13 Burst results for "Mike Mickey"
Simply Bitcoin
"mike mickey" Discussed on Simply Bitcoin
"Yeah, definitely. And somebody said, I think in the comments is like Trojan horse the shit out of people. And yeah, it's like that's that's sort of the whole intent, right? Is, you know, you send a Normian article from Bitcoin magazine and it's kind of like, yeah, whatever. That's great. Like, I love Bitcoin magazine and they, you know, I started there. I have like they'll always share a special place in my heart. But at the same time, like sending an article about Bitcoin to to like a Normie that that's published at Forbes just sort of has a completely different impact. It adds sort of this this level of legitimacy to it that that the Normies sort of respect more. A hundred percent. Yeah, I couldn't agree more. Actually, we got we got another comment in here and I'd like to take your your your take from this, Mike. Mickey, this can be says the fact Forbes is allowing Bitcoiners space to write simply tells me that the insiders smell another grift is Forbes allowing you guys writing over there simply a grift or is it one of these things? I mean, you said your editor talked about cold cards and stuff. So like, is this one of these things where, like Bitcoin changes you, you don't change Bitcoin and just seeing where the future is headed? Or would you be pessimistic, like our friends in the chat saying it's a grift? No, I mean, I don't I don't understand how it's a grift. Right. I think it's just incentives playing out like as Bitcoin permeates sort of the collective consciousness of society, people are going to be more interested and want to learn about it. Right. And so if Forbes is getting feedback that, hey, they want more Bitcoin content, I think that's just sort of an illustration of of incentives playing out and people getting more interested. I don't really understand how Forbes could be grifting by writing, you know, allowing me to like write whatever the hell I want. Yeah, I agree. I agree. I agree with that statement. Anyways, guys, before we move on to the memes, I want to give a very special shout out to one of our sponsors, Bitcoin 2024, it's going to be the largest Bitcoin conference on planet Earth. They changed locations. It's not going to be in Miami this year. It's going to be in Nashville, Tennessee, July 25th through the 27th, 2024, the year of the halving. You want to get your tickets quickly before the prices go up for a G.A. It's three forty nine for an industry pass. I recommend getting that ticket if you're trying to get a job in the industry. It's eight forty nine. And for a whale pass, it's four thousand seven hundred forty nine. And on top of these already discounted tickets, you can use promo code simply to get 10 percent off your tickets to Bitcoin twenty twenty four. Anyways, guys, let's review some memes.
Bloomberg Radio New York
"mike mickey" Discussed on Bloomberg Radio New York
"Just keeping an eye on where uk natural gas prices are of course we're still talking about prices much much lower than they were heading into last winter as well but this idea that there is more gas storage coming a very interesting piece of that story so we're looking at natural gas futures down two percent this morning 85 pounds per megawatt hour is where that those are at the moment that is the uh london rush with arena and go over check on the markets for you next this is bloomberg daybreak europe i can tell you as prime minister the bank of england is doing the right thing the bank of england has my it is unlikely that in the near future the central bank will be able to state with full confidence that the peak rates have indeed been reached we don't get inflation back down to target then it goes on for much longer and the pain goes on for longer and none of us want that bloomberg daybreak europe on bloomberg and it's eight thirty in london good morning i'm stephen carroll and i'm valerie title this is bloomberg europe daybreak valerie great to have you with us on the program let's get a check on the markets for you we're half an hour into the equity trading session the stock six hundred up by four tenths of one percent the footsie 100 as i just said two tenths of one percent higher the current in paris is up by half of one percent the dachshund frankfurt is up by four tenths in terms of sectors moving across the stock six hundred this morning real estate the best performing sector up by one and a half percent we were just hearing from marina and geldar but some of the news coming out of uk home builders energy share is also doing well up by one percent today just one sector in the red that's technology down by one percent looking at wall street features smpe minis up by a tenth of one percent nosdaq features are two tens higher as we're seeing some fairly minor movements across the european bond space this morning of course we've had the uh news out france of on their latest cpi figures as well those are the markets and now on to our top stories uk standards come under fresh pressure in the first quarter official figures show as incomes failed to keep pace with price prices adjusted for inflation household disposable incomes per head fell point nine percent households also reduce their savings for the first time since records began in nineteen eighty seven while shifting money to higher interest fixed savings accounts the figures show unusual measures people are to going as borrowing costs continue to rise china's economy lost more steam in june as manufacturing activity contracted once again the official p m i came in at forty nine only a small improvement on the may figure the non -manufacturing p m i slept to fifty three point two speculations now growing the beijing will ramp up its stimulus to boost the slowing economy bank of america's chief greater china economist helen keow says even small steps would help even if that ten basis points of the interest rate cut that doesn't really move the needle well well it is better to have it and not yeah uh... well they should keep doing that helen cares comments the reflect growing challenge facing president cheating pings government beijing's typical response of using large -scale stimulus to boost demand has led to massive oversupply in property and industry and searching death levels among local permits the u .s. is reported to be planning to force chip maker asml to ship fewer of its advanced machines to china according to Reuters a new u .s. rule will block firms from supplying technology to six chinese facilities the news comes as the biden administration plans tighter export controls to restrict sales of some artificial intelligence chips to china staying in u the .s. were due to get an update on the federal reserve's preferred measure of price rises may pce inflation could be softer than april's boosting market expectations of the fed will hike only once more this year blimberg's mike mickey has the preview americans likely continued to spend more in may but not a whole lot analysts are predicting a pullback as people ran down their pandemic savings and tired of buying stuff the question is will spending on services continue to surprise as it did in the first quarter helping push gdp growth through march to two percent ten from one point four percent the fed in particular will also be focused on the may p c e inflation numbers while core inflation is forecast to remain sticky headline inflation should drop below four percent for the first time since the pandemic michael mckee bloomberg daybreak europe and a strike at geneva airport is disrupting travel for thousands of passengers the news fuels fresh concern that protests and labor shortages may lead to another summer of chaos across european transport hubs the strike has grounded all flights until 10 a .m in geneva and affects about 8 000 passengers airport officials say flight delays and cancellations are likely throughout the day so this is one of our top stories on the program this morning valerie great to have you with us for the rest of this hour of bloomberg daybreak europe we're of course going to be getting back to discussing the markets next on the program we're going to be joined by stephanie niven who portfolio manager at 91 look lots of discuss today we've had those chinese pmi figures giving us an idea of course of how things are performing in the chinese economy too but also i know how much you love and looking forward to a pca number yes the fed's favorite measure of inflation out this afternoon and it comes as we had such a surge in yields yesterday an impressive climb in treasury yields really setting the bar this u .s. economy is on a steamroller is not slowing down let's see if that inflation print today comes in hot a with because we could get another bond sell off yeah another point to watch as we are looking at the developments on markets this morning will also of course watching for the latest inflation numbers out of europe as well we've had the french cpi number for june actually coming in a little bit softer year on year than had been expected five point three percent the pace of price rises there that's down from six percent in may so lots to unpack next with stephanie niven stay with one for holidays are here again the bargain king is your best friend with deals so good you're gonna win ollie days are here again we're celebrating ollie days where the cheap gets cheaper at ollie's we're celebrating our once a year customer appreciation bargain ends up where everything in our store is 15 percent off and we mean everything ollie days absolutely the end sunday july 2nd good stuff chief 45 over 92 180 over 111 i had a heart attack and a cardiac arrest and then stroke a your blood pressure numbers could change your life lowering your high blood pressure could save you from a heart attack or stroke if you've stopped your 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Bloomberg Radio New York
