does that change the calculation a little bit for governor phil lowe?nor lowe push as hard as he can, as he has in the past. even before the virus hit, i was telling the economy to urge scott morrison's government to hold onto money. they have obviously been spending money. some of the key nuts and bolts for the reserve bank of australia, phil lowe is not ready to embrace negative rates, not ready to start buying corporate bonds and any other kind of bond under the sign and he has already expressed a less negative view on the economy. the virus estrogens were lifted sooner than expected. last week, he said -- he talked about that when he talked -- he had to say one more thing. the thing is, he warned the thernment to not end stimulus early because you might find the economy and worse shape. the rba is doing as much as they can. so i think that is why the policies should be very closely watched. consumer confidence rising for australia in the latest week. a positive sign the economy is doing better but not positive enough, not big enough for phil lowe to

its killing in police custody ignited protests across america and around the globe the plea by phil lowness floyd came as demands grow to reform policing and stop african-americans dying from use of excessive force by white police officers. a day after his brother george was laid to rest in houston texas. alone as floyd was in washington d.c. in an emotional testimony he make is to ensure that his brother did not die in vain when you watch your big brother who you looked up to your whole entire life da da big a boy's mom i'm tired i'm tired of. paying you feel when you watch something like this people of all backgrounds gender race have come together to demand change. on it him on to george and make the necessary changes there make the law enforcement the solution and not the problem. in minneapolis where george floyd was killed the police chief is promising change he says he'll withdraw from contract negotiations with the police union to push for reform by plan to bring in subject matter experience and advisers to conduct a thorough review of how the contract can be restructured to provide

. >>> let's take a look at airlines as we're near session lows phil has a beat check. >> a second straightt getting hammered down anywhere between 9 and 14%. there's no place to hide within this group they all had such a huge move over the last week to two weeks that you knew there was going to be some pay back that started yesterday. it continues today let's look at specific names remember yesterday delta came out late in the day. saying they're out to raise another $1.25 billion. that offering closes tomorrow. this is an indication that we'll see this from a number of airlines looking to raise more capital in the weeks and months ahead. also american, it's cash burn by the end of june, they gave us an update it's down to $40 million a day instead of 50 million. yes that's an improvement but still an indication of how much money this airline is losing and finally take a look at united airlines another example of a stock thad had a huge move within the last few weeks and it's given a lot of that back over the last day and a half back to you. >> that's a good temperature check on what we're

impacts the used car fmarket are the 3-year-old vehicles coming off a lease with relatively low mileage >> philnow let's get to trading nation oig. >> there is one group that is taking off, the cloud names, a handful of stocks including adobe, shopify, docusign hitting new highs. the cloud etf up 20% this year so let's bring in the trading nation team to discuss john,t agree that you think that it is because of the work from home play or are there other structures in play here? >> there is clearly the work from home play and structural technology in general because they are light on capex, which means that they generate a lot of free cash flow. and by and large most of these companies do not have a lot of debt on their balance sheet, they have more cash than debt. so these things we're in an environment where we're questioning company's liquidity, you don't have to worry about with a group like this they generate a lot of free cash and they have healthy balance sheets and they are in thematic investment plays such as work from home that has a long runway to go. >> matt, double digit gains for a

phil i think it is if there's a lot down in the city of goods is low that could affect more than $350000.00 people there so that would be a massive step and that's what politicians their local and regional politicians are looking into they're carrying out testing programs and they say they're going to react soon but national politicians have also been stepping up to offer their reaction to the labor minister for instance saying that he wants to make this meat processing company responsible including financially for what seem to be the failings there and the prominent social democrat health expert cull out of backers been saying he believes the virus is already spreading around germany and perhaps beyond from this hot spot in western germany he says that some of those affected he believes probably have already travelled that's why he's calling for a massive program of testing as he describes it and also for travel restrictions so in other words there are thoughts going in the direction of of imposing new lock downs and taking drastic measures the government is saying this is a massive outbre

from bill in all going to end the mission by making all this is it's phil black has male police officers sort of make us a more low that people some people from the community that has ended because of police so i had to balance it out and all i had to get both perspectives. i think that's the only great actual disorder really tall is when you remove your own bias towards the albies experiences. should try to look at it in a different perspective i think that will be the only way to get the people there are recent quarter. i do believe there are a lot of people that have it that want to speak out, but also pretty face of status of the case american status. >>or any other reason so you covered in a fight he i read every season, the fries america, everyone can relate to merge is being treated fairly not too many foreigners less appeal with them after themselves. >>that team has been through the criminal justice system he said when it comes to the right now everyone needs to know that it is never too late for change. you can watch the full interview of this on our kronon webstream tonight at 1045 live the newsroom. no

will be the signals coming from easy financial conditions, tight credit spread, low vix levels, no interest rates. >> phil you off because we are getting chair powell, jay powell testifying before the senate banking committee. we want to listen in >> -- difficult and challenging time as the pandemic is causing tremendous hardship here in the united states and around the world. the coronavirus outbreak is first and foremost a public health crisis, most important response has come from our health care workers, and on behalf of the federal reserve, i want to express our sincere gratitude to these dedicated individuals who put themselves at risk day after day in service to others and to our nation. beginning in mid march, economic activity fell at an unprecedented speed in response to the outbreak of the virus and the measures taken to control its spread even after the unexpectedly positive may employment report, nearly 20 million jobs have been last on net since february and reported unemployment rate has risen about ten percentage points to 13.3%. the decline in real gdp this quarter is likely to be the mos

