Locator: 49079ECONOMY.
Later: Fed will cut 50 basis points, perhaps consecutively. Market responds. But that was only half the story. Quick! What was the other half of the story driving the Dow 600 points and the NASDAQ 135 points?
Answer: the US Senate will vote to confirm Stephen Miran, Trump's pick, to join the US Federal Reserve No one thought the US Senate could move this fast. After that news broke this morning, the stock market took off.
Wow, wow, wow.
Steve Liesman missed it. He focused on the inflation rate. Didn't fit his narrative. Perplexed.
Rick Santelli got it right, again, as usual. Focused on the initial jobless claims. Recent record. Haven't seen a number this high in quite some time.
Initial jobless claims.
263K vs 234K estimate.
Huge headline.
Market: stayed green, improved a bit. Tariffs are not an issue with regard to inflation.
Even Rick Santelli agrees that a 50-basis-point rate cut is imperative.
The only reason he won't go to a 75-basis-point cut is the effect it might have on the market, but more importantly, JPow wouldn't even think of going there.
GDPNow yesterday: 3.1%. Much better than the 2.1% we saw in early August.
Now, the equity markets are dropping. Almost as if the market is now more concerned with deteriorating economy than with whether the Fed will cut rates.
