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Jan 7, 2022
01/22
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dani: the greenspan conundrum is not in full force. and flattening yield curve may rise financial stability risks. those are the words of the fed themselves in their latest fomc minutes. they talk about the issue for lenders, what that does to the financial system. the fomc, the fed, they are worried as well. manus: for those of you who might not be familiar with alan greenspan, if you look at that white line, that was sheer torture in the bond market. they were untelegraphed. 400 basis points in terms of rate hikes. and yet the long end of the curve did not become unseated. therein lies the greenspan conundrum for a new generation. dani: for those who are used to stocks only going up, it is a new world for them. speaking of which, we are looking at stocks moving higher today. maybe a little bit of dip-buying. maybe the bond market is not worrying as much as it is, considering 10 year yields. we are looking at a yield above 1.7228, though that is unchanged. buying in brent crude up nearly 0.9%. bitcoin, the entirety of the crypto space
dani: the greenspan conundrum is not in full force. and flattening yield curve may rise financial stability risks. those are the words of the fed themselves in their latest fomc minutes. they talk about the issue for lenders, what that does to the financial system. the fomc, the fed, they are worried as well. manus: for those of you who might not be familiar with alan greenspan, if you look at that white line, that was sheer torture in the bond market. they were untelegraphed. 400 basis points...
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Jan 26, 2022
01/22
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tom: he will respond as alan greenspan, aware of it but it is not part of their calculus in the march meeting. what is the calculus? what is the plan here? to the get out in front of the next meeting? how do they frame it? it is going to be an important moment. jonathan: given the current pricing of markets, any indication the fed will not be starting with 50 basis point hike might be enough to provide a floor under risk sentiment. lisa: perhaps we are seeing that bounce because people are asserting to price out that particular scenario. i love what vince reinhart said. he said they completely aboard the -- abhor the pricing market. talking but not necessarily taking big action. jonathan: the last time the fed met, do you remember what the nasdaq did? up by more than 2%. you noted to when the minutes came out? it was down more than 3%. what should we take away from that as we go into this conference? lisa: it is unclear if they could actually frame the message in an accurate way with respect to the policy and what their forecast is. my key question is what economic data point are they
tom: he will respond as alan greenspan, aware of it but it is not part of their calculus in the march meeting. what is the calculus? what is the plan here? to the get out in front of the next meeting? how do they frame it? it is going to be an important moment. jonathan: given the current pricing of markets, any indication the fed will not be starting with 50 basis point hike might be enough to provide a floor under risk sentiment. lisa: perhaps we are seeing that bounce because people are...
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Jan 27, 2022
01/22
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. >> wouldn't that be nice like the briefcase indicator with allen greenspan you think this is a realignal. like last time >> yeah. i think they're not saying because they don't know. i think there's two levers of policy, really three rates, balance sheet and gui guidance if they knew they would give us the guidance i think what powell was saying, he didn't say four or five but said it's all a possibility out there. the real alpha here might be an economic forecasting not stock picking. who has the best forecast for when inflation goes down that said very quickly this. i think that even if inflation does come down quickly i think the fed is probably still going to do three or four rate hikes to normalize rates. >> all right let me follow up there wouldn't you say basically that the fed has been highly communicative and transparent up until now? i don't think anybody can be confused. >> absolutely. yeah, yeah here's the thing the reason the fed is communicative is not because it likes to talk necessarily. >> i think some of them do. >> some of them. fair enough. as an institution they
. >> wouldn't that be nice like the briefcase indicator with allen greenspan you think this is a realignal. like last time >> yeah. i think they're not saying because they don't know. i think there's two levers of policy, really three rates, balance sheet and gui guidance if they knew they would give us the guidance i think what powell was saying, he didn't say four or five but said it's all a possibility out there. the real alpha here might be an economic forecasting not stock...
