Financial leaders on the economic recovery from culinary to help developing nations recover from the pandemic follow and longterm impact of children not attending in person passing. This is one hour. I am ceo, i have the pleasure of being the moderator for today. This is precisely the focus of this Years World Bank annual meeting which will take place starting week of october 12 and convene Global Leaders from governments, business and civil society. To set the stage for the meeting will hear today from World Bank Group president David Malpass, and what it will take to tackle this crisis, and how we can turn this into an opportunity to build a path towards the resilient and includes a recovery. He will be joined in conversation with nils stieglitz, president of Frankfort School finance and management. But first well hear from doctor jens weidman, president of the Deutsche Bundesbank who join guest from his office in frankfort. He is been president of the German Central Bank since may 2
We do know some options that they have. Well explore that a little bit later. Meantime, i was telling you about a lot of depressing economic news. Latest home sales are expected to fall at least 15 this year. That adds to a string of stunningly weak numbers. I say stunningly weak. Wall street was bracing for some bad numbers but to connell mcshane, i dont think they were bracing for this bad. To you, my friend. Connell i think that is the point, neil. In many ways to your point what we learned on both the economic front and when it comes to earnings is soar of confirmation what we already knew. That this economy, thanks to the coronavirus inspired shutdowns is in very rough shape. But when you look at things like retail sales and drop we saw there, this, is even worse than we thought. I mean the largest drop that weve ever seen in retail sales on a monthly basis. So thats march. Economists know april is likely as bad or worse. This comes from the commerce department, only been tracking
Better. Im tom kean in new york and joining me is taylor rigs this morning. I love the chart you put out on high yield this morning. What else do you see in the markets . Taylor what does it mean when the fed comes in and buys junk bonds, tom . Weve never seen it before, supporting the fallen angels. Massive rally in the high yield market not to mention a bit of the equity markets, coming off the best week since 1974. Some of that seems to be reversing this morning. Tom im really thrilled with the conversation were going to have with the vice chairman and we look for that at 6 30 this morning. Im particularly thrilled Michael Mckee will join me and there will be some interesting questions. Im taking a broader perspective and michael wants to drill down as he does at the press conferences to the minutia, the details, the mystery of all the alphabet soup that the fed has done as well. We continue our huge news flow this morning with our first word news in new york city with viffauno hurt
The greek Turkish Border held back by water cannon and tear gas. Because turkish president ever won announced that people were free to cross into the e. U. But now they are trapped between the waters as the standoff between the viewer and turkey plays out well just a few miles from the turkish mainland the greek island of lesbos is bearing the brunt of arrivals in the e. U. At the morea refugee camp more than 20000 people are crammed into a space built for 3000 locals are seeing after having been at the front line since europes like when crisis erupted back in 2015 while the friction between them and the Asylum Seekers has brought the island to a breaking point. Camp. Europes overcrowded waiting room everyone who is stranded here wants to get out as quickly as possible many of them children. Hill. Air and now live in more in me and my family. Is that theyre here its very rare so down here is 12 she arrived a few months ago with her family from afghanistan their lives havent changed for
They will be doing what they say theyre going to be doing they will be killing terrorists they will be killing some very bad people that will keep that fight going weve. Had tremendous success in afghanistan and the killing of terrorists but its time after d all these years to go and to bring our people back home Gabriel Alexander is in washington explains that president trumps plans for withdrawing troops from afghanistan. Trump did confirm what we believed all along that that he in the near future will be lowering the amount of u. S. Troops in afghanistan to about 8 to 8500 he gave 2 different numbers and spoke so we think its between 88008500 in that range right now the u. S. Has about 12000 troops in afghanistan and then he went on to say that while he hopes that this moves forward successfully and he expects that it will he said that if in his words bad things happen we will go back to afghanistan if we need to this was really the president kind of the sense i got from him is that