Facebook, netflix all turning positive we are up 3 4 sorry, 2 3 on s p. Another higher day, certainly off session highs. Coming up on todays show. Great lineup uper facing fresh lawsuit from massachusetts over how it which was its drivers. Early investor bradley tusk has an idea that can help them avoid headaches and take on rival lyft hes going to join us to explain. Speaking of the pandemic, new Jersey Governor Phil Murphy will join us to discuss his states path forward, whether hes prepared for what the fall will bring in the northeast. Lets focus on two key stories meg tirrell with modernas vaccine news and Big Bank Earnings certainly better with Goldman Sachs. Meg, start us off with moderna. Hey, sara the full phase one trial results from the Covid Vaccine published last night in the new england journal of medicine. This was 45 in the trial we got a glimpse of 8 out of 45 on important key data. These were healthy adults who received two vaccines a month apart. Everyone generated a
Balance of opening our business, but they will only be as successful as the Customer Confidence that is there to patronize those businesses. That is not just for the hospitality. That is true for all business. Retail has been the hardest hit. My understanding is over 2 of businesses have closed permanently already. How are we to address this Consumer Health issue . I know this is something you have talked about. What should we be doing . Chairman powell it affects different sectors of the economy differently. The ones we talked about are the ones we are exposed to. Other sectors of the economy may be able to recover much more quickly, and we certainly hope so. Thing is people believing it is safe to go back to work. That is about having a sensible, thoughtful reopening of the country, something we all want. Something we are in the early stages of. That is what it will take for people regain confidence and resume their activities. At a different pace depending on the nature of the busin
Take some time for public to regain confidence and adapt to the new world and start traveling, taking vacation, going to restaurants and things like that. Im glad you brought that up. Thats one thing we havent talked about was this notion that when we looked to open our businesses and i think we all in a bipartisan way, thats what we want. We have to find this balance, opening our businesses in general. Theres only going to be as successful as the Customer Confidence that is there to patronize those businesses thats not just true for the Hospitality Industry thats true for all businesses i do know that the service and retail has been hardest hit business and my understanding that some of the data ive seen over 2 of those businesses have closed permanently already how are we to address this Consumer Confidence issue . I know thats something you thought about and talked about publicly what should we be doing . One thing ill say is it affects different sectors of the economy. The one we t
Massive local tax increases. Anyone of those alone threatens to make this economic crisis even worse and the combination of all three is almost unthinkable. The bureau of labor statistics just reported that state and local governments laid off nearly one million workers in april. That is almost one million firefighters, police officers, teachers, Emergency Personnel that should be on the front lines of the Public Health crisis but are sidelined instead. Chairman powell, let me start by asking, do you agree that our economy will get worse if state and local governments are forced to lay off even more firefighters, teachers, any and Emergency Personnel . Let me say what we are doing. We have a liquidity facility that is there to address the shortterm liquidity needs that these entities have because of their loss of revenue due to the effects of the pandemic. That is really the tool that we have. I appreciate that. That is not my question. States,ion is if counties, and municipalities con
To this virtual hearing the honorable steven mnuchin, secretary of the department of treasury and the honorable jerome powell, chairman of the board of governors of the Federal Reserve system. We will receive testimony from the secretary of the treasury and the chairman of the Federal Reserve as required under title iv of the cares act. Congress has appropriated 3 trillion to protect and support americans to fight the pandemic and also to stabilize the infrastructure of our economic system. A large portion of this funding is authorized under title iv of the cares act which provides resources for loans, guarantees, and other investments from treasury and the Federal Reserve 13. 3 emergency Lending Facility and programs in support of eligible businesses, states, municipalities, and tribes. Title iv of the cares act provided 454 billion as an infusion into the Exchange Stabilization fund to support the Federal Reserves emergency lending facilities that facilitate liquidity in the marketpl