I think we should start by checking where we are. Were in the midst of a big snap back day the dow is back over 20,000. Pushing a 9 gain of 1600. The s p good for nearly 8 theres the nasdaq as well up close to 7 . Have we turned a corner . I dont think so. I think technicians is what is referred to as a counter trend move its nice to have. I think people could use a break from just the persistant and constant selling were looking at stocks in the s p 500 be p t the percentage of stocks making fresh hundred day lows that number is slowing down. A few days ago it was high 80s right now its low 60s i think thats pretty good i think well take that. Again, these are the types of days that give you the opportunity judge, if you were panicking and you felt you were too exposed, this would be the kind of day if youll lighten up from a 60 40 portfolio to a 50 50. If you look at the biggest names its happening in areas that have been thrashed mgm up 33 Royal Caribbean up 31 im looking at ual up
So nbc news now has obtained a onepager, in effect, laying out the stage 3 proposal key terms. Thats the mnuchin proposal for about 1 trillion in stimulus and economic backstopping. Heres whats in it, as were going through it in realtime the Airline Industry gets a secured Lending Facility of 50 billi billion. Theyre saying it would be secured by lateral thats specified by the Treasury Department here. Other severely distressed sectors of the u. S. Economy, thats 150 billion. This document not specifying what other sectors might be included here, but theyre saying that it would authorize use of those funds for secured lending on loan guarantees to assist other critical sectors of the u. S. Economy, experiencing distress here. Also, theyre going to temporarily permit use of the Exchange Stabilization fund to guarantee Money Market Mutual Funds. What treasury is saying here is they will temporarily suspend the statutory limitation on the use of Exchange Stabilization fund for guaranteed
Maria we want to get a check on Global Markets this morning. A lot of action, rally in europe as well as the u. S. Right now. Take a look at european indices, cac quarante up 72 and dax up 147 points. Euro zone purchasing managing index better than expected. The spread of the coronavirus is expected to cause weakness going forward. Remember, the outlook thats materially changing right now. We continue to see the numbers today pretty strong. In asian overnight markets are mostly higher. Take a look, the weak spot was hong kong. The others fractionally moving although korea was up 2 and a quarter percent. We do have more bad Economic News out of china. The service purchasing manager index slide to go record low overnight. February car sales plummeting 80 year over year. South korea announcing stimulus package to fight coronavirus. People are saying if he has to cut 50 basis points before meeting, what does he know that we dont know. Maybe its a lot worse that we thought, as a result the
Order. Without objection, the chair is authorized to declare a recess of the committee at any time. This hearing is entitled Monetary Policy and the state of the economy. I now recognize myself for four minutes to give an Opening Statement. Id like to welcome back chairman powell. As i discussed earlier, and at our last hearing with you, i remain very concerned about the president s efforts to interfere with the feds independent Monetary Policy. A recent news story noted that trump has tweeted over 100 times about the fed since your nomination. Many of those tweets appear to be attempting to exercise pressure on the fed. Chairman powell, you and the fed board of governors must not be swayed by these aggressive tactics in upholding the feds independence you should be mindful of public perception. Of course, trump continues to try to claim credit for Economic Growth that was put in motion by the policies of president obama Congressional Democrats and the Federal Reserve, irresponsible tr
To my left is catherine colbert, who recently retired as the constants hushed william 66 director of the senator leadership, studies professor of leader studies and profession a professional practice as the Political Science department, and college notion youtube she worked on the landmark case casey, since then shes worked for people for the american way, the end of our Public Policy center at the university of pennsylvania, mary sickle, is the syrians weaver miller professor of Florida State University College of, law she is off historians written articles on this topic, including after rope, the loss history of the abortion and beyond, wrote roe v. Wade in the fight for privacy, and her new book, a subtle abortion america, legal history. Roe v. Wade to the president and his forthcoming soon. Finally of Catherine Glen foster, who is president and ceo, of americans united for, life in addition to our work she deserves on the boards of Legal Society in d. C. Metro chapter, family polic