and that it will intelligence former federal reserve insider danielle de martino danielle thank you for joining us today i want to look at having me and start with the employment now we're looking at a loss of about 10 percent of the workforce in just the last 3 weeks j.p. morgan saying that it could go as high as 7000000 now will it. i think that we will indeed see a 4th subsequent wave of 4th subsequent week because if you look at the most populous states in the nation we're talking about florida new york california as specially texas texas has a huge backlog of unemployment insurance the servers are simply overloaded georgia's come up in terms of states that are locking down after me after the east coast and after the west coast lockdown same situation with florida that unemployment insurance system simply cannot keep up and we know that is a portion of the labor force that these large states have a much lower percentage that are actually collecting unemployment insurance in other words the next 2 weeks we're going to see waves continuing to come through as these claims are processed

joined by tio and chief strategist for cool intelligence and former federal reserve insider danielle de martino danielle thank you for joining us today more stimulus actually is it going to help at this point are these packages even being deployed correctly or is all this just a little bit too late and extending the rope for a little bit more and just trying to delay the eventual crash that many people are expecting. well you know what's interesting is that if you look at the p.p.p. loans that were distributed from the original 349000000070 percent of them were for less for $350000.00 dollars 1 or less so it's apparent that the bulk of the day the demand was coming from very small companies even though we've seen some splashy headlines about much larger companies that have been able to get much larger loans so i think that i i'm hoping the government has learned its lesson that it needed a separate program for really larger companies maybe that is what the federal reserve's main street lending program will do but because the funds initially were exhausted you have to think that there's a backlo

and chief strategist for quo and college and and former federal reserve insider danielle de martino booth danielle let's start with you president trump on saturday he signed this a series of these executive orders to expand this relief bill to americans but these new orders they're probably going to face a legal challenge is continuing the programs would require federal funding which obviously congress controls what's going to happen now and will democrats challenge this. well i do think that democrats are going to say that they're going to challenge it and i do think that there will be a challenge to this but i think the sticking point is there's probably not a democrat or republican or a politician in the country who would actually try and stop this money from going out directly to to people in need of it people who are still unemployed there are people in the bases of both the ripped up republican and the democratic party so again i think that there will indeed be legal challenges it is only under under congress' authority to to allow you to legislate spending we've never seen female f

and chief strategist of cool intelligence danielle de martino booth danielle thank you for joining us today thank you for having me are you surprised at all by by the announcement that came out of the minutes today. no i was expecting the fed to be extremely devenish in its views if there was one bit of surprise it was that it seemed like they might even be looking at targeting a range of unemployment which ended very badly when i was still inside the fed we decided to do that the fed and it chasing the target and losing quite a bit of credibility because of that but in no way was i surprised today at the at the depth of the i think that chair powell in recent in recent. testimony excuse me to congress has a none stated very clearly that the federal reserve is going to be lower for longer than anybody has ever seen in the past and they're going to continue to stimulate the economy as long as they can and until it recovers and he actually did give give this warning on. a hearing on tuesday but the fed has began purchasing corporate bonds e.t.f. on may 12th this was obviously to prop up

quayle, intelligence danielle de martino booth. now danielle, we're going to get to that and kind of around this big story, but we have breaking news within the last hour. i wanted to hit on this janet yellen. it appears that vice president elect. that is to say, joe biden is going to name janet yellen, former fed chair as the next treasury secretary, when he assumes office in january. what do you make of this announcement? well, you know, this is, this is, this is president biden, president elect biden. it is, it is hands trying to stay with the team of people with whom he's familiar. i can understand that. but this is a disastrous move. i have to be highly critical. i took 2 and a half years out of my life to write fed up. a lot of the criticism in that book was, was, was focused on janet yellen and the slowest most normalization process in the history of the federal reserve that left the bubble in its wake that jay powell inherited such that he was not able to, to raise interest rates to a normal level, he was not able to shrink

for more on this we're joined by boom bust co-host chrystia and former fed insider danielle de martino booth danielle fed minutes are in focus today and are specifically investors are going to be focused on inflation averaging an extended rate guidance this is these are the last minutes before the election that's just weeks away give us some color on that and how is the market digesting this latest update. well so i think the market is interpreted in today's minutes as saying the fed is standing ready to monetize to print money to satisfy any stimulus spending that comes out i think the obviously the hurdle here is is actually getting congress to act but again the fed is showing a willingness especially with what powell said yesterday. there was no way that there could be too much stimulus and that is fed speak for saying whatever it is if it's 2 or 3 or 4 trillion dollars whatever the price tag is however many treasuries are issued we will buy them in the open market and ensure that there is a smooth transition to getting that money from congress out to the people we get that in spade

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 abou

economic news of the day let's go ahead and bring in studio twill intelligence a former fed insider daniel de martino booth and boom bust co-host christie i thank you both for being here daniel i want to start with you here now congress is once again up against the clock on another stimulus package coupled that with that omnibus spending bill that we just mentioned will we see a sell off in t. the year and if we don't get additional stimulus measures passed and does a lack of a spending bill create more economic true turmoil if we head into a government shutdown. well i say i don't think we're going to have the government shutdown but i am surprised it seemed like there might have been momentum headed into the weekend so i'm a little bit surprised as senator mitch mcconnell just came out and said that the senate would indeed push forward with the one week stopgap measure to keep the government open you know we spent at this game here for months and months and months december 26th is a hard cutoff date it's a fiscal cliff for the cares act unemployment insurance benefits and rental eviction moratorium

