25 Burst results for "Eric Rosengren"
Bloomberg Radio New York
"eric rosengren" Discussed on Bloomberg Radio New York
"Just in general with people ratcheting up their expectations for where the economy is and they've gotten to a point where now the economy is going to underperform those expectations. Great point to end it on but we're going to be back folks in less than an hour's time our simulcast catch us on Radio TV YouTube and Bloomberg Originals we're going to count you down to the close on this Friday beyond the bell at Wall Street Time. I'll be working my way back. All right everybody we're going to stay with the jobs report as we said the number coming in certainly non payroll softer than forecast the unemployment rate coming in as a forecast but see we did an uptick when it comes to average hourly earnings and also average weekly hours work so let's get to and it see what our roundtable has to say Matt. Yelena Shelechiova, Senior US Economist at BNP Paribas. She joins in us our Bloomberg Interactive Brokers studio along with our Steve Matthews economics reporter at Bloomberg News. He's out there in our Atlanta bureau Steve. Yelena happy Friday. Yelena great to see you back here at Bloomberg headquarters. So talk to us about the report. Let's go through today before we start looking forward. How did you assess the numbers that we got today? Well this was a classic example of don't change your forecast GDP right so that that's the first thing that comes off right if they were off They track you know things differently but this report is telling us that things slowing are down this continue to slow down then nothing is urgent recession is not imminent but at the same time there were signs of weakness in this report and met you listed a lot of good things let me tell you like there were a few weak things in there as well so I was the weakest thing I mean if you look Carol was talking about temporary work which I agree if you look at that chart it's no bueno but what did you focus that on? you In addition should to look at aggregate hours worked for the second quarter in aggregate so if you look at that you see that aggregate hours worked only grew 0 .1 percent quarter the seasonally adjusted annual rate. That's because everybody's using AI we don't have to work as hard. That's a disappointment. yeah that's that's a disappointment that number is correlated really well with GDP growth so that is telling us that economic growth is slowing down so we're at one and a half percent in terms of GDP projections for Q2. We'll get the number pretty soon actually and then you know what happens in second the quarter we we think that we're going to go into a downturn. So you think second quarter growth is going to show one percent? One and a half. Which is kind of amazing because it doesn't that feels like nothing or sounds like nothing it but doesn't feel like nothing right? Not one and a half percent is pretty good I mean the first quarter was 1 .3 percent until all a sudden of it was two right? Well and especially it's an annualized number as well so you just like divide it Steve jump in here and tell us what your read on this report is with regards to the curve that you cover so closely? Well the feds will see this report as basically confirming their plans to hike in July I mean they had been pretty much set to hike and there's nothing in this report that's going to change your mind that you have you know job there are as Yelena points out there are some weaknesses in the report but on balance job creation is still running much higher than trend much higher than they want to see you see the unemployment rate going down you see wages average hourly earnings you know rising hours for this month rising so it's like there are like lots of points where you know the hawks can look at this and say hey this confirms view of where the economy is the goal of the Fed right now is to create below trend growth and that would reduce pricing pressure and they would some like to see small increase in the unemployment rate that's not happening this report is more consistent with very solid growth and a solid labor market and so July you know absent there being some shock in the consumer price index next set week July that they're going is to hike by a quarter point and the real question is what happens in September and November and December and you know there's a lot of interest among the in hiking at least one more time beyond July I totally agree with Steve that July is right there there's no question about that and Ever Charlie earnings growth totally supports that it the question is about what happens next and I think this jobs report alleviates some pressure that they need to absolutely need to feel they to need go in September and or November is that whoa so I I think really I think they will raise rates no stop no no they alleviates the pressure for them to do that so okay I think that you know that July hike will be the last one they will reach the terminal rate there and by the time we get to the September and November meeting there will there won't be any need to do more hikes no more talks of pausing they'll just be done so one and done is your tape that's our focus Steve in a market environment and a world where I feel like we've been all over the map already here in 2023 in terms of interest rate expectations you agree with you Elena? I think that is a very reasonable take and in fact that Eric Rosengren the former head of the Boston Fed who was known as a hawk when he was at the Boston Fed which was only I guess two years ago he was saying one and done so it's like you know there is definitely the a Fed segment that of will be on on board with that there are one or two people including Rafael Bostic of the Atlanta Fed who say no more hikes so you know right now there are pieces of the data that you can look at and say you know the economy is resilient it's strong you know you're you're still seeing a lot of momentum and then there are as Yelena points out there are some areas the of weakness so you're going to see if some splintering between the Hawks and the doves it's been amazing that that chair Powell has been able to pull off you know this big increase in rates without without there being any dissent in recent months and you know you might start to see some splintering as you get near the end of this rate cycle and we kind of saw that in the in the minutes a little it right absolutely so so maybe I think he's gonna want to try and keep decisions unanimous right even if they don't agree up until the point that he convinces them to agree for the sake of the which seems like we know there's crap BS to me but let me ask you about the economic surprise index and we have obviously on the Bloomberg ECS you
Bloomberg Radio New York
"eric rosengren" Discussed on Bloomberg Radio New York
"EP So Doug final day of the week Pretty interesting day in the U.S. How is it filtering over into Asia trade Well we have a stronger dollar and I'll get to that momentarily but we had some corporate earnings news that helped to send the S&P 500 to a record high today but at the same time Catalan and you know this very well rising expectations for inflation Now in terms of the equity action of the benchmark S&P 500 up three tenths of 1% all time high 45 49 you know of the companies that are reported in the S&P so far about 84% have topped estimates Today the market reacted to the news from Tesla that happened last night after the bell profit beat stock was up 3% And we also had among the consumer discretionary names in Nike shares rising by about 2.3% Energy however did track the price of crude oil lower It looks like Eastern Europe and Russia are facing some new lockdowns that puts a question over the demand story WTI coming in by 1% in New York 82 50 right now we're trading 82 35 in the electronic session Oh by the way the S&P 500 energy group down today by 1.8% So the Dow comes in about a less than a tenth of 1% older than NASDAQ composite did pick up about 6 tenths of 1% today Had so a little bit of a tech strength but that was before the Intel news after the bell more on that momentarily and Kat you know you saw the yield on the U.S. a ten year rise about four basis points A lot of folks now bringing forward their expectations for rate hikes by way of the fed in the next year ten year treasury last quoted here in New York at a yield of one 70 Now the Intel story third quarter earnings below estimates however on the revenue side the top line number did beat but Intel trimmed its fourth quarter outlook just a bit and there is a little bit of disappointment in late trading the stock is down We'll talk more about that momentarily Well let's get a look now dug up some of the big story especially going to the week at evergreen It's one of the biggest stories that traders around the world are watching We're told some offshore creditors to property developer evergreen may seek a standstill and debt talks That's in the likely event of a missed payment Bloomberg Steve angle tells us more They are actually a group of them are seeking talks with evergreen to avoid really what would be and could be a cascade of bondholder and investor demands once these grace periods end and that could overwhelm evergreen and force it to declare a default Some creditors would like to see ever grand and its bondholders reach a formal forbearance agreement that would shield the company from a slew of investor demands for immediate debt repayment with parties and discuss restructuring options really Well immigrants grace period will run out tomorrow that's Saturday The company is at risk of defaulting on close to $20 billion in outstanding dollar and of course dug everybody's waiting to see if the government of the people's bank of China ends up having to take more steps to get involved so far they seem to be letting the markets do their work Yeah the stock began trading yesterday in Hong Kong I think we gapped lower It was a very volatile session for evergreen share They had been halted since the early part of the month Let's pivot now to the fed we have a breaking news today The fed is imposing new roles on personal investing for officials at the Central Bank This follows disclosures recently that led to the resignations of Dallas fed bank president rob Kaplan along with the head of the Boston fed bank Eric rosengren Here is Bloomberg Steve Matthews on the changes They're prohibited from purchasing individual stocks from holding individual bonds from holding derivatives The rules require even for the securities they do hold they require that they have 45 days advanced notice for purchasing or sale of securities They have to get approval for purchasing or sale of securities and they have to hold anything that they do hold for at least a year That is Bloomberg Steve Matthews By the way we had a number of fed watchers today saying the prompt action taken by chair J Powell could help his chances for renomination His current term expires in February Of course very important to note that to everything those fed bank presidents was fully within the rules the regulations and laws in place But that is everything Clients Departments Well let's get over to Ed Baxter now in the San Francisco 9 60 newsroom A group of 43 countries has denounced China's human rights record at the UN at Baxter with global.
