Welcome to Business Today live from new york. Shares are inching higher on Wall Street ahead of the most closely watched meeting of the Us Federal Reserve in years. In just underfive federal reserve in years. In just under five hours time the fed is expected to finally start cutting the cost of borrowing from its two decade high. But how deep are the first could be and with concerns in some quarters about a rapidly weakening us economy, has the fed left it too late . Let s get more from the chief fixed Income Strategist at janney montgomery scott. The big debate here, 25 or a 50 Basis Point Cut. What are you expecting . Basis point cut. What are you petting . Expecting . Its a close call. I think there expecting . Its a close call. I think there is expecting . Its a close call. I think there is relatively think there is relatively little economic impact from one or the other depending on how that decision is made. 0ur Expectation is that the federal reserve will reduce overnight Intere
Plus, there are fewer than 50 days until christmas and wall street is concerned about a retail apocalypse. We have the details about that, and later, its been choppy waters for Royal Caribbean the stock is cruising higher the ce will be here for an exclusive interview. Power lunch starts right now welcome toll power lunch. Im melissa lee. The major averages are recovering somewhat after falling in the red on reports of a delayed trade deal we have the dow and the s p 500 marginally higher right now. The nasdaq is down by a third of a the russell taking it the hardest. Lets get over to bob pisani for more theres been reports theres no clear deal yet over the terms of a phase one deal with china, or even whether president xi is going to come to the table on the deal industrials, theres your classic one, caterpillar, 3m, united technologies, theyre all down a bit today some of the semiconductors like micron also a little weaker as you mentioned, coming off their lows we had a buildup in c
Climbing back. Were in positive territory up nine points. Well see what is leading the possible reversal. Im trish regan. Welcome to the teleagainst the intelligence report. He said we need the wall and Border Security and to end chain migration. The president seemed to say that he was okay starting with daca first that has folks in his base absolutely postively furious. Did you see ann coulter on lou dobbs . That is a taste of what may come from the base. Dont you have to compromise somewhere . Well ask congresswoman mcsally whether or not anything will really get done. President trumps personal attorney suing fusion gps. This is the Company Behind the socalled dossier as well as buzzfeed, the company that published the discredited dossier. This as we learn that the companys attorney told investigators quote, somebody has already been killed as a result of its publication. What the heck does he mean by that . Well talk about all of this. Go to blake burman at the white house with the
This may be a one off. The big question what it will do to the fed. Could weak retail sales cause a different approach to raising Interest Rates. Maybe the market likes it. It is tightrope the fed is walking and market is walking. Well talk all about it as we watch triple digit gains with our allstar panel next. Former george w. Bush advisor, karl rove, he is here to discuss new developments coming out of white house on infrastructure and immigration reform. That is next. I want to look back at the markets. Quite a turnaround from earlier in the session. I think people were pretty speakinged with that Consumer Price index number came in a little hotter than it would. Nicole. Hit nail on the head this morning when the Consumer Price index number comes in showing inflation, came in higher than we thought. Biggest onemonth jump. When people saw Rising Interest Rates they got a little spooked. Futures were down over 300 points at one point. You knew they would pick them up. They are buying
Prices offsetting higher bond yields. Key coat quotes on Interest Rates. Majority of participants noted a stronger outlook for Economic Growth raised a likelihood further gradual policy firming would be appropriate but members agreed strengthening in the near Term Economic outlook increase ad likelihood that gradual upward trajectory of the federal funds rate would be appropriate. That is it why they added the word further to the statement. Further gradual increases. Quotes on tax reform impact to the economy. Quotes, several participants expressed considerable uncertainty about the degree which changes to corporate taxes would support Business Investment and capacity expansion. Ing of on wage growth, key quote. While some participants heard more reports of wage pressures from their business contacts over the interveeping period, participants generally noted few signs of a broadbased pick up in wage growth in available data. That said, a number of participants judged that the continued