The day after tomorrow it is done. Olivia the standoff over Irans Nuclear program has lasted 12 years. The u. S. And five other countries taking part in the talks and want to make sure iran cannot build a nuclear bomb. Iran wants the west to lift sanctions immediately. In greece Prime MinisterAlexis Tsipras trying to rally support for the ballarat talks. Asking opposition lawmakers to back his strategy of putting an end to austerity. He told the Greek Parliament last night and he did it must any deal must include a restructuring of the countrys debt. Mr. Tsipras a new agreement must have restructuring of debt. No country when it has a debt of 180 of gdp can come to the markets. Olivia greece and its creditors are far apart. The country has submitted a list of economic reforms. Officials tell bloomberg it is not enough to make them give more money to greece. Corporations based in indiana urging leaders to revise a law. They want to make sure it cannot be used to discriminate against gays. They say their employees must not feel unwelcome where they live. The speaker of the Indiana House says the legislature will not clarify will clarify the measure. Brendan 2 of the biggest names in online fashion, italys yoox has agreed to buy netaporter. The deal is an all Stock Transaction valued at 775 million. Netaporters owner richemont will have a stake in the company. Jayz is taking on the streaming music business. Tidal is an artistown streaming service. A standard version will cost 10 a month. Going against spotify and the new Service Apple is working on. Another example of march madness, the resale market for final four tickets, average resale price for games almost 1900. That is a record. 25 more than the previous record a year ago. Tom i guess that is success. The definition of it. Brendan it has to do with wanting to see a perfect season. That is not something you get a seat. Tom a data chat, end of quarter. Equities, bonds, currencies, commodities. Futures deteriorate, 10 year yield. Eurodollar, 1. 07. A weight to the commodity market. Second board, please. 14. 51 on the vix, a less than volatilevix. Gold holding up pretty well given moves in iron ore. Dollaryen, 1. 20, close to that. Weight in commodities. Many different blended indexes, this is the bloomberg commodity index. Hthe headline is we have dipped below where we were at the lehman lows. Brendan it is good to run back as far as you can. When you get to the early 1990s this is looking closer to a reasonable measure and not just that most recent dip in be 2011. Olivia id be curious to see china. Tom there we go on commodities. Something to watch this morning. Midnight beckons in lausanne switzerland. Peter cook is in washington. Gulnar is in tehran. Tell me the tone of hardliners in tehran gulnar in general, the hardline voices compared to the past have been more muted. We had an editorial by the editor of one of the main hardline newspapers here. He spoke out strongly saying the iranian officials in lausanne should not make any concessions that would contravene the red line set up by irans Supreme Leader. That is really the only voice where hearing here. I am large when you compare by and large when you compare last year, the sounds have been muted. An admittedly very important voice this morning. Olivia questions about whether or not it john kerry strikes a deal it will be approved. Is it a similar situation in iran . Is the foreign minister for empowered by khamenei to strike the deal . Is there a chance he goes home and it is rejected. Golnar javad zarif the foreign minister has the full support of the Supreme Leader. That backing is crucial. What happens when mr. Zarif returns to tehran if he comes without any kind of framework i do not think that will change at all. I think thats unlikely, the red lines of the government in general are pretty much set out. The flexibility depends on what is being said in lausanne between officials and this meetings. Peter we could ask the same Brendan Peter cook in washington, we could ask the same question of the. What is the most recent word in washington . Peter members of Congress John boehner is in israel this week. The Senate Majority leader Mitch Mcconnell in israel. Both expressing criticism of these negotiations and of the deal they believe is being crafted and lausanne. This is going to be a tough sell in congress. But not impossible they believe if they get the framework they can sell it to enough members of congress. Olivia the standoff has gone on 12 years, the talks were delayed six months. If this does not work out in lausanne by the end of the day what happens . Peter the question remains could there be an extension. The u. S. Has given every indication it wants to see the deadline honored but there could be a possibility of an extension. The other possibility is they get a framework but not every sticky issue gets resolved by midnight. They extended through the formal deadline, the end of june. They have another three months to iron out differences. Tom thank you so much. Well join you in our next hour. Bob with us the turning of the markets and a grind towards weaker commodity prices. Jp morgans global chief Investment Officer for fixed income has been busy. Tell me about liquidity in the markets. Everybody is throwing around this work, what does liquidity mean . Bob there is so much money being printed by the central banks, even though the fed and it qe ended qe between the ecb and the bank of japan you have about 130 billion hitting the market every month. It is money that did not exist before, it cleans us out of bonds. It forces us to redeploy capital somewhere. Tom is your world destabilized or distorted . It is not a normal bob michele world. Bob it is wonderfully stabilized. It is common to see negative yields across europe where the acceptance of low Interest Rates is widespread and