9 Burst results for "Cher Jay Powell"
Bloomberg Radio New York
"cher jay powell" Discussed on Bloomberg Radio New York
"Discover undervalued companies that may have greater growth potential. Try IBKR global analyst today at IBKR dot com slash GA. At first we begin with this week's highly anticipated fed meeting when Cher Jay Powell and his colleagues are expected to once again approve a 75 basis point hike in interest rates. Treasury secretary Janet Yellen says she does not believe the U.S. economy is in a broad recession, but inflation is still a concern. Inflation is way too high. The fed is charged with putting in place policies that will bring inflation down and I expect them to be successful. Treasury secretary Janet Yellen made the comments on ABC's meet the press and you can hear the program Sundays on Bloomberg radio. Well, despite what yelling saying, Karen, investors remain skeptical that the fed will contain inflation that's according to more than 1300 of the move participated in a Bloomberg M life pulse survey. According to a new model from Bloomberg economics, inflation is very likely to stay above 8% through year end. Well, Nathan big tech earnings are also in focus on Wall Street. We'll hear from Alphabet, Apple, Amazon, Microsoft, and meta this week. They join more than 30% of S&P 500 companies scheduled to report. In other news, Karen international concern is growing over monkeypox, the World Health Organization's declared it a public health emergency. Let's get the latest from Bloomberg's we need a young. The lack of urgency and coordination and testing and treatment for the monkeypox virus in many parts of the world has prompted the World Health Organization to sound the alarm. The virus has spread to about 16,000 people in more than 70 countries in just a few months, and White House COVID-19 response coordinator doctor Ashish jha says monkeypox can be contained. The way we contain monkeypox is we have a very simple straightforward strategy on this, right? Which is make testing widely available. We have done that and now testing is far more frequent and common. We're going to be releasing hundreds of thousands of more vaccines in the next days and weeks. Doctor Ashish jha made the comments on CBS's face the nation, you can hear the program Sundays on Bloomberg radio. Live in New York, I'm Rene young Bloomberg radio. All right, we need to thank you. And we have an update from the Biden administration after the president tested positive for COVID-19 last week. White House physician Kevin O'Connor says, President Biden has a sore throat, but his symptoms have improved significantly. That's the 5 things you need to know to start your day, brought to you by interactive brokers. And this is Bloomberg. Thanks, Karen. 6 33 on Wall Street 82° in Central Park still dealing with an accident in
Bloomberg Radio New York - Recording Feed
"cher jay powell" Discussed on Bloomberg Radio New York - Recording Feed
"Helping clients scale their business and plan for the future is what we do at burden. If you're a technology company executive, let Burton help you develop innovative solutions to enhance your company's value and fuel its growth. For more industry chat from burden accountants and advisers, visit burden LLP dot com. That's BER, DON, LLP dot com. Burden accountants and advisers. We listen, we solve, we do. Broadcasting 24 hours a day at Bloomberg dot com and the Bloomberg business app. This is Bloomberg radio. Now a global news update. This is Bloomberg daybreak Asia for this Thursday, June 23rd in Hong Kong, Wednesday June 22nd in New York and coming up this hour. U.S. stock slump has recession fears taken center stage. Cher Jay Powell says achieving a soft landing for the fed will be very challenging. Jaguars and grip is said to play for a key license as soon as this month. President Xi says sanctions are being weaponized, also at bricks, Vladimir Putin says oil shipments to Asia are up. President Biden asked Congress for a 90 day gas tax removal. I'm Ed Baxter with global news. Bayern Munich completes a move for a former Liverpool star. I'm Dan Schwartzman, I'll have that story more coming up in Bloomberg sports. That's all straight ahead on Bloomberg daybreak Asia on Bloomberg 11 three O New York. Bloomberg 99 one Washington D.C., Bloomberg one O 6 one Boston, Bloomberg 9 60 San Francisco, Syria's XM one 19 and around the world on Bloomberg radio duck
Bloomberg Radio New York
"cher jay powell" Discussed on Bloomberg Radio New York
"EDU Carol master This stock has been on a tear since early May So take us into the economic impact of this Along with reporters and editors who helped make your business week profitable Let's dig into it with Bloomberg business week editor Joe Weber It's the cover story of the upcoming issue Bloomberg business week We did afternoons at two eastern These are retailers that have been on everybody's radar Those Apple numbers continuing to come in on Bloomberg radio the Bloomberg business app and Bloomberg radio dot com Attorneys general in 13 states and Washington D.C. are backing a Mexican lawsuit that blames American gun makers of helping criminals get guns In a lawsuit the Mexican government argues the companies including Smith and Wesson used reckless gun dealers and illegal sales practices that drug cartels rely on It argues that companies are aware but do nothing Hundreds of protesters took to the streets of Minneapolis again last night in response to the police killing of 22 year old a mere lock who was fatally shot early Wednesday while apparently asleep and holding a firearm during a police raid Mayor Jacob fries announced a ban on nearly all no knock warrants going forward in his city and vodka has been America's favorite liquor since the 70s but another is on track to claim