17 Burst results for "Mark Cabana"

"mark cabana" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:51 min | 3 months ago

"mark cabana" Discussed on Bloomberg Radio New York

"Fed will allow for proportional decrease in Treasuries and mortgages starting in January of next year, and if they're going to reduce the amount of buying in both of those asset classes similarly, But I would say the risks are skewing to the Fed, potentially starting a reduction in mortgage binds sooner and maybe allowing Treasuries the last for a little bit longer, because, as you rightly suggest The Fed recognizes what's happening in financial conditions. They're well aware of the very, very rapid increase in home prices, and they don't want to necessarily be stoking a potential bubble in home prices. It's a conscious of that, and there certainly are risks that they that they ultimately end up filing back in the mortgage space before they do in the Treasury market and mark we've seen mortgage debt underperformed recently as a result of some of these comments out of the Federal Reserve. Do you think that's appropriate to expect this underperformance to continue as the Fed edified is the perception of markets that they will begin? Tapering mortgages, perhaps sooner and more aggressively than they're and then their treasury purchases. Yes, We think it's going to be an ongoing headwind at least over the next few months again, it's going to reflect reduced support Robin, frankly, one of the biggest buyers in the market to fires in the mortgage market. Fed and private commercial banks. Right now we do anticipate that the market will begin to price in that that is going to have a smaller footprint in that market. And you will see mortgage spreads likely continue to remain wide. It's not wide and further now all this said, it's important to note that mortgage spreads from quite tonight. And so in some ways, this is a bit of a healthy market development. You can certainly make a case that the feds footprint in the mortgage market has been too large and that reducing that footprint will allow for the market to potentially function a bit better than it has been. Because it's going to allow more room for some of those private commercial banks to step in and get more of the silver victim looking for Mark, Tell me what it rates Guy thinks about the stock market with this If I get the real yield back to a real real yield, I mean, I mean, I think that's intellectually. What everybody wants is to get a real yield. That's tangible. What's it mean for equities? Going to be a modest headwinds again. Higher real rates are going to be leaning against financial conditions, and it's going to perhaps take some of the recent Frostiness or exuberance out of that market. I don't think that the Fed would see that as particularly problematic. What they want to avoid is a real sharp tightening in financial conditions that ends up weighing on confidence, weighing on business sentiment and weighing on the consumer. But I think that what they're hoping for and again this is a great hope for them to have, But it's the process can occur a bit more gradually, or you can see real rates move higher over time. You can see interest rates increase over time and that that can maybe take some of the air out of the equity market, but what they don't want to do. Is taking dramatic and drastic action. It's a really result in a sharp shit. They're really sorry, Mark. What's the scenario that you're worried about? Is it 2013 the tape potential of 13? Or is it something closer to December? 18? So, you know, we think that in many ways we've already had the paper 10 from the 2013 in Q Want, Um, that was a very, very rapid rate move and one in which price actions Gabby at times. And so we're not necessarily sure that we're going to see something similar to that today. What we do anticipate is that rates are going to move higher in a likely again slowing gradual manner just as a result of all of the demand that we have recently seen. Demands been very strong from the domestic asset management banking attention community. We don't necessarily think that it's going to go away any time soon, but what we do anticipate is that Ongoing improvements in economic fundamentals will allow for a steeper path of fed policy to be priced that will allow for rates to increase and again we do anticipate it happening. So what? Gradually over time? You know, when you just look at the levels on tennis right now, we don't think that they're consistent with economic fundamentals, But it's quite consistent with some of the very, very strong along and demand that we have seen and that we continue to hear about from my clients. We've been saying it consistently for a long time. Now. Mark Cabana thank for America ahead of US rate strategy. Tell me once an important question. What does the right story made for the equity market? Here's one to ponder what to hire real rights mean for growth equities. I just think about that for a moment if higher real rates start to choke off. Cyclical growth. What does that mean for growth Equities? What does it all mean? And I think it's as clear as some people might suggest that the word that's used here John within the math and, frankly, within finances. Concept is ambiguities. And the answer is it can push either way, and we don't know the gloom crew loves to jump on it. And Mark alluded to that that there'd be a headwind here to equities. But there's a whole other side of the coin, where normalization of rates back to something that we would call normal is hugely bullish for capitalism and for the system. Okay, so what's normal with the world is zero. What is? No, no, there's nothing normal that the world is zero. We got to exit that. Yeah, Absolutely. What is noble right now, Lisa? Not much. No, And there's a question of whether the signals that we're getting particularly when it comes to long term inflation. I want to say manipulated but are somewhat manipulated by the zero rate environment that we're in whether that's the accurate signal of what inflation will be over the next 5 to 10 years to be fair. It's been like this for long enough that maybe this is Normal coming up. 8 30 eastern. James Sweeney, Credit Suisse chief economist from New York City Equity futures down to negative 0.5% heard on Bloomberg Radio seen on Bloomberg TV for our audience worldwide live from New York City. This is Bloomberg. Now.

James Sweeney Mark Cabana New York City Lisa Federal Reserve Credit Suisse John December Bloomberg 0.5% 2013 Mark 18 Fed tonight Gabby January of next year Bloomberg Radio zero today
"mark cabana" Discussed on AM 570 The Mission

