Chairman Jerome Powell will update the committee on Monetary Policy develop and the state of the u. S. Economy. It has always been four months since the last Humphrey Hawkins hearing, but we are seeing a different economy today. One that has been racked by the physical and Economic Impact of the covid19 pandemic, and ensuing shutdowns. Chairman powell, you have stated that the Federal Reserve is strongly committed to using our tools to do whatever we can and for as long as it takes, to provide relief and instability to ensure that the recovery is as strong as possible. Additionally, the fed has purchased more than 2 trillion in treasury and mortgage began ins since midmarch. Because of this, the Balance Sheet has expanded to more than 7 trillion. Congress, the administration, and regulatory agencies have taken action to protect and stabilize the infrastructure of our Economic System. The cares act has been central to that effort, and recent stats indicate that our labors are working. I
If demand for that paper does not come back in the coming months, what is the longerterm implication for Interest Rates . I know you are reticent to give any forecast on Interest Rates, which i understand. Give us a tone about the correlation there. Chair powell there seems to be plenty of demand for our paper. I would not want to speculate on what Interest Rates might do. They are the worlds reserve currency, and particularly in times of stress people want to own u. S. Treasury. That is been the way it is for a long time. Even if some of the problems, as in the last crisis, love the problems originated here, people wanted u. S. Treasury, and that is because we have the strongest economy, the best institutions, the most liquid markets. One last question. Youve been very gracious with your candor and your time today. I have heard a conversation in this hearing about labor. I hear all over my state, our state was one of the first ones to reopen. One of the inhibitors to supply and demand
Spending and chicago pmi fed chair with alan blinder in a few moments. Steve liesman will give us a curtain razor on that. Hey, steve. Good morning, carl. Yeah, were wondering whether powell continues a cautious tone, much more cautious tone than the market seems to embrace and in a way his cautious tone seems to give the market a green light because it means more stimulus or the fed being around for a long time here among powells concerns hes expressed in the past that the employment and growth rebound could take longer than it anticipated, some businesses wont survive the downturn, a possible second wave of the virus and the stimulus will run out and think about more stimulus on the other side you can see the effects of the stimulus carl alluded to in the income and spending numbers this morning. Quite astonishing. Every one of the numbers youre about to see are historic, never been there before. 11 month to month rise in income well tell you why that happened in a second. 13 month t
They said this happened despite the moratorium on evictions. This behavior is shocking at any time and particularly shocking during the covid19 crisis. Reporter named in the lawsuit is the landlords and a moving company. The city is asking for a restraining order to block homeowners from further harassment. Reporting live , henry lee, ktvu fox 2 news. There are more than 86,000 coronavirus cases here in california. That is an increase of 2100 new cases in the past 24 hours for the number of people who have died is now at 3500. That is a 106 uptick since yesterday. More than 1 Million People have been tested for covid19 in california. The National Unemployment rate is three times greater than it was in the 2008 recession. Here are the very latest unemployment numbers. An additional 2. 4 million job claims were filed last week bringing the total to 38. 6 million over the last nine weeks, 70 of americans. Heres more on the story from tom vacar. To consider this, its as if the United State
Worldwide as well. Good morning to all of you working from home during this endemic and listening to our pandemicontent this and listening to our digital speak torea we will Kevin Cirilli about the events in washington over the last 24 hours, and certainly the comments of various members of the military about the commanderinchief. We will also look at the ecb, that Important Press conference coming up. Jon will brief us on the difference between 500 billion on dollars. Illi it is extraordinary. To be honest, i have lost of the a million here and a million there of an white of unemployed americans. Jonathan everyone has, not through malice. What we are hoping to see is claims rollover. I thought yesterday was absolutely remarkable, to get that adp report of negative 2. 6 million, and to call that an upside surprise you imagine me telling you at the start of this year that a number like that would be called a big beat, a massive upside surprise . Tom of course, the backdrop is the s p ma