i guess that never ends. no. that's all for this edition of "dateline." i'm andrea canning. thank you for watching. ♪ welcome and welcome to "street signs." i'm carolin roth and these are your headlines. salesforce with the worst quarter of the day. marc benioff is focused on the fundamentals. >> you can see the incredible

growth this quarter is amazing. these are cash flow numbers we have never seen before. european equities recovering somewhat while bond yields and dollar retreat and u.s. futures point to more selling on wall street as the nasdaq comes off its worst day of the month. nestle ceo mark schneider considering weight loss drugs could damage the food industry in the interview with cnbc. >> it trends don't go away. they are shifting. before, during and after glp therapy, consumers still have needs. golden goose aiming for a june debut aiming for a valuation of more than $3 billion.

♪ good morning, everyone. we have a very busy show for you. let's kick off with the european equities markets. they have been online for roughly one hour. what we are seeing are signs of stabilization after a couple of days of equities. the stoxx 600 is bouncing back modestly to the tune of 0.2%. remember, the big story of the markets over the last couple days is the big selling pressure in the bond markets. we saw those weak auctions in the u.s. and the higher for longer narrative taking hold here. that has dented the appetite for equities. we have had a couple of stock-specific stories here. i want to show you what is happening to the european equities one by one. the regions here, the ftse 100, holding on the flat line.

cac 40 is up 0.2%. a tad bit under pressure. keep in mind, yesterday we saw big declines for the european markets. the stoxx 600 ending over 1% lower. let's tell you about salesforce and the effect it is having on the tech sector plays. s.a.p. off 230.8%. sagegroup with the same percentage. salesforce out with the first revenue miss in 18 years. let's push on to the sectors and show you what is out performing. health care and telco and banking. as we saw, technology is slightly under water to the tune of .75%. basic resources is still down to the tune of .23% of 1%.

the deal between bhp and anglo is not going through. not for the next six months. that is putting a lot of pressure here on those plays. oil and gas doing pretty well yesterday. we saw the two mega deals in the u.s., but today that sector is re-tracing. let's check the u.s. close yesterday. the dow jones industrial average off by a little bit more than 1%. the s&p 500 with more than 400 stocks in the red yesterday. off .75%. all of the sectors in the red again. it is the yields that trended higher. nasdaq off 0.6%. futures are still looking bleak. s&p 500 is off 21 points. the dow jones industrial average could be losing 300 points. nasdaq off 30 points. let's see if those recover in the next couple hours here given

we have a slightly firmer print here when it comes to the european trading session. on to the bond markets. that was the source of the jitters in the markets with the equity markets. we see the yields on the decline. ten-year bund yield is close to the six-month high. we have the german cpi numbers out for the month may which did come in higher at 2.8%. we are seeing re-tratracement h with the bond yields. we saw the highs on the back of the auctions that were not cer perceived on the back of the data points. let's bring in our head of equity research at ubs. you are usually based in new york. now you are here. great to have you here in the london studio. what you do make of the market

boost this week? is it trade rs not sure what to make of the weaker than expected treasury auctions or bigger jitters with the stocks going forward? what is it? >> thank you for having me. macro is back in the driver's seat. rates are back in the driver's seat post q1 urearnings. we had a strong q1 earnings season in the u.s. we are back in wait-and-see mode with the data. markets are taking a breather. we are, you know, less than 1% off all-time highs. notably, the vix is a couple points off the local lows. that was one of our more recent tactical calls. >> that is very low. is there complacency? does it wreak of complacency to

you right now? >> not necessarily. i do think investors are kind of in wait-and-see mode at this time. they used the opportunity with the vix closing below 12 as of last week to start putting on hedges again ahead of the mack or macro events coming up in june. what we see, interestingly, in the derivatives markets, is ahead of the macro events in the u.s., the option applied move with fmoc have been well over 1%. buying optionality has paid off. you see the macro volatility and that could continue to persist. >> the question for the markets right now, max, can stock do well in the absence of any rate cuts? we don't know if we will get any this year or if we will get one cut. by and large, we have seen the

out performance of the equities on the back of earnings and the back of the euphoria of the a.i. spend? can that continue if we don't get the cuts? >> the market has well digested the higher for longer narrative. that is coming off. think about the start of the year. we were saying the fed pivot was fully priced. 100% implied probability of the march cut. we obviously moved well past that. rate cuts are getting pushed out on the serve. a lot of the companies are economically, cyclically higher. >> you know what is really interesting, the magnificent seven are agnostic to the macro front. that euphoria is spread to other