the top spot Revenue from tequila sales jumped 30% last year to $5.2 billion trailing vodka that's $7.3 billion That's according to the distilled spirits council of the U.S. I'm Scott Carr And I'm susannah Palmer in the Bloomberg newsroom a 7th New York City police officer has been shot this year and off duty cop was shot in the foot as he was leaving a vigil Adam Manhattan community center shooting happening about four 30 p.m. yesterday near Broadway and 130th street in the manhattanville neighborhood The officer was taken to Mount Sinai morningside hospital in stable condition he is expected to make a full recovery Chief Jeffrey madrie head of the NYPD's housing bureau said the officer saw two men firing gunshots as he was leaving the building and appeared to have been struck as he was diving for cover Investors will be looking for more inflation data in the week ahead Bloomberg's care and Moscow reports The consumer price index for January is out on Thursday Consumer prices soared in the country last year by the most in nearly four decades according to the Labor Department Red hot inflation is setting the stage for the start of the Federal Reserve's tightening cycle with the first hike expected at the March meeting We also get the weekly report on initial jobless claims Friday is consumer sentiment from the University of Michigan Disney and Pfizer are among companies scheduled to report earnings in the week ahead Karen Moscow Bloomberg radio How will earnings and inflation data affect this week's investor sentiment Some analysts are sounding optimistic when it comes to where stocks are going Nadia level is senior U.S. equity strategist for UBS financial services There's a lot of cash on the sideline because people are trying to figure out where to put that incremental dollars when you have these wise springs on a daily basis It becomes a more difficult to navigate those changes But when I look out when we look out in the months ahead we do think that the market is going to grow in higher And so we would take advantage to leg into some of those longer term stories The S&P 500 is now up for two weeks in a row Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries I'm Susanna Palmer This is Bloomberg This is Bloomberg Wall Street week with David Weston from Bloomberg radio Said Cher Jay Powell made it official last week dealing with inflation has become job one Inflation remains well above our longer run goal of 2% Supply and demand imbalances related to the pandemic and the reopening of the economy have continued to contribute to elevated levels of inflation But as the fed tries to get inflation under control real estate may be pushing the other way All of us from New York City mayor Adams on down want to get people back into the office I need my companies back open and operated You can't run the city like New York but 30% even as the prices are going up for tenants Our data has a rent increase of.
Bloomberg Radio New York
"cher jay powell" Discussed on Bloomberg Radio New York
"So a call today to Ukraine's president volodymyr zelensky from President Biden and mister Biden reaffirming total support at Baxter covering it all from the Bloomberg 9 60 newsroom in San Francisco Eddie Yeah Doug and the drum beat goes on The White House readout Biden underscored the commitment to Ukraine's sovereignty and territorial integrity Biden said he is exploring other macroeconomic support and a decisive response of Russia moves in And as well a missives between the U.S. and Russia continue to fly where the U.S. State Department deputy secretary Wendy Sherman says Russia continues to build up its support at the border Certainly see every indication that he is going to use military force Saying sometimes she believes between now in the middle of February having said that the U.S. is urging the Kremlin to take a closer look and analyze a letter that it sent and her secretary Victoria Nuland Russia just got our responses yesterday They made clear to us that they need a little time to study them So from where we're standing the ball is in their court but we are ready for talks The first response though did come from foreign minister Sergei Lavrov saying Ukraine must not become a member of NATO Meanwhile Defense Department spokesman John Kirby says the U.S. continues to elevate the munitions being sent to Ukraine We are actually looking at ways we can accelerate some of the shipments that are to come as part of this $200 million package Because we see this continued buildup by Russian forces in the western part of their country and in Belarus And kind of a side light from that briefing today Kirby was asked with all the attention being paid now to Ukraine what about China Still focused on the pacing challenge that China represents to the department You've heard the secretary talk about that He continues to have regular drum beat meetings which he chairs on the China pasting challenge And exploring operational concepts for how we can better meet that challenge and Kirby says the administration also U.S. and contact with UN members regarding the increase in missile tests from North Korea and says it continues to caution Kim and upsetting the geopolitical scene and with that North Korea has put out a release saying that it tested four missiles this week two long-range missiles and two short range ballistic missiles capable of carrying conventional weapons to regional targets Meanwhile the Biden administration says it is recommended changes to China's requirements for COVID-19 quarantine and testing among American diplomats and the Biden administration officials are attempting to stem growing Republican opposition to a high priority legislation aimed at bolstering U.S. competitiveness with China and aiding the domestic semiconductor production