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so neel kashkari now taking some questions. it was neel kashkari who does not vote on the fed this year saying a few days ago that there is a possibility that the fed might not cut rates at all in 2024, so that surprised a few people. cash carry saying inflation in the u.s. will continue to follow. coming up, live at hpsc's global investment summit in hong kong. the panel includes private banking and wealth ceo annabelle spring and louisville fed president june. the fed opens in tokyo and sydney up next. this is bloomberg. ♪ her uncle's unhappy. i'm sensing an underlying issue. it's t-mobile. it started when we tried to get him under a new plan. but they they unexpectedly unraveled their “price lock” guarantee. which has made him, a bit... unruly. you called yourself the “un-carrier”. you sing about “price lock” on those commercials. “the price lock, the price lock...” so, if you could change the price, change the name! it's not a lock, i know a lock. so how can we undo the damage? we could all unsubscribe and
so neel kashkari now taking some questions. it was neel kashkari who does not vote on the fed this year saying a few days ago that there is a possibility that the fed might not cut rates at all in 2024, so that surprised a few people. cash carry saying inflation in the u.s. will continue to follow. coming up, live at hpsc's global investment summit in hong kong. the panel includes private banking and wealth ceo annabelle spring and louisville fed president june. the fed opens in tokyo and...
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Apr 5, 2024
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you see the moments when the comments from kashkari turned the markets south. you see that decline right in the closing bell. the dow is off as well as the s&p. down 1.25%. it happened around the 2:00 p.m. eastern hour. investors are turning to the monthly jobs report due out in three hours from now. the expectations are that report will show 200,000 jobs added last muonth. that is down from february of 275,000. if you look at the bond market ahead of the data, yields have been moving higher and drifting higher again. ten-year note at 4.33%. off of where it was yesterday, but taking off from yesterday as well. the two-year note is 4.65%. the 30-year long bond at 4.84%. >>> we are watching oil and prices for wti breaking above the $86 a barrel yesterday. reports surfacing that israeli embassies are on high alert after retaliation of the missile strike on the consulate in syria earlier in the week. u.s. benchmark wti oil price is $86.54. >>> let's see how thursday's selloff here is carrying in asia and europe with silvia amaro. silvia. >> good morning, dom. let's
you see the moments when the comments from kashkari turned the markets south. you see that decline right in the closing bell. the dow is off as well as the s&p. down 1.25%. it happened around the 2:00 p.m. eastern hour. investors are turning to the monthly jobs report due out in three hours from now. the expectations are that report will show 200,000 jobs added last muonth. that is down from february of 275,000. if you look at the bond market ahead of the data, yields have been moving...
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there is -- there is that risk that kashkari that they don't cut at all. i don't see any data that they should not stay on this cutting track. >> interesting. you're going to be meeting your colleagues from around the world. ellen, what's the most economic challenge that is keeping you at night? >> so i do think it's these -- i keep coming back to immigration. i cannot think about the u.s. without talking about immigration. it's front and center because these are tectonic shifts that we're seeing with different conversations globely i was having conversations about colleagues with the bank of english. i mentioned canada earlier. i also think we do have to keep an eye on china. china has not done as much stimulus as our economists there had been calling for. you need targeted stimulus toward chinese households in order to stimulate that side of the economy. and of course, if you get into a debt deflation cycle in china that is going to impact the global economy. lizy: lovely to speak you today. lovely to get your thoughts especially on immigration, its impa
there is -- there is that risk that kashkari that they don't cut at all. i don't see any data that they should not stay on this cutting track. >> interesting. you're going to be meeting your colleagues from around the world. ellen, what's the most economic challenge that is keeping you at night? >> so i do think it's these -- i keep coming back to immigration. i cannot think about the u.s. without talking about immigration. it's front and center because these are tectonic shifts...
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barkin, kashkari, powell and others every single time we get a bit of data. is that providing cohesion for the markets? it is hard to argue it is. we spoke to the chief economist who said the recent comments have not changed his base case view of the fed rate path. >> optimistic and i'm optimistic to combine that strong growth with the inflation coming down. we think we will be at 2.4% by the end of the year for core pce inflation and back to 2% next y year. in that environment, i would expect some rate cuts based on what chair powell and other fed officials have said. that's more uncertain. the timing of that will depend on near-term data on the reaction from the fed. i'm not all on the forecast if we get cuts. we get three with the dot plot. none would be surprising. >> the fed is in the enviable position of strong growth last year and a couple percent hand handled now. we are in expansion territory. it is on the flat line. robert's conversation has gone from uber holder, but it is best to go with the central banks to provide cover. the europeans need to go
barkin, kashkari, powell and others every single time we get a bit of data. is that providing cohesion for the markets? it is hard to argue it is. we spoke to the chief economist who said the recent comments have not changed his base case view of the fed rate path. >> optimistic and i'm optimistic to combine that strong growth with the inflation coming down. we think we will be at 2.4% by the end of the year for core pce inflation and back to 2% next y year. in that environment, i would...
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haslinda: neel kashkari may not be right by saying there may not be any cuts this year. could we see a fed that cuts rates either in june or july but pauses after that? charu: yes, i think that is a real hawkish possibility. i don't see how the fed is able to postpone the start of its easing cycle beyond june or july because of, you know, they need to save their credibility and they don't want to be seen cutting too late to the u.s. election. if we continue to see the amount of resilience in the u.s. economy, it continues to surprise us. . the recession concerns have not materialized. the u.s. consumer looks a bit better now compared to what they were in the fourth quarter of the year. there are risks on the commercial real estate side or the high levels of debt in the economy. if we continue to see this economic outperformance, i do think we could move the expectations of rate cuts this year from three to two. but the start of the easing cycle so has to be, in my opinion, june or july. haslinda: if you are right, we are looking at usd exceptionalism dwindling away. how
haslinda: neel kashkari may not be right by saying there may not be any cuts this year. could we see a fed that cuts rates either in june or july but pauses after that? charu: yes, i think that is a real hawkish possibility. i don't see how the fed is able to postpone the start of its easing cycle beyond june or july because of, you know, they need to save their credibility and they don't want to be seen cutting too late to the u.s. election. if we continue to see the amount of resilience in...