"mike mickey" Discussed on Bloomberg Radio New York
"Time, keen. It's a Tuesday. It's next week, Tuesday We're looking at Washington, the debt effect, and all that, but really what we're looking at is a bond market speaking volumes, equities this morning, Sam stovall to join us in a moment on radio and television in John you and I were, well, we're not looking at Sam Silva's world. We're looking at a two year yield 4.40%. Yeah, it's amazing. 8 straight days of this now. We add some more weight to the front end of the yield curve yields up higher by 6 basis points to let's call it four 40 on a two year. And Thomas has been relentless at the same time. The equity market has handled it pretty well. The NASDAQ up again yesterday. The NASDAQ ran continues. Somebody earlier here, two hours ago or so, I said, what are you looking at? They said they're looking at the ten year real yield. I saw Chanel Bassett on the real yield last Friday, and I'm sorry. I have to 1.49%. This is beginning to be an elevated and adjusted real yield. I think a lot of people expected maybe a pause next month from the Federal Reserve. They don't want to call it a pause at the Federal Reserve. They want to call it maybe a break, a skip. I don't know what Tom, but ultimately it will come down to information over the next month for the June call. We've got a debt sin in debate. We need to clear. That's one hurdle. June 2nd payrolls June 13th CPI. They're the three things right now on the schedule on the calendar. We're all paying attention to. And Lisa, it's about endless fed speakers. And you know, I make a joke about it, but the fact is there is a nuance between pause and skip. Except the stock market doesn't want to pause or skip. It's got a bit on it every day. At the same time, they don't have the data yet. And so they're basically shooting into the wind. In the meantime, people are sick of being depressed. And I think that that's what you're feeling from a lot of people coming on our show basically saying, you turn to the person next to you. They're bearish. You pure the person next to you on the other side, they're bearish. So at what point can you start saying, if everyone's looking for the when, as safita was just saying, to jump in, you have to think, well, that what's going to happen if they get some sort of catalyst. The first data point, PCE deflator here, May 26, coming up here in a couple days year over year, 4.3%, I guess that's sticky. You know, 4.3% is not three. It's not we're at Hyman wants to go. Larry asked the question, didn't he? If we don't hike in June, what's the next move going to be? What's the next move? Or is it another hike? And if it's a car, why will it be a car? Because growth rolls over, collapses, we get a recession, or is it because the inflation information is so much better, it's improved, and Lisa, that phrase we all love, the immaculate disinflation. Yeah, that's bullish. But if it's because of growth and growth is terrible, that's not so bullish. Which is the reason why so many people have been sort of skeptical, but also spinning their wheels 'cause it's hard to sort of come up with the right narrative. I will say city released some data on card spending. And it actually contrasted with some of the more encouraging signs elsewhere saying that actually restaurant spending has gone down significantly month over month so far in the month of May. There are signs people are spending less, even in the services area. So at what point do we hit that area where some of the stimulus has been done? We got a busy half hour here. We got to get the bill winters and cut our and Sam stovall is going to join us in Mike Mickey, but we got to stop here. Can I just state it's no fun going to any restaurant anymore? Whatever the level? It's just outrageous. The prices. The prices. For some prices, if you have too much kids with you. And you add it up and you look at the check and you go, really? I mean, am I wrong? You're not wrong. I'm wrong. I just think the whole restaurant thing is Citigroup talks about is an important thing in the crowd to tell them they were too busy. No, they're busy. No, actually. Like a 5 30 reservation. I'm a 5 30 kind of guy now. Yeah. No longer about 8 p.m., 5 30. Yeah. Do you 8 p.m.? 8 p.m.. Might as well be. Exactly. Dated check. I'm going to go quickly here. We got to get the same stove. One O 7 76 on Euro that speaks volumes. Thanks for that. Some features, negative by 0.3% on the S&P and I'm with you, TK and the FX market this year at breaking down wiki Euro again, stronger dollar eating away at some of those dollar shorts. And eating away at some of those rate cut calls as well at the front end of the curve, your tap again. For 40 on a two year, just sub that level right now, futures Tom, just a bit softer. DXY not to one O four yet, we're watching that. This is a joy. I've done a lot of equity today, savina subramanian just with us. At John talking about Mike Wilson and Morgan Stanley, we need some common sense. Sam stovall joins us right now. Chief investor strategy CF, our a Sam with
Bloomberg Radio New York
"mike mickey" Discussed on Bloomberg Radio New York
"Starts right now. This is the countdown to the close about 60 minutes left to go here in the trading day. Romaine bostick, scarlet food. Join right now by our colleagues Carol master. Katie greifeld in as well. Welcome to our audiences across Bloomberg television radio Bloomberg originals and those folks streaming on YouTube, a market right now, equity market around the lows of the day and Carol, we were just talking about it on Bloomberg television a two year yield. Now, about 5%. Yeah, absolutely, right? We haven't seen this since 2007, Kate and I were just talking about the spread between the two and ten. You're talking about a hundred basis points. We haven't seen that in a long, long time as well. So Jay Powell, he came, he spoke, and the markets are certainly feeling it. Having said that, most of the equity universe we're seeing a lot of selling. What is one group standing at are the airlines? I heard you remains talking about it earlier on Bloomberg television. Let's bring it up for everybody. If you look at the S&P 500, super composite airlines index, it is up more than 1%, a couple of things going on. You had multiple carriers upgraded by analysts among them, UAL, and delta, they are both flying, no pun intended, or maybe pun intended. UAL is up 3.4%. You've got delta up about one and a half percent different organizations doing the upgrades. And then cow and analyst Helane Becker came out. She's always an important voice. She said the industry's demand and pricing are still strong. She says the DoJ's decision to block the merger is a positive for the rest of the industry as it keeps those two distracted. We're talking about JetBlue who is looking to acquire spirit. If you look at spirit, that name Katie is up almost 5%. On JetBlue too, because I saw just crossing the terminal a few minutes ago here that we did have an interview with Robin Hayes about that suit basically saying that they do plan to fight it. And that they're confident that they can win in that trial. And we'll continue to follow that story. I want to go back to the bond market though, because that's where all the action is today firmly in the front end of the yield curve of two years treasury yields up 12 basis points. You add that together with what's going on with the ten year part of the curve. You have a twos tens curve like Carol said below a hundred basis points of inversion, one O three one O four right now. Finally in the triple digits, some people had been calling for this around the start of the year. It seemed crazy, but just the speed of this move has been really breathtaking. Yeah, you take a look at some of the individual movers. This is really taking a chunk here out of any enthusiasm. You're looking at the broader market here with the S&P down about 1.6% here on the day, the Dow pretty much the underperformer here on the day down about 1.7% Scarlett. And it's all read across the screen when you look at the different industry groups, whether you slice it into 11 or 24. And at the very bottom of the pile are banks, financials, and that goes back to the story that Katie was just mentioning, rising yields, KeyCorp yesterday, of course, said that it sees its net interest income of rising only between one to 4% less than its prior guidance of 6 to 9%, getting squeezed as they have to raise rates for depositors. Yeah, let's take a quick look at some of the individual movers. Apple, which of course had been one of the bright spots here in recent memory down a percent or so on the day snap where we were talking about this yesterday, getting a boost here