chair. powell: it is possible. i think it is more appropriate for ppp loans which are in the nature of grants. i think that's a better way to approach a -- approach these. trying to underwrite the credit of the hundreds of thousands of very small businesses would be difficult and i think ppp is a better way to approach that space in the market and i think you will are well advised to use that. >> i now recognize the ranking member for five minutes for questions. >> thank you madam chair. , in the federal reserve's data, we see there is substantial economic recovery. we see economic numbers and we have many households that are about the same as they were, a little better off in terms of savings back at the beginning of the year. but we have seen many households much worse off. so it is sort of a tale of two different recoveries if you will, or two different experiences of this pandemic. so while we see good economic , what are the areas that you see as needing further assistance? what areas of our e

chair powell: no. we have done two loans, and that facility has resulted in $250 billion of borrowing in the private sector, where there was none taking place before the facility was announced. >> you think state and local government going bankrupt would create instability in our economy? chair powell: that is an issue outside my bailiwick. >> you do not think it is an integral part to ensure state and local governments in the public sector stabilize and will not go bankrupt like the city of detroit did? chair powell: states cannot go bankrupt. there is no means for them to. cities can. >> when detroit went bankrupt, did you think there was an impact on the economy? chair powell: yes. >> my district has not benefited from the program, and one of the things i want to point out to you, chairman powell, is you do not have to land with penalty rates to state and local government. this regulation you have about penalty rates, that was not created by statute, correct? that was created by you internally? chai

as chair powell said today, we will look at a range of indicators.re is no single number that will tell them what is defined as maximum unemployment. we talk about maximum employment we have to talk about the people that are on the fringes of the economy. remember when we were having this sort of labor shortage a couple years ago. and you had a lot of employers who are starting to reach out, convicts and other people that would be shone from the labor force this is something that has come up again and again when people talk about not only prison reform but the idea of getting people who have been incarcerated and served their time a chance of getting back in the labor force. you can see the disparity between people who have been incarcerated and people who have not. and the unemployment rate difference between those two groups. to go back to our guest, jeff korzenik at fifth third bank. romaine was saying, one of the really good things that we sort of learned about, so materialized in the late stages -- skill training and potential employees that the

. >> chair powell? >> um, so there is re little demand in the facility below a million dollars. there isn't much interest at all below a million dollars so this would have to be a different kind of facility. it wouldn't look like main street. extending credit in the small quantities would require a facility built from the ground that would be quite different than main street. it won't have the same requirements but we could talk about that. it wouldn't look like the current main street facility. it is a very different kind of a thing. >> well i'm aware of how the main street facility was formulated, was created for the mid-size businesses and i'm very much aware that they have to rep repay those loans. but we have so many small businesses still eligible for ppp and beyond and certainly they would repay those small loans that they could get. it is not that they absolutely looking to have those loans waived, so you think that something can be done? >> it is possible. i really do think that this is more ap

>> good afternoon, chair powell.got very clear about the committee's intentions on rates, not even thinking about raising rates. and low rates as to 2% my question is about -- does the guidance today apply to the current -- are there any make roe economic that you would -- and mvs purchases, and under what conditions would a decrease be appropriate thank you. to help foster acdadive conditions, that is already -- what i've been say, and what other central banks have acknowledged. >>> i would just say this, there are various ways and margins, and we'll continue to adjust to our plans as appropriate >> if i could follow up, i suppose the question but not give guidance when the fed has talked about with the two policy tools working together today we believe effectively we're saying that race will remain highly accommodate iive t would be an -- now we're buying 120 billion in securities per month we do have the flexibility to adjust that tool and the rate tool and other tools as well, but we think that our policy setting

>> hi, chair powell. thanks so much for taking my question. i wanted to ask about commercial real estate. i know you had mentioned [ inaudible ] i was just wondering if you have had any other discussions on that and if there's any way the fed could step in in that area. >> thank you for that question. you know, we actually spent quite a bit of time on this, as secretary mnuchin i think mentioned the other day, and i'll say just a couple things. first, our facilities are essentially always, they have to be under the law, broad-based and not so much targeting any single sector. also, it's important to remember that cre, commercial real estate benefits from several of our existing facilities so the talf takes commercial mortgage-backed securities and sba commercial real estate deals, then the new york fed purchases agency cmsbs directly. in addition, i would say main street helps businesses pay their rent. so we are helping real estate, you know, in a number of other ways, commercial real estate. also, cmbs issuance has resumed, spreads have tigh