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lisa: neel kashkari kind of leaned on that and said the u.s. is not going anywhere and still has the fiscal dominance with the dollar. can we face a liz truss moment? other people say you start to get tariffs, tax cuts, deficits and you acted that potentially weaker growth, that could be a pretty toxic recipe that could lead to re-thinking. jonathan: treasuries right now up two basis points. here is your bloomberg brief. >> mortgage rates rose in the u.s. but just by slightly. freddie mac says the average rate on a 30 year fixed loan was 6.82%, up from 6.79% last week. freddie mac's chief economist wayne in saying while income and economic data indicate lower inflation, they do not expect rates will come down meaningfully in the near term. tesla is heading back to court and it is enlisting the help of apple. the ev maker's him to prove the safety of its autopilot system after an apple engineer was killed on his commute to work back in 2018. tesla claims the driver was playing a videogame on his phone when the crash occurred and aims to call an
lisa: neel kashkari kind of leaned on that and said the u.s. is not going anywhere and still has the fiscal dominance with the dollar. can we face a liz truss moment? other people say you start to get tariffs, tax cuts, deficits and you acted that potentially weaker growth, that could be a pretty toxic recipe that could lead to re-thinking. jonathan: treasuries right now up two basis points. here is your bloomberg brief. >> mortgage rates rose in the u.s. but just by slightly. freddie mac...
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in that regard we have neel kashkari speaking earlier. let's listen to what he had to say. >> the labor market is not red hot the way it was one or two years ago. when it was crazy hot and they had to keep paying out to keep their workers in place alone trying to find new workers. it is not that red hot but it is still a tight labor market. they still have to compete. paul: let's get to joshua crabb, head of asia-pacific equities joining us from hong kong. i want to start with the remarks we heard from neel kashkari. this is the neel kashkari who a few days ago suggested we maybe don't get any rate cuts at all this year. he is still talking about how the data in the u.s. is pretty strong. where do you stand in terms of your expectations now? have you repriced and reassessed? joshua: the view from our macro team has been consistent over the course of the year, and that has been for two to three cuts. earlier in the year the market was looking for almost double that and has now come back to that range. i guess we are not that different from
in that regard we have neel kashkari speaking earlier. let's listen to what he had to say. >> the labor market is not red hot the way it was one or two years ago. when it was crazy hot and they had to keep paying out to keep their workers in place alone trying to find new workers. it is not that red hot but it is still a tight labor market. they still have to compete. paul: let's get to joshua crabb, head of asia-pacific equities joining us from hong kong. i want to start with the remarks...
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we heard from neel kashkari saying he expects price pressures to ease. we had st. louis fed president james saying he expects monetary authorities to stick to their cautious strategy this year. >> labor market is not red hot the way it was one year ago. it was just crazy hot and they had to keep paying, let alone try to find new workers, so it's not that red hot but they are still having to compete to find workers. >> take the committee and chair at face value. best guess is three cuts and of course, data can go one way or another, but that is the best case. lizzy: for more let's bring in our strategist, garfield reynolds. if neel kashkari is right and there are no rate cuts this year, how much would that rock market? >> it would rock the bond markets and throw into doubts not just this year, but year as in the fed penciled in six rate cuts by the end of next year. if they don't cut this year does that mean we only got three over that span? that will seriously affect where yields can be and there are going to be in investors whose positions get heard, they get forc
we heard from neel kashkari saying he expects price pressures to ease. we had st. louis fed president james saying he expects monetary authorities to stick to their cautious strategy this year. >> labor market is not red hot the way it was one year ago. it was just crazy hot and they had to keep paying, let alone try to find new workers, so it's not that red hot but they are still having to compete to find workers. >> take the committee and chair at face value. best guess is three...
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coming up, the north american solar eclipse in neil kashkari sent the warning shot. we have delivery data from boeing. wednesday a big day with fomc minutes. on thursday we have the ecb decision and more fed speak. let's talk about that inflation data and what the expectations are. the expectation is .3% the same with core cpi. it's supposed to come in .4. how it jives with the data we have seen this year. we will be watching it all for you next week as well. from new york that will do it for us. this is bloomberg real guilt. in this, is bloomberg. ♪ so, what are you thinking? i'm thinking... (speaking to self) about our honeymoon. what about africa? safari? hot air balloon ride? swim with elephants? wait, can we afford a safari? great question. like everything, it takes a little planning. or, put the money towards a down-payment... ...on a ranch ...in montana ...with horses let's take a look at those scenarios. j.p. morgan wealth management has advisors in chase branches and tools, like wealth plan to keep you on track. when you're planning for it all... the answe
coming up, the north american solar eclipse in neil kashkari sent the warning shot. we have delivery data from boeing. wednesday a big day with fomc minutes. on thursday we have the ecb decision and more fed speak. let's talk about that inflation data and what the expectations are. the expectation is .3% the same with core cpi. it's supposed to come in .4. how it jives with the data we have seen this year. we will be watching it all for you next week as well. from new york that will do it for...
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yields slipped when we got the remarks from neel kashkari. he was talking about the possibility of no rate cuts in 2024. the market didn't like that. we are looking -- waiting for the u.s. job numbers as well. we are expecting 200,000 more nonfarm positions for a fourth straight month, so very strong labor market in the u.s. being forecast, which suggests there is no need to ease and pushes the rate cut expectations out further. let's hear what neel kashkari had to say. >> i would not say they are off the table, but they are also not a likely scenario given what we know right now. if we continue to see strong drug growth and consumer spending and gdp growth, that raises a question in my mind, why wouldn't we cut rates? paul: our next guest expects the fed to cut rates starting mid year, leading to a range bound dollar. let's bring in a steve bryce, cio of standard chartered. you are sticking with the expectation as much of the market is that we will see rate cuts this year, but do you see the repricing going on? do you think you will have to
yields slipped when we got the remarks from neel kashkari. he was talking about the possibility of no rate cuts in 2024. the market didn't like that. we are looking -- waiting for the u.s. job numbers as well. we are expecting 200,000 more nonfarm positions for a fourth straight month, so very strong labor market in the u.s. being forecast, which suggests there is no need to ease and pushes the rate cut expectations out further. let's hear what neel kashkari had to say. >> i would not say...
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we heard from raphael bostic and neel kashkari come about saying no chance of a rate cut any time soon. there's also the question of whether they should be raised instead. that's something we heard from new york fed president john williams about. take a listen. >> my expectation is that interest rates are in a good place and at some point we would want to lower interest rates as the economy gets to the 2% inflation we are headed towards if the data are telling us we weeding higher interest rates to achieve our goals, we would obviously want to do that. it is not my base case. haidi: the managing partner joins us from our washington dc studio. christopher, great to have you with us. do you think we are seeing a marketing position at a point where we are taking seriously some of the concerns from fed officials and those that think this final leg of the cycle when it comes to fighting inflation is going to be the trickiest part? >> i think that's right. i'm here at the imf spring meetings and the consensus correlated with 10-year yield's, as those rise there is a real sense that inflation
we heard from raphael bostic and neel kashkari come about saying no chance of a rate cut any time soon. there's also the question of whether they should be raised instead. that's something we heard from new york fed president john williams about. take a listen. >> my expectation is that interest rates are in a good place and at some point we would want to lower interest rates as the economy gets to the 2% inflation we are headed towards if the data are telling us we weeding higher...
