Eligible for the program in terms of the money amounts, things like that, by opening it up to more people. I really appreciate your responsiveness, thank you. Madam chair, with that i will yield back. Thank you, mr. Styers, a youre a recognized for five minutes. Thank you thank you, madam chair thank you, chairman powell, for your testimony and your willingness to be so accessible. I want to thank you for everything you are doing during this crisis. I think your actions have prevented this from getting much worse. I take your answers pretty seriously about what we need to do for people who are still impacted by this crisis. Particularly people who are still see unemployment we need to try to help them. You just answered a question a bit just a couple things, i think with the unemployment insurance, i think its important to keep in mind that some of the jobs are not coming back soon, but those jobs in those areas where travel accommodati accommodation, restaurants, bars, things like that, those people are going to have a hard time finding a job so i think better to keep them in your apartment, better to keep them paying their bills, and this is a Natural Disaster you know, this isnt their fault, and i think we should find ways as a country to support those people and let them through this difficult part of their lives i think many will go back to work the other thing i will mentioned is state and local governments do provide critical services, and we know what happens when they cant run deficits, so theyre already doing that i think thats another one, and the last thing ill say is absolutely Small Businesses, you know, we dont want to lose any more Small Businesses than we absolutely have to here. You know, they are the beating heart of the economy, and so i just think those are three areas i would point to can i also just take a second to say, i was very, very sorry to see the news about andy barrs wife this morning. Hes a happy warrior, a wonderful man. I know we all feel terrible about it, and hes in our prayers. Thanks for bringing that up, mr. Chairman theyre great friends, and were definitely keeping the family in our prayers. I know andy said this morning, his number one job is being a dad to his two daughters who now have lost their mom. Were keeping him in our prayers. I really appreciate you bringing it up. I do want to follow up on something you just talked about. We did include on money to be used only for covid respond. I hope we will untie the strings on that money to start and see if local governments and state governments need any more money. Im not going to ask you to comment on that, but i hope well do that in the spirit of the second part of your answer obviously we want to focus on those who continue to be unemployed, and i really appreciate it. With Interest Rates at a near record low, another thing we could do for our state and local governments, our knew any pal governments to allow refunding, in the Capital Markets i dont know how the Capital Markets would respond to that, but its another thing that i hope we will do, and i thought i would bring that up, sing you just mentioned the importance of state and local governments. I wont ask you to comment on that, because frankly its not in your purview. It was noted that the Life Insurance industry has been adseriously affected by a number of factors caused by the covid19 economic situation, including that near zero Interest Rate environment i just brought up do you think the near zero Interest Rate environment is a big impact on our insurance folks . And is there what help do you think we should give to make sure i dont know that its any kind of aid, but obviously we want to help people nearing retirement and help people that are savers what can we do to impact that, knowing that the Interest Rate probably will not go up any time right away you know, the Life Insurance industry is challenged by low Interest Rates and theyve had a lot of practice the last decade or so. They do come in highly capitalized, and i would say a strong recovery is what that Industry Needs thats what were going to work on thank for your time, mr. Chairman i yield back, madam chair. Thank you mr. Lynch, you are recognized for five minutes. Thank you, madam chair. I want to say, i appreciate you, mr. Chairman i appreciate youre in there swinging youve been helping us on the unemployment youve been helping us on trying to get some of this money out to main street. Im very happened to see your revisions recently on the main street lend iing program. It was a million, a million first, now down to 250,000 i think thats much more in the reasonable range for some of our Small Businesses i do appreciate that that, you know, the payback period has been expanded out to five years and, you know, for participating banks, you also had a 15 still in the game factor for some of these participating banks that i thought probably made the program unattractive to a lot of our local banks, but you got that down to 5 . Well have to wait and see if thats sufficient, but i wanted to thank you for that. The question i had is, we had a financial fintech task force, where the subject of fed accounts, the idea of establishing fed accounts, banksly having the fed do for the unbanked what they do right now for banks, to give