Seat in a special election. Democrat jon ossoff got more votes than any of the other 18 candidates, but he needed more than 50 of the vote to avoid a runoff. He fell short with 48 . Now, instead of taking the seat outright, which is what democrats had hoped for, hes forced to go head to head with his republican challenger. In kansas, republicans held the seat vacated by mike pompeo, the new cia director, with 52 of the vote, but it was a good showing for the democrats, who had 45 in a strong gop district. The libertarian candidate was just shy of 2 . And with me now, democratic analyst Eleanor Dezzi, she had a long history of working in Pennsylvania Democratic politics, and is the founder of the dezzi group. Eleanor has been a delegate to multiple democratic conventions. And charlie gerow, charlie is the ceo of quantum communications. He advises business, government leaders, and politicians. Harrisburg magazine calls him the citys most politically wellconnected conservative. Thank you
Is returning to a moderate pace. She said the fed needed to verify the expected acceleration in growth and now she isnt acknowledging that may not happen at all. Important change in language and important shift in tone for the fed and for janet yellen. The speech that she is about to couple contains a little of bombshells that help explain why. First, janet yellen now admits that Larry Summers and other prominent ecommerc economist my crisisperi t a post period may be here to stay. Admits the he also Financial Market volatility that has made it so far for the fed hard for the fed to control the economy and to raise rates is partly a consequence of what she calls accommodated Monetary Policy. Low rates can be selfdefeating. They indirectly create a barrier to higher rates. Finally, i like to draw your attention to the Monetary Policy report itself. Specifically to the section on Financial Stability. The fed says, one, stocks are getting expensive on a forward pe basis. They have not adj
Bit of a reversal as they try to figure out what comes next. A lot of people saying this is not a floor but a temporary reprieve. Was talking to david westin earlier about the idea of Financial Markets with a bounce today but i do not know if the political markets have a bounce. You see the Jeremy Corbyn conference. By no means do i feel and all clear. Francine when you speak to traders and market participants, it is very clear that they believe Central Banks will once again step in and that is why we are seeing a little bit of a bounce. Tom can i say quickly how cool it is to have Alan Greenspan one day and mervyn king the next . We are honored. Francine but get to the bloomberg first word news. British Prime Minister David Cameron meets with his fellow European Union leaders today for the First Time Since last weeks vote to leave the eu. He will be pressed on how he expects the u. S. To trigger article 50. Ruled himself has out of the race to succeed cameron as Prime Minister. He was
Live from bloombergs European Headquarters here in london. Coming up, we will speak gman twoo the pierre gramegna. First things first, lets check on markets, european stocks retreating. They were undecided what to do earlier but now they are down to 0. 4 . The retreating oil and gas shares japans yen surging to the strongest level in more than a week against the dollar. This is looking for signals about when we get stimulus or not. The british pound falling. Lets get to the latest bloomberg first word news with caroline hyde. Caroline good morning good at Bernie Sanders has told the Democratic Convention that Hillary Clinton must become the next u. S. President. This came after his plea to protesters. Michelle obama offered her endorsement of clinton. What i admire most about hillary is that she never vocals under pressure. Pressure. Uckles under she never takes the easy way out. Hillary clinton has never quit on anything in her life. Any objective observer will conclude that based on
Some breaking news on pending home sales in june. Lets head straight to the market desk where julie hyman has been one and the data. Julie weaker than estimated. 2 . Crease of two on the one hand, we have very low Mortgage Rates and on the other hand, rising prices seems to be offsetting any gains from the historically low Mortgage Rates. Coming in below estimates for the month of june. In the meantime, we see all three major averages higher. In the meantime, we have been watching apartment landlords on the real estate front. Stocks been watching like Equity Residential which came out with earnings earlier. It seems as though the issue for many of these companies is manhattan in san francisco, they are seeing greater than equityated weakness, residential cutting its forecast for the third time this year, offering a lot of incentives to renters to try and get them to rent here. Are under pressure and i just want to pair that with the pending home sales number we just got. It is interest