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since alan greenspan, the $0.19 of crash of 1987, when greenspan robert reuben, and ronald reagan essentially repudiated the free market and said, we're going to get into the s and p features buying business with the open, with the punch protection team or the working group on finance coming out of the white house and that day and i was working on wall street on that day. the american system of free market enterprise dead died in not we've had sense. is a mass, a kind of a mass hallucination that's given us now? 100000 overdose deaths last year and calling up and rewarding. that is a good way to make money that's. that's what's that, that's what's happened. well, i guess you could kind of say it's like jack and the beanstalk economy. some companies, some individuals, some banks are given special beans. right? and they're beans. thou can grow to the moon where everybody else is shut down. and here's a wall street journal article about that. essentially, u. s. companies are thriving despite the pandemic or because of it, revenues, profit margins have surpassed late. 2019 levels from most public
since alan greenspan, the $0.19 of crash of 1987, when greenspan robert reuben, and ronald reagan essentially repudiated the free market and said, we're going to get into the s and p features buying business with the open, with the punch protection team or the working group on finance coming out of the white house and that day and i was working on wall street on that day. the american system of free market enterprise dead died in not we've had sense. is a mass, a kind of a mass hallucination...
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Jan 27, 2022
01/22
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BLOOMBERG
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greenspan encouraged the tech bubble. he bragged about the productivity gains from the internet that would last forever. productivity has declined slowly but surely since then. when it broke, it caused a lot of pain. bernanke learned nothing pure to he encouraged to bubble. he denied its existence even though it was a one in a hundred year event that had never occurred before. what have we learned? we went straight back into the game. overstimulating, pushing the rates down and down they have gone for 50 years. they started at 16% on the long bond and now the real return you would get is minus two. >> been a longtime time critic of alan greenspan to you are a critic of ben bernanke. by extension, janet yellen. you have any confidence in jay powell? >> nope you -- no. he has not expressed any reservations about green spinning, bernanke, janet yellen policy about pushing rates down. rishaad: speaking exclusively with erik schatzker. looking at the nikkei 225, the benchmark in tokyo extending its drop to over 3%. that is whe
greenspan encouraged the tech bubble. he bragged about the productivity gains from the internet that would last forever. productivity has declined slowly but surely since then. when it broke, it caused a lot of pain. bernanke learned nothing pure to he encouraged to bubble. he denied its existence even though it was a one in a hundred year event that had never occurred before. what have we learned? we went straight back into the game. overstimulating, pushing the rates down and down they have...
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Jan 10, 2022
01/22
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alan blinder in an essay into thousand five said the greenspan standard is suspect.ing back to arthur burns and the slope where we lose order point measures and start to see real jumps? william: i think they are going to go fairly slow at first because i think the inflation pressures we are seeing right now are going to subside as we go through the first half of the year. the real new information is the tightness of the labor market and the fact that the tightness of the labor market is resulting in higher wages, wages above what is consistent with 2% inflation. so i think even if the initial impulse of inflation turns out to be transitory, they now have a problem because the labor market is sufficiently tight and wages are going to continue to accelerate. lisa: in your piece, you reiterate your call for the potential ingrate for the fed funds figure. i am struck by the fact that you include the idea of an end rate for inflation at 2.5% to 3%, which is actually a commonplace suggestion. what happens to risk markets if the fed funds rate gets to 3% or 4%? do this econ
alan blinder in an essay into thousand five said the greenspan standard is suspect.ing back to arthur burns and the slope where we lose order point measures and start to see real jumps? william: i think they are going to go fairly slow at first because i think the inflation pressures we are seeing right now are going to subside as we go through the first half of the year. the real new information is the tightness of the labor market and the fact that the tightness of the labor market is...
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Jan 26, 2022
01/22
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green new deal was -- alan greenspan was a pike ir, and ben bernanke. nancy nailed it, i always said on the show, with companies five billion in sales last year, seven billion this year, nine billion next year, they gee earnings at that rate or better i show you the best stocks over the market over time. the longer they're able to do it the better. i've seen it in droves in a lot of technology names. microsoft is a outlyer. that company is not the norm. usually in technology a lot of things become obsolete and go by the wayside but they have been able to do the trick. same with apple. these are the types of things i'm always looking for. we call them category killers but we always babysit them because there is always somebody else beating them at their game especially if they're sew damn good at it making a lot of money. that is how you make the big money over time. charles: big names, to your point, they have thrown moore's law out the window. they make splatter acquisitions they build on what they know. we learned apple is the number one smartphone in
green new deal was -- alan greenspan was a pike ir, and ben bernanke. nancy nailed it, i always said on the show, with companies five billion in sales last year, seven billion this year, nine billion next year, they gee earnings at that rate or better i show you the best stocks over the market over time. the longer they're able to do it the better. i've seen it in droves in a lot of technology names. microsoft is a outlyer. that company is not the norm. usually in technology a lot of things...
