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tv   Worldwide Exchange  CNBC  May 4, 2022 5:00am-6:00am EDT

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it is 5:00 a.m. at cnbc headquarters and here is your top "five@5. the fed is preparing to do something for the first time since the great financial crisis roger ferguson is here with what we can expect. shares of ride-hailing giant, what company executives told analysts that didn't really sit too well. on the other hand, talk about a covid comeback shares of airbnb popping after
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surpassing 100 million bookings for the first time ever. much more on those results coming up ahead. plus, elon musk proposing a new fee structure for some twitter users when he takes the company private. who will like ly be impacted the european union steps up actions looking to ban all oil imports from that country. the full story straight ahead on this wednesday, may the 4th be with you, 2022 you're watching "worldwide exchange" right here on cnbc good morning i'm dominic chu in for brian sullivan who's reporting from out in california. we'll hear from brian in just a few minutes, but first let's kick things off with a check on the markets and your money right now because stock futures are in
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the green. the dow high bier 72 points, the s&p 500 by 10 and the nasdaq up higher by 24 to 26 points. we're ahead of the big fed rate decision, this after the nasdaq posted its first back-to-back gains in about a movement. checking yields now on the ten-year treasury as it retreats a little bit from that recent high, just a little above that 3% level, 3.02%, thelast trait there with regard to the overall 5-year the 10-year, 2.97, and the 30, just a hair over 3.8 the european union is looking to ban all russian imports over the next six months. crude prices, 105.73 ice brent, $108.16
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3% gains there as well are trending lower over the course of the day. we're trading at higher levels since 2008 in crypto we're seeing bitcoin and ether also on the move by a decent amount. bitcoin, 38,929. trying to find some way back over 40,000. ether prices, 2, 837 2.5% gains left. 's get a check around the world. echlly tan has the overnight action in asia, julianna tatelbaum with the early european trade and, emily, we'll begin with you. >> asian shares were mostly lower on wednesday markets in hong kong, seoul, sydney, and mumbai all down. closing for the local holidays including japan and chai nachlt turnover was relatively thin
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here in hong kong, pulling back from a two-week high tech shares continue to ujds perform. alibaba and jdcome down 3% each. yum china, 2.12% posting revenue of $2.6 billion. omicron causing significant volatility to business operations and continue to have severe impact in the current quart irwithout any significant improvement in may and june. the company has warned of a q2 operating loss over in korea, they slipped with transport and biotech shares lower while utility financials strengthed samsung was up down under, they closed down in vol tyer trade the gain in financials failed to offset a slump in gold and mining stocks. that's a look at the trade, back
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to you now. to europe and julianna tatelbaum. she's got the action there julianna, we've got wild moves especially on the european continent. take us through the action. >> that's right. first let me outline for you the equity markets and we'll come on with the energy story, a key part of the trade this morning for stockmarkets we're seeing a modest pullback with investors getting pullback in yesterday's gains. it seem as though investors are in wait and see mode and tomorrow the bank of england is coming into focus ftse 100 down half a per sechblt similar in france. the dac is holding up. that energy story, dom, that is crucial. the european union this morning announced it will phase out russian oil imports by the end of the year as it announces the latest wave of sanction against the kremlin. the new commissioned president
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pledged to minimize disruption to markets >> this will be a complete ban on russian oil and gas pipeline. we will make sure we rule out russian oil in an orderly fashion in a way that allows us and our partners to secure supply routes and be careful we minimize the impact on the global market and this is why we will phase out russian supply of crude oil within six months and we find products by the end of the year >> now, dom, as you can see here, most of the oil majors are trading higher this morning. i think the crucial takeaway here from this news out of the eu is that it is aiming to ban russian oil imports, but not natural gas. that remains a key question moving forward, and whether or not it becomes part of the eu's next package of sanctions
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remains to be seen much harder for the eu to quickly enhance its dependence on russian gas dom, may the fourth be with you too. >> thank you very much for the "star wars" nod. back home here, it's decision day for the fetd. the central bank ramps up its two-day policy meeting with the announcement at 2:00 p.m. today followed by powell's announcement economists believe the feds will raise the percentage point by half a percent and tightening want day active qt allowing it to eventually hit $95 billion a month. the fed hasn't hiked by a half point in 22 years, and it hasn't raised rates at back-to-back meetings since 2006. so let's talk a little bit more about this with a chief
