Little ahead of expectation. The employment number has picked up a little bit as well. But you need some real analysis on what is happening here. Theres one man to ask, mike mckee, bloombergs International Economics and policy correspondent. Michael read into it what you want. The numbers for ism do come in at a headline level lower than the last month. 56 last month, 55. 4 this month. It would suggest a be a little slowing, but that is the statistical anomaly probably. It isnt a major change. We see drops in new orders and production, but those were very healthy. For for new orders, 61 production. It is not positive. There is still some contraction, but it is up to 49. 6 from 46. 4 . It does suggest some progress in adding back some of the jobs that were lost. Customer inventories is an interesting category a lot of people has been what a lot of people have been watching. Do you need to increase manufacturing to replenish those inventories . That would suggest that you do. New export
The dollar gaining some ground after paring losses after that meeting. Fx sellinging asia off, especially the renminbi after reaching may 2019 highs. There are signs perhaps the currency is being overbought. Expecting boj, boe, and Bank Indonesia today. Those currencies and focus. Watching the bond market as well put it did not get adjustments on qe from the fed. We saw the 10 and 30 yield spike coming off a little now but that did lead to earlier the yield curve steepening and coming off a little. We are watching brent crude as well as wti. Also saw off some of the highs we saw overnight. There is optimism for demand but that is also losing some of those gains right now. Tom lets get you up to speed with some of the first word News Headlines and other stories. President trump says a Coronavirus Vaccine could be just tribute it widely as early as october, contradicting statements by some of his top health officials. The head of the centers for Disease Control and prevention told a Sena
It is an extraordinary day. We are to have a conversation here on what do you do with your money given what we have seen. The fed upstaged by the bank of england today with actual talk about the process to affect negative Interest Rates. Jon they have stepped up the flirtation, that is for sure. In the last 24 years, the whole thing is relatively ridiculous. Theyre forecasting 4 unemployment for 2020, 2 inflation with rates still going nowhere. If they are willing to tolerate that, rates are going nowhere for a long time. Tom the dissidents of the press conference was some really weak questions. Right near the end, mike mckee stopping traffic with a question about the efficacy forward, the path forward for the fed. It is a mystery. Jon you brought up this News Conference a couple of times. Do you want to vent a little bit . Tom im going to vent. Im doing this with jon, who has real experience in europe. The questions that the ecb and see morengland informed them what we see in washingt
Lisa hurricane laura is moving rapidly toward a category four hurricane, possibly inflicting billions of dollars of damage on the gulf coast. Interesting to see how that evolves with respect to oil prices. What else can 2020 bring . Tom it is going to bring a lot of challenges in academic growth. Futures red and green on the screen. Lets get right to the Business Review this morning. Ata what we are looking for 8 30 a. M. Is the july durable goods numbers. Interesting to see what this tells us about Capital Expenditures at a time of such uncertainty for companies. The u. S. Is selling a record 101 of a record 151 billion fiveyear yields. See viceing to president mike pence headlining day three of the Republican National convention. Look out for his 2024 that form, also expected money 24 platform, also expected to be his 2024 platform, also expected to be a potential candidate in the future. Tom we need to stop and explain jackson hole. It is a beautiful place with mountains that only M
Barreling toward the location where the Oil Production goes on. Energye about the oil space, what the 2020 policy has to do with that. We are going to turn our attention to the fed, the big event this week. The markets are watching the annual market symposium in jackson hole tomorrow. It will be virtual and the theme is navigating the decade ahead. The kansas city president Esther George spoke with michael mckee. I will offer you from my perspective this has been a useful process, process that really asks of ourselves to look at what we have learned over the past decade, to try to think about how the economy may have changed, and think about how we communicate to the public. The process in and of itself has been a useful one, and i will leave to the chairman to talk. Michael you have been considered an inflation hawk. Where are you on average inflation targeting . Is to bee my focus true to our price stability target, that our 2 really has to represent what is happening in the real eco