Day for the Federal Reserve system. It is a meeting of mystery. Our Michael Mckee will be there for the press conference, special coverage this afternoon. But right now, a great conversation on some of the challenges that we are going to see. Jon ferro, to me, the major challenge, with futures up 17, you mentioned this earlier, this morning, is the two americans that are out there, that two americans that are out there right now, jon ferro, are nothing like what john edwards ever thought he would see. Jonathan just compare and contrast, tom, take the airlines on one hand you can take any sector, the retail sector, and compare it to fintech right now. Big tech on fire. Other companies, tom, literally slashing in tens of thousands, and a central bank that has to set policy for both economies. That is a tremendously difficult position to be in as a central bank right now, and that will create distortion. Some would argue that is already happening. Tom Lisa Abramowicz, within your reading,
Sonali welcome to bloomberg markets. Lets look at the markets quickly. We have a lot of red on the screen. We have the s p 500 now down about one half of 1 . The nasdaq 100 is seeing bigger can kleins. The russell 2000 even more than that. Its now down about 1. 5 on the day, quickening its losses and thats on the back of higher yields. The twoyear yield just flying higher. Its above 4. 67 on the day. Thats a three basis point move. You have to remember how far weve come. We will dive into the Economic Data we had this morning that is driving the yields higher. Michael mckee joins us now to bring us up mike mike to date. This is a nerd indicator. Business inventories are just out at the moment. Its not a really good number. 0. 0 after a 0. 3 increase the month before. That is down from 0. 4 . It suggests the u. S. Is not building inventories as much as people might have thought. There was a feeling that because gdp has shown inventories declining for the last months that we would see fa
There is an upside risk to the bank of england current forecast. You see that reaction in the market. Gilt still positive on the day come up by two basis points at the moment. The 10 year has taken a beating over the last week, a full basis point on the day pending 0. 91 , pretty much unmoved. Alix more data coming out. The boe sing the impact of august stimulus is encouraging in the secondhalf slowdown, maybe less severe. , but untilt more qe then, it is a wait and see data. Jonathan it is a longterm near nearterm longterm versus nearterm situation. You wonder what this means for the rate debate. I want to cross over to nejra cehic. Confusingt has been isnt the nearterm data points, the conviction around what would what would happen around and brexit vote. John come as you mentioned, we have had a sentiment indicators, the pmi rebounding in august after we saw them a head lower in july. That impact from brexit has been limited, at least for now. Economists change their views on whethe
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