You might say better late than never. Adam that is exactly what i would say. Better late than never but also powell and Richard Clara for the process. There is a reality going back to well before the Global Financial crisis that the phillips curve has been flat. This is a fancy way of saying you can have deviations in inflation deviations in employment to the upside and you do not get that much inflation for it. Then you combine that with the reality we have seen in japan for a long time and in the u. S. And europe for the last 12 to 15 years that when youre too close to zero on your Interest Rate balance, you cannot react as well as you should to policy and adjust policy. Fomc powell and the they unanimously adopted the statement before he spoke what jay powell and the fomc are saying is they are catching up with reality. And jay powell was framing this as we have to be realistic and pragmatic. This is how the economy has changed in our process must reflect the way the economy has cha
Operations as the pandemic wreaks havoc on its business model. Good morning, this is bloomberg surveillance. I am Francine Lacqua in london. Lets get to the headlines. Expectations of a 6 slump in the Global Economy, but a caveat hang if there is a second wave, which some economists are expecting, it would be a 7. 6 slump. The oecd is explaining what will happen if the economies stay open and there is a second wave and second lockdown. In theetween 6 slump Global Economy and 7. 6 if there is a second wave. The markets are focusing on the rally in a couple days ago. It is about the fed and what they will do today. Investors are waiting for the decision on monetary policy. Treasuries edging lower and crude oil retreating. Lets get to the first word news in london with any murder. Dani the World Health Organization is walking back its comment on the asymptomatic spread of coronavirus, a day it was very rare, it says it is unclear. The head of the unit says previous projections were a misu
Gianna was also working from home, good morning. Good morning. If you are headed out and about this morning, you plan on commuting, so far so good. Is reported as a broken out vehicle. So crews will be headed out to the scene. Other than that all of the bay area bridges are not very quiet this morning looks like things have quieted down, no delays if you are making that between. U. S. Jobless have hit the 3. 3 million mark could you bring the previous record. The previous record was set back in 1982. We are going to have much more from jason brooks coming up. The Senate Finally voted on the massive stimulus package to help workers and businesses impacted by the coronavirus. The bill includes a cash payment of up to 1200 for most working americans, this is for people making less than 75,000 a year, anyone who makes more with the less than that. The government will rely on file 2019 tax returns for eligibility. We will have more on what this plan includes the next half hour. We will show
First senator testing positive. Kentucky senator rand paul. Mitt romney having to go into quarantine after recently coming into contact with paul. This as negotiations over a 2 trillion stimulus bill to help the economy recover from the outbreak are hitting a road block. Democrats say the two sides are still far apart taking issue with key elements of the bill, including a 500 billion relief fund for corporations without any protections for workers. And what it has is, for instance, a giant, giant Corporate Bailout fund with no accountability. Reporter Senate Majority leader Mitch Mcconnell insists the bill is moving forward. Were fiddling here. Fiddling with the emotions of the american people. Fiddling with the markets. Reporter the senate plans to vote on that bill today, but with at least five senators now in isolation, there are growing calls for lawmakers to vote on that bill remotely. Abc news, washington. In just a few hours, the city of hayward will open its own covid19 testin
South on 680 and the headlights north towards us and 43 to about 50 and couple degrees warmer and probably wont even notice it. What you will notice is not quite as active as this afternoon and not quite as warm as well be in the mid 50s to near 60 at noon. And low to mid50s if you want to take a walk during the evening hours. Well talk about more active weather before a dry weekend. Back to you guys. Now to the very latest on the coronavirus pandemic. The number of infections in california keeps rising and thousands more people are still waiting for their test results. About 1,500 people have been infected and more than half of the cases are in the bay area. At noon the senate is expected to revisit the Financial Relief plan. Over the weekend democrats and republicans argued over the details. President trump has declared a major disaster declaration for california. The president s major disaster declaration will bring in badly needed federal help to the state, that includes everything