Hello and thanks for joining part two of this special edition of Thoughts

in the Market. I'm Andrew Sheets, chief cross asset

strategist from Morgan Stanley, and today I'm joined by Matthew Harrison,

managing director and equity research analysts from

bio-technology at Morgan Stanley.

We're picking up our conversation and we'll be discussing how America goes back to work, what

we think that return to work and return to

normalization the economy means for the markets, and what's in the pipeline at

biotechnology companies to help combat the disease. Matthew, good to have you back. Yeah, thanks for having me

back, Andrew. A question for the markets, a question for a lot of people. I think

everybody's asking, when will life return to normal? When will I be able to go back to

work? When will I be able to go back to the when will I be able to go back to the store and you and Ellen Zentner worked very closely on our

Economic forecast could you talk a little bit about how you and Ellen approach that question of thinking about what the return to work would look like and the important kind of considerations that one needs to make around that.

Yeah, it's not a question we've had to tackle before either.

I think I sort of thought about it in three groups of things, obviously aided by the way,

Ellen and the economists, you know, think about it, which is, so the first thing is,

when do we get to peak?

And so I define peak as when you start to see sustained declines in day over day

new cases.

Then the next thing is, and I think this is important to note that on average

serious patients are in hospital or the ICU for about 21 days and so for that reason mortality tends to lag peak cases by about 20 or 21 days and so the

second thing is I think it would be difficult for governors to dramatically reopen the states if the

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