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Agenda on the postelection economy, we are joined i larry kudlow, who is very kind to join us from his vacation time. We are thankful for that. He is President Trumps chief economic advisor. Larry, thank you so much for joining us. Mr. Kudlow thank you for having me, ben. Prof. Peterson i will also have a separate ben i will also have a separate conversation with pat mchenry. You can follow along with the h tag rncpolitico. I want to ask you about what President Trump said in 2016 and even before that when he was running for president. He called the stock market a big fat bubble blown up by the fed that was set to explode. I wonder why it is not the same thing now, given the fed is pumping huge amounts of money into the economy. Why is the stock market not a big factor like you said it was in 2016 . Mr. Kudlow it is a completely different situation today than it was in 2016 ....
I keep going, why cant we wait . Maybe the trade war is not weighing on the outlook as much as we feared. I think you will have to reprice to a certain degree less than three cuts. The fed is in preemptive mode. Does the fed get behind or in front of the eight ball . It comes down to the discussion, do they want to make insurance cuts . What are we ensuring ourselves against . Jonathan to discuss, we have peter tchir, iain stealey, and noelle corum of invesco. It is the number one question following the payrolls report. What does the jobs number on july 5 mean for the fed meeting on july 31 . Noelle no doubt, the payrolls number was strong across the board but we dont think it means much. Definitely reduces the likelihood of 50 bps cut, priced in going into payrolls. In terms of the fed, communication will be key. They will either have to deliver a cut with markets that are doing well, but powell seemed to write that off in the q a section of the june meeting. Or they will have to say ....