This coming out of china this morning. The Unemployment Rates surge to 6. 2 in china, and bank of japan is boosting stimulus this morning doubling stocks purchases. They are buy equities at the bank of japan because yield and tenure fall this morning. Were down 18 basis is point on the tenure at. 800 . Over this 200 coronavirus cases now here in america. West virginia, the only state with no known cases. More school ises are closing major restrictions are being put on businesses and travel. The cdc urging no gatherings of more than 50 people. Vaccine trials meanwhile are starting today. That is one certainly note of optimism. Trump declared National Emergency urging americans against hoarding as Grocery Store is shelveses are emptying out. The president taking part in a Video Conference of with g7 lead percent today to coordinate a response to the coronavirus pandemic. Meanwhile this, senate is expected to vote in coronavirus release bill today. They were there late until 1 a. M. Friday night. In the house, this is relief for workers and businesses. Mornings with march wra is maria is live right now. We have a lot going on this morning, here now the latest on coronavirus. American life up end by Virus Centers centers for Disease Control and prevention urging gathering of 50 or more to be cancel or postponed for next eight week. Ing agency again stressing the need to wash our hands, keep your distance, between others the cdc recommendation comes just days after President Trump declared National Emergency freeing up money had to fight coronavirus. New york city closed for business reach. Along with other major cities across the country, 22 states and number of Large Urban School Districts this coulding new york, with los angeles, and atlanta, denver, sphrifng, san diego, austin and washington, d. C. , deciding to close schools to contain the spread of this virus. New york city move is part of a sweeping plan that includes shuttering thousands of bars and restaurant, a wave of drastic steps being taken across the country. Changing it daily routines from millions of families across the country. 49 u. S. States are now affected by coronavirus West Virginia, now the only state with no known cases. Police new orleans clearing out streets telling rebellers to go home officers making their way up and down same French Quarter over weekend and move coming as city reported first death from coronavirus. First Coronavirus Vaccine is trial meanwhile happen what today in seattle according to government officials. The test made possible for partnership between National Institute of health and a the Company Moderna and the goal here see if the vaccine shows any side effects. Officials say it could take up to 18 months for validated vaccines. The u. S. Is working to cur coronavirus pandemic white house vowing to protect americans urging americans to stay home. Were using full power of the federal government to defeat the coronavirus. And we will do it whatever it takes as American People know testing is now available in all 50 states. Well do everything that we can to make sure we safeguard of health and well being of the American People. Joining conversation this morning pollster and president and partners lee carter is here. Twc partner is here and michael lee good to see everybody this morning thanks so much for being here. A obviously very significant serious situation underway here. Youve got schools closed, new york and several other city, youve got businesses, told only keep 50 of capacity. And an emergency move by this coordination of Central Banks across the world. Your reaction . I dont think weve ever seen a lock down like this so even projecting whack mean for our dmi is very difficult to do. But just is look at the numbers coming of china they basically had had a similar type of lockdown in there myc data assume you can believe it really sort of fell through the floor. So i mean perhaps thats what awaits us. Question is how long will that be and how quickly does our economy snap back . Fact that the economy that markets mike are reacting this way. Trading down 1,000 points even after a the Federal Reserve comes out to cuts Interest Rates by another emergency 50 basis points. What does this tell you in i know that there are expectations of a recession coming. But there was still that that expectation maybe things bounce back in the second half. Markets certainly docket dont seem to think so. Were in process of bottoming that is ugly pres and emotional process, and so you need to get to almost a point of despair before we actually see the bottom. Because that fear of greed index goes from 0 to 100 and i assume get back there today. Markets are limited down i saw the s p etf had is still trading it was down close to 9 earlier see if that recovers. Were about to find out what the Economic Cost is of shutting down number one economy in the world for period of weeks. Yeah hopefully just weeks. Look chinese economy first, completely shutdown in First Quarter thats a huge part of the Global Economy thats going to, obviously, impact everybody. The right now call for a contraction in Second Quarter. We may have seen no growth in the First Quarter. Goldman sachs yesterday said we probably had zero growth and 5 tenth to percent and cornerstone so reported eight a tenths of a percent contraction in Second Quarter. So we dont know about third and Fourth Quarter we dont know if were going to see rebound here is. I dont to be half empty guy here. But i dont think that investments they parked in business shutting down the way they city shutting down the question is how long is that shut down and what consumers do while theyre on lockdown and how quickly do we ramp back up again . So lee this economy clearly, this virus rather change everybodys lives. You mean this is completely making americans as the write this morning hit pause button on life. I dont think anybody knows how to feel right now and it is so changeable. I think weve got people right now still out there and ma parts of the country theyre still spend theyre still beginning out. Its slow down now to a total halt. Were not going to see anything like even if we look at last week i think see a complete change in behavior this come week. It is day by day moment by moment how people are feeling. And i do think this is going to have a huge impact on november. Yeah. On election. I mean, election no question about it. Who youve got a debate last night and we want to talk it about about that coming up. But do you think either of those bernie or joe biden have the goods to take it away from trump, and what were they responses to sh shut down in business . I think bottom line is some people who have looked at a the way the president handled this and say they want somebody else l. They think person who will benefit from that is joe biden it is not Bernie Sanders because in times of uncertainty we dont go for transportation. We might want to go back to something that feels a little bit more stable like weve been there before. You know when you look at what a got us here, and how this started in china, you have to wonder why in the midst of this crisis we are now just waking up to fact that the u. S. Is so dependent on china for some of the most important things. Like the 70 active ingredient in our prescription drugs antibiotics made in china, really . Yesterday spoke with the assistant to the president for trading manufacturing policy, Peter Navarro hes trying to move the supply chain to