Surveillance: Jobless Aid With Scalia

thousand and doubt twenty five thousand, bona. It has been an unloved bull market. How bull market? Is this or is this a pause along the way along the struggles of this pandemic? Yeah, you know, first of all, thanks for having me. This is a great new format. Enjoying

it immensely. But certainly that three thousand level TOM on the SMP is something that's not only psychological, but it happens to be close to the two day moving average, so it does have some technical significance that well as well. We certainly think that if we can get through that, breakthrough that and sustain that for at least, you know, a few days, that is meaningful in terms of perhaps moving some opinions over to more bullish stands. You know,

to us, clearly, this has been a bifurcated market. Um. The winners and the SMP have been tech and healthcare and the unloved cyclical sectors you know, energy, financial, industrials all still down over still very much in bear market territory. Um. Really, we think if if the market is a buyer of this reopening story, we should start to see a broadening of performance and that should include some of those cyclical sectors. Certainly, we started to see that last week as well, with

industrials and energy at the top of the performance list. Um, we think that trend could continue and help carry us beyond the three thousand moves. Certainly, this morning we are seeing a buying of the reopening narrative. What kind of reopening our traders pricing in because there is the possibility that you reopen and nobody shows up because they don't have faith that they have the health controls in place that they won't get sick. Yeah, now that's a fair point.

And look, as we're watching this reopening just like everyone else, we're watching the health data alongside of it. You know, one thing that's notable to us is that areas that had been the epicenter of this crisis, like New York and New Jersey, UM, really the pressure on their hospital systems has alleviated quite a bit. And so I think when we think about why we flatten this curve in the first place, is so that we wouldn't pressure the

hospital systems. And some of the more southern states that we are seeing a little bit more uptick in some of the virus cases, UM, their hospital systems are generally still underutilized, I CU beds, etcetera. So to us, you know, in order to really think about re shutting the economy, or at least reshutting parts of the economy, you need to see pressure on that hospital system. So it's not

another point that we are watching. The other thing I'd say briefly is just that when we think about investing in the market broadly, you know, sadly, this crisis has really impacted mom and pop businesses largely, you know, the restaurants, bars, gym's, etcetera.

The SMP five hundred, however, is you know, the five hundred best capitalized, best balance sheets, biggest companies in the U S economy, and so when you think about where to put your money, perhaps that's relatively safer and it could be a driver of of what we're seeing now in the market as well. I got to lift the lid on that SMP five hundred. You did that briefly just moments ago and moment and I think that's the big topic for so many people. On the one side,

we've got these crowding, stretched valuations in growth. Then on the other side we've got the potential for the value trap playing out over encyclicals. How do you draw distinction between the two at the moment and make sure you're in the right companies. Yeah, no, that's a great point,

and we get that question all the time. Look, I think for a post COVID world, you need to be involved with some of these technology, particularly on the software side, that include areas like cybersecurity, cloud computing, the e gaming space, you know, the whole complex around the zoom conferencing and remote learning. Even um, it's not going to be a one year story. It's going to be a three, five,

even ten year story down the road. Uh. Similarly, on the healthcare side, which may not be that long of a story, but still very important in the next probably two to five years. So I think we continue to see opportunities tactically there. So obviously it's harder to chase at these levels, but when we do get the pull backs, we've had some sideway sideways movements over the last few weeks.

There has been opportunities to get involved again. On the other side, you know, we would be a little bit more selective when we think about some of the industrials, energy, financials, um there's only parts of the energy complex that are interesting to us, you know, refiners for example, or even renewable energy. On the industrial side, you know, we're we're taking a look at airlines here. I think their risk

reward is interesting as well. When you think about limited downside government it might be stepping in to help bail out some of the companies and eventually we probably all will you know, have to travel again. So selective parts across both sides of the spectrum, we think makes sense. I've got to pick up on that airlines. I'm sure a lot of people set up a little bit when

you said that. I know you can't do single names, but surely that's a really, really difficult decision mix when you look at that sector at the moment, some of these companies, I think it's fair to say, and I'm not being extreme saying this, some of these companies won't exist, will they. M Yeah, I certainly have to be careful

across the spectrum here. Um. You know, one of the things about active management during the crisis, any crisis, but certainly this one, is there will be winners and losers, and the fundamental research will really matter. You need to look at balance sheets. You know, in a sector like airlines, you probably need to look at our the domestic internationally, you need to look at what the routes are, etcetera, etcetera UM. And you know, obviously that was one example

