Thanks for joining us today. I would like to begin by acknowledging the tragic loss in tremendous hardship that people are experiencing both here in the United States and around the world. The coronavirus outbreak is first and foremost a Public Health crisis and the most important response is coming from those in the front lines in hospitals, emergency services, and care facilities. On behalf of the Federal Reserve, let me express are severe sincere gratitude to those who put themselves in risk. The forceful measures we are taking to control the spread of the virus have brought much of the economy to an abrupt halt. It is worse worth remembering the measures we are taking to combat the virus are an investment in our individual and collective health. We should do everything we can to provide relief to those suffering for the public good. While many standard Economic Statistics have yet to catch up with the reality we are experiencing, it is clear that the effects on the economy are clea
Around the world. The coronavirus outbreak is first and foremost a Public Health crisis and the most important response is coming from those in the front lines in hospitals, emergency services, and care facilities. On behalf of the Federal Reserve, let me express our sincere gratitude to those dedicated individuals who put themselves at risk. The forceful measures that we as a country are taking to control the spread of the virus have brought much of the economy to an abrupt halt. Many businesses have closed, people have been asked to stay home, and basic social interactions are curtailed. People are putting their lives and livelihoods on hold at significant economic, and personal cost. All of us are affected, but the burdens are falling most heavily on those least able to carry them. It is worth remembering the measures we are taking to combat to contain the virus are an investment in our individual and collective health. As a society we should do , everything we can to provide relief
Largescale repos, as it has been doing it goes on to describe the impact of the coronavirus on the economy the way it sees it, causing tremendous human and economic hardship, the statement says and measures to protect health have been causing the sharp economic declines and the losses in unemployment and jobs on the inflation front, the Federal Reserve notes, muted inflation, says weak demand and Lower Oil Prices are holding down inflation disruptions to Economic Activity, it says, have impaired the flow of credit the Public Health crisis will weigh heavily, it says, on Economic Activity and unemployment and just a bit of analysis picking on something that was just said there, there is no forwardlooking aspect to this statement here generally, the Federal Reserve says, this policy will lead to x, continued, sustained expansion. Things like that there is nothing here where the fed says the policies we have now will lead to x in the future its all about the fed chronicling the damage to
Significantly in this statement here, in unanimous decision, the fed will maintain the target rate of near zero, between zero and quarter of a point until the fed is certain, it says that the economy has weathered this storm. Now the fed also approved establishment after primary credit rate of. 25 . The basic credit rate it lends to banks going back and forth no mention other Credit Facilities being related or created for this. Of the almost 5 trillion in stimulus. The Federal Reserve has yet to go forward. I talked with treasury secretary Steve Mnuchin and he said [inaudible] cheryl weve just lost edward. I want to give you a recap. Well look at the dow right now. Stocks are actually maintaining their position right now. The dow is up 570. All of the headlines were seeing cross from the Federal Reserve right now, again just to recap here, near zero, unanimous decision. It was 100 from the fed a unanimous decision and they are pledging aggressive action as the economic distress worsens
Today. Another edition of this Program Comes your way tomorrow morning at 7 00 a. M. You will be able to text us at 202 7488003. We go to the house of representatives. The speaker pro tempore the order. Ill be in the chair lays before the house communication from the speaker. The clerk the speakers room, 10, ngton, d. C. , september 2019. I hereby appoint the honorable dingell to act as speaker pro tempore on this day. Speaker ofcy pelosi, representatives. The speaker pro tempore pursuant to the order of the house of january 3, 2019, the chair will now recognize members from lists submitted by the majority and minority leaders for morning hour debate. The chair will alternate recognition between the parties. All time shall be equally allocated between the parties and in no event shall debate continue beyond 11 50 a. M. Each member other than the majority and minority leaders and the minority whip shall be limited to five minutes. The chair recognizes the mr. Eman from illinois, bos, fo