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robert kaplan is the latest to it is firmly on hold.s is bloomberg. ♪ nejra: this is bloomberg "daybreak: europe." singapore will post's biggest budget deficit since 1997 to tackle immediate headwinds from the coronavirus outbreak as well as broader growth risk. spokeputy prime minister to bloomberg's haslinda amin. >> is because of our fiscal prudence that we had these large reserves come into use in this current government, and at the same time we also had our past reserves if we ever had to call on it, in which case we would need the approval of the president. but forthe government has been very prudent in the first few years of our term. dallas fed president robert kaplan is the latest to hese rates -- say that expects rates to stay where they are through 2020, despite risk posed by the coronavirus. the get fresh clues when fed minutes are released later. the market is not going to take up all the pricing for rate cuts over the next year from the fed. if things get worse, how much could the market bring forward the prospect of fed c

i want to point out that robert kaplan in the u.s., the dallas fed president, actually speaking witheporters in dallas in just the last few minutes. boeing it wasn't for the issue, as well as the coronavirus, how it will impact the u.s. economy, he talked about a hit to the economy. we will get to those comments. back to our guest david page in just a moment. first, let's get a global market check with kailey leinz. kailey: global equity markets keep grinding their way higher. ,ome optimism today on china but we have concerns about the coronavirus. right now, the stoxx 600 higher by about 0.5% in the european session. 0.25%, as is about the s&p 500. the index on its way to its best week since june. i want to focus on the nasdaq specifically. the nasdaq 100 is up 4.6% this week, on pace for its best week in 15 months, all the way back since november 2018. the stocks that have really led the way for the nasdaq have been the likes of biogen and tesla, which are each up about 20% in the past five days. the gains today come despite the fact that a lot of the chip stocks arles actually low

plus robert kaplan is here, he will join me to talk markets and the backdrop of the economy.. yes, you can stay in that, that's next hours on "mornings with maria." stay with us. ♪ it's surprising how the bigger a city gets... the smaller it starts to feel. which makes it even more surprising, how big it feels in here. with sliding rear seats... and more available second row legroom than say... a chevy suburban. this is the completely reimagined 2020 ford escape. ♪[ siren ] & doug give me your hand! i can save you... lots of money with liberty mutual! we customize your car insurance so you only pay for what you need! only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ market selling off cross the globe once again as coronavirus fears continue to grow u.s. markets now oish officially in correction territory meanwhile, that means they are down 10% from highs, they are extending the losses this morning, ahead of the open, but the market is well off the lows, this morning. overnight dow down 677 points right now dow futures down 151 nasdaq futures down 52 s&p down

will: robert kaplan address the economic outlook at the university of texas 2:00 p.m. london time. front, they continue unabated. twitter, philip morris, t-mobile, and many more. we have our macro strategist laura cooper still with us. i was saying to somebody yesterday, we had the market putting on almost 3% in the last couple of days. the momentum is clearly on the eco-front, isn't it? >> absolutely. like esau, we saw -- like you said, we saw ism's to the upside. we expect payrolls to have an upside as well. this continues the theme of u.s. exceptionalism playing out in the equity market. nothis stage, there does appear to be a catalyst in the near term to proudly pullback in u.s. equities, but at the same time but are due for a pullback. it is trending within the top of the range since 2013. clearly, is going to be difficult this expansion to propel higher. nejra: does the idea of exceptionalism build a case for the dollar? >> it's interesting. when we saw fears come in, we did see haven bids support the dollar. but yesterday, the dollar continued to extend gains on the back of

what presidents have been saying over the last couple of days, most recently dallas fed president robert kaplansemiannualhe monetary policy released today. anything that doesn't come up will be addressed next week in jay powell's testimony on capitol hill tuesday and wednesday. just some of the headlines, the coronavirus may lead to disruption spilling into the global economy. foreign political and economic develop and pose a risk to the united states. the global slowdown in trade and manufacturing is nearing an end. i think those are the three major headlines from this semiannual report. let's check u.s. markets now because they have been dominated by the nonfarm heroes report today, and maybe some earnings -- nonfarm payroll report today, and maybe some earnings. the s&p 500 is down 0.4%. the dow is down 0.75% right now. there's only four components in the dow higher. itself is the worst performer. , 98.53ger dollar today for the dollar index today. the 10 year yield is 1.58%. guy: you could maybe get the idea that there is a greater potential for it to cut, which in theory, could be good for

