18 Burst results for "Mark Vitner"
Tech Path Crypto
"mark vitner" Discussed on Tech Path Crypto
"That we may see a little bit of an adjustment on Bitcoin. Now this could be a positive based on the scenario that he paints in. But more importantly, I don't necessarily think Bitcoin and Ethereum are moving because of what's happening with the fed. Sure, the fed will be a catalyst, possibly, but I think this is all about other aspects of how the financial market is moving. I want to play a clip here from CNBC on what they think the fed will do and let's listen to what they had to say. In case this chart. 72% say there's going to be a hike, which is pretty much in line with how the market is priced. Interesting because our survey was from the end of last week. But 52%, only 52% say the fed should hike. So some percentage think the fed ought to hold its powder right here. And the peak rate remains pretty high, actually higher than it was at 5 20 for June, but then 86% see the fed either cuts or pauses at the next meeting in July in July. So, okay, here's the thing we ask, what's the more important driver of fed policy? Protect your financial stability and help the bank system or reducing inflation, 52% say it's financial stability rather than inflation. Here's some of the commentary we got. Joe lavona from SMBC Miko securities rights continued hawkers from the Federal Reserve with justify a further marking down of our forecast for growth and recession severity. And then we have Mark vitner of Piedmont Crescent capital. He says the feds earlier missteps on inflation at its abrupt correction. This past year laid the foundation for the crisis we face today, the fed should not compound its earlier mistake by giving in too early in the inflation fight. What about the outlook for recession? 55%. It's up from the prior survey of 51, 57% say it's going to be a mild recession. And then interestingly, September 2023 is the average start date. That's a quarter later than the last survey that's because we've had this strong growth in the first quarter and the average length of the recession seen being 8 months. All right, so a little bit of that is in the alignment with what we've been talking about here on the channel. Again, midyear was kind of my anticipation of where we'd start to see those early signatures of where a recession could come into play and the fact that a lot of people still believe and I'll flash back to that chart there is a 55% chance of recession, the 57 believing it will be mild. That'll be, I think the big situation that really plays out into how crypto has done the difference is that we're dealing with a situation right now where the financial health of our banking system is at risk. We have broke something. That's the difference between difference between this fed meeting and any other that has occurred since the start of raising rates. There is never and has not been a situation where something in the market has broken. Jobs, of course, will adjust. We'll see real estate going in. But when you get into the financial system, you're causing some big problems. And I think that's the thing that is weighing heavy on Powell's statement. Here was another tweet coming in from them, squawk box, same, I guess, is people are moving deposits from one bank to another. The banking system as a whole to retain those deposits. This is coming in from the fed president Jeffrey lacquer, former he says, as a result, I don't see a dramatic change in credit conditions.
Bloomberg Radio New York
"mark vitner" Discussed on Bloomberg Radio New York
"Of the challenges facing the ECB? There may be a case for continuing to raise rates even if you get into a recessionary environment. Do you believe in the determination of these officials at the European Central Bank to look through this slow and growth picture? They are more sensitive to growth and to fearing to slow growth off completely than you'd have in the United States. I would say, but we're also dealing with a number of countries in Europe which have a historical sensitivity towards inflation. So I think where we were with the United States a few months ago where we expected more on the rate hike faster in order for them to revise down faster and which mister Powell apparently is not going to do. I would expect that our thinking on Europe for the market is in a similar position now for Europe. Raise packs a little bit more faster now in order to have an ability to do something if the situation becomes more tricky to manage. Earlier. Here, more conversations like this one on Bloomberg television, streaming live on Bloomberg dot com and on the Bloomberg mobile app. Or check your local cable listings. Markets, headlines, and breaking news, 24 hours a day. At Bloomberg dot com, the Bloomberg business app and at Bloomberg quick take. This is a Bloomberg business flash. And I'm carrying mosquito and we continue to watch shares of Twitter this morning there down almost two and a half percent in early trading. This is Elon Musk sent a letter to the social media company highlighting additional reasons to terminate a merger agreement, Tesla shares meanwhile, are rising this morning up more than 2%. Futures on the rise this morning as well, S&P futures have 35 points down futures up 224. NASDAQ futures have 146 and we check the markets every 15 minutes throughout the trading day on Bloomberg. Ten year treasury up ten 30 seconds yield 3.06% they yield on the two year 3.40%. Nymex crude oils down 1.6% on a dollar 55 at $95 46 cents a barrel. Comic school got a quarter percent or $4 30 cents a 1745 40 ounce. The Euro is at 1.0042 against a dollar British pound 1.1728, and the yen one 38.31 and Bitcoin is up 1.3% at $20,450. That's a Bloomberg business flush. Now here's Michael Barr with more on what's going on around the world. Michael. Karen, thank you very much, Ukrainian forces launched ground assaults in the curse on region of southern Ukraine. It comes as inspectors head to the nuclear plant in the northeast from the latest offensive. President Joe Biden plans to deliver a prime time speech Thursday in Philadelphia. The sailing Republicans for what he regards as their threats to U.S. rights and freedom. Retirement will have to wait at the U.S. open Serena Williams advanced after her first round win last night over danka COVID in baseball, the Yankees lost to the angels four three, but Aaron judge hit his 50th home run of the season, judge became one of ten players major league history with multiple 50 Homer seasons. The Red Sox and giants lost. Global news, 24 hours a day, on air, and on Bloomberg quick tank, powered by more than 2700 journalists, analysts, more than a 120 countries. Michael Barr, this is Bloomberg Nathan. Thanks, Michael. It is 6 19 on Wall Street live from the Bloomberg interactive broker studios. This is Bloomberg daybreak. We're pleased to be joined this morning by Mark vitner senior economist at Wells Fargo as we continue to kind of assess the market reaction to fed chair Jay Powell's hawkish tone at the end of last week at the Jackson hole economic symposium. Mark good morning, do you think the market has fully priced in what fed chair pal had to say about higher for longer interest rates? Well, I think we're getting there. We probably still have a little ways to go. I think folks are underestimating how much more the fed is going to have to do to bring inflation down. They don't have to do it all at once. And I think that everybody's got hung up on whether they're going to be a 50 or 75 in September. And the real question is, do they go to 4% or are they going to have to go higher than 4%? And how long are they going to have to hold interest rates that high? And I think the message from Jackson always we're not quite sure ourselves. But it's probably going to be for a little bit higher than four. And don't count on break cuts next year. And so rates are going to be a little higher for a little longer. And