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Feb 15, 2024
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not something that looks at every fomc mating. looking at the data that came in not only on the data. there are various forecasts for the future and the balance of risks. that the constant judgment process. there aren't really good historical parallels, the last time we emerged from a global pandemic was a very long time ago. what the pandemic has meant for the restructuring of the economy. we want to see inflation continue on a sustainable path. >> i'm a soft landing optimist. when i look at decomposing the composition of cpi, for persistent housing inflation and persistent inflation in your other services, how does that affect your inflation outlook? we can't count on continued goods inflation. >> i wouldn't describe myself as a soft landing optimist. the data suggests we are in a good path right now but it is early to say whether we end up with a soft landing or not end up with a soft landing. i would say we have been able so far to see significant disinflation with a strong labor market and that is to the benefit of all of us,
not something that looks at every fomc mating. looking at the data that came in not only on the data. there are various forecasts for the future and the balance of risks. that the constant judgment process. there aren't really good historical parallels, the last time we emerged from a global pandemic was a very long time ago. what the pandemic has meant for the restructuring of the economy. we want to see inflation continue on a sustainable path. >> i'm a soft landing optimist. when i...
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Feb 18, 2024
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not something that we only up date and are thinking about every fomc meeting. not only the data but what they suggest about our forecast for the future. and the balance of risks that we are looking at the that is a constant judging process. i would say that it is a difficult set of judgment to make in the current situation because they are not really good clear historical parallels where you can say, well, the last time we emerge from a global pandemic was a very long time ago. trying to figure out what it has meant and how much healing has happened and how much is left to be done we are looking at. we want to see inflation continue on a sustainable path down to 2%. >> i am also a soft landing optimist. one of them is when i look at decomposing the composition of inflation. especially if we talk about cpi. falling goods prices that have served as persistent housing inflation and persistent inflation in your other services your super core services. how does that inflict your outlook? >> i think that that is right. i would not describe myself as a soft landing op
not something that we only up date and are thinking about every fomc meeting. not only the data but what they suggest about our forecast for the future. and the balance of risks that we are looking at the that is a constant judging process. i would say that it is a difficult set of judgment to make in the current situation because they are not really good clear historical parallels where you can say, well, the last time we emerge from a global pandemic was a very long time ago. trying to figure...
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Feb 5, 2024
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was comes out every quarter the last time that came out in december, you saw the median member of the fomcelt there would be three rate cuts ie, 75 basis points for 2024. mike: is there a situation other than a recession where you would consider a 50 basis point cut? >> i just think if you get the data and you respond to the data, in its totality, i don't think it makes sense to speculate about hypotheticals of what would happen to make the rate cuts be different than what they have been in the past. sonali: that was chicago fed president austin goolsby and michael mckee. coming up next, we will talk about the companies announcing cost-cutting efforts and a plan to please investors on wall street. stick with us, this is bloomberg. ♪ an ever-changing landscape comes with challenges. from our vantage point, we see opportunities. as a top-ten real estate manager, we harness the power of a 360° perspective, delivering local insights and global expertise across public and private equity and debt. our experienced team and vast network uncover compelling opportunities giving our clients an exclus
was comes out every quarter the last time that came out in december, you saw the median member of the fomcelt there would be three rate cuts ie, 75 basis points for 2024. mike: is there a situation other than a recession where you would consider a 50 basis point cut? >> i just think if you get the data and you respond to the data, in its totality, i don't think it makes sense to speculate about hypotheticals of what would happen to make the rate cuts be different than what they have been...
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Feb 22, 2024
02/24
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i mentioned what's happening as investors look at the fomc minutes. the caution that came through, u.s. two-year is down to basis points -- to basis points. we look at the inflation data out of europe. cpi number, important for the ecb. 108 on euro-dollar. much of that is down to the softness coming through for the u.s. dollar. $83 a barrel. tightness continues in terms of the output. that puts a floor under the oil markets list, still above $83 a barrel. iron ore down. continuing concern about demand out of china. we will speak to the ceo of fortescue when it comes to their more than 80% exposure to the chinese market. that will be a conversation worth tuning in for. iron ore prices are down. let's get to the story around nvidia. searching post market as we discussed after delivering another eye-popping sales forecast that beat estimates and consensus. speaking on the earnings, the ceo says generative ai has now hit a tipping point. >> we guide one quarter at a time, fundamentally, the conditions are excellent for continued growth. calendar 2024 tech
i mentioned what's happening as investors look at the fomc minutes. the caution that came through, u.s. two-year is down to basis points -- to basis points. we look at the inflation data out of europe. cpi number, important for the ecb. 108 on euro-dollar. much of that is down to the softness coming through for the u.s. dollar. $83 a barrel. tightness continues in terms of the output. that puts a floor under the oil markets list, still above $83 a barrel. iron ore down. continuing concern about...
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Feb 5, 2024
02/24
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our standard way to think about it from the fomc is what's in the summary of economic projections. which comes out every quarter and the last time that came out in december you saw the median member of the fomc thought there would be three rate cuts, i.e. 75 basis points for the year 2024. mike: is there a situation of us -- of a market failure where you would consider a 50 point eight is cut? austan: i think you get the data and you respond to the data in its totality. i don't think it makes sense to speculate about hypotheticals of what would happen to make the rate cuts be different than what they have been in the past. mike: 3% growth, 3.7 percent unemployment, 2.9% pce inflation, the fed discussing rate cuts, this -- can you declare victory? austan: 2023 by the measures of the dual mandate which is to say maximize employment and stabilize prices that's a pretty good year for 2023. one of the better dual mandate years we've seen in some time. you never want to declare victory. the central bankers job is to remain paranoid about everything because there are external shocks. we'v
our standard way to think about it from the fomc is what's in the summary of economic projections. which comes out every quarter and the last time that came out in december you saw the median member of the fomc thought there would be three rate cuts, i.e. 75 basis points for the year 2024. mike: is there a situation of us -- of a market failure where you would consider a 50 point eight is cut? austan: i think you get the data and you respond to the data in its totality. i don't think it makes...
