so does this make it more likely, perhaps, that we could see some action from the federal reserve? >> yeah, i -- it certainly does, in my view. the futures market is underscoring that too with 100% certainty of a rate cut at least in the futures market. yeah, in the march meeting which was really off the a table a week or two ago. i don't think anyone expected any rate cut in march. so i do think that this market move has gotten the fed's attention. i think we keep in mind while this is a, i view a technical downdraft, you know, what the fed is trying to do is prevent this from being a cyclical downdraft, from having the market move somehow migrate into an economic story. right now we've sort of kept those two apart. and we'll see if the fed can hold the line on just the technical corrections. charles: some focus out there saying the fed, you know, there's nothing they can do vis-a-vis the actual spread of the virus and that they have such limited tools to begin with. this kind of thing could be a mistake, to actually signal -- send the wrong signals to the market which could actua

reserve might be willing to cause interest rates. other than in other countries the u.s. has some interest rates that theoretically could get lowered if that's going to happen certainly nobody knows for sure but the bets here on wall street that the federal reserve will actually act in the next couple of months are above 50 percent about 60 percent of market discipline some actually even believe that we could see 2 more interest rate cuts by the end of the year so the hope lies on the fed and the 1st big test will be on tuesday where we would see if the market can recover if they see the downturn as a buying opportunity or if pressure increases. quarter with the latest from the markets in new york thank you. now as mentioned south korea is one of those coronavirus hotspots infections are growing around a large cluster of cases or that $800.00 people have now caught the disease the most in any country outside of china business and local economies are already feeling the pain. the queue goes as far as the eye can see south koreans have

>> i mean, the federal reserve, the expectations are that the federal reserve will be cutting over the next several months by a quarter of a point so the bond market is reacting to the potential global slow down our expectations for global growth is roughly 3% going into the year where i believe consensus was well above that. we believe that consensus is now going to have to mark their global growth down by happen perhaps another half a percent overall that's what the bond market is reacting to. >> chad, finally china growth numbers are going to be terrible japan was already a basket case. germany didn't look good how low do you think the u.s. first quarter numbers are going to be and how prolonged is the hit to growth do you think >> so, certainly the number for q2 will be marked down expectations were 2.25 for 2020. we believe for next quarter that may have to be marked down by another half percent overall economists as well as market speculators are trying to come to terms with this demand destruction as well as capital investment for the next several months, at least, is going to b

>> the federal reserve can cut another 25 basis points. they hinted at that. and the market still ended down but they recovered from another 1,000-point decline. that means the federal reserve would boost confidence in the markets. but you want to be careful. if you think about your retirement. you are not getting much if you have all your money in savings. you don't want to be in what's called negative territory. that's not a good sign. gregg: there was a rally before the close. substantial from the bottom of the market in the trading. i notice the gold which is a flight to safety went down, which suggests to me and i'm a total novice, that there might be something there that predates a recovery of some sort down the line. how do you see senate. >> do you not have gold bars in our drars at home? gregg: i have them in my pants pockets. i'm loaded. >> a lot of people saw gold go up today even though the markets were declining. gold has had an historic run. if you think about it at the end of the day. i spoke about this earlier with charles payne. he said we nee

the federal reserve, very short stement, just a few sentences, but made clear that the fundamentals in the u.s. ecomy remas strong, and if there is a more serious impact on the economy in this country, the federal reserve will step in. basically,or what invehave taken that to mean is that they are willing to cut intertt rates -- ts, how much it costs to borrow money -- to try to help the u.s. economy. that is something you have been seeing in the way that markets have been trading not only in this country, but around the world, that they are pricing in this possibility of rate cuts for not only the united states, but japan and other economies around the world. nada: wssamira, thank you so mu. officials here in the united states have been scrambling to discern how to address the prosct of a significant outbreak across the country. in california, the govhanor has saidmore than 8400 people are being monitored for the virus, despite the state only having about 200esting kits. i have been speaking to a congressman from california who is a trained physician that previously served as the chie

mayor and former dnc chair and federal reserve chairman my special guests in the week ahead. on mornings with maria have a great west of the weekend everybody thanks for joining us have a happy presidents' day on monday. see you next time. ♪ . jack: welcome to barron's roundtable where the sharpest minds on wall street meet to get behind the headlines and prepare

