Covert 19 pandemic now the focus is on devastated economies were in a recession will it morph into a depression will the recovery be a u. Or an l. Shaped across the uk economic recovery im joined by my guest Benjamin Cowen lubbock he is the director of the Free Market Institute professor of economics at Texas Tech University as well as a senior fellow with the independent institute and in los angeles we cross to blighty and he is an independent economic and geopolitical analyst as well as a former commodities trader all right gentlemen crossed up rules in effect that means you can jump in anytime you want and i was appreciated lets go to los angeles 1st here i said in my introduction i guess probably the most important question there is as we come out of this pandemic and its all going to be. About the economy and its everything were going to think about for the next few months if not years is about recovery so infer a very simple question will it be a v a you or in hell go ahead well
Any time. Members are reminded to keep their video function on at all times. Members are reminded that theyre responsible for muting and unmuting themselves and to mute themselves after they are finished speaking. Consistent with the regulations accompanying the resolution, staff will mute members when not recognized to avoid inadvertent background noise. All house rules relating to order and decorum apply to this remote hearing. [ inaudible ] economy and i know recognize myself for four minutes to give an opening statement. Chair powell, the law that required the Federal Reserve chair to testify before congress twice each year was established back in 1978. However, no fed chair has ever testified before this committee with the economy in the condition that it is in today. More than 116,000 americans are dead from the coronavirus. And just last week, 21 states recorded an increase in their average daily new cases compared to the prior week. The april jobs report was the worst in Americ
The governor of texas warns of a massive outbreak. The imf adds to the gloom, further lowering its Growth Outlook, saying the pandemic will cause even more damage than first feared. Haidi that lead really playing into the downside we are expecting in the asian market session. Lets get it over to Sophie Kamaruddin in hong kong for a look at what we are expecting. Board, pulling up the asian futures pointing to losses of 1 or more amid the imf. Warnings of a deeper recession with japan and the Growth Outlook taking a hit. 1. 2 in theup by red this morning. A down day with trade disruptions back on the table alongside virus risks. Flipping the board, we are seeing bonds on the advance. Aussie tenure yields off by four basis points. Treasury futures to the upside after the overnight flattening we saw in cash yields as the bond market is signaling a more cautious outlook than we have seen in stocks. Check out the dollar extending gains against g10 peers with increasing u. S. Trade tensions
Eligible for the program in terms of the money amounts, things like that, by opening it up to more people. I really appreciate your responsiveness, thank you. Madam chair, with that i will yield back. Thank you, mr. Styers, a youre a recognized for five minutes. Thank you thank you, madam chair thank you, chairman powell, for your testimony and your willingness to be so accessible. I want to thank you for everything you are doing during this crisis. I think your actions have prevented this from getting much worse. I take your answers pretty seriously about what we need to do for people who are still impacted by this crisis. Particularly people who are still see unemployment we need to try to help them. You just answered a question a bit just a couple things, i think with the unemployment insurance, i think its important to keep in mind that some of the jobs are not coming back soon, but those jobs in those areas where travel accommodati accommodation, restaurants, bars, things like tha
Economy. We do think this is going to take some time yields on both sides of the atlantic fall. U. S. Futures suggest the dow will open 500 points lower travel and aviation crowd the stoxx 600 as lufthansa warns of deeper job cuts and unsettled return to work take away shares turn hire as snatching up grubhub. Beating uber to the top seat at the table. A very warm welcome to street signs. It has been a pretty remarkable morning already in the first hour of trade. Weve got a substantial selloff. The stoxx 600 down by 2. 6 it is really a sea of red. Just over a dozen stocks are trading in positive territory. This comes after the Federal Reserve meeting yesterday where they vowed to keep rates near zero through 2022. They forecast about a 6. 5 contraction. When looking at a policy stance and eyeing up some fresh ip infection data and seeing a rise of new cases in the west and deep south concerns of the implications of opening up the economy and measures in terms of infection rates. Renewe