17 Burst results for "Robert Caplan"
Bloomberg Radio New York
"robert caplan" Discussed on Bloomberg Radio New York
"Just gone 6 30 in the morning right here in Hong Kong. It is 6 30. In the evening on Wall Street, I'm Rashad salami. And I'm Brian Curtis here in the Hong Kong studios right next to rich. We've got trading underway in 90 minutes. And that's coming up in Sydney Tokyo and Seoul and then three hours later Hong Kong and Shanghai. Such is the climate in markets now that they actually breathed a sigh of relief out of 75 basis point hike the notion of instead of 100. So that was pretty interesting about the day's trading today coming back from a 2% dive in the S&P. We'll get to the markets with Doug Chris and momentarily, but for now some of the top stories rich. Yeah, we got the two Federal Reserve officials saying that they will back a 75 basis point rate hike this month that of course after that hot print on retail inflation. So there's president Jim bullard telling nikkei Asia that the 75 basis point hike has a lot of virtue to it and fed governor Chris Wallace in markets may have gotten a little ahead of themselves in betting on a 100 basis point move. While it also said that in the medium term view, policy make a suspect a soft landing is very plausible. Based on the labor market, I just don't see how it ever said. Inconceivable to have a recession with an unemployment rate at 3.6%. Lola said that he would support further rate hikes until he sees, quote, a significant moderation in core PCE prices. The fed chair in the former vice chair have been cleared of wrongdoing related to their trading activity. The fed's inspector general said Jay Powell and Richard clarita did not break any rules or laws. However, investigations into trading by other former regional fed chiefs are ongoing. The former fed presidents Eric rosengren in Boston and Robert caplan in Dallas stepped down last year. The two faced questions about their unusual trading activity back in 2020. All right, well, what have we got here as well in terms of the leaders of two big U.S. banks taking an upbeat tone in the face of a potential recession? JPMorgan Chase CEO Jamie Dimon and Morgan Stanley chief James goolman are not steering their firm toward shelter. Here is Jamie down. There's a range of potential outcomes from a soft landing to a hard landing driven by how much rates go up, effective quantitative tightening but effective volatile markets. It's not going to change how we run the company. We've managed through recesses before. We'll manage it again. I'm quite comfortable to do it quite well. Time and also said that the consumer right now is in great shape at the same time, go and say that a deep or dramatic recession in the U.S. is unlikely saying that Morgan Stanley is long the U.S. and most of its businesses. Now that's just by the upbeat remarks, second quarter results were both banks were disappointing in JPMorgan temporarily suspended share buybacks. We get Citigroup and Wells Fargo on Friday. Now, the one thing Brian, certainly I didn't just say a few weeks ago, be prepared for a hurricane. Yeah, he did, and he sort of stood by those comments, but still said that the consumer was doing well. So it's a strange dichotomy. Let's get to Doug prisoner, who he'll figure it all out. And I don't know about that. I don't know, hurricanes. I don't know much about those hurricanes. I think the comments today from Jim bullard were very interesting. You talked about his inclination to back a 75 basis point rate hike. So he told nikkei Asia if you accept that fact, 75 basis points this month. That would leave the fed just 75 basis points away from a neutral rate. So assume that we get another 75 basis points in September. If that is the case, according to bullard, maybe it's possible that there is a kind of a halt to tightening, at least for the time being, and it is that view, I think, that helped you bring the equity market off session lows today. We ended mixed NASDAQ composite was actually higher today by just a tenth of 1%. The Dow, though, down a half of 1% in the S&P 500 off about three tenths of 1%, volume well below average, and that may have exaggerated some of the movement that we had. Tomorrow, we're going to get to options expiration, so it's likely that there was also some positioning tied to those contracts expiring, and maybe we're looking at a bit of volatility tomorrow. Quite the rally in the dollar with the Bloomberg dollar spot index finishing at a record high we were up 6 tenths of 1% today. What a collapse in the end, we are now trading at a one 39 handle against the greenback we were down by more than 1% in New York trading. And the Euro trading around parity with the greenback, a dollar, someone to put it in another way, one spot zero zero two one against the greenback. So if you're traveling to Europe and you can withstand the heat wave, you're going to do very well when it comes to foreign exchange. Now, we also have a word that the Chinese automaker BYD saying that preliminary net income for the first half of the year will be up by more than 200% from its previous corresponding period that is quite a jump and the stock today. These are the ADRs that trade here in New York were up about 7 and a half percent. We are also being told that Chinese bureaucrats are studying the energy outlook and then proposing to end near two year ban on Australian coal. We'll be talking more about that as we continue here on daybreak, Asia, and I just want to let you guys know that we got PMI data for New Zealand. This is the June manufacturing PMI. We are now in contraction territory with a reading of 49.7. We'll take another look at markets in about 15 minutes, rich. All right, indeed. And we can now check the
Bloomberg Radio New York
"robert caplan" Discussed on Bloomberg Radio New York
"President succeeding Robert caplan who resigned last year following disclosures about his personal trading activity in 2020 the appointment is effective August 22nd the Dallas fed's next turn to vote on monetary policy is in 2023 Among the names reporting after the closing bell today The Walt Disney Company Disney shares down now by 1.2% I'm Charlie pellet that David Weston is a Bloomberg business flash Thank you so much Charlie Powell I want to turn back to Ukraine right now and quite specifically a country nearby and that is turkey The U.S. has had a complicated relationship with turkey over the years including over the S 400 anti aircraft weapons that were bought from the Soviet Union from Russia But at the present time turkey has a potentially pivotal role to play in perhaps bringing a resolution to the conflict in Ukraine For his viewpoint on this we turn to a true expert on turkey Steven cook senior fellow for Middle East and Africa studies at the council on foreign relations and a columnist for foreign policy So Stephen thank you so much for being with us The thing that caught my eye at least on this was a report on The Wall Street Journal that the Biden administration is asking for the sale of advanced weapons including F-16s to turkey which a short while ago I would have thought it would be almost impossible giving the problem over the S 400s Yeah that's right It would have 6 months ago been unthinkable that the Biden administration would put its weight behind the Turkish request for new F-16s and upgrades of other F-16s But because turkey has played an important role for NATO and in support of Ukraine in the conflict so far by supplying the Ukrainians with quite lethal drones and at the same time holding itself out as a potential mediator in the conflict this has helped paper over many of the differences between the United States and turkey such that there is a real possibility that this sale of the 16th could go through It's terribly dangerous to get too simplistic and I could be guilty of incurring that to ask whose side is turkey on But it appears that turkey doesn't necessarily want to be on either side in terms of with Russia or with the United States It wants to play something of an intermediate role intermediary role That's right You could say that turkey has leaned in a direction of Ukraine especially since it has supplied this drone technology that has been so effective against Russian armor But at the same time turkey has not sanctioned Russia You can still fly between Istanbul and Moscow And turkey has over the course of the last decade developed strong economic ties and the two leaders the Turkish president Recep Tayyip and Vladimir Putin also have strong ties Makes turkey a potential mediator in the conflict Now that may not bring the war to an end We seem to have gone beyond the point of an actual negotiated solution to the conflict But in terms of providing humanitarian aid and helping set up humanitarian corridors turkey may be an honest broker between Kyiv and Moscow I'm trying to put ourselves in the shoes of president Erdoğan What are the strategic interests of turkey when it comes to this war in Ukraine Well I think that the Turks want to establish themselves as a regional power on par with other America's other of the United States is traditional allies in Europe President Erdoğan has long said that turkey needs an independent foreign policy needs to be looked at upon the United States and its NATO allies as an independent and powerful actor in all of the regions in which it touches whether it's the eastern Mediterranean the Middle East Europe the Caucasus or in fact close to Eurasia where this war is ongoing So that is clearly how president Erdoğan has positioned turkey And thus far he seems to be succeeding As I recall early on in the war turkey closed the bus straight to the Russian warships Does that remain in place and how important is that to Russia Just a slight clarification on that David Turkey closed the Bosporus strait to warships Right So it's Russian warships It's American warships It's French warships It's important important point It wasn't just Russian warships I got you And Russian warships can traverse the straight so long as they are home ported in the Black Sea Thus far the Russians haven't made the move to try to resupply their fleet So it hasn't been an issue But still it was an important step and for turkey to take because the Russians would likely want to use the strait to resupply Its naval forces So not to take too much away from the Turks on this issue but it was a broader blanket prevention of warships in the strait Really important clarification Thank you for that Talk about NATO and Turkish relations with NATO I mean obviously it's a member of NATO at the same time That has been sometimes a somewhat strained relationship Does that bring as it were turkey back into the NATO fold resoundingly Well I don't know about resoundingly but certainly over the course of the last decade turkey has been a NATO ally but not entirely a partner in NATO And the purchase of the Russian manufacturer to S 400 anti aircraft system was something that really had an impact on turkey's relations with its NATO partners Now that it is playing this role in the Ukraine crisis And in particular as I said the supply of drones to the Ukrainian armed forces it seems to have provided some momentum for turkey to repair those relations inside NATO And for turkey to reinforce the argument that it is a strong install where member of NATO And that it is prepared to act along with its NATO allies But still there are problems between turkey and Greece a wall all of this is going on Turkey has violated Greek airspace in the GNC more than dozens of times There's been an increase in that kind of activity over the course of the last couple of months So while turkey has proven its metal as a NATO ally in.