reserve, more importantly, positivity. people are positive. bernie sanders, the rhetoric of negativity, donald trump speaks rhetoric of positivity. the country comes together and support what is going on with donald trump you would see the economic success that goes beyond was we have seen so far. todd: $16.3 trillion, green new deal, $32 trillion come medicare for all, $1.64 trillion, student loan debt, if bernie is the nominee on november 3rd when americans go to the polls are they going to vote for free or are they going to vote for the four - jillian: going off of that if you think it depends how old you are because a lot of young people here free and they like that. what are the hearing from the democrats? >> the unemployment numbers help the younger generation and the entire country. what you have is a situation with someone discounting bernie sanders, where is he going to get the money? print more money? the idea people can print money is a problem. people believe where the country is right now and you see high in t

mayor and former dnc chair and federal reserve chairman my special guests in the week ahead. on mornings with maria have a great west of the weekend everybody thanks for joining us have a happy presidents' day on monday. see you next time. gerry: hello and welcome to the wall street journal at large for about much of the news coverage since it was on the first the nation presidential primary new hampshire changing dynamic in the democratic party race. the other headlines on the continuing worries of the coronavirus. a disease that was first discovered her broken china late last year's taken more than a thousand lives in that country. including at least half a dozen healthcare workers. it has infected tens of thousands around the world. the head of the world health organization is called the

mayor and former dnc chair and federal reserve chairman my special guests in the week ahead. on mornings with maria have a great west of the weekend everybody thanks for joining us have a happy presidents' day on monday. see you next time. great sunday. go to church. >> go to rowhouse.com! ♪ ♪ maria: good sunday morning, everyone m welcome, i'm mara mart romo, welcome to "-- bartiromo, welcome to sunday morning futures. president trump in florida today looking to rev up his base at the daytona 500 this afternoon. coming up, he called it first on this program, former white house chief strategist steve bannon is reacting to a report michael bloomberg is considering hillary clinton as his running mate, something ban nontold us back -- bannon told us back in august. also kevin mccarthy is here, he will be campaigning with the president in his home state of california next week. we'll catch up with

., federal reserve chair jerome powell testifies for the house financial services committee on monetary policy and the economy. later at 2:30 p.m. house armed services subcommittee examines white supremacy in the u.s. military. >> c-span, your unfiltered view of government. created by cable in 1979 and brought to you today by your television provider. >> a house financial services subcommittee recently held a hearing on mobile payment technology. representatives of paypal, consumer reports and the u.s. faster payments council testified at the hearing. >> the task force welcomed order. good morning. as authentically recess of committee at any time and without objection members of the full committee not on this test for authorized to participate in today's hearing consistent with committee practice. without objection donald payne of new jersey may also participate in today's hearing of recognized by the tray to question witnesses under the five-minute rule salons on the subcommittee who are present have been recognized for that round of questioning. this hearing is entitled is cash still

i think we captained you as head of the federal reserve , we you as head of the federal reserve, we will try not to do that again —— captioned you. and it is hitting a lot of music tours in asia, we heard about bts, the popular kapok band. yes, they have cancelled their concerns, but notjust bts, a lot of concerts in the region have been cancelled. in the last few minutes we saw that tokyo disneyland will close as of saturday, and that is the bigger worry for many economists, because when people stop going out, when they stop eating out and withhold the school closures for example in japan, how is that going to affect working parents? can they actually get to work? could all of that have a bigger impact on the region's economy, larger than the outbreak itself? and until recently many experts were saying, you know, after the sars outbreak in 2003, the recovery was relatively fast. that is coming into question because it is now becoming a global problem, whether or not we could see such a quick recovery after this outbreak. mariko, thank you very much indeed for that. health officials

