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mary daly says there is no urgency to adjust at the moment. the cleveland fed president wants more evidence of easing inflation. >> i continue to think the most likely scenario is inflation will continue on a downward trajectory to 2% over time, but i need to see more data to raise my confidence. lizzy: i'm joined by jill disis. looking to friday's jobs report, walk us through the latest data we have already had. jill: at this point, what we're saying is the continued resilience in the labor market. we saw the job openings are pretty much unchanged in march versus february. this is combining to not give us a lot of knowledge ahead of what we are expecting for the nonfarm payroll reports on friday. the estimate among economists is it will be north of 200,000 nonfarm payrolls, so we will see if we get those numbers but it feeds into a broader narrative that this is still a strong economy. you combine that with factory data, this is all leading into this reason why there is a lot of confusion over when the fed will cut interest rates, and if it w
mary daly says there is no urgency to adjust at the moment. the cleveland fed president wants more evidence of easing inflation. >> i continue to think the most likely scenario is inflation will continue on a downward trajectory to 2% over time, but i need to see more data to raise my confidence. lizzy: i'm joined by jill disis. looking to friday's jobs report, walk us through the latest data we have already had. jill: at this point, what we're saying is the continued resilience in the...
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Apr 16, 2024
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daly who had previously, the federal reserve bank of san francisco president mary daly, a lack of urgency when it comes to the adjustment of rates for she's now speaking in a moderated q&a at the moment and talking about the need to be confident that inflation is going to 2%. the were saying the fed can do now is to act urgently. mary daly also saying economic growth had been quite remarkable, painting a picture of no urgency to adjust rates before it is necessary. new york fed president john williams says it will happen this year. he also discussed the resilience in consumer spending and the economy in an exclusive conversation with bloomberg tv. john: consumer spending has been strong. i think it is driven by strong fundamentals. job growth has been solid. we have seen real wage gain. we are in a good economy with good growth. yes, it is part of that story, but, you know, i think what we are realizing is we are getting a nice tailwind from the supply side of the economy, good labor force growth, strong productivity, good real wage gains, so with that, i think, you know, consumers are sp
daly who had previously, the federal reserve bank of san francisco president mary daly, a lack of urgency when it comes to the adjustment of rates for she's now speaking in a moderated q&a at the moment and talking about the need to be confident that inflation is going to 2%. the were saying the fed can do now is to act urgently. mary daly also saying economic growth had been quite remarkable, painting a picture of no urgency to adjust rates before it is necessary. new york fed president...
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san francisco fed president mary daly hedges her bets. >> three rate indicates is a projection. a projection is not a promise. a projection is saying here's how the economy is expected to evolve, and here's how policy evolved should occur, but you have to maintain this ready position. >>> tesla's stock hitting a reverse, losing around $30 billion in market value. this is after deliveries declined for the first time in nearly four years. >>> disney reports it secures enough votes to defeat nelson peltz. it's set to meet with the gm later today. >>> and the swiss re ceo will hands over the reigns later aspergeas b b b berger is sets to take over in july. >>> let's start with the big board and show you what's going on with the european markets. let's bring up the board. we've got the ftse 100 down at a downside of half a percent and the ibex in spain. the citi sitting there as well as switzerland. the u.s. futures saw quite the soggy day with the dow posting their worst day since the 5th of ma march. also back-to-back losses. you can probably point to what's happening with yields a
san francisco fed president mary daly hedges her bets. >> three rate indicates is a projection. a projection is not a promise. a projection is saying here's how the economy is expected to evolve, and here's how policy evolved should occur, but you have to maintain this ready position. >>> tesla's stock hitting a reverse, losing around $30 billion in market value. this is after deliveries declined for the first time in nearly four years. >>> disney reports it secures...
