Good morning. Happy Friday.
The Asian/Pacific markets did great. Japan, Hong Kong, South Korea, India, Taiwan, Australia, Indonesia and the Philippines posted solid gains; China was weak. Europe, Africa and the Middle East are quiet. Denmark, Norway and Spain are up; Turkey is down. Futures in the States point to moderate gap down open for the cash market.
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The dollar is unchanged. Oil and copper are up. Gold is up; silver is down. Bonds are up.
Stories/News from Seeking Alpha…
Penny for your thoughts
Nasdaq (NDAQ) has filed a proposal with the SEC that would allow it to impose stricter delisting rules on so-called “penny stocks.” The thinking here is that the popular exchange has become a home to hundreds of dodgy companies, and besides reputational worries, there are increasing concerns about investor protection. Last month, U.S. financial services provider Virtu Financial (VIRT) also petitioned the SEC to institute rules that would prohibit national stock exchanges from listing “high-risk” shares.
How things work: Nasdaq listing standards currently require a company’s stock to maintain a minimum price of $1. If the share price dips below that level, then a compliance period of 180 days is issued to address the failure. In certain cases, a firm may receive a second 180-day compliance period, and only after that does it get a delisting determination. The latter can still be appealed at a Nasdaq hearings panel, which may grant a further 180 days for a company to regain compliance (during which time the shares are still listed).
Oftentimes, firms that receive a minimum stock price notification respond by undertaking reverse stock splits to boost their share price above $1. Under the new proposal, Nasdaq is calling for the suspension of a company’s stock after 360 days of non-compliance, ev:en if it has been given a review process by a hearings panel. Nasdaq is also looking to target companies that try to get around the minimum stock price requirement by undertaking repeated reverse stock splits.
Putting it in perspective: “Nasdaq believes that such behavior is often indicative of deep financial or operational distress within such companies rendering them inappropriate for trading on Nasdaq,” the stock exchange said in a regulatory filing. According to data from Dow Jones and S&P Global, there are currently 509 stocks listed on U.S. exchanges that are trading below $1 per share, of which 421 are listed on Nasdaq. Reverse stock splits have also picked up pace this year, with 249 already recorded in the first half of 2024. (6 comments)
Rapid reversal
After the worst day for markets since 2022 earlier this week, the S&P 500 (SP500) just recorded its best day since 2022, jumping 2.3% by the end of the session on Thursday. Sentiment was guided by a bigger-than-expected drop in jobless claims after alarming unemployment figures in the latest NFP report. Following the turmoil and volatility, it now means that the S&P 500 is only down 0.5% for the week, and if things turn positive in today’s session, the index might be able to erase those losses as well. The majority of WSB subscribers called it in the latest survey, with advice to wait things out, while many even suggested pressing the buy button on the way down. (54 comments)
Independent presser
“The Federal Reserve is a very interesting thing,” Republican nominee and former President Donald Trump announced at a conference in Mar-a-Lago. “It’s sort of gotten it wrong a lot. [Chairman Jerome Powell] gets things a little bit too early and a little bit too late. That’s very largely a gut feeling. I’ve had it out with him a couple of times – very strongly. I fought him very hard, and you know, we get along fine. I feel that a president should have at least say in there – I feel that strongly. In my case, I made a lot of money. I was very successful and I think I have a better instinct than, in many cases, people that would be on the Federal Reserve or the chairman.”
Media madness
Thought the mega writedown by Warner Bros. Discovery (WBD) was a one-off for the industry? Guess again. Paramount Global (PARA) is recording an impairment charge of nearly $6B on the value of its cable networks, which include channels like MTV, Comedy Central and Nickelodeon. “The challenges of the linear ecosystem are becoming even more apparent, especially given the pressure on linear advertising and the competition for ad budgets with connected TV and streaming players,” said MoffettNathanson analyst Robert Fishman. Paramount is taking it seriously. It’s slashing 15% of its U.S. workforce in an effort to achieve $500M in cost savings, sending PARA shares up 6.4% in premarket trading on Friday. (9 comments)
Today’s Economic Calendar
1:00 PM Baker Hughes Rig Count
What else is happening…
Delta (DAL) warns of $380M revenue hit from CrowdStrike outage.
Robinhood (HOOD) responds to SEC Wells notice for crypto unit.