I don't think that's fully priced yet. Why do you think the fed has to see to get to a point where it can say that we can at least start slowing down the pace of rate hikes? Well, I think they have to have a better idea that the economy's momentum has slowed in the way that aggregate demand is going to cool off inflation. And I think we're making progress on that. And a lot of people are probably scratching their heads and say, wait a minute, we had two declines in GDP in the first quarter and second quarter. Isn't that enough? And those declines are a little illusory. I think that we're going to see later in September and September 29th. We get to benchmark revisions. The GDP growth was actually positive in the first two quarters of the year. So that we are losing momentum, but we're coming from a bit more strength than people have counted for Canada. The employment numbers have been real strong. We still see a lot of pressure on wages. So we probably need to see a definitive rollover in wages. Before the set is going to feel that they can at the end and their rate hikes is within sight. And then we need to see some improvement on the supply side, which the fed has less control over. In terms of supply chain bottlenecks and sitting aggregate production pick up in the U.S. and that that's going to be longer. That imbalance seems like it's going to carry well over into 2023. Fed chair pal did put a lot of emphasis on the tightness of the labor market and his speech on Friday. Do you think we're going to start to see some signs of that rollover in wage price pressure in the print that we get on Friday? We're not looking for it there. Although I do think that we're topping out for looking for about a half a percentage point increase in average earlier earnings and we should be up about 5.3% year to year. It's probably too soon, although we are seeing some improvement. Anybody who's taken Uber or Lyft will see that there has been a notable increase in drivers coming back. And so I think that's one of those real life things that I think has some carry over into the broader economy. I do think people are coming back in the workforce. It may be though that they're coming back because they're getting squeezed by higher food dinner two prices and they need a little bit more income.
Bloomberg Radio New York
"mark vitner" Discussed on Bloomberg Radio New York
"Were no casualties Ukraine told the International Atomic Energy Agency the incident had not affected essential equipment And there had been no change reported in radiation levels The winter paralympics are set to open in Beijing with the Russian athlete sent home Meanwhile with the Ukrainian team escaping a war zone the head of the delegation says it is a miracle they got to China In the NBA the nets and warriors lost the Celtics won in the NHL the islanders lost the bruins and capitals one Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than a 120 countries unlike le bar this is Bloomberg Nathan Okay Michael thanks It's 5 49 on Wall Street live from the Bloomberg interactive broker studios This is Bloomberg daybreak and Wells Fargo senior economist Mark vitner joins us now on a jobs Friday that really feels overshadowed by the war in Ukraine Mark it's good to speak with you this morning although it feels weird to be talking about expectations for what we're going to get from the Labor Department when there's so much turmoil overseas But what are you looking for Well we've trimmed our forecast back a little bit after we get that below that really weak ISM services number yesterday So we're looking for a game of 375,000 jobs And we're looking for a drop in the unemployment rate from 4% to 3.9% And a fairly decent increase in average hourly earnings but it's probably going to come in a little shy of expectations because larger proportion of the jobs that we're going to add are going to be in lower paying industries like leisure and hospitality So it doesn't sound like you're thinking the wages are going to keep up with the inflation rate when we get the CPI later next week No no no that's the other big issue of this year It's been the surge of inflation And not just the surge but it's breadth where it's not just one or two items It's 90% of everything in the CPI And what I think is going to the final surprise is the persistence I think that's going to take quite some time for us to bring inflation back down Do you think that we're close to maximum employment I know Federal Reserve chairman Jerome Powell was asked that during his congressional testimony He seems to think that we could be pretty close We're pretty tight in the labor market We're fairly close but there's a large segment that hasn't come back yet And that's folks who working downtown areas And we're likely to see that over the next three or four months as people return to the office and all that office adjacent employment at restaurants and bars and small businesses that depend on office workers as there is a primary customers We're going to see that come back And we'll also see business travel come back I think once those industries return we're going to see more people come back into the labor market as well Why do you think it's been keeping people on the sidelines at this point Well a lot of the folks that have been directed to commit in the workforce are women and they have children at home and schools haven't been back in session on a consistent basis across the country There's also been fears of contracting COVID and so on many folks have been reluctant to put their children in the day care where they be around other kids and might bring the virus back home So I think that the fears of COVID have subsided for now and hopefully for a very long time And I think that we're going to see that the folks are going to feel a little bit more confident about re-engaging the economy And so I think that's been the biggest word blocked So for the economy getting back to where it was previously Do you think this read on the labor market is going to matter for the Federal Reserve when there's so much focus now on the war in Ukraine and the uncertainty surrounding that It will certainly matter when they dig through the details I mean it's another piece of the puzzle they seem pretty clear that they're on a course right now to begin to remove policy accommodation That was the wording that they used yesterday that Paul used yesterday And I think that's very significant that we're going to remove policy accommodation So there are probably going to raise rates four or 5 times And I know a lot of folks have been saying oh they got to reach 7 times I think the war in Ukraine takes that off the table And I wouldn't be surprised if they raised rates three or four times It really depends on how long oil prices stay up around a 110 million or a $120 a barrel Because that's going to depress demand in the U.S. and around the world And it's going to do a lot of the work that rising interest rates would have done Just about 30 seconds left here Mark do you see a recession risk for the U.S. given all the geopolitical turmoil I still see that risk is being fairly slight When you look at the economy household balance sheets are just incredibly strong corporate balance sheets are very strong State and local government balance sheets are very strong And the only balance sheet that's not as strong as the federal government But in some ways having limited resources So I don't think that a recession is in the cards this year and probably not next year The other thing is that inventories throughout the economy are so low right now That production needs to run ahead of consumption And we need to rebuild inventory So I think that we've got a little bit of the wind that are back even with all the uncertainty around the world Fingers crossed that holds up Thanks Mark Good having you on with this mark vintner senior economist at Wells Fargo Karen All right Nathan It is 5 54.
