overall there was some positive news as members of the federal reserve board upgraded their forecast for the economy to show a smaller contraction in gross domestic product and a lower unemployment rate this year fed chairman drone policy spoke about the outlook following the meeting. the recovery has progressed more quickly than generally expected and forecasts from f o m c participants for economic growth this year have been revised up since our june summary of economic projections. even so overall activity remains well below its level before the pandemic and the path ahead remains highly uncertain with regard to interest rates we now indicate that we expect it will be appropriate to maintain the current 0 to one quarter percent target range for the federal funds rate until labor market conditions have reached levels levels consistent with the committee's assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time in addition over coming months we will continue to increase our holdings of treasury securities and

agency mortgage backed securities and least at the current pace but where will employment interest rates and the economy go from here well joining us now to discuss that are both of us co-host and investigative journalist ben swan and former fed insider and c.e.o. of quill intelligence danielle de martino both thank you both for joining us today now danielle i want to start with you here it seems like chairman paul really had to thread the narrative needle here he didn't want to downplay growth in the economy but he also didn't want to dissuade congress from getting involved is that a correct assessment of what the chairman was saying today. it really is you know we've got 2 parallel economies right now we've got nearly 30 minute 1000000 americans collecting unemployment benefits in some form and you know we have we actually have rental evictions that are proceeding we have foreclosures that are starting to rise as well and on the other hand for people who are employed they're moving out to the suburbs they're buying homes there's been over $100000000000.00

in cash out refinancings thanks to the fed's purchases of mortgage backed securities so for the people who are still gainfully employed and active part of the economy they're doing pretty well and you're right to say narrative needle that chair powell had to thread because he has to talk about the good and yet he has to acknowledge this high persistently high level of unemployment and the fact that the fed's tools don't appear to be capable of reaching this the people who are out of work which is why he's asking congress to help out with passing fresh fiscal stimulus legislation. sensually today's meeting wasn't full of surprises if anything it only demonstrated that the fed is not planning to take its foot off the monetary gas pedal is that a correct assessment. yeah i think it is i think what we heard more than anything else today was more of the same right is not going to change the fed essentially thinks its policies are working overall but at the same time what danielle just

said is so absolutely true and it's really imperative to this discussion which is that ultimately what the fed is doing does not trickle down necessarily the main street it's not helping people who are unemployed right now it's not helping businesses businesses and small business owners who are struggling mostly it helps wall street mostly it helps banks that's essentially what the federal reserve is doing and so there is a question about how do those policies change obviously it's not entirely up to the fed and as she alluded to there congress has a big role to play but the problem with congress is they essentially have shut things down to the point where it looks like they're not going to do anything until at least the end of the year which is is baffling to me it's mind boggling to think that congress is going to say we just can't reach an agreement and so we're not going to do anything with it when it is politicians who have instituted the lock downs in the shutdowns of businesses and resulted in people losing their jobs people did not lose these jobs on their own this was policy that caused them to lose their jobs policy that's causing these evictions to take place so why is it

congress stepping in and do you know i want to hit on that because as ben just mentioned you know centrally chairman powell he wants congress to stop sitting on the sidelines here he's been calling for a fresh stimulus of the economy which it appears is not going to happen like ben just mentioned at least until the election takes place so can these new forecasts actually be met without congressional and for intervention because as you just said the fed really can't get down to main street that's not their position so much so what are you seeing here. like i'm saying to jay powell under tremendous amounts of stress because the fed is going to have a de flay should marry problem on its hands if there is no further stimulus legislation passed it's as simple as that just given the numbers and more problematically for him we're starting to see white collar layoffs in earnest we're talking about some of the biggest spenders in the economy in the past 48 hours we've seen dell technology citi group which actually said that it would lay off people in 2020 which is already it would which came through and backed down on that

commitment we've seen raytheon announced 15000 layoffs so these are their big names and it's going to start affecting the trajectory of the economy we saw retail sales continue to grow in august but came in much weaker than what economists had been expecting and you're starting to see some of the evidence of the stimulus spending the government transferred dollars coming off of their june peaks you know but i wanted to hit on something mentioned in the 1st question there because the fed actually is pretty happy with this improved housing economy it seems is this something we can expect to see even more of or sadly you have to wonder are we heading towards a housing crisis when that boom happens when the economy's not that great. well i think we might be heading towards a housing crisis there's a couple of pretty interesting numbers here one is that home prices are up 13 percent over where they were nationally last year so a year ago with no coronavirus pandemic without people being unemployed the way

