White House Invites Wall Street Execs to Discuss Coronavirus: Reports

The meeting is slated for Wednesday and is set to include President Trump.
Author:
Publish date:

The White House has reportedly invited financial company executives to discuss the economic and financial impact of the coronavirus outbreak.

CNBC said it received that information from an administration official, while The Washington Post earlier said it was informed by two knowledgeable sources.

The meeting is scheduled for Wednesday, and is expected to include President Trump, CNBC reports.

Risky assets are plunging Monday, with the S&P 500 index down 7% at 2,762. The index has dropped 19% since hitting a record high Feb. 19. U.S. crude oil prices have cratered 23% Monday to $31.82 and have shed 38% over the past month.

Meanwhile, the 10-year Treasury yield has plummeted to 0.52%, down 19 basis points from Friday.

On Monday, White House aides prepared to present Trump with several options to blunt the economic impact of the coronavirus, a senior administration official told The Post. One is to allow more paid sick leave and another is to make cash available to suffering small businesses.

Until now the White House and the Federal Reserve have voiced conflicting views on how to fight the economic and financial impact of the coronavirus. The Fed cut interest rates by 50 basis points last week, and Fed officials have indicated it’s now up to fiscal policy to lead the effort.

But Trump has called on the Fed to lower rates further and hasn’t proposed large-scale fiscal stimulus. He did sign a bill from Congress last week that provides about $8 billion in emergency funding to combat the economic damage from the coronavirus.

So far the virus has infected more than 114,000 people globally, killing about 4,000.