In San Francisco I'm at Baxter This is Bloomberg All right thank you Eddie Let's get to our guest Paul gambles is with us for the half hour Paul is cofounder also managing partner at MB MG group on the line from Bangkok Paul thanks for being with us I mean we're talking about an adjustment to the messaging from the fed yesterday Cher Jay Powell basically saying that he's open to doing as many rate hikes as necessary to get inflation contained I mean market seem to be pricing in 5 now between this point and the end of the year we're seeing a flatter yield curve do you think there's the risk that the fed tries it made to avoid the possibility of really much weaker economic growth ends up engineering a dramatic slowdown in the economy through these rate hikes So I think that's exactly on point I think the key issue here is that actually we're seeing slowdown already The first signs that there's a fairly dramatic slowdown that probably started during Q four and it certainly all the current and leading indicators are showing it so far this month So I think the real danger is that it will necessarily create a slowdown but there is a nation that slow down there that it's going to exacerbate dramatically When you're slowing you really don't need to be hiking rates And you don't need to be talking about hiking rates as many times as necessary I think it's probably going to be as few times as the market can stand would be a much better addictive Well that also invites questions about stagflation Do you see inflation moderating as growth begins to stall as you describe Yes definitely I mean I think so I think the problem here is it's a very human heuristic that we're all capable of in a second or two that we tend to take the most simplistic explanations The most obvious explanations of why things are happening And to end with a hammer everything looks like a nail into the fed Every form of inflation looks like an excessive demand problem but it's not This is really supply chain If we look at it it's classic supply chain And there are clearly signs that it's already moderating But for us we think we were looking at most closely and supply chain supply chapter inflation you tend to see waves It tends to come and go in ways as supply chains were normalized again And it was something that got a lot of people's attention last year and we were looking for what the second spike in timber would be and the timber futures despite already the second spike way way lower in the first 5 months So that just shows us that it's dissipating The original prescription transitory is correct People I think this is misunderstood the transitory can mean for a longer period than perhaps Dublin assumed And it can run in waves as well So I think it's time to turn inflation It's going to play itself out probably over this year at the time when we don't have to estimate But what we can see is that it's actually weakening every successive wave this weekend So we really shouldn't be worried about inflation at all And also one thing that isn't widely focused on is that because obviously the U.S. is the major economy in the world because the share is the biggest policymaker in the world Then we move a little bit obsessed with.
Bloomberg Radio New York
"cher jay powell" Discussed on Bloomberg Radio New York
"And U.S. futures are climbing this morning 6 O one on Wall Street and we check the markets every 15 minutes throughout the trading day on Bloomberg S&P future is up 32 points now future is up 218 NASDAQ futures up 125 The decks in Germany is at 1.7% Ten year treasury up 6 30 seconds yield 1.43% They yield on the two year .63% 9 X crude oil is up 1.2% up 82 cents at $71 69 cents a barrel and go make gold up 1.3% at 1787 40 an ounce Nathan Karen we begin this morning with the fed's latest policy decision a hawkish shift is underway to tackle the hottest inflation in a generation Cher Jay Powell announced key changes to the Central Bank's asset purchase program and laid out a road map for three rate hikes next year We are phasing out our purchases more rapidly because with elevated inflation pressures and a rapidly strengthening labor market the economy no longer needs increasing amounts of policy support Says the fed will end its bond buying program by mid march and could raise rates before the economy achieves full employment While Nathan reaction is pouring into the decision former New York fed president and Bloomberg economics senior adviser Bill Dudley calls the fed's outlook for inflation quote magical forecast They have the unemployment rate below their estimate of what's consistent with full planner for three whole years and inflation just magically melts away back towards their 2% objective In 2024 the median estimate of inflation is 2.1% That's within a whisker of their target even though they actually haven't made monetary policy tight at any time over this period And after yesterday's decision Bill Dudley thinks the fed could start raising rates as soon as March And now that we've heard from the fed Karen we get two more Central Bank decisions from across the pond at 7 a.m. it's the Bank of England followed by the European Central Bank at 7 45 a.m. Wall Street time Most economists predict the BOE will leave policy unchanged and the European Central Bank is expected to announce plans to end its pandemic related bond purchases Well Nathan financial markets appear to be reassured by the hawkish shift from the fed but Guggenheim chief investment officer Scott monard warrants they are not priced for the worst case scenario The number of triple C companies in the country and the amount of overleverage in companies that have weak balance sheets even modest increase in interest rates could be very damaging to them And then it's a domino effect The weak companies