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Information about Wednesday's critical consumer price index release circulated early on the Bureau of Labor Statistics website, according to a statement from the agency. The statement provided few details but noted that the Labor Department agency has notified the Office of Management and Budget and the department's Office of the Inspector General. There was no other information provided concerning the early release of the CPI, a key inflation indicator that showed another increase in April, though slightly less than what the Wall Street consensus had anticipated. ET release, though there was little unusual activity in the half-hour prior, indicating that the early release was not widely seen and did not materially impact trading. Core inflation, which excludes food and energy, ran at a 0.3% rate monthly rate and 3.6% annually, the lowest since April 2022.
Persons: Wednesday's, Peter Boockvar, Trump, Boockvar, Stocks Organizations: Bureau of Labor Statistics, BLS, Labor Department, Management, Budget, CPI, Bleakley Locations: Washington
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvestors can expect the first Fed rate cuts in June, says Citi's Veronica ClarkVeronica Clark, Citi economist, and Peter Boockvar, Bleakley Advisory Group CIO, joins 'Squawk Box' to discuss the state of the economy, latest market trends, the Fed's rate path outlook, and more.
Persons: Citi's Veronica Clark Veronica Clark, Peter Boockvar Organizations: Citi, Bleakley
Stock futures were slightly lower Tuesday evening as Wall Street geared up for the Federal Reserve's latest policy decision on interest rates after closing out a terrible month. Futures tied to the Dow Jones Industrial Average were 50 points lower, or down 0.15%. S&P 500 futures and Nasdaq 100 futures each shed about 0.2%. The Dow and the S&P 500 ended the month lower by 1.4% and 2.2%, respectively, marking the first three-month losing streak for both indexes since March 2020. Although November is a historically strong month for markets, investors are keeping an eye on a peak in bond yields.
Persons: Jerome Powell, Peter Boockvar, Stocks, Dow Organizations: Federal, Dow Jones, Nasdaq, China Holdings, Devices, Treasury Locations: Washington
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHousing market's sensitivity to rates kept the Fed from hiking further, says Peter BoockvarGregory Daco, chief economist at EY Parthenon, Peter Boockvar, Bleakley Advisory Group, and CNBC's Steve Liesman join 'The Exchange' to discuss when investors can expect a Fed pivot, economic data showing ongoing disinflation, and the housing markets' sensitivity to rate hikes.
Persons: Peter Boockvar Gregory Daco, Peter Boockvar, Steve Liesman Organizations: Bleakley Advisory
"That being said, given the fact the Fed has tightened as aggressively as they have, the economy is still very good." But recent days have shown the Fed has another problem on its hands besides inflation. watch nowBecause prices fall when rates go up, the Fed hikes have cut into the market value of those fixed income holdings. Rate hike expected"If you're waiting for inflation to go back to 2% and that's what's caused you to raise rates, you're making a mistake," said Joseph LaVorgna, chief economist at SMBC Nikko Securities. Since the rate increases started, depositors have pulled $464 billion from banks, according to Fed data.
Stock futures tick lower on Thursday night: Live updates
  + stars: | 2023-03-02 | by ( Hakyung Kim | ) www.cnbc.com   time to read: +2 min
U.S. stock futures inched downward on Thursday night as investors pondered the Federal Reserve's rate-hiking path in light of fresh commentary from central bank speakers. S&P 500 and Nasdaq 100 futures dipped 0.15% and 0.21%, respectively. The S&P 500 is up 0.28%, while the Nasdaq has a 0.60% gain. The road ahead is a tough one for the central bank, regardless of the messaging they're relaying to the public. Investors will also listen for further commentary from central bank officials, including Fed Governor Michelle Bowman and Richmond Fed President Thomas Barkin.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAll of Asia is going to benefit from China's reopening, says Bleakley Advisory Group's Peter BoockvarBleakley Advisory Group's Peter Boockvar joins Frank Holland and the 'CNBC Special: Taking Stock' to discuss this morning hotter-than-expected CPI report and what it means for the Fed going forward.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailA lot of investors were underweight earlier in the year, says Edward Jones' MahajanMona Mahajan of Edward Jones joins Bleakley Advisory Group's Peter Boockvar and the 'CNBC Special: Taking Stock' to discuss investors' post-CPI playbook.
