around the world will be talking about as they gather in jackson hole. >> hurricane katrina wrecked havoc on the coastline. tenures later, what efforts to restore the state mean. matt: in a few moments, we will .e speaking with alan blinder vice chairman of the federal reserve. ♪ grexit good afternoon from bloomberg world headquarters in new york, i am matt crumpton with matt miller. fluctuating and red arrows across the board is to check your at noon. s&p down about six points at 581 -- five dollars 8

the s&p is on track for its worst month since may. 2012,orst month since may even after the incredible rally the last two days. chevron is advancing on oil. gaining.also don't forget that freeport mcmoran was up 3% yesterday. this is in addition to that. it's take a look at commodities. we said that crude was up and it is a big one. 5.5%. $2.31 is the additional cost for bill. barrel.44.70 per let's take a check of the bond market at this hour. a10 year yield right now -- the 10 year yield right now, 10

basis points right now. let's take a look at it over the last week. the treasury has been preparing their gains after the last weekly loss in june. the most abominable trading. in six months. today's gains halting the three-day slide. the dollar with its weekly advance against the euro. the dollar right now is at 1.11. --inst the yen, 121 99 121.99. 123.60.the pound, george w. bush is in new orleans for the 10th anniversary of hurricane katrina. he discusses recovery after the nation's most expensive national disaster. the former president spoke earlier in a charter high school that he visited on the first anniversary of the storm. he honored the spirit of the people of new orleans and all that they have overcome.

bush: today, we celebrate the resilience of northern schools. we celebrate the great american outy whose levees gave but whose people never gave up. att: president obama is using webcast this afternoon to calm fears from jewish communities about the nuclear deal with the run. the agreement seems to stop iran from building a nuclear bomb in exchange for international sanctions relief. the 30thantime, democratic senator supports the agreement. they are four votes short of blocking the deal. consumer confidence fell in august to a three month low. that is according to the university of michigan consumer index.

personal finances also dropped to the lowest in three month. the u.s. economy got off to a good start in the third quarter. consumer spending the cap enjoy. consumer purchases raised .3%, same as june. meanwhile, wages and salaries increased for the most since november, conflicting symbols -- signals. websitee head of the ashley madison has stepped down. hackers broke into ashley madison and exposed personal data 37 million members. avid life was hit by a number of lawsuits. those are the top stories of this hour. let's get to the big stores of today. the federal reserve imposing -- symposium in jackson hole wyoming. matt: brendan greeley back with another special guest. take it away. brendan: i am sitting with alan blinder, a professor at princeton. that is not begin to describe his resume. he has been a historian of the

u.s. federal reserve and a chairman himself. to the first jackson hole, this is 25th. he is making sure i enjoy the view kind is, which is new to me. i want to talk with you about something that we were just told which is that there is a cultural bias within the federal the 2% toward treating inflation target not as a target but as a ceiling not to be breached. would you agree about that bias? he is in a better position to say than i am, but i think it is too early to say something like that. this is a relatively new thing that started in 2012. historically, there has been a very strong bias across central higher,wards lower, not inflation. if you have a 2% target, the concern was always getting down to 2% not going up to 2%.

generically, around the world, i don't think it is worth it for the fed. there are some cultural adjustments needed. inflation is too low and we are about pushing it up. brendan: here we are wondering why we can't make it rise. alan: central bankers around the world are still getting up authorized to that. turized to that. ofndan: what is the value study, predict will inflation at that 2% target? that get us?et a chec alan: to the extent that the central bank is expressive and credible about 2%, which is the to anchory, it tends

people's expectations. there is a relief that on average, inflation will be 2% per year. that is useful to have. stabilizing the measuring rod. it is useful to have usually when the central bank is trying to move the economy. if it is trying to stimulate the economy, you don't want inflationary expectations to go through the roof, because that drives interest rates. brendan: a could easily be 2.5% or 1.75%. alan: someone will one day write an article about how he got to be 2%. it is kind of arbitrary. like anything else in life, there is a tendency for one party to imitate another party. if you ask me to make a strong percent 2% against the or against 1%, it is pretty hard. brendan: you said the word

credibility. every time i hear someone say they are worried about their credibility, what i'm hearing is the fed is not doing what i want them to do. what does that mean? credibility, to me, is very simple. it is the belief and whoever's mind it is that the central bank will do what it says it will do. that is a credible central bank. for example, we will produce 2% inflation eventually. not this week, but eventually. if that is believed, it is a credible central bank. how do you build a? by doing what you -- how do you build credibility? by doing what you say you will do. when you are asking before about the anchoring -- the federal reserve is having a devil of a time getting the invasion rate up to 2%. the bank of japan is having even more trouble.