Eli Lilly (LLY) jumps after guidance raised on weight loss momentum.
Surprise profit from Under Armour (UAA) as turnaround gains traction.
The robotaxi fleet race is heating up: See the competitors and rivals.
Mortgage rates drop to lowest level in over a year – Freddie Mac Survey.
Maduro suspends X in Venezuela after exchange with Elon Musk.
ABC News (DIS) will host next U.S. presidential debate on Sept. 10.
U.S. judge orders FTX and Alameda to pay $12.7B to creditors.
Short-lived: Memecoin market is witnessing a high number of casualties.
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Good morning. Happy Thursday.
The Asian/Pacific markets leaned down. Japan, South Korea, India, Taiwan and New Zealand were weak. Europe, Africa and the Middle East currently lean down. Denmark and Turkey are doing well, but the UK, Poland, France, Germany, Greece, Switzerland, Spain, the Netherlands and Italy are weak. A hour before the open, futures in the States point towards a flat open for the cash market.
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The dollar is down. Oil is down slightly; copper is up slightly. Gold and silver are up. Bonds are up.
Stories/News from Seeking Alpha…
Stuck in space
What goes up must come down, unless it’s a Boeing (BA) Starliner. The spacecraft has faced helium leaks (for propulsion) and thruster issues (for deorbiting) since flying to the International Space Station in June, stranding astronauts Butch Wilmore and Sunita Williams in the far reaches of the thermosphere. The mission to the ISS was supposed to only last eight days, but two months have already passed, and there’s now talk of the situation lasting until early 2025.
Snapshot: There have been disagreements about the data and potential risks tied to Starliner amid investigations that are still ongoing. While Boeing has vouched for the craft, NASA leadership is still debating whether the vehicle can be deemed safe to return to Earth. The agency is now weighing a plan to bring back the astronauts via Boeing rival SpaceX, which has delivered food and supplies to the station, including extra clothes for Wilmore and Williams.
The coming weeks will be critical as a decision will have to be made whether to include two empty seats on the next SpaceX mission – whose launch has been pushed to September and has a return date of Feb. 2025. “If NASA decides to change the mission, we will take the actions necessary to configure Starliner for an uncrewed return,” Boeing responded in a statement. However, it would be the latest in a series of reputation problems for the company (MAX jet crashes, door plug blowout and guilty plea) that will need to be resolved by new CEO Kelly Ortberg, who starts in his role today.
Out of this world: NASA’s Commercial Crew Program was structured as a multi-tiered competition to get private sector companies to produce the most cost-effective, innovative and safe way to get to the International Space Station. While SpaceX has already sent nine manned missions to the ISS with its Crew Dragon capsule, Boeing has so far incurred $1.4B in accounting losses for its program, as well as many issues and delays during flight testing and manufacturing. If Boeing faces more trouble certifying the Starliner, it would deal a big blow to the ambitions of the aerospace giant, whose resume goes back to the Apollo moon missions.
Mega writedown
Warner Bros. Discovery (WBD) tumbled 10.5% AH on Wednesday as it posted an almost $10B loss for Q2. It was mainly due to a massive writedown of the value of its cable networks, reflecting how streaming has eroded the traditional cable TV business, as well as softness in the U.S. ad market and uncertainty related to affiliate and sports rights renewals. “Am I disappointed about the impairment? Yes,” CFO Gunnar Wiedenfels declared. “There’s been talk about recovery (in TV) a year, year and a half ago. It hasn’t really happened.” (48 comments)
Scan to enter
Cracking down on membership-sharing, Costco (COST) is setting up devices at store entrances to discourage non-members from shopping at its locations. “Once deployed, prior to entering, all members must scan their physical or digital membership card,” the company said in a press release. “Guests must also be accompanied by a valid member for entry.” The move comes soon after the retailer hiked its membership fees for the first time in seven years, while its low prices continue to attract shoppers, with the latest monthly sales rising 7.1%. COST shares are up 23% YTD. (13 comments)
Nearly done
“The spot component of the global carry basket would suggest that 75% of carry trades have been removed,” JPMorgan strategists wrote in a fresh research note. Much of the market volatility over the past week is said to have emanated in Japan, where a carry trade based on the yen went sour as the BOJ raised rates during the same week the Fed signaled its intention to cut. “The clock is [still] ticking for the G10 carry,” the analysts noted, describing another carry trade that involves borrowing at low rates to invest in higher-yielding assets elsewhere. (4 comments)
Today’s Economic Calendar
08:30 AM Jobless Claims
10:00 AM Wholesale Inventories (Preliminary)
10:30 AM EIA Natural Gas Inventory
01:00 PM Results of $25B, 30-Year Bond Auction
03:00 PM Fed’s Barkin Speech
04:30 PM Fed Balance Sheet
What else is happening…
Trump: U.S. should fill up Strategic Petroleum Reserve immediately.
