that was of course chairman jerome powell of the federal reserve. this is the very first time we have ever had i guess it's considered a zoom federal reserve meeting and reporters, of course, were standing by. you saw the chiclet screen there. here we are. we got it back. let's dip right back in. >> -- but to let that get in the way of us winning this battle really. >> edward lawrence. >> thank you, mr. chairman. edward lawrence from fox business network. given the amount of stimulus on the fiscal side and monetary policy side, how much weight do you give to finding a vaccine, from clearing that uncertainty you talked about around treatment and whatnot, for the federal reserve pulling back on some of the fed's actions and raising the rates from the zero lower bound. also, when does that main street

the federal reserve has just tell us today they've been discussing guiding u.s. economy through all this mess what's come out of that meeting. where there was one phrase that was quite telling from fed chairman jerome powell he said lending is not spending so the federal reserve is trying to do whatever is possible but at the end of the treasury department it's congress so that really. gives more money to companies and to the u.s. population the federal reserve can lend money but they will need to get the money back at a later point but this lending is very crucial because what the federal reserve tries to do is to prevent at least the financial crisis even if it can not do much to prevent the health crisis and also the economic crisis so but the federal reserve also said they are going to do everything possible in their power to soften the impact of the coronavirus and also the economic lockdown of the markets overall by the way they reacted to positively the dow jones industrial average was up by more than 500 points so that was another gain of more than 2 perc

federal reserve board 12 people led by a man named powell that you know of they sit around they have a staff they make that decision they can basically there's some constraints but not many they can basically print as many dollar bills a $100.00 bills as they see fit mint as many coins as they see fit create as many bank accounts with the stroke of a computer of touchpad as they see fit and so they have created trillions of dollars over the last few weeks but those are in addition to in step with her on this stimulus plan which is a borrowing in order to stimulate the economy when you put the 2 together. what you need to understand is that it says sign that the breakdown of our economy now is on up car with the great depression of the 1930 years this is already what we are into and we're just at the beginning as bad a breakdown of the capitalist economic system as we have seen it is there for something to take i'm afraid i have to say this to you in all honesty dreadfully serious leak and it means that on top of the threat to our health of the virus we now have a threat to our econom

i was in touch with jay powell the federal reserve board. an jack lew has been unyielding in loyalty to me over the years. subsequent get-together lasted for more than two hours with speaker pelosi. we did it again a week ago. i was in touch with secretary lazar, secretary mnuchin regularly. we decided to try to divide public policy here understanding until the health issue is resolved you are not going to get to the economic contagion it's created. help foremost and then we moved to the economic process. relying upon people who in this instance stand behind the president everyday at the briefings, their careers. these are individuals who have great credibility in this conversation. relying upon those who have experience in career responsibilities is a really important step. stephanie: everything you just said peach my interest but could you talk about the role of the federal government in this whole crisis and how you think the federal government is doing? almostthis push and pull every day with president trump talking about the economic cr

number 2 the federal reserve our central bank in other countries it's called things like the bank of england or the bank of france we don't call it that that's for historical reasons but it's the same institution that we call the federal reserve their job is to manage the monetary system of the united states and that means 2 things to control as much as they can how much money is in circulation and number 2 what the interest rates off the terms on which a lender and a borrower strike a deal the federal reserve is basically free to create as much money as they think the economy needs. federal reserve board 12 people led by a man named powell that you know of they sit around they have a staff they make that decision they can basically there's some constraints but not many they can basically print as many dollar bills a $100.00 bills as they see fit mint as many coins as they see fit create as many bank accounts with the stroke of a computer. touchpad as they see fit and so they have created trillions of dollars over the last few weeks but those are in addition to and separate through o