that's the innovation the innovation is buying control of the federal reserve over regulatory capture that's the innovation they've they've innovate of the economy so that they have locked at their own against the whole rest of the population making the americans youth look like the greek youth in the baltic youth who are they going to emigrate to i don't speak russian or chinese but a little marriage is leading in fraud innovation and fraud an estate number one trochaic all time highs on wall street we call that a free market randy volatile wall street reform is it possible well i agree with my appear over here that it's not really possible unless you get control of the leaders a government which would mean the u.s. senate and congress and unless you have at least 60 senators it's not going to be possible because it's going to be blocked so i think you're going to need a more systemic reform and that would require some form a robot lucian that's going to come straight from the millennial and they're going to have to keep voting locally statewide in federal elections until the message

the federal reserve put out a statement, the final minutes of the u.s. economy remains strong, but the coronavirus risk closely monitoring developments and economic outlook, we'll use our tools and act as appropriate to support the economy. a lot of people say that this is coming to look at the history of the dowel to give you little bit of the pause in case you are really worried about your 401(k) or your market investments, just take a look at this. just goes back to 1970. take steps, we do not know how far the dip will go, but to give you a little something on a friday as you are watching your money. let's bring in our panel. steve hayes, editor of "the dispatch." leslie marshall, democratic strategist. mollie hemingway, senior editor at "the federalist." a lot of talk about the politics around this. there are two sides of this, there is the policy in what's happening to try to curb it and then there's the politics that's wrapped around this place alwa always. >> everybody has to be honest there is a delicate balancing act that's in play. get people p

but the federal reserve report in st. louis says we have twice as much cash in the system now as ten years ago. we still have as many checks issued today as we did 40 years ago. and now we have all different sorts of payment systems out there. if i was a new business today, i would have all of these kinds of payments because it enhances the ability of myself to be a new business to attract business and everybody in and enable them to make the transaction. so when people get exercised about this is going to happen or that's going to happen, take a deep pretty and step back. this is just an alternative way of doing this. so i come from the point of view of, okay, how can we do this in a safe fashion. i think ms. ford had good closing comments. i think there was comments with libra and crypto currentties so to me, i look at the security of the data and you can improve the convenience for people. and you can minimize the use of enabling people to do fraud and launder money. this is where we need to be focusing to enhance the

the federal reserve weighed in. with no trait cuts expected before the coronavirus. jerome powell said the fundamentals of the economy remain strong, but the coronavirus poses an evolving risk to economic activity. powell said the fed will use its tools and act as appropriate to protect the economy. gregg: members of president trump's task force and talks about the white house emergency request for $2.5 billion are accelerating. they hope for congress to pass that request early next week. the money will be used for research and medical equipment such pass fac facemasks. reporter: the white house considering using a 7 odd-year-old law to -- a -- a 70-year-old law to require companies to make the masks as well as other protective gear. alex azar said the coronavirus test kits are being sent to states. private labs will also help. >> we also will very soon through the fda be rolling out streamlined guidance that will allow private labs to create their own tests based on the recipe the cdc has used. reporter: there was a statement by federal reserve chairman jerome powel

and this is what former us federal reserve chief janet yellen had to say about the outbreak‘s janet yellen had to say about the outbrea k‘s impact on janet yellen had to say about the outbreak‘s impact on the global economy. depending on how serious this gets, i think, you economy. depending on how serious this gets, ithink, you know, we could see significant impact on europe, which has been week to start with, and it isjust europe, which has been week to start with, and it is just conceivable that it could throw the united states into a recession. a starc warning from janet yellen there. from new york, a business correspondent samira hussain has the round—up of what happened to the us stock markets overnight. it was another volatile day on us markets, with massive swings on the dow. some of that was driven by research from investment bank goldman sachs. it wa nted investment bank goldman sachs. it wanted now thinks the coronavirus will wipe out any growth in american company profits this year. also, the international monetary fund said the coronavirus will clearly have an impact on

that's the innovation the innovation is buying control of the federal reserve of a regulatory capture that's the innovation they've they've innovated the economy so that they have locked at their own against the whole rest of the population making the americans youth look like the greek youth and the baltic youth who are they going to have migrate to i don't speak russian or chinese right let marriages leading in fraud innovation in front aniston number one trochaic all time highs on wall street we call that a free market randy volatile wall street reform is it possible well i i agree with my peer over here that it's not really possible unless you get control of the leaders a government which would mean the u.s. senate and congress and unless you have at least 60 senators it's not going to be possible because it's going to be blocked so i think you're going to need a more systemic reform and that would require some former rebel lucian that's going to come straight from the millennial and they're going to have to keep voting locally statewide in federal elections until the message is h

