Statutory debt limit as soon as possible. A Bipartisan Policy Center in washington released its statement, based on bbcs projections, the debt limit would need to be raised suspended by the end of september to ensure the federal government does not fall on obligations. Joining us now is steve bell and a former staffer from the Budget Committee as well. Great to see you again. Walk us through this x date. It is a window through september and october. Steve every day our team goes through on a daytoday basis and says pardon me what has to be paid today by the treasury . And we make an estimate. We compared it to the last 45 years and then we take a look at one of the statutory requiremd payments by the treasury. That is one reason we are all surrounding here in our shop the date of september 29 two about the first week in october. On october 2, the beginning of the week. We have an 80 billion plus transfer from the treasury over to the veterans retirement system. That is mandatory. On oc
We will get the latest on the drama. Lets look at where european equities are trading now. Under 30 minutes to the close. Quite a bit more green populating the equity part of the screen then one hour ago with portugal up 1. 9 . Gains in switzerland, luxembourg, norway. The stoxx 600 perhaps heading for a third day of gains. The bloomberg dollar index erased an earlier gains but downside on eurodollar, down 3 10 of 1 . Sterling rebounding, up 5 10 of 1 . Looking at what is happening with bond yields, downward pressure on the front end of guild. The twoyear yield down almost four basis points. The euro down for a third day, the divergence bets are back. The dollar has moderated that has come up comments from donald trump. Comments did push the dollar higher. The euro has been weakening on reports that the ecb sees investors have over interpreted its intent to exit stimulus. German regional inflation data coming in on the weaker side. The Bloomberg Euro index moving. It may extend decline
Peretz. More data coming out. Lets go to julie hyman. Read onhe final Consumer Confidence from the university of michigans index. 90. 3. L from this is the final rating. The more important Economic Data point was gdp for last quarter expanding at 1. 2 , less than projected. That affecting markets are early in the day. It seems like investors are focusing on individual companies. Nd earning reports the nasdaq touching its highest rating level on an intraday basis that we have seen before falling back. The losers putting pressure on stocks, exxon mobil coming out with earnings missing estimates. Efining margins plunged 30 chevron falling after its third consecutive loss. Cigna cutting the Second Quarter earnings, well short of estimates. Theyre saying losses and a weakness in particular in the disability business. Disability business through employers has been weak. We have strength in tech names, in particular out for that and amazon. Both beat estimates. Amazon showing profit and profi
We need to get a snapshot of todays action with julie hyman. Julie we havent had big pullbacks recently. There has not been that Much Movement either way in u. S. Averages. The fact that we are seeing a pullback that is good getting there are these concerns about growth. The strategist over at Goldman Sachs says today that the recovery we have seen in the United States in the stock market is likely to falter before gets a second wind. There arere was two big issues. A slowdown in the buyback activity. He thinks the other reason is going to be the drop in profits for the s p 500. Take a look at the bloomberg. We are seeing the s p 500 strategists are still pessimistic. The median forecast is 2150. And im going to send it back to you. Belowthe dollar falling ¥110 for the First Time Since october of 2014. That means the yen is at its strongest level in a year and a half. It just illustrates the risk off trade we have been seeing. Negative Interest Rate policy continues to give jim at jap