The show highlights the significance of upcoming economic data releases and earnings reports. These will provide key insights into the possibility of a Federal Reserve rate cut, which investors hope could materialize in September.) vice chairman and former Federal Reserve Bank of Dallas CEO and president Robert Kaplan joins the discussion to explain why he believes the Fed willThe closing bell on Wall Street and now it is market domination over time.
We'll just have to see how the week evolves here, especially as you noted Julie when we get those uh those big reports, especially CP I on Wednesday.Markets leading into expectations of a rate cut in September by the Federal Reserve and Bank of America, Ceo Brian Moynihan, urging the central bank to cut rates in an interview yesterday.
If the job market is a lot weaker than we expect, Robert, I'm curious when you're looking at the dynamic right now and the slowing that we have seen in the labor market.Even taking out hurricane barrel, the unemployment rate has been ticking up for several months now.
Even if that is, doesn't sound like it's your view because on the way up in rates you see these so called long and variable lags the effect in the economy if the fed cuts in September partly in response to a weakening job market, how quickly does that then help?Uh and part of it will have a lag. And if that means they're a little late uh regarding jobs, I actually, as a, as a, as a former F MC member, I was, I would have been willing to be a little bit late in order to wrestle this inflation bear to the ground.Then if the inflation data shifts a little bit, obviously, we've been on a good trend for the last couple of months now.
I want to switch gears a little bit and ask about some of the political rhetoric we've heard around the Federal Reserve, right.It sounds like now his vice presidential candidate JD Vance agrees with him thinks that politics should be a factor, should have some influence.Um and uh Harris is saying she wants things to remain as they are.
We've learned that over history and I don't think you want politic elected leaders or political leaders to be weighing in on, on monetary policy, particularly the fed funds rate. But when you add in an earnings season, when you add in a 22 times S and P, you just have vulnerability, the may or may not be linked to macroeconomic.We've seen some of that carry train, uh trade unwound.Well, the idea that all of the excess of lever, excuse me, excess of valuation has gotten out of the system, I think is empirically untrue.
David, you fed right into a chart I was watching today, I was taking a look at the Bloomberg magnificent seven index in the forward 12 month pe. I would think people are going to face less pain once valuations come down, I think there's going to be significant pain that those who are overweight into that space, which at this point as you know, includes all S and P 500 investors.
And so I just think that the defensives that have been kind of underappreciated are a good place to be.So look at what investors should be watching for tomorrow on market domination over time time now for what to watch.
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