Fed Chair Jay Pow calling the central bank's policy stance mildly restrictive in his words and saying that he considers uh the body well positioned uh to respond to economic developments. Joining us now Peter Krauss, Aperture Investors uh chairman and CEO. What did he say about the the stock valuations.I hate when they when Fed people or Treasury secretaries talk about things Janet Yellen it was the biotech industry I think and then it doubled uh from there. Did he did he say anything um out of character fo ...

The rate cut that investors fretted would never come finally arrived last week, which, of course, means it’s time for … fretting about the next cut. US markets fell on Tuesday, putting a pin in a record-setting run, after Federal Reserve Chair Jerome Powell gave off a hawkish vibe, insisting the central bank will move cautiously on additional cuts and suggesting that equities are overpriced. READ ALSO: Feast or Fluke? US Home Sales Hit Highest in Almost Four Years and Tether Poised to Join Ranks of World’ ...

Summary of Henry Schein 2025 Conference Call Company Overview - **Company**: Henry Schein (NasdaqGS: HSIC) - **Date of Conference**: September 24, 2025 Key Industry Insights - **Macro Environment**: The U.S. is experiencing a reduction in interest rates, which is expected to positively impact equipment sales and the establishment of new dental practices, particularly by Dental Service Organizations (DSOs) [4][5][22] - **Patient Traffic**: Patient traffic in dental practices has remained stable, serving as a key indicator for merchandise sales [3][4] - **International Growth**: There is a slight uptick in international business, especially in Mainland Europe, following a period of energy price increases [7] Core Company Strategies and Performance - **Sales Growth**: Promotional activities in Q2 have started to yield positive results, with double-digit growth in customer engagement and sales [11][9] - **Customer Retention**: Efforts to engage episodic customers through field sales consultants are aimed at increasing market share and customer loyalty [12][14] - **Field Sales Force**: The addition of experienced sales representatives is ongoing, with expectations of ramping up to full productivity within 12 months [15][16][17] Financial Outlook - **EPS Growth**: The company aims for high single-digit EPS growth in 2026, with various macroeconomic factors influencing this target, including interest rates and unemployment [19][20][22] - **Cost Optimization**: Henry Schein is undertaking value creation projects to optimize gross profit and general & administrative costs, with expected benefits starting in 2026 [23][25][26] Market Dynamics - **Pricing and Tariffs**: The company is navigating the impact of tariffs on private label products, which may necessitate price increases while maintaining competitiveness [31][32] - **Implant Market**: The value implant market is growing faster than the premium segment in the U.S., with DSOs increasingly adopting value implants for straightforward procedures [34][38][46] Medical Segment Insights - **Vaccine Demand**: The flu vaccine remains a significant product, with expectations for normal demand levels. The COVID vaccine is less impactful due to low margins [56][58] - **Medical Business Growth**: The medical segment has seen a 6% growth, driven by pharmaceuticals and point-of-care diagnostic kits, with a notable home health business growing at a faster pace [64][65] Technology Business Performance - **Growth Rates**: The core practice management systems are performing well, but peripheral products are dragging down overall growth. Consolidation of brands is expected to improve growth rates [66][68][70] Capital Deployment Strategy - **Share Repurchase Program**: A $750 million share repurchase program has been announced, indicating a strategic focus on capital deployment while remaining opportunistic regarding M&A [71][73] Additional Considerations - **Market Expansion**: The company is optimistic about the expansion of the market for dental practices, particularly with the potential for new practice builds as interest rates decline [5][6] - **Customer Engagement**: The focus on educating customers about profitability and operational efficiency is seen as a key driver for long-term relationships and market share growth [12][14]

Group 1 - Traders are reducing expectations for Federal Reserve interest rate cuts, reflecting mixed messaging from central bank officials [1][3] - Market participants are now betting on only one more 25 basis point rate cut in 2025, contrasting with previous expectations for a 50 basis point cut by year-end [2][6] - A wider range of monetary policy views from Fed officials has contributed to this shift, with some advocating for significant cuts while others caution against inflation [3][4] Group 2 - Fed Chairman Jerome Powell highlighted risks in the labor market and inflation without indicating support for a rate cut in the upcoming October meeting [5] - The FOMC recently reduced the policy rate to a range of 4% to 4.25%, marking the first cut of the year [6] - Current pricing in interest-rate swaps suggests a neutral rate around 2.95% and approximately 40 basis points of rate cuts over the remaining two meetings this year [7]

