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Walk back of Single Player singlepayer, now planning to do it in two stages. And Pete Buttigieg is doing very well in iowa. Down 2. 4 . Guy the dollar has been dropping in relation to these comments we have been getting, both from the fed and from the president. You can see that when you look at what is happening in the cable rates. I am also looking up the bloomberg dollar index. The cable rate now up by around 0. 5 . Some of that has come in the last 10 minutes. With stocks actually reasonably soft in the session, we are moving down toward session lows. Volume is very light. What is interesting is we have not seen much reaction in the bond markets this afternoon. A little bit on the bond market, to much, 34 when it comes the german tenyear. Vonnie the president s meeting with the fed chair, jay powell, the president tweeting out that they discussed Interest Rates and negative interests. Joining us now is bloomberg our gences demeans as Damian Sassower. We hear jay powell specifically did not talk Monetary Policy other than saying we look at the data incoming gave the president then tweets how much are investors taking this seriously as a signal anything may happen with Interest Rates . Damian definitely volumes are down, but the reaction in the dollar tells you everything you need to know. In a world of negative yields, it means investors need to reach for more, because they are bringing it forward here. They need to save for more, because return expectations come down over time. All of these things are weighing on the white house and on the fed. From what i understand, chair powell did not coopt group and repeated a lot of things he made in his testimony recently to congress. Guy the fact that the market has reacted the way it has must indicate that the market, at least, believes that, to a certain extent, this pressure is having an effect. Damian what the market probably thinks is trump is applying as much pressure as possible for the fed to continue to cut rates to stimulate u. S. Economy. That is why the dollars probably coming off, because lower yields means a weaker dollar. Vonnie we are talking the basis. 73nt off the 10 year at 19 off the dollar index. Let me ask about hong kong. In hong kong, things are getting much more serious, day by day. At what point does a start embroiling couple markets globally . Damian that is the question. We see significant this locations in the interbank market. We have seen rates for three months for to highs we havent seen since 1999. Economy real perspective, what does this mean for hong kong . 26 ism is down yearoveryear. Smallss sentiment business intimate falling off a cliff. This. E seeing all of most recently, unemployment now above the 3 threshold. Restaurants, hotels they are laying people off or scaling back in wages. Guy youre looking at live pictures coming from hong kong as we, where it is currently four minutes past midnight. How much of the damage is permanent . Not to the buildings but to the economy. Damian it is all very serious. If you read some of the most recent rhetoric out of the peoples daily and some of the more conservative chinese periodicals, they are digging their heels into they think there is no room for compromise. What does it mean for the future of china as asias leading Financial Hub remains to be seen. From where we sit, you can expect a lot more uncertainty. What we have been looking at is the shape of that credit default swap curve. You basically see that curve flattening one year, five years, flattened in the last one basis point to five basis points in the last few weeks alone. Vonnie Damian Sassower of bloomberg intelligence, thank you. The we are now joined by uho european head of what do you make of this meeting between trump and powell . It is interesting that it even is happening. It is right that the president can have a chat with the chair of the fed, but the problem for the market and the reason it has reacted the way it has is because of the fed made a big about turn that the fed were very focused on domestic events last year, then they may this be changed to focus on global events, and that shift coincided with rhetoric that, from the president , which was attempting guy it means that the fed is not impervious to the president s comments . Coal here is some correlation. Unfortunately, that has been borne out in recent history. I think the market has a tendency to react to it i am not sure if i agree solely on this. What the fed has made a point of is that they will be datadependent. Really, the data trajectory over the next one to three months, i think, is in the president s hands. Does he do a phase one deal with china . Ifllar would go up not, does this mean there is some uncertainty and trouble on the negotiations . Vonnie the fed definitely making sure it got its statement up before the president put out his tweet. Would you sell dollars on that tweet . Peter no. [laughter] ishink, globally, there still too much value associated with the dollar. The relative real Interest Rates that are available within u. S. Fixed income is probably too great for the dollar to be able to sustain a downside from here. The way that the dollar would be able to sustain the selloff would actually be if the trade war were to suddenly vanish. Then you could get easing of the dollar. But from here, we have far too much uncertainty globally. We