Hackett. On the barrons round table, ben leveson, jack howe. Ben, we saw stunningly horrible economic numbers last week, really unbelievable, but the market actually was higher on the week. What is happening . Yeah. I mean, this data was just terrible. Retail sale, industrial production, empire state manufacturing, you name it, it was probably the worst ever on record. Unemployment, the jobless claims continued to rise another 5 Million People lost their jobs. I mean, its just bad. But we knew it was going to be bad, and theres also two rays of hope out there. One was a new set of treatments that gilead is working on for covid actually might be work. We dont have all the data on it yet, but that provided a boost for stocks x. Then theres talk of reopening the economy, and thats also helped too because it signals perhaps there is a light at the end of this tunnel. Jg jon so, jack howe, i know youre looking at valuations, and as ben pointed out, there is light at the end of the tunnel, but still stocks look a Little Pricey given what we do know, no . They do. I mean, look, jobs matter most right now, and im hopeful that this stimulus will get the economy going again. Look at the s p 500, its now 17 times last years earnings. I dont know many people who expected us to bounce back to last years earnings level right away. I think you have to hold them for the long term. Im saying is anyone worried that the stimulus will have a faster and strongerfect on the stock market effect on the stock market than it does the economy and before long well be talking about new highs, meltups, maybe bubbles. Jack so, ben, tell us whew why the s p 500 is a little different from other global indexes. Yeah. I think its not to confuse important not to confuse the s p 500 with the economy. Its got tech and health care really working now. Big tech, the fangs are back, amazon and netflix hit new highs earlier this week. Theyre both up more than 10 . And then you have, and then you have health care which is doing great as well. And then you have this little middle area, banks and industrials and energy, that if the economy does start to do better, theyre going to do okay. So the s ps up 2 or so this week, maybe a little bit less, but the small caps in the u. S. Are down 3. So if you look everywhere else, theyre not saying great things. Its really about the composition of the s p 500. Jack you mentioned health care. I know, carlton, youve taken a look at health care. Barrons is doing a big package on health care. I know theres some sort of Second Derivative effect. Of course, theres the search for a cure, but theres more than that going on. Absolutely. And i urge everyone to pick up a copy or to read it online, so, of course, while gilead is getting a lot of attention, you need to look at the broader base, and thats what were doing this weekend. You look at the managed care companies. A not of elective procedures are not happening, you know, the knee replacements, things like that, United Health cares, humanas, youre going to see lower costs for them. This is going to be a tricky spot because we do have the Election Year going, so companied tend to face headwinds in those sorts of situations. But outside of the gileads, you want to look at the other pharmaceutical companies. Were examining potential opportunities in your mercks, your pfizers, eli lilly. They make most of the u. S. stock of tylenol i should say the sup is element, not supplement, but generic, excuse me. And other generics that people are using right now as theyre treating or potentially stocking up on. And then finally youve got to look at the teledoc space. Its kind of like the zoom for medicine. People arent going to the Doctors Office right now. Theyre seeing their doctors remotely, and theres also some plays to be making for some of these medical device companies, some of these monitoring devices so people can still get Health Care Even if its not safe for them to go into the Doctors Office or hospital. Jack like a lot of things were seeing right now, theres a decent possibility that this has changed for good, that even after this crisis passes, we may very well see more teledocs and seeing your doctor virtually rather than literally. Exactly. And i think this has kind of accelerated that dynamic. Telemedicine has existed, but it was always more of a curiosity. And i think now were going to see that acceleration to a new normal for certain types of issues. Jack so, jack howe, you have taken a look at a very different industry, the automobile manufacturers. What do you see there . Well, the business is so important to employment, i mean, millions of people work in this industry. We want these people to remain employed as much as possible. But the business is going to change Going Forward. I mean, were looking at whats going to be different. I think youre going to see consolidation among dealers, thats inevitable. It could help some of the larger chains like auto nation. There may be more digital and Touchless Service offered by the car dealers and the service stations. You can actually see a younger fleet of cars. Adam jonas at ohio Morgan Stanley is calling for a cash for clunkers program, we might get one thats more than three times the size of the one we saw during the great recession. Im going to call that clunkers