Speaker 1: Bloomberg Audio Studios, Podcasts, radio News.
Speaker 2: This is a breaking news update from Bloomberg, Instant reaction
Speaker 2: and analysis from our three thousand journalists and analysts around
Speaker 2: the world. Welcome to the program. Equities recovering. There was
Speaker 2: a drop off as soon as Chairman Power started to speak.
Speaker 2: We're back to about negative zero point two percent on
Speaker 2: the S and P, the bigger losses on the Russell,
Speaker 2: the small camps down by zero point eight in the
Speaker 2: bond market off the back of these comments from Chairman
Speaker 2: pow Bonyota at the front end of the curve by
Speaker 2: nine to ten basis points, a twenty five basis point
Speaker 2: reduction from the Federal Reserve two way descent, the limited
Speaker 2: ability to guide from here and these comments from the
Speaker 2: Chairman of the Federal Reserve take a listen.
Speaker 3: A further reduction to policy. Read of December meeting is
Speaker 3: not a foregone conclusion yet a time when we have
Speaker 3: tension between our two goals. We have, you know, strong
Speaker 3: views across us the committee, and as I mentioned, there
Speaker 3: were strongly different views today and the takeaway from that
Speaker 3: is that we haven't made a decision about December, and
Speaker 3: you know we're going to be looking at the data
Speaker 3: that we have how that affects the outlook and the
Speaker 3: balance of risks. And I'll just say.
Speaker 2: That a December rite cut is far from a folk
Speaker 2: on conclusion. That was a prepared remark. It was scripted TK.
Speaker 2: It was heavy with intense.
Speaker 1: I love when they looked down at the script. I
Speaker 1: mean you wonder what percentage of the press conferences.
Speaker 2: Thanks, It gave you extra menic that would be intent
Speaker 2: to come into this room and sound everybody, including wool Street.
Speaker 2: We're not making a cool come down.
Speaker 1: We're way down. And when we get the tourists this lock,
Speaker 1: I want to really dive into that. I need to
Speaker 1: frame this, Johnathan. It's so important. We've had this spectacular
Speaker 1: move lower in the ten year yield down to three
Speaker 1: point nine whatever. Oh mg, we've come back four point
Speaker 1: zero five percent at seven eight beeps move. It's only
Speaker 1: center tendency on two standard deviations were by no means price. Rather,
Speaker 1: price has not cratered in the last twenty minutes.
Speaker 2: Low endered arrange for years still type with you. Bond
Speaker 2: market's been super well behaved. When the FED last mat
Speaker 2: back in September twos we're near three fifty tens to
Speaker 2: were near four percent right now, TK twos near three
Speaker 2: sixty tens near four percent.
Speaker 1: There's gonna be a lot of hyperventilation about this tomorrow.
Speaker 1: I'm also looking at the currency market, which I think
Speaker 1: is extraordinary into the Trump g meeting, and you know,
Speaker 1: it's a side story. I get it. It's not the
Speaker 1: Fed decides, it's maybe the president's decides on trade. But
Speaker 1: it's a backstory to this. It will be interesting in
Speaker 1: the next couple days.
Speaker 2: Got a strength this afternoon euro dollar one fifteen eighty two,
Speaker 2: euro dollar down by zero point six percent. TK mentioned
Speaker 2: it Tilston's block of Apollo with us around the table, Tilston,
Speaker 2: good afternoon, going to see you. What's the big takeaway
Speaker 2: for you from that, Well.
Speaker 4: That they do have clarity on the CPI on the
Speaker 4: infliction side, but there was a lot of questions about
Speaker 4: the level market. And it was very clear that he
Speaker 4: came into this saying the legal market is still chugging along,
Speaker 4: moving sideways, slightly cooling, and he didn't mention any of
Speaker 4: the private sector indicators. So he did basically say, we
Speaker 4: don't quite know exactly what's happening in label market, but
Speaker 4: we still feel quite good about it. So that's why
Speaker 4: he came to the conclusion inflation is too high. The
Speaker 4: label market is still okay. Therefore, there is no foregone
Speaker 4: conclusion about December.
Speaker 2: How difficult is it to carry on kind of interest rates?
Speaker 1: It is very.
Speaker 4: Difficult because the label market does have a number of
Speaker 4: indicators that are very important for this discussion. There is
Speaker 4: of course ADP, which we just got and thankfully now
Speaker 4: it's weekly. If you just think about the number fourteen
Speaker 4: thousand was the average weekly number for the last four weeks.