sectors. utilities is needed to power the a.i. story, no pun intended. do we get the sense that utilities can be the jack-of-all-trades right now being a defensive play? >> right. when we get the vix up to 19 last month, we have to see volatility compress. as volatility was compressing back to lows, you also had in tandem the rotation into the defensives. that started raising eyebrows. is that an i had diosyncratic ps you allude to in terms of the electrification companies? yes. do i think that is also a function of rates moving lower? a lot of the bond proxy sectors are having a catch-up trade off that? yes. do i think it is some risk signaling as well?

also potentially. a few things going on here. i would say the latter is more what we are monitoring in the short-term. >> if we get the stagnation which is not your base-case scenario, defensives would do pretty well here. it is not your base case? >> not our base case. especially earlier this year that risk got priced out. we are still at a very low implied risk, but it is a non-zero risk. a lot of the recent growth and inflation related data has suggested that these stagflation concerns are starting to creep back up again for the most we have seen since 2022. i haven't said the word stagflation for the last couple years. you know, it's back in investors' minds andutilities, basically the trade,

potentially. i do think it would benefit in that scenario. our models suggest it benefits in the scenario. you have the a.i. kick in. >> let's talk about your bread and butter. we have seen companies feeling really good about the balance sheets. they are buying back shares and paying out dividends. how do you see it? >> it is interesting. something we highlighted in our space. so options on the s&p 500 dividend stream ef, effectively right? in a higher interest-rate environment in the large cash corporates have initiated their dividend payouts. buyouts are reigning supreme in the u.s. they need to lure shareholders. as the dividends continue to

grow and protected at 7% an annualized over the next five years, we can actually trade options on that dividend stream out to the current year or at least out to five years forward to basically say, you know, i think dividends will grow by x percent by what is implied. i can buy call optionality. it sais a nascent move. >> why? >> dividend futures are typically structurally mispriced in the u.s. the apple doesn't fall far from the tree. options we find are mispriced. it is the tails. the left and right tails that are most mispriced. as i alluded to, it is the up tail.

if the companies initiate dividends and especially the large cash corporates, we could see upside. >> max, fantastic to have you on set. max, head of u.s. equity research at ubs. let's get back to the corporate stories here as i alluded to, bhp has walked away from the 39 billion pound pursuit of anglo american after the six-week offer where it raised its price. bhp's desire to sell off the iron ore operations ran away from the board who called the plan highly complex and unattractive. anglo american shares off 9% this morning. we saw bigger losses in yesterday's trade. bhp, you would see relief for the acquirer here. not really happening this morning. shares are off by roughly 1%. china's foreign ministry has

call on the eu to end the probe into chinese electric vehicles amid reports russells will postpone any tariffs on until after the european elections on june 9th. the ministry claims it is unreason able and not in line with international rules. a commission spokesperson told cnbc the investigation is ongoing. auto trader has posted a pre-tax profit of 345 million pounds per year and revenue climbing to 571 million pounds beating the estimate. the ceo told cnbc the company is benefitting from new and yoord cars. >> the price charges are reasonably stable. even with the evs which have been well covered by the news, those values have come down, but

stabilized stabilized. as long as is there a stable environment to buy and sell cars, it is avoiding the sharp changes. at the moment, retailers' health is good. lots of people were not able to buy cars over the last four years. that is under pinning a healthy market. and ubs is cutting the board with the takeover of the giant. other moves will see kahn head of the asia pacific business and stake staying on as the global wealth management. staying in switzerland, coming up on the show, nestle's ceo will sit down with cnbc. we will bring you that conversation next.