Bloomberg Radio New York
"mark vitner" Discussed on Bloomberg Radio New York
"A band I got it Learn about adopting a team from foster care You can't imagine the reward Visit adopt U.S. kids dot org to find out more This message is brought to you by adopt U.S. kids the U.S. Department of Health and Human Services and the ad council And JIT New Jersey institute of technology makes innovation happen The university helped biomedical engineering professor Tara Alvarez launch a startup that may revolutionize vision therapy Our startup through NGT is called ocular motor technology We create virtual reality vision therapy in a head mounted display So it's gaming and basically sugarcoating the therapy so that children and young adolescents don't even realize they're doing therapy To accomplish this we need biomedical engineers which are here in on GIT campus a computer scientist artists people that are into story development and then we are collaborating with a lot of the large pediatric medical centers This idea of a startup culture is extremely important to not just nj IT and the national science foundation but also to the U.S. as a societal whole And JIT New Jersey institute of technology Learn more at NJ IT dot EDU Essential business news from across the globe on Bloomberg daybreak This is Cameron Moscow And I'm Nathan Hager join us today at 5 a.m. on Bloomberg daybreak We'll have the latest on the Russian Ukraine war and its effect on the market with Andy blanker of invesco The February jobs with Mark vitner senior economist at Wells Fargo Bloomberg daybreak weekday mornings at 5 followed by Bloomberg surveillance at 7 On Bloomberg 11 three O the Bloomberg business app and Bloomberg radio dot com It's hard to keep up with breaking global business news that was a mixed day here in the states Volatility is sky high But at Bloomberg our season reporters and anchors make it look easy European stocks hit a fresh record bearers have basically been rendered obsolete The right height dance is playing get on a belly of the curve Are you worried about a wage.
Bloomberg Radio New York
"mark vitner" Discussed on Bloomberg Radio New York
"Two hours and ten minutes away from the release of the November payrolls report for jobs Friday We're very pleased to be joined this morning by Mark vitner senior economist at Wells Fargo Mark let's check our Bloomberg screens together shall we And take a look at the survey of Bloomberg economists 550,000 new jobs expected the unemployment rate dipping to four and a half percent although there's a pretty wide range in between Where do you sit on the spectrum Well we're above the consensus We are looking for a gain of 600,000 jobs and I think there's a good chance we could see some upper revisions to the prior data as well There's been a lot of difficulty with the seasonal adjustment process because there have been some real wide swings particularly in education and the leisure in trade sectors So do you think then that we're close to full employment Well we're close to full employment but we've got a we're still missing a lot of people from the labor force is about 3 million We're about 3 million people short in terms of the prime working age labor force of 25 to 54 age cohort And so if those folks would come back into the workforce the unemployment rate wouldn't be quite as low But we're getting close to we're getting close to what we would be technically thought of as for employment Just about every voice we're hearing of seemingly in the Federal Reserve is sounding like we're going to be seeing a faster taper Is this November report going to be the one that seals the deal on an acceleration of pulling back on asset purchases I think there's a very good chance of that The fed has told us fairly clearly that they're going to talk about that at the December meeting and this is the last really big piece of economic data that they're likely to see There are some questions about how this number is going to come out as a wide range in the forecast One of the things that could really throw a wrench into this is that retailers would like to hire people for the holiday season They've been trying to hire people for months And if they don't hire as many people as they usually do on a seasoning adjusted basis that could cause the number to come up short You would think the fed would look past something like that I mean it's pretty obvious It's a problem that comes up even in years where we're not dealing with the COVID distortions But my sense And they can always make further adjustments because they're not going to take you down to zero and in any one month anyway So they'll have some time to see how the autocomp variant impacts things Interesting that you bring up the difficulties retailers are continuing to face and bringing workers and that's been a big part of the wage inflation we've seen as we try to recover in the labor market After the news that we got just this week that Exxon is going to be raising pay below the inflation rate What do you think we're going to see when it comes to wage inflation coming out of this report I think we're going to see a pretty big increase in wages At least half of percentage point And wages are going to be rising and they're going to be Verizon in the areas of the economy that are growing that are growing faster than the overall accounting that's where you're going to see the largest increases And also the parts of the economy that have a lot of high contact with their in consumers So retailers and restaurants and some of the personal services they're all having to ramp up pay and certainly in the logistics sector where you're really short of workers But the energy sector is consolidating So it wouldn't surprise me that wages would grow a little bit less rapidly there Lots to watch as we await the payrolls report to added 8 30 a.m. Wall Street time It's just about two hours and 5 minutes from now Mark vitner senior economist at Wells Fargo thanks as always for being with us on jobs Friday Again Mark vintners call 600,000 new jobs added that is above the consensus forecast of 550,000 in a survey of economists by Bloomberg Looking ahead to the market open futures are moving lower with S&P futures down 12 points down futures down 84 NASDAQ futures down 44 points the ten year treasury is up 5 30 seconds the yield 1.42% You're listening to Bloomberg daybreak This is a care as the power to bring kindness where it's needed It brings out the best in every one of us It doesn't just see people It takes time to understand them It puts the needs of others ahead of its own And when you start with care you end up with a very different kind of.