Speaker 4: If you multiply that by FOAR, you get some estimate
Speaker 4: of what that means on a monthly basis. That means
Speaker 4: that monthly job growth at the moment is in round
Speaker 4: numbers around fifty thousand. We just got a FED paper
Speaker 4: a few weeks ago saying that the new equilibrium rate
Speaker 4: for nonfound pay roads is thirty thousand. So by that measure,
Speaker 4: the label market is actually strong. You know, the words
Speaker 4: job growth is stronger than what the FED itself thinks
Speaker 4: that it should be in the long run, because fifty
Speaker 4: is higher than thirty. And the conclusion therefore, now you
Speaker 4: suddenly have that both the label marget is actually doing
Speaker 4: a little bit better than expected, and inflation is still
Speaker 4: a three, which of course makes it very difficult for
Speaker 4: them to begin cutting again in December.
Speaker 1: You let me follow up on that though. Is that
Speaker 1: politically acceptable to have a mid one hundred thousand number
Speaker 1: thirty forty fifty thousand. There's no way that plays in Washington.
Speaker 4: Well, at least the Dallas Fed who produced the number
Speaker 4: had some very good arguments for that. There were two
Speaker 4: reasons why they Equilibri and RADA gone down from two
Speaker 4: hundred thousand last year to only thirty thousand today, which
Speaker 4: was immigration has been slowing down significantly and the demographic
Speaker 4: hit wins also weighing on the road.
Speaker 1: This is so important with your heritage. I think it
Speaker 1: really works out. What is the level or the new
Speaker 1: new of their ex post right now? To me, they're
Speaker 1: almost redefining away. Did you hear forward guidance in the
Speaker 1: press conference? I don't think what, God, I'll take that.
Speaker 1: Maybe backward guidance is the new phrase. Paint the character
Speaker 1: doctor slock of our X post nature now.
Speaker 4: Well, the challenge also is not only did they not
Speaker 4: only mention forward guidance, but also he didn't talk about
Speaker 4: data dependent because there is not much data. And if
Speaker 4: you say data dependent, that means that they're putting a
Speaker 4: lot of data on the private sector data. And he
Speaker 4: didn't mention some of the private sector data. That asking
Speaker 4: is very important for the label market, not only ADP.
Speaker 4: That's also the of course challenge are great and Christmas
Speaker 4: job cut announcements. There's also a new data from macro
Speaker 4: itch that also.
Speaker 1: Looks like you love ism.
Speaker 4: There is also the ism data that it still says
Speaker 4: that the label market is okay. There's also link up
Speaker 4: job openings. There's also indeed job openings. There's also paychecks
Speaker 4: which is also looking at employment. All these indicators combined
Speaker 4: still tell a story of the label market actually still
Speaker 4: hanging in there. So it's not the case that the
Speaker 4: label market is falling out of bed. It's still the
Speaker 4: case that the label market is okay. And combined with
Speaker 4: inflation at three, remember the FETs target is two, so
Speaker 4: inflation is still way above the FET target, there is
Speaker 4: just not room to cut rates more. In particular, not
Speaker 4: as he also talked about, if you begin to worry
Speaker 4: about if inflation expectations begin to become interan.
Speaker 2: Tell us them what you're saying, begs an obvious question.
Speaker 2: What I'm hearing from you is we've seen a step
Speaker 2: down in payrolls growth. We haven't seen an increase in
Speaker 2: labor market slack. Inflation is running at three unemployment still
Speaker 2: close to four GDPs tracking around three percent at the
Speaker 2: moment in this country. If that's the case, why did
Speaker 2: they just cut interest rates?
Speaker 4: Well, his argument was also very very carefully articulated, namely
Speaker 4: that we are trying to get closer to our star.
Speaker 4: So it's back to this excuse me, peculiar interest in
Speaker 4: that there is some very academic calman field that you
Speaker 4: can do and figure out whereas the level of interest
Speaker 4: rates where we should be, and say this was recalibrating
Speaker 4: monetary policy to that level. It really is a very
Speaker 4: excuse me, unwaving academic discussion relative to what the actual
Speaker 4: data that you just listed. And if you add also
Speaker 4: the Elena FLGDP now almost four percent for the last quarter,
Speaker 4: where are we in terms of thinking about this slowdown?
Speaker 4: There is just not much sign of a slowdown when
Speaker 4: it comes to the real.