Boeing (BA) doesn’t know who reinstalled 737 door plug incorrectly.
Disney falls as analysts weigh weaker Parks results, Hulu deal costs.
Travel slump: Airbnb (ABNB) share losses accelerate on soft outlook.
JPMorgan’s (JPM) Dimon still sees 35%-40% chance of soft landing.
Robinhood Markets (HOOD) rises after Q2 earnings top expectations.
Mortgage refinancing fires up as borrowing rates hit lowest in a year.
Shopify (SHOP) soars as gross merchandise volume tops estimates.
Tropical Storm Debby makes second landfall in South Carolina.
Report: Intel (INTC) passed on investing in OpenAI in 2017/18.
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Good morning. Happy Wednesday.
The Asian/Pacific markets mostly did great. Japan, Hong Kong, South Korea, India, Taiwan, New Zealand, Malaysia, Indonesia, Singapore, Thailand and the Philippines posted solid gains. Europe, Africa and the Middle East are doing great. The UK, Poland, France, Turkey, Germany, the UAE, Greece, South Africa, Finland, Switzerland, Norway, Hungary, Spain, the Netherlands, Italy, Portugal, Israel, Austria and the Czech Republic are up 1% or more; Denmark is down. Futures in the States point towards a relatively big gap up open for the cash market.
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The dollar is up. Oil is up; copper is down. Gold is up; silver is down. Bonds are down.
Stories/News from Seeking Alpha…
Put it on plastic
Consumer spending remains strong as a mountain of credit card debt continues to pile up, with Americans increasingly turning to plastic to fund their purchases. According to the Federal Reserve Bank of New York, credit card debt reached $1.14T in Q2, up 5.8% from a year earlier, or about $6,500 per person. While the steadily rising figure took a break during the pandemic years, it has soared since 2022 as many consumers swipe away to counter their dwindling purchasing power.
Driving the spike: While inflation growth has come down from record highs, price tags on nearly every item are still elevated compared to where they were several years ago. That has made portions of the population reliant on credit cards to finance purchases of everyday goods and services, increasing non-discretionary balances and making it more challenging to pay down debt. A resumption of student loan repayments has also contributed to the increase, especially for millennials and Gen Z, while others may be having a harder time paring back their lifestyles despite the price pressures.
Interest rates haven’t made the issue any better, with the average annual percentage rate now over 20%, making it a really costly debt for consumers. It’s also higher than any point since the Fed started tracking card APRs in 1994, contributing to the overall U.S. household debt that topped $17.8T in Q2. Meanwhile, credit card delinquency rates are on the rise, with 9.1% of credit card balances transitioning into delinquency as of June, up from 8.5% the previous quarter.
What’s next? While markets grew fearful after the latest employment figures on Friday, a recession has not appeared yet, in part due to strong consumer spending. Swiping plastic could keep up if the Fed starts cutting rates, starting with an easing cycle that’s likely to begin at the next FOMC meeting in September. The Biden administration is also trying to help out the sector by capping credit card late fees, but a recent stay on the CFPB ruling could mean a win for Bread Financial (BFH), Synchrony Financial (SYF) and Capital One (COF). Also check out the latest SA analysis on other credit card giants.