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economist at stifel financial. lindsey, this is a foregone conclusion is there anything, any amount of uncertainty that could creep in about the fed's policy decision this afternoon, or is this pretty much all baked in at this point? >> the policy announcement is likely to be unremarkable. as you mentioned the market has been pricing in a 50-basis point increase as well as the announcement of an inaugural drawdown of the balance sheet for some time now. the bigger question surrounds bigger increase going forward both in number and size. we'll be watching for support or a larger increase. remember, earlier comments from some fed officials opening the door for a 75-basis-point hike again, we'll be listening to chairman powell to see if there's any indication he supports that potentially larger
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increase down the road. >> lindsey, take us through your expectations, you and your team at stifel. is there an expectation that we could see 50s at the next meeting, is there a 75 that's possibly in there? what would have to change for those assumptions to really, really ratchet higher for those rate increases >> i would agree the door is open for a larger 75-point basis point increase in june, but i'm not yet convinced that the fed will move beyond a 50-basis point increase to be clear, we're anticipating an announcement of 50 basis points today, an additional 50 basis points in june if we look at the growth slowing and the risk of recession rapidly rising, i think it's going to be difficult for the fed to justify even this current pace of increases, let alone accelerating the pace of increases. so i do expect the back half of the year, four 25-basis point increases. that would give us a total of
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125 in the front end and the back end and taking the target rate by 2.5% by year end. >> is there any way the u.s. economy can avoid a recession or can the fed engineer that so-called soft landing for the economy if it decides to purssu its expected rate over the next few years. >> it's a difficult question they tap down consumption, tamping down investments at this point the economy is not overheating. argue at best. we're still struggling to grow organic legs in the aftermath of a crisis for the feds to engage in such an aggressive pathway as they've laid out, it's going to be difficult for them to lead us into extremely weak growth or worse outright recession.
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>> lindsey, thank you much for the update we appreciate it. >> thank you. >> let's get to the top story with shares of lyft. silvana henao has more. >> reporter: there was a weaker than expected outlook for the current quarter partially because it needs to spend more to keep drivers on its platform and even tone recruit new ones for the second quarter, leyft expects it to come in between $950 million to $1 billion ride volumes according to the company reached a new covid high, al thoerk it's active rider base was short revenues, it was well above the $47 cons consensus. lyft's bigout look looked at shares of uber which at one
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point were down 12% in the premarket. uber says it will now release its results at 7:00 a.m. eastern time today, earlier than previously scheduled a 4:00 p.m. release in order to provide a more timely update on the company's performance and guidance and a programming note, don't miss lyft president and co-founder john zimmer live on "squawk box" this morning at 8:30 a.m. eastern, dom. >> certainly an eye-catching jaw-dropping number to see with that amount of money. when we come back on the show, much more of this morning's money movies and why starbucks is removing its guidance for the rest of the year. and the european union issuing an all-out ban on russian imports. the fallout with energy aspects. and later on elon musk says
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when he takes twitter private, some users will have to pay to tweet lchlt you be one of them a very busy hour still ahead when "worldwide exchange" returns after this break >> announcer: this cnbc program is sponsored by ibm. ibm. let's create (vo) some bonds last a lifetime. some bonds inspire confidence, and some you grow to rely on. these are the bonds worth investing in. for over 50 years, pimco has reinvented fixed income to create opportunities for investors in every market environment. so, no matter what happens you can build the bonds that mean the most to you. pimco, a global leader in active fixed income.
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welcome back to "worldwide exchange." first you have amd they're forecasting strong revenue for this quarter and for the full year. the data center boom continues to look at the demand. consumer demand for pcs has been softening post-pandemic. later on lisa su will be on exclusive in the 9:00 a.m. eastern hour be sure to tune in for that. stock number two, match group sayss ceo will be resigning. matching first quarter results that beat estimates, but the second quarter is below analyst expectations match group shares down by 6%.
