Commission has decided to order ourselves alphabetically. With that welcome to this virtual hearing convened by the Congressional Oversight Commission pursuant to section 4020 of title 4, subtitle of the cares act, the Commission Must conduct oversight of the 500 billion authorized for the Exchange Stabilization fund. As part of our oversight work, the commission has decided to hold this hearing today which will exam examine the main Street Lending facilities. The Federal Reserve established the main Street Programs to support small and immediate you yumsized business answer Nonprofit Organization that is were in found sentence condition before the onset of the covid19 pandemic. The program operates through five facilities which we will learn more about this morning. The programs being administered by the Federal Reserve bank of boston todays hearing will have two panels. President eric rosengry. N, Federal Reserve bank of boston will testify during the first panel. Second panel will i
Sanctions and claims to the South China Sea take center stage today. Stocks are shrugging it off. The dow up more than 400 points but the big tech is struggling faang, internet names that have been on fire are seeing weakness today. Were following it all 59 minutes left of trade. Certainly weve been all over the place in markets but were up as we stand with the major indexes we have a big line up of guests. In a few moments well speak with shrewsberry, cfo of wells fargo. And Robert Kaplan will join us and well speak with Michigan Governor Gretchen Whitmer an earlier biden endorser as biden lays out more details of his economic plan. Lets focus in on the big stories were watching at this hour wilfred has the highlights ph wilfred, start off with the banks here. The key focus, sara, as we expected it to be on provisions for potential bad loans. They rose from all the banks from q 1 to q 2 and rose more than expected. Wells fargos more than doubling quarter over quarter the big question
Couple of things. They are looking at numbers of infected across the world, but also the fed decision. Stocks are struggling for direction. Treasuries pretty steady. It is all about the fed, the policy meeting, and what they will give us in indications. In asia, modest gains in hong kong and south korea. They outperformed in china but low volumes. 1957. 157 lets get straight to the first word news in london with laura wright. James the uks looking at ways to loosen its coronavirus quarantine rules after restrictions on trips prompted backlash. One possibility is abandoning blanket restrictions in favor of regional bands and another is reducing the time passengers arriving in britain need to stay in quarantine. The u. K. And u. S. Voiced concern about hong kongs election after a flurry of media reports the government is considering postponing the vote maybe for a whole year. Hong kongs opposition argues the coronavirus outbreak is being used as an excuse to push off the pivotal election
We spoke this morning and we dont know how much they are paying for this vaccine supply. We dont know whether they will have the right vaccine so many questions on how administrations and i ministers at access to vaccines for their citizens. Tom the virus dynamics are just particularry, make note of the glide path of texas and south carolina. In new york city with our first word news here is ritika gupta. InsistsMitch Mcconnell that businesses, schools, and other organizations be protected against coronavirus lawsuits which is talking down talks over a new stimulus package. Changes inding that Liability Law be included in the legislation. House Speaker Nancy Pelosi says that shows he is not serious about a deal. Federal reserve policy makers will focus on how to jumpstart a rebound from the recession. Almost certain to keep their benchmark rate the same. The fed will make a statement at 2 00 p. M. New york time. Jerome powell will make comments 15 minutes later. Amazon Ceo Jeff Bezos p
And we expect a normalization of that. But you need to remember as well that in our case, we have been working to stabilize, grow the franchise, recover some market share, so what we are pleased to see is that underneath that sort of outperformance in the market environment that we have been in, we have seen really good franchise stabilization traction , client engagement, improvement in clients. We think that bodes well for the future. You are expecting slightly higher revenue for the full year. Not too conservative now given what we have seen in the first half . It it would be james would be a normalization but i think an improvement on last years second half. Again, especially in our businesses, where a year ago, we were going through a restructuring and there was some uncertainty around our people and franchise, so with that now behind us, we see momentum in the core business, and we would like to see a secondhalf performance well ahead of last years second half, but we will see ho