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Dow 30,000. 2009,were you march 10 of while you were up 16 per year on the dow . Spx i believe better as well. There have been reasons along the way to go to cash, and yet here we are with solid doubledigit returns across 13 years. Jonathan and some houses got it right. One of those houses, Morgan Stanley. It was really uncomfortable to make the call coming out of march 2 remain committed to the recovery in the u. S. Economy. It took some real confidence, and one thing that has frustrated me over the last couple of months is every time someone says the easy money has been made. There was nothing easy about going long in early april during lockdown. Lets be clear about that. We are going to keep this short with mr. Wilkinson keep wilsonort to get mr. Of Morgan Stanley, but we are not even seeing the version of those trends, are we . Jonathan not yet. Bank of america proposes h ....
Day for the Federal Reserve system. It is a meeting of mystery. Our Michael Mckee will be there for the press conference, special coverage this afternoon. But right now, a great conversation on some of the challenges that we are going to see. Jon ferro, to me, the major challenge, with futures up 17, you mentioned this earlier, this morning, is the two americans that are out there, that two americans that are out there right now, jon ferro, are nothing like what john edwards ever thought he would see. Jonathan just compare and contrast, tom, take the airlines on one hand you can take any sector, the retail sector, and compare it to fintech right now. Big tech on fire. Other companies, tom, literally slashing in tens of thousands, and a central bank that has to set policy for both economies. That is a tremendously difficult position to be in as a central bank right now, and th ....
Implications for Monetary Policy but the implications for fiscal policy. Moree longer we wait, the institutional damage. Michael collins joining us. I think that was the first question everyone asked when this job support dropped, what do these numbers mean for the talks in d. C. . Michael i dont think these numbers have any impact. They are backward looking to a large extent. The survey period ended weeks ago. The is important is trajectory of job growth over the next couple quarters. Personally, it will be really sluggish. We have had a big rebound, a and part of that rebound is over, and it will be really tough. You have the expiration of some of these programs like ppp, unemployment benefits, and that is going to weigh on income and spending. Until theyy not act have a gun to their head. Are doing well, ostensibly, the markets are improving, they are dragging their feet. Negativewill take more data for them to act in unison. ....
Texas. Meantime, covid19 cases continuing to rise with 4 million reported across america. But today, the u. S. Centers for Disease Control that is control is advising schools to open, after originally highlighting the risks. It added up to another down day for stocks. Joining us, abigail doolittle. Abigail a lot to digest, and you nailed all the issues. A big piece of it has to do with the big xl off, but the rising tensions with china have been the backdrop for the past two years, but really coming into the forefront here. And economic data, frankly, not right. Investors are paying attention to that. You put it together, nasdaq 100 down. 9 , down on the week for the second week in a row. Stocks hit even harder, down 1. 6 . What intel really disappointing, at lowes down 18 per soient, worst day at that point since 2000 to one Third Quarter guidance for that chip to let you ta ....
Michele. This is one of the most difficult things to accept, that this market does not have to reflect what is going on in this economy. Can you speak to that . Bob i can speak to that because im in the bond market and it is reflecting perfectly what is going on. We just printed 33 gdp. There is a giant hole that we think will take 10 years to fill the output gap that has been created. The fed is telling us for a long period of time they will keep rates at zero because they have to bring the cost of funding down across the system so that any kind of recovery takes hold. Slowly, Bond Investors are recognizing that, and that has emboldened them to move further up the curve both in terms of duration and lower in credit quality. Jonathan we have had conversations about market distortions. The equity market, Big Tech Companies dominating the benchmarks in the u. S. What is the ....