Country. It is going to be a tremendous feeling up optimism. I think the Third Quarter is transitional. We are transitioning into, but it is a transitional period. I think it is going to do good. I think the Fourth Quarter is going to be fantastic. I think next year, all of the fruits of what we have done together between the doctors and Business People and yourself, thank you very much, you are a doctor, all the work from the task force, the people that have worked so hard, we will have a tremendous year year. You will start to see that in the Fourth Quarter, maybe even in pieces of the Third Quarter. That is very transitional. Is there a day of reckoning coming back out vonnie no, pres. Trump no, it is about growth. We could have done it the other way, you spend you dont spend anything and you are flat for years. We have to throw money at it. But we drove money of at the people that lost money unfairly. You saw people yesterday at the white house, they were down and out and became along and help to them. And helped them. We could have been flat for a long time as a country. I think you will see tremendous growth. It is a stimulus and it is a great stimulus. Now they want more stimulus and they are pushing for things, i dont know that we should be working with states that have been suffering through bad leadership or bad management for 25 years and we are supposed to fix that. We will have to talk about that. Maybe they should have brought that up sooner. I think i dont know him. I think he is a good man, who had a bad day. Then he wanted to be ernest hemingway. He starts writing long memos. You cant do that when you are the captain of a ship. Especially that, that is the ultimate, nuclear, aircraft carrier, the best in the world, 5000 crewmembers. He decides to become ernest hemingway. You cant do that. That being said, i said, he had a bad day. We all have bad days. I dont want to comment, but i have my feelings on it and i think he is a good man who had a bad i think the acting secretary is a good man also. He had a bad day. They both had bad days. That can happen. They were under a lot of pressure because it went very seeing so they will be him at a certain point. But i think he is a good man. They are both very good men. When you talk about spreading it started with two people, then 12, then i got a report yesterday, 851 people. Now 5000 people. It starts with a little group, then a few weeks later, how long is that, for weeks . Four weeks . 800 people. They are sailors, they are young, there is one death. 10 people in the hospital right now. But they will be we expect all to get better. There is one death. That spread like wildfire. Think of it. It was two, and 12, we could have ended at 41. I dont know, you thought so, right . Dr. Fauci just the right environment to spread like that. Pres. Trump it was a tough environment. [inaudible] pres. Trump i dont know where it came up. I would like to refer to these two people because i dont know where it came up. Youyou said that was a study that came out, someday came out with a study of 5 million people. Do i think we will . I think we will be ready we are testing millions of people. I think we will. We are testing millions of people. More than everybody else combined with testing. Somebody started throwing around 5 million. I did not say 5 million. Somebody said 5 million. It might have been the harvard report. They said 5 million. We will be there, but i did not say it. Somebody came out with a reporter saying 5 million. Sounds like a lot. Yesterday i said, whats with the 5 million . I think that was the harvard report. But we are going to be there at a certain point. We will be there but we are more advanced then any country in the world on testing and not only that, the testing is the best at not only the most. When you look at so many people, they love the Abbott Laboratories test. Did you have it today . Hes ok. Theyverybody comes in, gave him the test, in five minutes they know if they are ok or not ok. So far, we have not found anyone not ok. That was not even nobody thought of that two months ago. That was developed over a short period of time. Brilliantly developed by abbott. We will be at whatever number it is but we are so far advanced. It would be good if the price would give credit to the people that have done a good job. Are are always saying, you doing billions, but what about 5 million . Im saying, where does that number come from . I learned this morning, i think it was the harvard that would be nice. Nice. Ld be and we will be there. We did not say it. Who said it is a report. We have another report talking about a lower number. We are doing better than anybody in the world. The people who worked on it has been incredible. Is one other great reasons you have been successful in louisiana. With a lot of help from our federal partners in the best news we got as a state in all states got it was on monday when the admiral said our plans have been received last wednesday and they would be able to resource the testing kits. I dont know about 5 million for the country, a louisiana build twohour part with 200,000 per month. If you extrapolate that out, that comes close to i dont know what time period beg you are talking about. [inaudible] dr. Birx what we talked about and what was in the blueprint and talking with states, you can see, this is louisianas curve. They got to this curve of containment across the state with about 26,000 tests per million, or about 26,000 tests per million. So these tests i have been clear these are rna tests. You take the virus out of their nose, you have to correct the virus open, extract out of the rna, amplify the