i don't know maybe they don't. come around well. this is the one business show you can't afford to miss in washington coming up the federal reserve has spoken and announced its plans to hold rates steady as the u.s.

economy is slowly bouncing back straight ahead we take an in-depth look at the moves of the nation's central bank and it's a future of volatility in the wake of copan 1000 remains uncertain gold has seen a spike in value as investors flee to state haven assets but what does the future hold but we'll get into that with a packed show today so let's dive right in. the federal reserve held another policy meeting wednesday as part of an effort to determine where to go with u.s. interest rates and what it will take to get the economy moving again 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 powell spoke about the outlook following the meeting. the recovery has progressed more quickly than generally expected and forecasts from informs the 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 blue bus 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 could get 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 now i know but essential in 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. 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 of 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 be in. 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 and the shut downs 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 you know i want to hit on that because as ben just mentioned you know essentially 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. look i'm saying 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 which 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 that you know if you were injured 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 again 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 real housing crisis will come in the form of even 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 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 you know daniel 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.e. are 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 the next couple of years with the fed. well i think the fed. is anticipating because we don't we only saw the core of the 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 wants to 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 booth always appreciate it ben swonk co-host of boom bust thank you both for your time.

i. american drug maker says it's antibody based cope with 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 dose significantly reducing the presence of covert team in the other 2 doses did not meet the company's goals on the news eli lilly 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 now 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 now 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 on health care workers essential employees and people in boulder will groups so with all of this in mind let's go ahead and take another look at the trends and spread of the virus globally with our t. correspondent side of tablature where are we when read the average 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 reporting to independent studies more than 550000 children in the u.s. have so far been diagnosed at. with

a coded 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 us now the 7 day moving average of daily new cases back on the rise on tuesday with over 39000 cases and also taking a look at the daily deaths on a tuesday there were 1287 reported deaths 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 directions and concerns are also remain about continued increase of cases and deaths in the us in these states right here and arkansas for example they reported a 126 percent increase in deaths from last week these other states have 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 out these 7 people didn't even attend a wedding so you can see this virus really favors crowds where most people tend to let the guards down and don't keep to a social distancing or any kind of masks brant when we're looking at the global cases what or where we've seen the trend upward right now so here's a list of the top 5 country with the most new reported cases now there is a 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. and. while new cases also they're 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 nearly 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 the 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 but new cases are once again soaring and argentina get this their positivity rate in the country is 51 percent so 51 percent of people are getting as that is coming back positive to give you a comparison the u.s. 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 madrid region one of the worst hit in the country is planning to announce this friday numerous directions on a movement that include targeted lockdowns in areas with high couvade $1000.00 cases again rejected accounts for around one 3rd of active cases in spain and it's

not just cases but overall debt. it's 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 so 6 of the 12 deadliest countries are actual ported to be and now you're a brand correspondent site having to thank you for keeping us up to date. and time now for a quick break but hang here because when we return called continues its 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 that the.

so what we've got to do is identify the threats that we have it's crazy. let it be an arms race in. spearing dramatic development it only really. i don't see how that strategy will be successful very critical time to sit down and talk. very mechanism says neural plasticity that enable strips to get under the skin and. the negative effect on our mind in our body those same very mechanisms can be torn to distribute good to promote resilience to promote flourishing. was a pandemic north you know borders. national. he's. a

summary with the we don't look like world peace think. people are. judging. commentary classes. we can do better we should know. everyone is contributing way but we also know that this crisis not go on forever the challenge is grateful to response has been 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 representative 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 as the fed continues to justify the current pace of its ongoing endless q.e. the market is not surprised and 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 the years of lower borrowing costs joining us now to discuss our boom bust co-host christiane and peter schiff 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 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 to 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 even as we were doing this snow flake i.p.o. today powell was telling the reporters that there is no bubble that there is 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 and kristie bitcoin

prices have broken $11000.00 again in preparation for another run up after falling back to its $10000.00 support but it. is it too early to expect another significant rally and big cohen. 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 you still need the big point surge only big point 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 negative funding rates so the news funding rates show that traders are continuing to short decline right now which suggests that this uptrend is on shorts being squeezed so the other half of it is that profits from ether and other of the high 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 that the fires which have been running on sol seen for the last 6 months that's starting to look a little cooked at this point so i would 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 put production expanded more than it initially expected but in order to have stability we needed to show the man to kick it in as well so what 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 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

reduced 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 on because the value of the dollar the money that people are using to buy things is going down so everybody is going to eat a lot more dollars to buy the stuff that they need and that along with opec plus cuts of course they're driving oil prices up as well kristie finally want to hit on this and something peter actually mentioned earlier the snowflake i.p.o. where shares more than doubled its market debut on wednesday in the largest ever software i.p.o. what's the latest with that. so the nice list priced at $120.00 which was higher than its initial range of only $75.00 to $85.00 due to some extreme over a subscription and then it went on for i've been right all day to more than doubling hitting a high of 310024 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 the end where you go the 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 amongst 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.o. but we saw from the price action doesn't earlier this morning already that there are a lot of cans in the same riding it for a quick flip making it very bubble ish 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 no attention to what's going on with with. this it represented you have a duck boats go as christie eyes are we're about out of dive but you both. and

finally the folks in 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 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 just about on demand on the brand new portable t.v. app as available on smartphones and tablets the next time. some of this for the. moment just before. last time we chased. each one of them carrying 20 kilos 'd of. stuff. in there that they just kept going through. and we haven't made.

they there was. this is for me. i like it. i don't know maybe it'll make or. break. for. now. join me every thursday on the alex salmond show and i'll be speaking to guests of the world of politics sports business i'm show business i'll see you then. everybody's gaslighting everybody cooperations or gaslighting here central banks or gas mining you know the understand of gaslighting is you know that it's not pleasant it's rude it's downright rigid.

look at the believe that you sneer those who really can show you. show that they'd just be suitably. well without us apart on the job against us they are something that. you know nobody stupina. good to see you sure the. doing your force where you could be near must of missed with no buts about spirit i pity you it was more expedient don't you know. if de gea clue will. show. for you to post here to put posts to move to.

the story q. what is. ringback ringback the e.u. over what it sees as brussels jumping to conclusions with little regard for truth. a resolution calling for tougher sanctions on russia. he was in his hotel room. could be. the controllers who were on duty the day of a polish presidential plane crash 20. u.s. troops died in a rare. presidential.