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mary daly joining the chorus of fed folks being in no purry to cut rates. inflation is coming down, but it's bumpy and slow. there's no urgency to adjust the rate right now. three cuts she calls reasonable baseline but not a promise as the fed has to be prepared if inflation proves to be sticky, therefore standing daly is the right for the moment. there's a path where interest rates start to adjust this year, just not there yet. there's a real risk, she says, of cutting rates too soon. really echoing what we heard from over folks, including waller and meser this morning. if we lock inflation in at this level, she says, she calls a toxic tax. finally, she says, steady in the boat is the right mantra for now, deirdre. >> as you said, steve, kind of joining the chorus. we're not seeing much of reaction in markets at the moment. thank you for that. >>> shares of microsoft are down 1% as the prospect of higher rates for longer pressures tech. microsoft announced yesterday that it plans to split up its teams and office bundles following scrutiny from european reg
mary daly joining the chorus of fed folks being in no purry to cut rates. inflation is coming down, but it's bumpy and slow. there's no urgency to adjust the rate right now. three cuts she calls reasonable baseline but not a promise as the fed has to be prepared if inflation proves to be sticky, therefore standing daly is the right for the moment. there's a path where interest rates start to adjust this year, just not there yet. there's a real risk, she says, of cutting rates too soon. really...
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to mary daly talk about three cuts in 2024, super dovish. three months ago, i would be saying, how are we going to close that spread without causing all this damage in the market? stocks still just off all time highs. >> i want to offer an apology because i have gotten messages from people saying it's you that is wrong in terms of the my goodness, they need to cut seven times. the fed stayed the same and they have been right and the market has moved toward him. they change with the data. of course, now we are undermining. the market report will be one data point we will be watching. >> every single data point is just called an aberration or bump in the road if it does not suit the trend. i take issue with that. >> i would agree with that. i also think some of the manufacturing resurgence we are seeing has to get their attention. we were expecting manufacturing to remain suppressed and services to meet it. we have not necessarily cnet to the same degree. we have manufacturing picking up and services inflation sticky. that creates a hairier si
to mary daly talk about three cuts in 2024, super dovish. three months ago, i would be saying, how are we going to close that spread without causing all this damage in the market? stocks still just off all time highs. >> i want to offer an apology because i have gotten messages from people saying it's you that is wrong in terms of the my goodness, they need to cut seven times. the fed stayed the same and they have been right and the market has moved toward him. they change with the data....
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mary daly said yesterday that three cuts is a reasonable baseline. they were not surprised by hotter than expected readings to start the year. i need to see more data to raise my confidence and we hear from chairman powell just afternoon eastern time today. the start of the year, three cuts from the federal reserve was hawkish because this market was at six. three months later, three months -- three cuts is dovish because this market has moved so much in the first quarter. annmarie: kimco said they've seen enough already in our positioning for the fed to have fewer cuts than any other central bank. we only just heard from chair powell friday but within that time, we've seen rate expectations change yet again. that's what everyone will parse their when he speaks today and that's ahead of jobs numbers friday. jonathan: it's amazing how much the market is new -- has moved and how little fed officials have not move. lisa: chair pal is speaking at 12:10 p.m. at stanford on the west coast. right after him, the ceo of google and alphabet is speaking. i thin
mary daly said yesterday that three cuts is a reasonable baseline. they were not surprised by hotter than expected readings to start the year. i need to see more data to raise my confidence and we hear from chairman powell just afternoon eastern time today. the start of the year, three cuts from the federal reserve was hawkish because this market was at six. three months later, three months -- three cuts is dovish because this market has moved so much in the first quarter. annmarie: kimco said...
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Apr 16, 2024
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san francisco fed president mary daly is the latest official to temper rate cut expectation saying there is no urgency to cut with the current policy in a good place. at the same time, bank of america says the 30 s&p 500 companies out with earnings have beaten expectations by 6%. let's get more insight into this with our next guest. good morning from london. i'll jump right into it. so far so good, but in your mind, how much of the market rally year to date and potential for it to continue is weighing on earnings and earnings not only meeting expect tationexpec beating? >> i think, frank, the market as far as the earnings are concerned is overstretched at this point in time. anything less than stellar is an issue for the market. we are thinking that at this point in the market that it looks overstretched and poised for a correction. once every few years, we get a correction in the market and given the monster rally in equities since october of last year, i think a correction is in the cards. >> i appreciate you taking a victory lap on your call for the year-end rally. also important to n
san francisco fed president mary daly is the latest official to temper rate cut expectation saying there is no urgency to cut with the current policy in a good place. at the same time, bank of america says the 30 s&p 500 companies out with earnings have beaten expectations by 6%. let's get more insight into this with our next guest. good morning from london. i'll jump right into it. so far so good, but in your mind, how much of the market rally year to date and potential for it to continue...
