Closely. Crude is back below 37. There hasnt been a rate hike since 06. That decision will come out at 2 00 p. M. Eastern time. Chair yellen scheduled to hold a News Conference a half hour later. Cnbc will bring you complete coverage of the big fed event. Reminders of where we were on pop culture on june 29, 2006. Its been a long journey. Its been a long journey this year as we agonized about whether or not they would raise rates. During the course of that year, the stock market is basically more or less where we started. The tenyear treasury is basically, after this back and forth during the course of the year, basically back where we started. The big mover is the dollar index. The euro down 9 . Thats partly you what see in the corporate earnings. You do have oil down sharply. You have the junk bond market reeling despite the fact that Interest Rates have been so low, we have seen record high yield issuance this year again, emerging markets are weak again. Weve been asking the questio
Fading a built. We begin with our s who is inside her Federal Reserve in washington. Steve steve, set the scene for us. Rates will rise on a gradual path, and yellen might imply that its one and at least pause for a little while. If its neutral, the path would be set to be entirely data dependent, depending on the economic data, and, finally, if its august, the statement could mention normalization as in more rate rises and drop the issue of being below normal rates after theyre done hiking. That would be very hawkish. In fact, one of the best brom meters for how the market sees what the fed put out is the twoyear wreeld, and i think it looks very closely at that. You can see its gone up since the idea of a rate hike has become more built in or bake the into the market. Well see if the three rate hikes is really part of what the market is expecting. Theres that 1 or, say, 110 would be a limit where it might internalize more rate hikes. Also, look for the fed to lower their own the soca
That has affected people and their money. From times square in new york city, the new wall street week. Anthony gary is on vacation today. I m pleased to welcome david rubenstein, cofounder of the carlyle group. Pleasure to have you on the show. David pleasure to be here. Anthony i want to talk to you about your up bringing. David i grew up in a baltimore. I thought if i was going to go somewhere i would need a College Degree and i tried very hard to for a scholarship. Anthony parental pressure . Selfmotivated . David like many jewish parents, they are happy with whatever their parent their children do better. Law school back to the country. Be a dentist . She thought it mankind. She thought that if you were a dentist you were a doctor without Weekend Hours and she should aspire to be. Anthony your first job out of law school was practicing law . David i came to paul weiss in new york and ted sorensen was among the people serving in government and i thought if i went to work for him or
The nasdaq firmly in correction tirtory and approaching perhaps bear market territory. What is confuse issing we have never seen this in terms of being a Global Market and a global economy. You sort of have to throw out the old playbooks, but you know, time will cure all ills. The question is how long will that take . You are seeing massive capital outflows out of china, as we talked about it earlier in the week. Theres wild speculation. This point they remove the pay. That gives you an idea of how important it is. China is really going to get in their horse. Larry fink said, you know, absolutely appropriately. Very diplomatically. Theres confusion over there. The damage done to areas of this market is stunning over the last couple of weeks alone. Financials just this week are getting hammered, but over the last two weeks almost every Major Financial Institution stock is down double digit percentage points. As were watching the s p 500 today, were a mere handful of points above the aug
For investors. We begin with the first trading day of february. Heres where we stand. The dow has made a triple digit move for the ninth straight day. Volatility continues way off the lows of the day. Down by more than 100 early on. But thats where we sit. Dow is down 50, 16,416. And go far right of your screen there, the look at crude oil, which is getting crushed today. It is down 5 , just shy of 32 a barrel. Tom barrett, good to see you again. Hi. The backdrop doesnt look good. Its bumpy, everything you have been talking about the last couple weeks, very little transparency, tremendous nervousness, a rush to liquid y liquidity. China, qe, japan, europe, all things that we knew and were priced in all of a sudden cause even a more sudden return to liquidity. And that heads the hedge funds. So redemptions are increasing at an exponential pace, and that has an effect on everything. Its a great time for us. Its a moment to look at really illiquid alternatives in a meaningful way. You thi