that they are right now home prices were 30 percent cheaper than they are so that's pretty staggering the other thing is i talked with a couple of mortgage specialists today who told me that a lot of the programs that deal with jumbo sized loans have been put on hold during this process but those are coming back and they're saying within a week or 2 we should expect to start to see jumbo loans being made to get which is fairly interesting in this moment but it also we have to go back to the fact that while the fed is still pushing this. we have 30000000 people who are unemployed right now across the country 30000000 of them and again the housing crisis will come in the form of even shouldn't and foreclosures that are on their way remember october was the date went by which a lot of these moratoriums kind of were are going to run out will september was in october will be a lot of these moratoriums so if that happens and once we hit that moment you could have a lot of people either being evicted from their homes or their apartments and landlords

who are getting pressure from banks because the banks are saying to the landlords you've got to come up with money so congress again i know i'm harping on congress but congress has the obligation to get involved and to do something and to help deal with this situation instead of sitting on their hands and say well let's see with what happens in the election this is not a situation that requires an election to fix that is what congress is there for in the 1st place but now do you know quickly before we go i want to get your crystal ball out here because it seems as if jerome powell was saying today that this is going to go until 2023 going to continue to see this q we're going to continue to see mortgage backed securities help you're also going to continue to see these low interest rates until those inflation goals are met so what are you seeing over these next couple of years with the fed. well i think the fed is it is is anticipating because we don't we only saw the core. inflation metric that the fed follows the most closely is only projected to go up to 1.7 percent i'm trying to

figure out why we spent the last few weeks talking about inflation running too hot at over 2 percent but the fact of the matter is if we can't find a way to generate true fundamental organic economic growth to where we don't need constant stimulus spending you can flip a switch one day and have a deficit and debt so high that you get inflation overnight that's a big risk that i don't think is being covered well enough in the media right now former fed insider daniel de martino always appreciate it ben swonk co-host of boom bust thank you both for your time. american drug maker eli lilly says its antibody based covert 19 treatment appears to have reduced the hospitalization rate for patients recently diagnosed with moderate symptoms from the virus now the pharmaceutical company says it held trials using 3 different doses of the drug against a placebo on 450 patients now the trials consisted of 72807000 milligram

doses of the drug with the middle of those significantly reducing the presence of covert taint the other 2 doses did not meet the company's goals on the news eli lilly's stock rose 2.6 percent in premarket but has since leveled out now meanwhile the u.s. government outlined a plan wednesday to make coronavirus vaccines free to all americans once a candidate has successfully gained regulatory approval in a report provided to congress federal health agencies and the department of defense laid out plans for a vaccination campaign to start in january of next year or earlier if at all possible this plan was quick to point out that this would not be an overnight affair saying while there may be limited supply of 1st the focus will be put then on health care workers essential employees and people in boulder will groups. so with all just in mind let's go ahead and take another look at the trends and spread of the virus globally with our 2 correspondents side cabbage or so where are we when i read right now we're less than $70000.00 cases away from hitting

$30000000.00 globally now that's globally they're close to a 1000000 right now we had $942000.00 plus now just in the u.s. more than 6800000 confirmed cases while more than 200000 deaths and now according to 2 independent studies more than 550000 children in the u.s. have so far been diagnosed with a cold 1000 since the beginning of the pandemic i should say now also taking a look at the daily new cases and deaths reported in the u.s. now the 7 day moving average of daily new cases back on the rise on tuesday with over 30 $9000.00 cases and also taking a look at the daily deaths on a tuesday there were $1287.00 reported that's on tuesday now that's almost 3 times as much as the deaths reported on monday and tuesday so clearly once

again headed into the wrong direction and concerns are also remain about continued increase of cases and deaths in these states right here and arkansas for example they reported a 126 percent increase in deaths from last week these other states have a very similar numbers now so far the biggest outbreaks have been linked to college parties and restaurants and another big one so far has been weddings and to give you an example you know 7 people have recently died in connection to a wedding in maine that was held over the summer which by the way also violated that state's gathering guidelines now these 7 people didn't even attend a wedding so you can see this virus. really fevers crowds where most people tend to let the guards down and don't keep to social distancing or any kind of masks

brant when we're looking at the global cases what are where we've seen the trend upward right now so here is a list of the top 5 country with the most new reported cases now there is there of course the most populated country in the world they added more than $1000000.00 cases jess this month and we're only halfway through the month and they're expected to become the pen demick worst hit country within just weeks surpassing the u.s. now while new cases also there are also still soaring and they're having medical teams right now and they're in the process of testing tens of thousands of people in poor towns and villages and india but medical experts think that 91000 number that actually number is a lot higher than what's being reported the number 2 is the u.s. which we obviously spoke about earlier the number 2 right now with newly reported cases then there is brazil now they're the world's 3rd largest outbreak behind the

