Extraordinary august. We had such important conversations. Lets get to the data quickly. And3, dow futures up 132, we are all casual. Chairman powell was casual yesterday. Im sure mr. Kaplan will be casual for Michael Mckee in a moment. Thein the time of within tumult, everyone is being casual. Lisa are we going to keep the bowtie . This is going to be the question as the fed shifts their inflation their inflation policy. Lisa this is an important conversation, as he spoke to James Bullard yesterday, as we spoke to William Dudley moments ago. Michael mckee advances the discussion with mr. Kaplan of dallas. Michael thank you, tom. Good morning. Thank you very much for joining us today on Bloomberg Radio and television worldwide, and thank you for not wearing a tie and not making, adhere. [laughter] not making tom look bad here. Robert i try. Michael there are those who safety framework review changes all well and good, but what makes you think you can even get to 2 inflation, let alone
Anna absolutely. Trade commissioner phil hogan forced to resign because he attended a golf event which had normal times would not be that controversial, but these are not normal times. It is being investigated as to whether it broke the covid rules in ireland. As a result, he was under pressure and had to defend himself. Commissionropean needs to find a new person to fill that very busy trade brief. But this sets a very interesting precedent. Will we see other commissioners held to that . Tom lets do an unseemly data check. I will focus quickly to get to hurricane laura. Futures negative eight and we watch the real yield which is 1. 06. It is a huge deal as we go to the powell speech. Anna . Anna my data check has European Equity markets waiting for the powells beach powell speech. We heard from rollsroyce a little bit earlier on and they reported a huge loss. This is the maker of aircraft engines. In the stock is down 7. 8 in london right now. They get paid by the hour for flying thes
Technology back to the 19th century, yesterday was a bellwether announcement. Applean the idea that made 26 billion worth of iphones and a shutdown is unbelievable. Tom that is a granularity job lisa job. Something on instagram, researches it on google, and buys the iphone. Jonathan you are describing yourself and projecting onto lisa what you are doing. Lisa [laughter] jonathan it will be about the nasdaq and big tech. Rumor, and it is not just us, it is our kids at home. We are trying to give them a screen and throw out parenting guidelines. As we look to washington, d. C. For guidance, there is none. Jobless benefits will expire without benefits past at the end of the day. U. S. Personal income and spending down over the month of june, but it will give us a sense of how much did ulster the saving and spending capabilities of americans bolster the saving and spending capabilities of americans. The university of Michigan Consumer sentiment speaking about a rollover. Jonathan keep your
Kaplanter kaplan dr. Joining us on the fed, the economics, and how it folds into policy. Joins us, james acey from aberdeen standard. We love having him on for a more holistic view of what is going on. How alone is technology here in its ascent . James i think it looks incredibly alone. If you look at the u. S. Equity market without scratching beneath the surface, the messages that youve had an amazing recovery. The equity market is not just priced return to normality, but it has gone beyond. When you scratch a little beneath that surface. They really are the only things pushing higher, almost regardless of incoming data, regardless of the economic environment we face. That trend is global as well. Youou take the msci world, get a very different picture. If you take tech out of u. S. Equities, you get a very different picture again. It does seem that the market is saying that virus were no virus, whatever the world we are about to face, it is not a bad thing for tech. Quite the opposit
Yes, a fed meeting at 2 00. None of it matters. What matters is the drama, the guys fromof four Silicon Valley lined up in front of congress. And oh yeah, the stimulus. What has your attention . Jonathan funnily enough, the Federal Reserve, but only because somebody people are playing it down. A lot of people have shaken their head. What was the last three months about . We are about to see a shift away from the accommodation we have seen towards much more Forward Guidance, and the commitment, the shift in the reaction function to formalize that commitment to low for a whole lot longer, and i think that its important. Tom the queen of the xaxis, lisa abramowicz, is here. Are we going to go out to 2023 today . Lisa the question is where. Are we talking about the front end . Clearly they are not going to raise rates anytime soon. What are going to be some of the measures they look to to decide what their policy is . Are they going to set inflation pegs . Are they going to set implement p