Many millions have lost their jobs. There is great uncertainty about the future. At the Federal Reserve, we are strongly committed to using our tools to do whatever we can, and for as long as it takes, to f provide some relief and stability, to ensure that the recovery will be as strong as possible, and to limit lasting damage to the economy. The most important response to this crisis has come from our health care workers. And on behalf of the Federal Reserve, let me express our sincere gratitude to those dedicated individuals who put themselves at risk, day after day, in service to others and to our nation. Let me also thank the many other essential workers across the country who have helped meet our basic needs for goods and services in these difficult times. The virus and the forceful measures taken to control its spread have induced a sharp decline in Economic Activity and a surge in job losses. Indicators of spending and production plummeted in april, and the decline in real gdp i
This year at 9. 3 . Then recovering next year to five or 6. 5 in 2021. Now pce inflation under 1 . Longterm federal funds rate again, they see it at 2 1 2 , getting back to that. But again no raise in rates for the next two years. Now in the statement, theyre very interesting language. They put in financial conditions have improved in part reflecting policy measures to support the economy and the flow of credit to u. S. Households and businesses. They have had weaker demand it says on, as well as oil prices have kept inflation historically low. Federal reserve is committed they say to use the full range of tools to support the economy. This was a unanimous decision but again, charles, holding the federal funds rate where it is at least through 2022 is their projections. Back to you. Charles edward, thank you very much, my friend. Hopefully well come back to you for some Additional Information but right now i would like to bring in to discuss, kaltbaum Capital Management president , gar
Just three Industry Groups are higher, and really, the highest among them are the food, beverage, and tobacco index. Mainly, the banks are lower by 2 , consumer durables down by 2 . Everything else down 1 or more. The 10 year yield at 57 basis points. I mean, essentially, the market is taking this really dire labor number very well. Down seven for the month of for the down 701,000 month of march. Was weeks before the mandated quarantine for many, so we know this is going to get worse. 26. 89, reflecting the mood between the president and russia and saudi arabia. Russia said it never saw prices going to 20. The dollar index at 100. 7 right now. An eye onant to keep that. The dollar continuing to be something of a stress point and a little but of a tell on these markets. U. S. And european stocks are down hard. We know that your to date. The s p down circa 20 . The stoxx 600 down 25 . A lot of people asking the question, is now the point at which longterm investors should be looking to r
The latest. Dani definitely a mixed session. The stoxx 600 down. It is a macro heavy trading day between the u. K. Election, Central Bank Decisions and that the tariff deadline, we have traders on the sideline. Expandedy has really for sterling. Cable down about 0. 1 , but still trading at that 1. 31 handle. This is a conservative government priced in. Upside is really limited. We have seen sterling fall after the poll showed the conservatively it cut by about half and the concern is the Hung Parliament that would throw into concern the outcome of brexit. Some strategists have said that sterling may fall as low as 1. 22 if we do get a Hung Parliament. Brent down about 0. 5 tonight. We are seeing brent trade just under 64 a barrel. The aramco ipo hitting the 10 limit with shares surging so far today. Looking at some of the individual movers we have seen in the market. Jd sports is one of the biggest lacquers in the stoxx 600 laggers in the stoxx 600. Its biggest shareholder sold 2. 4 of
Do you save this rally or buy into it do you fade this rally or buy into it . Those are the questions throughout the next two hours. For now, it is time for global exchange. We will bring you todays market moving news from all around the world, from shanghai to berlin to london. We begin in shanghai, where president xi jinping address Global Investors for the First Time Since china and the u. S. Resumed trade talks in september. He were a firm set the country would open itself up to trade even further. In order to boost growth at home and create more , chinar Global Growth will give greater importance to import. We will continue to lower tariffs and institutional transaction costs. Alix joining me now is bloombergs china correspondent selina wang in shanghai. President trump wasnt specifically mentioned, but it was almost like he was there. A thats right. Im here at the shanghai Second Annual import expo conference. There are thousands of countries here from from alibaba to astrazeneca