plosser a bit later. will policymakers decide to move or will they stand pat? mckee, go to michael steny by washington with that statement. by in washington with that statement. the zerowe will have interest rates for at least another month and a half. no change in the benchmark rate. this is justified, said officials say, that economic conditions in their view have not changed that much. if anything, conditions have slightly improved. they drop their view from september that recent global financial and economic development may restrain economic growth and put downward pressure on inflation. they say the economy is expanding at a moderate pace, which is the same characterization that they use in september. household spending and business

spending get an upgrade, increasing at solid rates rather than the moderate increase they had seen before. there is no change in the inflation outlook. inflation continuing to run objective, but again, they say that is because of the declining energy prices and the decline in non-energy imports. the an employment rate held steady. it doesn't -- the unemployment rate held steady. it doesn't like it is a fan that is willing to concede at all. it was a nine-to vote with one dissenter. mark: michael joining us from washington. welcome to those joining us on the radio. fundsbring in oppenheimer senior portfolio manager, ira

jersey, who is been patiently steny bisons begot this decision. no surprise here, -- who has been standing by since we got this decision. no surprise here, but what can we learn from the language? at where the five-year treasuries are trading and yields are a bit higher right now because the december meeting is going to have to be back on the table. julie hyman mentioned a moment ago that we were not pricing in any rate hikes until march. that will get pulled up a little bit until maybe january at this point. if they hiked in december at this point, would be kind of unprecedented without prepping the market in some way. before we went on air, kathleen and i were talking about that there has to be some fed speak about a december hike. tohleen: the yield is now up

6.8 and the prices falling. a little bit of an adjustment. we have the benchmark 10 year yields down at 2.09%. for the bond market in particular, which is so interest rate sensitive, what next? haveyou ultimately slightly higher yields in the front end and you continue to do that as we get closer and closer to the hike. it is interesting to know that the two-year and the five-year notes are selling off more than the long run. mark: our colleague michael mckee has a question. michael? michael: let me run up something that i reset about the need to condition the markets. fort yellen has a speech the washington club on december 2 and december 3 she goes before the joint economic committee in congress. there is plenty of opportunity to set the table for the markets. in meeting is not until december 16. if they want to move receptions,

they halftime -- if they want to move perceptions, they have time to do that. tom: there is something dreaded, mark crumpton, they mention the meeting just the medium term no one knows the short-term or long-term. charles plosser would never use the medium term, but it is what you use when you are confused. inflation is seen as rising toward 2% in the medium-term. i jersey, what is the medium-term? as: we can to think of it two to four years. what is interesting is that the dollar is getting much stronger here. sense, becauseof even if the fed is not hiking in certainlythey have upgraded their assessment of the u.s. economy. they are certainly not easing based on the statement. likely will have the ecb

ease more. mario draghi has been pretty clear about that. kathleen: and i have been a challenge and some in block for the federal reserve. -- and that has been a challenge and stumbling block for the federal reserve. mario draghi has made it clear that he is worried about disinflation. what is interesting going into this meeting, couple of key governors from the federal reserve giving speeches, governor brainard in particular, saying something along the lines that improvement in the market is not sufficient data to gauge the outlook for inflation. there is now a debate about whether or not you can start unemploymentith when you are so far away from that inflation target. ira: there is a question of whether or not you get a wage push. classic -- the classic ideas -- idea is that if we just go up, you get more workers

because of the higher pay. now you have younger workers willing to work for less money today than perhaps they were when inflation and interest rates were much higher. it is not obvious that the jobs picture is going to push of inflation. we think it will, but there is a lot of literature that suggests it is not necessarily the case. that is one of the trepidations that the fed has for hiking without obvious signs of inflation. dissent, itk of could have been anybody else, what does that signal? michael: it shows that janet yellen is holding the committee together. jeff lacher has made his opinion clear. there are others who would probably agree with him, but there is no point going strong with the dissent because it would not, which anything at this point. we know there are others who would like to join him, but most