afterwards on lowering it. >> chair powell? >> there is very little demand in the facility below a million dollars. there is not much interest at all below a million dollars. this would have to be a different kind of facility extending credit in the small quantities would be quite small, but we can talk about that it would not look like the current main street facility, it is a very different kind of a thing. >> i'm aware of how the main street facility was formulated, was created. for the businesses, and also i'm very much aware they have to rer repathos loans, but we have so many small businesses eligible for ppe and beyond and certainly they would repay the small loans they could get it's not that they absolutely look to have those waived, do you think that something would be done. i think you're well advised to use that >> thank you, i now recognize the distinguished ranking member for five minutes >>> thank you, madame chair. secretary powell, let's begin here in the federal reserves data, we see there is a substantial eco

fed chair jay powell and treasury secretary steven mnuchin making the case today for more stimulus.t looks as though the base case is no additional fiscal support. that is why we are suddenly seeing the rotation back into big tech and bye-bye any value investing. joe: yes. the prospect was already looking dicey for fiscal stimulus. with the new fight in d.c. over the vacancy on the supreme court, that reduces the odds. but even setting aside the market question, we hear from fed chair powell that to get a robust recovery, we need more stimulus. it was expected by the fed we would have it. bloomberg economics is projecting that gdp growth will be 5% slower than it would have been in q4 in the absence of stimulus. again, rotation, value of growth. if we do not get more cash, we may still keep growing but not as much as we could have been. caroline: when you have the overwhelming discussion we are seeing from the u.k., for example, seeing further restrictions on certain economies. we heard from fed chair powell testifying in front of the house financial services committee calling for m

david: let's turn to some of what you asked chair powell and secretary mnuchin yesterday.ouseholds across the country are back close to where they were before but there are a lot that are not even close to it. the question is what to do about it. you are asking that question. i will ask you. what should be done about that? patrick: a couple of things. -- a bold need bold testing regime that is free. if we get testing and therapeutics and treatments right, then we can get much closer to normal life. what the administration has done and the in -- has done fda in particular is taking safe and effective tests and get them online as quickly as possible. the tests available, we see a new generation of tests individuals can take and have an instant result very cheaply. those things will make a huge difference to getting kids back into school and parents back working in a more normalized fashion. those are the things that are necessary for this next phase before we get to a widely available and safe vaccine. i think that will take longer for widespread use of a vaccine. those thin

tech fed chair powell not sure if this economic recovery will continue, that really dampening the moon. tech communications leading declines. switch of the board and you can see what small and mid-caps did with the russell 2000, outperforming, look at that, up 9% of the close. we had the fed really keeping rates low, helping that entire sector. pressure, andf that paired most of its losses with treasury yields climbing after chair powell also said the current size of the asset purchase program was appropriate, the 10-year yield hanging around the highest levels in almost a week. we also have the 530 yield curve steepening to the highest since september 10. we also have to digest retail sales numbers that missed forecast today. there was a lot happening, especially with the fed and data as well. haidi: really a sense of disappointment that in particular, fed chair powell did not target some of those longer and maturities when it comes to the reaction on the bond market. let's take a look at how we are setting up here in asia. we have the fed out of the way, but looking ahead to bank of

. >> hi, thanks for taking my question chair powell, you've talked a couple times about parts of the economy that may not recover as fast as we've seen so far. presumably referring to airlines, hotels, other parts of the economy that rely on close contact. how are you thinking about that in terms of this overall impact. is that sector large enough to, say, keep unemployment above -- far above your maximum goals are you expecting that to come back with a vaccine or are a lot of those folks going to have to find new jobs and new industries and should we expect the fed will keep rates at zero until all that allocation is done. >> we can't be really sure we know the answers to those questions. but i would say the likely path is that the expansion will continue as i said, it's well along it will move most easily through parts of the economy it will still take some time the parts that weren't directly affected, didn't involve getting people in large groups together to feed them, fly them around, put them in hotels, to entertainment, like that, those are the places that are very challenging