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stock number three is starbucks. second quarter earnings were in line and revenues slightly beat forecasts. global same-store sales rising 7% thanks to more orders and higher prices. the company is suspending it for the rest of the year there are other challenges including covid and the lockdown in china. we're headed back to the milli m milken conference and brian sullivan byron allen in a one-on-one. >> we do not have enough for this country to survive, let alone thrive
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we've got to invest a lot more in intellectual capital. whoever is involved in s.t.e.m. will control the world. >> you sound like you're running for governor, not running a media empire. >> i have no interest in politics >> good. >> politics are nothing more than temporary hired help. we have to remember they work for us, the people. >> i love this. >> okay? they work for us, the people we have to be clear what our agenda is and what we need and i call it the one america. martin luther king taught us years ago, here's what happened. i got to know his widow, coretta scott king, the true queen of america. she said, listen, byron, as black people of this country we have four challenges, end slavery, end jim crow, achieve civil rights, and then she choked up, number four, the real reason they killed my martin,
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achieved economic inclusion. they didn't kill him over "i have a dream." he gave the speech "the other america. he said there are two americas one america has opportunities. two americas will not survive. >> i'm getting choked up thinking about it. how does allen media group pursue a strategy? ultimately you've got to make money. you look at cnn plus i'm not knocking them. it's a hard world >> i only make money when she said that to me, brian, it changed my perspective and trajectory forever and from that moment on i decided i'm going to use media, help achieve that one american i'm going to use media to spread the word and get people to go into that direction. apply these and quickly i'll share them with you. number one, education is everything my mother got pregnant with me
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when she was 16 and had me 17 days after her 17th birthday the good news is not only is she beautiful but brilliant and ended up at ucla and got her masters and got into cinematography and got a job with nbc giving tours and allowed her little boy to follow her around. >> is that how you got on tv >> that's how i got on tv. that's the first "e. the second "e," equal justice. the third "e," economic inclusion, we have to have that balance in the system. that fourth "e," environmental protection climate change, global warming, that's the greatest threat to human kind it will wipe out more human beings than all the wars throughout history combined. the fifth "e," brian, empathy. we have to turn that empathy button back on and s.t.o.p.
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acting like we don't see the food insecure, s.t.o.p. acting like we don't see the homeless or the mentally ill. we act like mental illness does not exist. >> it's spiking unfortunately. >> when we master those five "e"s, we can achieve one america. and if we can achieve one america, we can achieve one plant. and if we can achieve one planet, we can achieve heaven right here on earth. >> you can catch the full con vegas v conversation with byron allen. >>stl > ilahead, a brawl in the buckeye state after another political victory. we're back after this break.
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welcome back to "worldwide exchange." let's get a check on this morning's other top headlines. n nbc's frances rivera with the latest. a draft opinion of overturning roe v. wade was leaked if it is indeed reversed, planned parenthood said more than 36 million couldbe left without abortion access. 26 states would likely restrict or ban the procedure. now to the primaries where author investor capitalist j.d.
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vance has won the republican senate nomination. that proves former president donald trump's influence remains strong. comedian dave chappelle was attacked during a performance at the hollywood bowl look at him. he hit the stage and hit the floor. he was armed with a rip plea ka gun that had a knife blade on the end. the attack was actually heard in this here's him being wheeled toward an ambulance as the crowd boos him. he has been taken to the hochlt no one has been charged so far always scary when you have the performers up on stage with so close easy access to the audience dom. >> absolutely. these live events for sure you can just tell maybe there's a little bit of strangeness after having no live events for such a long time since covid
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that things have gotten strange. thank you very much. head on the show, results of cnbc's latest flash survey, what our best stock pickers and money managers are telling their clients right now and where they see the most upside opportunity with stocks at year's lows. and in you haven't already done so, please follow our podcast. if you missed "worldwide exchange," check us out on apple, spotify, or your podcast of choice. "worldwide exchange" will be right back
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the fed set to unveil its big interest rate decision roger ferguson is standing by with what other tricks jay powell and the central bankmay have up their sleeve your stock story of the morning, share f of lyft are plummeting on the back of earnings, wiping away billions of dollars in market value. and elon musk further pulling back the curtain on his vision for twitter, including an eventual return to the public markets. it's wednesday may the fourth be with you, and you're watching "worldwide exchange" on cnbc. welcome back to "worldwide exchange." i'm dominic chu in fur brian sullivan it's 5:30 on the east coast.