them access, to give them accounts, and to tie them into the economy i think if facebook can provide access to 2 billion daily users a day, i think maybe the fed could accomplish maybe 5 of that you know, it would be requires the for what the thoughts are on the fed account idea, and if theres any other way that we might address the gap that still exists between some of our the underbanked areas. Is there something that the fed can do to close that gap thank you as you pointed out we can only offer bank account for depository institutions. I would worry what would happen to the rest of our Private Banking system an awful lot of people would opt to keep their personal money at the fed, then who would do the lending . It could kind of hurt our intermediatuation process. In terms of the underbanked, though, what we do is work under cra to include financial inclusion, we also enforce the fair credit laws to some extent. Those are some things that we do now, you know, to address the the depository institutions as well, they play a big role in doing that they have a great deal of outreach in their interaction with those institutions which are active in the communities that really need the help. Well, i do think that with the change in technology, you know, drifting away from, you know, brickandmortar, moving to mobile banking, i think it presents some opportunities weve nod had in the past. I would just ask you to treat it with the level of attention we would if the banks are in trouble. Im asking we are asking you to do something that you werent designed to do, but i think the circumstances and the technology now give us an opportunity to do smog it may not be changing the feds traditional role but i yield back mr. Tipton, you are recognized for five minutes. Our thoughts and prayers certainly go out to his two daughters today. We appreciate you again taking time to be here. Chair powell, weve heard a lot about the impacts that were having the economy, and appreciate the efforts certainly that you have made to address some concerns. Actually it was appreciative to be able to see the main Street Lending program was up and running this week. We are having some concerns that are being expressed. Under the terms and conditions that they may actual ledee terr some potential borrowers, entire segments of the market and participating in the program, and the hotel industry, weve talked about tourism this morning, for example, its been one of the hardesthit sectors during the pandemic, but they may not have great access to the mslp i know you have heard a lot of concerns out of congress about the Tourism Industry standpoint, i do believe its worth repeating, certainly a great impact with the updated guidance as we monitor participation in the program. So some of those companies should be able to our facilities is open to any kind of economy, that would include the ones you mentioned some of them should qualify, i would think, under our existing standards. Those that dont, we want to understand that. If there are ways to adapt and, you know, well absolutely look at that. One thing we are looking at, as i mentioned, is some kind of an assetbased lending. So i think we were hearing this a lot from about those sectors, and its something that we are looking at. I do appreciate your comments on that. One of the things weve seen out of u. S. Treasury is flexibility, as noted throughout this conversation were in uncharted waters, something that none of us had fully anticipate d keeping the job created and the viability the finance reporting covenant required may participation in particular in terms of the requirement costly for smaller applicants, who dont currently have the infrastructure in place to be able to create complex quarterly filings. Could you explain why the fed chose to be enhanced reporting requirements in place, and do you anticipate potential adjustments as you monitor the borrower Participation Rate and program . You know, we we cut back the Financial Reporting requirements in the last few weeks before we were going live here, just for that purpose. We thought we had cut them back sort of close to the bare minimum of what we would need to monitor the performance of a loan at all. If we misjudged that, then we want to know well be getting that feedback thats feedback that we want to get. You know, were trying to make that process as userfriendly and as easy and automated as possible i thought we certainly tried to address that specific problem. If we didnt quite get that done, thats very useful feedback. Thanks, and one thing, as we enter this crisis, we step back three months, i think in conversations that we had, you had noted that banks were well capitalized. Is it still your sense that our banks are well capitalized i think we have seen them on the front lines to be able to get that out i do appreciate the comment in terms of the examinations, by the way, the understanding that our banks have been challenging situations, but in terms of the capitalization, we still see the banks well capitalized yes, i do banks have been generally a source of strength here. They have taken on deposits. They have gotten from a lot of forbearance to individual and business customers, and, you know, theyre making loans were in a whole lot better shape to face