About President Trump and congressional republicans. I guess you are getting that body language from Mitch Mcconnell. But why is the bond market moving . We are at 0. 83 on the 10 year yield, the steepest back to march of 2018. We are pricing in stimulus at some point. Jonathan through 80 basis points. Wonder if, off the back of a move in treasuries, people start to talk about reflation all over again. Lisa i dont know that the underlying data is really supporting that. We will get a read at that with iea crude oil inventories. A report yesterday showed a surprising building u. S. Inventories. Many people are not consuming as as the covid crisis continues to spread. Meanwhile, today, i know you guys care a lot. We get a lot of fed speak. Weve got loretta mester, neel kashkari, tom barkan, randy quarles, and jim bullard all today. Every day it seems like they speak more and communicate that much less. We are going to hold rates low. The question is just the threshold to further stimulat
The rba signaled for their willingness to ease. And the other big story at this hour lawmakers in washington take aim at the power of big tech. An antitrust investigation says they are abusing their dominant status. Check lets get a quick of the markets. We are seeing u. S. Futures down at the open, extending gains after we saw the regular session seeing a bearish reversal at your after trumps of fire called off negotiations. Already, market have been trading mixed and about flat after the fed chairs cautious tone on the economy, warning that too much support was better than not enough. The s p 500 saw the largest drop in two weeks and fell to session lows after the president ended stimulus talks. The losses were led by discretionary talks. Airlines also tumbled and we saw the nasdaq losing 1. 6 . After the close, we saw that House Democrats released antitrust reforms to curb the power of u. S. Tech giants including amazon and alphabet. We will be watching that space very closely. Doin
Particularly for tech and tech advances. Desperatelys a calm looking for news flow on the pandemic, and lets not forget the lack of stimulus in washington is just stunning. It is almost hard to believe we are here in the middle of september. Comparehink we have to the selloff. The character was different. This wasnt about big tech. Industrials,als, materials, energy. Thats where the price action was over the last one he four hours. Tom we are focused on Prime Minister johnson. Comments soon, and then a speech tonight to you and the nation at 8 00 p. M. Ive got to go to the pub closing at 10 00 p. M. Can you expend the difference between a pub closing and someone getting the virus at 9 00 p. M. Versus the usual midnight . [laughter] jonathan no i cannot, and the Prime Minister will have to explain that. I am not sure he will even try. I think the big issue for many people is just capacity. If you have a problem with people going out and mixing too much, then address capacity. If that is
The bond market is locked in a jonathan ferrolike manner. In nice correlation to a weaker dollar as well. There is a really nice lift to it. I have to admit, i havent watched the debate since kennedynixon, a few years ago, i think, 1960. I am actually going to watch this. This will. Be extraordinary jonathan i think the ratings will be through the roof. But the bar is low for the former vice resident, joe biden. And i think from a market perspective, if joe biden was a stock, the stock is running high going into earnings season with plenty of downside ahead. Tom i really defer to the pollsters that we have. One of them in iowa has been so professional. Over the weekend, the Vice President had a wonderful weekend, pulling at the national level. But you really have to go to the thoselevel on battleground states, particularly pennsylvania and florida. Jonathan looking after catching up with Kevin Cirilli in a few months time. Tom is there anyone not speaking this week. Francine the fed sp
The nasdaq above 94 on weakers trailing sterling. The European Council president had to quarantine because of a covid19 test. Pretty in europe and britain. Back here, jay powell and treasury secretary Stephen Mnuchin testifying before the House Financial Services committee with chair powell saying the economy has a long way to go and will likely need further fiscal support. Secretary mnuchin saying another round of stimulus should be targeted at kids and jobs. Joining me now is greg valliere, Agf Investments chief policy strategist. The secretary said there was bipartisan support for further stimulus, so why are we not getting it . Greg i think nancy pelosi and the democrats wanted at least 2 trillion, and that was too much for the republicans. Vonnie at the same time, there should be some kind of mechanism for getting to a neutral place. What are the obstacles for the republicans coming down a little bit, democrats staying where they are . Greg it is maddening to see this. Frankly, if