AM 570 The Mission

06:54 min | 3 months ago

"mark cabana" Discussed on AM 570 The Mission

"Your money Monday at Kevin McCullough radio. Well, once again, I hope you had a great father's day and thank you for being with us. I always look forward to talking to this father, who I hope had a good father's day as well. David Fisher, head of the landmark capital. He's the CEO in fact, and has helped so many people understand what's going on in this economy. He's really broken it down for us week by week over the last number of years, and I've grown to be dependent upon his advice and his analysis of what's going on in the market. Just for my own understanding, David Always good to have you hope you did have a belated happy Father's Day. Yeah, I did. Thank you so much Happy, belated Father's Day to you, my friend. You got it. Hey, last week Big historic Fed meeting and, you know, I talked to people all along the spectrum. I spoke with you on Monday. I talked with a a gal who's really into stocks. I talked to some real estate people. I was, like all across the spectrum talking to different people, and they all had different views of what they thought was going to happen with the Federal Reserve last week. Um, it was supposed to be historical, Was it what they do? And what are we to take away from it? So the tooling topics for interest rates and bond purchases And will those be changed? You know, and why is because the Federal Reserve has been stepping into the economy. As early as 2000 and eight when we had the crisis to expand the economy about flooding money into the the economy, and they've gone from back in 2000 and 82 800,000,000,008 trillion, so 10 times bigger from then till now, and for that trillion came in last 14 months, so that tells you how much money they've been buying our debt they've been buying. Where's what they did. They didn't change the interest rate. They left it unchanged At a quarter of a point. They still reaffirmed their purchases of $120 billion a month in debt, which is $40 billion and thing called mortgage backed securities to support the real estate market and $80 billion in U. S. Treasuries. So, in essence, nothing change. The reason it was historical is because, um, The Federal Reserve by their yardstick, Kevin I've been I said this on your program last week in a couple weeks ago that the the consumer Price index is their yardstick that says, if we have inflation or not, And it's been screaming inflation and last two weeks ago, the number came in at 5%, which says they should be raising interest rates. I said they weren't going to. But in reference to that about tapering the court from Fed, Powell said. You can think of this as a meeting that that we had as talking about the meeting. If you like, end quote, in other words, they're thinking about now. Raising rates and they're thinking about and talking about going to talk more in the future about this whole thing called tapering, which is no longer buying debt and selling it going the other direction. You mentioned a word in that answer, Dave. That, uh, put put a lot of scare into people's hearts A few just a couple of years ago, mortgage backed securities. They're back. They're going to walk up on that again. Fool me once you know, but Yeah, they've been buying $40 billion a month for 10 years. They took a little big pot more than 10 years. They took a little bit of pause from 2000 and eight till now, because that's more than 10 years. So a couple years of pauses of not buying every month, But the real estate market is red hot. And so you know, the whole idea is why is the Fed Buying $40 billion of mortgage backed securities when the market is red hot. In fact, that's it's in a bubble in many areas of our country, and the Fed should not be doing that. So that was one of the questions and the concern by many economists. Sure. Now I dwell for good cause. All right, so the Fed also said something about inflation being transitory, and I'm not even sure I understood what they were talking about what they mean. Well, they've been seeing this 1st 34 months. That you know, it's just a blip. It's going to go. Yes, we have some inflation, but it's short term. It's really not embedded into the economy, but PAL came out. And said something a little bit more, He said this inflation could end up higher and more persistent than expected. So the Federal Reserve kind of, you know, scaled back or give us a little more insight on this this time. The market didn't like it soon as he said that the market start dropping. The Federal Reserve, though, indicated There's going to be two rate hikes happening by 2023, they said. Previously is going to be after that. So Mark Cabana, he's the head of the Bank of America is the short term rates strategist. He said that this was a notable change in the stance for the Fed and appears that they're being there's a shift now and how the Fed sees risk in inflation. That's how he reads it, So that's where we're headed eventually. Well, it's interesting because you know Friday, the markets took a bath, and I think a lot of people were wondering why. And I am curious about the polls. Currently what what should we be reading from what they're telling us in terms of what the markets are saying? Whether they're kind of talking about both sides of them out there wanted to admit that there is no wonder I'm confused. They wanted. Yeah, they want to limit there's some sensation, but we're not going to do anything about it because we don't need to do anything about it. So it's kind of like, you know, Fed talks that speech like Alan Greenspan two point again, but a little bit better. English. So what came out on Friday as Bullard? He's the guy. From the ST Louis Fed chairman. He came out and said, extremely, uh, insights that said, We have inflation. We should be raising rates we should be. We're going to be tapering. We're going to have meetings about that and papering and we shouldn't be buying mortgage backed securities because that's just creating another bubble of the real estate market in 2000 and and the markets. Paint on Friday. Today the and they call it the Bullard bomb is what it was called. But today there is this almost like everything is completely erased. But you know, you have to be aware that there's inflationary headwinds and Mark Zandi, He's an economist, came out this morning and said there's going to be a 10 to 20% market correction followed by a long term significant flat, maybe in a bear market. And so there's this question is, what is the Fed going to do when we get to that, and they may not be forced to raise rates sooner rather than later and they might be forced to taper. So the bottom line is the Fed is still going to continue to what they're doing, even though they shouldn't be in the markets are saying, I'm not soul,.

David Fisher Alan Greenspan Mark Cabana Mark Zandi Kevin David 10 Kevin McCullough Today $40 billion Powell Dave 2023 $80 billion 5% Monday today 10 years Friday last week
"mark cabana" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:26 min | 7 months ago

"mark cabana" Discussed on Bloomberg Radio New York

"Now, down two basis points on a 30 year. That's where we get the supply a little bit later on the Treasury side on the sovereign side, you get a ton of corporate supply. As well of a rising bond issue that could be north of $20 billion a lot of supply to digest through the step today and into the afternoon switch at the board and get to the euro in about what are from now we'll hear from Christine Lagarde, the president on the outlook for Europe will get the forecast. We'll find out she's unhappy with what's happening in the bond market in the FX market, euro dollar 1 1963, maybe a little bit more comfortable with that we've got from dollar strength to dollar weakness and gives you a flavor of that Tom on Dollar Lira. Which right now is a stronger Turkish lira. A 3% move on Monday and this lire is still actually stronger on the week, even with a move of 3% against it on Monday, and that's when the comeback The fall out from the U. S. Dollar. There's just been a bit weaker over the last three sessions. I grew the weaker part. It's idiosyncratic. I'm looking at real is well, a 5.61 on Brazilian at real again off the Lula news. It's all Damian SAS are and we don't do that. This are we'll do that later. We're not using that word idiosyncratic. It's very idiosyncratic. Syncretic. It Z what it is. You get a drink for that guy. Get a drink for that. I need a drink after this talk about complexity. IRA jerseys. Wonderful of this, and so is Mark Cabana. We'll get to that in a moment. We got remain here to do the equities. Right, John, we tell you I need to drink now to Europe. 1 1963. I remained It's a game. Stop up there, right? Yeah. Gamestop down there is there's your update right there. Big dog hired Tesla Higher. Let's talk about two stocks that are actually kind of serious here in the news. This related to covert. Of course, he had Denmark actually pulling the plug, at least temporarily. Here on that AstraZeneca Cove in 19 vaccine, some concerns about blood cots. Remember, we already had US Austria. I'll pull the plug on this as well. So keep an eye on there. And, of course, you know all the sniping between the UK on the E U on the rollout of that's not good for AstraZeneca. It's London shares down about 2.5% the 80 ours, which is what you're seeing on the screen down 1.8% Vera Biotech. This is actually a positive story. Remember, they make these monoclonal antibodies That's basically the same treatment that President Trump was given. When he contracted covert 19 they get they're going to apply for emergency authorization immediately. This is a partnership with Glaxo there late stage clinical trials showing about 85% effectiveness of their covert 19 treatment. Then AMG. An interesting story here. There's a consortium over in China of chip makers and basically agreed to work with a consortium of chip makers here in the U. S. Try to alleviate that chip shortage. They're basically going to meet twice a year. It's 10 companies on both sides off the world here. So you've seen a lot of the chip stocks get a little bit of a bump here. Flip up the board real quickly want to take a quick look at Oracle Oracle Corp shares are taking a huge lake down. They came out with earnings flat growth, and Brent Thill over at Jeffrey's really put it best. This is a company right now they have decelerating growth in the industry that has accelerated growth. That's loss of market share. When you put that equation together Roadblocks great debut yesterday $45 as a reference. 64 50 was the open closed up about 7% getting another big here. You wake up every morning time You look at what Kathy would bought overnight She bought about 36 Million shares of robot. She's found generation bounce back. Yeah, well, I guess we're not beating her up this week. She's doing well, so she's got a crown back crazy. I'm sure she'll love rollercoaster ride off. Give me the bumble update. I need the bumble update or I can't go on with 2.72.

Christine Lagarde Mark Cabana John 1.8% Monday $45 China AMG 3% 10 companies Glaxo Brent Thill 30 year yesterday Kathy Damian SAS 5.61 today Vera Biotech AstraZeneca
"mark cabana" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:46 min | 8 months ago