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yvonne: do you lucian -- do you listen to bullard or kashkari? let's bring in david, portfolio manager. why that assumption? david: we were looking for a rate cut in june and we saw the payroll and we are data dependent. our view it is three rate cuts because markets are pricing in a rosy picture and not taking into consideration high interest rates. we believe that this is not felt by the economy. in march of 2023 will we saw the impact of interest rates on silicon valley, we are seeing it in terms of economy and real estate. our view is it is great to see the market pricing in a rosy picture soft landing, no landing. our view is the impact of interest rates, we can see the impact felt much more. hence we stick to the rate cuts rather than the two rate cuts. >> the data we are seeing so far are backward looking data. when you look at labor demand, what does it say? >> good question. the driving force of economic growth, they are low. they are looking to reduce their workforce. specially those that are highly indebted, the cost of funding is goin
yvonne: do you lucian -- do you listen to bullard or kashkari? let's bring in david, portfolio manager. why that assumption? david: we were looking for a rate cut in june and we saw the payroll and we are data dependent. our view it is three rate cuts because markets are pricing in a rosy picture and not taking into consideration high interest rates. we believe that this is not felt by the economy. in march of 2023 will we saw the impact of interest rates on silicon valley, we are seeing it in...
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kashkari's comments out loud really unspoken by several other fed officials. they've said their outlook for rate cut rests entirely on their forecast for low inflation. to say no improvement in current levels call those cuts into question. just didn't say it. watch wages today, participation rate and revisions from prior to if fed is easing inflation pressure. >> really good. add it up. keeping track. kashkari, bostic on our air cuts aren't oming. waller before that. add it up. a more hawkish tone heard across the board. >> well, look -- powell and the fed spoke on, in the meeting. right? market said all dovish. i is the there trying to pound the table. look at the forecasts. they moved to the right. got more hawkish as a committee. three cuts hung on by the hair of their chinny-chin-chin by a single vote. people got, like, went out of their minds crazy. look, there are more hawkish officials. everybody's seen cuts. nobody's saying when. few people are saying how much, and all of that is in the question. >> the most dovish is powell with what he said the other
kashkari's comments out loud really unspoken by several other fed officials. they've said their outlook for rate cut rests entirely on their forecast for low inflation. to say no improvement in current levels call those cuts into question. just didn't say it. watch wages today, participation rate and revisions from prior to if fed is easing inflation pressure. >> really good. add it up. keeping track. kashkari, bostic on our air cuts aren't oming. waller before that. add it up. a more...
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, and kashkari was not a factor, you would think interest rates wouwould be going up on kashkari. it went down. it's world events versus these numbers. if we didn't have world events, i think people would say, we could rotate back to the areas we've been selling. >> interesting piece in "the journal" today about energy. gasoline inventories, for example, down, five-year low for this time of year. you got gasoline average $3.60 here. nice chart out of piper looking at when energy leads equities, market multiples tend to suffer a bit. >> it's really interesting, by the way. exxon had a miss. they preannounced, and the stock was up anyway. chevron had a huge move here. the mass limited partnerships are going up big. and yet, when you look at the actual inventories, we're okay. it's the refiners that are making all the money. this is a valero-led rally. i don't like those, because those are the least value added. if you asked me which is the most value add, it would be a.i. the least value add is refinery. all they do is just -- i mean, you know, there's two kinds of refinery. there's
, and kashkari was not a factor, you would think interest rates wouwould be going up on kashkari. it went down. it's world events versus these numbers. if we didn't have world events, i think people would say, we could rotate back to the areas we've been selling. >> interesting piece in "the journal" today about energy. gasoline inventories, for example, down, five-year low for this time of year. you got gasoline average $3.60 here. nice chart out of piper looking at when energy...
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kashkari is saying he doesn't see any rate cuts at all this year. we have had people saying one cut is sufficient. there is no consensus within the federal reserve. if we get to june, they may have to change the dot plots, simply because time is running out and they can't squeeze three rate cuts are in before the end of the year. haslinda: what are the risks that the fed could be behind the curve? >> they are more concerned that because they had a bad experience with inflation. they are willing to take the chance that they hold back for longer. the last thing they would want to see is they take an early interest rate cut and inflation goes back up. and they put themselves in a situation -- difficult situation then. as rome powell is saying, they can afford to take their time. the u.s. economy is doing extremely well. the data keeps surprising people at being stronger-than-expected. actually, the fed is in pretty strong position here. they don't need to panic unless something completely blind sides them in terms of turning the economy weaker. they ca
kashkari is saying he doesn't see any rate cuts at all this year. we have had people saying one cut is sufficient. there is no consensus within the federal reserve. if we get to june, they may have to change the dot plots, simply because time is running out and they can't squeeze three rate cuts are in before the end of the year. haslinda: what are the risks that the fed could be behind the curve? >> they are more concerned that because they had a bad experience with inflation. they are...
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neel kashkari saying there may be no rate cuts this year at all. joining me right now to discuss it is nice' portfolio manager -- niles' portfolio manager dan niles. it's great to see you, thank you so much for being here. what is your take on the federal reserve? we saw some good numbers on jobs, and a lot of people are questioning whether or not the fed has so much room to cut rates, and the market is expecting three rate cuts this year. >> yeah. i mean, i think it's a coin flip on whether we get one or two rate cuts this year, especially after this jobs report and where energy's sitting. for miss -- us, we're taking this day by day because so much things on where oil prices are because oil prices feed into with everything from the milk that's shipped to your grocery store to plastics and everything else. watching oil, which is up 20% roughly year to date, that's the biggest linchpin of what the fed decides to do. as you know, a lot of that's geomid call -- geopolitical, so i think you have to take this day by day. maria: a great point. in fact,
neel kashkari saying there may be no rate cuts this year at all. joining me right now to discuss it is nice' portfolio manager -- niles' portfolio manager dan niles. it's great to see you, thank you so much for being here. what is your take on the federal reserve? we saw some good numbers on jobs, and a lot of people are questioning whether or not the fed has so much room to cut rates, and the market is expecting three rate cuts this year. >> yeah. i mean, i think it's a coin flip on...
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. >> the wells fargo active kashkari earn unlimited 2% cash back on what you want, like a surprise party the birthday boy day for supposed to get him. >> annie, i got like or rideshare the wells fargo active cash credit card >> i thought we had a plan for dad. >> he was >> set to go to the senior living community, right by my house then a friend suggested i talked to a place for mom. they really opened my eyes my advisor listened and understood his knees and showed...