have just been talking about hong kong this is one reason to be Holding Dollar assets. Vonnie briefly on the trade war before we get to hong kong, if your base case is that something will happen eventually, are there marginal trades that might make waiting for that base case to materialize more interesting . Or is it there is one trade you put on and you stay with it . Peter there are actually many trades. We would expect there is going to be another cycle of optimism as we go into q1. The u. S. Treasury curve is vulnerable to being sold off. What we like is a 5 30 flattener. Hitting the belly of the u. S. Rates curve but still not being vulnerable to the big duration selloff, because the longer term picture is still quite bleak late cycle in the u. S. Guy the 15th of November December is the next big date for tariffs. If we do not have phase one then, will the market put that back in in terms of cuts . Peter unfortunately. If we thing about another round of tariffs being implement it, not only is phase one not being done, but sentiment was green the two parties is going to sour. In that scenario, there is a potential of the full steepen of the curves 2 10s is potent. Guy what would the implication before the markets off of that . You look at what is happening with german data at the moment, some assessment that it is starting to bottom out, but you get a leg up in the trade, maybe that trade needs to be reassessed as well. Peter exactly. If december 15 tariffs were implemented, we should think of the curves going all the way back down to where they were during the summer. About ecbso thinking rate policy. I think four basis point of cuts are priced in over the next 18 months. Sounds completely wrong to us, but the catalyst would cause this. Guy we will hear from Christine Lagarde later this week. Peter chatwell of Mizuho International will stay with us. Vonnie lets check level markets. We have kailey leinz. Kailey we are still looking at a risk off day. S p 500 off by 1 10 of 1 . The nasdaq down by 2 10, as are stocks in europe. Seeing some by income into the defensive treasury market with 10 year yield down by three basis points. What is overhanging the markets pessimism on trade with reports beijing is not optimistic about the prospects of a trade deal with the u. S. If we look at a chart of s p 500 futures, we can see the direct impact that had. We have seen some recovery on reports of trump meeting with powell in the last 20 minutes. The biggest laggard today are oil companies. If you take a look, part of that is due to the fact that crude is lower by 1. 5 . You also have the aramco ipos lower valuation. Still questions about appetite. As a result, you have a number , down, including chevron by 1. 5 . When we look at energy, it has been a persistent laggard. It has been losing weight within the s p 500. Its market capitalization is that a historic low. The entire pocket cap of the rgy center that sector is theentire market cap of Energy Sector is lower than apples. Vonnie you can catch up on key analysis and save your favorites for future reference. That is gtv. This is bloomberg. Live from new york, i am vonnie quinn. Guy from london, i am guy johnson. This is the european close on bloomberg markets. Lets check on the bloomberg first word news. The president says he discussed negative Interest Rates and the economy with the Federal Reserve chairman today. The president tweeted it was a very good and cordial meeting. He has criticized powell for not cutting Interest Rates far enough. A surprising offer from the president on twitter today the president said he would strongly consider testifying in the impeachment investigation that after House Speaker nancy pelosi said that president could testify in writing. The aramco ipo will be a local event. The Worlds Largest oil company says it will not market shares to american, canadian, european, or japanese investors. Instead, aramco plans to rely on ultrarich saudis. Listenings are regulations allowing locals to buy more stock. Global news 24 hours a day on air, and on tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. His is Bloomberg Vonnie thank you. Back to brexit. Jeremy corbyn confirming the party plan to nationalize rail, male, and the national grid. Anna edwards asked how he plans to close the pulling gap with conservatives. Campaign. Get our manifesto across. Point out that what we are offering this country is to negotiate a trade deal with the european union, which gives a credible leave option, alongside remain, and bring that to a referendum. Aboutall, it is empowering young people for the future with better training, apprenticeships, and an equal status between apprenticeships and education. Vonnie johnson had a different to attract voters. I hope you will not mind if i also announced today that we are postponing further cuts in corporation tax. Before you storm the stage and protest [laughter] before you storm the stage, let me remind you this saves 6 billion pounds that we could put to the priority of the british people, including the nhs. Guy thats lets get insight. Chatwell, Mizuho International head of european rates strategy. Jeremy corbyn is talking about nationalizing a lot. It was interesting to hear that Jeremy Corbyn would say he would as you look at what is coming out of the politicians mouths, how much of it is priced and how much more is there to price in . Peter what is