Good afternoon. The committee will come to order. The today the committee convenes for a hearing on the state of transportation and Critical Infrastructure examining the impact of the covid19 pandemic. I welcome our panel of witnesses and thank them for participating. Today we will hear from mr. John bazella, president and ceo, alliance for automotive innovation. Mr. Randy gill yot, chairman of the board, American Trucking associations. Mr. Ian jeffries, president and ceo association of american railroads. Mr. Alex oler, interim president and ceo interstate Natural Gas Association of america. And mr. Larry willis, president Transportation Trades Department aflcio. Thank you all for being here. I understand, mr. Gilliot is testifying remotely. Welcome to each and every one of you. The committee has conducted several oversight hearings on quid pro quo 19 including a comprehensive look at the aviation industry. We are considering the impact of the covid19 virus on surface transportation a
Movers today small caps again today as they were all week. Transportation stocks Like Airlines as they have been all week bank stocks, industrial stock, energy stocks. All the market leaders this week as well as today whats lower today the peleton, zoom. Slack is down big today. Thats down about 13 . Big cap cyclical stocks. It was all about the reopening story. Stock of the week, boeing, thats not a typo. Up 43 jpmorgan a lot of bank stocks up double digits caterpillar is up double digits overall. Perfect for the reopening story. Remember the three buckets. The big problem we have got, stocks are pricey. We need to see earnings estimates start going up thats what were not seeing so far. Thats wa hat we hope to see in the next month or two. Now to the bond market where the tenyear is surging back to gas. Rick is tracking the action this afternoon. Rick its amazing. 92 basis points. Were up ten basis points on today. Were up close to 30 on the week as you see on the intraday chart. If y
A headline that i found actually was geek boy from ireland and he tweeted at us and he said christ report fake customers in the restaurant an illusion of demand theres a kaiser report analogy in there somewhere and he was referring to an arty headline that one german restaurant has found a solution to maintaining social distancing on his reopening manic and a family run businesses fail tables with plastic people in order to keep customers apart and create a vibrant dining atmosphere that is not creepy at all no not creepy. Now its like that film airplane remember they had the blow up pilot who yes. Then all kinds of mr fall out catch that film very missing well yes the potemkin villages in Northern Ireland during the crisis make it look like stuff was going on that there was Business Activity where there were no Business Activity so this illusion of demand is key to our modern economy because its demand 1st then supply is lay people think about supply 1st the demand like are going to m
Hotspot while infections in india rise at the fastest pace in asia. Zealandsnks new postvirus recovery. We are joined this hour by the rbnz governor, adrian or. Orr. Haidi lets take a quick look at markets. We saw that exuberance over the Moderna Vaccine progress really dissipate quickly. We saw the late session swing when it comes to trading in the u. S. As it has concerns over the efficacy data from moderna causing some concern. Take a look at the futures in asia. We are seeing downside when it comes to futures trading in japan, australia, and hong kong, although we are looking at a little bit more of a positive open when it comes to trading on the mainland, and just also keeping an eye when it comes to Energy Markets as well given that we are starting to see backwardation between that june and july contract for the wti, suggesting some of the storage issues have started to ease. Lets take a deeper look at the markets. Investors are increasingly debating whether the broader stock mar
A headline that i found actually was geek boy from ireland and he tweeted at us and he said christ report fake customers in the restaurant an illusion of demand theres a kaiser report analogy in there somewhere and he was referring to an artsy headline that one german restaurant has found a solution to maintaining social distancing on his reopening manikins the family run businesses fail tables with plastic people in order to keep customers apart and create a vibrant dining atmosphere that is not creepy at all no not creepy. No its like that film airplane remember if they had the blow up pilot. Yes my ear. Yeah all kinds of mr fall out catch that film very missing well yes the potemkin villages in Northern Ireland during the crisis make it look like stuff was going on but there was Business Activity where there were no Business Activity so this illusion of demand is key to our modern economy because its demand 1st then supply is lay people think about supply 1st the demand like are goi