The fed futures priced that out to july instead of june. If you look at treasury yields, there was a 10basis point jump in the tenyear yield. 4. 27. The twoyear yield at 4. 68. Looking at the hotterthan expected Producer Prices for two months whand hotter consumer prices, it makes you won beder t you see with inflation. The price of bitcoin as we talked about that before we came on it never closes. You never know to base the change. That change doesnt tell you what is happening. Here is the range from yesterday. I can look at coinbase where i watch it. The high was 73,418. We say that. The low was 65,500 i did some math. Thats 8,000 on a 73,000 stock. More than 10 . If you decide you want to tread into this, be ready to buy at 73 and wake up the next morning to see it at 65. The weird thing about it, gold and bitcoin is supposed to go up with inflation. When inflation is running, it means the fed will not cut. They will not print. Liquidity play. They will not print and everybody wants
Surveillance. Jonathan good morning, good morning. This is bloomberg surveillance. Posited by 0. 2 on the s p. Chairman powell would like a little bit more data. Going into the Federal Reserve meeting last next week, will he have sufficient evidence to change his view on the economy . Lisa people are really looking at this as being one of the most important in the last couple of years which is what we hear every single time, this time or option more often. The idea here is if you see another hotter than expected cpi print, you will start to reprice the Federal Reserve so they cannot cut rates until well after june. The question is exactly the same. The question on wall street has not changed. While the upside surprise a oneoff or not . We dont expect the report to provide clear and of evidence of disinflation to boost the fed confidence to cut Interest Rates. This is about how we set up that meeting going into next week. What i extrapolated yesterday was actually how they view inflatio
Oracles cloud revenue surging by growing ai needs. The boeing challenge citing delayed aircraft deliveries, rethinking the 2024 financial forecast. Lets begin with the Market Reaction to cpi. We mentioned a tenth hot at. 4. Shelter and gas 60 of that. Surprises in here, mike. Apparel up. 6 , a topic of discussion. Yes. I think what the market did, there was a quick reflection when they said, okay, this is hotter than expected. Stocks back up. Then the rethink was, well, the things that matter and that will translate into what the pce inflation number is going to say combined with how high a threshold was set by powell last week for changing their premise that they are preparing for likely rate cuts in the summer. I think all that fit together. The core services, stubbornly firm, inflation readings there, dont translate that the pci will go in the same direction. Thats part of the mix. We are also geared for shelter being stubborn. You didnt see the uptick like we saw in january. All th
Happen is yes, inflation is going to come down slowly. That deep inflation tail risk has been cut off. If we were to get inflation to a level or we have to respect that again, that becomes the real risk to the market. Inflation is sticking. Announcer this is bloomberg surveillance with jonathan ferro, several modes and annmarie hordern. Jonathan the third hour begins right now. Your equity market on the s p 500 just about positive after closing at alltime highs in yesterdays session and i climactic in so many ways. It is the calm after the storm that never came. Lisa that has been the story of the entire year. Everyone is calling for a storm, he could be a bubble, cant take it, and guess what, we are now north of 5200. The price target people upgraded to just a year ago. This train keeps moving. Jonathan i welcome it. Looking ahead to retail sales tomorrow, we are light on data this morning but tomorrow, looking to claims, the estimate so far in the survey that is barely moving from th
Im Katie Greifeld in new york. Take a look at markets this morning. Near alltime highs, but a little over today if you take a look at the s p 500, slightly in the red, down by about 0. 2 . Of course still above 5100. Look at the nasdaq 100. Losses getting a little more serious, down about 0. 8 . That follows a big update yesterday. You can see volatility rising a little bit. The vix still below 14, but inching higher and higher. Lets get to what is happening this hour. That is the house voting on a bill that would force chinese tiktok parent bytedance to sell it or face a ban in the usa. The company is planning a full legal fight if the bill becomes law. Junkie double o streams me from washington. Jackie double os davalos joins me from washington. Jackie as you know, the house or the senate have not found Common Ground to agree on almost anything except this bill. It is a bipartisan effort that was brought forth by the House Republican chair of the select committee on china, Mike Galla