Today, I'd like to discuss where we are in the coronavirus crisis and what that means for the economy and markets. We’ve seen significant progress in terms of the virus, with the daily case growth rate dropping below 4 percent for several days in a row. Further, the number of tests given has risen from about 150,000 to 300,000 per day. As we turn to the economy, the news is more of a mixed bag. Jobless claims are still very high, although this damage may have started to peak. Plus, with measures like the Paycheck Protection Program and stimulus checks, both individuals and businesses are getting some much-needed relief.

Today, I'd like to provide an update on the coronavirus crisis, including its effects on the economy and markets. With regard to the virus itself, we’re seeing signs of progress. This week, the daily spread rate dipped below 5 percent, and the number of new cases per day started to stabilize. With this good news on the pandemic front, the focus is shifting to how to reopen the economy. Here, the news is not as good. With more than 22 million jobs lost over the past several weeks and many businesses remaining closed, the damage is mounting.

Today, I'd like to look at where we are in the coronavirus crisis, including the economic and market implications. As the virus continues to move across the country, we can expect April to be a tough month. At the same time, there has been some positive news regarding the pandemic itself. The spread rate has dropped significantly over the past week, demonstrating the measures we’ve put in place seem to be working. But on the economic side, the news is not so good. We’ve lost more than 16 million jobs in the past three weeks. On top of that, both businesses and consumers have started to pull back. Fortunately, government programs are now being implemented, which may help mitigate the damage in the weeks ahead.

Today, I'd like to provide an update on the wide-ranging effects of the coronavirus pandemic. With case counts continuing to rise, we may be entering into the toughest phase of the crisis. Although there are signs of general improvement, including a slowdown in case growth, the economic damage is mounting. More than 6 million people lost their jobs in the past week, bringing the total number of jobs lost thus far to around 10 million.

March was a terrible month for the financial markets, with the coronavirus driving the volatility. In the U.S., markets were down by double digits. Further, the economic damage began to emerge, with three million jobs lost in a week. In response, the government quickly stepped in with a $2 trillion stimulus package. The markets took comfort in these measures, showing a slight bounce at month-end.

Today, I'd like to provide an update on the coronavirus crisis, including how it has affected the economy and financial markets thus far. While case counts have gone up, the growth rate (a better indicator) has started to trend down in the U.S. Unfortunately, the economic damage has just started to appear, as evidenced by the three million new unemployment claims last week. The government has stepped in with a $2 trillion stimulus package, a move that led the markets to stabilize.

Today, I'd like to share my framework for thinking about the coronavirus crisis, focusing on the virus itself, its economic effects, and the market implications. Viewed through this lens, it seems the virus is controllable, as seen in China and South Korea. Further, the widespread panic has been a positive, enabling governments to put effective restrictions in place.

February was a tough month. Both U.S. and international markets dropped sharply at month-end, as the coronavirus continued to spread across the globe. While the declines are worrisome, previous outbreaks, like Zika and SARS, have resulted in similar outcomes. As such, the markets’ response to the coronavirus can actually be considered normal.

The year started with a slight setback, with both U.S. and international markets down. Some of this poor performance was driven by fear over the coronavirus. Although the virus is something to watch, it's not likely to be a long-term risk. Indeed, economic growth in the U.S. has been steady, and business and consumer confidence have improved.

We closed out the year and the decade on a burst of strength. December was a great month, and it capped a great 2019. U.S. markets were up more than 2 percent and, in some cases, considerably more than that. For the year, they were up more than 20 percent. International markets also had a strong year. In December, job growth came in much better than expected, continuing a trend that has more and more people joining the labor force. For the ninth month in a row, both income and spending went up. The housing sector did very well, and there’s a lot of confidence baked into that. So, December was a great handoff to 2020.