Former Dallas Fed President Kaplan: Probability of a recession is going down
Robert Kaplan, Goldman Sachs vice chairman and former Dallas Fed president, joins 'Squawk Box' to discuss how markets are reacting to the ongoing Israel-Iran conflict, his expectations for Fed rate cuts, the probability of a recession, and more.
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Jordan Reopens Airspace to Civilian Aviation
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Bombardment of civilian areas crosses ‘red line', Israel tells Iran
Israel's defence minister said that Iran crossed 'red lines' on Friday when its missiles targeted civilian areas. Israelis were told they could leave bomb shelters late on Friday night after a sustained missile barrage from Iran forced civilians into bunkers. The Home Front Command published advice lifting an order to shelter in place but warned civilians should remain near protected spaces. At least one Iranian missile hit central Tel Aviv, penetrating the Iron Dome defence system. The strike was considered to be an escalation, the first time Iran had targeted a civilian centre. 'Iran has crossed red lines by daring to fire missiles at civilian population centres in Israel,' Israel Katz said in a statement. 'We will continue to defend the citizens of Israel and ensure that the ayatollah regime pays a very heavy price for its heinous actions.' Israelis were earlier told to brace for retaliation after the Israel Defense Forces's overnight strikes on Tehran's nuclear sites and military leadership. Queues formed at supermarkets as people stocked up on food, bottled water and alcohol in preparation for the expected bombardment. Other non-essential shops stayed closed. Schools have also been shuttered and most public transport suspended as Mr Katz warned that the country was now in a 'special state of emergency'. On what is usually the busiest day of the week, roads were largely empty and few people were seen on Tel Aviv's beaches after warnings to avoid public spaces. Some were, however, willing to take the risk. Lior and Noa Greenberg were at the dog beach with their poodle. 'We have a dog so we really have to go out,' Lior said. 'And we are being smart. We live close by but are not panicking. As far as we understand, we will know if we need to panic but we are not there yet.' The close-down measures began earlier on Friday when the military announced that 'Iran may carry out attacks against the Israeli population, against Israeli civilians', adding: 'There are special guidelines being updated constantly through the Home Front Command for Israeli civilians.' In contrast to last October's Iranian strikes, the Home Front Command has warned of a prolonged series of attacks. It told the Israeli public: 'During this campaign, we anticipate widespread alerts. It is crucial that you take shelter in the best way possible, whether in your private home or in public spaces – preferably in a safe room, shelter, or protected space approved by the Home Front Command. 'If there are no protected spaces near you, you must enter a stairway or an interior room.' Eight months ago, there was no talk of a 'campaign' of strikes in the army's warnings, as both sides were seen to have little interest in escalating the situation. Despite the alarming messaging, some thought it was important to keep life as normal as possible. At the Cafe Alma in Jaffa, it was still hard to find a table as it approached lunchtime. 'We are waiting to hear instructions but we have to keep living,' said Liat Dudman, who lives in the same street. 'We had a bit of a panic this morning but understand that the Home Front Command said there is no need to stay inside now so we just have to stay calm and live a little. 'We're not being reckless, we are within 12 minutes of reaching home, which is what we understand we need with the missiles from Iran, but this could be a long campaign ahead of us if we don't find a way to manage.' Up to 100,000 people had been expected to attend Tel Aviv's Pride Festival, one of the world's largest with special guest Caitlyn Jenner due to make an appearance. It has now been cancelled. Hospitals went into emergency mode and Beilinson, one of the biggest, opened its underground facilities and shielded complexes in case of any strikes. For Yousef Deek, one of many lining up with a trolley full of food for his family in the supermarket in Jaffa's Jerusalem Boulevard, the situation is one Israelis simply have to accept. 'This doesn't seem like it will pass quickly so we just have to get comfortable and make the best of things,' he said. 'We are all too used to war here so there is no choice but to continue to live. This time is no different.'