priced, to a degree, is an exit rotation they are able to spur the economy. Unfortunately, you also have to a flightd that this is to quality intimate, so they are tail risks associated. Conservatives have a lot of. Aylor risk tail risk that is difficult to disentangle and fully see the fiscal impact on the gilt curve. It is probably fair to see that, because we are going through a period where we have lots of rhetoric coming out, and it is probably easier to factor that gilts,t as a bid for thinking that the bank of england will probably be easing in the future, and there will be a flight to quality. Guy lets talk about u. K. Breakevens. They have come down recently. The fiveyear has come down sharply as of late. This is down to the fact that there is an expectation brexit will get done, the pound will rise, and that will put a dampening effect when it comes to u. K. Inflation. We expect that to go lower . Is that a straightforward trade at this stage . Peter i believe it is. If you look at that chart, what we are doing is exiting the regime of the massive sterling depreciation since the 2016 referendum. This is an economy which is going back to some semblance of stability on the fx front, probably going back to a regime of relatively low growth, because of all of the exit uncertainty brexit uncertainty. It is a breakeven curve, which is pricing that the economy is softening up and that the currency has probably bottomed, hence why breakevens are still going lower. That means that nominal gilt rates are probably capped for the time being. Vonnie when do we start to get positive Interest Rates in those countries in europe where we have had negative Interest Rates a long time . , in europe,nk probably not within the next five years. Probably longer, i would say. The evidence is the euro area is for early firmly in a liquidity trap and, for many reasons, cannot get out. The main reason is there is no single physical body in the euro area, meaning they cannot have a cohesive fiscal policy. If there were to be massive fiscal easing in northern europe, it would cause a crisis in southern europe. There is a number of reasons why europe is stuck in a liquidity trap. I do not see exits there. Other economies tied to europe will therefore probably suffer the same fate. Noneuroeurothe economies are likely to be tied closely to the ecb policy rate just a minute for mitigate the effects they would suffer if the ecb yields were to go lower. I expect the ecb policy rate will be going lower over the term. Vonnie lets take greece, for example. It is a euro country, but the 10 year yield is under 150 basis point increase right now, which in greece right now, which is fascinating to during a few years ago. Should greeces 10 year yields be below 1. 5 . Peter it is difficult to suggest that is a stable, longterm investment, given the probable political risks you would have over that 10 year horizon of holding that security. But i think, for now, while the ecb policy rate is negative and, as i said, i think it is likely to go lower. What would for many, be perceived as weak credit with financing rates low is to mitigate the underlying credit risk. As long as low rates are in place, the weaker credits are still able to refinance at favorable levels. This is what i say that if there were to be fiscal easing from northern europe, if that were to push riskfree Interest Rates up, that would actually pose a risk for the weaker economies, because they would not be able to refinance at such low rates. That would mean spreads would widen. Those that are saying europe needs fiscal easing, i think they need think about not putting the cart before the horse. First, europe needs a method of fiscal transfer. It needs to fundamentally change itself first. Vonnie thank you. That is peter chatwell, Mizuho International head of european rates strategy pay lets have a quick look at hong kong. Live pictures coming out of the city. Of course, we are in the second day of a two Day University siege which continues and has been transfixing hong kong battles between police and protesters, raging fires, tear gas, flaming vehicles. Tens of thousands of people marched towards the Hong Kong Polytechnic University on monday evening to eight those still stuck on the campus. Those are live pictures out of hong kong tonight. This is bloomberg. Vonnie seeing a little improvement here in markets, but really, we are flat on the s p 500 and have crawled up to six points on the dow jones. The nasdaq still the worst performer, just about 1 10 of 1 . That is a reflection of what is going on today from the president tweeting about the fed, more earnings, to expectations for any kind of resolution on trade. Then you have things like nvidia moving up 4 , the best performance in the s p 500 right now. Guy the ftse 100 flatlining right now. Lets take a look at what numbers look like. We are seeing some stocks counterbalancing some of the mining stocks. The dax being dragged lower, so volkswagen and daimler are the worst performing sector in europe today. This is bloomberg. Guy 30 seconds to go in till the end of regular training in europe. A lowvolume day out of europe. Trying to deduce anything from the pricing we are getting today. Maybe a little bit more hazy. Signaltonoise may be lower. What youre looking at in terms of the session looks like this. Intraday higher first thing. Sideways in a tight range. Then there is cold water