this situation than we were to face the last situation, as in 8 and 9 where the banks were at the sort of the problem here thats not the case here. Thank you i used back, madam chair. Mr. Phillips, you are recognized for five minutes. Thank you, madam chair and chair powell i too want to add my condolences to andy barr and his children. I grieve with them, as we all do chairman powell, i know youre not here to been a prognosticator but could you please share with the American Public what households should expect in the months ahead the way i look at it this, you it three stages, first was the shutdown, we know what it looks like, and a lot of people working from home, many, many people being laid off. Weve been through that, thats sort of the second quarter, and i think were now probably in the early stages of the second phase, which is call it the bounce back, the beginning of the recovery i do think, assuming that the virus remains, you know, significantly under control, you make that assumption, what we could see is, you know, companies opening up again, workers going back to work and we should see positive data coming out and the economy starting to reopen thats what you should see during this phase. I think most forecasts,o just about all forecasters then see a third phase where there will be some parts of the economy that struggle to recover. Those are the ones where people get close together to be fed or entertained, you know, in all those areas were talking about. That area will take a while to recover. Its going to take the public a while to gain confidence that its safe to engage in those activities, and theres a lot of workers who work there theyre going to need support, theyre going to need help, and i think its i think thats the way i see it, but i think we the incoming data suggests that were at the beginning of that phase of recovery, reopening and expansion. You know, thats the road we need to get on the road and stay on the road. Before you know it, things will feel a whole lot better. Mr. Chairman, im sure its fair to say that consumer psychology will change, consumer psychology is going to change in perpetuity im sure you have given that some thought what could we be thinking about as we move forward you know, in the meantime i think the focus should be getting through this critical phase, possible makers, what hell i think longer term they see are interesting questions. It does seem very likely that people have learned that for certain jobs, you can do them anywhere i guess we kind of knew that, but now we really know it. Its going to happen with people in a lot of industries thatcan really do jobs from home if they want to, or a particular place of work our from another state the technology haz really moved to a place where you can do Amazing Things we didnt have to do before. This Conference Call is not something we had regularly done, and its becoming very routine, the technology is Getting Better theres still glitch also, plenty of glitches here at the fed on these things, but i think in a lot of ways its accelerating exists trends so thats something worth thinking about. The main thin is what are we going to do . Were not thinking about putting down our tools for a long time. Mr. Chairman, with that in mi mind, you advised you to go big and we have. Or debt service on an annualized basis over 400 billion a year do you have concerns about our ability to manage that, to pay that bill, if you will, moves forward . Any counsel and guidance you might share with we lawmakers, as we contemplate some degree of fiscal responsibility moving forward. First of all, i think congress did go big, it has gone big, and i think its been appropriate and i think it will be welljudged over time. In terms of the national debt, i think the time will come, when its time to return for the concerns of fiscal sustain ababe its not something we flip a sip and really go into different times. Its really ideally what you do is you get an economy thats growing faster than the debt, and you stay on that path for a long time. Well need to get to that, and we will. Thank you, mr. Chairman i yield back thank you, madam chairman, my prayers also go out to andy barr mr. Chairman, previously, when you have come before or commit year, we were talking about how we continue that we all were experiencing id like to focus on getting back to where we were. As you know, im one of those that believes we could have growth in the Fourth Quarter i feel pretty good about that, what do you think needs to be done to support these main street businesses as they attempt to remain viable as the lockdown across our country ends. As the lockdown ends and the economy reopens first we need to do it in a Sustainable Way that goes with a fast reopening. That goes with a successful reopening. I think we need to keep our foot on the gas and based upon the recent shutdowns in phasedin recoveries there are many borrowers that could return to profitability, so mr. Chairman what steps are being that ento assure the regulators are taking a reasonable approach . Essential, it boils down to guidance that we want you to work with we want the banks to work with the borrowers we dont want to be, you know, on a hair trigger to classify loans or call in troubled loans. We want to look at