Bloomberg Radio New York
"robert caplan" Discussed on Bloomberg Radio New York
"Bloomberg quick tape This is a Bloomberg business Tech tumbles again from Bloomberg world headquarters I'm Charlie palette We've got technology shares dragging down stocks after data this morning showed U.S. inflation may have peaked but also suggesting price pressures will remain elevated for quite some time NASDAQ now down 223 points down 1.9% that has stacked 100 index also down 1.9% broad based selling with the Russell 2000 down now by 1.2% to put it all in context The S&P 500 Index down 28 down 7 tenths of 1% that now down 122 lower by four tenths of 1% The ten year yield 2.91% spot gold up 1% of $18 the ounce now to 1856 West Texas intermediate crude is rallying 6.5% now up 6 53 a barrel to one O 6 31 The Federal Reserve bank of Dallas has named Laurie Logan as its next president succeeding Robert caplan who resigned last year following disclosures about his personal trading activity in 2020 Recapping stocks allure NASDAQ leading the way down we've got the S&P down 27 points now down 7 tenths of 1% I'm Charlie palette There's a Bloomberg business flash Bloomberg opinion informed perspectives and expert data driven commentary on breaking news It is time now for Bloomberg opinion and we welcome today columnist Tim.
Bloomberg Radio New York
"robert caplan" Discussed on Bloomberg Radio New York
"Your dual mandate stable prices and maximum employment especially when the unemployment rate for black workers is still roughly double roughly twice the rate for white workers So unemployment rates for all racial groups have come down a lot and are now much closer to where they were before the pandemic hit So That's one thing I would say And that's important But the bigger point is this I do not at this time see the two sides of the mandate as intention I don't because you can see that the labor market is out of balance You can see that there's a labor shortage There aren't enough people to fill these job openings and companies can't hire and wages are moving up at levels that would not over time be consistent with 2% inflation over time And of course everyone loves to see wages go up and it's a great thing but you want them to go up at a sustainable level Because these wages are to some extent being eaten up by inflation So what that really means is to get the kind of labor market we really want to get We really want to have a labor market that serves all Americans especially to people in the lower income part of the distribution especially them To do that you've got to have price stability And we've got to get back to price stability so that we can have a labor market where people's wages aren't being eaten up by inflation And where we can have a long expansion too That's the good thing is you can have as we have We've had several of On a two year to two 65 63 So what have we got Equities are We've got yields lower We've got a dollar that's weaker and later it seems to me that just batting away the question about 75 basis points was sufficient to generate a monster rally in this market What does that tell you I mean honestly the idea that this was an outlier case that people thought that a 75 basis point rate hike was on the table for June to simply taking that off the table led to a rally that's one of the biggest that we've seen in weeks How does this really cohere with this idea that they have I'm sorry but credibility if they're basically turbocharging a market and leading people to basically reduce their near term rate hiking bets at a time when inflation shows no sign of slowing down Alongside Tom Kean and Lisa bravis I'm Jonathan farrow Let's listen to the chairman and south from what he had to say about 75 basis points 75 basis point in an increase is not something the committee is actively considering Assuming that economic and financial conditions evolve in ways that are consistent with our expectations there's a broad sense on the committee that additional 50 basis increases should be on 50 basis points which should be on the table for the next couple of meetings They chairman of the Federal Reserve TK that just goes to show how much was priced in this market And how difficult it is to out hawk this market with expectations so elevated going into this meeting He mentioned the 75 basis points and I would suggest John after that off the question from Colby Smith to the Financial Times he gave some immense nuance of neutrality And the red sticky that Bloomberg produced a 1448 says it all won't hesitate to go higher than neutral if needed and there seemed to be almost a massive instantaneous sigh of relief over the banded Ness the malleability of the study of neutrality And I really think that was something exceptionally important in this huge market move There is a ton of debate as to whether they will go beyond neutral And how much higher they will ultimately go in the end destination as well When I go through some dates with you all now just to work out where we go in here So we've got June and July June 15th July 27th they're the next couple of meetings for the chairman is referring to and basically put in a 50 basis point rate hike on the table We have CPI prints on May 11th June 10th July 13th August 10th And after July you've got a meeting from the Federal Reserve on September 21st This Tom for me for many people at for the moment at least puts the summer to bed Take you to Jackson hole you reset TK you look at the data that's come in and then we can have a bigger conversation about the future because as you point out the move to neutral expeditiously a word they like to use is largely baked in now but what next stuff to that is going to be dependent on what this data looks like through the summer The calculation and neutral is huge huge debate I looked at one paper from the late Robert caplan of the Dallas fed And John they have three measurements of neutral within that paper And I'm not willing to say if neutrals July if neutrals September if neutrals beyond that but what I heard was a chairman who made clear they are going to be very supple as they move forward on the data trying to figure out where that neutrality is Well Wayne witnessed just then the lace over the last hour or so I think it was the chairman Tapping the brakes on a runaway hawkish train What you get in after that as a consequence is an equity market that's higher and arguably financial conditions that are looser It's going to be interesting to see how this evolves for the next few weeks and months because I think we should remind our audience of what happened at the last fed meeting when the NASDAQ absolutely ripped by more than three and a half percent and then the following month was absolutely dreadful So fed day price section doesn't tell you everything Let's just caveat that there But financial conditions tighten for a reason And that was the objective Lisa This I don't know what this is Well you raised a good question Is he going to be happy with this price action since it's basically the equivalent of a 25 basis point rate hike if you take a rate cut I should say based on the easing and financial conditions that basically this is the wrong transmission mechanism whether it will stick is another story The other interesting thing is this comes even though this fed chair seemed a lot less confident about a soft landing He called it a soft dish landing and that it was going to be challenging to get there I mean he seemed to be conceding that this is going to be a struggle Should we get to a man who disagrees with this whole decision Tom The gentleman from Dartmouth David blanche flower joins us of course is wage curb is iconic in the study of the American and indeed the British labor economy is well professor blanche Farr thank you so much for joining This morning one of the great concerns here that we're hearing in every surveillance interview is a labor economy on fire Chairman Paul mentioned that three four times How fully employed is the backdrop as he searches for a neutral rate I thought all that was quite astonishing I'm sitting looking at a labor market where the employment to population rate is 5 percentage points below where it was in 2000 It's a percentage point below where it was in 2020 And what we know about hot labor markets is that actually the unemployment rate is not the right indicator What you need to look at is what happens out in outside the labor force And basically if the labor market was hot and firms wanted to get workers they can find them They've left the labor force and they left the labor force at 18 months ago So I didn't buy really any of that I thought this whole thing about the labor market being hot Didn't make any sense at all with 7 or 8 million jobs below to the equivalent of where we were in 2000 I thought can I just say time I thought it was a couple of things I thought I thought the questioning and the things that have been going on at the fed were just it's like everyone's singing from the same sheet It's as.
