Larry Kudlow says US has contained the Coronavirus and the economy is holding up nicely

CNBC ^ | 02/25/2020 | Fred Imbert

[SeekAndFind]

National Economic Council Director Larry Kudlow tried on Tuesday to assuage concerns over the cornavirus and its impact on the U.S. economy.

“We have contained this. I won’t say [it’s] airtight, but it’s pretty close to airtight,” Kudlow told CNBC’s Kelly Evans on “The Exchange.” He added that, while the outbreak is a “human tragedy,” it will likely not be an “economic tragedy.”

“There will be some stumbles. We’re looking at numbers; it’s a little iffy,” Kudlow said. “But at the moment ... there’s no supply disruptions out there yet.”

Kudlow’s comments came as the stock market tanked for a second straight day amid worries that the coronavirus outbreak would lead to a prolonged global economic slowdown.

The Dow Jones Industrial Average was more than 700 points lower Tuesday, down 2.7%. On Monday, the 30-stock average had its worst day in two years, dropping more than 1,000 points.

Investors dumped equities in favor of U.S. Treasurys, which are traditionally seen as a safe haven during volatile stretches for the stock market. The benchmark 10-year Treasury yield dropped to 1.32% to reach an all-time low. The 30-year also traded at a record low. Yields move inversely to prices.

Still, Kudlow said the U.S. is “holding up nicely,” adding, “All I can do is look at the numbers.”

[Mariner]

“there’s no supply disruptions out there yet”

Yet Apple has no iphones.

[proust]

Kudlow says it's over. What a relief! 😌

[eyedigress]

Everybody that switched 3 days late just lost 11%.

[E. Pluribus Unum]

So you like to buy and sell low?

[nwrep]

No. The stock market has every right to correct itself.

[Jeff Chandler]

Kudlow as an almost perfect contrary indicator?

That would be Dick Morris.

[TADSLOS]

True Dat.

FR needs a warehouse full of fainting couches.

[hal ogen]

Pearls . ..where are my pearls ? Panic is so unbecoming .

[eyedigress]

I’m buying low right now at 100%.

[eyedigress]

I will never sell during this administration.

[Pollard]

The people in Trump’s coronavirus task force in the presser this morning explained that. She’s talking possibilities. I haven’t listened to her. I started to but her voice got on my nerves. I’d rather read it somewhere than listen to her. Might just be a lousy public speaker and I’m sure I’d be way worse or might sound like that 24/7. Who knows or maybe WHO knows.

[MrChips]

That would be helpful. Thank you.

[StolarStorm]

"That said, is it possible that there are elements in America and the Deep State that are chatting up a pandemic to bring about a recession and the demise of Trump?"

No doubt. The dems use anything they can to trash Trump. That said, there are also elements that are clearly trying to downplay a situation that has over 40 million in quarantine. This is not a chicken little scenario, nor an Armageddon. But there will be an impact to supply chains and subsequent problems. I'm suspicious of people on both sides of this issue who take an extreme position (the "it's nothing" and the "OMG!!!" crowds) Granted most of the "it's nothing" group are probably just trying to put on a front about what tough guys they are. It's amusing.

[UNGN]

Yes.

This is a prudent precaution. In a week, 98% of them will be out of quarantine and they will know better who to hang out with/where to go on vacation next time.

[DoodleBob]

I think it's possible to be worried about coronavirus and be a card-carrying Deplorable. It's not like China is ruled by a transparent government, there have been a few oops moments Stateside, and there so much information AND misinformation it can be hard to keep track of which side is up.

The problem arises when a Deplorable's natural distrust of the govt is manipulated in a judo move to derail Trump. And, to be fair, if it's a tossup between protecting one's family and defending the President, most people will side with their family.

Thus, I don't believe many FReepers are pushing panic to derail Trump. But it is possible that they are being played.

[UNGN]

I had a huge pile of cash. I put 25% of it into the market today.

[eyedigress]

I’ve been on these boards since January somewhat concerned.

I have ascertained in my own calculation this is a media event.

[AndyJackson]

This attitude is not at all helpful. What the public needs is assurances that we are on top of containing anyone showing symptoms and their close contacts.

[eyedigress]

The market is all about your own risk assessment.

[867V309]

Thus, I don't believe many FReepers are pushing panic to derail Trump. But it is possible that they are being played.

I agree.      sorry I wasn't clear. it bothers me that so many freepers are so easily misled