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Jan 27, 2022
01/22
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. >> longtime critic of alan greenspan, a critic of ben bernanke. by extension, janet yellen, too.e in jay powell? >> no. he hadn't expressed any reservations about greenspan, bernanke, yellen, policy of pushing rates down. >> cofounder jeremy grantham speaking exclusively with bloomberg's editor-at-large. let's check in on commodities. oil the big one. really seeing brent breakthrough $90 a barrel. now hovering just below. oil trading near a 70 year high expectations of global demand picking up and stockpiles dropping. the u.s. stockpiles falling again this week. the lowest at this time of year for almost a decade. pretty much everything rallying. nickel certaiis higher than -- a little more than 2%. a part of the rally, the commodity spot index tracking 23. including energy, metals, and crop futures. fresh record as concerns over inflation continues. shery: take a look at how lg's energy is doing. paring back from earlier gains. pretty impressive, given the kospi down more than 1% at the moment. plenty more ahead. this is bloomberg. >> the kospi up, samsung after missing the four
. >> longtime critic of alan greenspan, a critic of ben bernanke. by extension, janet yellen, too.e in jay powell? >> no. he hadn't expressed any reservations about greenspan, bernanke, yellen, policy of pushing rates down. >> cofounder jeremy grantham speaking exclusively with bloomberg's editor-at-large. let's check in on commodities. oil the big one. really seeing brent breakthrough $90 a barrel. now hovering just below. oil trading near a 70 year high expectations of...
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but alan greenspan, who was the chairman of the fed, at that time lowered rates substantially to bail out his friends in the hedge fund industry. so systemically the country runs on fraud, if you remove fraud, there would be very little left in america this they could redo mount rushmore and replace the current foreheads with bernie made off a member, naggie, charles pansy, and one other guy. you know what i'm saying? like america in a we've been line, eyes and crux in the movie industry for years with mafia movies, the godfather, movies the, you know, america loves worshipping tony soprano. right. so tony montana, tony montana. so i mean this is america. if you got rid of the fraud, john, there'd be nothing left. there would be nothing left a, it's an interesting, it's an interesting concept for a country that was as built at with the ethos. right? the, the, the ethos of sort of justice, right? frontier, even if it was frontier justice right, there has always been this notion of even we've been reviewed the vigilante right in the sense because we, we appreciate the idea of justice an
but alan greenspan, who was the chairman of the fed, at that time lowered rates substantially to bail out his friends in the hedge fund industry. so systemically the country runs on fraud, if you remove fraud, there would be very little left in america this they could redo mount rushmore and replace the current foreheads with bernie made off a member, naggie, charles pansy, and one other guy. you know what i'm saying? like america in a we've been line, eyes and crux in the movie industry for...
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starting in the early 19 eighties, we had reagan and deregulation, and alan greenspan, who decided to change the mandate of the 3rd from priced ability to bailing out wall street. so now we've had 40 years activist fed chairman, who single purpose in life has been to enrich wall street speculators at the expense of everyone else. people who would have normally out 4 or 5 percent and a savings account that money has been stolen through 0 percent interest rates and given to speculators how much? 5 trillion dollars in america, $50000000.00 globally. and now we're saying the world we raped this horror and now we're, we're raping the whirlwind of this horror and structurally speaking i will. busy make this point once again, the duration risk on the underlying fundamental basis of the american economy. the 30 year treasury bomb is essentially been leverage to such an extent that any uptake and rates whatsoever, even half of one percentage point, would immediately cause insolvency for every bank and insurance company in america and globally. therefore, there will be no raise and rates. all t
starting in the early 19 eighties, we had reagan and deregulation, and alan greenspan, who decided to change the mandate of the 3rd from priced ability to bailing out wall street. so now we've had 40 years activist fed chairman, who single purpose in life has been to enrich wall street speculators at the expense of everyone else. people who would have normally out 4 or 5 percent and a savings account that money has been stolen through 0 percent interest rates and given to speculators how much?...
