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We start with the first major wall street bank to remove recession from their outlook the chief economist is standing by to make his case. And if the economy isnt deteriorating, why the downgrade, is it a warning shot to washington . Well ask the man in charge, dan clifton is here. He warns we shouldnt see more signs of stress building and the fed may need to cut rates. And well bring in the ceo of Summit Global investments. How should investors be positioning in response . Lets start with the big call from bank of america mike, thanks for your time and for rejoining us the last time we talked you had just kicked your recession call into 2024. And now it goes away entirely . Yes so thank you for having me on, kelly. Yes, i think we have seen enough, at least in the resiliency of the data, the upgrade to prior growth numbers, the solid gdp numbers. But theyre also happening in an environment where wage growth is moderating and infla ....
Since yields sharply lower. U. S. Downgrade in boosted treasury auctions. We begin with a big issue, making sense of a wild week. It is a job report that has something for everybody. The u. S. Economy continues to power through. We curry whether the payroll numbers are telling we query whether the payroll numbers are telling the real story. U. S. Treasury market is not like the other bond markets. This is the year of the bond, right . You had a rich five to near part of the curve. You wonder what is the long and doing for you. It is hard to convince people to go towards the long end. Katie joining us now we have rbc play and earl davis of bmo from canadian banks which is a little bit fun. So is your own said, i will start with you. It is hard to know where to start. If you look at 10year gilts, there of 23 basis points through thursday only to fall 11 basis points today. How do you make sense of that volatility in benchmark treasury debt . Like a separate like the separate things out. ....
Surprise profit and Record Services revenue, but says weakness in pc and ipad could continue to drag down sales. And amazon shares rallying after reporting blowout profits beating on sales and the company issuing optimistic guidance as well interesting internals in the jobs report this morning 187,000. Unemployment, 3. 5 average Hourly Earnings, a touch hot, but the workweek shrank, mike, so total weekly pay, below expectations i think it all nets out to consistent with a slowing but still tight labor market and a relatively soft landing for the economy. You did have those downward revisions, so decelerating but also lower Unemployment Rate implies just not a huge supply of idle workers to draw from here the main market kind of bank shot on this is what does it mean for treasury yields thats been the story all week ....
The major market open. Shery the top news this hour, mix earnings and data, treasury as well as the government prepares to increase issuance of the longer end. Haidi donald trump indicted on alleged conspiracy to overturn the 2020 elections. Shery here is what u. S. Futures are looking like in asia, a little bit of pressure, this is after we saw a mixed ending with the dow getting slightly up, the s p 500 falling from the high we have seen in 16 months. This is ahead of the jobs data out of friday, we have job openings in june below lowest since april 2021. We are watching the bloomberg dollar index after the resilient labor market data showing that we are now on a three week high with emergingmarket currencies on the others pressured across the board. Oil prices trading at around the two dollars a barrel level in the asian session, we are saying the upside of. 8 percent. We also have heard the u. S. Is delaying a refilming of the emergency stock files a refueling of the emergency stoc ....