on how to play the recovery. There are other you know, you look across hotels, gamings, that, etra, etcetera, UM, larger industrials as well, and so I think there are certainly ways to play it up. Mona, I'm not gonna buy it, Mona, I'm not gonna buy it. This is the most barbelled market we've ever had, with five or seven or ten stocks leading the way. If I'm institutional investor here in my ELPAE so far behind, I'm not going to get paid my bonus. What do I do? Buy more Amazon,

buy more Apple. You know, it's interesting. I do think you make a good point about performance catch up here. You know, not many people got in at Marye and have written this move higher, and so certainly you're going to see a lot of that. I think the implications of that are more that now when you do get dips um, are they more likely to be bought or

they more likely to be sold? And I think given the momentum behind the health the economy, um, and you know, just the reopening broadly, I think we're going to see a little bit more buying at this point. And so I think that's important to recting eyes as well. You know, so any opportunities you get, you know, if you can position yourself tactically during those times, it will be important. Now that being said, you know, this is a long

term game here. So um, you know, while we've had a great thirty percent move, now do we expect another thirty percent you know, in the next six or eight week period or even the next quarter or two. Probably not. So you're not going to get um, you know, the quote unquote easy money once again. And so in that scenario you will get some sideways movements, you will get pull backs, you will even get those five or ten percent corrections along the way, And so those are your

opportunities to get involved. Mono, what's the best hedge right now? Interesting? Yeah, you know, I think we continue to like some of those eventsive asset classes as hedges as well. So, um, we're still buyers or believers in the gold story, the US dollar. I think it's interesting still, you know, given the economy is the the U S economy has been

the flight to safety asset class broadly. Um, treasuries are are somewhat interesting as well, just given you know, the support we're seeing from the Fed in the stimulus etcetera. And so I think you know, people will flock to treasures as a hedge as well. Still, so some of those as the classes, certainly parts of the high high quality investment grade bond market still makes sense to us as well. Mon Of fantastic to catch up with you.

So I'm my best of the team. Well you might want to thank you for that of the job was claims. Of course, folks have been terrible. Yes, the vector is improving, but Nevertheless, it is a labor economy in America that is absolutely extraordinary. Lisa John and I said, Okay, we're gonna do a simulcast and you could get you know, Beyonce and his you know on our first show, or you know someone like that, maybe the guy that invented bed wars from Microsoft. And we said, wait, this is serious.

The labor economy is imploding. So let us speak to the Secretary of Labor. He is, of course from one of the great storied conservative families of America. Eugene Scalia joins us. Now, Mr Secretary, thank you so much for starting your day with us. I want you to explain how the administration and particularly how your Cabinet office will react to twenty unemployment. What can you do from a regulation and institutional basis to protect the millions of Americans unemployed. Well, Tom,

it's good to join you. Thanks for having me, and um, we have been acting on many different fronts to help the actually tens of millions Americans who have been put out a work over the last couple of months as we've idled our economy. UM, as you know, the Cares Act included a very substantial benefit for people out on unemployment six dollars a week on top of what is paid by the States. We've been working very closely with the States UH to to get those payments out and

UH to help people during this challenging time. We've also been administering the paid lead provisions that Congress enacted and UH in a program that we don't administer here, but I think it's been just invaluable to American workers right now has been the Paycheck Protection Program. We estimate about fifty million American workers have been kept on payroll through that program. That said, Tom, you know we're we're pivoting

now right we're reopening. I was in Florida and Georgia with the Vice President last week and and it was encouraging to see. We saw more of that over the weekend too. Secretary Scalleier, you've done a fantastic job over the last several months of providing a lot of aid to everyday Americans and companies as well down in Washington, not just the Republican Party, working with Democrats as well. I think we've all set down this program many times.

What we're trying to work out though, is what happens after the reopening the help that you offered during the shutdown, Will any of that be extended at some point over the next several months. What's the current stance. Well, of course, the paid leave program UH remains in place. UH. The unemployment plus up that I mentioned in six dollars a week is in place through the end of July and UM.

