We got a boost from the bank of england a little early around. We will hear from the governor in just a moment. The cable rate, 1. 31. Keep an eye on the critical lines in the sand as we come through tomorrows session. We are starting to see yields a little bit higher here in europe today. A little bit of stabilization may be in the bond market after yesterdays big move, but a much flatter curve. Lets dive into the bank of england decision to boost its bond buying program. 150 billion, a little bit of a surprise. The market was expected 100 billion to be added to the program. Why the bigger number . That was the question i put to the governor. Gov. Bailey i think that was what we learn from our earlier experiences with covid. It is important that we act both quickly and that we act clearly in scale. That was an important consideration for us. The second thing is that we have to meet the inflation target sustainably over time. So a lot of work we did on our forecasts, employing the pers
That is what we saw with adp, not as bad as we initially thought. The banks talk about of canadas decision coming out as well. You could see that in the top righthand corner of your screen. Unsurprisingly, the bank of canada keeping rates on hold and the economy is starting to reopen. The bank of canada looking for more information, its a status quo decision with Interest Rates left at 25 basis points, at the bottom end of the range. They are unlikely to go any lower when we have a new governor coming in, macklin is coming in and is likely to resist negative rates. Scaling back some of the Market Operations at the bank of canada with covid19 impacts, it appears to have peaked. Interesting, could you imagine . The dollar cap is down two point 1 2. 1 . A twomonth high as what we are dealing with and also oil prices are vacillating everywhere, but the spread continues to widen and we are now at the widest is this manufactured by the fed or is it a comment on longerterm growth . We are goi
Here as well. Also want to point out some breaking news. Macys says their cfo paula price is going to leave the company. They are looking at an external search currently. Premarket withn the overall market. Exxon mobil also coming out, finally the last of the big majors to cut their capex. They see overall Capital Investments for this year about 23 billion. They saw up to 33 billion. They are also cutting operating expenses by about 15 . They are maintaining their longterm outlook. They say Capital Allocation priorities remain unchanged. The longest chunk of all these cuts are going to be spending in the permian basin. That is interesting. We heard something very similar with chevron, a little easier to shale. Ex within they are dealing with the fallout of the crisis. Watching those stocks as we head into the open. U. S. , as wellthe as the markets, but the collapse of the Small Business optimism i was just talking about. Gauge falling by 8. 18 points in march. Michael mckee joins us w
First, even after this twoday, markets not down much at all. The s p 500s only off about 4 , dows off 5. 7 , nasdaq which totally red hot going into this week is down 3. 2 . Barely down at all especially when you consider this high index is up 22 for the year. That perspective matters. Today the high fliers in the nasdaq, the linkedin, teslas finally cracked, my favors celgene, regeneron and gilead. But very few can hold up even if they dont have that economic sensitivity. These highfly selloffs dont end in a day or two. They tend to last three four days before they start bouncing back and usually bounce back with a vengeance. Accept theyve been big winners and big winners do sell off and then your call not mine whether you can handle the disturbance, or if you want to ring the register, i suspect theyll go back when the deal is done. Again, perspective on things. As i like to do every time i get discouraged like today, i take a look at the wall street journal from october 4th of 2011.
First, even after this twoday, markets not down much at all. The s p 500s only off about 4 , dows off 5. 7 , nasdaq which totally red hot going into this week is down 3. T2 . Barely down at all especially when you consider this high index is up 22 for the year. That perspective matters. Today the high fliers in the nasdaq, the linkedin, teslas finally cracked, my favors celgene, regeneron and gilead. But very few can hold up even if they dont have that economic sensitivity. These highfly selloffs dont end in a day or two. They tend to last three four days before they start bouncing back and usually bounce back with a vengeance. Accept theyve been big winners and big winners do sell off and then your call not mine whether you can handle the disturbance, or if you want to ring the register, i suspect theyll go back when the deal is done. Again, perspective on things. As i like to do every time i get discouraged like today, i take a look at the wall street journal from october 4th of 2011