Targets chief Financial Officer. The cfo will be joining us in a power lunch exclusive to give us his financial forecast. We begin now with the health of the American House housing market, and new numbers on home sales as we begin to gear up for that spring selling season. Fingers crossed it comes. Youve got dr horton and toll. All moving to the down side. Lets get to diana who is live in washington. Hi diana. Hi mandy. After a disappointing report on january sales of existing home sales of newly built homes out today a bit more heartening but you have to keep them in perspective. Take a look. January sales came in at an annualized rate of 4,1,000. Thats flat from december but december had seen a huge 11 monthly jump, and we didnt give any of that back. Thats good. The 30year average for new home sales is over 700,000 a were. We still have a long way to go. Sales of new homes priced under 150,000 are onethird of what they were a year ago. That is why luxury home builder Toll Brothers i
s controversial speech. Lets get you to the top stories were following at this hour. Republicans say the house of representatives will vote as early as today on a bill to fully fund the Homeland Security department through the end of the budget year. That bill would not include immigration restrictions. Facing twin options, Speaker John Boehner outline the situation or rankandfile gop members during a closeddoor caucus meeting this morning. The democrats say they will support this clean Homeland Security bill. New questions are being raised about Hillary Clintons correspondence as u. S. Secretary of state. The state Department Says she conducted government business with her personal email account. That would break federal rules. Secretary clintons aides did not save her emails, federal requirements. She has turned over thousands of pages to authorities. The state department emphasized mrs. Clinton did not use personal email for classified data. That is a look at the top stories we are
96 since halloween. Our road map begins with the markets. We could be in store for a foursession losing streak. That stronger than expected adp number adding to worries the fed might taper sooner rather than later. And a holiday treat as november sales give sales a lift. And a double whammy for financials. Citi with a downgrade and we could see a tougher than expected volcker rule. And ron burgandy means green for dodge. Sales fueled for the durango. News on concerns that the fed might scale back their Bond Buying Program when they meet later this month. Well get ism services and new home sales in about an hour from now. Its been said maybe december tapers right around the corner, jim, if numbers like this keep up. I think its tough for yellen to come in, we start tapering and we get some big frackus in january. We forget the two parties hate each other. They tend not to accomplish anything. Worst congress in history if you care about output. Shes going to be reluctant do that. People
So, were not saying were going to see it this month, necessarily, but we are off to a down start for the month so far. Sure well get into that and market reaction. Plus, exclusive reaction to the selloff with pimcos bill gross. He has an eyeopening opinion of how investors should be playing this market. Hell tell us what keeps him up at night. The minimum wage is back in the news. We have a fast food worker walkout scheduled for tomorrow. The president was demanding an increase in the minimum wage. Today well talk to a major e c exective to a major food chain about what would happen if they were forced to pay all workers 15, which is essentially double what most fast food restaurants pay. What do you do . Cut jobs . Make burgers smaller . Sliders for everyone. With the dow off about 60 points, off the low of the session. It was down about twice as much at that point. The nasdaq only off about five points. The s p 500 off three. Interestingly enough, there have been some social media na
And he is really taking that approach now, which is i am going to reduce the credit list held by the gsc is, but im not necessarily going to pull myself out of the market and allow privatelabel capital directly participate in the securitization of investor process. It is that is a change, it may be that there doesnt seem to be a lot of private market interest participating in this old way. And even the sheer size and scale, some are saying that there could be enough capital out there to do it. And this is kind of like them acting like a market maker and the goal is to reduce this through the process. On this point, a few years ago there was an assumption that privatelabel comeback quickly and that at some point down the road congress would perhaps more easily than what would be the case, advance a partisan legislation in the Senate Banking committee look like its going to pass the bill this week, but not with as much majority to propel it through the senate this year. Until we are not