Cspan, created by americas People Television company. As a Public Service and brought to you today by your television provider. The president of the Federal Reserve bank of dallas, robert joined the National Press club for discussion on americas economic recovery during the coronavirus pandemic. Gallant whats needed to turn around the economy including aspirin to prevent the spread of covid19. And to improve consumer confidence. Hello and welcome to the National Press club. We are pleased to welcome robert, president and ceo the bank of dallas. His appointed september 2015. As of management practice and associate at Harvard Business school. He had 23 year career at Goldman Sachs and ultimately named senior director of the firm in 2006. Today, he joins us to talk about what he believes the road to u. S. Economic recovery look like in order for the country to bounce back from the damage done by covid19. Hes going to share his Economic Outlook for the rest of the country and into this yea
President trump has said, enough, here are the tariffs on the outcome of june, and other selected items in europe. Francine we were talking about it when the news broke on those tariffs. 3. 1 billion dollars, it is limited in size, but it is very targeted and it seems to be on luxury projects. Which is why we are looking out the likes of burberry and lvmh down 2 50 . And a lot of the beer things. We all can survive it. [laughter] ever allow you back in the u. K. Kamali we can discuss shopping here in london instead. Tom i will have to see. You may joke about it, folks. But it is not only the idea of tariffs, but coming at this time of Global Economic struggle. Much to talk about. Guestl go to our next in a moment on the virus and get his prognosis for america. First with the first word news in new york city, here is ritika gupta ok, we have a technical difficulty right now. Francine, a data check. Francine, pick it up, please, lets look at the markets. Francine a lot going on in the ma
Markets with the best three months in decades. The dow saw the best quarterly performance since 1987 the nasdaq had its best gain since 1999 and ended the quarter up 30 take a look at the small cap up 25 since april 1 the best gain since the First Quarter of 1991. Because the First Quarter really stunk up the place the dow coming off the worst first haflt year since the financial kri sis. The s p still down 4 on the year yesterday was something to watch. We had all three major averages which did close for the month of june in positive territory you are looking at s p 500 closing above 3,100 and watching the nasdaq close above 10,000. Seeing a slight pull back. S p futures down about 10 points and nasdaq off by 25 weve been keeping track of the treasury market. The 10year has been below 0. 7 . Now sitting at 0. 684 . Crude oil prices were a huge point of concern earlier in the year up 40. Well see what could help the senate has voted to extend the ppp Bailout Program to august 8 giving
Its possible we have gotten too disconnected from the fundamentals. The dow and others are on their way to the best quarter since 1998, and for the nasdaq, it will be the best quarter in decades. That is happening at the same time the corporate corporate profit outlook continues to deteriorate, now trading at 22 times forward earnings estimates it will be interesting to see how we rerate in the next couple of weeks when we start to get major results. Thank you for that markets a deep dive. Players are missing out on wimbledon this year, the usda usta is getting ready for flushing meadows, except without the 850,000 spectators who attend the event. And novakemain djokovic announced he has tested positive for covid19. Is the u. S. Tennis association ceo. You have been coping extremely well with the coronavirus. You have set aside 50 million to help in grassroots efforts. Give us a little bit of detail about that. First, thank you for having me on. We realized quickly our sport was in tro
America, i find extraordinary. How closed down is london . ,rancine much like new york depends on whether its the metropolis, parts of the city, if you look at the city of london, which bloomberg is located in, its quiet. If you go to the center, its quiet, theres hardly any tourists because of the quarantine into the u. K. But if you look at residential places, thats when people come out. Waitinghen people are for Boris Johnson to announce an opening of pubs. It really depends on the communities and whether they feel comfortable. Many people might be elsewhere. And this harkens to your interview with that officer from ubs, and you wonder what the Service Sector is going to do on working from home or the office, what do you think . Greatne we had the conversation yesterday, she could see up to a third of the workforce never coming back to the office area if you think about it, it has huge and look asians for real estate, certainly commercial real estate for offices it has huge implicat