Dow on track for the worst month since january. Icahn the latest the step down as an adviser to the president and now looks like there maybe communications with all of that and another shot fired in adps ackman battle. Well break down what that means. Four week losing streak for the nasdaq and given sort of these levels here. Not surprising that the dow is on track for the first month since january. I have been watching and reading and theres people that feel that a 2 correction was warranted. Thats not a correction. I mean, we had a meandering. Things have been good. Theres things like foot locker that are devastating things like estee lauder its just hanging in there oil tried to put a bottom in on friday news camp was good for oil but that was the most noteworthy thing that i saw obviously the bannon news was okay cohen in and banno out. The failed socalled bannon rally bother you. Not at all. Were at a moment where theres more people taking vacation than usual. These things i know
This morning. The dow logging another record high as it marches toward 20k. Day one of that fed meetinging. President elect trump announcing exxon mobil chairman and Ceo Rex Tillerson as his pick for secretary of state. Plus, microsoft cofounder bill gates speaks out. Trumps policies on trade, relations with china, Interest Rates, and a lot more. But first up, the march towards 20,000 continues. The dow is on track to open trading at an alltime high one day after posting its 15th record closing high since the election. We also have the fed kicking off the twoday meeting, many expecting it to result in a rate hike tomorrow. Jim, i assume theres no doubt in your mind about that. No. And i think that the banks have to have it. We saw the banks waivever. This is not an all trump stock day. We got china, good numbers. Italy, major recapitalization. I think there was another time this market would be up huge just recognizing these italian banks are getting their act together. Im worried abou
Essentially met the feds goals certainly on the employment side and nearing it on the inflation side. 2 inflation goal. She continues to expect, however, gradual rate hikes and says the fed or the committee has decided its appropriate to move to a neutral stance of Monetary Policy rather than one that is accommodative or stimulating the economy. Not acting, the fed chair war n warre warrens waiting too long risks rapid rate hikes. No evidence that the fed chair says its fallen behind the curve and the u. S. Economy has shown remarkable resilience in the face of several shocks. Some of them domestic and some of them global. Prospects for growth, quote, look encouraging and global risks have receded somewhat. Economic challenges, she says, do remain. Doesnt give the economy a clean bill of health and points out some of the problems that plague the economy, low productivity, for example, fiscal policies would best help address rather than monetary polishes. So, whats happening here, guys,
Rate cut to near zero by the end of the year so keep an eye on the Quarterly Report that comes in november. The bank of england votes 90 to cut rates, no dissent on rates but dissent on qe and the Corporate Bond buying program. The bank of england cut rates to. 25 , they intend to buy Corporate Bonds as well. The majority of the mpc expect a rate cut to zero by the end of 90year, and they voted four the rate. Majority of mpc expects a rate cut to near zero by the end of the year. I do say that their Bond Buying Program could increase by 170 billion pounds as well. To sort of put a number on the Corporate Bond buying program, it is 10 billion pounds over the next 10 months. Byathan guilt 10 year down the cable rate dropping off as well. Upside risk to inflation, Downside Risk to growth, that is what you see in the forecast. The 27 thet 2017 forecast, downgrading the most ever on a single inflationary report. Side, they seen inlation at 1. 9 on at q3 2017 versus 1. 5 , and sees inflation
The move paves the way for her permanent removal in a few months. The senate will now take up the matter. Londons metropolitan Police Reports that the woman who died in last nights knife attack was an american. A 19yearold norwegian man with somali roots has been arrested. Turkeys staterun news agency said a court has issued a formal warrant for the arrest of gulan, accused of being the mastermind behind a failed coup by turkeys military. Gulan has declared his innocence. Bloomberg west is next. Cory this is bloomberg west. Tech earnings continues. Zynga reporting earnings. We have their secondquarter results. Lincoln banners Second Quarter prepares to join the microsoft family. We will break down the numbers. Is life better when we are connected . Bank of america thinks so. They are giving a billion dollars to financial technology. Pokemon go may be high in the business. Activision takes to commit zynga and the others the farmville makers user base slipped again in the Second Quarter.