Threequarters of a percent. The nasdaq moving above, 1 higher now. Were going to kick things off with our chart of the day, the ten year. The yield ripping higher again right now. Take a look. It hit above 4. 65 earlier in the session, at its highest level in 16 years, right now at 4. 6. Really thats where we have to start this conversation, shannon. Higher yields but yet were seeing a bigger rally in the markets. How is that even possible . I think weve already been under pressure the last week or so. Not to say that pressure has eased, because if you think about what were facing right now, were facing Higher Oil Prices, higher yields, potential shutdown. Keep going. Student loan repayments are back. Were in september, which is just a tough time in the marketplace, and so this continued pressure, i think, what you see in todays marketplace, youre looking at investors saying, okay, weve experienced some of this pain, we have had a pullback in august and september. The Third Quarter is
Originally given seven years for ratification. Congress reported to change the rules. I filed the first lawsuit challenges the constitutionality of that change of process on behalf of Washington State legislatures more than 30 years ago. We won that case. The rule was, you cant change the rules in the middle of the stream. If you have to have an agreement on the subject matter to start with and you cant change the rules in the middle of the stream, this fearmongering going from the extreme left and right is just nonsense. The power of the convention is no different than congress. You can call a convention for a particular purpose. Congress could propose amendments for a particular purpose. Just because Congress Proposes an amendment on minimum wage, doesnt mean the whole constitution suffers. You are a constitutional lawyer. How many times have you argued before the Supreme Court . Just once. I have filed lots of briefs but only argued one time. You ever think about why the founders pu
Catching the safe haven bid. Down by. 6 . I find it ironic that the missile was fired over japan if the yen is the safe haven currency of note. Gold up by. 8 . The highest since the election of last year and the vix jumped by about 20 . The good safe haven move happening all across markets. We are joined by Stephen Engle from tokyo and on the phone is. Aniel tenenbaum he provides regulatory Crisis Management support to Global Financial institutions. Youre on the ground. I want to hear whats happening with you first. What has happened in the last few hours . Has convened his second Emergency National Security Council gathering with his ministers of defense. To discuss their options. This after shinzo abe had a 40 minute conversation over the tone with President Trump calling this a grave threat coming from the North Koreans. Shooting intermediate range Ballistic Missile. Around area north or pyongyang that flew over japanese soil across the Northern Island of hokkaido early this morning
A massive Balance Sheet. Lets go to Steve Leishman, he has been deciphering what the fed is up to steve. Reporter hey, yes, the Federal Reserve hiked points to a quarter point of a ragege of one to onequarter of a percent, turning up the heat and ignoring readings its the First Time Since 2008 the feds number does not have a zero in front of it. Janet yellen says the moves are justified despite weak Inflation Numbers. All that we are doing in raising rates is moving, removing a bit of accommodation heading towards neutral pace and i see that is appropriate, where were not moving so aggressively as to put a break on continued improvement in the labor market. Reporter the fed also announced a plan to begin soon reducing the 4. 4 trillion Balance Sheet. That could happen in a year, unloading as much as 50 billion in assets or 600 billion a year heres some of the stuff they will do t. Balance sheet calls for a monthly warmup capital of 6 billion that means all but 6 billion will be investe
The economy. It will come as no surprise to you, chair yellen, that improving Economic Growth is a key priority for congress this year. 2016 was the 11th Consecutive Year that the u. S. Economy failed to grow by more than 3 . One way to improve our Economic Growth is it to study and address areas where regulations can be improved. Since the financial crisis regulators have imposed thousands of new pages of regulations. We all need to better understand the combined impact of these rules on lending, liquidity, cost for small Financial Institutions, and broader Economic Growth. It is time to reassess what is working and what is not. Im encouraged by President Trumps executive order on Core Principles for regulating the Financial System. Directing the treasury secretary in consultation with the heads of the other member agencies of asoc including you to report on how well existing laws and regulations promote or inhibit Economic Growth will be a helpful step as we move forward. Financial r