mayor and former dnc chair and federal reserve chairman my special guests in the week ahead. on mornings with maria have a great west of the weekend everybody thanks for joining us have a happy presidents' day on monday. see you next time.ls & bears" sw ♪. david: president trump touting his success of the border wall and stemming the flow of illegal immigrants at the white house, the president of the national border control counsel brandon judd is going to be her to join us. but first. >> nevada, south carolina, go home early. david: that is tough, no love for presidential candidate joe biden on this valentine's day. protesters chanting dropout joe last night as the former vp attended back to back fundraisers in manhattan. he ended up not raising the money his campaign was hoping

that's the innovation the innovation is buying control of the federal reserve over regulatory capture that's the innovation they've they've innovated the economy so that they have locked at their own against the whole rest of the population making the americans youth look like the greek youth in the baltic youth who are they going to have migrate to i don't speak russian or chinese right limerick is leading in fraud innovation in front aniston the number one trauma training all time highs on wall street we call that a free market randy volatile wall street reform is it possible well i agree with my peer over here that it's not really possible unless you get control of the leaders of government which would mean the u.s. senate and congress and unless you have at least 60 senators it's not going to be possible because it's going to be blocked so i think you're going to need a more systemic reform and that would require some form a robot lucian that's going to come straight from the millennial and they're going to have to keep voting locally statewide in federal elections until the messa

>> the federal reserve can cut another 25 basis points. they hinted at that. and the market still ended down but they recovered from another 1,000-point decline. that means the federal reserve would boost confidence in the markets. but you want to be careful. if you think about your retirement. you are not getting much if you have all your money in savings. you don't want to be in what's called negative territory. that's not a good sign. gregg: there was a rally before the close. substantial from the bottom of the market in the trading. i notice the gold which is a flight to safety went down, which suggests to me and i'm a total novice, that there might be something there that predates a recovery of some sort down the line. how do you see senate. >> do you not have gold bars in our drars at home? gregg: i have them in my pants pockets. i'm loaded. >> a lot of people saw gold go up today even though the markets were declining. gold has had an historic run. if you think about it at the end of the day. i spoke about this earlier with charles payne. he said we nee

the equivalent of that would be the federal reserve should do the same. republican louisiana senator medical dr. bill cassidy on all of that, senator thank you for taking the time. what did you make of his reference to the federal reserve and this growing talk that seems to center around another rate cut? do you think that is warranted? >> i don't know if it's warranted yet, they have the ability to impact world economy. if you think of how consumers spending drives much of the world's gdp, if people were no longer going to italy and people from germany are now staying at home, and i can go on, you can imagine that would impact world gdp. >> neil: the doctor in you, can indulge that side of your fine brain, that is what is going on here. i spoke to a lot of doctors, a lot of medical and disease specialists who are perplexed by this one. they can't say that it's over. so when the president is saying he's got this, or that we are doing a good job, could that be or doesn't risk being premature? >> it is the president's responsibility to make sure that people

that's the innovation the innovation is buying control of the federal reserve of a regulatory capture that's the innovation they've they've innovative the economy so that they have locked at their own against the whole rest of the population making the americans youth look like the greek youth and the baltic youth who are they going to have migrate to i don't speak russian or chinese right let marriages leading in fraud innovation in front an estate number one trochaic all time highs on wall street we call that a free market randy volatile wall street reform is it possible well i i agree with my peer over here that it's not really possible unless you get control of the levers of government which would mean the u.s. senate and congress and unless you have at least 60 senators it's not going to be possible because it's going to be blocked so i think you're going to need a more systemic reform and that would require some former rebel lucian that's going to come straight from the millennial and they're going to have to keep voting locally statewide in federal elections until the message i