it as an unusual situation and be thoughtful about our jobs. I know, were doing training so also, by the way, we have encourage encouraged. Requests the atlantic quest had a article about the looming collapse this time we may not be able to save it. The point of the article was to compare the threat that collateral loan organizations pose to the Financial Institutions in a similar way the mortgagebacked security did. Do you think that the threat of clos is properly accounted for i dont think thats an appropriate comparison. With with the clos, we have really good information. We stress them, and we know what the losses would be coming out of that. The one weve been monitoring thank you for being here today. I have a lot of respect to for what youre doing. Thank you for your hard work. He used my time back ms. Maloney, you are recognized for five minutes. Thank you. Can you hear me . Yes first, i want to join mice colleagues in offering my condolences to andy and his phenomenon now id like to welcome back to the Committee Chairman powell. I hope you dont take your foot off the gas and continue to be aggressive the fed does not a position that almost all fomc members supported. Theyre being cautious about the damage going forward, so i want to ask you, would you continue to hold Interest Rates as zero until 2022 even if conditions improve in other words, what would cause you to change your position until 2022 thats actually not a committee forecast what that was is that was evident we have said we would keep rates where they are until we are confidence that the economy has weathered the conditions and well on its way to recovery. Were thinking this economy will need support through an extended period of time this is the largest economic shock to hit our economy in living memory, and also without any precedent, it looks like the deepest recession. It may not turned out to be a long one but the road back we believe will take time and well be there to fully support this economy. Where we were were a low and moderate we want to get back to that as soon as possible and well be using our pools to do so. Thats fed chaired Jerome Powell testifies in front of the House Financial Services committee today, the second day of his testimony since he began speaking, the dow that is drifted up slightly, but not materially show. Theyre on track for the fourth day of gains the nasdaq is lead iing lets bring in Steve Liesman for some highlights of what we have heard today. Steve . Yeah, kelly, i think it was an interest time to jump out where you really heard powell summarize policy, and really two days of testimony stick to that assessment and that explanation and do so in a way where hes garnered by partisan support you have to miss the republicans from the 0809 crisis who complained about the size of the Balance Sheet. Theyre gone, everybody is on board. Very quickly three things Corporate Bond performing at the bottom end of the range, because that market powell feels is functioning well finally the Balance Sheet is not a problem at current levels for inflation or other issues. We learned today, kelly, theres a coin shortage. The fed is allocating or ration ing coins, because theres been a disruption in the production those are my two cents and you have change in your pocket, i hope. A extending in some form, he said, the more liberalized unemployment or federally supplemented Unemployment Benefits i think he wants congress to understand maybe a big reason, that the ppp program may have worked to keep the jobless numbers down or even job gains up and the economy faces a coming clip that congress has to deal with. Youve got watches powell as probably as long as i have he doesnt even want to be saying this to congress. Hes about as far out on his skis in terms of recommending things to congress as he wants to be, but hes been very, very strong on this issue, very repetitive you guys dont take your eye off the ball here. You have a tremendous risk to this economy if you withdraw support and withdraw it too quickly, despite the better economic numbers he has swatted those better economic numbers away. Hey, its good, its great. He speaking softly but pore arefully, and also, you know, the idea hes not going to tell them what to do or how to do it, but tell them what needs to be done from his point of view. Steve liesman, thank you. Alternates more reaction to what we just heard from chair powell and from the questioners. Seth carpenter, chief mick econ at ubs, and yassif, let me start with you any takeaways from what we just elic elicited. No, the key take away is the message thats been consistent from powell, pedal to the metal, and continue to provide support to the market. Obviously primarily from the bond market, theyre buying everybody thats not tied down or nailed down its also impacting the equity market as well thats really the key message. I think the markets are saying we will come out of this at some point, but while we are in the process of recovering from this the fed has our back and well be okay. You know, seth, we have used a lot of letters to provide the potential form or shape of a recovery here. All of those letters im curious to say are at the end of the alphabet but chair powell sort of suggested while theres an ink lynx of vshaped economy, othr