from some of the concerns about a potential ban on TikTok in which you point out that just crossing the wire a little while ago that senator Mark Warner in the United States and Senate has finally unveiled that bill that would effectively ban a TikTok snap shares up one and a half percent on the day after rallying more than 10% yesterday and you were just talking about the bank Scarlett Wells Fargo emblematic of that down about 5%. Flip it up real quick and put the inversion back on the board here, Katie. I think you had this up a little bit earlier. My chart's a little prettier than yours, but it basically tells the same story. And I think this is interesting, guys, because it gets to the broader question now, about what the marketing market positioning can be going forward. Are they going to start the price in a recession, or is there a case to be made for a soft dish landing? Yeah, it's interesting, right? And I guess time will tell on that. What we do know for certain thanks to Jay Powell of the fed up there on Capitol Hill is that the fed ready to do more and be more aggressive about it. Here's what he had to say. The latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated. If a totality of the data were to indicate that faster tightening is warranted, we'd be prepared to increase the pace of rate hikes. All right, so ready to do more and to do it more quickly if needed, of course, that's J Powell up on Capitol Hill earlier today, Katie. And I think both of those added together is why you're seeing what you're seeing. But the fact that the door is open, potentially to 50 basis points to reaccelerate from 25 to 50, we haven't seen that in a long, long time, certainly not in modern tightening cycles. He talks about totality of the market of the data. And of course, that's what we're going to fixate on, but you know that come the jobs report on Friday and the CPI report on Tuesday, there's going to be a lot of positioning and scrambling before and afterwards. I am curious though, but we talk about just how mix that data. It's easy to say, we're data dependent. The data shows a strong economy. There's a lot of data that shows a weak economy, too. Yeah, I mean it's a crazy curl? No, you're not crazy, but what was it? And Mike Mickey kept saying that J pal said about the totality of the data, right? So he's looking at everything. And so that kind of gives him a little bit of an out, but we got an important guess who's going to probably address some of this. Yeah, Ken Griffin, now taking the stage right now down in an event in Palm Beach, Florida. Are Miami bureau chief Felipe Marquez sitting down right now for an exclusive interview. Let's dive into that right
Bloomberg Radio New York
"mike mickey" Discussed on Bloomberg Radio New York
"Mike Mickey alongside us in the studio in the seat, you know what that means, economic data, seconds away. We'll get to that in just a moment, going into it, equity futures lower by three quarters of 1% on the S&P 500. Yields push in a little bit higher on a ten year on a two year on the two year up by four basis points. Close to four 74 on a ten year through three 90 of another three basis points. Just short of three, 91. That economic data drop in right now across the Bloomberg terminal, Mike McKee, still waiting for the drip feed of that communication. We have moved to Internet distribution and of course it's not quite as quick as we would like to see. We're waiting on personal income personal spending and here come the numbers personal income up 6 tenths of a percent in January that is after a two tenths gain the initial release at least in the month of December, personal spending up 1.8%. That's better than the 1.4% expected. The PCE numbers, here's what you care about. The inflation numbers on a month over month basis up 6 tenths of a percent bigger than expected and much bigger than the .1% that we saw in December. The year over year number for the headline is 5.4%. We were at 5%, so we bounced the wrong direction, the core up 6 tenths. That is double, while that is now here's the revisions. That is a two ticks higher than what it was in December and puts the year over year at 4.7% after 4.6%. So inflation stronger, personal income is stronger than it was in December. Not as strong as expected and personal spending is up a 1.8%. So Americans are still out there spending. I'll try to dive into the details of John. I bet you have some movement in them. I mean, you can guess where it is, and I think everyone listening can guess where it is. Echoes it down on the S&P by just a little more than 1%. That's a session though. In the bond market yields up at a front end by 5 basis points for 75. That's the highest level. On a closing basis that we will have seen since 2007 on a ten year 5 basis point for three 93. So Thomas yields up stocks down upside price again on inflation data. That is not what we wanted to see. I'm trying to impress hilarion here. I'm going to do the math in my head here, but on the core deflator, the survey with previous statistic was 4.35% in the data with the revision is 4.65%, 4.35 John, up to a reality of 4.65 to me that's a demonstrable move. So I get that it's old news, but Mike has got to ask it. If the fed had the January data on February 1, with that news conference that meeting have been much different. I suspect it would have been if it especially seen the strength in the jobs report, which came out two days after that their meeting. And then if they knew where inflation was going, they might not have done 25, they might have gone with the investor bullard camp and 50 again if they didn't come out that way. Let me give you a couple more numbers here that matter. A lot of talk about people going into debt to keep this spending up. But the savings rate rises to 4.7% from 4.6%, the second consecutive increase. So it looks like people are still saving something out there instead of just buying everything on credit. What does it say to nominal GDP? What does it say to the animal spirit, the companies have to adapt to? I mean, inflation can be good for companies too, because revenue comes in better, right? Yeah, absolutely for companies. As long as they're margins, they're making it on the margins and raising prices faster than their expenses, then that helps them. I was one of the foundations of the stock market for years until we got into this low inflation environment. And that's one reason it's been harder for companies to keep up the kind of growth that they used to have. So Michael got an email in response to this economic data and it said this should be called the core inflator. Now can you tell our audience your best place to do this? What is the greatest distinction between the CPI data we had a week or so ago and say the PCE core deflator? What is all that? Well, the PCE you can just call it and basically they use the PCE numbers to deflate to adjust for inflation, the GDP numbers, which is why they call it a deflator. It could be easily called in this case an inflator this month. But the biggest differences are in medical care, the CPI is what you pay for medical care. And the PCE takes in what insurance pays as well. And then in housing, housing is a much smaller component of the PCE than it is of CPI. So that does matter. I'm looking here to see if we have an update on the number that does matter, which is the core services X housing. And let me just type this number in here and see what we got. It hasn't updated yet our numbers, but we'll continue to look for that and we'll talk about it on your show. One thing I can tell you is that wages were up a huge amount in January. Now this is not totally unexpected because it's when everybody gets their raises, but they were up 9 tenths of 8%, which follows a four tenths gain. And then the one that everybody's going to want to see here, we're going to want to see a social security because of the big increase in the Cola this year. Social security payments went up 9%. So that's going to be one of those graphs that interesting breaks the graph like we have. Jobless clay training. So that's where a lot of this increase in incomes comes from. And it lower than people thought they would be. This was great. As always, and we will talk about it in the next hour. Equities are down off the back of this session lows down by 1.1% on the S&P down by more than that approaching 1.5% lower on the NASDAQ yields are higher on a two year four 75 up by 5 basis points on a session, a ten year by 5 basis points to three 92 in the next hour, Muhammad Al Arian for the hour. Everyone wants to talk for the hour. You can drop IT, okay
Bloomberg Radio New York
"mike mickey" Discussed on Bloomberg Radio New York
