Skip to main content

tv   Bloomberg Markets  Bloomberg  February 10, 2016 2:00pm-3:01pm EST

2:00 pm
-- welcome to bloomberg markets. from bloomberg's world headquarters in new york, here is what we are watching this hour. fed chair janet yellen says the central bank is not in a rush to tighten monetary policy amid market turmoil. amid those comments, u.s. stocks stop a three-day slide. will today's earnings report that the brakes on tesla stock? investors are looking at when the model three will hit the mass market. behind the curtain at what was the best-performing stock market in 2015. to make up a joins me to talk about how his country managed to search 80% last year. first, let's go to the markets desk where julie hyman has the latest. it seems like janet yellen that sort of treads the line carefully today and stock investors are pleased by that. , thereked about that yes
2:01 pm
is financial tension in the system out there but was not aggressive as far as talking about interest rate and left the door open and left herself some flexibility. the dow is the laggard today, limited by stocks like disney, which we will talk about later in the show. the nasdaq is the best performer of the day. if you look at the s&p over the course of the day, it saw a little rocking this during her testimony. it seems as though investors were paying more attention to the pre-released testimony than the q and a session since much of that did not focus on monetary policy, but other issues. let's look at the sectors on the move. health care doing the best today. the interest rate sensitive groups like utilities and
2:02 pm
telecom are lagging. at volumeooking today, which is declining versus the 20 day average in almost all of those sectors we just looked at. utilities with a slight uptick and consumer discretionary's, a slight uptick, but on the days we have seen heavier selling, volume has been higher and now that we have some lying, volume a little bit. david: that's julie hyman at the market desk. let's go to mark crumpton at the first word news desk. to south it is on carolina and nevada -- those are the next steps following tuesday's new hampshire primary. donald trump was an easy winner kasich, aovernor john surprise second-place finish. trumpet sounded a familiar team -- the milieu theme. to makep: we are going america great again, but we are going to do it the old-fashioned way. we are going to be china, japan,
2:03 pm
beat mexico at trade. we are going to beat all of these countries that are taking so much of our money away from us on a daily basis. it's not going to happen anymore. beat bernie sanders hillary clinton by 21 percentage points. the race was called almost as soon as it was closed. >> together, we have sent a message that will go from wall street to washington, from maine to california. primary is in south carolina. republicans vote february 20th and democrats on february 27. u.s. senate is expected to vote on new sanctions against north korea after last week's mitchell -- lastweek's mitchell week's missile launch. the u.s. will send more troops to southern afghanistan to fight the taliban. hundreds of soldiers will be
2:04 pm
involved. it will be the largest deployment of american troops outside major bases in afghanistan since nato ended its combat mission there in 2014. dayal news 24 hours a howard by our 2400 journalists in more than 150 news bureaus around the world. i'm mark crumpton. back to you. david: janet yellen has wrapped up her first of two days of testimony on capitol hill. she acknowledged concerns about the u.s. economy. financialn: conditions have become less supportive of growth, with declines in broad measures of equity prices, higher borrowing rates for riskier borrowers and a further appreciation of the dollar. these developments, if they prove persistent, could weigh on the outlook for economic activity in the labor market. although declines in longer-term interest rates and oil prices provide some offset. investors's get an
2:05 pm
take on what janet yellen had to say. good to have you here. what janetabout yellen had to accomplish today and get your sense of whether or not she did. she will be back on the hill tomorrow for a same show with a different audience. guest: she accomplished quintessential central banker. the playbook around september of last year, with financial conditions and the dollar and the vix, global equity prices and credit spreads have really widened. if two of those things are not working, that is ok, but they cannot be zero 44. but they continue to prop up the leg -- the labor market. market is healthy, it's just that second mandate, plight -- price debility and inflation that they continue to highlight. david: when you hear her use the
2:06 pm
phrase watchful waiting, does that give you much comfort? what you wishful for. the fed is one and done. if they are not able to go in 2016, we think that's a pretty poor environment for equities. a lot of people are expecting this magic pixie dust of stimulus to pop up equity markets -- good news has to be good news. the financial conditions have to cooperate and they just haven't this year, which is likely pushing them to june away from march. david: this is the probability of a labor recession. the median is about 19%. is this something you are worried about? guest: yes. every investor note you cannot assign a zero probability. we found that out the hard way. but that is not our base case. what causes it recession?