Bloomberg Radio New York
"mark vitner" Discussed on Bloomberg Radio New York
"One rather than solving it in isolation And JIT New Jersey institute of technology Learn more and JIT dot EDU Burden LLP accountants and advisers presents tax chat with Lisa Goldman partner and leader of burdens international tax and advisory practice If you're a high net worth individual with international investments or business owner with operations overseas it is essential to have a tax adviser who knows how to protect your assets on a global scale Owning and investing in foreign corporations comes from certain tax responsibilities Burden accountants and advisers works with clients to ensure that they understand the intricacies of the global market maximize the tax opportunities available and reduce the challenges presented by international tax laws If you're a high net worth individual or a business owner let burden help protect you your family and your business For more tax chat from Burton accountants and advisers visit burden LLP dot com That's ber DON LLP dot com Burden accountants and advisers We listen we solve We do The business news New York wakes up too on Bloomberg daybreak This is Karen Moscow Nathan Hager join us today at 5 a.m. on Bloomberg daybreak It's jobs day and we preview the November jobs report with Mark vitner of Wells Fargo Plus what a rising omicron variant means for the pandemic will speak with Andy pecko at Johns Hopkins Bloomberg daybreak On Bloomberg the 11 trio the Bloomberg business app and Bloomberg radio dot com Are you interested in a challenging and exciting career One way you can be part of solving complex challenges across industries and geographies Bloomberg's ever expanding technology data and news and media services foster innovation empower clients and over nearly limitless opportunities for career growth Visit Bloomberg dot com slash careers today to view our current job opportunities Bloomberg LP is an equal opportunity employer The address once again is Bloomberg dot com slash careers The Alzheimer's association and the ad council present the story of Tom and Levi Tom is the smartest man I know He's been a professor at two major universities He's been a teacher for over 40 years One day he told me that he was having problems in his classes I think one of the students that asked the question and he didn't remember the answer I also noticed that he was letting his class out earlier than they were supposed to let out And he was telling them that he's doing it as a favor to them but I think in reality he just wanted to get out of there I was really starting to worry because I saw something that's wrong Levi an I talked about outward change in our lives but he was there beside me at my love for him was just immense When something feels different.
Bloomberg Radio New York
"mark vitner" Discussed on Bloomberg Radio New York
"Past And JIT is very innovative and very entrepreneurial And JIT New Jersey institute of technology Learn more at ngt EDU The business news New York wakes up too on Bloomberg daybreak This is Cameron Moscow And I'm Nathan Hager Join us today at 5 a.m. on Bloomberg day break It's jobs day and we preview the November jobs report with Mark vitner of Wells Fargo Plus what a rising omicron variant means for the pandemic will speak with Andy pecos at Johns Hopkins Bloomberg daybreak weekday mornings at 5 on Bloomberg The 11 three O the Bloomberg business app and Bloomberg radio dot com Introducing Bloomberg quick take our global stories take on tomorrow today Watch live news on the events changing your business and your world and go deeper with original shows on business technology politics and culture Don't settle for a news network built for yesterday For a global view and an informed take Bloomberg quick take Now streaming free on Bloomberg dot com slash quicktake Brought to you by Accenture American Express and AT&T business Wake up and text text and eat Text didn't catch the bus Text and miss your stop Text and be late to work Sorry Text and work Text and pretend to work Text and X surprised when someone calls you out for not working Who me Text and meet up with a friend you haven't seen and forever Hi Oh hey Text and complain that they're on their phone the whole time Text and listen to them complain that you're on your phone the whole time Text and whatever But when you get behind the wheel give your phone to a passenger put it in the glove box Just don't text and drive Visit stop texts stop Rex dot org a public service announcement brought to you by the national highway traffic safety administration and the ad council Markets headlines and breaking news 24 hours a day at flu burn dot com the Bluebird business app did Burke quick take This is a Bloomberg business flash Good.
Bloomberg Radio New York
"mark vitner" Discussed on Bloomberg Radio New York
"In real time sharing ideas negotiating trades and forming an influential network of over 325,000 financial professionals that helps power global markets isn't a time you join them request a demo at Bloomberg dot com slash professional This is a Bloomberg money minute more shoppers are paying for holiday gifts using buy now pay later financing It's a new twist on layaway you pay 25% for something up front either in store or online take it home right away You just agree to pay the full prices in fixed installments interest free It's the rate tailored to pay not the consumers It's totally interest rate for the consumers We let them break that purchase up into four installments That's David Sykes head of North America Sweden based lorna one of the world's fastest growing payments in shopping platforms the way or even rivals like after pay or a firm make money is through commissions they get from stores Also late fees when payments aren't on time On Thanksgiving Day purchases on carnage shot up 124% from a year ago it's adding a million clients a month and forecasts big growth ahead I think you'll see us continue to grow very very quickly Tom busby Bloomberg radio How do you describe a business adviser relationship so unique that it inspires innovation for your growth and success You don't You experience it at rhythm we think client centrically with you as a sole focus of our attention as a forward thinking technology driven advisory tax and accounting firm we deliver innovative solutions and deep industry expertise experience the weather way innovative adaptive effective trusted with them Missing with them dot com to learn more The business news New York wakes up too on Bloomberg daybreak This is Cameron Moscow And I'm Nathan Hager Join us today at 5 a.m. on Bloomberg day break It's jobs day and we preview the November jobs report with Mark vitner of Wells Fargo Plus what a rising omicron variant means for the pandemic will speak with Andy pecos at Johns Hopkins Bloomberg daybreak On Bloomberg the 11 three O the Bloomberg business app and Bloomberg radio dot com Influential conversations from Bloomberg television Here's Danny.
