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tv   The Intelligence Report With Trish Regan  FOX Business  April 6, 2018 2:00pm-3:00pm EDT

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neil: we are down at session lows. might be comments we're getting from treasury secretary steve mnuchin apparently appearing on cnbc, and talking about amazon, the practice of not collecting taxes from third party sellers is worrisome, among. factors whipsawing stocks. ashley webster. ashley: fed chair. we're moments away from hearing from the federal reserve. jerome powell is set to take questions about the health of the u.s. economy following a speech he is giving in chicago. you can bet he will be asked about the disappointing jobs report and escalating threats between u.s. and china. president trump says he is considering more tariffs. china says it is ready for a white. i'm ashley webster in for trish regan. welcome to the teleagainst report. stocks selling off despite fed
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chairman jerome powell giving an upbeat view on the economy. that the labor market is strong and the federal bank is sticking to plans to gradually raise interest rates. how does wall street think about that? we'll get a live report from the new york stock exchange. china is prepared to fight tariffs at any cost following president trump's announcement he will consider additional measures on $100 billion worth of chinese foods. how far are both sides willing to go with this game of chicken. first back to the markets. my oh, my. go to the floor of the new york stock exchange, nicole petallides watching downward action. nicole?
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>> we're down 558 points. a gradual rate increases are keeping growth on path but the balance is the important part. they don't want to have to tighten abruptly if they wait too long. nor do they want to raise too fast to run the risk inflation never gets ahead, stay persistently below that 2% objective. coupled with news on amazon. amazon was down about 1.4%. it is down about 2.4%. back to you. ashley: very good. jerome powell is taking questions at the event in chicago. let's listen in. >> about tariffs. how do tariffs affect your thoughts about inflation and growth? >> well, i would say that the discussion about tariffs is at relatively early stage and we talked about this at the fomc meeting a couple weeks ago and
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people don't see any implications yet in the near term for the outlook because we don't know the extent which the tariffs will come into effect. if so, how big will timing of it be? it is really too early to say. in our conversations we have lots of conversations with business leaders around the country in preparing for a meeting to help us think about the state of the economy. we did hear from, you know, a number of business leaders around the country that, that changes in trade policy had become a bit of a risk to the medium term outlook. you know, to answer your question a little more directly, tariffs can push up on prices. but again, it is too early i think to say, to really say whether that will be something that happens or not. >> another area that can affect gdp growth and inflation, specifically wage inflation, could be immigration. so how does that factor into
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those pillars as well? >> i think it has been hard to find a connection between immigration and wage inflation actually. people look for that. it is not easy to find in the data. i mentioned, you know, that labor force is growing very slowly. and you know, if you look around the country, these days, read the newspaper, there are a lot of states have unemployment below 3%. if you're reading more and more about labor shortages. people look for the connection between wage inflation and immigration. haven't really seen it. >> let's switch gears to regulation. so both houses of congress are working towards dodd-frank type rollback. how might these deregulatory efforts impact the economy and what risks do you see? >> well, let me start by saying that you know, in 2008, 2009, we had a big shock to the financial system and the financial system really wasn't -- strong enough
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to hold up to that shock and a number of institutions needed to be bailed out by the government so we set to work to make sure that doesn't happen again. we look back, we have much stronger, income aably stronger financial system, better capital, higher liquidity, better risk management, better governance, all those kind of things. we feel food -- good about the strength of the financial sector. now we look back over the hand did i work to ask ourselves is there ways we can be more efficient particularly with smaller and mid-size institutions. we're looking at smaller institutions and working our way up to larger institutions to make it less burr densome without undermining safety and soundness. we're doing a good bit of that.