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Feb 5, 2024
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today, the fomc decided to leave our policy interest rate unchanged and to continue to reduce our securities holdings. over the past two years we have significantly tightened the stance of monetary policy. our strong actions have moved our policy rate well into restrictive territory. and we have been seeing the effects on economic activity in inflation. as labor market tightness eased and progress on inflation has continued, the risks to achievement our employment and inflation goals are moving into better balance. i will have more to say about monetary policy after briefly reviewing economic developments. recent indicators suggest that economic activity has been expanding at a solid pace. g.d.p. growth in the fourth quarter of last year came in at 3.3%. for 2023 as a whole, g.d.p. expanded at 3.1%. bolstered by strong consumer demand as well as improving supply conditions. activity in the housing sector was subdued over the past year, largely reflecting high mortgage rates. high interest rates also appear to have been weighing on business fixed investment. the labor market remains tight but
today, the fomc decided to leave our policy interest rate unchanged and to continue to reduce our securities holdings. over the past two years we have significantly tightened the stance of monetary policy. our strong actions have moved our policy rate well into restrictive territory. and we have been seeing the effects on economic activity in inflation. as labor market tightness eased and progress on inflation has continued, the risks to achievement our employment and inflation goals are moving...
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Feb 21, 2024
02/24
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moments ago we got the minutes from the last fomc meeting.hington with more details from edward lawrence. report report countdown to my last shot, charles. we scoured the report when the federal reserve would likely cut rates here. what we found was a discussion they're concerned about cutting rates too quickly. in fax the report says the participants generally noted they did not expect it appropriate to reduce the target range until they gained greater confidence that inflation was moving substantially to 2%. there was a discussion here what they have con so far what led to some are calling a soft landing. the committee noted higher interest rates are hurting lower income households but then balanced that discussion getting interest rates down to where they need to be. the fed has paused for the last four meetings in a row. there was will among members though to normalize, what they call normalize interest rates but they're being more patient than the markets would like them to get there. january, it close ad door to a rate cut in march. lis
moments ago we got the minutes from the last fomc meeting.hington with more details from edward lawrence. report report countdown to my last shot, charles. we scoured the report when the federal reserve would likely cut rates here. what we found was a discussion they're concerned about cutting rates too quickly. in fax the report says the participants generally noted they did not expect it appropriate to reduce the target range until they gained greater confidence that inflation was moving...
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Feb 15, 2024
02/24
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not something that we only up date and are thinking about every fomc meeting. only the data but what they suggest about our forecast for the future. and the balance of risks that we are looking at the that is a constant judging process. i would say that it is a difficult set of judgment to make in the current situation because they are not really good clear historical parallels where you can say, well, the last time we emerge from a global pandemic was a very long time ago. trying to figure out what it has meant and how much healing has happened and how much is left to be done we are looking at. we want to see inflation continue on a sustainable path down to 2%. >> i am also a soft landing optimist. one of them is when i look at decomposing the composition of inflation. especially if we talk about cpi. falling goods prices that have served as persistent housing inflation and persistent inflation in your other services your super core services. how does that inflict your outlook? >> i think that that is right. i would not describe myself as a soft landing optimi
not something that we only up date and are thinking about every fomc meeting. only the data but what they suggest about our forecast for the future. and the balance of risks that we are looking at the that is a constant judging process. i would say that it is a difficult set of judgment to make in the current situation because they are not really good clear historical parallels where you can say, well, the last time we emerge from a global pandemic was a very long time ago. trying to figure out...
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Feb 21, 2024
02/24
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now, moving stateside investors will be watching out for minutes from the fomc's meeting.xpectations for a march move fell after fed chair jerome powell warned that the central bank will not be in a position to cut rates at its next meeting. >>> a quick check of treasuries this morning, on the short end, we're seeing the yields sitting at 4.59% long and 4.27%. >>> let's check in with daniel great to have you around the desk we got the hotter than expected inflation reports cpi and ppi, the market has to get it out of its system it saw a lot of jitters. do you feel from here on out the market is going to be a lot calmer because it's now more in tandem with what the fed is projecting when it comes to rate cuts >> i think that makes sense. we were always skeptical when you had six or sen separate rate cuts how much more, of course, is the question but now that we've taken the cuts out, it should be smaller from here. in the past we've seen the fed market push back, but now that the fed is more realigned, they're like, hey, you know what, the cuts are coming, the volatility is
now, moving stateside investors will be watching out for minutes from the fomc's meeting.xpectations for a march move fell after fed chair jerome powell warned that the central bank will not be in a position to cut rates at its next meeting. >>> a quick check of treasuries this morning, on the short end, we're seeing the yields sitting at 4.59% long and 4.27%. >>> let's check in with daniel great to have you around the desk we got the hotter than expected inflation reports cpi...
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Feb 28, 2024
02/24
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and both of the group in terms of fomc meetings and chairman powell afterwards and all the individualovernors have been telling us over and over again that higher-for-longer was going to be necessary, number one, and that number two, the path to 2%, getting to their target number was not going to be a straight line down. we are definitely seeing that in the data. annabelle: given that we are also seeing in the data, do you think it is possible the economic resiliency of seeing, that this no landing scenario also comes into focus? carol: indefinitely does because we have not seen a slowing or a vast pullback. our expectation this year had been we would -- we would see more slowing than you have. the pce has not come yet, but the cpi and the ppi out last week were a bit harder. consumer spending has been stronger, employment has stayed stronger. so i think we have seen quite a bit of that already. haidi: carol, how much are you watching for over elevation when it comes to the tech rally? people suggest that this is only the start of it on the back of those nvidia numbers. do you think t
and both of the group in terms of fomc meetings and chairman powell afterwards and all the individualovernors have been telling us over and over again that higher-for-longer was going to be necessary, number one, and that number two, the path to 2%, getting to their target number was not going to be a straight line down. we are definitely seeing that in the data. annabelle: given that we are also seeing in the data, do you think it is possible the economic resiliency of seeing, that this no...