2:07 pm
high household debt, consumer caution, shock. we've just seen household debt come down in a major way and janet yellen mention that today -- highest ever auto sales. that does not flash warning signals for us. over 1 --sses are they have been dealing in cash and they are not. so we think the warning signs are just not present today. david: how much has your portfolio changed? we had a guest yesterday to make the case for credit. guest: the advice we are giving clients today when markets are like this is so much more important than when the markets are running higher. poor decisions and sell it the worst time and by at the worst time. is probably our highest conviction trade. if the u.s. avoids recession today, we can find really act of credits, high quality come a double d -- you cannot get much
2:08 pm
higher than that otherwise you are in investment grade. it's not energy, it is not triple c, even high-quality, high yield. we are positioned for caution, not for the end of the world. actively managing credit and not just buying the index. david: how hard is it to play currencies right now? guest: commodities and currencies are some of the hardest things to play. investors have found out the hard way. should remain supported, but the pace of the rally we think is slower. that is critical. that is tightening. the fed would not move in that scenario. for us, we think the dollar will remain supported, but not to the same pace we saw in the summer of 2014.
2:09 pm
david: how do you stave off panic from your clients? you keep a clear head? we have become more therapists than asset managers lately, but just the multi-asset approach. where not jumping into the deep end of the pool. we are positioned for caution, but not the end of the world. we are preaching diversification. this looks a lot like 2012 to us. the equity market hit their market territory and then we saw what worked in 2012. high-yield outperform the equity market. itw and deliver normalization and just get kerry and rent on your side. that is critically important today. david: thank you very much. we will have full live coverage of janet yellen's testimony
2:10 pm
before the senate banking committee right here on bloomberg television. coming up, tesla earnings after the bell. we will look at the likelihood of elon musk igniting sagging shares and the details of tesla's long-awaited model three. and the government looks to restart on sales for the first time in years. another elon musk company in the red -- solar city shares down 20% today. can the company make it cash flow positive the end of the year? ♪
2:11 pm
2:12 pm
david: welcome back. time now for the bloomberg business flash, a look at some of the biggest business story --
2:13 pm
stories in the news. asahi is looking to become the biggest ever japanese here company today. the air speaking to acquiring ach about couple of brands. it was smooth the way for budweiser's takeover of miller. currently, they have no presence in japan. the flooring used by lumber liquidators has a low risk for cancer but some materials could cause reading problems. were called for after an toxins intoleasing the air. says the move follows months of user testing, saying users interact more if they are shown the best tweets. we will talk more about that with emily chang in just a bit.
2:14 pm
that was your bloomberg business flash. let's head back to the market desk where julie hyman has a check on some company movers. julie: health care is the best henry schein, the maker of dental products is higher after the release of earnings reports numbers coming in better than estimated. care has been an underperforming group as of late, so it is bouncing back. same goes for technology. nasdaq is the big laggard due in large part to many of these large cap tech companies. netflix would also the on that list that have underperformed this year after outperforming last year. there is definitely a recovery theme today. but that is not true of media companies. disney being punished after it continues to see flagging performance as its other units
2:15 pm
outperform. the turner cable network division lost subscribers of us of a cord cutting fears are persisting for these media companies. tesla reports its latest earnings after the bell. shares could use a boost. they are down about 38% since the start of the year. investors are hoping to hear today from ceo elon musk. jamie butters joins us from the auto show. this chart shows tesla stock performance versus volkswagen. we think of volkswagen and all the turmoil it continues to go through and still, tesla is lagging many volkswagen. what's going on with the share price? : it has been incredible. at about the same time tesla took a slide, volkswagen recovers but tesla stays down sing-along and then tesla has
2:16 pm
another slide. some of it has been specific to makeras the pure play ev with falling gas prices in the belief oil prices will stay low and inrs to come, that addition, seeing negative sentiment against all auto stocks, maybe not as much of a tesla specific thing, but as into the massve market, there's pressure on automakers, that could put pressure on tesla. then there is the broad selloff in all stocks. tesla has only had one quarterly profit by this tiniest of margins in its history as a public company. there's just not a lot of appetite among investors for companies that don't make money. looking at the third quarter of last year, -$596 million. that tells the story -- a
2:17 pm
continued slope of decline. ifie: but this is not like gm were ford or toyota had negative cash flow. we are talking about a startup company investing in their company to try to grow it into a real automaker. this has to invest a lot in the model x and they are building the world's largest battery factory. most of the heavy spending seems to be done, or at least enough to put up the building and the model x is in production. there's some hope there will be some free class -- some free cash flow positive. more recently, they've been more hopeful than a guarantee, but they could be getting some but more investments keep getting bigger. ask about the
2:18 pm
model 3 -- this is the lower-priced version of a tesla here. how much closer is this company to delivering on this promise that it has been promising indeed for a long time? jamie: timing is always an issue. they set ambitious goals and sometimes have to reset them. ae plan is they will show concept car next month. that's a very important trigger to make investors and customers believe that this is really going to happen and it's going to reach the market by the end of next year. pushing hard with the chevy volt which will be a similarly priced car with a similar range. the reputation for these beautiful and enjoyable cars to the end, which has not been the experience with most electric vehicle so far, so there's a lot of competition and it's going to get more serious for them.
