Confusion as to what the boe is doing. Are they dovish or hawkish . Cannot tell. Guy, we will be speaking to the iea executive director and also at Columbia University visiting professor and former citi chief economist. Guy also formally of the bank of england. We will just what exactly we have been learning from the bank of england. A lot to digest and hard to fathom. Hour we last half an have seen news from the press briefing. A teleconference briefing with reporters after the policy decision. He did not discuss negative rates, and did not discuss neil yield control. But there will be some degree of flexibility with the pace of qe, which looks like it is going to slow down. Economist joins us to give us his take. What we got from the bank today seems to be slightly hawkish inasmuch as the chief economist is dissenting, saying that he feels the economy is picking up faster than anticipated, and he did not see the need for extra qe, in the rate of qe will be blowing down. Am i right to
Chinese demand levels almost at precrisis level. Time for todays market moving news from our washington and new york teams. We want to start with fed chair jay powells comments on the economy. In an interview with cbs, he expressed confidence in the recovery, but timing is still hard to predict. Chair powell the economy will recover. It may take a while. It could stretch through the end of next year. We really dont know. Michael mckee, International Economics and policy correspondent, has more. Was there anything new on cbs . Michael nothing really new, just summarizing what we already knew from the fed and from economists and disease experts. He suggested that what it is really going to take is a vaccine before people feel really confident and the economy can start to move back in the direction of where it was before all of this started. He said congress and the central bank may need to do more to keep us afloat during that period. Appropriate government policy could buy time for work
Friday coming off the exhaustion of all of that central bank news, the analysis of the markets, the big tech earnings. I would focus on this may day, on the persistent theme, the dawning awareness about a seriousness a pandemic continues to be. One lighter note, there is a beach war in america. The governor of california is shutting down the beaches while alabama and texas are talking about opening the beaches. That is the distraction in a very difficult virus statistics. Howcine it is interesting in the u. S. It differs from state to state. With the bloomberg first word news in new york city is Viviana Hurtado. Viviana we begin with u. S. Federal reserve expanding the scope of its main Street Lending program. Now businesses with up to 15,000 employees will be eligible, so will those with up to 5 billion in revenue. The central bank is expanding its paycheck protection facility. This after the initial round of funding was spent in under two weeks. European central bank looking to ease
But im good and im back. Tom we are thrilled that you are back, and this illness is something, whether it is the flu or covid or whatever. Betsy grace at Morgan Stanley yesterday, and she said she is focused on the original moment we had in earnings yesterday. We will see that with j. P. Morgan and wells fargo. As you mention in your opening, the major thrust here, country to country come is on lockdown, and if and when anybody can really wish country to country, is on lockdown, and if anybody can relinquish the quarantine on society. Francine we will have a full round down rundown on the possibility of a vaccination, but we are nowhere near that yet. We also have to look at antibody testing. Lets get to the bloomberg first word news in new york city with viviana hurtado. Viviana President Donald Trump hopes to reopen the u. S. Ahead of schedule. The president saying within days the administration will issue guidance for governors who want to relax social distancing practices. The pres
This is bloomberg surveillance. I am Francine Lacqua in london. Markets, thet the volatility swings we saw is moving to currencies. European stocks have been fluctuating, they are flat right now. They were higher a couple minutes ago. Oil is higher today after china unveiled plans to boost its reserves. If you look at brent, they were 12 higher, now they are 9 higher. Treasuries slipping along with the dollar. Lets get to the bloomberg first word news. China says it acted in an open and transparent manner when it comes to the coronavirus, after u. S. Intelligence reports said beijing concealed the extent of the outbreak. Two sources say chinese numbers were fake, that includes underreporting total cases and deaths. The pentagon is looking to provide as many as 100,000 military body bags for potential civilian use, as the u. S. Warns deaths could soar in the coming weeks. To a dealon is close with a contractor. It will send it to fema. Now to eu nations, they are setting out competing v