We are holding this hearing virtually in compliance with the regulations for Remote Committee proceedings pursuant to House Resolution 965. This is the third virtual subCommittee Hearing and the ways and Means Committee. As with our previous hearings i want members to know that i plan to continue this committees long tradition of collegiality and substantial debate, substantive debate, even as we conduct our business from afar. I will continue to work with the Ranking Member, mr. Smith, and his staff to ensure that the rights of all members are resected in these new virtual formats. Before i turn to todays important topic i want to remind members of a few procedural to help you navigate this new platform. First, consistent with regulations the committee willfi keep microphones needed to limit background noise. Members are responsible for on meeting themselves when they seek recognition or when recognized for a fiveminute statement. Second, members and witnesses must have their cameras
They are maintaining well above it. 30 years were at 69 basis points last week. 137. Hey are at we are seeing some recovery perhaps in the treasury market, and that is good news. Alix but a lot of criticism has been the fact they didnt address the commercial papers market, exactly where the help is needed the most. What are the steps they can take to address that . Michael they could set up a special Lending Facility to buy directly. That may be coming. Jay powell was asked if there ree actions th coming, and he said we are not ready to announce that. Are there no swap lines for the pboc . Theres a story floating around that once the feds its arthur dollars why have got swap lines with all the Central Banks, but not the chinese . Michael i would suspect probably because the chinese yuan is pegged to the u. S. Dollar. Dont know how much of a dollar problem they have. Theres always a rumor that the chinese are going to sell treasuries that never really comes true. Where we do see problem
You see a little bit of haven buying here today. Treasury yields pretty much lower by about a basis point across the curve, led by the 10 year. Guy in terms of the session, we are at session highs in europe when it comes to equities. 600. On the stoxx london is outperforming. We are seeing some of the hotel stocks at the top of the pile, but every sector is in positive territory. Stocks are trading a little but higher. The pound is higher. The conservative party continuing to maintain a significant lead over the opposition rivals ahead of the election, up next month. The tory manifesto over the weekend, though, in some ways does raise the risk of a no deal brexit. That is certainly not being priced in today. Weck up to 1. 29 again track back up to 1. 29 again. The Turkish Military starting to test the russianmade Missile System. They turned it on, basically. This may raise the risk when it comes to sanctions, so the turkish lira down by 0. 4 , the dollar up against this turkish lira. R
The stoxx 600, let me walk you through whats going on. Thats the reaction to the payroll this afternoon, a blip on an overall negative chart. It was the nonmanufacturing ism number that really spooked the markets. Wednesday was a really tough day for european markets. Since then, weve been bumping along the floor. The market down at the moment by about 3. 1 for the week. A look at the individual movers today. Stocks are higher, but it is a relatively small moose versus the losses we had ash relatively small move versus the losses relatively small move versus the losses weve had. Theres the pound, trading 1. 2285. Youve got 10 days of negotiation around Boris Johnsons latest attempt to get brexit through. The pound having a tough session. Vonnie. Vonnie lets get back to the jobs data. 136 thousand jobs were created in september, just shy of estimates. Augusts number was revised higher by 38,000. Average Hourly Earnings growth missed. The Unemployment Rate unexpectedly improved, dropping
It looks like a Consumer Confidence beats on the top line. Coming a lot stronger as well. Is ad know that the s p little bit lower and that continues to be the case. Off by. 4 . The big headline number is tech. Semiconductor coming in with it is sporting forecast. It is dragging down all of the tech sector. Threemonth, 10year. Only inverted by 1 basis points. Jay powell tomorrow, he will be happy about that. Want to take a look at the financials index. One of the worst performers within the s p 500. This is after we heard from citigroup yesterday. They are laying off hundreds of global jobs. 80 of those in your london, guy. Guy deutsche banks front and settle on a story as well. Here, we are trading with a 121 handle. That is helping out the ftse 100. It is not trading as much to the downside as its continental counterparts. By is done. 2. 22 is down 2. 22 . The lufthansa is trading down today. Bayer is trading down today. The tray narrative mixed up in all of this. Continental market