● Reprogramming the American Dream: From Rural America to Silicon Valley―Making AI
Serve Us All
By Kevin Scott with Greg Shaw
Q&A with author (Scott) via The Verge
This week for our Vergecast interview series, Verge editor-in-chief Nilay Patel chats with Microsoft chief technology officer Kevin Scott about his new book Reprogramming the American Dream: From Rural America to Silicon Valley―Making AI Serve Us All.
Scott’s book tackles how artificial intelligence and machine learning can help rural America in a more grounding way, from employment to education to public health. In one chapter of his book, Scott focuses on how AI can assist with health care and diagnostic issues — a prominent concern in the US today, especially during the COVID-19 pandemic.
In the interview, Scott refocuses the solutions he describes in the book around the current crisis, specifically supercomputers Microsoft has been using to train natural language processing now being used to search for vaccine targets and therapies for the novel coronavirus.
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In recent weeks the moderate optimism on the US economic outlook has deteriorated—gradually at first, then suddenly. The catalyst, of course, is the coronavirus and the attempt to battle its spread—a policy that economist Paul Krugman describes as the economic equivalent of a “medically induced coma.” Whatever you call it, the blowback is severe and no one knows how it’ll play out or, more importantly, how the eventual recovery will unfold. Meantime, let’s consider some of the latest guesstimates for the Covid-19-triggered recession that’s roiling the American economy.

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Economic fallout stirs debate about when to reopen US economy: WSJ
Fed expands stimulus to support economy and markets: CNBC
European Union agrees to $540 billion rescue package for coronavirus: BBC
IMF chief: global economy set for worst recession since Great Depression: Reuters
OPEC deal on oil production cut in doubt after Mexico balks: CNBC
Mortgage rates near record low but securing a new loan is challenging: MW
US jobless claims continue to soar: CNBC
US Consumer Sentiment suffers dramatic decline in April: Bloomberg

The most important economic indicator at the moment has nothing to do with the dismal science per se and everything to do with how a certain health crisis unfolds over the days, weeks and months ahead. The elephant in the room, of course, is coronavirus data. In particular, the point where it peaks. Depending on the country, the timing (and reliability) of the peaking varies. Ultimately, a global apex is the main event. Unfortunately, the data is questionable and the future is unclear as ever. Not a great basis for analysis and forecasting, but it’s the only game in town. With that in mind, let’s take a brief tour of US data to see where we stand.

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Sanders quits presidential race; Biden becomes presumptive Dem nominee: Vox
NY Gov Cuomo: state beginning to flatten coronavirus curve: Newsweek
Will today’s Opec+ meeting stabilize flooded oil market? CNBC
Electricity data offers a useful real-time measure of the recession: NY Times
US jobless claims expected to surge again in today’s weekly update: CNBC
Coronavirus may not fade in summer, scientists warn: NY Times
IMF, World Bank report surge of aid requests from developing world: WSJ
Fed minutes show concern over coronavirus in March: Reuters
Bloomberg Consumer Comfort Index posts biggest weekly decline on record: BBG

This year’s tumble in stocks has left no corner of the world untouched, but China’s equity market continues to suffer the smallest decline on a year-to-date basis through yesterday’s close (Apr. 7) for the world’s major equity market regions, based on a set of exchange-listed funds.

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US faces uncertain path for restarting economy: WSJ
Incoming data confirms that deep global recession began in March: Bloomberg
US suffered highest daily coronavirus death count to date on Tuesday (Apr. 7): BBC
Trump threatens to freeze funding for World Health Organization: FT
Treasury Sec. Mnuchin seeks additional $250 billion in small business aid: CNBC
Acting US Navy secretary resigns: Politico
The recent bounce in oil holds ahead of OPEC talks: CNBC
Twitter founder Jack Dorsey pledges $1 billion to fight coronavirus: BBC
Ahead of coronavirus fallout, US job openings near 7 million: MW
US small business optimism fell sharply in March: NFIB

There’s been no place to hide for US equity beta strategies this year, but the distribution of pain varies widely from a risk-factor perspective, based on a set of representative exchange-traded funds. The factor funds with the softest haircuts year to date: large-cap growth, momentum and low-volatility. By contrast, the various flavors of small cap , along with mid-cap value, have suffered the most.
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UK’s Boris Johnson in intensive care with coronavirus: CNBC
Pelosi: next economic stimulus bill will be $1 trillion: Bloomberg
Cautious optimism on clues that Europe’s coronavirus outbreak is easing: CNBC
No coronvirus deaths reported in China for first time: BBC
Japan approves near-$1 trillion stimulus bill to fight coronavirus: Reuters
Fed, Treasury working on new policy for small-business payroll loans: WSJ
2-year Treasury yield bounces off of seven-year low:

After weeks of falling, broadly defined commodities rallied sharply last week (through April 3) and posted the biggest gain for the major asset classes, based on a set of exchange-traded funds. The first gain in six weeks for raw materials overall may be fleeting, but for the moment the rear-view mirror for this corner of markets is looking up.

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