Easing concerns
Stock markets around the world are in rebound mode again on Wednesday. Japanese equities led the way after the Bank of Japan’s deputy governor assured investors by saying there would be no interest rate hikes when markets are unstable. “BOJ needs to maintain monetary easing with the current policy rate for the time being, with developments in markets at home and abroad being extremely volatile,” Shinichi Uchida declared. The fresh statements contrast with hawkish comments from BOJ Governor Kazuo Ueda last week that led to a widespread unwinding of yen carry trades. (2 comments)
VP confirmed
Cannabis stocks are on watch after Vice President Kamala Harris selected Minnesota Gov. Tim Walz, a noted marijuana reform supporter, as her running mate for the Democratic presidential ticket. In May 2023, Walz signed into law an adult-use marijuana bill that also expunged non-violent cannabis convictions. Harris has supported the Biden administration’s efforts on cannabis legalization on the federal level and moving marijuana to a Schedule III substance from Schedule I. That’s a change from her days as San Francisco District Attorney. (51 comments)
Pay up
Looking for streaming profitability, Disney (DIS) is raising prices for Disney+, Hulu and ESPN+ ad-supported and ad-free plans in the U.S., starting Oct. 17. The company will also introduce “continuous playlists” in early September, which will show a steady stream of curated content on Disney+. The new feature is aimed at boosting user engagement and will help viewers who struggle with choosing a show or movie to watch. DIS shares closed up 2.5% yesterday on the news, while the media giant is scheduled to report quarterly results before the bell today, with investors closely watching its ongoing turnaround. (24 comments)
Today’s Economic Calendar
7:00 MBA Mortgage Applications
10:30 EIA Petroleum Inventories
1:00 PM Results of $42B, 10-Year Note Auction
3:00 PM Consumer Credit
What else is happening…
Magnificent 7: How Big Tech stocks have moved since the selloff.
Super Micro (SMCI) slides on mixed results; unveils stock split.
Wegovy maker Novo Nordisk (NVO) cuts operating profit outlook.
Meme stock no longer? Reddit (RDDT) falls after latest earnings.
Boeing working on design changes to prevent door panel blowout.
Another recall for Tesla (TSLA) in China – this time the front trunk.
Rivian (RIVN) decelerates after missing topline Q2 consensus.
Airbnb outlook disappoints as travelers pull back on future bookings.
Upstart (UPST) stock roars 20% on strong results and guidance.
Nobel laureate Yunus to head Bangladesh’s interim government.
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Good morning. Happy Tuesday.
The Asian/Pacific markets mostly did well. Japan rallied nearly 10% to recapture the previous day’s loss. South Korea, Taiwan, Malaysia and Indonesia also did well. Hong Kong and Singapore were weak. Europe, Africa and the Middle East are mixed. Denmark, Turkey, the UAE, Greece, Israel, Austria and the Czech Republic are up; Poland, France, South Africa, Spain, Italy, Portugal, Sweden and Saudi Arabia are down. Futures in the States point towards a moderate gap up open for the cash market.
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The dollar is up. Oil and copper are down. Gold is flat; silver is down. Bonds are down.
Stories/News from Seeking Alpha…
Game of monopoly
How big can Big Tech get before Big Tech could get wrecked? Say that 10x fast. Tongue twisters, market twisters, and even legal twisters are enveloping the high-flying tech industry, which has helped propel stocks to record highs in 2024 – until yesterday. The Nasdaq (COMP:IND) plunged 3.4% during a worldwide market meltdown (see below), which happened to coincide with antitrust shots fired at one heavyweight in the technology sector.
Bigger picture: In the crosshairs since 2020, Google (GOOG, GOOGL) finally received a direct hit from the U.S. Justice Department in a legal suit over its search and text advertising businesses. A decision by U.S. District Court Judge Amit Mehta ruled that Google’s exclusive search arrangements on Android and Apple devices reinforced its dominance, and effectively blocked search competitors from succeeding in the market. It means the tech giant violated Section 2 of the Sherman Act to become the world’s dominant search engine (Google currently controls about 90% of the online search market).
“Google is a monopolist, and it has acted as one to maintain its monopoly,” Mehta wrote in the 276-page decision. As an example, Google shelled out $26B in revenue share payments in 2021 alone, which was “nearly four times more than all of Google’s other search-specific costs combined.” The deals gave Google default placement of its search engine at partners’ key search access points and “its partners also agreed not to preload any other general search engine on the device.”
