Volumesaining 4. 5 , higher than average. Thethe dow, about 76 above 20 day average. For the nasdaq, about 50 above. Romaine as far as some of your leaders, kind of a mixed bag. Scarlet cosco comedy that costco, the best performer in the s p 500. I am thinking about volatility. Extraordinary gain as you and romain were talking about. More big moves to the upside and probably the downside are ahead. The spring500 during and summer. When it broke, it broke into huge moves. Both the upside and downside. We are looking at the best day since then. Relatively small moves, especially in the last quarter of last year. These huge, with moves to the downside, volatility is back. Volatility breeds volatility. There is probably more ahead as investors try to figure out what this coronavirus will mean for the global economy. Like most sectors, financials did really well despite the fact that the outlook for Interest Rates is not great. Treasury yields, new lows again. Financials were among the hardest hit sector in this recent correction. Dropped almost 15 as a group. If you isolate bank stocks alone, they were even harder hit. The bank index down almost 20 year to date through friday. Both bouncing back pretty strong today. Some analysts saying that the slump has gone too far. J. P. Morgan chase, fifth third take, among the banks tracking updates today. The bloomberg Commodity Index is higher today, making it seem like commodities are doing quite well. The truth is that coronavirus sawwing are still whip commodities. Bloomberg intelligence said this downward trajectory should continue in commodities, except for gold, a haven assets that should gain on the expectation of the fed to cut rates. They said that it will not hurt returns but will halt the value of your assets. Gold is up about 5 this year. To renitaur thanks and everyone on the assets team. Alex, we ared and getting headlines now, trump is at the white house of a meeting with pharmaceutical executives and his health care team. He said he is hoping the fed is looking at economic stimulus. Talk about what a rate cut would do. I guess the question is less what the fed can do and maybe more of what we can potentially see on the fiscal side. That is where investors will be putting a lot of pressure on Monetary Policy. Quicker and easier to move Interest Rates than get a fiscal stimulus package through congress or any regime. For us, it will take a few weeks to see any fiscal response from any government, especially any government, even an authoritarian place like china. I would be looking at Monetary Policy stimulus in the u. S. , maybe fiscal policy stimulus in europe first. Forlet we are all waiting some kind of response. In the meantime, there is data that comes in. Does the data get discounted completely because it does not tell the picture of what is happening at the moment or what is likely to happen. Our people paying attention to it . I think it was actually an important report. You saw commentary that this was for february, so it did completely so it did not completely factor in the coronavirus impact. Supply chains are starting to be disrupted, which is showing us if you already company and your supply chain is getting impacted, you would probably benefit more from a targeted fiscal stimulus such as tax cuts as opposed to a blanket rate cut. That is not going to ensure that you get the cash you need to rebuild the supply chain. Romaine we are hearing from companies that are not providing guidance, until they get clarity. I guess the question is, when do you think we get back to some sort of normalcy where companies are able to forecast, not that the coronavirus is gone, but they would be comfortable enough providing some sort of outlook. Strategists think in a couple of weeks is when you could see the ramp up beginning. Coal usage is starting to rise. There is some evidence anecdotally of factories beginning to reopen. I think it is the next two weeks toward march that you will start to feel the real impact. The question turns to how much economic upswing will come from the top demand or how much demand destruction was there. Of the bige predictions for 2020 was that the rest of the world was going to get its day u. S. Assets. International was going to a bit. China was ground zero of the coronavirus, it got hit hard first, but we have seen a number of cases start to drop off and roll over. We need to see the u. S. Dollar materially weekend for a prolonged period of time. The dollar weakened a lot. What i need to see to build a real conviction in the International Story is prolonged dollar weakness. It started happening in the last couple of days but i ticket is still a little bit too early to be putting those longterm investment forecasts. Romaine before, it turned out to be head fakes. What do you make of it this time . Three weeks ago, people were worried that the Dollar Strength we are seeing would cause ripple effects across markets. I think the most persuasive argument is still the fed cut argument. If you see the fed deliver on what is priced into markets, that would undeniably take a hit on the dollar. Romaine if we do get what the market wants out of the fed, ofn dont you get this sort vicious cycle . That is the thing. That they dont have room to cut. It is probably going to be in the form of quantitative easing. Not as directly as lowering that countrys rate. That really directs the flow of capital around the world. Scarlet this week, especially as we hear from different Central Banks. I think for us it will depend massively on the next couple of days of news flow around the coronavirus. If you see more outbreak, you will see the downside again, and investors will looking for more stimulus. Scarlet what another statement from jay powell help or hurt . Into meeting rate cut. That is the thing that i think would help solidify this market and sentiment. At the moment, i think they might be