who are in the arena. I think back to when Hurricane Sandy made landfall there. Listening to fellow telecomers, heroic stories, friends right here in this room, who got into manholes with their suits and their buckets during the height of the superstore to remove the rising water to keep our networks safe. I think of the men on the cable ships who spend months on end, nearly half a year crossing the Atlantic Ocean, braving storms, nausea, loneliness to lay down a new fiber connection to provide much needed capacity between continents. I think of the long nights of all of us right here in this room, daring to dream about one global network that provides better education, collaboration, research, economies, and a word, growth. It's human advancement. It's gladiators, risking, reaping, falling, getting back up, healing, rising, conquering. These are all actions done by those willing to fight. Those willing to be in the arena, risking it. This is the brink of a new decade, defining decade for telecom. In the next 10 years, will it be one of continued disruption and growth, or will it be one of displacement? Technology is taking over the automobile industry, the oil and gas industry, the power industry, and others. Apple is working on driverless cars. Elon Musk is working on solving our power dependencies, the driver is flourishing. Users, our kids, want and expect to have everything. Right now, top surface, top customer care. To provide this and to remain competitive, internet giants want more predictability over telecoms, historically volatile pricing, time lines, services. And our industry's ability to adapt has been historically steeped with complications. Legacy pipes, last mile challenges, and just the sheer amount of landmass and oceans to cross to a much needed new infrastructure. It makes you like the odds are stacked against us. That the pie getting smaller, the world keeps spinning faster, and the finish lines forever disappearing. But there are answers. We need to listen. We need to adapt. To partner. To leverage our existing assets, and to create new physical and digital assets. Together we can jump forward, making our definitive decade where we become the one, stable, global, secure network, interconnected, powerful, able to deliver the types of infrastructure that technology that our children demand. The internet is us. The billions of us out here, sharing, capturing our lives and pictures and videos, and never seeing before unedited catalog of history, created and uploaded and stored on our pipes and interconnections. And because of this, it's never been easier in history to collaborate, to implement, to advance, to make a difference. So I'm asking you today, think of this room as one arena, to fight for one global network, to listen, to adapt. We need to make our relationships stronger, our marketplace stable, our customers concerned at the forefront of all of our business decisions. We are all in one room here today. Let's make it a room of change.


This is stock number 9428. We are here at Summit Automotive in Fond du Lac, Wisconsin You're new and used heavy-duty truck headquarters. Today we are checking out this super clean 2011 GMC Sierra 2500 crew cab short box. This truck has the 6.6 liter Duramax diesel with the LML motor which gives you 397 horsepower. From this HD video you will be able to tell that this truck is extremely clean considering the age and miles on it. Onyx black is the color. It has Anthem off-road tires. These are 20 inch rims painted in polished rims. No scuffs or scrapes and it has BF Goodrich all-terrain 275-65R20 tires on it. These tires have about half the treadlock and you can see the frame and underbody is in really nice condition. We shoot all of our videos in 1080p so if you have HD capabilities on your computer tablet or a smartphone device turn them on out because it's like you're right here looking at the truck with me. Nice chrome trim grille. The hood is in really nice condition. I didn't see any dents and or dings on that. Passengers side rim is in excellent condition as well. No scuffs or scrapes on that and those tires have just as much tread as the driver's side tire. As we go down this side of the truck you can see just how clean the body is, how reflective and glass like that paint is. We take these HD videos so if you are far away or even if you're close by and just cannot make the trip down but you're still interested in purchasing the truck you can still see the truck here the truck and have confidence in the vehicle that you're looking at before you even get here. You can see the cab is an excellent condition and all the way down this side of the truck very very clean. Didn't see any dents or dings down that side. One tiny little ding on the box here but other than that very very clean down this side. Back rims in nice condition in the back tires have a little bit less tread than the front but still decent tread there. Framing under body pretty nice condition. It's like that all the way underneath. This does have an aftermarket MBRP exhaust factory chrome step bars has a retracts one rolling tonneau cover. You get the chrome tipped MBRP exhaust right there. Rear bumpers in pretty nice condition has backup sensors full towing package which includes receiver hitch seven pin wiring. Tailgates in really nice shape you can see just how nice and clean that paint is. Has the back of camera and the locking tailgate. Has a spray and bed liner that is in excellent shape. No dents or dings on that box. Really one of the only imperfections is this rear bumper piece. Not perfect got a couple little bubbles there but other than that and now one dang trucks in really nice shape down this side just as clean as that passenger side. We want to make sure you get the most accurate representation of vehicles possible so when you get here there's absolutely no surprises especially with the truck with a hundred thousand miles on it. Has a telescopic tow mirrors with the built in directional signals.  There are no rips there are no tears in these seats very nice and clean. Both these seats are heated and cooled. Carpeting is nice and clean underneath the weather tech all weather formats we got power windows power locks and power mirrors heated and cooled seat buttons and a memory driver seat. This one has the factory brake controller auto headlamps and turned dial four-wheel drive. As we hop into the truck you can see that it indeed does have 107,029 miles instrument cluster is very very clean. It has the heated wood grain trimmed and leather wrapped steering wheel. It's in really nice condition has Bluetooth controls on that side and your heated steering wheel and cruise controls on that side. Comes with the 6 disc in-dash CD changer with the Bose sound dual climate control power pedals backup sensors to billet track and then that's your factory exhaust break right there.  This truck smells very clean inside I don't believe it's ever been smoked in. Passengers seat is very clean as well no rips or tears on that and we have in weather tech all weather format on that side as well. Very clean inside and out. We'll take a quick look at the back seats and then check out under the hood. Back seats are just as clean as those front seats no rips or tears back here. It does have that latch child safety system has the fixed glass rear defrost window. These seats fold up for extra storage and we got a weather tech all weather format back here as well. These mirrors do fold in they also telescope out like so and under the hood we have the 6.6 liter Duramax diesel LML motor engine bay is very clean runs very smooth this truck has been fully safe to and inspected by our service shop has a fresh oil and filter change all the fluids have been checked and topped off and this truck is 100% ready to go. To see more pictures of this truck or one of our other 400 new and used cars, trucks, SUVs, minivans, Wranglers, half tons, three quarter tons, you name it we got it go to our website www.summitauto.com full pictures and descriptions of every single vehicle and a lot videos of every single used vehicle that we have all at summitauto.com thank you so much for checking out the video if you want to make this truck ears give us a call right now<PHONE_NUMBER> ask for one of our sales associates standing by to take your call once again that number is<PHONE_NUMBER> thanks again for checking out the video if you want to check out more go to youtube.com slash summit auto remember to like subscribe and share on this video and all the videos you see there in fact in a second you'll see a link to subscribe to our youtube channel on your left a link to more heavy-duty truck videos like this one on your right if you haven't been to our website on the bottom link to this truck on our website click those check us out and we really look forward to helping with this super clean 2011 GMC Sierra 2500 crew cab short box diesel thanks again


The whole world of mindset and self-development is full of so many contradictions. You can get perspectives that seem to be exact opposites of each other and they both can be helpful in one circumstance or another. One example is this idea of how we look at our lives. For many people, we're just not satisfied no matter what and we are missing seeing the goodness in little basic things in our lives and of course because it's so easy to focus on the negative, focus on problems.  