The Erick Erickson Show
"eric rosengren" Discussed on The Erick Erickson Show
"I actually agree with focus on something you know. I heard senate colleagues tell me. She's not a pleasant person. I have a friend who was at harvard law school with her. Who has said had several stories about her that she was just a difficult person That she felt very entitled and she and her husband were not very gracious with other people that were very cold. Very standoffish He relates a story at one point of someone in the school needing some help and pretty much. Everyone stepped up to help the person. Except the warren's she's just she even in the senate. They says she's very democrats now. I'm talking to democrats. Say she's not a fun person to have to deal with. But i agree with her on something. She wants a insider trading inquiry at the federal reserve. She's calling for an investigation into whether top federal reserve officials engaged in insider trading in twenty twenty when some bought and sold securities that could have benefited from central bank policy moves now. She sits on the committee that oversees the fed and she said a letter to the sec chair Jury gins ler asking him to look into the transactions. Richard clarita the fed's vice chair and two of the twelve regional presidents robert kaplan of the fed reserve in dallas in. Eric rosengren for the federal reserve in boston. Engaged in transactions that have drawn blowback while a lot of the trade. We're not unusual for central bank officials. They occurred during a year which the federal out a wide ranging market rescue Touching practically every quarter of finance they may have given central bankers unique incited. What might happen next with as prices. I kinda think that we look at the fact that the fed is withholding information. On kaplan dallas is kind of a big red flag that We we need to look into this..
Africa Business News
Fed to Review Financial Trading Rules for Officials
"The united states federal reserve is reviewed ethics policy that governor financial holdings and activities of senior officials in the wake of resent disclosure that to regional fed presidents engage in extensive trading last ti- financial disclosure form shows arabic's coupling president of the dallas federal reserve bank into into twenty treated millions of dollars of stock in companies. Such as apple. Amazon and google while eric rosengren president of the boston fat traded stocks in real estate investment. Trust coupla hours in green said last week that it trades repeated on the feds ethics rules. They however sat there will sell their holdings at the end of this month and place. In money index funds we truck a wide range of securities or in cash.
The Drill Down
"eric rosengren" Discussed on The Drill Down
"Welcome to the drill down. We're gonna explain the business to respond a few stocks on the move. But first let's get the three most important business developments of the day with executive producer. Isaac webster isaac cordless with retail sales. Us retail sales rebounded in august despite the delta variant report shows that a resilience of economic recovery suggests households are boosting spending sales. At the nation's retailers rose point seven percent in august. The commerce department said that despite a big decline in car sales related to product shortages and shipping problems excluding. Cars sales wrote rose at one point eight percent. That's a big number and it shows you know just how people came on the stimulus with really improved balance sheets with lower credit card debt higher savings rates and Some people define a financially throughout the pandemic. Now let's get to the banks of i. I should say central bank. The fed senator senator elizabeth warren of massachusetts is calling on fed banks to prevent its leaders from stock trading. Senator warned sent letters to the twelve regional fed presidents asking them to ban ownership of individual stocks among their top officials at their banks. Warren has asked for response by october. Fifteenth now why this request now well last week. The wall street journal reported that dallas fed president. Robert kaplan and boston fed president. Eric rosengren actively traded stocks and other investments over the course of twenty twenty so so i looked at the trading reports from a dallas. Fed president caplin. This guy was trading shares of tesla. Were in a highly highly speculative stock. The loved testing might not. There's no one other that's going to say it's a it's a safe value investment or something's reflecting the broader economy. I mean the rest of his stuff looked pretty plain. Jane but i was just by jaw was on the floor when i saw that last week. Is just a mind boggling that this stock trading has been going on. In my opinion it's It seems like a no brainer. When you're in the position of being fed fed bank president you should not be able to trade stocks like this and maybe m- logical. I'm more concerned with the individual equity trading of our congressional leaders as well. That's also a problem it's They should be in the market. Great come on in the water's warm but individual picking of stock starts to look towards a you start to look messy. There's plenty of ways to invest without investing individually like that. So you know do your homework. Elected officials and fed presidents all right. Let's move on China has formally applied to join the eleven asian asia. Pacific trade pact. Beijing is seeking draw traditional american allies into his economic orbit. Now you may remember that. The this asia pacific trade pact was championed by president. Obama to counter china and beijing's application to join comes a day after the biden administration unveiled a new secret new security partnership with the uk and australia in the pacific region. What's dr drilling down on today. Let's look laureate education. It's not what it used to be I've never even heard so l. A. u. r. is how trade shares rose today and they've risen thirty four percent a year so tell me about laureate education so this was the business that owned a company that owned the walden education business. It was a for profit education company in the us okay trouble with federal authorities. They divest themselves of that. They sold walden university and Their businesses very different. Now they run to universities in mexico to universities and vocational school in peru there out of the for profit. Us education business. They're in very different. Markets were the role of higher. Education is very different and so other doing quite well of generating a ton of cash and indeed the sale of all the university also generated a lot of cash. They announced that they're going to distribute a big chunk of that by giving a special dividend of seven dollars per share On october twenty nine to the shareholder total distribution about one point three billion dollars and this is a stock trading. Seventeen bucks so seventy dollars share distribution pretty big dividend from these guys so i thought it was just interesting to go back and take a look at them and what's interesting about. Their business is with the walden Business out of there out from underneath or corporate umbrella and with potential problems with us regular also no longer there problem. They're showing some real growth Even throughout cove in mexico and peru and. i don't know how much this is appreciative stock price. I don't care but what was interesting to me is that they lowered what they were charging students a discounted student in mexico in particular during the pandemic would suggests that when they stopped the discounting. There's even more revenues to come and perhaps even more dividends to come here. Ceo easy lift. Sarah hanson talking about that mexican discounting and what was going through and how average pricing was down the last year. Maybe not next discounting in mexico was What do we need in order to have a very difficult time during the and those this was slightly higher in mexico than improve Is going to be short. Term nature also What is Would be Wish be which we intrude. His students would flip over to online delivery during the economic you know past. The migration to fully online on combine would driving a to be a temporary reduction in the average and pricing in mexico so temporary by definition. It's going to end. That might provide a bigger boost to this business of providing education in mexico and peru. I wish next drill down. Let's look at airy airy trades under a e. r. i. shares tumbled over twenty percent and they've lost nine percent since the beginning of the year. What's going on with airy pharmaceuticals not to be confused with our sponsors era airy Is a pretty pharma company that has been working on a treatment for dry dry as an increasing medical problems. People spend more time on their phones. More temps stay on their computers I full disclosure. i have gone through dry. I doubt many times. It is very painful. Sorry to hear that Well and in some cases was this treatment But not enough cases to be statistically significant. Let's talk about how drugs get approved by the fda so companies submit things for trials. They typically those phase one phase two slightly bigger phase two and then a very big phase three trial to make sure drugs are efficacious and safe so unusual that earlier trials the safety and hinted efficacy and the later phase. Three trial tries to prove both ins and scale but sometimes accompanied with certain drugs Approval to do a phase to be study which is bigger than a typical phase. Two study not as big as a phase three study or these studies are very expensive to conduct. And if if approved by the fda for certain kinds of Medical problems a phase. Two beast is sufficient enough to get to the market. But you've got to declare very clearly what you're Statistically significant endpoint will be which involves both the effectiveness with efficacious treatment itself. And also how long it's gonna take well. These guys airy picked us did uh statistical data. I think was twenty eight days. Twenty four days This drug would work. And then they did.
