Good morning. This hearing of the subcommittee on readiness and management will come to order. Subcommittee meets today to receive testimony from undersecretary defense for acquisition and sustainment, ellen lord concerning supply chain integrity fourth apartment of defense in the United States. Since her initial confirmation as the under secretary of defense secretary lord has oversensitive give acquisition reform at the department of defense and i am sure we will talk about some of that today. As the u. S. National armament director she has traveled to see the u. S. Throughout the u. S. And the to see our allies and partners with regards to the development and Manufacturing Activities around the world and unfortunately has seen how reliant the u. S. Defense Industrial Base chain has become particularly as it relates to china. With the rise of china and Great Power Competition and the Global Pandemic the vulnerabilities and gaps in our supply chain particularly as it relates to the Na
Subcommittee meets today to receive testimony from under secretary of defense for acquisition and sustainment, ellen lord, concerning supply chain integrity for the department of defense in the United States. Since our her initial confirman as the undersecretary of defense, secretary lord has overseen significant acquisition reform at the department of defense, and a chill well talk about some of that today. As the u. S. National armaments director she has traveled to see the u. S. , throughout the u. S. And to see our allies and partners with regard to the development and Manufacturing Activities around the world, and, unfortunately, has seen firsthand just how reliant the u. S. Defense Industrial Base chain has become come to class relates to china. With the rise of china and Great Power Competition of the global covid19 pandemic, the vulnerabilities and gaps in our supply chains particularly as relates to National Security have taken on a new urgency. What you think Ranking Member k
Deterioration here. We are suddenly down. 6 having gone negative a few minutes ago. Our bloomberg reporter is suggesting it is chinas response to President Trumps accusation. Safeguarding it will its interest and offer countermeasures after trump sent, a letter to congress a strategic approach. We will see if this continues throughout the afternoon. 500 isow the s p down. 6 . The Boston Scientific is down 5 . Best buy is down 5 , and many other companies. The 10year yield at 66 basis points. Dire Economic Data again today. Justollar index, it was about 99 at the beginning of todays session. Above 34 a barrel now. Higher. Long as it is lets talk about what is happening with the negative rates in the u. K. Replicated over in the United States as well. The eurozone has that experience. Tom withfrancine and the former governor of the bank of england. This was his take. I dont think it is credible to believe a longterm solution to the problems we are facing can be achieved by moving Interes
And then in europe youre going to see equity futures there also to the upside this morning, gains across the board of better than 1 . Its up a third of a percent and stocks in italy up by 1. 5 breaking news happening moments ago, hong kong leader has now announced the official withdrawal of the extradition bill that sparked months of mass protests there its one of five demands including universal suffrage in the citys elections it sparked a late night rally in hong kong with stocks closing higher by nearly 4 youre looking at the stock chart right there. A loif report from hong kong in a couple of minutes. The other big global story is a political Crisis Brewing in the u. K. He joins us to explain the situation to app american audience that isnt necessarily familiar with the parliamentary procedure. This is not for me this is not for me this is for certain individuals that may not understand what is going on there but go slowly just in case i want to pick up a few of the nuisances and w
Good morning for our audience worldwide, this is bloomberg surveillance. Your equity market is facing a little bit of trouble in the last couple of days. The bond market selloff continues. The 10 year yield is close to 420 three days into q2 and we are looking at 440. Lisa and stocks are suddenly waking up to this. We were down 0. 7 which is the worst loss going back a few weeks and it highlights how few losses we have had at a time when everything seems to melt up. Jonathan chairman powell is addressing the economy and the market later this afternoon. With Precious Metals, gold is pulling back from alltime highs, silver had a five day streak up 0. 7 . The question is the commitment to get inflation back to 2 . Annmarie the fed has never cut rates when the economy is this good never mind inflation and you look at commodities and you see inflation uptick across the board. Bank of america this morning up to their calls on brent w ti. And when everyone says the fed will cut in june, they