rna, then get an answer. That is have to mix all those reagents. Thats when you hear about extraction reagents and why they are needed. So what we had in the blueprint is a call to action to really work on developing antigen tests like we use for flu. When you use an antigen test in a doctors office, you can get to potentially that number. Im not sure we need that number, i dont want to validate that number, but with this current test in the complication of how it has to be run, that is not physically possible. I think thats what the admiral was speaking to. As we talk about heidi now, we continue to develop more testing at different platforms, but i think we need that new blake through to a new technique new breakthrough, a new technique, to get to the kind of numbers harvard is talking about. States have controlled and mitigated with a card number. As you heard from the governor, he did not shut everything down. A significantl number of louisiana ands louisianans working. I think whatever governor is working on, how do like at the most number of people back to work and still maintain a level of safety . What is the roadmap of criteria and testing come together to create that this will not be a testing although in peace. As you heard about the roosevelt i bring this up every time this ace of thematic spread will be important. Andeard about 800 cases ,ess than 10 in the hospital 800, 10 or 15 in the hospital. If you are only diagnosing symptomatic cases, you may be missing a large part of the spread. I think, strategically using testing in a new way, a monitoring way to proactively vonnie you have been listening to the president , dr. Birx, dr. Fauci, and more. Many comments there, but primarily the ones are on those reopening the economy and Gileads Remdesivir, which dr. ,auci sounds enthusiastic about and early results show to the experimental drug could treat coronavirus more quickly than standard care in a hospitalized setting. Dr. Fauci was saying it could become the first effective treatment for an illness. Dr. Birx suggesting we need a new breakthrough to get you a different platform on testing so we can wrap it up to millions of tests that are needed to get the economy functioning correctly. An upanddown day, but it is up 6. 5 on this positive news on remdesivir. More next, this is bloomberg. Vonnie this is bloomberg markets. Texas 20 georgia in lifting restrictions, the governor letting his stay at home or expire thursday. Bolles, movie theaters, restaurants will begin to reopen as part of the threephase plan. Correspondent for this now with a representative from texas. Joined by a republican from texas and author of the new portitude, it garnered praise from conservatives for its lessons on leadership as well as his experiences in the military. Thanks for joining us. Why did you choose to write this book and why do you think it is important that the country hear this message now . It a longed writing time ago before this crisis and it really it spun off of my experience with saturday night live. That story with saturday night live plays a small role in the book, i only talk about it in one chapter. I talk about it in terms of how we shame each other in our current culture and how we view shame and how we should take responsibility and accountability for our actions. Was atimately, what i saw degradation of our culture and degradation in the way we speak to each other this outrage culture, this outrage this cattle culture, we should feel offended at every thing, we should play the victim instead of the victor, now this phenomenon has been well documented by plenty of other books, talking about social media, how the media plays a part in outrage culture, talking about how politics plays a part, College Campuses play a part. I did not write that book. I wrote a book of solutions in order to telling you how to not be that person on both the cultural level and personal level. Lesson inter is a mental resilience. It is light on politics. Ive used political examples to make some points, but it is multidisciplinary. There is a lot of references to psychological literature, ancient stoicism, the bibles, all told her popculture. There are some funny parts as well. I want to talk about what is going on with the coronavirus. You, as well as senator tom cotton, introduced legislation that would allow for americans to sue china. How would that work . Now, youshaw so right cant go to a court into a foreign country because of the foreign sovereign immunities act. That makes sense, but in times like this, when there is growing evidence that the Chinese Government deliberately misled the world and hid the virus, for instance, they prevented Domestic Travel from wuhan but allowed international travel. They like about human to human transmission when they knew better. They have not allowed scientists to gain samples of the original virus, thats one of the reasons the cdc had trouble making a test in february and ultimately took longer than it should have. There is a lot of growing evidence. The question is, how do we exert justice and allow the American People to gain justice for that . This is one way. It does not mean you can go to your local lawyer and file a lawsuit. This legislation would limit the jurisdiction to a few federal courts that have a lot of experience handling large cases and i think in practice, it wouldnt look like a classaction lawsuit. The question is, is china going to bite us a check that we split between american . Probably not. Chinese doorget, the have assets in the United States. Many inone tool among which americans can feel like there is a sense of justice here. In terms of the Energy Sector you