Bloomberg Radio New York
"eric rosengren" Discussed on Bloomberg Radio New York
"Exhausting Day for family feels like it happened yesterday. Everything comes back to you. America's top military leaders remember 9 11. One of four hijacked airliners slammed into the Pentagon, killing 184 innocent. Across caught in the crossfire of terror. Did ideology of hatred unfolded. On this very ground. Chairman of the Joint Chiefs of Staff Mark Milley says victims of the Pentagon attack ranged in age from 3 to 71 years old. And they are irreplaceable to their families. Former President George W. Bush honors the victims of 9 11. Today We remember your loss. We share your sorrow. And we honor the men and women you have loved so long and so well. Speaking at the flight 93 memorial in Pennsylvania, Bush said the lives of the victims remain precious to the nation and to their families. Bush was president on September 11th 2001 former secretary of state reflects on the 20th anniversary. Condoleezza Rice says it was the first and only time she ever raised her voice at then President Bush when he said he wanted to return to the White House on the day of the attacks. I'm Cameron Fairchild. Alabama Governor Kay Ivey says Republican governors are united in fighting back against New White House Covid 19 vaccine mandates. Ivy says While she encourages people to get vaccinated against coronavirus vaccine mandate goes beyond President Biden's authority Regulators say they are working around the clock to approve Covid 19 vaccines for Children. That's the word from the FDA amid a push to get kids under the age of 12 eligible as they return to school. Pfizer's vaccine is available for kids, 12 and older Despite the promise of nonstop work being done, top FDA officials issued a word of caution, saying, We have to let this Science and data guide US. I'm Sarah Bartlett. More than seven million people had voted in California's recall election. The new numbers from political data show one third of all eligible California voters have returned their ballots for the special election that will determine Democratic Governor Gavin Newsom's fate of the ballots returns so far 53% from registered Democrats 25% from registered Republicans, while 23% from independent voters. With no party preference. There are still nearly 15 million ballots that have not yet been returned. With polls closing September 14th I'm Lisa Taylor, a federal judge. Is blocking Florida's anti riot law. The bill was passed after last year's racial justice protests in Florida and was signed by Republican governor onto Santa's In April, U. S District Court judge granted a preliminary injunction against the law, calling it over broad and an unconstitutional violation of free speech. Rights. Governor De Santis has said the state will appeal. I'm Rico show a man is dead after what investigators described as a freak accident. At a McDonald's drive thru in Canada. Mark Mayfield has the story. The Vancouver Police Department reports the man had been paying for his order at a drive through window when he dropped his card while in the process of opening its door and reaching down to retrieve it, his car rolled forward colliding with the restaurant and crushing him. I'm Cameron Fairchild, and I'm Susanna Palmer in the Bloomberg News Room. New York City is on high alert on this 20th anniversary of the 9 11 attacks. Martin Mara. So is the NYPD is chief of counterterrorism. And she says her team is thorough in assessing threats. We do monitor all that social media where on the Internet all the time, So once we see that propaganda come out, our alert goes up to make sure that I rise on anybody that could potentially do something to target the location with New York City. On the Covid 19 front, A new Centers for Disease Control and Prevention study finds that unvaccinated people are significantly more likely to contract covid 19 become hospitalized and die, then are vaccinated people. Federal Reserve critics seized on revelations about investments and trading by two of its senior officials to renew demands for a major overhaul of the U. S Central Bank and it's 12 regional branches. We get more about that from Bloomberg's Charlie poet Boston Fed President Eric Rosengren and Dallas is Robert Kaplan last week said they would sell their individual stock holdings by September, 30th in moves aimed at quelling ethical concerns over their trading activity last year. Both said their transactions had complied with the feds ethics rules and said they were acting to avoid even the appearance of any conflict of interest. But critics said the situation should never have arisen in the first place and show the need for fundamental change to improve oversight and accountability. Charlie Pellet, Bloomberg Radio. Governor Kathy Hogle says an investigation found human error is to blame for a power outage that crippled subway service last month. The outage on August 29th impacted all of the MBTA's numbered lines as well as the L Train. The governor's office says. Reports found that somebody basically turned the power off at the New York City Transit Rail control Center. 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 Susanna Palmer. This is Bloomberg Bloomberg opinion informed perspectives and expert data driven commentary on breaking news. Welcome to Bloomberg opinion on Bloomberg Radio. Bring you news comments and insights from Bloomberg Opinions worldwide Team of editors and columnists. I'm your host. June Grosso. This week. Do investors need more than regulators for protection, Also on the show why the link between the city's popularity and its economic growth has been severed, Plus preserving a military presence in Iraq is crucial to American national.
Bloomberg Radio New York
"eric rosengren" Discussed on Bloomberg Radio New York
"On Wall Street, and we check the markets every 15 minutes Throughout the trading day on Bloomberg S and P Futures of 17 points this morning, down features of 170 NASDAQ futures of 52. Attacks in Germany is up 3/10 of a percent 10 year Treasury down 9 30 Seconds at 1.32% and the yield on the two year 20.21% Nathan. All right, Karen, we begin in Washington this morning. That's where President Biden has issued his most serious orders yet to stem the spread of Covid. I'm announcing that the Department of Labor Is developing an emergency rule to require all employers with 100 or more employees that together employ over 80 million workers. To ensure their workforces. Are fully vaccinated or show a negative test at least once a week. The president's ordering mandated vaccinations are testing for staff at large companies. He's also looking to head off. Critics of the move is not about freedom, her personal choice. It's about protecting yourself and those around you the people you work with. The people who care about the people you love. President. Biden also took aim at unvaccinated adults saying they're dragging out the pandemic reaction is pouring into the president's remarks this morning. The president of the United States has just thrown the kitchen sink at the Covid epidemic. We spoke with former Health and Human Services Secretary Donna Shalala about the president's plan. This is a strategy to get our economy back up and going and I have always believed affect a year ago. I said, The only way we were going to get this done is when American business Threw up their hands and said, Everybody's got to get vaccinated. That works for us. Former HHS Secretary Donna Shalala spoke to our Washington correspondent Joe Matthew on Bloomberg Sound on catch more of that conversation coming up in 10 minutes from now we'll get care in. The White House is also making news on masks in schools, launching a program to protect districts that have been penalized by their states from mandating masks. At the same time, one of the country's largest districts going a step further. L A will now mandate vaccinations for all students who are eligible to get the shots. Ed Baxter has the story from our Bloomberg 9 60 newsroom in San Francisco. The requirement is for students, 12 years and older. The district already has protocols, including masking and weekly testing. Teachers are required to be inoculated by October, 15th. As well as undergoing regular testing. The board says the scientific consensus is the best way to protect both students and staff is vaccination. There'll be some medical exemptions. Now. This affects almost 630,000 students in San Francisco. I'm Ed Baxter Bloomberg Daybreak. Right and thank you. There's even more political news to get to this morning outside of Covid. Let's move to the abortion fight now or the Justice Department is officially filed suit against Texas Attorney General Merrick Garland. And he says that state's ban on abortions after six weeks is against the law and a further prohibits any effort to aid the doctors to provide pre viability abortions. Or the women who seek them. The act is clearly unconstitutional under longstanding Supreme Court precedent, and just to clear that up. The Justice Department has officially filed suit against Texas Attorney General Garland is seeking an emergency injunction to block the law will then ask a court to rule it unconstitutional. Alright Karen foreign policy is also in focus this morning. President Biden and Chinese President Xi Jinping spoke on the phone last night as the White House seeks to find some common ground with Beijing. We get details from Bloomberg Daybreak Asia anchor Brian Curtis in Hong Kong. The two leaders spoke for 90 minutes, trying to find common ground on their difficult relations, a senior U. S official said. President Biden initiated the call after low level meetings went nowhere. The White House said leaders talked about where interests converge and where they do not. China's CCTV said that U S policy had caused serious difficulties but that Beijing was ready to cooperate. And the U. S. Officials said Biden's goal was to see whether or not personal engagement with she could reset the tone. It would appear. The jury is still out on that in Hong Kong brand. Curtis Bloomberg Daybreak, Brian Thank you back in Washington this morning. There's also increased scrutiny on members of the Federal Reserve, the president of the Boston and Dallas Fed say they're selling stocks. After ethics concerns over the matter, and Bloomberg's ready to Young joins us live with the details. Good morning, Renee to Good Morning, Karen. The biggest issue here is the timing of it all. The trading activities of Boston Fed chief Eric Rosengren and Dallas Fed President Robert Kaplan are drawing sharp criticism. At the same time, the Fed deploys policies that have boosted asset prices. And those higher prices disproportionately benefit the wealthy after they sell all stocks. Kaplan and Rosengren say they'll invest the proceeds in diversified index funds or hold them in cash. Both pledge not to trade stocks for the duration of their 10 years as Federal Reserve Bank presidents in New York and we meet a young Bloomberg daybreak, Thanks for Anita turning to Wall Street. Now financial firms have been grappling with the increased cost of hiring new talent. Junior bankers now command six figure salaries. And I could climb even higher, According to Moelis and company CEO Ken Moelis. Business is booming and you know someone out from I think I'll last quarter we're up 100% year over year. And our people are up 10% so you could just do the math. Somebody's working very hard, and I think they deserve to be paid more McCain, Melis tells Bloomberg's Erik Schatzker. He's also raising pay for analysts right now, college grads can make almost triple the US median income in just their first year on Wall Street Futures are moving higher on this Friday morning and straight ahead. We'll bring your your latest local headlines and get a check of sports. This is Bloomberg..