the ecb is having trouble getting it close to 2%. their target is a little bit below 2%. they are a lot below 2%. isat is the sense in which the e recent inability to get inflation up is threatening credibility. brendan: has something changed? why is this working? alan: you hear this a lot in the criticisms of the fed. has of the things the fed been doing since 2008, 2009, 6 or seven years ago, would have been expected to be more inflationary then it turned out to be. there were people on the federal market committee that as early as 2009 were worried that the fed would cause too much inflation and should be planning its exit strategy already. that was six years ago. there was going to be so much inflation coming out of these

policies. part of it is understandable. a lot of what the fed did got buried idly in bank excess reserves just sitting there. it was as if you just through a pilot money into the economy that was sitting on the floor and nobody touched it. you don't expect that to happen. it did happen. if that happens, you don't expected to be inflationary. that will take you some part of the way to the expiration, but not all the way. someone said central bank sent not doing enough. that is not something i'm used to hearing. he said the particularly the bank of japan could be taking more on to its balance sheet and that the central banks need to ignore concerns about their balance sheets, get inflation where it needs to be, and where orry about balance sheet later. alan: i agree with the principle

but i am not sure i agree. the bank of japan has blown up its balance sheet recently and two relatively little effect. if i was sitting at the bank of japan -- you could say the same thing about the fed, but we have had more success. if i was sitting at the bank of japan, i would be wondering what another ¥100 trillion what action we do to the economy. the move, it will get inflation rate up to 2% target. that would be one thing. -- experience talking about are inflation, how concerned we are that we are not getting close to the 2% target, what is the argument for getting off the zero balance now? doesn't make sense to do that? -- does it make sense to do that? alan: the impetus to get up from tube -- from 0% comes from two places.

one is that there is a significant lapse between what monetary policy does and how inflation behaves. if there is inflation in store for us to years from now -- two years from now, we have to act now. that will get you off. recent experience makes you wonder about that. the second is that hanging around 0% interest rates -- one way to put this is it reduces or kills discipline in financial markets. people do not have to pay for money. when they don't have to do that, they may do all sorts of things. take these financial stability concerns. some people are much more worried about that than i am. we just had a cause a correction in the stock market. quasi correction in the stock market. as i look around the financial world today -- and these

critical balls are always cloudy -- i don't see a lot of reason for concern, but some people do. that is a key point. talking about are tools to actually create 2% inflation, what do you think of the idea of the central bank targeting nominal gdp, gdp stacked on top of inflation -- is that a better tool? alan: i have never been convinced of that. i don't want to say it is a crazy idea. it is not. stone the idea which then we would presumably live with a while. we were not just do it for six month. the point of gdp and the point of inflation is the same. the point of nominal gdp is the sum of those two growth rates. that is not true in my way of thinking.

i have never been keen on that notion. the arguments you get now have done asre -- if we had a while back, we would have followed and easier monetary -- we would have followed an easier monetary policy. that is probably true. , thank: alan alan blinder you. a former economist and a historian at princeton laying out why he was not completely convinced by either of them. matt: thank you very much. brendan greeley out there with former chair alan blinder hanging out in front of the grand teton's. "bloomberg ahead on market day," we will be speaking with dennis lockhart, president

of the federal reserve bank of atlanta. stay with us, we continue in just a minute. ♪

day,"["bloomberg market welcome back. matt: earlier today, we asked thelouis fed president how recent market hit -- market volatility may impact the fed decision. -- questionondition for the committee is

how would you change the outlook over the last 10 days? i think the answer will be not very much. have lower interest rates in the u.s. than we otherwise would have had. we have lower oil prices, those are usually bullish factors. on the downside, higher credit spreads, higher volatility, maybe a stronger dollar. those things roughly washout. matt: joining us now is jim ofkards, he is the author "currency wars, the making of the next global crisis." when the fed will make a great move. given what we have seen in china and in global markets, is this afteoff the table? he said the fed should not

be influenced by the volatility in the stock market. he should be influenced by the data which is what janet yellen has been set on -- has been saying all along. i have that off the table because the economy has been week. weak. matt: i get that we have weak inflation, but how does that data look weak? two out of three is not bad, right? the third-quarter showing 1.4%. you put those three together and you get 1.9%, although low janet yellen's 2.5% target. ed lastation peak november and is trending down. was 5.3% in july, but it was

also 5.2% in june. that is not moving in the right direction. matt: 5.3% maybe the real rate of unemployment. jim: that is a myth, a unicorn. people talk about it, but there is no empirical evidence for. 5.3% is not that strong. if it were, it would be showing up in real wages. that is one thing showing up on her desk, but number one is real wages. real wages are flat. you are saying if they could get a raise. can they? it is not showing up in the data. we are not seeing it in the real wages. job creation the last november. it looks about three quarters will have 1.9% growth. expectsllen says she