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the legislation that passed the senate, the sense is for certain institutions whose failure could threaten the the financial staby of the united states. we have the authority to impose financial thresholds. the authority was $50 billion. there is wide agreement, fed's position that is too low. a institution of that size is not likely to threaten the stability of united states. congress is looking to raise it to 250 billion, but giving us authority to reach below 250 billion. we don't write the bills but we told them that gives us tools we need. >> i told you on the phone i'm recently elected board member of jpmorgan and i have not gone to my first meeting but i've been emersing myself in lots of materials around banking regulation for fun and one of things that i noted is -- [laughter]. there is, when it comes to the regulation of large banks in
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this country, so we've been dealing, i think the words you used in one of our documents was clean-up. we're dealing with legislation on the smaller end. on the big end there's a gold standard on banking regulation that affects the big companies. my question is, does that gold standard go with the rest of the world with the better standards that are there? and do you believe that potentially the gold standard which is truly a gold standard, could that disadvantage the big american banks in any way? >> first you're right, our expectations of the largest, most complex, systematically important firm are the highest and they're very high and they will remain very high. is it, so as you look around the world u.s. banks are competing very, very success fully. they're very profitable. they're earning good returns on capital. their stock prices are doing
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well. i'm looking for the case some kind of evidence, i'm open to this, some kind of evidence that regulation is holding them back. i'm not really seeing that case is made at this point but again we're, you know, we're open to what evidence comes in. >> so there's been a lot of discussion about the deficit. we've seen very rapid growth of the national debt since the beginning of this century, and a large productive budget deficits going forward. so we have increase the projections. what are ramifications for fed policy and u.s. economy in your view? >> the u.s. federal budget is not on sustainable path that is widely understood and accepted. we need to do those things to put it on a sustainable path. this is a good time to be doing that. economy is strong. government revenue is strong. this would be a good time doing that.
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that is a longer-run problem. that is a problem associated with health care costs and aging of the population. what the fed does is much more at a business cycle frequency so that unsustainability is not an issue for us as we think about, you know, how to conduct monetary policy or financial supervision in the near term. it is more of a lung-run thing. of course we don't have a voice in fiscal beyond what i said. >> does it affect some of your growth expectations? no only at the margin. when we talk about potential growth we're talking about the next five or 10 years and really, really, if you look back at the chart, the u.s. debt-to-gdp the way we measure it is in high 70s. it will move up to 100% over the next couple decades. it's a bit further out. it doesn't affect today what we think. over time it will be very important for potential growth. it is something we need to
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address as society. >> do you think we take a long enough view? i come from a company with turtle with a logo. china talks about quarter centuries and we talk about quarters. do you think the right look is five or 10 years at this point? >> we're the fed. our job is maximum employment. we have tools we have and financial stability is always part of our mandate. that is kind of our -- from the fed standpoint that is our job. as a society it's it's a good question. democratic societies performed well over a long period of time even though there is a fair case to be made that there is some shortsightedness associated with the election cycle. nonetheless, i remember, when i was young i remember clearly people were very worried that russia with the planned economy, we can't compete with that well, maybe not. so. >> you talked about stable
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prices as one of the key areas of focus and we talked about inflation. i wondered how you think about inflation being affected by the web? so specifically, people talk about the amazon effect. you have alibaba. in many ways the ability to comparative shop in most everything has driven prices down. companies used to brag about pricing power. now companies in many ways, you talked about the cell phone bill as an example, are trying to show and trying to create more accessibility and affordability in order to expand their client base. so what, what role does the online aspects of our economy, which didn't exist in this way 20 or 30 years ago affect some of this inflation conversation? >> you know, it makes all the intuitive sense in the world the ability to price shop like that