2:19 pm
model threeshow the on time and it wows people, that could be a real catalyst. still ahead, jamaica was a market success story in other countries taking a step to boost its economy. that's coming up next on bloomberg markets. ♪
2:20 pm
2:21 pm
david: welcome back to bloomberg markets. a good year for the stock market on the small island of jamaica. inwas the best performing the world. now it's hoping to spur more growth to another asset class, reopening it's the mystic on the market for the first time in three years. i joined now by peter phillips, jamaica foss finance minister. .ongratulations on the demand where is it coming from? is it mostly domestic or global? mostly domestic.
2:22 pm
, buts been some overseas not in an organized form. there has been some confidence in the jamaican economy by domestic investors for the most part, driven by the fact that interest rates are generally going down and a higher level of interest in putting resources into jamaica. plus the opportunities as far as interest rates in the u.s. are concerned do not provide the same rates of return. jamaica has a huge diaspora around the world. do you see that as a source of opportunity? i think the jamaican the aspera will be critical in some areas. , but also particular in our why economic activities, there has been some interest in medical tourism, for example and
2:23 pm
general investment activity. you aboutant to ask the health of the economy overall. to gdplook at the debt ratio, it's still rather sizable. are you convinced it is turning around? guest: i am convinced it is turning around. what you see are the debt numbers -- we are down, this march, it will be about 100 24% debt to gdp. still much too high, but we have been backed up on an imf supported program and we have met every single quarterly review and we see the balance of payment at historic lows. our reserve accumulation is above target and we have built in substantial buffers. inflation is at a 50 year low and employment is being
2:24 pm
generated, growth is being generated. we don't like to see faster rates of growth, but it is a good story. you look at your neighbors like the dominican republic that have had faster growth, are there things you can learn from them or is jamaica singular in a way? guest: i think we can all learn from each other. , we started off each of us from different starting points and different economic bases. sir and him has been a commodity driven country. there'd debt to gdp ratio is quite different. dominican republic, likewise, has had a different political arrangement. very different population densities and opportunities. but i think what we have all learned is that it is very important if you are going to participate in the global economy, especially of a small
2:25 pm
state or small island state in our case, that you have to have sound public accounts and low debt levels relatively and ensure you are not running up major deficits on your budgets. up yourou are opening bond market again. how do you see demand for that i think it is very good. we're going back into the domestic bond markets in order to try and excite interest again. there is an expression of interest. we will be paying out tomorrow about 550 million u.s. dollars in what had been restructured bond arrangements. thing. good
2:26 pm
we are going to list on our stock exchange, hoping to generate a secondary market in domestic paper which will facilitate not only further issues of dead but, at the same time, i think also helped stimulate and give some transparency to an important market for commercial paper that is developing as well. david: thank you for being here in the studio in new york. still ahead, the biggest u.s. rooftop solar company expects installations to decline. solar city shares dropped the most in intraday trading today. a quick check of oil before commodities close. ♪
2:27 pm
2:28 pm
2:29 pm
david: from bloomberg's world headquarters in new york, this is bloomberg markets. let's start with first ward news
2:30 pm
with mark crumpton at the news desk. new hampshire may have been the end of the line for chris christie's campaign. two people who requested anonymity said he is suspending his campaign. he has canceled a south carolina event scheduled for today. the united states and russia are trying to revive stalled syrian peace talks. negotiations in geneva broke down last week just as the syrian military made major gains against rebel forces. john kerryf state and the russian foreign minister will try to get talks going again. they will meet with other foreign ministers tomorrow in germany. the islamist extremist group boko from has been blamed for a suicide building and that -- suicide bombing in nigeria. officials say the blast were carried out by two females at a refugee camp which houses some 50,000 people who had been
2:31 pm
driven from their homes. havema health officials confirmed the first travel related case of the zika virus. federal and state officials say cases of the virus have been confirmed in 12 states and the district of columbia. is inent obama springfield, illinois, speaking in a town where he began his historic campaign for the white house. he's addressing the state legislature. revisiting a is theme of pleading for national unity. dayal news to four hours a powered by our way 400 journalists and within 100 50 news bureaus around the world. i'm mark crumpton. back to you. commodity markets are closing in new york. let's look at gold -- the gold rally is taking a pause. demand usually slows during the chinese new year celebrations. around $1192.