Bloomberg Radio New York
"eric rosengren" Discussed on Bloomberg Radio New York
"To San Francisco Bloomberg, 9 62, the country Sirius, XM Channel, 1, 19 and around the Globe, The Bloomberg Business Out and Bloomberg Radio. Com. This is Bloomberg Daybreak. It's 5 30 on Wall Street. Good morning. I'm Nathan Hager and I'm Karyn Moscow. We're just about four hours away from the open of US trading. Let's get you up to date on the news. You need to know what this hour beginning in Washington, President Biden is issuing his most serious orders yet to stem the spread of covid. He's ordering mandated vaccinations are weekly testing for staff at large companies. Some of the biggest companies are already requiring this United Airlines, Disney, Tyson's food and even Fox News the bottom line. We're going to protect vaccinated workers from unvaccinated coworkers. President Biden went on to take aim at unvaccinated adults saying they're dragging out. The pandemic in the White House is also making moves on masks in schools, launching a program to restore funding to districts that have had money withheld by their states. Retaliation for mandating masks. Local school officials are trying to keep Children safe in a pandemic while their governor picks a fight with them, and that one of the country's largest district is going beyond masking. Los Angeles will now mandate vaccinations for all students eligible to get shots to attend in person classes, students will need to be fully vaccinated by January. On Nathan. Foreign policy is also in focus this morning. President Biden and Chinese President Xi Jinping spoke on the phone last night as the White House seeks to find some common ground with Beijing. The talks lasted 90 minutes and come as Cabinet level meetings remain unfruitful. The White House says the men spoke about issues ranging from climate change and trade, the human rights and democracy in Hong Kong When it comes to domestic policy, there is increased scrutiny this morning on members of the Federal Reserve, The presidents of the Boston and Dallas Fed's say they're selling stocks. After ethics concerns. Bloomberg's Juanita Young joins us Live with the details. Good morning, Renee to Good Morning, Nathan. The biggest issue here is the timing of it All. Boston Fed chief Eric Rosengren and Dallas fit President Robert Kaplan are drawing sharp criticism for their trading activities. At the same time, the Fed deploys policies that have boosted asset prices and those higher prices disproportionately benefit the wealthy. After they sell all stocks. Kaplan and Rosengren say they'll invest the proceeds in diversified index funds or hold them in cash. Both pledged not to trade stocks for the duration of their 10 years as Federal Reserve Bank presidents in New York I'm running the young Bloomberg Daybreak. Irony to thank you right now S and P futures are up 18 points now Futures of 174 NASDAQ futures higher by 57 points. The 10 Year Treasury is down 8 30 seconds. The yield 1.32% straight ahead your latest local headlines in the check of sports. This is Bloomberg. It's 5 33 on Wall Street 65 degrees under clear Sky in Central Park. Still, some delays on New Jersey Transit will have the details on that for a few minutes. First Michael Bar.
WBZ NewsRadio 1030
"eric rosengren" Discussed on WBZ NewsRadio 1030
"It's time to sell off some stocks. Eric Rosengren, president of the Federal Reserve Bank of Boston, says he will make the move now in an effort to avoid ethics concerns. Rosengren saying his personal investments are Within the boundaries of Fed policies, but will reallocate his accounts by the end of the month to avoid a conflict of interest problem taking a bath with Biogen, the Cambridge maker of a highly controversial Alzheimer's drug, setting up for its longest Wall Street losing streak in years, the company's stock price falling off a cliff a $7 billion loss in value over the past seven days and counting. The company says the launch Of a Alzheimer's drug has gone slower than expected, with many insurers refusing to pay for it, and a congressional investigation is now underway, looking into the drug's approval process. It is now. 5 27 on WBZ NewsRadio Amazon, saying yesterday and will pay the full college tuition for hourly workers starting next year as competition to hire and retain those workers is getting fierce. Other companies, including Wal Mart and Target have recently started to pay for college or boost their existing programs. The job market is tight. And employers have been offering all kinds of incentives and perks to snag those hourly workers, including raising pay and also offering bonuses. 5 27 It's Friday in Boston. The our top stories at 5 30 President Biden with the speech to the country last night, laying out a six point plan and the fight against Covid 19. We've got details. There's another city in Greater Boston with a mask mandate alive. Reporters on the way your top stories at 5 30 next..
Bloomberg Radio New York
"eric rosengren" Discussed on Bloomberg Radio New York
"Throughout the trading day on Bloomberg S and P Futures of 21 points this morning, Death futures have 210 NASDAQ Futures of 60. The decks in Germany's up half first, said the 10 Year Treasury down 8 30 seconds. The yield 1.32% the yield on the two year 20.21% Nymex crude oil is at 1.6% of the dollar. 12 at $69.26 a barrel Comex gold is up 2/10 of a percent Nathan Karen, we start in Washington this morning where President Biden has issued his most serious orders yet to stem the spread of covid. I'm announcing that the Department of Labor is developing an emergency rule to require all employers with 100 more employees that together employ over 80 million workers. To ensure their workforces. Are fully vaccinated or show a negative test at least once a week. The president is ordering mandated vaccinations or testing for staff at large companies. He's also looking to head off. Critics of the move is not about freedom, her personal choice. It's about protecting yourself and those around you. The people you work with the people who care about the people you love. President. Biden also took aim at unvaccinated adults saying they're dragging out the pandemic reaction is pouring into the president's remarks this morning. The president of the United States has just throw the kitchen sink at the Covid epidemic. We spoke with former Health and Human Services Secretary Donna Shalala about the president's plan. This is a strategy to get our economy. Back up and going and I have always believed affect a year ago. I said, The only way we were going to get this done is when American business Threw up their hands and said, Everybody's got to get vaccinated That works for us. Former HHS Secretary Donna Shalala spoke to our Washington correspondent Joe Matthew on Blueberry Sound on Catch the show weekdays at five P.m. Eastern on Bloomberg Radio. Karen the White House is also making moves on masks in schools, launching a program to protect districts that are penalized by their states for mandating masks. At the same time, one of the country's largest school district is going a step further. L A will now mandate vaccinations for any students eligible to get shots at Baxter Has that story from our Bloomberg 9 60 newsroom in San Francisco. The requirement is for students, 12 years and older. The district already has protocols, including masking and weekly testing. Teachers are required to be inoculated by October, 15th. As well as undergoing regular testing. The board says the scientific consensus is the best way to protect both students and staff is vaccination. There'll be some medical exemptions. Now this affects almost 630,000 students. In San Francisco. I'm Ed Baxter. Bloomberg Daybreak. Hey, thank you. There's even more political news to get to this morning outside of Covid. Let's move to the abortion fight now with the Justice Department has officially filed suit against Texas Attorney General Merrick Garland said the state's ban on abortions after six weeks is against the law, and it further prohibits any effort to aid the doctors to provide pre viability abortions. Or the women who seek them. The act is clearly unconstitutional under longstanding Supreme Court precedent. Attorney General Garland is seeking an emergency injunction to block the law will then ask a court to rule it unconstitutional. But we also have foreign policy in focus this morning. President Biden and Chinese President Xi Jinping spoke on the phone last night. As the White House seeks to find some common ground with Beijing. We get details from Bloomberg Daybreak Asia anchor Brian Curtis in Hong Kong. The two leaders spoke for 90 minutes, trying to find common ground on their difficult relations, a senior U. S official said. President Biden initiated the call after low level meetings went nowhere, The White House said leaders talked about where interests converge and where they do not. China's CCTV said that U S policy had caused serious difficulties, but that Beijing was ready to cooperate. And the U. S. Officials said Biden's goal was to see whether not personal engagement with she could reset the tone. It would appear. The jury is still out on that in Hong Kong brand. Curtis Bloomberg Daybreak, Brian Thank you back in Washington this morning. There's also increased scrutiny on members of the Federal Reserve. The presidents of the Boston and Dallas Fed say they're selling stocks after ethics concerns over the matter. Bloomberg's Renee Young joins us Live with the details. We need a good morning. Good morning. Karen. The biggest issue here is the timing of it all. The trading activities of Boston Fed chief Eric Rosengren and Dallas Fed President Robert Kaplan are drawing sharp criticism while the Fed deploys that while the Fed deploys policies pardon me that have boosted asset prices. And those higher prices disproportionately benefit the wealthy. Now, after they sell all the socks stocks, Kaplan and Rosengren say they'll invest the proceeds in diversified index funds or hold them in cash. Both pledged not to trade stocks for the duration of their 10 years as Federal Reserve Bank presidents in New York I'm re meet a young Bloomberg Daybreak. All right, we need to thank you turning to Wall Street. Now financial firms have been grappling with the increased cost to hire new talent. Junior bankers now command six figure salaries. And that could climb even higher. That's according to Melissa and company's CEO, Ken Moelis. Business is booming and you know someone out from I think our last quarter we're up 100% year over year. And our people are up 10% so you could just do the math. Somebody is working very hard, and I think they deserve to be paid more, Ken Moelis tells Bloomberg's Erik Schatzker. He's also raising pay for analysts right now, college grads can make almost triple the US median income. In just their first year on Wall Street futures moving higher on this Friday morning. Straight ahead. We have your latest local headlines and a check of sports this Is Bloomberg..
