Selling but the glut looms over the market. The politics of the pandemic. The u. S. And china continue to trade barbs over their handling of the crisis. Washington says the world has been let down. Breaking news out of south korea. We are getting First Quarter gdp numbers quarter on quarter, seeing the biggest drop since 2008. Young talking about a contraction of 1. 4 . It is still a little bit better than expected. The expectation was a contraction of 1. 5 but it will still be the First Quarter on quarter retraction since 2009. The year on year number rising 1. 3 , is also bigger increase and was expected. It was expected it would only gain 1 . It is also growing this rise of 1. 3 year on year coming after growing more than 2 in the past two quarters, so it is still a slowdown from the previous quarter. We are seeing manufacturing taking a big hit, a contraction of 1. 8 for the Fourth Quarter and also contraction from the previous quarter. We are seeing the hit on retail trade, accomm
Yields down by about eight basis points, once again under 1 for the 10 year. Time now for global exchange. From hong kong to washington to new york, our bloomberg voices are on the ground with this mornings top stories. Want to beginning asia. Total coronavirus cases around the world is now above 95,000. Cases seem to slow in south korea, while switzerland reported its first death. With us now is sophie kamaruddin. Is reporting an increasing number of recovery patients, roughly 62 of those who have been diagnosed who have been discharged from hospitals. The number of fatalities reported wednesday totaling 31, all of which were in hubei province. Jinpings scheduled visit to tokyo has been delayed, and Prime Minister shinzo abe did reveal tighter border controls and japan, including two weeks of quarantine from visitors arriving from china and iran, as well as south korea, where cases have topped 6000, but the daily count has slowed has monday at the country been testing hundreds of thou
Reports on various topics. We just had one on student loans, for example. Then we do i host of scorekeeping functions. In support of the appropriations process. Tracking spending and helping Congress Figure out how much they are spending and how much bills will cost. Mr. Mcardle talk about who you answer to. Mr. Swagel we are a nonpartisan agency. We answer to the congress. We work through the two budget committees, the House Budget Committee and the Senate Budget committee, but we work for the entire congress. Generally our work is for the chairs and ranking members of the various committees of jurisdictions. If there is something on health care that would be in the senate for the finance committee or the health committee. And similarly in the house. And so in a sense we answer to all the members and support all the numbers equally on a nonpartisan basis. Mr. Mcardle all of the members are interested in your budget and economics outlook. What is the takeaway from that . Mr. Swagel the
The program. The congressional budget supports congress in its budget function. We evaluate legislation and provide cost estimates for legislation, we do analytic reports on various topics, one just came out on student loans, for example. Then we do a host of scorekeeping functions in support of the appropriations process. Helping spending and congress to figure out basically how much they are spending and how much bills will cost. Talk about who you answer to. We are nonpartisan and we answer to congress. Senate through the Budget Committee and the house Budget Committee, but generally our work is for the chairs with ranking members for various committees for the jurisdiction. Something on health care, that would often be the Health Committee and similarly in health in the house. We answer to all of the members and support equally on a nonpartisan basis. Are interested in your budget outlook that came out recently. The take away is too full on the economic side, we have continued gdp
Eastern on cspans q a. On newsmakers this week her guest is phillip swagel. And helping with our questions in studio, economic reporters Richard Rubin and Jim Tankersley. Director slagle, for those what thef d. C. Explain Congressional Budget Office is, who you answer to and what viewers should take away from your latest reports and economic outlook. Thanks very much for having me on the program. Its function is we provide cost estimates of legislation, we do analytics reports. I host of scorekeeping functions. In support of the appropriations process. Tracking spending and helping Congress Figure out how much they are spending and how much bills will cost. Talk about who you answer to. Phillip we are a nonpartisan agency. We answer to the congress. We work for the entire congress. Generally our work is for the chairs and ranking members of the various committees. If there is something on health care that would be in the senate for the finance committee or the health committee. Similar