Sonali coming up, top fed Officials Say they will wait for rate cuts. Short term rates move higher moving closer to 5 . We begin with the big issue, the data backs up higher for longer. We have so many fed speakers talking about higher for longer. Higher for longer. We are going to see higher for longer. The fed is on hold for the foreseeable future. The reality is the fed is highly data dependent. They came across more hawkish then expected. Inflection data is starting to look at her inflation data is starting to look better. Not having urgency will change if we see more weakness in the labor market. You are starting to see softness in the labor market. They would have every indication to cut. As long as consumers continue to work, i think the fed can focus on inflation print what the fed is doing will eventually work. The fed probably will see the slowing inflation it wants to see. Do the fed need to act and do they need to fully start acting . Sonali i want to look at shortterm rate
Exclusive conversation about the growth of private credit, and how a. I. Could change the industry. Katie welcome to bloomberg markets. Look at the board hinted me. Another quiet day, but it is green at least for right now. Look at the s p 500, currently unchanged. A little bit better if you take a look at big tech, with the nasdaq 100 higher by about. 2 . And then you take a look at the Philadelphia Semiconductor index, currently higher by about 1 , but everything could change this afternoon with, of course, nvidia due to report earnings and really feels like, of course, the whole market is resting on the chipmakers shoulders. Before we get there, lets get to some breaking news in the last couple of minutes. That is Anglo American agreeing to enter talks with its larger rival, b. H. P. , after it rejected its third proposal worth 49 billion. This, of course, opens the door to what could be the biggest mining deal in over a decade. Will kennedy is bloombergs Senior Executive editor for
Antitrust case tossed out. We will bring you the details. Scale ai skews as its valuation nearly doubles to a most 14 billion. The ceo joining us later in the hour. There is a macro bit of data we are waiting for the fed minutes coming later in the afternoon and we are basically flat ahead of that. We are still digesting some strong earnings from the tech ecosystem we are up just five points on the nasdaq. Record highs looking at 20 year yield just flat ahead of the auction we have seen bond selling often yields rising. We go back into the green just a moment. Inflation is cooling but its not cooling as much, of pound is higher and the u. S. Dollar as we see the bank of england not being able to cut at the anticipated rate that the market had wanted to see. Lets see whats happening in the world crypto because suddenly we regalvanize ourselves with the latest spot etf this one being an in him related one. For the compliance folks having to get the data and documents ready. We are curren
Above the 40 thousand dollar mark. 2 10 of 1 higher in volatility nice and low. Down to a 12 handle on the vix. Seeing individual movers drive indices higher. Especially retailers after walmart reported strong earnings and reiterated its full year outlook. Walmart is adding a record high and onbase and on pace for its record game. Target, dollar tree, Dollar General facing moves higher of almost 3 or more. Looking at treasuries, the 10 year yield has been falling back to near its lowest level in month. Even with a couple basis points higher today, you are seeing the 10 year back above 450. Earlier this month back below for 4437 on the day. We are going to discuss this with Loomis Sayles Vice President and Portfolio Manager andrea. When you look at these rapid moves in the bond market, do you trust what you are seeing at the longer end of the curve . What we sell take place in april was more of a parallel shift across the curve. Front end being driven by the repricing of pricing out som
To daybreak australia. Shery the top stories this hour. Israel and hamas trade blame after hundreds are killed in an explosion at a gaza city hospital. President bidens summit with arab leaders is canceled. Haidi u. S. Treasuries and stocks fall. Nvidia slumps as the u. S. Restricts sales of chips made for china. Shery more big bank earnings. Goldman sachs post on earnings drop. We had a mixed picture when it came to the Bank Stock Trading session and of course a lot of volatility in todays session given the soaring yields we saw in the treasury space with the slump resuming. We had the s p 500 finishing almost unchanged. A lot of that to do with the fact that we saw strong Economic Data again a large jump in retail sales also solid Industrial Production numbers that sent the two year yield to the highest point in 17 years. We are watching the u. S. China reports as well as we heard about more restrictions when it comes to technology exports to china. So the Philadelphia Semiconductor