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if you don't mind i'd like you to sort of react to something that neel kashkari told me. he kind of echoed what both of you had been warning about, the back drop for interest rates not getting cut anytime soon. this is from neel kashkari. >> we just need to sit here and be patient until we see the data and hopefully get convinced that inflation continues to fall back down. the good news, as you indicated, the economy continues to be strong, gdp growth is strong, consumer spending is strong and the labor market is strong. so, we're in a good position from which to take our time before we decide where to go with interest rates. neil: take your time until next year? >> well, i mean, potentially. i dialed in in march, i had dialed in two interest rate cuts this year, two 25-basis points cuts before some of the data we've seen. i'm in the view we need to wait and see. neil: all right, that echoes what i've heard from austan goolsby, much of the same thing hurry up and wait and wait for a while. if we get no rate cuts at all and market rates are backing up as they have been lat
if you don't mind i'd like you to sort of react to something that neel kashkari told me. he kind of echoed what both of you had been warning about, the back drop for interest rates not getting cut anytime soon. this is from neel kashkari. >> we just need to sit here and be patient until we see the data and hopefully get convinced that inflation continues to fall back down. the good news, as you indicated, the economy continues to be strong, gdp growth is strong, consumer spending is...
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john williams and neel kashkari of minneapolis. neel kashkari entertaining the thoughts that there might not be cuts until 2025. john williams entertaining the idea that if inflation demands it they can put interest rates higher. i'm not suggesting they hike, but i think they know what they are doing. when a fed official uses that kind of language they know exactly what they are doing. are they pushing for tighter financial conditions? lisa: i will say that this is a pivot from the pivot. this is john williams, one of the bigger doves on the committee, coming out and raising the prospect of a hike at a time they know how badly that will resonate on wall street. annmarie: so the fed is actually making a u-turn? jonathan: the pivot on the pivot is a u-turn. annmarie: it is not a u-turn. jonathan: we should do this on commercial breaks and not on the program. coming up douglas read occur -- douglas redicker. we begin with our top story. investors weighing geopolitical risk and a more hawkish fed as the earnings season wraps up. vittor
john williams and neel kashkari of minneapolis. neel kashkari entertaining the thoughts that there might not be cuts until 2025. john williams entertaining the idea that if inflation demands it they can put interest rates higher. i'm not suggesting they hike, but i think they know what they are doing. when a fed official uses that kind of language they know exactly what they are doing. are they pushing for tighter financial conditions? lisa: i will say that this is a pivot from the pivot. this...
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neel kashkari said he's penciling in two rate cuts. he admitted there's a possibility of no rate cuts at all this year if inflation doesn't reach its 2% target. with that yesterday stocks sold of off, joining me right now is chief equity market strategist, phil orlando. it's great to see you. thank you for being here this morning. >> maria, thank you so much for having me back on the show. maria: i think it all started with the ism report a week ago which was higher than expected and then it sort of like got worse from there because we were watching oil prices creep higher and then we were watching other economic data show that the economy is doing well and people started to say well, wait a second, how is the federal reserve going to cut interest rates when you've got the ism here and oil prices there and inflation nowhere near the 2% target? suddenly you've got neel kashkari who is not a voting member, i should point out, but he said yesterday the obvious, he said it out loud, that maybe we won't see any cuts this year. phil, your re
neel kashkari said he's penciling in two rate cuts. he admitted there's a possibility of no rate cuts at all this year if inflation doesn't reach its 2% target. with that yesterday stocks sold of off, joining me right now is chief equity market strategist, phil orlando. it's great to see you. thank you for being here this morning. >> maria, thank you so much for having me back on the show. maria: i think it all started with the ism report a week ago which was higher than expected and then...
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Apr 8, 2024
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kashkari said it out loud. chris waller said it already, he thinks it's prudent to hold higher than previously thought at the current rate and lori logan, and the fed governor bowman gives a whole speech about all of the inflation risks that are out there and of course, we have bostick is on our air and where's the chair and that's what matters the most for this whole discussion and i say it puts itself in the center by saying the reese not inflation readings have not materielly changed its outlook and it would still be appropriate to lower rates at some time this year. notice he's not telling us how many. then in san francisco, from cleveland, and they're still onboard with their baseline being three cuts at least and all of this hawkish speak, though, resonating with markets where the probability of a june rate cut is hovering at the 50% rate line. you can see that's down from 59% before the strong jobs report and july is now down to 69% and that's in play, too. j.p. morgan, the economists shifting their call
kashkari said it out loud. chris waller said it already, he thinks it's prudent to hold higher than previously thought at the current rate and lori logan, and the fed governor bowman gives a whole speech about all of the inflation risks that are out there and of course, we have bostick is on our air and where's the chair and that's what matters the most for this whole discussion and i say it puts itself in the center by saying the reese not inflation readings have not materielly changed its...
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yesterday we heard from kashkari saying i am pens nilling two cuts chance no cut if economy is on fire like this we got 303,000 jobs in the month of march, why cut interest rates? >> because, the economy is stronger than expected, inflation recently is not coming down. you are absolutely right the probability pushed out in time. >> steve your reaction. >> well, i hate this idea that good news for the economy, is bad news for the stock market, i never understood the logic old-fashioned fill incompetency curve idea growth causes inflation growth doesn't cause inflation i am worried about inflation for other reasons look what happened to the k34078d prices since beginning commodity prices up 13% somebody has to explain why would fed be cutting rates when we have an inflation problem, we have not slayedin the drag-i am looking 5% inflation next few months based on forward-looking indicators gold, commodity the fed should not be, cutting rates i am no, not saying should raising them i am with joe a solid report over the last year dollar revisions on initial jobs' report, maria, down a milli
yesterday we heard from kashkari saying i am pens nilling two cuts chance no cut if economy is on fire like this we got 303,000 jobs in the month of march, why cut interest rates? >> because, the economy is stronger than expected, inflation recently is not coming down. you are absolutely right the probability pushed out in time. >> steve your reaction. >> well, i hate this idea that good news for the economy, is bad news for the stock market, i never understood the logic...
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Apr 6, 2024
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that's a glum outlook for somebody on the fed, though kashkari is not currently on the committee that makes the rate decisions. you may remember him as a guy who ran for california governor about ten years ago. adding to that pressure, more good economic news in the march jobs report. it just came in 307,000 jobs added to the american economy last month, 100,000 more than economists were expecting. though their predictions are almost always under. wages are up 4.1% from a year ago. interest rates fade when economies sink, and we are not sinking at all. far from it. >>> shares of the company that owns truth social fell about 6% on thursday. the stock is down about 40% since it debuted. fox broadcasting founder barry diller spoke about the stock thursday. >> so do you think that all of the investors in this are getting scammed, do you think they think this is a transference of wealth from one side to the other and that's the goal? >> i think they're dopes. i mean, who would buy a company that literally -- what does it have, $30 of revenue? how could you put a value on it? >> it has more
that's a glum outlook for somebody on the fed, though kashkari is not currently on the committee that makes the rate decisions. you may remember him as a guy who ran for california governor about ten years ago. adding to that pressure, more good economic news in the march jobs report. it just came in 307,000 jobs added to the american economy last month, 100,000 more than economists were expecting. though their predictions are almost always under. wages are up 4.1% from a year ago. interest...