"The market drivers report. Let's set the business week agenda on this Friday's eve. Pretty Gupta markets correspondent at Bloomberg in our interactive broker studio. Michael McKee international economics and policy correspondent, he is on location at the Jackson hole economic symposium in Jackson hole Wyoming and we're going to start there if we may. All right, Mike, looking dashing again second day, day two in his stetson. Day two, anything new in terms of, I don't know, mood temperament or what we might get from J Powell tomorrow. Well, not a lot new in terms of what the fed is doing the big story here today has been liquidity, but nothing Wall Street kind. We had a massive storm last night, flooded roads brought down trees, including one on my cottage. And blew all the TV stuff away. That was a long night's worth of work for our guys. But everything is back to normal now. And the skies, as you can see, are beautiful. The mountains are beautiful, so we're hoping for a quiet day tomorrow. I don't know if anything's going to happen here tomorrow, that anybody say care about. It's not like anybody speaking is that we care about. Yeah, exactly. So just the mood among some of the people you've been mingling with their mic in Jackson hole, what's kind of the anticipation level of the folks you talk to? Well, when you talk to the fed people, they're not anticipating as much as maybe some on Wall Street are because they've feel like they've told the story at Wall Street's just not been listening that the fed is going to raise rates until it can make some progress against inflation and they'll leave rates high and not start cutting until they see inflation significantly going down towards 2%. And so they don't think that Jay Paul's going to say anything different that could be interpreted as more hawkish, however, Wall Street is going to decide what Wall Street thinks and we'll see if we get a major reaction in the markets. All right, we want to get to your conversation with Esther George in a moment, but speaking of Wall Street, let's get to the trade. Creedy, we're bouncing around again, but we're definitely off our best levels of the session. Mike says Wall Street with such disdain. It's like a whole Wall Street. He's out there now and he's like on Yellowstone or something. Exactly. Who does he make he is? All right, we're coming back to you Mike in a second. But you know what he's right in that it doesn't seem like the market's really know what to make of anything or even what the reaction will be waiting. Right, or even know what the reaction will be regardless of what chairman Powell says yesterday we're looking at S&P 500 that is green on the screen up 7 tenths of 1% with no real reason to be at least stateside really the only narrative you want to put is that China stimulated quite a bit and that sentiment has led into a rally in European equities and it's carried on into the U.S. session as well, but beyond that, look across asset, the ten year yield, wearing a three O three, a 7 basis point move downwards. So to me, that screams a little bit of nerves a little bit of anxiety and to match that about a dollar that's weaker and you have crude that is down lower and lower as well as that kind of economic proxy to me that doesn't send a good signal. 'cause this is an equity market. I mean, we saw a sell off 20 to 23% at its bottom and then kind of retrace about half of that. And it seems to be driven by the sentiment of what this fed will, in fact, duke earnings kind of came and went. They were a little bit better than expected. That helped the market yes, but so it'll be interesting to see how our markets tomorrow equities fixed incoming, the commodities, how they're going to react to what might be a fairly big news day. You know, what's interesting to me is I feel like there's a few more and more people saying, well, you know what, there is a bullish case to be made for stocks. Paul, we were angry radio earlier and we had a couple of guests say, well, oh yeah, the recession, it's priced in. It's discounted, we don't care. And I think that is something. Well, that's a great question. We'll have to ask them the next time, but the point is that it's not all that doom and gloom anymore. Yeah. Well, Mike, Mickey. Come on back in because there was some economic data points. I heard you talking on TV. A couple of times and how they were conflicting again. I'm not sure I quite still understand, but this is kind of what faces the Federal Reserve, right? We have some strong economic data and then we have some that's not so much. And that's hard to figure out policy. Yeah, this gets back to the debate that's been going on about whether we have a recession because we had two consecutive quarters of contraction. First of all, the second quarter was revised a little higher today still negative, though, 6 tenths of a percent instead of 9 tenths of a percent. But for the first time for the second quarter, we got gross domestic income and for the second quarter in a row, gross domestic income was above zero. It rose. And the two sides are supposed to be mirror images of each other because one person's purchased is another person's sale. So they should equal out. They don't always because of statistical methods. Then they tend to converge. And the feeling is, we might converge above zero. And then that whole argument about being in recession goes away. All right, real quickly, you Kathleen Hayes sitting down with the federal reserves, I Kansas City fed. Thank you very much. Kansas City bed president Esther George, thank you for the assist. All right, so Mike, what was significant about that conversation just got about 40 seconds. Basically, she's been thought of now as an Uber dove because she's been advocating 50 basis points instead of 75, and I think she walked back that a little bit because she's pointing out that 50 is still a very large move, and she's worried about what the long-term impact is of lagged monetary policy. Is it going to start really hitting the economy when the economy is in a downturn? So she says she wants to wait and see what happens with the jobs report and with CPI in September before deciding what she wants to do at the end of the month. Save you ten seconds. Is she right? There is a lack. There is a lag. We just don't know how long it is. And that's going to be the issue. We don't know when it's all going to hit the economy. All right, Mike McKee. Thank you so much. So looking forward to more of your reporting, Mike McKee. They're out in Jackson hole. Of course, international economics and policy correspondent are thanks to creative group as well. Marcus correspondent at Bloomberg. Right now
Bloomberg Radio New York
"mike mickey" Discussed on Bloomberg Radio New York
"Count down to the close, Bloomberg's comprehensive cross platform coverage ahead of the U.S. market close, starts right now. This is countdown to the close 60 minutes left in the trading session, Taylor Riggs, Katie greif, of course in for Caroline Hyde and romaine. Joined now by our wonderful colleagues, Carol massar and Tim stenbeck. We welcome together our full Bloomberg audiences across TV, radio, YouTube, and Tim what you don't know is I pulled Carol over in the bathroom and said, if we got rid of you, it could be girls day. You know what? I don't have to be here. I can let you all take it away. No, we do love you. We do always loved him. What we also do love, well, maybe some people, the stronger dollar, certainly investors pushing the dollar higher about 10%, 11% so far this year. Today we saw the Bloomberg dollar spot index touching the highest since at least 2005 eclipsed the peak that we saw in the early months of the COVID pandemic, those higher fed rates and some haven buying really pushed up the U.S. currency, but you have to think about it's going to have big implications for emerging markets, U.S. companies, profits and costs of U.S. exports. So it all has an impact. Okay, I know today is all about banks and Forex, but we can't ignore the pots stocks today. This is the adviser shares pure U.S. cannabis ETF. It's an actively managed ETF incorporated here in the U.S.. It's up 7% right now at one point this morning it was having its best day in months. This afternoon the news that Senate Democrats plan to introduce a bill to decriminalize marijuana at the federal level. So we'll see if I'm not going to do anything of that nature. But we'll see if this finally happens here in the U.S. because investors have been betting on this for years. We knew you were our California. Yeah, good point. We take a look here at the majors. We get serious for a minute, a down under pressure, an S&P under pressure, but actually trying to climb our way back here near the highs of the session. And NASDAQ and the NASDAQ 100 that is certainly here some decent green on the screen. The socks index is while you're up 2%, but the Russell to the downside. So certainly feels like a day in which the major averages are trying to find some direction. Yeah, let's take a look at the S&P 500. The Sox is up, but so is the info tech part of the S&P 500. It might be one of the only sectors that is a truly in the green here. I see a little lift in consumer Staples. You know, you'd think that financials would be the biggest decliner on the day. It is down 1.7%, but it's actually energy that has the steeper decline at 2.4%. Even still, if you look at the individual movers, you are seeing a move lower in those big bank names, of course, JPMorgan temporarily suspending share buy packs. That was the big headline this morning. In addition to missing earnings, off it's absolute lows, but still down three and a half percent. I wanted to point out Costco though, Deutsche Bank, upgraded Costco to buy its sighted consistent execution steady traffic gains, shareholders seem to be psyched. And Tim front ran me a little bit here, but I still want to point out tilray. Also rallying hard off of news about that