Diesel. Were talking diesel engines with cummins, that big engine company. Ceo is here on fox business, so i hope you watch. The bears, folks, have called the cops on the bull party. As we kick off the final hour of trade, that partys breaking up. Stocks pulling back from record levels for a second day in a row. The dow jones down 470 points. That is a loss of about 1. 25. The s p down 66 points, and the nasdaq its a bigger chunk here, 2 loss of 323 points. And the russell 2000 losing 22 points. Now, one thing for sure the markets are getting no help this time around from semis, software or cybersecurity. Igv is, Ishares Expanded Tech Software etf, is down as you see about 4. 33 . The philly Semiconductor Index losing about 2. 7, and then the amplify cybersecurity etf, Ticker Symbol hack, is down 3. 5 but its not just stocks. Investors are showing some real caution aahead of jay powells testimony. The Federal Reserve chief appears before congress twice this week, first tomorrow at the
Highlights rebounding from covid19 and Silicon Valley bank which was under the regulation of the San Francisco Federal Reserve. This is just under an hour. Good morning im director of the hutchens center at brookings i want to welcome everybody and pleased to have mary daily, president of the Federal Reserve bank of San Francisco with us today and mayor daily an economist joined the San Francisco fed in 1996. And she worked on a number of issues labor market dynamics, inequality and throws to be director of research and became president in 2018. Now shes one of 12 reserve Bank President s. And except for new york, the other 11 are sort of considered the same. But mary daily has the distinction her district because we do the lines in 1913 represents fifth of the nations population but unfortunately for her they dont do population waiting when you vote on the f1c. Maybe they should. [laughter] so president i wanted to start by talking a little bit about how do you read the economy right
Mr. Wessel good morning. Im david wessel, director of the Hutchins Center here at brookings. I want to welcome everybody and i am very pleased to have mary daly, the president of the Federal Reserve bank of San Francisco with us today. Mary daly, who is an economist, joined the San Francisco fed in 1996, and she worked on a number of issues, labor market dynamics, income inequality, and rose to be the director of research and became the president in 2018. Now she is one of 12 reserve Bank President s and, except for new york, the other 11 are sort of considered the same. But mary daly has the distinction at her district because we drew the lines in 1913, which represents a fifth of the nations population. But unfortunately for her, they do not do population weighting when you vote on the fomc. Ms. Daly no, but maybe they should. [laughter] mr. Wessel so, president , i wanted to start by talking a little bit about how do you read the economy right today, and there seems to be a sense in
Next time. [applause] our live coverage continues now or three marks from the San Francisco Federal Reserve Bank President mary daly who as an event hosted by the brooking institution. We joined the slide in progress here on cspan. I think my team calls extreme data dependent where i will be watching and looking at people asked me this question, i think it is an important one, common or public data releases will we get before the meeting . If date adjustment public data releases, probably would could. But that is not what we mean by data. We be talking to firms and households and worker groups and community groups. You can do that all the way up to the meeting and then you have the debates and conversation at the meeting, which help us make the best decisions. Besides looking at all the data that comes in and the economist to work for you parsing the different ways to slice and dice inflation and labor market data, how else to go about getting information about what is going on with th
5 on a 30year yield briefly. Very close to 4. 90 on the 10year yield. Tom mathematics is important and we do not do methods early in the morning. From a careful analysis to looking a vector down freefall. Something changed yesterday and mathematics went out the window. This is a warning of price analysis and fixed income. Not to be inflammatory but it borders on freefall. Jonathan our price has been hammered, particularly over the last few months. 4. 8146 on a 10 year maturity. Lisa a what is the Circuit Breaker . It is not coming from washington, d. C. This not look like there will be a resolution without leadership. Job openings are coming out stronger than expected and manufacturers are also better than good. What point do you get a Circuit Breaker from something other than people who start to buy . Jonathan over on a speaker liz house, he had to say, this is wholly consistent with the broader structural concerns regarding American Local dysfunction and the countrys trajectory. Thos