Transcripts For CNBC Fast Money Halftime Report 20240713 : v

So nbc news now has obtained a onepager, in effect, laying out the stage 3 proposal key terms. Thats the mnuchin proposal for about 1 trillion in stimulus and economic backstopping. Heres whats in it, as were going through it in realtime the Airline Industry gets a secured Lending Facility of 50 billi billion. Theyre saying it would be secured by lateral thats specified by the Treasury Department here. Other severely distressed sectors of the u. S. Economy, thats 150 billion. This document not specifying what other sectors might be included here, but theyre saying that it would authorize use of those funds for secured lending on loan guarantees to assist other critical sectors of the u. S. Economy, experiencing distress here. Also, theyre going to temporarily permit use of the Exchange Stabilization fund to guarantee Money Market Mutual Funds. What treasury is saying here is they will temporarily suspend the statutory limitation on the use of Exchange Stabilization fund for guaranteed programs in the United States, Money Market Mutual Fund industries so something there to Pay Attention to finally, those Economic Impact payments thats the checks directly to americans. Theyre detailing that in two tranches here. Theyre saying the provision would authorize funds for two rounds of redact payments to individual taxpayers to be administered by the irs and the bureau of fiscalservice. 250 billion to be issued beginning april 6th. And also 250 billion to be issued beginning may 18th. Theyre saying that the payment amounts would be fixed and tiered based on income level and family size, specific options, they say, are still being worked on here. Finally, theres a Small Business interruption loan plan here theyre talking about the continuity of employment through Business Interruptions the provision authorizes creation of a Small Business Business Interruption loan program and appropriate 300 billion for that program so, theres a lot of different items here its literally a page and a half document, so a lot of details still have to be filled in here, scott. But thats the starting point for what treasury is asking for from congress. And well see whether congress builds on that or subtracts from it, as it works its way through the senate and the house well see if we get some more details coming up in this News Conference as well eamon, thanks. Lets bring you up to date where the market is, as well the dow has given up 20,000 with a loss right now of some 1270 points the s p is notably still hanging above its december 18 intraday low, which was 2346. So were still a bit above that at 2395. But were keeping our eyes on all of those key levels, technical and otherwise. I do have the Investment Committee with me today. They are in some remote locations, as they have been and thats the way its just going to be for the time being i have bill ackman as well whos going to join me at the bottom of the hour. He has tweeted a number of things today that he would like to see happen to contain the virus. Well talk to mr. Ackman in just about 25 or so minutes from now. But lets bring in some of our regular voices, all of the ones that you know. Jim lebenthal, i go to you first. I wonder what youre thinking about today, as you look at what the market is doing, giving back all that it got yesterday. You know, unfortunately, i dont think any of us are surprised. What is most called for here in my opinion is fiscal stimulus. And yes, we are getting word of it the unfortunate truth is, it takes time to work its way through congress and i think thats whats really upsetting the market here. And its not unknown its not unexpected. We know that its probably not going to be until the end of next week that you get final product out of congress. So the market is going to be up and down during that process the good news is, weve started down that path again, the bad news is, unfortunately, it just cant move fast enough as the market wants. Thats whats ailing the market in my opinion. So, steph, ive had a number of people come on this week, big and wellknown investors, who have suggested that theres opportunity to be had in this market, if youre a longer Term Investor and i know you are what do you think about what theyve said and how are they thinking about the market today . Well, thanks for having me on, scott. Ive said for a while now that the volatility will continue on the upside and the downside, until we see peak data of virus, right . We obviously dont know when thats going to happen but were going to have 5 million tests by april, some time so its going to be a couple more weeks of volatility theres a lot of bad news out there, but the one positive thing that ive taken away in the last couple of days is that there is definitely more of a sense of urgency out there, from the government on the fiscal side, from the fed on the monetary side. And by the way, theres rumors that theyre going to be purchasing corporates and munis. I think that would be very positive were hearing more of a sense of urgency from Companies Getting less people at work and having more people working remotely listen to what Chuck Robbins had to say, the ceo of cisco, saying not only are they working with their employees, working with their customers, extending contracts and working with communities. All of this stuff is actually a positive in a very bad situation. So it does seem to me like the government, business, and people, theyre all catching