The Breakdown with NLW
"robert caplan" Discussed on The Breakdown with NLW
"The breakdown is sponsored by FTX. FTX is the safe regulated way to buy and sell Bitcoin and other digital assets. Trade crypto was up to 85% lower fees than top competitors. FTX U.S. is also the only leading exchange that supports both Ethereum and Solana NFTs. You can trade NFTs with no gas on FTX U.S. and gas subsidized when you withdraw off the platform. Help support the breakdown and visit FTX U.S. today. That's FTX U.S.. One more on the trad 5 side of things. I gave the bullish Bill Miller take, but I should compliment it with a little bit more bearish data on fun flows. Last week saw $207 million of outflows from digital asset investment products. The lion's share of that was Bitcoin without flows of 107 million, which makes sense given the Bitcoin makes up the majority of these products. This is a continuation of a trend that began in mid December. In the last four weeks, outflows of total nearly half a $1 billion, 465 million. And over this four week period, these investment products have represented 25% of total Bitcoin trading turnover, which is higher than normal. So the point of all this take this with the Bill Miller piece is not to minimize that there is some definite short term churn as the market makes sense of what's going on with the fed and the shift in policies, but that doesn't mean that everyone's getting bearish. Speaking of what's going on with the fed, fed vice chair Richard clarita is leaving with only two weeks left in his term. On the one hand, yeah, it's two weeks, but it's the symbolism that matters. He's leaving clouded in controversy and scandal. Last year in October, there was a mini scandal when it was announced that Richard clarita bought about a $1 million in shares of a U.S. stock fund just a day or so before Powell announced effectively that the fed was going to go ham on printing to preserve the economy during the COVID crisis. What we didn't know and what we discovered last week is that only three days earlier, clarita had sold at least a $1 million in shares of that same fund. And this is the really dicey part. Home spent a year hiding the sale part of this and a 7 figure swing inside three days is not a normal thing to do. You're already talking about questions about buying an asset when you know that the fed is going to announce major support. But the fact that you dropped an equal amount of that asset just three days earlier is zoo. So let's be really clear on the timeline and this is from Brian chapada at Bloomberg. Friday two 21 20 stocks fall from record high. Monday two 24 20 sell stocks. Wednesday two 26 20, kurita had calls with board member and regional fed president. Thursday two 27 25 stocks. Friday two 28 20 Powell hints at rate cuts. Now, this sort of controversy has been an ongoing concern with the fed and with Congress. Eric Rosen Graham, the fed president in Boston and Robert caplan, the fed president in Dallas, both resigned in September. And while Rosen grant cited health concerns, both were largely caught up in the public backlash around their disclosure of stock trading during the pandemic, emergency response from the fed. Last October Jerome Powell announced new guidelines that included banning purchases or sales during times of market stress, and there is currently a probe of fed trading underway by the Central Bank's inspector general, although the clarita revelations are bringing up questions about the scope of that investigation. Elizabeth Warren was hammering this point ahead of Jerome Powell's confirmation hearing, which is happening today. And obviously the question here is one of institutional trust. And it's just so low right now. As I mentioned, this isn't just the fed. In the U.S. last year, only three out of 38 major hedge funds managed to outperform the S&P 500, which by the way, wow. But according to new data compiled by unusual whales on Twitter, 35 out of 535 members of Congress outperformed the S&P 500. This was largely bipartisan as well. 16 Republicans in 19 Democrats. Nancy Pelosi made headlines in December for defending the rights of Congress people to trade stocks, saying, we are a free market economy. They should be able to participate in that. Of course, the question is skeptic might say isn't free markets. It's access to information that others don't have sooner than anyone else has it. Travis kling pointed out this hypocrisy in a tweet that said, we now have three fed board members that have resigned due to the egregiousness of their insider trading during the COVID market crash. But they won't let you participate in AirDrops where thousands of dollars 'cause you need to be protected. All right, last one to wrap up and then we'll be off for the day. PayPal is exploring its own stablecoin. This came out a couple weeks ago because a developer had found a PayPal coin logo hidden in the app. PayPal said it was from an internal hackathon, not something they'd finalized plans for. But the SVP of crypto told Bloomberg, we are exploring a stable coin. If and when we seek to move forward, we will of course work closely with relevant regulators. The markets take kind of falls into one of two areas. The bullish is represented by this tweet from forklifts. So Facebook changed its name to meta, PayPal is launching a stablecoin and a new $1 billion fund has announced weekly and people think 2018 is going to repeat? On the other end of the spectrum skeptical. Michael Doherty wrote, SEC and a bunch of other predators wouldn't let it grow further than a plan. Definitely it will be regulated hills overhead. I don't exactly fall into either of these camps. I think PayPal is smartly positioning itself for the possibility that regulators this year say, okay, to stablecoins. But force an incredibly high compliance burden on them that it's extremely difficult for today's crypto industry players to meet. Or at least will take them a very long time to. In other words, if the government comes back with rules that say, more or less, banks are the only legitimate issuers of stablecoins, I can see PayPal trying to sneak in as the or less while the existing crypto providers get blocked out. PayPal would leverage its much longer history and market to sneak in a quickly closing door. Whatever the case though, I will say it's interesting at how quickly things have evolved. When PayPal announced last year it was getting into crypto, it was major headline news. This time, barely a PEEP. That could be that the ins and outs of stablecoin policy is just two in the weeds for most, but it's still interesting to note. Anyways, I want to say thank you again to my sponsors on this show. Next dot IO, abra and FTX. And thanks to you guys for listening. Until tomorrow be safe and take care of each other. Peace.
WNYC 93.9 FM
"robert caplan" Discussed on WNYC 93.9 FM
"Mostly sunny with a high nearest 68 today and most like body deny with a lower round 54 so it's going to feel very much like fall once again and especially this weekend Saturday partly sunny and in the low 60s and then cool yes chilling Saturday night and then Sunday sunny with a high near 6th Right now 63 and mostly cloudy in New York Central Park It's 5 45 This is NPR news I'm Steve with Scott detro the Federal Reserve is adopting some strict new rules after an outcry over stock trading by top officials there This involves active trading by a couple of regional fed bank presidents in Boston and Dallas and PR Scott horsley is our chief economics correspondent in discovering this story Scott good morning Good morning Steve You know I hadn't even ever thought about this but I guess you know bank members have portfolios but I'm still surprised to hear them doing this trading What happened When reporters study the financial disclosure forms that many fed officials are required to file each year they found that two regional fed bank presidents had been actively buying and selling stocks and other securities during the pandemic in particular as you mentioned the head of the Dallas fed Robert caplan traded millions of dollars in shares of companies like Amazon and Delta Air Lines They had the Boston fed Eric Rosenberg traded smaller amounts of securities that were tied to real estate And all this was happening at a time the fed was pumping trillions of dollars into the economy and while both men argued their trading was not a violation of existing ethics rules of the Central Bank the chairman of the fed Jerome pal acknowledged it was not a good look No one is happy to be in this situation to be having these questions raised It's something we take Very very seriously Now since then the two regional bank presence have retired and pal promised that the fed would adopt more stringent ethics policies that's now what's being rolled out It sounds like this is yet another of these areas where there was a norm that people would have observed but there was not an absolute rule Now it sounds like more of a rule What's it going to do Well there were rules but they're now stricter the new rule limits what and when fed officials are allowed to trade It applies to both officials here in Washington and the regional fed banks They are barred from buying individual stocks They're also prohibited from holding individual bonds and anything tied to government backed securities Officials can still have broad based investments like mutual funds but they're required to hold them for at least a.