reserve would they that could be could calm down the markets a bit at this point but overall we just still watch how the crisis develops still obviously a very fluid situation thank you yes carter there on wall street for us. and speaking of fallout from the coronavirus germany's flag carrier lost tons of says it is suspending all flights to and from mainland china for longer than initial initially announced that of times a group which includes subsidiary swiss and austrian airlines will not fly to beijing and shanghai until february 29th and other chinese destinations including 10 young and qingdao in eastern china will not be served at least until the end of march europe's largest airline group said it made the decision because it wants to keep its passengers and staff safe. cuban authorities are slowly but steadily moving to legalize small private businesses and their employees after a history of burdensome and at times contradictory regulation it's an effort that's at least a decade old pushed by then president raul castro but it's one that's come up against resistance a most ent

the federal reserve system is very cognizant of this. i was at a conference of years where they wanted to learn about diversity in the economic profession. doing tohop we are promote women in professions. i think the federal reserve system is taking this on directly. i think that other central banks , i know that there's a joint conference between bank of england and the federal reserve system about these issues. i think it will be in its third year now. the central banking system around the world is starting to recognize and address this. right, university of kansas professor of economics. thanks for joining us. still to come, toyota boosts is for your outlook despite the coronavirus and the global slowdown. more on the upbeat forecast in a moment. this is bloomberg. ♪ taylor: this is bloomberg markets. another stock that rallied on earnings this week's twitter. the company beat revenue and user growth estimates in the fourth quarter. i spoke with the ceo -- cfo. >> if you go back a few years, twitter wasn't as good at moving fast at

reserve to lower rates and a concern we always have is when the federal reserve needs to lower rates to stimulate the economy they may not have fuel in the tank. there is pressure on the federal reserve from at least the president if markets do what they're doing to cut rates. >> ali, i have heard this from investors all day long. frustration. because the real need for the fed or for the fed to take action an s ahead of a major situation like a pandemic opposed to last year and the fed hiking rates up and did the opposite and not saying that the president directly pressured the fed to lower rates but we know he made an awful lot of noise about it and there was some questions when the fed was lowering rate last year whether the economy was doing well an unemployment doing well, a lot of investors scratching their heads saying, things look pretty good. you want to be tinkering with it now? tinkered with it and lowered rates and now when they really need to, they're saying let's wait and see. if they do it, there's not big cushion. >> thank you, my friend. stephanie ruhle at the new yor

that's the innovation the innovation is buying control of the federal reserve of a regulatory capture that's the innovation they've they've innovated the economy so that they have locked it down against the whole rest of the population making the americans youth look like the greek youth and the baltic youth who are they going to have migrate to i don't speak russian or chinese but i have let marriages leading in fraud innovation in front aniston number one trochaic all time highs on wall street we call that a free market randy volatile wall street reform is it possible well i i agree with my appear over here that it's not really possible unless you get control of the leaders a government which would mean the u.s. senate and congress and unless you have at least 60 senators it's not going to be possible because it's going to be blocked so i think you're going to need a more systemic reform and that would require some form a robot lucian that's going to come straight from the millennial and they're going to have to keep voting locally statewide in federal elections until the message is

politics, the federal reserve chairman. seem like the market wants to go up, or at least not go down. what do you make of things? >> all depends on earnings. it it depends on growth and consumer. all the information we have gotten over last couple weeks have confirmed the jobs market is incredibly robust. earnings are coming in pretty well. they did for the first quarter. earnings expectations and by the way, gdp growth estimates are rising for this year. i think once again we're sort of looking at better news coming in than was expected. against everything else, that is really what's key. i think that is what is driving the market. connell: now i said i would work in a little bit on the political side, gary because of where i am. we don't even know frankly what will happen here in new hampshire. you're welcome. tonight, or do we know at this point hot democratic nominee will be all that, if you look at what is likely, polls, betting markets, most likely democratic nominee, senator bernie sanders, a democratic socialist. i

it is not an easy task with the federal reserve has to do because monetary policy sees where the economy is now. and -- economy,e loop in the have to figure out a protected against big disruptions like that. that's what they are dealing with. host: this is tony from florida saying how can we curtail spending when anything is insidered slashing and used political campaign. guest: anything that's a hard choice and anything on the tax increases, it certainly hits -- the moment someone start talking about any of those things which are responsible in terms fiscal perspective, basically opposing politicians have written the ad against them and so i think how do we geth -- our politicians to care enough about this issue to make hard choices. on this it comes down to us, it is voters who don't actually tell politicians they care about the budget deficit. thank them when they make the hard choices. we put out a list of fiscal heroes would says thank you to the people who made hard choices. most importantly for our not willing to vote in a way that supports this responsys ability. will vote for so

