seems to be working on the claims that officials were close to working with russians. in the u.k., brexit negotiations were expected to resume november the brussels according to u.k. grexit chief. it will be the sixth round of after the previous five failed to resolve differences on key issues, including the amount they must pay to settle finances. condemningll vote the u.s. embargo on cuba. the state department says the u.s. will restore its opposition to the resolution when it comes up for a vote in the un's general assembly tomorrow.

the vote is the first on the embargo since president trump took office. the head of the federal emergency management agency said the u.s. is spending more than $200 million each day on a response to three major hurricanes and huge wildfires. the fema administrator told the senate oversight committee the challenges presented by the hurricanes are unprecedented in the history of the agency. also another costs from the recent wildfires in california caused the worst devastation he has ever seen. global news 24 hours a day. powered by more than 2,700 journalists and analysts in more than 120 countries. this is chandra, bloomberg. ♪ julia: live from bloomberg world

headquarters in new york i am julia chatterly. scarlet: i'm scarlet fu. joe: and i am joe weisenthal. julia: stocks heading for the best month since february. joe: but the question is, "what'd you miss?" scarlet: legal representatives twitter, and google talk about at spending in the 2016 election. robert mueller shows he is building the case that the campaign was in close touch with russian officials who aimed to defeat hillary clinton. first -- reversed course today. duffy next hour. julia: what'd you miss? big tex under the microscope. lawyers from facebook, twitter, and google are facing questions of theussia's use

platforms to meddle in the election. this comes one day after robert mueller's investigation. joining us with the latest is bloomberg's chief content officer outside the room where the hearing is ill being held -- still being held. i think they all agree russia did interfere in the elections -- ofseen the also they 2016 but they are also not equipped to deal with it. the testimony they prepared was meant to show they are completely on top of this and ready to deal with the next threats. the senator and question seems to be poking holes and nine showing that they really have very far to go before we know the. of what has happened here and before they are prepared to handle future threats.

they agree it is possible they have not found on the evidence of russian meddling in the election and they all agreed should an advertiser come and mpany under the name that did not appear to be threatening but was, they may not have detected it. the companies are promising a lot more than they are delivering right now. julia: we like that. joe: who could be against puppies and prosperity? years, these companies insisted their technology companies, not media companies. platforms.utral-ish does today market turning point in that story where the jig is up and they have to it knowledge there is no such thing as a neutral platform and they have to make decisions about what goes on and how i people c use them -- and how people can use them? sarah: there's a difference

between saying we care about national security and foreign meddling in our elections and committees specifics are willing to give for how they will fix this. the companies do not want to do anything to alter the nature of platforms. their they say they will be proactive and have better tech and the cooperative, but so far we have not gone down to his is a fixed r -- gotten down to specifics. scarlet: when i was listening to the opening statements, there were different tactics. senator whitehouse recounted bob probe following the indictment yesterday. yet, when it came to the questions, they were all very pointed and it did not seem to be partisan one way or another. marty: right. i do think there is some unanimity on concern about meddling in the u.s. election.

i think this hearing is not so much under a microscope on a magnifying glass the microscope may very well come from the committeeelligence tomorrow, where they are e russianting th meddling tomorrow. theire maybe more pointed questions and their answers may be more deliberate. scarlet: to what extent have even begun to answer some of the questions of what they are doing? the questions they pose, and at each point they say it we do not have the time right now so we will get back in writing, but they have not scratched the surface there. that is right. if you recall, about a month ago, twitter came up to the hill and gave a completely unprepared response to the questions. it is not clear if they really learned a lesson from that exposure. they really do need to make a very strong case that they can

self regulate or the government is going to do it for them. are so finding our the interference was on these big accounts and things. i am joined to get on top of what actually happened. back tot to bring it the politics here, as well, because each of the general counsel's refused to say which refused to- councils say which direction they thought the content was pushing the poster in the american election. whichnot care drives direction the contents went in. they said after the election, that advertising spending dropped off and they were trying throw discord over the election results, as well. did that helped donald trump dusted that helped donald trump? did that help donald trump? marty: it did. marty:i don't think they will get a definitive answer but we

know there were bad actors and they want to do things to stop them from being there again in the midterms. joe: what is the town? -there -- tone? will we ultimately see some form of stronger regulation beyond the releasing -- policing we see now? does it sound like the politicians are interested in figuring hours ago or is it still too preliminary and they want to know what is going on? sarah: this is one of the reasons for the hearings. they are trying to find out exactly how much needs to be regulated. this is a fact-finding mission for the sensors, and they want to understand how far this goes. i will say google comes out looking pretty good here. and their testimony, they explain that they look at foreign manipulation on their platform for years and that is why the impact was so small.

