Environment. Businesses, the private and Corporate Bank are fighting through the Interest Rate headwinds, but doing well on executing strategies and offsetting that had went. Thee are uncertainties in Macro Economic environment and that is something we factor in as we manage our businesses, our risks, but we remain quite confident in our outlook and the way we are managing through this pandemic. It is supporting clients, the economy as we all navigate an unexpected environment. Risks, howaging the hard would Deutsche Bank be hit if there would be another wave of lockdowns across europe and elsewhere . James weve built in some conservativism into our numbers, weve taken an overlay, adjustment more conservative in provisions and that prepares us for uncertainties that lie ahead. We are not seeing a deterioration in portfolio beyond what we expected in this environment and while we are all subject to the direction of the economy and potential impact of more distancing and Protection Measu
8 up. A bit of a conundrum, it weaker than anticipated growth number when weve got Industrial Production and retail sales beating what was going on. Graphically, there you go. Retail sales, 3. 3 to the upside and that is what has been going on in aggregate. A mixed bag, a miss on the headline gdp but certainly a beat for Industrial Production and retail sales. Yeah, the topline picture is that China Remains the only major economy that is recovering at a pace like this but nonetheless, yeartodate, growth around 0. 7 . Year, beginning of the officials had hoped to get around 6 growth for 2020. Nonetheless, the fact retail sales came in well above the estimates will for economists who say we should see a broader economic recovery in china fueled by infrastructure. Straight cap to the pandemic, there would be focus on whether or not the consumer would step up and the numbers suggest that is happening. Ubss headore from of asia economics and achieve china economist. Always great to get your
Flow and that is a macro positive. Week, itked about last suggests there is some optimism on the part of traders that may be some sort of scenario around airlines could some serve stimulus could get done but theres so much uncertainty. Airlines have been outperforming more recently. Getd are we starting to something on the 10 year yield . Abigail we are still in that range. The 10 year yield is trying to move to the top of the range in the range is about 5080 basis points with the fed as a buyer keeping bonds in that range. Its hard to know whether it will be broken. Another market is amazon. The s p and the nasdaq are down in amazon in amazons down for its for the day in a row after the prime day event, suggesting some folks may not be to my optimistic about those results. Maybe americans of had Online Shopping fatigue. David one of the risks of the is the continued possibility of more stimulus and the election which is now 15 days away. Is with us, always a delight to have you with u
336 or call 669 9006833 tollfree. Using zoom platforms, select the raised hand option when its time for Public Comment. If calling by phone, dial star 9 to be added to the speaker line. You will be unmuted when its your turn to speak. Please call from a quiet location, speak clearly and slowly and turn down your television or radio. When your item of interest comes up, dial al continu alternatie we recommend you use zoom audio or telephone for Public Comment, you may submit a written Public Comment through the chat function on zoom many of thank you sfgovtv and Media Services for sharing this meeting with the public. We can start with the roll call. Clerk [roll call] the first order of business is general Public Comment. Is there any Public Comment for items not listed on the addenda . Ill turn to senior annalist rice for this. All right, im checking right now. President bleiman, theres no hand raised and the attendees box. It looks like we dont have any Public Comment. All right. Than
A House Homeland Security subcommittee is looking into the Homeland Security departments management of the trust and Traveler Program that expedites travel across u. S. Borders, such as, tsa pre and global entry. Some new york state residents have been banned from the programs due to state laws on sharing drivers license information with federal agencies. Will come to order. Without objection, the chair is authorized to declare the subcommittee in recess at any point. Good morning. We are convening today in our continued effort to understand why this Committee Received inact are the and misleading testimony inaccurate and misleading testimony from the dhs regarding its decision to ban residents of new york state from trusted Traveler Programs like global entry. On february 5, senior ghs official chad wolfe wrote to new york officials to inform them of the ban, without notifying congress and the members of the new york state delegation who sit on this authorizing committee. Mr. Wolf cit