Good morning, everyone. Earlier today the federal open Market Committee announced a onehalf percentage point reduction in the target range for the federal funds rate, bringing that range to 1 to 1 1 4 percent. My colleagues and i took this action to help the u. S. Economy keep strong in the face of new risks to the Economic Outlook. The fundamentals of the u. S. Economy remain strong. The unemployment race has been near half century lows. The pace of job gains have been solid and wages have been rising, underpinning solid Household Spending which has been the key driver of Economic Growth over the last year. At the time of our meeting in january, prospects for continued Economic Growth remained favorable and we judged that Monetary Policy was wellpositioned to support that outlook. Since then, the spread of the coronavirus has brought new challenges and risks. The virus has afflicted many communities around the world and our thoughts and prayers go out to those who have been harmed. Th
Coronavirus. Well have live coverage here on cspan3 wednesday afternoon at 2 30 p. M. Eastern. It will also be online at cspan. Org and you can also listen live on the free cspan radio app. Today, federal Health Officials answered questions. Good morning. The committee on health, education, labor, and pensions will please come to order. I have one goal today and that is Accurate Information. Accurate information that can help americans understand what they should do about the coronavirus and Accurate Information to help members of congress to decide what else we ought to be doing about the coronavirus. Around the world, the spread of the Novel Coronavirus is alarming. 90,000 cases in 65 countries, 3,000 deaths according to the World Health Organization. But most people in the United States are at low risk. Here is what the New York Times said on its front page two days ago on sunday in describing the situation in our country. Quote, much about the coronavirus remains unclear and it is
Treasury secretary Steve Mnuchin says the administration is working with congress on a spending package for National Coronavirus response. He testified before the house ways and Means Committee on President Trumps 2021 Budget Proposal and was asked about the governments response to the outbreak as well as its Economic Impact. We want to be able to take advantage of the opportunity this morning to give the secretary time for the give and take in the dialogue that were going tome brace here for the next couple of hours. To embrace here for the next couple of hours. Mr. Neal i think we can provide to the first issue so we can get to the chairman. It is of no controversy. So, first, let me call the ways and Means Committee to order. Good morning. Before turning to our hearing this morning. The committees annual budget on views and estimates for fiscal year 2021 in accordance with the requirements of section 301d of the congressional budget act of 1974. Members will find the letter in front
[inaudible] we want to be able to take advantage of the opportunity this morning to give the secretary time for the give and take in the dialogue that were going to embrace here for the next couple of hours. I think we can proceed to the first issue so we can get to the chairman. It is of no controversy. No con. So, first, let me call the ways and Means Committee to order. Good morning. Before turning to our hearing this morning. The committees annual budget on views and estimates for fiscal year 2021 in accordance with the requirements of section 301d of the congressional budget act of 1974. Members will find the letter in front of them. Let me thank Ranking Member brady for working with me on this matter so that we are able to submit a consensus document to the Budget Committee that reflects the priorities of the ways and Means Committee as a whole. Without objection, the views and estimates will be considered as read and open for amendment at any point. And if there are no amendment
They are maintaining well above it. 30 years were at 69 basis points last week. 137. Hey are at we are seeing some recovery perhaps in the treasury market, and that is good news. Alix but a lot of criticism has been the fact they didnt address the commercial papers market, exactly where the help is needed the most. What are the steps they can take to address that . Michael they could set up a special Lending Facility to buy directly. That may be coming. Jay powell was asked if there ree actions th coming, and he said we are not ready to announce that. Are there no swap lines for the pboc . Theres a story floating around that once the feds its arthur dollars why have got swap lines with all the Central Banks, but not the chinese . Michael i would suspect probably because the chinese yuan is pegged to the u. S. Dollar. Dont know how much of a dollar problem they have. Theres always a rumor that the chinese are going to sell treasuries that never really comes true. Where we do see problem