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Feb 1, 2024
02/24
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bear that in mind in terms of the repricing around the potential march decision from the fomc, from thely interesting. the statement that they put out yesterday removed the words around the resilience of the u.s. banking system. they removed that versus the previous statement at the last meeting. that then is potentially significant. the u.s. banking system is resilient. that line removed from yesterday's statement. just to bring you back to the potential risks in the broader banking space. bank of england. that's the big central-bank decision of the day. we will be looking as well for the updates in terms of the growth and inflation forecast for the bank of england. they are expected to stand on pat with rates at 5.25%. but where the mpc lands in terms of the vote split is going to be interesting as well. the broader picture is that markets and expectations are that the boe will go far less aggressive in terms of the extent, the number of rate cuts coming through. markets pricing and for cuts from the bank of england versus six from the fed and the ecb. part of that is down to the uniq
bear that in mind in terms of the repricing around the potential march decision from the fomc, from thely interesting. the statement that they put out yesterday removed the words around the resilience of the u.s. banking system. they removed that versus the previous statement at the last meeting. that then is potentially significant. the u.s. banking system is resilient. that line removed from yesterday's statement. just to bring you back to the potential risks in the broader banking space....
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Feb 7, 2024
02/24
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that was evident especially from the pushback that we got at the fomc meeting.f course, it comes through with how strong and how robust the labor market has been in the u.s. economy. unless we start seeing cracks, of course we are seeing some with the new york community banks and some of the issues within the commercial real estate. but at the sign -- same time, you still have a real focus on the resilience of the u.s. economy. unless we start seeing inflation decelerate which the fed has said that they will be focused on inflation to decide on their cuts, even if the labor market is resilient. next week's cpi will be quite crucial for the markets. tom: we look ahead to next week's cpi. another auction. are the investors out there to absorb this issuance? how much of a test do you expect this to be to these markets? mary: yeah, there might be some optimism out there today especially because the three year auction went well overnight. there could be optimism in terms of the 10 year. we have to keep in mind that the 10 year option as a record option issuance. so t
that was evident especially from the pushback that we got at the fomc meeting.f course, it comes through with how strong and how robust the labor market has been in the u.s. economy. unless we start seeing cracks, of course we are seeing some with the new york community banks and some of the issues within the commercial real estate. but at the sign -- same time, you still have a real focus on the resilience of the u.s. economy. unless we start seeing inflation decelerate which the fed has said...
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Feb 5, 2024
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the last time that came out in december, you sell the medium member of the fomc thought there would bee cuts -- i.e. 75 basis points for the year 2024. >> is there a situation other than a recession or some sort of market failure where you would consider a 50 basis point cut? >> i think you get the data and you respond to the data in its totality. i don't think it makes sense to speculate about hypotheticals of what would happen to make the rate cuts to be different from what they have been in the past. annabelle: that was the chicago fed president austan goolsbee speaking exclusively to mike mckee. that is the latest stories from around the world. let's get to these once. israel's foreign minister says time is running out to find a double medic solution to the presence of hezbollah fighters along its border with lebanon. israeli forces have exchanged fire with the militant group almost every day since the hamas attacks of october 7. israel has said it has prepared to open another warfront if has blonde is not retreat from the border under the terms of a long-standing u.n. resolution.
the last time that came out in december, you sell the medium member of the fomc thought there would bee cuts -- i.e. 75 basis points for the year 2024. >> is there a situation other than a recession or some sort of market failure where you would consider a 50 basis point cut? >> i think you get the data and you respond to the data in its totality. i don't think it makes sense to speculate about hypotheticals of what would happen to make the rate cuts to be different from what they...
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. >> barken has always been one of the more moderate members of the fomc. he's a voter this year.have to take what he has to say with a great grain of salt, give it a great deal of importance. the fact that barken has become more hawkish for lack of a better term, joining miss metzger and miss daily, we need to pay attention to what he has to say. the fact that the market anticipated five, maybe six cuts in overnight fed funds rate by the year end probably has been put to bed. i think -- yo there's no chance we'll get a cut at the march fomc meeting, very little chance we get a cut in the may meeting. if we don't get one by june, then it becomes political so it will probably delay the cuts of the overnight fed funds rate until later in the year. i'm not of the idea that the cut is coming very quickly. cheryl: i agree with you. we hear jerome powell is not supposed to be political. it is an election year. less got to be pressure on him had. if you're the fed and you telegraph three rate cuts and you don't deliver, that is really going to be where i think the market is going to have
. >> barken has always been one of the more moderate members of the fomc. he's a voter this year.have to take what he has to say with a great grain of salt, give it a great deal of importance. the fact that barken has become more hawkish for lack of a better term, joining miss metzger and miss daily, we need to pay attention to what he has to say. the fact that the market anticipated five, maybe six cuts in overnight fed funds rate by the year end probably has been put to bed. i think --...
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Feb 21, 2024
02/24
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today, expected to show the fomc sees a bumpy ride back to 2% inflation. we'll preview what to watch. and an eye on industrials. engine maker sees a down turn in north american heavy trucks this year. the c.e.o. joins in just a bit. katie: welcome to "bloomberg markets." you take a look at these markets right now, and we're looking at a down day. the s&p 500 currently off by about .2%. and then the story gets worse from there. you take a look at the nasdaq 100, currently off about .7%. and then finally, i make my way to the philadelphia semiconductor index, currently off by more than 1%. that's as we await those nvidia earnings after the bell today. nvidia down in expectation, but that's after it's up 40% this year already. and like i said, goldman sachs called it "the most important stock on earth." and we have wall street waiting with bated breath for their earnings after the bell today. investors really looking to see if the company can hit the sky-high expectations it's facing. joining us now to help break it down is mandeep sinning of blood vessel int
today, expected to show the fomc sees a bumpy ride back to 2% inflation. we'll preview what to watch. and an eye on industrials. engine maker sees a down turn in north american heavy trucks this year. the c.e.o. joins in just a bit. katie: welcome to "bloomberg markets." you take a look at these markets right now, and we're looking at a down day. the s&p 500 currently off by about .2%. and then the story gets worse from there. you take a look at the nasdaq 100, currently off about...