humonkers until i find a better name jack try to find a better name. [laughter] ill work on it. Weve got a tblut of used cars, so we have to find a way to get people to buy cards. I did speak with jim hackett at ford, and he said ford learned a lot during that downturn. Lets have a listen. Remember, ford didnt take any bailout money. It was able to manage itself. It was really tough and a big challenge, but it did it. Well, think of that influence that said if you ever face a challenge again, you really want to be ready. We are really ready this time. And, jack, jim hackett even said i found this interesting he talked about how ford is exploring new material for vehicle interiors that can kill viruses on contact. Jack wow, thats interesting. And, you know, i do think on a consumer note we are going to see deals in used cars. I dont think thats taking advantage of the situation. Anyone spending money will be good for the economy right now. Coming up, the fed taking extraordinary measures to keep the economy afloat, but are we helping the right people . Former you wouldnt accept an incomplete job from anyone else. Why accept it from your allergy pills . Flonase sensimist. Nothing stronger. Nothing gentler. Nothing lasts longer. Flonase sensimist. 24 hour nondrowsy allergy relief seeing the break in the clouds before anyone else. Together, well weather this storm. Jack the sbas paycheck protection program, or ppp, has run out of funds to help Small Businesses. How the Federal Reserve may be able to help, is that the right move . Joining me now, former fdic chair sheila bair. I want to make sure viewers know your track record. Way back in 1992 you warped against loosening rules a decade later, enron proved you right. And just a year ago you warned that during the next cats few, we have to focus catastrophe, we have to focus on main street rather than wall street. So so here we are. Tell me . Here we are. I think theyre trying. I think theyre trying. I think theyre absolutely trying. But the problem is theyre just not equipped to do this. Theyre a big bank and they lend to other big banks. Thats how theyre set up. Even when they try to get money to main street, theyve got to use the banks to be their intermediary, and that creates a lot of issues. You know, theres some issues with some of the facilities theyre setting up. I think the wall street journal has rightly called them out on imposing more conditions on the smaller businesses and the large corporate and large Financial Institutions who are also being helped. So i do think they need to make sure that the restrictions and programs are consistent and even across the board, and its not clear thats being done. Jack you told my colleagues that you thought maybe the money was actually going to the wrong people. What did you mean by that . Yeah. Well, that was a very early on conversation because initially when this started, they just pumped a lot of money into the banks and the primary dealers, and that was the playbook in 2008. Just pump a lot of liquidity into the big banks, and that doesnt work. Bailing out wall street does not help main street. I think that was the key lesson of the 20082009 crisis. So since that time theyve launched which gives authority to nonbanks, nonregulated banks, and theyve tried to theyve announced interventions in the corporate debt market. I think thats necessary, frankly, just to keep credit flowing and keep the larger employers funded. I think thats important though, again, these programs should come with restrictions, i think particularly buybacks and dove depends. Dividends. Some companies are fine, but the one withs that are needing help i think they should be restricting capital distributions. They should be putting their capital into operations and payroll right now. It would be nicer to see the restrictions apply across the board. But again, the fed is trying to get more money into nonfinancial employers large and small, but the way its doing it is uneven, and i think its kind of plugging up the works for the smaller employers and businesses. Jon jon just to be clear, so when the banks reported earnings, some of them made a point of, hey, we can afford these dividends, but youre saying, no, banks should not pay dividends right now. No, i dont think so. We dont know how bad this things going to get. Theyve said theyre so highly capitalized, the fed said theyre so highly capitalized, but theyve been providing all these reductions in their capital minimums, so i wonder why thats necessary if theyve got so much capital. [laughter] we dont know how bad this thing is going to get seriously, we dont know how bad its going to get. They need capital to absorb losses and keep lending, so at the same time tells us they can go ahead and pay dividends just doesnt make any sense. They should be conserving that capital. If im wrong and it turns out they didnt need capital, fine, they can invest it later. There respect many shareholders, but the ones that need the cash, they could sell the shares on the secondary market. It doesnt compromise your Balance Sheet or weaken your Balance Sheet. If you let the cash out the door, it does. Jack youve written about what you feel is the overfinancialization of the economy. I suspect youre going to say we want to avoid that. We are. Obviously, were