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Core Points - The dollar index (DXY00) fell by -0.08% as T-note yields decreased following dovish comments from Fed Governor Michelle Bowman, indicating a need for decisive action to lower interest rates due to a weakening labor market [1] - The US Q2 current account deficit was reported at -$251.3 billion, which was smaller than the expected deficit of -$256.6 billion, providing initial support for the dollar [2][3] - Concerns over Fed independence and potential political interference are leading to fears that foreign investors may sell dollar assets [3] Economic Indicators - The US September S&P manufacturing PMI fell by -1.0 to 52.0, which was weaker than the expected 52.2 [4] - The Richmond Fed manufacturing sentiment survey unexpectedly dropped by -10 to -17, contrasting with expectations of an increase to -5 [4] - Fed Chair Powell noted that near-term inflation risks are tilted to the upside while employment risks are to the downside, indicating a challenging economic environment [4] Federal Reserve Commentary - Chicago Fed President Austan Goolsbee stated that the Fed is currently mildly restrictive, with the neutral policy rate estimated to be 100-125 basis points below the current rate [5] - Fed Governor Michelle Bowman emphasized the need for the FOMC to act decisively in response to deteriorating labor market conditions [5] - Markets are pricing in a 91% chance of a -25 basis point rate cut at the upcoming FOMC meeting on October 28-29 [5]

Core Viewpoint - The US Federal Reserve, led by Chair Jerome Powell, is facing political pressure, particularly from former President Donald Trump, who has criticized the Fed's independence and its decisions regarding interest rates [1][2][3]. Group 1: Federal Reserve's Independence - Powell strongly refuted claims that the Fed's decisions are influenced by political factors, labeling such accusations as "cheap shots" [3]. - The White House is attempting to reshape the Fed's rate-setting board, including efforts to remove a Biden appointee amid allegations of mortgage fraud [2]. Group 2: Economic Context - The Fed recently implemented its first rate cut since December to address instability in the labor market, despite ongoing inflationary pressures from Trump's tariffs [4]. - Powell highlighted the current economic challenges, noting that inflation risks are skewed upward while employment risks are skewed downward [4]. Group 3: Diverging Views within the Fed - Stephen Miran, a Trump-appointed Fed governor, dissented from other policymakers, advocating for a more significant rate cut, arguing that minor price changes have led to excessive concern [5].

Fed’s Powell Cites Weakening Job Market For Interest Rate Cuthttps://t.co/5xhDcfzljl https://t.co/R382QwLtjm ...

Core Viewpoint - The U.S. Federal Reserve is facing a challenging situation with the risk of faster-than-expected inflation alongside weak job growth, raising concerns about the labor market's health [1][5][6] Economic Conditions - Powell indicated that while the economy shows resilience, the data is inconsistent and is trending towards a slowdown [4] - The job market's potential shift from a lack of hiring to layoffs is a concern, which could lead to a slowdown in consumer spending [5] Interest Rate Outlook - Powell provided little indication of when the Fed might next cut interest rates, highlighting the risks of cutting too quickly or too slowly [2] - Market participants have priced in expectations for interest rate cuts, but recent comments from Powell and other Fed officials have cast doubt on the likelihood of further cuts this year [3] Market Reactions - The S&P 500 index experienced a decline of 18.42 points, or 0.27%, closing at 6,675.44 [3] - Treasury yields decreased, with the 10-year note yield down 0.4 basis points to 4.141% and the two-year note yield down 0.2 basis points to 3.599% [3] - The dollar index initially strengthened but ultimately fell by 0.05% to 97.27 [3] Investment Considerations - The S&P 500 has seen three consecutive years of double-digit returns, but a strong catalyst is needed for further significant gains, which is currently unclear [6]

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