Bear market. You consider the fact of the last 13 days, nine of them we have seen a move greater than 3 . Today you have a move of close to 5 . 6 at one point. This after the move yesterday. This is clearly not normal and it does feel like we are trading in a bear market whether or not youve actually surpassed that. Certainly not normal. We havent had two backtoback gains in this market going back to february abigail taking a look at whats been happening in the markets right now, she is standing by to give us an update. Truly a brutal day for stock risk assets around the world but especially in the u. S. Coronavirus fears, what that impact could be on the Global Economy and growth estimates. Here in the u. S. We see the declines are greater than they are around the world. The dow down 5. 9 in a bear market. The s p 500 is you were talking about flirting with a bear market. It does feel like a bear market whether we are technically there or not with the relentless selling day after day or every other day as with that rebound rally yesterday. Take a look at the off world index outperform in a relative basis down 3. 7 . Europe not finishing down all that much. At one point europe had been higher. Perhaps because some european officials are talking about stimulus. Christine lagarde talking about doing whatever it takes in terms of coordinated efforts. These averages moving down this way beyond the uncertainty and unknown of the coronavirus and what the impact will be. The Growth Outlook right now is declining. These are the growth estimates for a number of countries in the world. The yellow looking at china. In italy, down three tents of 1 . In blue looking at the eu down 1 10 of 1 . U. S. Right nowe are flat. Everybody wants to know what is President Trump going to say about stimulus. He is saying he will offer a statement tonight after in terms of some of the details are thought around what he might offer for a stimulus package, we are working out the details right now. A little bit longer than markets are comfortable with even with the declines weve had on the day. Pushing for a payroll tax holiday perhaps. Assistance for unpaid sick leave for those who do have coronavirus can stay home and not spread it. Trying to find support sme and proposing everyone will be tuned in tonight to see with the details are. Often you hear the devil is in the details. In this case we dont even know the true nature because of the lack of testing. So much uncertainty out there. Thats weighing another risk assets. Take a look at their spray oil going back down 48 in a very short period of time. Oil is a risk assets into growth asset. China is the largest user of natural resources. Oil is really prominent. Maintaining very hard to cease documenting their current levels. Rounding it out across the capital structure, high yield cdx. We go back to the uber terminal. High yield cdx spreads. That is insurance against the possibility of default. When the price goes high it tells you its risk off and investors are nervous companies could be 2015, a level well above slightly above 2015 but nonetheless also about 2012. Anyway you slice and dice it, todays very risk off on coronavirus fears. Great recap. Still with us, sarah and amy. Deskou going to be at her at 8 00 tonight watching the futures trade from this announcement . I wont be at my desk because we are in Business Continuity planning, technically working remotely but i will be looking closely at the data. So you are looking at that data. What do see here . What does it even traded this stage if you for some reason feel compelled. ,s there arbitrage opportunity what do you do . Honestly i remember being at 2008 feeling07 and fullfledged panic. With having one under my belt i think this is the time when there is the most opportunity, right now. You dont really feel panic and yet there is a selloff here. No one is talking to a companies and banks going under just yet. We are sort of talking about more Broad Strokes and what is still relatively can be an economic slowdown, may be a recession but we are not talking about anything. Its interesting you say that because of the good kind of depends on where youre sitting. From where i said there are days where does feel like panic from a trading setting and so for derivative people, there is a little bit of that because this is an actual tail, its an unknown unknown that happens. Was we had christ that at a decade low and now we are above decade averages prayed we had that opportunity. I want to talk to you more about this panic question because the action if you just look at lines on the chart looks panicky but then you read these things about a longterm investors, fidelity or vanguard came out saying we are not really seeing a whole lot of action. Is there this cult of diversification, buyandhold that is just unshakably not moved or is it only a matter of time before even they start to panic . I will say that today felt different. Boeinge likes of hilton, drawing on their credit lines in the of blackstone coming out saying they are encouraging their clients to tap out their credit line. Today did feel different and as we just saw with abigail, we did see high yield spreads on the cdx widening out above those 2015 levels. Days wee past two started to see cracks within the crack credit market forming, today it actually felt a little more real and i would say from the people i did speak with from the notes and emails i was getting all day long, the entire week of this week of the past couple weeks it did feel more panicky. Where you want to be hiding out . Where do you want to be hiding out . Where do you want to be hiding out in equities or commodities . If we are going to get any reprieve tonight, owning longer datafile agility or calls further out with buckets have is a good trade. We want to turn to washington with the president is speaking. Financialtrump centers and having a good discussion. We are