Bloomberg Radio New York
"eric rosengren" Discussed on Bloomberg Radio New York
"Hour away from the start of trading in Tokyo. I'm Rashad Salama and I'm Doug prisoner at the Bloomberg Interactive Brokers Studio in New York. That's right top of the hour. Tokyo, Sydney and soul will be online. We had a little bit of weakness here in the U. S. I'll move lower in crude oil and a little bit of moved down in long term interest rates as well. We'll take a closer look at the market action for you. When Brian Curtis joins us in a moment right now, a few of this hour's top business stories Rish Yep, The presidents of the Fed Banks in Boston and Dallas will sell the individual stock holdings by September 30. That's due to ethical concerns about that trading activity in the past year. We've got 2021 financial disclosure documents showing investments in a variety of stocks and other financial instruments. Both Boston Fed's Eric Rosengren and Dallas Fed Robert Kaplan said that they invest the proceeds of their sales well diversified. A diversified index funds or hold them in cash. Both pledged not to trade stocks for the duration of that 10 years as a reserve bank presidents. Well, Apple is appointed one of its top software executives. This is Kevin Lynch. He will now oversee the company's self driving car project. We have more from Bloomberg's Charlie Pellet. The move comes after the previous leader left for Ford Lynch is an Adobe veteran who joined Apple in 2013 to run the software group for the company's smart Watch and health efforts. He replaced dog field as the manager in charge of the car work Now this is according to people with knowledge of the matter. The executive first started working on the project earlier this year when he took over teams handling the underlying software in New York. Charlie Pellet, Bloomberg Daybreak Asia. American companies in China, hoping for a meeting between President Biden and she Jinping this year. That's according to an American Chamber of Commerce survey done in China. We got more than 60% of members survey, citing the need to restore regular visa services for business executives and their families. Another 47% wanted the removal of tariffs. More than three quarters of companies complained that measures levied during the trade war were impacting their operations. Still, the results suggest that companies realize it's necessary to first improve. U. S. China relations 54% of respondents surveyed called for regularized government to government communication to rebuild relations. However, the prospects for a face to face meeting between the two leaders looks uncertain. She Jinping hasn't traveled outside of China in about 600 days as Beijing maintains strict controls against the pandemic. 33 past the hour will cross the Hong Kong again. I guess that's where riches right? Brian's right across the console there. So you're looking at market action. What are you seeing? Well, when you tell companies they have to ditch the profit motive, it's trouble. And although the regulators couched it in, you need to break a solitary focus on profits. The point was made and they hold all the cards. So that's why I was saying earlier you had almost what was a throw in the towel moment. Yesterday, 10 Cent traded down 8.5%, and that's even with buying back 210,000 shares. And it was buying right into the close at 4 80 the sock. Obviously it was hit pretty hard and and it was more or less concentrated among tech stocks. But if you think about it if all companies are told that The profit motive has to be ditched. You know, this could be trouble and the reason I bring this up is that you had in recent days you had a lot of moderating comments from Chinese leaders. That they were not anti capitalism leaders such as President Xi Jinping, himself and vice Premier Liu Ha, who essentially runs the economy. Then yesterday, we reported that gaming companies were hauled in and it wasn't just explain to them about stakeholder capitalism again. It was back to this. You got to ditch this desire to make profits. So I mean, it's anybody's guess where this goes in the Asia Pacific because we had a big selloff in Tech stocks. 4.5% yesterday we'll see whether that feeds through today. You know, 10 Cent, eight ers sold down another 2.8%. We mentioned that the NASDAQ Golden Dragon Index was only down 4/10 of a percent, but leading shares slammed again. Not only 10 sent down 2.8% Netease off 2% Baba down 2% as well. So it sets up as a pretty interesting day. Dalian, one of 9 79 yield on the 10 year Treasury 1.29% wt crude 67 95 a barrel and that is check of markets 35 minutes past the hour. Guys back to you Wish. All right, let's have a look at some of those stories making headlines around the world now..
The Peter Schiff Show Podcast
"eric rosengren" Discussed on The Peter Schiff Show Podcast
"Well the sap five hundred and the dow both backing off from the all time record highs that they said friday last week in fact the dow jones recovered from a just over. Five hundred point intraday laws to settle down just two hundred and eighty two points point seven nine percent. Snp made a similar move not quite as big down point. Seven one percent. The nasdaq and the russell. Two thousand were weaker. Nasdaq down just off. One percent russell. Two thousand almost one point two percent seems like the companies that are more focused on the. Us economy were the ones that fared worse in today's market. And i think a lot of the selling was a reaction to comments that were made in an interview following friday's close on. Cnbc steve lease mun interviewed boston. Fed president eric rosengren and rosengren expressed pretty solid support to begin to taper in the fall and of course the fall is almost here and so this may be one of the first of potentially many taper tantrums to come as the markets are starting to price in what they believed to be tighter. Monetary policy in fact. The dollar index had a big update. Today a point. Five one dollar index climbing back above the ninety three handle closing at ninety three thirteen gold and silver on the defensive although gold only off a few bucks not much damage but look at the gold mining stocks in particular the junior mining stocks. J. down another two percent hitting a new fifty two week low. But you know i watched that interview with rosengren and i have a completely different reaction rather than thinking that. The fed is getting ready to tighten monetary policy. My take away was. It's more likely that they're getting ready to ease forgetting about the taper even if they start to taper that's not really tightening up on policy basically all the taper means is that the federal reserve monetize is a little bit less. Us government debt in the future than it is monetize ing in the president so in other words they're still pouring gasoline on an inflationary fire. They're just pouring a little bit less gasoline than they were but any additional gasoline is gonna make to fire burn hotter. So i don't care if they taper. They are still adding fuel to the inflation. Fire the only way to put it out is to actually reverse quantitative easing and to quantitative tightening. But that's not going to happen. But i think the more important comments were for interest rates. Because when rosen. Grand was talking to steve liebmann. And they're talking about the taper and yes i think the conditions are right for taper. We've made some substantial progress. And so therefore i think we should start tapering and the fall would be a good time to do it then. Lease asked him okay. So what about rate hikes and you guys made some emergency rate cuts right. We're at zero. So when are you going to start raising rates or whether you can start thinking about. Raising rates was the specific question and then rosengren responded by saying well you know. The criteria for rate hikes very very different than the criteria for tapering meaning. The fed has rated taper but they're not prepared to actually start raising rates. So what are the criteria. Well rosencrantz said. He has two criteria that are necessary for the first rate hike. Meaning that we're going to stay zero and we're not gonna have any rate hikes until the fed is satisfied that this criteria has been met the first one and i'm not making this up. Is that the fed needs to be sure. They need to be confident that the outcomes that they've already seen are consistent with inflation staying slightly above two percent in twenty twenty two..