Bottom line: While an appeal will mean additional years of legal wrangling, the most important outcome that investors are focused on is what kind of remedies will be proposed. Those could range from a breakup and forced divestitures, to lighter changes, such as limits on search agreements aimed at leveling the playing field. The latest ruling not only changes the landscape of the online advertising world, but can empower other aggressive U.S. antitrust enforcers who have brought recent anticompetitive cases against Apple (AAPL), Amazon (AMZN), and Meta Platforms (META). (185 comments)
Big swings
The market meltdown seen yesterday isn’t getting any less volatile, with things now moving in the opposite direction. Japan’s Nikkei ended the session up 10% overnight, marking its best session since 2008, following a plunge of 13% on Monday. Much of the volatility is said to have emanated in Japan, where a carry trade based on the yen went sour as the BOJ raised rates during the same week the Fed signaled its intention to cut. Over in the U.S., stock index futures are rebounding this morning after the VIX volatility gauge soared to pandemic-era highs. Note, there were some S&P 500 winners during the wipeout yesterday, which also saw the yield curve un-invert for the first time in over two years.
Data dependent
Seeking to reassure investors, Federal Reserve officials chimed in as the market mayhem took center stage. San Francisco Fed President Mary Daly said monetary policy is clearly “working in the way intended” and it’s still too early to determine if there’s real weakness in the labor market. Friday’s jobs data isn’t indicating a recession, added Chicago Fed President Austan Goolsbee. “We shouldn’t react to one number and we should always be forward-looking,” he further explained, noting that there’s still no recession despite the yield curve being inverted for two years. (19 comments)
RivalAI
OpenAI co-founder John Schulman is leaving the company to join Amazon (AMZN)-backed Anthropic, which has developed ChatGPT rival Claude. “This choice stems from my desire to deepen my focus on AI alignment, and to start a new chapter of my career where I can return to hands-on technical work,” he declared. Schulman’s exit comes less than three months after Microsoft (MSFT)-backed OpenAI disbanded its Superalignment team, whose leaders quit the company (with one of them joining Anthropic). Only three of OpenAI’s 11 co-founders remain with the firm, one of whom is taking a sabbatical through the end of the year. (1 comment)
Today’s Economic Calendar
8:30 International Trade in Goods and Services
1:00 PM Results of $58B, 3-Year Note Auction
What else is happening…
WSB survey results: Don’t get emotional, might even find deals.
Australia central bank maintains interest rate for the sixth time.
Super Micro’s (SMCI) earnings are on deck: Here’s what to expect.
Warner Bros. Discovery (WBD) wants to avoid a company breakup.
Palantir (PLTR) soars as AI strength propels growth, boosts outlook.
Mideast watch: Rocket attack on Iraqi base injures U.S. personnel.
SunPower (SPWR) files for bankruptcy, enters stalking horse deal.
NTSB to scrutinize Boeing 737 Max manufacturing, FAA oversight.
Democratic senators press DOJ and DEA to reschedule marijuana.
Fannie Mae, Freddie Mac set to tighten rules on multifamily properties.
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Good morning. Happy Monday. Hope you had a good weekend.
The Asian/Pacific markets got crushed. Japan down 12%; South Korea down 9%; Taiwan down 8%; Malaysia down 5%; and China, Hong Kong, India, Australia, New Zealand, Indonesia, Singapore, Thailand and the Philippines were also very weak. Europe, Africa and the Middle East are suffering huge losses. The UK, Denmark, Poland, France, Turkey, Germany, the UAE, Greece, South Africa, Finland, Switzerland, Norway, Hungary, Spain, the Netherlands, Italy, Portugal, Israel, Austria, Sweden, Saudi Arabia and the Czech Republic are down 2-6%. Futures in the States point towards an enormous gap down open for the cash market. S&P down 230 (4.3%) and Nas 100 down 1060 (5.7%) about 40 min before the open.
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The dollar is down big. Oil and copper are down. Gold and silver are down. Bonds are up.
Stories/News from Seeking Alpha…
Market mayhem
Thought last week was bad? Think again. There’s some serious carnage out there, and the fallout is quickly spreading across the globe. Investors can really use some soothing words from central bankers right now, especially from a Fed that’s being seen as falling behind the curve (remember how things went for markets in 2022?). A disappointing jobs report on Friday indicated that Powell and Co. should have likely cut rates at their July gathering last week, and sentiment has quickly shifted from a soft to a hard landing- or even an emergency landing.
Flashing red: Monday’s bloodbath started in Japan, where the Nikkei 225 Index plunged 13.2% for its worst session since the 2011 Fukushima nuclear meltdown. Adding to the concerns were the BOJ’s steps toward policy normalization, and it has translated into Japan’s world-beating rally this year entering a bear market. Circuit breakers were also activated for South Korea’s Kospi after the index rapidly dropped 8%, while Australia’s ASX 200 slid nearly 4% for its worst session since June 2022.