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would make, would give price setters, you know, a bit of a pause in raising prices. it may very well be part of the psychology of our time. it makes so much sense. it is very hard to, you know, to prove it to the economists. you have to be able to conduct some kind of a natural experiment where, or to look at a place which didn't have the web and then did. you can see how that is. so it's, it is very hard to prove that. but i have to say, it's almost has to be true. i also think, the other one, that we think about a lot is globalization. we know now that pretty much anything can be made, anything physical can be made in a very cheap labor location someplace around the world, has to overhang price setting in advanced economies here in the united states. very hard to find it though because, to prove it up. untaught tiffly it feel --
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intuitively it feels right. >> i want to ask you about the fed, in some ways mysterious to us hard to understand. like the supreme court in some ways. we know it is super important but actual machinations are very ephemeral. let me ask a specific question. how does it feel difficult to be a chair versus a member? you've been a member since 20 elf. >> yes, i've been there for six years. i chaired most of the committees during my time. so it's a very natural transition, very comfortable but it's a very different job, a very different job. i chaired the committees oaf sees the reserve banks and operations and oversees the payment system all of that stuff, i handed all of that off. so my focus is on the economy,
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monetary policy and the institution. so it is a much, it is a different thing and -- >> so you're sitting at your desk reading and thinking? how does that, how does that actually come out in a day-to-day? >> i actually did have more time to read and think. it was common, when i had all those jobs it was common to have eight or nine hours of meetings a day. >> wow. >> it was crazy. now i don't have eight or nine hours of meetings but i have lots and lots of time to read and think and talk to people. actually alan greenspan family family -- famously set time for reading and thinking. i said i wish. when i went into the job it is there to be done. >> let me ask you, the fed is somehow not like the rest of washington we're hearing about today. we don't hear about backbiting. we don't hear about leaks, about drama in the fed. how is the governance structure
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lend to the collegiality and consensus nature that you have? >> the culture is very much a, i love working there. i love this culture. really is, it is non-political. it is not bipartisan, it is apolitical. people bring their best thinking, economists, non-economists bring their best thinking to these things. it is very collegial. there is a strong sense of mission among the people that work there. a lot of smart people are working really hard on these problems and admitting there is a tremendous amount of uncertainty about the economy. so it is a, i find it a really great place to work. you know, also, the things we do are important. they have real effects on people's lives. we're very, very mindful of that, very, very fortunate and honored to have that, have those jobs. so that is what the culture like. it kind of always been that way. i got to say i like it and i'm proud to be part of it.
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>> what could make it better? >> thing we're working on become more diverse. i'm a big believer that you get better outcomes when you have diverse views around the table n my private equity career i always felt like the best thing you could hope for have somebody really smart tell you why this is a bad deal before you invest $300 million of the client's money in it, before, much better than after. so, we get that. with the reserve banks, 12 reserve banks have their own economists, really good top economists staffs. they come in with their own views. that is really healthy. we work hard to have other kinds of diversity. i think we're working very hard at it. you know, you want to get people in who are diverse. you want them to have a real shot. you want, given the training and support they need. you want to hold on to them. i think institutions succeed at that have a plan and a strategy
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and they stick to it over a long period of time. i have seen that work for a lot of private sector companies over the years and that is our strategy. >> ladies and gentlemen, not enough time. so many questions. but please help me extending a very, very warm thank you. [applause] chairman of the fed, jerome powell. ashley: you heard him, fed chairman jerome powell speaking to the economic club of chicago. the moderator was mellody hobson. interesting stuff. i don't think anything earth shattering. we have heather zumarriaga and kingsview asset management cio scott martin. let's get right to it. heather what are your thoughts fed chair had to say? more of the same what i got out of it? >> i agree. more of the same, more expected
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and i tell my boss that i need more reading and thinking in my job description. there are true academics in the fed. i love the point there is no current drama in the fed unlike president trump tweets or tariff situations or immigration. nice to have no drama in the federal reserve. ashley: at least one place in washington where there isn't. >> yes. ashley: scott what is your take in all of that? he mentioned the tariffs but wasn't really forthcoming. look we don't know what extent this will be. we heard from business leaders that this could pose a risk but he was very non-committal. he said indeed could push prices overall higher. what is your overall view what he had to say? >> ashley, measured, calm, informative. too, i think some answers were product of the questions which i wouldn't say softballs, not all of them, nobody was hammering with the latest news as we're talking with the markets dropping. heather is right.
