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Day for the Federal Reserve system. It is a meeting of mystery. Our Michael Mckee will be there for the press conference, special coverage this afternoon. But right now, a great conversation on some of the challenges that we are going to see. Jon ferro, to me, the major challenge, with futures up 17, you mentioned this earlier, this morning, is the two americans that are out there, that two americans that are out there right now, jon ferro, are nothing like what john edwards ever thought he would see. Jonathan just compare and contrast, tom, take the airlines on one hand you can take any sector, the retail sector, and compare it to fintech right now. Big tech on fire. Other companies, tom, literally slashing in tens of thousands, and a central bank that has to set policy for both economies. That is a tremendously difficult position to be in as a central bank right now, and th ....
Street has continued to underestimate the strength of the u. S. Consumer. In the northeastern sun belt that theigns coronavirus outbreak is continuing to ease. However, the fed remains cautious for the second half of the year. I want your take away. What was the main reason for you with the target report . Joe basically all these gigantic retailers, they are all killing it. You had a little bit of differences between them, whether it is target or walmart or cosco or amazon. All these companies are doing phenomenally well. What was striking about target i think is that unlike walmart, its not seeing any signs of meaningful deceleration in growth with the expiration of the employment insurance expansion. That is one of the biggest macro questions right now for the economy, for everything. Which is ok, we have had this rebound in the economy largely thanks to the stimulus. What happens a longer we dont have a deal . Romaine there is a question to how much the stimulus paid a factor in tar ....
Tweet earlier in the hour does suggest that you think these retailers are prepping us for numbers that are going to be tough to replicate. Yeah, i think that they have to, carl they all know that america was flush from the 1,200 check and they also know there is a lot of stay at home people trying to make their homes into an office and a home, and that thats largely passed now, that doesnt mean that you shouldnt buy these stocks because that money went to these essential retailers and now theyre stronger than ever, but i know that if you are if you are at walmart it does not pay to say this is going to continue same thing with home depot i say you wait, let them come down and recognize that these are just so good that you want to be in them. Particularly, say, if a lowes comes down, thats kind of attractive, they report tomorrow look, these are remarkable companies, but they are also given as remarkable companies are to humility and to a respect to the individual investor they dont wan ....
Is driving the market. The credit fundamentals are deteriorating. The central bank has effectively crowded in. You can get spreads. Jonathan always great to catch up with you. We have a ton of supply from the treasury. The 30year happened. What was your interpretation. There was supply fatigue. What was your take . In the end, supply does not drive markets. It can have shortterm impact as supply has to get digested by the marketplace. Over the long run, the fundamentals are what will drive evaluation. At the long end the long end of the curve was a little overbought. There had to be concession to be supply into the marketplace. Over time, it will be fundamentals and we will be in a low inflationary environment. The fed is on hold for years. As a result, there will be demand for long treasuries. Back in late 2017, when the administration cut taxes, the yield on a tenure was 250. On a 10 year was 250 what will matter for the long and is inflation dynamics. Inflation picked up in the last ....