the federal reserve has yet to go forward. i talked with treasury secretary steve mnuchin and he said -- [inaudible] cheryl: we've just lost edward. i want to give you a recap. we'll look at the dow right now. stocks are actually maintaining their position right now. the dow is up 570. all of the headlines we're seeing cross from the federal reserve right now, again just to recap here, near zero, unanimous decision. it was 10-0 from the fed a unanimous decision and they are pledging aggressive action as the economic distress worsens. that is coming from the fed, again, 10-0 unanimous decision. also talking about oil prices. i think aggressive action, that is a key line out of this. also the flow of credit impaired. i want to bring in our illustrious panel right now to talk about all of this. first dallas fed advisor danielle dimartino booth. kaltbaum capital management gary kaltbaum is here with me. vision four fund vice president, heather zumarriaga, and fitzgerald group chief investment strategist, keith fitz-gerald. hello t

i'm already a couple of weeks ago actually the federal reserve did tell us of banks still to prevent the financial crisis then the fed didn't help relook created to prevent a capital meltdown and now we see those guarantees for loans to small cut mid-size companies and to also communities and u.s. states so what the federal reserve is actually trying to do is to prevent that to camp companies have to file for bankruptcy and also that the population actually will stay solvent at this point to. the stock market by the way reacted in a quite upbeat a way a blue chips up by about 500 points and actually we had 2 year for the dow jones industrial average the best week since 1938 it's interesting that that happens as the u.s. is announcing continuing rising unemployment figures so what does that tell us about the u.s. jobs market. yes the numbers are really stunning if you just look back a month ago we had a weekly unemployment kramer's in the amount off around 200000 now within 3 weeks we have 1st $16000000.00 plus of those claims so estimates are all over the place as some people fear th

federal reserve chairman say it will thereby to help them. the treasury secretary told me it could be expanded actually, and the treasury department would backstop more money for the main street lending facility to help those businesses if the federal reserve decides to expand it. finally the federal reserve chairman tells me there will be more need for monetary and fiscal stimulus going forward. he pointed to programs like keeping workers on the payroll, as the ppp, payroll protection program, main street lending facility, those programs might need to be expanded or added on to going forward to have a robust rebound. back to you. melissa: edward, thank you for all of that. lauren simonetti has market reaction to the fed and other big headlines of the day. lauren? lauren: melissa, stocks maintained their rally and finished firmly in positive territory. you can see the dow gaining 532 points. the high was 663. it was a phenomenal day. nasdaq was the best performer, up 3 1/2%. we saw drug trials, gilead sciences remdesivir, not a vaccine, just

that is precisely what the federal reserve tries to prevent. there was maybe one good thing about the crisis because the reserve already tried all kinds of methods to prevent a complete meltdown of the economy. we can go back to those days and use the same methods s or even heavieier methods to prevent tht so we will see unemployment reaching figures in the double digits. phil: jens korte in new york. thank you. some breaking news reaching us here, the eu finance ministers have reached a deal on a multibillion coronavirus rescue package. it has access to credit lines available until the crisis is over. we can speak to gail in brussels. tell us more about the deal. >> we have learned the meeting of the finance ministers was a videoconference that has been postponed for hours. it has now been concluded with applause from the ministers from the 19 euro zone countries that have the euro currency. they have been asked by leaders to find an economic answewerto find a system how they can address the economic concerns in europe. it looks as though an a

i think you saw yesterday, expanding the federal reserve facility to states and cities for liquidity problems because we know just as we push back tax revenues, they did, which we'll deal with liquidity situation. and i think as you know the president said that we'll have a debate in congress, in the house and the senate, to consider this issue going forward, but, you know, there are issues this isn't going to be just a federal bailout of the states. on the other hand, this will be an ongoing discussion. >> mr. secretary, there's been a raucous debate about whether the federal reserve should buy stocks what do you think? >> i'm not going to specifically comment on what the federal reserve should or shouldn't do in the future, but i would say i think that's highly unlikely >> let me ask you a different question it's about buying stocks but in a different way. it's actually corporations buying back their own stock. there's also been a raucous debate about buybacks, companies that bought back their stock over the past couple of years and didn't have a rainy day fund for this moment. do