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nestle's ceo mark schneider

sat down with cnbc to speak about the performance of the business and the impact of the weight loss innovation on the food and drink sector. silvia joins us for that conversation. i asked if she brought chocolate. she has not. nestle has been under pressure about not being healthy enough and a lot to discuss. >> a lot of push from shareholders that nestle needs to focus on the healthier parts of the portfolio. they pushed back on that proposal when it went for a vote. in the conversation, i had a chance to discuss the business p performance and the business. we saw sales in north america struggled. the company reported that sales decreased by 7.7% in this part

of the world. havin having said that, when i spoke to the ceo, he said the company is improving. >> q1 2024 had unusual factors. some had a lot to do with the pre-buying in 2023 because of the price increases kicking in in april of 2023. that did not repeat itself. that spoke to a softer year over year comparison in 2024. as we looky nicely. we are also seeing a lapping of the ramped down of the so-called s.n.a.p. food support payments. it burdened consumer confidence. now we are lapping the situation. it doesn't mean consumer confidence returns, but the year

over year comparison becomes a narrow one. when you looked at q1, you compared q1 in 2024 that didn't have the payments any more against q1 of 2023. that in the second quarter, that is more of a like-for-like c comp comparison. >> one of the launches net stles preparing for is bread. it will being sold state side and specifically for consumers on the glp-1 drugs. this will have pasta and pizza and a range of frozen products heavy on protein and fiber, but have low-calories. here is the ceo outlining the upcoming new brand and impact of the glp-1 drugs on the industry. >> the initial reaction is people who are on the drug will consume less food and hence a

straight negative to food companies like us. i think what since has emerged is nutritional needs don't go away, they're just shifting. before, during, after glp-1 therapy, consumers still have nutritional needs, but they may be different from someone not on a weight-loss regimen. this is an opportunity to bring signs to the table and work on companion products to address the consumer needs during that treatment. there are two that stand out. one is to have a higher protein intake to avoid the loss of lean muscle mass and the other is micro nutrient fortification because you will eat less cal

calories, but your vitamin needs are still the same. you need to ensure vitamin levels to compensate for that. this is what we are stressing with the new line of frozen products. >> there is a lot of concern about some of the side effects from the glp-1 drugs. some suggest it is too recent and haven't been tested for a long period of time. i want you to think as a food manufacturer. how did you feel comfortable entering the market so soon? ultimately, is there enough recent for nestle to step into this market? >> look, it is a major innovation in weight loss and something that i think the world has been waiting for for a number of decades now. we are seeing around the world a rising obesity problem. we are not the track

manufacturer. we are offering products to go along with it nicely. it is an important point of being aware of the consumer trend. from where we are today, it will be a new class of drugs that we don't know if america will be available in other parts of the world. in what we lanunch in north america, we need to ensure consumers have the right products to go along with them. some of the products will also make a lot of sense to consumers if they are not on a glp-1 treatment, but another type of weight close tloss treatment. the same fundamentals apply. you want to ensure to lose fat and not muscle mass. >> mark schneider discussing how the drugs are a major innovation

and the consumers are putting that forward at this stage and nestle is trying to address the consumer trend, carolin. there are concerns here for coc consumers focused on ultra processed foods. will they see this? >> that is a big bet and bit of a gamble if you are catering to the consumers on the drugs, but expect the consumers to go for the frozen food line. to me, that's okay in the united states. maybe not so much in europe. it remains to be seen. if we take a look at the shares of nestle and the valuation, it is quite rich. i took a note coming from morgan stanley. they are saying it is an out perf performer. valuation is toppy, but expected. it is still pricing power in the

face of higher inflation. what pricing power are you getting? >> they are a huge company. that gives them a lot eof power the ceo made it clear in the conversation they are trying to address everyone. they have nutrition for infants and that goes all the way to glp-1 drug products. for instance, a lot of vitamin products on their shelves. coffee and chocolate. they are trying to be everywhere. that's giving them really a sense of power and a lot of negotiating position here as well. so that is, obviously, giving them more power. however, if you think about how analysts are feelings about the stock, the feelings seems to be split in the sense that some see it as a strong hold and others don't see it as a buy. it is a good stock if you think about some of the dynamics and innovation and the products.

ultimately, let's see how this is going to pan out. >> all right. silvia, thank you so much for that. bring chocolate next time. >> deal. coming up on the show, early results pointing to the anc losing in south africa. we will have the latest from johannesburg next. shipstation saves us so much time it makes it really easy and seamless pick an order print everything you need slap the label on ito the box and it's ready to go our cost for shipping, were cut in half

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hello. welcome to "street signs." i'm carolin beroth and these ar your headlines. salesforce with the first revenue miss in 18 years and spilling over into the basket of cloud companies. marc benioff tells cnbc he remains focused on the fundamentals. >> you can see the incredible growth this quarter is amazing. these are cash flow numbers that we've just never seen before. european equities recovering somewhat while the dollar retreats and u.s. futures pointing to more selling on wall street as the nasdaq comes off the worst day of the month.