down on it now because this is what we do, we get in crisis e, we fault the fed. The fed pumps a lot of liquidity into the financial sector, and it creates a bigger financial sector, more debt. So i think the good news is that congress has [inaudible] funding certainly to households. The Small Business loans are forgivable if you support payroll, so i think theres a trend to get away from that model. But once we get past this Going Forward, we have got to get off this financialization carousel where we just, you know, we get boo trouble, we lower rates, the economy levers up. We never really delevered after the great financial crisis that just moved from mortgage debt to nonmortgage Consumer Debt and business debt and, of course, government debt. So its not sustainable. Debt is not a good way to drive your economy. Its not sustainable, and, you know, absolving companies, were doing that more now, its just a drag, and i hope we can break out of that after this terrible crisis is over. Jack this time i hope everyone is listening. Thank you very much, sheila. As the market tries to recover, which sectors are likely to come out on top . Investor strategist in these uncertain times, look after yourself, your family, your friends. But know when it comes to your finances, we are here for you. What can i do for you today . Well take a look at the portfolio and make adjustments. Im free to chat if you have any more questions. Our j. P. Morgan advisors are working from home to help guide you through this. For more than 200 years, weve helped our clients navigate historic challenges. And we will get through this one. Together. Actions to help prevent the spread of respiratory diseases. Wash your hands. Avoid close contact with people who are sick. Avoid touching your eyes, nose and mouth. Stay home when you are sick. Cover your cough or sneeze. Clean and disinfect frequently touched objects with household cleaning spray. For more information, visit cdc. Gov covid19. This message brought to you by the National Association of broadcasters and this station. Of broadcasters 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. Jack as the market makes huge moves in response to government stimulus and coronavirus news, which Economic Indicator should we be watching, and which sectors are likely to perform best . Charles schwab chief investment strategist liz and sawshedders liz and saunders joins the panel now. Weve seen economic numbers that are literally worse than anything weve seen in our lifetime. The market is kind of manicdepressive. Help us make sense out of all this first thing youre looking at, you say, health care. Well, absolutely. As much as the virus defines when and the magnitude of the shutdown, i think it will define how and when we open the economy back up which is paramount to understanding the depth of the economic hit here. We know some to have higher frequency Economic Indicators that are leading in nature pick this up first, notably initial unemployment claims and now continuing claims and four week average of claims now that we have about a months worth of call it postshutdown data. And i think those will still be very valuable metrics. But i think we need to focus mostly on the socalled High Frequency measures of growth. Not the backwards looking quarterly or maybe even monthly numbers, but some of these more [inaudible] to get a sense of the depth of recession were going to see. Jack what one or two of those did you like the most . In addition to claims, we can look at a number of other staffingrelated indicators, job openingrelated indicators. We can see the percentage when we get the next payrolls report of how many people have been laid off temporarily versus permanently. As of the most recent payrolls report, it was about 85 were temporary layoffs. For now thats good news, it means when we open the economy back up, most of them should go back on payroll. But i think we can also look at shorter term measures of Consumer Confidence and, in turn related to the stock market, measures of Investor Confidence as well. I would focus more on those daily and weekly measures. Liz ann, you spoke about what we do know, the data points like the job figures and things like that, what are some of the unknowns that maybe worry you right now . Well, certainly, as it relates to the virus when we will fully have the economy back open. The guidelines that have been put forth by the administration and the approach that states and localities are taking is to do it on a rolling basis, and then even within a particular state that might say, okay, were ready to start opening up, even there it will be done sort of industry by industry, segment by segment. So theres no moment in time where were going to have a sense of this. Were going to have to look at the data on a rolling basis, and i think the risks and unknowns, number one, are do we get a resurgence in incidence after the start of opening things up. That would be one kind of negative case scenario. The other one would be even if we dont get a resurgence in the virus, what is going to happen to demand. Are we going to see that pentup demand meaning the recoverys going to happen a fatherly quickly, or is there going to be enough caution that the demand maybe doesnt come back as quickly as many hoped for. I think those