they only had 18 youtube channels that you link back to the research agency. the main impact of those channels were how they were shared on other platforms. it was very interesting to see that contrast with t witter's response, which is this is a new problem for them and they are just learning how to handle it. scarlet: to follow, the twitter legal representative seems kind of tone deaf. he set a bad user experience. that is not what defenders want to hear. julia: absolutely not. scarlet: we thank our bloomberg technology sarah flyer and marty frier and marty shanker. julia: how many people were hit by equifax?

these guys have a lot to deal with. scarlet: they have their work cut out for them. coming up, we take a look at the future of leadership at the federal reserve. processt donald trump's in. from new york, this is bloomberg. ♪

scarlet: what'd you miss? for the federal reserve. donald trump will name his choice for fed chair on thursday. despite the murky waters on who will win, one thing is clear. this nomination differs drastically from previous resulting in one of the most dramatic surges in the history of the institution. tylerg us via skype is cowen.

joe: thank you very much for joining us. explain to us -- you argue president trump is fundamentally -- has fundamentally changed the fed. what do you mean? tyler: the selection process has show. like a reality tv little remarks dropped about janet yellen. contests being paraded before the american public. this will take away from the dignity of the fed and limit its economy and independence. joe: go through the last part about the removal of the fed's independence. so far, we haven't seen him tweet about it or criticize rate hikes. do you worry that is coming, or just the nature of the selection process fundamentally changes the fed policy in the future?

tyler: i think the very nature of the selection process makes it different. historically, the fed presented itself as a bit mysterious, almost like a high priestly caste. but they are doing is showing the american people that they are part of politics in this is like a contest, like a game show. not that trump necessarily will be twisting the arm of the fed, but when he brings it into populist discourse, over time the fed will have its independence. scarlet: down the road, a kind of sets the tone. president trump is throwing open closed-door,ly a maybe even insulated process. the fed chair -- if the fed chair is indeed the biggest political spot, why not bring up something that opens debate? a legal studies professor at you says it is good

to bring up a way for the public to weigh in. he says this is exactly what accountability looks like. toit so bad in that context have the president asking senators for a show of hands on who they favor or turning the question around saying who would you like? great,yler: open debate is but it has not been an intellectual open debate. friendly, there are a lot of the decisions the fed takes that are highly technocratic, involve high levels of expertise. the same is true of other regulators. we do not, in fact, make those democratic. they are open for debate, but you do not get a better outcome by having the public scrutinize every monetary policy decision. julia: breathing a bit hysterical here? -- are we

looking a bit hysterical here? what happens within the fed when they are units that established th who the next leader would be? why are we assuming the drama that donald trump has created before hand actually continues afterward? be specific. do you believe he will use the fed in some way to try to win 2020, for example? yet.: we do not know but if you look at other parts of the government that have seen a lot of drama injected into them, for instance the state department or the public they operating better or worse? i would say on average they are operating worse. injectld they want to the same drama into the fed? trump's cake is likely

to be jerome powell. that is fine. but i think this should have public dignity. julia: pressure to change because of this process? powell is the next leader he will be fine -- what will be different? i do not understand. uper: a large part of it is to trump in the future. if bochy has done is run this contest and he goes back to normal methods of government, things indeed will be fine. if you he is signaling does not like what the fed is doing, he will throw it into the public outlay and encourage everyone to have an opinion in a way that is not useful. he may nudge his followers with a single tweet. in essence, he will let populist mechanisms of not so formed and valuations decide for him. it has a goal for stable

inflation but it continues to miss for long stretches of time, years after the financial crisis. unemployment was far higher. is there a case to be made that in flaherty of the fed combined with the fact it missed its target demand a certain change in approach? joe: one thing we see from -- tyler: one thing we see from polling data is the american public hates inflation. having the public more involved will make it harder for the fed to me it's inflation targets. the public also has a lot of misconceptions about the bailouts. many parts of the bailouts pay for themselves or nearly did. it is not the popular perception. of truckloads of trillions of dollars were somehow sent to banks and never sent back. i do not think we should have a politicized fed. perhaps we should have a fed that more people seeks to understand, as well.

thank you so much for joining us. julia: i think this is about how thefed response, not have scarlet: noise surrounds it. let's move onto the stock of the hour. we are following equities because there are 10 minutes to go before the close. best-performing in the s&p 500. what exactly are analysts focusing on? it was a baby. the company as part of its announcement that a couple of a plantt will be idling in plant city, florida that produces fertilizer to ensure minimal market disruptions from new capacity. it says it is being added to the phosphate market to create more stability and its cost and in the phosphate market. at the same time, the company is in the process of buying some fertilizer assets brazil.

