Moderately above 2 inflation, moderately is what it says in the statement but does not define exactly what moderately means. There are two centers to this action, Robert Kaplan wants to see the statement to the way it was pretty wants to statement to read the economy or stance will remain the same until the economy has weathered the storm and the economic storm we have here. Well cash on the other side dissented because he wants more dovish language in this. On implement rates, statistics are very interesting here. They have reduced now the planet rates rates and estimation of this year to 7. 6 by the end of 2020 grid that is down from 9. 3 from their june projection and then also 5. 5 from on a plummet rates in 2021, 4. 6 and 2022 and 4 in 2023. The real gdp prediction cut in half for the losses they are paired they are now saying its a loss of 3. 7 at the end of this year with a bounce back of 4 next year. The inflation, fed estimates that pce inflation is 1. 2 this year up from 1. 7
Lauren i know, it was a rough one. It is worst day since june. Take a look. There is the damage. The dow retreating from that 29,000 level. At one point it was down 1026 points. So i guess being down 810 is good news . The nasdaq and s p 500 also retreating from record closes. All 11 sectors in the red. Tech and consumer stocks hit the worst. The reason, look, guys, there is a lot. Uncertainty over timing of an effective vaccine. Profittaking ahead of a long holiday weekend. September really living up to its reputation as the worst month of the year historically. Let me show you what weighed the most on the Dow Jones Industrial average. Apple, sales force, microsoft. Along with amgen and home depot. Shaving some 400 points off the bluechip average. On nasdaq which snapped a fourday winning streak. Amd, nvidia, tesla, all of them are lockdown winners. Nvidia doubling this year. Tesla up almost 400 this year. After todays drop it is down 20 in the just the past three days. Were seeing mo
Then walmarts answer to amazon prime, we will give you a breakdown of what is included an whats not and finally, white house chief of staff mark meadows will join us live, we will talk stimulus, covid19 and the unrest across the nation thats happening toward the top of this hour and you will not want to miss that. Carl kayla, david, guys, everybody is taking stock of the journey we have had not just in august for stocks, but for the past five months, the dow best fivemonth gain since 2009, for the s p the best five months since 1938 and as we said at the top, david, we are heading into historically the worst month not just in general, but especially during election years, september and october have averaged negative returns and we will talk to mark meadows about politics which are increasingly going to be part of the picture here yeah, no doubt. I think you heard it with the last guest who appeared on squawk box at the very end of that show. We are entering what conceivably could be a
Today is bad blood between beijing and the white house showing no signs of letting up and bracing for impact this is Worldwide Exchange right here on cnbc well, good morning, good afternoon, good evening, where ever you are thank you for starting here with us on cnbc. Its going to be a big week. Maybe the busiest and most important week of the summer why do we say that here you go. This will easily be the most packed earnings week of the season 167 of the s p 500 will report including 12 dow components. Well get numbers out of apple, amazon, boeing, mcdonalds, 3m, exxon and many more. Also as soon as today, Senate Republicans should unveil their latest stimulus proposal. Timing all but assures congress will miss the deadline tomorrow kicks off the feds latest policy meeting. Theyll talk about their own form of stimulus it could be again talking about new tactics to keep Interest Rates low for years to come. Also wednesday, we see rescheduled technology ceo antitrust hearing, ceo of app
Get started here this morning. Look, i think that we are actually experiencing something that we havent lately which is that the analysts are almost entirely positive, and yet there is an underlying current both from the unemployment claims, which they are never going to be good until we get a vaccine. And also a general on wee that we dont have it under control, there i am talking about covid19 so why own anything . I think that thats an incorrect view there were many many piece this is morning that talk about what i can only say i am going to borrow a term from larry kudlow, green shoouts. There is much thats good in the economy. It is just not where we thought it was going to be, david. It is not all encompassing, but there are some areas that are very strong. All right so go over those and explain to me why they are not what we thought they would be. I think we thought travel and leisure would come back. That cruiseships would come back, that there would be Corporate Travel only on