people are still willing to wait. the interesting thing is they talked about next year instead of december, and they are not pushing back either. tom: can i see the -- say that the chart looks like the promo x-files movie? it just looks like something that mulder or scully would look at. i'm just saying. ira: we have been talking about 18 months. you've heard others say is not a commitment. not: i'm not -- ira: i'm committed to hiking. but they have said it. what is the use of things like thatt plot and the fact other members said they are going to that? tom: i know you're going to

julie. julie: i want to start with the bond market. we have seen a loss in the bond market as well. it is important to point out the move in currencies and rates. you have alluded to it, but i want to put a fine point on it. here you are saying they have it all together. there we have it. as you can see on your screen. the movement up in race premarket, going up to 2.09% on the 10 year. 2.06% beforeout the statement. it is back on the increase. wellathleen mentioned as that the two-year is also seeing an upward move in rates. the dollarement in versus the euro in particular, the euro really going down here,

falling by about .8%. 1.095, the euro per dollar here. stocks, a round-trip to indeed we are seeing stocks selloff from where they were before this meant -- this statement coming out. stocks before the statement were .9% and the s&p has paired that to about .3%. mentioning,e was thekathleen said earlier, euro moving. i look at the euro yen as a strong indication of the dollar. mark: let's get a last word from ira jersey. i'm curious as to what is going politicalh the

ramifications in washington if policymakers are looking at the fact that the debt ceiling deal had not been solidified as of right now, and that there could be another government default if that is not being taking care of. is that in their thinking as well, that they might raise rates under certain situations? ira: i think everyone expects that the debt ceiling will be raised. it would be great not to have to deal with it personally in 2017. you don't want to mess around with the debt of the united states in terms of credit. i think in december if that is all cleared up, that won't be on their mind at all. seniorppenheimer portfolio manager, ira jersey. for those of you watching on bloomberg television and listening on bloomberg radio, let's bring the former president of the federal reserve bank, charles plosser, joining us live from chicago. mr. plosser, thank you for your

time today. any surprises for you today from the fed decision? no real surprises. by the way, i'm glad to be with you again. i think it is hard to imagine that we would learn anything between september and october to change the rationale of what they had in september. no one is surprised and, certainly i wasn't. kathleen: we know the fed wants to move on rates. we know the last two reports on the payroll site have been disappointing. and the new york fed president, bill dudley, said recently that he would watch until the end of the year. there are a lot of labor indicators coming out. that really that simple, the jobs picture coming out will in the big --the bid december?

charles: we know those estimates are pretty rough and will be revised and changed. even at 150,000, that is kind of what you would expect from the job market to keep unemployment fairly stable. i think there is not enough change -- you notice their language didn't really change as far as i can tell. it was a quick read, but the statement changed relatively little. i think that reflects the fact that things have not really changed much in their minds. that is why it really didn't change. tom: professor, good afternoon. tom keene here. steve roach wrote this morning and really went after the fed and plosser and lacquer and the --lacher and the rest.

when would you suggest we are hawkishing to see a ian said. --fed? [laughing] i may not live that long. there is some evidence that the fed is getting increasingly nervous about being an zero for seven years now. zero for seven years now. we have an economy growing at 2% and an unemployment rate down about 5% unlikely to go lower.

that is awful close to what anybody would describe as the fed meeting its goals and mandates, but we are still at emergency policy settings. that is making and should make policymakers nervous. if vice-chairman fisher agrees with former philadelphia president plosser that we are at emergency levels. kathleen: yes, but there is the question -- many of them missed thempportunity -- many of feel they miss the opportunity in september, 2013. mark: michael mckee is in washington with a question. michael: i have a question for charlie plosser. of when andr plot how they will raise rates, they have been saying for months and months that in determining how to maintain their target range they will assess progress on inflation, etc.