america. Hes talking about congress what is congress doing to confront china choke hold on vital supply chain, and what the white house is doing. Watch this. Many of our important critical items are produced in china. Tell us what you can do in terms of switching the supply chain back to america. We have an executive order and racing to finish line. We could sign it as early as end of this week. Were going put in motion a longterm trend to bring our pharmaceuticals our medical equipment, our medical supplies home on domestic soil. Maria so these efforts are in place you heard him say theres an executive order coming but in meantime looking at macialghtses, treat this as crisis that is really is. No question and just uncertainty, and its just really just unknown. But on trade thing, look in hindsight it looks brilliant. Because if were going to bring back manufacturing of pharmaceuticals it just makes sense were doing it in north america and not doing it in china. But thing about chinese economy is, it is on a supply side and demand side and a all we like cheaply been buying from there but flip side American Products innovations that were selling there so both sides of the equation for american businesses. So we have to figure out our chinese consumers in future but at the same time, where do we supply our raw material. Maria let me read you one quote from the the Federal Reserve as they lower Interest Rates by half a point. Consistent with the feds mandate the committee seekses to false max employment and price stability, the affects of coronavirus will weigh with on Economic Activity in the near term. Pose risk to the economic outis look, and light of these developments the committee decided to lower target rate for feds on to zero to quarter percent i guess a lot of expectations out there mike that fed it was beginning to zero. On wednesday they went ahead to coordinate before the markets opened. But what the fed is say and i dont think that markets understanding is that the coronavirus will slow down u. S. Economy and what its not going to have is create a crunch or drive liquidity and there to make sure it stands tall and that our markets function although lower on a day like today. you said were bottoming were right now going into this ark of this serious situation these next two weeks clearly businesses, executives have been told these next two week abouts are going to be hot in terms of the number of cases rises and thats where you see so many school closings, and businesses shutting down. One one thing about equity markets markets will equity markets will start rally and start recovering quicker than in march 2009 we hit the bottom it wasnt until march of 2010 that unemployment peak sod equity markets move higher than this and a they were way ahead of this on this selloff in term of the seriousness of this. And then were in this the bottoming process right now where everybody thats investor gets a little bit terrified. Maria but fed doesnt have a lot of tools left after this. Where are we going at zero in terms of the fed, take a short break and markets staging major selloff this morning on heels of the one of thing biest Central Bank Interventions in history is a recession on the horizon or will we see rebound in second half. Were talking about it this morning dow it industrials down 1,041 points right now 41 limit down. Plus airport screenings causing massive delays, disorder, leaving passengers stranded in line for hours. 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Maria welcome back Federal Reserve taking more emergency measures to bolster slowing economy. Yesterday the fed moving the bench mark fed funds rate it a range of zero to. 25 announce a 700 billion stimulus plan these are extrord moves bank of japan also acting doubling stock purchases help Companies Secure loans amid this coronavirus pandemic. Fed worked with five other Central Banks. To create Stimulus Bank of england bank of Japan European Central BankSwiss National bank, all in concert doing something in terms of stimulus cutting Interest Rates, qawn quantitative easing look at the ash shan markets down across board. Youve got hang seng and hong kong and shanghai in china down 3. 5 . Futures in free fall this morning dow better than 1,000 points, in fact, as soon as the Federal Reserve yesterday announce that emergency move market as very down 900 points so immediately, the market did not like the fact that the fed took the extraordinary stake this extraordinary move one analyst yesterday said to me this is bazooka why is fed taking it now instead of waiting until to see how weak this gets. S p 500 9 in premarket this morning take a look were talking about a decline of 9. 5 that potentially leading to a halt in trade. Right at the open bell this morning. Joining us right now on phone is bull tech capitol head of Global Research katherine. Katherine good morning. Your reaction are this morning. Yeah maria markets are clearly pricing in some sort of tsunami on horizon. That they think monitor policy will be inadequate to face, and i think that it is not an issue of Monetary Policy in the market knows it. But that said the fed maria this is a good point because thats the problem Federal Reserve is out of tools right you can say yeah lets get Monetary Policy but where are we going were already zero now look at the demand story this is, of course, the second large fest latest statistics for the chinese economy. Show that you had manufacturing down it 13. 5 for first two month hads of the year january and february. Then you had the first that was the first decline on record. Then you have retail sales can metric of consumes down 20. 5 in first two month of the year. Chinese urban unemployment hitting a record 6. 2 in february katherine is this indicative of what subpoena happening in the world or is this isolated to china . How does that impact the United States . The u. S. Should expect to see numbers if not of that magnitude something similar maria this is a southern stock in demand, so we should expect to see an absolutely collapse maria in Second Quarter. Numbers to this effect should not be discounted and we should actually expect them to occur. Now the fed is try to ensure i think thats an important point to mention here. And it continue ensure that credit continues to slow to company it is and to households this is important because in times like this, credit ceases up and that can exacerbate a downturn in economy. So lets one more point, this is intend here to systemic and i think this should not be compared to 2008 in the sense that this is not a Financial Sector crisis and something thats going to be systemic in financial industry. If this remains in event driven shock maria that should have a six month time frame and could be 12 months no one knows thats why market is collapsing maria because this is a health cares crisis. No one can predict magnitude of the duration of this. But it is precisely during it ration thats going to determine the Economic Impact. Kalt written good morning it is mitch one of the things you mentioned credit that im interested in get your perspective on is does it come a point that the feds intervene so theyre helping credit market does it come a point where credit risk just looks too severe for some lenders and lenders dont lend because theyre worried about credit risk . I think that fed is, of course, trying to avoid mitch and i think theyre actually doing pretty good job of that. I think it is also p