US President Trump and COVID-19 Task Force presser

With 31,000 coronavirus cases in the US and rising, the US is now third-placed highest epidemic in the pandemic. As part of a daily press conference, President Donald Trump is currently speaking accompanied by the COVID-19 task force. 

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Key comments

• The hidden enemy is a terrible thing that is going on.
• Working with Congress to supports small business and individuals. 
• The goal is to get relief as quickly as possible. 
• The economy will skyrocket.
• There is pent-up demand.
• We will win the war. 
• US President Donald Trump says US marshalling every resource available to fight 'Chinese virus'
• Trump says important that Americans follow federal guidance on social distancing.
• Trump says has approved new york, Washington requests for major disaster declarations; will approve California request soon.
• Trump says US marshalling every resource available to fight 'Chinese virus'.
• Trump says 'we are enduring a great national trial'.
• FEMA administrator Gaynor says US medical ship mercy will be in Los Angeles within a week.
•  Trump says favors allowing members of congress to vote from an outside location on temporary basis.
• Trump says he is considering releasing elderly non-violent prisoners from prison.
• Trump says members of congress are close to getting a deal done on stimulus package to stem coronavirus' economic hit.

Vice President Pence

• US Vice President pence says 254,000 Americans have been tested for coronavirus under the federal program; slightly more than 30,000 tested positive; figures exclude local tests.
• Backlog in COVID-19 testing will be gone by middle of the week.
• Says federal guidance is that all commercial labs should prioritize inpatient testing.

Market implications

CBOT 10-year US Treasury bond futures jumped as trading resumed today, with the implied yield falling to 0.67% as economic impact of coronavirus looks more dire. The US dollar is pulling in a bid on safe-haven flows coming within 1 pip of the 103 handle last week. Today, DXY stands in the 102 handle. Meanwhile, US Stock Futures Fell 5% and hit limit down.