Bloomberg Radio New York
"robert caplan" Discussed on Bloomberg Radio New York
"Live trading here in Europe The markets over the U.S. the S&P 500 hitting a new record but tech taking a bit of a hit in the later stages of the session on the back of those disappointing earnings from snap that had implications for Twitter Google and Facebook as well Supply chains now impacting the social media companies also inflation back front and center market expectations around inflation at ten year highs of 15 year highs I should say So that is one to watch as well The futures here in the Europe pointing to gains of 6 tenths of a percent you've had a positive session over in Asia gains of two tenths of a percent across the MSCI benchmark index in Mainland China there's some relief that ever grand that significant real estate developer has managed to pay a coupon on a dollar of bonds so bit of stress taken away from that story and gains there of a close to 1% in Shenzhen just over a tenth of a percent in Shanghai over in Hong Kong the tech sector there is doing quite well gains of 2% as well on the back of some relief around whether or not regulation Morgan Stanley saying the regulation re squeeze their has peaked The futures in the U.S. by the way looking slightly lower down a tenth of a percent Your currencies Euro dollar is currently at one 16 The dollar itself is just slightly weaker in today's session Okay so those are the markets for you this morning Let's go to our top stories It does look like Britain's at a really pivotal point So let's start there Is a rate hike next month Really still on the cards the decision whether to raise interest rates is live and finally balance that is what the Bank of England's new chief economist Hugh pill per pew has uphill rather has told the Financial Times rumored Hannah George has more The Bank of England is in an uncomfortable position Hugh pill says that UK inflation may top 5% in the coming months far above the bank's target of 2% But he added that the pace of price gains will moderate in the second half of next year While money markets are anticipating a rate increase in November pills remarks suggest that a hike isn't a done deal But that he may favor acting to curb inflation Pill also signaled that any future tightening doesn't need to be overly restrictive and he had a warning for investors saying there's a bit too much excitement in the focus on rates right now In London I'm Hannah George Bloomberg daybreak Europe And it seems British households are bracing for expected interest rate increases from the Bank of England and they're less willing to make big purchases ahead of the crucial Christmas period According to the latest survey by GF K UK consumer confidence fell in October but that was to the lowest level since the country was stuck in a lockdown The main sources of worry surging inflation food and fuel shortages and clover climbing COVID-19 cases Okay so that on the UK meanwhile the fed is imposing new rules on personal investing for officials at the Central Bank the move follows trading disclosures that led to the resignations of the Dallas fed president Robert caplan and Boston's Eric rosengren his Bloomberg's Steve Matthews on those changes They're prohibited from purchasing individual stocks from holding individual bonds from holding derivatives The rules require even for the securities they do hold they require that they have 45 days advance notice for purchasing our sale of securities They have to get approval for purchasing their sale of securities and they have to hold anything that they do hold for at least a year Well fed watchers say that the prompt action on this ethics scandal taken by J Powell could help his chances for renomination pals current term and in February China evergreen lives to see another day We get more from Bloomberg's Rosalind chin Evergreen has pulled itself back from the brink of default by paying a bond coupon before this weekend's deadline Sources say the company wired the $83.5 million payment and bondholders will receive the funds before Saturday The payment was originally due on September 23rd Saturday the deadline of the one month grace period Meanwhile markets received the news positively shares of Chinese developers surging for a second day in Hong Kong In Hong Kong and Rosalind chin Bloomberg daybreak Europe Well let's get more on this story and bring in Bloomberg's cross asset editor Joanna oshi this morning hi Joanna thanks for being with us What is the market reaction then some relief to evergreens payment Yes Definitely relieved And just a greater sense that things are okay we can go a little bit risk on the stocks in general are up This did really affect sentiment in Asia the dollar is down a little bit So it wasn't just those Chinese developers stocks that did well although they did but it's definitely creating a sense of greater calm within Asian markets today Joanna there's a lot of excitement of course a lot of bars around this futures ETF for Bitcoin that launched earlier this week Now there's concern though about the size of these ETFs What is going on Yeah well there is concern that for instance the futures carry drag could become even larger So basically these ETFs might get so big that they might start influencing the market and make themselves actually more expensive in the process And JPMorgan put out a note yesterday saying that they think it could be bidding up both the futures curve further relative to spot prices and the roles between contracts So that's definitely one to watch as these ETFs start to get approved and kind of settle out Yeah and just a word on Bitcoin right now $63,000 at the moment up 5 tenths of 1% but pulling back of course from the record in terms of the Bitcoin price this week Thanks so much to try and Austin to their full time market commentary and analysis check out markets live ML live on your blue book terminal And the U.S. and 5 European governments have resolved a dispute over digital taxes on American tech giants the deal was reached after a broader global agreement to overhaul levies on big corporations under the deal the European countries will retain so called digital services taxes on companies like Amazon and Facebook but once a global tax deal comes into effect they'll refund any levies in excess of the agreed rate Okay more in terms of those a big tech companies then snap plunged as much as 27% post market after it reported third quarter sales that fell short of analyst estimate more from Bloomberg's dog prisoner A key challenge stems from changes to apple's data collection rules All apps on the iOS 15 platform must now get iPhone users permission to be.