tried to work on a proposal of preferred equity so that it could be going below the existing but chair powell and i will continue to work on this. it's an issue. we don't have a solution we wish we did >> do chairman powell want to comment too? i know i was on call with him several weeks ago about this issue. >> yes both of us are very familiar with the letter you sent and have studied it carefully and have really looked hard at how we can reach the problem we're talking about. a lot of the problem just isn't with commercial mortgage backed securities those loans contain a provision that says you can't incur additional debt. the secretary referred to way to get around that. that wouldn't involve the fed. that would be something for legislation. we do understand and appreciate this is a significant problem in the economy and can keep looking for solutions. we don't really have a solution with the tools that we have. >> i understand we don't have a solution when we turn back about $130 billion in ppp funds and then you find out all of these people that are suffering tremendously and they have c

also i thank secretary mnuchin and chair powell for being here. chair powell, start with you. i sit in the seat that was once held by senator hubert humphrey, a champion for full employment, and in fact his name is on the humphrey-hawkins bill with the mandate for the fed of maximum employment and stable prices and that you're charged with implementing. you noted several times, i appreciate your comments how covid has not been the great equalizer, just disproportionately is affecting people in low-wage jobs. essential workers often women, of women and women of color, black and brown people, indigenous people. my question is this -- as you think about your mandate at the fed and think about the decisions that you make around monetary policy, could you just talk a little bit about how you see this, the impact of monetary policy on supporting households of color? what can you -- we know fed research has shown workers of color tend to recover their lost wages more slowly, for example. i'm interested in knowing how you think about this and how you might want to bake that more into

karina: fed chair jay powell will tell lawmakers later tuesday the u.s.conomy is improving but has a long way to go before fully recovering from the virus pandemic. comments release the head of his testimony say many economic indicators show market improvements for employment and overall activity well below pre-covid levels. he'll add the path forward remains highly uncertain. meanwhile, ecb president christine lagarde says there is still room to had stimulus and can adapt the program if the euro zone economy needs more help. she says the third quarter will see a rebound, although he recovery from the coronavirus recession has been uneven and incomplete. economists expect the ecb to expand its $1.5 trillion bond buying to bolster the rebound and revive inflation. released arats have stopgap funding bill that lack support the white house or senate republicans, raising the threat of a federal shutdown at the end of this month. the draft would extend current spending through september 11 but does not include $30 billion in farm aid that the administration ha

our roadmap begins with fed chair powell and treasury secretary mnuchin, what to expect from today'sestimony in front of the house financial services committee and how the markets may react. >> then we will talk a bit about this try yant stake in our parent company comcast, what is the behind the thinking at triant and what if anything may owe dur as a result. >> tesla's battery day, where that stock is trying to recover this morning after yet another tweet from elon musk which is part of the discussion today, jim. whether or not he's setting expectations in a different way saying that some of this high volume production is a phenomenon still a couple years away. >> he's giving us an underpromise, overdeliver, i think, which is highly unlike him, but it could make more a little more pizzazz. there's been so much talk about battery day, maybe he lowers expectations an blow them out. people come out and want to buy tesla, want to buy amazon, positive notes about apple, positive note about facebook it's just become the pattern you're waiting and waiting for when the selling is over and

including from chair powell yesterday has gotten better rather than worse.hat, that, can -- and by consumer stimulus remain strong. -- it filled the whole to bring the economy back up to level and now we have to let it work out from there and they probably need more stimulus for defined places that are still in difficulty including restaurants, state and local , performing schools event venues and other industries including airlines. the rest of the businesses -- aredentist's offices busier than they have ever been. consumer spending is up year over year which is good news. it was growing at 10%. it fell. it has worked us back to even. this is good news for the economy. you said it -- chair powell said we are better off than we were but there is also a lot of uncertainty. how badly do we need further fiscal stimulus? we have an election coming up and we don't know about a vaccine. crisis is a health care from beginning to end. i said it in march and i said it with you a few months ago, people cannot forget that it is a health care crisis. are is happened is

welcome back, chair powell and secretary mnuchin. since you last testified before this committee in june, the corona virus crisis has continued to have a catastrophic impact on communities across the country. nearly 200,000 people in the united states have lost their lives to the corona virus coming at a there've been over 6.8 million u.s. cases. millions of families are struggling to make ends meet during this crisis and are on the verge of eviction. over a million small businesses that are the lifeblood of our economy have shut their doors as families across the country are looking to washington for leadership. the trump administration has failed in its economic response to this virus with 32% of renters unable to make their full september rent payment at the beginning of the month according to department of justice and it is piling up. the need for emergency rental assistance to prevent it crushing wave of evictions is growing everyday. instead of rental assistance, the trump administration has issued a centers for disease control

