The job. Joe, you are in statuary hall were all of it is happening. This evening is about policy and presentation and also about pomp and circumstance and atmosphere, what is the atmosphere right now . Plenty of that to go around here. Its noisy room and a festive one here in study lori hall which is just outside the door to the chamber of the house of representatives statuary hall. Speaker mike johnson just skimmed through. Many members of the house and senate Milling Around now, waiting for the president of the United States, joe biden, who will soon be piling into a motorcade and making his way to the other end of pennsylvania avenue where we are waiting. To your point, there is a lot on the line tonight. We will hear about policy, but so many people will be watching his posture, his tone, his ability to see energetic as chief of staff. And there are folks wondering whether they will find the spontaneity he found last year to work this room, and the people at home. Yvonne adlibbing
Caroline bitcoin hits a fresh record since its peak in november 2021. We will have coverage of the market and those meme coins in the rush. Lets first check in on these markets. Bitcoin is up, but the rest of the market trying to digest some of the runup we have seen. We focus in on mixed Economic Data today. The u. S. Showing some Services Weakness and we look ahead to testimony from jay powell, his semiannual experience in terms of the politicians. What will the grilling mean . How much will he be reticent to say that they are looking at those rate cuts anytime soon . We are looking at 1. 8 down. I want to focus on what is happening in china, the tradenames in the United States with a Golden Dragon index, off by 1 as we see a Growth Perspective coming from china. How will they get there . That ultimately what is the debt they are going to be fueling in terms of the focus on a i, on technology coming from china . Not enough to buoy the stocks and chinese names. Looking at the 10year y
Nikkei 225 coming online. We are below 40 k. Tech is the sector we are tracking because we had ample under pressure. Tracking the yen around 150. Any speculation for a policy shift is something we are looking at we are seeing japans biggest bank positioning for a rate lift off. Watching plans quite closely. Lets look at korea. We had numbers out in the last hour. Greeting picked up then there was a holiday coming into this because we saw higher food prices, higher transport costs because of the core reading when you strip out food and energy. Our Economics Team is saying we will not see a shift until the second half of the year i mentioned china woes. The drop in fine sales has played into apple prices. You can see weakness, a reflection of a company that takes revenue from apple. Haidi is tech leading declines in australia, a couple of big names and a couple of cuts. Broad retreat with the market close to highs. Downside pressure in sydney, jp numbers are due today. Growth flatlined a
85 level and the u. S. Dollar index taking a breather for a minute in conjunction with yields. We will look at that ahead of powell. The twoyear year yield flat on the day about 469. We head for 73 earlier this morning. Tremendous volatility. In one week 15 basis point move from peak to trough. More of the bond selloff further down the iteration card with a two basis point move nearly three basis point at the 30 year and a 10 year at 437 other day about two basis points higher. Earlier today Raphael Bostic reiterated expectation for just one rate cut this year. Look how dramatically the market has changed since january. When the expectation was more than six cuts. Now it is moved to less than three. Sitting on a coin toss for summer rate cuts in and of itself. The market is diverging from the feds dot plot on how many we make it. As we await chair powell today that t. Rowe price cio says the biggest risk for the fed is cutting Interest Rates too soon. Putting for an Economic Perspectiv
Jonathan ferro and lisa abramovitz. Tom i saw him on a cruise, what a great turnout on the cruise. Catherine greifeld joins us this morning. She is here and she will explain white piquant is popping by bitcoin is popping she will explain why bitcoin is popping. Yields are up. Things are little better but i walk in and i look at the bloomberg terminal, 8. 04 on the bankrate 30 year mortgage and we are subtly solidly in a percent 8 . Lisa we have seen this incredible fluctuation, 20 basis points in a couple days in the long end of the yield curve and people say volatility cannot continue or can it. They are forgetting the levels. It causes a different reality for people financing the nuts and bolts of their businesses and their lives. Tom Economic Analysis with bramo. The media wants to go, they going to die. Microsoft was like a charm. If this is exactly what we were to see, microsoft is on target. Lisa the fact that you had two but he lives comprising 10 of the entire s p index coming