Marketplace with Kai Ryssdal
"robert caplan" Discussed on Marketplace with Kai Ryssdal
"Wednesday today, this one is the 20th of October that is always to have you along. Everybody. You know, the politics of this economy can be messy, and we know that because politics. But we lead it today with a story in that messy orbit because it could have some big ripple effects. Last month, rob Kaplan, the president of the Federal Reserve bank of Dallas, and Eric Rosen during the president of the Boston fed resigned. After disclosures about security's trading, they did last year raised questions about ethics at the Central Bank. Since then, the fed has announced an independent review of trading by fed officials, but this week, fed chair Jay Powell's own financial disclosures have raised some more eyebrows. Rachel Siegel covers the fed she has been on this story for The Washington Post. Racial thanks for coming on. Thank you so much for having me. What have we learned then about chair Powell's disclosure forms? So chair Powell's disclosure forms are distinct from what we know about Robert caplan and Eric Rosen Graham. But nevertheless, you know, it is worth looking at the transactions that he made last year. For example, we know that he had 26 transactions on his disclosure form last year, 19 or four automatic dividend reinvestments, basically transactions, put on autopilot. He had 6 withdrawals, which the fed has told us were for family expenses. And for example, one of them was quite large on October 1st. He had a sale of a Vanguard stock market index fund that was valued between 1 million 5 $1 million. Does it matter and how relevant is it that he was selling into a falling market? It's a question that we're thinking about too. On the one hand you should say it shouldn't matter whether or not someone ends up making or losing money and unless they're fortune tellers. They don't necessarily know which way the market is going to go. At the same time, if anyone has a pulse on what's happening deep within the financial system, it's the fed chair. And so in some ways, we have to try to answer these questions independent of what was actually happening in the market and thinking about the kind of information that the person actually held at the time that they were making it. These trades for all three men were in accordance we are told with Federal Reserve ethics guidelines, yes. That's right. And one important place where it's also important to distinguish Powell's financial history from Kaplan and Rosenberg is that there is this ongoing inspector general investigation into whether Kaplan and Rosenberg's conduct complied with the fed ethics rules and the law. So I tend to think of it as sort of two layers. There is a question of whether certain behavior violated fed ethics rules in the law. And then this question of, okay, well, here's what lots of other people were doing. And does this tell us anything about the way the rules should be improved moving forward? So in his last press conference that Chappell did after their most recent meeting, the chairman was asked about Rosenberg and Kaplan, and he said, in essence, we're all really disappointed. And nobody wants the Federal Reserve to be in this position. How do you think all of this then plays into the conversations that are being had about your pals renomination, which The White House has to decide on reasonably soon he's up in February? Sure. So as far as I can tell, these debates about fed stock trading scandals, these ethics rules have not shifted the calculus in terms of whether or not The White House is going to renominate Powell or not. However, I think what is related is that these questions have really complicated the feds public trust. So I tend to think about it as less, whether this will completely change the game about Powell's chances at a second term and more the fed's broader public perception at a time where it really needs the confidence of the American people. I was talking to Mary Daly, the San Francisco fed two weeks ago, and she said trust is all we've got. That's the whole deal. It is. And, you know, it's worth remembering that we're in this moment where people are feeling higher prices and some people have not yet been able to get back into jobs. And now they're dealing with this additional layer of ethics, and that really just complicates this, you know, the mission, really, that they have set out to do. Let me ask you to and this might not be fair, but I'm going to try it anyway. Put on your I'm a reporter in Washington, D.C., so I'm attuned to politics and ask you about the politics of the chairs, potential renomination, because a little bit of Warren on the Senate banking committee has already come out in opposition to chair Powell. She wants more regulation of banks than he has been willing to do. There is a progressive caucus in the House, which of course does not get a vote on his renomination, but they are vocal nonetheless about wanting the fed to do more on climate change. What's the or is there a political calculation that you are aware of in The White House? So we have had quite a bit of difficulty getting a pulse on where The White House is. You know, our sense is that cheer Powell is very well liked, but as you know, the opposition to him that comes from certain parts of the left has to do with moves, the fed has taken to ease banking regulation, people who wish the fed would crack down harder on climate. I will say though, that that is not a universal rallying cry from Democrats, there is this sort of political backdrop and it gets complicated because the fed tries very hard to stay out of that spotlight, but they also exist in Washington. They do indeed Rachel Siegel, she covers the Federal Reserve and the American economy from The Washington Post. I should say here just before we wrap up. Chair Powell, as I'm sure from every media organization on the planet, here Paul has a standing invitation to come on this program to talk. Rachel, thanks a lot. Appreciate your time. Thank you so much. Wall Street today, getting near some.
Bloomberg Radio New York
"robert caplan" Discussed on Bloomberg Radio New York
"With us Before we get into your proposed solution to the problem describe the problem How did we get here Yeah I mean it's been a really rough ride for the fed's credibility over the past I'd say probably about 6 7 weeks First news surface that Robert caplan the Dallas fed president traded a lot of stocks last year pretty much And then we had Eric Rosen grant of the Boston fed also trading a lot of real estate investment trust REITs And then just even more recently Richard Clare the vice chair was disclosed to have switched a lot of money from bond funds into stock funds just a few days before the fed really started aggressively easing monetary policy to combat the COVID crisis So a lot of moving parts and Eric Rosenberg resigned last week and tomorrow will be Dallas Dallas fed chair rubber cap once last day And just to be clear first of all neither I think mister Kaplan nor mister Rosen said the reason they were resigning was because of this problem And as far as I know there's no specific allegation of wrongdoing on any of these parts For example when you talk about Richard clarity it said this was a normal rebalancing that was sort of automatic He might not even know what's going on The question I guess Brian is not so much did they do something wrong Is it look fishy Yeah I mean I think it's pretty clear that it's not a good look at all And Richard caplan basically said that my financial disclosure has become a distraction as the reason why he was stepping down but it's all just very strange because I actually Robert caplan the one who has been trading all these stocks was actually among the most vocal critics of the fed policy and saying we should tighten that financial financial markets have gotten too frothy And similarly Eric Rosenberg who was trading REITs was saying that the real estate market was too hot So it was very strange But yeah no wrongdoing really at least based on the fed's current ethics codes But there's reason to suspect that that's going to change They're definitely going through they're going through it now and probably coming up with some recommendations to make it stronger So again just before we get your solution on teasing this now so I really want to know what it is Before we get to that what are the current rules about conflicts of interest in trading Yeah I mean it's a voluntary guide in some ways that should be above reproach that there are some rules around how many actually how much in U.S. securities you should own So U.S. government securities because obviously the fed does have a direct impact on the US Treasury market And there's also rules around the blackout periods surrounding actual decisions in which they can't trade They also have to hold securities for 30 days Pretty standard stuff but at the same time this is the Federal Reserve we're talking about And at the highest levels they're influencing the economy as much as any single body in the world Okay we've waited long enough a drum roll please The answer is I don't think there's exciting as you made it but qualified blind trust is what myself and Alexis Leon came up with It's a tool that's used sometimes in Washington It would basically require fed officials to hand over their assets to a third party that's not a spouse or a friend A legitimate third party who would then go about divesting their assets and then buying a new securities with that Okay so what's the difference with qualified blind testers to blind trust Yeah my understanding is that blind trust can still be subject to you might have a friend or you might have someone who you work with kind of take over the trust and it's blind in that sense But this would be the way that we understand it is it would be a true third party someone who really is a lot more removed from the actual person It's sometimes called there's also things called double blind trust which is where you don't even know who's managing your money But those are pretty rare So this is kind of just to make sure that it is a qualified third party So it's not someone that the fed officials could influence So if there is an argument against this what is the argument As I understand the way this would happen it doesn't mean that whoever is managing the qualified branch would have to trade securities have to sell everything and buy something else right They would just manage it the way you would if you could still manage it Well the issue there is that if you give them all your assets and you have $10 million in Tesla that's not really blind because you know you just hand it over $10 million with Tesla right So they would have to sell substantially all of that And then that's a great example because there might be a small tax bill to attach to that with Tesla given the bases Right exactly So this would just basically be a way to not necessarily discourage people who might be affluent might have had financial success in their life from becoming a fed official but it would prevent them from the temptation of having been in the markets before thinking they know what's coming and then trading on it Because you don't want to have we were joking that you don't want monks to be running the fed right You want people who have substantially knowledge of the economy and of the financial system And so you don't want certain net worth to be prohibitive but you also don't want that to be seen as a conflict of interest What about monks running the Congress or the executive branch Should something similar to be imposed for members of Congress and for senior executives at the executive branch Yeah that's a lot of the commentary that I've gotten back on my column so far today is yes that's a great idea about doing blind trust for the fed Now let's do Congress There is a lot of concern that people come into Congress and pet all their influence And as a result they accrue more money So I do think that there is especially with Congress there's definitely need to improve capital of interests there too because they influence sectors even more than the fed does I wrote that even as the P 500 could be seen as the conflict of interest for the fed and that's true But when you really drill down there are certain sectors big tech for instance that I mean Congress could really really lay into big tech if they wanted to And you could possibly trade ahead of that Well the S&P 500 today if you look at what Mitch McConnell and Chuck Schumer did they really drove the S&P 500 with their budget deal right Right If you find out that everyone's buying S&P 500 calls a couple of days ago that would be a problem.