it says costs saving from that deal will be higher than estimated. $275 million a year of additional cash flow by the end of 2020. the prior estimate of that was $200 million lower. obviously, that is a big difference. are is really what analysts focusing on here, even as the company cut its dividend. i remember in 2009, 2010, everyone was like peak food and we're running out of from -- fertilizer. some stock split mosaic all went like mosaic all went nuts. what is it like now? what yourt of it is seen happens with agricultural prices. if you look not just that the prices of -- obviously, you see

a close relationship between prices for things like corn and for phosphates and fertilizer stock. if you take a look at phosphate prices on the bloomberg, here you have an increase in phosphate prices. if you look at the five-year chart -- i am trying to do. we are phosphate prices come way down. the company's margin and revenue has come way down, as well. prices comen corn down, as well. part of it has to do with demand from farmers in the u.s., for example. if corn prices are going down, they do not need as much fertilizer or tractors and things like that. julia: i like that too-chart comparison. thank you. scarlet: you have some breaking news. let us take you to lower manhattan. new york city police are

responding to a report of gunfire. is nypd tweeted one person in custody a few blocks from the world trade center memorial. according to local media reports, a vehicle drove down a popular bypass striking pedestrians and cyclists. we are also learning the new york city mayor is en route to the scene. no word yet on a motive. we will keep you posted on any further development and this is bloomberg.

scarlet: i am scarlet fu. what'd you miss? they kept names are responsible for the bulk of stock market gains is not entirely right. tech shares are outperforming the broader market. that is the blue line, but market, the number of stocks participating in advance, is whiter than you think. of white line is the ratio

the s&p 500 equal weighted. it has come down pretty genetically. 2016, 2017,wn to certainly down from right after the financial crisis and a long way down from the early 2000, late 1990's tech boom. smaller companies in the s&p 500 are holding their own, even as the biggest tech providers continue to gain strength. concentrated as we might think. here's a topic i've been interested in lately. the decline of traditional advertising companies. here is a one-year chart of the big advertising company. other similar companies, omnicom, kind of going down. there are really two interesting stories the companies are talking about. one is the rise of google, facebook, and so on. taking more of the at dollars. companies working with them

directly and do not need an agency. the other is the we guess we talk about a lot -- weakness we talk about a lot. think about procter & gamble, and the companies that seems to be the backbone in advertising. their weakness bleeding into the traditional at markets. wpp -- or companies like hurting companies like wpp. julia: happy birthday to bitcoin. it is nine years old today. i was going to sing but i changed my mind there. $6,416. launching a bitcoin announcement. we will be speaking to terry duffy, the chair and ceo of cme in the next hour.

scarlet: a little bit of a change of heart there. coming up, the market close. here are the major averages. little changed at the nasdaq higher by 0.4%. this is bloomberg. ♪ is this a phone?

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julia: u.s. stocks ending the session just in the green. outperformance for the nasdaq higher 0.4%. i am julia chatterly. scarlet: i am scarlet fu. joe: i am joe weisenthal. we want to hope the -- welcome you to our closing bell coverage. scarlet: is get you started with the market minute. stocksa recovery in u.s. , certainly for the big caps. not much in the way of the size of the gains. we sticking with the formula for the month. joe: tech up again, or at least the nasdaq winning once again. julia: we have lots of things to focus on. tax reform. scarlet: absolutely. let us look at a couple of individual names and a big food company up by the most in three years.

it was one of the top performers of the s&p 500 today. on the flipside, you have a chipmaker that is down on reports that apple has been sent --design i was devices ios devices without qualcomm parts. armour, big loser on the day off by 24%. that is a record low. joe: real quickly with the government bonds. to end 10 year, not much going on. 10 year yield up modestly at 2.38%. higher at 1.6%. that is about it. julia: the dollar a touch higher here. there are a lot of factors to consider here. relatively unchanged for the dollar index. you do see sterling a bit higher.

bank of england meeting on thursday. if we get a surprise and we see the bad boyfriend back, no hike. we could see sterling drop as .ow as 127.5 we also have the canadian dollar weaker here. the dollar index is at a gain of 01%. joe: finally on commodities, starting with oil and gold, oil continuing to gain. we talked about yesterday how oil is starting to show nice momentum and strong demand from around the world. signals from saudi arabia and

from russia fo. gold selling off a little bit. lumber, features, strong housing demand, rebuilding. there is concern over trade with canada. another 2% gain on lumber futures. palladium up another 1.6%. this is cement precious doing very well. that's of high-tech applications, including electric cars and all that stuff. palladium continuing an impressive run. breaking news. we're taking you to lower manhattan. these are live pictures of lower manhattan where the nypd is responding to gunfire. multiple people are reported dead. the police department tweeted one person is in custody a few blocks away from the world trade center memorial. you can see a bike path there. a vehicle drove

down that path, striking pedestrians and cyclists. is ano learned the mayor route to the scene of the incident. there is still no word yet on a motive, but we will bring you any developments as they cross the bloomberg. julia: what'd you miss? let us get more insight on today's trading. what is on tap for the market going forward? there is a lot of strength to be had but it doesn't roll out a collection. we're joined by doug ramsey. the nasdaq outperforming today, and that among the financials are in your topics right now. yes, they have been at the top of our rankings all year. you are one is particularly expensive. the financials have the cheapest pe on a trailing basis of under

