We shifte weeks where from recovering east coast cities with all of our bias there to the rest of america. It is not a pretty picture. What i find fascinating is axios moments ago features new mexico and oregon, where others are featuring arizona and texas. It is a state they are, a state here. I dont buy the second wave stuff. It just sums up to an expanded pandemic. Jonathan for real it is a moment for real humidity. Not a moment to project for real humility. Not a moment to project confidence. I think it was pretty clear in yesterdays News Conference the fed is not going to do any tightening anytime soon. Tom i sort of blew it yesterday. You know i am not a fan of the dot plot, and i never looked at dots on the bloomberg. It looks like an old line hockey stick from my youth. To 2022. T out and then miraculously, Interest Rates elevate somewhere out there longer term. I dont buy it for a minute. Of a heada bit scratcher for me as well. Lisa abramowicz, which got to talk about the dat
Two hours, make it 3. 5 hours from now, without question the most anticipated jobs number in the history of the nation. This is the weekly jobless claims. It is expected to surge out. I put a chart out on twitter and linked and linkedin. It is just ordinary what we could see. David folkertslandau coming up. In a moment. Let me go to the tape right now, equities, bonds, currencies, commodities. Not all that much going on. A bit of a pullback, the dow two days in a row elevated off where we were in the grimness of friday, of monday as well. Also oil with a little bit of a lift off about it, francine. European stocks retreating with equities, government bonds advancing. I am looking overall at european sovereign debt. We are seeing a little bit of a move after the ecb scraps limits , a landmarkhases decision that gives an almost unlimited firepower to fight the economic fallout from the pandemic. You can see euro strengthening, tom. Tom it is an extraordinary time. Francine and i are tryi
Cuts so futures are pointing to further declines despite the jobs growth today, smashing expectations for february. The economy added 273,000 jobs during the month, versus the expected 175 Unemployment Rate 3. 5. Wall street looking to close out a turbulent week, the tenyear did tumble below 70 basis points for the first time ever, as investors look for safety amid fears. Revisions on the jobs number not bad but people are calling it the least important jobs number in a long time i dont want to go there. Im going to say the opposite. When you come in with a head of steam, at least you got some possibilities that were not going to go immediately into the recession because there were you dont hire and then lay them off the next day the 53,000 jobs in Food Services and drinking places, thats an extraordinary number are we going to fire all those people interesting. Not right away. Not right away. But there seems to be a growing belief that we are going to have a recession. Right but im sa
High of the day. Futures were limit up. Westart the session started the session up more than 5 at one point. Only a few days ago, we were wowed when the tenure went through 1 . It is hoping to hold know that it is approaching 1 again. The dollar stronger today. Below 107 on the yen, 106. 94. We will be speaking with john taylor of Stanford University in just a moment. Guy this doesnt even feel like a dead cat. It feels like a dead kitten. The equity markets are bouncing, but not much. Europe is off its session highs. Relative to4 , but the biggest move ever to the downside yesterday, that doesnt feel that impressive. Trading at 307. A lot of action in the german 30 year. You are seeing bid offers tightening up a little bit. Thats good. Liquidity may be starting to come back. That was certainly a focus for the fed yesterday. What is interesting as well, the bdp market is on offer again. We started to see yields coming back down again after yesterdays christine lagardeinduced move. That
Afternoon if you are watching from asia. Im Francine Lacqua in london. Ato era july manufacturing 46. 5, a touch above expectations. Watch,llar is one to also the u. S. 10 year yield. The markets broiled from what we heard jay powell say. Said they peace time rate cut has had an impact on the dollar extending. European stocks up. Pound is the one we have been watching for. 2110, this depends on whether goes for a hard brexit. Oil, 57. 8. We have an exclusive conversation with an exclusive executive and joining us later, the global head of research for blackrock. Before we get to all that, lets get to the first word news in new york city. Quarterpoint cut from the benchmark rate by the fed. That says it will stop drinking the Balance Sheet in august shrinking the Balance Sheet in august. This move dashes hope for a move. Er dovish it is intended to ensure against Downside Risk from week Global Growth and policy uncertainty. To promote a faster return of inflation to symmetric 2 objectiv