that means less money is coming in in the tax season. that money is being used to pay the bills because after january 19th we couldn t kobori any more money. it s coming sooner than we thought. early june this x date and they are running out of time for a compromise here. i think it s fascinating that literally how much people pay the government in their taxes affects when this could happen. what you heard from the white house budget director how concerned they are if they don t actually come to an agreement. the risk of a debt default is not zero it would cripple global markets, probably cause treasury prices to fall, yields to rise, borrowing costs to nice, stock market crashes, decline in dollars, people are selling treasuries and the dollar which would undermine international economies. the risks are just terrible all around. so as we talk about the political horse trading i want to step back and say this is the
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the dow, the s&p all down 2 percent at the same time. we saw treasury prices drop significantly. everybody is anxious about interest rates when they are coming and this week is important because of the second quarter. we move into the second half of the year. if you read some of the articles this one starts with be prepared for more shake rattle and roll. be ready. thank you for that. there s a list out the best and worst cities if you are a small busins oren. we always talk about the best cities for the owner to set up shop in. we have to look at good and bad for the workers. look at some of the worst cities for small business workers. detroit is the worst. one of the reasons that riverside sacramento, philly, san diego, all making the bottom five list is because of the housing market got crushed really hard. we also want to show you the best cities. for employees of mom and pop and
in tokyo, the nikkei grew 94 points. in hong kong, the hang seng grew 452. wall street of course welcomed what little relief the fed had to offer yesterday. and markets overseas followed suit. investors drew comfort from the fed s promise of low interest rates through 2013. however, as traders continued to buy up gold, seen as a safer bet, it s clear many are still concerned about how long this relief rally might last. one big reason for that caution, the central bank s sobering language about the u.s. economy, which it expects to stay weak for another two years. likely the reason why the fed also left the door open for more stimulus down the road. investors initial reaction made for a wild day of trading. treasury prices spiked, briefly dropping the benchmark yield to its all-time record low. markets seesawed back and forth
selling, we did not have enough buying and when you push treasury prices down, it pushes interest rates up. neil: how up do you thing they go? guest: well, once we run past $4.25 on ten year treasury rates we will see a slow down because it pushes up the mortgage rates and how high? it is tough to say because we did not know how much money the federal reserve is going to print to keep buying bonds. they have been specious about what they will do when their bond buying program is over. so we do not know how high they can go but i think they can go high, maybe north of 5 percent. neil: thank you very much. we use financial types very rarely on there show and my only career dough credo we have are his credentials and his are
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