poured on the idea we get a trade deal coming out of china. We go lower. Then sideways again. Down less than. 1 . Lowvolume. It feels like a negative session. That is confirmed by all we are seeing in the sector breakdown. At the bottom of the market the autos, at the top of the market the bond proxy. Lets show you what is happening with the individual markets and then the individual stock sectors. The ftse 100 flat today. Absolutely flat. You have some of the big pharmaceutical names at one end, on the other end some of the big mining stocks in the big oil stocks. The ftse 100 is reasonably well balanced around the 7300 level. The dax is down, the auto sector doing the damage. Volkswagen is dragging down. The cac 40 down. 3 . Lets show you the sector story. A mild risk off you. Some of the stories coming out of the sector stories are idiosyncratic to individual names. On the top end of the market, real estate, utilities, health care, household good. The bond proxies. The market is rotating to that safety. Market, i go the back to the fact that the miners and the autos and the oils are seeing weakness. Minors, oils, autos. Auto sector down to. 25 . There are some individual names dragging the sector lower. Volkswagen lowering its forecast and as a result that stop has dried the sector down. Some of the names are also lower. Lets show you some of the individual names to give you would have idea of where the big movement has taken place. There is vw, down 4 . I want to talk about what is happening at the madrid stock exchange. Have the Swiss Exchange the stock rocketing. Up nearly 40 . 37. 95 percent in terms of the percentage gain. The consolidation we continue to see in european exchanges, another one getting swallowed up. This is certainly a factor for the london market, down 5 . The market not wild about its strategy, to particularly when it comes to holding onto his asian assets. The market today driven by lowvolume. Trade continues to be the main thing. That is look at the european close. Vonnie up 3120 on the s p 500. Not much movement. Same for the dow and the nasdaq. We are seeing individual stocks make moves. The 10 year yield back up to 1. 81, it got down as far as 1. 79 after we learned the president and the fed chair had a meeting. 97. 72,lar index down to down. 3 , the euro having a strong day, up about. 5 . , 56. 74. Down 1. 7 lets get into some of the movers. 500. Rr function on the s p you see some of the Media Companies are doing well today like discovery. Nvidia is one of the tech stops doing well along with advanced micro devices. O have some teen earlier some of the insurers group, date, up 3 as a perhaps on the idea Elizabeth Warren is less of a threat because going to singlepayer according to her plan would be a two step process. There would be a step one and then after that would be singlepayer. That is the type of thing that has been spooking the market and now that seems to have gone away. On the downside, we have several stocks lower. Many are energy related. It has just been discovered that the heart pumps has had bad testing. It was discovered to be not as good for your heart in terms of trying to get it to pump. The unit from audio med not going to be able to sell as much in the future. Of peopleinly a lot paying attention to that. Lets turn to the economy of greece and the vital role for tourism and the health of the nation. Joining us from washington is haris theoharis, the tourism minister of greece. Good morning to you, minister. Lets start off the big picture. Stabilizedomy has and is starting to show signs of recovery. How do you attract more economys into the greek and the critical sector tourism is. Minister theoharis we have seen the first signs of the applicable change that happening during the last election during the summer in july, it has put greece back on the map. Instituted at has number of changes to make the greek environment much more business friendly. Like, that, if you tourism is something that greece knows how to do well. Knows how to service people, how to treat them with Great Service levels. It is also something that investors have gained a lot from. We would likeing to introduce greece, that is why i am in washington, to introduce greece to the investment world. Guy one thing greece needs is higher value added. And mores higher expensive grades of hotels in particular. How do you attract more five star hotels degrees, the kinds of institutions that will bring in more money, add more value, and keep that money within greece. Minister theoharis if you look the numbers, for the past five years greece has increased the visitors, more than double the number of visitors. The averages have gone down. This year, we have visitors, mon double the number of visitors. Seen single digits. The numbers seem poised to complete the year in that vein. A single digit growth in the number of tourist but double digit growth in terms of tourism revenue. This is the result of a lot of investment in the fivestar and where the added a Value Segment is at we will continue in that vein, continue encouraging those kind of investments, but we will also add more into the mix, a more accessible investment for all s, more greed or orlical more green cyclical economic investments. Sustainable development is the game and this is something tourists want to go to. Those kinds of things are the things well be encouraging and we are encouraging with what we are introducing. David vonnie if tourism is bringing greece back, why is unemployment projected to be 17. 