2:32 pm
ahead of thepped eia report and spiked on news that crude inventories fell. the bti fell again and is closing at below its opening price of $27 a barrel. u.s. solar stocks slumped after solar city added fewer systems than expected. industry wasto the the blocking of the president's plan to cut emissions from power plants. elon musk owns 22% of solar city. by $3.9worth has fallen million this year. let me ask about the decline in installations. is that they result of a production that was too ambitious or something else? guest: i think what you had last quarter was solar city missing expectations and then in q4, they missed. essentiallyce is
2:33 pm
the first -- the fourth quarter was over when the installation guys gave that. there guiding installation included 15 megawatts, so organically, they are guiding installations down significantly. this is a growth company or was a growth company and with growth slowing significantly, i think there starting to question their balance sheet. david: i wonder about the role natural gas prices have played in this. there were incentives before but it seems like those have lessened. guest: that's a good point. specific to solar city, what is somewhat scary to investors is this company is valued off the net price of -- net present value. last quarter, it was $3.3 billion and this quarter, they are forecasting and $2 billion. when you do the calculation, you
2:34 pm
are talking about a one point $3 billion decline quarter over quarter. so people are saying what happened? i think that is a big concern. let's put up the free cash flow chart at solar city. million -- ae $292 really steep and steady decline. guest: this is a company that has perpetually burnt cash flow, but growth has been phenomenal. now you are looking at growth cut by nearly 50% and that is a concern. they are saying we're going to slow growth but we want to be cash flow positive. their business model is pretty on taking out debt and buying systems and then releasing the systems to you and you pay them over 20 years. it's understandable why they perpetually lose caste.
2:35 pm
sun edison is trying to sell those assets and saying you have to do that at a 13% discount and still nobody wants them. there are big questions around whether solar city can sell their assets and be cash flow positive. a cover storyas about solar city in nevada. they ran into trouble with regulators and have since pulled .ut i wonder what that says about the market for solar city around the country. california is the bigger supporter of solar. north carolina is the next biggest state. california said it's not there. your 44 other states that have to make decisions on net metering. with california and nevada sitting president, you will have more states cutting net metering
2:36 pm
incentives. david: thank you very much. coming up in the next 20 minutes, new hampshire voters rebuking establishment candidates. a win for bernie sanders and donald trump. what that means as the voting moves to south carolina. and will the revamp of twitter be enough to jumpstart user growth and draw in more eyes? and a former google china president on his take of tech valuations. that's coming up next on bloomberg markets. ♪
2:37 pm
2:38 pm
david: welcome back to bloomberg markets. let's turn to politics and the race for the white house.
2:39 pm
all eyes are on south carolina after tuesday positive first in the nation primary. on the republican side, donald john kasichsily and came in a better-than-expected second place. it was a big night for bernie sanders, his message propelling him far ahead of hillary clinton by almost 22 percentage points. let's bring in our bloomberg politics reporter. you are at john kasich's party. he threw a big party and he had a big night. he's really excited. it's no donald trump, but this is now a battle for the top of establishment spot. everyone is talking about his ground game going forward. there's some skepticism about the robustness of that in south carolina. guest: he has an uphill climb. he went all in in new hampshire. he's going to talk about his
2:40 pm
armed services record and he is going to expect a lot of hits coming from all sides. marco rubio flew too close to goingn and john kasich is to be flying as high as he can without getting scorched because everyone will be focused on him and he's going to come under a lot of scrutiny. david: some thought he might get smoked in new hampshire. governor chris christie says he's going to return to new jersey, take a deep breath and make a decision here in a matter of hours. guest: and there is some reporting he's probably going to leave the race shortly. this is key because this is what we have been waiting for. this is the first major who, ifhment candidate he drops out of the race, those votes are going to go somewhere. with more than three establishment candidates in the race, it splits up a lot of endorsements and money as those start to one of. you'll start to see where everybody goes and whoever has
2:41 pm
the best chance of competing with donald trump and ted cruz for the nomination. david: i mentioned the margin by which bernie sanders beat hillary clinton. it's a larger margin than many expected. what does that mean for her going forward? guest: the clinton campaign is not playing the expectations game. they are trying to write it off as saying if we get close, it won't be so bad. before the polls had even closed, they were ready to start talking not just about south carolina and nevada, they were ready to talk about march 1 and super tuesday. what that says is the clinton campaign is doubling down on that delegate fight. they are going to try to win this tactically and abandoning the idea that she's going to sweep these early states.