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san francisco fed president mary daly and cleveland fed chief loretta mester making similar comments throughout the course of yesterday, although they also say there's no rush to cut. inflation is heading lower. the markets will be paying close attention to a speech by feds chair jay powell at stanford university later on this afternoon. joining me no break this down is the lead equity analyst at lansdowne. is there an expectation that the fed could, could be a little bit more on the fence about this than we thought previously? >> hi, there. good morning. funda fundamentally, yes, i do. i think this remains the biggest risk at the moment to evaluations as in march, things are moving in the right direction. we've heard a little bit of language loosen slightly around the optimism and the potential for cuts, but, frankly, the market's behaving in a way that is certain, and we're simply not there yet and i don't think that is going to change any time soon. >> if you feel that's the case, the markets should be acting to the you up side kind of like they've done the last couple of days. to
san francisco fed president mary daly and cleveland fed chief loretta mester making similar comments throughout the course of yesterday, although they also say there's no rush to cut. inflation is heading lower. the markets will be paying close attention to a speech by feds chair jay powell at stanford university later on this afternoon. joining me no break this down is the lead equity analyst at lansdowne. is there an expectation that the fed could, could be a little bit more on the fence...
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we get earnings from paychex and a pair of fed speeches with michelle bowman and mary daly set to speak. >>> futures are in the red today. it would open at 155 points lower. we have katrina dudley here with us to discuss. it's good to see you. >> good morning. >> we saw futures under a bit of pressure after the down day yesterday. how do you see today shaping up? what is the word of the day? >> the word we're choosing is goldilocks. you see so many people out there who don't realize how well we have done with the triangle of tension. that need to balance inflation and gdp growth and interest rates. i think we have kind of got it just right. you do have days like this with the market does sell off because people like to almost be the negative person in the room. if you come to a party and you are waiting for it to be over, you will miss the fun in the interim. you will miss a lot of turns because you are waiting for the market to go down. >> if you are waiting for the party to be over, you will miss out. what area would be you in if you don't want to miss the party? >> there is another t
we get earnings from paychex and a pair of fed speeches with michelle bowman and mary daly set to speak. >>> futures are in the red today. it would open at 155 points lower. we have katrina dudley here with us to discuss. it's good to see you. >> good morning. >> we saw futures under a bit of pressure after the down day yesterday. how do you see today shaping up? what is the word of the day? >> the word we're choosing is goldilocks. you see so many people out there...
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mary daly says there was no rush to start cutting rates. china's first quarter gdp growth beats expectations, but retail sales and industrial outlook disappoint in march. suggesting the slowdown is already underway. thus, israeli military officials say they have no choice but to respond to iran's missile drone attack. this is the u.s. prepares to vote on new aid to israel and ukraine. let's check markets on a down day. in terms of the future, lower across europe and the u.s. down day. yesterday announced big tech with headline selling off, the s&p closing up by 1.2%. back below that 5100 level one stronger u.s. data reinforcing those higher for longer rate expectations. the geopolitical overlay continues to be there as well. european futures pointing lower by 1%, a little over 1% looking at a drop of 55 point so far. ftse 100 is looking lower by 1%, looking to drop around 80 points. ftse 100 pointing to 7899. s&p futures lower by a 10th of a percent. nasdaq futures are flat. the early downside is still pointing to further losses to build on
mary daly says there was no rush to start cutting rates. china's first quarter gdp growth beats expectations, but retail sales and industrial outlook disappoint in march. suggesting the slowdown is already underway. thus, israeli military officials say they have no choice but to respond to iran's missile drone attack. this is the u.s. prepares to vote on new aid to israel and ukraine. let's check markets on a down day. in terms of the future, lower across europe and the u.s. down day. yesterday...