on c-span3, at 10:30 a.m., treasury secretaries elimination and federal reserve chair powell testify on the coronavirus response at a house financial services hearing. followed later by a homeland security subcommittee. >> former vice president joe biden was on the campaign trail to talk about the coronavirus pandemic and his economic plan. this stop at a metal casting facility marked his second visit to wisconsin. recent polls suggest a close race in the state between him and president trump. ♪ >> ♪ we take care of our own

every estimate including the one from chair powell yesterday has gotten better rather than worse.is because consumer activity stays strong. the fiscal stimulus, the monetary stimulus, the programs thefed had between government and administration congress, what the fed did, they toically filled the whole bring the economy back to level. we have to let it work out from there. they probably need more stimulus for to find places that are still in difficulty, restaurants, state and local governments, schools, performing events venues, airlines and other things. you can't have people do it at the rate we had before. but dentists offices are back, busier than they have ever been. consumer spending is up year-over-year. see it good news, so we start to grow finally. it was growing at 10%, it fell and it has worked back to even and we will probably see it grow year-over-year. that is good news for the economy meaning that amount of activity means our economy is restored. >> chair powell said we are better off now than we thought we would be, but he also said there is lots of uncertainty. y

saidu set it, chair powell we are better off right now than we thought we would be. said there is uncertainty. fiscal stimulus. how badly do we need that? we have an election coming up. and then there is the coronavirus. we don't know about a vaccine. brian: this is a health care crisis. i set it back in march and i have steady even with you a few months ago and our interview. people cannot forget that this is a health care crisis. what has happened over the last six months in the house -- health care crisis has gone on longer. we see the potential for a vaccine, but we see better behavior to keep things from spreading. as we see in the north these, we see a crest over an infection rates are much different than they were early on. you are seeing infection rates far and you see treatment regimens being different. and he also see because of the personal behavior and people staying more careful with the impact of the virus still hugely hurtful to the people who get it, but not at a bad outcome. that is good news as we wait for the vaccine, which is sometime out there ov

investors digesting a slew of fed speakers chair powell warning of down side

a repudiation of what fed chair powell was saying yesterday, which is they will do whatever it takesinflation. the market was saying you will not get inflation. this highlights the fear. what more can be done without fiscal support and what more can washington do with such a heated political season? tom: i would suggest the backdrop with the president this morning. i believe the president was on fox sports as well with a wide set of tweets getting out on the vaccine, on north korea as well, but also previous tweets early this morning on his belief in what we will see on the election. what you need to know in the markets, futures deteriorating on bloomberg radio and bloomberg television, more coverage of these challenges. futures -60. good morning. this is bloomberg. ♪ ♪ you can go your own way ♪ go your own way your wireless. your rules. only xfinity mobile lets you choose shared data, unlimited or a mix of each. and switch anytime so you only pay for the data you need. switch and save up to $400 a year on your wireless bill. with the carrier rated #1 in customer satisfaction. call,

chair powell has essentially admitted that it is hard for them to get at that sector through some ofheir credit facilities. actually president rosengren today expressed a degree of frustration that the big banks have not signed up for the fed main street lending facility which could get at a broader range of sectors. up withe seen only pick some of the smaller regional banks and very moderate pickup overall. they seem to be signally that if the economy actually does assemble, that facility is well-positioned to help the sectors who experience renewed distress. vonnie: thank you for that. much appreciated. julia coronado, macropolicy perspectives president and founder. coming up, we hear from hillary clinton at the bloomberg equality summit. what a rushed seat could mean for the economy. this is bloomberg. ♪ mark: i am mark crumpton bloomberg's first word news. a grand jury in kentucky has indicted one police officer on charges related to the death of breonna taylor, a black emergency medical worker who was shot multiple officers entered her home using a no-knock warrant on march 13.