nestle's ceo mark schneider dismissing fears that the weight-loss drugs could damage the food and drink industry in the exclusive interview with cnbc. >> nutritional needs don't go away. they're just shifting. so before, during and after the glp therapy, consumer needs still appear. and the rand sliding as the results show the ruling anc party is short of the parliamentparliament election. we will cross live to johannesburg in just a second. let's stay with that story. counting is still under way in what is south africa's most fiercely contested election since apartheid.

the ruling national congress ah ahead with just 14% of the districts counted. and the anc is expected to lose maj majority. fifi peters has more on the results. fifi. >> reporter: of course, carolin, so far, not so good for the african national congress. the national results show they are in the lead by a margin of which they would not have preferred to be the case. they have around 42% or some of the national votes that have been counted. it is early days yesterday, but it is a significant slippage if this is the picture we do end up with from the 2019 election result where the anc managed to win with 57.5%. so, over 101.3 million votes have been counted.

this is of the 27 million of registered south africans indicated their intention to vote. a lot of the comments we have had from the independent electoral commission said they expect the vote to turn out to be a lot higher from 2019 which was 66%. across the country and across the videos which are circulating across social media, one is a result of the voter turnout and the glitches which were experienced which delayed the voting process. nonetheless, we heard from the anc this morning who said everybody who was in line before the 9:00 p.m. deadline would vote. the process did go ahead standing up the glitches and technological challenges which seem to be minor. going back to the scoreboard. we have the anc at 42% which is

a slippage from what we did see in 2019. although the end is not yet near at this stage. we also have the main opposition party here at 25% of the national vote which is a victory for them. this is, as a result, of the democratic alliance continuing to maintain a stronghold in the western cape which they have goffverned for quite a while. in 2019 they were the democratic alliance and ruling party. in third place is the right-wing economic freedom fighters. this wasn't too surprising or isn't too surprising. for the economic freedom fighters, we see a slight slippage in terms of where we are right now. it is still early race. it is looking less favorable

than 2019. this is as a result or a lot of people are saying this could be a result of the more or better performance than was expected over the former president, jacob zuma, whose party is dominating right now. i can say i spoke to one of the other parties, the smaller party in south africa which has enjoyed a lot of support. i spoke to their spokesperson and asked how they were feeling about the preliminary numbers that have come through. the posture is the same with these things. it is too early to tell. the race not over yet. it is too early to talk about coalitions. at this stage, this is the new era that they will be going into at the national level. it remains to be seen who will get into a political marriage with who. carolin. >> we have to wait and see.

thank you so much for that update, fifi. let's check on the european equities markets. we are two hours in the trading picture. you see a bit of green here. just yesterday, the stoxx 600 posting the worst day since april. we saw the major european markets down by more than 1%. why? of course, it was the bond rout across the globe and that affected the european names. today, buyers are coming back into the picture. ftse 100 is up 0.2%. the dax is higher with ten points. the smi in switzerland is slightly under performing. keep in mind, there sis a regional holiday. some volumes may be a tad lower. it is good to see signs of stabilization here. when it comes to u.s. futures, the s&p 500 still in the red at

the start of the trading session. down 20 points. dow jones industrial average off triple digits. 329. the nasdaq is off 75 points. that as the nasdaq fell 0.6% yesterday posting its worst session in may spiking on the needs. we had the treasury options that saw very soft demand and that obviously is spooking equity investors across the board. i want to show you what the bond markets are looking like this morning. we are seeing retracement. yields are lower at 2.66%. still a six-month high when it comes to the german ten-year bund yields. we are seeing some yields falling across the board here. the ten-year gilt at 4.36%. when it comes to the u.s. yields, we're seeing the ten-year yield at 4.58%. back below the crucial 4.6% level. let's switch gears and talk

about ipo news. golden goose announces plans to list on milan in june. its offer is 1100 million the u owes in shares and creating a quarter of the outstanding share capital. several other companies have announced intentions to list on the european exchange this year. including fast fashion retail shein and raspberry pi. they are looking to list in london and frankfurt. let's get more on the global ipo market with global capital market specialist. thank you for taking the time. we heard about the pipeline. some of the ipos are brewing in the pipeline. overall, we are seeing one of the longest droughts in ipo histor