today they say, in determining whether it will be appropriate to raise the target range at its next meeting. how much of a community you see that as being and how hard would that have been to get into the statement? charles: it is not a commitment, of course. they have been saying for some time that every meeting is a live meeting. is the message they have been trying to send. regardless of the outcome, they will debate the issues on the merits. i think probably -- and i don't know. i obviously wasn't there. i suspect you will have a lot of the same debates take place in this meeting that you did in the previous meeting. michael: do you see anything pointing us to that meeting in a way that it hasn't before? charles: i think member -- many of the members of the committee,

and the speaker is saying, and thatphil dudley is saying the meetings are all live meetings. there was debate about whether the product -- the press conference would matter or not. i just think they are keeping it on the table. it is not a commitment to do anything other than continue their debate. i think it would be more helpful, though, if they can become a little bit more specific about what it will take over the course of a year. they keep changing periodically the criteria. well, we will not do it this time because of china, or because of europe, or because of inflation, or because of labor markets. that is not a very good strategy from my point of view, and it confuses markets. they need to get more specificity in it i think. mark: all right, the former fed president charles plosser -- the former philadelphia president of osser,d, charles pl

staying with us. brendan greeley, you have a couple of charge here. one on sovereign yields and one on others. what on sovereign yields? recently we heard it said that it may restrain economic activity somewhat. now we have different verbiage. terminal can plot yield curves. right now, we are looking at developed economies and the yield curve getting up there towards 2% for sovereign debt. all of the economy spent a long time below zero. fed isu look at what the looking at another developed economies, they are seeing pressure downward. if you bring that over to emerging economies, every emerging connie -- emerging

economy has its own story, yet you have a different set of yield curves. it looks comparatively flat. then you got malaysia, indonesia, brazil all the way on top, and the fed is being pulled in different direction. but they are paying less attention. onk: as you know, the folks radio cannot see the charts. what does this? -- what does this mean? brendan: a means the fed is paying attention to two completely that amick -- two completely different dynamics. ateurope they are looking things that drag the yield curve down. for growth.tion you see that in germany. if you look elsewhere in the world, you get a completely different story, expectations of growth and expectations of

inflation. the u.s. is comfortably right in the middle. what is different from the last statement to this statement is that they seem less concerned about being stuck between two different policy rounds. mark: then that begs the question, are they paying attention because they want to or because they have to have -- they have to? brendan: we had a lot of companies telling us in the last quarter that earnings were affected because of developments abroad. that is what the fed was worried about. what we are seeing in this statement is that they seem to be less worried. that tells me that what they were really worried about is not economic growth abroad, but the actual volatility in markets that they saw at the time. kathleen: i would like to reference the future start, if i could. i don't know that we've mentioned that going into the meeting, the fed funds futures --e looking for a 34%

looking for a raising of the rate. is up to 46% and it is getting closer to half. it will be interesting to watch these numbers in the coming days , whether there will be more of a consensus building for the december move, for all of the reasons you mentioned, brendan, particularly in the language. fromi look at the dialogue where we were to today, can you imagine what it's going to be like? of december 3n two december 16. kathleen: it will be fun. tom: is professor plosser still with us? mark: yes. tom: you were teaching the as we that we were doing stagger from september and then into october and then december. what textbook are we in right

now? charles: no textbook that i know of. [laughter] tom: thank you. it's a reminder that we are in original economics. charles: these are pretty unusual times. point you were talking about, internationally, i think as you are aware, i think they should have moved in september. i think they should have moved last year. it isn't it interesting to watch how in subtle ways, the language does change. i think the case for international hesitancy that was given in september and how they backed off on that, i think it's troubling from a communication strategy standpoint. i think the fed is being pushed and pulled in different directions by the market, by the media, by the different angles. i think they have to struggle