. >> these are very encouraging numbers that phil just reported out of the airline industry. but they're coming from such a low base the recovery will be slow and painful, and i think all of the ceos have said, it will take two to three years at least before we start to see airlines come back to the levels they had in december or even january of this year >> phil, i was struck by when we spoke about this earlier and you said, look, there can't really be consolidation there's only a couple of major airlines now, the path in that direction is not entirely clear. so does that mean there's no chance we get consolidation or how else -- will they continue to raise money the debt loads continue to be a huge factor. not in everybody's case, but certainly for some like american >> you can never say there won't be any consolidation at all. all of the airlines, the major ones, have enough liquidity to make it at least through the end of the year. the real challenging period, kelly, will be the first quarter of next year, for a couple of reasons. one, it's the slowest period of year for the airlines. that's when your reve

low numbers. what we don't need to do is consider going back into lockdown. >> laura: "the new york times" is trying to juice the covid stats, phil saying that the time is now including cases and deaths that have been identified as public health officials as "probable" coronavirus cases. some on the report figures in which a coronavirus was confirmed through testing. we talked about this before but this is the recommendation, was it not, from the cdc? if you don't get a test or if someone had it covid like symptoms, they can check the box.eo >> the interesting thing about this and the cdc does say to put that in the count, new york state, that's why a lot of the sites you see has like 30,000 for new y york. if you go to the covid tracking site, it's like 25,000. we think those deaths were actually covid or not? if we think they are, but we get to the fact that new york is not comfortable, then it may not be. whatever these numbers are, whether they should be in or out, it doesn't have any effect or very little effect on where the country is right now and going forward because tests are no longer is scarce, they are ubiquitous. in

reply to a tweet i put up earlier i mentioned that to phil because clearly, these airlines would not have enjoyed a 100 plus rally from their lowsithout a boit and support for credit markets. all of the sectors, companies really benefitted the most from those sorts of supports from the government and central bank. >> yeah, that's accurate, wilf, and i did like your tweet and when i responded, b b i said know you know why mnuchin wanted warrants as part of that a deal for the bailout when you see the rally and these stock prices here the fact is you're right if we didn't have the bailouts an zero interest rates, not only here but around the globe like you're saying a lot of these carriers would have been in bankruptcy protection at this point in time. they would have burned through their cash while they did build strong balance sheets. they would have burned through those and would have been in bankruptcy protection. so now we have to see how quickly they come back from the reopening of not only the states that have just about fully reopened but u bear in mind, we've got large population centers on the east and west coast that ha

date it's underperformed the market but boy, as phil talked about, it's had quite a month to date up almost 60%. >> yeah. and again, it's benefiting from low expectations and essentially the base effect. basically having no business right now and, therefore, how much is increase in business going to mean to the bottom line a tremendous amount of room once again. anything that looks like it's down a lot and will benefit from some kind of track back toward a normal economy is working very well right now it's very difficult to know what equilibrium we're going to find that we call the next definition of normal. right now though, because nobody knows that, people can kind of trade these as based on the their own hopes for that >> we're pretty much at session highs with five minutes left all three major indices up more than 1%. it could take three years for retail sales to recover from the coronavirus crisis courtney reagan has details for that >> hi. the so with will economy closed, vacations canceled, dinners out tabled and so much more, americans weren't spending so much they were saving and we saw the savings rate hit the highest level ever

congressional testimony and phil lebeau is covering another volatile session with the airlines start us off with the broader market on the three month anniversary of the march 23rd lows hard to believe. >> happy quarter anniversary if that's what this is going to be called. right now we're up significantly off those lows although, what is interesting is how we sort of moderate a little bit in the levels. today's high, just over 3150 on the s&p 500. over the last five days, four of those days has had the intraday high right in the zone of 3150 we'll see if that makes a difference today we hung around for quite a while. you see where we are a bit below the early june highs. and you also will see this level, you just carry it back. you cleared this entire mess right there where we spent a ton of time last year. the reason that is significant is if you look at the equal weighted version of the s&p 500 as measured by the rsp-etf, it is still pretty much in that same zone. it hasn't really gotten clear of the area the average stock is not telling the same story necessarily as the overall s&p 500. today is one of the days like past summers for lack of anything better to do,

discussion between rick and steve about how low we have gone down 11 straight weeks of dropping claims, isn't it time to get aggressive plastic? how about cars what philredible. howe how about demand for housing when to we stop ignoring those and go into those stocks that's what i want to know. >> excellent i knew i could call on you thank you for wrapping up everything what we have been hearing and telling us what to ask next. >> thank you you are the best thank you. >> great to see you, jim we will get back to you in just a few minutes. >> as jim was mentioning, 1.5 million americans filed for unemployment benefits in the last week. more than expected this is the 14th straight week it has been more than a million. joining us is marcie frost, the ceo of california's call%, the nation's largest pension fund with a market value of $391 million. marcie, nice to have you becky was asking jim what we should ask you the big question i would ask you is did you -- in terms of the public markets did you stay in the entire time? i was under the impression at one point you might have taken risk off back in april. >> good morning, andrew, we stayed in. remained

phil, i couldn't adwrgree mo. very powerful comments we'll discuss it later with the pwc chairman i want to pivot back to the share prices, up some 40%. up 103% from its lows so it's doubled, but the thing i guess that stands out is it takes his year to date performance to till down about 40% which then puts it more in line with some of the other airlines and i guess it shows that american had been the one beaten up most aggressively none is less, amazing that just saying a couple more flights coming back online in the next month allows quite such a big rally. gl the reason that american was beat up more than the other airline stocks when they were all down at their lows, three, four weeks ago, maybe a little longer is because of the debt levels people looked and said wow, if there's an airline that's going to struggle to make it, it's american because of those debt levels and nobody's saying they're out of the woods yet because they still have that debt, but the fact they are adding these flights along with other airlines adding flights is giving some investors that perhaps the road might be back faster than anticipated. >> zoom video, which could be trad