go first and then the other companies follow as the economy slows those companies cut back spending and reduce employment Guggenheim's Scott bonner says the fed is setting itself up for a recession as soon as 2023 Outside of inflation Karen we remain focused on the pandemic and the omicron variant Bloomberg's Renee young joins us live with the very latest Good morning Good morning Nathan U.S. COVID cases are coming in around 120,000 a day They're nearly back to a level not seen since September The spread is even quicker in the UK where officials expect a surge in hospitalizations over the holidays That's where a study today is painting a bleak picture on long COVID It shows about 7 in ten people in the UK hospitalized with the virus still face fatigue muscle pain and breathing difficulties a year after being discharged Meantime there's another study out of South Africa and vaccines It says two doses of the Pfizer vaccine plus a previous COVID-19 infection may give stronger protection against the omicron variant That points to concerns that low hospitalizations and deaths in South Africa may be due to a high level of prior infections Live in New York I'm Renee young Bloomberg daybreak All right ready to thank you doctor Anthony Fauci weighing it on vaccines and the variant The chief White House medical adviser says existing shots should work well against the new strain I'll boost the vaccine regimens work against imma crime At this point there is no need for a variant specific booster So far 240 million Americans have received at least one dose of a vaccine and that's nearly 93% of the adult population On the corporate front this morning here in Apple is reacting to the surge in COVID the iPhone makers now delaying its return to office plans indefinitely We get the details from Bloomberg's Charlie pellet There is now no firm deadline for a corporate return to the office Apple is facing a resurgence in COVID-19 cases along with a fast spreading new variant so it's delaying bringing back corporate staff It had planned to have them return by February 1st employees were informed of the move in a memo sent from CEO Tim Cook the lack of a firm date points to the struggle that companies are facing and trying to get their operations back to normal fellow tech giant Microsoft scrapped its return to work date in September In New York Charlie pellet Bloomberg daybreak Charlie thank you Well we have an upcoming Wall Street debut to tell you about this morning Reddit has filed for an initial public offering The social media platform that helped fuel this year's meme stock frenzy said the number of shares in proposed price range have yet to be determined The company was valued at $10 billion in a funding round this summer Novartis is trading higher this morning Karen The Swiss drug maker plans to buy back as much as $15 billion of shares with proceeds from the sale of its stake in Roche and that has Novartis shares up four and a half percent And Nathan the bosses cashing in this morning.
Bloomberg Radio New York
"cher jay powell" Discussed on Bloomberg Radio New York
"Moscow and we're just about four hours away from the open of U.S. trading Let's get you up to date in the news You need to know what this shower a hawkish shift is underway at the fed to tackle the hottest inflation in a generation Cher Jay Powell announced key changes to the Central Bank's asset purchase program and laid out a road map for three rate hikes next year We understand that high inflation imposes significant hardship especially on those least able to meet the higher costs of essentials like food housing and transportation We will use our tools both to support the economy and a strong labor market and to prevent higher inflation from becoming entrenched Care Powell said the fed will end its bond buying program by mid march and could raise rates before the economy achieves full employment A reaction to the decision is pouring in Karen former New York fed president and Bloomberg economic senior adviser Bill Dudley says the Central Bank is much closer to lifting off The press conference in my mind suggests that the fed is quite a bit closer to actually lifting off And obviously they've cleared the decks for that by accelerating the taper So I think the March meeting is potentially live But we got two more Central Bank decisions today from across the pond at 7 a.m. It's the Bank of England followed by the European Central Bank at 7 45 a.m. Wall Street time Most economists predict the BOE while they've policy unchanged and the European Central Bank is expected to announce plans to end its pandemic related bond purchases Well still we remain focused on the pandemic of course Karen and the omicron variant Bloomberg's Renee a young joins us live with the very latest Good morning Good morning Nathan U.S. COVID cases are coming in around 120,000 a day They're nearly back to a level not seen since September and the spread is even quicker in the UK where officials expect a surge in hospitalizations over the holidays That's where a study today is painting a bleak picture on long COVID It shows about 7 in ten people in the UK hospitalized with the virus still face fatigue muscle pain and breathing difficulties a year after being charged Discharged Meantime there's another study out of South Africa on vaccines It says two doses of the Pfizer vaccine plus the previous COVID-19 infection may give stronger protection against the omicron variant That points to concerns that low hospitalizations and deaths in South Africa may be due to a high level of prior infections Live in New York I'm Renee young Bloomberg daybreak All right ready to thank you S&P futures are higher up 25 points this morning down futures up 171 and asked futures at 110 year treasury up three 30 seconds He.