"mark cabana" Discussed on Bloomberg Radio New York

"Mark Cabana. Banking collapse will research ahead of us right strategy from New York City this morning. Good morning to you. Well, alongside Tom King and Lisa Promise son, Jonathan Farrow. It's gonna quick check the price action. We have another important guest coming up shortly in the equity market. We pulled back by about eight points on the S and P 502 10th of 1% still just above 3900 just off all time highs. The effects market got a showing a bit of strength through G €10 dollar 1, 21 13 and to round things out some in the bond market yields up a single basis point on a 10 year. 21 17 32 John, Thanks so much we always tell our you know the past the history that we have with our different guests and pleased to tell you that I have a job rejection letter in my files from Daniel Fuss of Loomis Sayles, about the time of September 2001 Mr Fuss wrote me a brilliant note, he said Tom I really, really want to hire you. But you're just too obnoxious. Daniel Fuss joins us from Loomis Sayles, the vice chairman and truly someone who invented the modern bond business. And for us, you are the one that told us to forget about yield by depressed price bonds, there will be credit improvement and the bonds will appreciate for total return. You can't do that anymore, Can you Well, um, that's right. But all I can do is agree with what you just said Tom. Um it's a tough road the whole right now in the bond world. Uh, you could make some money Who could ride the old curve it too short. And, um, I don't recommend it. But you could. You could, um by a slice of each of the new high, you Coming out and you've got some yield, or you can be a bit smarter about it. And you can say Well, I'm not going to buy a slice of each one of them, but I'm going to buy the ones I like. And try to keep my majorities in fairly short, and then people say to me there, so I thought, well in good, Dan, But, you know, I just can't raise his seven deal in the portfolio Street and a half So how do you expect us to do about this? Get ready. You and I said, Well, I don't like to get rid of me. But I have to be honest with you and tell you it's that type of the old environment and I saw a few discounting at seventh, Andre yields you're getting our three our four Even you got a problem and I can't solve that one for you. Uh, now, last year, we were lucky prices went up some more. That total return looks nice. And people say, Gee, that's really very nice. You've done it again and you say Uh huh. Listen, that was a lock Buy this time. You know, the markers will never let you in another meeting, but that's the reality of life. I don't want to jump in if that's okay, so I want to talk about the experience through the last few cycles. On just what we've gone through the last 12 months, but over the last couple of decades, what is it about the way we recover and roll over through these cycles that leads to lower highs on a 10 year bond yield and lower lows each and every time each and every time what's going on down? What's that dynamic? And do we repeat there in this recovery? We're about to go through as well. Oh, well, number one. I don't know their future number two. Um I think what we're in right now. Jonathan is in a period of Rather low rates for quite a period of time. Now I am not in the camp that say they are down. They're gonna stay down in the U. S. And I don't think we're going to The popular praise these days, Japan ification of inflation and the markets. I don't buy that on, but maybe it'll happen. I doubt it. That's a whole different world there. I think what we're in right now is an excess of liquidity finding its way into the bond market. Now there are a couple indicators. If you look at what's happening with the et s, for example, you look at you say Whole keepers, the high Uni T s Uh, they're not really growing anymore. So matter of fact, it seemed as reported to have flattened out. Out. Um, that's one indication and you look at what the new issues coming out are being used for, uh, Good chunk of them are being used to repair Nancy only ones bringing down your coupons to adjust to the you know, smart financial management and Uh, the underlying fundamentals on a lot of the issuers on some are quite good on many more. Uh, they're deteriorating. And so here you have a floppy or credit environment. You have lower yields. Yeah, And basically this goes to the point that you made recently dead. In an interview with Bloomberg News for you said, there's no outstanding value in the fixed income markets. And I'm wondering then as one of the fathers of the bond market as we know it today, where do you go if there is no outstanding value in the fixed income market? Well, you do what she did. I I'm gonna go back in history to do what you did at a little different level of about yield in the sixties. You start to work with the yield curve and the and your patient, But I see you here to see immunity safe. You're running a Munich part. Paul, you would say, Oh, good. I'm gonna buy the five year and I'm going to roll it back out. After two years have gone by our three years, whatever that was a pretty steady, positive curve. Corporates are different, and there's a spread between didn't ask, but if he's sick, higher quality and work with the yield curve, you could be adding some value. Not a lot, And then you watch for the occasional and now family anomaly. Um, and on the credit site, and they do come along. Not many and that big and they don't last long. But you couldn't find them. But the one thing I discourage people from doing is saying, Well, listen, this economic rebounds gonna be ferocious and everything is gonna be back to normal. Well, maybe that will happen. I hope so. I sure hope so. But I wouldn't bet that way. And I would not bet against the return of inflation because I think Milton Friedman had some things right. And when you followed the growth of them to and the right that is growing and are using the other proxy you want Go look at the stock market. Where there is excess liquidity is in this system, and we and the pad is caught because we are fighting a war right now against the pandemic. And when that's the case, everybody has to get in and support the warrant. Density is made to jumping. It's you can fantastic catch up with you. Thanks for giving us some of your time. And don't be a stranger. Don't leave it so long. Next time down first there Loomis Sayles from New York City this morning. Good morning to all alongside Tom Keen on Lisa. Grab it, Sam Jonathan Farrow in.

Jonathan Farrow Mark Cabana Tom King Daniel Fuss Sam Jonathan Farrow New York City Tom Keen September 2001 Paul last year Tom Munich five year 10 year Milton Friedman Jonathan Lisa Nancy Dan Lisa Promise
"mark cabana" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:35 min | 8 months ago

"mark cabana" Discussed on Bloomberg Radio New York

"The ground research chance been doing on the Maryland still here? Yeah, took me off yet. So I'm just waiting for sand man to come and get me to. Actually, America was breaking down and we were all Attila G's avoiding the evil things that Jonah's Talking about this is in Boulder a few years ago. Marco van is waiting and listening to us going. When are they gonna shut up? And why about this? You know what you need to know, folks and seriously here. Everybody talks about the media talks about the 10 year yield, and they go esoteric and talk about the 30 year bond. The pros er in the short term space, John lead off this discussion with Cabana of Bank of America. On the two year in in space. Great staff mark with us this morning Mark a banner of Bank of America. Global Research, the head of U. S Rates Strategy. Mark, Let's start with a two year this morning. What happened? So we think that there's gonna be a additional downward pressure at the front end of the curve largely driven by a large cash increase. Now that cash is going to come from two sources number one ongoing Fed QB, which everybody in the market is aware of. The other is less appreciated and more technical. It's from the U. S Treasuries Cash balance and that is going to decline quite meaningful. E. Over the next few months now, technically, when the cash balance comes down, that means that cash in the banking system. Banking system reserves increase and this is going to be a really large amount of additional money that's entering the banking system. Right now. The U. S. Treasuries. Cash balances 1.6 trillion. It's typically around 400 billion. That's about four times larger than usual, and Treasuries told us that that cash balance is gonna come down by about 800 billion over the next two months. It's to get get into climb further to 500 million by the end of June, So when you add it all up, you're looking at the potential for one trillion of additional reserves to hit the banking system in the next two months. Cash balance and QB and almost two trillion to hit the market place by the end of June. Cash balance and cutely. That's massive for context. There's about $3 Trillion in the banking system. So we're talking about a 25% increase in total banking system reserves over the next two months and almost a 66% increase over the next four or five months. This is going to feel like a flood of cash hitting the banking system, and it's really gonna drown out and it's gonna put a lot of downward pressure on front and rates So we think that Penetrates a really low, but they're likely going lower and the Fed will likely have to make some technical adjustments increasing IA. We are technically hiking rates in order to prevent US rates from trading negative and going inadvertently negative. So it's a real interesting micro story of the front end of the curve and one that the market is not really focusing all that much on, but we think that they should Because it represents a lot of additional cash entering the banking system. So mark let's focus on it. Now. You touched on the theory. Let's talk about the practices. Well, theoretically, rates going negative. But in practice the Fed not wanting them to go there. Can you just walk me through that a little bit more? Sure that's exactly right. So if you think about the front end of the curb, you're gonna have more cash chasing Not all that much additional Treasury debt, So we need more, You know, more cash, less collateral that puts downward pressure on rates. That could very well push Treasury bill rates into negative territory. We're already seeing very front and rates just a couple of basis points above zero when this cash hits, though it very realistically could push those Treasury rates. Into negative with into negative yields. Now the Fed doesn't really like that, because they don't want rates to trade negative. The U. S. Treasury doesn't think that it's good because they can't they can't actually issue bills at negative offerings. So what the Fed is likely to do is to raise interest rates slightly and try and pull those rates out of negative territory and keep them still in somewhat positive territory. You going to do that through a tool that they have called the interest rate on excess reserves or I Oh, we are and they've told us that this is a technical adjustment that they will be making, but we think it's quite likely that the Fed needs to do this at or before the March FOMC meeting. So you could be looking at it technical rate hike in the not too distant future. Okay, Mark. This is fascinating and super important. It sounds really technical but highlights the incredible distortions that are created so close to the lower bound and how challenging it is to maintain equilibrium. Is there anywhere else that this cash Congar oh, within the fixed income world, Or is it just going to sort of stay here based on these technical needs of both bank reserves as well as what the Treasury is doing. It's a great question, so it's gonna be most concentrated at the front end of the curve. We believe, however, it's likely to propagate somewhat out the curve. Now what this means. Generally speaking, is that all else equal U. S interest rates should be modestly lower than they otherwise would be as this cash enters, and we're seeing that again. It's really not in an outright level. A place where you can see it. But if you look it spreads swap spreads. Or U. S. Treasury yields versus Fed funds, Expectations or oh, I s U C Treasuries rich inning not just of the two year point, but also out to the five year point. So it will be a technical driver that actually supports curve steepening because it's gonna put some downward pressure at the front end of the curve, folding the behavioral construct Mark Cabana of propagating out the yield her folks, this is some fancy fancy mathematics. The makeup of the yield curve. But Mark give us the behavioral requirement that big money, big institutions have to propagate out the yield curve towards a five year duration. Yeah, well, you know what the Fed is talked about this in the past through something called the portfolio balance effect they sent. The theory essentially goes that when the Fed buys a lot of assets or when there's a lot of cash in the banking system. You push investors a bit further out in their preferred habit. Do you observe there right now? Absolutely. You can look it weighted average maturity, ease of certain mutual funds and the fixed income space and you can see that they're pretty long already. They believe that this cash wave is coming, and they're trying to extend out to get his much yield, as they can in hopes that when the cash waves come, they'll at least have captured some of those higher rate levels to try and boost their overall returns. So we do see that on. We do think that that will likely continue as this big cash wave does really flood the front end and the belly of the race curve and push these short term to intermediate dated rates Lower mark just just quickly..