But as we focus on the reopening, the President is also looking at things to get the economy UH started again more broadly, not simply aid, but returning to that incredibly vibrant economy that we had through through early March. The President and I believe strongly that UH part of what was key to that economy was lightening unnecessary regulatory

burdens on business. So you had the President last week signing this new executive order urging agencies to look further at ways that we can renew reduce unnecessary burdens on business so we can get businesses reopen. It was by having that vibrant business sector that we had that record low unemployment through March. So that's something that we consider

a very important. Yes, we'll also look at what further support may be needed, but that this situation has been so fluid with the virus UH, and UH, you know, I'd like to see how we progress into the month of June before making decisions about what particular further measures

may be needed. Secretary, the market has largely priced in an extension of those additional unemployment benefits that you were talking about in the John Ray's and I'm just wondering what metrics you're looking for that you will see in June that will make you decide that they're either needed

as far as an extension goes, or not. Well. I think the six plus up was a very important support being given to American workers during a time that state and local governments were shutting down businesses and UH and telling people not to go to work. I don't see UH continuing that program in its precise form going forward from July. As we are reopening and now looking to get people UH from the sidelines back into the workplace.

I think I think we'll be looking at different measures, UH, at least in terms of the things I'll be looking at. Of greatest interest will be simply how quickly we put people back to work as we reopen. We know that millions of people are starting to return to work now, UH, and we'll be getting. I think more insights into that in the coming weeks, Mr Secretary. The minimum wage is delivering my food to my house, and the elites are

doing fine. I would say, as a generalization, I drove down Columbus Avenue this weekend in Manhattan and it looked like one of those movies with Bruce Willison. It was so destitute Armageddon, Like, what is your administration gonna do to get labor to get its fair share back in a spirited, open American economy. What's the strategy to stop

the fifty year atomization of labor? Well all, I think before the virus struck, one of the really remarkable things about President Trump's economy was how well people lower end of the pay scale we're doing. You uh, saw the wages rising generally, but wages were rising more quickly for people in the lowest ten percent of the income scale, for people who didn't have a high school degree. We had a record low unemployment for seminarity groups who historically

had been disadvantaged in the marketplace. So, you know, in all seriousness, when I look at what will be most important going forward, the single most important thing we can do for American workers, particularly those at the lower end of the pay scale is returned to the kind of vibrant economy that we had uh just just two months ago, and that was an economy driven in substantial part by a reasonable tax burden and by reducing unnecessary regulatory burden.

So those will remain areas of focus, even as we also assess whether we are going to need to continue some forms of additional support, for example, for small businesses and for some workers. I think a lot of people have still going to need a lot of help, Mr Secretary, I look forward to going to be back soon so we can talk about doing just that. Because there's some real agency even as we reopened this economy, Secretary Scalia, that of the United States, the Labor Secretary. So we

spoke to the Secretary of Labor, Mr Scalia. We thought we would speak to a gentleman who had the FED more than anyone in the last twenty years, his stead steadfastly on regulation and the operation of business. That is Mr Trulo now at Harvard Law, and of course the former governor of the Fellow Reserve System. Wonderful to have you with us, Professor at today. I was talking to the Secretary of Labor about the atomization of the labor economy.

Now we're gonna atomize it estimated twenty three or unemployment rate. What will be the societal reaction. Well, I don't know what the public reaction will be, but I think as a macroeconomic matter, and and certainly just as a human matter, taking measures now to ensure that there is income support for the millions and millions of people who are going to remain unemployed for quite some time to come ought

to be the country's highest priority right now. And I'm a bit concerned that people are are more than a bit concerned that so many people are taking what they see is a wait and see attitude. I mean, looks, as you just said, unemployment is likely to be reported in the vicinity of Remember eleven years ago, during the Great Financial Crisis, we were scrambling to try to do

something a lot about ten percent unemployment. So even if you postulate a having of what the current rate probably is, would still be in a very serious position relative to the postwar econmy so, I think any in this notion of delaying and seeing whether we need to do more is really quite a bad mistake. Well, Dan, you touched on the other floor as well. It's not just about

the timing, it's the composition of the next response. You're talking about a demand side effort the administration increasingly whenever I listened to them, whenever I get the chance to speak to them, a talking about a supply side response to how this economy reopen and get people back to work. What are the limitations of that down? Well, I think you don't think, Jonathan. We all recognize that this problem has been driven by epidemiology. It hasn't been driven by

they're fed stepping on the branch too hard. It hasn't been driven by excessive credit, although that's probably exacerbated things. It's been driven by the epidemiology. And so getting people back to work is dependent upon the medical developments, not strictly speaking economic development. We can provide income support, but we cannot just through economic measures, make it safe for people to go out. We can't make people comfortable about

