Conference in the white house rose garden is imminent. Hes expected to declare a National State of emergency over the deadly coronavirus pandemic that has taken the lives at last count of 41 americans and infected more than 125,000 people around the world. As we await the president to appear before the m cameras, we will take it the second it happens, markets on the verge of closing out the worst week since october 2008. We are firmly still in a bear market right now. What if anything can the president say to pull the markets out of this weeklong tailspin . To our floor show traders. We are teeing it up in front of the president. You have been on the markets front line. Tom at the nyse, phil at the cme. What Market Indicator will you most closely watch as the president speaks . Well, we saw extreme fear yesterday and they always say when no ones worried, thats the time to worry. Well, yesterday everyone got worried and they came out with massive action. Mnuchin reminded me of mario draghi when he said whatever it takes this morning and he committed 1. 5 trillion of liquidity, the fed chair did yesterday, 60 billion of bond buying and fiscal stimulus to come. He said this is just the beginning of fiscal stimulus. That imparted confidence in the market and you know, here we are down 25 off the highs. Kenny rogers has a song, know when to hold em, know when to fold em. Historically you havent been paid very well to fold at 25 down. We have been nibbling on high quality names like wells fargo that are down 50 . Theyre not going to do 50 less business next year than they did last year. We will get through this. Liz phil flynn, yes, there is green on the screen today but market insiders are telling us they are seeing some distortions, particularly in the high yield or bond markets. We could cycle through some of these bond names. Everything from lqd, which of course is the, you know, thats the Investment Grade ishares, hyg, agg, barclays aggregate, 71 billion in assets. We are cycling through these. These are oneweek pictures. What distortions are you seeing . What to we need to hear from the president . I think we need to hear [ inaudible ] i think it would have to be his mario draghi moment, we will do whatever it takes to get through this. Interestingly enough, in the energy space, my phone is ringing from producers all day long, how bad is this going to get, when is it going to stop and how is the president going to respond to this. There has been a lot of concern in the energy space that President Trump isnt as worried about the shale space and the production space as he needs to be, because there can be a trickledown effect. I, on the other hand, know Steve Mnuchin has been on the phone with saudi arabia, hes been on the phone with russia about this Oil Price War and the damage it can do to the market. But the concern obviously is when we get into the high yield places, thats the energy space right now. This is a space thats been ground zero for this. Liz we will try and check back with you at the end because today is the day the Chicago Mercantile Exchange will shut operations at the close. No more Trading Floor being open for the foreseeable future due to the coronavirus threat. As we wait the president , Major League Sports league cancellations have snowballed at an alarming pace in the past 36 hours. Very latest news out of the sports world, three years ago, nascar announced its shutting down operations. This weekends planned races at the Atlanta Motor Speedway and next weeks in miami have been postponed. The famed masters Golf Tournament which dates back to 1934 has now been postponed. English premier league, Major League Baseball spring training, the nba, the xfl and late yesterday, we can put these all up on the screen here, the National Hockey league all suspending or outright canceling their season. Joining us now is the commissioner of the National Hockey league, gary bettman. Gary, thanks for joining us. First of all, as of yesterday, you had said none of your players had tested positive or were being monitored for the coronavirus. As of right now, has that changed at all . To the best of my knowledge, we do not have any player who has tested positive for the coronavirus. Liz describe the last 24 hours, if you could, for you, the owners, the Players Association and what brought you to the decision yesterday to suspend the season. Well, we had been contemplating over the last few weeks a variety of scenarios based on what was happening with the spread of the coronavirus. But every one of those scenarios in my mind had a caveat that once a player tested positive, we were done playing at this point in time or at that point in time. When the utah jazz player in the nba tested positive, and the players werent able to play the game and had to leave the court and they had to in effect have the fans leave what looked like a full building, it was clear to me that it was only going to be a matter of time before one of our players would test positive if we continued playing, and i decided to get ahead of it and say lets take a pause now before were faced with that same scene. And that night, wednesday night, i sent the notice out to the board of governors and asked for a Conference Call the next day