discussing the economy, discussing how it relates to jobs and all of the things that are happening now with the virus and we have become so familiar with. I will be making some decisions, ive already made some decisions today but i will be making some other ones and i thought i would let the press hear some of the wisdom from the folks in the room and maybe i will start with you. Mann is the chairman, the at bank of america, highly respected. Everyone in this room is the highly highest level. Thank you mr. President at thank you for bringing us together. Hereeos of large banks want you to know because of all the work done on capital liquidity and all the things as we look forward to uncertainty due to the virus and oil price changes, we are very strong, we are in a great position in terms of liquidity and capital strength. Most important to be are doing what we do best which is helping our teammates importantly but also our clients and Small Business customers continue to have access to credit. All of us providing relief to any customer who has an issue of being out of work for the virus for the things weve done in every Natural Disaster that occurred. Until the last couple of weeks weve been very strong and were even still strong. We still people still spend. Small Business Loans continue to grow. Auto loans are growing prayed Mortgage Loans are up very strong. The real key is wellcapitalized come we are here to alps small and mediumsize businesses and help our consumer clients build whether the storm. Thank you very much. I think its important to build enough obrien said, this is not a financial crisis. The banks and Financial System are in sound shape and we are here to help. I think second is when we look at what is going on, in many ways we are going it several challenges at the same time, we woke up or went through sunday with the drop in oil prices come we need to deal with that when the market opened up. Clearly corona is front of mind for everybody, not just in the u. S. I think the market is going through a period of trying to get prices going. Also trying to figure out what is the intermediate longerterm health of the economy. What we saw as we saw some fears on the back of those and some talk about potential recession on the back of those and i think the market is going to discover really trying figure out what earnings are going to look like and what valuations should be. The good news is the markets have performed in an orderly way. The infrastructure supports the markets. I think its held up through some pretty its been strained along the way. I think it is held up well and has been orderly. From the banking perspective we are providing liquidity, we want to provide for Small Businesses, be supporting of consumers. Thank you very much. Coronavirus it was just all go in the numbers were fantastic. We dont even know where the numbers are now, we will have to see. The numbers from a week ago were Great Company now we are hitting a patch and we will have to do something with respect to getting this getting rid of this virus as quickly as possible and as safely as possible. Our number one priority is the health of people of our country and we will be making most likely a statement, i will make a statement later on tonight as to what ive decided to do and what our country will be doing. Will first reiterate we are all here to help. That is what are institutions do. We are all in a position to do it and i think we are being very thoughtful about how we do that for both consumers, Small Businesses and companies that we deal with. I think we are all encouraging any of our customers or clients of any issues that make sure they talk to us, we are all developing programs to ensure as they and the employees and their customers go through the situation that we are there to be a source of strength come whether its to help them through issues with their fees and payments or to be there to lend. Im glad youre saying that, thats good. David. Glad to be here. My colleagues who on these other institutions. Most of what i would say would echo what has been said. The virus obviously poses unique challenges both for policymakers and businesses large and small operating across the country. All businesses are focused on their people, taking care of their people and is part of the banking system, businesses large and small, individuals making the same steps that these other institutions have spoken about. We will get through this. It is going to require some navigation on the part of all of us. We are going to do our part. We will be doing a lot of additional work with Small Business as you know. Dollarsany billions of and making lots of Small Business loans. As the banks are. We will be first would like to thank you for being so aggressive and very specific about protecting the health and safety and they are encouraged by their leaders in this industry that are thinking along the same lines. Out thatike to point sba has the ability currently with 18 billion to provide loans with the support of all the lenders and they also have the opportunity to extend some of the Payment Terms up to six months. We are looking forward to looking just working with everyone of them to leave no money on the table to provide support for Small Businesses. Yesterday we met with the insurance companies, the top companies, the top people like yourselves and they were very generous and you know what they did with copays and every thing else going all out. So we appreciate that very much. The Financial System of the u. S. Is in great shape. I think one of the issues is that people are tested more and more, they will be in better there will be a better handle on what we are dealing with. Just because there will be some economic effect as this goes on. We also we all hope it is short, it will need support of the ability and if we can do that, this is a natural ending which most people lose sight of. The vaccine is