Fed Mark Cabana Treasury Treasuries Maryland Bank of America Marco van America Jonah Boulder Attila G Global Research John U. S FOMC IA
"mark cabana" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

07:19 min | 9 months ago

"mark cabana" Discussed on Bloomberg Radio New York

"Got 58 minutes to go ahead of the closing bell. Carol, Master on track, perhaps for records today, at least for the Dow up 3 83 Right now, let me give you the numbers. I'll give you the wine a moment here, the Dow off 1.3% as some p paring its gains, along with the rest of the market up 24. Now that is a gain of 240.64% NASDAQ higher for Ah, lot of the day trading it records falling back now by 54 points. The NASDAQ composite index down 4/10 of 1% NASDAQ 100 Index Down 1.1% Stocks pared gains still on track for records as investors poured into assets that benefit from a stronger economy after Democrats looks set to take control of Congress, potentially unleashing a torrent of spending to revive growth. As for the economic outlook, along with the rate outlook Mark Cabana is head of U. S rates strategy of B of a security. There's a number of headwinds in the near Term Cove. It is going to restrain economic activity in Q one. But we do anticipate that as the vaccine is rolled out as global growth and US growth picks up, you're going to see long and rates re price higher and importantly, we think that this long and rate re pricing will be due to put on quote. Healthy factors. I eat better growth, higher inflation expectations as the economy recovers, and it is a fed Wednesday with the Federal Reserve issuing minutes of its December policy meeting of that story, Here's Bloomberg's Vinny del Jude Ice During last month's meeting, Fed officials reported that the economic recovery been stronger than anticipated. But they also noted data collected during the latest coronavirus search signaled we could be in store for slower growth and early 2021. Central bankers also agreed to maintain the current pace of Fed bond buying to support the recovery. Need to die. Spielberg Radio US holiday shopping season online spending totaled $188.2 Billion that, according to Adobe, Re capping stocks trading mixed The Dow the S and P. Higher NASDAQ Lower S and P Up, 21 up 6/10 of 1% 10 Year Yield point Is that toe 1.3% gold down 1.4% 1922 the arms. In West Texas Intermediate crude bank below 58 49 88 a drop their of 1/10 of 1%. I'm Charlie developed and that is a Bloomberg business flat. All right, Got it. Charlie, This is Bloomberg business. We kill Master Lu attempt Stenkovic in our Bloomberg Interactive brokers studio and unprecedented day where we are seeing the capital in lockdown where we are seeing protesters on the steps of the Capitol there inside the capital among the Latest headlines. The Federal Protective Service, which responds to terrorism and other threats to the federal government, and the Secret Service, are now being deployed to the Capitol building. Do you want to bring in our Kevin surreally Bloomberg News chief Washington correspondent Bloomberg Radio TV host of Sound on on Bloomberg Radio. He is with us along with Bloomberg News. Political contributor in Iona College professor of political science. Jeannie's A. No. So, Kevin, I gotta start with you. Yeah, this is a day like no other we were concerned about. The protests, and I think safe to say it's playing out kind of in the worst way, so get us up to speed. What's the latest? What do we know? Well, the capital compound on the campus, which for for the business community, it really is a campus. There are Syriza's of office buildings that are all interconnected on the Capitol compound that has gone into lockdown, Federal Protective Service and Secret Service are deploying to the Capitol where still there are Uh, I would be based on a numerical estimate the steps the front facing steps of the U. S Capitol. There are protesters with many of whom are carrying Trump. President signs mulling about and I'm using the word because it's the right word mulling about on the steps of the Capitol. There have been reports that a couple of protesters have made their way into the U. S. Capital on broken law by entering into the Senate chamber. Lawmakers have been evacuated from the compound on but as is typical in these lockdown situations, the staffers that I've been in contact with on both sides of the aisle. Are noting just their profound gratitude for the U. S. Capitol police. We should also note some of the reaction that we are seeing, most notably from Melissa Farrah. Lissa Farah is a former top communications adviser to President Trump, who recently finished at the White House within the last couple of weeks, and she tweeted out quote. Condemn this now at Real Donald Trump. You are the only one they will listen to for our country. We should note that within the last half hour or so President Trump had tweeted out that the protesters should be respectful of the Capitol police and to remain peaceful. It comes following his previous social media posting in which she tweeted out that his own vice president Mike Pence, didn't have the courage to do what is necessary. Well, um, Kevin You've spent years reporting from the Capitol? What is the process like for these lawmakers to get out of the building to evacuate? How did they do it with protesters in the area? So The best way to describe the capital compound, as is as if that it is grids and there are different sections and so for many of people Who are familiar with the tourists, portions of the capital. It is a very large underground hallways system, a swell as other ins and outs of the capital. Building, And so as a result of that, there are procedures there are rehearsals on. There are protocols that the Capitol police Utilizes. Yeah. Great. Yeah, I'm just wondering, Do we have any indication now as to where members of Congress are with regard to being evacuated? We know they were in the process of getting out of the building safely. We know that vice president Pence early on was ushered to safety. Where are we, in the process of lawmakers being removed Well, according to the Bloomberg Terminal, Senator White House has said that senators have been evacuated to a nearby building on do the location of which and we should note in a joint session of Congress. Just the proximity of power of so many of our elected officials from the speaker of the house to the vice president, the leaders of the majority's the minorities, all in in a joint session of Congress on so typically, every Uh, safety precaution is taken the likes of which are similar to a state of the Union address. Wow. Okay. All right. So genies, they know. Just checking. Eugenia is with us. I want to bring her into this conversation. Jeannie. You know, we have had so many conversations with you. Um, all year long as we were leading up to the presidential election..