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daly says no urge to cut. in a little more than an hour now it's an event based on the canadian economy is down in d.c., and i don't know if we'll get anything on rate policy from chair powell. you never know. higher for longer. do i need a new playbook for stocks? >> good question. where we need a new playbook, scott, if the talks pivot back to rate hikes. if we're, as stephanie said, no rate cuts this year or where the futures market is right now at somewhere around one to two rate cuts, it will adjust to that. and that adjustment, folks, could look like a 5% to 7% pullback. right now the fed is talking about rate cuts. the maybe market is strong. profits are growing. if we start bringing back rate hikes into the conversation, the playbook changes. >> you could make the argument, i think it's fair to say we've had de facto rate hikes. rates have backed up. and it's put pressure on the stock market as a result, certainly relative to where people thought rates were going to be right about now. >> sure. >> i ag
daly says no urge to cut. in a little more than an hour now it's an event based on the canadian economy is down in d.c., and i don't know if we'll get anything on rate policy from chair powell. you never know. higher for longer. do i need a new playbook for stocks? >> good question. where we need a new playbook, scott, if the talks pivot back to rate hikes. if we're, as stephanie said, no rate cuts this year or where the futures market is right now at somewhere around one to two rate...
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. >> jpmorgan chase sticking with the july forecast, but san francisco fed president mary daly said there is no rush to cut rates. she spoke at the stanford institute for policy research that policy is in a good place daly said the worst thing to do is act urgently when urgency is not necessary. >> we have fresh lines from the ecb. if the june assessment in terms of inflation data confirms convergence toward their target, they could cut interest rates. we are hearing from the ecb member is very much confirming the sentiment that we got from the ecb at the last meeting. if the data moves in the right direction, they feel comfortable they are in a position to cut rates. worth keeping that in mind thch because they are getting information stateside and they will get comment with the rate policy. >> you cover that meeting closely here on cnbc they seem to be telegraphing that june being closely. they will cut sooner than the fed. >> absolutely. that retail sales figure you were mentioning is pushed back the further expectation from the fed. >> the question is what will jay powell say today >>
. >> jpmorgan chase sticking with the july forecast, but san francisco fed president mary daly said there is no rush to cut rates. she spoke at the stanford institute for policy research that policy is in a good place daly said the worst thing to do is act urgently when urgency is not necessary. >> we have fresh lines from the ecb. if the june assessment in terms of inflation data confirms convergence toward their target, they could cut interest rates. we are hearing from the ecb...
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let's dig down into what the two fed speakers who were out today said, mary daly of the san francisco fed, she said three rate cuts in 2024 -- sorry, that's mester. i've got everybody -- [laughter] you know erik they come out and start yammering. she said a reasonable expectation is three interest rate cuts. but then you flip over to loretta mester of the cleveland fed, and she said while three rate cuts for 2024 still look reasonable are, it will be a close call. at what point do investors get rid of this fever dream of three rate cuts this year? i know what they're saying, but the data keep coming in stronger. yesterday the ism manufacturing data, very strong. jolts today, the job openings and labor turnover, came in exactly -- maybe a tiny bit lower. not even measurable really, than what was expected. 8.756 million jobs open right now. >> so i think that we have to look at, you know, the progress that we've already made. and to your point around inflation, it as has remained stickier, but we did get some good news in terms of the pce that came in at a 26 basis points, a little bit
let's dig down into what the two fed speakers who were out today said, mary daly of the san francisco fed, she said three rate cuts in 2024 -- sorry, that's mester. i've got everybody -- [laughter] you know erik they come out and start yammering. she said a reasonable expectation is three interest rate cuts. but then you flip over to loretta mester of the cleveland fed, and she said while three rate cuts for 2024 still look reasonable are, it will be a close call. at what point do investors get...
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. >> mary daly said no rush to cut rates at this point. certainly the data states that. >>> house speaker mike johnson plans to split the aid package for israel and ukraine to respond quickly on the attack over the weekend. marjorie taylor greene has threatened to force a vote on deposing the speaker if it has any ukraine aid. she has not decided to proceed with the ouster vote. speaker johnson anticipates the house will vote on the aid bills on friday. >>> the first day of jury selection in the donald trump criminal trial concluded without any jurors seated. trump walked out of the courtroom and calling the trial a scam and criticizing the judge for refusing him to attend supreme court arguments next week reellated to the immunity argument. meantime, shares of trump media closing 18% lower yesterday. this is after the company filed plans to issue more stock. that stock has fallen 60% from the recent high after the spac merger in march. they will seek to offer the resale up to 146 million shares of from selling security holders, including
. >> mary daly said no rush to cut rates at this point. certainly the data states that. >>> house speaker mike johnson plans to split the aid package for israel and ukraine to respond quickly on the attack over the weekend. marjorie taylor greene has threatened to force a vote on deposing the speaker if it has any ukraine aid. she has not decided to proceed with the ouster vote. speaker johnson anticipates the house will vote on the aid bills on friday. >>> the first day...