2.5% growth, 5% unemployment, and 2% inflation. she is not near any of those. more importantly, mark, we are moving in the wrong direction. mark: we want you to stay with us because we are getting breaking news right now. matt: we are getting breaking on on asphalt the -- baxalta. --y talked to buy job maker talks to buy the job maker may continue. we will have more on this story. look at the chart. down about 5% today. it does not look good for baxalta, especially since the drop is so sudden. matt: our senior market correspondent julie hyman will have more on the developing story when we continue in just a moment. ♪

matt: this is bloomberg market day, i'm matt miller here with mark crumpton. we are halfway through the session, and already stocks have gone a taste of the volatility that has returned with a vengeance. julie hyman has a look at the nasdaq tom in particular. julie: the nasdaq has been the leader of the day. we have seen it go into the positive and many negative again. the dow has remained in the red. the nasdaq is in the red today. you can see we had a climb into the positive around 11:30, and then coming back down again. as you look at the bloomberg terminal, it was not just today but over the past five sessions. what have we seen this week? this is a chart i was looking at yesterday to show the enormous moves and volatility we have had. the big drop at the open on monday, then recovering, then down again by the end of the day. each day, we have seen dramatic, unexpected moves as the day goes on. it is in a smaller range today,

but directionally we are seeing the same kinds of actions. what is preventing it from the gain that we tasted a little bit earlier? google has been lower today by 1.7%. these are down because they are heavily weighted in the nasdaq and the s&p 500. apple and cisco are also the -- apple and cisco are also down. is one of them with gains. that is because of call of duty. it is up 5.7%. that will be added to the s&p 500 after the close of trading today by the pall corporation. intel is doing well today. that stock is higher by 2.5%. there was a note from jpmorgan whose analysts now with the .ompany the analysts say they are more confident in the company

achieving its revenue target productof demands for from accor. -- from that group. mark: thank you so much. matt: i want to bring back up baxalta because it is difficult to understand. they are the target of a $30 billion takeover that they are trying to defend against. one way they will do that is by trying to buy another company, a $2 billion hematology drug company. if you look at their chart, they have done quite well today -- this year. this 3% drop does not look like a big deal. we will be right back. ♪

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♪ ♪ ♪ get excited for the 1989 world tour with exclusive behind the scenes footage, all of taylor swift's music videos, interviews, and more. xfinity is the destination for all things taylor swift. welcome back. let's get a look at the stories making headlines at this hour. desperation increasingly leading

to death among migrants heading for europe. the bodies of more than 100 migrants being recovered near libya. they drowned when the boat capsized. and austria, three people being held in the depths of 71 migrants, whose bodies were found in abandoned truck near vienna. mark: jubilation as the last known ebola patient leaves the hospital. it could mark the end of the countries act adamic. the woman most likely contracted the disease from her son who died last month. tests negative for 42 days, the dubya a choke will declare the african nation able to free. shareholders have agreed with a hostile takeover bid for pair go, the over-the-counter drug maker at $33 billion price tag. it is up to the shareholders. perrigo management "very destructive." matt: one plays were general

electric will not be moving her headquarters, and that is dallas. ge dropped dallas from the list because some texas lawmakers are opposed to the export-import bank as a source of financing for some of ge's overseas sales. ge said it might move from connecticut because of rising taxes. ge is preparing to sell off another finance unit. reports wells fargo is the front runner to buy the real car finance business. the unit has more than $4 billion in assets. ge has been selling off its finance business so it can focus on manufacturing. mark: one of the biggest losers and the collapse of oils prices is jefferies group. debt distressed traders lost almost $100 million when the oil route better the energynd the loans of companies. about half the losses came during the fiscal third quarter. jeffries isn't commenting. apple has confirmed the architect of its online radio strategies has quit.

