In global news, business, and sport. And you can be part of the conversation. Tell us what you think about the stories we are covering, or what you have spotted online. Just use the hashtag bbcthebriefing. Rescue workers are trying to find survivors following the devastating mudslides in southern california. 17 people are known to have died, with more than a dozen still missing. Many of those now affected are the very same people who had to flee last month from some of the biggest wildfires in the states history. The latest extreme weather hit carpinteria, Santa Barbara and montecito. From there, our correspondent james cook reports. In montecito, they are still combing the ruins, looking for survivors. But, with every hour that passes, hope fades. The surge of mud and debris wasjust hope fades. The surge of mud and debris was just too powerful. It consumed everything before it, turning homes to matchwood. Consumed everything before it, turning homes to matchwoodm consumed everything b
And welcome to power lunch. The dow is up above the 25803, holding on to 26,000, up by. 9 of a percent and big games in ibm and boeing. More ahead and Goldman Sachs shares taking a hit on the back of the earning. Well take a deeper dive into the numbers in a few moment. Thank you. Welcome, im tyler mathisen. And here is what else is happening at this hour facebook, google and twitter fold up to capitol hill and are telling congress they are going beyond screening and removing extremist content from their services they are actively fighting against that content and terror. Senate Banking Panel voting again to approve j. Powells nomination for the next fed chairman the vote advances his nomination to the full senate floor and home builder confidence slipping this past month but still hovering near an 18year high melissa. The dow back on the upswing after yesterdays selloff. Bob is at the New York Stock Exchange tracking the action so bob, is it back volatility i mean . There are a lot of
The meeting will come to order. Without objection, the chair is authorized to declare a recess of the committee at any time. All members will have five legislative days to submit materials for the record. This hearing is for the purpose of receiving the secretary of treasurys annual report on the Financial Stability Oversight Council. Now recognize myself for three and a half minutes to give an Opening Statement. Mr. Secretary, there is your first appearance before the house after the tax cuts and jobs act has been signed into law. I want to let you know on behalf of the majority how grateful we are to you and to the president for your leadership and for helping make this act signed into law. It is truly, truly historic. After eight years of failed economic policies that led to the slowest, weakest recovery in the modern era, the economy is starting to take off. And wages are finally growing again. Consumer optimism abounds. So, how ironic but totally predictable that equity markets wo
Youre getting ownership of a company, some are higherpriced, shorter duration. You may buy something at 85, if they refinance, everything trains up to par. We also have some securities that came out of distressed, become equities, but they have done really become darlings of the mutual fund world yet. That transition creates a value gap that is quite tangible and large. Erik what is the stupidest place to take risk today . Josh that is a hard one for me to say. Im not sure i can give you a good answer but i would avoid being in very longduration low coupon bonds of any sort, particularly of investment grade. There is not a lot of upside remaining in highgrade longduration bonds. Relationshipric between the upside and downside. How do you think things will evolve over the next couple of years . If you were to cast your mind for 12 months, where would you be deploying capital . Monthsver the next six it is hard for me to look out an entire year. You dont know what accident will happen in
Treasury secretary Steven Mnuchin delivered the annual stability Oversight Councils report at a hearing at the Senate Banking committee on tuesday. Topics also included russian sanctions, tax reform, the debt ceiling and cryptocurrency. This is two hours and 20 minutes. This hearing will come to order. Today, treasury secretary Steven Mnuchin will testify on Financial Stability Oversight Councils 2017 annual report and the operations and actions of this congress. In december of last year, issued the 2017 annual report in which it provided numerous recommendations, insights into the councils key activities and identified potentially merging threats to Financial Stability. One of the rejss urged congress to reform the Housing Finance system and boost the role of private capital in morning finance. Ive repeatedly stated that the status quo is not a viable option and reforming the Housing Finance system is one of my key priorities. Testifying before the Banking Committee last year, secreta