Most american president s have chosen to reappoint the existing head of the Federal Reserve, nominated by their predecessor, but donald trump has broken a ao year tradition by replacing the former chair, janet yellen. Yogita limaye reports from new york. President trumps pick for the job, Jerome Powell, is the new chair of the us Federal Reserve. But why is is such an importantjob, and why should it matter to you and i . Well, the Federal Reserve makes decisions, about Interest Rates, keeps inflation in check, and can step in and protect the economy, like it did in the Global Financial crisis. But also, whatJerome Powell does can have far reaching effects beyond american shores. We are raising Interest Rates now because the economy is strong. And if we wait too long, the economy could overheat. Wed have to raise rates. The best way to sustained recovery, i believe, is to head on this path of gradual rate increases. Raising rates here in the us could mean that investors could prefer to
Financial markets or is there more serious volatility to come. That is what many all right being after a crazy start to the week for Financial Markets all over the world. The global rout began on monday with heavy losses on wall street. That came through to asia on tuesday. Lets have a look at how things are going in the middle of the week. Japan is a buy at and similar in hong kong following a recovery in the United States on tuesday. However, it began in and a volatile way on tuesday with the dow dropping by another 500 points at the beginning of the trading session, and then recovering as investors came in and purchased shares that started to look cheap. This time yesterday we were looking at the dow being over down over 1100 close and the nikolayev was down nearly 7 . The japanese market was down nearly 7 . Rico hizonjoins us from our Asia Business hub in singapore. Traders are still on edge can ta ke traders are still on edge can take a breath now. The moods of investors have shif
In place. It could help end this dreamer controversy. The democrat congressman. They will be joining us to weigh in on that and much more. The new report is threatening to hit apple at its core. Plus the wall street fight that could have a major impact on the 401k. Charlie they will be breaking it. Less than an hour to the closing bell. Lets begin the countdown. We have some breaking news for you. Exxon mobil making a big bet on the u. S. Darren was a saying the Company Plans to invest more than 50 billion over the next five years to expand business in the united states. As a result of yes tax reform. Take a look at what exxon mobil shares trading right now. Lets see. You can see pictures of exxon mobil. Lets move on. On wall street. Markets coming back slightly. As you can see it was done hundred 62point its down about 105 points. The s p and the nasdaq also off about a third of a . Investors hitting a cell and boston. They jumped to the highest level in nearly four years. Now it 2. 7
Alexander streets causing a scare around 8 30 this morning. Chopper 5 was overhead a short time later. It hit a one inch plastic gas line. It briefly forced evacuations at the nearby Wells Fargo Bank which is the only business affected. We spoke to the bank. It had to open almost an hour andahalf late today. But it is doing business now. No word on when gas will be restored in the area. Developing news, the Senate Committee looking into possible Trump Campaign ties with russia, hearing from the current acting director of the fbi. Seth lemon is on capitol hill. Reporter andrew mccabe, the acting director of the fbi took james comeys seat for a Senate Intelligence committee hearing. Didnt expect to see you hear today. Reporter the committee which is looking into possible Trump Campaign connections with russia, wants reassurances that the fbi will still follow through with its own investigation. Do you commit to informing this committee of any effort to interfere with the fbis Ongoing Inv
They came back they are superstars. Lets go warriors, here we go, baby, another championship under our belt, another ring for us. No word yet if the city is planning another watch party for game four tomorrow. The team was not even there and 15,000 fans showed up at oracle for a watch party. The crowd as loud as they are at home games. It cost 20 bucks to get in and another 10 to park, and a portion of the proceeds goes to two local charities, the Warriors Community foundation and aeg oakland foundation. Another watch Party Happening tomorrow night and that one is sold out. Game four of the nba finals starts tomorrow at 5 30 here on abc7. Join larry beil and mike shumann for the dubs pregame show brought to you by jeep at 5 30 p. M. Tomorrow. A few hours from now, fired fbi director james comey will make his first public remarks. Even before he says a word, he has given the nation a lot to chew on. James comey outlines the loyalty pledge he felt trump was demanding from the fbi, and th