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i really appreciate he is thinking deeply about some of these things. obviously some leaders in d.c. are not doing that. we had market drop 10 points in s&p steve mnuchin, treasury secretary. this is good thing among all the chaos. ashley: heather, for the most part this was about the potential, potential trade war with china. but there are lots of other things floating around today, including frankly a disappointing jobs report. what is your take on the selloff today? >> it is all about china and potential tariffs. but that is, we don't know how that will play out yet. so the fact that markets are selling off on a friday ahead of the long weekend, i'm not surprised that the market is selling off, especially regional banks as well as industrials. on the jobs data this morning that the fed may not be more aggressive and continue the pace of grad all hikes as well as
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industrials like caterpillar and boeing getting hit really hard on tariff tantrums i like to call them. ashley: tariff tantrums. that is one way of putting it. scott martin, i have a big feeling you're not a big fan what is going on the potential tariff war. we know china has been ripping us off, lying, cheating steal, whatever you want to call it. up until now the policy of strategic patience accomplished absolutely nothing. what should you do if you don't agree with an aggressive tariff attack? >> you have to get tough on the ip stuff. we do that on "varney" you do a great job as a panelist. that is great thing. we need it attack areas more important on the forefront of what we can kind of effect. we have to be careful how we talk to china here. i think we're maybe a little bit mistaken who holds a lot of the cards in the deck. to me the ip thing is easy one. a lot of other countries would back us up.
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contrary to the heather's comment. i have a short week ahead of me. your question how do i feel about some of the stocks going down? i'm not happy. a lot of our clients do. we've been trying to pick off a lot of names at lower levels which worked to some degree but a day like today comes along and we have to put more cash to work. ashley: we're down five, almost 600 points. heather, scott, thanks for churching in today, we really appreciate on this friday. we know china threatening to fight the u.s. at any cost after the president looks at another $100 billion in tariffs on chinese goods. mr. trump says there is no trade war. what do republican voters think about all of this? we'll get into that next.
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ashley: president trump is happy aluminum presses are down after his new tariffs tweeting this. despite the aluminum tariffs, aluminum prayses are down 4%. people are surprised. i'm not. lots of money coming into u.s. covers. now the president is considering another $100 billion in tariffs on chinese goods but in a radio interview this morning mr. trump said, don't worry. >> easiest thing for me to do would be just close my eyes and forget it. if i did that i'm not doing my job. so i'm not saying there won't be
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a little pain but the market has gone up 40, 42%, we might lose a little bit of it, but we'll have a much stronger country when we're finished. ashley: could close his eyes how will threat after trade war play out in the november midterms? interesting republican senator ben sasse is calling this latest escalation, the dumbest possible way, quote, to punish china. hopefully the president is blowing off steam again but if he is half serious, this is absolute nuts. let's take on chinese behavior with a plan that punishes them instead of us. thank you gentlemen both for being here. is this nuts, james? >> nuts, i wouldn't go about it the way the president is, but i think he is, i hope kind of moving toward a, the right focus in terms of --
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ashley: which is? >> intellectual property theft. its unfair practices forcing foreigners to share their business know how, their knowledge as a price of doing business in that country. ashley: right. >> i would say, i would agree to an extent with the senator this is not the right approach. i think what you want to do is get a coalition of countries. you could bring cases in the wto. you could set up sanctions outside of the wto. a lot of these investment practices are not covered by the wto. if we're looking on the bright side, investors are obviously saying to president trump, we don't any you're going to be manage this. ashley: down 600 points, yes. >> if you look on the bright side, moving away from fighting the whole world, fighting with our good friends in mexico and canada and focusing on which i think is the real problem, chinese business practice, intellectual property theft. ashley: fair enough. ned, let me ask you, everything