know this, indoor district, energy is important taking with geopolitics, are you disappointed at how the saudis have reacted and how the saudis have engaged in the Energy Sector in the past couple weeks and months . Rep. Crenshaw of course. There is a sense of the trail there. Supposed to be an ally of the United States. The first gulf war, we protected them from invasion from saddam hussein. Our presence there in the middle east protects saudis from iranian aggression and we would like them to act in kind. It is more complicated than that, it is not just saudi output, it is also this massive drop in demand globally that has dropped prices. Im disappointed, i want them to be more of a partner and decrease their output to a greater extent and we should continue to exert political pressure on them to do just that. In the meantime, we have to take steps to help our own oil and gas industry. Once they go under, its not obvious they will come back. We run the risk of losing the Energy Independence we have gained over the last decade or so. To those listening to have economic or environmental concerns, this is the problem, this is why it is hard for congress to do simple things like allow more purchasing into our Strategic Reserves. Of all times, we should be filling up our Strategic Reserves now because oil is so cheap. You should buy low and sell high. But we cant get democrats in congress to do that. Why . They hate american oil and gas so much, they believe we can operate an economy based on basicallywind and antiscience approach could crush this industry. We have to take steps to help domestically. One final question. The nexte staring down pound of negotiations with democrats, into how it relates to economic stimulus, what is one thing you want to see in the next round of economic stimulus . Economic stimulus needs to look like our economy. Thats the only way to inctionally reengage economic stimulus. We dont have this endless amount of resources at the federal level we can keep spending. Democrats believe they are the nicest and most caring politicians if they keep promising to spend more of your money. There has to be an upper limit. We cant keep going back to Congress Every few weeks to vote on trillion dollar bills. This is unacceptable. We did it once and it was fine. We needed to do it. But this notion that there is a cares two and cares three and cares four, that is not based in reality. We have to be more conscious in our thinking. We should be in washington, d. C. Week as was planned to actually debate individual problems and individual solutions to those problems. Democrats want to make you believe that we can only come vote on big packages every few weeks. Thats not true. We can come every day and actually debate and look at what problems need to be solved. When us the ppp funding running out . We should have had that done weeks ago. Democrats chose to delay at and claimed victory by saying, we got more money for hospitals. The Hospital Fund was not out of money. They added more money to a fund that is not close to being depleted. This is the kind of gross politics that is occurring right now. I look forward to keeping up with you and asking you more questions. Congressman dan crenshaw, author of that new book fortitude. Much more market news nest next. This is bloomberg. Vonnie this is bloomberg markets. Type or your latest business flash. Some of the biggest stories in the news right now. The ridehailing service eliminating 982 jobs, about 70 of the workforce. Another 5 were be furloughed and pay cuts for all around the next three months. The Aviation Industry collapsed in the face of the coronavirus pandemic, General Electric says installations of new engines have fallen 45 in the second quarter. That is after a drop off in the first three months. Ge is the largest maker of jet engines. Pending home sales down almost what he 1 from february. The coronavirus keeping potential buyers at home. The economy got worse. March is traditionally the start of p comb selling season in the United States. That is your Bloomberg Business flash update. Lets get a take up markets this afternoon. As we approach the final half of trading, a further boost after that oval Office Presentation of resultsad remdesivir from the niaid study, dr. Fauci sounding optimistic, saying the time from hospitalization to release was shorter on this drug and it attacked and ends on the coronavirus needs. Treating sick people and hospital who have the coronavirus. He mentioned the fda has not gone into approving this for the massmarket work wider use, but at the moment, it is talking to gilead about getting this drug to people who need it. The reason the niaid release this data is so those in the group would get access to remdesivir and it did show to work. The percentages were down from 11 to 8 for the mortality rate. It was generally considered the best yet, at least on attacking the coronavirus. Tune into Bloomberg Television later for special coverage of the fed, that begins in 34 minutes, 2 00 p. M. New york time. From new york, this is bloomberg. There are times when our need to connect really matters. To keep customers and employees in the know. To keep business moving. Comcast business is prepared for times like these. Powered by the nations largest gigspeed network. To help give you the speed, reliability, and security you need. Tools to manage your business from any device, anywhere. And a team of experts here for you 24 7. Weve always believed in the power of working together. Thats why, when every connection counts. You can count on us. Lets get to the first word news. President trump is crediting expanded testing for the