So that can be useful advice but that can also be taken too far to this idea of if you're not happy you just have to change your perspective. Look at all the good things in your life and you can realize that everything is okay. So you know you're concerned with this and that problem but really everything's okay you just have to see that it's okay and you'll be fine. And especially when it comes to matters of self-esteem and how I judge myself, you know if I maybe there's something about myself I'm not happy with, you know a common teaching a common advice would be you have to accept yourself, be who you are, you're wonderful and you need to let yourself see that, let yourself see all the good things about yourself and no matter what you're okay. So this can also be valuable advice and I think in many ways it is true and it can be useful but this again can be taken too far to the point where everything has to be okay and we all know those people and those interactions where everything has to be okay. If there's anything wrong it has to be immediately reinterpreted as oh no no no that's not really a problem because you know here's the bright side and here everything's going to be okay. It's like you hear a problem something comes up potential problem threatening this equilibrium of complete okayness and then oh no it's all okay here's why it's all fine and again this has its merits but there's also a merit on the other side of being able to say it's not okay being okay with not being okay to be able to say not good enough and yeah I could reinterpret the situation and say well and of course it could be worse it can always be worse you can always imagine a worse situation no matter what and you know maybe compared to some average you're doing okay compared to some expectation you're doing okay but it's okay to be able to say I am not satisfied this is not good enough I want something better. I remember you know I used to be unknowingly part of this everything's okay camp just with this kind of laid back I guess you could say zen but not in a technical zen sense but just a sense like oh it's all good go with the flow kind of mentality and you know I figured my life is okay and then a few years ago I just remember hearing something hearing somebody say if your life is okay it's not good enough your life should be awesome life can be awesome and so if your life is just okay something missing and that kind of bugged me because I realized that I believe that statement and that I knew that there were other ways to be there were better ways that I could be living my life better and the life that I was living I felt like it was it was okay it was all right I can always compare to worse lives and I'm happy that you know I'm in the position that I am I'm doing okay but when I compare it to this idea of having an awesome life it hit me that I was not having an awesome life not a life that I considered to be awesome and it was the time when I really decided that having an okay life is not good enough and I want something better the first thing that happened it felt uncomfortable it was like oh wow I kind of I envy people that can have a better life but it also gave me fuel it led to it led to the beginning of me making changes even realizing that change was necessary that I started to imagine and think about ways that I could bend my life more towards this living an awesome life and and a big part of it seemed to be meaning spending my time on meaningful things not spending my time on things that seem to be empty and wasteful such as working jobs that I don't consider to be meaningful and passing time with entertainment that I consider to be wasting time these things were taking me away from what could be an awesome life and I started to really investigate how I could make my life better but it wouldn't have happened if I was just okay with being okay okay with having everything at this mediocre level just telling myself that it's okay that it could be worse in order to get the fuel the hunger the drive to change I needed to have some of that uncomfortable unhappy feeling that I was missing something in my life I had to let myself feel that and that's when I started really taking the steps that I needed to to make things better


Alright everybody, what is going on? Welcome back to another video, welcome back to another Rugby Player Reacts to the 2020 NFL Draft video. We're here, it's the second video of the day before we actually get into the draft or the results of the draft. I'm looking at a few videos just to set the scene a little, you could say. In the previous video we heard the Combine Athletes, the College Athletes, compare themselves to current NFL players and that was quite fun. In this video we're going to hear from someone or something, try and calculate who of those top players are most likely to turn into legitimate stars. I don't know how they're going to calculate this but I'm interested. So guys sit back, relax and let's get into it. This draft model has run the numbers for which prospects are most likely to become starters and make the Pro Bowl by evaluating their production, athleticism and size against previously drafted players. Unfortunately, offensive linemen are omitted as we do not have a great way to track their college production. With that said, let's kick it off with number 25, Justin Jefferson, wide receiver LSU. Jefferson caught a school record 111 passes for the National Champion Tigers. His blazing fast 4.4340 at the Combine made him one of five receivers to have a score of 75 plus in athleticism, production and size. Number 24, Jeff Okuta, cornerback of the state. These guys are, these guys are lethal, legitimate players and they're at number 25 and 24. Who in the hell is going to be top five? Okuta only started for one season in college which heard his production score. He did have a strong showing at the Combine though running a 4.4840 and earning a 96 athleticism score. Purdue tight end Bryson Hopkins is 23rd due to his 98 production score. Hopkins caught 61 passes in 2019 and had 16 career TV receptions with the Boilermakers. Oklahoma quarterback Jalen Hurch checks in at number 22 and grants the list based on his 95 athleticism. Hurch is going to get out of the first round. 4.5940 yard dash at the Combine after going 38 and 4 in his college career. Safety Grant Delpit is the second national champion LSU Tiger to make the list. The Jim Thorpe award winner finished with the second highest production score among safeties after tallying eight interceptions and seven sacks. Are we going to see any running backs in this top 25? Three seasons at LSU. Another corner, Amiq Robertson from Louisiana Tech checks in at number 20. Maybe two? Robertson has a 98 production score, the highest of any corner in the last two drafts due to his 14 career interceptions. Clemson safety Kavon Wallace lands at number 19 due to his 96 athleticism score after running a 4.4340 yard dash and jumping 38 inches in the vertical. Michigan State's past rusher Kenny Willikis is number 18 according to Nexon stats based on his 88 production score after finishing his college career. What is AD? Edge Defender? And 51 tackles for a loss. Justin Mattavike is 17th on the list after his 4.8340 yard dash at 293 pounds along with his 7.373 cone resulted in an athleticism score of 96. Christian Fulton earned athleticism and production scores over 80 due to his 4.4640 and 23 pass breakups in his two seasons. He doesn't even look like he's crying, does he? That's good enough to land him at number 16. Number 15 goes to Camp Acres from Florida State. Acres is one of three running backs in this class with a score of 85 or better in both athletics. Yes I was impressed by Acres actually. I was impressed by Acres although I think he's quite short. I think he's 5'8 from memory. Acres from Florida State. Acres is one of three running backs in this class with a score of 85 or better in both athleticism and production. The other two are still to come. And for the Jennings, a three-year starter at Alabama sits at number 14. Jennings earned an 84 production score after leading Alabama in sacks and tackles for loss in 2019. The corner most likely to make a pro bowl in the draft according to next-gen is Tulsa's Reggie Robinson. Robinson was the only corner to have athleticism, production and size scored above 75. Organs Justin Herbert lands at number 12 as he has the highest athleticism scored among 2020 quarterbacks after running a 4.6840 with a 35-and-a-half inch vertical and a 10-foot 3 inch broad jump at the combine. Yeah! His size and athleticism compare well with that of Bill's Josh Allen. Clemson's T. Higgins is one of four riders to see those in the top 11 according to next-gen stats. Higgins has an 89 production score after hauling in 25 teeny receptions in his last two seasons with the Tigers. Alabama's Jerry Judy kicks off the top 10 with a 94 production score. In his two seasons start like a dozen times, Judy racked up almost 2,500 yards and 24 touchdowns. Minnesota's Tyler Johnson led all wide receivers in production score. Johnson caught over 160 passes the last two seasons and set Minnesota's single-season records in receptions, yards and TVs in 2019. Ohio State's J.K. Dobbins is the second most likely running back to make a Pro Bowl at number 18. J.K. Dobbins. I don't remember him from the combine. He's from Ohio State too. Dobbins has a 97 production score. Size at 69. Why is that? Why is the size so low? Imagine if he had a 90 size score. He'd be a number one prospect. I really, uh-huh, 178. Okay, yep. 510. After rushing for almost 4,500 yards in his three-year career, including setting a school record with 2,003 rushing yards in 2019. Number seven on the list is Isaiah Simmons, the do-it-all defender for... Thanks, I got 2,000 rushing yards last year. For Ohio State, I definitely would have been told about them. Seeing as the fact that I was following Ohio State, but I just can't recall. Clemson. Simmons has a 99 athleticism score. Oh, man. Other linebackers and safeties. Simmons ran a 4.3940 at the... 4.39. A 38-inch vertical. Is that what they said? List is Isaiah Simmons, the do-it-all defender from Clemson. Simmons has a 99 athleticism score when compared to other linebackers and safeties. Simmons ran a 4.3940 at the combine after tallying 107 tackles, eight sacks, and three interceptions in 2019 for the Tigers. Alabama's 220... Wow, that guy's just everywhere. I'll say it, Thomas. He is going to be in the top 10 for sure. So, okay, so top six. What have we got? Tua. We've got that Jonathan Taylor running back. We've got Rugs, the wide receiver. We've got those two massive linemen. And we've got Joe Burrow. That comes in at number six, according to Next Gen. Tua earned a 99 production score after throwing 87 TDs to just 11 interceptions in three seasons with the Clemson tie. His record as a starter in college was 22-2. The fourth and final member of the 2019 National Champion LSU Tigers to make the list is quarterback Joe Burrow. Like Tua, Burrow earned a 99 production score as he completed more than three quarters of his passes and threw 60 TDs in route to the Heisenberg team. Oklahoma's CD Lamb comes in at number four after earning a score of 94 in both athleticism and production. Lamb ran a 4.50 40-yard dash after compiling almost 3,300 yards in 32 touchdowns in his three seasons in Norman. But Ohio State's Chase Young earned a 97 production score the highest of any edge rusher in the class of 2020. Young led the FPS in sacks with 16.5 despite missing two games in 2019. He had 27 sacks in 26 games during his final two seasons at Ohio State. The number two prospect, according to Next Gen's model, is running back Jonathan Taylor. I thought he might come at number 10 or 11 or something. I'm so happy to see that whoever's racing, well actually it's an algorithm but I guess in that case I'm happy to see the algorithm thinks the same as I. Why is his size score as a running back 77?  