Policy makers describe the economy according to the minutes of the Central Banks latest meeting. It signaled that the fed is on track now to raise ierest rate this year. Markets agreemented the news with a strong bout of volatility. Stocks first spiked higher, and then they fell very sharply as bond yields rose. The Dow Jones Industrial average cloused down 167 points to 24,797, its secon straight day of losses. Nasdaq was off 16. The s p 500 fell 156789 cayla tausche starts us off tonight with a closer look at the Central Banks latest plan to keep raising rates. Reporter the Federal Reserves january mting was the first since tax reform passed. Thats one big t reason fed pointed to a stronger growth grout look than before. Business may use the money to grow and add capacity even though companies are deciding how to al skate their savings. While the fed of upside risks from that growth. The white house chief economist doest expect the economy to overheat. What we have here is a supply s
The president will bring a promise of money, manpower and the military. The gold coast needs at all. North koreas blatant provocation. Japanese people woken up by a red alert from broadcasters. Take cover at the north korean Ballistic Missile flew up ahead. The south Korean Military has responded with a live fire precision bombing run close to the north. No military response from america at this point. The president has not taken it off the table. I mistake on either side risks were. Investors dont like to hear that. Today they are selling. The dow opened sharply lower. But it is the human catastrophe unfolding in houston that is great the attention of the nation. Earlier in unthinkable forecast to 50 inches of rain, the still rising floodwaters and directly from people who have lost everything. Varney company is about to begin. Lets get right at it. The flood of biblical proportions. Jeff flock on the ground in houston. Am i right in saying the water levels are still rising . Reporter
We will go to San Francisco shortly for the latest on changes in ubers leadership. On thewe have our eye middle east with the crisis in vauxhall, later in the program. This is daybreak asia, coming to you from 7 00e it is just after a. M. In hong kong. I am yvonne man. We escaped the typhoon in hong kong. A whirlwind of a storm. The selloff going global. It is hard to tell if this is a pause or meaningful rotation out of some of these growth stocks. Betty it seems to make perfect sense, right . Yvonne, these big tech shares are the ones that have led the rally, so you can see at some point, investors would say let us take some profit on these gains. The question is, what is the timing . What gives here . That is what investors are tied to parse through in the next few hours. Heavy some of the tech investors. That looks set to continue. Let us look at how the state of play is into new zealand. Plenty flat. The kiwi at 72. 02. Australia returning back from its holiday, could play catchup
In a half hour, all three major indicators will go up some more. Profits are up, janet yellen outlines a slow Interest Rate rise and who knows, we may yet get a tax cut. All for stocks. Investors are again, completely ignoring democrat hysteria. Congressman brad sherman files articles of impeachment. And hamilton threatens the president and calls him a racist. And 50 of air time to one story, donald trump, jr. s meeting with a russian. Be not downcast, well see the president with the europeans. Varney company is about to begin. They have to get past, they have to do it. They have to get together and get it done. What will happen if they dont . I dont want to talk about it, because i think it would be very bad. I would be very angry about it and a lot of people will be very upset. Stuart id call that a warning. Get a Health Reform plan done, do it or im going to be angry. Fulltime details later on this program. Weve got a pretty good idea whats coming down the pipe. Some obamacare taxes
Opposed . We are now in executive session. Session . Madam secretary. All right. I move to revine in open session. Second. All in favor say aye. Aye. Opposed . Next item madam secretary. Pledge of allegiance. I would like to disclose that in close session on february 14, 2017 the Port Commission meeting the commission unanimously approved the appointment of cathy pouchony as the Deputy Director and finance and administration and i would like to disclose anything ulc discussed. Thank you. Second. Second. All in favor say aye. Aye. Opposed . Next item madam secretary. Pledge of allegiance. I pledge allegiance to the flag to the United States of america and to the republic for which it stands, one nation under god, indivisible, with liberty and justice for all. Please be advice the cell phones and sound producing Electronic Devices are prohibited at the meeting. Please be advised that the chair can remove anyone for the ringing of and use of cell phones, pagers and similar sound producing