it's not interest rates being too high that's not the problem >> john bellows, why don't you jump ins going to happen. >> the case for a rate cut is pretty straightforward growth has slowed. it's the second straight quarter of outright contraction. at the same time inflation is below target only 1.7%, as was noted, the market base for looking indicators are pessimistic that we're up to 2% in an environment of slowing growth and below target inflation. you don't have to overthink this, central banks should be providing accommodation, it's what the fed has done. i think they're going to do if again today. it's the right thing for them to do right now >> how does the fed tilt after this decision. that's the key question in the markets, baked in is a 25 point cut. what's not baked in is what happens afterwards is it a complete pause, a complete no more as we heard in 1998 >> right, so i -- i think the markets moved a lot in the last few weeks, we've seen 20 basis point increase and two year yields 30 point increase in 10 year yields a lot of people are expecting the fed to signal their d

taper tantrum market reaction to that >> showing some of the treasury yields here, moving higher, john bellows, for you the inversion of the yield curve was a big argument forethe fed cutting rates, what do you think rates are telling us now >> a lot of that has come out as the fed has cut rates down to the forwards, they've provided the accommodation, the market thought they should. you know, the interesting question is, where do we go from here, modifyingthe word acted is a tad hawkish i note they are still monitoring developments, still focused on the isks, i don't think this i that big of a change i think the fed going-forward is going to be focused on that big picture we were talking about earlier. slowing growth and below target inflation. not only is that an environment where you have to be hawkish, but the risks continue to be to the down side yields in that environment. >> the stock market doesn't seem to be jolted by any of this, at least not until right now. remember, melissa in the summer, when you jumped appropriately on the idea, when he said mid cycle adjustment, not the beginni

bellowing. .. behave yourself! colourful... i couldn't give a flying flamingo what your view is! unforgettable. leave the chamber, get out, we'll manage without you! as johny, it's been my particular privilege to address the chair when you are in it. i find it very hard to imagine this chamber without you. the highest duty of the speaker of the house of commons is to be the champion of our house and its members, and to defend our right to freedom of speech, the defence of our constituents, and, mr speaker, you have done that. even at 18, john bercow had the rhetorical flourish — and the crowd—pleasing lines. i would suggest to mrs castle that the reason she sought tojoin the european parliament was precisely the same... an mp from 1997, he's reformed the speakership, ditching the traditional court dress, empowering backbenchers. he overcame allegations of bullying, questions about his expenses, and a sticker in a car he drove reading, "bullocks to brexit." that sticker on the subject of brexit happens to be affixed to or in the windscreen of my wife's car. yes. and i'm sure the honourable gentleman wouldn't suggest for one moment... laughter ..that a wife

bellowing. .. behave yourself! colourful... i couldn't give a flying flamingo what your view is! unforgettable. leave the chamber, get out, we'll manage without you! as john champion of our house and its members, and to defend our right to freedom of speech, in defence of our constituents, and, mr speaker, you have done that. even at 18, john bercow had the rhetorical flourish — and the crowd—pleasing lines. i would suggest to mrs castle that the reason she sought tojoin the european parliament was precisely the same... an mp from 1997, he's reformed the speakership, ditching the traditional court dress, empowering backbenchers. he overcame allegations of bullying, questions about his expenses, and a sticker in a car he drove reading, "bullocks to brexit." that sticker on the subject of brexit happens to be affixed to or in the windscreen of my wife's car. yes. and i'm sure the honourable gentleman wouldn't suggest for one moment... laughter ..that a wife is somehow the property or chattel of her husband! it was his interventions on brexit that catapulted him to fame. stopping a third meaningful vote on theresa may's deal, allowing the the benn "no—deal"