developed, that will take therell be other things meanwhile. Mobilization. S a youre making very good progress. Different places dealing with the problem. Its really tremendous. We will be announcing that also. Anybody else have any thing to say . Anybody. I think youve done a fantastic job with the fast action on china travel. I think the focus on fiscal stimulus is really important. How do we help American Families that live too often paychecktopaycheck get through this difficult time where they lose their job or otherwise face circumstances so i think your leadership on fiscal stimulus is really thoughtful and appreciated. Theof us in this room know Interest Rates changes weve has in the bond markets created unprecedented opportunity for americans to refinance mortgages and dramatically lower rate which is really good for america and households. Giving the opportunity to buy a first house or a new house for the growing families. Markets work as we hope they would tell provide stimulus to the entire economy. How is jamie doing . Doing well. Is making great progress prethank you very much for asking. The bank has very rigorous resiliency plans, all of those are underway right now. Designed tolans are protect and help our people. And protect consumers and Small Businesses with their plans and to waive fees for consumers and Small Businesses were under stress. I think a fair question is are we still lending and over the course of the last 40 days at jp morgan, weve extended 26 billion worth of loans to consumers and Small Businesses. Bit at the ttle at seattle, which has been a center of the virus and Economic Growth is still continuing. We see it slowed down significantly, but people are still going to restaurants, people are buying food to be delivered by the delivery services. In the data we also see the about thes much more older generation than it is from the millennial generation. The millennial generation seems to be holding up very well. I think there will be a pentup demand, everything may be stamped down people are now leaving their homes, i think lc tremendous pentup demand. We are not waiting for them to call the banks, we are reaching out to the customer and Small Businesses, waiving fees, making sure to refinance. 79 versus last year and refi. It was so take a while to figure out how much. Thank you very much. Anybody else . I represent the Community Banks across the country. Strong forady and the communities. Theherby Small Businesses, agate communities. I would echo the sentiments you just heard and thank you for convening the group. I would also add something rebecca said, we are also helping not just active banks but the 5100 banks across the United States to put a continuity and Resiliency Program to support our customers and clients who are in many cases facing a time of need. Thats what banks do, they stick by their customers in good times and challenging times. Very focused on finding credit for Small Businesses. Getting the credit to them rapidly and also being lenient. Thank you very much. Thank you all. For those listening, the country is strong. Job withne a fantastic adding jobs. In terms of our health management, this is a longterm lesson to learn. Today the United States americas very strong and we need to remind ourselves part of getting through zoning like this is about confidence and supporting each other. And having hope for the future. I believe our best days are ahead. And working together we will make that happen. Thank you very much. I will be making a statement tonight probably at 8 00 and we will be starting some additional solutions, we had a great andsion on china and asia they are healing at a good rate. Im happy about that and we start to think about getting back involved in that part of the world, as you know in another part of the world in very tough shape, europe. Having a tough time of the virus. We will be making various decisions, you will be hearing about them at approximately 8 00 tonight. Ill be letting you know later. Will you be declaring a National Test we will be talking about that later. You your estimation of the airlines, the Hotel Industry too big to fail . I think it will be great. Folks around the table are the ones that finance it. And they understand, they are great companies. Problemaving to fix a the four weeks ago nobody ever thought would be a problem. He read about them from 1917 and from lots of other times and nobody thought we would be seeing it. We were just discussing it. This came out of nowhere. It actually came out of china which is the way it works, but we are going to get the Problem Solved and the country is so strong in the institutions are so strong. Institutions,rful theyre built up and ready to go and i know they will be helping their customers during this. We think it will be a shortterm period. Stimulus package or measures might its a good question. Youve been hearing about the various forms first stimulus, very different forms of stimulus. What would you say would be good , appropriate under the circumstances . The first thing is fiscal stimulus in a time of stress is the right answer. I think anything he gets out the most people and so keeping people who become unemployed due to this, unemployment and other types of programs we think the key thing to keep the American People to buy goods in the economy will be strong and they will have people should take care of, no question. All the companies, anybody is getting paid for as long as it takes arnie but he is the virus we are taking care of. Id focus first on that level and in the second major thing is taking care. Between testing and building up the hospitals so they can thatve and do great work the medical community and Hospital Community can do is critical. Other than the broad of people in hospitals, this is another thing we will get through this. Rid of the problem quickly, everything solves itself. Are talking about various forms of stimu