5 . It is definitely down by a long way from its peak, but can an economy like greece whether 17. 5 Unemployment Rate . Sustainedheoharis unemployment we have seen has taken a stall on the social factor. That is why it is very important that we get back on the growth trajectory with higher rates and the kind of rates we have seen. This is the reason why the political change what the greek people have been demanding from the new government to do. Sector focus is much more important than the other. On average, tourism trades about 10 of the jobs worldwide. In greece, this is closer to 25 . You can imagine both the Growth Potential and the weight in terms of the size of the sector lies with the tourism sector. Greece has a lot more to offer. Everyone knows greece for the islands. Greece has ski resorts. Greece is mountainous. You can do walking, bicycling, writing, those kinds of things people do not normally know greece for. Vonnie who would not want to go to greece . I am asking about investors what you can what can you offer investors given that a 10 year yield is only 1. 5 . What will attract investors to greece . Minister theoharis this is exactly that. Greases pivoting away from paper yields, for yields from the bond side, and as the yields are going down, nows the time to invest in brickandmortar, in hotels, in other endeavors within greece. Those returns are actually much more attractive than the financial returns of paper instruments. This is the time to do real investment. We have seen the crime of the tide of the kind of interest from u. S. Investors, from other , it validates the point that this is the time to invest in greece. Every investor knows that half of the success of the investment is timing. The timing for greece is now. Vonnie we will leave it there. Minister, thank you very much indeed. Haris theoharis, the tourism minister of greece joining us from washington, d. C. Vonnie lets turn to hedge funds. Point state capital, the fund started by former traders is looking for new investors, even as it struggles to rebound from last years doubledigit loss. Is our reporter. They cans them think raise money when just last year they did not have much to give investors back . That is a very interesting point. We have seen investors take away 77 billion from Hedge Fund Industries so far this year. That is almost twice how much they pulled last year. Despite that, we are seeing points coming out and basically saying we want to raise a few billion dollars more. One thing that has happened since the financial crisis is investors have preferred to go for larger, wellestablished hedge fund managers. T plays to the advantage some of the larger multistrategy hedge funds such as citadel are not taking money. They are soft closed. Therefore anyone who is looking to allocate those kind of hedge funds are moving to who are the next one. Guy is there an expectation the fee will be lower . Nishant fee discount is negotiable, of course. Not coming out with great performance. Last year they lost 19 . So far this year they have made under 1 . The industry is up 7 . They are in a not so great position. That might lead to some investors expecting lower fees from them. David what are this vonnie what are the strategies they will push for this new money . Will they stick with what they have been doing even if it is not working . We should put in the cap yacht that hedge funds can have a terrible year but the trait might pay up might pay off on january 2. Nishant absolutely. They have planned to start in argentina fund. This new money is primarily for their main strategy, which is their lard strategy out of 6 billion. It will be 4. 5 to 5 billion in that main strategy, which is a macro trading strategy. Directedh capital is towards that fund. Vonnie thank you. Our Bloomberg Hedge Fund reporter from london. Kumar. Guy european stocks done for the day. The ftse 100 just positive by. 1 . Pushing itself above the line during last couple of minutes. Vonnie live from new york, i am vonnie quinn. Guy from london, im guy johnson. This is the european close on bloomberg markets. Lets check in with first word news. Here with the details is ritika gupta. Hong kong has been transfixed by a three day siege. Protesters are trapped on a campus surrounded by police. Trump and north Koreas Kim Jongun are at odds as a key deadline approaches. Over the weekend, the president urged kim jongun to act quickly to get a nuclear deal done. He also suggested the leaders can meet again soon. Kim has given the u. S. Until the end of the year to ease sanctions. If that does not happen, he warns he might take a ew new path. The president is backing off the vaping band he wants back. He warns it could lead to job losses. Global news 24 hours a day, on air and tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. I am ritika gupta. This is bloomberg. Vonnie thank you. Time for our stock of the hour. Shares of tmobile are falling but there off there lows of the session. After a call today, the Company President and chief mike siewert would take over from john leger as ceo. Taylor riggs has more. Taylor i found the stock Market Reaction interesting. You had initial worries. That is when the stock market fell early this morning, and recovering as analyst digest the news. The worry of the