Bloomberg Radio New York
"cher jay powell" Discussed on Bloomberg Radio New York
"You can either lose money slowly or you can lose money quickly There's a lot of what's going on in the market now that is pure risk management The level of accommodation at the moment is so high All signs point to something that looks better this cycle For now corporate or profitability looks pretty good I want to be a part of that This is Bloomberg surveillance with Tom Keene Jonathan farrow and Lisa runaways The good morning everyone Jonathan farrow Lisa bramans and tamkin and radio on television and incredibly busy hour We will look at Apple We will look with Michael Darth at the American economy Yes we'll look at the stock market You know what John None of it matters Claims at 8 30 gets us ready for the jobs report tomorrow Hey rose coming up tomorrow looking forward to that time and then we look ahead to next year as well And Federal Reserve matrix in between on December 15th I'm reminded of that quote some there are two kinds of forecasters Those who don't know and those who don't know they don't know Which one are you as we look ahead to next year I'm not going to forecast what I am going to say John as we have a changed landscape on travel Hello Becker will join us on international travel here later in the hour And John I look at what's going on in Germany the article by Brigitte Jen and Patrick Donahue and I are in Delft I mean they make clear shoals is making a mark More testing and more restrictions set to come out of Germany We'll bring you those headlines when they break This equity market breaks down a little bit again NASDAQ 100 futures down a tenth S&P 500 features well off session highs positive just 14 we're up a third of 1% time and we fade Now we fade Lisa you see any equity market at vicks back out in your 30 29.55 Lisa What do you see in bonds in credit Any idea here that you have a Federal Reserve that will be tightening next year That according to the consensus baked into markets right now and you are not seeing a material tightening in financial conditions Yes you're seeing risk your yields go up but it's nothing that dramatic funding costs are still very low To me this gives the Federal Reserve a green light Tom to continue with its plan because right now people do not seem to be concerned about tightening They do not seem to be concerned about another taper tantrum Whether that'll hold of course remains to be seen but I do find that at compelling Dan what kind of a day are we gonna have I mean I wish I knew that sound You see some good news here with the Dow futures up 200 points et cetera et cetera You and I take the surveillance nap apart and John I mean I just gotta say you wake up from the surveillance nap What's there I like hey you have to stress that we were apart What happens to him Thank you for clarifying And with you when you woke up after that nap yesterday we found out there was a case in America Let's get real about this That was absolutely ridiculous Of course there's a case in America Well we still don't know the answers to three questions and I'll keep repeating them until we get some answers How severe is this variant How effective are the vaccines against it and how contagious is it Have you got any idea right now No I don't If you're just joining or at least it does because if you're just joining us right now the theme here is pharaoh and Keane have no idea what's going on That is true Lisa is totally clued in There's no question about that John let's do a clueless data check I'm going to look at the vix 29.51 is a little bit of angst I'm gonna look a crude 65 78 positive just a third of 1% on WTI and I'll promote an interview that took place on this network with our audience 30 minutes ago with JPMorgan looking for one 50 on Brent Tom in two years time We're going to try and get that out for you On the Bloomberg terminal and on Bloomberg dot com as soon as we can Their base case critically not from 60 they move it up to 80 Adapting to all this is Brent shooting chief investment strategist at Northwestern Mutual We're thrilled to talk equities where the brand there's been a run on energy and then a pullback How do you manage sector weights in Northwestern Mutual when we see such segment and performance including in oil Well I think you ignore the day to today movements that you've been talking about and trying to kind of discern what's going to happen as you move towards the end of the day Look I think as you look into next year you still have incredibly accommodative financial conditions Yes you have a fed who's tapering just a bit and maybe accelerate that and might actually even increase interest rates But let me ask you a question What impact do you think that's going to have on economic growth I think given where the consumers I think given where companies are I think it's going to have little impact Now it could certainly have an impact on the market That's a fair question And I think it actually pushes people towards those names that you mentioned because the other names the market are quite frankly expensive and overbought Yes they are secular growers But how much of that has been pulled forward by things like the delta variant by COVID By things wherever you get your door every day I think there are still opportunities in things like energy value stocks where they are incredibly cheap and I hope someday again in my