But as the Fed has continued to ratchet up interest rates, good economic news has again become good news to the market. But market participants shouldn't be too optimistic that a true bottom to the bear market is in, according to Peter Boockvar. "The third phase of the bear market is everyone throws in the towel, and no one wants to own a stock again," he told Wealthion. Bear markets end with outright disgust." Goldman Sach's David Kostin, who is more bullish than Wilson in the near-term, assuming a recession doesn't play out, also thinks earnings expectations are too high.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWall Street should get used to higher interest rates for longer, says Bleakley's Peter BoockvarPeter Boockvar, chief investment officer at Bleakley Advisory Group, and Gunjan Banerji, Wall Street Journal live markets coverage lead writer, join CNBC's 'Squawk Box' to weigh in on the Bank of Japan's bond yield shift and more.
Home prices could tumble 20% in some of the hottest US markets, top investor Peter Boockvar said. He cited the surge in prices during the pandemic, and soaring mortgage rates pricing out buyers. The Bleakley Advisory boss warned a housing slump could hit consumer spending and the wider economy. "It's an extraordinary rise, and now you have 7% mortgage rates, which are 15-year highs," he said. Paul Krugman, a Nobel Prize-winning economist, has also predicted a housing slump.
This week, bond yields also came off their highs and were sharply lower, paving the way for gains in tech and growth shares. They include Fed Vice Chair Lael Brainard, New York Fed President John Williams and Minneapolis Fed President Neel Kashkari to name a few. Hogan said that group includes Bullard, Brainard and San Francisco Fed President Mary Daly. Many strategists are calling the move higher a bear market rally, and some expect it will fizzle in December while others say it could continue into the new year. Friday Earnings: JD.com, Foot Locker, Buckle 8:40 a.m. Boston Fed President Susan Collins 10:00 a.m.
This earnings season's tech wreck could continue to pressure the Nasdaq Composite, while other sectors may help broader indices deflect some of the pain. Amazon 's stock was hammered after the company missed estimates and gave a disappointing sales forecast for the current quarter . The two were members of FANG, a group of four favorite stocks that joined other Big Tech in carrying the market to highs before the bear market. Apple's report has been much anticipated by investors, since it is 7% of the S & P 500. "A favorable reaction could lift tech off its lows and help extend the relief rally in the S & P. A gap down would do the opposite."
Another hotter-than-expected inflation report puts pressure on the Federal Reserve to raise interest rates even more aggressively, but that also could tip the economy into a recession. Stocks declined and Treasury yields rose, after September's consumer price index showed inflation running at a 0.4% pace. In the futures market, traders bet the Fed would drive its fed funds to near 5% by next April, up from 4.65% on Wednesday. The terminal rate is the end rate where the Fed would stop its hiking for this cycle. Fed officials have been emphasizing that once they finish raising rates, they intend to hold them there to continue the fight against inflation.
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Fed should slow the pace of its rate increases, says Bleakley's Peter BoockvarPeter Boockvar, chief investment officer at Bleakley Advisory Group, joins CNBC's 'Squawk Box' to break down what's causing stock futures to tumble ahead of the open on Friday.
"It's clear the economy is slowing yet inflation is ramping and the central bank is compelled to address it. Fed Chairman Jerome Powell steadfastly warned the Fed will do what it needs to do to crush inflation. Arone said around the globe, the common threads are slowing economies and high inflation with central banks engaged to curb high prices. Strategists say the U.S. central bank particularly rattled markets by forecasting a new higher interest rate forecast, for the level where it believes it will stop hiking. The Fed's projected 4.6% high water rate for next year is considered to be its "terminal rate," or end rate.
The Fed is expected to fire off another three-quarter point rate hike — its third in a row. We had theoretical road maps up until now, but from the Fed's point of view they're crossing into a world of tightening. Neutral is considered to be the interest rate level where Fed policy is no longer easy, but not yet restrictive. The Fed has considered 2.5% to be neutral, and if it raises by three-quarters of a point, fed funds will be in a range of 3% to 3.25%. In June, the Fed forecast the unemployment rate would be 3.7% this year, the same level it was at in August.
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