leaning toward 50 basis points but i wonder if that will try and come in march rather than beforehand. Scarlet katie cry felt and j. P. Ld, and katie greife j. P. Morgan asset managements alex. This is bloomberg. Livene life from blue from bloomberg World Headquarters in new york, i am romaine bostick. In. Stocks surging the most 14 months as investors look for support from policymakers. All eyes on the worlds top finance ministers, set for rate global teleconference tuesday. Cdc being pushed to allow state and local labs to modify coronavirus testing kits. Buttigieghar and pete exit the race for the white house and throw their support behind joe biden, raising the state for tomorrows for primary. Thelet the first case of coronavirus was diagnosed yesterday in manhattan. Stocks surged on anticipation of Central Banks coming together to take action. Joining with more, bloombergs shery ahn. The number of cases in the u. S. Have been very low compared to other places, partly because there is some challenge in testing. Shery very surprising. Is this just that we are not seeing as expensive testing as we are seeing in asia . South korea testing up to thousands of people per day. We have around 90 cases in the United States. You mentioned the new york city woman in manhattan in her late 30s. She tested positive. She is a health worker. She is currently isolated in her manhattan apartment. I wonder what that means if she is still in that apartment. We have seen cases in asia where we have seen residents from one floor catching the virus first, than someone from another floor. Governor cuomo coming out and saying he fully expects a Community Spread in new york but the fact that new york is now able to do its own testing is a positive. The woman was confirmed in a lab in albany. They sent the results to the cdc. Scarlet Microchip Technology cutting guidance, withdrawing previous eps guidance. Sales would be about flat for the quarter. They were previously seeing an increase of about 2 to 9 . 1. 3 ne micron down about in afterhours trading. We heard from a a lot of companies that have exposure to the supply chain throughout asia. Some are either revising their estimates or pulling them altogether. When will we get more clarity in terms of how these companies were affected and when they will get back to normal . The moment we see any kind of economic rebound in asia potentially is when we could see a peak to the destruction. We have seen chinas pmi numbers , official, falling to record lows. We have seen the bank of japan try to come out with some new measures to bring some stability to the financial market, which has prompted the turnaround. Offered tot night buy many bonds to offer liquidity. A lot of rhetoric of support out there and also measures by Central Banks as well as governments. Romaine lets stick with this conversation about the coronavirus. Lets bring in the dean of baylor Colleges School of tropical medicine. Thank you for being here. A lot of talk over the past few days about testing kits in the used, whether are the kits themselves are even accurate. The question, how effective so far has testing in the u. S. Been and what if anything needs to be done to make it better . One, we clearly need to expand the number of people we are testing. We also have to shift our guidelines. Right now, the cdc guidelines are focused mostly on people who have fever and cough, who are either exposed to individuals from known, effective countries, or individuals with coronavirus infection. The centers for Disease Control added to those people in hospitals with influenza and other causes. That is still too narrow because it does not affect the reality that we have the beginning of outbreaks and Community Transmission in places like kirkland, washington. I have to make testing more available. Have taken the first step in doing that by allowing hospitals to prepare their own diagnostic kits. Andided they validate them apply for emergency use authorization. But we also have the additional problem, are we getting results that may be false positives or false negatives . In san antonio today, we had an individual, i believe from wuhan, tested negative several times, was in the community, that tested positive. What does that mean . Does that person actually have the virus, is it a false positive, is that person infectious . It is not too surprising, this is a brandnew virus agent that we have not worked with. It will take time. Weve got to move pretty quickly. We are already seeing two populations going down. Those in our nursing facilities and health care workers. That is showing us that we have two vulnerabilities in the u. S. That we have to address immediately. The numbers of, cases in the u. S. Are still pretty low. When it does start to multiply, how quickly can our institutions respond to everything . What will you be looking for for an indication that things can be as smooth as they can be . My guess is we will see outbreaks or Community Transmission in places like kirkland, washington, and that will pop up in multiple areas across the country. The question from there, will we have a much larger epidemic across the u. S. . The only question is, i think we have time. You will not wake up tomorrow morning and find all of new york state, massachusetts, and connecticut infected. We do know that this is a highly contagious, highly transmissible virus agent, much more than influenza. Romaine i see that you are scheduled to go down to washington on thursday to testify before the house science committee. What exactly is the message that you would tell them . I guess the second part, what if anything can congress do to sort of accelerate things so the public feels to be protected a little better . Dr. Hotez for the house science committee, i lead a group that develops vaccines. We will make the ones that they that the companies will not make because there is not a lot of focus. We