Chair fewer good morning, ur everyone. The meeting will come to order. This is the february 26 meeting of the budget and finance committee. I would like to thank corwin and colina. Madam clerk, do we have any announcements . Clerk yes. [agenda item read]. Chair fewer thank you very much. Madam clerk, can you please call item 5. Clerk yes. Item 5 is a resolution authorizing the Mayors Office of housing and Community Development to accept and expend a gift of 100,000 from San Francisco 722 montgomery. Chair fewer supervisor peskin, do you have anything you would like to add . Supervisor peskin i would like to thank steven sang for accommodating my request for this additional 100,000 on top of the inclusionary fees and interest and the Mayors Office of housing for preparing for the accept and expend and recommend it to you for full recommendation to the board of supervisors. Chair fewer thank you. Is amy chan here from mohcd . Okay. Supervisor peskin, is this something that you want to pr
Will go back to the auditorium at the Cato Institute for the 2019 cato surveillance conference. Senior fellow, thank you both to those watching at home for joining us. As i mentioned at the start of the conference we focused on issues of surveillance oversight and this years conference or this morning you heard about an array of institutions and entities and persons who work to oversee the secret use of intelligence collection. This ranges from the pfizer court to the inspectors general to government, billy office to the Intelligence Committee of congress and one of the newer and in many ways most publicly useful entities overseen the Intelligence Committee is the piracy and Civil Liberties oversight board. Its a number of valuable reports that have given us unique insights into the programs weve heard discussed earlier such as section 702 and section 215 the authority used for the phone records collection program. Im sure it will be a fascinating discussion so i will pass it off to ou
Corporate bonds on track for the best returns in a decade, but how long can the rally continue . We begin with the big issue, markets betting low rates are here to stay in 2020. It is hard to see the yield breakout from here. Bond yields moving sideways. We cant generate any inflation right now. Still attractive but certainly not breaking out. 1. 20 by the end of the year. If we get to 1. 2 on the 10 year, we are looking at a global recession. We are going to test 1 . A lot of things have to be go incredibly wrong to get to 1 . Unless the market begins to price in additional cuts, the 10 year, at most, will drop down to the 1. 60 range. The fed will probably not cut again. If there is any weakness in the data, you will see an outsized rally in bonds. The path to least resistance has been lower, and i see no reason to think that will change in 2020. Taylor can we break out of the range set in 2019 . Joining us from new york are collin martin, peter tchir of academy securities, and in pa
Others. An extraordinary year to look forward to. Thank you so much for being with us. Much to talk about in the next halfhour. I want to talk about your new effort, thinking about immigration and what it means. We must talk about the central bank. Weve got to talk about the markets. You have been the gloom cruise great pinata. Good times, bad times. We cannot possibly go up. Confounded off the gloom of last december, but confounded over one year, five years, 10 years to good and substantial equity returns. When does it end . Abby tom, thank you first of all for having me here for this discussion. Gloom at yearend 2019 in many ways set us up for a good start to 2019 in the markets. One of the things i am concerned about is just how happy everybody is as yearend 2019. I think what is priced into the market right now is an economic scenario that seems to be the most likely. No recession. The economy perking up a little bit. Corporate profits in single digits, maybe higher growth. It is p
It is an honor to welcome the National Space council back to the museum to continue the work of mapping the future of American Space expiration. Surrounded here by icons of our nations highest, proudest achievements. The council is ensuring our future achievements are fully empowered by past achievement. The things you will be discussing today will one day be enshrined in this museum. Dont forget about us. We need hardware. Last month at our museum in washington the apollo 11 space suit, Vice President pens spoke about this generations renewed commitment to American Leadership. Here at the national air and space museum we see evidence of that commitment every day. Helpless children have stood in this very spot and marveled up at the Space Shuttle discovery and then turn to the parents, grandparents or teachers to ask how something so big could fly so high. Our museum is where the country comes to understand its heritage of adventure and discovery and to pass that torch on to new genera