The last week or two. Lets talk about what minneapolis fed president Neel Kashkari has been saying because he was speaking at the Wharton School of business kashkari saying if the economy is stronger than we realized on the margin, then that tells me rates would have to go a little bit heiigher and held higher to cool things off. We will talk to him about that directly he will join us live in the 8 00 hour he sounded more hawkish. He is sounding hawkish, but maybe we got to be hawkish given how strong things seem how they seem who knows . And Jpmorgan Chase ceo speaking to cnbc in india overnight. Here is what he said about the economy and fed policy so, if you have higher for longer and good growth and inflation is contained, thats good you have more fighting for capital and payment for capital. The world needs it for the military and Green Economy and i. R. A. Act and chips abs act an deficit spending right now, it feels good fiscal stimulation was extraordinary. That was a global ph
Note at 4. 57 . Take a look at bitcoin we have been talking about it. It is at 61,645 it has not moved after the down swing. Somewhat steady this week pulling back from the highs. Lets talk about oil Biden Administration will not renew the license to ease venezuelan sanctions the Treasury Department issued a rehe he replacement license tody u. S. Says president maduro failed to compromise with the sanctions last year. We will discuss this on the Energy Market and crude prices backing off again. They started the decline down 1 this is actually a tricky situation that the u. S. Is trying to navigate not just with venezuela, but you want to impose your policy pressure on the regime, but not restrict the Global Supply iran selling mostly to china trying to do two things at once and not compatible you have to keep the oil flowing. Micron technology is expected to receive 6. 1 billion from the chips act to pay for the domestic factory projects according to the bloomberg report it is a mix of
It is better than the nasdaq which is down by 3. 5 for the week. Dow down 1. 5 . Yesterday was a rough day. It was yields. The next board that we will show on the back of everybodys minds. Investors. Normal people are not saying oh, my gosh. 30 more basis points. We are sitting up and taking notice of the 10year treasury now. How low we were for a long time with the backtoback crises. Right. If you look at the steep curve, that tells the story from the lows. The 2year treasury is the same story. Japans central bank maintaining the ultra loose policy. Bank of japan citing uncertainty with the economies and Financial Markets at home and abroad. This is a big deal. The yen has been vehweak. There have been expectations to raise rates. Governor euda indicated that would be the case. As soon as the end of the year, they would talk about finally ending negative Interest Rates. That has taken place for a long time. Yesterday, ashley spoke with the Prime Minister of japan. We will show you tha
Down 70 points. The nasdaq was the standout yesterday adding 1. 6 to close at the alltime high. Apple was up 4 on reports that it could be overhauling the mac line. We have more coming up in a bit. To the treasury market, lets look at what is happening with yields. This is a wild week for yields. The tenyear yield is lower. Still well above 4. 5 . 4. 53 right now. The twoyear note at 4. 92 . Lets also look at crude oil prices. The prices are moving higher on rising tensions in the middle east. In fact, this morning, you see things up by 1 for wti. 86. 05 a barrel. We are waiting for the banks to report. Over the next hour, Jpmorgan Chase and wells fargo and the Worlds Largest money manager blackrock and citi will turn in the First Quarter report card. We will get reaction as soon as numbers are released. We need to get to leslie picker because black rock is out. Leslie. Bottom line in at 981. A 24 year over year. Top line is 4. 728 billion. Up 11 year over year. Aum at 10. 5 trillion.
Indecisive positioning. According to bank of america fund manager survey as they wait on cpi tomorrow. Mike santoli is here with more. What are you watching in positioning . We worked off this excessive bearishness by longonly Fund Managers and a lot of other indicators. No longer we also dont have people positioned for the market to run away from us on the upside. We can call it indecisive, call it neutral, call it confused, datadependent. All those fit. Weve been fighting the same battles with oil prices nudging above the comfort zone, perhaps, and then yields, how are they going to absorb this inflation number tomorrow . So, i think the big picture story of this year remains in place, which is disinflation, you know, youve had the fed mostly done if not fully done. Earnings are tilting up slowly from a trough. All that is and then the argument what is priced in . Have we priced in benign soft landing scenario or do we have more to benefit. It will be fun to watch the doves who were