are the unknowns and questions to which we just dont have answers at this point. So the fed moves really seem to have given investors a lot of confidence. Do you think thats a wellplaced confidence . Well, i think the combination of what congress and the fed have done, which is an extraordinary amount of money relative to the size of the overall economy just on the fiscal side its about 12 of gdp, and then you add what the fed has done, its clearly not the elixir for what ails us. Its not a vaccine or a treatment for the virus. It cant open the economy back up or cant sort of force demand to come back. It hopefully prevents an chick if crisis which were economic crisis from becoming a Financial System crisis. Jack lets talk about sectors briefly. At the top of the show, ben mention tech and health care. I think that aligns with your analysis of what might come out stronger. So health care is the one sector on which we have an outperform rating, and that was placed prethe economic shutdown. And sure during this period of time both on the way down and on the way back up, health cares been a relative leader. Some of the reasons are obvious given the focus by pharma, by biotech on coming up with treatments and vaccines or, you know, purchases of personal care. And i think within tech a focus on those companies that are high quality, dominant in their tries, have strong cash flows and earnings streams, and those are the factors that are going to perform well both in this environment and when we get back to some semblance of normalcy. Jack i know you guys are worried about small caps, we dont have time to talk about that now, so well have you back. Thank you so much for joining us, liz ann. Up next, round table members give their investment ideas for the coming week, so stay right there. Hey, can i. Hold on one second. Sure. Okay. Okay safe drivers save 40 guys guys check it out. Safe drivers save 40 safe drivers save 40 safe drivers save 40 thats safe drivers save 40 . It is, thats safe drivers save 40 . Hes right there. Its him hes here. Hes right here. Hi hi. Hey thats totally him. Its him thats totally the guy. Safe drivers do save 40 . Click or call for a quote today. It didnt take us long to realize. We werent in the car business. At lexus, we were in the people business. We needed to be helpful. Respectful. And compassionate. To treat people like guests. Its what we all signed up for. And now when people need this most, we will do what weve always done. Take care of people first. The rest will follow. You may not be thinking about blood donation, but blood is needed to save the lives of people who are sick with a range of illnesses. Its easy and safe to give. If you are in good health, please donate. We need heroes now. Visit red cross blood dot org to schedule an appointment. Muck if. Jack so, jack, as you shelter in place, i understand you are channeling your inner grease monkey. [laughter] its been a little while since i got under the hood, i got that tell you. I want investors to look at autozone and oreillys this week, these are auto parts chains. Earlier we talked about the possibility of a big cash for clunkers program, what if it doesnt work . What if we have clunker keeper es because people are feeling strapped for cash . That can work out well for some of these auto parts chains that cater to do do it yourselfers. Right now stores are closed, but once the economy reopens, i think these chains are going to be among the first in the car sector to bounce back. Jack as always, we want one actionable idea from carlton. Carlton, im going to start with you speak of channeling, though youre going crazy cleaning that house every hour. I really am. [laughter] and i have to admit, i do feel a little repetitive, but im looking at chlorox right now. A lot of people have bought into it recently, but even when we hook at reopening the economy, theres going to be a new normal, new standard for how offices and homes have to be maintained. So im looking at chlorox right now. Jack and, ben, im not going to make a joke here, goldman sachs. Why is it looking good to you right now . Well, carlton has a great article in this weekends magazine about the banking sector, and goldman really stands out to me. The earnings this week that all the big banks released earnings, they werent really taken very well. All the banks dropped. Goldman dropped less. Its got a lot of investment banking, a lot fewer loans to go bad. I think in this environment just with the trading going well, its just going to be ad good stock to own. Jack thanks, ben, jack, carlton. Great ideas with. To read more, check out this weeks edition at barrons. Com and follow us on twitter. Thats all for us. Wash your hands, wear your masks. See you next week on from the fox studios in new york city, this is maria bartiromos wall street. Maria and happy weekend. Welcome to the program that analyzes the week that was and helps position you for the week ahead. Im maria bartiromo. Coming up in just a moment, ins managing director joins me, then later secretary of state mike pompeo on chinas culpability in the covid19 pandemic. But first, the cracks caused by the covid19 shutdown are continuing to strain the economy. The Economic Data this week has been awful, now 22 Million People have applied for Unemployment Benefits