history. why is that? >> good morning, thanks for having me. so far, we have seen the lowest volume since 2016. this is the lowest drought we have seen. overall, global volumes are down 17%. that is interesting in contcontext of fairly benign sentiment. we have seen record highs with the smi and volatility stay within a relatively stable range looking at the vix over last few weeks and months, it has been relatively low. almost counter to expectations given the benign investor sentiment. we have seen ipos many come down. one of the reasons for that is concerns around valuations. we know that investors in the market are looking for handsome discounts. one thing we also heard from corporate executives is the challenge of finding normalized ebita numbers to get to true valuation figures.

>> it is really puzzling, isn't it? you mentioned a couple of potential reasons there. i'm wondering how politics s pls into this. >> companies need certainty. investors need certainty. where we see so many elections, we are looking at south africa today. we have uk coming up. we have u.s. later on in the year. clearly, that could have impacts on policies and regulations which adds to the question marks around deals. what we do know is investors are looking for windows where they can find pockets of certainty and find confidence around valuations to get deals over the line. with political uncertainty and also uncertainty around monetary policy, where will interest rates be in the next weeks and months, that sis a question mar

hanging over the market. >> i'm worried about the private equity houses chomping at the bit. they are waiting to go public and returning the lps. they are under the pressure. what kind of i a window are the waiting for? is it the valuations that are not really in line with what they're expecting, especially if they're fund raising at the same time? >> a mixture of all of the above. we know that gps, private equity firms, are under pressure to create liquidity and distribute back to lps. we have seen a challenging year for distribution. lps are chomping at the bit to see more sponsor exits. whether it is through ipo or through the market, we have seen an uptick in m&a, the markets have been a good exit route

especially for names linked to a.i. and technology and healthcare and con kconsumer. one thing we have seen with the fall of 17%, there has been relatively robust performance. we can look at reddit in the u.s., which is up 70%, or galderma in switzerland, which is up 38%. despite the volumes coming down, about it is a good quality asset and sponsors holding high profitable with high margin with robust models, it is a market for listing those names especially in europe and u.s. >> let's talk about london where i'm sitting. obviously, a lot of buzz around shein potentially listing here. we know jeremy hunt has been trying to woo the company. it is an issue with the geopolitical tensions with china and the u.s. the problem with london is

always valuation. do you think shein will list in london and accept the discount when it comes to london? >> yeah, just to step back a bit and put london and the uk in context with europe. europe is up 222% for new listing ipo volumes. that is nearly a four-year high. the broader context for europe is fairly positive. looking at the uk, specifically, it is a completely different narrative. $131 million. the uk ipo volumes is down 70%. that is interestingly the second lowest year-to-date on record. where shein will list will be driven by several factors. valuation will be top of mind, but clearly, there are issues why shein is looking at ex exchanges in europe rather than

the u.s. or singapore where it is based. however, it would be a boon for the london stock exchange if shein were to list in the uk and hopefully that could trigger an avalanche of future listings this that goes well. >> romaine, given the drought of ipos globally, we see strong dcm activity. should we worry about the in investment bank revenues going forward? >> it is a mixed picture. in asia, it has been challenging. in the u.s. and europe, we have seen investment banking revenues come back. what is driving that is m&a. it is up significantly in london. clearly from a lower base compared to what we saw during the buoyant 2021 years.

however, there are many sponsor assets which must be sold so the catalysts are there for deal making. we have seen a rapid return to the financing market which is wide open. banks are now starting to see some bright spots in terms of revenues coming back and it is not looking as bad as this time last year. >> bright spots there. thank you so much. coming up on the show, mixed fortunes for u.s. retailers as earnings pour through. we will look ahead to those and discuss the outlook for the consumer after this short break.