embarked on a Coronavirus Vaccine a decade ago. One of the tragedies is we made a prototype Coronavirus Vaccine, we could not attract any funders to let us move into clinical trials. The upshot of that is we have not figured out a way to really have the vaccines we need to fight 21stcentury disease. Transactional,o too focused in upfront gains. We are not appropriately recognizing that countries are suffering huge economic losses and losses in Global Security because we dont have the vaccine we need. A message for congress, because you cannot invest a few Million Dollars in vaccine development, we are looking at Navy Hundreds of millions of dollars in economic losses. As bloomberg knows, that is a pretty good rate of return. Scarlet dr. Peter hotez, thank you for joining us. This is bloomberg. Romaine last week, a made meeting statement from Jerome Powell of the fed. Now, a statement from Christine Lagarde saying the ecb is closely monitoring development. She says, we stand ready to take more steps. The next meeting is march 12, still a couple of weeks away. Scarlet in time, the worst is yet to come for u. S. Factories according to our colonist. Paid, and, prices employment, a read flow 50, which would indicate contraction. The lengthening out of delivery time, with says to me as we are starting to see some supply chain disruptions from the coronavirus show up. Those take a long time to work through the system. As you look out in the coming months, i think that is when you will see some of that hit manufacturers. It is not necessarily pricing in at this point to in terms of supply and demand. You have not had that much from the Core Industrial manufacturers. A lot of that is mostly supplychain related and they are waiting to see what the impact will be on aerospace and some of the sect is like electronics. Shocke if the supply lasts for a certain period of time, does that by default eat into demand . I think the longer this goes on with the supply chain, the more likely you are to see the demand. Scarlet President Donald Trump, Vice President mike pence, and inverse of the task force met with pharmaceutical executives moments ago. Pres. Trump she has been to the white house a lot over her career and she is now going to be here working with mike pence and everybody fulltime. We appreciate it. A real expert in her field. Hard toorking very expedite the longer process of developing a vaccine. We are also moving with maximum speed to develop therapies so we can help people recover as quickly as possible. We have a lot of recovery going on. It is likely that therapies will be available before a vaccine is actually ready, and we will seek to bring everything that is effective to market as soon as possible. You will be able to ask a couple of questions of the folks here. We are also working with congress to ensure that america has what it needs to respond to this challenge. Great challenge, but everyone is responding very well. Since the start of the outbreak, my administration has taken the most aggressive action in history to protect our citizens including closing our borders very early, a lot earlier than people wanted us to. Sweeping travel restrictions, screening measures, and opposed historic quarantines. We have quarantines all over the country. The coronavirus shows the importance of bringing manufacturing back to america so that we are producing at home the medicines and Everything Else we need to protect the publics health. I have been talking about this for a long time. That process has already started. We want to make certain things at home. We want to be doing our manufacturing at home. It is not only done in china, it is done and a lot of other places including ireland. A lot of places make our different drugs and things we need so badly. It is not good to be dealing with 1, 2, 3 countries. We are going to start doing it at home. We have been talking about that for a long time. A lot of the drug companies, because of what we are doing in terms of taxes, they are heading back here anyway. The importance of bringing that manufacturing back to america. Will have that started. It has already started. The White House Coronavirus task force, led by Vice President mike pence, has been meeting daily and coordinating closely with state and local governments. Mike had a call today with 53 governors and i heard it was a very good call. And the states, they have been really working closely with us. It has been a very good relationship. We will confront this challenge together and continue to do exactly what we are doing. We are going to be very successful. A lot of things are happening in exciting things are happening, and they are happening very rapidly. I would like to introduce mike. If you could say a little bit about your calls and the things happening today. The White House Corona Task force will be meeting again this afternoon. We hosted a video and telephone Conference Call from 53 governors. As the president said this many times, we are all in this together. Todays meeting is a reflection of the fact that the president understands that industry is a part of the one team in america that is going to address the coronavirus in this country. I am grateful for these leaders to come in to speak to us about the development of vaccines but also the development of therapeutic medications that can be available in the short term. We are grateful for your participation. The president will also be traveling tomorrow to the National Institutes of health and to the cdc before the week is out. We will be meeting with leaders of the airline industry, leaders of the cruise line industry. We welcome the partnership with industry in this country as we work out the residents top priority company health, safety, and wellbeing of the American People. Oneme extend my welcome to of the leading experts in Infectious Diseases in the world. She has served in the uniform of