'You don't have to buy so much,' Trump said, urging against panic buying in the face of the coronavirus pandemic. 'Take it easy. Relax.'
"They have asked me to say, 'Could you buy a little bit less please.'" Trump said. "I thought I would never hear that from a retailer."from roughly 100 confirmed infections on March 1 to almost 3,300 on Sunday, according to data compiled by the World Health Organization, the Centers for Disease Control and Prevention and Johns Hopkins University.
The president declared a national emergency over the coronavirus on Friday, freeing up to $50 billion for states and U.S. territories to deploy to assist Americans affected by the outbreak., which have plummeted in recent weeks amid fears that the global economy is about to be thrust into recession as events are canceled and people stay at home. The S&P 500 and Dow Jones Industrial Average indices both entered bear market territory last week, ending 11-year bull runs.
The central bank said it will cut its benchmark interest rate to near zero and launch a $700 billion quantitative easing program, with purchases beginning on Monday. Trump, who has long pressed Federal Reserve Chairman Jerome Powell to take aggressive action to stimulate the economy, expressed delight at the move.
"It makes me very happy and I want to congratulate the Federal Reserve," Trump said. "I think that people in the market should be very thrilled."
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