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Markets Outlook Ahead Of Tomorrow's Jackson Hole Symposium - YouTube
Channel: TD Ameritrade Network
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so we are seeing some new highs they
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continue tomorrow starts the now virtual
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jackson hole symposium we have a new
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high for the s p 500 the nasdaq's
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holding that 15 000 mark
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what do you think people will be
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watching for tomorrow is there anything
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that really could come out of this that
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might surprise folks
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if there certainly could and we saw that
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happen last year so a little bit of
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background the fomc doesn't formally
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meet again until september 21st but as
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you said nicole we could get additional
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details on the eventual removal of
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monetary accommodation at jacksonville
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again tapering this is not tightening so
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there's a very big difference there
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it'll be interesting to see how the
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market reacts because the that's been
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quite good at telegraphing what they're
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going to do so symposium begins tomorrow
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august 26th for some background since
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1978 the federal reserve bank of kansas
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city has played host to central bankers
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and policy makers academics economists
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all around the world at this annual
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symposium
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um and this year's policy uh supposing
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will be around macroeconomic policy in
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an uneven economy we've been talking
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about that particularly over the past 18
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months to have and have not to the
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economy um that's going to take place
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thursday to saturday federal chairman
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jerome powell will headline the event
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this symposium was originally scheduled
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to return to a live format but as you
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mentioned it just got announced last
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friday that it's going to
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pivot to virtual due to the recent
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elevated copic 19 health risks so kind
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of feel sorry for the event planners
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they're having to pivot that quickly now
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we'll have to see if this year's
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symposium offers any monetary policy
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surprises as well according to lawrence
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gillum he's a fixed income strategist
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for lpl financial economic policy shifts
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have occurred at the event in the past
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including last year when powell
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announced that the fed would operate
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under a new monetary policy framework
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called flexible average inflation
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targeting which seeks to avoid premature
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interest rate hikes fed watchers will be
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looking for any additional hints on when
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monetary accommodation will start to be
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scaled back uh july's fed minutes
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released last week indicated that most
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participants judge that it could be
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appropriate to start reducing the pace
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of asset purchases this year if the
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economy evolves in line with their
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expectations additionally most
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participants noted that substantial
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further progress has been made towards
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the inflation goals but the employment
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goals have not been met yet importantly
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these minutes came from a meeting held
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more than three weeks ago before a
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string of disappointing economic data
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releases and before the recent surge in
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the kobit 19 variant so this symposium
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may serve as an opportunity for powell
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to clarify and update the committee's
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current assessment of the economy which
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will tell us if the myths released last
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week are still relevant so i think
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that's a really interesting point there
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additionally powell may use
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the time to help separate any tapering
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decisions from upcoming interest rate
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decisions another fine line there which
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was something the committee has recently
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discussed so there is
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a lot of potential announcements that
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could come out of this and i think the
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market really needs to think about the
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language and remembering that tapering
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is one thing and tightening is something
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else
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yeah absolutely i mean i think when we
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talk about tapering right or the taper
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tantrum and i think a lot of that will
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come to see when we see how much they
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plan on cutting back on the bond buying
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or what the fed plans to do
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they certainly telegraph it so hopefully
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there won't be too much of a knee-jerk
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reaction as far as tightening and rates
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well that's a whole other ball game i
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don't think anybody sees that now and
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he's got a nice big excuse the delta
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variant and as you said the labor market
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which is going to take some time
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we are seeing the nasdaq at a new high
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saw cyber and also chips were leading
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the way financials are doing well today
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your thoughts in the broader market that
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what else are you watching today
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well i think what's really interesting
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is what president joe biden is meeting
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with executives from some nasdaq 100
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companies like apple and amazon because
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cyber security really is the focus right
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now and i think that's a conversation
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we're going to be having over the next
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couple of months uh next couple of years
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and it's not just tech companies you
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have financial services we have
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insurance
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energy you education a number of um
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public interest groups that are
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discussing with the president and his
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administration how to combat cyber
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security threats and i think the tension
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really exists with how private companies
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and the government interact with each
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other and where protection measures need
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to be taken for each party's interests
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and who is responsible for that so this
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event comes after the u.s experienced
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several large cyber security attacks um
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that really have led to the urgency that
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we're seeing with the
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public and private sectors uh to contain
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these threats including um the software
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firm solar winds that impacted several
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government agencies and the colonial
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pipeline hack um you know biden is
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meeting with ceos from amazon apple
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jpmorgan chase bank of america travelers
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pg e girls who code and more to discuss
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ways that the u.s can improve its cyber
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security and many of these goals include
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addressing the root causes of the
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attacks like vulnerabilities and
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critical infrastructure and nicole
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what's really interesting is there's 500
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000
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unfilled u.s cyber security jobs and
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this is you know your public sector
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private sector all competing for these
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positions and many of them include
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financial services groups as well so
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it's not just specific to the tech
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industry it's across multiple industries
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that impact every facet of this economy
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you
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