Morning. This bloomberg surveillance. More than a decade since the last one, s p Global Rating the gene the top rating for u. S. Of america. Fitch follows up after the close yesterday with this quote, the written downgrade of u. S. Reflects the expected physical deterioration over the next three years. The erosion of governance relative to aa and aaa rated peers. Whether it is justified, and if it matters, are two different questions. Lisa i would agree as this is the second Major Company to downgrade u. S. From aaa rating. The response arbitrary and based on outdated data. That is janet yellen. Larry summers the idea that it is a decreased default risk is absurd. Here is the question, is there Something Real behind this in terms of how much Interest Rate expenses are going up and like a convention there is on capitol hill . Jonathan theres governance issues u. S. Has that is inconsistent with other aaa rated peers like germany. Lisa i would agree because we were talking about u. S. Po
ringing of cell phones and pagers and similar devices are prohibited. the chair may order the removal from the meeting room of anyone using a phone or similar device. for remote participants, note the ringing of cell phones, pagers and similar devices can happen virtually and is still prohibited. please turn your devices off. due to the covid-19 health emergency and to protect commissioners, department staff, and members of the public, commissioners and department staff may participate in the meeting remotely. the exception is taken to the stay-at-home order and proceeding and preceding local state and federal orders, declarations and directive. commissioners may attend the meeting through video conference or telephone if the video fails and participate in the meeting to the same extent as if they were physically present. public comment will be available on each item in agenda. comments on matters not in the agenda, there will be an opportunity for general public comment. par
pagers and similar devices are prohibited. the chair may order the removal from the meeting room of anyone using a phone or similar device. for remote participants, note the ringing of cell phones, pagers and similar devices can happen virtually and is still prohibited. please turn your devices off. due to the covid-19 health emergency and to protect commissioners, department staff, and members of the public, commissioners and department staff may participate in the meeting remotely. the exception is taken to the stay-at-home order and proceeding and preceding local state and federal orders, declarations and directive. commissioners may attend the meeting through video conference or telephone if the video fails and participate in the meeting to the same extent as if they were physically present. public comment will be available on each item in agenda. comments on matters not in the agenda, there will be an opportunity for general public comment. participates who wish to comme
Poised potentially for of for the week of losses. In the bond market, the epicenter of the headlines. 170 is the estimate on wall street. Tom we will conflate a lot of economic talk. My major message is that the market still matter. It will be fascinating to see the reaction to the jobs report. Is a good news or bad news later this morning . Tom you know how much i hate that. I get confused by it. Employment is a big deal. 170 is a generous number and the Unemployment Rate matters. Jonathan lisa, adp was bad news. Lisa if you look at the revisions they have revised upwards. Their expectation is that the whisper number is 170,000. At what point is not good news but not too bad that means economic armageddon. They are waiting for something to break the cycle. Even though we have some common markets but they are still at 4. 7 . Jonathan there is a question in a program that was what is nobody asking you about . 2024. How bizarre is that . Its weird that we just need to get through the Fou
We will talk about that over the rest of the hour. 10 year yields are up about four basis points to just under 466. Lets talk about assets. Tremendous volatility on other Asset Classes as well. New york crude down to 81 on the day, just under 82. 8 lower. The dollar is still getting some strength along with yields. The yen is weakening to 157 on the day. Remember, there have been accounts by the Japanese Central bank, reviewed by bloomberg, show and likely intervened in the market monday. You saw strengthening. Back now to 157. Coco is interesting. You saw it drop as low as 27 . Now it is up more than 2. 6 on today. What is interesting is extending liquidity in the market shows you how wild you can see this wings leading to one of the worst drops you have seen in coco in decades, just earlier in the day. Midday movers on the equity side. Ge healthcare reported sales for the quarter missing the average estimates. Analyst sees this talk pressured after weak results with the company we ar