Chinese demand levels almost at precrisis level. Time for todays market moving news from our washington and new york teams. We want to start with fed chair jay powells comments on the economy. In an interview with cbs, he expressed confidence in the recovery, but timing is still hard to predict. Chair powell the economy will recover. It may take a while. It could stretch through the end of next year. We really dont know. Michael mckee, International Economics and policy correspondent, has more. Was there anything new on cbs . Michael nothing really new, just summarizing what we already knew from the fed and from economists and disease experts. He suggested that what it is really going to take is a vaccine before people feel really confident and the economy can start to move back in the direction of where it was before all of this started. He said congress and the central bank may need to do more to keep us afloat during that period. Appropriate government policy could buy time for work
Going to me on the phone is chuck grom, Gordon Haskett retail analyst. Joining me in new york is Lauren Goodwin, new york life multiasset per folio strategist, and Brooke Sutherland of bloomberg opinion. Give us a rundown of where walmart fell short. Brooke it was not great all the way around. The fourthquarter came in weaker than expected, and they called out unexpected softness in the weeks leading up to christmas, which is not what you want to hear from a major retailer. That is in line with what weve heard from a number of Different Companies that are not named amazon, which raises a lot of interesting questions about what the Competitive Landscape actually looks like. Also weighing on investors is the 2021 fiscal outlook, which was also weaker than expected on sales and profits. Alix the stock rating is heavy here in premarket. The bad news baked in. Is that is why is that why you have a buy rating here . Chuck weve had a buy rating for a while, not just here on the fourthquarter.
Congress. I want to express my appreciation to the witnesses who have come to share testimony today. Its a rare occasion that we can get to hear from the hard working folks who make up our state and local governments. Former mayor of springfield i can tell you my experience as to how important the work all of you do is. It is from that lens that i view the issue of state and local Tax Deductions as s. A. L. T. I view it from the Vantage Point of someone whose Life Experience has been a testament to the impact and investments made and Services Provided by local governments and what those investments can mean in terms of the lives of our citizenry. Over xi be that choeinsuring maintaining roads, bridges and tunnels, so people can get to where they need to be is part of our challenge. Responding emergencies, providing services for low income family, elderly and the others rely on the safety net is our obligation. That is precisely what local government does. Mr. Thompson, thats why the wo
Cspans q and a. The house ways and means subcommittee has been examining limits but on the deductions of state and local taxes under the 2017 republican tax bill. Fromearlier today we show you the first part of this hearing while the senate is in recess. Farming communities, schools, First Responders and housing values. Before i begin my Opening Statement id like to yield to the chairman of the full ways and Means Committee for his opening remarks. Thank you chairman thompson and i want to acknowledge you and the other members of the subcommittee for indulging me with time to speak in this important hearing. The leadership of this committee and the working group is invaluable to congress. I want to take a couple minutes of time to express my appreciation to the witnesses who come to share their testimony today. Its a rare occasion that we can hear from hardworking folks make up our state and local governments. As former mayor of springfield until your firsthand of my experience as to h
To the lowest level we have seen in several years. They hinted at more cuts in the future. The treasury selloff is the big story of the day, hitting the long end of the curve drastically. We are seeing much more stark moves in the 10 year and 30 year yields, at the highest levels since november and fluctuating throughout the day. Eight basis point move on the 10 year yield and 30 year at about 4. 28. Earlier today, we asked george come call this about the movement and this is what he had to say goncalvas. It could be swinging from japan to the u. S. , it is sensitive for all parts of the yield curve. We are experiencing a wrecking ball from supply concerns to concerns around buying could slow down and all of that is rates have been staying under fed funds for a long time, that has been the saving grace. Sonali a wrecking ball in treasury markets, we have liz mccormick. When you look at the delusion of issuance paired with the downgrade the u. S. Is seeing, what is the Ripple Effect mar