Is that because he's too tall or too short? Too heavy or too light? It doesn't matter. He's got a draft score of 98 out of 100. Jonathan Taylor, this guy is going to be lethal, bro. I cannot wait to see him play. And I can't wait to see the team that picked him up because I might have to start following them. Taylor earned a 98 production score after rushing for over 2,000 years in consecutive seasons. And he's got my favorite number. Taylor's 4.3940 and 36 inch vertical at the combine leading to an athleticism score of 96 and the prospect most likely to become a starter and make a pro bowl according to next gen stats is Missouri tight end Albert O. Albert O not only leaves all FBS tight ends with 23 touchdown receptions since 2017 but he also put on a show at the combine. He earned an athleticism score of 99 after running a 4.4940 at 258 pounds. Damn. Damn, damn, damn. Alright guys, so when I paused it at 6 I rattled off a few players that I thought would be filling out that top 5. Lo and behold, I got them all completely wrong except for 2 which was Joe Burrow who came in at the 5th highest likely to become a starter and a pro bowl player. Then we had Jonathan Taylor come in at number 2. The second most likely player in the draft to become a star. And I'd have to agree. So guys, I think that concludes our videos prior to the draft. Let me just check what the next one is. Doing the draft. Mr Goodall. Okay, I don't know if I feel like I'm not ready. I feel like I'm not ready to watch this. It's only a 6 minute and 58 second video to go through picks number 1 to 5. I feel like, oh that's too short. We're not going to be able to enjoy each pick enough. But actually with that being said I've probably got about 15 more videos to get through so probably the shorter the better to be honest. But anyways guys, I hope you've enjoyed that one. I hope you've enjoyed the draft wherever and whenever you watched it. If you're watching it for the first time with me, I want to say welcome. Let's do this. If you're watching it for a second time with me, I want to say welcome. Let's do this.  No one watches a draft three times. And with that being said, I'll see you in the next video. Peace out.


Hi everyone, I'm just getting set up switching the feed on we're not going to commence the official broadcast till 45 minutes past so I'm going to give it another couple of minutes and Then we'll get stuck in I'll do a preview. I'm just going to get the chat up as well on YouTube Absolutely feel free to ask me questions as we go through. This is definitely definitely meant to be Educational in a way that you know, I want you guys to to look at really how I'm analyzing it as As well as you guys I'm sure who are trading it But I know we have a lot of students and so on that follow us. So I definitely want this to be Me talking things over as much as it is me Just talking about the charts and so forth So I'm going to give it a few minutes I'm just welcoming people online now and then we'll kick things off shortly But yeah, I hope everyone is well. Thank you if you are just logging in. I hope you've had a good day I hope you've survived the heat I'm told it's gonna start raining in 72 minutes if I was being precise So I hope you've enjoyed it while it lasts but we're we're gonna kick off in a few minutes We're just gonna get everyone up and running Okay, who have we got it I? Prattie Paul Dion Just going through the YouTube Comments so I can keep an eye on any questions as well as we get them Okay, cool.  I'll start it in a moment So I'll do a fundamental rundown and then we'll look at the charts. I'll talk about potential scenarios for reactions But yeah, great to have everyone on board Joshua Good to see you Dion. I know you often leave comments as well on the videos day today, so I appreciate that And anyone who's just tuning in if you're not subscribed to the channel just hit that subscribe button hit the bell icon There's daily macro briefings I put out and there's other cool content from the rest of the team covering different areas So stuff you you might get a Good value from All right, well look I'm gonna kick things off because there's plenty for me to talk about I'm gonna try and keep it as Concise as possible. So a couple of different things for one when this event happens I know there's quite a few charts here to look at but I'll quickly I'll quickly give you a run through so on the left That's Euro dollar top center is cable top right is gold. I'm looking at all futures Charts center left Dow future center Nasdaq S&P 500 on the right got the US tip 10 year on the bottom right and you've got WTI crude futures At the bottom as I go through and I talk on any chart. I'll maximize the chart so you can see exactly what I'm talking about But we've had a little bit of a dip here more recently in the last hour or so in equities Dow and The S&P 500 the Nasdaq sitting pretty flat at the minute. I wouldn't over interpret that We did have a just a brief run through a technical point of support in both those Affirmation products, so this is quite usual of what we see Liquidity gets quite thin ahead of particularly an important big scheduled news event like this and so you get a bit of gyration in price If anything the pre positioning of these equity indices I think is quite interesting and we'll talk about that in a moment the other products top right gold here is Super range bound at the moment. We're just kind of awaiting this main event to really make a decision now on direction We'll talk about that in a moment The US 10 year has literally traded at the bottom right a three tick range for the best part the last five to six hours But again very normal as we go into people awaiting sitting on their hands for this main event to kick off dollar index is pretty flat Somebody doing a great deal at the moment as you would expect and that's reflected in the major pairs, but What I'm going to do I'm going to take these headphones off because I'm not going to need them for the moment given that this is just me on the on the call this evening But let's run through a couple of different points then to give us a bit of context for this Fed meeting And why it potentially carries importance? for Multiple asset classes and for the global economy and that's because of a few things so first off Let's talk about the economic situation So this is the inflation rate in the US you would have read about this You'll already know about this Inflation is tracking at 5% year-on-year and the core reading is well in excess of what otherwise would be an in normal sense A 2% inflation target in in fact the core readings are the highest since 1992 Now the Fed and to some respect the market has bought into this idea that inflation is transitory so the Fed have been kind of banging that drum repeatedly telling you that that is the case and After some initial pushback the market seemingly has started to Fall into line to some respects because if you look at US yields generally they were declining for the majority of last week They've strengthened a little bit this week But albeit they've generally eased off of where we initially were in response to fears about kind of inflation from supply Constraints resulting in a lot of price pressures that we're seeing at the moment and remember if you think about commodity prices and what was causing that kind of squeeze things like Copper or lumber, you know the latter has seen a huge retracement from some of those gains that it had seen and Kind of then when we looked you know, we start to break down CPI and you start looking at components like used car vehicles and energy prices and things like that That's the rationale for the transitory argument. The other thing then looking at the economy is Some of you may or may not know but the Atlanta Fed have a model called the GDP now model and In summary without going into the the technicalities of the methodology. It follows a similar process to that of which how The government basically calculate the GDP figure for the US The only difference here being Unlike GDP which is kind of backward looking we're looking at Q1 growth rates Which is really quite old information now that we're about, you know, we're in the middle of June now so This GDP now model gives us an indication on a more updating on a more frequent basis of what that model Estimates for the second quarter of US GDP and it updates whenever we get Significant US economic data at the moment that's tracking at 10.3% So if you thought your economy was motoring on at the moment, it's about to get even hotter and so We have a situation here where? There's certainly the economy is continuing to recover And more in some respects in certain aspects As we continue the reopening process as vaccination rates continue in the US You probably read just yesterday New York California vaccination rates in excess of 70% has allowed them to pretty much go a step Where the UK hasn't Predominantly because of the Delta variant but in America full reopening to the extent of dropping Most of the conditions that we constitute and a lockdown like social distancing and so on and so forth So we can expect the economy to perform better going forward Offsetting a lot of this positivity though is jobs There's still a huge gap between Recovering the lost jobs through the pandemic several million in fact and the last last two non-farm payrolls as you will know have been particularly disappointing More so the former than the latter one that we saw. I mean we were talking. I remember doing the briefing It was like, okay, we're talking about 1.5 million What if it's 2 million and it came in at 278,000 so it's a huge miss And that's been then enough comfort for the markets to buy into the idea that look Tapering is on the agenda, but it's not going to happen anytime soon And so that shifts then the conversation onto tapering now for me Personally and obviously I might be wrong But I can't help but feel that the market has got way too far ahead of itself on this notion of tapering You know coining this event as kind of like the moment to taper. I think is inappropriate I think you've got to understand the sequencing of the incremental steps via Forward communication that central bank takes like the Fed to be ultra cautious and and have Awareness of the sensitivity markets have to this