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Apr 4, 2024
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and then, kashkari who used to be the biggest dove out there, is the biggest hawk out there. it's fascinating -- not just us, a lot of people in the market have been these conversations. maybe zero cuts. i think it's interesting, yields can go lower before they could possibly go higher. and a couple steps ahead today. if they're not going to do anything, we get it, we've got problems with inflation, but we will have problems with growth. >> the market might take some solace in the fact that kashkari, who couldn't have been more wrong a couple years ago, maybe he's equally wrong now. i haven't been a fan, i've been on record. with all that said, defense stocks, big day today. and look at the move in crude oil on top of the move we've been seeing. so, that's making the fed's job more difficult. throw on top of that, the soft commodities we talked about, and then you have an understanding as to why it's very difficult to lower rates. and yields, to karen's point, the reason they did go down today was this perceived, or the perception of a flight to quality. >> bar is very high i
and then, kashkari who used to be the biggest dove out there, is the biggest hawk out there. it's fascinating -- not just us, a lot of people in the market have been these conversations. maybe zero cuts. i think it's interesting, yields can go lower before they could possibly go higher. and a couple steps ahead today. if they're not going to do anything, we get it, we've got problems with inflation, but we will have problems with growth. >> the market might take some solace in the fact...
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Apr 8, 2024
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but there's folks like neel kashkari there who's saying, you know what? maybe we don't need to cut at all. chris waller says let's hang out at a higher rate for longer, and michelle bow month, lorie logan talking about the potential upside, and bostic who you know on our air talked about the idea of one cut in the fourth quarter. >> i mean, but oh, how far we've come, right? if we are declaring that a hawk now as part of the fed is a one or maybe none, that's a long way from where we were before because i think our greatest worry -- and maybe it still is in the backdrop of, well, what if we have to do another hike, and i don't hear that entering into the debate at all, at least now. >> well, bowman is the one person who talks regularly about the idea that if inflation does not behave, the fed could reverse course. it has a low probability in our fed surveys, but you're looking right now at the fed rate cut probability, and you know what 50% is. well, in some places, it's just a toss of a coin. so right now we're even money on the idea of cutting rates at
but there's folks like neel kashkari there who's saying, you know what? maybe we don't need to cut at all. chris waller says let's hang out at a higher rate for longer, and michelle bow month, lorie logan talking about the potential upside, and bostic who you know on our air talked about the idea of one cut in the fourth quarter. >> i mean, but oh, how far we've come, right? if we are declaring that a hawk now as part of the fed is a one or maybe none, that's a long way from where we were...
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Apr 2, 2024
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jonathan: you mentioned neel kashkari is on team bostic perhaps. we cannot officially stay -- say they have have lunch together. lisa: you said they were having lunch. jonathan: last august. lisa: please write in. how often do you have lunch. i think they should answer. jonathan: troy of fs investments and why he's calling for spring cleaning of portfolios. steven cook on rising -- and rising tensions between israel and iran. following a selloff in u.s. treasury yields. stocks and bonds steady after strong factory data left traders pushing down rate cut bets once more. troy saying the performance in the u.s. economy is an opportunity for spring cleaning of portfolios writing cash has been a great place to head down for quite some time still offering some positive real rates of return but gradually deploying those into a select group of alternative strategies can substantially increase return potential without having to take on uncomfortable levels of risk. troy is with us for more board -- for more. going into a week full of weak -- economic data c
jonathan: you mentioned neel kashkari is on team bostic perhaps. we cannot officially stay -- say they have have lunch together. lisa: you said they were having lunch. jonathan: last august. lisa: please write in. how often do you have lunch. i think they should answer. jonathan: troy of fs investments and why he's calling for spring cleaning of portfolios. steven cook on rising -- and rising tensions between israel and iran. following a selloff in u.s. treasury yields. stocks and bonds steady...
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Apr 15, 2024
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kashkari saying the cut may not happen at all. a lot of uncertainty is leading people to twists and turns in the market. do you see that trend continue this week? >> we were already in a market environment where markets were fading goldilocks views how the economy would unfold. we are on a path to disinflation. it was absorbed in the market as if it would be a smooth path with stronger growth and lower interest rates at the same time. it is natural for us to be getting some of that back. now, again, how the market trades when we traded up after 25% after the course of two quarters, remember that nearly 40% of all months since world war ii have been declined months for the u.s. equities. we have had the best returns in every asset class. keep in mind, we are giving back a bit of that. it has been insignificant. 2.5% drop in the s&p 500. >> speaking of giving back, st steven, i want to point to the the latest eps for q1. i'll show the audience the chart. a lot of people believe earnings is what it takes to keep the market afloat now
kashkari saying the cut may not happen at all. a lot of uncertainty is leading people to twists and turns in the market. do you see that trend continue this week? >> we were already in a market environment where markets were fading goldilocks views how the economy would unfold. we are on a path to disinflation. it was absorbed in the market as if it would be a smooth path with stronger growth and lower interest rates at the same time. it is natural for us to be getting some of that back....
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Apr 4, 2024
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that's about when kashkari made the market. whether or not that accelerated, i will say, tyler, the sum total of all the fed-speak today is, we're going to take our time. i don't know if you're a kid and say, mom or dad, when will we get ice cream? they say in a while, in a while, then you get frustrated and give up. i think the general tenor, taking our time, seems hawkish. yields are actually lower, the ten-year as well, which doesn't suggest this was a fed rethink, but this was one of the more hawkish comments in several days of fed speaking. >> thank you very much, steve. >>> still ahead, retail red flags, showing relationships between popular retailers, ve vendors souring due to late payments and other issues. we get the details when "power lunch" returns. when it comes to investing, we live in uncertain times. some assets can evaporate at the click of a button. others can deflate with a single policy change. savvy investors know that gold has stood the test of time as a reliable real asset. so how do you invest in gold? s
that's about when kashkari made the market. whether or not that accelerated, i will say, tyler, the sum total of all the fed-speak today is, we're going to take our time. i don't know if you're a kid and say, mom or dad, when will we get ice cream? they say in a while, in a while, then you get frustrated and give up. i think the general tenor, taking our time, seems hawkish. yields are actually lower, the ten-year as well, which doesn't suggest this was a fed rethink, but this was one of the...
