Kansas citys economic symposium titled, navigating the decade ahead. Implications for Monetary Policy. Name is esther george, president of the kansas city fed. Im pleased to be joined by Federal Reserve chairman jay powell as well as many of my colleagues from the Federal Reserve and by other central bankers, academics, public and private Sector Economists and members of the news media. Foras been our custom nearly four decades to welcome you to beautiful jackson hole, wyoming, part of the region served by the kansas city fed. Returning forward to to that setting next year. Format, instead of expressing my gratitude to those who travel around the globe to attend the symposium while managing jet lag, i will offer my appreciation to those attempting to manage local time zone where the current time now ranges from 6 00 a. M. Thursday to 1 00 a. M. Friday. This year has been an extraordinary one for Monetary Policy and central banking. Many of the issues that weve talked about for some tim
At the same time, we generated more capital through earnings. Thats why are ratio is 12. 5 . Talk to me about the merging of the two units. What is the reasoning behind that . The Investment Bank merger is something weve been discussing for months. Even my predecessor, it was already a topic. 2015, clearlyn the two had to be separated. We had to restructure the trading business. Are at a stage or we can put them back together again. Most of our competitors have it anyway. This is not a cost exercise. There will be some cost benefits. Its really about having one overriding business to have one Investment Bank globally, one equities business. A Global Trading solution business, which build on our success. It serves our equity, fixed income, transactional business for the private bank and institutional business. How difficult was it to do this in the middle of the pandemic . Thomas it was relatively good. You get used to resume calls. Zoom calls. We had many internal calls to get this lin
Virus. This is two and a half hours. This hearing will come to order. This thing is another remote hearing by video. A few Video Conferencing for minors youre probably health used to these. Once you start speaking, there will be a slight delay before years displayed on screen. To minimize the background noise, please click the mute button until it is your turn to speak or ask questions. Theres a Technology Issue we will move to the next senator until resolved. I remind all senators there is a five minute clock that still applies and should be on your screen. At 30 remaining i will gently tap the gavel sometimes i forget to do that but i will try to do that better today. And remind you that your time is almost expired. To signify the process well get it rated to go by seniority for this hearing. Today Federal Reserve chairman Jerome Powell will update the committee on Monetary Policy development. In the state of the u. S. Economy. Its only been four months since the last hearing burstin
Hong kong security law tomorrow. Starbucks, pepsico are the latest companies to curtail ad spending on facebook. Tossure on the group crack down on hate speech shows no signs of slowing. Manus 6 00 a. M. In london. 7 00 a. M. In paris, 9 00 a. M. In dubai. It is the best year for bonds ands 1995. Charts,ne in the unchained melody. I wont sing it for you. The fed was cutting rates and get this. I know you will choke on this. 6. 47 for 30 year bonds. I could have retired. 5. 79 . Ht money was good morning. Nejra good morning, manus. I love your trips down memory lane. It is extraordinary we have seen the best first half of the year since 1995. Look, there might be more in the lower orpush yields higher this week because we got fed chairman Jerome Powell speaking to congress along with secretary of the treasury steve mnuchin. Interesting is the disconnect because youve got bonds. To that extent, but also equities bid to such an extent so a different story being told in the equity and bond
I wonder if you could go back to that and mention why it is a scenario rather than a forecast, is not really a worstcase or how much of a worstcase is it. And if we are really looking to learn and to manage these scenarios, do we not need to be more robust about saying what the worst case actually is . First, the question of a scenario versus a forecast, the , the point applies to both committees. Forecastw, one makes a when one can take a view of the probability distribution of district outcomes around that forecast. Forecastmal to make a and say this is our best collective judgment, and then to publish a range of outcomes around that, and then for the financial policy committee, to look at the less likely outcomes , whereas the Monetary Policy except the central one. I think the judgment of both committees was that this pandemic, the weight is playing to the World Economy and the u. K. Economy, and the Public Health measures to contain it through time and the chance of a second or th