Kevin Hassett is returning to the White House to advise President Trump through the severe economic fallout from the coronavirus outbreak, the former Trump official tells PoppyHarlowCNN.
US stock futures are pointing to a higher open after the market ended in the green on Thursday. Is this the end of the brutal coronavirus selloff?has fallen nearly 29% since its latest peak on February 19 as investors grappled with what the pandemic would mean for the economy.
Things certainly seem to have calmed down at the end of this week, helped by the Trump administration's $1 trillion economic relief package, promises to bail out battered airlines and clearer messaging on how to fight the virus.Three conditions need to be met for the market to settle downVisibility on the scale of the outbreak and evidence that infection rates have peakedConfidence that financial markets are functioning properly.
Progress has been made on #2 and depending on how next week goes, #3 could be in the cards. But the first, and most important point, is still a big question mark.
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