one million cases the nation has reported, by far the most on the world. Speaking at the white house alongside governor john bel edwards, he said, thats hms amount. Its a number in one way sounds bad but is an indication our testing is more superior. Nearly 59,000 americans have died. The nations top Infectious Disease expert is sounding an optimistic tone about the developer and have a potential coronavirus treatment. Dr. Anthony fauci says Gileads Remdesivir shows clearcut positive effect in diminishing the time to recovery. Gilead sciencess early results from u. S. Study showed the experience drug helped patients recover more quickly than standard care. In italy, the number of new cases held steady over the past 24 hours. The total number in the country topped 203,000. Italy has the most deaths of persons with covid19 of any european country. Italy is in the eighth week of National Lockdown with some partial easing of restrictions on everyday life taking effect on monday. Global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. This is bloomberg. Sherry; we are counting down to the fed Rate Decision and about 30 minutes. Preview will be joined by lets get you started with a quick check of the markets trading in the afternoon session. The s p 500 gaining almost 3 at the moment. We have optimism over potential drug experiments old drugs to fight the coronavirus. Makingmuch earnings waves across markets. Shares. 500 led by tech alphabet posting betterthanexpected sales. We have the nasdaq composite outperforming the market. We are waiting for facebook earnings after the close. But 10year yield under a little pressure. We got dated that u. S. First quarter gdp fell the biggest fall since 2008. Wti rebounding and above the 15 a barrel level. This is after plunging 27 in the past two sessions. Advertising sales slowed down in march and april. Not as severe as analyst expected. Said its aces spare mental drug helped patients recover faster. We are seeing an upside of more than 5 . Its all about the fed today. For more on what to expect from the Rate Decision this afternoon lets bring in mike mckee. Great to have you with us. Why are we expecting what are we inspecting today . Are we effecting any new initiatives or just a continuation of what we have seen . Mike a continuation is the wall street bet that they will be looking at what it has done and analyzing the effects so far. Maybe strategizing on what they may do next. There does not seem to be more they need to do to prop up the markets, which has been their goal. To unclog the plumbing of the markets. It isnt time to stimulate the economy because nobody is going out and spending yet. They are on hold at this meeting. It might be a technical change. They may raise the Interest Rate on excess reserves by about five basis points because the effective fed funds rate is running really close to zero. They would like a little room. Thats a technical change. It would not mean anything as far policy. Shery what are we expecting in terms of guidance of how the economic recovery could look . The numbers today were not good in the Current Quarter in the west could look much worse. Mike much, much worse. That leaves the fed with a dilemma. How does a forecast what is coming out . The best they can do probably is say we will react to the data. We expecting to be bad for a while. We will support the economy in any way we can when it starts to look like we are beginning to open up again. Nothing is going to be in the statement about that. A question will be posed to chairman powell when he has his News Conference at 2 30. Shery mike mckee, thank you for the latest on what to expect from the fed in less than 30 minutes. Discuss more on what joining us as the chief u. S. Market economist at mike mckee was telling us how we could see a technical tweak, especially when it comes to the access on reserves. Ite strategist said raising higher at the moment when you trying to provide liquidity could look a little bit awkward. What do you think . Kathy thank you. I think the market is come to understand tweaks to excess reserves, reverse repose are not purely technical. They do want to get we believe the fed funds trade higher and back to the middle portion of this target range. I dont think it is too much of a contradictory message. Powellsment and chair press conference, he will go out of his way to reaffirmed the dovish forward guidance. Interest rates are going to be pegged near zero. They are not going anywhere off of that until we are securely into a recovery at of this second quarter. Shery what are we expecting today . The fed has already done so much . Is this just a regroup or reassessment of everything that was done so far . Announced ahave lot. We have nine new emergency facilities in addition to launching quantitative easing where they are buying a lot of treasury and mortgagebacked securities. On monday the extended the number of eligible for the meanest apologi Municipal Liquidity facility. I dont think we will get any new announcements. Five of the nine facilities they have announced have not even come online yet. At this point they do need to focus on launching those and also operating all nine of the facilities. When we look at how much has been, lent out so far its only about 90 billion or so. We think eventually it will be 2. 