2:42 pm
they are seeing some signs that this might the ea long and drawnout fight. they don't want to get caught off guard. means let me ask what it for bernie sanders. he was in new york city having lunch with the reverend al sharpton. he has not enjoyed a lot of support from african-americans. change is campaign calculus going forward? guest: the sanders campaigns is no, that his message is strong, that he's going to keep pushing the same message and the change he will have to do is convincing nonwhite voters that this is the message they want and need and this is something that would help them. be their focus, not that the message is going to change, but he has to find a way to explain it and away that
2:43 pm
you're more south carolina, nevada, nonwhite voters understand and internalize it to say this could help improve my life. they are feeling very confident. david: thank you very much. tune into "with all due respect" today. they will be live in columbia, south carolina, speaking with the republican state party chairman. time now for the bloomberg business flash -- the look at the biggest business stories in the news. the board of hsbc will meet to decide whether to move its headquarters from london. hsbc moves for tax reasons, hong kong is a likely destination. the british government scrapped a plan for a tax hike to get them to stay. the studio where almost all the james bond movies were filmed is up for sale.
2:44 pm
the company has a market value of $430 million. every is suing jcpenney, saying the american retailer illegally sold a coat and quilted jacket featuring replicas of burberry's famous plaid pattern. jcpenney is not commenting. bloomberg business flash. julie hyman has a look at some company movers. i do want to mention now that the dow has turned negative. the dow has been the laggard all day and those are the individual stocks we're going to talk about. by about 10 points. it has been barely hanging on to a gain for much of the day and now disney is one of the big stocks cling pressure on the dow. although it is down on concern about espn, many video games from demand for star wars and star wars gaming are higher today.
2:45 pm
blizzard and zynga all higher today and they will all be reporting earnings tomorrow. ahead of that. we see a rebound today in travel stocks. many of these companies have been declining on global growth and concerns of the spread of the zika virus and whether that might put pressure on travel. airlines are gaining, interestingly, airlines have struggled even in the face of falling fuel prices because of the concern over global growth. airlines and delta all bouncing back today. rebound and recovery is the seam of the day. playing --stors are are paying close attention to every word from janet yellen today. the fed chair says she expects the central bank to raise interest rates gradually.
2:46 pm
also sparring with a number of the section 13r three rule on emergency lending. >> it is adjusting that while you are here today, governor fisher is making statements, saying exactly what you are, that you have not limited 13 three but strengthening regulation does not mean the fire brigade should be disbanded. : i think our 13 three powers and the ability to keep credit flowing in the economy during a financial crisis is a critical power and played a critical role during the financial crisis. wrong when he says nothing has changed? yellen: a lot has changed. congress put in place a number of restrictions. our rule does implement those restrictions.
2:47 pm
>> mr. chairman, i feel like i met a ballroom dance on the deck of the titanic. are you going to use your power to oppose legislative efforts to make regional bank governors appointed exclusively by the president? miss yellen: i think current structure of the fed is something congress decided after a long debate and weighing of a whole variety of considerations. i would say i think it has worked pretty well. saying the fed, having just lived through 2008, with people not getting raises, that this whole system has worked well? miss yellen: i thought you were act skiing about -- i thought you were asking about our governance? >> i do have some concerns about your willingness to comply with our requests.
