Fed’s ‘medium-term’ warning, Microsoft growth, Barclays loan provisions
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 30 April 2020
⏱️ 11 minutes
🧾️ Download transcript
Summary
The Federal Reserve has warned of lasting “medium-term” economic fallout from the coronavirus pandemic. The FT’s James Politi unpacks the central bank’s outlook. Plus, the White House praised Gilead’s remdesivir as a coronavirus treatment drug after the release of the findings from a new study, and Microsoft posted strong results in the latest quarter thanks to a jump in its cloud-related business. Then, the FT’s Stephen Morris reports on how Barclays fared in the first quarter as the bank announced a sharp increase in provisions for bad loans.
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Transcript
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| 0:00.0 | Good morning from the Financial Times. |
| 0:01.6 | Today is Thursday, April 30th. |
| 0:04.0 | This is your FT news briefing. |
| 0:08.0 | The Federal Reserve warned of lasting medium-term economic fallout from the pandemic. |
| 0:13.1 | But yesterday, investors turned their focus to White House praise for a coronavirus therapy. |
| 0:18.8 | Plus Microsoft shrugged off the effects of the crisis with better than expected results in the latest quarter. |
| 0:24.8 | And the FT's banking editor Stephen Morris explains what Barclays earnings tell us about |
| 0:29.7 | the future of its eye banking division. |
| 0:32.4 | I'm Mark Filipino, and here's the news you need to start your day. |
| 0:40.0 | Yesterday the Federal Reserve announced that it was keeping rates close to zero, between |
| 0:44.8 | zero and a quarter of a percentage point, the range it established in the middle of March. |
| 0:49.9 | The Federal Open Market Committee also pledged that it was ready to take further action if needed. |
| 0:55.0 | To recap, the Fed had already responded to the economic crisis with several actions. |
| 0:59.7 | The lower interest rates, a sharp expansion of its balance sheet, and the establishment of dollar swap lines |
| 1:04.6 | with foreign central banks, just to name a few. |
| 1:07.6 | The Fed's actions reflect the unprecedented nature of the current crisis, with economies in |
| 1:12.1 | lockdown and unemployment reaching record levels. |
| 1:15.8 | And as the F.T. James Politi explains, even Chairman Jay Powell's press conference was |
| 1:20.9 | a little different than normal. |
| 1:22.0 | You're there on a video link. conference was a little different than normal. |
| 1:23.0 | You're there on a video link. |
| 1:25.4 | All of your fellow Fed reporters |
... |
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