going out. And I think what that means is we've got an enormous amount of uncertainty that's probably going to be with us for some time. I mean, you folks on Bloomberg have been reporting on the enormous volatility and markets over the last couple of months. We get good news on on the medical front, and everything goes up. You get some bad news, everything goes down. I think that just reflects the fact that we just don't know, and we ought to care for the possibility that things

are going to be quite difficult quite some time. Dan. And to this point, this this sort of volatility that we saw in markets has basically gone away to a certain degree, in part due to what the Federal Reserve has done in terms of monetizing the debt of the United States. What's the risk for financial stability going forward, given how much debt the US is incurring, given how

much the feed is interfering and pushing investors further into risk. Well, I think, you know, we we do need to acknowledge that there are going to be some risks in when everyone takes the range of fiscal and monetary measures that have been taken. But I think we need to quickly qualify that observation by saying it is absolutely necessary to do whatever we can to stop what is a very

serious situation from being a chronic, highly depressed situation. In other words, we're going to have to take some risks with respect to debt levels of respect to financial stability in order to stop this thing from getting worse and staying at a at a low level. Having said that, you know, I think again we do need to recognize that, uh, there were some vulnerabilities. There were some vulnerabilities in the

commercial paper market. There were some vulnerabilities in the repo market. Uh. And to return to the theme that that Jonathan was

asking me about a moment ago. You know, if we're in a situation in which the FED will provide assistance to large asset managers because they have exchange traded funds with relatively illiquid assets, why why are we hesitating to provide assistance to middle and lower middle income people who are probably going to be out of many of whom are going to be out of work for a long time to come. So, yes, there are there are risks, but I don't think we need to we should be

paralyzed by the risks. We've got to act to try to people floor under income of floor under the economy, and then as the medical developments permit, to start taking measures actively to build it up again. Right, Governor, have got one final question. I remember the day you joined the FED and the entire market community stood up and said, who is this guy? Why is he on the FED? They said the same thing about Chairman Powell. How's the

chairman doing well? Look j J the Jed Powell has confronted a challenge that only Ben Bernankie really has confronted. The two very different kinds of challenges. Uh Ben's challenge was originating in financial markets, and everything was imploding because of the vulnerabilities in markets and in vans. Jara Powell is facing a situation in which an anxiety, an external shock has created an unprecedented situation, and you know he moved very quickly, I think to push the FED to

get in place a set of emergency programs. I think he's made it clear that the Fed will do what they believe needs to be done. But I'm sure he'd be the first to say it's got a lot of

work ahead of us. Down. I don't want to cause any trouble between you and your friend Jay, but I didn't want to when he first took the job at the top of the Federal Reserve, and there was a side of him where he wanted to play almost the hard guy with financial markets, the guy that was going to run the FED and not respond to where the SPX was, the SMP five was on any given day. Is there a part of you down that just feels, now that the Federal Reserve is completely capitulated, that the

one mandate seems to be financial conditions. That is the exclusive channel which monety policy flows through, and therefore that is the only thing that matters right now. I don't think it. I don't think it's the only thing that matters. Um. Look, I think over a longish period of time there has been more focused on markets by all people at the FED,

and perhaps some oversensitivity to markets. Having said that, though, to the degree that what happens in markets then has an impact on the real economy, it would be unwise to ignore what is going on in markets. Um. And I think what you've seen actually in the last week or so is just a little bit of pushback by

the FED against that. I mean, both Vice Chair Clarida and President Williams the New York Fed, we're out last week making pretty clear that despite the requests or demands of markets for some more explicit forward guidance right now, that the FED was going to hold back and think a while longer about what it's going to say about monetary policy going for I don't know Jonathan that that that's directly and responsively concerned that that you articulated, but

it's at least consistent with trying to push back Dan. How concerned are you about the Federal Reserve providing a backstop to companies that otherwise would be going bankrupt? In other words, they're offering a liquidity solution, but increasingly the problem is becoming a solvency one, and the Fed increasingly is being expected or priced in, at least by the market, as being willing to step in. Do you think that

that's realistic and do you think that they should? Well, two things on any any economic um agency part of the government that is trying to respond in an emergency situation is based with the problem that on the one hand, there's an imperative to get money out the door quickly, and on the other hand, they know they'll be second guests in retrospect if any of that money has landed in a place whereupon consideration, you wouldn't have wanted it

to land. So I think that, uh, you've got to expect a certain amount of under shooting and over shooting. With any program like this, you try to shape the program quickly as best you can to direct it where you want to direct it. But you have to have to understand that you're not going to have accuracy when you're trying to do things on the plot um. That's

that's number one. Number two that I think after after the um economy has improved, I think everybody needs to step back and once again ask the question, what is the nature of the financial system, What have we done well and what have we not done well. I think the performance of the banks over the last couple of months has suggested that the Dodd Frank Act and the reforms that were made thereafter did indeed strengthen the facts.