up to what the bond market has been telling us for a couple of months we know this is going to be a blow to the economy. The key question is how long on the investment side, you mentioned, i am longer term. I am trying to stay patient. I have been upgrading the quality of my portfolio for the last several weeks i have taken down Massive Energy bets and ive only added to where i think the Balance Sheets can sustain the dividend yields. But i have been nibbling, but im being very purposeful about it only Quality Companies that i truly believe are going to be higher in a year from today. Understood. Joe, im going to go to you for the same thoughts and note at the same time that we have seen some folks come into the room, into the Briefing Room from the task force i may have to jump away from you, joe so bear with me, if, in fact, i have to do that. But why dont you build on what steph said how are you thinking about things so theres a gravitational pull joe, im going to ask you to stop talking the president is walking up right now. Lets listen to donald trump, the president of the United States thank you very much i would like to begin by announcing some important developments in our war against the chinese virus. Well be invoking the defense production act, just in case we need it. In other words, i think you all know what it is and it can do a lot of good things if we need it, and we will have it all completed, signing it in just a little while, right after im finished with this conference, ill be signing it its prepared to go. So we will be invoking the defense production act last eek, i signed an emergenc declaration under the stafford act, which, as you know, we invoked previously and which activated femas National Response Coordination Center fema now is fully engaged, at the highest levels today, fema has activated in every region we are at level one, level one being the highest level, which we will work with and weve been working with fema. Ive done a lot of work with fema theyre incredible its always been on hurricanes or tornadoes theyre right now in tennessee, a large group working in tennessee, have been incredible. It was a tragic event. Alabama last year, also a tornado and then, obviously, the numerous hurricanes in different locations that were in some cases very devastating and in every case, fema came through. This is a very different kind of work for fema, but they will come through, as they always do. We have tremendous people, tremendous talent in fema. Were sending, upon request the two hospital ships theyre being prepared right now. Theyre massive ships. Theyre big white ships with the red cross on the sides one is called the mercy and the other is called the comfort. And they are in tiptop shape they soon will be. Theyre getting ready to come up to new york. I spoke with Governor Cuomo about it hes excited about it. And i also we havent made the final determination as to where its going to go on the west coast the comfort is located now in san diego and its going to be well be picking the destination fairly shortly so those two ships are being prepared to go and they can be launched over the next week or so, depending on need. Earlier this week, the first Clinical Trial of the vaccine candidate for the virus began in washington state, as you probably know. The genetic sequence of the virus was First Published in january, but thanks to the Unprecedented Partnership between the fda, nih, and the private sector, weve reached human trials for the vaccine just eight weeks later thats a record by many, many months it used to take years to do this and now we did it just in a very short while. Thats the fastest development in history of what were doing with regard to the vaccine were making very, very big progress today, i can announce further steps to expand Testing Capacity we are working with several groups to determine if the selfswab, a much easier process than the current process thats not very nice to do. I can tell you, because i did it but we have a current process thats a little bit difficult. If you have it done, the groups are working on determining if a selfswab by an individual is as effective as the other the other is very effective, very accurate. But were going to see if we can do a selfswab, which is which would be a lot more popular, i can tell you that and that would be administered also by a health official, but it would be a lot easier to do the fact is that the Health Professionals it would free it would free up a lot let me just say, the selfswab is what it is, you do it yourself. The other has to be issued by a Health Professional and its something that is quite difficult. And we think its working out for the selfswab. And if it would test positive, the people would go and they would do what they have to do, but we think thats probably working out. Ive asked the fda to cut through the red tape and reduce regulatory barriers. We are looking at some very exciting things and im going to be holding a second News Conference either today were going to talk about the fda, some things are happening that are quite exciting and were going to be doing that either later today or tomorrow, fairly early tomorrow. So well see what happens. But the fda, my instructions are ive been working very, very hard on a number of developments and well be discussing them with you later today or tomorrow and this afternoon, ill be meeting with nurses on the front lines of the battle against the virus. Theyre Truly American heros they want to