Bloomberg Radio New York
"robert caplan" Discussed on Bloomberg Radio New York
"Manage risk at Pershing dot com Nathan Karen let's begin with a big shake up at the Federal Reserve Dallas president Robert caplan is out at the Central Bank following Boston chief Eric Rosen grannan resigning after questionable investment activity Bloomberg's John Tucker joins us live with the very latest John Good morning Nathan Robert caplan says the focus on his financial disclosures have become a distraction For that reason he's retiring October 8th both Kaplan and Rosenberg came under criticism after disclosure showed they held and traded financial assets while the fed was actively supporting markets that regs it will take out two hawkish fed officials were forecasting a rate hike next year The departures should also ease pressure on fed chair J Powell who's facing renomination Live in New York I'm John Tucker Bloomberg daybreak Very John thank you Meantime other fed presidents are back on the speaking circuit banging the drum for tapering asset purchases New York chief John Williams says the Central Bank could pull back on bond buying soon We made substantial further progress in achieving our inflation goal It's also been very good progress through its maximum employment Now assuming the economy continues to improve as I anticipate a moderation in the pace of asset purchases may soon be warned John Williams spoke at the economic club of New York fed governor Lyle brainard is making a similar case saying the labor market is nearing the point where tapering makes sense Employment is still a bit short of the Merck on what I consider to be substantial further progress But if progress continues as I hope it may soon meet that mark Fed governor brain heard expects the Central Bank to start tapering soon but says investors should not take that as a sign that rate hikes are coming to We hear from fed president Jerome Powell later today in Washington Karen along with treasury secretary Janet Yellen they will field a range of questions in testimony to the Senate Let's get more from Bloomberg's Vinny del giudice Pandemic relief is the advertised topic of the Senate banking committee hearing But Bloomberg economics says the spotlight will be on recycled yelling at that ceiling and government to fall The treasury could hit the fiscal reds on the X state no cash to pay the bills sometime in October It's more than a little nerve rattling Pal meantime it's likely to break new ground on U.S. monetary policy Any doubt Judas Bloomberg daybreak All right Vinnie thank you Elsewhere on Capitol Hill It's all about the deaths ceiling and a looming government shutdown Senate Republicans have blocked a bill that would suspend the death sailing and keep the government open Majority leader Chuck Schumer is blasting the move There's no scenario in God's green earth where it should be worth risking millions of jobs trillions in household wealth People's social security checks veterans benefits and another recession just to score short term meaningless political points That's what Republicans seem fixated on doing And senator Schumer calls Republicans reckless they refuse to back the death ceiling suspension because they don't approve of President Biden's economic plan Now Democrats need a new strategy to prevent a shutdown Zeno is a Bloomberg news contributor and a political science professor at iona college Democrats are going to pass it but they want to make sure they are making the case that Republicans are responsible for the debt we are facing in this country and the government shutdown looming so close That is a political calculation they've made just as Republicans have made the calculation not to try to help to handle it And both sides are going to stick to this to the last minute and then they will avert it Bloomberg news contributor Jeannie Sheehan Zeno expects a last minute deal to avoid a shutdown without one The government could start closing as early as Friday and the U.S. could default on its obligations in October While the debt ceiling fight is front and center Karen there is still work being done on President Biden's three and a half $1 trillion spending package and we're hearing now a change to restrictions on state and local tax deductions could be part of it Here with more is Bloomberg said Baxter It is one of the final details of the package and the House ways and means committee is working on a way to make it happen Agreement failed earlier this month but the members say now they are making progress The deduction was limited to $10,000 in the Trump tax plan large high property tax states have been fighting for the repeal while smaller have said is a handout to the more well to do Several members have suggested now that a compromise would be a temporary lift for two years with more action possible later In San Francisco I'm a Baxter Bloomberg daybreak All right and thank you Let's turn to the pandemic now where fights over a vaccine mandates continue to dominate the headlines Now New York City is one of victory on that front in a surprise court ruling and Bloomberg should eat a young joins us live with the very latest Good morning ready to good morning Karen the New York City vaccine mandate ban has been lifted and as a result the city may begin to bar thousands of unvaccinated school personnel from their jobs The court issued the ruling last night but gave no firm reasons for the decision Now practically this means that the largest school district in the U.S. now may insist that all school employees and contractors be vaccinated Department of Education spokeswoman Danielle filson says the mandate will go into effect at the end of the day on Friday Live in New York I'm ranita young Bloomberg daybreak All right we need to thank you watching equities continue to fall lead by tech this morning S&P futures down 41 points down futures down a 184 NASDAQ futures lower by 243 points That is a drop of 1.6% The ten year down 9 30 seconds yield 1.52% yield on the two year .31 Straight ahead local headlines into check of sports This is Bloomberg.
Bloomberg Radio New York
"robert caplan" Discussed on Bloomberg Radio New York
"Good morning Nathan Robert caplan says the focus on his financial disclosures and become a distraction And for that reason he's retiring October 8th Both Kaplan and Rosenberg came under criticism after disclosure showed they held and traded financial assets while the fed was actively supporting markets The ranks it will take out two hawkish fed officials who were forecasting a rate hike next year The departures should also ease pressure on fed share Jay Powell who's facing renomination Lived in New York I'm John Tucker Bloomberg daybreak Great John thank you Meantime other fed presidents are back on the speaking circuit banking the drum for tapering asset purchases New York chief John Williams says the Central Bank could pull back on bond buying soon We made substantial for the progress in achieving our inflation goal There's also been very good progress towards maximum employment Now assuming the economy continues to improve as I anticipate a moderation in the pace of asset purchases may soon be warned John Williams spoke at the economic club of New York fed governor Lyle brainerd is making a similar case saying that labor market is nearing the point where tapering makes sense Is still a bit short of the mark on what I consider to be substantial for their progress But if progress continues as I hope it may soon meet that mark Fed governor brainard expects the Central Bank to start tapering soon but says investors should not take that as a sign that rate hikes are coming too No offense chairman Jerome Powell takes center stage in Washington today Karen along with treasury secretary Janet Yellen They will field a range of questions in testimony to the Senate and we get more from Bloomberg's vinyl giudice Pandemic relief is the advertised topic of the Senate banking committee hearing but Bloomberg geographic says the spotlight will be on recycle to yell and at that ceiling and government default The treasury could hit the fiscal reds on the X state no cash to pay the bills sometime in October It's more than a little nerve rattling Pal meantime it's likely to break new ground on U.S. monetary policy Any doubt judicial birthday break If you elsewhere on capitol hail it's all about the debt ceiling and a looming government shutdown senator at public ends have blocked a bill that would suspend the debt ceiling and keep the government open Majority leader Chuck Schumer is blasting the move There's no scenario in God's green earth where it should be worth risking millions of jobs trillions in household wealth People's social security checks veterans benefits and another recession just to score short term meaningless political points That's what Republicans seem fixated on doing Senator Schumer calls Republicans reckless they refuse to back the death ceiling suspension because they don't approve of President Biden's economic plan Now Democrats need a new strategy to prevent a shutdown Genie and say no as a Bloomberg news contributor and political science professor at iona college Democrats are going to pass it but they want to make sure they are making the case that Republicans are responsible for the debt we are facing in this country and the government shutdown looming so close That is a political calculation They've made just as Republicans have made the calculation not to try to help to handle it And both sides are going to stick to this till the last minute and then they will avert it Bloomberg news contributor Jeannie she and Zayn expects a last minute deal to avoid a shot down without one the government could start closing as early as Friday and the U.S. could default on its obligations in October Well while that debt ceiling fight is front and center Karen there's still work being done on President Biden's three and a half $1 trillion spending package and we're hearing a change to restrictions on state and local tax deductions could now be part of the plan Here with more is Bloomberg's at Baxter It is one of the final details of the package on the House ways and means committee is working on a way to make it happen Agreement failed earlier this month but the members say now they are making progress The deduction was limited to $10,000 in the Trump tax plan large high property tax states have been fighting for the repeal while smaller have said as a handout to the more well to do Several members have suggested now that a compromise would be a temporary lift for two years with more action possible later In San Francisco I'm a Baxter Bloomberg daybreak Great and thanks We turned it the pandemic now where fights over a vaccine mandates continue to dominate the headlines now New York City as one of victory on that front in a surprise court ruling and Bloomberg's Renee young joins us live at the very latest Good morning Renee Good morning Karen the New York City vaccine mandate has the ban has been lifted and as a result the city may begin to bar thousands of unvaccinated school personnel from their jobs The court issued the ruling last night but gave no firm reasons for the decision Now practically this means that the largest school district in the U.S. may now insist that all school employees and contractors be vaccinated Department of Education spokeswoman Danielle filson says the mandate will go into effect at the end of the day on Friday Live in New York I'm ra need a young Bloomberg day break All right we need to thank you Futures moving lower this morning S&P futures are down 29 points down futures down a 104 NASDAQ futures leading the declines this morning they're down a 191 points or one and a quarter percent The ten year treasury is down 1430 seconds the yield 1.53% Straight ahead local headlines in a check of sports This is Bloomberg At 5 O 7 on Wall Street where it's 6 8°.
