Themarket has discounted positives and of the negatives of trump toss collection. Trumps election. Vonnie looking forward to a lot of that coverage all day. In the u. S. We are about 30 minutes into the trading session. Sa next trading action abigail mixed trading action. The dow opened lower. The week is relatively young but the dow was on pace for its second weekly decline. A little bit of a bearish trend that as you can see both the s p 500 and the nasdaq are trading slightly higher fluctuating between small gains and losses. We are seeing a continuation of the lack of conviction that is marked trading action for u. S. Equities in recent days. When you take a look at some of the havens we have seen a haven been more recently. We have the 10 year yield trading higher marked in red telling us the safe haven bonds are selling off a bit. Yields rising helping the dollar index up. We do have the dollar against the yen rally. We have gold trading slightly lower if that stays that will bre
Banks are get out of certain communities and countries and they are also denying services to millions of lower income americans, not because the risk is too high, but simply because the profit margin are not considered high enough. There have been serious consequences on vital Correspondent Bank relationships that are critical to bier flows also. Another Major Property in several communities here, including in a district like mine, is that banks are closing branches. In fact economists from the Federal Reserve bank of new york released a report entitled banking debit. Branches closing and soft information. Showing that u. S. Banks have shut nearly 5,000 branches since the financial crisis as a result. Residents of low income neighborhoods have become somewhat more likely to live in a banking desert. That is why i have called to revamp the Community Reinvest amount act in a letter mailed to banking regulators and cosigned by some of my colleagues. But chair yellen, its obvious that cr i
Dont miss our interview on the show with andrew wilson. Income also. We do have headlines from the prepared testimony of chair yelling. She says shes does not discuss Economic Outlook or rate policy, but in terms of fixed income, she writes the fed must stay vigilant of new risk to Financial Stability. The banks are considerably stronger since the crisis and to carefully monitor the impact of any rule changes. Examinations have found regional banks to be wellcapitalized. We are expecting her to field questions about the reasons why there have not been a supervisor vice chair of pointed by the Obama Administration and what might happen Going Forward in that regard. We are about 30 minutes into the trading day in the u. S. Julie so julie is a very small rally underway in u. S. Stocks. I should really call it little changed. A little higher as we go into janet yellen testimony. Energy shares are the best within the s p 500. It has been this with saw affect for oil over the past week as we
The committee will come to order. Without objection, the chair is authorized to declare a recess in the committee at any time. This hearing is entitled semiannual testimony on the Federal Reserve supervision and regulation of Financial System. I now recognize myself for three minutes to give an opening statement. As we all know the dodd frank act vastly increased the powers of the fed way beyond has traditional Monetary Policy responsibilities. The act has made the fed omnipotent but cannot make it omniscient. No act can. Through the exercise of socalled heightened prudential standards the fed can control the largest Financial Institutions in our economy. Former fed governor kevin warsh recently wrote Central Bank Power is permissible in a democracy only when its scope limited, its track record strong and accountable assured. None of that do we observe today. Where his feds omnipotents has taken us . The big banks are bigger, Economic Growth lags and theres scant evidence our economy i
More stimulus coming, at least not imminently. We have seen stocks stay steady after the initial drop after those comments. We saw the effect throughout the bond market and on the dollar as well. We see the yields on the u. S. Treasury market across the curve climbed today. On the 10year for example, the year yield has bumped up. It is gaining steam as the day has gone on, up seven basis points. 1. 6 . Also a seen technologies weight on the s p 500 you heard questions about apple and whether there will be Strong Demand for the new iphone seven. They are sending the stock lower today, about 2. 5 percent. Among other pressures, wells fargo downgraded the stock to a market perform, saying the prices are largely priced into the stocks. Thepany forward is Company Twitter is meeting today, and there are no bids on the table, according to cnbc. Retailers are not performing well. We have a mix of different retailers. Supervalu, following on the heels of sprouts yesterday, on the numbers, missi