with getting a consistent, parent -- coherent message that does not bounce around from month to month with statistics. mark: and julie hyman, speaking about bouncing around, we saw a selloff after the fed statement. julie: in stocks, yes. but i do want to talk about what camping was talking about with futures and the pricing in. this is about a 10 minute delay. nevertheless, we did see a surge in next occasions -- in expectations following the fed meeting. almost every time i refresh this thing it has gone up about a percentage point or so. another way to map this is to look at the chart at the bottom of my screen. this shows the trajectory for the december meeting and the big movement of we have just had. -- the big movement up that we have just had. in other words, an indication

thethe fed raising rates at next meeting. what impact of this have on the market? we have seen all three averages turning negative. they are bouncing back to some degree right now. we have seen stock investors, risk investors really want the stimulus to remain. we have seen rates go higher as well as we have seen the stock markets come off of their highs. we have seen a dramatic movement in the dollar as well, the dollar going higher against its trading partners. mark: julie hyman, thank you. i want to get back to philadelphia fed president charles plosser. he joins us from chicago. julie just spoke about the dollar. it is -- has implications. will this exacerbate the situation? charles: i don't think it's enough to make much change.

we have had depreciation is in the dollar in the past year and it has been important and will have modest impact. would be whether you really see it going a lot higher, significantly higher than it is now. i don't think the committee sees that. i think they gave a statement today saying the forecast for the future kind of remains intact, and there is no dramatic change in the database off. so they did not change course much. i think that is fully not surprising, despite the movements in the dollar. it will not make much difference unless it moves dramatically higher. mark: former fed president charles plosser joining us from chicago. let's go around the table and get some final thoughts. kathleen hays, i will start with you. am i correct in calling this a nonevent because people were not expecting anything to happen anyway? kathleen: the fed made it clear that they do, even more than

ever, want to raise rates. they have given a stronger as -- force december, four december, as michael mckee said. brendan greeley pointed out that they are not as worried about the international situation. with theou know, forecast to move by the the year, it's not a commitment. can publish a three word statement, "this is big." he is looking to move beyond international developments and chinese develop its and take it back to a domestic analysis. mark: re: seeing now, in a sense, a preparation -- are we seeing now, in a sense, a preparation for the markets for december? not preparation for of next, but by june

year, or maybe when michael vick decides to win a game. michael: we will have another month and a half of zero interest rate, but there is no guarantee that will last into 2016. a lot of data comes out before the fed's next meeting on december 16. mark: michael mckee joining us from washington. charles plosser joining us from chicago. brendan greeley, and julie hyman, and i read jersey joining us on this special fed coverage. -- and i read jersey joining us on this special but every. thank you all very much. note, aprogramming one-hour "with all due respect" at 5:00 eastern time. ♪ buddy- nice place, nice car what happened?

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♪ ♪ david: good afternoon and here is what we're watching this hour. janet yellen at the federal reserve hold the line on the interest rate. is the door still open for a hike on years and? a high-stakes competition for the next generation bomber. now the hard part. can the contractor deliver it on time and on budget? the fantasy sports industry makes the play to avoid government regulation. it up with a former labor regularity -- secretary to point the rules. peter tells all about it. first, let's head over to the markets desk where julie hyman is here. julie: i want to look at the probability that futures traders on now pricing in and the fed will raise rates.

changing after the fed statement, after the fed took away the commentary about being emergency. the commentary of just heard as well as things i have been reading, it is saying the fed at the very least leaves the door open for a rate increase, something the market was not pricing and. the probability being priced into futures before the statement was in the 30% range. it has gone up to 35% and you see the chart on the bottom here. this was a 10 minute lag here and i want to note that we see it bouncing around within the 49% range. the probability for the march meeting goes to like 70% or what effect does this have across management question mark we saw downward in the stock prices after this came out, most stock investors have been fairly content with the stimulus we have seen it we have seen a long