in the last four weeks. Erasing much of the job gains over the past decade. Retail sales plunged to a new low in march as businesses continue to shutter due to this shutdown and stay at home order. The housing sector took another severe hit as Housing Starts and home builder confidence saw dramatic slumps. But while the white house is discussing guidelines to reopen the country as the data shows the pandemic is peaking, how long will it take to recover our economic luster . Joining us to talk about that and investing today in the broader markets during the shutdown is managing partner of the bonnson group, david bonnson. Great to have you this weekend, thanks so much for joining us. Good to be with you, maria. Maria so let me get your reaction to what we heard this week. The president came out with guidelines to reopen the economy in three stages. That certainly sparked a rally in stocks when he first started talking about it. Is this realistic . Do you think that the economy gets back to where it was, and whats your reaction to now this new conversation taking place in terms of the reopen . Well, its certainly positive, and im not even sure that its positive because of any particular specifics. Its more just the idea that there now is a plan, that theres some trajectory towards reopening the economy. And i think that underneath the hood theres a lot of good. Theres wisdom there, but i also think theres still some uncertainty. Were going to see ongoing volatility. Obviously, this rally comes about from the federal government giving some guidelines is not the beginning of a rally, right . The rally began a couple weeks ago, just sort of when the forced selling was done. On a goforward basis though, i think everybody is aware theres a lot of urn centiin the uncertainty in the economy. We have a good portion of those losses having been gained, Going Forward i think its going to be a grind. Maria and a grind is what we heard from some companies this week with as the First Quarter reporting season kicked off. You heard from jpmorgan and bank of america, goldman sachs, Morgan Stanley, johnson johnson. You also see a real difference in terms of sectors. The banks, jamie dimon in his Conference Call with analysts, basically said look, you know, were looking at a reopening, it could be june with, july, august, you know . Nobody knows. Theres a lot of uncertainty there, but he did say were preparing for what is likely to be a severe recession. Yeah. And i think that that is what is sort of baked into the markets over the last month. We know that were going to have recessionary positions for at least a quarter, probably two quarters. The banks are going to be on the front lines of that. So far its been a mixed bag. You saw proctor and gamble with revenue increases in the quarter, earnings increases in the quarter, raising their dividend. Johnson johnson did the same thing a few days ago. So the banks are probably ground zero for the uncertainty. They have to kind of extend credit to an economy that right now has no demand for credit. So you expect banks to be more constricted in the immediate weeks and months following this contraction as things open up. That will definitely change for the banks down the line. Maria so where are the opportunities in terms of investing today, if there are any . I mean, in the past youve talked about dividend payers. Do you want to stick to your strategy that youve been on before, or are there new ways to invest in new normal . Well, theres new ways to invest within the same philosophy, at least at my company. We believe in Dividend Growth companies through bad markets and good markets. The difference is right now those dividends have all gotten much better. You have Companies Like verizon and merck and cocacola that are paying higher yields than they were a month or or two ago just because of market prices being lower. But i also think opportunistically one has to start to wonder if some old of the names that have taken on particular distress become much more tempting, and energy sec editor as an example where nobody has wanted to go. Oil has still not necessarily found its bottom even with that major opec plus production cut. What we know though is that demand has to come back at some measure at some point and that those oil companies, i think the chevrons and exxons that pay dividends, they have no intention of cutting their dividend through this period, they become very attractive to investors that can wait out the next several months of uncertainty. So the higher risk elements we recommend are in those types of beatenup companies that probably have been beaten up too much. And, by the way, theyre off of their lows as welsh maria. But then well, maria. But i think on the other side of a sort of equity barbell, the real Stable Companies that are really strong Balance Sheets, much less cyclical in their business and have performed quite well through this whole period. Maria david, thanks so much for being with us this weekend. Great to get your insights. Thank you, maria. Maria we will see you soon. Dont go anywhere, the imf managing director is up next. Stay with us. In these uncertain times, look after yourself, your family, your friends. But know when it comes to your finances, we are here for you. What can i do for you today . Well take a look at the portfolio and make adjustments. Im free to chat if you have any more questions. Our j. P. Morgan advisors are working from home to help guide you through this. For more than 200 years, weve helped our clients navigate historic challenges. And we will get through this one. Together. Music but maybe not for people with rheumatoid arthritis. Because there are options. Like an unjection™. Xeljanz xr, a oncedaily pill for adults with moderate to severe ra for whom methotrexate did not work well enough. Xeljanz xr can reduce pain, swelling and further joint damage, even without methotrexate. Xeljanz can lower your ability to fight infections like tb; dont start xeljanz if you have an infection. Taking a higher than recommended dose of xeljanz for ra can increase risk of death. Serious, sometimes fatal infections, cancers including lymphoma, and blood clots have happened. As have tears in the stomach or intestines, serious allergic reactions, and changes in lab results. Tell your doctor if youve been somewhere fungal infections are common, or if youve had tb, hepatitis b or c, or are prone to infections. Needles. Fine for some. But for you, one pill a day may provide symptom relief. Ask your doctor about xeljanz xr. An unjection™. Sprinting past every leak in our softest, smoothest fabric. Shes confident, protected, her strength respected. Depend. The only thing stronger than us, is you. Maria welcome back. Just a few months after taking the helm of the International Monetary fund, chris leaning that gore geoff v. A. Is already watching covid19 shutter businesses on every continent, wreaking havoc on the Global Economy. Also announcing this week that global gdp will shrink 3 this year. So what does she see down the road and how quickly can things recover . Im joined by Kristalina Georgieva joining me right in the middle of her spring imf meetings, and it is great to see you. Thank you so much for joining us this weekend. Thank you for having me, maria. Stay well. Maria thank you so much. And right back at you. You do the same, please. We need you certainly strong and safe. Can you give us your with assessment of the world right now . I know youve taken growth expectations down this week going into these spring meetings. What can you tell us about the Global Economy today . Well, maria, this is a crisis like no other because to fight the health crisis, we have to cripple our economies. And what we see is a dramatic downturn. On top of it, it is truly global. Three months ago we expected the 160 countries to have their income per capita grow, to go up. Now we are projecting 170 countries to see their income per cap that down per capita down, not up. And what we would like to emphasize is that we can mobilize and fight this crisis. Our recommendations, one, make sure that Health Systems are supported. Spend as much as you have to spend on health. Two, boost your economy. Protect people, protect businesses. And this is what u. S. Is doing with a very massive fiscal package of measures is absolutely fantastic. And make sure that Monetary Policy supports the economy. And, three, pave the way to recovery. Think today how to make sure that the recession is as shortlived as possible. Maria yes. Well, this is a very good list of three things we need to be mindful about. Let me ask you about that stimulus, because when you look at the United States in particular, youre talking about stimulus that is literally 35 of the gdp of the economy. Youve got 7. 5 trillion in stimulus whether you look at the Federal Reserve and what it has done in terms of the leverage portion of it with the treasuries Balance Sheet. Youve got the corporate cares act im sorry, the government cares act, 2. 2 trillion as well as the Paycheck Program included in that. Do you worry now that, kristalina, were talking about the u. S. debt being higher than the actual size of the economy, 22 trillion. Do you worry that debt on the other side of this is going to get us in a bad way given were borrowing so much . Well, you know, we worry more about getting to the other side as quickly as possible, building a bridge maria okay. Over what is the top of the economy. And we also see that low Interest Rates are very likely to stay for much longer. Meaning that the capacity to mobilize now is underpinned by this accommodative Monetary Policy. Just to give you a sense that everybodys striving to do what u. S. Is doing, theyre actually following u. S. Lead in this area. Justifies call measures just disease fiscal measures, forget about Monetary Policy for a moment, just fiscal measures account for 8 trillion. In other words, everybody is striving to protect people and protect firms. Why is this important . Because if we see a way from bankruptcies now a wave of bankruptcies now and a huge increase of unemployment, then scarring of the economy could be such that we would be in a to longed recession in a prolonged recession. And that is what we want to avoid. In this sense maria yes. Lean forward, lean forward so we can come to the other side, of course, as quickly as possible. The uncertainty is the virus itself. How long it will linger, is it planning to do a two rounds around the globe, could it return, and that is where what is being nailed down with concentration on advantage seeks on vaccines and treatment is so hugely important to stop it in its tracks. Maria yeah. And we had some good news this week about gilead sciences, the vaccines that are right now looking for Clinical Trials toward the end of the summer, into the fall. Let me ask you about where we are across the globe. Are there countries that you think that are better positioned here in terms of avoiding a recession, and if who do you think come and who do you think comes out of this first . I know there is a lot of worry around outflows from the emerging markets given what has taken place in china, the chinese contraction in the First Quarter was pretty steep, 6. 