Speaker 2: Please forgive the snark, but the way they talk about
Speaker 2: things like neutral in our star, do these lights start
Speaker 2: flashing off in the FMC room and the order him
Speaker 2: at the federal surf. You've hit it. Well done, guys,
Speaker 2: stop right there. What are they actually looking at to
Speaker 2: guide that decision?
Speaker 4: Well, I do think that there is an intellectual camaraderie
Speaker 4: around our styles saying yeah, I know what you mean
Speaker 4: when you talk about our style, and of course we've
Speaker 4: got to get down to our style. But the interesting
Speaker 4: thing of bottles with also this is that if you
Speaker 4: really are saying at the Dallas fit that there is
Speaker 4: now a thirty thousand non found payroll level, that actually
Speaker 4: means that USTA it's actually low.
Speaker 1: One j Greg Hip has been wonderful about this. We're
Speaker 1: in God's name. Is the output gap right now with
Speaker 1: meta here in twenty five thirty five minutes at Google?
Speaker 1: What we see tomorrow with Apple? Microsoft? The speech that
Speaker 1: in video gave the other day, Are you kidding me?
Speaker 1: We have no clue for the American output gap?
Speaker 4: Well, and that's why from a monetary policy perspective, it
Speaker 4: is really interesting because if you look at the Magnificent seven,
Speaker 4: they all finance by equity prices being high. They're not
Speaker 4: sensitive to the fitfunds rate, whereas the S and P
Speaker 4: four ninety three is very sensitive to the fitfunds rate
Speaker 4: is a.
Speaker 1: Poll of globle management. Part of the magnificence of it.
Speaker 2: They should be, they should be. Mike McKay was in
Speaker 2: the room. He was in the news conference, and Mike McKay,
Speaker 2: thank you for asking about financial conditions and financial markets.
Speaker 2: Mike McKay, what was the takeaway for you? Set?
Speaker 5: I think the absolute takeaway is that the FED is
Speaker 5: probably going to pause in December unless there's some data
Speaker 5: that forces them to do another cut. There was a
Speaker 5: sort of almost Freudian slipped by the chairman close to
Speaker 5: the end of the news conference when he said if
Speaker 5: we cut again, and then he quickly.
Speaker 2: Backcrapped and said we will at some point.
Speaker 5: But I think that the mood of the committee now
Speaker 5: is we've done enough. Let's sit back and see what happens,
Speaker 5: especially without any data, and given the fact that inflation
Speaker 5: is still rising. You know that at the beginning when
Speaker 5: he was giving us the rundown of the economy, he said,
Speaker 5: extrapolating the CPI into PCEE suggests that it rose at
Speaker 5: two point eight percent. Well, it was two point seven
Speaker 5: percent in the prior reading, so it just showed you
Speaker 5: that inflation is still rising at a time when he
Speaker 5: had a hard time making a case that unemployment is
Speaker 5: a real problem. So I think the takeaway is don't
Speaker 5: expect much from the Fed in December unless the government
Speaker 5: gets back to work and we get some data that
Speaker 5: changed their mind.
Speaker 2: Michael McKay, you have covered the Federals for decades. Volka
Speaker 2: through green Span, Bananke, Yellen, the likes of Cham and
Speaker 2: Pow Mike is the era of almighty Fed, Chad dominance
Speaker 2: and power on the committze. Has it come to a close?
Speaker 5: Well, I think that's another way of saying that I'm
Speaker 5: old John, But I don't think it's come to a close.
Speaker 5: It's just changed a lot. When you had Paul Vulker,
Speaker 5: he was very firm in what he wanted to do,
Speaker 5: but he came in during a crisis, so he was
Speaker 5: able to marshal the troops to do that, and then
Speaker 5: they rebelled against him. Green Span did it differently.
Speaker 2: He ran the FED as.
Speaker 5: If it were his own and they did what basically
Speaker 5: he wanted them to do. But starting with Ben Bernanki
Speaker 5: and following with Jennet Yell and j Pollo, it's become
Speaker 5: much more collegial, and the chair now is more in
Speaker 5: a situation where they are taking the temperature of everyone
Speaker 5: there and trying to figure out what the best consensus
Speaker 5: move would be. And I suspect that that's what members
Speaker 5: of the Board and the Open Market Committee would like
Speaker 5: to see happen going forward. Don't know, given the names
Speaker 5: of various people who are among the finalists to replace J. Powell,
Speaker 5: whether we would have an attempt to go back to
Speaker 5: this strong chairman view or whether we would still continue
Speaker 5: with consensus.