jonathan: let's wrap things up by talking about the federal reserve and where policy is going. how low is the bar for a rate cut? winifred: we are at least going to have a few more months before we see a rate cut. the market is clearly pricing in a rate cut at the end of the year. if growth continues to hover in the 2% range and coronavirus is contained relatively shortly, i don't think the fed will be up against the wall for a rate cut. we are closely monitoring the shape of the curve on the front end. inversion is not super healthy for financial markets as a whole. it is something probably the fed is also trying to consider. james: i don't think you'll see a rate cut this year. i do think, because growth will be supported, the risk to that are a prolonged coronavirus. but naturally, we will see liquidity infusions from the pboc in china. the fed will watch. i know it is priced in now. if you look at u.s. growth and the data, it's generally upported toward stability. i don't think you'll see the fed put liquidity in. what the bar is -- if they are forced to -- they will change

you have a federal reserve that is telling us as things get better, we will not step in. if things get worse, we will be there for you. the market is listening, the fed is low for longer, but we don't believe it will make a difference. we think rates will stay where they are, we don't think inflation will pick up. is there any surprise that we see a 30-year sub 2%? vishwanath: the moral outcome for the fed this year is no cuts this year. but there is a risk premium, you are right. the global central bank function has been to convince the markets that if growth falters, if financial conditions globally wobble, you would expect to see central banks easing more. we have been trained like this. multiple occurrences the last five years and this has been the pattern. jonathan: right now, the 10-year, 1.47. the all-time low in the summer of 2016, 1.32. let's think about what that environment was like. we had a real risk in terms of perception of a global recession. we were wrong but that was the view at the time. how much downside is there on the 10-year absent a u.s. recession?

federal interest rate. the federal reserve will meet march 18. they speculate they will/up by a quarter even i have percent. where do you think it will go? >> i don't know. i will say the federal reserve slashing the interest rate may not have an effect on this besides showing up wall street and reassuring. they cut for mand issues where people are not spending money. that's not the issue. it's more of a supply issue ca where we get stuff out of china. it's not that there are people wanting to buy tell offense. apple can't build enough. it can'tget into chinwhere they build them. they can't get parts. interest rates well help. cutting the interest rate one. it will free up money.>> supply issues continue.>>> jeremy, thank you for being with us today.ca >>> on tuesday, fornia will join 13 other states to cast ballots for a democratic nominee. vermont senator iebernsanders has a 17 point lead according to a recent poll. massachusetts senator elizabeth warren came in second among likely democratic voters. five hopefuls joined on a stage where holes

steve liesman has breaking news for us >> federal reserve jay powell out with a statement now saying the fed will use all our tools and act as appropriate to support the economy. i could read you the full statement which says the economy remains strong, however coronavirus opposes evolving risk to the outlook. the federal reserve is closely monitoring developments and the implications for the economic outlook. we'll use our tools and act as appropriate the support the economy. an unusual statement issued i would suspect quite specifically while the market remains open suggest thag the federal reserve could act and use all their tools and agent as appropriate >> and look at the bounce in the market right there from 800 something down 30 seconds ago now down 639 so obviously there was a message received by the market in what you just said >> i'm not surprised that powel spoke. suspected he might have spoken some time all week with market downdraft. i think it tells you the fed is paying attention aware of potential risks of where the market is trade iing i think hearing the market, the

free markets deal with the monetary policies and the federal reserve. you want interest rates designed by the marketplace, not by putting pressure on the federal reserve saying get those rates down. if people need to get ahead and they can hold somebody up and steal some money and live beyond their means or borrow the money from the federal reserve. you can have the appearance of a pretty good prosperity. it's the craziest thing ever. the biggest problem with that overall is what a lot of people are admitting. it creates a lot of debt. this week $14 trillion per house hold. this is unsustainable. jesse: the debt is out of control and keeps getting bigger and bigger. neither party is going to do anything about that pap what was the grade -- what was the grade for economic policy? >> c minus. jesse: you are a tough grader. i would like to see your grades with barack obama. >> if you care about the economy you have got to care about those people who secretly manipulate the markets and the money supply. jesse: foreign policy. i just have to step in. he's pr

