>> welcome to bloomberg markets. happy fed day to you. our kids have been speculating about cuts for a long time. the quick question here, the real question is 25 or 50 basis points. this get a check on these markets. the s&p 500 taking a leg lower about 2/10 of 1% lower. the nasdaq 100 almost a half of 1%.

traders on hold. a sour tone before the big rate decision ahead. the two year yield, a differential of five basis points at 365 on the day care just under 366. the 10 year yield at 369 nearly appeared interesting to see those moves in the bond market heading into the decision. for a deeper dive into the fed and markets, will bring in abigail doolittle. abigail: interesting to see the -- down early. pause the news ahead of the historic fed cut. it is going to be the first in four years. don't know if it is going to be 25 or 50 basis points. you're playing a game of chicken as the probability of a 50 basis cut comes off the highs. earlier today, 63 percent. down at 52%. former fed president of st. louis james bullard told cnbc

the odds of a 50 basis point cut overblown so some informal fed talk seeming to affect plus going into the actual meeting. attempt to sectors, september is bad for the s&p 500. what we are seeing this september is rotation. you can see on bottom consumer staples, they have been slightly higher but these are among the best sectors on the month. utilities, real estate and discretionary. what do utilities, staples and health care have in common? high dividends. when yields go lower, these look more attractive. what is interesting is tech has not gone along. the nasdaq 100, the magnificent seven peaked in early july. the nasdaq 100 down 6.4% over that time period. in times past, lower yields, cheaper money would have good

for big tech. some of the value oriented sectors hitting a boost as the money comes out of big tech. sonali: the question on wall street's mind is how big will the fed go. 25 or 50 basis points. here with some prominent voices told us this week. >> they are going to do it. it is not going to be earth shattering should >> market has come to the view 50 basis points is appropriate. it is important the fed head back to neutral expeditiously and the 25 basis points was not fast enough. >> it does not make a difference. they are losing sense of the bigger picture. 25 basis points would be the right thing to do. >> we are in the camp of 25. at the end of the day, we will see what the market does. it may be it does not make much of a difference. >> if they don't do 50 tomorrow,

i will be shocked. if they do 25, they will lather it on quick they will do more later. sonali: michael mckee will be at the fed for the big event. as we have been talking about, everyone is doing bond math. we are 117 minutes away from the decision. how much does it matter? michael: it does matter to traders who have placed bets on whether it is 50 or 25. 25 would ratify what has happened in the markets. the market started pricing in rate cuts a while ago. 50 would raise questions about what is next. whether the fed feels there is something wrong with the economy and they need to be more aggressive to get down to the neutral rate. the immediate impact of 25 or 50 is not going to be great. have seen mortgage rates come down, auto rates come down.

the cumulative effect is what is going to have an impact on the economy and that will get a better clue at -- clue when we see what the dot plot has in terms of a forecast for the next several meetings or even into next year. sonali: when we look at the dot plot, how much certainty can traders have? you think about the drastically changing expectations over the last two weeks and what traders expect for this year. given the has been such drastic movement, can you expect significant volatility especially as you see there is not a unanimous decision? how much does that unanimity matter? michael: unanimity would tell the markets it tells the was going to happen going forward. if there's any kind of dissent, you are the king at caution coming up. -- you are looking at caution coming up. we should see volatility east on

some of the economic data we get going into next year. it does not look like we will see a repeat of the beginning of the year when we had a jump in inflation or the month of july when we saw a jump in unemployment. that is the way the fed is betting at this point. can count on the dots to the end of the year and the first couple meetings of 2025. after that it does become speculation. sonali: we look forward to your coverage. less than two hours from now. we are going to bring in blackrock's head of global fundamental fixed income strategy merilyn watson. there is so much discussion about 25 or 50. what do you expect and how much does it matter? >> there has been a huge amount of speculation and focus in the past couple weeks in particular. our economists still think it is likely to be a 25 basis point cut but it is a close call.