in rogers joint apple last year and led the development of apples beats one, it's radio service. it is a free radio service that serves as a gateway to apples paid streaming music subscriptions that began just two months ago. apple is expected to unveil the latest iphone . it is holding an event in san francisco september 9. that is a look at some of the top stories we are following. matt: we're back with jim rickards. he is the author of "currency wars." get toto ask before we more of the fed and inflation, currency wars. we saw china devalued followed by vietnam and then causing stand. do you expect more countries to devalue? do expect dominoes to follow? incurrency wars came out 2011. what i said, we are not always in a currency war, but when we are, they can less 15 to 20 years. . am not surprised

her 28 interest-rate cuts and evaluations earlier they are. currency wars have no logical conclusion except systemic reform or systemic collapse. matt: let's get back to the best interviews from the federal reserve's n.l. symposium -- annual symposium in jackson hole. brendan greeley and michael mckee. >> when you look at what the factors figure to the inflation forecast are, inflation expectations have been relatively stable. we have growth, above trend growth, they were market improvements continuing. we do have some shocks in terms of oil price, commodity prices, and the appreciation of the dollar. in general, because the economy is doing better and growth is

above trend, i believe -- i am reasonably confident we will get back to 2%. >> are we going to get back in time to justify a rate increase as early as mid-september? >> i am in the motive looking at all of the data, evaluating what is going on in the financial markets, and we are going to be putting a new forecast at the september meeting. but my view so far in looking at sort of all of the factors is that the economy can sustain an increase in his used rates. >> the inflation perimeter that the fed set has been met or close enough? lookow, i think we have to at looking forward. monetarys to be -- policy has to before looking policy. you don't want to wait until your goals are met in order to start moving. we have to before looking. that is why the forecast is important.

how is your outlook for the economy? if you're reasonably confident, which is one thing they have said is the factor that will feed into liftoff, then -- that isill secretary we're looking at. it has to be a forward-looking policy. you have to move before the goals are met. >> how do you define what forward-looking is? metaphor, thethe whites of their eyes. what does it mean in real time? by next march, by next june? when do we have to be confident? >> reasonably confident, and my view, i am reasonably confident we will get back to 2%. i think the reason, downturn in oil prices and appreciation of dollar pushed out a little bit, and my forecast i was saying we would get back to 2% by the end of next year, the beginning of 2017. i pushed it out a little bit given what we have seen. but those are transitory factors. the economy growing above trend,

labor market developments inflation, and expectations relatively stable, that means inflation will get back. ink: that was loretto mester jackson hole today. to ask jim about this inflation picture. i think it seems like the most worrisome part of what the fed has to deal with. they haveof act like it under control and maybe need to cap it, but it seems to me they cannot get inflation going to matter how hard they try. we have never seen it really pick up. >> i call this make jack or economics. yet the song, "you can't always get what you want." this is what happened in the 1930's. thought he could fix that with qe. i spoke recently and he admitted it was an experiment, his words not mine, but it looks like i failed one.

qe does not get you inflation. you need -- mark: let me ask you a question about a half an hour ago, his question was, what is the value of the 2% efficient target? what is the value? >> is steals money from savers and gives it to bankers. 2% sounds tame. the dollar value of in half. another 35 years, it is half again. oft is a 75% of violation the dollar. it steals from savers, retirees, anyone with a fixed income, and enriches bankers who are basically debtors. it is transferring wealth from savers to debtors. matt: what should the fed be doing instead? >> it is scary, but they should target zero and they should just get out of the way. monetary stability, zero interest rates, don't try to -- they are incompetent. that is the problem. mark: michael and brendan and

jackson hole also speaking with the minneapolis fed president. he has a different view, saying the current low information -- inflation environment slightly to continue. >> we're sending the message we are ever worried about the 2% target, treating it like a ceiling. that means the credibility of getting back there i think is impaired. mark: he said they're treating it like a ceiling. are they? >> president evans said he would not mine sing 3.5%. they have to get inflation or we can pay the debt. you have to devalue the debt. they want to do a slowly. like the kid who sees $50 in his mom's wallet and says if i only take two dollars, she won't notice. he must be saying they're treating it like a ceiling in order to save the credibility. of course they would love to overshoot it. let's be honest. that would make it look like they have the tools to do that,