MAD MONEY W/ JIM CRAMER
"eric rosengren" Discussed on MAD MONEY W/ JIM CRAMER
"That's what happened during the two thousand seven. Two thousand eight. I think. I think eric rosengren is you know he's he's pointing to potential issues at everybody's aware of all all sorts potential issues. The problem is we should do something intelligent about it now before it gets outta why we wanted you on. That's trying to science and light on it because if we can stop something of for a actually something that i like very much. I own bitcoin theory and it would be great for all of us and it's breaking down. I think because of some of these worries. I wanna thank you for coming on the show dr gary gordon. He's the frederick frank class of nineteen fifty four professor finance at the yale school of management. Wait to meet sir. Thank you welcome busby on. We just want to shine a light on this thing. We believe in cryptocurrencies. We don't want weak links. It's hard to learn about this stuff but we're going to learn with you. That money's back after the break. Stick around managing i would go. Lightning round is coming up next a technological pause and then the lighting around. Are you ready to turn to somebody. Glen and glenn hey jail. I'm curious about pound appealed. It seems to be a lot of people behind it. What are your got a lot of it and it's also got the wall street fetters behind it and frankly i find a tiresome. Let's camille new york camille k. Kramer yeah beautiful day living in the city in the world. I wear that what's going on yet. I want your take on tattooed sets pdf. And look. I told people to be beyond me. I'm gonna stick with only one of these Vegetarian that's gonna give you. I need to go to roll their robert new jersey robbery. You doing jim. I appreciate you taking my call. How you making out with two hundred thirty acre farm you have. It's actually pretty good. I've got some guy. Got some real. Big wide now fastened riding. What's it okay. That's why i called you jim. I'm looking at a a an outdoor retailer touting the west services to west side of the country it's got four hundred and thirty stores to simple is bt the and you have a winner. That is one that i would like to buy. Ed have come on the show. I'm not kidding. Dan the stuff i love. Dick's i think this one's a cover. That's gotta craig in kansas craig. Jim I have a thought is backed out on back. It's making a comeback. And i think it's okay to own. I was very concerned but as we saw with time and proper all the weekend in stores are gone. Tanger works now. They have tyler in california. Tyler we when he got. I miss her. I'm missing you feel. Are your thoughts short. Look there's to steal copies of the country this new courts by tassone that is a great company. And then as cleveland class which is really i kind of like a pastiche. That's coming back. And then i don't care about any other pets in taxes eric. They don't wanna be from fort worth remember. The alerts appreciate mall ivan. Furry i got some new stuff of mad money. So ford memorial day you cover the number of stock purchase on the eve of memorial day had sort of increased short short time later made money on most those one of the starts. You made some of his cabinet. World headquarters seems like since then. It's paints about thirteen percent. What's going on a camping world. It's like four. It's doing incredibly well. I i think that. Look i think. Marcus morris is a great businessperson. And i like four like blair side like camping world. I like the al gore thesis still franken arizona on practice. Jim thank you for taking my horse last year. On your recommendation. I bought penn national gaming to twice huge profits bowl times and i rang the register on my own business year. I bought it again. And.
Bloomberg Radio New York
"eric rosengren" Discussed on Bloomberg Radio New York
"Yeah, the tapering we said. We want to see substantial progress to our goals. It doesn't say achieve our goals. Whereas in terms of rate hikes we've tried to make it very clear that we want to see outcomes. We want to see our goals achieved before we start considering any series of rate hikes, so those clearly have two different sets of metrics, and it's important to keep that Separate progress towards your goals is not equivalent to achieving your goals, so the tapering aspect definitely will come first. I think I myself would like to see tapering over before we considered raising rates. Therefore, if you think you may have to raise rates in late 22 or early 2023 you pretty much want to get tapering done by the end of next year. If possible, you know, back in 2016. When you're director of research at the ST Louis Fed, you and Jim bowler came up with sort of a new paradigm. If I can just distill it down the idea that this the U. S economy is stuck in kind of a disinflationary low growth scenario until something forced it to shift regime so Is this? Are we seeing regime shift now? Potentially with record peacetime fiscal stimulus on top of extraordinary fed stimulus is still there. Could this could this be? What shifts it and maybe even shifts a lot of the way you're looking at the inflation framework. Well, clearly when we were thinking along those lines, we saw very low inflation, very low productivity, growth and very low growth rate of the economy, and we felt that was going to persist and pushed down real interest rates. Particularly the infamous Our star in our policy rule such that there wasn't really any reason to be raising rates when the economy Wasn't inflationary. It wasn't excessively hot. So why raise rates just to raise rates? That was kind of the view. The big difference now is inflation. At least for the next few months is going to be running well over 3%. That's way above our target. Productivity has exploded in the last 12 months. I mean, we're back to basically trend GDP growth. Seven million less workers. That's a tremendous increase in productivity. So more capital more automation. But the existing workers are much more productive now whether that productivity boom continues or not. Is a big issue right now. People are not necessarily thinking it will that it was a temporary thing. But if it were to continue, then that would have implications for what we think Our star is our long run neutral rate. So do you think this could be a regime change your keeping? Do you see that possibility that you know again from I I You know, I'm keeping my eye or I'm keeping my options open. There is certainly more evidence of it. Now, then, there would have been two years ago and quickly. Would that make a difference in how you look at the in the average inflation target framework. You might need to change that a bit real quick. Not so much the inflation their average flexible average inflation targeting it would mainly affect what I think would be the level of our star long run. Neutral policy rate. If this productivity were to continue, we have a kind of a new decade of productivity growth that our star would rise, and that would raise my longer term estimate of where the neutral policy radios that would be the biggest impact. Okay, Well, we'll watch with you then. Thank you so much. Chris Waller, Federal Reserve governor for joining us today. And we've been listening to that interview quite interesting. A lot of really interesting points there from Christopher Wall of the Fed governor sitting down with our Kathleen Hayes. He's very optimistic. He says the economy has been better than almost anyone thought, and it's now in a completely different phase. But he did not move his dot forward at the June FOMC, he said. The labor market hasn't quite come back yet. On inflation, he says he looks at market based expectations of inflation, the most and on tapering, he said. It could well be sooner than thought. But we're not there yet, and he would definitely taper NBS first, so mortgage backed securities first and it's not very often you hear a Fed official do a line like this, he said. The housing market is on fire. He talked about how it's important when you look at tapering, though they have said that the goal is substantial progress. It doesn't mean that they have to actually achieve the goal. Progress is progress rather than actually getting there, and he would taper first on MBS and and at the end, a couple of interesting comments about Productivity exploding to the upside, but he would not agree that the U. S. Is in some sort of new realm or new regime on growth. So interesting comments there from Fed Governor Christopher Waller. The time now is 42 minutes past the hour. Let's get a market update with Doug PRISONER Well, let's begin with the real estate market. Brian US Home prices jumped the most in more than 30 years. In the month of April. This is the S and P Corelogic Case Shiller index of property values. It was up in a April by 14.6% from last year. As long as you're talking about housing market that appears to be on fire. Remember hearing last week from Boston Fed bank president Eric Rosengren. He was basically making the same point, and he also went a little farther and saying They should factor into the Fed's thinking. Wanna charts the course for monetary policy, staying with the echo data we heard from the conference board. And overall consumer confidence was up in the month of June. But there is another data point as part of this report that was very interesting. The spread between consumers who think jobs are plentiful and those that think they're hard to come by. That gap is now the widest we've seen since 2000. Historically, this only happens at the end of an economic cycle, and I mentioned that because Friday we're expecting the June employment report. Of course, we'll have special coverage for you here on Bloomberg Radio 10 Year Treasury last quoted in New York at under 1 47. The equity market extended record highs, at least in the case of the S and P and the NASDAQ Information technology out in front volume, though on the light side and it was a day of choppy trading, one keep focal point. The delta variant and the question of how it might impact future growth. So we have the S and P 500 rising less than 1/10 of 1% enough for a record. NASDAQ comprises 2/10 of 1%, the Dow ahead less than 1/10 of 1%. I'm Doug prisoner at the Bloomberg Interactive Brokers Studio Time Now for an update on GLOBAL news,.
