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Down in D. C. She's got World National headlines. Thanks, Jason. CDC director Robert Redfield is insisting to senators. There is no truth about political interference of the agency's creation of the Morbidity and Mortality Weekly Report, or and M W. R. At no time. As the scientific integrity of the M M. W R been compromised. And I can say that under my watch, it will not be compromised. As for when the vaccine might be broadly available, Redfield says, likely in the late second quarter, our third quarter of next year. The Senate Homeland Security Committee plans to subpoena some 40 officials who served under President Obama in its investigation of the probe into the Trump campaign's possible Russia connections. Bloomberg's Irv Chapman reports Committee Democrats, led by Senator Gary Peters objected. This is a partisan fishing expedition. Kim and Ron Johnson had the backing of his Republicans. Democrats seem intended every turn to frustrate and interfere with our oversight efforts. Republican Mitt Romney urged that the investigation be limited to actual wrong. Doing? It's very important that the committees of Congress not fall into a increasing pattern that we're saying to using taxpayer dollars and the power of Congress to do political work. Romney noted, therefore, that the committee won't be looking at the Hunter Biden in Washington. Irv Chapman Bloomberg Radio. The White House is looking like it's willing to increase its offer with Democrats on the next round of stimulus, chief of staff Mark Meadows says. President Trump is open to the compromise $1.5 Trillion proposal from a bipartisan group of House lawmakers called the Problem Solvers Caucus Global News 24 hours a day on air and on Bloomberg quick take powered by more than 2700 journalists and analysts and more than 120 countries. I'm Nancy Lyons. This is Bloomberg. Back to you, Carol and Jason. Right, Nancy. Thank you so much. You are listening to Bloomberg. BusinessWeek, Jason Kelly and Carol Masser got another blockbuster team here on deck to help us understand what's going on. At the Fed. Dr. Stephen Skanky, of course, chief economic advisor at Kill Point, former U S Treasury and White House National Security Council staff member he's in Washington, D. C speaking the nation's capital, and Jeffrey Cleveland, chief economist for Peyton and Regal. He joins us on the phone from Los Angeles. Jeffrey, I want to start with you a cz. You sort of distill this down. Nothing seems to be shocking the market about this, but Steady as she goes or what? What do you see here? Well, I think this is more explicit for guidance, and I think I expected in a statement the Fed here pledging to keep great flow until inflation is back above 2% for some time. And we get the full employment. So I would say that is effectively pledging to keep interest rates at zero for forever for the foreseeable future. Unless you really expect inflation above, 2% defended the Fed is at zero. That was already priced in. So I think that's why markets are not reacting much, at least so far. You didn't have a rate high priced into the bond market until 2024. So that's that's nothing new, but I think it's interesting to think about Made more explicit that forward guidance standing most people expected in this particular meeting. I'm like blown away, Steve. Thank you. Come on in on this. I I'm curious. Do you think that this is a political decision One at least made A little bit with the election in November in mind. The Fed is obviously disappointed that there has been any action on the fiscal stimulus side of things jacked they. They've done about all that they can and being specific about that, and they they No in their announcement, And then the comments of individual epilepsy members made enough to the meeting that they remain concerned about the economy and the Tremendous human and economic hardship. They want again. Reiterate there their statement from six weeks to go. The path of the economy will defend significantly on the course of the virus and and we had daily infections. Yesterday, a 53,000 It's very frustrating for the feds. And and rather say something. Mohr about stimulus. Uh, they were just very explicit. No, no, Nicky braces zero. They're going to continue their their bond buying program, at least at the current rate, and may I implying that they may increase it about 120 month. Until there's just a possible evidence that they're reaching the employment targets and inflation. They is average Jane about 2% a year. For some period of time. It would be hard for them, Tio same or that would be encouraging and positive for the market. Well, and the market seems to be reacting Pretty positively. I mean, now taking a look Carol, the S and P in the Dow, definitely hitting their highs of the day, the NASDAQ creeping very close to there as well. So Jeffrey Cleveland, I mean, this is a market that I Not to be too silly about it, like loves the Fed. They have counted on the fed throughout this entire crisis. Well, there is no alternative. Right at this point. I mean, they're pushing people into equities. Yeah. What's the old adage? Don't fight the Fed. I think that that applies if really rates or going to be maintained at a negative level, so negative in T bill returns. Then investors, you know many of our clients looking elsewhere. So the investor great corporate space, the high yield corporate space, emerging market, dead and equities, there's your alternative. If you're looking for income in return, so I think that's still in play. I should also say that you know the there are risks. Of course, the one of them that we're worried about the fiscal released the lack thereof. The extension. But the data the economic data is better than last time. The Fed put out their projections that much more pessimistic projections from the FOMC is in June, and they've marked up their GDP forecast. They've marked down at least in terms of the unemployment rate lowering unemployment rate to 7.6,.

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