Bloomberg Radio New York
"robert caplan" Discussed on Bloomberg Radio New York
"Plenty of jobs coming up for grabs at the fed Dallas fed president Robert caplan has joined Boston's Eric rose and grinn in early retirement Both had been under scrutiny over securities trading activity last year Kaplan will depart on October 8th saying the recent focus on his financial disclosure risk becoming a distraction Rosen Gran will retire this week citing an ongoing health condition From Jerome Powell and the fed officials still left the message is that the Central Bank will probably begin winding down its bond buying program soon though the economic recovery still has a ways to go before interest rate increases are appropriate Governor Leno brainard said the jobs market may soon meet her yardstick for scaling back asset purchases Employment is still a bit short of the mark on what I consider to be substantial further progress But if progress continues as I hope it may soon meet that mark Traders are increasingly pricing in the prospect of the fed tapering soon but Jerome Powell says inflation is elevated and will likely remain so in coming months before moderating That's in prepared marks ahead of his Senate appearance today Janet Yellen also testifies Now over at the Bank of England Andrew Bailey reinforced the idea that interest rates could rise this year saying that benchmark would become the prime tool of tightening policy when that time comes But he cautioned about the limits of monetary policy to balance diverging forces in the British economy And that moving too soon could disrupt the nation economic recovery And an update on ever grant in China now Hong Kong Central Bank is asking lenders to report their exposure to evergreen on concerns over potential risks to the region's financial system And the PBOC says it will work to safeguard a healthy property market in China Bloomberg's rose lynching tells us more The Val came after evergreen's debt crisis roiled global markets The developer is now on the brink of collapse with more than $300 billion in liabilities and any collapse could leave 1.5 million buyers waiting for finished homes in that regard the PBOC said it will step up the coordination of monetary and fiscal policy industrial policies and market regulations This is an order to strike a balance between supporting the economy and preventing risks The bank also pledged to push real lending rates lower and said China's economic recovery is still not solid and not balanced In Hong Kong I'm Rosalind chin Bloomberg daybreak Europe Thanks for watching Update there on evergreen Now for the latest in.
Bloomberg Radio New York
"robert caplan" Discussed on Bloomberg Radio New York
"The push higher in energy prices oil prices in particular but were also watching coal and a host of other commodities as well Brent prices touching $80 during the Asian trading session So 80 23 is where we trade up by 9 tenths of a percent compared to the previous close 76 12 is where we trade on the WTI price and a big focus on bond markets once again as we busted out of that previous trading range up over one and a half percent on the U.S. ten year We went over 1% on the U.S. 5 year as well So watching those yields drifting just a little bit higher amidst all of that the dollar is entirely stable Caroline Let's go to our top stories this morning as the UK's fuel crunch continues the military has officially been put on standby to help deliver supplies to petrol stations a limited number of army tanker drivers will be trained up in case they're needed It's the latest emergency measure as the government grapples with supply chain reactions that have drained petrol pumps But a group of companies including BP Shell and esso say that they expect demand to ease in the coming days and there's no shortage of fuel at refineries and terminals Meanwhile plenty of jobs coming up for grabs at the U.S. Federal Reserve the Dallas fed president Robert caplan has joined Boston's Eric Rosenberg in early retirement both had been under scrutiny over securities trading activity last year Kaplan will depart on the 8th of October saying that the recent focus on his financial disclosures risks becoming a distraction Rosenberg will retire this week due to an ongoing health condition Meanwhile the recent message from Jerome Powell and fed officials is that the Central Bank will probably begin winding down its bond buying program soon though the economic recovery still has a way to go before the interest rate increases are appropriate The New York fed president John Williams cited progress on both the inflation and labor market front in arguing for a moderation in the pace of bond buying I think it's clear that we made substantial further progress in achieving our inflation goal It's also been very good progress towards maximum employment Now assuming the economy continues to improve as I anticipate a moderation in the pace of asset purchases may soon be warned But pal says that inflation is elevated and will likely remain so in coming months before moderating that's in preparation in prepared remarks rather ahead of Powell's Senate appearance today The US Treasury secretary Janet Yellen also testifies Those are a few of our top stories for you this morning Let's go on to one of our top interviews The Labor Party is gearing up here in the UK for a potential snap election as soon as next year That's according to one senior party figure With the annual party conference in full swing we're awaiting the key speech form care starmer The Chancellor shadow Chancellor Rachel Reeves has been making the case for a more business friendly Labor Party saying the party will scrap business rates replace it with a new business taxation system Now a Bluebird Westminster yesterday you imports and I spoke to Bridget phillipson MP She set out what the party is trying to achieve We've seen obviously a really terrible 18 month old for businesses and for workers And what do we believe the approach that should be taken the product that racial reefs will be setting out in her speech is that labor will tax fairly will spend wisely and will get the economy firing on all cylinders Now that means government working with business to create jobs and opportunity and every part of our country but it also means that when the government spending money is always focused on the value that you get out of every single pound making sure it has best possible effect We've seen extraordinary waste of public money during this pandemic and we would do things differently Is there enough real policy in what is being discussed at the party conference I noticed that the shadow Chancellor former shadow Chancellor John McDonald he's been on the program before and he's never won not to throw some criticism at Keir Starmer He loved this that the pamphlet that starmer wrote and published just before the party conference last week he described that as banality after banality that there was a lot of writing a lot of words but not enough politics in there What would you say in response to that I mean not for the first time I happened to disagree with them on that And I think what we're seeing today from our shadow Chancellor Rachel Ray is a focus not just on the fiscal rules and the approach that labor would take to the public finances on the office of AD for money but also already ambitious agenda around completely overhauling the way in which business rates operate in our country So we will put forward a different system the better reflects the change that taken place in the economy so more modern system of taxation that understands both how high streets but also our online businesses too So we would end business rate in the long run but in the short term we think this should be for all of them and for smaller businesses to be cut to really support our high street to thrive once more So I think we're setting out quite a big agenda around the different choices that are labor government would be taking How will labor get the likes of Amazon to pay more tax when others haven't managed it Well part of that course is around.