News Radio 1190 KEX
"mark vitner" Discussed on News Radio 1190 KEX
"Calling and asking if we were hiring. I have not had that at all. Too much government help, maybe a common perception or a convenient political talking point. But Wells Fargo senior economist Mark Vitner said There are other things keeping workers from rejoining the labor force. Part of that maybe the extension of unemployment benefits. I need a bigger part is in the April employment period, which goes for mid March, mid April. A lot of folks were probably more concerned about getting their covert shots and schools had not fully reopened, so child care may have kept some workers home. Right now there are more openings than there are unemployed People figure said Every construction firm is hiring in the country is more than a million truck drivers short. Aaron Carter SKI ABC NEWS NEW YORK Shortly after the job's report came out, president Biden said he wanted to provide perspective as a B C's. Karen Travers tells us with a weaker than expected April jobs. Report, President Biden defended his administration's pushed Put money into the economy with $1.9 trillion covert 19 relief package He signed into law in March when we passed the American rescue plan, I want to remind you, but he was designed to help us over the course of a year. Not 60 days. The president said his administration's efforts are starting to make an impact on the economy, but insisted no one should underestimate the challenge of getting the nation back on track, saying there's still a lot of digging to get out of a quote very deep hole. Karen Travers, ABC News Washington president was backed up by Treasury Secretary Janet Yellen, who said the U. S is actually seeing an increase in job searches. But the lower than expected jobs number put the Biden administration on defense. As the president tries to pressure Republicans to back his multi trillion dollar infrastructure plan. On Thursday, the president visited Louisiana to rally support among voters in the Ruby Red State. ABC. Sandy Field has Maurine the president's trip, the president standing near a badly worn Lake Charles Louisiana Bridge, saying he doesn't understand Republicans resistance to his infrastructure plan. I've never seen a Republican or Democrat Road. I just, she wrote President Biden, saying he's willing to compromise but insists the nation must include farm or than roads and bridges to make sure the country stays connected. Andy Field, ABC News Washington Republicans say they're willing to work with the president if he's willing to scale back his plan. They say it's too expensive and includes lots of items that are not traditionally considered infrastructure. It was, Senator John Barrasso said on ABC this week. This is staggering amount of spending like someone with a new credit card, and these are for things that we don't necessarily need. We certainly can't afford, but they're going to delight. The liberal left of the party senator Veracity also pushed back on the plan to pay for the package with increased taxes on wealthy individuals and large corporations. Anybody that says this is going to be on just The 1% or big corporations. I mean, that's just phony math. Of course, key to getting the economy back on track is getting the Corona virus pandemic under control. This week, we saw some vaccination sites scale back appointments not due to a lack of supply, but due to a lack of demand, Health experts say. One of the biggest challenges is convincing young, healthy people to get their shots. Vaccine is mandatory beginning in the fall at many universities, but officials want students to get vaccinated now, so they're starting to offer incentives. Xabi sees Alex Stone tells us in the L. A county town of Lancaster mayor our racks Paris is offering teens who get fully vaccinated the chance of winning scholarships, the young people vaccinated to give them an incentive to doing but also to counter act. The vaccine resistance We seem to be running in it comes his health officials here in L. A reporting is steep. Klein and vaccinations. Lancaster will offer 15,000 and $1000 scholarships. When the team gets vaccinated, they'll be entered to win. Alex Stone. ABC News LOS Angeles. Meanwhile, some states air drawing closer to herd immunity. That's the percentage of the population, health experts say is needed to fully reopen the economy. New York and New Jersey. You're hoping to hit that number by mid summer, and scientists say California could be there in just over a month. Here's a B C's Kaylee Hartung in Los Angeles visor announcing they're starting the submission process for full approval for their covert 19 vaccine in the U. S. This is California counts down to mid June. This timeline in line with the state's plan to fully reopen on June 15th. After a promising turn around doctor to raise Hammond runs the ICU at Providence, ST John's in Santa Monica. When we spoke to her in December, hospitals across Southern California were overwhelmed right now, my ICU looks like an absolute war.
WLS-AM 890
"mark vitner" Discussed on WLS-AM 890
"Up chili eyes only in the low fifties. Only 47 at O'Hare 46 Midway 46 on the lakefront from the Weather Channel Meteorologist Race Tragic WLS AM a 90. Another update in 30 minutes Hiring in April a glacial pace. Here's a BCS Aaron Carter ski. The U. S economy generated 266,000 jobs last month, well below expectations, Wells Fargo senior economist Mark Vitner said. The job's air there is no question that there's an abundance of job openings and Lynda Mann for labor is clearly there. So there's really a question of What's holding back folks from from re engaging in the labor market. He spoke of a combination of things, offices or just reopening, so it's hard to set up interviews. There are generous unemployment benefits, and last month people may have spent more time searching for a covert shop in a job. Aaron Carter SKI ABC NEWS New YORK Little Governor J. B. Pritzker ready to move the state into the bridge phase of reopening on Friday, may 14 concerning upward movement of cases and hospitalizations that we were seeing a few weeks ago. Have stabilized. The governor is eyeing a full re opening in June. Pritzker says the light of the end of the tunnel is getting brighter. Chicago Mayor Lori Lightfoot says the city will follow suit and hit the bridge phase a week from now as well. I DPH reported 1778 new covert 19 cases. Taking a quick look at W L. A Sports Blackhawks Alex to bring it beat Peter Marazzina Tuo Tuo of overtime. The Blackhawks rally past the NHL leading Carolina Hurricanes to one the final Bring it with a beautiful wrist shot from the high slot. He has 29 goals on the season. He leads all Blackhawks gold scores. Nikola Vukovich 29 points. 14 rebounds The Bulls beat the Hornets won 22 99 White Sox begin a three game weekend Syriza Kansas City Tonight. The Cubs host the Pirates. WLS News time. Nine. Oh, four. Taking.