bull market, it has been accommodated. we see them trading higher at two -- .2%. similar movement that we are seeing across the stocks. the dow jones industrial average down. we're seeing it across the yield curve as well in the treasury market. yields are going higher and the 10 year yield, not a huge movement by any means. the 2-year note, let's take a look as well. upward.9%, moving an interesting for a reaction in the currencies as well, the fed isbecause as at least preparing to tighten, we are seeing the euro zone preparing to potentially be more accommodated as we heard a mario draghi last week. we saw euro selloff quite sharply. let's take a look at the japanese yen as well. it is an inverse trade versus

the yen. you seeing the dollar rise versus the japanese yen here the dollar rising on all of its trading partners. a look at gold prices as well. exactly what we're seeing, off i .6%. david: let's head over to the news desk. that,d decision leading mark was at the special coverage. mark: yes but we have breaking news to report at this hour. house republicans nominated wisconsin representative paul speaker ofthe next the house ways and means committee. he was the republican vice presidential nominee running along with mitt romney in 2012. is nominated to be the

next speaker of the house and the house will take the formal vote tomorrow. , the breakingoned news at the top of the hour as expected, the federal reserve unchanged.st rates joining me to discuss this in detail, michael mckee in washington. i have said it time and again that you have told us what we should be walking -- watching for, the language and what can we learn from the fed pacifying was today? >> the language was more hawkish, giving a more concrete view that they may be willing to consider a rate increase in december that the markets had been sinking. they upgraded slightly their view of the economy, particularly consuming -- consumer and business spending. they noted the unemployment rates maintained and they also note there is no change in the inflation assessment running below the committee passes target, largely because oil prices and on energy imports

here that is expected to change and inflation will move toward their target and perhaps most importantly, they note that in their discussion in december, they will move from considering whether to leave rates unchanged, too active consideration of whether they should -- could raise rates. no guarantee that will last until -- into 2016. mark: at first we saw the dow was up triple digits before the start of the hour and then we saw fall. are -- pricing in the idea to members are at a possible turning point. the fed does not want the markets to assume nothing will happen until march of next year. they said they would like to raise rates by the end of next year and this statement is pushing them in the direction. they are seeing the dollar rise in the equity selloff. perhaps with the fed was looking for. concern have seen

expressed throughout the course of the year of what a possible fed move would do. is that part of the fed's thinking and is there a domino effect if they move on rates and how that would impact emerging markets? effect. should be an how much it is already priced in. they have to make the best forible policy decisions the nine states. as ben bernanke used to say all the time, they know what they have to do in order to live with a world dominated by the federal reserve and if they do not do it, they cannot do anything about that. mark: michael, thank you so much. you can always find the latest news at bloomberg.com. act to you. david: breaking news just now.

house republicans conference announced paul ryan will be its next speaker. get this reaction from you. to republicanst putting forward as speaker? >> i want to congratulate paul ryan for getting the nomination. forthis a lot of back and . he tried to get a prenup agreement with some of the tea party members. i am not sure he got all that he wanted. congratulations on the nomination. i do wish him well. speakerhe outgoing talked about wanting to clean the barn and talk about what he wants to do. have you seen that happening and

are you optimistic that the tenor on capitol hill will change now with a new speaker in place? >> i do not know if the tenor will change. it will depend partly on how the new relationship works out between paul ryan and the tea party. you will need a speaker who will stick around and be willing to find common ground with democrats. i do want to thank speaker boehner for clearing the decks as he leaves washington. he has helped paul ryan in that sense he has gotten off the table some of the most politically difficult issues that paul ryan would have face. the debt ceiling, obviously, we have got to pay our bills on time and speaker boehner has made sure we can do that through 2017 and we have pushed for this for a long time of the democratic side. it came awfully late but we got it done. the other issue is dealing with the very unproductive sequester

casts that have hindered economic growth and prevented important investments both in domestic and defense areas. has done paulr ryan a big favor in clearing the deck with some of these touch-ish -- half issues. david: let me get the reaction to the steel. it has been rare now to have a deal that would extend two ears. are you happy with the deal and what has come through? >> espn i'm overall happy. any of us would have written differently,etails but overall, it is an important step forward, a small step and many of us have been working on the edge it issues for a long time. given where we were, on the precipice of not meeting our full faith and credit obligations and possibly having another government shutdown, this is an important step forward.

