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shery: former dallas fed president robert kaplan speaking to us. u.s. not seeing a lot of movement after stocks gained ground in the new york session. every sector in the s&p 500 in the green and the benchmark index is headed for eight weeks of gains, the longest winning streak in more than five years. it has been about that one single narrative driving the market this year end, the federal reserve will deeply cut interest rates in 2024 starting as early as march. we got data again supporting that narrative. we are seeing this cooling economy that will keep the fed on track. third quarter gdp growth revised lower. jobless claims rising but still at near historic lows. the dollar under a little pressure. this is bloomberg. ♪ haidi: a few years ago chinese policy makers engineered a gradual slowdown in the real estate sector to snuff out financial risk, but what they got instead was a meltdown that damaged household wealth and deprived local governments of much-needed revenue. we are joined now from hong kong. this was always going to be an incredibly tou

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joining us now, robert kaplan. >> good morning, robert. >> good morning, steve. how are you?cking after the fed meeting here. the fed changed its statement with one word. that was the policy decision by the committee and then they committed 19 separate forecasts that led to the market to conclude that there would be not just rate cuts, but six rate cuts next year, quarter-point rate cuts, and happening as soon as march. did the fed get the communications wrong in your opinion? >> well, i think there was a consumer price index report the day of the fed announcement. and i think that report gave the fed a pretty good idea that the pc report from last friday was going to be very positive. so they submitted a median number of cuts for next year, but i think it probably gave chair powell a little more confidence that we were going to get a good pc report. and so on the margin, he sounded more dovish than i think he would have liked to and they've tried to walk it back since, but i think he previewed that the pc report and future reports might be very strong, and if he wouldn't are

thank you, robert kaplan. you. >> former dallas fed president. >>> we got news on that pending proxy fight from nelson peltz that we've been talking about for some time. it's now official. just a few moments ago, peltz's trian putting out a press release referring to what jim cramer reported a few weeks ago, they would nominate two, not three, two board members for disney's board. of course if you recall, peltz a year ago was in the midst of a potential proxy fight to seat himself on disney's board and then gave up that proxy fight right after an interview i did early last year, early this year, with bob iger. they're back. and this time, it is not just penalties but another nominee jay rusulo, an interesting name to note, because mr. rusulo had been the cf o at disney from 2010 to 2015, and also had run the parks and resorts from '05 to '09. the disney i know and love has lost it ways, he's quoted as saying. independent voices in the board room, nelson and i are confident the combination of his decades of exp

i do think that what dallas fed president robert kaplan told us yesterday is important, which is, even goes up because inflation is coming down. right. so they don't want to -- they're at a restrictive level, they're aware of that, they don't want to overtighten and wreck the soft landing that they have and the low unemployment rate and the fact that we don't see a lot of stress in the labor market. they have quantitative tightening on autopilot and we learned this week that they're not thinking about changing that. there's still tightening happening even on pause and that could have been part of the discussion around the table at the fed. as far as the economy, what we got, we have some, obviously, anecdotal data, darden restaurants, for instance, that's been a strong part of the economy, services and people spending on eating out, there's a quote there from the ceo while we experienced some softness at our fine dining brands during the quarter we are encouraged by the strong holiday bookings we are seeing, which matches up with some of the other restaurant spending data. on the infla

my book of the year is robert to kaplan, it has been kaplan two years. jonathan: same book?loom of time and what it is about is morocco to the stands, out to afghanistan and the others. and i got lucky in that it was so clearly my book of the year and then they gave me the war in eastern mediterranean which really makes a transient. lisa: just going back to the chips, because i was kind of thinking about that, i could weigh in on books. the reality is i have a stack of books that i pick up and every the first chapter and then i put down and i put down, have a million other things and i'm not gonna lie, i just don't get through them with everything else. i and every new yorker articles instead and counting that. jonathan: just reading the first page. you ever see matt? it is just pictures of reading the first page of a book and they will ask him about the book sometimes. you don't get much detail. riveting stuff. tom: when we get mandeep singh chips with all this ai stuff, do we stop reading? i can't get the kids to read, can you get the kids three? i mean, they read for scho