issue. So this meeting I think Could carry the ability where? Not a lot of mention in the opening statement about tapering could actually cause a bit of a relief reaction in asset What I'd be looking at if that were the case is actually a bit of recovery from these recent sell-off We've seen the last two hours in the US indices If anything the NASDAQ might well outperform because it tends to tech tends to be a better factor of a Lower yield environment and so therefore although tapering is coming. It's not a problem now We might see some relief in the equity market The idea here then is that at the moment the kind of Fed perception as the inflation is peaking and so if it is indeed transitory it's going to ease we're seeing some signs of that and some of those commodity prices as I Mentioned and the jobs market is a million miles away from where it needs to be and the jobs market They've been explicit is a key focus of policy decision making and it's also definitely a key political point for the administration at the moment And so the pressure is coming as well from that angle. So for me This is about management and carefully doing it in a way that doesn't destabilize markets But as I said, I think market kind of perception and thus positioning is erring on the side of Looking for something more concrete on tapering and I don't think you're going to get it Definitely not in an official communication. I in statement What we're looking at here at the Goldman's timeline Not that I think that Goldman's is particularly special or unique But I think it's a consensus on the street There's definitely forming at the moment and that is we get the first more detailed hints on tapering at Jackson Hole Which is happening at the end of August? So if you think about the end of August That's actually like 10 weeks away And so that gives plenty of time in my mind for the central bank name to get equipped with more information about vaccinations reopening's Inflation and jobs as amongst those other things as well So it makes sense to me to not say too much now To basically just keep that idea that they are talking about tapering But look we haven't got to the point where definitive action or timelines are going to be set out So it's going to be quite loose in that respect So that means then that the kind of gun gets fired if you like on the signal in August Then it gets formalized at the next time projections are outlaid, which is in September So remember we're getting an update tonight of projections from March And then that buys the fed time then to formalize it in sep to then start the commencement of tapering Most likely at the beginning of 2022 So that's the kind of sequence. So a few other things I wanted to share is From the opening statement This was a preview that I saw from TD Ameritrade and in the statement There's there's kind of a phrase that gets used at the moment which has been coined by the fed Which is this idea about the economy is a long way from our goals And it's likely to take some time for substantial further progress to be achieved This is kind of quite dovish in context of where we're at economically now Because obviously this is going back to a meeting that happened quite a while ago So what some people are looking for is to pay heed to the fact that the economy has improved And things have got a little bit more optimistic that the word some time might be dropped I don't actually see that as hugely hawkish. It's probably appropriate But it's something I'd be looking out for in the statement The other thing then is the dot plot and the kind of summary of economic projections Some of you might not have looked at this But this is what we're definitely going to be looking at when the information comes out We've got about four and a half minutes And this looks at real GDP Unemployment PCE inflation core PCE and then obviously the dot plot So I'm going to talk about two of these or three of these in fact First off inflation and growth I think inflation and growth definitely have exceeded their initial projections that they issued back in March So we are expecting both of those to see an uptick and perhaps an inflation a meaningful one How far they see that could well be indicative then of Perhaps putting a little bit of pressure on them to react to something like inflation So it could be perceived as hawkish. What would be key for me is I think the market can swallow the fact of inflation forecast being lifted for 2021 If they alter drastically upward 2022 that would suggest then that the Fed are probably seeing something That's a little bit more long lasting than just transitory pressures And so I would actually look for the size of revision to upward and how large in PCE inflation core PCE and GDP But I'll also look at what are the changes to 2022 as being quite key And actually I think they'll probably be minimal and the more minimal they are The more the belief is that inflation is transitory and they're holding that view The dot plot of course is important. The likelihood is when we look at the kind of composition of dot plots This was the last time out We're going to see a couple more of these dots at the lower bound move up And that could well shift the median dot plot up to the first rate hike in 2023 rather than after 2023 Again, I don't really think that's particularly Going to be perceived as hawkish by the market the market's pricing is a much more aggressive than the current March projections from the Fed. So then bringing forward a rate hike. It's going to be pretty split There's going to be a lot a large group of people still sitting there at zero So I don't think it's it's particularly That hawkish what I would look for then is the composition of dots and how many of these guys are actually jumping up It's only going to take two to shift the median So if it's two that's more dovish than if it was Seven for example, which is like a more unanimous move that indeed and rates should be higher sooner rather than later This was the final thing I wanted to look at Because we've got a few minutes now This is a quick look at the s and p 500 intraday And I thought it was quite interesting because it's something we talk about but this is a visual graphic to express that kind of view And it's talking about the most recent fed governors and how the s and p 500 intraday tends to perform between the period of the statement coming out And then the press conference beginning and Jerome Powell has had a pretty distinct pattern to how he delivers his press conferences now You know, definitely you've got to take Each event for its for its merits of what it contains and in context But I think it could happen once again in that if What I'm saying does materialize and that actually they keep the language Fairly uncommitted in the statement and the market perceives that as then a bit of a relief that there isn't something more definitive Then equities might rally Only then for the press conference to begin And I think that's where they've got more flexibility then in the q&a for Powell to start addressing as he will be definitively questioned on Tapering the timing the conditionality all of these things And that's where we might get a bit more of an insight as to really where are they at with these discussions And if they are more advanced the more he kind of gives on that front The more I think that could have a weighted impact on stocks that it could fuel a bit of a dollar bid and therefore Way on some of the pairs and also see yields kind of climb a little higher reversing what might be an initial easing move All right, got to put the scorecon It's just under one minute to go So i'm going to hand it over to the announcers now and you'll be able to listen in again I will shift the charts make them bigger as I go through them 30 seconds Okay, that's the scorecon now. I'll repeat anything substantial if it jumps out, but I'll leave it to them 23 7 out of 18 see Going to switch them off because that median projection shows two rate increases by the end of 2023 So just to repeat that's the dot plot that's already come out shows two times 25 basis point rate hikes Initially on the surface that's a big surprise and actually you're seeing the dollar Sharply bid on the back of that so you can see these major pairs getting hammered Golds broken down through that low yield spike t-notes lows on the bottom right and equities getting hit So again, I've still yet to digest all the comments, but on the surface That's a really big comment there that the median 23 2023 dot plot shows two rate hikes We were talking about just one So seeing a big push in dollar strength weighing on the pairs now as it goes through Back to securities Yeah, I'm just going to bring up the summary of economic projections, but again the two rate hike is what's moving the market here Really big surprise on that comment And just seven out of 18. Let's see that fed funds rate Lift off in 2022 just missing out on a median dot plot height there, but definitely a rise there That's up from four Okay, I'm just trying to get the projections up some of the commentary in the statement says indicators or activity and employment have strengthened amid progress on Covid vaccinations Says it will maintain the common Fed funds rate until labor market has reached maximum employment and inflation has visited two percent And is on track to moderately exceed that for some time Okay, I'm just going to turn them down for a moment. Here's the summary of economic projections and here's that federal funds rate So in 2023 they see 0.6. I mean, that's quite incredible. Um, that that figure much more Bullish in terms of where they see or hawkish in this nature for where they see the dot plot rate rising Let's just have a look there on the breakdown because this is what's super important for ascertaining now How sustained this move might be so they've upped their GDP forecast to 7 from 6.5 Unemployment remains unchanged A core pce inflation has been up to 3 percent But remains relatively unaltered 0.1 increase there for 2 2.1 from 2 GDP then fades after hitting the peak at the end of the year and unemployment starts to to decrease down To 3.8 so a little bit more bullish than they previously saw So actually on these projections the couple of things that stick out Definitely definitely this initial push is being sparked by two rate hikes No one was talking about that at all Some people were in fact thinking There's going to be no rate hikes at all and the Fed weren't even going to shift the median dot plot Hence the big hawkish reaction