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Jan 1, 2022
01/22
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ALJAZ
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and that was true within opec of maybe even denominating oil with in euro's, alan greenspan serious, the speculated about the euro replacing the dollar. and that hasn't happened. it possibly hasn't happened because of the, the crises that the ones that you're your package referred to. but it did emerge from that, so we're in debt crisis with much stronger institutional structures, much more in the ability to intervene in creating stability, an individual member states. and we see that again in the, the, the most recent and interventions in, in economies to to support them throughout this coping crisis. that it's only whether those storms and one is not challenging the dollar in any serious way as a, as a global reserve currency. it has established itself pretty firmly as a major global currency. yeah, the dollar is still the boss, but is there any hope that they are at some point in the future, challenge it for world currency domination. it is difficult to see that happening any time. soon, i mean, if you just just compare it, it is number 2 is number 2 in terms of the amount of curr
and that was true within opec of maybe even denominating oil with in euro's, alan greenspan serious, the speculated about the euro replacing the dollar. and that hasn't happened. it possibly hasn't happened because of the, the crises that the ones that you're your package referred to. but it did emerge from that, so we're in debt crisis with much stronger institutional structures, much more in the ability to intervene in creating stability, an individual member states. and we see that again in...
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Jan 13, 2022
01/22
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BLOOMBERG
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tom: the words of alan greenspan, jon ferro, this is unbelievably stupid, and so said an entire nationver the comedy of 1974 of whip inflation now. there are not words 48 years on to describe how silly all politicians look thinking they can do something about what then was really a serious, serious inflation. jack fitzpatrick with us. maybe that is not the right phrase, but the phrase is whip inflation before november 2022. what is the plan? jack: one you have heard from the biden ebony straight and that they are looking to the -- you have heard from the biden administration. aside from the supply chain issues you have seen the president speak about. an unwillingness to add further stimulus which has worked its way into the legislative debate in congress. a lot of what you hear politically is looking at the fed and that will be a major focus at today's hearing for the confirmation. the senate banking committee where her testimony focuses heavily on getting back down toward a 2% annual rate of inflation. what you have heard from the president, trying to do something on the supply side i
tom: the words of alan greenspan, jon ferro, this is unbelievably stupid, and so said an entire nationver the comedy of 1974 of whip inflation now. there are not words 48 years on to describe how silly all politicians look thinking they can do something about what then was really a serious, serious inflation. jack fitzpatrick with us. maybe that is not the right phrase, but the phrase is whip inflation before november 2022. what is the plan? jack: one you have heard from the biden ebony...
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Jan 20, 2022
01/22
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well, one would presume that this fed chairman, jay powell, would do would ben bernanke and alan greenspan in another way, come in with monetary easing, but when your job at the fed is to keep prices from rising, more liquidity in the market and economy is gasoline on the inflation fire. >> i love how we also talked about the death of the 60-40, which we have talked about, where even bonds are not the safe haven. if that is not going to do that protection, where do investors go? >> he has a recipe for safety, sell u.s. stocks and by value stocks -- and buy value stocks in japan and emerging markets, which he says are attractively priced. he says have more cash to deploy when stock prices are more attractive, have commodities as a hedge, and have silver and gold. keep in mind he is not a gold bug. he is talking about that strategy is the right thing to do now. >> appreciate it, bloomberg's erik schatzker. check that -- catch that interview with jeremy grantham next wednesday. in the meantime, we will keep you posted on these equity markets. it is a rebound. green on the screen kind of day.
well, one would presume that this fed chairman, jay powell, would do would ben bernanke and alan greenspan in another way, come in with monetary easing, but when your job at the fed is to keep prices from rising, more liquidity in the market and economy is gasoline on the inflation fire. >> i love how we also talked about the death of the 60-40, which we have talked about, where even bonds are not the safe haven. if that is not going to do that protection, where do investors go? >>...
