Bit. This is what happened here. The 2year treasury yield topping 5 after fed chair jay powell made his first comment after the hotter than expected data. We said its moving sustainably toward 2 before proemtsly easing policy. The recent data have clearly not given us greater confidence and instead indicate that its likely to take longer than expected to achieve that confidence. Powell echoed recent statements by other fed officials indicating the current policy level will likely stay in place until inflation gets closer to its target. And so effectively, andrew, hes saying the data has been coming in increasingly hot. Weve been trending toward it. Now the question for the markets is will we have to establish a new trend and is the bar even higher to start cutting rates. Weve seen banks push out in september, which is 68 at this point. Some have said maybe none in 2024. Maybe its 2025. Can you believe were at 7 . Thats always crazy. I dont think the street should have ever been at 7 or
In some cases they have gone down. And dont forget about energy prizes. Api reported u. S. Oil stock piles surged by 13 Million Barrels this past week. Well be getting official data on inventories from the energy administration. The dow was down close to 300 points. This morning youre seeing a very modest rebound. Dow futures up by about 14 points, s p by 7 and nasdaq by 46. Lets get you through a flood of stocks to watch this morning. Lets start with apple posting the largest profit in corporate history ever to the tune of 18 billion. The results blowing away even the most bullish estimates though i did see some worries. What do you think the dependence on the iphone. Too dependent on the iphone. I think id take the other side of that trade. You can depend on something not selling nearly as well. I would put all my efforts on something that barely sells instead of something that sells so much. Im glad its apple earning 18 billion because when exxon earned 10 billion people didnt like
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