that you're seeing with gold getting hit at the minute But when you actually look at these as far as inflation is concerned This would kind of ratify the idea that indeed they do see That the inflation is transitory as far as these numbers tell me But yeah, let's have a look at this then the the gold market here Just getting hit so a decent move now down from around 63 We're trading getting close proximity now to the weekly low that was printed back down at the beginning of the week on Monday So just just finding a little bit of support here on the bounce as we we rocketed through that intraday range trade Having a look elsewhere euro dollar obviously session lows on the back of a spike in the dollar So yields and dollar appreciating you can see euro dollar just just popping through Both friday and monday's low and still remaining heavy at the moment Just having a look on the daily chart here Probably an area that i keep an eye on on the downside would be you've got a double bottom from sixth seventh of may And also the thirteenth of may and that comes in on the daily chart about 15 pips below It says to me there's a bit more room to run here in some dollar strength Just to push that euro back down session lows again But i'll be looking for a probably a bit of response there at around that point where people Short-term and the fast money move might look to exit some of those short-term trades equity wise Yeah, uniform sell-off across the board as you can anticipate and the us 10 year The us 10 year actually has got a pretty decent margin to fall I would say given the uptick that we saw last week remember Pretty much after inflation numbers came out. We've just moved higher ever since because people have believed and bought into this transitory idea Downside there's a pretty good technical level here in t-notes as a target If I just squeeze my chart so you can see it kind of looking at around This kind of area here so the 132 handle which encapsulates some of the late may highs and also support areas in early june As a downside target there on the yield move higher I'm just going to have a quick skim for the statement I'll turn the squawk back on in case they're highlighting any more color So you'll have to bear with me just give me a few moments so I can just digest the full report Just take me a minute or so Okay, so here is the side-by-side statement So you can see the actual red removed the green added words This is courtesy of our friends at new squawk who's who you're hearing on the squawk When that initial announcement came out So here a couple of things so they've removed the whole kind of comment around covet which would I mean from a from a markets point of view was rg relevant Anyway, they've added progress on vaccinations has reduced the spread of covet 19 in the us Okay, that's factual. That's not really a great deal of interest in that They said progress on vaccinations the ongoing will likely continue to reduce the effects of the public health crisis continues to weigh on the economy They've dropped and but but risks to the economic outlook remain so pretty unaltered The committee seeks to achieve maximum employment inflation the rate of 2 over the long run with inflation Instead of saying running they've said having run Persistently below so they're kind of saying we're now well above that it used to be below it so this statement is absolutely Bland, I mean they've done nothing So this is kind of what I was referring to in regard to A kind of relief in terms of the idea about tapering So one of the interesting things here that I think might explain why the market is reversing here in the equity space at least Is the fact that Yes, it's a shock There's there's enough of them in the composition of the dot plots and in fact Let's just have a look at those dot plots to get an idea of the change. So if I scroll down So here's your dot plots so you can see there's been quite a drastic alteration where there's some outlying Hawks that are really gunning for higher rates here in the us in in two years time But the median has gone up kind of two notches if you like up to point six People are expecting perhaps a little bit less than that. So that's fine. The market has this initial reaction, but I don't know rates were always going to rise in 2023, weren't they? I mean, yes, two is a bit more hawkish than one But does that materially alter the timing around tapering? I don't know. I mean looking at those projections I don't think they're severe enough to really alter the balance on the tapering timing And so given that statement is so Cut and paste from the last meeting I actually think that we we could as what we're seeing I think explains the about turn here in the equity market. So the Dow has now Reversed pretty much the majority of the move the s&p the same NASDAQs well off its lows What I'm trying to suggest here is that I don't think it materially alters the first sequencing Of policy normalizing, which is that of then tapering and so although they see rates higher in Two years. Okay, fine But that's two years The near oppressing point here is about when are they going to stop buying 120 billions worth of bonds in the marketplace? And I don't know. I don't think that the projections really really shift that narrative for me The statement certainly didn't show or tell anything So you've had a bit of reversal and actually Um, it'd be interesting to see so that kind of visual graphic of a kind of a rally after the statement And then the opposite During the press conference We might actually now get the complete opposite of that Where because of the dot-plot that really took precedence the market has had a knee jerk reaction I don't know from what's been from the information So far I'm not sure if I see this as a continued runaway hawkish move personally And so with that being said, I'm just keeping an eye on gold At that low it's really struggling. It's having a bit of a fight at the moment at that weekly low on monday in the s1 Cables bounced pretty nicely technically from the low that we had yesterday so I'm feeling a little bit more inclined about a potential Reversal on some of the initial knee jerk reaction. I guess is what I'm saying, but look Let's see how it plays out And the press conference obviously will start in 20 minutes We'll listen into that So, yeah, just let me just address a couple of questions Um, so so they didn't announce anything Um, well, I mean from a policy perspective. Yes, you're right. I mean, there's definitely no change in rates There's definitely no change in kind of QE. There's no hint towards tapering in that respect But they did order, of course, those dot-plot projections and that's what's moved the market So they have announced something But yeah, as far as standardized kind of traditional Monetary policy tools are concerned. Yeah, they've not changed anything Christian so the statement was not as important the bot plot now is where the traders are looking 100% And that was clear to see I mean straight away the way and it's the way that you do this in reality. I guess is that You can kind of Bloomberg would run and snap these headlines and they typically have like a sticky headline That's colored in red that holds while all of the other news flicks past And they would have known that yeah a two rate hike call for 2023 is out of line of expectations So they kind of ran out as their headline Gold's just having another little test though down at these lows So just starting to see another little bit of a bid in the dollar just seeing those Cable in euro just be testing down at the lows again. So Still keeping an eye on that. I mean, obviously the dollar rocketed up the Dixie to 91 Found a bit of a hiatus since then Equities now fully reversed now oil So for any anyone new to trading Oil is not the product to trade for these type of things you know, it's a very Indirect move if there ever is one that would probably be more proportionate to something really outlying happening that would Substantially move other assets, particularly the dollar to really influence oil. So I mean, we're talking about rate hikes in 2023 From a near term intraday point of view for oil. It doesn't really make any difference at all Yeah, the 10 year yield spiked up. So for sure. So that's just paying heed to the the dot plot alteration So again us 10 year There's a bit of space downside. We got that technical level. We were highlighting earlier at the 132 handle, which was that low Back at the beginning of of last week and also was also a period of range high through late may early june. So The 10 year could press a little lower But then could well find some support until then the press conference commences and we'll look for cues from Powell As to the tapering side of things. I mean the interesting thing here for the market to really kick on In a more hawkish fashion Powell's going to be pressed on tapering So if he does start to talk about that in a bit more detail that constitutes more progressive descriptions That they're having over tapering i.e. hinting towards they're getting to the point of where they need to kind of Fire the gun on it give the signal Then that's definitely something which could re-ignitiate further extension of the moves that we've seen So that's going to be quite key to watch when he starts in about 15 minutes Why is the bund spiked down? Yeah, the bund just moves in sympathy with the us 10 year so In it's a good question. I guess if you're not familiar with markets, but yeah, this is definitely nothing to do with the A kind of direct way That's specific to the bund market But obviously if if yields in the us move and the us central bank is looking at tightening hiking twice Compared to none at all In 2023 then this is going to reverberate given the interconnectedness of markets central banks typically Follow one another's leads And so to some respect then it's more of a in sympathy play in the bund Led by the move in us yields rather than it's a bund centric move if that makes sense The german bund is just eradicated. It's it's days gains. So from a range perspective We've just gone through the low that was seen through yesterday's session So just training a little heavy here's The 10 years now at that 132 handle. So yeah, interesting now You are getting a bit of a secondary push equity is not not buying it at the minute But definitely yields and gold So 10 year now Let's see how it responds at the 132 handle as well as cable retesting that previous low that we mentioned on the week on the 15th And so at a point of support now