8 contraction, we learned about this weekend. What we see is that majority of economies are going into negative growth territory this quarter, and we would like to see a rebound starting in the send half of the year. Finish in the second half of the year. In terms of who is going to come first, countries that are most effective in containing the epidemic and then reopening their economies successfully, theyre going to have an advantage. But let me be very clear,s this is truly global. Pandemics know no boundaries. Finish and, therefore, we have to win everywhere so we can be safe in any other place. And in that sense, concentrating on what we do, International Financial organizations, to help all countries have the resources so they can pay doctors and nurses and protect their most vulnerable populations and firms, it is so very important. Maria great i sights from you, as always. Its great to see you again, kristalina. Thank you so much. Thank you. Stay well. Maria we will and to you. Imf managing director joining us there. Dont go anywhere, secretary of state mike pompepepepepe at Fisher Investments, we do things differently and other Money Managers dont understand why. Because our way works great for us but not for your clients. Thats why were a fiduciary, obligated to put clients first. So, what do you provide . Cookie cutter portfolios . Nope. We tailor portfolios to our clients needs. But you do sell investments that earn you high commissions, right . We dont have those. So, whats in it for you . Our fees are structured so we do better when you do better. At Fisher Investments were clearly different. Our fees are structured so we do better when you do better. The xfinity my account app puts you in control with Digital Tools to give you the help you need when you need it. Get fast and easy answers with personalized help 24 hours a day, 7 days a week. Change your wifi password to a phrase thats easy to remember. Even troubleshoot your services on your own. Were working to make things a little easier for everyone. Download the xfinity my account app today. Maria welcome back. Heightened concerns this week on the origin toes of the covid19 pandemic, as i have spotlighted on this program and many others many times before, the only level iv biochemical super lab in china happens to be located in wuhan, causing many to believe that scientists were actually studying the coronavirus there at that lab, and it got out. I spoke with secretary of state mike pompeo about that this week on mornings with maria. The Trump Administration has been tensely focused on the problem in front of us, keeping america safe. As you saw yesterday, the president getting the economy back open, getting people back to work. I was talking to some friends back in kansas this weekend, they are aping suggestion to get back anxious to get back to work. What this administration has consistently done with respect to the Chinese Communist party is demand that it behave in a way thats consistent with international norms. You and i have talked about this. He told us they wouldnt arm the south south chai sea, they did so. We demand they live up to promises in hong kong, and now at this moment this authoritarian regime had information, data its very clear now that the communist party and the World Health Organization didnt put that information out into the International Space as theyre required to do in a timely fashion, and the result of that is that we now have this global pan deppic. Pandemic. Were still, maria, suffering that today. We are still asking the Chinese Communist party to allow experts to get into that virology lab so that we can determine precisely where this virus began. It isnt political, this is about science and epidemiology. We need to understand what has taken place so that we can reduce risks to americans in the days, weeks and months ahead and get the Global Economy back on track. Its very important. Maria i know weve been saying that perhaps the virus got out of that virology lab by accident. But the fact that they have been downplaying it and lying for so long, since the beginning of this, then it raises a question of was it really an accident . It is completely appropriate that the world ask the right questions, and this is the president s frustration with the World Health Organization. That is the institution with the task underwritten in part by the American People and countries all around the world, it is their task to protect the world from precisely what is happening today. And thaw need to get answers, and they need to demand that from the commune i. C. E. Chinese communist party. So the whole world can see what took place. When we do