Provide strong support for the economy. Rates will remain accommodative until the economy is far long in its recovery. That should be a powerful statement. Inflation running persistently below 2 , we will aim to achieve inflation moderately above 2 for a short time. Longerterm Inflation Expectations remain well anchored at 2 . Labor market has improved, but it is a long way from maximum employment. My sense is that more fiscal support is likely to be needed. Details of that are for congress, not the fed. We believe the guidance we are providing will serve the economy well by promoting our goals through many paths the recovery may take. Alix moderately is what got everyone talking. Mark cabana, bank of America Global Research strategies. Nathan, broad strokes. The fed date with the market the fed did what the market said it would do. The issue here is not about the feds commitment where the power of the Forward Guidance. Pretty put down some stringent restrictions that will inern any fu
It damaged the lobby were the first ceremony took place in 2004. The demonstrations have ripped the city for nearly three months since george floyd died in police custody. Global news 24 hours a day on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. I am mark crumpton. This is bloomberg. Vonnie it is 1 00 a. M. In hong kong. I am vonnie quinn. In just moments, i will be speaking with the ceo of Arena Investors and discuss how he is finding opportunities amid the economic fallout from the pandemic. Earnings for target. The Company Posted record sales emerging as a winner in the covid19 era. We have the latest retail roundup. Ready set, opec. Roducers are meeting together we have the latest. Lets get to the markets. We saw a reversal of the trade with the nasdaq down earlier and other industries higher. We have the s p 500 up five points. The 10 year yield at 65 basis points so up from yesterday. We are anticipating results fro
Handle. We will see where that goes. We get inventories in 30 minutes. The dollar index is under 100 today. We have stronger currencies out , including the euro. A lot of data out in britain and on the continent overnight. Of course, as you can see, the 1. 2 . 00 down pound isnt as strong as it was earlier in the session. We did get Economic Data that was pretty dire. Gdp contracting a most 6 , but it wasnt as bad as forecast, so perhaps a little bit of a silver lining. Germanys 10 year yield at 62 basis points. Takinglor Angela Merkel on the german constitutional courts commode is going to be a fascinating battle. Delighted to say now we are , type or jimmy dunne send her vice chair, to talk everything market really sandler vicepiper chair, to talk everything markets. Jimmy, thanks for joining. We will get to the fund in a few minutes, the first, even more fun, these markets and the federal reserve. Jay powell seemingly put to bed the idea of negative Interest Rates, but the president
Market. Three year and 10 year bond options coming in superstrong. Watch how that winds up performing. Time now for todays top market moving news from our new york team and washington team. We want to begin with economic the u. K. Economy shrinking on the 6 in march. Predicting what could be its deepest contraction in more than three centuries. Bloombergs Michael Mckee has more. Michael ask not for whom the bell tolls. It is the u. K. This time. Just one week under lockdown was still enough for a 2 contraction during the first quarter. As you mentioned, a 6 contraction during the month of march. Britain plunging into what may be its worst depression or recession, at least, since 300 years ago. Three centuries, according to those who have been figuring out. Tourism fell by 46 , air transport down 44 . Engine ofpending, the the economy, down 1. 7 in the first quarter, the largest drop since the financial crisis. We got data from the British Retail Consortium saying total sales down 19. 1
Crude down by 6 10 of 1 . Pretty weighty session. Itll waiting to see whether is a go away type trade. Latest to suspend guidance on a lack of charity and visibility. The s p is down two thirds of 1 . Obviously, stocks that are moving the most to the downside are the airlines after Warren Buffetts comments. You can see the Airline Index down 9 . That is weighing on the dow as well. The dollar index is a bright spot. It is continuing to strengthen. In theil is still 19 20 range. Guy absolutely. Lets talk a bit about what has been happening in europe. The latest manufacturing pmi data was horrible. As expected. Outputs, new orders, exports, sales, all full. Down to record rates. Coming from a ruling from germanys courts to the bond buying program. There is some good news. We are starting to see economic reopening spirit spain guy spain starting to relax its lockdowns. Lets talk about where things are going to go and what week we are likely to have here in europe. Callum, the data are rea