. >> good afternoon, chair powell. wall street journal. you have been very clear about the committee's intention on rates not even thinking about raising rates and today's showing low rates even in on the plummet falls to 4% in inflation rises to 2%. my question is about purchases. does the guidance today apply to the current asset purchase? are there any macroeconomic conditions under which you would favor increasing the monthly pay of treasury and mbs purchases? and under what conditions with the decrease in the monthly pay for purchases be appropriate? thank you. >> so, we stay in our postmeeting statement that we will continue to increase our securities holdings at least at the current pace overcoming months to sustain smooth market functioning and help foster conditions with that latter part is updating our guidance to reflect what i've said in these press conferences for some time and what other central banks have acknowledged which is the purchases are fostering accommodative financial positions as well put that amounts to roughly 8

by expressinge appreciation for chair powell in vice chair clarida leading this review as well as important contributions by president williams and by mr. mead, and others. our deliberations were greatly enriched by engagement with community members at the fed listens events at every district in the country, as well as outstanding memos by staff and responses by outside experts. while the committee did not the and president of challenges of the covid-19 pandemic when the review was launched, the new statement puts us in a stronger position to support the economy. thank you. >> thank you very much, governor brainard, for that very clear and distinct statement. statement.inct we have a number of reporters who have emailed questions and people, others watching have sent questions to events @brookings.edu. i will borrow from their questions. in some cases, paraphrasing them . not sure i am going to tribute everything to everybody. to start off, you said something i think people may have missed because it went pretty quickly, about what difference it would have made had this statement in in plac

at me conclude by expressing -- appreciation for chair powell and vice chair clarinet in leading thiseview. as well as jeff, mark, and david. our liberations were enriched by engagement community members in every district of the country, as well as outstanding memos by staff and responses by outside experts. while the committee did not anticipate the challenges of the covid-19 pandemic, and the review was launched the new statement puts us in a stronger position to support the economy. thank you. >> thank you very much. very clear and distinct statement. we have a number of reporters on the line who have emailed questions and people -- others watching ken send questions. quite a few of them have already. i'm going to borrow from their questions, in some cases, paraphrasing them. i'm not sure i'm going to attribute everything. somethingff, he said people may have missed. what difference would have made had the statement and place earlier? said it's accommodation would have been withdrawn later and gains in employment would have been greater. so, the fed raised interest 2015-2016,mes ov

congress thinking maybe we don't need to pass something so urgently despite the fact that fed chair powellaid more stimulus would be needed. i can't say. it is like a coin toss. each side has ended up in their corners and no one is budget. consistenthas been in his messaging. president trump has certainly been consistent in his. he signed executive orders that were supposed to be a bridge until congress could get something done. how effective have those orders been? is there anything else the president can do without the cooperation of congress? >> the president mentioned there overme $300 billion left sitting in the treasury general account from the cares act that is unspent and uncommitted. looks like right now he can't do anything with that specific money without legislative help to reprogram those funds. the executive action, the ui extension is about to run out or already has run out. it was just for the month of august with hope there would be a deal by the end of the month. payroll deferral, not as many companies are willing to take that up. federal employees are forced to take that

fed chair powell saying there is a long way to go before

we'll discuss that later let's turn to washington now fed chair powell and treasury secretary mnuchin testified earlier. steve liesman has the highlights hi, steve. >> good afternoon. both treasury secretary steve mnuchin and the fed chair jay powell agreed the economy is improving and additional help is still needed powell explained the economic reasons why congress should pass another stimulus bill. >> it's going to take a while to get 11 million people back to work spending will decline, ability to stay in homes will decline. so the economy will begin to feel the negative effects at some time. at the same time the economy is recovering >> now a bill has been stuck because of political battles over how big it should be and who should be helped he explained his thoughts on who needs assistance >> the next package should be much more targeted it should be focused on kids and jobs and areas of the economy. that are still hard hit, particularly areas such as the travel business and others, restaurants. i think is broad bipartisan support for extending the ppp to businesses that have had

and federal reserve chair powell testify on the coronavirus response at a house financial services hearing. followed later by a homeland security subcommittee. >> former vice president joe biden was on the campaign trail to talk about the coronavirus pandemic and his economic plan. this stop at a metal casting facility marked his second visit to wisconsin. recent polls suggest a close race in the state between him and president trump. ♪ >> ♪ we take care of our own mr. biden: thank you very much. as they say, and part of my city, your family done good. a long time. god love you. give you for taking the time to be here. i really do appreciate it. today, unfortunately, america is going to have to speak to this quickly, going to reach a tragic milestone. 200,000 deaths recorded, as of today because of coronavirus. 200,000 deaths all across this nation. and it means that there are empty chairs at dining room tables and kitchen tables that weeks and months ago were filled with a loved one, a mom, dad, brother or sister. in many cases, the pain was made a lot worse. and i've had people tell me t