2:48 pm
i have asked you for excerpts of transcripts in regards to the transcripts and you have not provided those to me. it is your intent today to promise i will have those if not this afternoon, tomorrow? yellen: congressman, i discussed this matter and we have some concern with these transcripts and we will consider it and get back to you. >> i don't want you to consider it. can you have meaty privilege you're going to exert that will let me know why i'm not entitled to those documents? received a: we letter explaining your reasoning and i will need some time to discuss this matter with my staff. that is janet yellen speaking before the house financial services could he. you full coverage of janet yellen's testimony tomorrow
2:49 pm
right here on lumber television. coming up, twitter launched its new timeline, displaying popular tweets first incident of the newest post. the change comes as the company prepares to report fourth-quarter earnings after the bell. we've got more with emily chang, next. the dow jones back in negative territory. looking at the s&p 500, and down about 3/5 of a 1%. more bloomberg markets coming up after the break. ♪
2:50 pm
2:51 pm
david: welcome back to bloomberg markets. twitter rolled out its new timeline today and now users will see the most popular tweets first instead of the most recent ones. the revamped is the latest attempt to jump -- to jumpstart user growth. but will it work?
2:52 pm
live fromg joins us san francisco. how is this algorithm going to work? basically ais revamp of while you were away. i've been using it a little bit today and i see a lot more tweets from kim kardashian. i see a lot of tweets but i don't know if i want to see that many. i think if twitter can convince users that you are seeing the most of orton tweets, you are seeing the tweets you would not want to get lost, then i think people will have more confidence in this feature. today, i've found myself wondering what am i missing. but it is not that dramatic. changebeen a dramatic for twitter itself, but for users, and has not been that much of a difference. david: i was talking to our colleague about more options
2:53 pm
instead of just the like button and we talk about how much testing goes into a move like that because of the fear it's going to cause low back. is twitter concerned about that? emily: they have tested this excessively and have found testing shows people like tweets more and read tweet more and interact with the platform more with this sort of timeline. jury is still out. we know users were not very happy about this. they've launched the #rip twitter. has usually gotten over it. facebook has made tremendous changes to its news feed and people were upset initially but everyone figured it out and ultimately, it remains to be seen if this is a product improvement for twitter. i think it will be user growth and user numbers that tell the story.
2:54 pm
we are expecting earnings later today and we are not expecting very much. expectations are fairly low. user growth has been miniscule. some analysts are expecting user growth to be stagnant. is another story. they are expecting almost 50% revenue growth year-over-year twitter cannot-- grow its revenue if it cannot grow its users. david: jack dorsey is at the themagain and you seen down by $8.7 million. has enough time elapsed for them to be worried about what jack dorsey is doing running this company? monthsit has been six and jack said at the very beginning that this was going to take time, that he's playing a long game and he's not in this for short term earnings beats or short-term gain.
2:55 pm
there may be hard choices to make in the interim. i think some people are probably frustrated at the lack of extreme product innovation, that people think they should expand beyond the 140 character limit for years. twitter has been exploring that but they have not pulled the trigger. and it makes you wonder what if they had done it two years ago, how different could twitter be today? david: is this company still dogged by takeover rumors? emily: everybody asks that question. there are no obvious candidates right now and nothing as far as we know in play, but you have to twitterople on the board are wondering can twitter survive as a standalone company? is it better under someone else's umbrella? you see the alphabets model where these platforms -- could twitter survive better long-term
2:56 pm
and that sort of situation? on the other hand, it's the one and only place for real-time commentary and interaction. facebook is just not that yet. even though at the super bowl, you saw far less tweeting, that is where you go to see things happen real-time. thank you very much. that's emily chang joining us live from san francisco. atdo into "bloomberg west" 6:00 wall street time here on bloomberg television. coming up, we will talk china, tech and alibaba with the founder of china's innovation works. ♪
2:57 pm
2:58 pm
2:59 pm
>> it is 3 p.m. in new york, 8 p.m. in london and 4:00 a.m. in hong kong. >> welcome to "bloomberg markets."
3:00 pm
from bloomberg world headquarters in new york, good afternoon. i'm betty liu. spotlight on janet yellen. the federal reserve chair telling congress it is too soon to tell if the market volatility will derail further. >> monetary policy is not on a preset course. evaluation of the likely impact of those developments on the economic and our ability to meet our employment and inflation objectives, those are the factors that will govern the future stance of monetary policy. betty: stocks are having a mixed reaction to her comment. after spiking initially, stocks dropped. the dow is flirting with going lower.


info Stream Only

Uploaded by TV Archive on