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Feb 26, 2024
02/24
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okay, remember the december fomc, just two months ago, that was supposedly the pivot, when everybodyll be seven rate cuts by january 2025. for sure the rate cut will come in march. stocks broke out to new highs, after two year bear market, literally on the day of the december fomc. then they unpivoted. right now if you look at the money market curve, it is essentially as pessimistic about the fed cutting rates as it was in october of last year, which was the worst moment for the curve in this entire tightening cycle. we're back. yet, stocks have moved on to new highs. so clearly stocks are saying it doesn't matter what the fed does. the fed has been at what it calls, a restrictive rate, now for a year-and-a-half. job creation, it is accelerated. gdp growth, it accelerated. productivity, it accelerated. obviously we are not at a restrictive rate. so, look i earn my living being a fed watcher, so arguing against interest here. let's just talk about something other than the fed because the fed obviously doesn't matter. charles: let's talk about japan coming back. is this a good enough p
okay, remember the december fomc, just two months ago, that was supposedly the pivot, when everybodyll be seven rate cuts by january 2025. for sure the rate cut will come in march. stocks broke out to new highs, after two year bear market, literally on the day of the december fomc. then they unpivoted. right now if you look at the money market curve, it is essentially as pessimistic about the fed cutting rates as it was in october of last year, which was the worst moment for the curve in this...
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Feb 6, 2024
02/24
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the last time that came out in december, you saw the median member of the fomc thought there would be 75 basis points for the year 2024. >> is there a situation other than a recession or market failure where you would consider a 50 basis point cut? >> i just think you get the data and you respond to the data in its totality. so, i don't to get make sense to speculate about hypotheticals of what would happen to make the rate cuts be different than what they have been in the past. rishaad: the chicago federal reserve president speaking to our very own. let's get to the regional fixed income. thank you for joining us. let's start off with where you are in this debate on u.s. monetary policy. >> i agree that there is 75 basis point cut, so we do expect that to continue given that we had stronger numbers, so we do believe it, unless something goes wrong, it will be 75 basis point rekha and that is what we expect. the rate cut may be around may or june. but i would say may could be the first rate cut. rishaad: with its data, with inflation trending down, the last mile might be difficult to
the last time that came out in december, you saw the median member of the fomc thought there would be 75 basis points for the year 2024. >> is there a situation other than a recession or market failure where you would consider a 50 basis point cut? >> i just think you get the data and you respond to the data in its totality. so, i don't to get make sense to speculate about hypotheticals of what would happen to make the rate cuts be different than what they have been in the past....
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Feb 12, 2024
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. >> well we've got two more cpi reports before the march fomc.say we have three because we had one on friday. on friday they announced the changes to the seasonal adjustment factors last year which basically is a revision to all the inflation data of last year and what do you know, it looks like there is way much more improvement than anybody thought including the fed. now we get a new data release tomorrow and it is going to be really soft, probably about flat, zero. then we're going 20 see the same thing with the march fomc, with respect to the february cpi. so the fed will come in, in march and say okay, why exactly are we maintaining interest rates which we ourselves we keep saying are not only restrictive but extremely restrictive? we'll keep these as adverb and adjective? no we keep having soft cpi reports. no, let's cut. i think there is any chance that will happen. charles: i go now to powell's famous or infamous pain speech, of august of 2022. this is what he ended with. i will share it with you the audience. >> forceful steps to moderat
. >> well we've got two more cpi reports before the march fomc.say we have three because we had one on friday. on friday they announced the changes to the seasonal adjustment factors last year which basically is a revision to all the inflation data of last year and what do you know, it looks like there is way much more improvement than anybody thought including the fed. now we get a new data release tomorrow and it is going to be really soft, probably about flat, zero. then we're going 20...
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Feb 2, 2024
02/24
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i'm not quite sure why the market rallied post the fomc.hair powell seemed clear that march was off the table. now, the numbers that support that from an economic perspective are coming to fruition. finally, the market is hitting -- it's like getting cold water thrown on it. it was overzealous for a good portion of the month of january already. my expectations would be for the rest of this quarter and probably the rest of the first half, you are going to see some ups and downs that are substantial in the market. sonali: deborah, double down. how do you navigate? where do you buy or sell to position for that reality? >> you have to look at the time frame. if you are looking at true cash, things from an operating basis, that stays in short-term securities and money market funds. that stays in liquid available funds on a given day without support risk associated with them. if you are talking about something from a strategic or core cash pay basis, that will likely not be needed until maybe the end of this year, the second half at some point or
i'm not quite sure why the market rallied post the fomc.hair powell seemed clear that march was off the table. now, the numbers that support that from an economic perspective are coming to fruition. finally, the market is hitting -- it's like getting cold water thrown on it. it was overzealous for a good portion of the month of january already. my expectations would be for the rest of this quarter and probably the rest of the first half, you are going to see some ups and downs that are...
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Feb 21, 2024
02/24
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we have the release of the fomc meeting minutes from their january meeting. a lot has happened between now and then. still it is important to watch. the big one is nvidia reporting after the bell. a lot of hopes and dreams are built upon ai and in videos promised there. we will have to see how that goes. look at the markets. we are a bit on the back foot. that is it for bloomberg markets. i am katie greifeld. this is bloomberg. when you automate sales tax with avalara, you don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh i think he's having a midlife crisis i'm not. avalarahhh you got us t-mobile home internet lite. after a week of streaming they knocked us down... ...to dial up speeds. like from the 90s. great times. all i can do say is that my life is pre-- i like watching the puddles gather rain. -hey, your mom and i procreated to that song. oh, ew! i think you've said enough. why don't we just switch to xfinity like everyone else? then you would know what year it was. i know what year it is.
we have the release of the fomc meeting minutes from their january meeting. a lot has happened between now and then. still it is important to watch. the big one is nvidia reporting after the bell. a lot of hopes and dreams are built upon ai and in videos promised there. we will have to see how that goes. look at the markets. we are a bit on the back foot. that is it for bloomberg markets. i am katie greifeld. this is bloomberg. when you automate sales tax with avalara, you don't have to worry...
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Feb 17, 2024
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most important economic indicator that we will talking about earnings for nvidia we will get the at fomc meetings and what the fed is thinking about what we will need to see in terms of the rate cuts and whatnot. jack: for the first time and as long as i recall i can almost describe what general electric does for money there is no more light bulbs were microwave ovens no-show business or mortgages the mri machines have been spun off and there's one more split coming and we have fresh information about that this past week. >> exactly, it is amazing it's almost a decolonization that you can actually understand it now, ge filed a form with the fcc to give us more financial detail about this pain company that's going to be the power business in the rest of ge will be ge aerospace that is the last two companies that will bear ge. >> it is not official that will probably happen early in the second quarter like april 1 or april 2 timeframe i would recommend not april 1 but they're not going to ask me and we have two analyst days in early march where management will talk about the businesses. ja
most important economic indicator that we will talking about earnings for nvidia we will get the at fomc meetings and what the fed is thinking about what we will need to see in terms of the rate cuts and whatnot. jack: for the first time and as long as i recall i can almost describe what general electric does for money there is no more light bulbs were microwave ovens no-show business or mortgages the mri machines have been spun off and there's one more split coming and we have fresh...
