Bauer, who is my supremely wise, talented, and collegial codirector of the nyu law schools legislative and regulatory process clinic, i wanted to welcome you here today to the fourth year of the Sidley Austin forum. We are joined this year by another nyu law entity, the center on law and security, a nonpartisan, multidisciplinary institute. And the director, richard gold brenner who is here, has been invaluable in helping pull together the program for this afternoon. This forum would not be possible without the generous support of Sidley Austin, a Renowned International law firm. So it gives me great pleasure to introduce peter roskam him, who is a partner in their Chicago Office Company Knows a lot about what we are talking about today. He served his district in illinois in the u. S. House of representatives for six terms, from 20072019. And during that time he held a number of very significant positions. One of those most pertinent to what were talking about today is that he chaired
Weak in the session. Joining us is josh brown welcome back. Good to be here are you also in celebration mode after jay powell . Im also in celebration mode. We got all but a promise of a rate cut i think in july. Theyre going to do it. I said earlier, he foamed the runway for what ithink the market knew he was going to do the thing is, i dont think its necessary, but i also dont think its harmful a 25 basis point rate cut most likely, the best example of Something Like this, that i can think of from recent history is 1995 you had a new alltime high in the stock market the day they did the cut, but it was a single cut. And a lot of the reason for that, they had done a surprise rate hike in 1994, which kind of crushed the bond market, people were shocked i think what the 1995 single cut was about was taking some of the pressure off from that, maybe also like a mea culpa, we didnt need to do that that maybe thats what this is most like, and it would be likely we make a new stock market hi
Stocks as well. Were going to dig deep sbeer the pullback throughout the next hour here. Tesla shares were also getting hit on the back of reports of a suspension problem. Now, the automaker is vigorously defending itself in a statement. Well bring you all the latest details coming up. Meanwhile next week apples Worldwide Development conference getting under way. It could bring an interesting announcement in an area youre interested in. Ipayments. I think you invented that word. Is that it . Ipayments . I made something up . Wow. I have no idea. But we will find out from our josh lipton what they might have up their sleeve. Lets start with the broader market. Yield collapse strengthened. The tenyear yields in germany, japan, and switzerland all hitting record lows. Just stunning. And the tenyear yield here in the u. S. Continues to drop falling to its lowest level since february. This yield crush around the globe all happening at the same time the s p had been climbing back toward allt
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