this week, the federal reserve expanded the scope and duration of the municipal liquidity facility. a $500 billion liquidity lending program for state and local governments that are suffering from the coronavirus pandemic. let's bring in lindsey piegza to discuss what this means for these local governments. great to have you with us. despite the announcement of the extra help coming from the federal reserve, the fed made it clear they want some written certification to show they tried to raise money elsewhere. will this sort of limit the impact of this program and how many states and local governments will apply for it? lindsey: they certainly extended the pool of eligibility beyond the largest cities. the fed recognizing those hardest hit are not just workers or businesses, but of course state and local governments that are struggling to meet the needs of their constituents and better manage their cash flow pressures. they want to make sure there is not an implement of unintended consequences on the flipside. yes, they are first trying to seek funding from alternative sources. tryi

and the federal reserve response has been utterly heroic.hat is off to my successor chair powell and his clleagues for what they've announced and the creativity of what th're doing. >> reporter: in terms of what congress has done -- and i knowe you haven advising some of the democrats in congress -- the people we just heard who are struggling who completely lost their jobs, how confident areo you that of them are going to be helped? >> well, i think most of them will be helped. unemployment insurance, the igibility for unemployment insurance is very broad. congress extended it to self-workers, to gig workers, and the federal government is going to top what the states do by $600 a week. so that is very meaningful you know, as you know, it's really hard, in some states, particularly, to get through. you ca on the phone, it's ery hard. >> woodruff: exactly. the systems are utterly overwhelmed, and i know how frustrating it must be. someone's been laid off, they need to buy groceries and paynt the nd they can't get through to the unemployment of

vonnie: what will the federal reserve do with that data?l it affect what the federal reserve is looking at? nick: it is a wonderful question, and we are thinking about that a lot because it is not just the inflation data, although that is very important. for example, restaurants are 6% of the cpi. it is a big number. how do you measure that when restaurants are only doing take out, and when they come back it will be on a limited schedule in terms of being able to reopen? in terms of inflation, it is a big black hole. we just don't know what inflation will look like for many months, and it is going to be hard for the federal reserve to calibrate that. in the near term, they are not so worried about that. but then the data will be very cloudy indeed. the same thing goes for the labor market data. how do we measure the effect of ppp on unemployment numbers for the next few months as small businesses bring their workers back off unemployment? the data is all in a thousand pieces right now, and it will take time to reassemble. vonnie: what will

the federal reserve is going to make these decisions.nk congress, generally if they take another spending bill, do they really need to slow down to make sure they're not gonna do more damage than good to the economy now than in the future. >> i think our focus should be on trying to make sure we implement the last bill which is again about getting aid in the hands of distressed families and businesses. as far as ownership by the federal reserve, one reason why we put so much money into the exchange stabilization fund to allow the federal reserve support financial markets is on the hope and expectation that it wouldn't be necessary, that strong and healthy companies who may just be having trouble predicting payroll or other cash flows in the future will be confident in our financial markets. and as far as ownership of companies go, i think the taxpayer should get the benefit of the upside so for instance, take the airlines. they have essentially been shut down. they will come back. our country needs airlines. their stock is going to rebou

the credit market whale is the federal reserve. >> yes, the federal reserve has become the biggest supporteredit markets. 9 washey did on april such an aggressive move. in a way, sort of interesting. they in some ways are just dipping their toe in high-yield debt. but that was enough. they said they would buy some of the fallen angels, also buying uncertain levels, certain types of debt. that was not enough because the signaling effect was so powerful. investors in the high-yield bond market, the risk asset classes, have taken that signal has the federal reserve willing to do anything to bail them out. two issuers in high-yield bond markets. berlet: the fed is going to buying the credit of recent fallen angels, but not everyone. nonetheless, when you look at what kind of credit is rallying, the fed has come in and said they will buy all high-yield. they are not really making that distinction right now, are they? lisa: they are not. they have decided, if they are doing this much, they will do more. the fed may never have to buy a single high-yield bond. what it has done is perhaps make it so

and try to get well intelligent former federal reserve insider danielle de martino both 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 and 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 a 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 into. states that are locking down after many after the east coast and after the west coast lock down same situation with florida 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