times there will be a w or a flat line and theyll come back much more slowly. Theres some jobs where it seems, you lift mobility restrictions, you allow people to do certain types of spending, and we saw that in the retail, we saw that to a lesser degree but he areas worried about some of the Service Sectors in particular where youll see for a long time people without their jobs, and it crumps their spending and you get this reinforcing cycle, weak spending then causes businesses to say we probably dont have that much. How long, seth, do you think it will be, and that is february of 2020 is that a multiyear return a decade of return probably not a decade, but keep in mind that thats just getting back to the precovid level. Its not taking into account that had this catastrophe not happened, the economy would have continued to grow. Its not making up for the lost time i think thats a keep sobering point to keep in mind. What does your economic view do with respect to recommending for clients money Asset Allocation specifically . Well, i think it really means we need to continue to keep risk on the port follow quo and allocate however when we look at the makeup of the market, it still is a very concentrated market with the top five or six names in the broader index like the s p 500, making up a majority of the way weve had many conversations about this in the past, tyler, last time i was on your show, i said the fang five are enjoying the last dance i think thats still true, where we are enjoying that leadership for now, but it may be a process by which that comes to an end and a new regime begins. The interesting thing to note is there are costs about Infrastructure Spending concept, and if that becomes more of a reality, we could see it shift into the more cyclical kinds of names. What were doing is with an ice towards concentration, and make we are heavy names and much more it diversified. Wasif and seth, thank you very much. Once again threatening 10,000 at 9977. Plus a major change in our states of play survey. Well have those numbers, and well take a closer look how covid and the protests may play out in november. That and more when power lunch returns. Yeah yyeah yeah hey, hey while the future of work remains a question mark, one thing is certain reopening will be a journey. Thats why salesforce created work. Com to help at every step of the process, with tools like manual Contact Tracing to help prevent one from becoming three and three from becoming more. While displaying Key Information in one place on a Customer Relationship platform you trust. Because heres one more thing were sure of. Relationships are the heart of business. So lets tackle this together. You have the support of a, probiotic and the gastroenterologists who developed it. Align helps to soothe your occasional digestive upsets twentyfour seven. So where you go, the pro goes. Go with align. The pros in digestive health. And if stress worsens your digestive issues, try new align digestive destress. It combines aligns probiotic with ashwagandha to help soothe occasional digestive upsets, plus stress that can make them worse. And try align gummies with probiotics to help support digestive health. vo at whether on the track,that exhor the everyday drive. Ty, today, that philosophy extends to how we connect with you. We call it, audi at your door. Whether a remote test drive, shopping, tradein, or even service pickup, audi at your door can do this and more at participating dealers. The premium audi dealership experience, on your terms. Audi at your door. Yeah yyeah yeah hey, hey welcome back, everybody. Voters in those states preferred President Trump, and biden has increased his support in all of those states, and he still maintains a twopoint edge on President Trump 51 of likely voters have a very unfavorable view of mr. Trump, about the same number strongly disapprove of the coronavirus and believe hes reopening businesses for a political gain. But he has one trump card for the voters, thats the economy more than half say the economy is the most important issue. He still holds the fourpoint lead as the candidate to get voters back to work. The number could change on the pace of reopens. Theres still five months to go. Kayla, a quick question, when was the survey completed what period of time does it capture . It captures late last week, kelly. This is a survey conducted in a roughly threeday window every two to three weeks, so this is after the large swath of racial protests that weve seen in this country. Yeah, still, before a lot of the events this week, that will play into our questions now, kayla tausche, thank you very much it could be a short in the arm for the markets, why our next guest says buckle up for more stimulus relief, as the pressure builds on the president. For more lets bring in Stephanie Miller and joe watkins, aide to president george h. R. Bush i think one of the things to note is that in march, everyone kind of agreed on what the problems were, because we were all going through this very dramatic set of changes. Since march, different states have experienced both economic heath difficultly. Now were seeing some red states in cases, which may lead to more need for those states to short of shut down a little bit, slow down so what the president