charles: dallas federal reserve president robert kaplan pouring cold water on reports of more rate cutsis year. in spite of the market expecting multiple rate cuts. kaplan is keeping a close eye on the coronavirus he is not seeing anything to alter the fed's path yet. to discuss, former fed visor, danielle dimartino booth. danielle, i continue to say, everyone except perhaps powell miss the threat of inflation. the fed is in a panic. they will have to cut-rates deeper and deeper. they just can't reach the 2% target. >> no, they haven't been able to reach the 2% target based on inflation gauge they use, charles, for years. i think they will indeed have to continue cutting rates. more importantly the market has priced in more than one rate cut in 2020. and the fed has yet to ever defy market expectations of a rate cut if it is fully priced in. if they do defy market expectations it, comes right back to bite them in the form of declining stock prices which is the last thing they want right now. >> i thought about you yesterday, yesterday or this morning, christine lagarde, central bank ope

barry: robert kaplan was talking about this before the proliferation of the coronavirus .ding the balance sheet is not free. that all faded into the background when the coronavirus heated up, but here we are at equity market highs. it looks like that risk is trying to dissipate, then you may get other fed governors talking about that risk and financial stability concerns. for me it is a market movement. i would agree with where mike was going -- the fed was never going to cut this year. taking those cuts out of the market could be a market event. i would also add one final point, which is the amount of convexity in the fixed income market is as large as it has qe3 purchases of mortgages, when they basically fought the mortgage market and not hedge the mortgage prepayment risk. they have now returned 300 billion dollars in mortgages to the private sector. much like we had a 50 basis point drop in august that quickly reversed in september, if the coronavirus is to dissipate, you could see all of those desks that are long, all of the mortgage prepayment risk just hedged simul

it is just like robert kaplan.re is a cost to all of the stimulus, and we just don't see it yet. mike: the thing i fear from a commodity standpoint is it is going in the direction of the path of least resistance. look at natural gas today. you have this force majeure with it is down today. you've got things like copper and crude oil that just made multiyear lows. we had a good reason to go down, but the force is still deflationary trends. the stock market is great, but how long does that last? alix: what do you do? what do you buy? sarah: you look for stories where underneath, you have some underpinning of valuation that you feel comfortable with, which is very difficult to find. you see these pockets were stocks get hit hard on small things. qualcomm is down this morning. that doesn't look so bad. so you can say this is a bit of a problem, but i've got dividend yield and other stuff going on. we are trying to stay away from things that are so highly valued that everything has to continue to go right, but those sto

stuart: robert kaplan is the fed governor, told maria moments ago, he said look, this virus will hurt america's economy and that is a factor in deciding whether or not the federal reserve cuts interest rates. i think you can build an interest rate cut very firmly into this market. when it comes, i have no idea but i can't see how the fed can walk away from a rate cut at this point. look, that's not going to solve the supply chain problem with china. obviously not. but it would be designed to not exactly put a floor under the market but help the market. lauren: we haven't heard from the fed. we haven't heard from the ecb yet. and the bank of korea did nothing. when we are talking about central bank policy, where is it? it seems you could make your argument what do lower interest rates even do at a juncture like this, but we haven't heard any coordinated response. maybe that's what wall street needs right now. stuart: negative interest rates have not helped europe. ashley: not at all. stuart: what have you got from secretary of state pompeo? ashley: he said the united states has offered

robert kaplan said we'll wait and see by the time the meeting comes around. neil: yeah, i don't know. to your point, the confusion persists. thank you very, very much. >> thank you, neil. neil: it's hard to follow so we just go by what's happening in the stock market, the futures market and over at the cme. we've got jeff flock, we've got phil flynn following that. again, gentlemen, jeff, begin with you, this expectation that no matter what kaplan and some of these others are saying, the market seems to be betting that we will indeed see a cut in rates next month. reporter: exactly. we have not only got the march now pricing in 100%, we've got some of the other months pricing in as much as half or three-quarters. do you buy that? >> you know what, i think it's too early to say. i think the fed officials have got it right. what they are saying is hey, guys, in the pits, you are panicking right now and it's probably more fear than reality. we are hearing that from a lot of places. reporter: you and i don't agree on a whole lot, but we do agree probably that thi