KTAR 92.3FM
"mark vitner" Discussed on KTAR 92.3FM
"The appointments will be at the new state run vaccination cited Phoenix Me. Municipal stadium, February 5th through the 18th appointments of both state run sites in the Valley were fully booked before these new appointments. Deborah Dale, Katya our news to our eyes on the economy, 3/5 of all jobs that haven't come back from the pandemic are high contact, like in bars, theaters salons. Wells Fargo Senior economist Mark Vitner expects them back by the start of next year. We don't know we just don't know Ella vaccinations are gonna play out very hopeful and very encouraged by what we're seeing, but hopefully we won't see a setback and some sort of mutation of the virus vendor says Covets banks and one part of the country will hurt the whole country's economy. And people will keep moving to Phoenix. So for better paying jobs and cheaper homes, pandemic or not, as we continue to explore the impact of cancer on both firefighters and the Valley cities they work for Tempe is now working to catch the disease. Early. Firefighters in Tempe are now getting free cancer screenings at Vince, your Cancer center in Scottsdale. This after the city match to grant securing a one year program. Just enough resource is to have all of our firefighters from fire chief all the way down to the brand new firefighter have cancer screening. In Tempe Deputy chief Mark Maynor says the recent loss of one of their own pushes others to go get checked. We lost firefighter Tommy are al got about a year ago. And you know it's so tragic when a young late thirties felt an occupational cancer and you lose him. Ventnor Katya, our new Katya our news time 707. And now here's Detour.
KTAR 92.3FM
"mark vitner" Discussed on KTAR 92.3FM
"Still in the early stages of getting everyone vaccinated America. The county says some of the doses had to be thrown out for safety reasons. Katya hours, Jim crosses live in Phoenix with the story. Jamie not uncommon. Some doses of vaccine for anything have to be tossed out bent needles vials that don't have readable labels or expiration dates. Among the safety issues. Gore in America to County health and overwhelming 997 out of every 1000 doses are going in the arms. And in their five points of distribution or pods on Lee 553 doses out of more than 153,000 administered, had to be discarded between December 17th and January 20th. 0.3% by perspective, the standard acceptable wasted for all vaccines, usually about 5% live in Phoenix. Jim Cross Katie Arnie's Have Your first vaccine does. But wondering about your second to the answer could be coming with a phone call. We're reaching out to people who may have been registered under the same email. We have given all of that information to a call center. So please answer if you see that they're calling and have left a message. Because they will be able to schedule you for your second disappointment. Our state health director, Dr Carrick, Chris had state run science or now scheduling second dose appointments Right after you get your first shot. Arizona is opening up some more vaccine appointments. The Arizona Department of Health Services is opening up registration for 21,000 more vaccine appointments, They'll be on the A Z DHS website beginning at nine this morning. The appointments will be for those in the one A and one B priority groups and will be given at Phoenix Municipal Stadium later this month to find out You're eligible and how to register. Go to Katie are calm. Deborah Dale Katya are new to our eyes on the economy, Barring any more pandemic Spikes economist hope all of those extra risky jobs that were lost could return by year's end. 60% of UN recovered jobs are high contact, like in bars, theaters and salons. They're not going to see a recovery until people feel it's safe to move about in debt to reengage in the economy, Wells Fargo senior economist Mark Vitner says pandemic or not, people will keep finding better paying jobs in tech, aerospace and defense here that will also have further this move away from those expensive, densely populated cities in favoring places like Phoenix, Vitner says. Another covet 19 spike anywhere in the country will hurt all of the country, Peter same or Katie. Our news as we continue to explore the impact of cancer on Valley firefighters in the cities they work in. Those in Tempe can now get.
KTAR 92.3FM
"mark vitner" Discussed on KTAR 92.3FM
"The appointments will be at the new state run vaccination cited Phoenix Municipal Stadium, February 5th through the 18th appointments at both state run sites in the Valley were fully booked before these new appointments. Deborah Dale, Katya, our news to our eyes on the economy. 3/5 of all jobs that haven't come back from the pandemic are high contact, like in bars, theaters salons. Wells Fargo Senior economist Mark Vitner expects them back by the start of next year. But we don't look we just don't know Allah vaccinations are gonna play out very hopeful and very encouraged by what we're seeing. But hopefully we won't see a setback in some sort of mutation of the virus to Bittner says covet spikes and one part of the country will hurt the whole country's economy. And people will keep moving to Phoenix for better paying jobs and cheaper homes, Pandemic or not well as we continue to explore the impact of cancer on both firefighters and the Valley cities they work for Tempe is now working to catch the disease. Early. Firefighters in Tempe are now getting free cancer screenings at Vince, your cancer center in Scottsdale. This after the city match to grant securing a one year program Enough resource is to have all of our firefighters from fire chief all the way down to the brand. New firefighter have cancer screening, Tempe Deputy Chief Mark Maynor says the recent loss of one of their own pushes others to go get checked. We lost firefighter Tommy are AL got about a year ago, and you know it's so tragic when Young, late thirties Phelps an occupational cancer and you lose him. Ventnor, Katya. Our news. Wildfires burned nearly a million acres in Arizona last year. State lawmakers have introduced legislation that aligns with governor do seize nearly $24 Million Arizona Healthy Forest Initiative. It expands opportunities for low risk inmates in our state prison. Tiffany develop with Arizona four story says over two year period more than 700 inmates would help remove vegetation.
