Later on in the session. Will have more on what jay powells comments mean treasury yields here with tenyear yield at 4. 16 . Lets go to lindsey and talk at the same time fed chair jay powell said bringing down inflation will take longer than previously expected he cast doubt at the next policy move could be a hike. Its unlikely that the next policy rate move would be a hike i say unlikely you know, our policy focus is what i mentioned which is how long to keep policy restrictive. Thats all fine and good. Joining us is stifel chief economist lindsay pietza do you remember the days of mike and drexel, lindsey . Do you remember when someone would have a high degree of confidence and when you could arrange financing . Do you have a high degree of confidence we know exactly where we are in terms of inflation and rates right now . No, i think it is telling that the fed chairman conceded it will likely take longer to gain the confidence and inflation is back on the disinflationary trend and a
Pushed the dow into negative territory for the year. Joining the russell 2000 at this point. You got the dow industrials under pretty severe pressure. The s p and nasdaq up by 10 and 25 for the year, respectively. But they have seen their gains whittled away over the last several sessions too. The vix hitting its highest level since the turmoil in the regional banks earlier this year touched at about 20. Havent seen that in a while. Gr granted this is not the serious fear factor you get into, but we had an incredibly low vix for quite a while. Youre going to see that elevation, concerns about what happens next and people asking what are the odds of a Government Shutdown come november 17th. Thats the new deadline that is there and without a speaker of the house at this point, those odds jumped significantly. You also see that playing out in the treasury market where the yields pretty much across the board hitting the highest level since 2007 once again. You got the tenyear now at 4. 815
Yesterdays gains related to treasury yields tapering off. Coming back down after really watching them march higher. Above 4. 6 . 4. 54 is the yield for the tenyear treasury. We have seen calming down at this point of yields. We will see where that continues. Late last night in washington, lets talk what happened. Republicans passed three of four spending bills in the house and a push to avoid the Government Shutdown. Lets go to Emily Wilkins in d. C. With more on it. Good morning. Reporter good morning, andrew. You are right. There was a little bit of victory for House Republicans. Lets be clear, congress has no plan to fund the government before sunday at midnight. That means we are looking to have a shutdown at this point. The house and senate on looking to have progress today to keep any sort of shutdown as short as possible. The house passed three of the longterm funding bills. None prevents a shutdown. The hope is to build support for a shortterm measure that members will vote on
Whats happening with treasury yields a tz you know, the trend has been higher and that continues this morning the 10year is at 4. 63 the 2year while its in the green, its a little bit below where we were yesterday, 4. 94. Still below 5 well take a quick look at Oil Prices Data showing a drop in crude stocks, a positive sign for demand yesterday oil prices were higher, this morning giving back just about 39d . But wti is just below 30 a barrel. Meantime protests arrive ingn campus speaker johnson speaks about it. Meantime late last night columbias president providing an update, saying the school is now in talks with student protesters to clear an encampment on its west lawn. Theres a deadline tonight to dismantle or theyre consider other options to clear the area. The school now says theyre not tolerate discriminating behavior theyll put them through appropriate disciplinary processes. We will see. I know there are a whole bunch of donors watching all of this, waiting to figure out i sp
Three major indices. The dow industrial down by about 1. 1 , the s p and the nasdaq down by about 1 1 2 . If you want to look at things month to date, we are on track for the worst month of the year, if youre looking at the s p, if youre looking at the nasdaq. If youre looking at the dow tr transports. The dow industrial is off by 3. 1 . S p down by close to 5. 2 , and the nasdaq is down by about 7 . The russell 2000 has fared much worse, down 7 1 4 . Dow transports are down by 5 1 4 . You got admit the irony of 90 of the people we talked to finally threw in the towel visiting the october lows, right when this was ready to head back down. Never mind. But they did. Its counter intuitive. Its uncanny. If you could figure out opposite day always. Always opposite day. You could do well. You give jason trainer props for sticking with it. Yes. Saying he thought things were going to come down. Because i was so obnoxious to him during the whole rally when he went nuts. Yes, you were. Treasury