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Feb 3, 2024
02/24
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the fomc is strongly committed to bringing inflation down to 2% over time and keeping policy restrictive until we are confident inflation is on a path to that objective. it would be premature to conclude with confidence that we have achieved a sufficiently restrictive stance or speculate on when policy might ease. we are prepared to tighten policy further if it becomes appropriate to do so. we are making decisions meeting by meeting based on the totality of the incoming data and the implications for the outlook for economic activity, inflation, and the balance of risks. that is an overview of what my colleagues and i at the fed are working to accomplish. the bottom line if you are a student is we have made considerable progress in reducing high inflation while maintaining a strong labor market, with a lot of opportunity for new graduates. the unemployment rate has moved up a bit. it is still very low by historical standards and by many measures it is a great time to start your career. you will face challenging decisions soon about what professions to enter and what companies and other in
the fomc is strongly committed to bringing inflation down to 2% over time and keeping policy restrictive until we are confident inflation is on a path to that objective. it would be premature to conclude with confidence that we have achieved a sufficiently restrictive stance or speculate on when policy might ease. we are prepared to tighten policy further if it becomes appropriate to do so. we are making decisions meeting by meeting based on the totality of the incoming data and the...
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Feb 1, 2024
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that the interest rate cuts could happen in march that doesn't seem to be the case according to the fomce powell they say march doesn't look likely to be that time period, even though you have six weeks between now and the next meeting in march, and we'll have a host of economic data on board, still wouldn't be enough to move the needle when it comes to how far exactly they would have gone on that interest rate decision. so, may not be able to buy as would you want even up until perhaps may. you've got a sale happening, possibly happening byron allen allen has maden has4 billion bid for paramount. he's been part of a few deals before the big question has been is this the real deal we'll give you the details as and when it comes. >> thank you >>> still to come, the latest streamer to crackdown on password sharing and for some fans, barbie's eight nominations were no where are near enough. what the film's producers have to say about the wild award season ride, right after this. a season ride, right after this. o postmenopausal osteoporosis and are at high risk for fracture, you can build n
that the interest rate cuts could happen in march that doesn't seem to be the case according to the fomce powell they say march doesn't look likely to be that time period, even though you have six weeks between now and the next meeting in march, and we'll have a host of economic data on board, still wouldn't be enough to move the needle when it comes to how far exactly they would have gone on that interest rate decision. so, may not be able to buy as would you want even up until perhaps may....
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Feb 23, 2024
02/24
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this is exactly what we saw in the fomc minutes that came out the other day. the indication towards inflation. traders are really betting on the idea of a cut coming in june or july. moving the needle significantly. underlying expectations of cuts to come. it's not time yet. we are still really mindful of what's happening with these pressures on the economy right now. what maze -- may jolt things is if we get any more specific timing from fed officials on what exactly the first cut is going to come. i don't think we are getting that level of specificity quite yet. tom: caution and patience are the watchwords now. excellent summary there. let's cross over to asia now. the hong kong markets are standing out to me in terms of the lack of often is him -- optimism coming there. >> as you highlighted, it's about caution and patience when it comes to the fed. that's causing recalibration when it comes to the asia-pacific stocks. the gauge of them, japan goes for a holiday. the kospi, those are moving off the session highs. looking to be snapping that eight session wi
this is exactly what we saw in the fomc minutes that came out the other day. the indication towards inflation. traders are really betting on the idea of a cut coming in june or july. moving the needle significantly. underlying expectations of cuts to come. it's not time yet. we are still really mindful of what's happening with these pressures on the economy right now. what maze -- may jolt things is if we get any more specific timing from fed officials on what exactly the first cut is going to...
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Feb 9, 2024
02/24
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back this friday and wrap up what we have been hearing from them, where demand on where you think the fomc is at? >> about 100 policymakers all across the globe have been telling us we are heading toward a cut at point this year. we are into neutral mode now, but not yet. you hear it from the boe, the ecb. they cannot not convinced. they have been adamant about it, and that is reflected in the selloff we have seen in bonds, the higher interest rates as well. that is where we are with fed policy, and in that context it is interesting, new zealand, people are starting that they may need to hike. we were surprised, but the rbnz may not be done with its hiking cycle yet, and if the rest of the central bankers around the world are paying attention, that is one more sign that they may need to keep policy tighter for longer than the market is pricing and at the moment. tom: chinese markets, mainland markets are closed as they start the holiday, and hong kong markets have been a half day. where are you on these asian markets? where do you stand post lunar new year? >> it is hard to look beyond any
back this friday and wrap up what we have been hearing from them, where demand on where you think the fomc is at? >> about 100 policymakers all across the globe have been telling us we are heading toward a cut at point this year. we are into neutral mode now, but not yet. you hear it from the boe, the ecb. they cannot not convinced. they have been adamant about it, and that is reflected in the selloff we have seen in bonds, the higher interest rates as well. that is where we are with fed...
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Feb 6, 2024
02/24
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the fomc is pausing for interest rates, but it looks like sometime between now and the end of the yearit will probably be about 25 basis points, maybe 50. it will happen, it is just a matter of time. the industries that few. one specifically, i work with a lot of financial services professionals -- banks. large banks. smaller banks, regional banks, international banks benefit when rates come down. if we look at the portfolio of banks, a big part of it is net interest income, that improves when interest rates come down. also look at loans, business loans, that activity with that increases the business loans and the amount of activity also increases. and, of course, we know that in the u.s., we are looking quite a lot at mortgage rates. it helps for two reasons. one is, as mortgage rates come back down, more homeowners are able to afford purchases. but also, we had something unusual: last couple of years which is, supply has been let, say, a bit sluggish. a lot of owners who had locked in lower rates have been sitting on their homes and waiting for rates to come down so they can also mov
the fomc is pausing for interest rates, but it looks like sometime between now and the end of the yearit will probably be about 25 basis points, maybe 50. it will happen, it is just a matter of time. the industries that few. one specifically, i work with a lot of financial services professionals -- banks. large banks. smaller banks, regional banks, international banks benefit when rates come down. if we look at the portfolio of banks, a big part of it is net interest income, that improves when...
