Bloomberg Surveillance

Catherine Mann, Citi Global Chief Economist, says there will be no second half rebound in 2020 if businesses that do not borrow bonds go bankrupt. Robert Kaplan, Federal Reserve Bank of Dallas President, sees a substantial contraction in the second quarter, but says the economy will get stronger heading into 2021. Raphael Bostic, Federal Reserve Bank of Atlanta President, says the economy may rebound quite robustly once the public health crisis is under control. Darrell Cronk, Wells Fargo Wealth & Investment Management CIO, says it is still a good idea to remain defensive on stocks. Dr. Krutika Kuppalli, Johns Hopkins Center for Health Security Fellow and Infectious Disease Physician, says there will be a resurgence in the number of coronavirus cases if businesses open too soon.

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David Kelly, JPMorgan Asset Management Chief Global Strategist, says the economy should be held in suspended animation until coronavirus is under control. Tom Porcelli, RBC Capital Markets Chief U.S. Economist, says this is just the beginning of jobless claims being elevated. Leslie Vinjamuri, Chatham House Head of U.S. and Americas Programme, says the Senate's $2 trillion stimulus package is extraordinary but the cause of the coronavirus pandemic must still be dealt with. Karen G. Mills, Former Head of the U.S. Small Business Administration, estimates more than half of the 3.3 million U.S. jobs lost were from small businesses.

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Mike Wilson, Morgan Stanley Chief U.S. Equity Strategist, believes we are entering a steep recession with tremendous policy response to follow. Raghuram Rajan, University of Chicago Booth School of Business Professor and former RBI Governor, discusses what India needs to do to combat the coronavirus crisis as the country locks down its population of 1.3 billion people. Carl Weinberg, High Frequency Economics Founder & Chief Economist, says we don't know the state of the economy of any major country in the world right now. Pavlina Tcherneva, Bard College Associate Professor of Economics, says the U.S. fiscal stimulus plan's focus on income support is the right thing to do. Jared Bernstein, Center on Budget and Policy Priorities Senior Fellow, says state fiscal relief is an essential missing part of congress's coronavirus stimulus package.

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Julian Emanuel, BTIG Chief Equity & Derivatives Strategist, says sellers are exhausted and a bottoming process is starting. Angela Rasmussen, Columbia University Virologist, says opening back up parts of the U.S. economy is a bad idea without further virus testing. Randall Kroszner, Former Federal Reserve Board Member, says the Fed's actions have been crucial in avoiding a financial crisis so far. Bob Crandall, Former AMR Corp. President, CEO & Chairman, says the government needs to make a public investment in the airline industry in order to keep it functional. Leland Miller, China Beige Book CEO, says the idea of a full economic recovery any time soon is nonsense.

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Peter Hooper, Deutsche Bank Global Head of Economic Research, says there is no question that the economy is going into free-fall in the near term. Mike Darda, MKM Partners Chief Economist & Macro Strategist, says the Fed is starting to get some traction as the central bank announces a massive second wave of initiatives to support the U.S. economy. Diane Swonk, Grant Thornton Chief Economist, says congress must act now to help all sides of the economy. Ben Laidler, Tower Hudson Research CEO, expects a lot more pain for the financials.

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Steve Wieting, Citi Private Bank Global Chief Investment Strategist, says this is a bad time to sell investments. Patrick Armstrong, Plurimi Wealth CIO, says earnings are going to be decimated for a lot of industries in Q2. Francisco Blanch, Bank of America Global Head of Commodities & Derivatives Research, says the hardest part of this crisis is not knowing the demand growth we'll get in Q2. Michelle Meyer, Bank of America Head of U.S. Economics predicts U.S. GDP will drop 12% in the second quarter.

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Jack Ablin, Cresset Wealth Advisors CIO & Founding Partner, explains why Modern Monetary Theory could be part of the fiscal and monetary policy response to the coronavirus crisis. Subadra Rajappa, Societe Generale Head of U.S. Rates Strategy, says I've never seen this kind of volatility in the treasury market. Nathan Sheets, PGIM Fixed Income Economist and Macroeconomic Research, says we should expect over one trillion dollars in fiscal stimulus within the next ten days. Sam Stovall, CFRA Chief Investment Strategist, says the Fed could reopen its arsenal activities used to combat the financial crisis of 2008.

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Gina Martin Adams, Bloomberg Intelligence Chief Equity Strategist, says signs are showing that a bottoming process has begun in stocks. Bill Dudley, Bloomberg Opinion Columnist & Former New York Fed President, says the Fed can do very little about the initial demand shock from the coronavirus. Carl Riccadonna, Bloomberg Economics Chief U.S. Economist, says the Fed is taking market stabilizing measures, but not looking to stimulate the economy. Frances Donald, Manulife Investment Management Global Chief Economist & Head of Macro Strategy, says the coronavirus has been a shock that has slowed down the U.S. consumer.

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Jane Foley, Rabobank Head of FX Strategy, says the Euro is currently giving misleading signs. Mike Wilson, Morgan Stanley Chief U.S. Equity Strategist, says we are headed for a global recession. Gershon Distenfeld, AB Co-Head of Fixed Income, says fear is taking over and in certain industries the economy is already shutting down. Randy Kroszner Former Fed Board Governor, says the fed is trying to get ahead of the curve.

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Julian Emanuel, BTIG Chief Equity & Derivatives Strategist, says the single most important thing that we could see as a sign of backstopping confidence in the financial markets right now would be a meeting between President Trump and Speaker Pelosi and Senator Schumer. Gina Martin Adams, Bloomberg Intelligence Chief Equity Strategist, says the market sell-off is sheer panic. Christian Schulz, Citi Economics Team Director, discusses the need to "socialize losses" as central banks and governments combat the economic fallout from the coronavirus. Gary Shilling, Bloomberg Opinion Columnist & A. Gary Shilling & Co. President, says we are probably in a recession already. Marcus Ashworth, Bloomberg Opinion Columnist, says the world is looking at the U.S. to do something big and soon.

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