Shutdowns until at least may 15th we have a great lineup today. In just a few moments, well speak with Patrick Harker about what will take to get the economy back on its feet and later, Alexis Ohanian will join us hell talk about his investment in a company thats help iing Small Businesses navigate the loan process, which is one of the issues lets focus in on the stories we are watching in this final hour of trade wilfred of course covering the bank earnings. Morgan stanley the latest. Meg has new details on testing but well begin with breaking news out of washington where President Trump is expected to meet this hour Via Teleconference with governors. What are we expecting here that conerer sags is about to get underway where President Trump is going to share with the nations governors what the white house and its medical team have arrived at as far as the guidelines for reopening the economy. The Daily White House briefing is going to take place at 6 00 p. M. And what President Trump
Claims in the Central Banks role during the pandemic. Ladies and gentlemen, good morning and welcome to brookings , this mornings brookings presentation. My name is john allen, i am the president of the institution and it is my great pleasure to welcome to this virtual stage our honored guest, Federal Reserve chair, jay powell. At this moment of unprecedented challenge, not only to our Public Health system and our health in general, there is an enormous challenge to our economy and chair powell and his colleagues moved forcefully and quickly in responding to this crisis. Solutions,creative keeping credit flowing to houses and businesses and prepare the economy so they can recover when this virus so it can recover when this virus recedes. And it surely will, ladies and gentlemen. Your work, sir, and that of your colleagues, is far from over, but we are in good hands under your leadership. Indeed, leaders are tested in times of crisis and this crisis tests our leadership in no uncertain
Not entirely clear. The buyers are less enthusiastic. We have had horrible Economic Data. Investors and traders are assessing that reality. It is no longer just somewhere in the distance. It is here today. Many folks are saying you will be the Second Quarter that will matter. Some are saying this rally has to do with traders looking past 2020 to 2021 as the data continues to come out poorly, it could be a problem. David it is not clear what the Economic Data are telling investors. Are they paying attention to earnings, because we are getting to the heart of earnings season. Abigail they are paying attention to earnings. The banks are down in a big way. All of the big banks reporting disappointing profits, absolutely plunging, bigger loan loss reserves. Trading is a bright spot. Morgan stanley saying theyre not sure how long that will last. This is a reality. In march where it was clear the coronavirus prices would create tremendous economic problems, everybody expecting it to hit earni
When it comes to the dow jones, boeing is the worst performer, proved to be a drag. The 10year yield, down slightly after the economic data. Back below 20 a barrel on crude oil. Itn the government saying may give producers money not to take oil out of the ground. The next backup about 41. Lets get some details from Abigail Doolittle on the markets. Abigail it is proven to be a choppy, volatile day. Small moves but nonetheless, up and down, as investors do with jobless claims, earnings. Hat last leg lower right around the time Governor Cuomo said that the shotgun for new york state would extend to may 15, a leg lower. Investors trying to figure out what is behind all the information for data, earnings, and the virus. Behind those moves up and down, distinct camps. Amazon up for the second day in a row, investors think that this company will do well in the shutdown. On the other hand, United Airlines plunging 10. 5 . Some viewing the bailout for the airlines as not enough to do anything
Welcome to this virtual stage our honored guest, Federal Reserve chair, jay powell. At this moment of unprecedented challenge, not only to our Public Health system and our health in general, there is an enormous challenge to our economy and chair powell and his colleagues moved forcefully and quickly in responding to this crisis. Solutions,creative keeping credit flowing to houses and businesses and prepare the economy so they can recover when this virus so it can recover when this virus recedes. And it surely will, ladies and gentlemen. Your work, sir, and that of your colleagues, is far from over, but we are in good hands under your leadership. Indeed, leaders are tested in times of crisis and this crisis tests our leadership in no uncertain terms. You have risen to the occasion. It is safe to say we and all americans have appreciated your calm, decisive leadership in this moment of peril and on behalf of of all of us at brookings, please let me commend you on the powerful example of