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Feb 1, 2024
02/24
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the reserve pricing a dovish fomc, and see the boe relatively hawkish, the near-term risk for sterling able to go to the upside. rishaad: david, what about the yen and volatility here? of course, investors and market participants always look to the next event. the next biggie is the nonfarm payrolls report friday. >> it is near-term, it has gone up overnight. you have to factor in the event risk. having said that, it is not crazy high either. you are looking at investors training a 70% probability. there is that risk but the market, unless this comes way out of wack, the fed will go, they will cut as far as they're concerned. the boj will raise rates, whether it be april or july, potentially the june meeting. unless the data comes out that changes those expectations, volatility -- the risk is dollar-yen or any currency pair gets stuck in the ruts it has. if you look at aussie dollar against the greenback, around 0.60 six where it has been stuck the whole week. you need a big blowout number one way or the other. it was weaker than infected. we know markets are very happy to price in rat
the reserve pricing a dovish fomc, and see the boe relatively hawkish, the near-term risk for sterling able to go to the upside. rishaad: david, what about the yen and volatility here? of course, investors and market participants always look to the next event. the next biggie is the nonfarm payrolls report friday. >> it is near-term, it has gone up overnight. you have to factor in the event risk. having said that, it is not crazy high either. you are looking at investors training a 70%...
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Feb 5, 2024
02/24
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the interview echoed much of what we heard from him at the fomc.lain to us the treasury reaction on the back of that interview. garfield: there is simply the fact that powell wanted to go out there to a wider forum and a home the point that they don't see a case for march and are unlikely to see a case for march. the other thing that resonated were his comments about the idea that they really do not want to risk cutting rates too soon, letting inflation go higher and given also of course the backdrop of the stunning friday payrolls number which he did not know at the time that they recorded this. it helps to explain why bonds experienced more pain today. tom: and indeed the pain is being seen in the front-end. a five basis point move on the two-year. what is your take on how much further the slide in treasuries has to go? and the dangers that flags for other assets? garfield: a lot of that will depend on the data especially the inflation numbers. the other fed speak that may come. we have people saying 4.2, 4.5 for the 10-year would be the limit. e
the interview echoed much of what we heard from him at the fomc.lain to us the treasury reaction on the back of that interview. garfield: there is simply the fact that powell wanted to go out there to a wider forum and a home the point that they don't see a case for march and are unlikely to see a case for march. the other thing that resonated were his comments about the idea that they really do not want to risk cutting rates too soon, letting inflation go higher and given also of course the...
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Feb 6, 2024
02/24
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our standard way to think of it from the fomc, is more like what is in the summary of economic projectionsich comes out every quarter. the last time that came out in december, you saw that the median three rate cuts i.e. 75 basis points for the euro 2024 -- year 2024. michael: is there a situation for a recession or perhaps some market earlier where you, would consider a 50-basis point cut? gov. goolsbee: look, i just think you get the data and you respond to the data in its totality. i don't think it makes sense to speculate about hypotheticals or what would happen to make the rate cuts more different than what they have been in the past. annabelle: that was the chicago fed president austan goolsbee, speaking exclusively to bloomberg's mike mckee. let's turn to some political stories we are tracking today. israel's foreign minister says time is running out to find a diplomatic solution. israeli forces have exchanged fire with hezbollah almost every day since the hamas attack of october 7. israel has said it is prepared to open another warfront it has does not retreat from the border under
our standard way to think of it from the fomc, is more like what is in the summary of economic projectionsich comes out every quarter. the last time that came out in december, you saw that the median three rate cuts i.e. 75 basis points for the euro 2024 -- year 2024. michael: is there a situation for a recession or perhaps some market earlier where you, would consider a 50-basis point cut? gov. goolsbee: look, i just think you get the data and you respond to the data in its totality. i don't...
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Feb 22, 2024
02/24
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we had the fomc minutes. the take away his we see most fed officials more concerned about the risk of cutting to earlier than the risk of holding rates too high for too long. perhaps we are also seeing a bit of readjustment of expectations when it comes to fed rate cuts across this market as well. that of course plays into the gap that we see when it comes to japanese assets in the u.s. korean markets, this is a key one when it comes to where we see the chip rally going next and that will be where we see the biggest reaction, particularly the likes of high next. also bank of korea decision day. we are not expecting significant dramatic change from the b.o.k.. that inflation fight continues given that inflation numbers are still higher than what the b.o.k. would be happy with. we are watching any kind of support for the won. this is the best performing major currency in asia for the last month. we expect the b.o.k. keeps rates unchanged at that high level of 3.5% for the base rate, the highest since 2008. let'
we had the fomc minutes. the take away his we see most fed officials more concerned about the risk of cutting to earlier than the risk of holding rates too high for too long. perhaps we are also seeing a bit of readjustment of expectations when it comes to fed rate cuts across this market as well. that of course plays into the gap that we see when it comes to japanese assets in the u.s. korean markets, this is a key one when it comes to where we see the chip rally going next and that will be...
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Feb 20, 2024
02/24
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. >> you write all these going to be hurdles for fomc to begin to reverse policy tightening turmericreased the last couple weeks, in particular are your talking about significant setback of january employment numbers cpi brought up when you look at rest of the year turmeric keeping in mind election year so that could also handicap the federal reserve how many rate cuts if any are you expecting? >> well, i think turmeric fairly high probability the labor market will weakern significantly. political can go implication as well calling it four fours for fed to put to 4% need employment rate above 4 wage growth to keep in vicinity of 4% so four fours i do think probable certainly not going to have any evidence of that before you march meeting even may meeting a fairly hire hurled if fe does wind up cutting significantly at least percent a labor market deteriorating not because inflation glided lower. maria: barry quick if you are still with us your take on banking system because capital one agreed to inquiry discovery financial 35-billion-dollar all stock daem largest u.s. credit company
. >> you write all these going to be hurdles for fomc to begin to reverse policy tightening turmericreased the last couple weeks, in particular are your talking about significant setback of january employment numbers cpi brought up when you look at rest of the year turmeric keeping in mind election year so that could also handicap the federal reserve how many rate cuts if any are you expecting? >> well, i think turmeric fairly high probability the labor market will weakern...