5 trillion. A vast amount of lending. That is really the focus now going forward. Shery what do you think at the end of the day when we are looking at the Credit Facilities . We have seen junk bonds already recovering half of their losses since the selloff. Only five ofned, the nine facilities are running. What is the risk of the fed doing too much . Im talking about moral hazard risk here. So itseah, interesting. Just the announcement of these facilities did quiet and calm the markets thankfully. We have seen Corporate Bond spreads narrow quite a bit. That is what they had hoped and intended. Before they even bought one Corporate Bond or etf. Of thes the announcement effect is quite powerful. In terms of the moral hazard, there is some of that. The fed has never moved into buying Corporate Bonds to begin with. Especially indicating some amount a very limited highyield, and also the Municipal Bond area. For thealso a new area fed to venture into. That creates a little moral hazard. I think they have widened the line but not left the policy line. Shery right. When we are looking at these Credit Facilities, i did mention junk bonds regaining half of losses. At the same time the credit rally seems to be fading a little. Once it becomes fully operational, do you expect these facilities to meaningfully erase the price of debt . I think it will still have some impact. You are right. For the buckang came at the announcement. Maybe there is a chance we have some disappointment where the fed does not buy as much as they have expected. He set the markets up for a little disappointment. I think the amount of intervention the fed has at its disposal we are respecting 2. 5 trillion in total they can increase that to well over 4 trillion if needed. Vonnie kathy, thank you for your insight. Economist financial at oxford economics. We will discuss the feds 500 billion municipal lending facility. This has state and local governments fight the coronavirus pandemic. This is bloomberg. Shery welcome back. This week, the Federal Reserve expanded the scope and duration of the Municipal Liquidity facility. There is only a 500 billion liquidity Lending Program for state and local governments that are suffering from the coronavirus pandemic. Lets bring in Lindsey Piegza to discuss what this means for these local governments. Great to have you with us. Despite the announcement of the extra help coming from the Federal Reserve, the fed made it clear they want some written certification to show they tried to raise money elsewhere. Will this sort of limit the impact of this program and how many states and local governments will apply for it . Lindsey they certainly extended the pool of eligibility beyond the largest cities. The fed recognizing those hardest hit are not just workers or businesses, but of course state and local governments that are struggling to meet the needs of their constituents and better manage their cash flow pressures. They want to make sure there is not an implement of unintended consequences on the flipside. Yes, they are first trying to seek funding from alternative sources. Trying to reach out to banks first. It is not necessarily going to limit the impact. They want to make sure they force the state and local governments to go through the proper channels first before relying on Federal Reserve funding. The fed also said they might expand their facility or use other tools to help the hardest hit states, especially the smaller ones. What other tools to they have at their disposal that could actually help the small governments . Lindsey the fed made it clear nothing is off the table. They are willing to buy any asset to provide credit to any market they deem necessary. Anything the fed can think up at this point they are willing to engage in to help stem the pressure not just of workers and businesses but now state and local governments as well. If they feel they need to spend the amount or duration of this program, they absolutely will take the steps to implement that. After the fed announcement we did see the 4 trillion missable bond market rebounding. That did not really last long after we heard from senator Mitch Mcconnell saying he would be open to allowing these states to go bankrupt instead of having congress extend more aid to them. What needs to be done in order to build the confidence of these retail shareholders who are the biggest investors in these bond markets . Honest, thebe biggest thing to rebuild confidence in the missable market and broadly the Financial Market is getting this virus under control. This is a market crisis, not an economic crisis. Its a health crisis. We need to get containment of this virus and have a very clear and concise timeline as to testing, providing a vaccine to americans, etc. As much as we want to be able to solve this crisis with additional funding via the federal government and the Federal Reserve, it comes down to whether or not we can control this from a Health Perspective. It thatow important is not only you control this from the Health Perspective but also help the municipal markets recover given that they need to cover a budget shortfall in order for the National Economy to be boosted . Lindsey its a doubleedged sword. A lot of state and local governments were facing extreme budget deficits going into the coronavirus. There was a lot of mismanagement of funds before the impact of the epidemic. It is going to be a delicate balance from the federal government to say how much of it needs to be rectified on the individual level, on the individual state level as opposed to taking National Taxpayer dollars and bailing out some of these governments that mismanaged funds well ahead of the pandemic. We are going there is no perfect solution. We are going to see them stumble along the way. Take the case of illinois looking for additional funds to help back pay the shortfall in pension. We dont want to perpetuate that situation across a number of different states. We want to make sure we get the economy back to