1. With markets in turmoil this morning, where are we on virus stimulus? I’ve spoken to two senior admin officials today who say the WH is working on various ideas. But it doesn’t seem to have gone much further than the brainstorming stage.
2. A senior administration official tells me this morning virus ideas were kicked around at the WH over the weekend. But he cautions that there’s nothing on paper and it is still a long way off. “Under pressure, will they want to say they have a plan? Yes. Do they? Not really.”
3. How about global oil markets in distress? I asked a senior administration official if US government will intervene in any way in oil markets. He said “I hope not” and that he has not heard of any such idea. He said WH believes global markets will straighten themselves out.
4. The president has spent the morning tweeting insults and complaints at Obama/Biden, Elizabeth Warren, Bernie Sanders, Chuck Schumer and the media. He believes his political enemies are trying to inflame the coronavirus story to make it look worse than it is.
5. I’m told President Trump will be meeting with his economic team at the WH when he returns from his trip to Florida this afternoon. The team will present him with a “full menu” of economic options to respond to the virus.
6. A senior administration official tells me the president is aware of the stock market sell off this morning. “All of this is discouraging,” the official says of the market today. “It’s a tough one and we’re going to work our way through it.”
7. I asked a senior administration official if WH is contemplating any action on oil markets today: “I don’t know what to do,” the official said. “This is the Saudis vs the Russians. Obviously it’s a negative for our frackers. But consumers will like lower prices at the pump.“