ed repeated again and again, the federal reserve is acting preemptively. there is no reason to provide liquidity and cash when no one is complaining about that. the problem during the financial meltdown, the liquidity and all that stuff was provided after people complaining about it. no cash to be had. i think for some of you lived through that, you remember, hey, there is no money around. this is the federal reserve's way, to ed's point before a crisis occurs. they hope it doesn't occur at all. that is a significant development here. one. reasons why markets were pleased to see that. they were not expecting that. doesn't mean they can't sell off. this was an unexpected benefit for the markets on top of good or at least better news we're getting on the covid-19 virus itself. there you see all the major market averages dashing ahead. a lot of banks caught up, you remember them in the middle of the financial meltdown freeze. they saw the stocks crater. they're not cratering right now. we're nowhere near that right now. back to the virus itself and new guidel

the federal reserve in fiscal authorities can't stop that in real time. what they can do is lay the foundation for a strong rebound, whether it is a v or a u, we can debate that. it is going to be dictated by the evolution of the pandemic itself, but eventually, when the pandemic dies down, we should have a strong rebound. that is when you will see some reflationary momentum. in the very near term, the macro data, whether inflation data or output and employment, we are going to get data on retail sales and employment this week, it's going to go straight down. if you look at a forward-looking barometer like tips inflation breakevens spreads, what you will see is they plunged coming into the year as the crisis started to unfold. recently, as the fed has gotten traction, with some of these liquidity facilities in the unlimited bond buying, they are starting to recover. that is a very good sign. they are not at high levels or alarming levels. they are moving up and so we are moving out of a potential deflationary shock. that is what the fed's job is. that is

federal reserve chair jerome federal reserve chair jerome powell said the central bank will use its monetary policy tools to keep the economy going. during his news conference wednesday, chairman powell indicated that interest rates will remain low for the time being and suggested that more federal stimulus might be needed to respond to the impact of the virus on the economy. chairman powell: good afternoon. thanks for joining us today. i would like to begin by acknowledging the tragic loss in tremendous hardship that people are experiencing both here in the united states and around the world. the coronavirus outbreak is first and foremost a public health crisis and the most important response is coming from those in the front lines in hospitals, emergency services, and care facilities. on behalf of the federal reserve, let me express are severe -- sincere gratitude to those who put themselves in risk. the forceful measures we are taking to control the spread of the virus have brought much of the economy to an abrupt halt. it is worse -- worth remembering the measures we are taking to combat

in response, the federal reserve has taken unprecedented action. the st.serve estimated that the number of people who could be laid off in the second quarter could top 47 million and the unemployment rate could hit 32%. joining me right now on the telephone is the president of the st. louis federal reserve, james bullard. mr. president, always a pleasure to talk with you. thanks very much for joining me this morning. >> great to be here, maria. maria: so tell us what's behind this cautious expectation here on unemployment. can you walk us through how the bank gets to that steep worry of an unemployment rate skyrocketing and all of these layoff toss come? >> that 47 million is the number of people at risk. they're in jobs that are customer-facing or would otherwise be impacted by the virus situation. so the question would be how many of those people are actually going to go and seek unemployment insurance which i wouldn't call unemployment insurance yet. we call that pandemic relief. but we think anywhere between -- could send the unemployment rate anywhere

jay powell over there it's federal reserve or other central bankers in flavor reflate or to pump up. quick enough to hurt any downdraft in the stock market i know economically that's got a lot of problems associated with that but that's the big question. in this community there are people who believe that it's ok to sell fractional food on my table it's really hard there are no jobs and you see that i've got kids that ask and as a parent. i can come up with lots of arguments there's a lot of conflict within the game and between the 2 most of the conflicts i would say are overblown from money and most of them money is made. close one on each of those he knows each other is good business the state of california alone makes 6000000000 dollars you have to prison complex just to get some point in your life where. you don't care and one of my hair is a monster so your hair might anything. before the break we spoke to danielle de martino i do want to clear that up the federal reserve is injecting $2.00 trillion dollars not 1000000000 trillion dollars into the small businesses but moving on