17. i cannot say tech is cheap, but it is still an a fraction of the intiples we saw at the peak march 2000. it is about 17 times cash flow. --: rise of the benchmark? why is that the benchmark? does it make sense to look at that last point and say, well, they are cheaper than that? doug: i agree with that point. quite frankly, they are on a relative aces. granted they are in a expensive market, they are cheaper than could be.uld 2002, theyming in sat out in a relative basis the

bull market of 2002 to 2007. they were crushed like everything else until 2009. most of the outperformance we have seen over the last four have climbedr along the 15 times cash flow line and they are just broken or threee last two months about that. they are relative to the rest of the cycle, getting a little pricier. relative to how they traded compared to the rest of the market, they do not look expensive. i think they are a relative value. he was thus the small caps -- how do you address the small caps? the white house was thinking about squeezing in corporate tax five-yearrio period. doug: i guess we are more focused on start of the phase in

the cycle when it comes to the small caps. that we are inr the last couple of innings of the cyclical bull market to me. the relative valuations have come down. tore that started was prior the first fed rate hike back in 2015 on a relative basis, small caps have come down. there in the midrange now. we do not have a strong opinion on small versus large. all i would offer is that small caps have underperformed in the final phase of the cyclical bull market.

joe: everybody is intact. in your review, where does the new money from tech come from? does it come from people underestimating the performance of the companies are people who have to chase to meet returns? where does the fresh cash come to continue the outperformance? doug: i guess probably indexing. tech is the largest sector in the s&p 500.quite frankly , we have been enamored of analysis.and when you look at flows, whether stock versus bonds or flows into sectors, there is really not a causal relationship that we observe there. the preservation goes the other way. it is the high returns that attract the capital.

momentum. from a factor perspective, we have done a lot of work showing that momentum relative to other factors like growth or fairies valuation factors for stability or profitability, momentum is overwhelmingly the best-performing factor in the 12 months or so of the cyclical bull market. momentum probably led by technology will do well right to the end of the bull. youmportant factor there is need to keep rebalancing into what has got the best momentum so as we approach a single top and maybe an economic cycle top -- that i will probably momentum will start to pick up things like consumer staples and utilities and defensive health care. that is the proviso with momentum.

custom the tendency historically for what has been working to keep working right to the end of the bull market julia: great to get your insight. nasa breaking news out of washington. we were so excited about the now some breaking news out of washington. we were so excited about the prospect of getting a house tax bill. now we have two people saying it may flip to thursday. joe: it will be a big day with the fed announcement probably that day. julia: we love breaking news on this show. scarlet: bitcoin can seem like the wild west to a lot of investors because it is unregulated and intimidating great that is going to change -- intimidating. that is going to change. duffy joined by tryerry about bitcoin coin features. again, these are live pictures

of lower manhattan. new york city police responding to reports of gunfire. multiple people dying. different reports have two people dying. the nypd reports that one person is in custody. this is by the west side highway n chambers street and west side manhattan where a truck reportedly drove down a bike path hitting cyclists. there was reportedly a shooter. the mayor is an route to the scene of the incident. we will keep you posted on further development. this is bloomberg. ♪

scarlet: you want to bring you an update in lower manhattan. people were struck

and killed and several others struck and injured. west side highway near chambers street -- chamber street. there was reportedly a truck that drove down the bike, hitting bikers and pedestrians. the mayor is on his way downtown to the scene. in the meantime, let's bring you to emma chandra. president trump gave a timeline today for when he expects to have a tax bill delivered to the white house ready for him to sign did the president spoke at a white house in a meeting attended by administration officials and industry leaders. want the house to pass a bill by thanks giving. i will all of the people standing by my side when we get ready to sign a christmas, hopefully before christmas. a: republicans are time to fast-track the bill. the president says it will be tax event in u.s. history.

the white house says president trump will not visit the heavily fortified border in south korea as theas the -- known demilitarized zone. they say there is not enough time in the'residents -- in the president's schedule. officials have recently made the trip. texas has representative jeff hensley says he will not seek reelection next year. in a statement released to the dallas morning news, the chairman called serving in the u.s. congress the greatest privilege of his life. he says he never planned to make public service a lifetime commitment. global news 24 hours a day. powered by more than 2,700 journalists and analysts in more than 120 countries. i'm emma chandra, this is bloomberg. scarlet: what'd you miss?

in on the bitcoin action. they announced bitcoin futures by year end. the cryptocurrency jumped on the news, reaching an all-time high of more than six eight $400. -- $6,400.g in this is big news. it seems like the biggest institutional endorsement of bitcoin we have seen yet. not so long ago, you are cautious on bitcoin derivatives great for a lot of people, it can seem like a 180. what changed? terry: this is trivial based on what you reported on earlier in lower manhattan. my thoughts and prayers to those ed.ected -- affect always looking to

bring new products to the marketplace. we have seen a pent-up demand by client for quite some time. this is a story that has not gone away. constantly getting calls from clients about how we're going to list his product. product. i was not excited about the product to your point earlier. but then looking at the way the model works, i think it is different than the naysayers were talking about cryptocurrencies in a way. hours will be on a regulated platform overseen by the trading commission. it will be under our risk controls we have in place here at cme. we'll have our atomic systems in place and our clearing mechanism. the things that are completely different than the way crypto's are traded today. we'll have an index that we feel will be credible and will reflect the true value of that price.