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it's time for your markets and your money, what those are shaping up to be right now you can see the dow industrial average would be higher by just about 71 points if we opened up right now. the s&p's imply higher by 10 points, the nasdaq higher by 25. all these numbers represent the middle of the intraday trading range for the futures market right now. we'll keep an eye on those checking yields, always key on a big fed day. the benchmark is currently right around 2.97% pulling back from above that 3% level we've seen over the course of the last couple of days the two-point yield up the 30-year long bond, 3.01% and the stock story of the morning has got to be lyft the shares are tanking, specifically a weaker than expected outlook for the current quarter. lyft partially citing the need to spend more on its driving
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platform and recruit new ones as well lyft posted a surprise profit as volumes reached a new covid high those lyft shares are down 26% now, the outlook miss is spilling into shares of uber as well, which at one point were down as much as 12%. now, in an effort to possibly stem a selloff at the opening bell, uber says it will release its results at 7:00 a.m. eastern time earlier than its previously scheduled release after the "closing bell. a programming note as well don't miss lyft president and co-founder john zirm lmmer on "squawk box" at 8:00 let's check on some of your top stories as well.
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silvana henao is here with that as well. silv silvana. >> vice president harris is looking to meet with union representatives. they'll feature other grassroots organizations, focus on growing earths to organize unions and workplaces according to the administration this comes ahead of a hearing tomorrow by the senate budget committee with union and labor officials set to appear. elon musk is already apparently planning another life for twitter as he works to wrap up his $44 billion bid to take it private according to "the wall street journal," muffing has told potential investors, he could hold an ipo for twitter in as little as three years after buying it. the jurnl adds it could help internal investors to improve operations and mobility and musk shegd a business model for twitter, including last night it
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will be free for casual users but a slight cause for commercial/government users. and didi is facing an s.e.c. probe related to a u.s. ipo. it says it's cooperating with the agency chinese authorities opened an investigation into didi four days after its billion-dollar ipo and forced domestic stores to remove all of its core services dom, word of the s.e.c. probe sending didi shares sliding in after hours trading. back to the market and decision day for the fed wrapping up with a 2:00 p.m. eastern time interest rate decision and a press conference with jay powell after that with all but certain a 50 basis point
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hike the fed hasn't hiked by half a point in 22 years and it hasn't raised rates of back-to-back meetings going all the way back to 2006. joining me now is former federal chair and fed chair roger ferguson and a cnbc krcontribut. maybe this is a foregone conclusion we know it's going to be 50 basis the points what exactly would powell say that would upset the apple cart either way bullishly or bearishly for the markets? >> i think there are a couple of things that could come out that might upset the market one will be to see how many dissents there are, if any i don't expect any, but the last time around when they were 25 basis points, there was one dissent and we saw minutes and that suggested more people supported 50 i would look to see did anyone dissent in favor of more or less
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and that would be telling there's a bit more drama behind the scenes we'll wait to see more that's one thing secondly, he has been consistent in his statement that the economy is strong enough to withstand the tightening if he wavers, that might show m more that's a possibility certainly there's an expectation tracing that so-called quantitative tight ning will be announced and started soon if that were, that might also suggest perhaps a little uncertainty. and the final thing is how he talks about the economy, if he does at all. we had a negative print for the early read on the first quarter gdp primarily due to weakness and so-called net exports which
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is a sign that the global economy may be softening a little bit how he thinks and talking about that, that spills back into policy here will be maybe a fourth item. >> you know, roger, it's like you read my mind because what i was going to ask you about is whether any of the conversation has changed after that weaker than expected first quarter gdp print that you first mentioned and the nuance that goes along with it. if you take a look at the way things have shaped up for the fed, it had some runway, right, to go about a more aggressive interest rate hike psyching if you had prices going the way it did and a robust economy does that gdp print really give anybody a moment of pause at the federal reserve board right now to say maybe it's not the best idea to do this if gdp is indicated to be that much lower over the course of the next several months >> well, recognize a couple of things the answer is certainly everyone
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has to take that into consideration when they think about how well we're doing there was a phrase that occurred some time ago that we can't be an island of great strength and stability if the rest of the world is really slowing. we'll see if that occurs now, on the other side, it was the first -- it might be resolved it might be revised. it often is. the other side of this is the rest of the world also is struggling with rising inflation, and so we just heard an announcement from the eu about banning russian oil. that's going to drive up oil prices for sure. and so the inflationary impulse that we are struggling with here in the u.s. is also likely to continue even if things slow a little bit you put your finger on very tight labor markets, the housing market, even as mortgages have gone up to around 5%, has remained robust with too little supply it's a daujt chnting challenge.