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Jan 19, 2022
01/22
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what is the price to the greenspan credibility earned over decades if we jump 50 bps now. lose? matt: if you go back to that episode and later we had a change in the monetary regime, looking at supply instead of focusing on interest rates. there was a need to shock the system. here we do think 50 basis points move is possible at some point. at this point it does not seem like the most likely case for march for two reasons. for fed officials, we are hearing from even more hawkish members not supporting the 50 basis point height at this point. you also hear chair powell talk about policy at this point in his testimony last week. he basically said we want to move from extremely accommodative to less accommodative and officials want to do it in a way that does not disrupt the labor market. i do not think you have seen a shift in communications or thinking from the fed, which is just the need to actively tighten monetary policy. possibly the fed may change at some point and that would change if we get clear evidence inflation is not coming back this year, clear evidence the lab
what is the price to the greenspan credibility earned over decades if we jump 50 bps now. lose? matt: if you go back to that episode and later we had a change in the monetary regime, looking at supply instead of focusing on interest rates. there was a need to shock the system. here we do think 50 basis points move is possible at some point. at this point it does not seem like the most likely case for march for two reasons. for fed officials, we are hearing from even more hawkish members not...
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Jan 11, 2022
01/22
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he doesn't want to go down as the guy who, you know, undid 30 years of paul volker and alan greenspannd janet yellen's hard work. he has it set up to be more hawkish and that's one of the reasons i'm coming in a little more pessimistic and i'm usually the most optimistic. >> yes you are seeing we only see about half as much upside as normal. where does this leave you on rates and bond yields? >> i'm leaning to the idea that the fed is not going to like it if they start tightening and the ten-year note yield does not go up, we get some sort of conundrum and they could play with the balance sheet a little more i think we could have the shortened not being as aggressively sold off as potentially the long end, and that has a lot of implications for your viewers who key long-dated cash flows for growth stocks off of long-term bond yields so i would be a little less constructive on the long end than i have in the past. i don't think it is a run away i'm certainly not in the jamie dimon 5% camp. i don't know if he is still there. he was there many years ago, but he sounded quite hawkish rece
he doesn't want to go down as the guy who, you know, undid 30 years of paul volker and alan greenspannd janet yellen's hard work. he has it set up to be more hawkish and that's one of the reasons i'm coming in a little more pessimistic and i'm usually the most optimistic. >> yes you are seeing we only see about half as much upside as normal. where does this leave you on rates and bond yields? >> i'm leaning to the idea that the fed is not going to like it if they start tightening...
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Jan 24, 2022
01/22
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necessarily disagree with the logic, but the fed and the free put with equities goes back to alan greenspan i'm not so sure how much nerve they have, but i agree that somewhere along the line since 2007 and 2008 and all the sins committed against the free market where people have price discovery, there has to be a cost, and has to be pain and we are experiencing that right now. >> all right rick, thank you. it's good to see you we appreciate it >>> as people try to make sense of global growth, china as become a spot of concern as they continue to battle covid health officials in beijing in full emergency mode especially with the olympics approaching. unius uniis there with the latest on the ground unius? >> thanks, wkelly. more districts in the city of 21 million people are requiring that residents get tested. in fact, 2 million people were tested on sunday alone now, that testing was conducted in a part of the capital that had the heaviest concentration of cases which is only at about two dozen at this stage. authorities are also tracking down anyone in the city who has recently purchased
necessarily disagree with the logic, but the fed and the free put with equities goes back to alan greenspan i'm not so sure how much nerve they have, but i agree that somewhere along the line since 2007 and 2008 and all the sins committed against the free market where people have price discovery, there has to be a cost, and has to be pain and we are experiencing that right now. >> all right rick, thank you. it's good to see you we appreciate it >>> as people try to make sense of...
