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Thank you very much a pretty much as expected everything the same.
The one you know accommodative policy will remain appropriate for a considerable time even -- economic recovery strengthens.
Yet additional asset purchase we'll continue and to your point it's -- just keep going misses QE infinity.
I only got a -- that had seven points right now mart thinks I'm not particularly happy I guess you know what's very -- we actually saw the Dow dipping into negative territory at.
That we got this news I mean there's a couple of factors.
That really just don't bode well I -- it just talks about.
The global economic picture and the uncertainty that remain and basically talking about the growth that we're seeing for our economy currently.
Still needs the stimulus still need to help from the Fed and they made it very clear that they still need to do all of these things that -- -- doing which is buying mortgage backed securities Operation Twist keeping low levels.
Until 2015 in -- to keep everything helpful loans that we don't collapse I mean basically showing you that while we're seeing moderate improvement.
Not -- great yet and that's -- they're telling you.
The closest -- the dollar and exciting games against the U -- For the Fed statement that was mentioned spot gold staying -- I'd around the -- 17100 Phil Flynn after the Fed statement not a big surprise.
Know what the big surprise it seemed like -- was they were reading the statement they were hitting the buy and sell yeah.
That's sellable -- I -- -- the end of that I think the statement though now returning a little bit more positive.
Commodities negative dollar the dollar index went negative there.
For just an imminent and the metals the gold after -- in just below 17100 is free to back up here but you're seeing here.
The market got exactly what they expect.
No shaking up the -- ahead of the election right handed the jobs report and there's really nothing in there that really change our outlook.
I think was a very very much.
Not a courageous statement we didn't see any of the federal government.
You know not a lot of dissension about the decision I think a lot of people don't want to make -- ahead of the election.
But Stephen as our former fed.
Reserve economist I'd I'd throw this to -- you know -- -- statement did say that big growth in fixed spending basically companies spending.
It's allowing medical not a good sign is it for the economy.
It's not a good sign in the really Lotta cross currents in the data it's true that retail sales look good in the housing sector is starting to recover.
But business spending is very weak.
And that's gonna.
Create a drag for the economy along with -- -- conditions in the rest of the world so no I don't think the economy is doing.
Very well right now at all and that's reflected in the Fed's statement.
I might add to that point I want to mention housing -- -- fed student that I did note -- -- -- -- housing markets.
Has picked up but it also noted.
From extremely low levels so don't get too excited because you have to consider where -- coming from.
Yeah that's true and plus there's a big overhang of existing homes still on the market a lot of the housing numbers reflect the new home market which is picking up some steam but there a lot of existing -- -- on moving -- -- price to -- -- the housing market has.
A lot of a lot of ground ahead of the before we can actually say it's recovered.
When I -- thing about the meeting is there was only one dissenter yeah I don't -- thought there might have been more than one dissenter if Bernanke were really thinking about moving -- I sentiment you know earlier we mentioned that you thought that QE3 crossed the line is -- interfere with the market had to -- now because it's telling the inner fears going to be around for a long time.
I don't think that really nothing has happened up and not -- a lot has happened they've gone to maintain an extremely aggressive.
Stance on monetary stimulus that's not nothing.
That's a lot and I thought I got mixed signals on Operation Twist -- -- they -- they kept the door open pit Operation Twist could be continued.
So they are they're all -- And a call back deal on the -- seems like we're -- getting back.
To where we will all not a whole lot in this statement to move the markets I don't think other than same -- -- -- Right well they talked about the economy expanding moderately housing improving moderately the top -- business spending slowing.
The piece that I think is interesting and -- you know the American.
People let you.
Just shows that resiliency throughout this time it's tough economic times household spending.
Actually advancing so.
You see Americans who really want to do more and spend more and build the economy and build GDP.
And yet then they get caught again was that spending because there's no jobs and support that.
Leave my house how they buy anything for that matter if they don't have the jobs and economic expansion to support that.
The deaths -- your point and they instead there'll be additional asset purchases purchases considerable time.
After the economy strengthens so even when we start to see -- economy getting better it's still going to be eleven this market with money again.
I don't know -- -- -- that we can keep this market floating -- -- like yeah.
It's not eat eat you can't incidents -- this unsustainable.
In any way you look at it.
Congress breathe a sigh of relief because once again they need to they don't need to do anything -- at some point in time he needs some real policy.
You know wanted to bring in -- I have a question here I think this.
I could mention it to dot Cisco would -- don't -- that there's a belief that the Fed perhaps to take on numerical targets.
But as long as the unemployment rate -- remains above 7% as long as inflation doesn't rise above.
New rates who remained at zero to a quarter percent.
Ad nauseam young weigh on into the future do you think that is reasonable.
Now it's not it's not -- At all I think it is this another policy cool they shows that they have more fun but I I think again.
This is all unsustainable.
Practices policies and we've got to get to the sustainable ones like pro growth economic policies.
You know outcome of -- you -- haven't seen as we did scenes that they mentioned inflation was slightly ticking up and it was because of energy prices.
What happens when I mean you're seeing prices increased down there from.
I wild ride but apparently on the big guys that the Fed must be brought to -- meeting in a limousine -- -- so what's the best -- -- -- A lot of them are dramatic drop in gasoline prices that we've stated history so I guess that goes to their point that these inflation pressures it was CN.
Because of food and energy.
Are transitory not -- impact on long term outlook and other words -- saint.
Don't worry about inflation.
The and you have this them hot great over in Europe Mario Draghi did anything listen guys we gotta get this -- -- thank -- -- I'm still worried about deep ways said.
And that is the mindset for them in the in Europe right now we're seeing this.
-- in the market because Europe can't get their act together that that is all lands.
No but still on the sidelines and that's what's creating the weakness right now.
I think if we got a clear signal -- -- Europe that they were on board we get that sugar high rally.
But until that's settled right now but that it can only do what they can -- Tells write a little bit like NASDAQ back -- gas prices have gone -- -- said inflation was contained right now that we -- oil prices dropping.
On this and we see inflation down exactly will result in -- Hello remarkably little this money flying around the inflation has not been -- -- -- It's not fingers crossed we still -- all right everybody else -- in the -- but ladies Phil Flynn.
-- at a Nolan might -- and and Doug -- say thank you all so much for being here on.
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