u.s. and india and most of the new cases are still coming from rio de janeiro and in fact you know if rio there if there were a country their mortality rate would rank as the world's worst and result of course is heading into the summer season so if new measures really aren't taken the country really risks a 2nd spike of infections out elsewhere in latin america argentina on that they're all once again seeing a big spike in new cases and while you know they were actually one of the regions in latin america a success story because they had a very strict locked out in march by new cases are once again soaring and argentina get this their positivity rate in the country is 51 percent so 51 percent of the people that are getting tested is coming back positive to give you an. paris and the us which we've had a horrible outbreak our test rate is only 5 percent positive and it's not just about infections there are economy plummeting has also pushed millions in argentina

below the poverty line now in europe in spain amid the madrid region one of the worst hit in the country is planning to and now it's on this friday new restrictions on a movement that include targeted lockdowns in areas with high coded 1000 cases again rejected accounts for around one 3rd of active cases in span and it's not just cases but overall deaths in europe that are now approaching 30 at 300000 it's expected to get even worse in the upcoming months while the us has the world's highest death toll 6 of the 12 deadliest countries are actually reported to be and now you're a brand our correspondent site having to thank you for keeping us up to date. right now for a quick break but hey here because when we return called continues it surge amid uncertain times straight ahead we're going to dive into the metals performance and

what the future could hold for the safe haven asset and as we go to break here are the numbers at the book. so what we've got to do is identify the threats that we have it's crazy for in case you let it be an arms race based on often speak very dramatic developments only and i don't see how that strategy will be successful very good. it was time to sit down and talk.

when i was so small seemed wrong but old old just don't call. me old baby yet to shape out this day come to educate and gain from it because the trail. when so many find themselves worlds apart. just to look for

common ground. was abundant make no certainly no borders i'm just blind to nationalities. as americans we don't come with me we don't look back seem the whole world beats to be. chief. judge of. commentary crisis listen listen to mom and. we can do better we should be. everyone is contributing it's your own way but we also know that this crisis not go on forever the challenges crave the response has been much so many good people are helping us. it makes us feel very proud that we're in it together.

and welcome back the u.s. house transportation committee on wednesday issued an investigative report regarding the boeing 737 max crisis now in the report the panel blamed the plane maker in the federal aviation administration for repeated and serious failures adding the 2 fatal crashes were quote a horrific culmination of a series of faulty technical assumptions by boeing's engineers a lack of transparency in the part on the part of boeing's 'd management and grossly insufficient oversight by the f.a.a. now the committee chairman represented peter de fazio of oregon issued a statement of these own saying the report shows how boeing under pressure to the complete compete with airbus and deliver profits for wall street escaped scrutiny from the f.a.a.

withheld critical information from pilots and ultimately put planes into service that killed 346 innocent people boeing's for its part issued a statement responding to the report saying we have learned many hard lessons as a company from the accidents of lion air flight 610 and ethiopian airlines flight 302 and from the mistakes we have made as this report recognizes we have made fundamental changes to our company as a result and continue to look for ways to improve. and it is just that it continues to justify the current pace of its ongoing and endless q.e. the market is not surprised it is happily gobbling up that extra liquidity that's and p. and our popping to session highs after the fed statement as investors are reassured of the prospect of years of lower borrowing costs joining us now to discuss our boom bust co-host christiane and c.e.o. of euro pacific capital peter i want to start with you i know this is the red meat for peter schiff gold prices headed for a 3rd straight ahead of that fed policy statement and now they're probably up there

what is the long term potential for precious metals given the current macro backdrop not just for gold. and also as silver which is also rallying. well certainly the prospects for the precious metals are very bright but you know the prospects for a lot of prices to move up unfortunately are not good the federal reserve is creating a tremendous amount of inflation it claims that its goal is for the cost of living to rise at a more rapid pace than it has in the past he claims that we need to make up for the cost of living rising too slowly in the past by making sure it rises more rapidly in the future but i think really what is trying to do is provide cover to maintain the asset bubbles that he denies exist you know even as we're doing this snowflake i.p.o. today paolo was telling the reporters that there is no bubble that there's no bubbles in financial assets and that all these artificially low interest rates and

