White House economic adviser Larry Kudlow wanted to calm the markets after the shares collapsed on Thursday on news of a projected second wave of coronavirus claiming “there is no other wave.”
“I’m not a health expert, but on the so-called spike last night I talked to our health experts. They say there is no other sting, let me repeat that, there is no other sting. And that – Sec. Mnuchin said in testimony yesterday and I completely agree that we will not shut down the economy, ”Kudlow said during a speech at Fox News on Friday.
After fearing an increase in the number of coronavirus cases, U.S. stocks sold out the sharpest in three months. U.S. stocks rose Friday at the opening of the bell.
But Kudlow seems to have objected almost immediately, saying some places are worse – though he was quick to say the Trump administration had solved it.
Kudlow continued, “What you have is that certain places see a bit of a jump up.” Let small urban areas see it. The CDC and the health people are all about it – they sent some working groups to deal with the team. You know, today we have better equipment, a lot more experience, a lot better testing. I mean, just testing has jumped, so you’re going to get a little more positivity from that. But if you look nationally, the growth rate of new cases between 0 and 1 percent is important. It’s really flattened, and when it comes to deaths, it’s the same, it’s actually lower than that, it’s equal to zero to half a percent. “
What we know about the virus: Although the new case rates are not growing significantly so far, out of five states, there has been an increase in cases since Friday. In many states hospitalizations are also increasing, is an indicator of people seriously ill with Covid-19.
Kudlow also suggested that Dr. Deborah Birx – who is mostly quiet and away from the cameras – could be seen on Friday, but it is not clear how or when.
“If I can calm my fears, I’m not a health expert again, Amb. Maybe Birx will be out later today. Regardless, there’s no emergency, there’s no other wave. I don’t know where it started on Wall Street,” he said.