And lisa abramowicz, im jonathan ferro. Is one of the worst charts in the world. With the Stoxx Bank Index hitting a record low, you wonder where that folds into the system. Jonathan theres a line i remember from the former ecb president mario draghi, when he turned around and said rates have to be lower and out to be higher in the future. It was 2014. They just went negative. They are still there. Will we generate an economic recovery on the continent that leads to higher Interest Rates . The answer right now is not any soon. Tom bring up that chart. It is really an elegant chart. This is the thing that we were talking about. It is the xaxis of all of this. Whether it is the european back malaise pushing back 12 years, even 14 years, it is the duration of these agonies we have to focus on. Jonathan weve just never recovered. This week, the equity benchmark , the daxurt, germany since then, we are down, we are down almost 6 . Tom how do you measure the mystery of what is going on and w
Runs out and shares of Bed Bath Beyond are surging, the retailer reports comps of 6 , online sales soaring 89 , jim so earlier in the week, jim, and even last week you seem to be pessimistic about the prospect of a compromise coming together. Do you feel any different this morning . Look, i think the Airline Layoffs are looming large because with layoffs come a cut in roots, with a cut in roots is a pain point, but i think its the senate, we keep talking about mnuchin and we keep talking about speaker pelosi, but i think the senate is buying into the president s vshaped recovery and i think Mitch Mcconnell is buying into it which says why do we need more we have a v shape, its just Certain Industries that can be triaged. I know that the industries represent small and mediumsized business so im against that, but i would say in favor of the mcconnell position, at least if you are looking at the stock market, this set of earnings, now, that is not what they care about and i dont want to m
The survey number was 95. Present situation, 94. 2. That is better than last time. In terms of expectations, though, 91. 5. The Manufacturing Index has come through better than the survey. Last time, it was flat with expectations at five. We came through at 10. The consumer is getting jittery. Alix especially as the sunbelt is hit. We had an announcement from the fed earlier. Michael mckee is with us. Walk us through the numbers and to talk about the fed meeting tomorrow. Mike the numbers are connected to the meeting, with Consumer Confidence following and the outlook for the next six months dropping dramatically as it did, the economy is looking like it will go back into some sort of contraction, based on the new covid19 cases we are seeing. The fed sees as something they do not like, because moments ago they announced they are extending seven of the nine lending programs they put into place in march, through the end of the year. They were going to expire on september 30. The only one
By the United States of america. You go out and look at all the speculation. I would suggest right now it is speculation about what china will do, but there is no speculation that they will do something. Jonathan there is a broader story to acknowledge, whether it is the economy and trade, whether it is foreign in the , the commonsea denominator is trust and the lack thereof. You see it playing out more in the last couple of months. Tom it is worldwide. SyrIan Duncan Smith was on. Ir Ian Duncan Smith was on there is a Global Messaging here about china and what to do with their economic and military assertiveness. Jonathan for the equity market, we are down just eight points on the s p 500. Market participants dont know what to do with that story. This has been the take away for the last several weeks, every time we see a headline like this. We come back pretty quickly. Lisa trade tensions were a tear bleed through into the economy. Result, an unclear less fuzzy result that we are is th
Out. Alix yields on the 30 year in the u. S. Down 19 basis points. Lets get some more layered a, Julia Coronado joins us now. We have been trying to answer this question, what is driving the dramatic decline and move into safe havens . Onryone has been blaming it jay powells gdp forecast for 2022. Do you buy that . Is notthe feds forecast at all out of step with the consensus in bloomberg, bluechip, all of the congressional budget office, so i dont think that is new to the market that it will be a gradual recovery, and i thought that powells message was steadfast in terms of the feds commitment to participating in the recovery. I dont think this can be blamed on the fed. Into complacency with the virus. States that are opening up are starting to see escalating cases even controlled for increased testing. This is still a problem that we need to grapple with, is coming back to the forefront. We were always going somet a risk aversion and point the market would have a ritz look at what is