so that they could brief on how we thought we would proceed. There was certainly no disagreement. And we decided it was prudent, appropriate for the players, for the game, and for our fans to take a pause. Liz i just want to let our viewers know we are awaiting President Trump. He will be holding a News Conference at any moment. In the meantime as we speak to gary bettman, the nhl commissioner, gary, are the players getting paid during the suspension . Yes. Its not a suspension. We are taking a pause in the season. As i said, our players, we have a payroll check i believe coming this weekend which they will receive. They have another payroll check i think its their last full payment under their player contract at the end of the month and they are being paid. Liz much of the leagues revenue rights come from, you know, actual fans attending the game versus some of the other leagues like the nfl, they get a lot of money from tv rights. Have you modeled for the kind of financial hits that some of these teams can take . We have. We, of our 1271 game regular season, we had about 190 games, give or take, left and so a good chunk of our revenue is already in, and we are certainly not as gatedependent as we used to be 10, 20 years ago. I dont think it even amounts to half of our revenues anymore. So listen, everybody, all of the sports leagues are going to be suffering a diminution in the revenues that they would otherwise get, except our hope is that we are going to be able to come back, we are going to be able to complete the season on a credible basis and the potential loss will be minimized. Liz ill tell you, the stock market has just been gyrating around and through this vortex. Yesterday we were down more than 2200 points for the dow jones industrials. Its just been absolutely nuts. I know for you guys, your focus is on the safety of the fans and of the players. 189 games left in the regular season. You have been through three different work stoppages in your career. How does this coronavirus situation compare . Well, weve come back in each instance where weve been challenged, including the work stoppages, including the year we took off for a work stoppage stronger. We actually came back from the year off to record attendance and record revenues. We pride ourselves as an organization and we pride ourselves on how well our teams perform and being professional and being very thorough in how we handle the business side of the game, and the game itself. And we will do what we always do and thats come back as strong as possible. Liz gary bettman of the National Hockey league, maybe fans while theyre hanging out this weekend not being able to watch hockey can drown their sorrows in the just released new york rangers edition of New Amsterdam vodka. Well, you know, its hard for all of us, those who spend our lives working in the game and particularly our players who love playing for our fans and most importantly, our fans, but we will be back and we will make sure that we have a credible end to this season. Liz gary, good luck. Cant wait to watch a rangers or devils game or anything on tv. We love hockey. Good luck to you. I hope everybody and all the players stay safe. Thank you. Thank you, liz. You stay safe and healthy as well. Liz thank you. Fox is doing everything we can here in this building to do social distancing and keep the workers to a minimum so that we can make sure we are all safe here. In the meantime, weve got this breaking news. Norwegian cruise lines has Just Announced it is suspending all cruise voyages between march 13th and april 11th for all three, not just one, but all three of its cruise brands. This in an effort to stem the spread of the coronavirus. We are looking at the stock right now. Its holding on to gains of 16. 5 but you can see if we can stretch out certainly to a quarter to date chart, it has been unbelievably difficult and ugly for all the cruise liners. Norwegian has not experienced any confirmed cases across its 28ship fleet. Of course, its really been carnal cruises princess cruise line thats suffered for two different types of, we had the grand princess and the diamond princess. All guests on impacted voyages will receive a 125 refund of fare paid in the form of a future cruise credit. Yep. Still up about 16 . We are also getting this. The United States has granted tariff exemptions for more medical goods from china. This includes medical gowns, gloves and surgical drapes. These exemptions were initially denied but have now been reversed amid the worsening coronavirus. Check the dow right here. We are up about 866 points. Low of the session was a gain of 84 points. We are well up off that low at the moment. What we are going to do, as we wait for President Trump, we are going to take a brief break here. Closing bell is ringing in about 49 minutes. Stimulus hopes pushing Goldman Sachs and Jpmorgan Chase into the Winners Circle on the dow 30 heat map. Goldman is up by 17 bucks at the moment. But still down more than 13 for the week. Jpmorgan is still down 10 for the week but right now is scratching back at least 10 . President trump speaking any moment at the white house, as we said, on what is expected to be a major announcement. The National Situation here has now turned into an emergency. What will this do . It will release funds that perhaps can be used to stem the tide of the pandemic. We will bring you his comments live when countdown comes right back. [ applause ] thank you. Its an honor to tell you that Liberty Mutual customizes your Car Insurance so you only pay for what you need. I love you only pay for what you need. Liberty. Liberty. Liberty. Liberty. 