Texas. Mr. Caro is the author of a four volume biography of the 36th president. Here is the 2003 tour of the lbj library. First time i came here, i was looking for the papers and came around the corner like this. This is what i saw. The only moment in my life, the moment in my life when i felt my quitting. I was really overwhelmed. What you are looking at here the papers of Lyndon Baines johnson, the 36th president of the United States. Pulitzer prize winning author robert caro has been sifting through the millions of papers of Lyndon Johnson for 26 years. Recently booktv joined mr. Caro to learn how he conducts research for his multivolume biography, the years of Lyndon Johnson. During our visit robert caro also spoke at the lbj library for the first time. Over the next two hours youll see parts of thats beach interspersed with abof that speech interspersed with a id be happy to take questions if anybody has a question they would like to ask. Keto is how you came to write about Lyndon
Up 40. Tures dow futures well out over 400. Andrew sheetz of Morgan Stanley joining us imminently on this program. There are always things that preoccupy the minds of economists and things that Market Participants focus on. , the Market Participants looking at the continued positive Forward Momentum of. Forward momentum. Lisa i thought you were going to say that they were looking at the money printing banks. In china, seeing one of the best trading days and more than a year. In the states, very big focus on the virus, on the progression in the reopening. We are getting phase three in new york today, without indoor restaurant dining. That said, you can get your manicure, pedicure, and massage done, tom. Nine 45, we get a read on u. S. Service is that he for the month june. At 1 00 p. M. At the berkeley at the brookings institute, holding at event on how deep will the recession be. Goldman sachs downgrading think the expectation for u. S. Growth this year. Looking forward to catching up
June. There are segments of this economy that were very strong before the pandemic and they are resuming their strength. There are other ones that are just plain baffling. I think we are all surprised that retail is doing better, but then we remember target, walmart, costco, these places added people and then the incredible one, the only sector that really seems to be being heard is the one that has the social distancing problem which is restaurants it seems the travel and hospitality people are gearing up and i think that these numbers do reflect the reopening of some states that are now troubled, but i dont want to put a negative gloss on this these are just very strong numbers and we are not where we thought we were or we would be, say, eight weeks ago we had a Strong Economy before, were seeing the strength again. So is this kind of number an Apple Closing Stores number or is this a disney still on track to open in july number well, i think these are numbers where we really felt th
Not as high as economists were expecting. , it is interesting tom it is interesting, the flows right now. I felt the research over the week and a massive, massive reset of what this recovery is going to look like. This goes to Prime Minister johnson and to your wonderful conversation with the chancellor of the exchequer yesterday, fran. The idea of the United Kingdom seneca the United Kingdoms fiscal policy into the summer and october as well. There huge mysteries out there fiscally for each nation. Francine you have a government in power that should be because they are because conservatives should be more proausterity, but they are also having to deal with this massive coronavirus. Deaths from coronavirus surpassing 500,000, that is moving the markets. European stocks are falling, oil is down. U. S. Futures are not as down but they are fluctuating a little bit. Something i dont look at very often, i want to show you 10year yields, add 0. 65. Going on is something with poland, strength
Fed vice chair Randy Quarles talking about the stress test next week, seeing dividends might be influenced by the pandemic. He thinks most banks will be allowed to retain the dividends, and particularly with wells morgan believe, and stanley, highlighting concerns about financials recently. So the underperformance today caught my attention. Caroline we get even more insight on underperformance, and what led to the selloff at the end. The northwestern wealth chief manage he chief strategy manager is with us. We were lower earlier and then i got a message from a key r on the bloomberg squawked talking about how the vice chair of the Federal Reserve was saying, there is no limit to fed treasury buying. That seemed to give the stock market a little more support toward the close. Is the fed still the be all and end all, is liquidity still the beall and endall in this market and can we grind even higher as the covid rate is still causing concern . 26 years of doing this, the fed has been sup