that's the innovation the innovation is buying control of the federal reserve of a regulatory capture that's the innovation they've they've innovated the economy so that they have locked at their own against the whole rest of the population making the americans youth look like the greek youth and the baltic youth who are they going to have migrate to i don't speak russian or chinese but i've let marriages leading in fraud innovation in front anniston a number one trauma changing all time highs on wall street we call that a free market randy volatile wall street reform is it possible well i agree with my peer over here that it's not really possible unless you get control of the leaders a government which would mean the u.s. senate and congress and unless you have at least 60 senators it's not going to be possible because it's going to be blocked so i think you're going to need a more systemic reform and that would require some form a robot lucian that's going to come straight from the millennial and they're going to have to keep voting locally statewide in federal elections until the m

is not clear, but there will likely be some effect and the federal reserve will be watching. careful to see if any follow could be persistent. treasury secretary and said this is a one-time event that won't last beyond '20 '20. a little earlier on foxbusiness he pointed out that it has led to the white house lowering growth projections. so what is the future of this deadly disease? will miraculously go away when the weather warms up in april as president trump as suggested? will become an even greater threat to the public health over the coming months. here with the latest mo we know about the virus is professor steven morris at colombia university school of health. his 1993 book emerging viruses was selected by american scientist magazine as one of the top 100 science books of the 20th century. mr. morris thank you so much for joining us. so start explain from scratch what is coronavirus and how did it come about? >> the coronavirus is really a big big group of viruses they've known for a long time and in fact among humans we have for circulating coronavirus is that we don't

i've heard the federal reserve is pumping 60 billion, i've heard a billion a month into the economy. i don't know if that's true or not. but if it is, what is the reason for that? if the economy is so good why are they finding it necessary to pump it up with more money every month? tools there are two major you are going to used to affect the overall growth of the economy and its monetary policy, with federal reserve system does and is fiscal policy, what you are taxing and spending. when the economy is turning down , monetary policy and fiscal policy are available to fight that recession. when we go into the next recession our national debt level, the fiscal policy side will be twice as high of the share of the overall economy as it was in 2008. that's one of the major concerns which is our ability to fight this next recession because both monetary policy and fiscal policy have kind of been tapped out. what you are talking about is the fed is still playing a role in keeping the economy growing and that is what you would want and expect which is part of the growth rates because the f

you have a federal reserve that is telling us as things get better, we will not step in. if things get worse, we will be there for you. the market is listening, the fed is low for longer, but we don't believe it will make a difference. we think rates will stay where they are, inflation will not pick up. is there any surprise that we see a 30-year sub 2%? the moral outcome for the fed this year is no cuts this year. but there is a risk premium, you are right. the global central bank function has been to convince the markets , it it growth falters financial conditions globally wobble, you would expect to see central banks easing more. trained like this. this has been the pattern. jonathan: right now, the 10-year, 1.47. summer-time low in the of 2016, 1 .32. let's think about what that environment was like. we had a real risk in terms of perception of a global recession. we were wrong but that was the view at the time. how much downside is there on the 10-year the absent a u.s. recession? it might be useful to decompose it into fed expectations and term premium. we are prett

economy a little bit more stable than otherwise. >> let's talk about the federal reserve and get your thoughts aware policy is going. i massively high bar to get another rate hike anytime soon. have are at least going to a few months before we would see a rate cut. the market is pricing in a rate cut at the end of this year. if growth continues to hover in the 2% range and coronavirus is contained relatively shortly, i don't think that the fed is going to be up against the wall for a rate cut. we are closely monitoring the shape of the curve on the front end. inversion there is not healthy for initial market as a whole. that is something the fed is also trying to consider. >> i don't think you will see a rate cut this year. i do think growth is going to be supported and the risks to that are a prolonged coronavirus. i think naturally that will see liquidity infusions from the pboc or in china so i think the fed will watch. i know it's priced in. if you look at u.s. growth and you look at the data i think it's generally supported toward stability. i don't think you will see the fed put

