Not a surprise if you look to see whats happening with the shutdown of the economy, the forced shutdown because of coronavirus. Taking a look at the tenyear this morning, it looks like that is yielding about 0. 735 at least on the last time i looked at the boards it was. And then wti is the other big story today. Joe also mentioned opec plus deal it was an historic one opec and other nations agreeing to cut Global Oil Production by onetenth. Well talk about this in a few minutes. Wti is up by 1. 5 to 23. 11 a barrel. We have a huge lineup of squawk newsmakers including Mohamed El Erian, Richard Preston and dr. Scott gottlieb starting in a few minutes. Andrew thanks, becky hope everybody had a great weekend. Lets bring everybody an update on the pandemic. Of course, the number of confirmed cases in the United States now more than 557,000 and the death toll is more than 22,000 there are 190,000 cases in new york state with more than 9300 deaths that means new york alone has reported more cases than any foreign country, to put it in perspective. A sign of hope, though, in new york city the number of daily icu admissions and intubations showed a downward trend using a threeday average. New york mayor de blasio said saturday that Public Schools would stay closed for the remainder of the academic year, but shortly after, a sort of back and forth with the with Governor Cuomo, new york Governor Cuomo said the announcement was bill de blas blasios opinion and there was no official decision yet cuomo said new york may close Public Schools but it would do that in cooperation with other localities lots of folks in the state of new york trying to figure out where this all goes and its impact on employment as well meantime, new jersey governor murphy ordering transit to cut capacity by half and asking all passengers to wear face coverings. Transit workers will be supplied with gloves and face coverings as well. A lot going on in the tristate area joe . Boris johnson, andrew, has been released from a London Hospital where he was treated in intensive care for the coronavirus. His office said he left st. Thomas hospital and will continue his recovery at checkers, the prime ministers country house. And he will not immediately return to work he had been in the hospital for a week and we watched that closely and sort of incredulous the World Leaders obviously not immune to this either. Its been for a week he was there and spent three nights in the icu. Separately the irs says it started depositing stimulus checks into accounts of qualifying americans in a tweet the irs account said theyll continue issuing the payments, in their words, as fast as they can the money is part of a 2 trillion relegal bill passed in march. Taxpayers can expect 1,200 to 2,400 based on their income and filing status from 2019 and 2018 todays the 13th, which would normally be accompanied with some butterflies and panic and have i have we filed for an extension, but not so much this year did you, becky and andrew realize it was the 13th today . Of april no, i didnt. Your big day is coming, andrew. I sent my i sent my stuff to my accountant i kind of forgot it snuck. What did you say . I sent my stuff to my accountant it snuck up up on us so quickly. Thats true i havent done it yet, joe, so im going to take the delay with everybody i do think i know you think its my favorite day i think theres going to be a complete rethink of how we think about taxes in america when this is all over. I think its almost impossible to think, given the support the government is providing all of us, that were not going to have that conversation in this country. Well see. I dont know if you dont owe more than 1 million, you dont need did you have to send anything in i think i think i sende sent something in. To be honest, i dont know what weve done maybe given the pandemic, im not on top of it i think my accountant is on top of it, or at least i think my accountant is on top of this we did do work on this a month ago before everything started to shut down. I think something started to happen, but im not sure exactly what meantime the Energy Markets are the thing i think everyone will be focused on today. Interesting to see how the equity markets are keying or not keying off energy right now. The group pelosi as opec plus finalizing a record agreement over the weekend to cut production by 9. 7 Million Barrels of oil its the largest output cut in history. We want to get to over to the response to washington. President trump congratulated saudi arabia and russia on that Historic Deal on twitter writing it will save hundreds of thousands of energy jobs in the u. S. He said he spoke with russian president Vladimir Putin and king salomon from the oval office, great deal from the white house they said the president spoke to Mohammed Bin Salman either way, as you know very well, the president has went personally involved in these negotiations not just trying to keep saudi arabia and russia at the table but also promising to move ne mexico along and intervening directly with president obrador. We dont want anything to hurt our incredible industry actually, the largest producer in the world now we dont want anything to hurt those jobs, those great jobs in texas and north dakota and oklahoma and everywhere. North dakota senator kevin cramer along with alaska senator dan sullivan led a twohour phone call over the weekend between saudi officials and other lawmakers from oilproducing states perform after the deal was announced, senator cramer wrote on twitter, we know this fight isnt over. We have to make sure these countries hold up their end of the deal we will be watching every step of the way an important victory for the president as installment negotiations over the next package of coronavirus aid remains unsolved back to you. Thank you for that. For more on this story later this hour, well be joined by senator dan sullivan of alaska to talk to him about how he sees the impact of this on his state. Joe, over to you. Was anyone thinking it was going to be mexico watching it over the weekend plus, i