Federal Reserve. Chairman Jerome Powell and Steve Mnuchin.

Automatic TRANSCRIPT

The markets. Federal Reserve. Chairman Jerome Powell and Steve Mnuchin. In front of Congress this morning. Talking about where we are so far that was part of the deal back in March. That they would do that given update U. S stock futures right now are down. Looks like a negative opening again on this. Final day of the 1st 6 months of the year, the final day of the month. So we're looking like or down about 104 points right now, so we'll see what happens as we get started. The NASDAQ is down 100 Hovered around the flat line is the NASDAQ. Not the NASDAQ did the Down the nights that covering around the flat line oil is also down boils down about very close to 2%. Sitting at 39. It was a lot worse in that this morning, so it is off those lows, but oil being impacted, obviously due to And expected lower global demand for gasoline and oil around the world, particularly here in The U. S. Shares of Wells Fargo down about 3/4 of a percent here this morning. Trading after The bank said it would likely slashes dividend for the third quarter to comply with Federal rivers. Federal Reserve stress test Now Bank of America City, JP Morgan and Goldman Sachs said their dividends would stay the same. There wouldn't be any cutting there. Again. Federal Reserve Chairman Jin Pal is going to be speaking Ri said. The Is prepared statement that he has yet to give. I said that the reopening of the U. S economy or will say the opening of the U. S economy and the accompanying Turn. In Spending and hiring this spring has happened a little bit sooner than the central bank officials had really anticipated or expected, but He said the voice to left the restrictions on commercial activity carried another whole set of risk. Evidence by the increase of infections and hospitalizations and states across the US, primarily the south and southwest. He said he saying quoting We have entered an important new phase. And have done so sooner than expected. Mr Powell said in the testimony that is prepared to be delivered here. This morning is not already he is giving that testimony as we speak. Stay in that before the congressional committee why, While this bounce back and the economy, economic activity is welcome, it also presents new Challenges, notably the need to keep the virus in check.

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