of cool intelligence danielle de martino booth ladies thank you for joining me today christy let's start with you it looks like markets didn't have that big of a reaction to these new unemployment numbers what are we seeing on the surface day . well on thursday the markets completely ignore the new unemployment numbers and was actually up in fact it's it was massively in the middle of the day and mark one of the 1st time one of the major indexes the nasdaq was up here today it's in the entire corona pandemic the closure of all the non-essential businesses so essentially we had all of the tech rally and all of the good earnings from google facebook essentially all the fang stocks it basically let all the market back up and we are now just a wall toss away from the all time highs so basically even with the unemployment numbers the news wire was bad but apparently this is less bad because last week's tally was the lowest since shortly after the quote a virus was declared a pandemic so many analysts believe that we have kind of cycled through the worst of the 4 shutdowns but on the other cam

of quill intelligence daniel de martino booth in l. always a pleasure to have you on the show. great to be here today so we talked a lot about this recently of these unemployment numbers were somewhat expected due to the economic impact of the corona virus but with technical recession possibly on the horizon do we expect things to go back to normal or are we going to see these declines continue. well so it's interesting i've been following very closely google searches because it's very difficult to get your hands on real time data and when time has compressed to the extent that it has i mean every day feels like a week every week feels like a month things are moving so quickly but if you follow google trends and searches for unemployment insurance we've seen one huge wave followed by a 2nd huge wave followed by a 3rd huge wave that's even bigger the implication is that next week's jobless claims could be as bad or even worse than what we saw on thursday so i'll put this in context at around 10000000 nearly 10000001950000 on unemployment insurance you're talking about one in 16

host of economic update and danielle de martino booth a former fed insider thank you both for being here. so richard let me begin with you on this question these these antidumping duties they essentially are price controls on russia by lifting those duties does the u.k. not give themselves some leverage when it comes to steel exports from the united states or coming from europe. perhaps a little but i see this more as an act of desperation you know the british have now disconnected themselves from a major global trading bloc europe and so they're now but twixt and between they have to please europe still because they trade with them they have to try to build some sort of relationship with the united states just as a time at a time when the united states is becoming more inward focused more nationalistic itself and they're looking around for who they can make some kind of deal with to try to find a way as now a relatively small economy in a world dominated by much bigger ones i see the deal with russia as as a kind of desperate grabbing for what might be possible and also a defense agains

of quill intelligent former teligent and former fed insider daniel de martino both thank you both for joining us today. thank you. and as markets real over reports of the surge in corona virus cases let's take a look at the global trends and spread of the crow virus with our chief correspondent saya tablet or no so we know that nations are doing everything they care to fly in those curves but how well are they doing right now or brand some are doing better than others and others are just starting to see a surge in cases now the u.s. and brazil are both doing worse followed by india and russia not countries that are looking better and are illustrating that they are flattening the current are spain u.k. iran peru and chile and mexico but there's something else that i want to i want to take a look at that amongst the countries with the highest reported cases now for example of the u.s. with a population of 330000000 and they have conducted over 20 $9000000.00 tests now that's $90000.00 that's about $90000.00 per $1000000.00 population of the u.k. and russia have conducted a lot more test

for more on this we're joined by boom bust co-host chrystia and former fed insider danielle de martino booth danielle fed minutes are in focus today and are specifically investors are going to be focused on inflation averaging an extended rate guidance this is these are the last minutes before the election that's just weeks away give us some color on that and how is the market digesting this latest update. well as i think the market is interpreted in today's minutes as saying the fed is standing ready to.

to break it down is chief strategist of cool intelligence and former federal reserve insider danielle de martino danielle good to see you thanks for coming on. nice to be here today now i want to start with this break this down and what are these numbers look like why why why why are the markets surging. well i this came as a tremendous surprise i'm using the president's favorite word this came as a tremendous surprise to the to the markets and to all economists for that matter no single economist was expecting the best one was negative 800000 we got a gain of 2500000 jobs along with a big asterisk from the bureau of labor statistics that said the margin of error is somewhere in the neighborhood of 3 percentage points on the unemployment rate that goes far to explaining whether or not they're having some difficulty in measuring the individuals who are on the paycheck protection program and whether they're in or out of the labor force so but again markets were not expecting the gravity of the goodness of this number and they rallied hard on it i suspect there were also quite a few people who were

insider danielle de martino both danielle let's start with you as expected the federal reserve held benchmark interest rates near 0 markets however they had been looking for some potential tweaks to some of its asset purchasing programs or the updates there and how is the market reacting to that. well you know i think the riskier corners of the market you know the nasdaq closed in the green today because the fed did tweak the language instead of saying that they were going to continue with their asset purchases with the quantitative easing program in the coming months which was what the prior statement had said they said that they're going to continue until they see substantial progress on their economic metrics they didn't name or quantify what those targets were going to be and i think that that open ended commitment if you will is what was what was pleasing to markets even though some investors may have been disappointed that they didn't increase the maturity of the treasuries that they're committed to buying some were hoping that the fed might hint at something like yield curve control ca

break it down is chief strategist of quill intelligence and former federal reserve insider danielle de martino danielle good to see you thanks for coming on. nice to be here today now i want to start with this break this down what do these numbers look like why why why why are the markets surging. well i this came as a tremendous surprise i'm using the president's favorite word this came as a tremendous surprise to the to the markets and to all economists for that matter no single economist was expecting the best one was negative 800000 we got a gain of 2500000 jobs along with a big asterisk from the bureau of labor statistics that said the margin of error is somewhere in the neighborhood of 3 percentage points on the unemployment rate that goes far to explaining whether or not they're having some difficulty in measuring the individuals who are on the paycheck protection program and whether they're in or out of the labor force so but again markets were not expecting the gravity of the goodness of this number and they rallied hard on it i suspect there were also quite a few people who were bett

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 did 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 feds 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 up t