Bloomberg Radio New York
"robert caplan" Discussed on Bloomberg Radio New York
"New openings among the regional fed banks and we have a story out just recently saying that Rosenberg's opening according to people we've spoken to offers a chance for the fed leadership in Washington to take a bigger role in the search and selection process that leads up to the appointment of new presidents So explain that Chris explain that Yeah explain that So as opposed to fed governors in Washington who are nominated by the president of the United States and confirmed by the Senate the 12 regional fed presidents are selected by their regional boards of directors Each of those banks has a board of directors They exclude the members of the boards that work for banks that are supervised by the fed And the remaining 6 on each board are in charge of a search and selection process that goes on for many months But that process has come under tremendous pressure in recent years to come up with candidates that increase the diversity of the fed's leadership And surely in the wake of this trading scandal there will be more pressure for the fed to take an increasing role in supervising that process already we know that layout brain or is the fed governor who's in charge of liaising with the regional feds and typically that governor has their finger really on that process quite closely to monitor it and I can imagine they will there will be suggestions made about candidates There will be participation in the bedding process so if we step back and look at this this may be a point in time where the influence of the center of the Federal Reserve which is already extremely strong where the real gravity is in the fed will increase and perhaps the influence of the regional feds will decrease a little bit more So what does that mean for how investors should think about openings like this and the direction that the Central Bank goes And policy yeah exactly Well it is very difficult to predict ultimately what the policy views of the person selected will be I think it's safe to assume we'll see more female presidents more presidents from racial and ethnic minorities to increase that diversity that's been a subject Whether that results in a more liberal or looser monetary policy in alarming that is that's a bit perilous to predict so I think we'll have to wait and see what kind of candidates emerge for these physicians And then January 2023 will get two more that presidents Esther George and Charles Evans reached their mandatory retirement Chris condon if Jay Powell hadn't been questioned about this at last Wednesday's meeting do you think this is the headlines we'd be talking about and just got about 30 seconds left It certainly helps I would say it certainly helped And I think to the day anticipate that he was clearly he went straight to his answer book and when he feels that that question that was not a surprise for them This process was probably already entrained in the questions help nudge it along I would say Right Right And to be fair Tim and I've been talking about it I mean fed policy makers has to be complete transparency and we have to have confidence in them correct Chris in order for all this to work Not just above following the letter of the code of ethics It's about being above any questions about conflicts of interest in the cases unfortunately these guys really failed to cross that bar All right great Thank you so much Quick analysis So great Chris condon He covers the Federal Reserve for us here at Bloomberg joining us on the phone in D.C. So pretty amazing Yeah In terms of the headlines that we've seen Yeah what Chris was saying I mean you think a lot about the appearance the term like the appearance of the conflict of interest versus actually a conflict of interest And I think this really what he said is that there can't even be an appearance of a conflict of interest because trust is so important in the institution And that's why it's perhaps shows that the trains as he said were already in motion Right When it comes to monetary policy and we've all had discussions you've heard people voice their opinion about politics getting involved But you and I have talked about when president Trump was putting pressure on Jay Powell You know And you need to know and have a reassurance that the Federal Reserve is acting on its mandate understanding its mission and that's what guides them and that's it Well speaking of Jay pal we do have a statement from Jay Powell chair of the Federal Reserve system board of governors on this resignation of Robert caplan He says quote we are grateful for rob 6 years of service as president of the Federal Reserve bank of Dallas and as a valued colleague in the FOMC He's been a passionate and forceful public voice on a wide range of issues including the critical value of early childhood education and literacy in addition he strengthened the bank's economic research and played a very constructive role in system wide management budget budget and technology efforts We wish him well All right well a lot of news on this Monday and as we heard from Chris condon you know changes certainly when it comes to the fed and maybe more concentration of power centrally versus those regional banks All right let's get another check on world and national news not world of national news Let's get a check on your top business news and another look at that trading day Let's turn things.
Bloomberg Radio New York
"robert caplan" 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.
WBAP 820AM
"robert caplan" Discussed on WBAP 820AM
"Allows Democrats to take control of committee. The power sharing agreement will mostly mirror an agreement from 20 years ago. The last time the Senate was split 50 50. Senate committees will be equally divided between Democrats and Republicans. Republicans will chair those panels. There's no change to the legislative filibuster, keeping in place a 60 vote threshold. For most legislation. An agreement was the late weeks creating some challenges for Cabinet nominees is Republicans retain control of committees without the new agreement? On Capitol Hill, Jered Halpern Fox News. Meanwhile, House Republicans voted last night that Republican representative list Cheney should keep her post in House GOP leadership after she defended her support for impeachment of former president Donald Trump and House Minority Leader Kevin McCarthy has met with far right Congressman and Marjorie Taylor Greene calls for her removal from committees and resignation have grown over her touting conspiracy theories. House Republicans will be forced to go on the record to defend or rebuked Green in a planned vote today. On the first day on the job is in the books for New Dallas Police chief Eddie Garcia Garcia began his first day on the job with a simple tweet reading. Let's roll. Dallas Police Association president Mike Modeste says the chief plans to write out on foot. Troll and work side by side with the rank and file, which he believes has already boosted morale because it shows he's willing to do the same job that he asked us to do, and that's been a huge, huge problem that we've had in the past. Chief Garcia comes to Dallas from San Jose, California He's the department's first ever Latino police chief. Plate. Nevil, WB AP News Time Now for taxes business here spend some a gallon from network radio job growth resumed in January. A teepee estimates 174,000 net new private payroll jobs. Jobless claims just dropped 4% for the week. Dallas Fed President Robert Caplan speaking this week on the Texas economy, West Texas Intermediate crude 55 97 a barrel of 28 cents The Dow starts today, up 29 points S and P and NASDAQ up nearly a half a percent. I'm Spencer Macallan President McGowan Group. Net worth radio dot com From the W B A P News vast. I'm Nicolo say your next update is at 8 24 7 coverage and w b a p dot com You always gotta have the faith.
KLIF 570 AM
"robert caplan" Discussed on KLIF 570 AM
"Forced his way into the home, assaulted his ex wife and took off with their child Leave. I leave a is dad, Isaac Pew tested positive for meth last week, and since that time I have denied contact. Police initially believed that Pew was headed to Mexico. He's now been taken into custody. Cat bonds I, er Kayla of news. First day on the job is in the books for New Dallas Police chief Eddie Garcia Garcia began his first day on the job with a simple tweet reading. Let's roll. Dallas Police Association president Mike Models, says the chief plans to write out on patrol and work side by side with the rank and file, which he believes has already boosted morale because it shows he's willing to do the same job that he asked us to do, and that's been a huge, huge problem that we've had in the past. Garcia comes to Dallas from San Jose. California He's the department's first ever Latino police chief Clayton Level K. L I F New. So what I was getting as 10 minutes after seven o'clock, we'll take a break and come back with Cliff notes and just a bit while I was getting that was that was a month or a little more than a month ago, and I signed up Tonto registered for coded vaccines. And then I finally got on got several lists, and I've got my shot today from Parkland, right? But at the time, I also go to the column county list. Then, just yesterday, your name came up. My name came up in Collin County, and I got a letter from them an email saying, OK, now you're going to hear from the city of McKinney. They passed you off to the city of McKinney, and that's what they're doing in some, In some instances, they're passing you off. But there are other locations that they're just having their own registrations. And Frisco is one of them. I see. And by the way, If you're on one of those lists, check your email frequently. I know a lot of people that very rarely your spam to look at the email. That's right. Look, go looking for that stuff because I got the notification from the city of McKinney last night that I could I could register. To get a shot to day. Or tomorrow and I looked at it and they were already filled up. Yeah, And also when you get your shot, take your name off the list, but I wouldn't do it until you know you've gotten your shot. Right? Kayla, have news time is 7 11. Let's get a business update now from network Radio Spencer McGowan. Morning, Spencer. Good morning. Amy, West Texas Intermediate Crude acts like it wants to go even higher. 56 12 a barrel this morning up 43 cents. The Dow's up 30 points and the S and P. 500 NASDAQ up about a quarter of a percent to start the day 174,000 new private payroll jobs. That's what ADP estimates job growth resuming in January, we'll get the rest of the figures at the end of the week. Dallas Fed President Robert Caplan speaks tomorrow on the Texas economy. I'm Spencer McGowan president McGowan Group. Net worth radio dot com. Project sign makes it easy for.