Speaker 2: Can they wrestle control from that committee? Thank you so
Speaker 2: fantastic work. You know. Oh you're brilliant, Mike McKay that
Speaker 2: in Washington, d C appreciate it. You're brilliant too.
Speaker 1: TK.
Speaker 2: You know this love come on, this is far enough
Speaker 2: love to go. But yes, it might be a little
Speaker 2: bit more than me. Tilston, you're still with us Tauson's
Speaker 2: luck of Apollo. By the way, if you're just joining
Speaker 2: guest Tustin, Bob Michael of JP. Malcolm is on the
Speaker 2: program with me and TK earlier on this Southternoon and
Speaker 2: he made the case after this decision dropped and we
Speaker 2: saw the two way descent that the Chairlesing Grip of
Speaker 2: this committee. What's your tak on that, Well, it.
Speaker 4: Is a very unusual situation to have someone in the
Speaker 4: committee the things that raids should have been on hold,
Speaker 4: meaning that could other direction than other members here in
Speaker 4: this case Deve Miran who thought that she should have
Speaker 4: been cutting. So it is a very challenging environment. Of course,
Speaker 4: Well whoever is the FET chair and whoever walks in
Speaker 4: to be the next FET chair to try to get
Speaker 4: a consensus on the committee. There is so much work
Speaker 4: that goes into from the chair whoever it is, to
Speaker 4: try to get a decision that is unanimous and that
Speaker 4: is a common ground and saying this is the way
Speaker 4: we're walking, and this is the direction we're traveling. Now
Speaker 4: that there's more uncertainty about this. One reason why raids
Speaker 4: are going up is also because well maybe now Smith
Speaker 4: is not the only dest and maybe there are others
Speaker 4: that come around next time and say, well maybe we
Speaker 4: shouldn't be cutting, or maybe there might maybe someone said
Speaker 4: maybe we should be hiking. So that's why I do
Speaker 4: think there was already a dot in the dot pat
Speaker 4: last time that said that Rich should be going higher
Speaker 4: in December. I think that now We know that that
Speaker 4: was Smid from the Kansas City Fed. So yes, it
Speaker 4: is getting becoming a much more challenging exercise. Normally we
Speaker 4: just talk about inflation unemployment, but this is no longer
Speaker 4: just about invasions.
Speaker 1: The heart of this we're gonna get the Rosenberg. But
Speaker 1: the heart of this, John is he's lane duck. That's
Speaker 1: all there is to it. Great, it's it's October. He's
Speaker 1: supposed to begin to be lame duck.
Speaker 2: So let's fast forward to December. Just think about for
Speaker 2: a moment, how much honey message put out forecasts probably
Speaker 2: know who the new FED chair is? How much past
Speaker 2: chair and power? Can I have a December meeting knowing
Speaker 2: who is replacement is potentially once we come around to May,
Speaker 2: I agree.
Speaker 1: And of course, as we've said three or four times today,
Speaker 1: you know, not me, but others are saying the Secretary
Speaker 1: of Treasury could be involved as well.
Speaker 2: Jeff Rosenberg of Black Rocks Running, Jeff, welcome to the program.
Speaker 2: I won't mention Rick, We'll leave that to one side.
Speaker 2: We'll keep you in you know a company. Why not
Speaker 2: keep you out of trouble? What about it? No, Jeff, seriously,
Speaker 2: Jeff Rosenberg number one take away from that decision this
Speaker 2: afternoon and that news conference too.
Speaker 6: Yeah, I mean the number one takeaway is the is
Speaker 6: the comments on December, the comment on slow down when
Speaker 6: you're driving in the fog. You know, you know, it's
Speaker 6: interesting you guys were picking up on him reading in
Speaker 6: the notes and whether that was very much pre planned.
Speaker 6: I think what you see here is a repricing of
Speaker 6: market pricing to December. You know, going into this meeting,
Speaker 6: it was basically a foregone conclusion. It was one hundred percent.
Speaker 6: When you come out of the meeting and you see
Speaker 6: the descents on both sides and you recall the division
Speaker 6: within the committee, you could say that that is an
Speaker 6: appropriate repricing to the really realization that there's more two
Speaker 6: sided risks to the Fed's decision than the market was
Speaker 6: pricing in it. And perhaps that comment was engineered to
Speaker 6: kind of push that forward. Maybe it wasn't, but the
Speaker 6: reality is that's what the market reaction is, and you
Speaker 6: can see that that's, you know, a very reasonable reaction
Speaker 6: to what we saw from the committee today.
