Im melissa lee, coming to you live from studio b at the nasdaq. On the desk tonight steve grasso, karen finerfinerm dan nathan, and guy adami. The dow was nearly 900 points higher. And look at treasuries. The bond market was closed yesterday, but yields on the tenyear dropped 16 basis points today, its biggest pullback since march. The moves coming amid some more dovish talk out of the fed today. Atlanta fed president Rafael Bostic adding to the chorus of officials like lorie logan and Phillip Jefferson suggesting the central bank may be done raising rates. Retail to builders to even the recently utilities all higher in todays trade. So, does this set the stage for a market rally into year end . Guy . I pause because i know the answer how do you know the answer . Because i know you, and im in your head. You are my head. If rates do come down, i mean, that does seem to, in recent, you know in recent past, lower rates are supportive of stocks. The question is, why are rates going lower .
This is bloomberg surveillance. Just about positive on the s p 500. The politics on dollaryen. Dollaryen positive. 4 . The boj governor meeting with the Prime Minister who says he will closely impact the impact of a weak yen on pricing. The japanese official snapping back saying if the market is functioning property there is no need but a suggestion that maybe it is not. Lisa all of this goes to say that people who are bearish on the yen are getting bolder. I wonder how much janet yellen will put the pressure on japanese authorities versus maybe there is a sense they have used up the little ammunition they are willing to send. Annmarie she said consultation should take place and then she called the reported japanese action a rumor which makes me think the japanese did not call washington to ask and let them know we are going to make a move and intervene. Jonathan dollaryen, big swings over the last week. All the way back down to Something Like 152 to start the week. Somewhere between 1
What higher for longer means with Interest Rates. We had conversations yesterday that to me were troubling and i started to think about things. It was transitory. The supply chain part. Transitory. There is maybe an underlining rate of inflation that is higher and it is harder to deal with and it has to deal with crude. It reminds me now it is supposedly not like the volcker era. Wages and unions and workers demanding more. The wage price spiral that picks up and higher wages. Thats what the fed is watching. We paused and only to restart. It was not putting a stake in the heart of it in the first place. A little bit stays and it comes back and you do higher. Stop again. It was the stop and start of the 70s which is what happened. Is that happening again . If you look at inflation in other parts of the globe, it is higher. The uk is operating at 6 . They dobnt have the dollar. That bugs me. 3 . South america averaging 30 . It used to be higher inflation. How many is a candy bar in zimba
First things first. Lets check on markets. We are expecting about half an hour from now the Spanish Deputy Prime Minister to make a statement on catalonia. Stocks in europe nudging higher. Miners gaining. Oils also gaining. The euro weakening a touch. Spanish stocks falling. Lets get straight to the bloomberg first world news. His sebastian salek. Sebastian kurtz has declared victory. A win for his Peoples Party would shift the politics to the right. It is also seem to have paved the way for the eurosceptics party to be in government. Angela merkel has to talks this week in a more moral position after her party suffered defeated lower saxony. Its her worst result in lower saxony since 1969. The worlds top central banker is for that inflation will stay low for much longer and they will push ahead with plans to tighten Monetary Policy. Janet yellen thinks u. S. Prices will accelerate despite a. Of softness. Is that theuess software easily not persist and with an ongoing straightening of
Theyve been performing. Interesting crop. Includes avis, carmax, and many others tivo. That was one, wow. Other big winners. Anyway, largest Ransomware Attack in interpret history, and looking to protect yourself, a new industry of Cyber Insurance is booming, and theres a lot of Cyber Security names which are rallying today. Well get you details. People discover that etf today. Oh, boy. Hack is having a day. Best day of the year smart right now. Meanwhile, Charles Bronfman has a new memoir about the empire, talking the family business, and his tremendous efforts in philanthropy. We got a lot of Great Stories to get to with Charles Bronfman here. Playing bernie and ruth madoff, joining us, and why de niro did not meet with bernie in person. Michelle did, and i dont want to tell it dont give it away. But de niro did not meet with him, and unclear if madoff will see this, of course, being on hbo. I cant wait. Saturday night. That movie on hbo saturday night. A move up in oil, 2 move highe