High of the day. Futures were limit up. Westart the session started the session up more than 5 at one point. Only a few days ago, we were wowed when the tenure went through 1 . It is hoping to hold know that it is approaching 1 again. The dollar stronger today. Below 107 on the yen, 106. 94. We will be speaking with john taylor of Stanford University in just a moment. Guy this doesnt even feel like a dead cat. It feels like a dead kitten. The equity markets are bouncing, but not much. Europe is off its session highs. Relative to4 , but the biggest move ever to the downside yesterday, that doesnt feel that impressive. Trading at 307. A lot of action in the german 30 year. You are seeing bid offers tightening up a little bit. Thats good. Liquidity may be starting to come back. That was certainly a focus for the fed yesterday. What is interesting as well, the bdp market is on offer again. We started to see yields coming back down again after yesterdays christine lagardeinduced move. That
Because gold is rallying. Strengthen,inues to and treasuries continue to see their yields drop. The 10 year at 93 basis points right now. Guy we are moving pretty strongly here in europe. What a week it has been. Today we are definitely down when it comes to european equities. Seeings of what we are on the bond market, we see a bit attached to bonds. Not as aggressive as in the united states, which is worth bearing in mind. At the moment, the u. S. 10 year is down by two basis points. Nevertheless, we are 68. There seems to be some feeling that the russians wont sign up. Weve got a u. S. 10 year yielding 93 basis points. Things are moving pretty fast around here, and the words of ferris buehler. Economic activity is definitely slowing, so what comes next . Peter kinsella joins us now onsite in london. What do you make of these markets . Peter what is interesting is that youve got a combination of Global Demand shock, Global Supply shock, central Bank Reaction functions, and risky asset
Policy correspondent. This is more than the fed might have done. Michael last time i remember a 50 basis point cut was 2001 no, 2008. , the initial cut the last time no, 2008,rise the initial cut. The last time we had a surprise rate cut was 2001. When they do it before the markets open, heres the money quote. Coronavirusout the posing evolving risk to economic activity, and say in light of these risks and in support of achieving its maximum employment and price stability goals, the committee decided today to lower the target rates for the federal funds rate by one half 1. 25 . Age point to a major move by the fed today to put a floor under markets and maybe try to get ahead of any damage out there, although, as a lot of people will tell you, it isnt clear that the fed is going to be able to really do a lot with this except help the markets. The statement goes on to say the committee is closely monitoring developments and their implications for the economic outlook, and will use their
Deterrent. We emphasize the importance of strategic stability. The conference agreement importance of new start and the open skies treaties for u. S. And interNational Security. Maintain congressional oversight over these key arms including eements, requiring 120day notice provision before any withdrawal treaties. U. S. Leadership in cooperation with our allies is essential to accountable and to prevent an arms race. The ndaa continues to support Missile Defense while increasing oversight of critical the ams, particularly as department of defense considers new options for the next generation interceptor. My colleagues to support this bill. Thank you. The speaker pro tempore the gentleman from texas. Mr. Thornberry i yield two minutes to the gentleman from ohio, mr. Turner. Mr. Turner i support the National Defense authorization act for fiscal year 2020 and i thank adam smith for bringing a bipartisan bill as the final nd arch a to the floor. This continues of lowyield nuclear weapons.
Qualcomm up 8. 5 on a better earning quarter. Down 26 . No improvements throughout the session. Whoalked to the ceo earlier seems to not be worried but analysts on the street are calling out the unit. Airbnb, google not placing it as high in the search results and saying there is a lot of uncertainty ahead for expedia. Year is up by30 nine basis points right now. Were seeing a similar move over in the United States as these are substantial moves in the back end of the bond market. We are also getting several moves of the 10 year. The 30 year, absolutely i watering. As you can see, a nine basis points selloff here in europe in germany. The pound has been under pressure as well, two members of the governing council in the United Kingdom voting for a rate cut. Trading higher. We await news from the white house, confirmation possibly that we do have the potential for a rollback of tariffs if we do get this deal done. Nothing yet. Lets talk about what has been happening in the u k. Governor