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we've done up to this point hasn't really worked. strategic patience is expression i hear all the time. does it take donald trump, unconventional political leader, not even a politician, to come in, shout at china, for crying out loud, you're getting away with this. we have been in a trade war. we haven't taken a shot at you, game up, we're coming for you, is that an effective strategy? >> i think soft i think it is the right course to think, ashley. more or less our last chance to really fight on this because china declared economic warfare on us decades ago. we talked about i.p. theft, maybe 3.5 trillion on the last decade, you throw in the pure theft, china declared on us years ago. trump is not saying this is about a trade war. this is something bigger. who controls the technology of the future and quite frankly, ashley, what the future of this country looks like. people have to take a step back. this is what trump needs to
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communicate and message on. this is not about trump versus china. this is not the republicans. this isn't even about the midterms. this is what we want to be as a people 20 or 30 years from now. we're in major game of bluff. i think china is majorly bluffing. i think their economy is not quite as strong. if we like 100 billion this tariffs, i would like him to push 400 billion in tariffs, and bring china to the table, the rules of engagement we're operating under are no longer good. there will be new rules of engagement of the you will allow us full market access to our country, in that in return you will not have forced technology transfers. we get to those rules of engagement? great. ashley: james, could this blow up in the president's face? ned is right this, is game of bluff or chicken, if it blows up and we feel pain in the u.s., how does that impact the presidency and republican party? >> as you said, we're looking at fall elections here for
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republicans. they don't necessarily have the time for a long negotiation to play out with a good outcome later t could be the pain is now and then, that follows pain -- ashley: pain in november. >> pain leads to political pain for republicans there. is issue here, when we let china essentially into the community of nations to trade roughly 20 years ago, if you had said 20 years later a more hardcore communist thug is going to be running china, and the liberalization, the opening of their markets is kind of stopped lately, i think people might have thought twice a little bit but look, we do still benefit in many ways trading with china. ashley: yes. >> question how you go about this? the markets are saying to mr. trump, we don't like this approach. ashley: i have got 30 seconds, ned. larry kudlow, the economic advisor made the point and continues to make it, back in the day when china came into the fold it was considered a third
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world economy. a growing, a emerging market. i don't think there is any doubt, it's a first world economy, now. >> that's right. they are coming for us. they want it control 10 major industries, domestic product, 80% of that. when these free traders seems we'll have trade in perpetuity, china will buy all the products from us, i think that is a bit insane. i think that is insane. i think it is insane for short-term economic gain in the end to loo long-term sovereignty. i think that is insane. ashley: james freeman, ned ryan, thank you for being here today. thank you for being here. meantime, oh, boy, the market is down around 600 points. it has got that feeling as we head towards the late afternoon bell. we're heading to the floor of the new york stock exchange for a check on these markets. don't go away. we'll be right back.
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ashley: let's look how the markets are reacting today to that march jobs report. a potential trade war with china. the fed chair, jerome powell's remarks about the economy in the last few minutes. let me tell you, the market is off. the dow off 650 points. joining me from the floor of the nyse, tjm investment trader tim anderson. what do you hear on a day like today? it has feeling like it is heading lower and lower and lower.
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>> never a dull moment, ashley. we have opportunity to have 90% done volume day and hold the lows from monday's close which was about 2580. ashley: on s&p. >> on s&p. that might actually be a positive to set us up for next week. now there is a tremendous amount of moving parts in the market. the trade banter, or negotiation, if you refer to call it that. the jobs number this morning was clearly a little disappointing. but i think there was a little by of give back from the number we had the previous month. and the market, it might have had a little bit of a hiccup an hour ago to some of chairman powell's comments although i think the markets may be acting a little spoiled in that regard. he mentioned we're on track for four rate hikes this year, just after the jobs report this morning.