what more is the federal reserve able to do. well in terms of the federal reserve we actually see something unique that's taking place for expecting to have a conference call because of course you can't go in person to any of these press conferences right now in most cases so there is going to be a for a federal reserve conference call in just the next hour and what we're expecting is the federal reserve is going to roll out a $2.00 trillion dollar effort to bolster particularly small and medium sized businesses so what this means is that we could see them offering up to 4 year loans and they're going to do it by buying the bonds of state and local counties but what's significant about all of this is this is a typically what we see the federal reserve doing usually we're seeing it monetary interest rates as sort of manipulating the markets but this time what we're seeing is a is essentially a shift in terms of the priorities trying to help people as we see this economic shutdown in the united states of people struggling to cope

>> kelly, the federal reserve saying it's leaving rates unchanged at that range of zero to 0.25% and saying it's going to keep rates there until it's confident that the economy has weathered the impact of the coronavirus and is back on track the federal reserve saying in a statement, it is committed to using the full range of tools. and you've seen that in the programs that have been announced. they will continue to purchase treasuries, the fed says, and mortgages in the amount needed, end quote. and will continue to offer large-scale repos, as it has been doing it goes on to describe the impact of the coronavirus on the economy the way it sees it, causing tremendous human and economic hardship, the statement says and measures to protect health have been causing the sharp economic declines and the losses in unemployment and jobs on the inflation front, the federal reserve notes, muted inflation, says weak demand and lower oil prices are holding down inflation disruptions to economic activity, it says, have impaired the flow of credit the public health crisis will weigh heavily, it sa

the chair of the federal reserve talked about the coronavirus. he also spoke about unemployment claims in the central bank's role during the pandemic. >> ladies and gentlemen, good morning and welcome to brookings , this morning's brookings presentation. my name is john allen, i am the president of the institution and it is my great pleasure to welcome to this virtual stage our honored guest, federal reserve chair, jay powell. at this moment of unprecedented challenge, not only to our public health system and our health in general, there is an enormous challenge to our economy and chair powell and his colleagues moved forcefully and quickly in responding to this crisis. solutions,creative keeping credit flowing to houses and businesses and prepare the economy so they can recover when this virus -- so it can recover when this virus recedes. and it surely will, ladies and gentlemen. your work, sir, and that of your colleagues, is far from over, but we are in good hands under your leadership. indeed, leaders are tested in times of crisis and this cr

the other really important factor here is the federal reserve, the nation's central bank. , youu pull out a $10 bill will see the term federal reserve note across any paper money that you hold dear what that means is the fed is in charge of our money supply. it decides how much money is in the financial system and the fed can create as much money as it wants. what the fed did after the 2007-2 thousand eight crisis was it created a lot of money and it used that money to buy treasury securities and that helps to hold interest rates down. what a textbook will tell you if amazon -- and uby on keeps amazon, if the fed printing all of this money, it will cause hyperinflation. that is not what happened in 2007 and 2008. inflation has been low. it is not what happened in japan after its crisis in the 1980's and inflation was low there. what the fed is counting on right now is that it can print these moneys and buy these bonds and it will not cause inflation. if we start to get inflation and we see consumer prices go way up, the fed will have to change it strategy and that can be painful. it i

the former chair of the federal reserve. just before the decision tomorrow of the fomc. our thanks to david westin and former fed chair alan greenspan. a couple of headlines in the last two minutes, president trump orders meat processing plants to remain open, according to a source. the president will use the defense production act to designate meat processors as essential and critical. hillary also word clinton will endorse joe biden this afternoon. the new york times reported that hillary clinton will endorse joe biden this afternoon. this is bloomberg. ♪ vonnie: this is bloomberg markets. i'm vonnie quinn. the fomc beginning their meeting today ahead of the rate decision tomorrow and the statement which investors will be awaiting. spoke to alan greenspan about his view on the coronavirus crisis. he is concerned about demographics these days. joining us for a look ahead to the fomc decision day, a wrapup of where we are right now in the economy, we have ed yardeni. numbers this week, they will not be pretty. how swift and how long is this downturn? i'm in the consensus

