On many essential attributes of a plan. It would be extremely challenging too used to document as a document to hold the iris, the Treasury Department, or anybody else accountable for missteps. The few things it almost entirely lax are quantitative targets to measure against, backup data to analyze, and various key operational details including, for example, who at the irs or Treasury Department is ultimately responsible for making decisions on any particular issue. This does not give any detail on how the irs will implement secretary yellens 400,000 dollar pledge. And details really matter here. It also does not estimate what any of the 42 initiatives or 190 odd key projects are expected to cost or clearly answer the basic question of which initiative or key projects can be fully implemented with the 80 billion dollars in funding. What the document quietly admits is astonishing. Despite contrary rhetoric, the irate did not give the irs enough funding to fully realize the plans divisio
Im Andrew Ross Sorkin. You cant wear white pants. Im Andrew Ross Sorkin with joe kernen and mike santoli is here hanging out for becky who is still off today. Lets show you u. S. Equities at this hour. We have a little bit going on. Not too much just yet. The dow off 27 points. Nasdaq opening down 58 points. S p is off 9 points. Treasury yields with the 10year treasury is sitting at 4. 224. The 2year treasury at 4. 910. Have you noticed we flipped that board around, joe . The oil prices . No. The treasury board. That board, we used to run the 30year treasury. The 30year at the top and 2year at the bottom because the way the world used to work. Now the world is flipped upside down and here we are. That is a good metaphor. Mirror what is happening. You remember, andrew, years ago where were you on the show or before when greenspan said it. Its back. Combine the 2year. The 30year used to be the one to watch. Exactly. We should have done 100 about a year and a half ago. Would that have wor
Yields have picked up. Tenyear yield above 5 . That is a significant level. We touched briefly above that for a nanosecond last week. Since then, you have to go back to 2007 when you have seen yields at these levels. 5. 012 for the tenyear yield. By the way, check out energy prices. You will see wti which is off 33 cents. 87. 76. We have merger monday as joe mentioned. Look at what is happening here. Chevron buying hess in the deal of 53 billion. 171 a share. That is a low premium over the Closing Price for hess on friday. Hess shares are up 2. 25 . Chevron down 2. 9 . This deal comes just weeks after exxonmobil made its move to buy pioneer natural resources. Both stocks on the move. Hess ceo john hess will join chevrons board. I just got off the phone with mike wirth. Very low primemium on this. This goes back long before the rumors came out about exxonmobil and pioneer. That deal went through last week. A lot of people thought after the deal, that chevron would look for Something Els
Husband members right now propelled house members propelled by the or urgency of developments both here and in the middle east are trying to vote in a speaker. Right now the house has taken a recess after the first vote in the last hour for republican representative jim jordan of ohio fell short of the 217 minimum needed to win his bid for speaker. Democrat Hakeem Jeffries has the most votes but still short of the minimum at 212. The importance of this vote cannot be understated. Until a speaker is elected, congress cannot respond to emergencies or crises is. And the high stakeses in the middle east definitely constitute a major crises in which the u. S. Is playing an a increasing role. Tonight President Joe Biden will depart the white house to head to israel, jordan and egypt. This as incoming hamas rockets fired directly at cities to the north including tel aviv continue to rain down. 4re67b days after eleven days after the surprise attacks in southern israel in which 1300 israelis w
Scooped all the bears. Thats where our road map begins this morning. The inflation picture, of course, is what were talking about. Weve got wholesale prices increasing less than expected, as jim just said. Two banks also lowering their rate cut expectations. Thats off of yesterdays cpi news. Were keeping an eye on big tech as well. Nvidia shares, theyre bouncing ahead of the open. Jpmorgan, lowering its apple price target, and you just heard from amazons andy jassy, saying so many Different Things, including the fact that hes committed to costcutting while investing in a. I. Plenty of other stocks to track this morning. Nike, airbnb, chevron, occidental. Well go through all the upgrades and downgrades. Lets get to the Broader Market here. First, lets get a reaction to ppi after yesterdays selloff on the cpi. There was a lot to like. I think theres a lot of confusion about these numbers. I find that whats happened is that yesterday, there were a lot of mistakes in the data. What do you