While speaking, the E-minis jumped around from a net change of +10 to -15. By the time the President finished talking, the MINIs were -15 and kept falling after President Trump ended the conference. A couple hours later the MINIs were down almost -50.
President Trump tried to calm the markets and people's fears. Everyone I speak to thinks Trump did a fantastic job at calming people's fears. While I was listening to the same speech, I walked away thinking that critics of the President could have found fault. He didn't instill a sense that they were being aggressive, rather they had things under control and could sit on lawn chairs with a martini and see what happens. This is not what the President meant, but the E-minis took it that way.
In an honest attempt to calm people, Trump's speech may have come across as just another thing on Trump's “to do” list.
LOOK...his aggressive critics find fault in everything he does, but this speech lacked a sense of urgency on his team's part. President Trump assured everyone that the CDC is the best in the world and his administration is in control.
TRUMP'S MAIN POINTS
President Trump mentioned that “we're requesting $2.5 (billion). Some Republicans would like us to get $4, and some Democrats want $8.5”.
(my take: This was probably not needed to be said, though Senator Schumer has been criticizing the President about it all day. It is very sad when people's hate from any President overrides the desire for him to succeed. I am not a democrat or republican—I am an American).
"We're very, very ready for this, for anything, whether it's going to be a breakout with larger proportions or whether we stay at that very low level," Trump said.
"You don’t want to see panic, because there’s no reason to be panicked," Trump said.
Trump remarked about the flu: "The flu kills between 25,000 to 60,000 people a year—that was shocking to me."
(my take: From the very first day of this outbreak, I mentioned the same statistic).
President Trump did have one great point. He shut down flights from China quickly, though people are still sneaking flights in via way points. President Trump was accused of panicking and being racist. President Xi of China and the Democrats in DC were all pushing the President to keep flights coming in, but he refused. Yesterday, the CDC said that action by Trump has prevented a HUGE number of cases being in the US. Trump is not xenophobic like Joe Biden was claiming, and his actions were the right thing to do to protect US citizens over Biden and Xi's feelings.