Certainly through the channel i mentioned. Thank you. Thanks for taking my question. Chairman powell, [ inaudible ] to the policy framework, is the fed open to other measures of the economy such as income inequality and affordability of housing . So we monitor everything we think is important in the u. S. Economy and in a broad sense, all of it goes into thinking about Monetary Policy. You mentioned inequality. You know, disparities in income and in Financial Wellbeing by various demographic and racial categories, something we monitor carefully, inequality which i would point to its a multifaceted thing but i would point to the relative stagnation of incomes for people at the lower end of the income spectrum and also lower mobility. So those are things that hold back our economy. They are. The thing is, we dont really have the tools to address those. We have Interest Rates and Bank Supervision and Financial Stability policy and things like that, but we cant get at those things through
It also says it will purchase additional treasury assets as part of an accommodative policy. It repeat language from previous statements, where it sol it will use the full range of tools to support the economy the statement says weak demand and oil prices are holding down inflation, but the path principally depends on the virus. It says it poses considerable risk to the mediumterm outlook. There were two dissets, from the dallas and minneapolis fed, differences in what they wanted. Capellan wanted more flexibility. Let me tell you about the outlook for gdp. They actually dramatically well, they were looking for a 6. 5 gdp decline, now looking for a 397 decline they were looking for nine and change, now looking for 7. 6. Ill go directly to the actual table here and put my glasses on, and tell you what it says here inflation they have upgraded from 0. 8 to 1 mounta. 2 there it is, folks the path of policy 0. 1 for 2020, 0. 1 for 2021 0. 1 for 2022, and drumroll, please, 0. 1 for 2023 the
108 points hire. So good news all around. Lets see if it can stay this way. Treasury yields, you can look at a 10year note at. 681 we have so much going on the fed kicking off a twoday meeting. The first since it put new framework into place isnt expected to change Interest Rates fed chair powell planning to answer questions about the outlook during tomorrows News Conference then we have the data coming in today where we get august import and export prices. The latest productions numbers and the earnings, we have fedex and adobe. A lot of other news, joe i can hear the bounce in your step i hear it in your voice. I think it might be the guests we have again today. I know you are excited for the hour we had great guests yesterday and great guests today we have bob from viea come cbs Jared Kushner coming up in the 7 00 hour. Kevin mccarthy then i realize we miss becky whenever shes out but you like to talk and i guess i do too so it is 50 50, instead of 33, 33, 33 you dont have to admit
Happened. The bears breathe a sigh of relief. But is it all over as soon as it started . The cash trade is just an hour away so lets see if this has legs. Here are your top headlines. With thes a big blow nasdaq down almost 5 . The s p severs it steepest drop since june. And suffers its deepest drop since june. Bill ackman tells market jitters the National Bank to challenge santander. So, a lot going on today, as well as german factory orders. They are now out. Ofth over month, the gain 2. 8 not nearly as much as a survey, which was 5 . Over the prior number, which was 27. 9 . Yearoveryear, its a drop of 7. 3 , which is worse than the survey drop of 6. 0 . And a slight improvement from 11. 3 on the prior numbers. So during factory orders german factory orders not shining light on this. Just under an hour away from the start of cash equity trading. Futures are down in europe. And remember, yesterday we were looking at gains on the dax of more than 1 . Then we closed losses of more than
Reserve and other central bankers, academics, public and private Sector Economists and members of the news media for this annual gathering. As you well know, its been our custom for nearly four decades to welcome you to wyoming, served for the kansas city that. I look forward to return to the online format, senate expressing my gratitude for those who travel around the globe to attend for managing jet lag. Appreciation to those attempting to manage local. With the current time, ranging from 6 00 a. M. Thursday to 1 00 a. M. Friday. This year has been an extraordinary one for Monetary Policy and central banking. Issues with time including the level of Interest Rates the effects of heightened uncertainty and how to effectively communicate Monetary Policy have been amplified by the economic fallout of the pandemic. For more than a decade, it seems the central has been in the shadow of the Global Financial crisis. It may be that the pandemic stems even further. The truly extraordinary poli