the federal reserve chair jerome powell has warned there is significant risk of long term damage ongoing public health crisis will weigh heavily on economic activity employment relationship in the near term and poses consider all risks of the economic outlook over the medium term at the fed we're doing all we can to help american families and businesses weather this difficult period. when the spread of the virus is under control businesses will reopen and people will come back to work we will continue to use our tools to assure that the recovery when it comes will be as robust as possible the slump in the u.s. is part of a global slowdown caused by the pandemic the european economy has also suffered a record fall the euro zone's g.d.p. shrank by 3.8 percent in the 1st 3 months of this year that's its sharpest quarterly decline since records began in 1995 germany said its economy could shrink by more than 6 percent this year and the president of the european central bank warned the eurozone economy could fall 'd by 15 percent china's has declined by a record 6.8 percent and japan's is als

before the break we spoke to danielle de martino booth i do want to clear that up the federal reserve is injecting $2.00 trillion dollars not 1000000000 trillion dollars into these small businesses but moving on to their coronavirus pandemic it's driving unemployment numbers in the united states to heights not seen since the great depression we've discussed earlier but even as a number of skyrocket companies like over are looking to pass new laws that will allow them to keep treating employees like contractors with only partial benefits or legal journalist or appart and the pushback it's getting really good to see oh let's start with who is now proposing something like this correct. yes so this is their baby the c.e.o. wrote a letter to the president saying hey you know in these. the spin on it essentially that says we want to treat our workers evenly they should have access to some of the same unemployment benefits that full time employees if you will are considered and that's the gist of what i got out of you know what he was trying to say but he was sickly wants to have a legal def

bank of money printing jimmy doors never mention the central bank the federal reserve bank never ever ever ever and yet the progressives if they want to be progressive and they want to progress be dialogue forward they need to talk about the central bank that is the key component of the global economy the american economy and the key crisis that we're experiencing today so not to mention it is willfully ignorant exactly we have 2 different categories happening that government and the treasury and on the federal reserve and basically neither of them have oversight and they're pouring trillions of dollars to the corporate headquarters of huge corporations not the small medium sized enterprises that are being funneled into these crazy sort of online systems that don't work but the. major corporations the multinationals those that are getting bailed out and the big banks and the ordinary worker that's by the way that you know the left wing party is supposed to speak on behalf of their stock on trying to file unemployment benefits and those unemployment benefits are built on cobol whi

the federal reserve system is doing a lot it's really unprecedented all the things that it's doing but the fed is really more geared towards helping the financial system and so when it comes to helping people which is what we really need to do right now it's congress that has to step up it's congress that needs to make it so that people have the money they can do need to buy groceries that's the kind of stock irony's be doing so you know we have this $1200.01 time payment but that's just not enough we need to give more money to people during this time when they can't even go to work we need to make it so that people are not going to be foreclosed on they're not going to be evicted they're not going to have their utilities shut off they're going to have the money to buy groceries and that's where congress comes in and congress needs to get that money out there in europe we have a situation where a lot of countries have the government has stepped in and paid a portion of people salary or wages and this means they don't get laid off and they continue to have income coming in and it's goin

the federal reserve is ready to mppu in the illions of dollars in american relief.t is new york's poorest districts, heavily populated with african-americans and hispanics that are being harst hit. theseei were food parcels b delivered in the bronx. >> when you are in e of the poorest communities in the country, though small businesses, they caot wait for the fed to help them. they needed today. what people are watching right now is what happens when you do not invest in dresng poverty. reporter: as it confrontshis invisible enemy, there is a marshall field to -- martial feel to life in the city. america's greatest ever peacetime challenge. anchor: an alarming increase in jobls numbers. struggling to get mon in the bank. whd b a tsunami of people laid off. our business correspondence report. reporter: america's second isidemic, unemployment spreading.in new york, the statt out $600 in extra benefit payments just two weede aft the l rescue package was passed. many new yorkers are having >> i was on tour when it happened. the tour got the plug pulled. i went home and