can do, then, to continue to get the red voters to turn out, is to make sure theyre compensated by the federal government for staying at home. Yeah, that makes sense. Joe, the other thing is, and weve talked about it in the last couple weeks, but the polls are often unreliable when it comes to President Trump a lot of people like to look at the betting odds instead, but those show a big move in favor of biden lately. What do you make of that they did another one a few days ago, and one or two days ago, they talked about the competent of more than 50 states gop leaders, especially in the battleground states, people like the gop chairman in pennsylvania and some of the other key states for november 2020. They say that theyre extremely confident about President Trump as chances now, the airline that came out yesterday in politico states what the big challenges for everybody reading these polls is, and that is while National Polls have been generally accurate, theres been a lot of state polls which have taken place, just havent had the capacity to collect accurate data from noncollegeeducated white voters this matters, a majority of the country is not college educated, and a large percentage of President Trumps base is noncollegeeducated white voters, so to not include these voters in the surveys certainly skews the numbers. Weve learned that, in brexit and the way the polls undercapture some of these trends the that said, stephanie, is the economy going to be enough even if we have some stimulus at helping these groups, theres other reasons that motivate turnout, too i wonder if evangelicals are less than enthusiastic ive been thinking about what donors i think very much theres an issue with just relies onle polls as gospel, whether its undecided voters, and 2016 they all someone towards trump, whether its voters that arent capture, whatever it is, the things driving voters will be feeling like your health is at risk or your livelihood, because the economy is at risk i think if trump can stabilize the economy or make voters feel like hes stabilized the economy, based on what kayla was saying, voters truth him more than biden to help the nation recover. If its truly, whos going to lead us through a recovery question on an economic side, i think trump pwins how does early voting play into the outcomes here . Well, well see what happens with regards to early voting and sigh specially how voting overall might be impacted. With regard to congress, theyll have to and while thats a hot issues, theyll put forward their own electricive agendas, and likewise, the president came out with his own executive order. And it will be the issues of the day that will drive congress dont expect any huge legislate side of item to be passed, as we head into the fall there will be pressure on them to do something about police reform, and certainly anything that will help fight the coronavirus pandemic will certainly be closely watched do you think the control of congress will flip its split now well, hard to say i dont know that republicans will win back the house, and i think right now theres a good chance they retain control of the senate, but i dont know that republicans win back the house. Well have to see. You know, people are moved by the issues of the day, and they have short memories as well. What was important to people in may of 2020 may not be so important as another issue that may crop up in september or october of 2020. Well have to way and see. Thats why i wonder about the early voting depending on when you fill on the the ballot, you may have different priorities. Thats right. Joe and stephanie, thank you both we appreciate it, as the surveying do continue to move in favor the joe biden. So far four states have covered from the federal government to cover their unemployment claims. Many of the other 46 may have to do the same. Well talk about what that means, coming up multiple markes for over 85 years . With capital group, i can. Talk to your financial professional or consultant for investment risks and information. Yeah yyeah yeah hey, hey thats why usaa is giving Payment Relief options to eligible members so they can pay for things like groceries before they worry about their insurance or credit card bills. Discover all the ways were helping members today. Can i find an Investment Firm with a truly longterm view thats been through multiple market cycles for over 85 years . With capital group, i can. Talk to your financial professional or consultant for investment risks and information. Welcome back to power lunch. Despite record unemployment, only a few states so far had to borrow from state fund to cover costs. Here is the latest. Reporter ohio just became the fourth state to borrow from the federal trust fund to the tune of 6. 