Recession in an away of low rates and lowflation the topic is particularly salient since last week, following an 18month review of its Monetary Policy strategy. The federal open Market Committee will be a revised version of its longer run goals and Monetary Policy strategies. We are honored to have governor board of governor here to offer her thoughts on the topic. After we hear from her there, will be time for questions and answers from the audience and panels to convene our discuss with ben bernanke, janet 12k0 and two marketers there will be more on that later in the program. In terms of questions, if you would like to pose a question, you can do so at email at events brookings. Edu. Before we begin, let me provide a short introduction to governor brainerd who has had a long career of Public Service in ack deema. She took office as member of the feds board of governors in june, 2014. Before that, she served as undersecretary of the u. S. Departments of the treasury from 2010 to 2013
I now recognize myself for an opening statement. Chair,his tenure as fed he served as the chair of president bushs council of economic advisers. In their first congressional testimony since leaving the Federal Reserve, former chairs ben bernanke and janet yellen called on congress to take action to encourage economic recovery. To 2014 before being appointed chair. In 2014 by president barack obama. Dr. Yellen also previously asved in the white house chair of the council of economic advisers. Time eitherfirst dr. Bernanke or dr. Yellen have testified before Congress Since stepping down from the Federal Reserve. These extraordinary times require congress to seek out of experts with extraordinary experience. As Congress Works to end the economic crisis and enable a strong recovery, we are fortunate to benefit from their individual insights and gain from their unique position as Federal Reserve chairs in the last economic crisis and recovery. I want to thank both of them for agreeing to te
Expected to drop 24 year on year. The futures are looking slightly lower, down four points. We are looking at some of the currencies. As david would say in the last hour, the bloomberg dollar index is on track for its worst july in a decade. A more dovish start from the fomc. No big surprises from the fed, but the lower mantra weighing on the dollar. The dollar index is flat, at least for now. Wellussie in his flat as aussieyen is flat as well. We move on to the commodities and the yield story. The question marks around oil were in focus as well towards the end of play yesterday. You saw a reduction in the u. S. By about 10 billion barrels. That gave some support to crude prices and wti, currently flat. Gold is now 5 10 of 1 . The 10 your yield on year, still below 60 basis points. 57 is barely moved, risch. Rishaad yep. Global coronavirus case is approaching 17 million. More than 660,000 people have died now. The states recording 150,000 fatalities. California, florida, and texas post
President bushs council of economic advisers. Dr. Yellen served as vice chair of the Federal Reserve until 2010 to 2014 before being appointed chair. In 2014 by president barack obama. Dr. Yellen also previously asved in the white house chair of the council of economic advisers. Time eitherfirst dr. Bernanke or dr. Yellen have testified before Congress Since stepping down from the Federal Reserve. These extraordinary times require congress to seek out of experts with extraordinary experience. As Congress Works to end the economic crisis and enable a strong recovery, we are fortunate to benefit from their individual insights and gain from their unique position as Federal Reserve chairs in the last economic crisis and recovery. I want to thank both of them for agreeing to testify today. Crisis, thento this coronavirus pandemic continues to spiral out of control. Today, over 3 million americans have tested positive for the virus, including a recordbreaking 75,600 confirmed yesterday. Than
Coming up for the rest of the hour. The chairman and ceo of train technologies trane technologies, they do hvac. We will talk about how you recondition all of the airconditioning units that we have to allow us to basically eat and drink inside. A really important conversation as we think what will happen as we approach the autumn and fall. What will happen to the service side of the economy. The banks are in big focus. 93 man sachs reporting a surge in revenue on the stocks and bond trading in the Second Quarter. Highlights is our bloomberg wall street reporter. They have a lot of questions about the m a environment. Goldman the lead m a advisor. The backlogn saying is higher, but he expects activity to continue in the next two to four quarters. , but we will see them come back. There are a lot of uncertainties. One question was about the election season. Solomon warned that is a ways away. As we know in the u. S. There are major uncertainties with how largescale deals are viewed among