that is why we are excited about this product and the launch of it. joe: one thing that makes titcoin unique is that wha we call bitcoin today may not be bitcoin tomorrow. there are ports and spinoffs . have you figured out how you are going to work through these things should more forks occur in the future? terry: i think that is a good point. there is a meeting coming up in , as you areeeks aware, joe. we will see how one of those forks comes into play. we may have to make a couple different design changes. that is one of the things we do really well here. we can make the contract changes. that is important when it comes to the contract, they trade out to a curve. i think you'll see most of the -- trade offs in from greedy will not have open interest in the deferred months going out.

you open interest going out 10 years and 40 quarters. i do not think that will be the same nuance with this particular product. joe: it is clear a lot of people want to invest in bitcoin or speculate or trade. what about the other side? the hedgers, the people. who do you see is playing that role for economic reasons in your market? terry: we have 1146 currencies and the world today that are doing a host of different things. you look at a certain companies looking to create their own currencies for their own particular product. arbucks comes up with a starbucks currency because it will increase their business. people will be looking at ways to make more efficient payment methods. if they see bitcoin as a way, that is it. there are other people who own the product today. that will be the short-sellers of this. there are other people that will be on the long side because they think the valuation is too cheap or too high.

this will give them to participate -- the opportunity to participate in a way that they have not been able to. famouslymie dimon called bitcoin a full here and you alluded to the own concerns -- two-year on concerns about this in the past. is this legitimizing cryptocurrency in some way? terry: i am not quite sure -- when jamie is referring to it as as i said at the beginning of my comments here, i in the way the market was using it today and who is using it and what they were using it for. that is not what it will be used for tomorrow. there is a whole host of other mechanisms and regulations to trade our marketplace versus the people who are using it today in the cash market.

i didn't speed to ginny about this, but his comments were more referring to those different participants. the model, and think it will be a bit different. joe: if this takes off and there are more futures and maybe an etf at some point, this will create a lot of liquidity in the market. the uses of bitcoin are largely about doing payments the government does not want it to do or regulators do not wanted to do. are you concerned about the fact that an established financial bring liquidity to the market? ofry: i will never be part anything that subverts the government and the financial system. trying tot what i am do here. we will bring transparency and have the audit function with this marketplace.

everyone anticipating will have an instant audit trail to a government regulator to make sure the things you outlined do not happen.that is what the difference is in our offering versus the way it is today. they cannot circumvent those procedures under our model. julia: he talked about when you began this pent-up demand for this product you are catering to. can you give us a sense of what that pent-up demand is like and the volumes of trading you are expecting once the product is up and running? it is really hard to predict with the volumes are .oing to be you have to remember, this is a $100 billion market. this is not a multi-trillion dollar market. it is a smaller market in general. we are going to have to wait and see how people want to participate into it. like any other futures contract, you will need people on both the

natural longs and shorts and speculate if it will be successful. i am not going to predict this at all. scarlet: timing wife, julia timing wise, is night for they. people are concerned that they claim is in a bubble. does that concern you at all? what gives you cause when you look at price? terry: nothing gives me posit i look at price. we wereterry are supposed to mae risk. i've seen a lot of bubbles but it is not up for me to predict if it is a bubble or not. good talk about housing or tech or able post of bubbles. when i am here to do is help people manage risks and do it in the most effective way under a regulated platform. whether crude oil is that when hundred $37 a barrel going to

$26, or a cryptocurrency is trading at $3600, it is not to me the level does it matter. joe: can you tell us what the size of a contract in the volatility limits will be? terry: we are not put out those details as of yet. we are working with our regulator to finalize all those details, which will have relatively shortly. really fantastic to get you on. huge excitement about this product. thank you for joining us from chicago. scarlet: update from lower manhattan. the fbi field office is responding to the shooting. we know that new york city mayor is on the scene. he isvernor tweeted making his way over to lower manhattan, as well. the fbi new york field office also involved, responding to the shooting there. a truck driving down a break cap

in lower manhattan -- by half in lower manhattan along chamber streets. two died and others are injured. this is bloomberg. ♪

scarlet: here is an update from lower manhattan. the nypd says there are several fatalities and numerous injured after a truck drove onto a busy bicycle path near the world trade center memorial. it struck several people. emergedly, the motorist from the vehicle screaming and fired something that appeared to be a gun. the suspect is in custody. we know the mayor is on the scene right now and that new york city field office is responding to the scene. the governor is making his way

