Jerome powell was on capitol hill to update lawmakers on the economy and Monetary Policy. He spoke about the Economic Impact of the coronavirus, Cyber Threats in the Banking Sector and his influence in the Global Economy among other topics. This services hearing is three hours. 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 interMonetary Policy. A recent news story noted that trump has tweeted over 100 times about 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. Fedsolding the independence, you should also be mindful of public perception. Of course, trump continues to claim credit for Economic Growth that was put in motion by the policies of p
I will start with that right now. Welcome kevin foul today the Federal Reserve chairman will update the committee on Monetary Policy developments and the state of the u. S. Economy. It continues to expand in 200019 exceeding 2 growth for the Third Straight year. As the American People enjoy the longest economic expansion and history. The labor market is strong. Rd with the Unemployment Rate at 3. 6 remaining near half century low. Wages also grew in january by 3. 1 percent from a year earlier. Making it 18 consecutive months that pay has grown. According to gallup trends. Nearly six in ten americans are 59 now say they are better off financially than they were a year ago up from 50 last year. That reform in 2017 and rightsizing regulations including under the Economic Growth and regulatory release have undoubtedly helped fuel the Strong Economy and labor market. Americans are set to benefit even more when considering the effects of the u. S. Embassy a. T despite the substantial progres
We have a huge lineup this morning. Steven mnuchin will join us. That is at 7 45 a. M. Eastern at 8 00, well get reaction from political strategist hes been out all over the place what is there to talk about . A few things what did we say . President trump is ripping apple . Ive said all along, apple has to get on board. Switching sides no. Im not. It is not apples responsibility to keep us safe the issue is how much theyve been cooperating it does sound like the company has been pretty responsive they dont want to create an encryption key to allow any government to get any phone. They should cooperate in cases like this. I hope they are cooperating behind the scenes. I do want to see them cooperate on some of these but i can under the broader issue. The journals point is that in the meantime, apple shouldnt be seen as a public enemy no. So barr wants cooperation. Right but not just on this issue. He wants to create a larger issue. He wants to establish and create law for life that wou
Global stocks despite lingering tensions between washington and tehran. Ubs shakes things out. The swiss bank splits its Wealth Management unit into three, cutting up to 500 jobs and naming two new Division Heads. And made in china. Elon musk is in shanghai as the consumer rollout of tesla vehicles finally takes place. We are on the ground all morning. Just under one hour away from the start of cash equity trading across europe and in the u. K. Take a look at futures here. You will see that they are up across the board. We have gains in asian stocks, which are pushing up european futures, dax futures, up. 6 , as are ftsefutures as futures. U. S. Indexes rose yesterday. We are seeing green arrows again in terms of futures with about 5. 5 hours to go until the start of trading. Anna, what do you see on the gmm . Anna pulling up the gmm function on the bloomberg, and we are bouncing across these asian equity markets, getting some upside coming through on the japanese markets. We are close
Neede consensus shows no for a rate move next year, either. Erand the Christine Lagarde gets ready at the ecb. The worlds biggest ipo opens with a bang. Is or isnt saudi aramco worth 2 trillion7 some major banks announced changes and cutbacks. They have to meet their efficiency targets they set. Rosalind the eu unveils a plan to go green that has some businesses seeing red. You see there is pushback. Taxation does nothing for the environment. Rosalind its all straight ahead on bloomberg best. Rosalind hello and welcome. Im Rosalind Chin and this is bloomberg best, your weekly review of the most important business news, analysis, and interviews from Bloomberg Television around the world. Lets start with the day by day look at the top headlines. Another week began without a trade deal between the u. S. And china, and fresh data released on the weekend showed the trade balance shifting between the two superpowers. Chinas exports unexpectedly fell last month as Global Demand continues to w