that puts the yield in negative territory. As for the rest of the curve, look at a threeday. A weektodate of fiveyear notes. And notice, it has a slight upward slope thats a good thing. An fiveyear note auction was kind of strange, but it was still above average. The rest of the curve on the long end is much familiarity as we see that the short maturities are grabbing a little bit more today. And finally, heres four sessions of the dollar index we almost touch every time right around 101 101 on the bottom, 103 on top. If we break out to the 103, theres going to be some nervous traders that are going to buy it and well probably have a quick spike. If it goes under 101, thats probably more sustained breakout and what traders are paying more attention to tyler, back to you rick, thank you very much and investors juggling optimism over the virus relief bill, if we can call it that, with worries about the longer Term Economic impact of this Virus Outbreak ben bernanke weighing in on the Current Crisis earlier on squawk box its much closer to a major snowstorm or a Natural Disaster than it is to a classic 1930sstyle depression so its quite different. And, you know, the different tools are necessary, and particularly, i would just like to emphasize that nothing is going to work, the fed is not going to help. The fiscal policy is not going to help if we dont solve the problem of the virus lets get some reaction from richard bernstein, ceo, cio, and all kinds of other os of Richard Bernsteins advisers. Hes also a cnbc contributor richard, welcome as always, its great to hear from you what do you think of what mr. Bernanke just said there its all moot if we dont get the virus response right i think, tyler, notice win started with, oh i think its i think hes absolutely right i think the science and the health has to come ferris and then the economy comes second. And i think if we dont get the science and the health right, you can have as many stimulus packages as you want i dont think the virus will care whether we pass a stimulus package or not so i would disagree a little bit in that his notion this is not an economic event. I think the risk is that it starts as a health event and turns into an economic event, which then turns into a financial event. I think thats what the fed is trying to prevent here lets talk about the last two days and why you think the market is reacting the way it has over the past two days lets start there and what do you think the market is mostly reacting to . So bear markets have three phases, tyler. The first phase is, people say, its only temporary and its not going to last. The second phase is people say, oh, this is a lot worse than anybody could have imagined, an the third phase is, people say, its never going to get better and i think whats happening right now is, we are in the first phase. I dont mean to be a big Debbie Downer here, but one has to remember that t. A. R. P. Was signed by president bush in october of 2008. We then suffered five more months of a down market. I dont think i mean, these bills are necessary. Dont misunderstand the point. But to think that this is the end of it all and this has just all been temporary, history says thats the wrong way to approach this so there was a spirited discussion on scotts show at noon on halftime about whether some of the members of his Investment Committee thought that what they were seeing were the incipient green shoots of a bottom being put in. From with you just said, i dont think you feel that way. No. I think the irony of green shoots is that people dont see them as being green when they really are green shoots. You know, people are under their desks, theyre in the fetal position, they think that things are never going to get better. When you have improving fundamentals and complete disbelief, thats where you get the huge buying opportunities. You dont get the buying opportunities where everyone is sitting there arguing, is this the green shoot or not sentiment is never that positive you have literally a handful of people its not an argument there is an overwhelming consensus that there are no green shoots and more importantly, there never will be any green shoots i dont think thats where we are right now not discussion you know, what occurs to me, richard, and i dont know whether you agree with this or not and what i think really doesnt matter, but what occurs to me is the idea that the denominator in the p\e, the e is absolutely unknowable for many of these companies right now. So we dont have a sense of what the fundamentals are and we dont have a sense youve got to know something before you can declare something is of value, right . Correct i think youve nailed that one, tyler. This is a situation where at the beginning of most bear markets, people say that the market has discounted the worst case. There are tremendous values. The problem is that those values turn out to be value traps in order, price moves faster than fundamentals, but fundamentals also move more. And i think thats what people are forgetting and weve seen the price prove, the natural reaction is people say, wow, look at all the values the second step is the fundamentals deteriorate and then it turns out that these were value traps, not values and i think again, i havent heard the word value trap at all and ive been watching cnbc more than normal, because were all cooped up, and i havent