over to lower manhattan as well. this is number three in -- this is bloomberg. ♪

scarlet: more updates here on what is going on in lower manhattan. according to the nypd, a vehicle entered the west street pedestrian a few blocks away from chamber street in downtown manhattan and struck a lot of people on the bike path. we don't have exact numbers here yet from the nypd. the vehicle struck another car. exited theapparently vehicle, last what appeared to be a gun and was shot by the nypd. the suspect is in custody. this is preliminary. we do not know the reason yet. julia: governor cuomo on the way. no immediate reactions from the

white house. we know the fbi new york field office is also responding. scarlet: even as there are no immediate indications of terrorism, that is important. julia: lifted the headlines on first word news with emma chandra. emma: let's get you caught up on some other news. the head of the human environment program is predicting the u.s. will live out the paris climate accord despite president trump's planned pullout. theexecutive director set cushion he is asked most often is what about donald trump, and his reply is that corporate america is going greener whatever happens in the white house. french president emmanuel macron is defending his new counterterrorism law against critics who say it infringes on individual freedoms. speaking at the european court of human rights in france, macron said the law protect our citizens and human rights. the law went into effect today. it replaces the state of emergency that has been in place in france since november 2015 in

the paris attacks. it gives authorities greater searches, close religious facilities, and restricts the movement of people expected -- suspected of extremist ties. with the negotiations are expected to resume november 70 brussels. that i-- 7 in brussels. it will be the sixth round of negotiations after the previous five failed to resolve differences on key issues, be paidg the amount to to settle financial obligations to the european union. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. i'm emma chandra. this is bloomberg. scarlet: let's get a recap of today's market action. we had modest gains for u.s. stocks. the dow and s&p 500 up about 1/10 of 1%. the nasdaq the clear winner up for tenths of 1%. caps bouncing

back nicely. julia: president is looking to name a new chair for the fed. low inflation, low implement, and financial stability. that is the worry of a professor of trade policy at cornell university. he wrote a piece on the subject for project syndicate and joins us now from cornell's and a campus. -- etiquette. campus explained t campus. it's going to us why. >> let's take what is happening with the leadership of the fed right now. power seems to be the leading candidate. continuity in terms of monetary policy, perhaps a little bit of a difference from janet yellen, but that raises the question,

was janet yellen doing a good enough job in terms of meeting the mandate of the fed, and why is it he is seeking to fix the president that she is not getting a reappointment? my concern is not just about the appointment of the chairman of the other two appointments, whether they will be the notion of it will be people who will need to in some sense be shown as being devoted to company and policies -- to trumpian policies. that does not seem to be the key issue driving the appointment. joe: historically, yes, oftenents have reassessed the chairs of the predecessor. there is nothing particularly enshrined in the law or rules saying that is how it is supposed to be done. aris it really wrong for come to say, i want to make a change? eswar: it is certainly not wrong. the -- the bigger

question is whether the person will be able to continue the job what janet yellen is doing at a time when things are going well. monetary policy is beginning to normalize again. the economy is doing quite well. the question is whether he will appoint a way to have the credibility to deal with difficult times, the credibility to stand up to him if the new fed chair start of limiting policies that mr. trump does not view as favorable. what happens if you were to face a difficult situation in 2008,ial markets like with a person have the credibility and technical ability to guide us through in domestic and international markets? that could have repercussions. if there is a government of a political tilt to the way mr. trump is seeing this appointment process that could endanger the credulity of the fed, which is always a very dicey matter. julia: let's speak specifics because at this moment, the probability that howl gets the

job, are you saying he does not have the guts to stand up to president trump if president trump tries to sway him? he might be angry at the prospect of that view that someone might think he does not have the ability to stand up to trump. eswar: i certainly do not need to diminish mr. powell. he is a solid candidate. he has a good record as governor. he has been largely on janet yellen's side. be different from hers but he is a reasonable person in terms of having the financial market experience and the monetary policy experience. it where my concern about the appointment process and not just his appointment, but the other two appointments that are likely to come. the way the appointment process is being conducted is another concern of mine. it does seem to be proceeding in a nontraditional fashion where it is not the merits of the candidate nesting to be the key issue but how well mr. trump perceives him. that idea is essentially problematic.

scarlet: we know the nomination process will come to an end on thursday and the president will nominate likely j powell or one of the other four candidates he has in mind. once that is done and in place, one thing i am curious about is we have not heard the president bring up the idea of a weaker dollar as much as he once used to. talk about what kind of impact trump rhetoric on a weaker dollar can have on confidence in the currency and how the fed would respond to that under one of his nominees. eswar: certainly over the last few months since the beginning of the year, the dollar has weakened against the other major currencies. margin affected the only, but it is going to the right direction in terms of helping boost growth and inflation. certainly in the right direction. my concern is about the longer-term because of his -- because what is critical is the fact that the fed has credibility that it will

