Plunged with elections just 4 months away corona in the usa trumps downfall. On. Thats our topic today on to the point of a very warm welcome and here are the guests who will answer that question its a pleasure to welcome down hamilton hes a professor for Political Science at Johns Hopkins University School of advanced International Studies hes also currently a robert fellow in berlin and he says pandemic recession systemic racism all made worse by President Trump it is a combustible brew and its a pleasure to welcome ask you kind of chick he is chief europe the chorus a correspondent for. Politico and his view the pandemic is trumps waterloo the main question now is not if he will lose but rather by how much. And were very glad to house or ryan nelsen on the program she is Program Director at k. C. R. W. A Radio Station based here in berlin partners with American Public radio and she says Donald Trumps performance regarding cofield 1000 may not matter because recessions lead to reelec
Want to highlight energy. It is at the bottom of the barrel, down 1. 6 . Part of thousand of cyclical trade we saw the beginning of the week on monday. 8 also have oil lower today. I want to stick on oil. Even though it is lower today, it is still up in a massive way on the month. It has gained nearly 80 in may, the best month on record. Supply and demand in the market starts to look more balanced and wti is ending the month around 33 a barrel. David . Waiting to hear from President Trump. We have already heard from jay powell. Earlier today our colleague Michael Mckee sat down in an exclusive interview with Loretta Mester, the cleveland fed president. They talk about euro curve control. Yield is flater at the short end, so maybe with the Forward Guidance it is not necessary to do something to emphasize the Forward Guidance. I do not want to take it off the table is something for me to think about as a possible tool. I do not think we needed at this phase, or do i see so much forward w
Getting back to work versus the Public Health interests here billions upon billions of new debt has been issued, as companies try to fortress their cash hoards. Well talk about the big debt bomb that may be looming and later, the cleveland fed president horror retrloretta me join us to talk recovery and whether the rates are really on the table or not cannot wait for it. Tyler, thanks. Its the financials and the Energy Sectors which are leading the declines again today for more on the selloff, lets get to Robert Pisani hi, bob. Hello, there. And two buckets here this is about the reopening and its about questions on the valuation of the market and the big rally weve had. 60 of the losses weve regained here thats whats going on here. And you can see it in the sectors. Tylers absolutely right banks just having a horrible week were down like 13 for the banks this woke. This week the russell 2000 is getting clobbered. Retail has been drifting lower as well. Energy down about 8 or 9 , resum
Reopening process going. Look, it does feel that there is a very self confident sense by governors that its time. I think that the president is so oriented towards its time, and the president is soed ed ed eet in having a vaccine by years end, that theres an element of two different worlds here. Theres the real world influenced by the president saying open it up, people want to do it, and the stock world influenced by Warren Buffett who said i sold the airlines because that industry has fundamentally changed. Its a big gulf. Really the largest ive seen amazing. David . Sorry, carl weve been talking about that for weeks. The many phone calls that you or i will have with Business Leaders who are focused on maintaining their liquidity, focused on just being around to fight another day come the end of the year. The many ceos who join us on air who constantly talk about their businesses not coming back to the levels they were prior to the virus for maybe two or three years. Now they may be
A far better measure is the ten Million People who filed for jobless benefits in the last two weeks. Fed governor lockhart just told maria the jobless rate is already more like 10 . Clearly, we are in an employment crisis, and another report that comes up at 10 00 eastern will likely show the Services Sector in collapse. Thats a strong word to use but its accurate. Later this hour, we are going to talk to larry kudlow, the president s chief economic adviser. I will ask him how bad is it and he will spell it out. Look, with nearly 300 million americans under a stayathome order, the economy is shut down. Morgan stanley says that between now and june, the economy will shrink by 38 . That would be a depression, the likes of which we have not seen before. Travel, shut down. At the airport tsa checkpoints, they are processing two million fewer passengers every day. Thats down 93 from a year ago. Those flights that do take off, virtually empty. Public transit ridership, down 75 . Commuters ju