potential bill to decriminalize marijuana at the federal level too. Okay, you too? Well, she's from New Jersey. We have some Californians in New Jersey folks here too. Something in common here. We are the garden state, New Jersey. You should always from New Jersey too. So we have three New Jersey people in two California. No comment. Okay. Okay. This is West Coast best coast. We'll try to get serious here for a minute. As we sit here in New York, I don't know about that. But anyway, let me end on Caesar's entertainment. Wells Fargo lowered their price target on Caesar's to $65. They did maintain their overweight rating, but still Caesar shares down. Okay, let's get just to PPI. That's the only thing I care about here. Carol and I'd love to get your take here, 'cause we've been talking a lot about the recent divergence that you see there between CPI and PPI for the radio audience will tweet this out and make sure you can see it. But it is just more broadening of these price pressures than I am curious Gina Martin Adams has done killer work on this. And what is that leading indicator? If you start to see them PPI, what does that mean then for the next print of CPI as well? Well, you know what I think. It's interesting to see how much markets have come off the lows, the equity markets. I find that really remarkable, especially some of those big bank names. Morgan Stanley basically recouping all of its ground. You got to go to Chris Waller and his conversation with her own Mike Mickey out there in Idaho because I think we're getting really clarity about Republican get a recession, but if you're worried about the fed even being more aggressive, you know, hold on everybody, it looks like 75 basis points are to come. So here's what Chris Waller had to say specifically to Mike. I fully support another 75 basis point increase. However, my base case for July depends on incoming data. We have important data releases on retail sales and housing and inflation expectations coming in before the next meeting. If that data come in materially stronger than expected, it would make me lean towards a larger hike at the July meeting. All right, Chris wall are speaking there, the Federal Reserve governor, speaking in Idaho, and he again had a conversation with Mike, which I highly recommend you check out that panel, but I do think we're getting some understanding that. Yep, it's going to be an aggressive fed. We're all going to kind of buy into this. We get the implications. And the sooner we get through this and get inflation down, then we can start thinking actually about a rate cutting cycle. We'll keep part of what he said, though, is the incoming data, right? And what's the data that we get tomorrow? University of Michigan sentiment. So as soon as we get that, we'll have a clearer idea because think about what we were talking about a month ago and what we heard from the fed a month ago. It was 50 until it was 75 after those numbers, right? And it's interesting. We were talking about this for a while today that Jamie Dimon does think at JPMorgan that rates will rise more than expected. You have a new recession call from James Gorman saying we might head into some kind of recession, but there is some good news baked into how he is describing it that it's unlikely to be deep and dramatic. So you have a lot of people who are trying to look on the bright side here. Jamie Dimon again, reiterating that this could be anywhere from a soft landing to something much harder. So really the market really grappling here with those range of outcomes, making those data points so much more important. Which is amazing that we're watching every single data point. I mean, those University of Michigan numbers, no one would consider that top tier data in normal times, very solidly sort of the B league round. But now, I mean, every single data point matters and informs markets. Could we argue that the a league is maybe some of that housing data that while a referred to, maybe we'll be getting some of that next week, and I know that the fed will try to focus on more of the economic data than the earnings, but I know we continue to push forward to Netflix and Tesla and on the back Tim of some of the bank earnings that we got as well today. Further sentiment gauge here of Wall Street. Yeah, looking forward to hearing from those other big banks and getting an idea for what consumers are doing. And like shanali said, I do think we got a really clear indication of that from JPMorgan earlier today. Less of a dire weather forecast from Jamie Dimon and really more of like a hat glasses have full that you consumers are in a much better position than they were in. You know, I miss the weather metaphor. There's the weather metaphors and then there's the numbers. We have to remember that there's still a provisioning for loan losses here and preparation for a tougher economic environment. We are not out of the Woods. Yeah, and he gave quite a range and he's watching geopolitically what's going on. I mean, it's what's going on globally and how that impacts
Bloomberg Radio New York
"mike mickey" Discussed on Bloomberg Radio New York
"Life in New York City for our audience worldwide with Tom keen and Kelly lines. I'm Jonathan farrow, bramo back with us next week. Where do you want to start in this equity market right now? Down a third of 1% on the S&P on the NASDAQ down four tenths of 1%. TK, we've got to hit the bond market, Kelly mentioning in the commercial break. We're back below 2% on a British ten year, the UK ten year at one 99, breaking down on treasury to your lower four, breaking down on German bonds too, yield to lower that. It's not letting up either in a currency market, we're still seeing a dollar advance off DXY. John, I want to go back to one comment you had. I can't remember who we were talking to. I don't think it was prime minister Johnson. And you mentioned, given the gloom that's out there, is that when the NASDAQ finally goes. And I think that was the Brian Nick, sure. When is it starting to get interesting? Yeah. And we asked Kelsey barrow to over at JPMorgan when to spread high yield credits started to get interesting. When high yield, those yields on those bonds Tom, what are we pushing now? 9%? I don't know. In credit shot. It's out there. And we're starving for data, John, we're like devoid today, no ADP data. You get jokes though, Tom. You get jolts. Some services, the some economic data and some fed minutes out there. Should we ask Mike Mickey about it? Let's ask him about it. He's with us now. Our Bloomberg economics and policy correspondent down in D.C. in Washington ahead of the fed minutes. Mike, where do you want to begin the data ahead of the fed minutes? Well, the data ahead of the fed minutes is going to be interesting, but not decisive. The ISM services index out at ten will give us some sort of view of what employment is like in the services industry and the kind of direction of business in the industry. And so that will be useful for people. Jolts probably just reconfirms that we have a lot of job openings because of course it's two months delayed. The big focus seems to be on the minutes. And that one, I don't get because it's three weeks old and a lot in three weeks. Thank you. Michael McKee, I love that. It's great. What we're going to get is some several a few. Is that germane now? Or is it just about the chair? Powell, Jerome said. Well, you go back to the January meeting in the minutes released in February when they said that they might have to speed up the pace of rate increases. And that freaked everybody out. And so now there's this focus on the minutes, but you take a look at the dot plot from the last meeting and at that point, the market was seeing the fed underneath where it should be by the end of the year. That's the kind of blue line. If you were looking at the dot plot on radio, you'd be seeing a line above where the fed's median dot is. And now the white line is way below. That's fed fund futures now. That's way below where the fed is. So the market's already moved on and what happened when that blue line was put in place is no longer relevant. That chart really works, Mike. It really, it's like when the Yankees lose two in a row, we do a chart for radio and it works out great. Mike McKee, thank you so much. And really folks, it shows the shift, the adjustment that we've seen just in the last couple of days. He was at Barclays, and he was absolutely brilliant. So brilliant, he went off to .72 where he has to watch the New York mets, D Mackie joins us now, chief economist at that point. 