Hearing. The legislation will be held over. Johnson, taylor mcneil, catherine mosel, thompson diaz, United States court of federal claims. Policycontent modernization act. All those will be held over. Mr. Chairman . Under the rules of this committee can i proceed with the business of the Committee Even with a quorum present, there unless there are two members of the minority present as well. I and the only member of the minority that is here. We cannot conduct business until the second member of the minority arrives. Yes, sir. Thank you for the way you have conducted yourself yesterday. It is clear from reading in the paper what is going to happen is we will be denied the ability to operate as normal. That senator schumer said everything is on the table. We have given this nominee a chance to be questioned. Fairly, firmly. I want to congratulate my democratic colleagues for setting a disposition i think will help us all. I know what awaits us. I will now make a motion to report the nom
Occupied in lockdown. Boxerjoseph parker tries out his hugh grant love actually impression. Good afternoon. The Prime Minister, borisjohnson, has tested positive for the coronavirus. He says he has mild symptoms and will self isolate in downing street, but will still lead the governments response to the crisis. The Health Secretary, matt hancock, is also having to work from home, after testing positive. Boris johnsons diagnosis came amid growing concern that nhs hospitals may be overwhelmed by coronavirus patients as early as this weekend. Well, a total of 759 people in the uk have now died of the illness thats an increase of 181 in the last 2a hours. Theres particular pressure on hospitals on the outskirts of london, where some Health Bosses have warned that intensive care units face whats being described as a tsunami of demand in the coming days. Globally, the us has overtaken china as the country with the most confirmed cases more than 85,000. And here, police have started issuing f
That seems to have worked because the dow which had been limit down has now bounced back and at the opening bell, we may be up 400 points. The dow will be up significantly at the opening bell. Same story with the s p and also with the nasdaq. Now, treasury secretary mnuchin, he says the Federal Reserve will have 4 trillion for loans to businesses. He says theres more where that came from and if congress doesnt get something going real fast, then they will go back to congress for more and he says the fed will provide any amount that is needed. Thats what the fed is doing right now. Thats the market. Thats the fed. Thats whats going on in congress. Now look at the price of oil. That has been a problem for American Energy producers and right now, weve got oil all the way down in the low 20s. Thats a continuing problem for texas, north dakota and for the Energy Producers and these energy stocks. How about the price of gas . That is absolutely tumbling. The National Average all the way down
Senate. Were monitoring a anomaly happened in the markets here. You heard about negative Interest Rates abroad. That is almost Standard Operating Procedure particularly if europe. We have them here, yield on one month bill, three month bill, below zero percent. You effectively paying the bank for the honor of holding your dough. It is an anomaly. It worry as lot of folks who seem to think if this become as more established trend it could be a real problem. This, sort of statistical quirk is something were following because it is just limited to really the shortest and most immediate side of the socalled yield curve. It has not hit anything north of the one year and 10year, stuff that we follow closely. But it its something that has now happened for the first time in American History but if the stock market is worried about it, again as i stress, it has a funny way of showing it. Back to capitol hill. Well be monitoring that. Also monitoring what is happening on the floor of the senate
Those are leading the gains today and recovering at the peak now 35 or so40 , from those record highs. David now we have an announcement that the fed is including their money Market Facility to include muni debt. Taylor this is interesting. There was a lot of talk on there. The muni market in general is much more illiquid than the rest of the market. Not surprising to see that in a week like we just had, with stress showing up even more and more. Muni traders continue to say there are some shortterm issues , but theres a lot of issues going on on the long end. I believe in previous laws, the fed could buy these up to six months. This expands it to longer dated maturities. We are getting a lot of that illiquidity on the tens and on that yield curve. Also, they had record outflows, according to as of yesterday. I would imagine this gives a little bit of some confidence to some money market facilities to also include muni debt. David what about all this talk about bailouts . There are neg