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The table. Today the feds governor, Michelle Bauman says the policy rate may need to rise further to stay behind the goal. So what should we expect from Monetary Policy and for the markets overall . Joining us now is Marathon Asset Management chairman and ceo, bruce richards. Reminder, marathon has 20 billion in assets under management. Always good to see you. I do want to talk about the fed and inflation and everything, but i think we first have to start with the middle east and whats happening in israel. You see this as a macro challenge for the markets, for the economy . Well, first, let me say that we all pray for peace and stand with the president of the United States, who stands staunchly behind the support of israel. I say that as a personal citiz ....
President biden spoke publicly and los angeles and all these organizations, what were seeing for the first syme since the right now, them equivocating, hamas terror attack in israel. Supporting hamas, what about critics calling it malpractice that and trying to pretend and said hamas is evil. Theres any kind of comparison we know that. Or any kind of excuse to what is they still will not free 6 billion in funds for iran. Happening right now is the its now aiding hamas. Result of decades of an erosion, 14 americans are dead, he is bo antisemitic erosion and standing of israelis in the world. What i have been saying for decades is that antizionism is la in israel is firing back. Where are the sanctions on antisemitism. The holocaust didnt happen out israel like hamas and the junes of nowhere. It happened because of the for ukraine and oil fields and erosion and demonization and vilification of the jew. More. Slamming democrats and attacking whats happening right now is because of that ha ....
Im wilfred frost. Im Morgan Brennan in for sara eisen good morning. Lets get straight to the market picture. Resounding performance yesterday. The dow and s p up 1 . The nasdaq up by a half percent. Banks really soaring, sort of perfect storm for them yesterday. The new fed chair talking about raising interest rates, also talking about not increasing bank regulation, reforming the volcker rule and progress on tax reform banks disproportionately pay full tax rates, thats why the russell soared 1. 5 . Transports, too transports as well. Good day across the board for risk assets. Its good for the dow, good for the s p, up 48 points or so on the dow. The nasdaq is just south of the flat line, down 6 points bitcoin surging to a new record high, above 10,000 over night it surged as much as 4. 4 earlier, now 8 . So its 10,700 in asian trading hours. Its capped more than ten fold increase now this calendar year. Extraordinary run continui ....
Well see if the fed numbers have any effect. In our road map this morning. Tesla slapped with a downgrade on valuation. Well hear about the companys future from the ceo. Microsoft set to cut more jobs. And apple watch sales plunge 90 . Well run through some of those numbers. First, futures are up sharply. Steps by chinese officials to stabilize markets and restore Investor Confidence failing to start the slide. A lot of the trading, brokerages people are obviously upset. Companies are being asked to buy their own shares in the national interest. Its getting interesting. I think that its terrible. I think that i want to be really clear about this because panic is a bad, not a strategy. Someone was saying on twitter, is it a falling knife . This is 100 signwayteinways coming at you. And this market is a little bit bigger than we thought. Its only 40 of the gdp but there are some horrifying statistics and these numbers are all p ....
Whats actually moving. What you are looking at is the percentage of New York Stock Exchange stocks closing above their 200 day average, we are pretty low. Stocksonly at 36 of the trading above that technical level. We are around the lows of the year, i should point out. That is a bearish signal or a concerning signal, perhaps, for the rally sustaining itself. Elseet something technical analysts were looking at was the dow transport average. The big transportation related coverage for companies, at its highest in slate june. If you go inside my bloomberg terminal you can see that we are above the posted levels from july and we have to go back to late june to see when the dow transfer was higher. Since june, since the fomc anding, there was only 20 one factor as to why they have been getting a lift. Alix you kind of get a read on the u. S. Economy with that. Scarlet lets take a look at currencies, a big driver for the commo ....