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We are, of course, awaiting President Trump at the moment to come before our cameras, he is expected to declare a National State of emergency as the coronavirus spreads. But is the world still depending, leaning too much on the Federal Reserve as the firefighter of last resort for every single problem right now that our economy and the markets are facing . Take a look at the fed funds futures. If we can put those up, you will see that there is a fastrising chance of a full point cut you know what, no. I thought it was a 100 basis point chance. All right. Theres a 66 chance of a full entire percentage point cut and then right now obviously theres a 100 chance of any rate cut at all. But is it really the fed who can fix the market ills entirely . Charlie gasparino is joining us right now in the newsroom on what hes finding that the fed can be doing in addition to what it did yesterday, which is about 1. 5 trillion. Charlie just talking to fed watchers, i know those are economists and its a survey, but my sources say its a 100 chance that the fed will take the fed funds rate, the shortterm rate, down to zero. Thats 100 basis point drop, sometime either at the meeting on wednesday, their next scheduled meeting, or before that. Probably not today. You probably want to wait the weekend to do this just in case any bad news comes out in the weekend. The other thing is, what they say is the fed will do monetary easing on the long end. What is that called . Qe. Not monetary easing. Quantitative easing, qe. Essentially printing money. Now, is this going to solve the coronavirus problem . No. But what its going to do is help with the liquidity in the bond markets which is essentially the funding market for every business out there. They borrow essentially to pay whatever, salaries, money doesnt come into a business all at once. You got to pay salaries so you have to tap these shortterm markets. Thats whats been seizing up lately. I will tell you this. I have been speaking with people at Major Money Center Banks over the last couple days, including today. They said the fed was really unprepared for all this stuff. They had no idea exactly what was going on in the fed funds market. Its pretty scary that they had no idea and that there was a degree of educating so what im saying here is like the banks are trying to work with the fed. Theyre not asking for anything. Theyre just telling them how to proceed and again, you know, the word is that theres tremendous pressure from donald trump, the president , on Jerome Powell to cut that fed funds rate to zero. Liz would that cause distortions and what kind of distortions . Because right now, charlie, were looking hold on at some of these high yield corporate etfs, whether its hyg or jnk, there is a liquidity drought. They may be up to date but charlie the fed has to go in there, start doing something in those markets. Thats what its essentially saying. We are talking about disarray, where theres no liquidity, not a lot of supply of treasuries, theres, you know, not a lot of borrowing going on or difficult borrowing conditions. Thats a real issue. Thats the plumbing of the system. The other thing is that i heard, you know, just talking to bankers, and their clients are corporate america, that by midweek next week, they will say they are saying most u. S. Major companies are going to be telling people to work from home. Except for essential staff. Maybe not the banks because thats the plumbing of the financial system. You need certain people there. But most major companies, they are telling me at these banks, will be alerting their staff to work from home. We already had that from at t. 250,000 people saying work from home. So thats whats going on here. Again, this is a very difficult market condition because mainly, you cant figure out exactly how gdp and of course, corporate earnings are going to be impacted by all this. Whatever the president says right now will not be something that, you know, i mean, i think it would be market positive in the sense that, you know, checks will be cut to people who need them probably, once you declare a national emergency, you can tap Funding Sources that you cant tap in the past. So thats a net positive for the economy. But you know, listen, we are in, you know, when you talk to people at the banks, they say what do people at the banks know about the coronavirus. Well, theres so much money on the line, they have to hire people to try to figure this out so they get decent information. What theyre telling me is were kind of like in the fourth or fifth inning of this thing. Its going to be awhile to work through. Markets could be wobbly going forward. But again, you know, big news over the next couple days in addition to this announcement by the president will be a fiscal policy stimulus, a fiscal po