Disaster. Monetary policy works through emulating aggregate demand and that is important now. Ultimately, there is a job to replace lost income. Our congress stepped in and there has not been a faster or stronger response from congress to an economic emergency since the great depression. The cares act and other laws have been passed to more than offset lost income in the aggregate. There will be people for whom that is not true. You see high levels of savings on the Balance Sheets of households. Not experienced the downward cases we were worried about of mass insolvencies of businesses so far. So far, so good, i would say. There are no full recoveries without confidence. Do, which ipart to think we have done. The path forward will be challenging for a number of reasons, and i am sure we will get into some of them. Congresso do more and might need to do more with fiscal policy. The particulars of that are up to congress and not up to us. It is likely more will need to be done in time. O
Package. El wanted 500 billion, but the hardliners were said to be pushing for as little as 350 billion. Grants ase amount in opposed to loans that countries like italy, that stricken, would have to pay back. Bloomberg eulling hardliners are ready to accept 390 Million Euros in grants so a deal can be done. A mixed picture for stocks amid a spread in coronavirus cases. Infections hit a daily record as a u. S. Congresswoman calls floridas outbreak out of control. Underways in getting in europe. We will see how the pandemic impacted phillips when we get their earnings and we had to zurich as there is a big week for the banks. Let me just tell you quickly that we have phillips earnings, Second Quarter revenue four point 4 billion euros across the bloomberg, the estimate was for four point 31 so revenue beating the estimate as far as earnings are concerned for philips. The earnings before taxes, philips in the Second Quarter, 418 Million Euros and we were looking for, according to a survey
Nation, the president announcing that travel ban. The European Union failed to take the same precautions and restrict travel from china and other hot spots. As a result, a large number of new clusters in the United States were ceded by travelers from europe. After consulting with our top Government Health professionals i have decided to take strong but necessary reactions to protect the health and wellbeing of allmericans, to keep new cases from entering our shores, we will be suspending all travel from europe to the United States for the next 30 days the new rules will go into effect friday at midnight. David, jim, were going to talk about the president s address, the markets obviously today, but really quick, the fact that youre there and im here, just reflects the fact that the nature of work is changing, and will probably stay this way for some time to come yeah, it will, carl again, were splitting up our teams in case something happens at the nyc or here so we can obviously still
Turs the dow and s p are a little lower. Nasdaq is on pace for the fourth weekly gain. Being looking at raise yeah, the nikkei up and shanghai composite. The ftse is down slightly, actually flat. So is the dax. The cac is up about. 2 . The 10year is yielding 1. 779 in our tariff news du jour, the u. S. Is going to temporarily free more than 400 products from the 250 billion in tariffs imposed. According to documents said to be published by trade representatives today. Including items such as Christmas Tree lights, retractible dog leashes. What . How did that get on the list that wouldnt work for my dogs if it went out, when i brought it in, something would be attached to the mouth. Filters for kcups, tiki torches, grills, electric skate boards stemming from more than 1,100 requests from companies. Holding lower level talks in preparation for higher level talks expected in october. Here is what Vice President pence and black stones steve squartsman had to say. For too long, one administ
assured they will be protectednd have access to their money we have an obligation with payroll. we have an electrical business and we have to meet payroll this afternoon. that s why i am here. everything is insured. we are not worried. going to collect my share and go home. wow. yeah, wow, right? it s a full-on bank run. these are old-school bank runs. let s not scare people. no, i m saying what we re seeing. a few banks. yes. let s hope it s not more. good morning. it is the top of the hour. glad you are with us. customers getting their money back after the stunning collapse of silicon valley bank. concern is growing as don was indicating for other regional smaller banks across the nation. their stocks are tanking. how much danger are they really in? former treasury official roger altmann is here to weigh in. a massive winter storm slamming the northeast. right now with powerful winds and up to two feet of snow. we will take you live inside the stor