1 joining texas, california, and new york watch this space, if unemployment remains high, which many expect, most, if not all states will have to borrow part of the reason is the way unemployment taxes are collected. Most states have received what they will get this year. Another reason is because the need is so unprecedented. States have to fund their trust fund to pay benefits in an average high year of benefits. This is not going to be anything like an average recession. The magnitude of this just dwarfs everything weve seen in the last, you know, century. Here is what workers need to know if youre at home watching this even if your state runs out of money, you will still get benefits the states can borrow against that trust fund interestfree through the year michelle, who we just heard from, believes states should be given more time to pay back these loans. What weve seen, in the past when states deplete their reserves they sometimes seriously restrict future access to benefits to try to replentyireplenish the funds. Its not like a backstop, they give them the money but they need it back. Soif paying out jobless claims will crowd out ability to pay for other services and i wasnt sure based on this reporting it sounds like inevitably, yeah, that money has to come from somewhere of its not a gift from the federal government. Interestfree through the year that changes if you havent paid it back then we know michigan just finished paying off a bond it created from the last recession to pay off some of their Unemployment Benefits the short answer, kelly, we have seen states cut benefits to pay off reserves. Fascinating or restrict future benefits. Rahel, thanks so much. S p, can it reclaim the number watch or listen live on the go, on the app, cnbc that is well be right back. Yeah yyeah yeah hey, hey can i find an Investment Firm with a truly longterm view thats been through multiple market cycles for over 85 years . With capital group, i can. Talk to your financial professional or consultant for investment risks and information. Woi felt completely helpless. Hed professioonline. Consultant my entire career and business were in jeopardy. I called reputation defender. Vo take control of your online reputation. Get your free reputation report card at reputationdefender. Com. Find out your online reputation today and let the experts help you repair it. Woman they were able to restore my good name. Vo visit reputationdefender. Com or call 18778668555. I was drowning in credit card debt. Sofi helped me pay off twentythree thousand dollars of credit card debt. They helped me consolidate all of that into one low monthly payment. They make you feel like its an honor for them to help you out. I went from sleepless nights to getting my money right. So thank you. Welcome back all three are higher, s p 500 a quarter percent higher as we zone in on s p 500, the index came a long way from march lows despite last weeks stomach churning selloff its only 7. 5 away from its record stocks march higher, katie stockton, founder and managing partner of fair lead katie, what do the charts tell you about s p, resilience, strength to move higher or where the support is if it moves lower. The uptrend, of course, has strong intermediate. In the past week or so weve seen a distinct loss of shortterm momentum and that tells us we have Downside Risk in the term. Northterm not yet within reach for s p 500 but we have already seen some relief from shortterm overbought conditions. Thats constructive, tells us last week while harrowing, it was somewhat healthy from an intermediate term perspective. Were looking for a pullback or retest of support around 2955 for the s p 500. If that level does not hold, secondary support is around 2800 thats based on a confluence of different factors from a technical perspective. So that seems somewhat higher probability as a downside target for pullback we would see a pullback as something that may provide opportunity to add exposure to take advantage of that strong intermediate term momentum and ultimately a test of the highest. Interesting, you could see it on the chart where the two support levels were. Within s p sectors, you see it there, i cant point it out because i dont have telestrator. Underweight, downgrading energy to underweight let me get to three choices. One is long and it is res med, why do you lying it . One constituent of health care we upgraded from relative strength perspective today that is one beneficiary that seems to be breaking out of shortterm resistance on the chart. It is a longterm uptrend really never reversed in the downdraft and does have renewed momentum that stands out as a potential outperformer on the sell side, vwa, Consumer Discretionary play but longterm down trend quite different from resmed within that down trend an overbought condition it appears to be reacting to. Thats a higher probability set up on the downside. Weve seen a lot of inhome backgrounds over the last three months is that wallpaper behind you that is the coolest wallpaper ever. Its manhattan. Cant be there in person. That is something i really love that thats fantastic katie, thank you so much we appreciate your time today. Thank you take care. All right ill take manhattan says katie kelly. I thought it was cash for a second. I couldnt tell if it was a painting or backdrop or wallpaper but cool wallpaper ive got more pen yes, sir than i can count. Thanks for watching power lunch, everybody. Well see you tomorrow closi closing bell starts now. Sara eisen behind me. Stocks bouncing around, a threeday rally at risk. What is driving the action today. Continued fears of coronavirus resurgence from beijing to florida dampening hopes for swift economic recovery. Jay powell warning to pull too quickly. Despite taking aim at big tech today, those stocks ar