Pandemic. This is one hour and 10 minutes. Ladies and gentlemen, the president of the United States and the Vice President of the United States. Pres. Trump thank you very much. Please. Importantly, id like to begin by saying that weve just , the secretarynt , withasury Steven Mnuchin the major airlines, all of our great airlines, to participate in a payroll support program. This agreement will fully support Airline Industry workers, preserve the vital role airlines play in our economy, and protect taxpayers. Airlines are in good shape and they will get over a very tough period of time that was not caused by them. United states is continuing to make substantial progress in our war against the virus. We grieve every precious life that has been lost. To the invisible enemy. But through the darkness, we can see the rays of light. We see that tunnel. At the end of the tunnel, we see light. We are starting to see it. More than ever before. The numbers, everything we done, we have been very
Warning of more damage. Vonnie similar story here in the u. S. We are seeing a nice rally continue on the s p 500, up 4. 9 . The worst performers include viacom and cbs. Viacom went to market without cbs. Rallyingoleum company 21 . Boeing is another big help, particularly for the dow. The 10 year, 81 basis points. The dollar index, down at 1. 5 , some currencies really just flying today. Offshore trading at 7 08, a little lower than it was earlier today. The fixing was much weaker than it has been in the last several sessions. Thes get more details on session in global markets, here with us is taylor riggs. Taylor i want to talk about the major averages. The dow has rallied more than 20 to effectively pull us out of the bear market. We are still off 25 from the peak. As you mentioned, tech having some weakness yesterday but turning that around and getting some strength today. You are catching a bid for the 10 year, movement of money going into both equities and bonds, which is interest
Something we havent seen for the dow and s p in more than a ho month and a half to wilfred frost who has breaking news. Hi, morgan. Yes, james gorman the chairman and ceo of Morgan Stanley sent a note out to colleagues that were seen by myself and the content confirmed by a spokesperson at Morgan Stanley, in it he said, quote, 90 of our employees are working from home. As a result the normal bonds created by every day interactions with colleagues have been impacted and im hoping my perspective on the firm and crisis will be helpful and you have all seen the Federal Reserve actions are extraordinary but given the circumstances necessary markets cannot function without liquidity and they have taken real steps to address this critical issue he went on to say, slowly, governments across the world are putting aside their politics to arrive at blockbuster support and stimulus packages. Way too many people have lost their jobs overnight and it is central for government to act as aggressive as
Shrinks, but it doesnt set the u. K. Up for a good spot Going Forward. We are seeing the relationship between fiscal and Monetary Policy really evolve the u. K. We will break that down over the next few hours. You are seeing bond markets bid across the board, as we are koff develop. We want to kick it off with Michael Mckee. Theld central bank mike,entral banks if i say mmt, am i wrong . Anyway. Yeah, [laughter] its confusing, though, what is going on with the economic philosophy called mmt. Yes, it is unlimited cash in unlimited amounts for unlimited periods of time until we get through this. Youre still going to work your tail off today before we get to 4 00 p. M. Lets start in london come over the bank of england is going to finance Government Spending for the time being by lending money directly to the treasury. It is called the ways and means facility, a shortterm credit the last used during great financial crisis. Government and the bank say any borrowing will be repaid by the en