Speaker 1: Owned an audible here, we got Tourston Slock and Jeffrey
Speaker 1: Rosenberg with us, and that is good and wonderful with
Speaker 1: their financial and economic Now it's Turston. You have a
Speaker 1: blistering sentence in your note of your concerns over private credit.
Speaker 1: I would suggest for Global Wall Street into the next
Speaker 1: FED meeting and beyond, there's going to be further challenges
Speaker 1: here about the opaqueness in private credit. With you, with
Speaker 1: all of your resources that apollow global management. How blind
Speaker 1: are we to where we're heading in the pricing of
Speaker 1: private credit?
Speaker 4: That discussion is totally misguided. In public markets, I can
Speaker 4: get something that's safe, I can get something that's risky.
Speaker 4: In private markets, I can get something that's safe, I
Speaker 4: can get something that's risky. So there is no difference.
Speaker 4: It really is all about do you want a risky investment?
Speaker 4: Do you want a safe investment? Something in the public
Speaker 4: market is investment grade, something that private market is investment great.
Speaker 4: So this discussion around what's happening in the last few weeks, yes,
Speaker 4: there might be a few cockroaches in the sense that
Speaker 4: there have certainly been some things that have been going on,
Speaker 4: but interestingly enough, those were basically all broad the syndicated loans,
Speaker 4: meaning this were things that we're trading tick by tick,
Speaker 4: minute by minute in the public market. So why is
Speaker 4: the discussion about what's happening in private credit relevant for this?
Speaker 4: These were cockroach in the public market that showed up
Speaker 4: in public maalge Jeff Rosenberg.
Speaker 1: Will this effect the Fed? I mean it's just as
Speaker 1: simple as that. If we have Wall Street instability and
Speaker 1: fear about this with all your work at Carnegie Mellon,
Speaker 1: can they ignore those cockroaches?
Speaker 6: Well, it gets back to some of the earlier comments
Speaker 6: about you know, the questions that he got on financial conditions,
Speaker 6: and you know, to what extent does financial conditions sort
Speaker 6: of factor into the Fed's decision? And I think what
Speaker 6: we see as an asymmetry here that financial conditions aren't
Speaker 6: really factoring into their decisions to cut rates here financial conditions.
Speaker 6: You saw him parry the questions around interest rates and
Speaker 6: AI basically you know, brushing them aside, saying AI financing
Speaker 6: has nothing to do with rates, which is true on
Speaker 6: a first order effect, but not necessarily on the second
Speaker 6: order effect, to the extent that interest rates broadly are
Speaker 6: creating very easy financial conditions, and they're contributing to the
Speaker 6: increase in financial conditions easing especially that we saw since
Speaker 6: the FED. It did you know, to the labor market
Speaker 6: slow down that took us from you know, measurements that
Speaker 6: were sort of more optimistic to measurements that were kind
Speaker 6: of more on the euphoria side. But I think the
Speaker 6: asymmetry here is that the FED will respond to tightening
Speaker 6: financial conditions after they're realized to the earlier you know,
Speaker 6: interchange on you know, X post and data dependence. This
Speaker 6: is a FED that will be reactive. And I think
Speaker 6: what's very clear is the Fed's not really paying a
Speaker 6: lot of attentions to financial conditions going into this cycle,
Speaker 6: but they will, as they have been, you know, ever
Speaker 6: since the GSC GF GF GFC, that they'll be very
Speaker 6: responsive financial conditions for things that have nothing to do
Speaker 6: with the FED end up tightening, the FED will react
Speaker 6: into that with with with a massive cut in interest
Speaker 6: rates or restoration of zero interest rates, the forward guidance
Speaker 6: that you just talked about, balance sheet, all the tools
Speaker 6: that you know were once thought as kind of you know,
Speaker 6: not normal are part of the normal playbook. But they'll
Speaker 6: be in reaction to something that is outside the Fed's
Speaker 6: control here in a tightening.
Speaker 2: Of financial condition Jeff, is that still a green light
Speaker 2: then a bright green light just a state lung risk,
Speaker 2: state lung aquacies.
Speaker 6: Well, it's a light that says you can't really predict
Speaker 6: that on a directional basis. The FED is supportive here.
Speaker 1: That's part of.
