For Economic Growth for the year. Heres the key line in the statement. Quote, the Committee Judges that the case for increase in the federal funds rate has strengthened but decided for the timebeing to wait for further evidence of continued progress towards its objectives. It has two more meetings this year, november and december. The dissenters were rosengren and lemmas sister from cleveland and es store george from kansas city. Trish. Trish you say case has strengthened for them to raise rates . Compared to the first half of the year the economy is getting stronger in the second half he despite some numbers weve seen recently. Retail sales a little softer. Jobs report a little softer. They took the growth forecast for gdp in 2016 from 2 in june to 1. 8 . So a slight downgrade. Trish peter barnes. Neil thank you very much. I am joined on set by ashley webster, our own ashley webster. Kathleen witt is from Donald Trumps economic team. Steve cortez an Economic Advisor to donald trump. A
Chair Janet Yellens News Conference in just under 90 minutes from now. This is our brangelina. Melissa . Thank you, tyler. Im melissa lee. Were looking live at capitol hill. Tyler mentioned epicenter, d. C. Is today, where the ceo of pharma giant mylan son to be grilled about the controversial pricing of the epipen. Heather brush set to face members of the house. Well take you there live. Ill Brian Sullivan. As tyler and melissa noted, must see tv for your money. We begin with what else, the countdown to the Federal Reserve decision, a clock. If youre on the radio, picture a clock. There is 58 minutes and 39, excuse me, 37 seconds until that decision. Lets get right now to Steve Liesman live in washington with the setup on arguably maybe one of most interesting fed meetings that we have had in a long time, steve. Most definitely, brian. Fed expected to keep rates unchanged. There is some concern, some market murmurs about maybe a surprise by bill grows. He fanned those flames suggestin
Trying to encroach into the market because they are apparently going to put out a generic and so they are trying to keep the market to themselves. They have their own at the pen epipen. Could you try to answer that s ugly as possible, how did we get here . Rex for most drugs once they lose their patent protection and mostey can have generics, rugs to get generics. But some drugs do not. Either they have large market, they have patents that say in pen has patents to go through 2025. Be aher cases, it might small market talking about for other patients in new mexico seeing price rises or a Single Source drug. Only one Company Sells it. And so in all these cases they do not have competition. In the u. S. , that is what keeps prices down is competition. There is some reason that competitors have not enter the market and broad prices down. Quick to have approved for these , why isnt someone stepping up and saying there is a lot of money to be made here, who do point to to say what is causin
Lets take a look at the trajectory of futures throughout the morning here. Here you have futures going throughout the night. This is the leg lower than i am about when the testimony came out. She talked about the financial conditions of being a challenging at this point in time. She tried to walk the line between being cautious and leaving the door open to rate increases. Welooks like that is when saw the leg lower. Things are holding up relatively well. Take a look at the imap sectors on the move this morning. We have got utilities lower. They tend to fall when we get higher rates. Leaving,re is technology is leaving, financials are coming back as well p are a lot of groups have suffered in recent days and are coming back. Tech in particular because many of the Tech Companies are contributing the most to the gains we are seeing in the s p 500. Microsoft, apple, amazon. These are the beatendown names we have been watching recently, rebounding this morning. Treasuryor yields are coming
Oil is nearly unchanged. We begin with janet general on the hymn, day one of congressional testimony. The market awaits any change in Interest Rate policy. Disney and time warner both report earnings but fail to catch a bid. Yes, earnings were beat. Most stocks sharply lower. Well fill you in. Trumpsanders taking the state t. Race moves on to South Carolina and nevada. But first up, were less than an hour away from generals spy annual testimony on the economy and Monetary Policy. This morning, shell appear before the House Financial Services committee. Tomorrow, of course, the Senate Banking committee. In her prepared remarks, she says financial conditions have recently become less supportive of growth and a lower path of fed funds rate would be appropriate if the economy were to disappoint. But she adds, she still sees moderate growth ahead 245 would allow the fed to pursue gradual rate increases. We will bring you live coverage at 10 00 a. M. Eastern. She talks about slack in the lab