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Apr 19, 2024
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federal reserve president williams, bostic both said no the urgency mad dash to cut interest rates, kashkari said we could see fed holding rates steady rest of the year departure from what markets were expecting this year where, people were saying we're getting six rate cuts. >> well yes, you hit on it exactly a hiej departure at beginning of the year we would have thought that that defeat of expecting 6 or 7 rate cuts would cause a bear market, stocks higher economy booming we've got to stop listening to public hounds at the fed we adopt need fed to rescue this economy cutting rate don't need to be rescued we're doing great fed doctor can't see you for six months give you medicine i've got good news you are not sick. so my fellow texans rand paul says abolish fed they are irrelevant economy booming move along. maria: if market was expecting six rate cuts, three rate cuts still expecting some rate cuts they are we don't get any isn't that a mainly disappointment would that spark a sell-off in stocks later this year. >> i don't think so we have gone from expecting seven rate cuts to fewer tha
federal reserve president williams, bostic both said no the urgency mad dash to cut interest rates, kashkari said we could see fed holding rates steady rest of the year departure from what markets were expecting this year where, people were saying we're getting six rate cuts. >> well yes, you hit on it exactly a hiej departure at beginning of the year we would have thought that that defeat of expecting 6 or 7 rate cuts would cause a bear market, stocks higher economy booming we've got to...
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Apr 8, 2024
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others have hinted at it, but kashkari saying when you call the quiet part out loud. of course christopher waller seems on board with cutting rates this year, but he's much more cautious saying that it may be prudent to hold longer at these higher rates than previously thought. there are others as well that have been kind of in this mode here, neel kashkari, waller, lorie logan from dallas saying you have meaningful risk to continue inflation progress. bowman, the fed governor and raphael bostic on our air talking about this issue of one cut and probably as late as the fourth quarter. all right, where's the chair? kind of in the middle, maybe leaning a little bit dovish. he says it will be appropriate to lower rates at some time this years still seems to be holding along with daly from san francisco and messater from cleveland. all this hawkish resonating with markets. the problem this morning of a june rate cut falling to below 50% for the first time here, it's down from 65% before that strong friday jobs report. july increasingly at play, now at 68% from 80%. still
others have hinted at it, but kashkari saying when you call the quiet part out loud. of course christopher waller seems on board with cutting rates this year, but he's much more cautious saying that it may be prudent to hold longer at these higher rates than previously thought. there are others as well that have been kind of in this mode here, neel kashkari, waller, lorie logan from dallas saying you have meaningful risk to continue inflation progress. bowman, the fed governor and raphael...
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Apr 10, 2024
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it's something that neel kashkari hit on is that if they change that target, they could possibly lose the confidence in the market and just the public in their decision-making. roger ferguson, it's always great to have you on a day like this. we appreciate your time and insight. >>> coming up on "worldwide exchange," diana olick shows us how one big building in the big apple can solve problems in the real estate sector. >>> first, costco's most in demand product is getting more popular. the retailer is selling as much as $200 million in gold bars this month. yes, actual gold bars. costco saw sales in their debut in late august and november. my question is where do you put them? where do you put them? it's not just the cost of gold moving higher. the u.s. wants to raise the price of stapp. if approved, it would mark the fourth increase since the start of last year. >>> the battle of the chicken sandwiches is back on. shake shack is throwing shade at chick-fil-a during its april and may promotion. it will offer chicken sandwiches seven days a week. chick-fil-a has been closed on sundays
it's something that neel kashkari hit on is that if they change that target, they could possibly lose the confidence in the market and just the public in their decision-making. roger ferguson, it's always great to have you on a day like this. we appreciate your time and insight. >>> coming up on "worldwide exchange," diana olick shows us how one big building in the big apple can solve problems in the real estate sector. >>> first, costco's most in demand product is...
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Apr 12, 2024
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neel kashkari fueled speculation that there may not be a cut ouat all this year. what does this mean for the banks and you remember the svb collapse. just this week, we have seen rates on the ten-year yield spike 20 basis points. >> we think the higher for longer in and of itself is a scenario that is manageable not only for the banks, but for the economy as a whole. it is, as we talked about, is positive from the net interest income point of view. it allows the banks to manage the spread they can earn. the spike -- >> what about commercial real estate? that is a different scenario. >> that is. one of the reasons why we like the big banks rather than the regional banks is that commercial real estate exposure. there is protection from the big banks. it say is a smaller part of the business. i know you read the article about st. louis and other cities in the midwest struggling like that. we need to be careful. we are optimistic that the spikes that we see in interest rates will be more modest. the fed is certainly paying attention to the pace of declines in the book
neel kashkari fueled speculation that there may not be a cut ouat all this year. what does this mean for the banks and you remember the svb collapse. just this week, we have seen rates on the ten-year yield spike 20 basis points. >> we think the higher for longer in and of itself is a scenario that is manageable not only for the banks, but for the economy as a whole. it is, as we talked about, is positive from the net interest income point of view. it allows the banks to manage the spread...
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Apr 8, 2024
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some fed speakers like neil kashkari, maybe we will get no fed cuts this year. the markets are fine with that, but what markets will not be fine with is if they pivot back to rate hikes. >> i could take a little issue with if it's a little hot, it puts hikes back on the table. i think if anything it continues to push off cuts. >> i want you to be right. i want you to be right. i hear you. there's always a rounding number, but the first one that we got was january, and everybody was, like, it's a blip. second one, you are like, maybe inflation is not coming down, and you get three hotter than expected and it means inflation is not under control. here's another controversial -- i don't mean this to be a hot take, but the idea of the fed raising rates in a presidential election cycle, we all know what we are taught in business school, and the fed is independent, but they have to think about what the implications are politically if they raise them here. >> when he mentions three in a row, that's actually an important number. i wouldn't say most -- but a lot, the one
some fed speakers like neil kashkari, maybe we will get no fed cuts this year. the markets are fine with that, but what markets will not be fine with is if they pivot back to rate hikes. >> i could take a little issue with if it's a little hot, it puts hikes back on the table. i think if anything it continues to push off cuts. >> i want you to be right. i want you to be right. i hear you. there's always a rounding number, but the first one that we got was january, and everybody was,...
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Apr 15, 2024
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we thought it was avenuseven, bw if you believe neel kashkari, we may not have one. >> this is the interesting dynamic going on. if you look at the physical crude market, it is strong and it has been strong. prices are catching up to it. the $10 move is geopolitics, but it is also fundamentals. i hear the global economy is looking better because the fed will startcutting interest rates, but i'm thinking what if oil continues to go higher? doesn't that derail what the fed is doing? we have a number of advisers who do the macro analysis. with very done this highlighting the risks. that is the biggest risk for the fed. if you have energy prices shooting higher this summer means this remains a risk because we are seeing in the market with u.s. production under performing and mexico and guyana with the supply side. opec will add at $90 per barrel. >> i have seen speculation if we see oil prices hitting the $100 barrel mark. this could have implications for inflation and mondayetary polic. what does this mean wecould see it escalating? >> we always tend to under-shoot and over-shoot. opec is doing a
we thought it was avenuseven, bw if you believe neel kashkari, we may not have one. >> this is the interesting dynamic going on. if you look at the physical crude market, it is strong and it has been strong. prices are catching up to it. the $10 move is geopolitics, but it is also fundamentals. i hear the global economy is looking better because the fed will startcutting interest rates, but i'm thinking what if oil continues to go higher? doesn't that derail what the fed is doing? we have...