and i don't look at the market reaction as a fair gauge of what the fed and chair powell is doing. i think they've been very clear in their communication that a sustained recovery that reaches further and further into our citizenry requires an all-of-government approach, and the fed is all-in, unambiguously all-in, but it simply can't do the job by itself and the fed needs some help from the fiscal authority. so i don't think there's anything new in the message that jeh's been giving to congress. is congress, do your job. >> although, what's new is this average inflation targeting. where they're saying, you know, yes, inflation can run above 2% before we tighten policy and people want clarity on that, you know, how far above 2%, for how long that's what charlie evans gave some context to today saying it could be 2.5% and so forth do they need to lay out a more specific framework or at least say one is coming or kind of talk more in that direction so that people understand what those benchmarks will be because otherwise they're probably going to default, you know, similar to what we

. >> max, treasury secretary steven mnuchin and federal reserve chair jerome powell on the impact of the coronavirus on the economy. this is two and half hours. >> this hearing will come to order. today's hearing is a hybrid format and the hearing room has been configured to maintain the recommended six-foot social distancing between senators, witnesses witnesses and otheren individuals in the room necessary to operate the hearing which we have kept to a minimum. for those joining remotely a few videoconferencing reminders. once you start speaking there will be a slight delay before you are displayed on the screen. to minimize background noise please click the mute button until it is your turn to speak or ask questions. if there is a technology issue we will move to the next senator until it is resolved. i again remind all senators and our witnesses that the five-minute clocks still apply and you should, those remote, stall, box on your screen labeled clock that will show how much time is remaining. bwe will try to give you a gavel reminder when your time is almost expired.we ... whe

clarida: as chair powell indicated, we do believe fiscal policy is for the congress and executive branch come about when asked, we will say that additional fiscal support will likely be needed. it is very clear that the c.a.r.e.s. act was really a historic government sponsored to a crisis. a $3 billion package providing significant support to the economy. the economy has made a lot of , but there is still a deep hole. we still have a very high rate of unemployment. we have a lot of small and medium-size businesses, so fiscal support will be needed. tom: i want to go back to your work from the 1990's which talked about the dynamics of our system away from the static models of the previous century. vice-chairman caretta -- vice-chairman clarida, we have been shocked by once-in-a-lifetime events, and one is the new digital dominance. our nation is being crushed by the shocks of technology. in what you are grinding through day today at the fed, how do you adapt to the shock of this new digital dominance? mr. clarida: it is a great point, and a quick bottom line is that improvements in techno

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 the good and yet he has to acknowledge this high persistently high level of unemployment and the fact that the fed's tools.

we will get the read for september in the united states. 10:00 a.m., fed chair jay powell going back to congress with his hands out, saying you guys have to act. they won't act. then we will hear what he has .otentially to do about it we don't get a fiscal package before the election. jonathan: equity futures positive on the s&p 500 this morning, up 16, around 0.5%. a real lift in the european equity market as well. service is bad, manufacturing good. euro-dollar, $1.17. pretty much dead flat. get me a red bull. the treasury market a total snooze. 0.67% on the 10-year is basically where we have closed every day. tom: i guess it is a glimmer of vol in the bond market, but you are right. ,ll of that is secondary including the stronger dollar. even the bloomberg dollar index comes in stronger as well, so you're right. everything is moving except bonds. jonathan: let's bring in victoria fernandez, cross mark global investments chief market strategist. great to catch up with you. walk me through that. you've identified to the same thing, the volatility. what is behind the pickup in vol we

reporter: chair powell says we are better off they we thought we would be, but he also said there isr uncertainty. how badly do we need fiscal stimulus? we have an election coming up and there is the coronavirus. we don't really know about a vaccine. guest: this is a health care crisis, and i said it in march and i said it even with you a few months ago in our interview, people cannot forget this. it is a health care crisis. what has happened the last six months, you are seeing the potential for a vaccine, but you are seeing better behavior to keep this thing from spreading as fast. as we are seeing it in the northeast, you have seen it crest over and infection rates are much different than they were early on. we are seeing the infection rates fall. you are seeing the treatment regimens different. because of personal behavior that people who are high-risk are staying more careful, the impact of the virus is still hugely hurtful to people who get it, but not as bad outcomes. that is good news as we wait for the vaccine, which is some time out there for the next several months. that wo