Bloomberg President Trump Congress Capitol police Kevin surreally vice president Federal Protective Service US Bloomberg News Bloomberg Interactive brokers Bloomberg Radio Charlie Mike Pence Federal Reserve Term Cove Mark Cabana President
"mark cabana" Discussed on Bloomberg Radio New York - Recording Feed

Bloomberg Radio New York - Recording Feed

01:32 min | 9 months ago

"mark cabana" Discussed on Bloomberg Radio New York - Recording Feed

"This is bloomberg markets. Vonnie quinn and polls sweetie view the volatility in the marketplace here downturn for american workers in history de across the board across industries trying to shore up their balance sheets very very disturbing dynamics at work breaking market news and insight from bloomberg experts only so the speed of vaccine development. All the dislocations there's always relative value trades that you could be doing this could be a you shake v-shaped profession certainly. I think that is really taking everyone. Bloomberg markets with vonnie quinn polls weenie on bloomberg radio coming up. We are awaiting remarks from president trump from washington. Dc we will bring them to you as a courage. Us moments plus. We'll get the latest on all the market action. But first let's go to greg jarrett for bloomberg news katie bloomberg business flash greg. Investors are pouring into financial assets ball assets that benefit from a stronger economy after democrats look set to take control of congress. Mark cabana a global research head of. Us rate strategy tells bloomberg that sabres really need to think carefully about extending out of the curve trying to pick up some additional yield based on their own comfort level and risk tolerant. Maybe think about moving into the corporate space more than the government space. But you're going to have to be careful and you're going to have to recognize that you wanna leg into this strategy over time because we do anticipate that rates will be slowly rising. Now if you're an institutional investor what you wanna do is that you probably want to hugh a little bit shorter on your own..

bloomberg news Vonnie quinn vonnie quinn bloomberg radio greg jarrett katie bloomberg Mark cabana greg washington sabres Us bloomberg congress
"mark cabana" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:31 min | 9 months ago

"mark cabana" Discussed on Bloomberg Radio New York

"That's when the Fed would get concerned, But I think that you know, seeing the 10 year yield just above 1% does not yet seem to be a level whereby those long and rates are really beginning to bite in terms of the real economy and broader financial conditions Mark Rohnert to the bull market. And the equity space whether it's double digit tech returns, even what we're beginning to see in small cap recovering so nicely. We forget that if I look at Bloomberg Barclays Total return It's been a persistent bull market of higher price, lower, yield and years space. Have we forgotten what a bond bear market is? To some extent, yes, given that U. S interest rates have recently been at historic lows on the equity market did incredibly well despite the pandemic, and I think that the market is going to have to adjust to the notion that long and interest rates will be rising. Now again, we think that this rate rise will not necessarily constrain the economy in a material way if it does the federal step in, But I think investors we're gonna have to get accustomed to the fact that they should expect to see a twist. The prices of bonds go down to some extent as rates three price and growth and inflation does pick up over time. We welcome all of you on this historic day in Washington, Mark Cabana of the Bank of America with US Here on rates, and we do this with futures, red and green in the screen a little bit better tape than three hours ago. The yield 1.1% Mark Cabana, I want you to talk to savers out there, not the fancy guys like you doing fancy hedging strategies and trying to manage with a higher price. Higher. Yield lower price. Milieu. What does the average person do in fixed income if you're telling me higher yield and lesser price? Yes. So I think that if you're a savor, what you want to do is that you want to carefully think about extending out the curve, trying to pick up some additional yield. Based upon your own risk tolerance in your comfort level. Maybe think about moving into the corporate space more than the government space. But you're gonna have to be careful and you're gonna have to recognize that you wanna leg into this strategy over time because we do anticipate that rates will be slowly rising. If you're an institutional investor, what you want to do is that you probably want to Hugh a little bit shorter on your overall duration allocation, as do re price higher. Now we do think that it's great that we're seeing rates move today, given some of the news out of Georgia and the implications that it has for Washington, But we still think that fundamentally the big great re pricing that we'd see towards 1.5% will likely take place in Q two or later. Again as the vaccine is rolled out, And as we get more information, the economy is indeed recovering on a price. He'll basis the fancy guys talk about duration and the second derivative convexity, which I'm gonna call acceleration guys like you call it Gammon up. I don't make a general gamba means I have no idea what gamma means. How about Convexity? Mark? Kid? Banna, what is going to be the accelerated forces as we go through 2001. Also as we go through 2021 11 more thing. We do think we're going to see again is that sell off? That will likely really accelerate again from Q two onwards. Q. One is gonna have a very significant head went from Cove it We don't know how effective the anybody treatments will be to the new strain of the vaccine. We don't know how quickly vaccines will be rolled out. But after that is generally behind us. We do think that rates will need to re price to the new reality of Strong fiscal fairy tale wins and the fact that we're likely going to see the economy operate meaningful E above trend from Q two through the end of the year, and that we think is going to take rates higher. So we do expect to see a more accelerated move leader in the And today, it just seems like the market is reprising a bit more to the fact that you need to sign Hi rods to a democratic control of the Senate. Then you did previously marked Obama. Thank you. So much of the Bank of America this morning, Lisa, come on. I got to go over to you, Lisa. Fancy words here convincing and all the acceleration of price down and yield up Lisa that's positively blooming. I mean, it's always everything so gloomy. You could always paint it from some gloomy perspective. I mean, otherwise, I wouldn't be true to my name. Look, I will say looking at the bond market. There's a real question of what contrive yields higher. I mean, it was really interesting to hear marks a 1.5%. You gotta think of a time when you've got record amounts of negative yielding debt around the world that 1% would look like high yield at what 10.2 buyers start coming in. I don't know, Tom. That seems reasonable, considering the fact that you know, investment grade bonds are building 2%. Not that money. We make jokes about this folks. But I would say that media business media is about 85% equity markets and they toss in a morsel about bonds. Here and there. But Lisa, I'm sorry. What we're talking about is yield up. Whether it's a politics of President Biden and others in price down and it retail. It's easy. You get three months of your statement, and you know you're losing money and you're upset institutionally is Mr Cabana mentioned these air. Really? These are great challenges into, say Fourth of July. Gina Martin Adams of Bloomberg Intelligence yesterday made an incredible point that one of the reasons why evaluations of equities It looked so good right now, even though they're so high on a historic basis is because of how low yields are. At what point do yield start to look more attractive. Given how high valuations are stocks have become the new bonds to so many investors. When does that reverse? And how much does that challenge the feds hand? Regardless of what the economy does, Tom back to the politics of the moment here and of course, last night 10:11 p.m. one a. M. Some movement mineral not minute by minute, but maybe every 30 minutes We had Georgia voting results. I haven't seen any numbers since about five o'clock this morning. Maybe even 4 30 this morning and that's where we are. Now. Let me point out War not takes a trophy against La Flor. AP has announced that along with many other organizations. Jonah's off ahead of Senator produced No but by a razor thin margin, and it is within the recount margin as well That with AP saying, 98% of the vote in stay with us through the morning as we look at that vote return and also the challenges Washington. Isaac Boltanski Compass point with us again, we say good morning across this nation on Bloomberg Radio and Bloomberg Television..

