Pandemic “Peak,” Faster Testing, Uber’s Lost Rides

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 16 March 2020

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

As global fears of the spread of coronavirus mount, the Federal Reserve slashes rates to stave off a recession, we get analysis from CNBC's senior economics reporter, Steve Liesman. Former FDA Commissioner Dr. Scott Gottlieb says he believes the coronavirus will peak in the U.S. from around late April to early May. Swiss drugmaker Roche has the first commercially available diagnostic test to treat COVID-19 that can deliver results in just over three hours, we hear from CEO Severin Schwan and how he is addressing demand. Plus, Uber’s CFO Nelson Chai discusses a series of measures aimed at mitigating the effect of Coronavirus on its workers.

Transcript

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0:00.0	This is
0:02.0	This is Squawk Pod. I'm C. NBC producer Katie Kramer.
0:05.0	Today on our podcast,
0:06.0	The Federal Reserve slashes rates
0:08.0	to stave off a recession in the face of the global coronavirus threat.
0:12.0	Life in America is changing as government... face of the global coronavirus threat.
0:13.0	Life in America is changing as government at every level
0:16.0	takes drastic and unprecedented steps to slow the spread of the pandemic.
0:20.0	The race for quicker diagnosis will hear from the CEO of Roche on a COVID-19 test that can deliver results in hours.
0:27.0	And the impact of a halted economy to the gig economy, Uber's chief financial officer joins us.
0:33.3	It's Monday, March 16, 2020, Squack Pod begins right now.
0:37.6	Stand Becky by in three, two, one, fuel brief.
0:41.8	Good morning, I'm Becky Quick here at
0:43.3	C. M. C. C. C. C. C. C. C. C. N. And Andrew Sorkin are
0:46.0	live at the NASDAQ market site in Times Square.
0:48.7	On Sunday, the Federal Reserve took emergency action, cutting its benchmark interest rate by 1% to near zero.
0:56.0	In an aggressive effort to stabilize markets, the Fed also announced that it's buying $700 billion in Treasury and mortgage-backed securities. This action is part of a plan
1:05.8	to restart quantitative easing, a program that helps the Fed shore up the economy during the 2008
1:11.6	financial crisis. Another move out of 2008 financial crisis.
1:13.0	Another move out of the financial crisis playbook,
1:15.4	the Fed and other central banks cutting prices on their swap lines,
1:19.2	essentially making it easier for financial institutions around the world to access U.S. dollars.
	...

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