Bloomberg Radio New York
"mark vitner" Discussed on Bloomberg Radio New York
"Researchers confirm the grim milestone today. Ivory in shock. And I'm Charlie Politics at Bloomberg World Headquarters. Another day of declines on Wall Street, The Dow, the S and P Inez Stack all lower losing week for stocks. Walter Todd is chief investment officer at Greenwood Capital. If you think about the market has been relentlessly higher for the past two plus months, and so I think is painful is, you know nobody likes a pull back, but it is probably a healthy and needed thing at this point. Investors, meanwhile, are parsing details of President elect Joe Biden's plan to vaccinate a merry Guns and boost the economy. Mark Vitner is senior economist at Wells Fargo Securities. We needed a large plant. We needed sweet. It's something that was going to be large because we know that with the resurgence of the virus, we're seeing that the economic engagement is pulling back. And that the start of this year is likely to be pretty slow. But what might the plan mean for inflation? And Mileti is head of active equity at Wells Fargo Asset Management? I think in the short run, there's probably lower probability of inflation, really hurting the markets in 2021, But you're gonna start to see signs likely of that. So, um, in the near term, it's a positive. We need the economy to start going. But too much of a good thing can create a lot of pain. Apple has begun early work on an iPhone with a foldable screen, a potential rival to similar devices from Samsung and others, though it's only planning minor changes for this year's iPhone line. Change to the S and P 500 index trembles set to replace Concho Resources. Canada's Kush star is said to have abandoned takeover talks for the French retailer Con four. It was a down week with the S and P falling 1.5% Today, the S and P dropped 27 down 7/10 of 1%, the Dow lower by 6/10 of 1%. That stock fell by 9/10 of 1% Global News 24 hours a day on air and on Bloomberg Quick, take power by more than 2700 journalists and analysts and more than 120 countries. I'm Charlie Pellet this, his Bloomberg I'm very results. You're listening to master's in business on Bloomberg Radio. My extra special guest this week is Adam Car. He is the head of orbits US and portfolio manager. Orbits Investments, which manages over $32 billion in assets. The farm's flagship global equity strategy has outperformed its benchmark since inception way back in 1990. So you describe yourself as a contrarian value investment manager. 2020 was certainly a out liar of the year in so many ways. How do you describe where we are in the market cycle? What do you think is going on in that battle between value and growth? Some. I'm reminded of the Jesse Livermore quote in reminiscing to the stock operator where one of his customers ask. You know what should I do? And he looks at him. He's like, Well, you know, it's a bull market. And I feel like, you know, kind of like the music's playing for sure. Um, each, uh, it's it's been quite robust, surprisingly, so. I mean, I Um, I think also of the Templeton line where you know bull market Starting pessimism. Go to skepticism, mature in optimism and Diane euphoria. I wouldn't say that we're euphoria. Right now, but we're approaching. Um And there were definitely some speculative signs. Um, I think if you look at what's happening in this pack market, he look at the I P o market. Because the cover story and Baron a couple weeks ago on the appeal frenzy. If you look at the level of retail engagement margin that levels the Robin Hood tribe Um, I mentioned earlier. The number of stocks that are trading in the SNP above. 10 times the revenue. Men look at some of the company's recently snowflake and Zoom and Pellicano. There's definitely some speculative elements. Today that I C relative to my time, even investor. All that being said. I think you know now is a incredibly exciting time to be a fundamental active investor. Um You know, we'd is an active investor. You you live for dispersion. Um, and the dispersion in the market is She's pretty wide. By all accounts. I hate getting drawn into the value versus growth because I think it over simplifies the lot, but kind of anyway. You go at it, Um You know the gap between kind of one side of the market that you grow the secular growth winners. The defense of growth means the story stocks like Tesla. On and then everything else on the other side, any any company that got some perceived degree uncertainty or cyclicality? There hasn't been a real bitter out Appetite four until Recently. And if you look at the gap between those two sides of the market, you know it is it is. Why does it's been some time? Um, perhaps ever and, um, you know, that creates interesting opportunities. It's not a calling evaluations are Horrible timing mechanisms. But they are very telling with regard to future returns, and I think the side of the market the winners that have really been bit up. I think the expectations in those stocks are Are pretty full. Um and I think there's an opportunity for them to disappoint. And when they turn if you look back historically. When it turns it tends to be reasonably sharp and I mentioned, you know, going back. The 30 year tracker could've orbit Japan in the nineties. Um, early two Thousands on Tao is another of those times. Um, the opportunity to lean in on the other side looks It's pretty compelling now. It's difficult to do because you you're under performing in here lagging and What do you want to tell you that you've missed the boat, and then you're crazy and the world changed, But that's exactly why those opportunities exist. Um, over time. Um And I think you're starting to see. You know, there's some interesting signs recently. Um, you know if you look at staying on relative to the S and P, um it's not rolled over, but it started to To plateau. It's not leading. You know our founder, you start we say, look at the lead steers the market bulls. The bulls are losing steam. Um they're not demonstrating the leadership they have in the past. Look at the Russell 2000 of water based index, Relativity s and P, um you're seeing the same thing on the road to basis, So there's interesting signs recently. All that's difficult to forecast that we're going to roll over. Right. You know these things don't go forever. I'm of the belief that there are cycles to markets. All the things that you're seeing now like value is dead. These air the characteristic on elements that you see with these late stages in the cycle coming up. We continue our conversation with Adam, Car head of Orvis, US discussing the future of investing. I'm.
Bloomberg Radio New York
"mark vitner" Discussed on Bloomberg Radio New York
"Gretchen Wittner have their national Guard troops ready to be deployed. I'm Brian should And I'm Charlie Politics at Bloomberg World Headquarters. Another day of declines on Wall Street, The Dow, the S and P Inez Stack all lower losing week for stocks. Walter Todd is chief investment officer at Greenwood Capital. If you think about the market has been relentlessly higher for the past two plus months, and so I think is painful is, you know nobody likes a pull back, but it is probably a healthy and needed thing at this point. Investors, meanwhile, are parsing details of President elect Joe Biden's plan to vaccinate a merry Kans and boost the economy. Mark Vitner is senior economist at Wells Fargo Securities. We need to the large plan we needed sweet. It's something that was going to be large because we know that with the resurgence of the virus, we're seeing that the economic engagement is pulling back. And that the start of this year is likely to be pretty slow. But what might the plan mean for inflation? And Mileti is head of active equity at Wells Fargo Asset Management? I think in the short run, there's probably lower probability of inflation, really hurting the markets in 2021, But you're gonna start to see signs likely of that. So, um, in the near term, it's a positive. We need the economy to start going. But too much of a good thing can create a lot of pain. Apple has begun early work on an iPhone with a foldable screen, a potential rival to similar devices from Samsung and others. So it's only planning. Minor changes for this year's iPhone line. Change to the S and P. 500 index tremble central place Concho Resources. Canada's costar is said to have abandoned takeover talks for the French retailer Car four. It was a down week with the S and P falling 1.5% Today, the S and P dropped 27 down 7/10 of 1%. The Dow lower by 6/10 of 1% NASDAQ fell by 9/10 of 1%. Global news 24 hours a day on air and on Bloomberg Quick take power by more than 2700 journalists and analysts and more than 120 countries. I'm Charlie Pellet. This is Bloomberg. This'll is.