in the coming months, there will still be an awful lot of back and forth as to how you allocate .esources i hope we can get through that without additional threats of shutdown in mid-december. >> a lot of deadlines are coming up here plenty more is still to come. let me ask you if you plan on watching the debate tonight and if you do, what do you hope to hear from the republicans? or you paying attention to their nominating process so forth -- so far? >> yes, i paying attention and i obviously have my own view of this. i have to say there is a huge difference between the democratic presidential debate and the republican presidential's debates so far. democratic debates focused a lot on core important issues on the economy and jobs and wages and andgs like climate change energy policy. the republican debates that i

have heard so far has been focused on a lot of the stuff that donald trump has thrown out there. his anti-immigration agenda. i do not think it has shown the republican party in the kind of way that probably republicans would like it to be received. maybe that will change tonight. david: thank you for your time. we want to make sure you show -- join us tonight at 5:00 p.m. eastern on with all due respect. tonight's's republican presidential debate. write out the capital, we are waiting from the gop leadership again. just a few moments ago, paul ryan is the nominee, gop to the next speaker of the house. ♪

david: welcome back. the u.s. passes next generation long rage bomber. the $88 billion dear will -- deal was won by beating a team here the future of america passes defense. >> long-range strike bomber will support america's strategy by supporting the backbone of the future strike and deterring capabilities. david: joining me now is george ferguson. this willll me what do, how big a deal is it for the air force? george: it is one of three major programs they are upgrading right now. they're upgrading the fire jets at the f 35 and the long-range

strike will be a third of the major upgrades. a very important component of the strategy for nuclear deterrence solves the ability to penetrate the airspace. an important program, $80 billion. very important. themat do we know about being able to pull this off? they are up against a pair. how did they do it? dowe think it has a lot to with the industrial policy at the pentagon. the pentagon has talked for some time about how they like the number of prime contractors they have known they want to keep that number. they really did not have any major programs on the play right now. it also did a lot of the work and build the b-2 bomber program it came right before this one. we think it made a lot of sense from the industrial standpoint as well as the fact they had done the previous version. david: i was struck reading about this about how many secret

aspects there are. how did that come kid the process? george: for the companies, it does not come kid the process because they have access to all the information. analyst unity makes it difficult for us to figure out who is in the floor for us here it is a very important part of the u.s. deterrent strategy. you do not want to let and it -- enemies understand how we plan penetrate theian airspace and strike at a will. it is secret for an important reason. david: many billions of dollars are coming their way. i imagine there are many subcontractors here and you say they benefit as well. george: i think the biggest one will be the subcontractor. we do not know right now. 25 or more will see percent of that money flowing toward the contractor.

so there will be a lot of down streaming for sure. david: the expectation is that this will be ready, it will be flying by the mid-2020's. so many of the programs are delayed. what is the likelihood this will be up and running by mid-2020? george: they are fairly far along in the development program from what we are reading. we really have a problem because the b-52 fleet in the b-1 fleet make up the lion's share now and they are both going to need to be taken out of the force by the 2040 time frame. the b-52 fleet will be 75 years old. years olderll be 50 or so. it is hard to fly an airframe longer than that number of years. neither one of them has stealth capability. the pentagon i think really needs this asset. we spent the last number of

years really fighting the wars in iraq and afghanistan, focused on ground forces. i think the pentagon will keep it on track and get it done. quickly, i know the pair they were up against could challenge this along with the process take? george: i am not sure how likely it is. team,ntagon will show the the criteria they use. that team will have to decide how much they want to irritate andpentagon by going ahead contesting this award. it is not a situation like a tanker where they had given the contract to a non-us company like airbus. we are handing it to another defense prime care will have to tread carefully. my guess is we do not but we will see. david: coming up, a new

