Even the initial drop was not a huge one, not even 1 . All three major averages are down. The dow is down 30 points. At one point, it was down about 100 points. Iscould be worse, i guess, the way to look at the averages. This is despite the job report coming in much weaker than estimated, and on top of that, we got a Services Report that was weaker than estimated, showing the slowest expansion last month going back to 2014. Interesting phenomenon we are seeing. Take a look at the groups on the move to see what is supporting the gains we are seeing. It looks like it has to do with the drop we are seeing in bond yields. Utilities are up and Telecom Stocks are up, and those tend to be the groups that benefit when yields are lower. Consumer staples also representing the defensive groups. Financials are far and away the worstperforming group. Look at what is happening with the banking stocks. A big drop here in Companies Like jpmorgan, wells fargo, bank of america, and citigroup. The percep
We have a most interesting day because we have a record low for the 10 year yield, and we have quite a lot of movement on currencies. It is very nuanced. When i was suggest is we are looking at charts from denmark, charts from new zealand, charts from south korea. It is a global new wants to day with a letter attention to it. Most people are saying do not look at tech valuations, it is negative rates that are putting in boko haram yields. We will discuss that next. Lets get to bloomberg first word news. Ramy israel is cracking down on palestinians of during the first major attack. They opened fire in an tel aviv shopping district killing for his release. In response israel has revoke permits for palestinians to visit israel and travel abroad during robin done. Those who want to u. K. To stay in the European Union warned that it breaks it could cost jobs. Some companies have already frozen hiring in u. K. While others are using shortterm contracts to fill jobs. Meanwhile the deadline to
You get very lower but low numbers for Discretionary Spending. Can we run government at a smaller gdp than we had in 1940 . I dont think so. But the other thing that has happened that may not be sustainable is that the rate of Health Care Spending has slowed. Its slowed dramatically. We are not quite sure why thats true. Part of it is the recession and we mayowth and low have come to our senses and realize that our Health Care System is an efficient. True. Both are we are working very hard where i am at the Bookings Institution on how do we keep these reforms sustained so we can produce more health care for less money. That is a work in progress. Not clear. But i think that is where things are. Do you worry from a messaging of beoint, in a position careful of what you wish for . In another panel, there were a lot of people raising the point, in 2009, 2010, we have to do something about this at this debt. We got the opposite of what they were asking for. They wanted larger deficits in t
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