a position of health and prosperity, but we need to do it in a very sponsor the way that we are not just throwing away hardearned taxpayer dollars on mismanaged state and local government budgets. Shery give us your perspective of how the fed has done in terms of supporting the economy, especially when it comes to doing it in a responsible way. There has been criticism about the fed backstopping not only missable markets but risky Corporate Credit as well. Lindsey absolutely. I think in todays meeting that will be one of the key focuses we will want to hear from chairman powell on. It is not about if they adjust policy. We dont expect further reduction of rates or changes and no further announcement of liquidity programs. We want to hear about the perceived success of these initiatives and whether or not the steps taken are deemed as sufficient, but also the potential consequences in terms of the policies that have been plummeted. The risk of rapid inflation, the risk of massive debt, shifting the responsibility of taking on riskier assets. Where does that fall . Were looking at the chairman to provide guidance. That may be optimistic for this press conference but at some point the committee is going to have to answer those questions. Shery we will be watching closely. Lindsey piegza, thank you very much. Coming up, Deutsche Bank traders have their Second Straight Quarter of doubledigit gains. We will discuss with the cfo of Deutsche Bank. This is bloomberg. Shery welcome to bloomberg markets. Deutsche bank benefited from a trading boost, relief from regulators and that helped dealing with the impact of the coronavirus pandemic. It took a smaller hit than most of its competitors. Earlier today, matt miller sat down with Deutsche Banks cfo to go through the numbers. James Balance Sheet strength is visible in our numbers. The ratio remains strong. I liquidity remains strong. That is obvious league good foundational starting point. On the p l, what i think you are seeing is the impact of the restructuring and Strategic Decisions we made last year. We were very gratified to see the business performance. The corpbanca in particular bank in core particular. We created 11 operating leverage yearoveryear. That is demonstrated on the revenue and expense sides. The impact of the restructuring is making itself felt. Those would be the things i focus on. The overall performance byiously is still weighed on the cru and the losses in the cru. Even there we are progressing in line with our plans, both her deleveraging and cost reduction. Matt are you seeing more clients or consumers to small and Medium Enterprises ask for leniency in terms of repayment . James weve had a significant number of applications under the german law for moratoriums on interest and principal. That extends over three months. We have been engaging with clients and providing the supports in terms of those interest and principal holidays. Matt can you quantify those numbers . James an application terms, about 50,000 that have come into date. In to date. We are working throughout our network call centers and online to support clients in a way the law precedes. That we see as being very manageable both within our risk constraints and our liquidity capacity. Matt what about the impact on targets . You are on track to post a pretax profit this year, but now you expect revenue to be slightly lower. Does that mean you will not make a profit . Targetsur official where expense is at 19. 5 billion. We feel comfortable we are on track. Frankly our expectation is we will exceed or improve upon that target. The other principal targets we had were capital targets. Hence the decision we announced on sunday to suspend those targets. I will say it has got to be clear to people we are not abandoning the 12. 5 level as a target. We are suspending that. We think we will restore our capital if we go through the 12. 5 level, which we may not. Orthink we will restore it bypass it relatively quickly to 12. 5 , keeping the target for 2022. Was Deutsche Bank cfo james von moltke. We are a few minutes away from the fed Rate Decision. Lets look at the historic response from the Federal Reserve on this coronavirus pandemic so far. We saw a risk to the outlook for the economy and chose to act. Rangereduced the target for our policy Interest Rate by one percentage point, bring you get close to zero. Bringing it close to zero. We are deploying these lending powers to an unprecedented extent. We will continue to use these powers forcefully, proactively and aggressively until we are confident we are solidly on the road to recovery. Shery stay tuned for our special coverage of the fed decides. That is next as we continue to see the markets brought upside with the s p 500 gaining 2. 8 at how the feds Rate Decision. Live from new york, this is bloomberg. Good morning and good afternoon. I am tom keene. We have put together a great set of conversations today on the fed. Lets go to michael mckee. Mike no change in Interest Rates, as expected. However, a completely different kind of statement from the Federal Reserve today telling us the coronavirus is a major problem for the economy. The statement begins by saying the Federal Reserve is committed to using its full range of tools to support the u. S. Economy in this challenging time, thereby promoting its maximum employment and strife price stability goals. Instead of a laundry list of economic indicators, the fed said the coronavirus outbreak is causing tremendous human and Economic Hardship across the United States and around the world. Virus and measures taken to protect Public Health are inducing sharp declines in Economic Activity and a