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Apr 9, 2024
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we hear from the minneapolis fed president neel kashkari said they have to get back to 2% target warning the credibility is now at stake. >> we built up a lot of credibility going into the shock. we are seeing the high inflation, but we believe the fed is serious about getting it back down. that helped us get back down, but we have to go all the way. if we stop short, you will say they will stop short next time. >> and analysts are looking to cut bets. futures contracts for december now point to 60 basis points of cuts this year. that is down from 150 basis points slated at the start of the year. traders are split over when easing will split with the fmoc standing at 50% for the june meeting. the consumer inflation is s stabiliz stabilizing. concerns over debt payments are starting to rise. americans see inflation at 3% in a year from now with the three-year outlook at 2.9% and the five-year forecast is at 2.6%. 13% of those surveyed express concern over missing debt payments. our next guest says the ecb is looking for a june cut. skyler montgomery koning is joining us now. good to see y
we hear from the minneapolis fed president neel kashkari said they have to get back to 2% target warning the credibility is now at stake. >> we built up a lot of credibility going into the shock. we are seeing the high inflation, but we believe the fed is serious about getting it back down. that helped us get back down, but we have to go all the way. if we stop short, you will say they will stop short next time. >> and analysts are looking to cut bets. futures contracts for december...
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Apr 11, 2024
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neil kashkari is the president of the federal reserve bank of minneapolis and he joins us now. it is great to have you with us. >> thank you. it is great to be with you. geoff: federal reserve officials initially penciled in three interest rate cuts by the end of 2024. you've raised the possibility we potentially could not have as many or any cuts this report today affect your thinking on this? neil: well, it is a little bit concerning. in the second half of last year we made a lot of progress and bringing inflation down very quickly. not all the way to our 2% target by around 3%. and then i'm the beginning of colleagues have said that we will. should shift over the course of this year the longer than inflation moved sideways and does not move back down. that would make me say we should pause indefinitely until we see that confidence that inflation is beat. the good news is that job market remains very strong, there -- a lot of jobs are available and the overall economy appears to be very healthy and robust. we are in a good position to take our time to get this data. geoff: on
neil kashkari is the president of the federal reserve bank of minneapolis and he joins us now. it is great to have you with us. >> thank you. it is great to be with you. geoff: federal reserve officials initially penciled in three interest rate cuts by the end of 2024. you've raised the possibility we potentially could not have as many or any cuts this report today affect your thinking on this? neil: well, it is a little bit concerning. in the second half of last year we made a lot of...
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Apr 5, 2024
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kashkari also did his part. those geopolitical concerns in iran and israel going to a broader skirmish or outright war, those are always very temporary. very temporary. and i think we saw that. now the market is looking into the earnings, but don't lose sight of the inflation report. cpi -- >> cpi next week. >> right, wednesday and thursday. now, i think they'll be fine, but i do have concern about the reports after that because of what we're seeing with commodities. it will take a while to filter in the system. momentum is still to the upside, the path of least resistance and still the same stocks that got us to where they are and will continue going, the broadening. >> jimmy, i want to cut through some of what weiss said and just say, of course good news is good news. you want the economy to be doing exactly what it's doing. you don't want the labor market to fall apart. >> good. you just nailed the two things that do worry me as a market participant. >> even powell him seven has talked about jobs. jobs are no
kashkari also did his part. those geopolitical concerns in iran and israel going to a broader skirmish or outright war, those are always very temporary. very temporary. and i think we saw that. now the market is looking into the earnings, but don't lose sight of the inflation report. cpi -- >> cpi next week. >> right, wednesday and thursday. now, i think they'll be fine, but i do have concern about the reports after that because of what we're seeing with commodities. it will take a...
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Apr 7, 2024
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chase ink with that for me, earn up to 5% cash bacot businesses naturals with the chasing business, kashkari, make more of what's your oh, trouble seeing body >> you should book an examined america's vast, america's past. there have been of the nation's largest groups of optometrists oh, you're very welcome. america's past, because i care is health care and you deserve the best >> i have moderate to severe plaque psoriasis. thanks to sky rosie, i'm on my way with clearer skin three out, of four people that she 90% clear skin at four months. and sky breezy is just four doses a year after to starter doses serious allergic >> reactions and an increased risk of infection or a lower ability to fight them. they occur. tell your doctor if you have an infection or symptoms had a vaccine or plan to nothing on my skin mean everything your dermatologist about sky rosie, learn how api can help you save so which like are we operating? >> asking the right question can greatly impact your future? >> sure. you're an orthopedist, >> especially when it comes to your finances, us certified financial planner. >
chase ink with that for me, earn up to 5% cash bacot businesses naturals with the chasing business, kashkari, make more of what's your oh, trouble seeing body >> you should book an examined america's vast, america's past. there have been of the nation's largest groups of optometrists oh, you're very welcome. america's past, because i care is health care and you deserve the best >> i have moderate to severe plaque psoriasis. thanks to sky rosie, i'm on my way with clearer skin three...
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Apr 5, 2024
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we're having a good day today after yesterday's selloff, which i think we're more inspired by kneel kashkari's comments about rates. i think we'll be in this consolidation phase for a while. i think the market is definitely woken up to the fact that, hey, we may only get one cut, we may get zero cuts. we have a very strong economy, which is wonderful. on the positive side, can you have a strong economy and not have high inflation. those don't have to be positively correlated because once again, wage growth is growing at, i think, a benign rate. so, you do have the -- more people in the workforce. so, i think it's great to see growth. i think that the pce over the next couple of months will will be key to see if the fed cuts rates. as it relates to energy, which we have all been talking about, the fed can't do anything about energy, doesn't look at energy. i think those type of inflationary pressures that the fed can't control are not going to mandate their narrative on whether they cut rates or not. >> how much time do you think -- how much time, so to speak, do you think powell has before the
we're having a good day today after yesterday's selloff, which i think we're more inspired by kneel kashkari's comments about rates. i think we'll be in this consolidation phase for a while. i think the market is definitely woken up to the fact that, hey, we may only get one cut, we may get zero cuts. we have a very strong economy, which is wonderful. on the positive side, can you have a strong economy and not have high inflation. those don't have to be positively correlated because once again,...
