agenda on the post-election 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 trump s 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, dealing with the pandemic. and the resulting economic contraction permitted getting the pandem
i keep going, why can t 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 don t 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 the
european union. saudi arabia pledges to do whatever is necessary to rebalance the oil market. others are not convinced. shery: quick check of the markets close here in the u.s. stocks followed the global equity rally, the dow gaining ground. the s&p 500, the best week since november. also quadruple witching so volumes were high. we saw a lot of volatility in trading. still the tech rally was what led the markets higher, positive results from broadcom. the nasdaq topped its highest level since october. we have u.s. futures unchanged but under pressure, investors focused on the central bank decisions. we have those out of the fed, the boe and several asian central banks. let s look at asia. sophie: at the start of a week that will see policy decisions from thailand, taiwan, indonesia and the philippines, futures hinting at gains. investors in japan have trade data to consider. the boj kept its stimulus policy unchanged but downgrading exports and production. in australia aussie
premarket. holiday sales crushing estimates boosted by strong e-commerce growth company putting new focus on services and putting multiple projects on hold stocks on track to open lower as we begin a holiday shortened trading week with the continuation of trade talks between the u.s. and china and washington this time optimism about the discussion s sparked a rally on friday, resulting in the dow and nasdaq extending their weekly win streaks to eight the nasdaq is coming off a six straight days up double digit gains for the indices for the year so far. we ll see if the trade talks in washington are any different from ones we had in beijing. the continuation of the china trade talks continue amid optimism there will be a deal. in the you see in the commodity markets as well, oil at the best level since november a key economic tell. question on the auto tariffs, which i think we re watching some of the german automakers, european automakers get hit today. they bear the br