[inaudible conversations] with members please take their seats. The ways and Means Committee will come to order. Good morning and welcome. We arere here to discuss a difficult issue that confronts nearly every family in the nation and that is care for our loved ones as they age. Its certainly appropriate we work to address this matter in november which is alzheimers Awareness Month and u. S. National Family Caregivers month. A deeply personal issue for many of usit in the room and for thoe who havent personally struggled to ensure an older relative receives the care they need you must certainly know somebody in your life who has. Navigating a fragmented and insufficient longterm care system if you not only confused and emotionally taxing, but also enormously extend the indeed even unaffordable. Around the clock inhome care costs about 180,000 per year. It costs over 80,000 a year to live in a nursing home, and assisted living costs 43,000 a year. These weigh heavily on aging americans
Service sector, employment rose slightly and it was slowed by worker shortages, Household Spending was solid. Agricultural conditions across the country deteriorated some of the detail we were talking about in terms of around the country. Boston said signs of slowing were more widespread than they had been in the past chicago said manufacturing declined with a slight increase in growth overall. Kansas city had a slight expansion. New york reported a subdued pace of growth. And dallas a moderate expansion. Tariff guys were mentioned 24 times versus 24. Its been elevated as you know, for the past 1e6r8 months. Steve, thank you, sir steve liesman. Markets digesting the beige book lets go to bob pisani basically flat response here, with the s p down 8 bank stocks still slightly to the down side. The key is to watch the Global Growth commentary. Remember what happened yesterday . The imf lowered its outlook for Global Growth to 3 from 3. 2 back in july this is the lowest growth weve seen si
Joining us for the entire hour is dan nathan, founder of risk reversal advisers. Welcome back to you. Sara. So theres something youre looking at about the s p 3000 level and fed meetings if you go pack to july 31st, the last time that the fed met, they cut a quarter basis points Interest Rates the first cut in ten years and the stock market was above 3,000. And and it wasnt until the trump tweet the next day that we broke down and stayed down all of augusts here we are now, expectations are for another cut, and it seems like the s p has really paused again at the same level, about 3,000. Weve got lots to discuss with dan, but lets drill down on the big stories were watching today bob pisani is tracking the big reversal leslie picker has details. Mike santoli has a special market dashboard ahead of fedexs earnings which hit after the bell and well have for you here on closing bell. A big day in oil. Oil dropped right after the open on a reuters story that saudis oil output would be full
Numbers and while thats not exactly what we wanted, its what we need thats why stocks were able to rally on that news, the dow gaining 69 points higher most of the day and s p climbing. 09 and the nasdaq is tech heavy and does well when the economy is really slow dips 1. 7 . Why the heck are rerootiwe rootr weak data . Its about the macro ive never been a fan. Its a big picture when Interest Rates are much higher than the rest of the world and the world is reluctant to cut them. The macro matters and matters a lot. Thats why this disappointing payroll report is so important it gives jay powell more leeway to cut Interest Rates if he wants to powell is a traditionalest fed chief, for more than janet yellen thats why powell wants to be measured even though he was anything but measured with his rate hikes asemimet triric l and wrong. This is starting to hurt the economy. I lived through the 70s and understand the fear and if you dont stamp it out, it will wreck your economy this isnt the
Nikkei up. European equities right now as well a bit of a mixed picture ftse up slightly the tenyear note is trading at 2. 053. Now to the big story of the morning. Details on the hack capital one disclosing a massive data breach that affects 100 million u. S. Customers and 6 million in canada. The company says 140,000 social numbers and 80,000 Bank Accounts and 1 million Canadian Social insurance numbers were compromised. It says the largest category of data that was exposed was from credit card applications including names, addresses, phone numbers, dates of birth and self reported income the hacker also accessed customer status status such as payment history, Credit Scores and credit limits. The breach occurred in late march. The hacker accessed information through a vulnerability of the servers in an unnamed cloud company. The fbi arrested a suspect, Paige Thompson shes a former engineer at Amazon Web Services. Authorities allege thompson posted some data on gethub and a private ch