Welcome, everybody, to our hearing. Both those in the room and those that arent in the room. Before we start, i think its important, again, to note whats going on all around us, and that is the acknowledgement of Racial Injustice that has gone on for far too long in our country. I certainly support those who are speaking out and making their voices heard in a peaceful manner to bring about change. While change does not always come easily, i want to remind those watching this hearing today that change is possible. In december 2018, the first step that i first introduced became law. And i worked in partnership with several republican and democrat senators. Senator durbin was the lead person for the democrats. This law is the most significant criminal Justice Reform in a generation. A lot of people didnt think it was possible but we did it by working together, in a bipartisan way. But also working together in other ways to address racial disparities. Such as in health care, the c. A. R. E
We are then told that right after the tour, hes to deliver remarks. We will take you back there as soon as the speech begins. It all comes as the market sinks slightly after the Labor Department reported that nearly 39 million americans are now out of work. 39 million total. The bears holding the edge over the bulls right now as businesses do slowly come back online. Lockdown orders come to an end here and there, but for now, the dow jones industrials, s p and nasdaq are colored red. Dow is down 84 points. We have the s p down 18. The nasdaq lower by 63. So how then do you square the reopening of the u. S. Economy with worrisome news that millions of americans are falling behind on credit cards, mortgages and auto loans . We have one of the biggest fish in the wall street pond. Jpmorgan Asset Management chief global strategist david kelly is here to reveal the data he uses to cast his net for market winners and how deep he thinks the covid19 recession might just be. Despite the continu
Utx and Speaker Pelosi we have oil ceos at the white house later this afternoon and a pivotal day as this sba loan program tries to get off the ground, just an incredibly monumental challenge for the banks, government and Small Businesses that will apply im hopeful i know theres a lot of Community Banks up and running to do it theyve started. There are a lot of some very interesting smaller online banks that are ready to go well hear from Brian Moynihan from bank of america about whether theyre ready to go. Its been hard to understand i know i had to hire someone to understand it. I think that a banker can make sense of it. Theres a lot of money coming to people it would be a huge mistake for someone with two employees, three employees, to not immediately go to the bank the money is there you have to get it theyre ready with the money thats what i think. David . You disagree yeah, im here. Im here, guys were trying to establish this rhythm as to who talks in what order i know. I know w
Plus and russia signaled they want to try to cut output to help restore some balance going on at least on the supplyside of things. So crude of course having a pretty good start to the second quarter. I do want to flip up the board and fold it over into some analysis we heard from muhammad el 5 arian between the risks of the high yield market and investment bond market. He said beware of fallen angels. Theres a risk of some of these triple credits being downgraded to junk. One of the biggest risks is it spikes way above the feds tolerance. You buy what the fed is buying but becareful of these fallen angels and we saw just a slew of those in the last week and i think strategists are arguing it really could get a lot worse from here. David . 12340e9 taylor this is Bloomberg Markets balance of power. Earlier we did speak to larry kudlow, the economic counselor director. Lets listen in to what he had o say. Lets listen in to larry kudlow. Lets take a look at some of lets get a check on wha
And bogota. We begin in hong kong. Police fired tear gas in the after Central District the shooting of a protester increased tension. Chief executive carrie lam warned of violence leading to a point of no return, and to restore calm. Still anyf there is Wishful Thinking that by escalating violence, the Hong Kong Government will yield to pressure to satisfy the socalled political demands, violence is not going to give us any solution to the problems hong kong is facing. Alix 20 me on the phone from hong kong is joining the on the phone from hong kong is caringly is karen leigh. Walk us through what happened over the last when he four hours. We heard carrie lam warning that violence isnt going to help their goals, signaling that she will not bow to demands after five months. Of the most violent days weve seen one of the most violent days since protests started. There were clashes between protesters and police, a protester shot by a live round. That triggered a day of violence with these