Disaster. Monetary policy works through emulating aggregate demand and that is important now. Ultimately, there is a job to replace lost income. Our congress stepped in and there has not been a faster or stronger response from congress to an economic emergency since the great depression. The cares act and other laws have been passed to more than offset lost income in the aggregate. There will be people for whom that is not true. You see high levels of savings on the Balance Sheets of households. Not experienced the downward cases we were worried about of mass insolvencies of businesses so far. So far, so good, i would say. There are no full recoveries without confidence. Do, which ipart to think we have done. The path forward will be challenging for a number of reasons, and i am sure we will get into some of them. Congresso do more and might need to do more with fiscal policy. The particulars of that are up to congress and not up to us. It is likely more will need to be done in time. O
Edward lawrence in washington. Ashley webster waits on the disney numbers we talked about. While we wait for that, edward, well start with you on the economy and the new comment today from the fed chairman. Reporter connell, Federal Reserve chairman Jerome Powell says the economic path forward will be a challenging one and includes more help from congress. Powell on a panel with European Central bankers says that Monetary Policy needs to work with fiscal policy because the size of the economic shock with the coronavirus. Ultimately it was a job to replace lost income. I would say that our congress stepped in and there hasnt been a faster or stronger response from congress to an economic emergency since really the great depression. Reporter he is talking about the first cares act at the beginning of the summer. Last week powell said, in order to get quickly back to where we want with the economy. There needs to be a another relief package from congress. It should be targeted to those pe
Government the talks right now on ice and well hear what leadership from both sides of the aisle is saying without that stimulus money, major cities in the United States are kind of stuck between a rock and a hard place and a new report lays out how bad things could get power lunch starts right now it does welcome the power lunch. Tech continues power ahead with the nasdaq leading the way near its record high which it hit on august 7th one tech stock not joining the party. That would be cisco having its worst day since 2011 even though the s p isnt there yet, its pretty close but not there yet. Check out the names hitting record highs tyler, back to you the stimulus stalemate in washington continues today threatening to further delay payments to struggling americans and failing to provide much of a boost to the u. S. Economy. Lots of big names on cnbc talking about the issue today. Lets go to eamon for more. Reporter its a total stand still. While theres not a lot of real negotiations
Is good to have you with us. Good morning. Good morning to you, frank. We will have our forecast. Good morning to you. Hey, guys, good morning. We are feeling some cool air. We are going to warm up again today. Get ready for it if you are inland. Id like to start up by saying that our marine layer is interesting. It is just hugging the coast this morning. Take a look at the visibility at Half Moon Bay. Is showing a little bit in the bay, but for most part, if you see those clouds, they are left over from a thunderstorm that went over the sierra last night. Certainly some fog there. Santa rosa right now, 54. 56, San Francisco. 62, livermore. San jose, 62. Today the coso clouds will be sticking around for the rest of us it will be a Sunny Afternoon. Be prepared if you are inland. We are going into those 90s. I will talk about who will go to what number and how long it will last. Knew this morning, a San Francisco firefighter was injured while battling a two alarm fire. This was on, lida
Victoria state and announces fines as high as 14000. 00 to stop people breaking coronavirus isolation orders. And intense speculation over the whereabouts of spains former king after he announces hes leaving the country. And i would begin with our breaking news out of lebanon where a massive explosion has shaken the capital beirut 27 people have been confirmed dead and the Lebanese Health Ministry Says around 2500 people have been injured Security Officials say the blast happened in an area of the citys port which housed highly explosive material that had been confiscated. Shock waves are felt for several kilometers and buildings within a large radius of the site have been severely damaged the red cross warns many others are still trapped in their homes the cause of the blast isnt known lebanons president has called for urgent defense counsel talks israel has issued a statement denying any involvement and france and iran both say theyre ready to help lebanon in any way. People who were