q.e. have not resulted in bubbles but of course that's exactly what we've been living in and i think powell knows that because every time the air starts coming out the fed does all it can to blow it back in but as long as they're doing that the price of gold is going much much higher and that's a reflection of the value of the dollar going much much lower kristie bitcoin prices have broken $11000.00 again in preparation for another run up after falling back to its 10000 dollars support but is it too early to expect another significant rally in bitcoin. well we have about 2 weeks of pretty low volatility right now as a couple market remained stagnant so unlike previous rallies which we saw anything need the big question surge only big one move higher this time whereas all the other crypto can all point they're still in the red so deep by tokens which had outperformed point throughout all of us they have been underperforming the past several days so because it is kind of rallying on its own the past 3 days accompanied by mega-fun rates so the news funding rates show that traders are

continuing to short vic line right now which suggests that this uptrend is not shorts being squeezed so the other half of it is that profits from ether and other d.p.i. tokens are now being cycled into but quite leading to increases in prices so there is a bit of a rotation taking place at this point between the assets of the the guys which have running on sol seen for the last 6 months that's starting to look a little cooked at this point so i want to expect this rally to be significant until we get some more ill molly and that now peter oil is actually recovering after optimists data came out of china showing that industrial production expanded more than it is initially expected but in order to have stability we need industrial demand to kick it in as well so when we see a recovery pair now or is this just temporary blip on the back of hurricane sally which is also causing problems in the gulf. well we're going to have a recovery in the place of oil that's for sure we're not going to have a recovery in the u.s. economy we're going to you know remain in

a depression but oil prices are going up i mean the initial impact of the demand shock from covert 19 resulted in a big drop in oil prices but as the fed and other central banks continue to stoke demand by printing more money and as oil output responds to reduce demand with the do supply coming from less production ultimately we're going to see much much higher oil prices as i said earlier the price of everything is going because the value of the dollar the money that people are using to buy things is going down so . but is it a lot more dollars to buy the stuff that they need and then along with opec plus cuts of course are driving oil prices up as well kristie finally i want to hit on this in something peter actually mentioned earlier the snow flake i.p.o. where shares more than doubled in its market debut on wednesday in the largest ever software i.p.o. what's the latest with that. so they missed this priced at $120.00 which was higher than its initial range of only $75.00 to $85.00 due to some extreme

oversubscription and then it went on for i've been right all day to more than doubling hitting a high of i mean $1000.00 to $4.00 then erasing all that's post up against back down into 40 so at that point snowflake was worth more than $16000000000.00 in market cap at its opening price of $2.00 which is more than 5 times its $12400000000.00 valuation just back in february so for the sake of comparison that means it's worth more than b m where it goes then fed ex and c.m.e. grip so obviously there's a lot of pent up demand for i.p.o.'s as this was the 1st of several tech companies to go public this week after the global pandemic kind of put everything on pause but as peter said there is a lot of this is excitement over enthusiasm among investors and a lot of it is attributed to hype because this company is only 5 years old and this is now a record setting i.p.l. but we saw from the price action doesn't earlier this morning already that there are a lot of cans in the same riding at 4 quick flip making it very malicious and i feel

like we don't know or there's there's no bubble. business dollars there's nothing to worry about no bubbles to be seen here to pay no attention to what's going on with with. this it represents that you have a duck. it's goes kristie eyes are we're about out of dive but you both. and finally the folks at air b.n. b. are offering a unique stay for residents of los angeles county superstar will smith announced on his instagram account sunday that the house from its flagship ninety's television program the fresh prince of bel-air will be made available for rent on the app in late september residents of the area will have the opportunity to book and stay in the home for a group of 2 for the price of just 30 dollars now the one night booking gives the renter access to the wing where the character stayed the pool area and a dining room now the bedroom includes a basketball hoop access to will smith's wardrobe a staple of the character as well as act as well as a virtual welcome by d.j.

jazzy jeff now that marks the 30th anniversary of the show in air b.n. b. will make a one time donation to the boys and girls club of philadelphia as part of the promotion to air b.n. b. is offered similar promotions in the past including a stay at barbies malibu dream house and the chance to spend a night in the country's last blockbuster video store and that's it for this time you just about on demand on the brand new portable t.v. app as available on smartphones and tablets that. to get the bill really to sneer those who really can show you. show it to thank you just be suitably.

proud that i suppose you noticed that i stay so that. you know nova stupina boy episodes didn't go to see you just you. just go to sleep during your force wake would be near must of missed with no thoughts about spirit i pity you it was more sinister experiment then you know. if de gea group should. show. for you to. sort of move. the story kick your butt what is. ringback next as a financial survival guide stacey let's learn a salad fill out let's say i'm not so i can't and here i'm greece thanks for the fight wall street spot thank you for helping.

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