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Jan 31, 2022
01/22
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i want to share a quote today, back in the day, the alan greenspan days.ongressional hearing in 2001, texas senator phil gramm says if this is bust the boom was sure as hell worth it, right? you agree with that? certainly. gary k., i thought but, my man. the there it is i don't care how much volatility we go through from time to time, good times are worth it, what do you think? >> here's the issue, if the endgame is a bust, maybe without a doubt. what they have been able to do with across the globe $30 trillion of printed money, 0% rates, negative rates, they have created some asset movement, look we've had bubbles galore in some very weird things over the last year that have popped but overall the market, what the nasdaq do, drop 19% from the highs? if that's it, that is basically nothing. charles: right. >> i think his problem is this, the m-o of this wonderful man running the fed is never raise rates, never tighten. they have been talking a good game. now all of sudden it is march they will raise rates? i don't know where these people are coming from wi
i want to share a quote today, back in the day, the alan greenspan days.ongressional hearing in 2001, texas senator phil gramm says if this is bust the boom was sure as hell worth it, right? you agree with that? certainly. gary k., i thought but, my man. the there it is i don't care how much volatility we go through from time to time, good times are worth it, what do you think? >> here's the issue, if the endgame is a bust, maybe without a doubt. what they have been able to do with across...
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yellen, almost as far, i think the last person that said something negative about the market was greenspan. i can't remember how long ago that was. it's just not done anymore, so they are so sensitive to how they're perceived and what it does to people's pocketbooks, inflation excluded, that i think they have a really soft touch. charles: and even grand teton span, his first action as fed chair was to bring accommodation to stop a market rally. >> exactly. charles: so there's a lot of areas to pick from if starting to look at this market as a buy. let me ask you about technology because i consider that extraordinarily intriguing in a sense that because bond yields are going up they are starting to, we're seeing more pressure on tech. here is the interesting thing. we're talking about 1.76 from 1996 to 1999, the 10 year average 6%, how can 1.7 2% be like the ultimate sell-off for technology? >> well, you make an excellent point and i think because of that, using that logic, some of these tech stocks are a real steal right now. i was just looking, probably talked about it another two seconds
yellen, almost as far, i think the last person that said something negative about the market was greenspan. i can't remember how long ago that was. it's just not done anymore, so they are so sensitive to how they're perceived and what it does to people's pocketbooks, inflation excluded, that i think they have a really soft touch. charles: and even grand teton span, his first action as fed chair was to bring accommodation to stop a market rally. >> exactly. charles: so there's a lot of...
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Jan 6, 2022
01/22
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that conundrum idea is a callback back to 2005 when the former fed chair alan greenspan talked about longer dated treasury staying low. shery: with those higher yields, we've really seen investors getting spooked those valuations among tech stocks. the nasdaq composite wiping out about $1 trillion in value just this week. nasdaq stocks down 50% or more, almost at a record, something reminiscent of the.com crash in the 1990's. paul: asian chipmakers seem to be holding their ground against the trend. tech shares off but chips still remain in short supply. that hasn't changed. we will have a earnings from samsung later. earnings for those companies rising and some forward earnings rising by 50%. shery: let's delve into the monetary policy outlook. the st. louis fed president has brought forth a message that rate hikes will come sooner and faster than previously expected. in order to rein in surging inflation. kathleen hays is here with more on this. how likely is it that we will actually get a march rate hike in jim bullard's view? kathleen: jim bullard, in answering reporters questions
that conundrum idea is a callback back to 2005 when the former fed chair alan greenspan talked about longer dated treasury staying low. shery: with those higher yields, we've really seen investors getting spooked those valuations among tech stocks. the nasdaq composite wiping out about $1 trillion in value just this week. nasdaq stocks down 50% or more, almost at a record, something reminiscent of the.com crash in the 1990's. paul: asian chipmakers seem to be holding their ground against the...
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Jan 28, 2022
01/22
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now, we have had a federal reserve that has catered to the stock or get since the days of alan greenspanthe creation of too big to fail, it is quantitative easing, it allows companies to borrow money at 0% interest and buy back their own shares, making their stocks higher than ever, and enriching their management. i was wondering if the guest, who is obviously very knowledgeable, could at least acknowledge this to the people who are calling in wondering what the heck to do about their iras, and, you know, the federal reserve has just decided to stop quantitative easing. they have decided to raise interest rates. it would be great to get, like, a decent interest rate on a c/d again, instead of having to invest in apple at 30 times earnings. host: thank you. we will hear from roben farzad. guest: when you take rates to zero, you have real negative returns on certain fixed income instruments, savings accounts and the like, it forces you into uncomfortable traits. you have to take on risk in bonds, in high-dividend yielding stocks. some people look at apple stock as just as good as a governm
now, we have had a federal reserve that has catered to the stock or get since the days of alan greenspanthe creation of too big to fail, it is quantitative easing, it allows companies to borrow money at 0% interest and buy back their own shares, making their stocks higher than ever, and enriching their management. i was wondering if the guest, who is obviously very knowledgeable, could at least acknowledge this to the people who are calling in wondering what the heck to do about their iras,...