sheriff's in town to the secretary of labor has been tasked with regulating the world of sports and he will join us next. ♪

david: welcome back. fantasy sports has recently become the focus of regulatory debate. former u.s. secretary of labor is hoping to do something about it. seth harris was recently appointed as chairman of the fantasies trauma and agency and he joins us now is to deal. talk about the agency and what the objectives are and what they hope to do. >> the goal is to get the companies engaged in avoiding irresponsible, unethical, and illegal conduct. we want to prevent and preempt rather than to punish their and we will set a group of standards

in place that will apply to the entire industry to we will get the company involved in establishing processes. we will audit to make sure they are doing that and have an enforcement mechanism at the very end. david: it what powers do you envision the agency having? >> for companies that comply, that have controlled some processes in place that actually meet the standards we will set up, they will get a certification, a good housekeeping seal of approval. we think the seal of approval will have a tremendous amount of weight with investors, players, the media, the public. our control over that seal of approval, whether you get it or you don't, some probation or some version of that, we think it will have a lot over the company's behavior. david: will this operate independently? i am very curious, a memo obtained by bloomberg news about the trade association, a quotation i want to read, the

leadership of the fantasy sports trade association believes we should not allow the future of the indus treat to rest in the hand of others. there has been a lot of attention of fantasies is from government officials and the justice department. why not have this he's something regulated at the federal or state level? why go to an agency like yours? >> i know better than most that government has starkly limited resources and we never had enough money, computers, to do everything we needed to do. the industry can really be constructive in preempting violations of law and unethical conduct, you're responsible conduct, some of the criticisms you have heard. the hope is government will feel they should invest resources elsewhere. there may be government intervention and people engage in illegal conduct and finally the law. prosecutors will get involved. in hope is that government common purpose with us,

stakeholders in the process that toill run, will help us get the industry not just policing itself but taking necessary steps to avoid violations. david: i'm curious why they came to you. >> i think because i have not played fantasy sports, they liked my application. there was a process i was not a part of. i spent five years leading the labor department, overseeing a dozen -- -- half dealing with a wide array of stakeholders, trying to get to the right result that protects the players interest, workers interest in the economy's interest. they very much like the governmental background in the fact i have done this before. david: we will go to capitol hill where paul ryan was speaking. mr. ryan: our party will replace

this with a vision or we believe the country is on the wrong track. country is headed in the wrong direction and we have an obligation here in the people's house to do the people's fitness, to give this country a better way forward, to give the country and alternative . we are going to respect the people by representing the people. i want to thank my colleagues for distilling unto me this great honor. thank you. david: we were listening there to paul ryan, the wisconsin congressman selected by 200 members of the republican party there in congress to be the nominee for the speaker of the house to replace house speaker john boehner, who announced his retirement a few weeks back. today, a vote by republican members of the house of representatives. tomorrow, there will be a full vote in the house

on whether or not he will become the speaker of the house appeared to hundred people voted for congressman paul ryan, and about 44 voted for the only other nominee there. a few extraneous loads there for other members of congress not officially on the ballot. you're watching the bloomberg market day or we will have more coverage when we continue. ♪

>> welcome to the bloomberg market day. ♪

betty: good afternoon. here's what we're watching this hour. the federal reserve leaving interest rates unchanged, surprising practically nobody. what are the chance of a december rate hike? .arl icahn takes on aig the investor thinks the insurance giant should break up. we look at the numbers behind his claim. in an trump will be unfamiliar position in tonight has his third republican presidential debate. can the real estate local game momentum after slipping behind ben carson in iowa polling? we are about an hour from the close of the trade. has the latest on all the breaking news today. julie: we are an hour after the fed statement so we are seeing a lot of rejiggering in the market for expectationswh