which they don't. and giveromise you two you two, there's no expectation. but i have to live you, give you -- promise you two, and give you three. mark: during the commercial break we were talking about inflation. i mention i never central bank in the world has a dual mandate. some just a specifically with inflation. is that what the u.s. federal reserve should be doing? >> absolutely. it is what they were doing up until i think 1967 or early 1970's. hubert humphrey hawkins. from 1913 job leave the late 1960's or a little bit later, i'm sorry, the 70's, that the single mandate, the european central bank as a single mandate. when you say often unemployment goal, get to micromanage the whole economy. the fed cannot create jobs, entrepreneurs do. but they think they can. but it does give them a mandate to basically be a central

planner for the economy. matt: in there break you are explaining why you think the stock market is sing this volatility. basically, the market discounting a possible interest rate increase. >> if the fed raises interest rates in september, which i don't expect, it will be an historical blunder. the stock market is discounting the blunder. if it looks like they will raise crashes,e market someone says, not so fast, and the market goes up. the stock market is easy to understand, just up or down. the real problem, even if they don't raise in september, what does wall street say, march, then june, the september. we will get to september they will be talking december. mark: but do policymakers come off as looking scared? matt: and we have no bullets. happens when you manipulate for six years, you pay yourself in a corner and cannot escape the room. we are at the stage where they

need to ease. you can do qe, rejoin the currency wars and cheapen the dollar, helicopter money, for guidance, and the other way is negative interest rates, which i don't expect. that would be pretty radical for the u.s. matt: you have been saying for years they should've been raising rates from ben bernanke's tenure in 2010. >> there was no shortage of liquidity. the fed has definite do with unemployment. there was plenty of cash. mark: jim rickard, sticking around for his fernanda extended interview. great to see you. matt: we're going to give you more from jackson hole throughout the day on bloomberg television including a conversation with atlanta fed president dennis lockhart. it is a star-studded friday afternoon here on bloomberg television. at mays dennis lockhart 2:15. -- don't miss dennis lockhart at 2:15. mark: hurricane katrina, we will

get an update on the economic recovery. ♪

matt: welcome back. i am matt miller with mark crumpton. let's get to julie hyman for the big stories of the market day so far. i guess volatility has been the story for the nasdaq. julie: we have been talking a lot about that. the nasdaq is green was again. i want to talk about the big market stories of the day and of the week. it has been quite a week for the major averages. you can cbs a be and dow are still negative -- you can see the s&p and the dow are negative. take a look at the sector moves. i want to talk about how they

have done as well. what we're seeing today has mirrored the move we've seen this week. energy is the top performing group today and utilities are the worst performing group today. that is what we have seen for the week as well. take a look. you can see the energy index up more than 4%, it's best week since about february. utilities down 5.5 percent, sharp losses for that group. when you look at the underlying drivers, you can see what has been going on. oil prices have had a big week for the week come up nearly 12%. that is the biggest gain we have seen a more than four years. the 10 year yield, when we see guilds move higher, we tennessee utilities get hit because they have relatively high debt. a big increase this week, the biggest since late june. that has been affecting what we've seen in the stocks. there have been some individual stories driving things as well. in utilities, the story of a

block acquisition, d.c. regulators saying pepco acquisition by exelon will probably not go through. if you look at how those stocks have done on the week, the bigger losers in utilities, pepco is leading the pack. switching over to energy, the energy winners are driven by acquisition news, cameron international, it's acquisition and i'm an offshore also doing well in the week as oil has risen. matt: thank you, julie hyman. the 10th and marks anniversary of hurricane katrina making landfall on the gulf coast. an estimated 1800 people died and tens of thousands of homes were destroyed along with huge swaths of louisiana's coast. after the storm, more than 150 square miles of louisiana's wetlands disappeared . the state plans to spend billions to repair and replace

that marshland and some parts of that plan are very controversial. >> louisiana's coastal master plan to spend $50 billion over 50 years to preserve its wetlands. >> some of that will come from the government, more than six plane dollars from the bp oil spill sector. -- $6 billion from the bp oil spill sector. the state loses a football field worth of coast every hour. >> marshland is the main lands first line of defense.