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Feb 27, 2024
02/24
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in the march fomc meetings, they are likely to make some changes to the dot plots. they say three rate cuts for this year. but don't forget several fed members say only two. of those inflation data are too strong, we may get more fed people moving. it would need to be an adjustment. treasuries would be vulnerable if we do get the fed moving to two dot plots. that's the risk this week. these numbers are little bit too hot for the fed's liking. that translates to changes in their expectations, then the market would have to back up a bit. we are looking for for rate cuts and market pricing. the fed is saying three, they may even move to two. tom: that's movement potentially as we look ahead to dot plots on the back of the inflation data from three to two and what it could to to the markets. mark cranfield, thank you very much. now to the geopolitics in president joe biden saying he hopes the cease-fire between israel and hamas can be secured by next monday. the prime minister of the palestinian authority has tendered his government's resignation amid calls for the orga
in the march fomc meetings, they are likely to make some changes to the dot plots. they say three rate cuts for this year. but don't forget several fed members say only two. of those inflation data are too strong, we may get more fed people moving. it would need to be an adjustment. treasuries would be vulnerable if we do get the fed moving to two dot plots. that's the risk this week. these numbers are little bit too hot for the fed's liking. that translates to changes in their expectations,...
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Feb 7, 2024
02/24
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you have a market now that still expects more than five rate cuts before the january fomc meeting oft year. do you believe that those five rate cuts will come to fruition? >> we have a pretty unique perspective on this. across our portfolio companies, we have an excess of one million employees, and we see the data and performance. i would say that if you step back and think about historic fed behavior, typically there is fine tuning or cutting dramatically or raising dramatically, and when we look at the data from our portfolio companies and you look at strong gdp, unemployment numbers that are quite attractive, and you see inflation stopped materially and pause at this stage, i don't think we should be rooting for fed rate cuts. i think we are in an environment that requires a lot of attention from the fed. i think the economy is in better shape than people are giving it credit for. >> what is a more realistic view of where rates go? >> in our model, we would expect the base case to be two or three cuts. we expect the fed to be very data-sensitive. we are watching closely also. >> w
you have a market now that still expects more than five rate cuts before the january fomc meeting oft year. do you believe that those five rate cuts will come to fruition? >> we have a pretty unique perspective on this. across our portfolio companies, we have an excess of one million employees, and we see the data and performance. i would say that if you step back and think about historic fed behavior, typically there is fine tuning or cutting dramatically or raising dramatically, and...
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Feb 29, 2024
02/24
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katie: it's a big macro day and if you look over the course of 2023, it feels like the fomc and the cpiave turned into nonevents. that has changed a little bit year to date if you look at some of the numbers. what does that tell you? is that a sign the broader volatility is coming back? >> what stood out to me was in the lead up to today's pce is how much there was a lack of fear across all asset classes. if you look at equity, vixen the low teens, it's not just equities but if you look at credit volatility near historic lows. what that shows is that investors think inflation is still an ongoing risk but against that, people are weighing better-than-expected economic data and that's why markets are so resilient. even though inflation is coming down and making progress, it's still sticky but overall economic growth is picking up. within equities, earnings have been great so against his backdrop, people have gotten more constructed. katie: when you think about the vix and some of these skews, do you view that as complacency or exuberance? how would you characterize not a lot of demand for
katie: it's a big macro day and if you look over the course of 2023, it feels like the fomc and the cpiave turned into nonevents. that has changed a little bit year to date if you look at some of the numbers. what does that tell you? is that a sign the broader volatility is coming back? >> what stood out to me was in the lead up to today's pce is how much there was a lack of fear across all asset classes. if you look at equity, vixen the low teens, it's not just equities but if you look...
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Feb 29, 2024
02/24
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data already, some pce data today which is important, more jobs data to come, another cpi before the fomceet. there was a feeling in the market that the fed dot plots come up for review and there could only be two cuts rather than three. that looks as though that will not happen, they will stay with three cuts. from treasury bonds, that is a slightly bullish signal. that is a belief that they will not have to go for just the two cuts. it was important what he was saying. haslinda: so probably justifies the rally we are seeing so far. i want to talk about the yen. stunner. below the 150 level finally. mark: the comments are very interesting. if you look at the spectrometer we do from bloomberg intelligence, it is right on the line of neutrality. there is no such thing as neutrality really in the boj because they are all doves, so he's relatively hawkish. the market is still taking it as a hawkish coming. there is a stronger conviction among young traders that something stronger is coming. they can see get out of the boj building. it is not far away. some are thinking march is a possibility
data already, some pce data today which is important, more jobs data to come, another cpi before the fomceet. there was a feeling in the market that the fed dot plots come up for review and there could only be two cuts rather than three. that looks as though that will not happen, they will stay with three cuts. from treasury bonds, that is a slightly bullish signal. that is a belief that they will not have to go for just the two cuts. it was important what he was saying. haslinda: so probably...
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Feb 29, 2024
02/24
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the final court ced data before the march fomc meeting will be key. it is forecast for a slightly higher number month-on-month. do we finally see upper alignment of the rate markets with the fed dot plots, for pricing in potentially three rate cuts this year? let's get more insight on this with our chief graves, and mliv contributor -- chief rates correspondent and mliv contributor garth o'donnell. have we stabilized or peaked? garfield: i think rates could go higher this year. even if the pce data comes into the soft side, they are a whole range of other risks going forward, in particular if we got a somewhat soft pce print, we already have strong cpr and jobs data recently. said officials were emphasizing the idea that they need to see a series of data that can give them confidence that they are underway and they are not about to be too calendar-driven, they will be data driven. with that, speaking of data, you have got pce and then we'll get the next jobs reading. we get a whole slew of purchasing manager indexes and similar gauges designed to take
the final court ced data before the march fomc meeting will be key. it is forecast for a slightly higher number month-on-month. do we finally see upper alignment of the rate markets with the fed dot plots, for pricing in potentially three rate cuts this year? let's get more insight on this with our chief graves, and mliv contributor -- chief rates correspondent and mliv contributor garth o'donnell. have we stabilized or peaked? garfield: i think rates could go higher this year. even if the pce...
