that s the consumer, which is the economy, you lose the consumer, we ll be in a contraction and quite unfortunate. bret: gary, the fed chair, jerome powell has said there is going to be further action. there is a bet about what that action is going to look like. a half point. but maybe even more aggressive as you go forward. what does that mean for people at home? what does that feel like in the wake of what they are already feeling with inflation? well, due to the fact that every time our markets got in trouble the over the last couple years jay powell eased. he is now doing the opposite in a dropping market. so that s a 1-2 punch that it really can t take. unfortunately, you have heard this dozens of times. quite behind the curve. he is below 1% right now with yields at 3%. so he has a lot of catching up to do. and that certainly is not helping the cause. and the other part that s not helping the cause and i wish they would stop, all the central bankers they keep talking all
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bill: you thought your investments were safe yesterday, a huge run-up. this is the open today. so you are up 3 percentage points on wednesday and you are down 1 percent within a minute on thursday morning. fed raised interest rates a half point. haven t seen it in 22 years of that magnitude and size. we ll see how investors digest this news. we re off and running on another black diamond on wall street. tell me how this ends. only with victory. we have no way out. dana: president zell striking a defiant tone in an
seen in four decades, joining sus a professor of economics in public policy at the university of michigan, always good to have you on. if the fed moves interest rates up a half point as expected. how are every day americans going to feel this? well, i this i this note if, it s a dead certainty it s just about to happen and they re spell-checking the pre release right now. what it means depends on where you are in your life cycle. if you are about to buy a house, it means mortgage rates be go up. it will be tougher to put groceries on the table. on the flipside, it will cool the housing market a bit. hopefully, houses will become a little more affordable. in terms of what it means for people s lives, the fed is hoping to cool inflation a little. so your paycheck will go further and slowing the economy. that might mean a little less bargaining power for workers and fewer prospects of a wage right soon. the goal is to be back
higher inflation? what caused the what was the match that lit the forest fire? it s out of control government spending and debt. we need to start cutting spending now. neil: if the federal reserve, the only game in town that can move it, they ll raise rates another half point this week, but that funds futures contracts are telling us these are the people that bet with their own money that thinks it s going as high as 3/4 of a point after that, how high is high? how high do you think rates go? neil: do what is necessary to bring it down. the fed is behind the curve. we re paying a high price. 50 basis points sounds good to me, a lot of your friends don t like it. until you bring the inflation rate down, i don t see a lot of good things happening. if we get that going and there s
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