72 on a very changed global economy, a very changed United States economy as well. Dean, what's great about your Stanford economics is you go to the micro data and you go traditional old school and say we must watch jobless claims. We'll see them tomorrow. Define surging jobless claims. Surging jobless claims would be on rise of 50, hundred K in a fairly short amount of time. And so far we've gone up maybe 20 K from the very bottom. So right now, I think we can confidently say we're not currently in a recession. And because that always happens in recession, jobless claim surge, the unemployment rate surges, payroll growth declines, none of that's happening right now. It's not saying it won't happen at some point, late this year, for example, but we can say what's happening right now with measures like that. The troops went out to the Hoover institution of Stanford and they talked about regime change all a bullard and this new word that's out there front loading. Dean Mackey, if we front load our rate rises, what will that do to the real economy that wraps around labor? We can be pounds how much front loading they actually do. I think what we can say is if the fed keeps going 75 basis points or clip for an indefinite period, we will have a recession soon. So really it depends what the fed means by that. You know, I think what we've been hearing and what we're seeing in the dot plot is something like another 75 in July, maybe a 50 in September and then 25 per meeting after that. If we do that, then I think the economy can stay in a slowdown mode and not slip into recession. But if the fed feels, they can't slow down from that 75 per meeting pace, that's really going to clobber the economy. So dean, Tom doesn't care about the fed minutes, Michael McKee didn't actually seem to care that much about the fed minutes do you? Well, we certainly have to pay attention. I don't think we'll probably have a decisively different view of the fed. Based on the minutes. But sometimes there is there are some things in there that are interesting and maybe color the outlook a little bit. But I wouldn't have great expectations for them. Okay, so as we talk about kind of front loading of the hikes of potentially 75, then 75, 75 for who knows how long. At what point are we no longer going to be talking about hiking, but cutting instead? No, I think that, again, that depends partly on how rapidly the fed raises rates because if the fed does induce a very sharp slowdown or recession, then cutting next year is quite possible. But if the fed is able to slow down and get on a gradual, more gradual hiking path, I don't think they'll necessarily. So it really depends on how much front loading and how quickly the fed does. And let us talk about the arch glide path, which is the inflation migration downwards. If there's a kink in the curve, where's the kink? Where does this become a hard? John and I are going to talk to Adam posen in a few days, and he says
Bloomberg Radio New York
"mike mickey" Discussed on Bloomberg Radio New York
"Much better environment for those types of strategies And so while it's difficult in terms of direction will markets go up when markets go down as the fed and global central banks pull back from this era of incredible liquidity and policy a combination that is compressed differences that reduces opportunity You actually see opportunities arise in the what we'll call them the cross section and differences across countries and different companies So a little bit of glass half empty glass half full there For those of you who think they've been living in the real world for the last two months you haven't been I'm a crime did not happen Four 67 is the number for January The previous read 5 ten at least of this stuff is just unbelievable just to get your teeth into We were told repeatedly this morning ignore the payrolls number big on a cron impact and then bang yields exploding up 8 or 9 basis points to one 28 I'll discuss this with Jeff's colleague a little bit later Rick Rita of black rock talked to him about how on earth he's handled in this situation just the cash allocation I wonder how large that is at the moment And a stage Ramirez double join in Mike Collins of PGM two And the latest will catch up at The White House I imagine Lisa the interview that secretly Walsh thought he was going to do Yesterday it's very different It's a different one to the one he's about to do now I think it was about to tell me all the differences between the households serve and the other survey and why this number was so bad and this is going to be a different one Yeah it's about an hour It's going to be one about inflation It's going to be one about a labor market that looks increasingly tight I keep going back to this idea that the European market right now is really in shock still from the ECP's pivot yesterday Why has the U.S. market not reacted It looks like the reaction is coming today Jeff do you think that there is more to come in terms of this recalibration as what you said is we are moving to a new regime where negative real rates are no longer Yeah look I think there's a lot of room to go there And I think there's a big debate growing around the pace of how quickly the ECB has to move There's still a lot more as Lagarde said yesterday a lot more data dependence and so you saw the first crack in European inflation data So that's really what is kind of changed the narrative and forced the ECB off of the somewhat conditional promises of no rate hikes They've been kind of mugged by the data mugged by the reality that inflation there is rolling Now they again have a different underlying fundamentals between wages than what we're seeing here in the U.S. and that's partly Lisa why I think you saw less of a reaction in the U.S. relative to a very strong reaction but also look again in that cross section Where was the biggest reaction Jonathan mentioned it earlier The spectacular increases in Italian yields because in the cross section of European Central Bank support it's compressed It's muted the fundamental differences in where yields should trade across the European complex And so as you pull back not only on the level of that interest rate support you're going to see a lot more in the cross section That's going to be a challenge to the ECB But it is very much part of what I think we're going to see reemerge as the ECB's force to pull back on this tremendous era of policy accommodation Jeff frozen were thank you so much for BlackRock What a busy day you're going to have your shop We all call you on Bloomberg radio Bloomberg television Lisa bramson Tom came truly an historic set of days ECB and Bank of England yesterday with their shock and today the mother of all sharks I've ever seen in a labor economy Here's what we're going to do Gina Martin Adams scheduled to be with us on equities Ira Jersey in moments But I want to go to Mike McKee right now on wage inflation I just did a fancy Bloomberg study average hourly earnings 5.7% I did a thing called a log extrapolation and it's supposed to be 3.9% So we've got a gap Mike of what wage inflation is supposed to be versus where it is now Is that enough for the fed to really think about March or even a before March meeting I think I would have to say no at this point And at the risk of boring everybody the reason being is they're going to have to take part these numbers a little bit more I've been looking at the revisions We had that 709,000 jobs additional from the revisions to November and December but you go back and you look at what they have revised previously in 2021 The number for June is 405,000 less than it was The number for July 402,000 less than it was So these numbers are kind of offsetting and perhaps what we're seeing when they break down the jobs that they added back in in this 709,000 plus a 167,000 this time you may have different categories It may be a category issue that has pushed up this on a one month basis So they're going to have to wait and see the next month before they get a better idea of the trend in wages I had spinning on a Friday frankly Mike with everybody I was talking there clicking as well Mike Mickey thank you so much and he'll be giving us much more value on this through the morning I read Jersey with us on the bond market Ira when you look at the continuum across BTM the deep liquid money fund of this economy off the shock of this labor economy what do you look at in your Bond world to give you information Yeah so the shape of the yield curve at this point and will the yield curve continue to flatten more significantly than what forward yields are already pricing And right now you're getting that really big flattening of the yield curve which is a sign that not only will the Federal Reserve be hawkish but maybe they can continue to be hawkish into 2023 Remember we were only pricing for the fed to hike 6 times And I think that the market might have to reevaluate after some of these numbers But some of the information that Mike McKee just pointed out with the back revisions from prior years might not take all the sting out of some of this data because when we look at things like aggregate labor income So the amount of jobs times the hours worked times hourly earnings That is still growing at a pretty decent pace and suggests to me anyway that we're going to continue to sell off in the bond market as inflation like you noted is looks to be more sustained than we thought But Lisa to your work labor participation actually the needle moved Yeah which is sort of surprising considering the fact that a lot of people expected workers to remain on the sidelines I'm looking at some of the moves in the market as we have parsed through the details real yields on ten year treasuries moving up to the highest level going back to midyear 2020 We heard from Patrick harker of the Philly fed That if there was inflation that came in significantly hotter than expected or other economic data he would consider a 50 basis point rate hike in the March meeting Do you think that that's more on the table now than it has been.