The banks have been a source of strength, not a vulnerability this time around, and I hope they remain that way, and that's a good thing. It's in shadow banking, it's in other parts of financial markets, asset managers, hedge funds, the repo market. That's where we've seen from vulnerabilities, and that's where the FED action uh in an effort to stabilize the economy needs to be looked at after the fact.

Not to criticize the FED for maybe acting to put a floor under financial markets, to ask the question, just as we did with the banks and two thousand and nine and ten, what do we need to do now in other markets to make sure that financial instability doesn't grow outside the regulative Always thoughtful, Always appreciate your time. I've gotta get you back on soon, form a fed governor. That dance and real life, Well, you know, John, we like to do it here on television on radio, and

that is cross asset data checks. But for so much of America, for so much of the world, it's still about the stock market. It can be that port Portico whatever it is, a platform at the New York Stock Exchange, or it can be the seven story video extravaganza of the NASDACK. Going I p O and going public is a good and beautiful thing. Nelson Griggs joins us. He is the president of the NASDACK. Now, so let me ask the money question right now for New York Wall Street,

How will those pandemic change your NASDACK. Well, it's just quite a bit. We went from having four percent of our population working from home to in a matter of a week, and that was pretty remarkable. And I think we have seen the markets work very efficiently and effectively. There's certainly been an impact on I think you're leading there to the I p O market, So happy to discuss that. But we've been work working pretty well well. Now, So let's talk about physical trading flaws. Just touch on

that topic and we can move on pretty quickly. But you think the pandemic has on the line that we don't need them anymore. Yeah. I think if you look at the equities that have a pretty simple price action up or down, we have a long believe that the best outcome for investors is to do that in electronic format. I think these last two months, the data that we see now how stocks open, the efficiently, training throughout the day and in particularly the close, we've seen better performance

in the electronic market. So I think we we are of a strong belief and investors investor with an open, transparent and elect on a marketplace. But that's that's our opinion. People like to come down to the try it in floor for the big I po is, the big song, good dance, the Dalcom party show. You've seen a minion times now soon I PO is in the pipeline. Can you just give us some insight to what you're seeing just in terms of activity. Can we expect and I

think anytime soon? Yeah, a great great questions. So we have performed at NASDAC fiften I p o s since the middle of March, and a lot of that has been in the healthcare space. I think the biggest challenge for an I p O is can they go out on dual road show and talk constantly about the upcoming quarters. Um, that's not as important for a healthcare or biotic I p O. So we have seen those go out and

do very well. We are starting to see other companies though you saw this morning water music file up for a very large I p O. They're going on the road today and you will see more of this week actually file to start. So we are seeing some non healthcare, non what we call spack I p o s start to launch the road shows. Many of them were very close to going in the March time frame and then put their plans on holds. So these are deals that

were in the works for a period of time. I will say that we are starting to see new deals pop up, and I think what we have here is we have a November election, but up from now until November. If the markets do hold, which you know again today we're seeing some pretty impressive performance, there's a chance we'll have a healthy I P O market. That's multisector Nelson. Who are the investors here, especially as we talk about an increase in retail investors coming into stocks right now? Yeah,

you you are seeing to be more broad based. I think the initial rally we did not see a lot of long investors come into the marketplace. But I think as you have watched the indusseries continue to go up, you know, we're the nagic when Hunter is up almost eight percent for the year, we haven't Askeda positive almost three percent, the bots up. So we are starting to see some long investors coming into the marketplace as we're seeing the ability to get a bit more predictability in

terms of what they're hearing companies say. So once we went through a obviously a pretty challenging earnings quarter where a lot of companies and Polk guidance, we are now seeing them able to go out and have a bit more pretability and what they think may happen over the coming quarters in a year. Also, Greggs one more question, if we could as well one day you're gonna get back to work. The pandemic is gonna be over, and we're gonna reinstitute I p o s. How are you

going to compete with the New York Stock Exchange. What's the key distinction you have in two thousand twenty one. Yeah, our our key distinction we we obviously do very well. Last year were one seventy eight percent of I p o s. We're on that same track record this year. Um. I think our big story is life cycle support, so we do a lot to help companies the right investors uh position their story. There's obviously, as you mentioned, a

