Chinese demand levels almost at precrisis level. Time for todays market moving news from our washington and new york teams. We want to start with fed chair jay powells comments on the economy. In an interview with cbs, he expressed confidence in the recovery, but timing is still hard to predict. Chair powell the economy will recover. It may take a while. It could stretch through the end of next year. We really dont know. Michael mckee, International Economics and policy correspondent, has more. Was there anything new on cbs . Michael nothing really new, just summarizing what we already knew from the fed and from economists and disease experts. He suggested that what it is really going to take is a vaccine before people feel really confident and the economy can start to move back in the direction of where it was before all of this started. He said congress and the central bank may need to do more to keep us afloat during that period. Appropriate government policy could buy time for work
Effective, it brought down the market up the day about 39 points s p 500 had given a run for the money. We are below that 2,800 level. S p up about 4. 5 keeping in mind the treasury yields right now, the 10year seems to be yielding 0. 606 andrew, ill send it over to you. Well give you an update now on the pandemic numbers. Global cases have reached 2. 7 million with 869,000 in the United States. The death toll in the u. S. Is nearing 50,000 new york cases have hit 263,000 and new jersey over 100,000. Georgia plans to reopen. They have the most confirmed cases with over 21,000 well talk about that throughout the morning. Yesterday, new york Governor Cuomo shared early results from the study of 3,000 people that said one in five new york City Residents tested positive. That means as many as 2. 7 million in new york already encountered the virus and survived and never knew it questioning the available of the test but said new yorks test was reliable enough to determine immunity thats base
Numbers for the Global Pandemic now show more than 3700000 people are infected with a krone virus more than 260000 deaths have been recorded will the u. S. Has more than 1200000 cases and at least 43 states actually plan to open completely or partially reopen their economies by this weekend this while president appeared to reverse course when he tweeted earlier ones day that the White House Task force will continue indefinitely with its focus on safety and opening our country again he also reiterated that earlier during a briefing well tensions between the u. S. And china continue to rise as the u. S. Says its pushing for transparency heres how this could get sold really quickly the Chinese Communist party could do what theyre committed to do under their obligations to the World Health Organization to be transferred to be open to do the simple things that they. Its all around the world do to make sure the pen demick like this dont get out of control and in fact importantly stay out of
With the pandemic and the shelter at home or shelter in place order. I keep wondering, and i will start with you mike, what kind of things do you think will be permanent that will never change back after this is over . Have you thought of one thing . Well, you know what . I think the whole Restaurant Industry will change. The layout, i think that is one. I got in the mail today and i have not seen the changes firsthand but when it comes to flying, airlines and i got an email from united that says when you fly again, whenever that may be, we are not using the middle seat and we will start at the back of the plane and the boarding process will not be 20 minutes, it will take about 40 minutes. I think those, especially when in the air and in the tight space, i think the Airline Industry will change. I agree with you 100 . I know so many people who had trips booked in the summer and wondering on a refund or credit and they say look its need hundred dollars and i need the cash. Something i
Restrictions is in the governor says there is still a lot of work to do. Governor gavin newsom took some air out of the leaked memo suggesting he was poised to the closure citing images like this the governor took more targeted action. Today we want to make some verifications and we are going to do a hard close and that part of the state. Last nights suggestion of a blog closure brought swift blowback blowback. Weve been consistent in this is the announcement and the directive. I cant square what others may say. They ordered 275 people off lynda martin beach in pacifica last weekend including some citations is beaches and state parks stay open here. David ken palm is urging people to follow guidelines. The governor has made it very, very clear that you will be shut down. Now is not the time to be complacent. Its to be vigilant. Six bay area counties are poised to relax restrictions monday, although it can be confusing as county limits are looser than the states shown here and they can