support the value of the dollar and that it will do all the right things. in addition, there seems to be framework that supports the confidence of international investors so even when the financial crisis broke out here, it was the u.s. that the world looked to as a safe haven currency and the fed is a critical component of that. that is why i think appointments to the fretboard become very important in terms of maintaining the long-term credibility of the fed. certainly the fed has a long history, and it is not easy to break down the credibility, but credibility over a very long period can -- but credibility over a very long period to come apart and this is what we need to be worried about. julia: thank you for joining us. scarlet: let's get you an update on the development situation in lower manhattan. the up-to-date list of harmon says there are several fatalities and numerous people injured after a vehicle struck multiple people on a popular bike path right along the west

side highway. the vehicle continued south, striking another vehicle. the suspect came out of the vehicle and displayed imitation of firearms. he was shot by nypd and is now in custody. president trump been briefed on the incident according to the white house, and we know the mayor and police department will be holding a news conference with updates at 5:15 p.m. eastern time. we will bring that to you live once it begins. from new york, this is bloomberg. ♪

scarlet: and an update on what is going on in lower manhattan. six people are killed. 15 people are injured in that situation in which a truck, and it turned out to be a home depot went down was rented,

a bike path in lower manhattan along the west side highway. it struck people, bicyclists, and it struck another vehicle. the motorist came out, waved and imitation firearm, and police shot him, and he is now in custody. the suspect is in custody. julia: n immediateo indication what the motive is. no immediate indication of any form of terrorism. the parliament a report from city officials say they believe it started as a dispute between two drivers, which ended up being shots fired as we have been repeating. new york mayor bill de blasio on the scene now. the governor all the way to the site as well. scarlet: and my pd will be hosting a news conference at 5:15 p.m. with further details. we will take you there when it begins. julia: let's move on. "what'd you miss?" president trump is lashing out against media coverage of the first charges unveiled in the special counsel robert mueller's look into the 2000 tasting election -- 2016

election. he tweeted earlier "the fake news is working overtime." paul manafort's lawyer says there was no collusion and the events took place long before he came to the campaign. few people knew the low-level no-name volunteer named george, who has already been proven to be a liar. check the dems." it is casting a cloud in what otherwise would have been a big week for the white house. alex joins us with more from d.c. you say the focus of this investigation as far as you're concerned is very clear. tell us what you think is going on. is tryingink manafort to establish there was collusion between income campaign and -- between the trump campaign and russia. this low-level volunteer certainly lays out a letter contact between this person and

people associated with russia who subtly developed a keen interest in talking to him once he learned he had been appointed to this trump campaign position. joe: just to be clear, the idea that this would be a about collusion with russia was the whole premise of the mueller investigation to begin with, was it not? alex: sure. joe: what you are saying he is establishing this is the thing, maybe he believes there is something real here? alex: i think he has found evidence just in the first person that they arrested in july that there was at least contact between people involved with the trump campaign and people associated with the russian government. that is the proverbial smoking gun. where it leads is yet to be seen. we do not know what other indictments or plea bargains robert mueller will reveal in the coming weeks and months. scarlet: when it comes to george

papadopoulos, that is the weak point here, the concern for the trump administration because apparently he pleaded guilty weeks ago. there hasn't plenty of time for him to that old information -- there has been plenty of time for him to divulge that information. alex: we know he pleaded guilty in july, and from then was working with bob mueller's team. we do not know how he worked with the team. there is speculation he may have worn a wire for robert mueller. that has not been confirmed anywhere that i know of, but he secretly pleaded guilty, and robert mueller kept that a secret for the past three months. you have to assume that there was good reason for robert mueller to do that. he was obtaining something of use using george papadopoulos. julia: shook the trump

administration have played down papadopoulos. the suggestion is he was pushing for some kind of a trump-putin meeting in march of 2016, but do we have any background sense of who you are sharing whatever information and the contacts within russia he had with within the campaign? surely that will be critical here, too. alex: we just received a statement from an attorney representing a guy named sam clovis, was a campaign official in the trump campaign. he says in the statement that he was told to put together this group of national security adviser's that included papadopoulos, carter page, who is a person of interest in this investigation, and then clovis says in this statement from his attorney that he had intermittent contact with open papadopoulos.

he says it was initiated by papadopoulos. he did not acknowledge she was one of the campaign officials mentioned in the plea agreement that robert mueller filed in the court, but he said he described his communications with papadopoulos as innocent and not productive. papadopoulos was never ordered to visit russia on behalf of the campaign. he was never ordered by the campaign to set up a meeting with trump as papadopoulos said he was trying to do. joe: just really simple, sarah huckabee sanders in two days of press conferences has tried to establish papadopoulos as so minor that the president did not know him, was not part of anything. how legitimate is that? alex: look, if you are robert mueller and embarking on this investigation, you are going to start with low-level people, i think, and work your way up the food chain. i do not think it is completely

outrageous to call papadopoulos a low level volunteer for the campaign. he was a volunteer for the campaign. he was a national security adviser. the guy is only 30 years old. he was never paid by them. he was not a campaign official. some of this is accurate, but they are not right to dismiss it isause this kind of guy where i think robert mueller would start his investigation and work his way up the food chain from there. julia: so many unknowns here. thanks. thank you for that. alex: thanks. scarlet: and an update on what is going on in lower manhattan. we have six people dead, 15 injured in the developing story. the nypd says a suspect driving a rented white pickup truck, one of the trucks you can rent from home depot, went down a bike path and struck multiple people. six dead.