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it's continuing amid relative inflation. difficult days ahead. >> thank you very much for that. good luck with the day as well obviously a very, very big decision coming up i'm sure you and many experts will try to parse out everything that comes out of that decision-making process. >> thanks a lot. to the developing story on the price of oil searching and the european union is imposing a ban outright on all russian oil within six months and all russian-refined oil by the end of this year we're joined by an oil expert we often turn to to make sense of this i guess my first question is this maybe not a surprise because they've been thank you about getting off this russian oil for a while is the energy market right now much more sophisticated about the way
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that they are approaching these headlines? i ontario ask because there are some who say with this kind of headline, i would expect stoil be up 10%, 15% it's up 4%, 5% and slowing down right now. is the oil market trying to get better at figuring this out? >> it's a great question look, the greatest challenges. if you look at what has been going on over the last few weeks, it's been a tussle between losses of russian supply and how big that can get versus losses and demand because of the china covid situation. so a lot of traders have said to me, you know what? day trading is easier rather than holding on to a long-term decision because you have both
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sides effectively canceling one another out right now. going into the summer, that does look different because we do expect china to start recovering quite significantly in the second half of the year, infrastructure spending and covid cases coming under control. that's why you've seen the reaction is pretty muted because the mark seems to be wary of the situation. i would say demand is strong we do think cases are, you know, coming down and chinese buying is going to pick up because stock levels are low that's where the real confidence is lacking in the market. >> what gets traders more confident in taking out outright more bearish or bull igs positions real estate than getting out of of the situations they're already in >> what takes a view to say, you know what? it's guff enough to say rocket
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prices are rocketing higher. what needs to happen >> i think the issue is that you've got one on the bullish side, russia, and one on the bearish side, which is china, and that's why there's a lot of uncertainty in the market. if we get a couple of positive headlines out of china, that's one thing. the tricky thing with the european embargo, and you mentioned this as well, it isn't new. i think formalizing it will give more impetus to the market we talk about winding down by the end of the year. but, again, the market's looking into the details and saying hang on so many different countries are asking for and emmingss. what does that mean? you could have hungary, slovakia getting a 25-year.
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with all these sanctions, i think people want to know to details of exactly how much oil will be lost from the market and then it's going to be looking to china to get more on the situation. >> thank you very much we appreciate it have a good day. coming up on the show, more of your money's big money movers and the strong demand signals sending shares of airbnb higher. "worldwide exchange" is back after this just ask your cvs pharmacist. we search for savings for you. from coupons to lower costs options. plus, earn up to $50 extra bucks rewards each year just for filling at cvs pharmacy.
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time once again for your money movier first up, you have yum china revenues rose 4% the fast food chain expects to post an operating loss saying the economic loss caused by the latest co-ved surge is worse than the initial outbreak back in 2020. the company is pulling back on advertisements, promotions, postponing store remodels, and offering rent relief as well number two is akamai earnings missing forecast while revenues were roughly in line. akamai noting the global warming challenges akamai shares down nearly 14% premarket right now. and finally it's airbnb.
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it expects to post its first full year profit this year after revenues jumped 70% in the first quarter, customers booking a record number of nights and experiences while host raised rates due to inflation airbnb says early book shows strong demand for the summer with more than 30% booked at the same time back in 2019 precovid. those shares up 5% back to los angeles and the annual milken conference brian sullivan sitting down with a ceo to get his take on inflation, the economy, getting a headwind on the markets, and so much more. >> we believe the conflict in ukraine calls for among everyone in the international community
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it's a confusing time. we know there's a supply chain disruption that's here to stay, inflation, and in the meantime we still see a lot of positive drivers for the u.s. economy around, you know, still excellent individual and corporate balance sheets, active capital markets, as well as the stimulus implemented during the pandemic providing still a good momentum, and we see the u.s. economy being one of the most resilient around the world expect around 3% gdp growth in 2022 and 2023. and, by the way, it's in spite of the proximity and the conflict. >> it sounds like many firms and
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wall street economists are too pessimistic. >> i would say one has to really recognize the headwinds we just discussed. in the meantimet momentum, the clients -- i've seen clients a lot and here at the milliken, they're positive and committed to the investing i mean among the main concerns are really obviously are the high volatility in terms of flights and currency and community. still what clients are looking for is support in the supply chain mask still investing, but they have to switch from what we call just in time to just in case. they're looking for a final thing and more specifically short-term financing, how to better support their strong-term program. working capital is one of the largest who are very active there. and last but not least, they're looking for what we call risk
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management as one of the largest banks in the world, we're pretty well equipped to provide this service. >> i think that's what people don't understand you brought a prime business from deutsche bank you are one of the biggest -- i don't want -- you're not just a bank but extremely active on wall street. the stockmarket is down 20% in certain parts of the market in 90 days. how are you guys managing through this >> you know they're present in 62 countries really able to support a client through diversified platform and increased presence in it there's a fit to serve these needs. i think what has -- what one has to really pay attention to as you mentioned, inflation, what
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the role of central banks is going to be ecb and the fed. we expect the fed to be obviously very hawkish we expect this year probably an increase around 225 in terms of rate hikes, continuing in 2023. >> continuing. >> continuing. >> wow. >> until we get to the neutral wait status. in the meantime, they've announced quite clearly they would be be aggressively balancing it. >> it's unprecedented. >> unprecedented this is what the world wide banks have to deal with with their clients. there's still good business momentum. >> maybe nobody does it better than bnp pair bass jean-yves fillion.
