Any precipitous policy, at least not at the present time. How much more shock can this market take before theres longterm effects on the economy . What do you think . Look, the market the markets had a shortrun correction, and i guess its 10 or 11 or something. Weve been through this many, many times before. And i dont think even though its frontpage story and nobody likes to see their asset values go down, i just dont think at this point its going to have much of an impact. I will qualify that, depends how long this lasts, how deep it goes, but i could cite a number of historical experiences. The one i remember the most, i was a cub scout way back when, and i remember the 1987 market crash and i remember president reagan going out and saying the economic v economy is fundamentally sound, and it actually grew by 3 or 4 in the next couple years after this crash. President trump said it in this room two nights ago, we just think the economy is sound, and therefore i just dont think this
Im not saying the market is wrong, it is what it is. You know, youve got millions of people trading all around the world. I just think everybody, whether youre an investor or whether youre, you know, ordinary, main street person, people should not overreact. Thats an important thing, to not overreact. This is in america we have an incredible Strong Public Health stu the d as i said to president has taken rapid fire, unprecedented actions to help protect in the event of emergency or, you know, further deterioration. I think these are very good things. Very constructive things. Reporter numbers on wall street for several days that the president would consider more extreme measures to respond, potentially even up to suspending the tariff on china as one emergency measure due to the virus. Is he considering that or any other measures . Mr. Kramer theres nothing definite i can report. Theres a lot of conversations in and out of the oval office. I was with him yesterday for quite a while tal
The board of governors of the Federal Reserve system and doctor christopher, the member of the board of governors in the Federal Reserve system. Welcome and congratulations to each of you for your nominations. I see friends and family in the room today and i welcome them as well. Were fortunate to have these two highly qualified nominees appearing today. These positions are critical to ensuring a safe, sound and vibrant Financial System in the healthy growing economy. The Federal Reserve was created by congress as the nations central bank to promote a stable economy and a safer more flexible Financial System. Among the Federal Reserve responsibility is conducting the nation Monetary Policy with the mandated promoting maximum employment, and moderate longterm Interest Rate. In addition to its Monetary Policy that oversees a significant portion of the sector including large, regional and Community Banks as well as certain nonbanks. It aims to foster a safe and efficient payment and settl
Turnaround. Thank you. Can we ask you a few questions . Think the markets overreacting . Oh, you know, youve been in the market so long one way or another, wall street, government, fed, Broadcasting Markets the market. Is, my reading of the numbers that we have in i acknowledgein, this could change and i couldledge the situation deteriorate and i acknowledge the risks. But given what we know factually, looks to me like the market has gone too far. And it canhis before come back very rapidly. Im not saying the markets wrong. Is. S what it you got millions of people trading all around the world. Everybody,think whether youre an investor or youre ordinary, mainstream person, people should not overreact. Thats important thing, not overreact. Is we have an incredibly Strong Public Health system and as i said to stu varney, the rapidfire,s taken unprecedented actions to help of emergency event further discrimination and i deterioration, and i think things. Very good moree president consider
Policy correspondent. This is more than the fed might have done. Michael last time i remember a 50 basis point cut was 2001 no, 2008. , the initial cut the last time no, 2008,rise the initial cut. The last time we had a surprise rate cut was 2001. When they do it before the markets open, heres the money quote. Coronavirusout the posing evolving risk to economic activity, and say in light of these risks and in support of achieving its maximum employment and price stability goals, the committee decided today to lower the target rates for the federal funds rate by one half 1. 25 . Age point to a major move by the fed today to put a floor under markets and maybe try to get ahead of any damage out there, although, as a lot of people will tell you, it isnt clear that the fed is going to be able to really do a lot with this except help the markets. The statement goes on to say the committee is closely monitoring developments and their implications for the economic outlook, and will use their