Major market indices also tumbled in Europe, and over in the U.S., traders are also set to open the week by pressing the panic button. S&P 500 (SP500) futures are off by more than 3% at the time of writing, while contracts linked to the Nasdaq 100 (NDX) are down by a whopping 5%. The index already fell into correction territory last week following an overheated AI rally, and headline-making news from Warren Buffett (see below) has not helped the situation for tech stocks. Safe havens like gold and bitcoin are also failing to catch a bid as the sell-everything mentality takes hold and no one appears willing to catch a falling knife just yet.
That’s not all. Rising geopolitical tensions aren’t making the investing landscape any better, with President Biden meeting with his national security team in the situation room ahead of an anticipated Iranian attack against Israel. It could also include a coordinated front with Hezbollah in Lebanon and/or the Houthis in Yemen, in a serious escalation that could begin as early as Monday. Fears of a regional conflict have prompted the U.S. to deploy additional military might in the Middle East, including a carrier strike group, as well as a new squadron of fighter aircraft.
SA commentary: With the next Fed gathering over six weeks away, a recent call from Investing Group Leader David Lerner may not be looking all that contrarian. “Cutting rates in August is less disruptive and adds to the Fed’s credibility,” he explained, saying that an inter-meeting reduction of 25 basis points would counteract faltering employment and can prevent an immediate 50 bps cut or even 75. “This will of course roil stocks, which the Fed officially doesn’t care about (but really does).” Take the WSB survey.
Cash is king
Warren Buffett’s Berkshire Hathaway (BRK.A, BRK.B) has slashed its gigantic stake in Apple (AAPL) by nearly half, sending the iPhone maker’s shares plunging over 7% in premarket trading. The latest move translates into the investment firm dumping 55.8% of its AAPL holdings in 2024, leaving it with a stake worth $84.2B at the end of June. At Berkshire’s annual meeting in May, the Oracle of Omaha still expressed confidence that Apple would most likely remain the company’s largest stake at the end of the year. To note, Buffett has also been trimming his stake in Bank of America (BAC) in recent weeks. (538 comments)
Merger Monday
Mars, whose candy brands include M&M’s and Snickers, is reportedly in advanced discussions to acquire Kellanova (K), which makes snacks such as Cheez-It, Pop-Tarts and Pringles. Assuming a typical M&A premium, Kellanova – which has a market cap of about $22B – may be valued at around $30B. Kellanova was spun off of Kellogg last year, in a deal that gave it popular snacks and frozen breakfast foods such as MorningStar Farms and Eggo, as well as an international cereal division. The company reported Q2 earnings on Thursday that topped estimates and sent its shares up 7%. (11 comments)
Moving to Texas
Chevron (CVX) shares just turned negative for the year after the company posted Q2 adjusted earnings that missed expectations, which was largely blamed on weaker refining margins and refinery maintenance. But generating the most buzz was Chevron’s decision to move its headquarters to Houston from California, where it has been located for more than 140 years. “This isn’t a move about politics,” said CEO Mike Wirth. “We believe California has a number of policies that raise costs, that hurt consumers, that discourage investment… It’s a move about what’s good for our company to compete and perform.” (291 comments)
Today’s Economic Calendar
9:45 PMI Composite Final
10:00 ISM Service Index
5:00 PM Fed’s Daly: U.S. Monetary Policy
What else is happening…
Tropical Storm Debby churns toward Florida; record-setting rain looms.
Viking (VKTX) obesity drug could directly rival Lilly’s (LLY) Zepbound.
Blame game: CrowdStrike hits back at Delta (DAL) over litigation threat.
Over 50 U.S. lawmakers, 21 states back DOJ defense in TikTok ban.
Ukraine deploys F-16s, Zelenskyy hails new chapter for Air Force.
Maui wildfire: Hawaiian Electric (HE), others reach $4B settlement.
Some CVS (CVS) stores run out of COVID tests as cases spike.
Report: U.S. eyes barring Chinese tech in autonomous vehicles.
Bed Bath & Beyond sues GameStop (GME) CEO Ryan Cohen.
Musk says Fed has been ‘foolish’ for not cutting interest rates yet.
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