rich clarida, vice chair of the federal reserve.>>> thanks very much very interesting interview kind of seeing what's happening. we have some breaking news news out from johnson and jump it struck an agreement with the u.s. government to provide 100 million dose of its covid vaccine candidate. the government has committed to more than a billion dollars as part of that agreement j and j said it will provide at a global not for profit basis for emergency pandemic use u.s. government by the way can also purchase an additional 200 million dose under a subsequent agreement. the company goes on to say that it is evaluating both one and two dose regiments gives you and idea of what you'll need. 100 million dose 310 million people in the united states this would be used on an emergency basis. that 100 million, your get two doses or one is enough but the u.s. government could purchase another 200 million doses as part of it stock right now up by $1.23. the company says that it's hoping that it can meet its goals to supply more than a million

this as vice-chairman clara is speaking -- vice-chairman clara clarida ise-chairman speaking.y're allowing and overshoot of 2% inflation. we are so far away from that. is that a theoretical dalliance right now we cannot afford to have? we have to focus on other issues? not say it is a theoretical dalliance. there are a lot of immediate issues pressing up the economy, and therefore i think the fed has done a pretty good job of maintaining financial stability and accommodative financial conditions. in the backdrop of all of this is a fed very worried about meeting their longer-term mandates of reaching the 2% inflation target. going into this crisis, we have a strong economy and a strong labor market. life ins not signs of inflation. this is worrying a lot of people. it will not be quite as timely they began a review and we are expecting to see the results of that by september. this will hopefully lay the groundwork for them to tackle the longer-term problems, even as they continue to deal with the immediate pandemic. jonathan: we are already seeing the results for the last 12 m

it started north of sants clari clarida.emote location is making ground efforts difficult. >> a tremendous amount of fuel loading on those slopes. and again, with the remoteness and the terrain, it will be really challenging. >> and the winds are not helping either. take a look at this incredible video, the high winds pushing it up a hill. and there are over 500 firefighters at the scene, they are coming from several agencies across california and even outside of the state this morning. >> thank you, and she talked about the heat and i wi and winds in that those are playing big factors. >> and that is all coming our because in fact. something i saw on twitter, i haven't confirmed it, they haven't had a really good fire or cleansing fire, whatever the forest term is, to clear out that debris in like 80 years. so there is so much fuel down there. and the temperatures will get even the hotter than they are here. and they have chance of a thunderstorm today. so dry lightning and when the thunderstorm collapses, the possibility o

and he'll sit down with adam to see if clarida itself puts that kind of clarity on how high an inflation rate is acceptable to them >> all right steve, thanks for that interesting way to kick off the hour david and leslie, david, i mean, we'll watch the banks today, once again, as kb showing some interesting technical patterns but 2.25 to 2.5. as some on the street are saying, david, good luck with that >> yeah. good luck with that is right and as we pointed out on friday, of course, the banks seem to rally for a very short amount of time, as you say, carl we'll keep an eye on those shares, which have been underperformers for quite some time given the s&p's 8.5% move this year many big banks down 10%, 20%, 30%. morgan stanley is the outliar there which i pointed out many times, leslie. given e-trade. the deal hasn't closed yet but going to and some of the difference of their business and also points when you mention e-trade to the place that the individual investor has in this recent rally "wall street journal" today with a story with things we have been talking about for months now it d

we heard it from vice chair ,lara to -- vice chair clarida from chair powell. there's just so many tools they have in their toolbox, and i think the fed's attitude has already been all guns blazing, take nothing for granted, do not sound the all clear too prematurely. i think that is their orientation. but again, what can they throw at it now beyond what they are already doing? jonathan: julia, fantastic to catch up with you. i am sitting here and it just totally remind me of europe almost 10 years ago. here we are in a situation where the market is doing ok because the central bank stepped in, and all of a sudden fiscal policy makers have lost the urgency. and guess what? you have the federal government not wanting to bailout the periphery, the states. if we don't get help for state aid, we have been told state austerity starts immediately. the parallels here just become clearer by the day. tom: the economic policy institute, which conservatives read as a sort of liberal left block, was brilliant this week in parsing the state job losses already in the state j

eastern time, fed vice chair richard clarida is going to be speaking at a pearson institute event, extrapolating on the new regime of the federal reserve. curious to see what tools he may outline for the fed. zoom reporting second quarter results. later today, former vice president joe biden expected to speak in pittsburgh on the violence we see, the deaths in portland, and kenosha, wisconsin. interesting to see how he frames this as a law and order type of argan and really becomes front argumentr -- type of really becomes front and center. tom: i do want to point out, renminbi, we have a further strengthening in the chinese currency. it is off the radar, but --ertheless, 6.85 you on 6.85 yuan per dollar is a long way off. lisa: we shouldn't undersell this. the whole service is outperformance in china shows that the recovery is on track. how much steam will that get globally at a time of so much uncertainty? tom: before we get to eric stein here, we are monitoring el -- el al 971, this historic flight from tel aviv to abu dhabi. borderddles the southern of the united arab emirates now, ready to

we heard from leger to, leaving open the pop -- we heard from richard clarida, leaving open the possibility -- he reiterated it is not likely now and reiterated negative interest rates in an online event hosted by the peterson institute for national economic spirit >> -- for international economics. >> i believe there is potentially a place for yield curve control, but that yield curve control is a complement to forward guidance and traditional large-scale asset purchase programs. there could be circumstances where it would be considered, and we were clear in the minutes of our july meeting, and i tried to be clear in my speech that it is something that is in the toolkit. christopherlcome -- we arerings watching what happens on the u.s. stimulus package. without the fourth round, what can we expect for the u.s. economy and is it surprising at this juncture we have not heard either side, the democrats or the republicans make that big of a deal of the state of the u.s. economy? toistopher: it was striking watch the democratic convention and the republican convention with very little focus on

fed's clarida maintains that he is sticking with >> i like how john ryding put that, saying it appears they're picking up because of job growth i'm curious, where are we on estimates for gdp growth and q3 and q4 after being down 30 what's the latest thinking there? >> minus 31.9 2q 7% for the fourth. put it all together and the expectation is for 2020 being down to 5% >> all right, which given everything that's happened isn't so bad, but still one of the worst downturns we've ever seen. we'll see if it stays there after all the downturns we've seen >>> job growth may be slowing. we're also nowhere near a deal on stimulus yet, but the nasdaq setting another new high today the s&p and just 2% away from its. john belsky and michael chicami. it's good to see you both. brian, to me, at least the manufacturing, the service number is pointing more in the direction the markets are pointing to. there is some data out there that says this economy still has momentum >> great point, kelly, and thanks for having us on. i think the ios number is important because the economy has been strong. in the