Mark Cabana Lisa Washington Bank of America Bloomberg Barclays Georgia Tom AP Fed Mark Rohnert U. S Isaac Boltanski Compass Obama Mark Gina Martin Adams Jonah Banna Bloomberg Intelligence Gammon
"mark cabana" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

05:23 min | 10 months ago

"mark cabana" Discussed on Bloomberg Radio New York

"Really not the problem facing you Tell me right now, level interest rates is not holding the economy back. You look at the house inspector doing very well in summer. Goebbels has been great. Well, so if the Fed did more, it really wouldn't have that much consequence. The house is sectors flying the labor market at the moment, not so much. That was Bill Dudley, the former New York Fed president for our audience worldwide this morning. Good morning from New York and London alongside Tom Keen, at least rebranded some Jonathan Farrow coming up on the open in about 15 minutes time, BancAmerica Securities had a US race strategy. Mark Cabana. Very timely conversation with Mr Cabana coming up. In the next hour. Tom Kean, Jon, You and I have just one show left together after this, e. They got me medicated, John, you should stay around because if you ever come back to New York, you're gonna want the first six months free, right? I will be once in the first six months. Three of you seen what the brokers they're doing right? Rough ring The 14 month contract with two months for free, so that you get the luxury of that low rent for 14 months and then, pop? Yeah, snap back to normal. Maybe Some point in spring 21. Some have someone in your entourage as you leave us take notes here with this show, which Rochelle's Mitchell Show is wonderful. Closing in the negotiating for making partner Macro trends. Advisors on real estate. We got a huge response. And Mr Rochelle is I'm Mitch. I got commercial questions. I got residential questions, But let's pick it up for young Farrell here is well, how desperate are they did rent Units in these big pandemic cities. They wouldn't say it's desperation right now, because I think demand to start until Leach back into the market, so at least they're they're making progress. I think months ago, they were felt like they were in free fall, and they were lowering rents and giving free rent simultaneously. Now they're trying to figure out how to strike the right balance. John mentioned the 14th month lease. That's one of the tricks that they're using, so I don't think it's panic mode. But certainly landlords want to do whatever they can to get the building film is construction dead. Yeah. New construction. You know, If you see a crane in the skyline, they'll likely finish what they started. But I don't see new speculative construction of apartments in cities for quite a while. Which is there any way to get a true read on some of these big urban areas in terms of real estate values until the pandemic subsides. A to least I think the spring buying season when people are sort of out in about will be the first leading indicator about what condos air trading for the problem is, there's tremendous overhang on the market of people who have listed their condos for sale meant taking them off of the market on That's messing up prices because if you have a two bedroom condominium, and you can't sell it, what do you do? You rent it? So now you're competing with the landlord's S O. I think we have to wait until the spring to further for first market clearing prices that we can rely on to see where it landed. All right. Before we get those sort of tea leaves, you have a sense of how much credence this exodus from big cities really is in terms of having lasting power. I think it's it's other than temporary, but it's not permanent. I didn't mean to overly nuance that so I think there was a pre existing trend of people wanted to move out of the cities for a variety of reasons that got accelerated, But it's some of the folks can't find homes to buy in the burbs. They're staying, but you're also seeing is people moving from outer boroughs. That were cheaper into Manhattan because Manhattan's been re priced Mitch a question. I've asked you before you gave me a really smart answer, but it's still confounds me and our listeners and viewers. All those stores air empty. Why don't they just lower the rents? That that is the question on. Hopefully, I could harking back to my smart answer from the past, but I think it's happening now, Tom. They getting there. The problem is that their remaining empty because there's no one to take them. So I think for a while, landlords were being greedy for lack of a better term on trying to keep the rent level that they wanted. But right now, I really think there's a tenant for some of those faces. You see some pop up stores for the holidays. But now when you enter this new phase of, you know, no indoor dining is we've taken restaurants out of the mix. I don't think I think there's just a dearth of tenants for some of that space. And I don't know what becomes of it. So what do you say to the politicians struggling this with this in your political battle? What is the urgency? Metro Shell has to get some enthusiasm and commercial and retail America. I think we need to create incentives for people to start businesses and the thing that will likely happen. Tom is all of these businesses that go out of business. Tragically, somebody new is going to sort of take over that restaurant that closed And I think we need to do is create incentives in cities for people to want to put capital at risk and open businesses, even retail ones. I mean, New York City's of foot traffic city, so storefront retail makes sense. It has to be re priced, and I think politicians need to find a way to incentivize people to take risks..

New York Mr Rochelle Fed Tom Mark Cabana John New York City Bill Dudley Tom Keen Jonathan Farrow Goebbels BancAmerica Securities US Tom Kean Manhattan president
"mark cabana" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

01:44 min | 2 years ago

"mark cabana" Discussed on Bloomberg Radio New York

"I'm June Grasso still to come president drop is revoking California's federal waiver on emissions setting up a major legal battle that could wind its way to the Supreme Court I'm Bob moon ahead of the fed's stocks in the read the latest from Bloomberg Charlie five thank you very much Bob home we are just thirty minutes away from that F. O. M. C. decision will have a forty alive here on Bloomberg radio along with venture J. Powell's news conference to thirty Wall Street time our Michael McKee is there mark Cabana is head of U. S. rate strategy at B. of a securities he was interviewed this morning on Bloomberg television that delivers today with the signal through the dot plot we think that they actually mayor a little bit more on the other side so we think that that median dot which the market focuses a lot on especially for twenty nineteen could fall to signal that there will be a total of three cuts this year essentially validating market pricing right now we've got the ten year fourteen thirty seconds with the yield of one point seven five percent of down the S. and P. nasdaq all lower S. and P. down thirteen down four tenths of one percent the Dow was down ninety one war by three tenths of one percent and nasdaq lower by fifty eight points a drop there of seven tenths of one percent gold up four tenths of one percent fifteen oh seven the ounce West Texas intermediate crude tumbling again this of course after Monday's surge our fifty eight oh to one WTI Brent sixty three thirty one down one point nine percent I'm Charlie palette and that is a Bloomberg business flash. informed perspectives and expert data driven commentary on breaking news. it's time to check in with Bloomberg opinion we're joined by opinion column this Jonathan burns.

West Texas P. Bloomberg F. O. M. C. president Jonathan burns June Grasso mark Cabana Michael McKee J. Powell Bloomberg Charlie fed Bob moon Supreme Court California one percent fourteen thirty seconds
"mark cabana" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

