Powell Speaks, ‘Significant Downside Risks,’ Stocks Falling, Lone Star State Move?

Powell speaks. The “Squawk on the Street” team digests comments from the Federal Reserve Chairman, as he speaks with the Peterson Institute for International Economics. Stocks falling, the Dow dropping 250 points as Powell says he sees ‘significant downside risks.’ On the highly debated concept of negative rates Powell says, “The committee’s view on negative rates really has not changed. This is not something that we’re looking at.” Plus, Hedge Fund Manager Stanley Druckenmiller telling the Economic Club of New York, “the risk-reward for equity is maybe as bad as I’ve seen it in my career.” And the Tesla reopening saga comes to an end… for now. Alameda County agreeing to let Tesla reopen if certain conditions are met. This comes as Elon Musk speaks with Texas Governor, Gregg Abbott, about moving his factory from California to Texas.