stock has tripled under john legers leadership has tripled while revenue has doubled. Mike ciber is promising continuity and while analyst say this could be a disruption, the new incoming ceo has been gloom groomed for the role. He is more than fully capable. The stock reacting. Revenue doubling in the last few legere tookjohn over in 2012. Expected to come in at 47 billion next year. Some negative news, but analyst mostly digesting the news and looking for the continuity in leadership for this campaign. I want to take a look at chart at my terminal. Stockhe start with the we know another big catalyst for sprint and tmobile will be the potential merger of sprint by tmobile. Even though they have gotten some recommendations from both doj, tmobilee stock has done much better than sprint when it comes to the potential merger. Guy in terms of that potential merger, Regulatory Approval coming through, but are there still problems that need to be overcome . Taylor i think this is a big uphill battle. The reason why r. B. I. Analysts are saying is the companies will remain separate until the First Quarter of 2020. You are awaiting one more additional ruling on the lawsuit by several states and the district of columbia that should be decided and then hoping to see the companies merge. We know number three and number four need to compete and take on at t and verizon. This is tmobile and sprint. R. B. I. Analysts think tmobile in white will continue to read as the low consumer friendly models strike with the consumer. We are waiting the First Quarter of 2020 to see when the deal starts to go through. Vonnie thank you for that. That is taylor riggs in our San Francisco bureau. Coming up, it is our global battle of the charts. This is bloomberg. When you move homes, you move more than just yourself. Thats why xfinity has made taking your internet and tv with you a breeze. Really . Yup. You can transfer your Service Online in about a minute. You can do that . Yeah. And with twohour Service Appointment windows, its all on your schedule. Awesome. So while moving may still come with its share of headaches. No kidding. Were doing all we can to make moving simple, easy, awesome. Go to xfinity. Com moving to get started. Guy time for our global battle of the charts. As you know, you can find these on your bloomberg. All you have to do is run gtv. Michael joins us now. What have you got . Michael one thing i focus on his unfriendly crude oil. The longterm distorts and takes away from the distortions of the dailies. 12 month average is trending lower, the 16 month average is trending lower. The candles show you the tweaks at the end you have to watch out for. 63. 38, that was the spike during the attack on saudi assets and then we had that low last year. That is the range. The trend is down. Need to good reason to not go down. Guy interesting to see whether or not the aramco ipo has any influence on of that. Vonnie . Vonnie very punchy. I would like to congratulate my competitor. My chart is fantastic. It charts something troubling it affected by something troubling, the situation in hong kong. Just in the last few days, volatility has increased. Increased to a level we have not seen since several months ago. It is escalating, it is serious, there are thousands of students at the university and it looks like it is getting easier and easier to rile police and even bring the chinese into it, although not in a militaristic sense, at least not yet. You can see that chart on the bloomberg at gtv. Guy nice chart. I have to give it to mike. I think the oil chart is fantastic. As you say, it was a nice chart. It is your win. That wraps up battle of the charts. It does not wrap up our coverage. Coming up is balance of power. David westin taking the reins on Bloomberg Television and radio. He speaks to fort president of automotive. He will be joining him on the show. Looking forward to that. We also have a market to watch out for. Currently a fairly flat session driven by light volume. Trade continues to be the overarching factor that we continue to watch. The s p barely budging. 3120 is where we are trading. Absolutely flat on the session. Tech softer, the dow farmer. Not by much. Volatility picking up just a touch. I am off to the cable show on dab digital radio. David westin will be taking over. Have a great afternoon. This is bloomberg. David from bloomberg World Headquarters in new york to our tv and radio audiences worldwide, i am david westin. Welcome to balance of power, where the world of politics meets the world of business. On the brief today, Kevin Cirilli from the white house on President Trump meeting with jay powell, Damian Sassower on unrest in hong kong, and from london Jessica Schenkel meant on the British Election in full swing. We heard President Trump was talking to jay powell about negative Interest Rates. Kevin the Federal Reserve putting out a statement in realtime about this previous unreported meeting. We know fed chair powell was asked by President Trump to come to the white house and u. S. Trip secretary Steven Mnuchin attended this meeting. According to a statement from the board of governors of the Federal Reserve, they said chair powells comments were consistent with his remarks at his congressional hearing. He did not discuss his expectations for Monetary Policy except to stress the path to Monetary Policy

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