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Speaker 1: News when you want it with Bloomberg News Now. I'm

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Speaker 1: Doug Krisner. A short while ago, the Bank of Japan

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Speaker 1: kept its policy rate unchanged at twenty five basis points.

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Speaker 1: We got reaction from yesper Cole, expert director at Monarchs Group, we.

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Speaker 2: Are starting to walk a fine line with the Bank

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Speaker 2: of Japan running greater risk now of doing too little,

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Speaker 2: too late. And first of all, you know, the Bank

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Speaker 2: of Japan is very clear that they want to normalize

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Speaker 2: monetary policy. They want to normalize Japanese debt markets fine,

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Speaker 2: but they also tell us that they need to see

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Speaker 2: evidence that the economy remains on truck.

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Speaker 1: That is yesper Cole, expert director at the Monarchs Group.

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Speaker 1: The move on the part of the BOJ was widely expected. Nonetheless,

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Speaker 1: the en is weaker now against the dollar by three

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Speaker 1: tens to one percent, trading above one fifty five Earlier. Today,

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Speaker 1: in the US, the FED lowered its benchmark interest rate

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Speaker 1: by a quarter point, as markets had predicted. Here is

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Speaker 1: Chair J. Powell speaking reporters after the meeting.

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Speaker 3: I would say today was a closer call, but we

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Speaker 3: decided it was the right call because we thought it

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Speaker 3: was the best decision to foster achievement of both of

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Speaker 3: our goals, maximum employment and price stability. We see the

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Speaker 3: risks as two sided. Moving too slowly and needlessly undermine

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Speaker 3: economic activity in the labor market, or move too quickly

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Speaker 3: and needlessly undermine our progress on inflation. So we're trying

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Speaker 3: to steer between those two risks.

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Speaker 1: But the FED also projected fewer rate cuts in twenty

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Speaker 1: twenty five. Here again as.

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Speaker 3: Powell, overall, improving supply conditions have supported the strong performance

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Speaker 3: of the US economy over the past year. In our

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Speaker 3: summary of economic projections, committee participants generally expect GDP growth

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Speaker 3: to remain solid, with a medium projection of about two

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Speaker 3: percent over the next few years.

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Speaker 1: That's Fed sharre J. Powell there. Now, the Fed's latest

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Speaker 1: forecast implies two quarter point cuts in the new year.

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Speaker 1: The prior projection, though, had penciled in four. So in response,

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Speaker 1: stock sold off yield spiked right across the treasury curve.

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Speaker 1: We had the S and P five hundred down three

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Speaker 1: percent today, breaking below six thousand for its worst session

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Speaker 1: since August, and the tech heavy Nasdaq one hundred pel

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Speaker 1: three point six percent, the biggest decline in five months.

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Speaker 1: We got reaction from Sarah House, senior economist did Wells Fargo.

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Speaker 4: So I think the next fewer reports, especially getting through

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Speaker 4: the first quarter where there's a lot of questions about

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Speaker 4: residual seasonality. So do we actually see enough of a

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Speaker 4: slowdown where you start to see that twelve month trend

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Speaker 4: which Paal talked about so much in today's press conference,

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Speaker 4: do you see that begin to come back down? But

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Speaker 4: they are still looking at the labor market, and I

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Speaker 4: think that did feature in not just today's cut, but

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Speaker 4: also still what is an easy bias where they do

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Speaker 4: have a couple more rate cuts penciled in for next

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Speaker 4: year because Paul also talk about in the press conference,

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Speaker 4: they're still seeing that labor market cool.

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Speaker 1: Sarah House, there a senior economist at Wells Fargo. House

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Speaker 1: Republicans have scrapped the bipartisan plan to avert a government shutdown.

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Speaker 1: Majority leaders Steve Scalies confirmed the funding me he is

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Speaker 1: now dead here he is speaking to reporters.

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Speaker 5: There's still a lot.

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Speaker 2: Of negotiations and conversations going on.

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Speaker 5: Without there's no agreement.

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Speaker 1: That was House Majority Leader Steve Scalise. Now this move

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Speaker 1: comes after President electrom said he was totally against the

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Speaker 1: bill to fund the government through the middle of March,

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Speaker 1: and earlier in the day, Elon musk lamb Based did

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Speaker 1: the bill, saying any lawmaker who supports it should be

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Speaker 1: voted out of office. In two years after the bell,

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Speaker 1: we heard from Micron Technology. The company issued a forecast

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Speaker 1: for revenue in the current quarter that was below expectations

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Speaker 1: by about a billion dollars. Micron is the largest US

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Speaker 1: maker of computer memory ships. It's been hurt by sluggish

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Speaker 1: demand for both smartphones and personal computers. Here is Bloomberg's

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Speaker 1: Bailey Lipschultz.

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Speaker 5: When you think about what goes into a cell side

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Speaker 5: analyst's model and what are they actually predicting. They're talking

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Speaker 5: to companies, they're talking to the management, they're in their

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Speaker 5: ear of the CEO. So there's a reason that you

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Speaker 5: can beat expectations. You're lowering your forecasts kind of in

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Speaker 5: line with what you're getting directionally from management. When you

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Speaker 5: go out and you have an earnings print where on

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Speaker 5: the when you look at second quarter adjusted revenue forecasts,

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Speaker 5: your midpoint is about a billion dollars below what they

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Speaker 5: were penciling in. That's a large miss.

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Speaker 1: That is Bloomberg's Bailey Lipschultz Micron shares were down more

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Speaker 1: than fifteen percent in late US trading. The FAA is

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Speaker 1: warning the public against pointing lasers at aircraft. This follows

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Speaker 1: a significant uptick in reports of drone activity, especially over

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Speaker 1: the skies of New Jersey. The FAA is saying today

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Speaker 1: that pilot reports of laser strikes in the state have

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Speaker 1: increased two hundred and sixty nine percent so far in

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Speaker 1: December compared with the same period last year. The agency

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Speaker 1: also saying it is seeing new reports coming in from

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Speaker 1: both New York and Pennsylvania. Incidentally, it's illegal to point

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Speaker 1: a laser at an aircraft. The FAA can find perpetrators

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Speaker 1: up to eleven thousand dollars per violation and up to

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Speaker 1: thirty thousand, eight one hundred dollars for multiple incidents. And

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Speaker 1: that is news when you want it with Bloomberg News. Now,

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Speaker 1: I'm Doug Prisoner, and this is Bloomberg