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ed, of course, i think you were referring to the to the comments neel kashkari made yesterday, today played a big role along with middle east headlines to a pretty good swoon. it caught everyone's attention, but why was the reaction to -- so harsh? >> that's a good question. i think from a technical perspective there have been too many bulls and not enough bears. that was a good explanation for yesterday. doesn't work today, obviously. the market's had a big rebound here even though bullish sentiment remains extremely high. i think it's going to be simply a turbulent market for a little while here. the good news is the economy's doing well with. the bad news for some is that the fed's probably not going to lower interest rates at all this year. and then, of course, the geopolitical situation is just getting worse and worse. so putting it all together, i think it argues for some volatility, kind of a sideways move with some volatility. stuart: charles: so the street, of course, cheering this report, and, you know, or listen, trying to have its cake and eating it too. right now, you kn
ed, of course, i think you were referring to the to the comments neel kashkari made yesterday, today played a big role along with middle east headlines to a pretty good swoon. it caught everyone's attention, but why was the reaction to -- so harsh? >> that's a good question. i think from a technical perspective there have been too many bulls and not enough bears. that was a good explanation for yesterday. doesn't work today, obviously. the market's had a big rebound here even though...
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Apr 18, 2024
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kashkari was saying the fed may not cut until next year. and williams just today said, you know, it's not his base case scenario there would be a rate hike, but if the data warrants it, that's what we'll do >> that's a great point, because the fundamentals are driving the technicals, even though the technical folks -- do you refer to this as funny-mentals, as carter does? >> no, no. >> you have a case where higher rates have injected more volatility into the markets, but the levels, in terms of the peak of the semiconductors, they were inspired by those nvidia 4q numbers released in february and the market gapped up to that semis have come all the way down to the top of that gap, so, they have given a lot back. if you look at the nasdaq, so, if you are following qqqs, on a relative basis to the s&p, they're flat from october 16th, which was that big market pivot day. so, the leadership that you want to see from the market, we haven't really had it. i think it also comes -- there's a lot of different things, steve talks about ctas, and maybe
kashkari was saying the fed may not cut until next year. and williams just today said, you know, it's not his base case scenario there would be a rate hike, but if the data warrants it, that's what we'll do >> that's a great point, because the fundamentals are driving the technicals, even though the technical folks -- do you refer to this as funny-mentals, as carter does? >> no, no. >> you have a case where higher rates have injected more volatility into the markets, but the...
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room because it's not just bowman, bostick said maybe 0-1, lisa cooke said something similar, neel kashkari's comments freaked the market out on thursday when he said why do we need rate cuts. so that seems to be the narrative taking hold. if you've got this need to get down to 2%, i understand maybe we want to cut rates a little -- liz: 2%, of course, is the fed's target inflation rate. we're above that now. >> yes. 3 is certainly above 2 -- [laughter] and is so, you know, if we want to get down, if we want to maybe say, okay, maybe 2.a 5, maybe 2.. 75, i understand why they want to cut a little preemptively, but right now there's nothing in there that says it. oil is becoming problem mat ig, concern problematic -- liz: crude's up 19% year to date. >> yes. liz: and, jason, gold is up 14% year to date. and, by the way, the s&p is up 8.8%. year to date. so you're look at these two outpacing, that's inflationary. so what's the raid? what do you buy? >> so i don't think you go with the school of what's worked. not to say that large cap tech isn't going to be a secular trend that you want to stay
room because it's not just bowman, bostick said maybe 0-1, lisa cooke said something similar, neel kashkari's comments freaked the market out on thursday when he said why do we need rate cuts. so that seems to be the narrative taking hold. if you've got this need to get down to 2%, i understand maybe we want to cut rates a little -- liz: 2%, of course, is the fed's target inflation rate. we're above that now. >> yes. 3 is certainly above 2 -- [laughter] and is so, you know, if we want to...
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lauren: well, i was thinking of what neel kashkari said yesterday, and he said no rate cuts perhaps this year. stuart: that upset everybody. lauren: i'm not sure the market believes the data for or the fed's interpretation of the data. stuart: let's have a look at the s&p 500, also opening ever so slightly higher, a quarter of 11%. 5,100 on the s&p. and the nasdaq composite, where is that? if up a third of 1, 16,100. we always show you big tech at this time, and we're to showing it to you now. amazon, meta, apple, microsoft up. alphabet is down all of11 cents. apple, david just -- they just announced layoffs. lauren: it's coincidental. 614 employees will be let go, specifically in california in santa clara. that's where the icar was housed, okay? first major job-cutting round for apple. since covid. it's all part of their pivot to investments and focus on generative a.i., that's their next big thing. the report yesterday e that we did with the apt i. robot following you around your house -- a.i. robot. and, look, it's crucial to turn around these shares which are down 12% this year when
lauren: well, i was thinking of what neel kashkari said yesterday, and he said no rate cuts perhaps this year. stuart: that upset everybody. lauren: i'm not sure the market believes the data for or the fed's interpretation of the data. stuart: let's have a look at the s&p 500, also opening ever so slightly higher, a quarter of 11%. 5,100 on the s&p. and the nasdaq composite, where is that? if up a third of 1, 16,100. we always show you big tech at this time, and we're to showing it to...
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you kashkari comments, i'm not a fan of his -- charles: but you guys have the same barber. >> yes we do. charles: thanks a lot. >> thank you. charles: don't forget i am hosting "unbreakable investor." i'm calling it "the quiz show" edition. you will love it. april 24th, 2:00 p.m. eastern. obviously it is coming soon. join me here in studio. the last couple were standing room only. they were a blast. more importantly people learned a lot, felt great about it this is what you have to do, go to eventbrite.com. you search charles payne. get your free ticket. do it right now. i will see you in a couple weeks. >>> meanwhile the jobs report obviously an enormous influential data point for the economy and the marketing but why does wall street keep getting it wrong? i think the fix is in. i will ask a top wall street reporter what he thinks after this. ♪. charles: all right, so how often do cu you always hear, hey, the monthly jobs report is out, and guess what? a surprise, it beat wall street expectations. come on. we went over this in a chart, since january 2022, 22 out of 26 reports hav
you kashkari comments, i'm not a fan of his -- charles: but you guys have the same barber. >> yes we do. charles: thanks a lot. >> thank you. charles: don't forget i am hosting "unbreakable investor." i'm calling it "the quiz show" edition. you will love it. april 24th, 2:00 p.m. eastern. obviously it is coming soon. join me here in studio. the last couple were standing room only. they were a blast. more importantly people learned a lot, felt great about it this...
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. >> minneapolis fed president kashkari. healthcare and tech leading the selloff but every sector in the red this afternoon. that's g
. >> minneapolis fed president kashkari. healthcare and tech leading the selloff but every sector in the red this afternoon. that's g