was waiting to see, do we hit the 10 million . Remember the president said, could be 15 million. Remember, he put that extra in but to get close to ten, there was a lot of skeptics about that but, what, the holdup is mexico and were talking hundreds of thousands of barrels were not even talking but that was it. I guess behind the scenes there was some serious armtwisting to finally get here the oil markets ran up to 27, 28 and then nowhere near that since then i dont know its crazy. By the way, mexico won in the deal they still only have a cut of about 100,000 barrels. Which is below what would have been their quota for the whole thing. Kind of amazing. You wonder how much is, okay, were cutting production and how much is the market forces. You cant pump out any more. Theres nowhere to put it. Theres nowhere to store it. I dont think we agreed to anything, right . That was part of the problem. Hey, joe . Yeah, andrew. Before we go back to energy, back to the taxes for a second do you think i thought the delay was just till the 15th of july you think its depending on how much money your taxes are owed no. I think you get the delay as long as you dont owe more than 1 million if you owe more i think you need to send it in thats why i was kidding you and you said you thought you had sent some in i was like, wow, andrew, those books are really, really lucrative. Well, i dont ip dont think youre right about that. Really . Thats what i thought. Thats what i thought. You might be. Im looking right now. It doesnt affect me. Doesnt affect me. Thats all i i dont want to get into my tax bill, but when you said that, i thought, hmm, i have to think about this. Well, i cant believe you owed money. Were talking about taxes on tv. Was that deal book or something . It cant be the New York Times i have to look at this. Doors are barely open at that joint. I have to look at this. Thats not true. Subscriptions through the roof, my friend. I know. I know. Business is i know that you make these comments its fake news you think any oh, they do do fake news that is true that is true oh, you meant what i was saying was fakenews never mind let me do my tease let me do my tease you before i please you coming up, Richard Preston joins us with perspective on the pandemic and what we can learn from previous outbreaks. Kind of interesting some of his comments about ebola and how long countries in africa have dealt with pandemics for centuries by doing exactly what were doing. Kind of interesting. Plus, President Trump retreating retweeting a call which says, fire dr. Anthony fauci. I think it was from a Congress Person that story after a quick break as a struggling actor, i need all the breaks that i can get. At liberty butchumal cut. Liberty biberty cut. Well dub it. Liberty mutual customizes your Car Insurance so you only pay for what you need. Only pay for what you need. Liberty. Liberty. Liberty. Liberty. Yeah. This moving thing never gets any easier. Well, xfinity makes moving super easy. I can transfer my internet and tv service in about a minute. Wow, that is easy. Almost as easy as having those guys help you move. We are those guys. Thats you . The truck adds 10 pounds. In the arms. Okay. Transfer your Service Online in a few easy steps. Now thats simple, easy, awesome. Transfer your service in minutes, making moving with xfinity a breeze. Visit xfinity. Com moving today. Welcome back President Trump signaling his frustration with dr. Anthony fauci. He retweeted a tweet that says, its time to fire fauci. That tweet was from a former republican congressional candidate who said fauci is now saying that had trump listened to the medical experts earlier, he could have saved more lives fauci was telling people on february 29th there was nothing to worry about and it posed no threat to the u. S. At large. Time to firefauci the president added his own message to that tweet. It said, sorry, fake news. Its all on tape i banned china long before people spoke up. Guys, this was in reaction to an interview fauci did yesterday where he was pressed and asked very specifically if the administration had started implementing these lockdown orders quicker, would lives have been saved he said, well, inevitably but there was a lot of pushback on it and a lot of questions whether that was the right path. Again, this is kicking up a bit of firestorm this morning. Joe . Yeah, we would have been i think the country as a whole would have been like, what are you talking about in february. I can remember early in march. We went through it we know exactly how it proceeded. Thats why even the piece over the weekend, i was like, well, okay, january 31st is pretty early to close down travel with china. A lot of flack midfebruary, come on, i think i went to dinner in march to a restaurant and didnt think anything of it at that time. I was still traveling all over the country in february right jake tapper, i well, andrew, i dont want to i dont want you to get uptight its monday. Lets not start off the week you remember in february. I was going to say, the point of the reporting, all of this reporting, had we moved faster quicker, obviously we would have had a lot less deaths. Obviously and its clear now by definition. While there might not have been a political appetite to do this or public appetite to do this, until people started to see people getting sick and to see deaths, had you actually listened to the Health Experts we understand that. Youre lecturing again youre lecturing again i understand that. We all know that if we had shut down january 22nd in davos when i asked him that question for the first time, that would have been the time to shut it down that didnt happen it was tough enough just to close off travel with china on the 31st. Every week was a lost week. Of every every week was a lost week. The more important question is the bigger question by the way what do we do now when do we open up again the other thing i was going to say, you can also make an argument politically look at mayor de blasio, who has been a disgrace to the city of new york a disgrace in terms