Bloomberg Radio New York
"eric rosengren" Discussed on Bloomberg Radio New York
"Hong Kong. I'm Brian Curtis and I'm Paul Allen in Sydney, where it's nine a.m. Thursday morning futures pointing south to the tune of 4/10 of 1%, as Sydney stands on the outbreak of something quite awful. We might talk about that a little later on. But for now, how the markets around the rest of the region looking Brian It looks like some light selling expected today, most of the future as a trending to the downside flat in Tokyo but foot in China, a fifties down 1/10 of a percent. Hang sang index futures also down 1/10 of a percent. And we just moved up about 1/10 of a percent in S and P E minis Investors really weighing up economic recovery Here versus the specter of higher inflation and what it means for the Federal Reserve. The S and P 500 in this latest session drifted between gains and losses for most of the day. Retail and financial shares. Outperformed Tech did pretty well. A rally in Tesla helped drive the NASDAQ to a new all time high, and we had some mixed fed commentary will get you details on that in a moment. We have some data out US manufacturing activity expanding and unit the fastest pace since 2000 and seven. But then we had sales of new homes unexpectedly falling last month. Higher prices, weighing on affordability and looking at some of the quick numbers here, the S and P 500 down 1/10 of a percent. The Dow Jones industrial average down 2/10 of a percent. The NASDAQ with again of 1/10 of 1% and volatility at the moment it dropped overnight down to 16.32. We had the yield on the 10 year Treasury at 1.48% so Treasuries down the yield up a little up a couple of basis points and WTI crude $73.24 a barrel Paul All right. Thanks, Brian. Well, we've had more fed officials speaking out about when the U. S. Central Bank should begin to taper asset purchases. Dallas Fed Bank President Robert Kaplan says the U. S economy will likely meet the Fed's threshold, the tapering its asset purchases sooner than people think. He's told us that starting it sooner will give the Fed more flexibility on future rate increases, Kaplan told us he's also penciled in a rate hike for next year. Meanwhile, Atlanta Fed Bank President Raphael Bostic said the U. S Central bank could decide to slow its asset purchases in the next few months. Said. The economy is rebounding strongly. Conditions are in place for the US to get a consistent level of inflation that is slightly above the Fed's target. And Boston Fed Bank President Eric Rosengren also expects inflation to ease next year. And then returned close to the central bank's 2% target as supply shortages resolve, Brian Well. The United States is set to bar some solar products made in China's Xinjiang region. Let's get the story from Bloomberg's Tom Mackenzie. Factories in Xinjiang produce around half the global supply of Poly silicon, a material critical for solar panels and semiconductors. That production has been tainted by allegations from advocacy groups and a panel of U. N experts. Who say wiggles and other Muslim minorities have been subjected to human rights abuses in Xinjiang. China denies the abuse allegations, saying they are an attempt to undermine successful businesses. Biden administration's move to curb some imports from the region has implications for solar supply chain. It could force US companies to source materials elsewhere at a time of rising costs. In Beijing. Tom Mackenzie Bloomberg Daybreak Asia. Well. Today marks the last day of Hong Kong's Apple Daily publication. Baxter Scott Global News,.
KQED Radio
"eric rosengren" Discussed on KQED Radio
"Day of January. Good is always to have you along. Everybody as it always is. President elect Biden has made it tangible the last couple of days how the handling of this virus and thus this economy is going to change Come Wednesday noon. Hotels going on this week. Of course, we'll talk about that, too. In the next six or so minutes. 6.5. I think technically Gina, smiling. Is that the New York Times Jordan Holman is at Bloomberg. Hey, you two Hey. Hi. So, Gina, let me start with you, the vice president the president elect. Rather I guess that's what we call him now came out last night with his current virus Relief plan. $1.9 trillion folks have probably seen the headlines. The thing that jumped out to me. Was that he wants to extend a lot of these benefits, joblessness and all of that until September, which, on the one hand is great that it's gonna last that long, And on the other hand, it's scary that he's now saying aloud. It's gonna have to last that long. Right, Right. I guess it's a good news. Bad news economy, But, yeah, I know so and you know, I think a lot of this was a lot of this plan was actually pretty concentrated on this idea that we haven't this virus under control. A lot of the focus in the 1st 100 days of his presidency needs to be getting this virus under control like it's. It's sort of the first basics part of this plan. You know, he includes 20 billion in the plan to roll out a national vaccine program. Ah, lot of public health measures, you know, very, very many of the provisions of this plan are basically dealing with the reality that you have to put that public health response first. Yeah and Jordan. He leaned into the whole idea that yes, this is going to cost a lot of money. $1.9 trillion, but If now, if everywhere, there was a time to do some deficit spending. This is the time and doing nothing would. In essence, the president elect said. Cost us more right? Yeah, Biden, he said. It's hard not to see that one this once in several generations, economic crisis and like Gina was saying definitely you had to get control of the virus. But it's re tablet on is state and local governments. And so putting money towards those budget shortfalls really helps the whole economy and helps so many other businesses that fall within that, so he's really just saying we have to spend a lot now just to get everything under control so you can start running again like it should the crazy part, though Gina on state and local just to go sideways a little bit. Is how uneven that hit has been across the country, right. Like here in California, we're gonna have a budget surplus right? Which six months ago, nobody would have said Yeah, It's been super interesting to watch because we saw revenues just not fallen nearly as much in most places as expected, but in the places where it has fallen, it's been a pretty significant hit. And I think Possibly the most important thing to keep in mind with state and local is, even as we've seen a lot of states not come through this with a terrible revenue experience that we were expecting. We have seen expenses increase on. We've also seen states anticipate lower revenues in years to come. And so what we've seen. Is there really reducing payroll even as some of the worst eventualities haven't come to pass, I think That's the thing to watch in the thing to be worried about because state localities employees like 13% of the American workforce, so if for any reason that continues, if for any reason those job cuts become permanent, I think you really worry about what that does to the labor market. Well, Jordan let's take the next step right because the labor market in this economy or consumers, consumers, of course in this economy or the whole shooting match, and we learned this morning from Commerce Department that retail sales were down in December, but You've been doing some other reporting like from the National Retail Federation. Which says, man, maybe not so bad. Yeah. The National Retail Federation came out with their holiday cells showing that it increased by 8.3% during the holiday shopping season. So November and December. And honestly, that was a huge surprise to me when I saw that paired against the commerce data, but so let me break it down a bit. It really just shows that despite everything going against consumers, the virus, you know, state restrictions. Lot of uncertainty Americans, they're still going to open up their wallets. And they're going to spend online, which retell the retail sector has pushed so many of us to spend online. And that's where all of that, like. 8.3% is really bolstered by online sales. There was one staff it showed that online sales the past few months have led to the biggest year over year holiday increase the century. So that shows how important online is the catch. Of course, Jordan is that we're still mind stuff, right? We're buying goods, not services. Right. And so that's what you're seeing in the commerce data because they're also looking at the Prada retail economy, some thinking about restaurants, which can't leverage online later, apparel shops can write. Okay. I can't let a Friday go by in a week in this economy, genius, my like without talking about Jay Powell. He did a sort of ah cetera march that a human anything at Princeton. In which he said in essence, now is not the time for us to cut back on anything we are doing, the president of Boston fed, Eric Rosengren said yesterday or this morning. He believes $1.9 trillion is appropriate. The Fed is Staying? Of course they're all in yet. Jay Powell..
News Radio 920 AM
"eric rosengren" Discussed on News Radio 920 AM
"And Chuck Zana, the president of the Boston Federal Reserve, sees a robust recovery beginning in the second half of 2021. I don't disagree, but he has concerns. About income inequality and chucking are going to talk about this topic. But I have zero concerns about income inequality going into 21 because I think there's going to be massive labor shortages when we get to July, August and September. Good morning, everybody. It's buried and trucks Otto with you here on Wednesday, January 13th interesting comments from the Boston Fed president Chuck Yes, This is coming from Eric Rosengren and pretty much this is his quote here, although it seems likely to me that the economy will at best continue to euro modestly until there is widespread vaccination. I believe a more robust economic recovery, supported by expansionary monetary and fiscal policy is likely to follow. That is the quote from Eric Rosengren. And I think that Rosencrans actually late to the party and talking about a recovery in the second half of the year. I think this is happening as soon as the second quarter by April and may as soon as you start to see a large percentage of the high risk population vaccinated in the United States. And I think that you know those folks who are vaccinated. They're not going to wait for everyone else to get vaccinated before they start going out and doing stuff. They're gonna be booking plane tickets for April from May for June. You know, to go see their grandkids and their families and things like that that they haven't seen in a year. That's what I think is coming sooner rather than later, and it's supported by the fact That I was looking at this last week. Just cause I was I was curious just what the status of this is right now, Barry, Here's a trivia question for you. But here's a question for you at the end of 2019. So a year ago in December of 2019 Have any idea how much money was sitting in checking accounts for Americans in the aggregate? No clue. $2.2 trillion. Okay, You have any idea as of December 28th 2020 So as of two weeks ago, so, you know, one year difference how much money is sitting in checking accounts for Americans? With the old number. All you said was 2.2 trillion. Yep. I'm gonna say 2.5 trillion more cash. $4.5 trillion Wow. Amount of money sitting in checking accounts has doubled in a span of a year. Prior to that, okay, the last doubling that we saw that took place in the United States for checking accounts. Took eight years if it was from 2011 to 2019 for checking account balances to double. So what do you attribute that to lack of things to spend money on? It's the fact that we pumped All this money into the system, okay, And there's nothing to spend it on. There's you know, you can't travel. You can't go to concerts. He can't go to movies. You can't go out to dinner and a lot. You know, it's your restricted in terms of what you conduce and Look at this, and I don't have the expectation that all this money is going to be spent. But I anticipate that we're going to return back towards that, you know, pre Covad trendline and so to me. It strikes me that there's anywhere between 1.5 and $2 Trillion sitting in people's checking accounts that they're gonna want to spend this year and It's going to be. You know, folks are going to be out there saying, Look, I want to go to hockey games. I want to go to Lady Gaga concerts I wanted, you know, whatever it might be. And those are the things that we're going to see start to generate a ton of economic activity. It's going to be, you know, a return to the experiences in the services after a year of just buying stuff for your house, And is that demonstrate Chuck, in your opinion, does that demonstrate why the next round of stimulus needs to be very targeted? So here's the interesting thing. So I think that when we look at the next round of stimulus, and I think we need to be I think we need to be discerning about what we're calling this in that is this stimulus or is it relief? Because those are fundamentally different things. Relief is something where you say, Look, this group has been hurt by whatever it is And we need to give funds to a specific group in order to help them whether the storm Stimulus, on the other hand, is Hey, the economy has been hurt, and we need to get money out into the economy in order to help it recover. So I think that the first question is the next round of funds coming out. Are we talking about something that Hey, we want relief for folks that have been impacted by Cove it are we talking about getting funds out as stimulus to benefit the economy. That's I think the first question that we need to be asking. Okay, because you know you talk to people that are working in the hospitality industry or the travel industry, Chuck and they're you know, they're hearing that money in the checking account statistic, and they're saying well. Not in my account. No. This does get out that income and wealth inequality. There are people you talk to anyone in restaurants right now they are struggling. They're wondering if if they're gonna be able to pay the bills again, You want, You know, quick pitch. Go Spend some money, buy some gift cards, your local restaurants.
