Peter Cardillo
Peter Cardillo
1972 Harlem mosque incident describes the April 14, 1972 shooting of a New York City Police Departmentofficer at the Nation of Islam Mosque No. 7 in Harlem, Manhattan, New York City. The officer responded to a fake 9-1-1 call, was shot and died six days later. The incident sparked political and public outcry about mishandling of the incident by the NYPD and the administration of Mayor John V. Lindsay...
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The selling in financials is an anticipation of lower earnings due to a slower economy, ... From the point of view of interest rates not going up, it's positive.
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I think Mr. (Federal Reserve Chairman Alan) Greenspan is partially responsible for the latest decline in the market, because in his last testimony, he said something that was quite important, and I think he gave a wake-up call to the market. He said that they were - they had not made a decision yet about the August interest rates.
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From an interest rate standpoint, it's negative. On the other end, if the economy stays strong, corporate earnings will stay strong.
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Basically, the market is fearful now that the Fed may need to be more aggressive in raising interest rates.
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Mr. Greenspan may have just given us some time here. I think within the next 10 to 12 days this market is probably going to consolidate and stay with a 300-400 point range. ... When we get another interest rate cut, then the market can sail above that 9,000 level.
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One of the three things worrying the markets for weeks -- namely, interest rates -- has diminished, today, ... But the geopolitical incidents and higher oil prices -- which are connected -- have sent a chill through global markets, creating this buyer's strike, and we're following suit.
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No one expects the Fed to raise rates, but people are interested to see what they say about the economy, particularly about employment.
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Obviously they (investors) are going to focus on the Fed but a rate cut is priced in. The focus will be on the economy and signs that the first batch of interest rates are finally taking hold.
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It's one of those days where investors are looking at the strong economic news for what it says about the economy, rather than what it could mean for interest rates.
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There is no question that the State of the Union message last night was very strong and very positive. Obviously the economy continues to do very well. Inflation is low and interest rates are still very low.
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With the price of oil moving up and the tension in the Middle East would suggest that the possibilities of a recession are increasing in terms of inflation, ... The Fed's number one target is to keep inflation under control. If energy prices continue to accelerate then the Fed doesn't need to raise interest rates because the economy is going to slow anyway.
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This couldn't have come out at a worse time, because we have the new Fed chairman testifying tomorrow. It will raise anxiety over the Fed's interest rate outlook.
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This does open the door perhaps for an intra-meeting interest rate cut, ... We could see a cut over the weekend.
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Last week, we encountered an ugly week for stocks as the market discounted higher interest rates,