06:03 min | 2 years ago

"mark cabana" Discussed on Bloomberg Radio New York

"The dollar the yen at one OO eight point one six and that's a Bloomberg business flash Tom and Paul thank you so much the Bloomberg interactive brokers studios in New York we thank you a lot of money to dot ever headphones on because she was just waiting to speak to me and Paul we have a single have one come out but not in folks this is a surveillance locker team is always trying to book the best guess they can find we take great pride in that and the team's twenty four seven on the weekends as well and to be fortunate enough to have a lot of money of Stanford University with this with this pregnant headline coming out right now is Keren Moscow mentions New York fed to conduct overnight repo operation to day. this goes to the heart of your distrust of remain calm keep moving everything's fine. our Alexander Harris with an article out today on the repo market K. signals fed baby losing control rates that may be a little rock but never the less. this is how it's hurts doesn't it well yeah I mean the central bank's job is to try to keep everybody calm say were in control and then during the trust within the system yes so so we're here we take care of it well what they are is a huge player in the markets and obviously they have they have there might because I'm not a normal company out there they're a big open market operations so the yield spikes as it did roughly a year ago higher yield in that trust market and there's two sides to this one is it's just an aberration things we find the you'll come back down and we move on like nothing happens and then there's the and then what how do you fold your legendary work over to that and then what in the repo market well I mean what's going on in the repo market is is is just that. direction between central banks and private banks and between all kinds of parties in the financial system all sort of this plumbing operation and that happens there and then everybody just trying to figure out how they're going to get a little bit of heat and a little bit of collateral over you know the next two hours or a day or night and then you know how they would be short to kind of turn and do their right the right thing Paul Sweeney this is important within hearses article quote the fed is lost control of funding said mark Cabana of a small start up operation called bank of America. there. professor do you think the fed is I mean you think about to go back to December raised rates it really shocked the market and then kind of did a pivoting here we are appears to be the fed is in an easing mode do you think the fed is kinda lost the narrative a little bit. this is if I'm not a real central bank expert and I'll tell you only that a lot of people who you know pretend or present themselves as central bank experts you know no less than they might project but I would say that is that they often time it does seem that the central bank the fed in this case is sort of. in some kind of a negotiation mode with the rest of the market in and it's not always clear it's in control even though it like it likes to say that it is interesting so as it relates to it seems like just around the world central banks are racing to the bottom on rates and wondering in your work if you. do you think that's effective at this point we think it Khan was gonna reactor can know what he what he he you get to this character it's are you know everybody talks about zero lower bound and you know zero is is zero is where we put our money in the mattress and exactly what happens as you as you cross that is like completely uncharted territory where is the shadows right now I mean your claim and the people that totally disagree with you are forced to read you because of the authority of what you do fine but where are the shadows right now for another money is there to shadows to me it debt overhang is a shadow on the whole economy and you build out of the fiscal is gone this is Haley I'm more concerned with private debt in general so for me it's corporate debt is leveraged loans it's it's it's a it's a even chase is related to the low interest rates really because I hear well you know the better it is for example just as one example the band that we're told that too big to fail was solved because we now have something called T. lack T. lackeys is basically where where it's going to be dead that we somehow count on as saving us a in in a absorbing losses something loss absorbing and of course when the loss is common somebody needs to absorb them that person is not going to do this so lightly so then meanwhile though because you say Hey I'm going to be here for you now you pay me high interest and that's the chase in other ways to take it in June your security somebody believes Sunday night absorb losses in banking who knows when but meanwhile I'm booking this return nobody was assistant for university there Parker professor of economics and finance were thrilled that professor in a muddy could be with us today Alistair bulls published the complete statement from federal reserve bank of New York they will conduct this repo operation the fancy languages overnight repurchase agreement that's a Paul does with the younger children on the weekends this will happen between nine thirty and nine forty five today. September seventeenth that in order to made fun this is important in order to maintain the right bank in the rate between two and two and a quarter percent so that brings in that repo rate through that action the size is an aggregate seventy five billion dollars features negative.

Bloomberg interactive brokers Bloomberg New York Paul Tom seventy five billion dollars two hours
"mark cabana" Discussed on KDWN 720AM

KDWN 720AM

02:04 min | 2 years ago

"mark cabana" Discussed on KDWN 720AM

"Financial world world looking for clarity on whether last month first fed rate cut in a decade likely marked the start of the period of easier credit how will give the keynote address following the end of the annual gathering of global central bankers in Jackson Hole Wyoming a bank of America Merrill Lynch's mark Cabana on what Powell needs to say I think is it me or the campus gotta do it has to do I think that he doesn't want to try to placate financial markets because financial markets are always going to want a little bit more and I think that will really hear from Powell tomorrow actually raises the risks of disappointing the market to some extent I think he's going to say is that worse dated dependent we're waiting to see how incoming data evolves and then we will act to sustain the recovery as necessary but I don't think he's going to pre commit to easing in September and I think that's what the market really wants I think the market really wants to hear that the fed is being proactive they're trying to get ahead of these issues and I just don't think that given the data flow in a divided committee that they have right now that he's going to be willing to do that so he's not even going to comment or seem to commit to a twenty five basis cut in in September then does that mean that this is how we get a look back at this Jackson Hole meeting just like we look back when Mario Draghi said we're going to use all means necessary we can look back and Brimbank using can be three is on the table now and say this was a meeting Jerome Powell got the fat and the box well I think he's gonna try to do is preserve option Alavi because frankly the fed is still divided and they don't exactly know how the data is going to break we know that trade is creating a lot of uncertainty for the fat but it's yet to really materialize into clear downside signals the employment backdrop is still very very strong you're right inflation is very weak and that's a problem for them but they don't really know if they can materially influence out with a twenty five basis point cut so I think he's going to do is try and buy some optimality again he's got a divided committee they're on certain and the leave one under right the trade for as long as they don't want under at the trade war I see real risks that the fed kind of slow walks the easing cycle that day you know just started at the last meeting and I think that that.

Jackson Hole Wyoming mark Cabana fed Mario Draghi Brimbank Jerome Powell Alavi bank of America Merrill Lynch
"mark cabana" Discussed on KSFO-AM

KSFO-AM

03:12 min | 2 years ago

"mark cabana" Discussed on KSFO-AM

"Thursday morning America's first news continues on the eighth day of August six minutes and past the hour and president trump wrapping up by his visits to the communities affected by mass shootings and was greeted yesterday by Ohio democratic officials in Dayton the scene of the latest weekend mass shooting at they said president trump was treated respectfully despite the fact that some did not agree with this past rhetoric for policies may or non Whaley saying the best thing the president can do for first responders is get rid of the weapons at like those that have been used in the latest mass shootings now the mayor criticize the president's rhetoric afterward White House press secretary Stephanie Christian tweeting that it's genuinely sad to see not only Whaley but senator Sherrod brown quote immediately hold such a dishonest press conference in the name of partisan politics meanwhile the White House is inviting internet and tech companies for a round table discussion on violent extremism online that meeting to be held Friday follows a pair of mass shootings that some believe were fueled by online hate president trump this week directed the justice department to work with online platforms and state and local governments to develop tools that can detect mass shooters before they strike US immigration officials say raid that seven food processing plants in Mississippi resulted in six hundred and eighty arrests immigration and customs enforcement acting director at Matthew Albin said that the arrest count from Wednesday's raid make it the largest workplace thing in more than a decade in probably the largest ever for a single state stocks overcame a big loss Wednesday though the market's recovery left plenty of signs of worry among investors that the fallout from the trade war between the US and China will spread an afternoon rally lifted most of the major indexes out of the red reversing most of an early slide that briefly I pulled the Dow down more than five hundred eighty points bond yields they fell in the price of oil tank the price of gold surged as traders that seek safe havens was speaking of that US China trade war Chinese imports of American goods plunged in July as the terror of war continued Beijing's retaliated by imposing its own punitive duties and suspending purchases of American soybeans and other goods China also devalued its currency putting pressure on central banks worldwide mark Cabana head of U. S. rates strategy at bank of America told CNBC if the trade tension continues the fed reserve here at home will likely have to cut its interest rates to near zero how I mean we've been reading a lot of key levels so we broke two percent last week after the trump you know additional ten percent terror press kit with regards to China we were down here one sixty on the ten year earlier today and we subsequently backed up a bit so we've we've gone through a number of key technical levels in a very short period of time I think that what the market is really reacting to our uncertainties with regards to trade in the global backdrop what it means for currency wars and also what the fed is going to do in the face of all this uncertainty and from the rates market perspective I think the biases to expect lower rates as opposed to higher rates at least until some of these uncertainties are cleared up you know can help put out a note this weekend marks that.