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activist investor nelson the peltz has sold his enter stiake in disney for $1 billion. multiple other outlets are reporting the same since cnbc broke the news. this comes weeks after peltz's partners were defeated in the

proxy battle with the disney board seats. disney did not return cnbc's request for comment. and salesforce shares plunging down 16% after the software company posted a first quarter revenue miss. its first since 2006 and provided weak er than expected guidance. the company saw budget scrutiny as revenue rose 11% on the year. ceo marc benioff told cnbc this is still an exciting year for the company. >> we are holding guidance at $38 billion which has been incredible for us. what we see happening is not only an amazing transformation in the core financials, but the a.i. transformation as well. you will see incredible new can customer stories with companies transforming with a.i. with

fedex and air india and paychex. and abercrombie reported a 22% sales jump with profits seven times higher for the period. american eagle tslipping in trae after the company was maintaining a cautious second half outlook after sales came in weaker than expected. we are looking out for more big retail earnings today with birkenstock and foot locker and gap and nordstrom after the bell. let's get perspective on the consumer with lucy kutz at jm finn. lucy, how robust is the u.s. consumer?

we are getting conflicting messages today. >> we have good numbers here to give a good picture for investors on how the connosumers feeling. generally, we are seeing credit card and auto loan delinquencies under pressure. those which tend to shop at dollar general or walmart. that is where sentiment is most weak. >> sorry, i'm getting a sense that consumers are more dis discernable or trading down? >> yes. we have dollar general today and walmart taking share. there is concern over that general demographic where the goods at dollar general are about $10 or less. we are expecting the numbers to be in line. i think another concern that

investors have is that it is opening 800 stores a year. that's capital expenditure to keep up with the likes of walmart. that is something to look out for. >> we touched on dollar general. let's talk about best buy here because what we are seeing is also in the sort of era of uncertainty. some consumers are deferring big-ticket items. what does this mean for best buy? >> this is not unique. we are expecting the numbers to be in line. i think again sentiment is weak. we need to look forward and we have three drivers in the next quarter which is back to school in the u.s., you have the replacement cycle tpost-covid where four years on and you are replacing laptopins and a.i. innovation. they have wearable technologies

for an aging demographic is a $4.3 trillion market. where the likes amazon are playing as well. that will be quite interesting to see where the growth is going to come in that segment. >> lucy, let's move on and talk about dell. that company is out with numbers later on today. if yyou take a look at the shar price, dell has been on the tear and riding or basking in the b glow of the entire a.i. story and nvidia, of course. that is the server business, not the pc business. should we be concerned about the lack of visibility here and potential sustainability with the serve business, but the weak demand from the pc business? >> no, i don't think so because i think dell is evolving. the shares have doubled in the year to date. they are running very hot as we get into the numbers. t the server business is growing expone

exponentially. we are expecting 31% and generating revenue. in q2, that goes up to $5 billion. you can see how rapidly this is growing. i think we must also look at the backlog numbers where the nvidia chips are embedded. huang says there is no one better to build out large scale systems. >> the $2 billion backlog in the april quarter would give dell visibility into $5 billion of a.i. server revenue for the current fiscal year. this is a pretty big number. i want to leave things with birkenstock. so much excitement with the ipo. so much excitement with the global expansion, but it was costly for the company and the stock suffered. is it re-gaining its footing? that pun is intended.

>> it's a good pun. margin pressure and shares fell in january. it is above the ipo price. trading at $49 when i last look. we are expecting growth. the u.s. market is quite mature. we expect them to deliver on numbers. we are looking at europe where the sentiment is weaker and market is weaker. we are looking at revenues of 476 million euro. it is a premium brand. it's a difference. the premium brands are not suffering as much as the lower-consumer brands. >> lucy, thank you for running us through the numbers and u.s. retailers. lucy cootts at jm finn. i want to leave you with the numbers for the equity markets. this is the picture right now. we have seen buyers come back

in. the ftse 100 is higher at 1.1%. the dax is eeking out a marginal gain. we see boosted sentiment with the last two or three trading days. a lot of concern and jitters around these spikes in the bond yields we have seen in the u.s. and here in europe. we have better than expected data on both sides of the pond. the treasury auctions which were not perceived at all. signs of stabilization is the message coming from the european markets today. when we take a quick check of the u.s. futures, those are still solidly in the red. atntdow is off 300 pois. th's it for the show. i'm carolin roth. see you tomorrow. bye-bye.

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it is 5:00 a.m. here at cnbc global headquarters. i'm frank holland and here is your "five@5." rate shock. investors come to grib grips wi higher rates for longer. t nasdaq with the worst day since april. and heavyweight salesforce down double digits. from earnings to the economy. looking at the second quarter gdp. former fed vice chair roge