At Jackson, we've created a digital retirement planning experience with you and mine.

Visit jackson.com to explore our easy-to-understand resources and user-friendly tools

that are designed to enable financial professionals and clients to plan a path to financial freedom.

Jackson is short for Jackson Financial Incorporated, Jackson National Life Insurance Company, Lansing, Michigan,

and Jackson National Life Insurance Company of New York, purchase New York.

Please stay tuned for important disclosure information at the conclusion of this episode.

Hi, and welcome to the Longview. I'm Jeff Battack, Chief Ratings Officer for Morningstar Research Services.

On this week's episode, we'll feature some of our favorite clips from interviews we've done with

portfolio managers. We'll start this best of episode on an obvious subject, the COVID-19 pandemic.

When we spoke with Alianz's chief economic advisor, Moh Muhammad Al-Aryan, in March 2020, the

public health emergency had triggered a full-blown economic and financial crisis.

At that very front moment, we asked Dr. Al-Aryan what he thought the correct fiscal and monetary

policy response was.

And here's what he had to say. Sub I've differentiated between monetary policy and fiscal policy.

I've argued that monetary policies should aim at addressing market failures.

And the most efficient way of doing that is by targeting them directly.

And that's why the series of emergency funding windows that have

been introduced for commercial paper, for the money market sector, and others are absolutely

essential. I've argued that cutting interest rates now will not do very much, that the time will come

to provide an interest rate cut. but let's not use the scarce tool

we have right now. And as you see, the 150 basis points cut actually was got a thumbs down

from the marketplace, a thumbs down despite that, because people realize very quickly that lower interest rates are not going to help

...