career we focus on valuations over hopes dreams themes and memes You're asking a really important question In fact you asked too at what point would higher rate by the economy at what point would higher rates hit the market Given how deeply negative real rates are right now Brent what are the answers to those two questions I think you hit the nail on the head I mean to me financial conditions are going to tighten a bit but are they going to tighten so much to cause a recession Are they going to tighten so much that they're actually going to extremely harm economic growth I just think when you look at the underlying fundamentals look I don't care how they got the money The consumer debt to net worth is 12% It was 24% in 2008 The cost of that debt is still incredibly low And most of the consumer debt is fixed because it's in mortgages that have been fixed for the past 1314 years And so to me there will be an impact it's at the margin Certainly we are inching along the economic cycle but we're no longer the end yet So it doesn't change your scenario at all that the Federal Reserve is seeing inflation as the bigger threat right now potentially than a labor market that does not get back up to speed because that seems to be the pivot that we heard from Fred Cher Jay Powell I must have heard something different than many people heard because I heard chair Powell still say that he doesn't believe that inflation is going to leave a permanent mark Look I think the fed doesn't want to appear to be Tom Duff I think they want to actually give them some optionality I think they believe like me that the tapering is necessary That doesn't need to be Do we need that anymore I don't think so But I still think the fed wants to try to cement the long-term growth rate of the U.S..
Bloomberg Radio New York
"cher jay powell" Discussed on Bloomberg Radio New York
"We're coming to you from the Bloomberg interactive broker studio in New York a mixtape for the U.S. equity market today and trading right now across the apac region is a little mixed as well Obviously for the states tomorrow it's the Thanksgiving holiday So we're seeing no trading in U.S. sovereign debt in the Tokyo session will take a closer look at markets when Brian Curtis joins us momentarily right now A couple of this hour's top business stories Cat Well let's start with the fed reserve when officials met last month They acknowledged inflation was running pretty hot and they were open to removing policy support at a faster pace That's what we saw from the minutes which were released today in the U.S. Now since the meeting the price data the inflation numbers have gotten even worse today the reading on personal consumption expenditures called the PCE rose 5% over the past year That's the highest rate since 1990 And probably the biggest challenge now for fed leadership Cher Jay Powell has been nominated for a second term and is expected to be confirmed pretty easily in the Senate governor Leo brainerd has been nominated to serve as vice chair and they may be entering a new era of overheating according to former US Treasury secretary Larry summers I think the question the fed is now managing is not do we have an overheating problem Can we bet with team transitory They know we do have an overheating problem and that they can't place their bet with team transitory They've got a new problem and it's a very complicated one And I very much hope they'll be very thoughtful about it because there are no easy answers The new problem is how do you land this economy Softly Summer said the bed was late to the party and even seeing the inflation threat and that the fed foolishly asserted it wouldn't start raising monetary policy until the U.S. was at full employment summer says officials are now going to have to figure out how to maneuver in this new framework where they put this idea this notion of reaching maximum employment full employment before they start taking more aggressive steps to remove stimulus The CEO of JPMorgan Chase Jamie Jamie Dimon has apologized for joking that his bank would outlast China's Communist Party Now the remark put JPMorgan into damage control as soon as these remarks left mister diamond's mouth Diamond is no stranger to brashness and he knew the bank would have to engineer a hasty retreat soon members of the firm's government relations team and China offices were corralled to discuss the remarks and decide whether to acknowledge them or let them lie Some 18 hours later when it became clear that the comments attracted global attention diamond issued a statement of regret In New York Charlie pellet Bloomberg daybreak Asia Wall Street cutting its price target for Alibaba It's set to fall for a record 18th straight week at least four more analysts join the chorus In fact in the past few days Bloomberg Steven engel gives us more details Susquehanna was the latest cutting his price target by more than a third from $310 over the next 12 months to just 200 citing near term headwinds This is the quote from Cheyenne patil Baba has been dealing with regulatory overhang as we all know of course and now the slowing macro environment in China is pressuring the business in the near term Well despite that near term pressure most companies maintain a positive outlook for Baba 56 out of 61 analysts tracked by Bloomberg have a buy on the stock and only one rates it a sell dug 34 pounds the hour Brian Curtis is looking