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00:00FEDERAL RESERVE. I THINK WE SHOULD DO A QUICK CHECK HERE. WE WILL CONTINUE OUR COVERAGE ON BLOOMBERG RADIO AND BLOOMBERG TELEVISION THROUGH THE AFTERNOON. -42 ON THE DOW. I DO NOT WANT TO OVERPLAY THAT BUT IT IS UNIQUE TO STOCKS. MIKE: UTILITIES -- I WANT TO GO BACK TO THE CHART IS BELIEVED HERE. THE FUN GAME TO PLAY IS WHO IS DEBBIE DOWNER? THERE IS ONE MEMBER WHO THINKS WE'RE NOT GOING TO SEE ANY RATE INCREASES. THIS IS GOING TO BE THE PARLOR GAME FOR EVERYBODY. WHO IS THE REAL PESSIMISTS OUT THERE? TOM: THE REAL PESSIMISTS -- IT WAS A JOKE -- MIKE: HE BELIEVED THAT WOULD BE THE POLICY. TOM: WOULD YOU SUGGEST THE FORMER PRESIDENT OF THE FED WAS OUT IN FRONT OF EVERYBODY ELSE? MAYBE THAT IS THE HEADLINE TODAY. MIKE: IT WILL BE INTERESTING TO SEE WHO THAT WAS. TOM: I WANT IS A QUICKLY, BLOOMBERG RADIO AND BLOOMBERG TELEVISION WILL BE MOST INTERESTING. MIKE: WE WILL WRAP UP OUR SPECIAL PROGRAM, NEXT, WOULD YOU MISS COMING UP ON BLOOMBERG TELEVISION. ♪ >> WE ARE MOMENTS AWAY FROM THE CLOSING BELL. I AM SCARLET FU. JOE: I AM JOE WEISENTHAL. "WHAT'D YOU MISS?" ♪ SCARLET: STOCKS CLOSING LOWER , TREASURY YIELDS IN THE DOLLAR EXTENDING DECLINES. JOE: THE QUESTION IS "WHAT'D YOU MISS?" SCARLET: POLICY MAKERS RATCHET DOWN THEIR OUTLOOK, PREDICTING ONE RATE HIKE THIS YEAR. JOE: THE NEXT CENTRAL-BANK DECISION, WHEN BOJ ANNOUNCES. SCARLET: FRONTIER MARKET NO MORE, EMERGING MARKET STATUS FOR PAKISTAN, STOCKS JUMPING THE MOST IN A YEAR. ♪ SCARLET: WE BEGIN WITH MARKET MINUTES. AFTER FED DECIDED TO LEAVE RATES UNCHANGED , INDEXES PLUNGING TO THEIR LOWEST LEVELS OF THE SESSION. IF YOU LOOK AT THE NUMBERS, THEY WEREN'T THAT EXTREME. THE MOVE IN THE INDEX WAS DRAMATIC. JOE: THAT FED DECISION WAS MORE DOVISH THAN EXPECTED. WE SAW ALL THOSE DOTS COME DOWN FROM A WEAKER DOLLAR, LOWER YIELDS, HIGHER STOCKS, BUT THE MARKETS COULD NOT HOLD ON TO THEIR GAINS. >> ONE THING THAT DID CATCH MY EYE WAS PRICE ACTION BETWEEN THE RATE-SENSITIVE SECTORS. UTILITIES WERE DECLINING AHEAD OF THE FED WHEN YIELDS WERE SINKING. THEY TEND TO GAIN WHEN BOND YIELDS ARE FALLING, THEN GET A HUGE BED WHEN THE FED DOVISH DECISION CRUSHES YIELDS. BY CONTRAST, THE FINANCIALS WERE A BIG-TIME HEADING INTO THE DECISION, THEN CRASHED. MARKET BEHAVIOR YOU DON'T THINK YOU WOULD SEE, BUT ONE REASON FINANCIALS MIGHT'VE CAUGHT THAT BID IS THE YIELD CURVE. THE 10 YEAR YIELD FELL BY LESS THAN THE TWO YEAR YIELD, THAT IS GENERALLY POSITIVE FOR BANK NET INTEREST MARGINS. JOE: LET'S TAKE A LOOK AT THOSE INTRADAY CHARTS, SHARP MOVES WITH A TWO-YEAR YIELD, FALLING .67%, CLOSE TO THE LOWEST LEVELS THIS YEAR. OBVIOUSLY THERE IS NO MARKET NOT LOOKING FOR AN IMMINENT HIKE NOW. LET'S TAKE A QUICK LOOK AT THE 10 YEAR YIELD, BASICALLY SAME STORY, NOT QUITE AS DRAMATIC, BUT THAT INSTANT DROP AT 2:00. WE'RE CLEANLY THROUGH THAT. SCARLET: I WAS KEEPING MY EYE ON DOLLAR-YEN ALL DAY. IT DID APPRECIATE 2105.43 -- TO 105.43. WE ALSO WANT TO DO OUR DAILY CHECK OF THE BRITISH POUND, STERLING REBOUNDING FROM A TWO-MONTH LOW AFTER AN UNEXPECTED PICK UP IN U.K. WAGE GROWTH. ACCORDING TO TRADERS, THE MARKETS WERE PRETTY SURE THE POUND COMING INTO THIS REPORT. JOE: LET'S LOOK AT SOME COMMODITIES, COPPER HAVING A NICE DAY, UP NEARLY 3%, SOME BULLISH SIGNS THERE. GOLD LIKING THAT DOVISH FEDERAL RESERVE AND THE LACK OF RATE HIKES IN THE NEAR TURN, UP .6%. SCARLET: WE ALSO NEED TO GIVE YOU THE FED TAKEAWAYS, NO FED RATE INCREASE, THE JOBS REPORT PUT THE NAIL IN THAT COFFIN. WHAT WAS A SURPRISE WAS THE SHIFT IN THE DOTS. BEFORE TODAY, FED OFFICIALS EXPECTED TO RATE HIKES, NOW ONLY ONE RATE HIKE . THE FED IS SIMPLY CATCHING UP TO THE MARKET. THERE IS A MIXED PICTURE OF THE U.S. ECONOMY, DOWNGRADE OF THE LABOR MARKET, SAYING IMPROVEMENT HAS SLOWED, WITH AN UPGRADE IN ECONOMIC ACTIVITY. JOE: I WANT TO GET TO OUR DEEP DIVE AND TAKE A LOOK AT THOSE DOTS. THAT IS WHERE THE ACTION WAS TODAY. THERE ARE A COUPLE OF THINGS THAT STOOD OUT. FIRST OF ALL, THAT GREEN RECTANGLE IS EXPECTATION FOR 2016. THERE ARE SIX FOLKS WHO SEE ONLY ONE RATE HIKE THIS YEAR FROM THE FED. LOOK AT THIS RED RECTANGLE IN 2017 AND 2018, SOME FOMC MEMBERS THAT DO NOT SEE ANY FURTHER HIKES BE ON THE ONE THIS YEAR FOR THE NEXT TWO YEARS. THIS IS THE REVENGE OF THE

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Full Show: What'd You Miss? (06/15)

Full episode of "What'd You Miss?" Guests include: Andrew Levin, Dartmouth College economics professor, Timothy Duy, Oregon Economic Forum senior director, Paul Sheard, S&P Global Ratings chief global economist, and Mattias Martinsson, chief investment officer at Tundra Fonder. (Source: Bloomberg)

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