it continued south and hit another vehicle. the suspect left the vehicle and flashed an imitation firearm and was shot by nypd. that person is in custody. it is being investigated as a possible case of terrorism. initially, there were no indications that that was the case, but now an nypd officials said it is being investigated as a possible case of terrorism. the nypd will be holding a news conference at 5:15 p.m. with more details on this developing story. we will take you there when it begins. julia: the president has been briefed on this story so we will wait to see what the white house as a response. scarlet: from new york, this is bloomberg. ♪

we are following that breaking news in lower manhattan.

six people have died. nine people are injured in the developing situation in which a suspect was driving a white pickup truck, the kind you can rent from home depot. it drove down the bike path right by the west side highway, struck a of people, and hit another vehicle. that person has been taken into custody. nypd, it is now being investigated as a possible case of terrorism. the president has been briefed. julia: that is a quick to the white house, and we have the mayor and the police department holding a news conference with further updates at 5:15 p.m. eastern time. we will bring you that live on bloomberg. "what'd you miss?" avenuef revamping fifth to transform the manhattan office space and a crown jewel of a real estate empire into a building twice as tall with a shopping mall and luxury condos is on hold. what changed?

we are joined by one of the reporters who broke the story of bloomberg news. great to have you on. what changed then? >> oh boy. we reported two weeks ago that office brokers were being told this is not going to happen, but to have steve ross come out and say it on a call today, avoiding saying anything meaningful about the building after six years -- julia: he said nothing. >> yes. thatinitive demarcate or they do not think this is going to happen. joe: was this in response to a question? caleb: yes. joe: did you give an explanation for why the vision of this building was not feasible from his perspective? caleb: he did not elaborate. there were other people who said it was really expensive. you have to buy the retail only from other people, including for order to do so.

they wanted to put a five-story retail mall in the building. a whole lot of reasons that it did not look like it was going to happen. julia: and they are part owners in this project. caleb: exactly. julia: they have been everywhere globally to try to get money. do you think the timing of this is important in that there is some element of realization perhaps were there needs to be that there is no option here and an office building it will become? caleb: absolutely. the debt is due february 2019. you can debate about how much time that is in real estate, but it looks like they need to come up with plans to make a lender happy, happy start making money again. scarlet: what has he said about it in the past? he described the opposite as overleveraged in your story, so it doesn't seem like he has been a fan. caleb: publicly he did not say anything like that but we have sources who have it in those meetings or are familiar with the meetings and say he believes

the building is worth dirt and he would like to start over and not deal with the debt, partnership, etc. joe: what are some other possible paths for what they could do with it? caleb: likely a renovation somewhere within the $100 million range. fix the hvac systems. that will make the ceilings higher, windows bigger, make it feel more airy, modern. joe: that is one of the problems with this building. the type of offices in there are not the type that people want to rent. caleb: exactly. interest, ay sexy cool building to be in and it has not been that way for a few decades. scarlet: i have been there a few times, but not in the office part of it. julia: great to get your insights on this story developing and will continue to develop, no doubt. from new york, this is bloomberg. ♪

scarlet: in about 15 minutes, we will get more clarity on that shooting in lower manhattan, but right now, we can tell you that six people are dead, nine people are injured after a vehicle drove down a bike path by the west side highway in lower manhattan right around the time students at a high school getting out of school. this is on halloween so a lot of people milling around. there was a car that drove down

a bike path and struck multiple people. the driver apparently at some point got out, waved an imitation firearm, and was shot by nypd. that person is in custody. julia: we are not showing you live pictures here.these are recorded pictures of what was taking place. president trump has been briefed. as far as further information is concerned, new york city mayor bill de blasio and the police department will be holding a press conference at 5:15 p.m. eastern time near the location. we know that the governor is on his way and likely to be part of that news conference. that is at 5:15 p.m. eastern time. time. retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store

near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. >> i'm in washington, and you are watching bloomberg technology. let's start with a check of your first word news. new york police say a vehicle veered into a bike lane

near the world trade center memorial and struck pedestrians. the driver reportedly had something that resembled a gun. six people have died, and several others are wounded. a suspect is in custody. president trump gave a timeline today for what he expects to have a bill delivered to the white house. the president spoke with industry leaders. thanksgiving, i want all of the people standing by my side when we get ready to sign by christmas, hopefully before christmas. >> president trump says the resignation of high-profile democratic lobbyist tony podesta is bigger news than the manafort indictment. is stepping down from his powerhouse firm after coming under investigation. another high-profile elected republican official plans to bow out after his current term. texas house representative je