his mandate is to make sure there is more of it. he points to buy you dupont -- bayou dupont. the contractor is piping in from the mississippi river 13 most to create more marshlands. another way is with water called river diversions. there is criticism of folks who live along the gulf coast to work in small businesses, shrimpers, fishermen, or sterman worried about the installation of river diversions like the one behind me that allow the mississippi river to flow into the marshland. that is one component of the master plan post up this is one critic. we will be out of business. >> he is worried a new diversion will hurt the fishery and his livelihood. >> this is the bayou. >> about 30 miles from a river diversion built before hurricane

katrina. >> look over the marsh. see how thick it is? watch where we are going. >> ok. >> we are about 15 miles from where we left. maybe eight miles, 10 miles maybe from the diversion. there is no root system at all. >> he blames it on the influx of fresh water because the government does not understand this fragile ecosystem. louisiana will revise the plan in 2017. louisiana's coastal authorities say residents like his will have a seat at the table. david joins us now from new orleans but from raceway, louisiana, which has a horrible problem. they're not beneficiaries of this restoration. really fascinating

place. i'm standing in a neighborhood totally abandoned. it is me and a bunch of cicadas. there are about 40 or 50 houses that are abandoned. this area was severely flooded during hurricane katrina but also during hurricane isaac in 2012. there is a levy just a stones throw from here. on the other side, those neighborhoods are protected. on this side, they are not. it illustrates the way this coast is being restored and protected varies by a very small margin. mark: talk to us than about the efforts that are underway, the neighborhood where you're standing, it has looked like that for 10 years, for a decade now. >> there are few people trying to repair houses. somebody told me their speculators looking at buying some of these houses with the hopes perhaps this area will become safer from floods in the future. state proposesrk involves repairing and replacing parts of the coast.

they're also trying to find money to raise a lot of these houses, elevate them. if you drive just a few miles out of here, you will see homes elevated on two-story tall pylons. the government is quick were eager to stress it is not just about moving sediment, but also doing other things to make this play savor in the event of a flood or storm. matt: david, thank you for that. down in new orleans all week and will continue to bring its great stories. you can check out his coverage on bloomberg.com. mark: more "bloomberg market day." ♪

matt: welcome back. mark: the u.s. military is on a mission to improve its ever defenses. ashton carter is in silicon valley meeting with some of tech's top minds. matt: emily chang is standing by in mountain view, california. set the scene for us.

emily: we're inside the research center where they test all the helicopters for this place. the secretary will be landing in about 35 minutes. he will speak to us first, then go into a two hour meeting with various silicon valley leaders. we know venture countless -- venture capitalists will be there. also various cyber security ceos. the purpose really is to rebuild a broken bridge between the department of defense between the u.s. government and silicon valley. if you go back to before the vietnam war, there was a very strong tradition of technology and information sharing between these communities. over the years, silicon valley has become the plays were the most innovative technologies have been produced. in the post snowden era, there's a lot of suspicion about a government. mark zuckerberg has said the u.s. surveillance is the biggest threat to the internet. they do not want to work with the government i do not want to cooperate with the government.

they think of it as a place that is old and stodgy. what the secretary really wants to do is rebuild that bridge, rebuild trust, and also come out here to recruit and scout new technologies. mark: emily, what are the tangible things that will come out of this meeting? what do you expect? on this site,ere they have an innovation center for entrepreneurs and very start of skin show off their technology and find out from the pentagon just what their needs are, what the various requirements are. it also on this trip, they're opening up what they're calling the flex tech alliance, a manufacturing hub in san jose where they will be making flexible sensors. the various companies from apple to hp to boeing our partners in this new venture. and the kind of sensors they're producing think they could go on jet engines and in ships and in clothing. they can monitor the house of soldiers -- health of soldiers in the field.

that is another question i will be asking him. healy has 16 months left in this administration. what are the deliverables and what is the open took on flesh? matt: hubley the top ceos in silicon valley are not working with the nsa? could this be a charade? honestly. i mean, google? you get different stories when you talk to the head of the nsa and when you see the statement from larry page and mark zuckerberg. i think the ceos maintain they do they have to do by law when there required to, but they don't willy-nilly and over data to the government. mark: emily, we will see you coming up with that exclusive interview with defense secretary carter. we will be back. ♪

this is the "bloomberg market day." fly fishing with

economics, gathering and jackson hall wyoming. on their minds? how to boost inflation and economic growth. matt: james bullard says u.s. economic fundamentals look good, despite the gyrations in the markets this week. does that mean a rate hike is coming? we will bring you his interview from jackson hole. mark: protecting the nation's military from cyber threats, and interview with the defense secretary ashton carter who is visiting silicon valley today. matt: good afternoon, i am matt miller. mark: i am our content. secretary carter will be sitting down with emily chang, so you will not want to meet up. let's start with a look at the markets. stocks have been drifting between gains and losses after coming off two days of huge