Francine good afternoon if you are watching from asia. This was a couple of days after the news from the saudi attack on the infrastructure of saudi aramco. Bank raised its benchmark rate to 1. 50. They had flagged they would raise rates. Wereeason why people questioning whether they would do it is because the World Economy is more uncertain than a couple of months ago and you see a lot more dovishness from the ecb and the fed. Toit is quite difficult raise Interest Rates in this kind of environment. Eurodollar at 1. 1, and because it has been a very big week in oil, we have a look at the oil price. Norwegian krone on the back of raised, having a significant move to 9. 85. , we speak to the governor of the norwegian central bank. Dont miss that interview just after 10 30 a. M. London time. Lets get straight to bloomberg first word news in your city. New sanctions against iran are coming. This is from President Donald Trump in response to the attack on a key oil facility. Michael pompeo
Saying we cant get stuff. Our air pods are floating on a barge outside of long beach. But you see, were being told this is a good thing. There are multiple issues that are impacting the supply chain and some of that is that as the economy has turned back on, more people had expendable income, wages to buy more goods, more people are buying more goods. People have started to also buy more things online than going into stores. So that is also impacting the volume and there is a need for more. [laughter] will volume. Its good. More demand. Were being gaslit. That means lied. To say what is happening is good . Everything is costs more no one is working at the mill chickfila . Even if it werent good you get nothing and like it playing the role of judge smailes today though is the the Washington Post. In an oped, the post says we have been, quote spoiled and to, quote keep those expectations reasonable. And in here we find the spirit of what is really happening. Its maybe less recent and les
not bust through 2.5. in fact the yields have settled back just a touch. our road map begins with markets continuing that rally as retain sales show a more confident consumer. does it change the calculus for a rate hike from the fed? lululemon stock sinks, but is it good news for the stock? they did it. nike to become the official on-court uniform provider for the nash. first, though as expected retail sales rose by 1.2. april and march sales figures were revised higher, and futures on the rise helped by the hopes that greece may be closer to reaching a deal with their creditors. it is about the retail sales today. 11 of 13 categories up march revised up. there s been some notes this morning that may q1 gdp is revised up. especially with the growth you saw in the core numbers. we knew autos were strong. we saw car sales last month, best in years. we knew gasoline was strong because oil prices were up. but you also saw strength in places like furniture stores and retai
to run below our objective, a mild undershooting of the unemployment rate considered to be normal in the longer run could help inflation, could help move inflation back to 2% more quickly. second, a stronger job market could also support labor market improvement along other dimensions, including greater labor force participation. a third reason relates to the risks associated with the constraint on conventional monetary policy when the federal funds rate is near zero. if inflation were to move persistently above 2%, or the economy were to become noticeably overheated, the committee could readily increase the target range for the federal funds rate. however, if inflation were to remain persistently low or the expansion were to falter, the fomc would be able to provide only limited amount of additional stimulus through conventional means. these motivations notwithstanding, i continue to believe that it will be appropriate to gradually reduce the degree of monetary policy accomm
again, those dow futures down by 137 points below fair value. the month is wrapping up today and so far, the stock market is down about 3% this week. we know that old adage, as january goes, so goes the year. that statistic has been right 62% of the year. we ll see if that holds true for this time or if this happens to be you re looking at a correction at the beginning of the year. we saw so many gains as we ended last year. take a look at the treasuries. the ten-year note is at this point yielding 2.674%. so below 2.7%. so we ll have to watch this closely. in europe today, stocks are lower in the early trading. among some of the reasons listed, eurozone inflation data missed expectations. you can see the biggest decliner there is the dax in germany, down by about 1.3%. as for asia overnight, it was a quiet session. trading volumes were very thin because of the chinese new year holiday. that had shanghai, hong kong, south korean markets closed. the nikkei finished down for ja