Mattarella this afternoon, the president. He says elections are the way out of the current impasse. I wonder whether the president is entirely convinced. Vonnie you were alluding to it there, something happened the last few minutes, and it could have been a combination of things because we had a few negative catalysts, including theirtocks are up against 50 day moving average, and that may have triggered some selling. 210 turningthe negative, still negative at this point. That triggered a selloff. The s p is now down six tense of 1 . Nordstrom did beat, and is looking maybe even more attractive as a target. More attractive, as is target. It is up 15 . Some dismal data out of europe earlier on. Germany making the headlines when it comes to the pmi, manufacturing and Services Pmis dropping at the fastest rate in six years. It is a strong signal that europes biggest economy could be heading towards a recession. Negative. Ady had one at the same time, the german bund is bank the German Bun
Right now. Its great to have you with us on this thursday. Our Investment Committee stocks giving up big gains the dow is up more than 185 points earlier in the session. The feds front and center. Policy makers are gathering as we speak if jacksonville Steve Liesman is there, speaking with philly fed harker his comments really impacted the markets here. Reporter yeah. I think maybe the key is this. That harker is not a hawk but his talk or his answers to my questions were somewhat hawkish. Heres what he said when i asked him, you know, where should rates be where should they go ididnt think the cut was appropriate, necessarily, but i went along to it to get back to neutral. But im on hold right now. My forecast is hold where we are for exact one of the reasons is that that i think we run the risk of creating too much leverage in the economy. Reporter that comes against the backdrop of course harker did not want to raise rates in december now hes okay with where rates are right now. And
Kevin from bloombergs in downtown washington, d. C. , in Kevin Cirilli. And i am terry i am shery ahn. We start today with jackson hole. The economic symposium will be one of the most closely watched in years. Already Kansas City Fed president Esther George tells bloomberg now was not the time for more rate cuts. As i look at where the economy is, it is not time. I am not ready to provide more accommodation to the economy without seeing an outlook that suggests the economy is getting weaker. Sherry lets bring in bloombergs international and Economic Policy correspondent Michael Mckee live from jackson hole. You have a very busy schedule ahead. We heard from Esther George, but she is not the only one having reservations. No wonder we are seeing this market reaction. Michael the data seems to suggest that the fed would have an excuse for doing it when we saw the ism numbers for market today go below 50. That is a disappointing figure suggesting a contraction in manufacturing, suggesting
From apple be on the way . New football war is kicking off. You might remember the xfl. It is coming back. The head of the Football League is here with us, to tell us why this time might be different. No more he hate me kind of thing. President backing of on tax cuts. As you heard yesterday but what is the new economic plan if we have a economic slowdown . Blake burman, latest, as things stand 12 01 p. M. Connell, the general concept of the white house theyre talking up the idea, at least possibility, say it is something that they have been talking about for a while, tax cuts, 2. 0. We heard this a little while. Tax cuts 2. 0. They wanted this since they passed the first form of tax cuts president talked about, this, before the Midterm Election last year. There could be some sort of tax cuts 2. 0. We have absolutely no idea what a tax cut 2. 0 might look like. Keep in mind, the president for now at least has taken off the table the idea of a payroll tax cut, indexing Capital Gains. The
The market dealing with a fed induced whiplash today we are well off the session highs but in the green for the s p 500 swelz the nasdaq, the dow. The nasdaq though in negative territory down by. 2 check out the etf that tracks the Home Builders down today, but it is up 5 in just the past week well tell you which names are driving that move. Well the hawks are out in jackson hole, wyoming. Fed officials not saying what the market wants to hear today Steve Liesman is there talking to all the xwbig names. It was really harp rer that sort of sparked that turn around in the market he wants to stay neutral. More on that in a second, but i want to show you the gyrations in the outlook for the Federal Reserve through the fed funds futures market still a 99 of a rate cut. 66 for october december cut seems to be on the b table. Whether or not the 75day point for the rest of the year or just 50 another Interesting Development in september, a 1. 3 chance that the fed remains on hold. It was a 40