most holders of european Government Debt or japanese Government Debt sell it to their central bank and then redeployed elsewhere in higheryielding assets. Brendan something jumped out at me, poland is not a member of the eurozone. It had been financing its debt in dollars, it decided to take out a loan in euros. What is happening in the eurozone is spreading beyond as well. Bob you are seeing a lot going on in the emerging markets. Countries that are issuing in dollars, they have a convertibility issue. Their currencies are going down like power windows. It is a big issue so why not find yourself in a currency that ostensibly should look weaker in the coming years, certainly versus the dollar. Olivia u. S. Rates, 10 year yield still below 2 in the u. S. They started off last year at 3 . Does this while of money and negative yields put a lid on u. S. Rates . Bob we should think janet yellen. The fed is our friend and the bull market continues. That is our message to clients and investors. She backed away very carefully from a june tightening and i think they have set the path for something around september and maybe later, maybe 25 basis points every other meeting. That is as benign as i can remember and i have been doing this for 34 years. Olivia have you changed your forecast at all since the start of the year . Bob a little. We thought the fed would go in june. I think they should, they are telling us they are not going to. I do not think we need zero Interest Rate policy. I think certainly there is the absence of inflation. Whether it is disinflation in the u. S. Or deflation in other parts of the world it is real. Oil is the primary culprit. Olivia 2 gdp, lots to discuss with bob michele. Lucky to have you as guest host. Still to come, it is crunch time for greece. The Prime Minister took his case to parliament in a dramatic address last night. Will he be able to come up with enough support to secure bailout fund the lubitzs the greeks need. Tom good morning, bloomberg surveillance. Our top headlines. Brendan negotiations on Irans Nuclear program. Deadline day. John kerry says the same issues have to be resolved if diplomats are to reach a deal by the end of the day. Irans;s Deputy Foreign minister says it is unclear whether a deal is possible. In greece, Prime MinisterAlexis Tsipras wants lawmakers to back his plan to end austerity measures. He told parliament any deal must include debt restructuring. Greece and its creditors are still far apart. In virginia live pictures. Police are surrounding a hospital outside washington looking for an escaped prisoner. The man is dressed as a hospital gown. He has no shoes but he does have a gun. Lawyers for the accused Boston Marathon bomber will call witnesses today. Prosecutors wrapped up the case against dzhokhar tsarnaev. His attorneys are trying to prove he was elsewhere when the materials for the bomb were bought. He could face the Death Penalty if convicted. Men dressed as women who drove towards the nsa headquarters made a wrong turn. Officers fired at their vehicle and killed one man, they waited another. They spend the night at a nearby hotel with a companion and stole his car. Former secretary of state emailed her staff with an ipad edition in addition to a blackberry. Clinton claimed she used a personal email so she could use a single device. Tom bob michele on the oil markets, the troubled debt. Then jay z takes on spotify with usher. Brendan and kanye. Tom taylor swift is on board. We look at indiana, the uproar over mr. Pence. Olivia in a dramatic latenight address to parliament, Alexis Tsipras vowed to stop the bleeding of the greek people. Early word from the officials is that his list comes up short. Hans nichols joins us from the heart of greeces biggest paymaster, berlin. A joint News Conference later this morning. What do we know about the details and what tsipras put four. Hans 3. 7 billion in new revenue, most of that is going after tax evasion. When you look at any way you are going to have to have any of the money unlocked everyone has been clear that greece needs to follow through on the bailout program. We do not have anything specific so far so it looks like no money. Brendan an interesting detail this morning saying that european officials accused the document of lacking technocratic details. Do you think this is something tsipras would have gotten right by now . Hans there are challenges on making sure the documents are proved in english. The creditors want to get more specific and the debtors want to talk in philosophic terms. That is the tension when technocrat to visit athens. According to mario draghi they are not given the access to the books they would like so everyone can agree on a common set of numbers. Then you can argue about solving for x or whatever not equation. Olivia Wolfgang Schaeuble is offering to send the german accountants. Brendan that is going to work out great, german tax collectors in greece. Hans, i was struck that Alexis Tsipras went before parliament in greece and said what we need is debt restructuring. That is a walk back. Hans yes. A lot of times when he is speaking to his to mastic audience he talks about longterm debt. That is part and parcel with what syriza said. He sa heati he said he was promised a package in june. We just heard from donald tusk, president of the eu parliament, he says no deal before easter. Olivia thank you so much, hans nichols. Back to you enter on with updates on the meeting between hollande and merkel. Tom gideon rose of Foreign Affairs magazine. Bring it back to American Foreign policy on radio and television with mr. Rose in our next hour. This tuesday morning, bloomberg surveillance. The end of the quarter where did it go . Tom an end of quarter new york city this morning. The sun is doing strange things, coming up earlier and moving around the sky. A beautiful