Bloomberg Radio New York
"mike mickey" Discussed on Bloomberg Radio New York
"And Lisa Brown with some Jonathan Ferro your equity market up 18 Let's call it 19 points on the S&P a full tent of 1% up 8 tenths of 1% on the NASDAQ 101 23 With some jobless claims data in America let's get to Mike McKee Morning Mike Well Joe this is kind of interesting we see jobless claims bounce up to 286,000 for the last week Of course we did have a holiday and we also have the fact that a lot of people may be out of work because of COVID especially if restaurants had to close down and that might have sent people to the unemployment roles temporarily We'll have to watch that trend to see if that is the case or if we're having some sort of change in the labor market hard to believe that anybody would be letting workers go at this point deliberately given how hard it is to find anybody but we'll continue to watch that Again it's up from 230,000 to 286,000 So a pretty big jump there We're taking a look also at the Philadelphia fed and the Philadelphia fed index comes in higher than expected at 23.2 and the good news there is we saw last week the empire index for New York manufacturing was down considerably particularly in the areas of supplier deliveries and things like that and prices and the Philadelphia fed number goes up So it may be again related to COVID and the fact that New York was hit harder than other places The prices paid index for the Philadelphia fed at 72.5 versus 66.1 So still seeing inflation pressures out there Mike coming off the back of this yields in just a little bit more session lows now on a ten year yield down by four basis points to one 82 one tens yields at a very front end down three basis points Still just north of 1% at 1.029% future still elevated on the NASDAQ 100 I've got that up 8 tenths of 1% on the S&P up about 21 four or 5 tenths of 1% Two camps here Tom two different interpretations might went through one The idea being that this is on the con related it will fade in the coming months Then there is another camp of economists out there at the moment who worry that the fed is making this pivot just as this economy term is starting to slow down Let's go to Mike Mickey quickly here before Neela Richardson Mike McKee there's three four 5 fed camps now What's your latest calibration of the January meeting of the fed Do they do something or is it a snooze fest or they're not even going to ask you a question Well they better ask me a question We'll put it that way Let me ask you a question But no I think it's not a snooze fest We are likely not to get specific action It is possible Yeah we'll get verbiage It's possible they could end the buying of bonds a little early but I highly unlikely but they will probably give us a road map A road map What happens the rest of the year And that's going to matter to you See where the road maps Michael McKee thank you so much We're thrilled now to bring in Neil Richardson She is a different chief economist She is at the automatic data processing company ADP Yes they do an employment report of some node but far more they have massive granularity and the American labor economy Neil you've got a quote on jobs of 50 employees or under and is exploded out from a 132,000 out to 200 something thousand as well I want you to discuss what your shop knows about the competition of Amazon target and those warehouses with small business America Well first of all small businesses are holding their own They were the first to recover from the pandemic And to start adding headcount even though they were the hardest hit by those widespread closures in early 2020 But they had some challenges in competition with these larger firms They're not able to recruit in the same way They can't pay and retain in their compensation packages in the same way as the bigger companies So we've seen them continue to power ahead but the competition has gotten stronger and more active at the same time And when you talk about granularity it's really showing up in the wage gains And we can talk about that but we're seeing some wage pressures at the end of the year They're stronger than they were in earlier parts of 2021 Neil let's build on that especially in light of the softer than expected jobless claims Some people might say as John was indicating earlier this is an indication of a softening And perhaps a less tight labor market than many people had thought based on the granularity that you've just been talking about Is that consistent with your observations Now you know when we ask our clients at ADP what is the biggest challenge that you're facing and especially for small firms It's finding people It's the number one challenge from businesses from one employee to 500 It's the number one challenge And that has been consistent through 2021 It is consistent as we turn the page on a new year But we are seeing that show up in wage pressures We're seeing that industries that had a talent shortage before the pandemic are where we're seeing the job gains So it's not the industry that have been hardest hit like leisure and hospitality It's.
Bloomberg Radio New York
"mike mickey" Discussed on Bloomberg Radio New York
"Along with Tim Stanley back in our interactive broker studio There's so much going on Big bank earnings But you know that economic news when it comes to jobless claims giving some support no doubt about it to the equity trade today Yeah the U.S. initial job was claims dropped into the lowest level since March of 2020 coming in below 300,000 people That's a significant number It is Mike Mickey talk about it earlier We're going to break it down there with our own read pickert in just a moment In the meantime let's go check of that trading day Here's Charlie Taylor I think very much also numbers out this morning on producer prices up 0.5% in September smallest increase of the year as service costs moderated to even so inflation still running much hotter than last year Speaking of hot look at the GIP the Internet chart of the S&P 500 Index best level of the day right now up 72 points up 1.7% We've got the Dow rallying 533 up 1.6% as stack up two 49 That is a game there just about 1.7% Your ten year yield 1.51% spot cold up three tenths of 1% 1797 ounce closing in on $1800 once again crude West Texas intermediate with an 81 handle up a dollar or almost a dollar a barrel right now hire by 1.2% Stock markets on track for its best day since March is better than expected corporate earnings and economic data outweighs fears and inflation pressures and supply chain snarls could crimp profile more on that topic coming up in just a moment Central bankers and finance ministers advising the International Monetary Fund are urging strong global cooperation to expedite vaccine access and limit what they termed a divergence in recoveries from the COVID-19 pandemic warning that they see risks tilted to the downside Doctor David dowdy is an epidemiologist of Johns Hopkins Bloomberg school of public health He says researchers have lots of unanswered questions about COVID I think they're still a lot of mysteries out there including how long vaccine effectiveness is going to hold up Whether there's going to be any seasonal resurgence with the winter And whether we're getting to the end of this current wave For Downey with the Johns Hopkins Bloomberg school of public health which is supported by Michael R Bloomberg founder of Kubrick LP and Bloomberg philanthropies among some of the vaccine names that we track for you on a regular basis We have got Pfizer shares up 9 tenths of 1% Its German partner BioNTech its ADRs of one tenth to 1% has prostatic ADRs down 8 tenths of 1% madrano hire by 1.8% Johnson & Johnson of 9 tenths of 1% can not forget about Merck Merck shares down now by 5 tenths of 1% Again recapping ten year yield 1.51% S&P up 73 up 1.7% I'm Charlie pellet that is a Bloomberg business flash All.