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Jan 19, 2022
01/22
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well, now, suddenly they have eg to raise they don't have to do anything it's like 1982, when greenspan said we ought to let the banks make more money. >> still, mortgage business, downgrade a major homebuilder. mortgage rates um four straight weeks. >> you know, the robo-mortgage companies have been taking that business away. the real good business is checking account >> i think it's 0.00 last i checked. maybe actually five cents a mount? >> i love they're charging you and -- i want to be in that business, right? david, how much risk is there to charging you for your checks and making on the credit -- that's what i call business. >> it's a very good business getting back to bank of america, they had a very good last year the stocks all moved up last year, some more than others, other than citi, they all actually moved up sharply in the first week or so of trading for this week, prior to the beginning of earnings season, so making up a bit of what was just lost, but they're coming off a record year. >> now, goldman, people looking for -- 60 -- >> let's come back to goldman. just can't h
well, now, suddenly they have eg to raise they don't have to do anything it's like 1982, when greenspan said we ought to let the banks make more money. >> still, mortgage business, downgrade a major homebuilder. mortgage rates um four straight weeks. >> you know, the robo-mortgage companies have been taking that business away. the real good business is checking account >> i think it's 0.00 last i checked. maybe actually five cents a mount? >> i love they're charging you...
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this was labor market indicator that was made famous by alan greenspan many many years ago. don't understand the quit rate, people are not dropping out. they are just going for higher wages, and today's employment report, i think you have to read this very carefully, neil. you had 651,000 increase in the household employment survey. that's from the , that's where you get the unemployment rate. the unemployment rate has fallen again to 3.9%. that is historically very very low. the lowest we got during the trump years was 3.5%, and the federal reserve thinks full employment is probably 4% plus so wages are rising also. if you take average hourly earnings, plus hours worked, neil, you've got big numbers here the last three months up 9% and the last 12 months up nearly 10%. these are very strong numbers. i acknowledge that the so-called payroll survey came up short, although there's 150,000 or 140,000 upper division but that's seasonal adjustment anomaly. this is a much stronger report than is being reported. neil: so we've had, i guess, we're up about 6.4 million jobs, larry, f
this was labor market indicator that was made famous by alan greenspan many many years ago. don't understand the quit rate, people are not dropping out. they are just going for higher wages, and today's employment report, i think you have to read this very carefully, neil. you had 651,000 increase in the household employment survey. that's from the , that's where you get the unemployment rate. the unemployment rate has fallen again to 3.9%. that is historically very very low. the lowest we got...
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i started in financial journalism journalism,february rate hike greenspan did caused orange county debaclehat kind of -- that approach to inflation, so -- and you've got unprecedented response from the fed to covid, and a nearly nine trillion-dollar balance sheet. >> you are running down -- dagen, so it is not raise interest rates to fight inflation public and private, data high stock market high housing prices high economy weak it takes a lot of stomach they're certainly thought going to overshoot now raising interest rates they are going to be cautious that is why i think we still have inflation in 2023. dagen: thank you so much always a pleasure, coming up tom brady made a big dream come true at the heartwarming football moment making a big buzz this morning you are watching "mornings with maria" live on fox business. ♪♪ ♪♪ ♪ limu emu and doug.♪ and it's easy to customize your insurance at libertymutual.com so you only pay for what you need. isn't that right limu? limu? limu? sorry, one sec. doug blows several different whistles. doug blows several different whistles. [a vulture squawks
i started in financial journalism journalism,february rate hike greenspan did caused orange county debaclehat kind of -- that approach to inflation, so -- and you've got unprecedented response from the fed to covid, and a nearly nine trillion-dollar balance sheet. >> you are running down -- dagen, so it is not raise interest rates to fight inflation public and private, data high stock market high housing prices high economy weak it takes a lot of stomach they're certainly thought going to...