Announcement. Michael mckee has the details on who will take the job. Michael we have a replacement forecaster, george, he is jeffrey smit jeffrey schmidt, the ceo of the school of banking at Southern Methodist university and will serve out the fiveyear term. He can be reappointed in 2020 six. He will be a Voting Member of the fomc in 2025. Hes a nebraska native, he began his career in 1981 as a field examiner based in the ftse in kansas city and he follows a trend at the Kansas City Fed because Esther George and her predecessor or Bank Examiners, and 1989 he became president of American National and oman moved on to mutual of omaha, the Insurance Company as per german and ceo. He has been running a familyowned bank in dallas, graduated from the university of nebraska, has a Business Administration degree, he is not an economist. He will take office august when he first, two or three days before the Kansas City Feds annual jackson hole symposium begins. So he will be there in time to g
We start with the first major wall street bank to remove recession from their outlook the chief economist is standing by to make his case. And if the economy isnt deteriorating, why the downgrade, is it a warning shot to washington . Well ask the man in charge, dan clifton is here. He warns we shouldnt see more signs of stress building and the fed may need to cut rates. And well bring in the ceo of Summit Global investments. How should investors be positioning in response . Lets start with the big call from bank of america mike, thanks for your time and for rejoining us the last time we talked you had just kicked your recession call into 2024. And now it goes away entirely . Yes so thank you for having me on, kelly. Yes, i think we have seen enough, at least in the resiliency of the data, the upgrade to prior growth numbers, the solid gdp numbers. But theyre also happening in an environment where wage growth is moderating and inflation is moderating thats only happening gradually. Ther
And thats why our trader likes it thats ahead in Earnings Exchange but we begin with the markets. Its red across the board as you see right there. The dow currently just about down one quarter of 1 similar for the s p 500, and the nasdaq 15,950, down one half of 1 meanwhile, its been a wild ride for bitcoin prices today, which currently stand at 61,000 and change its up about 7. 5 right now at one point, it topped just around 64,000, it touched that level before backing off below 60,000. A wild ride, but its important, because these are the highest levels going back to near record high levels that we saw back in november of 2021 that was just around 68,800 or so so keep that in mind as we watch bitcoin prices check out the stocks in that bitcoin ecosystem. Were talking names like microstrategy, which owns bitcoin. North of 11 billion at this point. Marathon digital is one of those miners out there, up big today and coinbase, up 2. 5 to 3 right now. Well start with fresh data on the eco
Lauren 1 looking at the federal courthouse were in four hours donald trump will be processed by law enforcement, a fancy term for arrested for being released for the third time in four months. Its a ritual hes getting used to and has already produced 78 charges over three sweeping indictments and a ritual we might have to keep getting used to as there could be another big indictment out of georgia in a matter of weeks if not sooner. And big story number 2, stocks in a state of shock but not as big a shock as earlier on as the reality of that credit downgrade sinks in because traders are beginning to realize once a Credit Rating is doing that it doesnt go back anytime soon. Remember when s p did the same thing 12 years ago . It is not budgeted since. Guy lewis on what the former president faces now. Jim anderson on the new reality for investors right now. All that and the Federal Reserve, former Kansas City Fed president george and the former anheuserbusch operations president who says
Pocketing the cash. [inaudible] Hunter Bidens Business Associate turned over a million collars to three of your dollars to three of your Family Members that thes not true. Maria hes shocked. Coming up, trumps potential arrest and bidens influence peddling with Oversight Committee chairman james comer on his investigation into what exactly the ccp was paying for. Constitutional Law Professor jon hand the turley on the two standards of justice today in america. And former director of National Intelligence John Ratcliffe on the impacts of politics driving policy. Then, adversaries pounce on americas weakness. Arkansas senator tom cotton on the National Security implications of corruption in america as chinas xi jinping gets ready to meet with Russias Vladimir Putin tomorrow. Then panic on wall street. Sticker shock on main street. Emergency negotiations over the weekend on what bank could be next to fail as a new study says 200 u. S. Banks could be vulnerable, and the crisis moves to euro