Value and cyclicals are doing better than tech tech just in the red energy and financials at the top of the pile. Stephanie, are we getting a rotation, the start of something that might last a bit longer than it has done ever before well, you know my position. I own a bit of growth and value. Im hoping value has its day in the sun. What you need for value to work is better growth and also a higher expectation for inflation. While we are Getting Better growth sequentially. Youre not getting anything close to inflation look at the ppi numbers today. I think this is why a barbell strategy makes sense people will still want secular growers that can participate many some very powerful themes you want to be price selective but you want to have exposure there but exposure to the cyclicals if you believe the growth is going to improve and that will lead to inflation. My supply is up 25 year over year thats a big number. That will come home to roost, i think. One last point, i would say on valu
Jes staley coming up from barclays, he has got the mess in hong kong. Kevin cirilli will be with us from washington on the trump response to the news out of hong kong. Right now, in your united kingdom, it is a new deal in dudley. Francine it is a new deal. We are expecting the Prime Minister to deliver on his speech that was quite popular in his pReelection Campaign, bringing britain back. We are expecting him to do a lot for infrastructure, give money to schools that under previous tory government slots lost a lot of funding. Deathsy are there more because of covid19 compared to other european countries, the debt load this country has is different than anywhere else in europe. I imagine Boris Johnson will have to do this speech while at the same time keeping International Investors on board. Tom it will be interesting to see. We are monitoring the presence of the Prime Minister in dudley. In new york city, ritika gupta. Ritika the stage has been set for another confrontation between
Chip botox straight ahead and we start with the rorschach test. Which did you see today . The dow closing at its highest level since march 10th and vaccine hopes with stills and stocks closing near session lows and the relationship 500 failing to hold its 200day moving average or guy adami, how do you interpret the ink blot being that i cant see it, is that the guy from welcome back cotter, mel or no, that rorschach test guy i think were having problems with guys audio tim seymour, well go to you on this which ink blot did you see today . I actually heard guy and he made a bad joke of welcome back to cotter. It was closing near march highs and i think we have a case where the reopening has allowed people to look at industrial and call them value stocks, but the ones that were the most beaten up and to begin to assess what schedules are going to look like for airlines out through kind of early to midsummer. We have no idea, but we also have some sense that the worst case has been largel
Surveillance. Goodning orbit more afternoon or good morning. We saw a bit of a lift in asian stocks. Now, the stocks europe 600 down. 27 . It always honest President Trump and xi jinping can find a solution. They will sit down and we will see if we have something at the g20. The u. S. 10 year yield, the story of the day, actually, the year. The nymex at 54. 12. We understand opec may have found a date with a could meet, the first of july. Coming up, we have an allstar guest lineup. At 930, we have an excuse of interview exclusive talking luxury and the chinese of watching. At 11 30, we are joined by blackstones chief executive Steve Schwarzman. And later on, we speak to the facebook coo sheryl sandberg. But first, lets get straight to bloomberg first word news. A bloomberg scoop. President donald trump asked white house lawyers to explore his options for removing Federal Reserve chairman Jerome Powell. Happened earlier in the year, less than two months after trump discussed firing him.
About the collapse of silicon bank west church of the largest Bank Failures in u. S. History. Congressman mchenry discussed the role the Federal Reserve and the Deposit Insurance Corporation Bank Regulation of Risk Management. This event as hope and by the brookings institution. Kground noises] [background noises] good morning everybody. Im director on fiscal and Monetary Policy and be half the hutch and Center Center on me you to this event both the people in the room and the people watching remotely. Our subject today is what lessons we have learned from the really interesting efforts of march 2023. A year ago the glol Financial System suffered the most significant banking stress since the Global Financial crisis of 2007 and eight. As you all probably know if event Silicon Valley bank failed prompt and the fdic to take it over the middle of the dayay could not even make d it to the weekend which is as a one off event. Silicon valley was certainly for lack of a better term unusual. Th