heard the term value trap at all, today, yesterday, last week nobodys using that term until now and you have and thank you, richard were sorry youre cooped up, but were glad youre watching thank you, tyler. Thanks very much. Well be back in touch breaking news now on the Federal Reserves new Lending Program and Steve Liesman has those details. Hi, steve. So what we have now, tyler, is the language in the senate bill that will create these lending facilities this is not just the main Street Lending facility, but its the broad Lending Facility that the Federal Reserve will establish first of all, its 454 billion, which is more than that was initially talked about by the way, this is the latest bill there may yet be changes, but this was received by Kayla Tausche not too long ago let me give you the details of who is eligible and what kind of restrictions you dont get money from uncle sam for nothing. Loans up to five years, but in this case, as short as possible. You would get an Interest Rate that would be comparable to a similar risky loan, at a rate that would be before the outbreak of the coronavirus. The treasury secretary is supposed to publish the procedure for application within ten days of package. Let me go on and give you some more the company receiving the loan cannot engage in stock buybacks or pay dividends to its shareholders over some period of time during the loan and after the loan the expectation here is to maintain employment if you get one of these loans the level of march 24th, 2020, or to the extent practicalable, but in any case, less than 10 and there are limits on executive salary increases that are actually pretty detailed if you make like 425,000 last year, you cant get a raise this year, and if you made more than 3 million last year, an executive cant make more than 3 million while they get these loans. Theyre very detailed, but really, tyler, this is just the beginning. These rules and regulations now go over to the fed and the fed has to figure out actually how to get this money out to main street and regular businesses here, that have trouble getting loans. One question, if i might, and one observation, any might just one . Thats all i can think of right now. Ive got limited bandwidth but the question is, is there anything in here that says if a company avails itself of these loan provisions, that they have to pledge not to layoff workers . Yes, there is so theres this thing in there that says, a recipient of the loan must maintain the level of employment as of march 24th, 2020, to the extent practicalable and theres actually two different sections on this that ive read. But you cant reduce your employment below 10 or 10 from where it was on that date. Theres another one that says, for mediumsized businesses, they have to maintain 90 of that level and so the idea you get the loan and have to maintain your Employment Level ill save my observation for our next conversation as you stay with us and we bring in lindsay, chief economist with stifel welcome. Good to have you here. My observation was this. As steve just described this package of a Lending Facility of 400 billion, one of the things that was in there was an agreement in part of the companies to take these loans that they will not pay dividends. That would be a big pill to swallow for a lot of companies and companies that arent paying dividends is one thing, but big businesstely another. What do you think . Of course, we would expect a lot of restrictions to come with these loans. This is not attended as a corporate bailout, but a bridge loan to assist these businesses to by extension then help workers and get the economy back on track so i think its very important that we do have these restrictions in place. But as steve mentioned, theres a timing issue with this bill as well when is bill pashd and the question is when are these checks to individuals or these loans to businesses going to be hashed out it could be weeks before we see some of smeez funds received and during during that interim, the economy will continue to feel the pain of being shut in so while i do think this is going to provide a welcomed lifeline for many, its hardly a panacea and the economy will still suffer an incredibly intense blow, particularly in the Second Quarter, even as the market seems to think this is the best sort of scenario that the government could provide ill come back to you on the question of how intense a blow it will be steve, jump in, but let me tee it up with a question, and that is this is there a possibility or how would you handicap the possibility that the restrictions in this package would be so offputting to some businesses that the whole thing could backfire i dont mean to be dire here i think thats going to be possible, tyler. I think people are going to some executives will look at this and say, you know what, i dont want to take a salary cut if i make 4 million, down to 3 million. That was my reading of it. I believe thats correct some people said, well, i made 425 last year i may deserve to make more this year i dont want to not pay dividends. I dont want to not do share buybacks and there will be some companies that say, you know, its the only way to do it. And i think what lindsay was getting at was this general notion, if you want to borrow from the government, it should hurt a little bit. It shouldnt be the easiest thing to do the government s