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ashley: right. >> fed funds futures pricing in only 25% probability of a fourth rate hike but the market has to realize here, that fed is not going to change its projection based on one piece of economic data. ashley: right. >> or on some banter and negotiations going on very high level of trade. ashley: tim, let me ask you this. this market is trading on headlines or on tweets, whatever you want to call it. can we improve or at least calm the nerves a little bit, once we get into the earnings season which is around the corner for the first quarter, if those numbers are good and the corporate out look is rosy, will that help calm the nerves? >> certainly if we get real news for the market to react to. ashley: right. >> hard data. corporate earnings are certainly qualify as that we get a little bit further into the month. we start to get the first look at q1 gdp which will many could
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in twice what first quarter gdp came in a year ago that will be very positive. no doubt the economy there is still good growth to the economy. i doubt that we've hit peak earnings yet. but right now this is, what we've seen today there is a tremendous amount of uncertainty in the market. ashley: oh, yes. no the market has more difficult time dealing with uncertainty sometimes than it does bad news. ashley: that is absolutely true. tim anderson, thank you so much from the floor of the new york stock exchange. as the dow down almost 700 points at 23,813. we are staying on these markets. president trump's plan to send up to 4,000 national guard troops to the southern border receiving some mixed reviews. we'll get into this. how effective will that be? by the way, when does the wall get built? congressman andy biggs of arizona gives us his take coming up next.
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ashley: break being right now, yes we have a market selloff on our hand, investors fear we're headed for an all out trade where with china, but president trump doing exactly what he promised, leveled the playing field. the dow off 600 points. we were down 700 points. it is coming back. certainly volatile this point of the afternoon. joining me republican congressman andy biggs from arizona. he is a freedom caucus member. i want to talk about the border wall and national guard. ii want to look at verbal battle between the united states and china over tariffs and leveling the playing field. is the president taking the right approach in your mind? >> yes he is. he needs to take forceful but
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deliberate tiff approach. i have -- deliberative approach. the statement is out there. we know china is not a good actor. they're not playing fair. they're not opening markets to us. they're forcing tech transfer. so the president has got to lay down some markers. i think he is willing to do that. i think it is long overdue. and if we really want to set a foundation of the american economy again we have to get good trade relationship with china. so i'm happening he is setting markers out there. ashley: are you worried about short-term pain and prices going up and impact on this economy here? >> i am concerned long term as well but more than that we have to look at the fact he is making, he will go to the wto. he says he wants to get into the dispute resolution process with china. he is opening up this for public comment. so i think it is deliberative. i don't think it is, there is anything ham-handed here. i think he is in there trying to really get this thing going forward but he has to lay down some very strong markers because
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he is dealing with the chinese who are not playing fair. they will respond to this i think appropriately. i think we're going to see a long-term solution that will be best for america. and the entire world actually. ashley: congressman, let's switch gears. want to talk about deployment of national guard troops, as many as 4,000 along the southern border. a couple questions, is that enough and will it be effective? >> yeah, i think it will be. i think 3 to 4,000 is a great number. i think it will be effective. i talked to both the white house to get more information on their plan. i talked with border patrol representatives trying to get an idea. they tell me that it will be effective. and, so they are looking forward to it on the border. both my ranchers, border patrol agents, they want this presence down there. if we'll not build the wall. if we will delay building the wall which congress is dragging its feet on, we need to have some presence to shore up border
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security. ashley: congressman i lived in yuma three years. i'm very aware issues there. they built a wall in that sector. when do we get the big wall? when do we get that built and who is going to pay for it? >> no one really knows when we'll get the big wall because congress has not funded it. we have to start it, fund it, complete it. i will tell you that it will be highly effective. as you saw in yuma, when they put up a wall, sheriff wilmot down there, when we put up the wall crime rates dropped in yuma. that is what happened. >> it did dramatically. it was quite remarkable. is this a long term commitment for the national guard down there? is this more for show or show of intent? how would you like to see it play out? >> i think president trump is basically indicating that he will keep that force with these folks down there until the wall is built. i think it has to happen.