at markets a couple of interesting headlines just crossing the Bloomberg terminal You want to begin with the one for the be okay Well just at the rate hike wasn't unanimous One board member opposed the decision That's the basic thing The bank of Korea raised its key interest rate to 1% from 75 basis points Quite a lot of stories here in China that are worth mentioning today Chinese developers have risen after Chengdu rolled out some measures to support developers and increased market stability analysts expect this to happen throughout more cities And so we're just seeing a general gain in shares ever ground was up more than 6% Season of more than 2% China how you earn up 3.3% in Hong Kong trading Also China's State Council called on local governments to sell more special bonds this year in order to boost investment I'm in a slowdown in the economy We learned about this a day or two go from Premier League ka and now this has been formalized by the State Council What else I wanted to tell you about Kaiser group holdings doing this debt swap offering at least $380 million in bonds for new notes that would mature later in 2023 and the stock put on gains of about 15% in Hong Kong trading today and then Baidu as one on autonomous taxi license from the Beijing city government This is the beginning of open road commercial operations for its Apollo go robo taxi service And this is in a specially designated zone And Baidu is trading up about 1.1% today Generally speaking though the markets have been a little bit lower although we've had a pretty solid day in Tokyo the nikkei is up a 197 points up about two thirds of 1% The dollar was a lot stronger overnight The treasury yield curve flattening the latest fed minutes highlighted the risk of a faster reduction of bond buying by the fed and also then as a result a speedier time frame for getting the first rate hike Although it doesn't look like at least the market is not expecting too many rate hikes altogether I think we saw that the market is expecting this rate cycle to top out at 1.7% for the fed funds rate WTI crude 78 35 a barrel All right 36 minutes past the hour Kathleen to you All right time for a look at global news now We're gonna Ted Baxter in the San Francisco 9 60 newsroom Ed we want to take a look at this story booting the military out of power in Myanmar by making a good find a good way to raise some money Yeah well they're fundraising at Kathleen you're right parallel government floating by supporters of Myanmar's on San Suu Kyi aims to raise as much as $1 billion from a sale of bonds to fund its efforts to topple a military regime The national unity government raised one $9.5 million within 24 hours of the opening of the sale of its so called spring of revolution The Sydney morning Herald reports Australia is considering not sending any government officials to the Beijing Winter Olympics The racially charged Georgia trial of three white men in killing of ahmaud Arbery has ended with a conviction of all three of those charged and at a time when arbor is mother Wanda Cooper Jones said she thought she would never see.
Bloomberg Radio New York
"cher jay powell" Discussed on Bloomberg Radio New York
"Fed a message of patience empty and partners describes it as dovish taper underway not a hawkish one Yeah fascinating also we get the Bank of England decision of course today that looks to be on a knife edge We'll talk about the property market here in the UK does the jump in prices get beaten down as interest rates rise but also of course the big interview with substitution Frederic udaya 53% jump in trading from stocks and derivatives record revenue from financing and advisory at the French bank And in terms of the markets you say let's have a quick look at the data in that case So MSCI Asia Pacific index is up by half of 1% All country world index up by a tenth of 1% So after the fed as you mentioned we got a record close for Wall Street for the Dow the NASDAQ the Russell 2000 even at record highs and global stocks also hovering close to record levels this morning In terms of the bond market treasuries retreated the yield curve also saw a bit of steepening So reversing some of the flattening that we've seen recently and it remains steeper than before the fed decision this morning futures markets now pricing in 70% chance of fed hike next June all markets at fascinating head of the OPEC plus meeting $80 27 for wcai food features down by 7 tenths of 1% So that's a look at the markets Let's go to breaking lines either Bloomberg in the corporate earnings season BT Group they are coming through with the second quarter adjusted ebitda of 1.88 billion pounds that is a marginal beat on the 1.85 that was expected by the market They're confirming their outlook for fiscal year 2020 and 23 They're also announcing an interim dividend for the first half of 2.31 per share stocks up about 8% this year coming Okay so that's BT Meanwhile Sainsbury's one of the big four supermarket chains in the UK it says that first half adjusted pre-tax profit came in at 371 million pounds that was a beat on the estimated 350 million They benefited from higher in home grocery consumption They are also in a good position as they head into Christmas that according to Sainsbury's but the industry faces labor and supply chain challenges has been huge in Britain and they continue to expect customer behavior to normalize their big pandemic