lot of different media and support around that. So we've been on quite a quite a run the last handful of years, and that sev win rate and it is a very holistic splorer. We have a residents, very wealth companies now, So before we round things out quite clearly, looking at the retoric coming out of Washington and the policy too, there's got to be far more scrutiny of foreign companies listing on US exchanges. What is the role

of foreign governments in those companies? Are we going to have the same auditing standards the US companies have to abide by all things that just make a whole lot of sense. What's the stance of the NASTAC on that situation at the moment. Yeah, I think you hit on the one in the middle there the auditing standards, um and and we obviously would like the US to continuity the the global focal point for growth companies to come and list. That said, there does need to be transparency

in terms of reportings. So we we're happy the SEC has gotten together a group around table for a discussion of all the ecosystem on July nine. I think that was a very prudent move as we are seeing a lot more he said rhetor coming out of Washington. We need to be prepared as the ecosystem meeting the exchanges, the banks, the auditors as well as the SEC to make sure there's enough invest protection to invest in all companies that come to the US. So we're supportive of

the path we're all taking. And now, so do you look into tighten your own rules before the government does it for you. We consistent look at our rules and we we have tightened the rules to some degree. We did last week. Um, it is a it's a journey. You need to work again within the ecosystem. So those were done in in concert with some feedback from other participants, but we're prepared to do when we have discussions with again that the broad based ecosystem is real important here

because not just the exchanges. It's not just the bankers or the accountants, Detroy, everybody coming together and saying what makes the most sense. But we we certainly will do our our role as a producery, you know, exchange. We have a place I think that are appropriate now, so cover station. We've got to continue look forward, towny back soon Nowson Griggs, that of an Astact, the president of

an Astack. The pandemic is changing. There's no question. This weekend, the three day weekend, we saw the color of the nation change, the tone of the nation change, and all the ebb and flow of his tragedy from that exceptional New York Times cover of a thousand names who have died in this pandemic to the celebrations that were beginning to see as America re engages, we need to get an update on the pandemic, and we do that at the Johns Hopkins House Hospital, Department of Medicine and their

niece Earnest. Here's Miss Earnest. We have never seen anything like COVID nineteen and so there are hospitals have never seen an impact like this. Frontline nurses are in a fairly solid position. It's the nursing piece of around the front line that is subject to review. And that's as in any financial market situation. This is similar to what

the I was in the hotel business. We saw this in two thousand and one with nine eleven, where the volume dropped completely and different decisions had to be made. But I do think that nursing is a in an excellent position to rebound in any way because we have a lot of professional agility. Do nurses across the country feel like they've been taking care of both from you know,

physical but also mental point of view? I can speak for Johns Hopkins and I know that we are reaching out to all of our employees and encouraging them to take advantage of the many support systems that we here have here at Johns Hopkins, and I do know that other institutions are doing that as well. And I think this is one of the first times that I've seen this big push to say to people we don't know how we're supposed to feel. So we need to develop

some different resiliency and emotional agility skills. I know we talked about blended rolls, so nurses actually having slightly different roles or going and moving from one department to the next. How do you think COVID nineteen will actually change the nursing world forever. I think the blended model is going to be here for quite a while. I know that we at Johns Hopkins are looking at that very seriously.

That we're training a nurse who used to work on a general board two elevate her skills to an i MC level intermediate care, and the same with an intermediate care nurse to develop those skills that are needed at the i c U. I will tell you this with COVID with a big wake up call about how limited we are in the valuable I c U nursing resource. What do we still not understand about the virus? I'm varying.

I'm reading various reports that, for example, of those who have recovered from coronavirus could have long lasting effects on their lungs. How much do we know about the secondary effects of this of this disease. Well, we're learning a little more every day, but you're absolutely right, Francine. The impact on the long the impact on the long long term physical condition for patients is really our next step.

One of our impatient medicine units has converted into a mini rehab facility where we can start that rehabilitation for patients before they're even discharged from the hospital, because we've recognized that this is a long, long recovery process for some patients. Sir Johns Hopkins, you know we're sitting there with an update is well. Thanks for listening to the Bloomberg Surveillance podcast. Subscribe and listen to interviews on Apple Podcasts, SoundCloud,

or whichever podcast platform you prefer. I'm on Twitter at Tom Keane before the podcast. You can always catch us worldwide. I'm Bloomberg Radio.