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Feb 7, 2024
02/24
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you've a market that expect higher rate cuts before the january fomc meeting next year.ve those five rate cuts will come to fruition? harvey: we have a pretty unique perspective on this because across our portfolio companies we see the data and the performance i would say that if you step back and think about historic fed behavior, the fed typically there is fine tuning and cutting dramatically or raising dramatically. when we look at the data from our portfolio companies and look at strong gdp, unemployment numbers that are quite attractive and you see inflation has really stopped materially at this stage. i don't think we should be rooting for the flatter rate cuts. that would suggest an environment that requires a lot of attention from the fed and we should be hoping for fine tuning because the economy is in better shape than people are looking for and i think the fed has done a fantastic job navigating this. in our model we would expect the base case to be two or three cuts, the fed we expect to be very data sensitive, we are watching this closely. we will see what h
you've a market that expect higher rate cuts before the january fomc meeting next year.ve those five rate cuts will come to fruition? harvey: we have a pretty unique perspective on this because across our portfolio companies we see the data and the performance i would say that if you step back and think about historic fed behavior, the fed typically there is fine tuning and cutting dramatically or raising dramatically. when we look at the data from our portfolio companies and look at strong...
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Feb 23, 2024
02/24
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same vein of communication we have been seeing and certainly reflecting the caution that we saw in the fomc minutes that were out yesterday, with the risk being skewed to what would happen if they cut too early, as opposed to what would happen if they held higher-for-longer. yields a region year-to-date highs. be unexpected drop in new jobless claims really reinforcing the risk appetite based on confidence in the u.s. economy. we saw the impact when it came to huge gains in the equity market. . also new corporate bond offerings, seeing that impact on yields. traders really further paring those bets on said rate cuts. the amount of sad easing is now at the lowest levels, 80 basis, down from a peak of 150 basis points. our next guest is neutral equities more broadly, but overweight u.s. equities. homin lee. the enthusiasm seemed like i am downplaying it, but what do you make of the nvidia frenzy. homin: the earnings report was quite spectacular and it was really the confirmation of the theme we have been watching since late 2022. we are basically beginning to see the hint of a melt-up scenari
same vein of communication we have been seeing and certainly reflecting the caution that we saw in the fomc minutes that were out yesterday, with the risk being skewed to what would happen if they cut too early, as opposed to what would happen if they held higher-for-longer. yields a region year-to-date highs. be unexpected drop in new jobless claims really reinforcing the risk appetite based on confidence in the u.s. economy. we saw the impact when it came to huge gains in the equity market. ....
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Feb 22, 2024
02/24
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terms of the stickiness of inflation the recent cpi and ppi prints show us that, and certainly the fomc minutes this week .2 the concern that the bisque is to cut too soon and then have to backtrack. listen to what we heard from the vice chair, philip jefferson, talking about this idea of caution in this part of the inflation site. >> we always need to keep in mind the dangers of easing too much in response to improvements in the inflation picture. excessive easing can lead to a stalling or reversal in progress in restoring price stability. , haidi: do you think he has a point there because certainly, given how robust the u.s. economy remains by most indicators, they seem to have the room to be able to hold a bit longer and see how price pressures play out. carol: yes,, as i said i don't think they, will cut anytime before may because that is what the signaling. they just have a few more months of data confirms inflation is staying down, not popping back up. of course, they don't want to stop and start and look foolish, and they won't do it. that is why i say may or june. but, again, if
terms of the stickiness of inflation the recent cpi and ppi prints show us that, and certainly the fomc minutes this week .2 the concern that the bisque is to cut too soon and then have to backtrack. listen to what we heard from the vice chair, philip jefferson, talking about this idea of caution in this part of the inflation site. >> we always need to keep in mind the dangers of easing too much in response to improvements in the inflation picture. excessive easing can lead to a stalling...
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Feb 21, 2024
02/24
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market story is passing through those fomc meeting minutes.e risk of inflation process stalling and the fact most fed officials see the risk more of cutting rates to quickly rather than the risk of holding rates too high. we're seeing some soul searching and reigning in of the fed cut expectations. nvidia still up by about 1% as it as to a streak of expectations being not just met, but quite shattered. of course as our guests have been saying, potentially the law of diminishing returns and big numbers start to play in. of course chip stocks will be front and center as trade opens in korea and japan in about 4.5 minutes. some of those will be disk a, and sk hynix will be on the radar. we also have the bank of korea decision. that is usually out at some point towards the end of the next hour. no change expected as the inflation fight continues to be top of mind for the b.o.k. watching support for the won though if we have the b.o.k. sticking to the higher rates. this is bloomberg. ♪ haidi: we are counting down to asia's major market opens. fresh
market story is passing through those fomc meeting minutes.e risk of inflation process stalling and the fact most fed officials see the risk more of cutting rates to quickly rather than the risk of holding rates too high. we're seeing some soul searching and reigning in of the fed cut expectations. nvidia still up by about 1% as it as to a streak of expectations being not just met, but quite shattered. of course as our guests have been saying, potentially the law of diminishing returns and big...
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Feb 12, 2024
02/24
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we continue to judge the may fomc meeting as the most likely for the fed to start easing.berg joins us now with more. let's talk about why it might not be june or later. gennadiy: generally, i don't think they particularly care. if you ask powell in reality, do you care whether it is may, june or july, he will give you a quizzical look and say we don't care as long as we start. they know -- we know they have to start relatively soon because rates are quite high. you'll probably see some over tightening if nothing else changes. you will publish see a cutting cycle start in may. they should have enough evidence specifically on inflation and that is the key here, the inflation side. lisa: i keep going back to this, at the fed doesn't cut rates at all this year, you could see equities eking out a gain. -- essentially good news is good news, regardless of what the fed does. gennadiy: i kind of thinking gets me nervous. everyone is quite nervous, quite expectant of either we get good news or we get good news with the fed rate cuts. the problem is no one isn't dissipating downsid
we continue to judge the may fomc meeting as the most likely for the fed to start easing.berg joins us now with more. let's talk about why it might not be june or later. gennadiy: generally, i don't think they particularly care. if you ask powell in reality, do you care whether it is may, june or july, he will give you a quizzical look and say we don't care as long as we start. they know -- we know they have to start relatively soon because rates are quite high. you'll probably see some over...