of what hes done by the way, you could even argue that the governor of new york, who gets an enormous amount of credit today, was also late. So im not suggesting its impossible to be late. Im not saying you are. Access to the information and what they did. Im not saying you are. Im just saying youre like so many of the people around they have 20 20 hindsight. Its annoying to see it. Mers, sars, swine flu, ebola, all of those things could have turned into a pandemic, but they didnt so, no one knew in january or early february they had guesses they had speculation it could turn into Something Like that, but it was not possible to have closed everything down then. We hear right now about martial law. We have people saying we shouldnt be doing it right now. In midfebruary, youre out of your mind. Joe, every day and every week we could have gotten ahead of this, it would have been better. I know that i understand that. I had virology courses i understand that. You cant make excuses for people then. You cant say its reasonable they didnt listen to the experts. Which expert in midfebruary would you have listened to i think you would have been listening to all of them and listening to all of these things coming into the white house and say, okay, lets shut down things a little earlier. I was on our air saying we needed to shut things down two or three weeks earlier im not saying i was a prophet, im just saying people were nervous about it. We were way into midmarch, andrew, and you were the first one to hear about chloroquine if we shut down in two weeks in march obviously. We would have saved thousands of lives. We know all that. Yes, we know that. It was not probably feasible to have done that couldnt have done it. Lets get to this guy, andrew. You have the soap box. You built one over the weekend its 20 20 hindsight. The National Institute of health is beginning a study for those who may have antibodies to coronavirus. Bill gates, cochair of the bill, and linda gates had to say on using the blood who recovered from the virus to treat those who contract it. Manufactured antibodies are using the blood of recovered patients in order to help treat people who are just getting sick theres enough of them that in ago gate its likely well have interventions in the four to sixmonthtime frame how much that will cut the death rate in these overloads, you know, is a bit uncertain for perspective on such treatments and what we can learn from previous pandemics, Richard Preston, author of the hot zone and the new book crisis in the red zone. Lets first talk about mono clonal antibodies. Weve done it with a lot of different diseases theres proof of concept there that it works. It should work with this whats the issue with it not being a nearterm solution do you need to humanize the antibodies are they hard to make in large quantities what should preclude us from doing that, as its had success with other viruses bill gates mentioned manufactured antibodies. Hes definitely on the right track, i think what were talking about now are antibodies that are used as a drug to treat the disease. Were not talking about the antibody test, which is a different matter manufactured antibodies, monoclonal antibodies, we have the ability to make lots of them getting up to Surge Capacity is another matter entirely. What are antibodies, what are we talking about . Antibodies are these tiny proteins that circulate in our blood and the human blood is thick with antibodies. Its about 2 antibodies antibodies are these little proteins that are they have kind of a y shape but different shapes theyre like the teeth of a key that fit into a lock and if you can find an antibody, a particular shape of antibody that can stick to the coronavirus, it can kill the coronavirus. Now, people who are infected with coronavirus, your antibody system is incredibly powerful. Whenever you get infected with anything, your body begins manufacturing many different kinds of antibodies to respond to the challenge, to the invader in your body and so people with coronavirus, they might have 500 or 1,000 different kinds of antibodies that your immune system is just throwing at that virus to see if something sticks, something will kill it. And then your immune system, you know, it can recognize the antibodies that are actually working against the virus and will make them in large quantities now, how do we get from that to a manufacturing plant making these in quantity . The way its done is you get the blood of somebody who has survived coronavirus and then you take out of that blood hundreds of different kinds of antibodies that might work on coronavirus. You test it out in test tubes and in mice. You find out the antibodies that really work and then you can purify them and with a manufacturing plant that maybe cost 1 billion, you can then begin to grow them in tanks, which are called bioreactors what you have left is an antibody drug. It looks like its amazing. It looks like water. Its actually purified water that has maybe two or three different kinds of antibodies dissolved in it. This is called an antibody cocktail it is then given to a patient who is sick with coronavirus if all works, if this theres many a slip between the cup and the lip but Many Companies are working on this now. If it all work, the antibodies can, in principle, knock out the virus really fast. So, this happened with ebola and one company developed a drug it was this little antibody cocktail, just water, looks like water, and its infused into a patient with a bag of saline solution the first patient who was given the antibody drug was actively dying of ebola this was dr. Kent brantley, an american and he was really in the throes of death when they began to administer the drug. And he turned around in 90 minutes. 90 minutes after he started getting the drug he sat up in bed he had not been able to move in three days he got out of bed and he said, id like to go to the bathroom he went to the bathroom under his own power. So these drugs, if they work, they can reverse they can reverse the disease with remarkable speed