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thank you for joining us here on cnbc. >> thanks as always to brian sullivan for that conversation as well. by the way, full contents, go over to, you can see the full interview there. on deck, another rate hike by the fed what it could mean for you an your money and the moves to make around a more hawkish central bank we'll be right back after this break.
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welcome back a look ahead at invests on this may thefourth. get it may the force be with you. we'll get ford's april figures this morning along with costco's figures on the month later on in the day. several earnings to watch before the bell, including cvs health,
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marriott, and uber now now they're going to be before the "closing bell. back in the markets amid that volatility, results from the cnbc flash survey polling, our sector looks at it 36% of respondents saying energy is the sector with the most upside technology at 29% followed by health care at 21% for more on this and the trading day ahead, let's bring in greg sa sarian it's not certain but it's fairly certain the feds are going to raise interest rates by half a percent, 0.5%, 50 basis points, however you want to see it
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it's clear and present, but is it a danger or not danger fehr the market >> thanks. first, thanks for having me back i think they need to pay special attention not only to who they do but the balance sheet runoff because that's going to keep it elevated and continue to put pressure on equity markets i think what they say about the persistence of inflation do they see the pace certainly the data we're getting from the labor markets is giving them the green light to go this month and next month the data will determine what they do afterward. >> if that's the case s it okay to be constructive about putting money to work now even though we know this is going to be the path forward in the next several months the markets are already hovering near, not at, but near the lows of the year in 2022. >> sure. i think constructive -- i would
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use the word cautious at this time i note your survey, and, yes, those are all high-quality sectors. i think they need to be focusing on the most cash-rich, balance sheet sectors, that pay high dividends and have very low debt i think that's the area we see the value style of investing because if markets are going to be our call, it's a safe haven you look at 2.5%, 2.75% or 4% for high income investors. and those brought some attention right now. >> so we've got a few moments left here, greg. i'd like to know what goes on the shopping list. are there specific stocks you're looking at, specific bond
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markets besides munis? >> on the equity side we like high-quality dividended like qal and etrw they focus on the top, the cash-rich stable companies on the s&p 500. i think those will be the areas we focus on at this point. >> all right greg sarian, over at sarian strategic partners at hightower. we appreciate it orwi eoes it for us here on "wlddexchange. it's a big day for the fed "squawk box" will be coming up next keep it right here
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powering possibilities.™ good morning stocks with modest gains ahead of the fed's big decision. some civility yesterday, markets as well. are we finding some type of bottom, near term in the medium term and we'll tell you what to expect from jay powell lyft shares not finding a bottom, plunging more than 24% details straight ahead. and elon musk reportedly giving potential investors clues, including a return to the
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public markets it's wednesday, may 4th 20rks 22 the second day of the fed meeting. you know what that means "squawk box" begins right now. good morning, everybody. welcome to "squawk box." we're live i'm becky quick along with joe kernen and an drou ross sorkin as mentioned, things were pretty calm yesterday this is all happening as we await the fed decision coming later today. right now the dow futures indicated up another 137 points. s&p 500 by 37, the nasdaq by 41. maybe not a bottom maybe it is. at least a plateau as we wait to hear from the fed. the treasury market is sitting where it was yesterday at uft


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