and see how it can Uh get ahead of steam or not through there for the euro. Let's go back to that daily look on the higher time frame We're at that level now that we were looking at a moment ago So it will be interesting. Perhaps now we see the move just get a bit exhausted on this second push As people typically tend to then exit and await than the press conference to commence Because they don't want to carry that that initial risk over what then could be a comment that he makes that might Trigger a counter a counter move Let's have a look gold. Definitely another push lower now So, yeah, definitely starting to see actually the market pushing on with this kind of hawkish hawkish view From a technical perspective, it's quite a key level for gold that has been broken So from a technical perspective gold doesn't have a lot in its way until we are Potentially 20 bucks lower than where we are at the moment So from a technical perspective gold is quite susceptible now to downside Because there's not a lot of recent technical levels To suggest then a near term point of support So here with that break you get a bit more of an extension move comparative to other asset classes, for example Yeah, equity is still Bit indecisive The 10 years just sat on the 132 at the moment Someone wants to look at the bitcoin chart. Okay. Yeah, sure. Let's get bitcoin involved Um bitcoin reacting to the fed To be honest, I don't really look at bitcoin enough and I've not really done enough analysis to track bitcoin over a fed announcement Perhaps it does move I I don't really honestly know because I don't really look at it that often Um, just have a look from a technical perspective There's a kind of trend line. I've been looking at in bitcoin that goes back to You're you're at quite a technical point actually in bitcoin and you've got You've got these areas so trend line going back to the 21st of may Kind of close areas of retesting on the rebound recovery on the 26 27th Reactive nicely to it at the beginning of june as to did it on the 10th And that horizontally as well is is an area that the market was responded to in some of this near-term volatility So after What was quite a decent push in bitcoin? This is looking at bitcoin futures after the gap up scene at the recommence of the trade this week Kind of hit a bit of a hiatus at that 40 Thou well 41,000 mark which in the future space is the r1, but also The previous height we had on the 26 so I'm not going to necessarily draw too many conclusions about what this means for for for bitcoin to be quite honest Um, because you know if I'm being open and honest It's not a product that I know particularly well, but looking at it from a technical point of view It's a pretty big area of support that we're trading at the moment a breakdown of here I'd be looking for a move down to through 38 000 to 37 6 9 7 And the reason for that is because this is looking on the 30 minute futures chart You start to draw in some of that near-term price action from going back to the mid and latter part of last week Quite a key area that we're trading at the moment Um for bitcoin short term intraday letters so Yeah I'm uh, I'm definitely not uh the crypto guy, but yeah happy to comment on it From time to time for sure So this is my first time seeing news trading have people made the entry yet or still waiting for a kind of announcement Yeah, so that's a good question and a valid one and so definitely, you know I'm mindful of a lot of people that join these feeds are are are kind of new to trading Um these types of events I would say successfully navigating a monetary policy event is probably on a switch chart It's probably one of the most challenging Um Events that you could possibly choose to trade It is very difficult because of the nature of the subject matter that you're looking at which is Um, I'll put my twitter handle here if you want to follow me on twitter Um, but one of the points here being that monetary policy is very complicated It's very multifaceted trying to pick through it And if you're brand new is a highly volatile situation which requires very quick very Measured execution and risk management It's definitely not an event that you should take lightly or come into Ill-prepared I would say on average if the traders I've always worked with over the years and you know, I've been doing this for nearly 15 years now um I would say it's definitely the minority who are very good Intra day macro headline driven traders who could Digest and trade this type of event Um, definitely this is amplifiers kind of trading Pedigree is in that space. That's where our edge is, you know, people talk about edge in trading People talk about a technical edge an execution edge, whatever it might be our edge Is these types of events because we're very much our macro Fundamental cross asset kind of focus So the tips I'd give around it are quite simple. I would say basically Watch these events prepare for them thoroughly, you know, hopefully fees like this are useful Um, there's tons of good resources. I mean, I did a I did a good video explaining twitter a few years ago if you search How to use twitter for trading and you know, if you follow the right people there You can get some really good quality value Um information of bank research and stuff like that So just listening and understanding what other people in markets are focusing on what they're listening to and then preparing strategizing watching Reviewing and then repeating that process and not trying to take shortcuts And then introducing sim trading Then start trading it with small size and then build your way into it You know, this is a very complicated high-risk event to trade And when you're new, obviously you're trying to establish consistency You know these types of things where you need to earn yourself some screen time And so trying to jump in front of a freight train is not necessarily as As tempting and high-risk and thrilling as that might be the most sensible decision So I always say to people who are new to trading Definitely definitely you're not going to learn unless you watch And you've got to accumulate experience as how all good traders have earned their stripes Um And then you start to bring it into your game But do understand as well and I know plenty of traders who will quite frankly avoid these types of situations There's absolutely no harm at all in just simply Observing this event coming back tomorrow morning And quite often you see then having slept on it and I'm talking about the market in general The rational kind of digestion allows a more cohesive More structured kind of interpretation of what we've just had and instead of trying to trade this A super volatile jumpy price action You see a much more uniform progressive move in the market and quite frankly that's often a way easier Opportunity to trade for most so Hopefully that gives a bit of color around it Yeah, as davidson saying these type of events are the ones that brokers will push on you as a retail trader Um, but quite frankly they can be devastating for someone who's in a development phase of their trading kind of journey So I definitely would not be trading it live if you're new and if so if you're several months down that track You know just super small exposure to get a taste of it To get some of that execution down get your fundamental analysis Improved and then start to bring it in so it really depends as well on your trading strategy and your style obviously some people don't even Really look at fundamentals at all. And so Therefore it's just about avoidance of these types of high volatility periods All right, you've got a couple minutes. So I'll take a few more questions while I do Um, there's a couple of other things your many of you might be watching this on youtube if you are I'd massively appreciate it if you could subscribe to the channel. Um, I do a daily Macro briefing that goes up here And so every morning before the european open Um, you know, I'm up at six doing my analysis. I I then share that To our community and then goes up on amplify trading's youtube channel I'll say this now and you can hold me accountable to it for future 100 i'll try and reply to everyone who leaves comments on the videos because You know, why we are here is to help, you know, genuinely help people learn about markets Whether you're a trader, whether you're a student Whatever the case might be and I'm absolutely happy to spend part of my day Engaging responding to people on any of these videos, you know, even if you disagree with me That's what makes a market in terms of what I'm analyzing. So happy to happy to help if I can the other thing is The head of trading peers and I We have a podcast where every friday basically we summarize the main Events of the week. So definitely on friday We will be talking about this very fed event But obviously having had two days to chew over it I'm sure there'll be some additional analysis about what this means for tapering and when and timing and how markets are going to move in future So check that out. It's available on apple podcast spotify google podcasts. Just search for market watch by amplify live You can follow subscribe and then you'll just get your podcasts updated every friday We do drop in ad hoc ones as well. So me and eddie Eddie donnez who's the head of amplify me, which is our student focus division He jumps on and he's got a much more of a focus on the corporate finance side in particular But intertwined with a kind of macro view and we have great conversations on that kind of more capital markets side Rather than global markets what what I'm kind of covering And yeah, feel free to follow me on twitter My handle is awm chung Every morning something you might find useful is I do like a morning note This goes out at 6 45 am london time. So ahead of the european open and it's my synopsis basically Of all you need to know for the trading day ahead So it's great if you're a trader because it's just a snapshot takes you two minutes to read and you're pretty much on the news side of things My job is to aggregate and pick out and talk about what's important Then obviously you've got the the video that goes in more detail But this is just a text piece that goes out every morning And it's a good little thing for your routine Perhaps if you're day trading or your swing trading just to keep an eye on what's going on in the market's day today And then if you are interested amplify live Here this is our community. We have our own kind of private community. You just need to go to amplify live.com We have