Is authorized to declare recess of the committee at any time come in all members will have five legislative days within which to his extraneous materials for inclusion in the record. The hearing is for the purpose of receiving the semiannual testimony of the chair of the board of governorboard of govere Federal Reserve system. On the conduct of Monetary Policy and the state of the economy i now recognize myself for three minutes to give an opening statement. After eight years in the largest Monetary Policy stimulus in the history and the most unconventional Monetary Policy in our history, americans recently received disappointing Economic News yet again. It is official, the economy grew at a measly 1. 6 in 201 2,016thn our historic norm is twice that. That takes eight years of subpar growth in eight years of stagnant paychecks and eight years of him replenish savings. Notwithstandinnotwithstanding tn that the fed to come and notwithstanding the personnel. After eight years, there is a
Is authorized to declare recess of the committee at any time come in all members will have five legislative days within which to his extraneous materials for inclusion in the record. The hearing is for the purpose of receiving the semiannual testimony of the chair of the board of governorboard of govere Federal Reserve system. On the conduct of Monetary Policy and the state of the economy i now recognize myself for three minutes to give an opening statement. After eight years in the largest Monetary Policy stimulus in the history and the most unconventional Monetary Policy in our history, americans recently received disappointing Economic News yet again. It is official, the economy grew at a measly 1. 6 in 201 2,016thn our historic norm is twice that. That takes eight years of subpar growth in eight years of stagnant paychecks and eight years of him replenish savings. Notwithstandinnotwithstanding tn that the fed to come and notwithstanding the personnel. After eight years, there is a
Bad. Say again . Theres reversal in some of them. Yeah, little change lets call it. Volumes still up, 80 above the threemonth average by the way. Global fixed income had a bit of a rally also. Speaking of fixed income, lets look at the 10year. There you see it, 2. 246. Crude is up. Yesterday too, wasnt it . Yeah, i mean, again people hope that the end of november theyll be some sort of cutbacks. It all just seems very chimerical, but it will say this. Traders get short and get between 42 and 43 and get crushed over and over again by the opening. Right. Lets get to the road map this morning. Of course it starts with janet yellen on the hill testifying on the health of the u. S. Economy and the timing for a rate hike. Plus donald trump taking some interesting meetings in new york today. Shinzo abe going to find his way to trump tower, we believe. A handful of ceos as well. And well have an update on the transition effort. Walmart out with results, sales were not quite where the company h
Indexes gained for the day, led by financials. We can say that u. S. Stocks have rebounded from brexit losses. Joe a pretty extraordinary comeback. How many times that we talked about the gains and losses being a race for the year. It looks like it is working. Matt the reversal of fortune x is pretty incredible, 20 lower than on the thursday when britain voted. It makes you wonder what the vix means anymore. It does not seem like it is watching. Noit says there is uncertainty, it seems like it does not understand what is going on. Joe 10 year irish is our bond of the day, a new record low. There is always one somewhere. You can see the chart. Also, lets look at the u. S. 30 year, an extraordinary declining yield. Today we saw a little uptick, but this last week has been an extraordinary drop. Scarlet the pound stronger, the on itsweaker, building postimpeachment rally, an 11 month high. This chart indicates the dollar weakening versus the real. Inflationadjusted rates makes brazilian a
Later, johnnt and kerry tells us by china must address its Cyber Security issues. Anathan it is referendum right here in the u k. Law prevents them from reporting on the voting or discussing or analyzing the referendum while we will follow the action beginning at 5 00 eastern time. A quick look at the markets. It futures in the United States are positive. Dow futures are up. The s p is up wonderful percentage point. The european rally continues. Up for the board, it is one of 49 very briefly today. Is 114. Dollar treasury yields are a little but higher. Now lets go around the world and check in with our team for indepth coverage. Francine is in london. Susan is join us in it new york. London. Moore is in jonathan lets pick it up with the data out of europe. We have some disappointing news in france. Lets bring in francine. Sub 50 is not pretty. We sell a 48 in there. 50ncine anything below indicates contraction. The matter what indicator you look at whether its employment or gdp, they