Good afternoon. The committee will come to order. The today the committee convenes for a hearing on the state of transportation and Critical Infrastructure examining the impact of the covid19 pandemic. I welcome our panel of witnesses and thank them for participating. Today we will hear from mr. John bazella, president and ceo, alliance for automotive innovation. Mr. Randy gill yot, chairman of the board, American Trucking associations. Mr. Ian jeffries, president and ceo association of american railroads. Mr. Alex oler, interim president and ceo interstate Natural Gas Association of america. And mr. Larry willis, president Transportation Trades Department aflcio. Thank you all for being here. I understand, mr. Gilliot is testifying remotely. Welcome to each and every one of you. The committee has conducted several oversight hearings on quid pro quo 19 including a comprehensive look at the aviation industry. We are considering the impact of the covid19 virus on surface transportation a
We will take you to the basic news, and we will begin with , a call to help negate the academic Economic Impact of the coronavirus. Michael mckee joints me now with more. Theres a lot riding on the next 24 hours. Mike a rescue package for European Countries should be based on the european stability mechanism rather than joint bond issuance. And another idea is to set up another European Fund that would guarantee bank loans to Small Business. And finance ministers meet tomorrow to discuss a package and then possibly the leaders would decide on something on thursday. Thehe other of the world, japanese Prime Minister is announcing the largest similars package ever for the country. He says he will declare a state of emergency in tokyo. Is equivalent to of japan. Of the gdp the first phase would be support for households and businesses affected by the virus, shut down. The second would aim to look at trying to stimulate a vshaped recovery in japan. The plan includes cash handouts to househo
Jerky market from the premarket to now any trends youre picking up i wouldnt say trends that last too long. I think this kind of choppiness, a little bit of aftershock navigation is what were trying to deal with right here. I do think it shows you what happens in these tightly compressed markets like oil when you have a hint of something oou, you know, going the other direction and you will get this exaggerated pop. Were in the zone in a less extreme way with equities too. Right now today weve traded within yesterdays range so even though it seems like weve been popping all over the place, weve essentially sort of operated within the bands that we set yesterday i dont think yesterdays 4 decline necessarily did too much damage to the idea that perhaps were in this bottoming process, maybe a week ago monday was okay for a shortterm extreme low but todays rally doesnt change the sto story either that it could go either way the conversation perhaps is going to turn a little bit more toward
Thats what you see going on today, issues that are taken on are the likes of boeing and disney and exxon mobil with oil week and oil related issues and services are taking on as well. Earlier on i told you in the week whats happening in the front and of the socalled yield curve when one in three month bills were returning negative rates, if you want to park your money at a bank in a negative rate environment, your to pay the bank for the privilege of hanging on tour your dough, that is no longer the phenomenon right now as yields have turned positive on the shorterterm security. There was a flipside to the argument and theres less then a reason to move over to stocks. If there are no more negative, they are very, very low, they are extremely low but bottom line they are better than where they were. Lets get to read from hilary vaughn, the relief package coming from the house of representatives. They had some yelling and screaming going into this but their intense abating about in a pas
About 6. 6 million filed for unemployment in the past week. So 10 million who have gone into this even though it doesnt have the most recent week will watch to see how this turns out. Crude oil prices after the biggest hike after one day after maybe 26 after news that joe kernen reported here after the president said what he was going to be doing absolutely changed not only the oil market yesterday but the entire equity market as well yes like i said. You suspend disbelieve of everything at this point dont we came in, talked to him he tweeted exactly what he said. It was vintage trump expects, hopes while i certainly hope so, i expect what has been confirmed bio peck is while they are saying at least 6 million in their meeting. The president said as much as 15 maybe they are talking about overall. Opec . Yes opec the market didnt really back off yesterday after the president was racing eyebrows maybe prematurely announcing or hoping for a deal or massage people into a deal didnt back o