WBZ NewsRadio 1030
"eric rosengren" Discussed on WBZ NewsRadio 1030
"Check on New England business here as Massachusetts businesses are optimistic that the economy is going to regain traction in the coming months. Business confidence, though, is remaining flat for December, according to the Associated Industries of Massachusetts, with companies more confident about their own prospects. And the economy as a whole. The report indicates optimism is up some 25% since the lows of the early days of the health crisis, or Boston Federal Reserve Bank President Eric Rosengren bullish right now on the economy and a virtual talk with Greater Boston Chamber of Commerce, he says. The holiday coronavirus surge will likely hold back improvement until vaccinations that the mainstream Rosengren will sit out this year on the Fed's interest rates setting panel That says the economy is primed right now for a nice run with a soaring stock market, strong real estate market and also an extended stay of low interest rates at 5 26, a massive construction project getting underway during a snow squall not far from the Canadian border in Maine, a developer getting to work in Johnson Mountain Township, clearing roads and guiding cruise as Billion dollar Green Energy project, taking its first steps. The Clean Energy Connect project from the owners of Central Maine Power promised to deliver hydropower from north of the border all the way to Massachusetts, the highly controversial project. Is expected to begin construction as soon as this upcoming Monday. It is now 5 27 well, a month after federal regulators order to disclose how its practices affect Children and teenagers, Tic TAC is now tightening its privacy practices for the under 18 crowd's starting on Wednesday, default privacy settings for accounts with Users age 13 to 15 will be private. So that means only someone with the user approves as a follower can view their videos, which was not the case previously, But users can still change the setting if they want. Older teenagers won't see the default setting change. Tic TAC is also blocking user's ability to download videos created By those ages, 15 and under it is now 5 28 as we continue on this Wednesday morning, and we're waiting on that sunrise here in Boston..
Squawk Pod
Dow Futures Gain, Tech Rebounds as Vaccine Bets Drive Stocks
"Futures are building across the board here at the open at. We'll see if the dow but it may be on pace for the best monthly gain since nineteen eighty-seven goldman with a bullish call on stocks next year in the wake of that recent vaccine news a bond markets are closed. On this veterans day a roadmap begins with the covid vaccine optimism fueling this market rally into a third day but with us cases Continuing to hit records the feds. Eric rosengren says we may be in for a very choppy six months ahead.
Monocle 24: The Briefing
Stimulus from Congress needed for full economic recovery
"UN. Let's start in the United States Federal Reserve of. Warning more fiscal stimulus is required. ABC Five down days out of the last six sessions for us. Stocks are pretty gloomy MoD hanging over the markets in America. Coming from Federal Reserve officials really not helping. Host of comments from over the last couple of days estrogen that more fiscal stimulus more government spending possibly, tax cuts is needed in the US to sustain the economic recovery not chairman Jay Powell the money himself continuing to waive the fiscal flag while the carefully at a Congressional hearing saying that more support is likely to be necessary others while the clearer in their word in Cleveland Fed President Loretta Mestre saying it's very much needed given the deep hole the economy is climbing out of. Boston President Eric Rosengren cautioning that it could take another wave of farce infections to prompt further action. The problem not for the first time is gridlock on Capitol Hill Democrats and Republicans have been at loggerheads over the next virus relief package really throughout the some of the no formal negotiation since early, August, and then of course, the death last week of Justice Ruth Bay the GINSBURG. Putting the S Supreme Court sends a stage rather than more stimulus measures from the US government. So the Federal Reserve, the Central Bank clear that more money is needed from the government's but that doesn't seem to be forthcoming.
AP News Radio
Boston Fed chief: States' rush to reopen slowed US recovery
"A Federal Reserve Bank president is criticizing decisions many states meet this spring to re open businesses before getting the corona virus fully under control Eric Rosengren says states in the south and west that allow businesses to re open after just brief shutdowns did register an initial burst of economic activity but spikes in infection rates soon followed in the Federal Reserve Bank of Boston president says those states economies are now lagging behind the northeast with consumers more cautious in bars and restaurants needing to shut down again Rosengren says limited or inconsistent efforts by states to control the virus based on public health guidance are not only placing citizens at unnecessary risk of severe illness and possible death but are also likely to prolong the economic downturn Ben Thomas Washington
AP News Radio
Boston Fed chief: States' rush to reopen slowed US recovery
"A Federal Reserve Bank president is criticizing decisions many states meet this spring to re open businesses before getting the corona virus fully under control Eric Rosengren says states in the south and west that allow businesses to re open after just brief shutdowns did register an initial burst of economic activity but spikes in infection rates soon followed in the Federal Reserve Bank of Boston president says those states economies are now lagging behind the northeast with consumers more cautious in bars and restaurants needing to shut down again Rosengren says limited or inconsistent efforts by states to control the virus based on public health guidance are not only placing citizens at unnecessary risk of severe illness and possible death but are also likely to prolong the economic downturn Ben Thomas Washington
Bloomberg Daybreak: Asia
Boston Fed CEO says "it's likely to be double- digit unemployment through the end of this year"
"Boston fed president Eric Rosengren said the unemployment rate would remain at the Tampa St three twenty twenty he spoke earlier on CBS face the nation unfortunately I think it's likely to be double digit unemployment through the end of this year and full employment getting back down to the low levels of unemployment we saw at the end of February probably takes either a vaccine or other medical innovations that make it much less risky to go out Rosengren also said more government support will be necessary until a vaccine
WBZ Morning News
Not Everyone Agrees With Fed's Decision to Cuts Interest Rates for Third Time
"Investors are still digesting the federal reserve's decision to lower interest rates for a third time this year Boston fed president Eric Rosengren explains why he was not on board with that decision speaking at a car prince in Norway Rosen grand says lower interest rates promotes or removes a key strategy for monetary policy to adjust to further downturns in the economy he also argues that lower interest rates promotes both businesses and households to pile on more debt which in
Bloomberg Daybreak: Europe
Boston Fed President Says State And U.S. Economies Remain Strong, For Now
"Over the United States fed officials that also notes on the same page Boston fed president Eric Rosengren said that the US economy remains relatively strong despite clearly high risks leaving him unconvinced the rate cut this month is actually needed. I think we should react once we see it in the data but I don't think we should anticipate necessarily but that's going to happen so as long as we're growing around two percent I don't see nearly as much of a need for taking a media policy action. so that was the boss of a president Eric Rosengren on the other hand the sent Lewis chief James bullet told looses that the central bank should lower its benchmark by fifty basis points two weeks from now in order to get ahead of market expectations on the global trade will both of those men vote they see it on the