As to the longer rates narrative. Pets on a november fed hike rising to about 60 . Apple sliding the most in a month under reports of some government chinese agencies banning the use of iphones. We get japans travel outlook exclusively from the ana ceo who tells us that demand from china is soaring. If you look at u. S. Futures, it looks to be shaping up in a fourthdown day. The asia session could change that. We are early in the session. They are pointing lower. I just want to give that warning right now. It looks like we might see little bit more weight to bonds. Yields higher once again today after all of that data. Service is showing a lot of strength but also strengthen prices paid, which is perhaps the most troubling aspect of this whole thing. That adds to inflation. With oil prices assize they are at the moment, thats another troubling factor for those worried about inflation. Those include some fed Board Members and some fed president s including Susan Collins and jim bullard.
Police . Guest i think i we are leavingt this to honr our more than 45year commitment to live coverage of congress. The house is coming in to debate three bills, including one to allow mine waste to be stored on public lands. Youre watching cspan. The speaker pro tempore the house will be in order. The prayer will be offered by chaplain kibben. Chaplain kibben would you pray with me. As we face the day that lies ahead, send us out to serve you, dear god. May we be faithful to keep your commands. May we take time to enjoy the fellowship you provide. May we be eager to be loyal to you. And may our deep desire to be worthy of you sustain us when so many other things clamor for our attention. These are indeed challenges times challenging times but we trust that you hold them in your care. Give us wisdom to appreciate the steadfastness of heart and soul our service to you requires. In a world where efficiency all too often overrides effectiveness, may our goal be your intent for our energie
Since late january, and we are extending the gains today. If you talk about what the catalysts are for the next leg of the rally, we ask the question whether the bulls have the upper hand once again. We know powell was not as hawkish as feared and yields calmed down, right, the bond market volatility dissipated for the moment and earnings are enough. Is all that good enough well, the quantitative tightening provides a nice liquidity backdrop to a rally. I think it can continue for a little bit. I think that shortrun focus, though, i think the momentum is here with us for now. The intermediate term, what you want to focus on is gdp revisions and can they continue to head higher . Can earnings deliver in the back half of the year . If i think those two things prove to be true, we could see more upside and this continue for a while. If theres a challenge to that, which at the moment doesnt look like there will be, but if theres a challenge to that i think you could see volatility. In the
Republican candidates apart from few headtohead explosions that we could have done without, there was more agreement on issues than disagreement, energy, inflation, over regulation, wokeness. China warnings. Biggest division was probably over ukraine. You could be unfair. And say there were no magical moments lines, but you know they are hard to come by, here is one memorable line from Ronald Reagan to remind everyone of what a memorable line sounds like. Governor reagan is against such a proposal. Governor, there you go again. Larry that one is still playing 40 years later. At different points in the debate, i think each of the candidates had their moment, i know that pundits are scrambling to pick winners and losers, but i dont think that anyone stood out, there may be some minor polling hiccups here and there, but the big picture does not change, former President Trump is still the overwhelming favorite to win g. O. P. Nomination. I dont think that debate last night, changes mr. Tru
Deduction to San Francisco filers so we think that its about 2. 1 billion for the state and local tax dedukd deduction a lot smaller, i dont know, 100 million or so in the property tax deduction. Supervisor cohen so overall theres less revenue going into the state budget and the local San Francisco budget for us to then reallocate during the budget process . I dont think that its a direct affect and if you take 2 2. 1 billion out of the local economy, you have to expect that it will affect the local business ability to invest or to expand supervisor cohen to hire. You have to expect that Discretionary Spending would decrease because the cost of necessities is going up and it would certainly affect your sales tax. The effect on the Housing Market and our transfer tax and the property tax as a result seems like it would if anything it would have to possibly drive down prices and just reflecting the fact that most buyers are going to have higher costs to finance and then pay taxes on thes