Bloomberg Radio New York
"mark vitner" Discussed on Bloomberg Radio New York
"Lot to catch up on, including when the Senate trial may stars. Let's get to Nathan Hager. Yeah, well, not just that, but we're waiting to hear from President elect Joe Biden once again this afternoon. He's gonna have more to say about his plans to speed up the vaccine roll out a $20 billion plan that he announced last night is part of a broader $1.9 trillion coronavirus relief proposal. If we invest now, boldly smartly with unwavering focus on American workers and families. We will strengthen our economy. Reduce inequity and put our nation's long term finances on the most sustainable course. Wells Fargo senior economist Mark Vitner tells Bloomberg. The economy needs the fiscal support the $1400 additional checks. Really meaningful and likely the boost growth above what we were who we were expecting, if it was to come long were also any more details about last week's Capitol Hill. Riot federal prosecutors say the mob plan to capture and assassinate elected officials and at the Arizona man seen in an animal headdress left a note for vice President Mike Pence, saying quote it's only a matter of time. Justice is coming. That man. Jacob Chancellor says the letter was not a threat, but prosecutors say it also referred to the vice president as a child trafficking trader. House Speaker Nancy Pelosi has tapped nine of her most trusted allies to make the case for President Trump's impeachment. One of them is California Democrat Ted Lieu. He tells Bloomberg. He was disappointed only 10, House Republicans voted to charge the president with inciting insurrection. In the house a number Republicans would have voted for impeachment, but they were afraid for their lives. And that is completely unacceptable. And by the way, if you're welcome member and that situation, you should either do the right thing where you should resign. Global news 24 hours a day on air and on Bloomberg quick take powered by more.
Bloomberg Radio New York
"mark vitner" Discussed on Bloomberg Radio New York
"Quick take powered by more than 2700 journalists and analysts and more than 120 countries. I'm Michel Bar and this is Bloomberg. Nathan Michael. Thank you. It is 5 19 on Wall Street now live from the Bloomberg Interactive Brokers. Studios. This is Bloomberg Daybreak. Good morning. I'm Nathan Hager. Let's dig even deeper into president elected Biden's economic rescue package. Mark Vitner joins us now. Senior economist at Wells Fargo. Ah, lot of provisions to dive into here, Mark what stands out to you, and is this plan the right one to target economic recovery. Well, we need to the large plant we needed. We needed something that was going to be large because we know that with the resurgence of the virus, we're seeing that that economic engagement is pulling back. And that the start of this year is likely to be pretty slow. You know, I don't know that. I don't know what the right mix is. I know that it has to be large and certainly the $1400 additional checks. Really meaningful and likely the boost growth above what we were. We were expecting if it was to come long. And the the expansion of unemployment benefits. You know that that one measure might actually cause the unemployment rate on the club that claims to rise a little bit more than they would otherwise. Because They're likely to entice a few more people back into into filing for the for those benefits. And it may take a little bit longer for folks to come back into the workforce. Um, although I really think that with covert 19 that those arguments don't carry as much weight as they usually but Course there. Other aspect of this plan, like boosting the minimum wage to $15 an hour that I think it's safe to say might have a little bit more. Political difficulty. Yeah, that's probably the biggest eye opener in there because it doesn't really have a direct link to covert 19 in N A. I don't know that when that we're not going to see a higher minimum wage at some time during the bite administration. And the president elect even cited the example of Florida voting to raise the minimum least $50 an hour. They didn't vote to raise it this year, though they're going to raise it in steps over I believe the next five years we'll get there in 2026. So I do think that even at the federal of efforts to raise the minimum wage would be staggered. On would take place over a number of years so it wouldn't take place this year. In terms of the top line number and even the size of stimulus checks of the extent of extension of unemployment benefits. Do you see these levels of spending holding up or is this going to have to be negotiated down? It'll probably be negotiated down. I mean, everything in politics is a negotiation, but but I do think it will be a very large program. In addition of this bite is going to push for for an infrastructure program to which No. I think every new president tries to push for one. They take a long time to get put together and they take a long time to get enacted. But we really do need more investment in infrastructure. I think the real question is going to be is how much stimulus is already in the pipeline. And what does this do to us A year out when we're trying to come out, come up with a step back from all of this increase government spending I think the concern and the reason why I think there's there's near uniform agreement that more stimulus is needed. Is that this resurgence of the viruses has proven to be worse than expected. We've got the mutations, which creates some unknown downside risk. And this stimulus this additional stimulus provide the economy some downside protection. What's likely to be a fairly weak period freaking on the growth. During the first few months of 2021. So in our last 30 seconds here, what kind of impact do you think A plan like this could have on economic growth? Would it cause you to adjust your targets for the recovery? Well, we've already got a pretty strong year penciled in this year without any additional stimulus. We had 4.6% GDP growth. I think that most forecasts are calling for pretty strong growth. The problem is, is that we have This real unknown at the start of the year, which is which is that cove It has gotten worse and people are pulling back from from economic activity. Is that the vaccine rollout has also been disappointing. It's been about a gone about half the pace that we write having, although it's been improving, and there are provisions.
Weekend Edition Sunday
US economy slows to 2.1% annual GDP growth in second quarter
"GDP growth slowed in the second quarter and Steve Beckner says the commerce department report is likely to keep the federal reserve on track to lower interest rates after its two day meeting this week the two point one percent growth pace was a full percentage points lower than in the first quarter that was still better than expected with strong consumer spending offsetting weaker business investment but fed chairman Jerome Powell has voiced concern about foreign economic and trade risks as well as below target inflation so analysts think the central bank will cut short term rates after raising them four times last year wells Fargo's mark vitner they want to cut rates because they're worried about how the weakness in the global economy could potentially impact the U. S. in the second half of the year and most fed watchers look for a quarter point cut for NPR news I'm