private video fees like this that go on throughout the trading day There's lots of recorded content Lectures and things like that everything is driven through a portal And that portal can be joined for free to access certain elements of that portal So just absolutely feel free to go for it and check it out We'd love to have you in our discord room And then for any students watching Is very much our kind of the division that deals with our Corporate clients So we work with tons of business schools from oxford and cambridge to nottingham, manchester LSE ucl and so on they bring us in to run our proprietary simulation technology So allow students thinking of a career and finance to experience different roles on the buy side and sell side as you can see on the screen so We as you can see we work with the lights of jp morgan morgan stanley gullman sacks We're part of their graduate recruit graduate training programs their recruitment process The guys need to go through our simulations to get hired And so at the moment we've got some summer analysts listening who are with amplify at the moment So shout out to those guys. I hope you've Enjoyed the session so far. We'll debrief tomorrow. I'm sure But check out amplify me.com if you're a student interested in Experiencing not just trading. We have an IPO simulation Equity research. We have a programming algorithmic simulation Tons of stuff that's all geared around people learning learning more. So look the press conference is about to begin I'm going to stay on for about another 15 minutes to cover that And then Yeah, happy to take a few more questions at the end All right, I'm gonna see if I can tune in to the press conference And let's have a listen to what j pow has got to say So he'll read out a scripted part and then he will go into the formalized q&a, which is what we're quite keen to listen to Okay, he's yet to begin. So it should be the next few minutes Christian come on jp yeah Obviously day traders definitely Prefer volatility. So let's see the main key points here in the press conference. He's got a manager He's going to be really pushed on the idea of tapering How far have the talks gone? and basically If he lays any hints That tapering is going to happen sooner um i.e Cuing it up in the coming weeks or then for jackson hole These are the types of things we're looking for he might put it off and if he avoids all questions on it Perhaps they've not progressed that far at all And perhaps the market's a little bit ahead of itself thinking about august jackson hole for the the kind of Starting gun to be fired to be formalized in september if that happens Could be perceived as dovish in that that extent He's going to be questioned as well about inflation. That's obviously going to be a key one They're probably the two main things that the press will be will be pushing him on So it's this kind of idea of like what would the threshold be To what the point would be where it would be considered that inflation is not transitory That would be the type of question that you know, if I was a journalist, I'd be asking him At five percent and core the highest it's been since 92 How do you feel about that and what would constitute you moving the goalpost and moving away from your transitory view? Something along those lines and then how committed is he to that transitory view if he sounds like he's maybe moved And become less confident and that they might alter that that would be perceived as hawkish And you might get extension of the yield dollar gain that could weigh on t-notes gold and equities In a similar vein to the initial moves that we've seen Okay Okay, he's on now. So I'll play it through the mic for the moment If you could just pop me a y in the youtube chat if you can hear that okay when he's on economic projections Even so the recovery is incomplete and risks to the economic outlook remain As with the overall economic activity conditions in the labor market have continued to improve Although the pace of improvement has been uneven Employment rose 419,000 per month on average in april and may with the leisure and hospitality sector continuing to post notable gains And tenant in this sector and the economy as a whole remains well below pre-pandemic levels The unemployment rate remained elevated in may at 5.8 percent and this figure understates the shortfall in employment Particularly as participation in the labor market has not moved out from the low rates That have prevailed for most of the past year Factors related to the pandemic such as caregiving needs Ongoing fears of the virus and unemployment insurance payments appear to be weighing on employment growth These factors should wane in coming months against a backdrop of rising vaccinations Leading to more rapid gains in employment Looking ahead fomc participants project the labor market to continue to improve With the median projection for the unemployment rate standing at 4.5 percent at the end of this year And declining to 3.5 percent by the end of 2023 The economic downturn is not forwarded Just while he's on at the moment a couple of things someone said he sounds very robotic Yeah, that's kind of kind of his job really he's got to be very Yeah, such a difficult job being in his position because one small word out of place Can throw You know a big episode into the market of volatility. So generally he he's very neutral pal is I'd say one of the top dogs Delivering this type of pressurized event and not really making a mistake Again at this point when he's delivering this kind of opening part. It's not too Market moving normally what we are looking out for then is the q&a which will start a few minutes time I've just been sent by the team. There has been quite a few questions as I've been kind of going over things what I would say is that Let's do this If there's any remaining questions just jot down and then when this broadcast is we finish this in the next 15 20 minutes Submit your question as a comment on the video And then what I'll do is I'll pick it up tomorrow morning and I'll get back to you As I said earlier, absolutely happy to spend an hour or so replying to people tomorrow if need be And there's a couple of corporate finance questions as well. Happy to take those If I can't answer them myself, I'll hand them over to the the guys in the team who cover that area So yeah, any questions at all on on anything in finance. Just let us know Okay, I'm going to turn up pal while I come off the mic New framework for monetary policy emphasizes the importance of having well-anchored inflation expectations Both to foster price stability and to enhance our ability to promote our broad-based and inclusive maximum employment goal In the case of longer, so one of the things that power has said here is the inflation Could turn out to be higher and more persistent than we expect so again On the inflation side specifically we're seeing upward pressure from rebounding and spending bottleneck effects putting upward pressure on inflation have been larger than anticipated And as such then inflation could turn out could turn out to be higher and more persistent when than we expect So that's quite hawkish. So if we quickly leave leave jay for a moment T-notes fresh session lows. We've broken through that 132 handle now So yield seeing further bid the dollars also just move back up to the highs That's just weighing on some of the pairs cable here just touching fresh lows And then if we look at the equity markets, it's starting to see a bit of weight come in now to the equity space as well So t-notes fresh lows equity bit of weight Dollar bid weighing on euro dollar and cable in the top left hand corner So worth keeping an eye on gold here as well. So it's kind of an omission here that Or a statement of the fact that yes Inflation will likely remain elevated in the coming months before moderating. So it's a bit of a dual fold comment but he is Saying that he agrees supply constraints are creating bottlenecks These are larger than they initially thought and it is going to be more persistent than they thought before However, they do see it moderating thereafter. So that's why you've had that mild kind of hawkish reaction there across assets And inflation has risen to 2% and is on track to moderately exceed 2% for some time As is evident in the scp many participants forecast that these favorable economic conditions will be met somewhat sooner than previously projected The median projection for the appropriate level of the federal funds rate now lies above the effective lower bound in 2023 Of course these projections do not represent a committee decision or plan And no one knows with any certainty where the economy will be a couple of years from now More important than any forecast is the fact that whenever liftoff comes policy will remain highly accommodated Reaching the conditions for liftoff will mainly signal that the recovery is strong and no longer requires holding rates near zero In addition, we are continuing to increase continuing to increase our holdings of treasury securities by at least 80 billion per month And of agency mortgage backed securities by at least 40 billion per month Until substantial further progress has been made toward our maximum employment and price stability goals Increase our balance sheet since march 2020 has been terribly eased financial conditions and is providing substantial support to the economy At our meeting that concluded earlier today the committee had a discussion on the progress made toward our goals Since the committee adopted its asset purchase guidance last december While reaching the standard of substantial further progress is still a ways off Participants expect that progress will continue In coming meetings the committee will continue to assess the economy's progress toward our goals As we have said we will provide advanced notice before announcing any decision to make changes to our purchases And finally we made a technical adjustment take today to the federal reserves administrative rates The ioer and overnight rrp rates were adjusted upward by five basis points In order to keep the federal funds rate well within the target range and to support smooth functioning in money markets This technical adjustment has no bearing on the appropriate path for the federal funds rate So just starting to see a little bit more weight come into that move now so T-notes still remaining a bit heavy here as yields continue to appreciate I don't find that too surprising because it's more of a function of Market positioning if you actually look at where we