America six minutes ten percent two percent ten year
"mark cabana" Discussed on KDWN 720AM

KDWN 720AM

02:49 min | 2 years ago

"mark cabana" Discussed on KDWN 720AM

"Despite the fact that some did not agree with this past rhetoric or policies may or non Whaley as saying the best thing the president can do for first responders is get rid of the weapons at like those that have been used in the latest mass shootings now the mayor criticized the president's rhetoric afterward White House press secretary Stephanie Christian tweeting that it's genuinely sad to see not only Whaley but senator Sherrod brown quote immediately hold such a dishonest press conference in the name of partisan politics meanwhile the White House is inviting internet and tech companies for a round table discussion on violent extremism online that meeting to be held Friday follows a pair of mass shootings that some believe were fueled by online hate president trump this week directed the justice department to work with online platforms and state and local governments to develop tools that can detect mass shooters before they strike US immigration officials say raid that seven food processing plants in Mississippi resulted in six hundred and eighty arrests immigration and customs enforcement acting director Matthew Albin said that the arrest count from Wednesday's raid make it the largest workplace thing in more than a decade in probably the largest ever for a single state stocks overcame a big loss Wednesday though the market's recovery left plenty of signs of worry among investors that the fallout from the trade war between the US and China will spread an afternoon rally lifted most of the major indexes out of the red reversing most of an early slide that briefly I pulled the Dow down more than five hundred eighty points bond yields they felt the price of oil tank the price of gold surged as traders sat seek safe havens was speaking of that U. S. China trade war Chinese imports of American goods plunged in July as the terror for continued Beijing's retaliated by imposing its own punitive duties and suspending purchases of American soybeans and other goods China also devalued its currency putting pressure on central banks worldwide mark Cabana head of U. S. rates strategy bank of America told CNBC if the trade tension continues the fed reserve here at home will likely have to cut its interest rates to near zero now I know we've been reading a lot of key levels so we broke two percent last week after the trump you know additional ten percent terror press kit with regards to China we were down here one sixty on the ten year earlier today and we subsequently backed up a bit so we've we've gone through a number of key technical levels in a very short period of time I think that what the market is really reacting to our uncertainties with regards to trade at the global backdrop what it means for currency wars and also what the fed is going to do in the face of all this uncertainty and from the rates market perspective I think the biases to expect lower rates as opposed to higher rates at least until some of these uncertainties are cleared up you know can help put out a note this weekend marks that.

ten percent two percent ten year
"mark cabana" Discussed on KDWN 720AM

KDWN 720AM

01:45 min | 2 years ago

"mark cabana" Discussed on KDWN 720AM

"Morning America's first news content on the eighth day of August eighth and market the stocks rebounded today after Wall Street Dow to gain following your by concerned about possible fallout from the US China trade war benchmarks in gnashing high Tokyo and Hong Kong all advanced recovered some losses following three days of anxiety over at China's devaluation of its drawn on Wall Street yesterday the benchmark S. and P. rose point one percent it had been down to percent during the heaviest about of selling the Dow drop point one percent the nasdaq climbed point four percent Chinese imports of American goods plunged in July as the terror for with Washington rage gone Beijing is retaliated for U. S. terrified by imposing its own punitive duties and suspending purchases of American soybeans and other goods I tried also devalue its do you want you want as I mentioned putting pressure on central banks worldwide mark Cabana is head of U. S. rates strategy at bank of America he told CNBC if trade tensions continue the fed reserve will have to cut its interest rate to near zero I mean we've been reading a lot of key levels so we broke two percent last week after the trump you know additional ten percent terror press kit with regards to China we were down here one sixty on the ten year earlier today and we subsequently backed up a bit so we've we've gone through a number of key technical levels in a very short period of time I think that what the market is really reacting to our uncertainties with regards to trade the global backdrop what it means for currency wars and also what the fed is going to do in the face of all this uncertainty and from the rates market perspective I think the biases to expect lower rates as opposed to higher rates at least until some of these uncertainties are cleared up you know can help put out a note this weekend marks that we could expect.

America US Tokyo Hong Kong China Beijing CNBC fed Washington mark Cabana U. S. bank of America one percent four percent ten percent two percent three days
"mark cabana" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:01 min | 2 years ago

"mark cabana" Discussed on Bloomberg Radio New York

"Report Mullah report delivered the twenty two month investigation of Russian interference in America's presidential elections has ended correspondent Omar Jimenez, says special counsel Robert Mueller's report was delivered to attorney general William bar today. Shortly after the heads of the judiciary committee's ranking members in both the house and Senate were notified, which I want to read you part of that notification letter right now critically assess the special counsel has submitted to me today. A confidential report explaining the prosecution or declaration decisions. He is reached I'm reviewing the report anticipate that I may be in a position to advise you of the special counsels principal conclusions as soon as this weekend in a related matter. A lawyer for President Trump's advisor Roger stone said in a letter that stone is not cooperating with the House Judiciary committee investigation, citing stones fifth amendment right to avoid self incrimination. I'm Evan Haning. And I'm Charlie Pellett at Bloomberg world headquarters a losing week losing Friday for US stocks, stocks declined amid hints of slowing growth. Mark Cabanas head of US rate strategy at Bank of America, Merrill, Lynch. If we do see a bit of a stabilization on the trade front, if you do see a bit of a troughing in global growth concerns, then I would hope that some of these fears. These worst case scenarios of an imminent global recession are pared back a bit, and that's our baseline so financials major casualty this week as the yield on tenure treasuries already in a more than one year low extended its decline. Mike Wilson is chief US equity strategist at Morgan Stanley. Well, right now, they're dead money. There's no doubt about it that the Bank stocks are telling me, look, it's end of cycle late cycle, or whatever you wanna call it, and, you know, Bank stocks typically don't do well in that period as for the outlook for the US economy and the auto industry, Bloomberg television radio caught up with GM CEO, Mary Barra at a plant in orientation. North of Detroit where it's adding four hundred workers..

special counsel US William bar judiciary committee House Judiciary committee Mike Wilson Omar Jimenez Robert Mueller Roger stone Bloomberg Mullah Bank of America Bloomberg world America Evan Haning President Trump
"mark cabana" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

02:20 min | 2 years ago

"mark cabana" Discussed on Bloomberg Radio New York

"He wanted to close to help a struggling nuclear power project in Georgia. I'm Bob moon later this hour are Kevin cirilli. We'll speak live to democratic democratic congresswoman Anna issue, California. She represents the Silicon Valley. I'm June Grosso. We're going to talk about President Trump's executive order that requires universities to uphold first amendment rights on college campuses. But first Charlie Pellett is here for chick. What's happening in the market Charlie polo? They're ju- Russell happy. I'm talking about the sell off in the US stock market. They equities fell treasuries rose after miserable data from the German manufacturing sector renewed worries about global growth. Mark Cabana is head of US rate strategy at Bank of America, Merrill, Lynch. The years owners really showing some signs of a ministerial slow down. And that naturally has to be of concern to investors. Do think that a lot of the slowdown stemmed from uncertainty associated with trade, given the Germany such an export-driven economy. And here's where we stand off our session lows, but a down day nonetheless, the Dow have been down more than four hundred points now down three hundred fifty six faster drop of one point four percent has some pe- down forty to drop their over one point five percent now and NASDAQ. Slumping one hundred and forty eight points. More by one point nine percent, pretender twenty-five thirty seconds with a yield of two point four four percent. Gold up two tenths of one percent thirteen twelve ounce and west Texas intermediate crude now lower by two point three percent at fifty eight fifty seven a barrel. President Trump is nominating. Stephen Moore visiting fellow at the Heritage Foundation and a longtime supporter the president for a seat on the Federal Reserve more has emerged as an ardent critic of federal of the Federal Reserve Board under its current chairman Jerome Powell who fell out of favor with President Trump last year. After the Fed's rate increases Papa John's international has added its first black board members at tries to undo the damage caused by its founders use of a racial slur. Shaquille O'Neal, Paul fame NBA center. Joining the board of the struggling pizza chain. He'll also be investing in nine restaurants in the Atlanta area. Recapping stocks lower on. This Friday SNP slumping forty two points. Dow one and a half percent. I'm Charlie Pellett. That's a Bloomberg.

President Trump Charlie Pellett president Federal Reserve Board Federal Reserve US Shaquille O'Neal Anna issue Mark Cabana June Grosso Bob moon Kevin cirilli Dow ju- Russell California Silicon Valley Georgia Germany