sunrise. Brendan it is going down later and keeping children up later. Thats my dollar in the jar moment. Our morning must read is from bloomberg view. Our man in tokyo says debt could derail chinas ambitions. At those levels, china would be susceptible to a search in a surge in longterm Interest Rates. Bob michele, that is what you are doing all day at j. P. Morgan looking at longterm Interest Rates. Not just top line but down to local governments. Do you believe those numbers . Bob i think it is pretty high. China did it part coming out of financial crisis. There was a lot of borrowing, there was a lot of investment and property development. Now they are retrenching. I think those numbers are right. Brendan no matter what they do in terms of their technocratic mastery they cannot fix longterm Interest Rate if debt gets out of hand. Debt issue is the one issue that they are not addressing. Bob you can certainly look at japan and see countries that operate with high total debt levels to gdp and Interest Rates are moderate. The peoples bank of china understands this. This is why they are quick with stimulative policies. They have to get the economy going and maintain growth. Tom do we buy their debt . Bob do we buy their debt . Is it all internal . Theres some dollar debt. Olivia how has chinese appetite for u. S. Debt changed . Bob i dont think it has changed that much. Theres a lot of private wealth that has been created in china. We are talking about total debt to gdp. A lot of that money is being exported into the develop market. Tom our twitter question on iran what changes if we get a deal with iran . Stay with us. Tom good morning. An odd market. A wider greece spread to germany. Olivia countries playing beat the clock. John kerry is saying he sees a little more daylight this morning. Besides are closing in on a joint declaration. Steps they would have to take to solve a standoff. Sergey lavrov sounded optimistic. I believe the prospects are very good and promising. One can never be sure with anything 100 . If no one makes the stakes too high and tries to get advantages at the last moment instead of finding equilibrium, i believe the prospects are good. Olivia the sticking point, the pace of sanction relief. Theres also the question of how to reimpose sanctions if iran violates the agreement. Breaking news from virginia. Live pictures. Police outside washington, d. C. Have closed the roads around a hospital after a prisoner escaped. Police called the man armed and dangerous. In nigeria, the ruler has taken a leave in the president ial election with half of the states reporting results that Muhammadu Buhari has a lead over Goodluck Jonathan. Brendan indiana, pressure building to make changes to the new law that will lead to discrimination against gays. The reputation is at stake and half steps will not undo the damage. Leaders are willing to amend the law to make sure it does not allow discrimination. Tesla state tesla shares rose after tesla announced after elon musk announced. The company will unveil a consumer battery for homes and businesses. Mcdonalds latest attempt to pull out of a sales form. They will serve breakfast all day. Taco bell and starbucks have expanded their breakfast menus. Tom it is amazing and has to be a trial program. Brendan do you know how hard it is to unveil a new product at mcdonalds . Olivia youre going to bring in the egg mcmuffins, you have to get rid of cheeseburgers. I did a story on a burger joint. Tom did you flip burgers at mcdonalds . Olivia no, i did not. Brendan at least none of us has that. Tom Robert Michael is the chief investment bob it is not oil at 47. 48. We are keeping a watch on inventory and capacity for storage is slowly running out. We think Storage Capacity will run out at the end of april. Tom do you have a price of oil where you can say they have to act . Bob we thought it should average 60 a barrel this year. We drew a 50 a barrel range to either side. We are right at the 45 lower bound and it makes it difficult for the investment that has gone into oriole gone into oil to service that debt burden. If you start testing, it even just for a period over the summer, it will put pressure on oil borrowers. Olivia we thought we would see a wave of bankruptcy, but what you have seen is smaller producers going to the capital market. Where is this coming from . Bob it is coming from the amount of liquidity. That money will come around. It will always be there. It will always form at these low levels. I do not think it changes the fundamental story. It is a tremendous oversupply of oil. It is one of the things we are worried about. 50 of the economy has inflation of 1 or lower. Core inflation is about 30 of the economy. If you look at u. S. Companies today, they are starting to face headwinds from the strong dollar. The last thing that going to do is look to raise prices which could cost them volume. Toms is this is one of the ugliest charts. Tom this is one of the ugliest charts. 30 is a big number. Bob they would like to get off the lower bound, but when they look at the s of inflation they do not see it. Tom were going to our morning mustread. Janet cannot raise rates. Brendan so Many Companies dependent on oil, brazil dependent on commodities and it is laying their best laid plans to waste. We are going to move to rewrite the music of this. He wants you to pay him 20 per month to do it. We will tell you about his relaunch subscription service. Tom good morning. It is time for a single best chart. It is hip and cool. I am trying to think of the new cool phrase. Brendan jayz unveiled tidal. Rihanna was there, so was madonna and kanye. Pimm fox asked us sure why he joined tidal. Brendan control over streaming revenue. Here is what we are looking at. There has been growth. That is digital revenue for music. Look at the two areas of growth. No one wants to le