i'm going to address the federal reserve statement. mr. trump is runing on the economy, but he's runing on a mara lago economy where he gives benefits to the big corporations. in terms of opoids and education is how you actually develop long term prosparity and justice. and that is by investing in young people through education, specifically including universal pre-kindergarten, and my dealing with issues around the country including the opoid crisis, including mental health -- what mr. trump is doing is a very superficial juice to the economy through pals at the country club and other rich people. he's avoiding the language term prosperity of americans by making us productive over time, and that means education, health care for every american, a living wage. the wages of americans are outrageously low. it's a completely different way of thinking. >> brennan: when you talk about trying to even the playing people with reparations, something you support, how repair it? do you say the divide is education? or are you talking about financial re

you have a federal reserve that is telling us as things get better, we will not step in. if things get worse, we will be there for you. the market is listening, the fed is low for longer, but we don't believe it will make a difference. we think rates will stay where they are, we don't think inflation will pick up. is there any surprise that we see a 30-year sub 2%? vishwanath: the moral outcome for the fed this year is no cuts or hikes occur this year. but there is a risk premium, you are right. the function from the fed, and broadly the global central bank function has been to convince the markets that if growth falters, if financial conditions globally wobble, you would expect to see central banks easing more. we have been trained like this. multiple occurrences in the last five years and this has been the pattern. jonathan: right now, the 10-year, 1.47. the all-time low in the summer of 2016, 1.32. let's think about what that environment was like. we had a real risk in terms of perception of a global recession. we were wrong, but that was the view at the time. how much

you have a federal reserve that is telling us as things get better, we will not step in. if things get worse, we will be there for you. the market is listening, the fed is low for longer, but we don't believe it will make a difference. we think rates will stay where they are, we don't think inflation will pick up. is there any surprise that we see a 30-year sub 2%? vishwanath: the moral outcome for the fed this year is no cuts or hikes occur this year. but there is a risk premium, you are right. the function from the fed, and broadly the global central bank function has been to convince the markets that if growth falters, if financial conditions globally wobble, you would expect to see central banks easing more. we have been trained like this. occurrences in the last five years and this has been the pattern. jonathan: right now, the 10-year, 1.47. the all-time low in the summer of 2016, 1.32. let's think about what that environment was like. we had a real risk in terms of perception of a global recession. we were wrong, but that was the view at the time. how much downside

it's pricing a very aggressive federal reserve response to the coronavirus as economists downgrade their outlook for u.s. growth here are the percentage probably probableties april at a 50% it was july last week. july now at 85 then you start to price in a second cut, a 60% probability for september and a third cut where there's a 44% probability for december ran into gregory here who says the fed will react more quickly to tightening and financial conditions because of the coronavirus than they will to data, which will only show up, but roger ferguson speaking here, now the head of tia craft, said it's not clear rate cuts are the right answer >> it may well have a spill off into macro economics, but it's not 100% clear having interest rates 25 basis points lower is likely to have an impact on the ability to manufacture goods that's one of the questions the fed has to think about. fed said they would wait before committing to rate cuts. >> stay with us. could the coronavirus trigger a global slowdown? we want to ask jay bryson about this he's a global economist with wells fargo. we're ke

now, some fears right are calling for the federal reserve to cut interest rates. that includes narayana kocherlakota, the former president of the minneapolis fed. he is arguing for an immediate mid meeting rate cut. narayana kocherlakota is now a professor of economics at the university of rochester and is a bloomberg opinion columnist, joining us now on the telephone. thank you for joining us. can you give us the base case here, not only why the fed should cut, but why they should cut before their next scheduled meeting in mid-march? isayana: so, the base case that you begin with the observation that when the fed is close to being out of tools, it should try to keep the economy as healthy as it possibly can at all points in time. low mutual have such real rates, low baseline interest rates, you have to be hypersensitive to downside risk. what are those downside risks? i think we saw some of that manifest itself today in market. basically the coronavirus is a fear factor, a shock for the economy. will lead to a big downturn in global demand. that would lead to an