Speaker 6: Again what we saw and kind of the movement in
Speaker 6: the metrics from optimism to euphoria around August September, and
Speaker 6: the Fed's continuing to send that signal with market pricing
Speaker 6: coming down a bit, but basically pricing to normalization of
Speaker 6: three percent and the expectation that under any circumstance where
Speaker 6: the FED is faced with an outsize and you heard
Speaker 6: in that last question right at the end, you know
Speaker 6: the Fed talking about the impact on consumption. This is understated.
Speaker 6: I mean he said it in a very small way,
Speaker 6: but a large shock downward has a significant effect on consumption.
Speaker 6: And what was a little bit understated here is that
Speaker 6: the large increase in the wealth effect has been the
Speaker 6: support for consumption. It is why we're surprisingly strong in
Speaker 6: addition to the lagged implementation and tariff inflation not being
Speaker 6: as worrisome. It was really the surge in the wealth
Speaker 6: effect and consumption that's leading to the upside surprise. But
Speaker 6: that has a double edged sword. To a larger decline,
Speaker 6: and that's I think the concern around financial conditions tightening.
Speaker 2: Jeff, before you go, I promised I wouldn't mentioned Rick,
Speaker 2: but I think it's worth it. You know, I've known
Speaker 2: Rick a long time, You've worked with him a long time.
Speaker 2: Can we just spend a second or something just how
Speaker 2: cool is it that Rick Reader's name is associated with
Speaker 2: the Fetchamp position.
Speaker 6: It is very good for you to talk about that,
Speaker 6: and I look forward to hearing more from you on
Speaker 6: that subject.
Speaker 2: Jonathan Okay, Jeff Rosenberg of Black Rook, you avoid it, Jeff,
Speaker 2: you avoid it. I think it's fantastic to have someone
Speaker 2: like that. Absolutely just makes the process all the more credible,
Speaker 2: which I imagine was the objective of the Treasury Secretary.
Speaker 1: Mister Reader brings an entrepreneurial sense here that you don't
Speaker 1: get from grizzled economists.
Speaker 2: Understand, this president needs to be.
Speaker 1: Hugely lauded for that with the secretary. Can I point
Speaker 1: out in the time we've got left something back to
Speaker 1: the late July meeting, So Google, who we're going to
Speaker 1: hear from in forty five minutes is up forty two.
Speaker 1: You have to remember, you know, I'm talking about the
Speaker 1: food lines in Chicago with Diane Swank. The roulette wheel
Speaker 1: is in full spin right now.
Speaker 2: We've got about sixty seconds left. Programs like these traditionally
Speaker 2: obsessed over what can go wrong? Toss and Slot, can
Speaker 2: we finish on what can go right? You put out
Speaker 2: a fantastic note in the last month about the economics
Speaker 2: profession needing to take a long, hard look in the
Speaker 2: mirror and just think about where we are compared to
Speaker 2: where they thought we would be, which is a much
Speaker 2: worse place.
Speaker 4: Absolutely, So the key issue was that Liberation Day is
Speaker 4: now seven months ago and we are still having a
Speaker 4: fitchair that talks about delib market is actually doing quite well,
Speaker 4: and we still have inflation above the target. I think
Speaker 4: that we have all been surprised, and of course the
Speaker 4: market has been surprised, and the economics profession has definitely
Speaker 4: been very surprised that the textbook would have predicted a
Speaker 4: much more staflictionary shock, much more upside pressure on inflation,
Speaker 4: much more downside pressure on GDP. We have not seen that,
Speaker 4: and some would say yet, but this is the discussion, namely,
Speaker 4: do we still have that, as you just said, as
Speaker 4: a lack of effect in front of us, or is
Speaker 4: this it? And then things are only getting availble for here.
Speaker 4: And this is why what the Fed was doing today
Speaker 4: was exactly to say, so far we have not seen
Speaker 4: that staclationary shock that we expected in April after debriation TK.
Speaker 2: We've been saying yet it's not happened yet for a
Speaker 2: long time now, a number of years.
Speaker 1: We're going to get to shut down finished so we
Speaker 1: can get the data because we're all blind.
Speaker 2: That's the number one thing right now. We're waiting for earnings.
Speaker 2: An interesting mating in the last hour or so Toilston's
Speaker 2: slock of Apollo Taston, thank you sir. The Federal Reserve
Speaker 2: producing interest rates by twenty five bases points descent to
Speaker 2: both sides, and a very very limited ability to guide
Speaker 2: beyond this meeting into December. Equities attempted to turn around
Speaker 2: the opening bow behind us, the closing bow fifteen minutes
Speaker 2: away at a ton of earning still to come. From
Speaker 2: New York City. Good afternoon,