That is a big headache for the ecb that meets next week. Alix one of the worst performing currencies in march. Scarlet is here to look at those. Scarlet a new trend. Alix that is me. Thelet i was hoping for return of summer. Weakness in the u. S. Dollar is index felle bluebird fiverounding up straight months of losses. When you look at who performed better versus the dollar everyone except brazil. Commodity currencies for the biggest gainers. Down 6. 3 rial is down 6. 3 . A note published today says the dollar moved further than the shifting growth expectations would justify. The positioning to get the dollar down has been extreme, but what triggers a correction is not for castable. The feds leadership was more pressure on the dollar because lower rates for longer continue to pound the dollar. Forever and a day is the phrase i like the best now. The fed is willing to tolerate higher inflation to get fuller, higher employment. As much as we use the dollar index as shorthand for the perf
Clock to show you how much time is remaining. All members and witnesses need to be especially mindful of the fiveminute clock. At 30 seconds remaining ill , gently tap the gavel to remind members their time has expired. To simplify the speaking order process, the commission has decided to order ourselves alphabetically. With that, welcome to this virtual hearing convened by the congressional oversight commission, pursuant to section 4020 of title 4, subtitle of the cares act, the Commission Must conduct oversight of the 500 billion authorized for the Exchange Stabilization fund. As part of our oversight work, the commission has decided to hold this hearing today which will examine the main Street Lending facilities. The Federal Reserve established the main Street Programs to support lending to small and mediumsized businesses, and nonprofit organizations that were sound before the covid pandemic. The program operates through five facilities which we will learn more about this morning.
Previous peak on february 19th and all i heard is its because were having a v shaped recovery wrong, wrong, wrong. Not just wrong but laughable in a v shaped recovery the Dow Jones Industrial average would be hitting highs but this move is led by the nasdaq and s p including today the dow lost 67 points as the s p advanced 2. 3 , the nasdaq gained 7. 3 you dont need to be a Rocket Scientist to figure this out look at the stocks that have brought us to these levels they are not the recovery plays. In fact, they are the opposite they are stocks that tend to do well because of what we call secular considerations, not secular like nonreligious but secular as in they are doing well because of trends in their own industries, not the economy. Far from it. Allow me to explain. We had a magnificent v shaped recovery in the stock market, but the stock market is not a great reflection of the voter economy anymore. If anything, the actual economy is in precarious shape now that the government stim
Small and mediumsized businesses that were in sound Financial Condition before the virus impact of the economy we will hear from the head of the fed in boston and banking and business leaders. Will come tog order. This is a hybrid hearing meaning some of our commissioners are appearing in person and witnesses will testify remotely. Let me offer a few Video Conferencing reminders. Before you start speaking there will be a slight delay before you are displayed on the screen. Click the mute button until your turn to speak or to ask a question. If there is a technology issue, well move to the next speaker until it is resolved. You should all have one box on your screens labeled clock to show you how much time is remaining. Congressional Oversight Commission pursuant to section 4020 of title 4, subtitle of the cares act, the Commission Must conduct oversight of the 500 billion authorized for the Exchange Stabilization fund. As a part of our oversight work, the commission has decided to hold
Cash trade is less than an hour away. Here are your top headlines. Republicans unveil a 1 trillion aid package to bolster the u. S. Economy. More direct payments to americans and Liability Protection for businesses. Keeping the borders close. Bloomberg learns the eu is set barriers to travelers outside the block amid rising virus infection rates in spain and germany. Plus, better than bad expectations. Michelin reports operating profit at the highend of estimates despite swinging to a net loss. The delivery here was one of the big delivery hero is one of the big winners. Dont miss our interviews in this program today. We are seeing the ecb, breaking news. The ecb asking european banks to freeze dividends. You can always get the latest ecb headlines on your terminal. Type ecb go for a great dashboard. The ecb is saying it wants european banks to freeze dividends for the rest of 2020. The remaining four months of the is saying ite ecb least not pay at dividends until january 2021. There