were This was all based this initiation of rally. He's in the Q&A. We'll go back to that momentarily But if we go back to the chart for a second this initiation of the yield decline So t-note being bid was triggered by a lot of that data that we've seen more recently from the us Being about this idea of the job This was the jobs report that came in fairly moderate Underwhelming followed then by the additional kick on the transitory inflation number So for the 10 year to come back down I think you know, that's not that surprising a move in context We're only coming back down to where we were prior to those events unfolding so Yeah, the two rate hikes on the dot plot point one and now the kind of um admission I should say not a mission an admission of the fact that Inflation is a little bit more sticky than they thought and a little bit larger created from those supply bottlenecks so 10 year low dollar still getting a decent bid here and in cable We're just coming down to around the 140 handle 140 in cable is quite quite key one this downside level here that we're coming up to I'm just looking here on a daily chart And this goes over the year-to-date price action and you can see here cable At these levels, let me just remove these ellipses so this is crystal clear This is where cable is trading at the moment on the back of falling on dollar strength You can see what a key level this is going back to february march april may and june So 140 here is key for for sterling So let's see how it performs again being weighed on by the strengthening dollar Powell did say on the point of around tapering here That would provide advanced notice before adjusting bond buys is what his comment was I can return to high levels it although it may take some time to do that But overall this is uh, this is going to be a you know very strong labor market in terms of the near term You ask as well So we see a couple of things a few things that seem likely to be holding back labor supply They're very large amounts of job openings and they're a very large number of people who who are unemployed And the pace of Filling those jobs see is somehow feel slower than it might be so I point to a number of things The first of which is just that most of the The active sort of going back to one's old job. That's kind of already happened So this is a question of people finding a new job And that's just a process that takes longer. There may be something of a speed limit on it You've got to find a job where your skills match What you know what what the employer wants is going to be in the right area Um, there's just a lot that goes into the function of finding a job. So that's that's sort of a natural thing in addition um, I would say that we look at for example, uh, a significant number of people still say that they're Uh, concerned about going back to work in jobs where there's a lot of public facing because of because of covid So that's clearly holding back some people and that should diminish As vaccinations move ahead There's also the question of child care. Many are engaged in in caretaking and as schools reopen and Child care daycare centers open in the fall or not yet in the fall Then we should see we should see that supporting labor force participation by caretakers Finally unemployment insurance for Um, something like 15 million people will either end or be diminished as we move through the summer and into into into the fall by the end of september and Like some of some that may also encourage some to go back in and take jobs So you would think that that would add to an increase in job creation as well. So you put all those together I would expect that we would see strong job creation building up over the summer and going into Going into the fall. I will also say the last thing I'll say is um This is uh, extraordinarily unusual time and we really yeah, just having a look at the the t-note We are at that range low now from where we were trading At the point of when the previous payroll report came out at the end of the week of the first of june So this is quite a key area of support now So obviously a very powerful move in in u.s. Yields on the back of this event And we've eradicated that entire move that we had Going into this Next question on the q&a So Expectations over the last few months But if you look behind the headline numbers You'll see that the incoming data are are consistent with the view that prices the prices that are driving that higher inflation Offering categories that are being directly affected by the recovery from the pandemic and the reopening of the economy so The for example the experience with with lumber prices is illustrative of the missed the thought is that Prices like that that have moved up really quickly because of the shortages and bottlenecks in the life They should stop Yeah, just seeing a bit of a further push down here in the u.s. Indices the nasdaq now started to see quite a bit of weight Perhaps now not too much in the way of a great deal of support here for the nasdaq until we get really down to this level of The 13800 mark which was that initial low print briefly on last thursday And also that range low that we saw through the middle of last week So u.s. Indices Again that kind of trigger effect really for this continuation of the first move on the statement Coming out of his comments on inflation early on on that first question Or during the the end of the press statement Gold as well remaining heavy did see a question about that, you know, why is gold falling? Well, yeah When we talk about inflation people often think that it's an inflation hedge But in this sense gold is really moving on the basis of yield dollars strengthening and that's Conversely weighing on the metals space And so silver is also declining gold is declining from a technical perspective We're looking at that gold level So, you know, this is looking at the last two years worth of price year and a half of price action in gold And you can see this area here was very significant for gold over the course of the last couple of weeks It was an area of resistance through early may before we saw the breakout And then as we faded back down we responded to it really nicely as an area of firm support on some price activity on monday And now we broke through that you can see the markets traded fairly heavy and we're 10 bucks now through that level So as i was saying earlier technically there's a couple of spots on the way, perhaps i'd probably look at this kind of area here First around 1819 followed by 1811 as downside targets in terms of from a technical support point of view Okay, he's just taking the next question now We'll do one or two more and then then we'll wrap things up that you mentioned that your colleagues did have a discussion about the progress that you're making to more of your Your goals in order to consider upgrading your asset purchases in that discussion You said that you didn't kind of make substantial progress that you expect to continue to make progress in that discussion Did you guys talk about a timeline for when you expect to see that progress be made and when you might consider Starting to reduce this. Okay, so directly on tapering Is the question now expectable be able to say more about timing as we see more data Basically, there's not a lot of more light I can I can shed on that But you can think of this meeting that we had as the talking about talking about me if you like Okay, so it's the talking about talking of tapering. He actually said that so that's a pretty light touch on tapering progression Since we adopted that guidance in december the economy has clearly made progress although we are still a ways from our goal of substantial further progress participants expect continued progress Ahead toward that objective and assuming that is the case It will be appropriate to consider announcing a plan for reducing our asset purchases At a future meeting so at coming meetings the committee will continue to assess the economy's progress toward our goals And we'll give advance notice Yeah, I think that's he's he's just kind of Battered that away and played a pretty straight hand there So they're talking about talking of tapering. He said absolutely really nothing about it in terms of timing So any of those who were looking for a little bit of a nod towards A change in rhetoric that hasn't materialized So that's the first a little bit more Kind of less committed comment the rest the two hikes on the dot plots the Facts of stickiness of inflation being a bit bigger than they thought on the supply constraints These are all quite clearly hawkish developments, which explain obviously a large portion of the moves that have occurred But the tapering front was pretty uncommitted there in that response all right, what i'm going to do is I've been going for an hour and that was my allotted time. I was told to go for so i'm going to wrap it up there Hopefully that was Interesting if you're trading this good luck There's still plenty more to play for the market still moving at the minute But i'm going to come off now and focus on that but hopefully This was a a good insight as to how this this type of information is digested how markets react Hopefully from the preview the analysis and and now for you to take away um It will do more of these and hopefully we can we can help along the way and help you improve remember final things um, feel free to to add me on twitter Remember i put out that morning note pretty early in the day so Unfortunately, there are a couple of a couple of fake me's That do exist where people copy my profile on social media So just make sure you're following the white right one awm chung on on twitter Remember to subscribe to the youtube channel Hit the subscribe button then uh click on the bell icon you'll get notified whenever we go live in future sessions um And then check out remember amplify live dot com If you're a trader interested in either intraday or swing trading And then amplify me if you're a student as I said earlier if there's any questions, I apologize if I've missed quite a lot um Normally I'd have one or two people here sat beside me in normal non-covid times in the office to try and um do all this stuff at once so um Yeah a bit difficult for me to see everything but um, thank you. I appreciate It's the last nice day before it starts raining if you're based in the uk So I appreciate you spending some time with me tonight and uh, yeah, thank you And I'll see you see you in the morning for the analysts bright and early. No rest for the wicked. I'm afraid