fed chair jay powell saying he has not sure the economic recovery will continue as quickly as expectedgiants like apple and facebook sliding. facebook facing another [indiscernible] includings celebrities like lynn arctic caprio and kim kardashian. newly public companies -- newly public tech companies roaring out of the gate. frog closing j with huge gains and ceos join us. president trump is expected to give a press conference any moment at the white house and we will bring you headlines from that event. news tumbling out by the minute with oracle's bid for tiktok. moments ago bloomberg learned the following about the terms of the deal. that oracle would happen all of tiktok's u.s. user data in this scenario and oversee all of tiktok's u.s. technical operations. oracle would be able to check source code to prevent backdoors. tiktok's u.s. board would be approved by the u.s. government and oracle would create, they say, 20,000 new jobs through tiktok operations. joining us to talk about how it has impacted markets, we have bloomberg's sarah ponczek. let's start with the fed decision an

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 busin

. >> we heard fed chair powell very dovish, is that already priced in. >> yes for sure we know they areng to do to be all in. when he talks inflation, he sounds so frustrated. the worry is that they stick around longer than they should we haven't talked about that but it is possible >> it is about 5:30 on the east coast. if you want to close your eyes now, go for it >> thank you >>> a new hot commodity in town, toys >> not really new but a new part of our world and part of the work from home life is keeping your kids engaged. one manufacturer is doing well with that. opening a plant and hiring 250 employees to keep up with the spike they've seen joining me now with a "worldwide exchange" exclusive is step two ceo. >> i don't have kids but my friends with kids say your products are a staple. how big is demand. we know it is going to ramp up for the holiday? do you expect to see demand stay ramped up past that point? >> we saw demand in the spring when people realized they needed to keep their kids occupied and engaged in uj tethered play. our products have increased in demand >> can you

eastern on c-span's q&a. >> federal reserve chair jerome powell testified on the economic impact of the pandemic before the house select subcommittee on the coronavirus crisis. this hearing is just over two hours.

morning, that was fed chair jay powell along with other central bankers around the world speaking overhe past few days. a big week for central banks. in the markets, nasdaq futures are attempted to find their footing after the index started to climb in the past two sessions. volatility highlights how vulnerable the market has become to wobbles in these mega-cap stocks. digesting all this is dani burger. how severe is the concentration in the technology space? dani: it is very severe. it feels like we are having this conversation for the past two years. the concentration in the biggest stocks, the mega cap tech stocks is unprecedented. in global indexes, as of the 500, essentially all of the upside this year is due to the top 10 stocks. without them, gains for the main indexes will be significantly less, same goes for europe. in can see the index does better than it would without the big 10 stocks. that blue bar on those charts is the big 10 contribution. it is big for all these indexes. when you look at the average performance, all of these have done well year to date, but the average

. >>> fed chair powell called for a fiscal stimulus. he said the recovery would go quicker with is support from congress >> a full recovery is likely to come only when people are confident it is safe to engage the path forward will depend on keeping the virus under control. >> other central bankers echoed the call with boston fed chair calling it, quote, a big problem. and warning the u.s. economy is in, quote, a deep hole >>> coming up, the white house's top corona advisor said he is optimistic as a new ocatinulion enters a trial >>> welcome back google says it is rethinking its remote working policies after two-thirds of the staff said they do not want to return to the office on a full-time basis. they are working on a, quote, hybrid working model that will allow employees to work from home and also maintaining the community feel in work places. it is said the hybrid work model is the future. >> we have been thrust into remote work without a lot of preparation, in some cases without underlying infrastructure or cloud platforms. what w

in washington federal reserve chair jerome powell expressed concern about the economy he cannot make activity has picked up from its depressed 2nd quarter level when much of the economy was shut down to stem the spread of the virus with the reopening of many businesses and factories and fewer people withdrawing from social interactions household spending looks overcovered about 3 quarters of its earlier decline. no less spending on services that typically require people to gather closely including travel and hospitality is still quite weak here to help break this down for us is our u.s. correspondent. yes it's quite astonishing for the fed to adopt such a long term stance isn't it. it clearly is and to we live in strange times understand your own poll correctly that the federal reserve is not planning to increase interest rates even until 2024 i don't know why the federal reserve is so sure about this because nobody can tell you how actually things will change in 2 or 3 years so what the federal reserve is saying is that they can still help to stimulate the market but yet it's defini