After 10 00 this morning. The p has been calling for rate cuts and more of them, the reaction was essentially they didnt do enough. This is the president s tweet, the Federal Reserve shut asking, further ease and come into other countrys competitors. Were not on level playing field. Not fair to the u. S. Finally time for the Federal Reserve to lead, more easing and cutting. After that, jay powell gave his press conference, 11 00 here on the east coast and the chair of the Federal Reserve was asked whether or not there was any political pressure for this move. As he has, time and time again, he said no. Here was powell from earlier today. Well always make our decisions in the interests of the American People to Carry Forward and try to achieve mandates congress has given us and were never going to consider any Political Considerations whatsoever. We will not do that and it is very important that the public understand that. Reporter right now here in washington President Trump is speakin
And of austerity. The u. K. Prepares its biggest dose of stimulus in decades. It really is said to plan doublings doubling stimulus to combat the outbreak. President trump appears to a coronavirus conference. He was expected to announce a major stimulus package that he hyped himself the day before. And, taking a hit. Couldsays the coronavirus knock First Quarter quarter china revenue by one billion euros. We will speak to the ceo in just over a half an hour. Youve got some breaking news down there on the green from the bank of england. Anna absolutely, breaking news. Itsbank of england reduces bank rate. The bank of bank rates by 50 basis points. 20. 25 . A surprise rate cut from the bank of england. Just as we saw a surprise rate cut from the fed. Here we are seeing me seeing a great deal of cooperation theeen the fiscal side of monetary side in the u. K. Investments are waiting for an update, waiting for the government to respond to the coronavirus. We are also hearing about a Moneta
Affect business and Consumer Sentiment and Investor Sentiment. A chorus of asian bankers saying theyll take action and the bank of china also places easing china sectors and auto sales plummet. U. S. Futures turn higher after joe biden takes texas. California is still too close to call as the former Vice President gets into the super tuesday spirit it is a good night and seems to be getting even better. They dont call it super tuesday for nothing. We have a very busy show talking about everything from super tuesday from that surprise rate cut for the month of february, we have the final Services Numbers that came in at 52. 6 versus the flash estimate of 52. 8 the final Services Number lower than the estimate. As for the composite number for february, 51. 6 this data is now beginning to look outdated given the extent of the slow down given manufacturing and supply chain and coronavirus. The impact will show up in march. Worth baring in mind that we did fleetingly start to see European D
Canceled around the globe tourism and Hospitality Industries are the 1st to suffer from the Virus Outbreak how long haul tells and allies hold out without state aid. This is d. W. Business im gal alphas in berlin welcomed with the economic damage caused by the corona virus becoming increasingly clear more and more companies are calling for state aid some governments have already responded with a variety of measures south korea for example is to deliver an economic stimulus package to the chief of 13700000000. 00 u. S. Dollars the cash is mainly aimed at smaller businesses like the countrys numerous market traders who have been badly affected by the crisis the United States states has altered its Monetary Policy in an attempt to calm markets in a surprise move the Federal Reserve lowered the base rate by a point 5 percent keeping Interest Rates between one and 1. 2. 5 percent china 2 has implemented a range of measures to support its economy Small Businesses have been granted tax and So
Fed funds rate the chairman talking about the action and admitting that the cut may not be a cure yall, so to speak we do recognize the rate cut will not reduce the rate of infection or fix a broken supply chain. We do believe our actions will boost our economy. Avoiding a tightening of the conditions that will help boost household and business confidence. Then stocks whip sawed with stocks ending down yesterday, the yield dropping below 1 for the First Time Ever take a look where we stand now at. 94 as we speak quite a bit lower quite a day. You want to get ahead of these things but can you we were up 1,300. I know. Im not listening actually i do want to know your predictions. He would shave to do it at some point i think there is no winner here exactly if they didnt cut, you are skpengting why didnt they cut and the markets go down . What do they know nobody else knows. At this point, it is pure insurance trying to loosen liquidity. You look at people looking at mortgages. I locked i