We will come to order. The tears authorized to had to recess at any time. This is the Federal Reserves that are annual monetary report. Without objection, all members have five days in which to submit extraneous materials for inclusion in the record. I will note at the outset, we have a hard stop at 1 00 p. M. To the observed. I see chairman powell smile. Thats three hours. I will know recognize myself for the opening statement. In june of 2023, the conversation in washingtons concerning inflation shifted significantly. Not because of the lectionary fire has been extinguished. From the most recent data available, food cost is up 21 as President Biden took office. Energy costs are up more than 32 . Shelter costs are of more than 19 and you will pay 37 more for a dozen eggs in america today. As we said in january, people are still paying more for the basics of life and the prices they are paying are still high. And they arent happy about it, as you know, it is our colleagues know. But ac
City this morning. For our audience worldwide, this is bloomberg surveillance. Equity futures on the s p 500 up. 2 . Date two for chairman powell and in washington, d. C. It is the state of the Union Address. We will catch up with amh in washington. It was a win for wall street but not the kind of win we were thinking about. This was not Monetary Policy, this was about Financial Regulations. Lisa there are lobbyists in washington, d. C. Getting massive bonuses. We saw that 19 Capital Requirement that the largest banks in the u. S. Were going to have to hold under new proposals basically being rolled back. Jay powell saying we will make a lot of changes to this after a lot of lobbying. Jonathan day one was in front of the House Financial Services committee. Date two was in front of the senate committee. The senator from massachusetts, Elizabeth Warren, i imagine Elizabeth Warren has followup questions about yesterday. Lisa i imagine she will not be particularly happy when people are loo
New investment restrictions tied to china its wednesday, august 9th, 2023, and youre watching Worldwide Exchange right here on cnbc. Good morning welcome to Worldwide Exchange. Im frank holland. Lets get you ready to start this day as always kick it off with a check on u. S. Stock futures. Right now were seeing them in the green across the board open up about 08 points higher nasdaq, more than a third percent higher in the premarket after a rough session for stocks yesterday. Investors digesting the moodys downgrade that sent major u. S. Officials sinking. Goldman sachs closing 2 lower, citi down 1. 5 and wells fargo jp morgan largely spared in this situation. This morning, were seeing a bit of a mixed picture take a look at how the stocks are performing right now in the premarket. Were seeing some of them still in the red as you can see, goldman sachs, jp morgan fractionally lower, bit of a rebound for bank of america, half percent higher, wells fargo up. 25 . Bond market, as always,
September, and if you havent paid attention tesla shares are down 10 this week alone only two trading days. If they had gotten ai from oh. Well talk about that, a war of words, openai is firing back at elon musk. Theres 1 chance well talk about it. Publishing emails appear no show the tesla cofounder did support creating a for profit entity. Lets begin with the markets and the testimony from the fed chair today. Jim, got some news on what he will say in terms of written words. Yeah. Look, i kind of when march is off the table, i think this is, obviously, one of those, i want to get a little more expansive and getting tired of the game of what month instead, what i see is a man who said listen, were not going to have a hard landing or soft landing. Were fine if it gets weaker well cut. Its kind of a Great Central bank essay about what you need to do in order to be able to get out of an inflationary period. David, i think hes becoming more of a, lets just say a true statesman how far to
Markets. Expecting nikki haley in south carolina, Jerome Powell in washington, d. C. We have the s p 500 up about one half of 1 . And the nasdaq 100 also seeing similar gains of stocks. The Philadelphia Semiconductor index on track to erase the losses from yesterday and we have the twoyear yield just dropping down to 453 on the day. Now, were going to bring you the jolt state joined by Michael Mckee to join with us the details. Michael looks like shanoly, it is unchanged. The revised number was 8889. Not a drop there but it was a significant from over 9 million. No change there. Sonali as we wait for Jerome Powell to start his. , what is his expectation out of not just what he will say on the onset what types of questions he may get . Michael hes already given up his text. Its very short and he repeats the idea that theyre high rate and they will cut rates. They hope some time this year. But they have to make sure that inflation is still on its way down. So nothing new in that. The que