winners then things got a little bit tougher after that Let's talk about Nintendo I like to think of myself as a big gamer not so much this space but they're coming through then with a fiscal year total switch sale number of 24 million units they saw 25.5 million units so a little bit shorter than what the market had been looking for But they're seeing fiscal year operating income at ¥520 billion which is actually higher than the initial guidance of 500 billion in the stockman on the pressure throughout 2021 Okay you said what's your favorite game then You know what I like racing simulations Anything that puts me in a car and gets me up to speed I'm on board with that I learned something new about you this morning excellent Okay let's go on to our top stories then shall we Stick with earnings Credit Suisse posted lower profit in the third quarter and signaled that it expects a net loss in the last three months of the year So the Swiss lender also unveiled a new strategy that reorganizes the wealth unit and dials back risk in the investment bank And staying with some of the banks third quarter numbers from sausage in Iran French lender extended a rebound in equity trading to be the top Wall Street banks It almost doubled profit from a year earlier and saw a 53% increase in trading and derivatives and record revenue financing and advisory and lower provisions This is important for bad loans The one source a fixed income trading performance that was worse than peers Okay and turning to the fed once more so as we expected the Central Bank will begin trimming its asset purchases by $15 billion this month Policymakers also voiced more concern about inflation at their meeting so Cher Jay Powell warned that supply chain imbalances have meant sizable price increases in some U.S. sectors Supply constraints have been larger and longer lasting than anticipated Nonetheless it remains the case that the drivers of higher inflation have been predominantly connected to the dislocations caused by the pandemic Specifically the effects on supply and demand from the shutdown the uneven reopening and the ongoing effects of the virus itself Well the fed held the benchmark interest rate target near zero and Powell did his best to dealing tapering from the outlook for rates lift off Our decision today to begin our tapering our asset purchases does not imply any direct signal regarding our interest rate policy We continue to articulate a different and more stringent test for the economic conditions that would need to be met before raising the federal funds rate While Powell also said that maximum employment may be reached next year in America And after the fact delivered its latest interest rate decision Guggenheim CIO Scott minor joined Bloomberg surveillance He said the Central Bank is setting itself up for a policy error There is no way that we have engaged in the scale of asset purchases in the pandemic where there is going to be a policy which ultimately is going to be perfect and not cause some sort of interruption to asset prices or something else that would be destabilizing As the Guggenheim CIO Scott minor speaking to Bloomberg Okay well let's get more market reaction Then to the fed decision bring in our markets live editor Heather Burke Heather good morning markets look a lot calmer after that fed announcement on tapering But what are the risks ahead Good morning There's definitely the biggest risk is that the global bull market is still impatient And our worried that central bankers might be too complacent about inflation being out of control So that is going to be a big risk The market is currently pricing June 2022 as a live meeting for a quarter point fed rate hike But the fear is that if inflation is not so transitory that they could have to move that forward along with a lot of other G ten central banks And then here in the UK central bankers are singing a different tune the Bank of England could become the world's first major Central Bank to high grade since the pandemic when it meets today But expectations are split aren't they Yes So markets are positioned for a 15 basis point increase and we've seen that kind of with the big sell off and build so we've seen in the last couple of weeks economists are split for a decision So what happens is a lot is going to depend on for guilt on eco forecast and what that says on a future rate hike path But one of the problems is is that some on the BE might want to wait for the latest jobs data and see how that the impact of the furlough program But that data is not going to be available to later in the month Okay Yes exactly So that's a big question isn't it about what the furlough scheme did to employment Thanks so much Heather for joining us Heather Burke for a show market commentary and analysis Check out markets live On your Bloomberg terminal In Europe the ECB president Christine Lagarde renewed her pushback against market bets for an interest rate increase in 2022 In our forward guidance on interest rates we have clearly articulated the three conditions that need to be satisfied before rates will start to rise And despite the current inflation surge the outlook for inflation over the medium term remains substituted Speaking in a separate interview on Wednesday la guard said that 2022 was off the chart in terms of interest rates And finally after all that Central Bank news Glasgow today So a statement outlining a deal to.