what is really important is after we get the announcement, what we see in terms of the summary of economic projections what the medium dot and what the fomc members are expecting in terms of the trajectory of further cuts coming along. from june, the dots, one cut this year and an increase to three this year. around four for next year. that is going to be important. when we hear the statement as well, the press conference. the most important thing is we will see today's cut but going forward, what will be the trajectory going forward from there? it is important to highlight the u.s. economy is still in pretty good shape. even if we were to get a 25 basis point cut, it is not signaling there is a recession. the u.s. economy remains on a decent footing. there is no catalyst we can see

that would suggest there were to be a recession coming soon. sonali: you would believe that even if we saw a 50 basis point rate cut because there is a view that 50 would signal things are worse than it seems. people calling for 50, some of them believe that part of that would be because the underlying labor market may be weakening faster than was initially anticipated. what would that say to you? how would that change your strategy? merilyn: it is moderating but it remains pretty decent footing as well. when you look at the labor market, not only the demand side and while we are seeing job vacancies coming down more towards trend, they remain at decent levels. it is the supply side that is important to look at when you look at the number of high level of immigration in the u.s., the number of people looking for work, the number of people

looking to be employed. it will be key to focus on that. in terms of the labor market, we are not seeing a huge decline in terms of demand. overall when we look at -- the fed has pivoted from spending a long time focusing on the price stability element of its mandate. the -- now it is focusing on maximum growth. they are focusing on that now but they have been very patient. from everything have heard from them and the data we can see the labor market is weakening. it is going back toward a trend level. sonali: what does this mean in terms of how you are positioned in the bond market? given we are on a knife edge in terms of which way the fed can go in a couple of hours from now, does this mean perhaps the market has corrected to the point where value is hard to find?

merilyn: the market has certainly priced a lot in in terms of things the fed may do. when we look at the u.s. treasury curve, at the moment we are happy being in the value of the curve. if you look globally and if you look in the investment-grade where you have high-yield sectors in the u.s., we see a lot of good value and we see a lot of opportunities in value trades where we can take advantage of some of the volatility there. we like in europe, we like investment-grade positions. some of those are relative to value trade. globally i think given the massive volatility we have seen the past couple years and we saw rates go up significantly, we see a huge repricing and we are getting rates in a range of different asset classes. looking to be diversified and we have positions where we feel we have a high conviction we like

value and the level of yield we are getting for a low level of risk. sonali: we are looking forward to this right decision and having you back -- this rate decision after we have more facts on our hands. merilyn watson from blackrock. coming up, growth is outpacing value but with the fed cutting rates, that could change. this is bloomberg. ♪

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sonali: i'm going to take a page out of the a qr playbook and take a look at what is happening in the differential between growth versus value.

i'm going to do it with the russell 2000 index first because it has been up 6.7% this year so far and you can see it only in recent weeks. over the past 52 weeks starting to get more steam and starting to catch up a little too the russell 2000 value index which has been up i 20% or -- up by 20%. growth has been up by 20%. the big question is what that looks like after the federal reserve starts cut interest rates. we are counting you down to the fed decision. bloomberg opinion took a special look at how stocks perform when the fed cuts. has been a lot of conversation about small caps which is why i used those indices. you see the bigger differential between growth and value. do you bet on value at a time where leverage is starting to get cheaper once again?

>> it is a good question. i looked at the historical record to see what we could glean and what i found is in previous rate cutting cycles, value beat growth every time. i should also note in -- a couple years ago when the fed was raising rates, i looked at the same question and i found value had beaten growth most of the time when rates were going up. the record does show value tends to win a lot overgrowth so in general, if you are a value investor, you should be heartened by that. if you are not a value investor, i'm not sure you should pivot to value because we are in rate cutting cycle. you should ask yourself given the historical record shows value has outperformed growth most of the time, why am i not in value and if there is not a good reason you are there, you should not be there now. sonali: something interesting

about this dynamic is a matter of definitions. how do you define value in this market? nir: that is actually a great question because it really goes to what do we know and what does the data tell us? value is sliced based on the price to book ratio of companies. there are many ways you can define value. fundamentally you can look at sales. you can look at earnings. when we look at the front things in general, the results tend to be roughly the same but over shorter periods, they can be different and i'm referring specifically to the last 20 or 30 years where companies have become less asset rich and more intangible value rich. companies defined based on price-to-book based on the asset value are not done particularly well whereas companies based on casual and earnings have done well.

definition of value does matter and you have to look at that closely. sonali: you would wonder whether it is the berkshire hathaway playbook that has helped it do so well in the environment where people are believing in value more significantly. i'm wondering if the definition of value has changed particularly as you look into sector. if you think about the big tech stocks, if you think about what is happening in ai and semis, do you parse that universe to find value? nir: i think you have to confront this question because if you define value based on assets, you are going to get a lot of financials. financials have not been great over the past couple decades. if you define value based on earnings, based on the income statement, you're going to get a lot more technology and technology has been the place to be. the definition does matter. we have had since roughly 2020

we have had a big turnaround in value. you remember the late 2010s a lot of people were declaring the death of value and mag seven was everything. those were the timess where you get a pivot and we did get a pivot and value did well. the question is what is going to happen going forward. my guess is in the short term, the definition of value is going to matter. sonali: is apple for example a value stock? i think these are important definitions to drill down on because if we think about the future and people worried about valuations, how do you think about where are the safe havens even within that fast-growing technology industry? let's look nir: at it from an income statement perspective. this is where buffett is so interesting. when buffett started to buy apple in 2016, i don't know if this is well appreciated. it was trading at roughly 11, 12 times earning.

