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already shaped up to be another brutal
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one futures down four-and-a-half percent
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overnight stocks plunging as you can see
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there at the opening bell even after the
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Federal Reserve took emergency measures
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cutting interest rates to near zero but
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that is what we are seeing on the Dow
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Jones market this morning I want to go
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to NBC's Becky Quick who is watching the
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markets this morning I mean it looked
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like was frozen in place there for a
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second Becky what do you think it does
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in fact as this starts to shake out I
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would not be surprised at all to see
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another halt on trading Savannah we've
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talked about this several times over the
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last week if you see down 7% after all
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these different components of the index
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open you are going to see a halt on
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trading and based on what we're seeing
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right here I would expect that that will
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happen any second we've been getting a
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lot of bad economic news that's come in
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China overnight talked about how for the
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first two months of the year there
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because of what happened with the
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coronavirus they actually saw their
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industrial output down by 13 and a half
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percent that was much weaker than had
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been expected retail sales were down 20%
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activity at restaurants down by 43
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percent of these numbers were bad this
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morning here in the United States we did
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get the New York Fed empires Empire
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States manufacturing numbers for the
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month of March and those plummeted to
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the lowest levels that we've seen since
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2009 this is just the beginning of the
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economic numbers that we'll start to see
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as some harsher restrictions go in but
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yes it does look like we are talking
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about limit down on these numbers and as
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we talked about before Savannah if you
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see down 7% which this morning a decline
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for the sp500 would be down by just over
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189 points you will see a halt of
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trading for 15 minutes and in the Hult
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has kicked in so we are looking at the
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ESPY down 7% it looks like it looks
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frozen but can I ask you Becky about
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that the feds move because all of that
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was to sort of head off
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that was the goal to head off what we
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seem to be seeing right in this moment
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right and what the Fed was really trying
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to do was to ease some of the trouble
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that we've seen in some of the markets
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particularly in the Treasury market just
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not having the right number of buyers
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matched up to sellers in that regard so
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part of what they're doing is buying
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mortgage-backed securities and buying
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Treasuries putting a lot of money into
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doing that to try and clear those
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markets so that you don't see bigger
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problems from that now
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obviously markets not completely calm
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because of some of these issues you are
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going to see some pressure as we're
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seeing this morning but that's not to
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say that the feds move didn't help to
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maybe ease the situation in the Treasury
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market we will have to watch trading
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there very closely to see how that is
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it's the technicals behind the system
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okay well let's go that that brings us
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to the White House and VC's Jeff Bennett
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is standing by there the president
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addressed reporters briefly yesterday he
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pointed out that the Dow in the markets
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had bounced back on Friday although not
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of course to the level that they had
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been before this crisis but now we're
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seeing what we're seeing as trading
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plummeted so quickly after the market
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rang open that they decided to halt
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trading so what's what's the view there
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hey Savannah good morning well I can
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tell you President Trump and other White
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House officials are paying close
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attention to the market open this
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morning as you rightly point out
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President Trump
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briefed us reporters yesterday after the
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Fed took that step to cut rates to near
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zero president Trump said he was happy
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about it
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he called it a big step he said it
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brings us closer in line with the rest
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of the world he also said that Wall
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Street would be happy about it that has
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not turned out to be the case at least
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not so far so we're tracking that today
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what other steps if any the White House
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might take to help prop up the markets
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to help stem the economic impact of this
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outbreak we're also watching what steps
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the administration takes to really ramp
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up testing capability last week the vice
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president said millions more test kits
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were being deployed all across the
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country just yesterday the coronavirus
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task force said there'd be at least two
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million more what they're calling
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high-throughput tests that said though
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there is this discernible bottleneck
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where the administration says more tests
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are coming and yet doctors offices
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urgent cares all around the country
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hospitals even say that there is a
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distinct shortage so we're trying to see
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how the White House will try to solve
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that that clear bottleneck issue even as
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the economic issue is really tough on
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people's minds right now yeah the
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testing has been a persistent issue on
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the public health part of this we of
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course are watching the economic
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ramifications as well we will continue
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to watch this throughout the day NBC
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News com for live information most of
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you return now to today I'm Savannah
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Guthrie this has been an NB
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see News special report from New York
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