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we did get comments from mary daly a voting member at the san francisco fed. the worst thing she says to do is act urgently when urgency is not required. very different tune here than christine lagarde. we have to be thoughtful about not getting too confident that the latest sticky inflation is an indication we are going forward and can't get to confidence she says on the other side basically, that it's necessarily definitive in terms of what they should do. the lack of urgency, there we go, the projection that inflation will continue to come down is going to materialize, that we don't have to be urgent. it's a continuation, and now they're all singing from the same hymn book of the backtracking of okay, we're moving into a rate cut. they're not saying that they're not going to be cutting rates. they're saying they don't have to be urgent about it, and they don't have to be immediate about it. i think there was less of that than say what we're hearing from europe and the ecb. just because, you know, europe is on the mind with the christine lagarde headlines, i
we did get comments from mary daly a voting member at the san francisco fed. the worst thing she says to do is act urgently when urgency is not required. very different tune here than christine lagarde. we have to be thoughtful about not getting too confident that the latest sticky inflation is an indication we are going forward and can't get to confidence she says on the other side basically, that it's necessarily definitive in terms of what they should do. the lack of urgency, there we go,...
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Apr 12, 2024
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we will hear from san francisco president mary daly, raphael bostic, kansas city fed president jeff schmidt, and at 9:00 eastern, michael mckee will sit down with boston fed president susan collins came out earlier saying she is looking for a baseline of two base cuts rather than a three that the fed had previously been projecting. annmarie: i want to hear what mike has to say to her in terms of what the fed is potentially not looking at, where these unknown notes are coming from. how much does she pushback from people like linda that we heard from, people from the 70's, we can live with higher inflation. is there any inkling at the fed to what linda said, living with higher inflation, may be fed getting more comfortable with not to percent but 2% to 3%? manus: she even went to the point that denying a rate hike. that is not a part of her baseline. now that you have someone in the fed talking about rate hikes, that is not on our agenda, that shows you if they are verbalizing that, that is how concerned they are. there is there lovely line from rbc. that is what we are here to debate, which
we will hear from san francisco president mary daly, raphael bostic, kansas city fed president jeff schmidt, and at 9:00 eastern, michael mckee will sit down with boston fed president susan collins came out earlier saying she is looking for a baseline of two base cuts rather than a three that the fed had previously been projecting. annmarie: i want to hear what mike has to say to her in terms of what the fed is potentially not looking at, where these unknown notes are coming from. how much does...
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president mary daly saying that there's no urgency to cut interest rates. we have a host on fed speak today. carson hunter, a macro policy perspective, joins us in new york. good morning, constancio. we are trying to work out where the fed is. michael mckee sat down with the fed president of new york and he said monetary policy is tight. is that how you would describe monetary policy relative the information, the data we are getting? >> they are in a good place because they have room to move. if we see a deterioration they can move down meaningfully. the economy does appear to be chugging along. we had retail sales yesterday and we can debate how strong they were under the hood or not under the hood. on a real basis year-over-year up 0.5% and negative for the first two months of the year, so retail sales are negative yet trending slightly higher. you could say consumers are chugging along. their are cracks in the financial system in the u.s. in the sense that we have commercial real estate as the slow burning thing. there are certainly cracks under the hood
president mary daly saying that there's no urgency to cut interest rates. we have a host on fed speak today. carson hunter, a macro policy perspective, joins us in new york. good morning, constancio. we are trying to work out where the fed is. michael mckee sat down with the fed president of new york and he said monetary policy is tight. is that how you would describe monetary policy relative the information, the data we are getting? >> they are in a good place because they have room to...