Oil falling back after yesterdays rally and the biggest inventory draw in 17 years. Our road map begins with outrage over wells fargo. The bank settling a fraud case that said employees issued debit cards and transferred funds. Twitter shares down after a 6 drop yesterday. The Board Meeting. We will give you the details. And more fed speak sending futures lower. Shaking things up. Speaking of which, stock futures are lower. The boston fed chief saying a reasonable case can be made for hiking rates. He says low rates increase the chance of overheating the economy and that not tightening could shorten the recovery. He is a voting member, jim, and historically relatively dovish. Right. I think this is again trying to prep everybody theres a rate increase coming. Ive been saying that. Thats why the bank stocks have been acting well. We will have to talk about wells. That is the biggest. This is par for what theyre thinking about, not looking at the employment number or retail sales. No exo
Convocations, go to breakingthroughpower. Org, all those of you around the country, or go directly to ticketmaster if youre in the general d. C. Population area. Lets see more of you in the next three days. Thank you very much. You can watch this program from the center for responsive law, including a threehour morning segment, in the cspan video library. Go to cspan. Org. Well, we have two road to the White House Events coming up this afternoon. Hillary clinton campaigns in harrisburg, pennsylvania. Its one of two stops she has planned in that state today. Cspan will bring you that live starting at 3 45 eastern. Real clear politics polls give her an average lead of more than 4 over donald trump. And donald trump will be meeting with supporters at a rally in prescott valley, arizona, later today. Cspan2 will have that live starting at 5 00 p. M. Eastern. Recent polls there show a close race with Donald Trump Holding a slim lead. Well, nationally, Hillary Clinton is ahead of donald trum
To the president ial election. The pound is falling through a three decade low against the dollar, mounting investor concerns that the uk is headed for a socalled hard brexit. This follows theresa mays weekend announcement that britain would trigger its exit from the European Union in the First Quarter of 2017. David our top story is the slide in the pound and the path toward a hard brexit. Joining us from london, guy , and inand jon ferro france we have caroline hyde. What is going on with the pound . Bring us up to speed on the markets. Is this all because of theresa may . Uy basically, we are a lot warmer over here now in the united kingdom. That is probably the message around the world. The town has been bubbled tumbling. We are back to levels we last saw in 1985. We were pretty poor them. It is not summoned to write home about. Financial markets believe we are going to be seeing a harder exit than had been previously priced in. The market has been pushing down toward a 125 level.
The meeting is coming to order and were going to declare the recess at any time and its called sem annual system on the sup super vision and i recognize myself for three minutes to give an opening statement. As we know the act decreased way beyond the monetary responsibilities. The act is made the fed omnipotent. Through the exercise of the heightened standards the fed can control the largest Financial Institutions in our economy. Former fed governor kevin warsh wrote that Central Bank Power is premisable when the scope is limited and the track record strong and the aaccount blt assured. None of that do we observe today where as the feds has taken us and the big banks are now bigger and the small banks are fewer and the Economic Growth lags and theres evidence that the economy is more stable. Two mu fed authorities granted under dod dx frank have been problematic. The see kra si make it impossible to measure the over sight or the integrity of the test findings. As columbia has testifie
Our road map begins with with jack lew speaking out about trouble in china. Shares in Morgan Stanley sinking on its earnings. Is there more pain to come. And first up, the major indices coming off three straight week of gains. S p up almost 6 since the beginning of the honesmonth. Chinas slowest growth since 2009. Still above consensus. And then jack lew addressed chinese currency valuations earlier this morning on squawk box. I think you have to make sure that china understands that its very important that they keep their commitment to let the rnb go up as well as down and the snapshot today is not the test. Lew also talked about the debt limit, warned us about some accidents coming on that perhaps. And then on the china data, we also got Industrial Production six month low, retail sales maybe a little bit better than expected. I continue to think that domestically china is a little bit better. There was a lot of good commentary on the honeywell call on friday. An otherwise just not a