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but i don't want congress to think because we have a show of force down there we don't need to build the wall. i think we need to get in there to fund the wall. ashley: thank you. thanks for covering a number of subjects. congressman biggs, thanks for your time. >> thank you, ashley. we're following the market. the dow off 660 points at this hour at 23,842. the s&p and nasdaq both down 2 1/2% as well. the nasdaq also moving into the negative for the year. so that is the dow, the s&p and nasdaq in the negative for 2018. we'll be continuing to follow it. we'll have more more right after this. so i got an offer on the business,
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ashley: we will have little more than an hour to go on the trade on wall street. we are following these markets down and down. the dow off more than 700 points. the dow down to 23,00094. s&p falling down around 2 1/2%. we still have an hour left. the president will skip the white house core respondents dinner second year in a row. the president is a constant critic of the media. saying on wabc that the press is so bad, so fake. after the interview the
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correspondents association president issued a statement it that the white house informs that the president does not plan to participate in this dinner but will actively encourage the executive branch to attend. the u.s. hit seven russian oligarchs and 17 officials. the penalties, in many cases freezing of assets are in response to russia's malign activity around the world. back to this selloff now. stocks falling as fears of a trade war continue but other moving parts as well. we have disappointing data showing the u.s. economy added just 103,000 jobs last month. there is that and other things too. go to the florida of new york stock exchange where our own nicole petallides is. what are you hearing from the traders this afternoon? >> they're just trying to get used to the volatility. we're down 716 points. nasdaq just turned negative for the year. they are trying to digest
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everything from the trade war tariffs and threats because nothing has been put in place in fact. of course our fed head's comments that the rate hikes are going to be right on track. so let's break it down right now. you see the dow down nearly 700 points. 2.8%. for the week, dow, nasdaq and s&p are all lower. we were thinking two ex-up in a row. doesn't look that is happening. treasury yields are dropping. that safe haven gold jumping, safe haven. we're seeing those moves. let's look at dow laggards, names related to trade tariffs, caterpillar, boeing to name a few. nike, jpmorgan, general electric taking a leg to the downside. white house is looking closely at the tax treatment of this behemoth which many of us use, year-to-date a dinner. today down 3%. the tech "fang" stocks, overall one of the anists that covers
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tech actually saying this morning while it was looking to the upside early in the morning, likely that the group, the "fang" stocks were headed for the fifth weekly decline in the last six weeks. we are seeing that. you can see facebook, amazon, netflix, google all lower. we threw in microsoft and ibm for you as well. they're all down about 2% each. ashley: red arrows he have where. nicole petallides, thank you very much. 10-year yield. interest rate on 10-year yield only at 2.78. so i guess people, what, cashing out to cash at this point? >> i actually saw the inflows. the biggest inflows more than two years for yields for bonds overall. we're seeing people running to the safe haven of bonds, anywhere but equities right now. nicole, thank you very much. we'll stay on these markets as we head into the final hour of this trading week. can we limp into the weekend? stay with us.
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this is your new name. this is your new house. and a perfectly inconspicuous suv. you must become invisible. :
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well, it's earnings season once again. >>yeah. lot of tech companies are reporting today. and, how's it looking? >>i don't know. there's so many opinions out there, it's hard to make sense of it all. well, victor, do you have something for him? >>check this out. td ameritrade aggregates thousands of earnings estimates into a single data point. that way you can keep your eyes on the big picture. >>huh. feel better? >>much better. yeah, me too. wow, you really did a number on this thing. >>sorry about that. that's alright. i got a box of 'em. thousands of opinions. one estimate. the earnings tool from td ameritrade. . ashley: we are almost an hour now from the close of the markets and many investors running for the exits. the dow down triple digits and then some. right now off 734 points. some traders reacting to jerome powell's q&a at the top of the hour, saying the fed's on course for a number of rate hikes this year, doesn't see big change there, and what we're worrying about, wall street is worrying about for
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sometime now is the threat of a trade war ratcheted up more today with china. with that said, the markets down heavily across the board. the dow, s&p, nasdaq all down well more than 2%. that's it for "the intelligence report." trish regan will be back monday. liz, a wild last hour. liz: we really cannot stress enough how important it is that you all stay with us in this final hour of trade, because it is going to give you the best sense minute-by-minute of where market psychology is going into the weekend that has multiple question marks hovering over, it regarding trade tariffs, jobs and first-quarter earnings announcement beginning next week. the dow down 707 points right now. we've got our eyes on four major developing stories that are driving the markets wild this friday. as we are near session lows, for the dow session lows are a loss of 753 points. start with the new fed chair jerome powell who said

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