Steve engle at Standard Chartered with a blistering note about the fed minutes being reinterpreted. Weve got some breaking news. I dont know if you see it there i home in london, but this is critical. Alone,leaves the rate and we get turkish weakness of that headline. Mr. Erdogan simply doesnt want to raise rates, does he . Anna absolutely. They are leaving their oneweek repo rate. The big picture here is that many economists saw this coming, but also thought the Turkish Central Bank should hike rates because the Interest Rate in turkey is well below inflation, and that kind of makes turkey stand out on a number of measures. They are also spending fx reserves to try and prop up that lira. We were talking about a turkish crisis back in 2018. The lira is weaker now than it was then. We will talk more about emerging markets later in the program. Lira has been stronger the last one he for hours. It weakens demonstrably off of this leaving of rates. Right now, i can do the data check right
Region. In the u. S. , the senate has gone on vacation. It cannot get over this . It cannot francine get over this. Lets get to bloomberg first word news in new york city with ritika gupta. Ritika good morning, francine, lisa. President trump hasnt delivered the deal of the century he promised in the middle east. He can claim a foreignpolicy victory after israel and the United Arab Emirates agreed to normalizing relations. Even joe biden called it a historic step. With joe trump clashed biden over masks. The democratic president ial candidate said every governor should require masks for the next three months. He said that would save more than 40,000 lives. Bidenst trump rejected approach, saying, we want to have a certain freedom. That is what we are about. Vacationers will be unable to get back to work when they come back from their holidays. They must be quarantined for 14 days. China, the economy continued to bounce back last month. Industrial growth remained steady, rising 4. 8 fro
Meanwhile Federal Reserve not even thinking about raising rates now. Fed chair jay powell saying the current economic down torn is the most severe in our lifetime. Warning containing covid is essential to protecting our health and the economy. Big tech in focus all reporting today, their earnings after the bell, ceos grilled on capitol hill yesterday about anticonservative bias, Business Practices, privacy and china. Highlights from the fiery hearing coming up. Markets this morning pointing to selloff at the start of trading. Take a look at futures indicating decline 216 points right out of the gate, s p lower by 28. Marks rallied yesterday following Federal Reserve decision. The market was up 160 points don oh dow. The nasdaq up 140 and s p up 40 points yesterday. Unrest in america with violence in major cities. And the nba tipping off today, players taking to court in bubble at disney world with empty stands, we will check it out. The ceo of fanduel is here on how the virus is impact
Tom good morning, everyone. An exceptionally busy day here at bloomberg surveillance. Lots to talk about on the news front. Stimulus in washington or nonstimulus, the breaking news on china, and markets as well. The dollar moments ago breaks down to new week this of dxy new weakness of dxy. An ever weaker dollar index. That will be one of our themes across the hour. Our Kevin Cirilli reports a deeply divided reports on deeply divided republicans, and there are fire trucks in houston. Jonathan they are united on one thing in washington, and it is china. The consulate in houston shutting down after the u. S. Demand. We have looking up 70 times to that headline woken up so many times to that headline, so we have woken up so many times to that headline, u. S. China tensions. Gold, 1863 note an ounce. On a weekly basis, gold has had a record high. Go to the dynamics you have seen in highyield and ig. Lisa if you take a look at highyield bond spreads today, you can see to have shrunk dramati
Without question, the most odd, the most historic first half in the history of american finance. Theres no question about that, and it still continues. We will talk to you on economics, finance and investment. Jon will have a usable jon ferro data check for you. I really want to go to the farnt at hand, which is how people are behind after the down that we saw, and then the whipsaw up, up. Jonathan First Quarter since 2008 replaced by the best quarter since 1998. On the policy response, the next 30 days he is critical. At the start of march, end of february, we talked about building a policy bridge to the end of the year. I think what is clear going into july is that bridge needs a serious extension for a lot of people still in a lot of pain. Tom theres not a moment to patrick borrow from obrien. Much more than two weeks ago, it is let go. Lisa the more uncertainty there makers,e part of policy with fed chair jay powell expected to talk about this massive uncertainty, the more uncertai