Bloomberg Radio New York
"mike mickey" Discussed on Bloomberg Radio New York
"Investigating and looking at it closely but he was hit with a lot of big comments and she just really said remain that this is just not what the fed needed at this moment No questions about credibility All right we're gonna get back to this breaking news Robert capellan of course the Dallas fed president set to retire on October 8th You want to wrap up the closing bells here as you hear in the and see in the background the Dow Jones Industrial Average when the finish higher actually by about two tenths of a percent The S&P down by about three tenths of a percent The NASDAQ composite right now down about 5 tenths of a percent The NASDAQ 100 we should point out down about 8 tenths of a percent That's just cyclical rotation Nowhere else gonna be found of course with the Russell 2000 up about 1.46% here on the day That's about 33 points here And we should point out that the outperformance that we're seeing on the Russell at one point on the day at least on an intraday basis it was the biggest outperformance that we had seen going back to march here I think that's been peeled back just a little bit here I'll double check that just to get you the right superlative here But that is the narrative here right now that we've been seeing here Of course that rise in bond yields feeding right now girl into everything happening in the equity market Don't want to steal anybody's thunder but Tim and I were talking to that It is all about the bond market and to see those treasury yields and I think it's interesting with the backdrop of Robert caplan retiring as Eric Rosen Graham and you do wonder about the composition of the fed going forward and whether that how that changes maybe Taylor potentially fed things Yeah we've killer comments from Mike Mickey earlier I know that we're going to get him back on the show soon to talk about that composition Carol that you mentioned but in the meantime you do steal my thunder but I forgive you because it was a big Bond day and you really see that play out within the sectors for the radio audience We take a look at the sector winners this actor losers within the S&P 500 It is energy banks autos and materials How much of all of this is because yields are rising You're getting a yield curve steepening And so you're up 7 tenths of 1% to actually three and a half percent for some of the energy companies We migrate downward to some of the worst performers on the day and yes it is a Bond story Carol with utilities to some of the worst performers real estate you're off one to almost 2% as typically romaine those declined when yields are rising All right we're gonna get back to the gainers and decline us but we do want to weave back into that news with Robert capellan Of course the Dallas fed president resigning the statement out right now by the Dallas fed rob Kaplan says it was a great honor to serve He also addresses some of the issues with regards to his trades He said during my tenure I have adhered to all Federal Reserve ethical standards and policies My securities investing activities and disclosures at bank compliance rules and standards That is an exact quote from there in this statement of course he goes on to talk about some of the other things he did and during his tenure there but again once again here the big news here Robert capellan of the Dallas fed stepping down today we're learning this just hours after we learned that Eric Rosen Graham at the Boston fed would also leave his position 9 months earlier than planned And to be fair and to maybe mirror what we heard from fed chief Jay Powell is you don't want to get ahead of any kind of investigation into whether or not anything was untoward if you will And so again you do have Kaplan saying those trading meet the feds ethical standards And I just want to follow that And just a real quickly Carol they do actually say in the statement here that quote rob made the decision to retire as president and CEO of the bank effect of October 8th to eliminate any distractions to the Federal Reserve system surrounding his personal investment activities So unlike Eric Ross grant who resigned citing health conditions this statement does seem to be tied directly to the controversy over some of his financial holdings Rather quick and swift right And certainly you could imagine maybe potentially some of the conversations certainly since that last fed meeting and all of the questioning by the reporters in that room with or at least virtually with fed chief Jay Powell All right let's get to some of the gainers if we may Taylor mentioning energy yes indeed front and center just pick a bunch of names Cabot oil and gas was among your top performers in the S&P with West Texas topping 75 crude prices really on a tear highest level in nearly three years But other names Occidental Petroleum also among the gainers in today's session capital oil and gas up 8 and a half percent carnival continues its move It is up four days trading days in a largest global cruise company royal Caribbean Norwegian also saw moves to the upside We know they set sail from the port of LA on Friday afternoon first time since last year And last week we got the news that they're set to deploy 52 ships on the seas by the end of fiscal 2021 Continuing really that move opening when it comes to the cruise industry Just quickly nettie's that stock up about three and a quarter percent Chinese gaming company other Chinese companies we saw higher today We saw China's embattled tech tycoons basically lining up to pledge their support to president Xi and his common prosperity policy and market roiling regulatory onslaught We saw that happening And so we did see some bounce back to him in some of those Chinese tech names So you got the gainers I got a couple decliners at least Let's talk Amazon This is a big one It's been we've been talking about it all day A price target cut at Morgan Stanley The bank said the profits could get hit as a result of rising headcount and rising wages Where have we heard that story before the bank lowered its price target to $4100 from $4300 it does put it below the average analyst target of 41 57 Wells Fargo also finished the day lower but coming off those lows after we learned that Wells Fargo had reached a settlement with the U.S. Justice Department and then Netflix eking out just ever so much of a gain of 401 hundreds of 1% It did fall earlier in the day Bank of America wasn't very impressed about Netflix's global fan event and event that is supposed to tailor to provide detail on upcoming content I mean so many choices for consumers right now I'm gonna make this shore We do yields as we do every day because I know we want to get back to some of the breaking news but Carol this really does highlight perhaps is we're talking about yields falling two basis points at least on the ten year as of the fed meeting last Wednesday since their since then it has been a rate of change kind of day Thursday Friday Monday We're up 16 18 basis points on the day Today further migration higher in yield approaching one 49 one 50 on the ten year All right everybody And we're gonna have more coverage on the fed certainly in light of that news about Robert Kaplan retiring as the Dallas fed president That's happening in October 8th and just coming on the heels of Eric Rosenberg and getting that news as well and talking about that today All right that's going to do it for beyond the bell On Bloomberg radio Bloomberg TV and on YouTube join us again tomorrow same time same place fed coverage continuing.
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"Star star eight four eight that star star eight four eight star star eight four eight the monkeys have postponed the last four dates of your tour after guitarist mike nesbitt myth became ill we the monkeys posted on facebook that nez myth had a minor health issue before showing philadelphia and was advised to rest for the next week the seventy five year old return to his home in california nez myth has been performing past hits the monkees present the mike mickey show tour with bandmate mickey dolan's the group says shows and philadelphia new york and new jersey will be rescheduled i'm bill michaels ober hard rock hotel and casino in atlantic city had to work quickly to fix a misspelling on a thirty foot tall guitar installed this week the sign modeled after a gibson les paul guitar was put up without officials noticing the word rhythm was misspelled on.