First time since the lockdown in march. Michael mckee joins me now. What was your biggest take away . Michael if you are going to manage the virus better than the United States and their economies are opening up faster and stronger, which seems to be the case looking at the pmis. We got manufacturing and we got services, and all the Major Economies in europe are in an expansion. The move in italy particularly notable, above 50. Some down from preliminary expert, estimates, what they are the composites tell the story, all above 50 and they have all grown. The highest level in two years for the eurozone composite, there is some strength in the economy. They have not been hit as hard with the second round as the u. S. Has. Has moveds well solidly into expansion territory. Compare that to june, where contraction was the rule but services and the composite above 50, 57, a strong number. U. S. Versus isms, who is winning . Michael europe is winning. It is not expanding as fast as it appears.
This week alone up 33 basis points. Tom this week alone, history made. I think you will see over the weekend, how do we go back. Maybe we go back to 1870. The summation of four weeks of moving his history making. Jonathan need to look at the curve as well how things involved evolved. Lisa that to me is what i looked at, the fact that it moved to the opposite direction of what people thought. The long and would move down to the front and the front and would move down to the long end and you would get a flat or lower curve. Yesterday fed jay powell said it does not seem to be inflation, it is something else. It doesnt seem like we are overly restrictive. There seems to be a fear in his not only in their control. That is sort of a people are pricing into the market but still theres a chance of another rate hike. I do not know whether that matters. You saw the yields go higher after that speech. Jonathan policy is not too tight. Tom yeah, it is getting restrictive. We look at the numbers 2
Wall Street is expected to rebound on Tuesday morning, even if the markets lack a little direction after the recent bullish rally which took the indices to record levels last week.Half an hour.
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