that, therell be a time for accountability, well be able to attribute what happened to who did what, and we can move on from what is now an incident that has destroyed so much wealth not only here in the United States, but all across the world. Maria and so many lives as well. Mr. Secretary, youve talked to me about the huawei situation over time, and the last time we were in the studio together talking about this remember europe was pushing back saying, no, look, were going to keep our infrastructure in place. You said the u. S. Will not be able to share as much information. Have you seen a change in sentiment as a result of what has taken place from china and the clear bad behavior . Have you seen a change from our friends in europe or anywhere else . Are they maybe now rethinking the fact that you cant trust the chinese and maybe you dont want the Huawei Telecom infrastructure in their country since they have open doors with the data going back to the communist government . Maria, your point is very well taken. You talked about the loss of life, what a tragedy. Weve all had friends who have been touched by this, its a tragic loss of life here in the United States, around the world and now loss of life around the world is continuing. I raised that in the context that you asked we have been out, the Trump Administration has been telling the world about the threats that are posed from allowing the Chinese Communist party to own the infrastructure whether thats huawei or zte, own the Communication Infrastructure in your factories. I am very confident at this moment, this moment where the Chinese Communist party fail to be transparent and open and handle data in an appropriate way will cause many, many countries to rethink what they were doing with respect to their telecom architecture. And when huawei comes back to sell them equipment and hardware, that they will have a different prism through which to view that decision. Im hopeful thats the case. This is about security and making sure that u. S. Data, americans data that travels across their networks, is safe and secure as well. Maria and what about businesses . I mean, can you have a business relationship with a partner who you, who continually changes the rules . I reported on monday they changed the rules in terms of export of the protective gear. How do we get Business Leaders to better understand the National Security risks, those Business People and investors who just want to go this there and sell their products to 1. 4 billion people . What will happen to companies that are aligned with china . Two things. I think this has been a real moment for Business Leaders all across america to see the Political Risks associated with the operations inside of china. You know this, maria, youve been around a lot of these people, they can deal with commercial risks, all kinds of Political Risks that are enormously difficult to deal with, and now weve ripped the bandaid off. The United States government has the responsibility to secure the supply chains for the products that matter for american National Security are no longer dependent on any single country. We have a responsibility to get that right, thats the governmental funk, and i hope every Business Leader will take a look at whats transpired and make good decisions for their company about whether theyre prepared to deal with the Political Risk of continuing to operate from china. Maria my thanks to secretary of state mike pompeo. Dont go anywhere, more wall street right after this. In these uncertain times, look after yourself, your family, your friends. But know when it comes to your finances, we are here for you. What can i do for you today . Well take a look at the portfolio and make adjustments. Im free to chat if you have any more questions. Our j. P. Morgan advisors are working from home to help guide you through this. For more than 200 years, weve helped our clients navigate historic challenges. And we will get through this one. Together. 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. Maria welcome back. Coming up right here next weekend on the program, do join us, weve got a special program. Atlas Foundation FounderJonathan Ward my special guest to talk more about china and investing today. Plus this weekend on fox news, dont miss sunday morning futures, 10 a. M. Eastern sunday, Peter Navarro and South Carolina senator tim scott my special guests. Catch the program live, 10 a. M. Eastern on sunday on fox news. And right here on fox business, start smart every weekday, 69 a. M. Eastern monday through friday with mornings with maria. Right here on fox business, set the tone. Thatll do it for us. Thank you so much for joining me a great rest of the weekend, and ill see you again next time. Gerry hello and welcome to the wall street journal at large. Well, we received some good news and some bad news this week in the fight against the coronavirus outbreak. The good news is that medical experts are saying we may be near a peak. White house adviser dr. Anthony fauci expressed cautious optimism that the disease is slowing and that were starting to see a leveling off of cases. The bad news, of course, is that thousands of americans are still getting sick and dying from covid19, and the economy which has been virtually shut down for more than a month t