Coverage. Blake burman with the latest from the white house, Lauren Simonetti is watching the markets and Edward Lawrence is in washington. Lets kick it off with edward. Reporter exactly. Chairman Jerome Powell, Federal Reserve keeping Interest Rates where they are foreseeable future. Federal reserve chairman Jerome Powell said the coronavirus had Significant Impact on Economic Activity, employment and inflation, further lowering expectations. The Federal Reserve chairman believes well see doubledigit unemployment when the next Unemployment Rate comes out. He backed off saying there would be a robust Third Quarter going farther, saying some uncertainty around when the crone cron treatment will be available is when in fact the economy will start to pick up again. But he would not say if the announcement after treatment or a vaccine changes anything that the fed is doing. Also Federal Reserve open Market Committee statement saying that the fed will keep rates where they are until they ar
Weak. In the two statements two fed precedents dissented, kansas city president Esther George and boston president rosengren dissented that is the third time they both dissented. Jim bullard did not dissent on decision. He thinks this is where the fed needs to be with the 25 basis point cut. He believes this is enough. He wanted since last meeting, he want ad 50 basis point cut. This time he got the level he believes. Fed lowered rate on excess reserves to accompany rate cut is 1. 55 . The big news, the Federal Reserve cutting the federal funds rate quarter of a point but signaling a pause for future rate cuts, changing act as apappropriate to assess going forward. Charles edward, thank you. Here to discuss key words and phrases from powell to be impact on this market, former dallas fed advisor Danielle Dimartino booth, paul schatz and former Jpmorgan Chase chief economist anthony chen. We have Katherine Rooney vera. I have to start with you, danielle. The dow is up four points. We wer
You are watching the pulse. Im guy johnson. This morning shell was the first Major Oil Producer to post earnings since crude prices fell by more than a half area that has happened over the last six months. Oil is down today with crude below 45 a barrel. Lets bring in mark barton. Mark, lets start with you. I think the line that i took away from the interview was, we enter this period with strength. We knew volatility would came back. We aimed to preserve flexibility. It goes back to what he did a year ago. He said, he wanted to make these hard choices on new projects 15 billion of assets over 2014 and 2015, and slow the investment growth. I just cut to the taste. They missed earnings estimates. They had a horrid quarter. Faltering production, escalating costs, trimming earnings to a fouryear low. I cut to the chase, you missed earnings. Why the gap . It was the sharply Lower Oil Price coming through in our upstream earnings. Our downstream earnings were pretty strong. If i look at the
An state has threatened to kill the hostages. Islamic state has threatened to kill the hostages. Electronic arts all revenues drop 9 in the third quarter. The 146 gain and profit. They continued to make progress selling mobile and digital titles. Zillow executives say the purchase is still on track for this quarter. Home prices slowed in their games. Games. Gaines. You had significant regional differences. In manhattan, home values are increasing 70 yearoveryear. 17 year over year. In the midwest, they are appreciating much more slowly. Sales rose in december, the highest level in more than six years. There is no question apple is at the top of its game selling 74 million iphones in the First Quarter. The largest quarterly profit ever for any company ever apple is making big growth in china. With such lofty numbers, is there room for more growth . Can china be the key to that . When the earnings cross and that, my mouth opened. Lorne the way optimistic analyst estimates of 65 million.
The fed is easy, easy, easy. Keep talking about data dependent but i think all they will do is keep Interest Rates at zero percent. I dont think they will ever raise rates. Any blip in the economy and bad market they may start another round of quantitative easing. Gerri oh, my goodness. Gary, peter, im sorry to you. Do you agree with that . Will they never raise rates . I believe they intend on raising rates. The real question whether russia or some other event disrupts global economy. Were in a situation where the u. S. Economy is becoming the bright star and there is no reason to believe that we cant as we have in the past grow even in the face of poor Economic Conditions in japan and europe. After all there is nothing new about poor Economic Conditions in japan and europe. Gerri that is absolutely right. Gary to you, peter brought up oil and pete you are brought up russia. I want to talk about the oil prices for a minute. That was really part of the inflation picture and numbers tod