the federal reserve took extraordinary measures to deal with this.us about that. >> reporter: there is a lot going on here. 17 million people now wondering when they will get money, when they will get support, if their jobs are coming back. they have no clarity on how soon the economy can pick up again. there is so much uncertainty, you mentioned the federal reserve is key. this is them fleeing open the bank doors and saying if you want to borrow money you get it. whether you are a state, municipality, even a small business. remember that's so important, because they represent the bulk of jobs in the country at this moment. the problem with what the federal reserve did, it's lending, it's not spending. this money has to be paid back. all the federal reserve buys congress a bit more time to thrash out a deal and get it out there quicker. >> what are you hearing from the expert sfwhs just the recession or even a depression? >> reporter: what we are looking at here in terms of numbers has no precedent. no model. the speed has just been so shocking for e

did, and they should have gone to the federal reserve to get it and not gotten it from the small business program. host: senator, let's talk about your state. help in your state. will the world health facilities in iowa and other rural states be seeing more money and do they need it? guest: yes. we had a briefing on the bill that has come before the senate today. president and the secretary of treasury, and by the chief of staff for the president, and that is one of the issues i brought up because in iowa,20 hospitals but probably 80 to 90 of them are what you call rural hospitals. and these rural hospitals are losing money because a lot of their income comes from elective surgery, and obviously, to save all of the equipment and all of the time and professional help to help those who have the virus, we wanted to make sure that we kept them going because they could lose elective surgery. in the $75 billion going out 75 billionnd the dollars going out today's probably a situation where a lot of the money is going to go to small, rural hospitals. host: what about the farmers in your

i want to switch gears for a moment, folks because the federal reserve is just out.hey released the notes from the emergency meeting on march 15th where they cut the target rate near zero. that supports the economy as we face massive disruptions caused by coronavirus. edward lawrence with headlines from the report. edward? reporter: headlines, actually released fed minutes from both emergency meetings. march 3rd meeting where they cut 50 basis points and march 15th meeting the unscheduled meeting where they cut 100 basis points own the march 3rd meeting they noted economy was very strong going into the pandemic. they were concerned about a economic slow down and wanted to act quickly according to the meeting participants wanted to act quickly to head off some sort of a slow down. few days, 10, 12 days later, they came back and held their meeting early. in that march 15 minutes, the participants noted economy was strong going into the pandemic but they were looking what was happening to other countries and how it was cutting consumer demand. they noted consumer demand

jillian: the federal reserve will provide $2.3 trillion in additional economic support. rob: what does this mean for you and your wallet? joining us is matthew carberry. as they argue, there is a risk this program could run out of money. it is very possible. >> we put it in context, in one day, one banking institution accepted 180,000 applications for $32 billion as we put that in the concept, one tenth of the money and that is one day, that money will run out quickly. jillian: let's look at the differences, the gop plan, $250 billion in a paycheck protection program, democrats put more in that program at $100 million for hospitals, 150 million for state and local expansion of food assistance. a couple minor differences, major differences i should say. i have gotten a few messages from our viewers who ask questions like help, my lender isn't included in this. i can't benefit from this, what can i do? that is one of the sticking points as lenders are benefiting from this and in turn, people are not getting the money. >> that is correct. they want to roll this out april 3r

and saying the federal reserve has already put in place extraordinary action to keep markets working, borrowers borrowing, credit flowing, and is prepared to do more and has more tools if needed, trying to send a message of confidence that the fed is here and calling on fiscal authorities to keep working as well to support this economy. >> the fed very much doing what it takes, not an optimistic outlook in any way, shape, or form for the economy we did see a fractional tick-up in the long end of the yield curve in terms of yields, ten-year got up to 0.63%, having been at 0.59% earlier in the session. the dollar did weaken a fraction it was just lower, now down by about 0.3% as you can see there on the yield curve a slight steepening of the yield curve today. either way, we are near the session highs, still up 600 points plus on the dow the high of the session was 663. 3% gains for the s&p 500, almost 4% for the nasdaq, sara, and the russell up 5.4%, certainly continue a theme of late of those that have underperformed the most year to date. energy 6.7%. >> i would just say i don't thin