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President Trump shows off a COVID-19 test kit by Abbott in the Rose Garden yesterday. Photo: Win McNamee/Getty Images

Scenes out of New York, including bleak hospital images played on Fox News, struck a nerve with President Trump and caused him to drop his aspiration of reopening America by Easter, senior administration officials tell Axios.

Between the lines: By the time the president's medical advisers showed him modeling on Sunday of predicted deaths, emotional and economic factors had been bearing on him for days.

  • Treasury Secretary Steven Mnuchin also played a key role, according to two sources familiar with the conversations.
  • Mnuchin told Trump the Fed's actions and the $2.2 trillion congressional rescue bill would sufficiently cushion the short-term blow once the money gets into people's hands.
  • Mnuchin's message, according to one of those sources: "If you’re going to put more than $5 trillion out in a quarter, you’re going to make up for enough of that activity."

The distancing extension became, in Trump's mind, less risky than rolling back the guidance, even though he remained fixated on the economy and the stock market, according to another source who spoke with Trump.

  • The source said Trump had already signaled to the market that he's willing to spend whatever it takes to keep the economy afloat. And he's already signaled strongly that he doesn’t like the idea of an extended shutdown.
  • "Better to overextend now and reopen sooner than people expect," the source said. "The fact he’s already signaled he doesn’t like it and [the stimulus] act passed seems enough for the market."

Anthony Fauci and Deborah Birx, his top medical advisers on the virus, made presentations in the Oval Office on Sunday.

  • Birx showed a few slides and shared with Trump the modeling of predicted deaths that he disclosed shortly thereafter in his Rose Garden press conference.
  • That meeting was set up as the official "decisional" meeting, aides said. And the stats left a dramatic impression on Trump.
  • But the New York scenes on TV had personalized the situation. And Mnuchin's input had convinced him the safer course was to give the shutdown more time.
  • So Trump's mind was already made up. It was a very short meeting.

Go deeper

Erica Pandey, author of @Work
1 hour ago - Economy & Business

What's really going on with the labor market

Source: YCharts

The labor market is showing some signs of improvement: Jobless claims fell to 730,000 — a dramatic drop from 841,000 the previous week. And the latest jobs report showed a pandemic-era low unemployment rate of 6.3%

But, but, but: That's not the full story, experts say.

Felix Salmon, author of Capital
1 hour ago - Economy & Business

Markets see rare convergence milestone

Expand chart
Data: YCharts; Chart: Axios Visuals

A milestone was reached in the markets Thursday: The yield on the 10-year Treasury note rose to match the dividend yield on the S&P 500

Why it matters: The two yields have been inverted since the beginning of last year, which is historically unusual.

Mike Allen, author of AM
2 hours ago - Economy & Business

First look: Business puts muscle behind Biden

Business Roundtable, the voice of America's top CEOs, today launched "Move the Needle," a campaign to support President Biden in rolling out COVID vaccines, increasing vaccine uptake and encouraging masks.

What they're saying: "Masks and vaccines are working. Now is the time to keep at it, overcome pandemic fatigue, and double down on the measures that will end this public health and economic crisis, said Business Roundtable president and CEO Josh Bolten.