get it done theyre incredible people. So were going to be meeting withnurses and i actually look forward to that very brave theyre taking a lot of risks and they have done an incredible job and they never complain. Today im also announcing that the department of housing and urban development is providing immediate relief to renters and homeowners by suspending all foreclosures and evictions until the end of april so were working very closely with dr. Ben carson and everybody from hud every generation of americans has been called to make shared sacrifices for the good of the nation in world war ii, young people in their teenage years volunteered to fight they wanted to fight so badly because they love our countries. Workers refused to go home and slept on factory floors to keep Assembly Lines running and the numbers of ships that they built during world war ii, to this day, has never nothing like that has ever been equaled. They were doing ships on a literally on a daily basis nobody has ever seen anything like it. To this day, nobody has seen anything like what they were able to do during world war ii and now its our time. We must sacrifice together, because we are all in this together and well come through together its the invisible enemy thats always the toughest enemy, but well defeat the invisible enemy. I think well do it even faster than we thought. And it will be a compete victory. It will be a total victory so well have a second conference again having to do with the fda i think its going to be potentially a very exciting News Conference and we will do it as quickly as we can so whether its today or tomorrow and ill, with that, ask Mackenzie Phillips to smike pence to say a few words and thank you very much. Thank you, mr. President. The White House Coronavirus Task Force Made this morning and now that we have cases in all 50 states, were continuing to move out on the president s call to bring the full resources of the federal government, the full partnership with every state and territory, the full power of the American Economy to support businesses and families. As the president says, to us and every day, well do whatever it takes, were all in this together yesterday, the president met with the Tourism Industry executives and also had an engaging discussion with all the Top Companies in our industrial and medical supply chain the president , as you are all aware, today, by mutual consent, the northern border of canada will be closed to nonessential travel this does not include essential travel or the transit of goods, but it was through mutual discussion that took place this morning between the president and Prime Minister trudeau and the department of Homeland Security will be effectuating that decision. The president spoke with some of the nations top Business Leaders today, again, to speak about the supply chain in the country and for our part, were going to be conducting a Conference Call later today with state and local Health Officials to renew our ongoing commitment of cooperation and collaboration. As the president said last week in signing the stafford act, he stood up the National Response Coordination Center and today at the president s direction, fema has gone to level 1. Femas mission is to support disasters that are locally executed, state managed, and federally supported. And tomorrow, the president will be hosting all of the nations governors from a Video Conference at fema to ensure that they have full connection to all of the activated regions for fema Going Forward and with regard to testing, im pleased to report that were increasing the number of tests being performed by the thousands every day, thanks to the Public Private partnership that President Trump forged with commercial laboratories around the country. Our Health Experts tell us to remind every american, its important to remember, people without symptoms should not get tested we want to make sure that the supply of testing is there for those need it most are or symptomatic or in the vulnerable population dr. Deborah birx in a moment will address the progress that were making on testing, the infection rate, our recommendations to every american, as well as some important new findings about the impact on youth that were gaining from data thats coming in from europe, that will be important to every american. On the subject of supplies, the president has our task force extremely focused, as the president mentioned, that hes invoking the defense production act together secretary esper in a few moments will describe the ongoing efforts that the department of defense is taking to make medical resources available. And secretary robert willky will announce decisions the va has made to expand Hospital Capacity within their system. Also, with regard to medical personnel, at the president s direction, hhs is issuing a regulation today that will allow all doctors and medical professionals to practice across state lines to meet the needs of hospitals that may arise in adjoin i adjoining areas. In addition to that, we are again asking every american and our Community Leaders and hospitals to partner with us in delaying elective procedures across the country in our Health Care System to ensure that medical supplies and medical capacity go where theyre needed most seema verma will describe guidance that cms will be issuing on that front. And finally, just, i want to remind every american of the president s 15day guidance to slow the spread. We are grateful for members of the media