it was a value and a quality play and maybe a growth play. today i think it is difficult to make the argument although apple is still high quality and some extent growth, it is no longer a value play by any definition. in my view that is why buffett is paring back his position. some of it is risk management. if apple were trading at 11, 12 times earnings, i'm sure he would not cutting back. sonali: there are some expectations in the market when you look at market pricing especially relative to what economists think. the market certainly believes so. if they don't get the 50, what does the market look like? nir: it is going to be relatively tame. my view is they should go 25. i don't mean to open the can of worms especially this late in our time together but i think there is enough flexibility and

financial conditions in general has eased enough that whether they go 25 or 50 is not going to make a big difference. what is going to make a difference is what they signal. is their intention to catch up to the two-year which is at 36? that is going to be the bigger story. if there intention is not to go there, the market will react. i don't see the 25, 50 being a big deal. sonali: happy fed day to you. bloomberg opinion columnist nir kaissar. coming up, we will dive into today's big take and what to do with the hedge fund cuts coming up kid i've been watching this story all year. we will bring you those details next. this is bloomberg. ? great question. like everything, it takes a little planning. or, put the money towards a down-payment... ...on a ranch

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sonali: time now for today's big take. hedge fund tightens like ken griffin, citadel and millennium management are at the top of their game when it comes to the dark -- the number of startups they have spawned in recent years. investors might be taking a risk piling into assets. firms with no guaranteed success. joining us is the author of this big take. my question is can ken griffin be the new julia robertson?

can he be the benevolent godfather and the industry as he is saying ken's cubs take shape? >> it seems so whether they like it or not. they are -- there firms are the largest number of startups and some of these startups are really massive. we are seeing initial signs of both of them playing the new godfathers for any generation of hedge fund startups. sonali: what is interesting about the millennium park of this is they see their own pods. what is the biggest differential to see millennium seed other firms and there are some notable names they did not play a role in here versus what they are doing within their own ranks? nishant: this has been a growing trend. lenny him is the most aggressive find -- millennium is the most aggressive in ceding its

managers. seven in every 10 hedge funds allocates some money to outside portfolio managers. that is picking up pace. if you cannot hire them, give your money to them. that is the second best option. sonali: i do want to move onto another story because victory lap on a massive scoop you had and that is steve cohen stopping trading for point72. a massive thing in the world of multi-strategy funds. does this mean for this generation of investors? nishant: maybe it is an inflection point to where the industry is moving on. we are seeing this generational shift and steve cohan has done it for 40 years. he has proved himself. his book is not large enough given point72, $35 billion to have a huge impact. he finds his experience better used in training and mentoring

the new generation that can sprout from point72. sonali: do we know how much it has to do with him also trying to focus on other personal ventures like running the mets? nishant:nishant: i don't understand that a game at all. i come from india. i'm sure -- i'm speculating here . i have no way to check what can -- or confirm how much the that is playing a role in this. sonali: check out his ticker on the terminal because there are a ton of scoops to find coming up, some believe the u.s. election cycle could affect how the fed and jay powell asked today. we're going to discuss politics and the central bank next. we have the massive rate is coming up and it is the last one before the u.s. election. there is another fed meeting right after but it is unclear what the policies ahead will look like for the economy. we will talk all about it.

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pick up the phone and call to receive the complete guide to buying gold, which will provide you with important, never seen before facts you should know about making gold purchases u.s. money reserve is one of the most dependable gold distributors in america. sonali: welcome to bloomberg markets. getting a quick check on these markets to you as we count you down to the fed decision. the s&p 500 looking to turn into the green. it has been fluctuating between much unchanged and losses throughout the day. the nasdaq 100 looking to head into flat territory for the day. the s&p 500 has been on a 7-day winning streak.

you are seeing the rally start to stall out should two-year yield having five basis points. pretty interesting given we have not seen the movie yet from the federal reserve. the 10 year, to 368 on the day. a lot of questions on whether we have overcorrected or if we are standing at coldilocks, just right. the day movers on the equity side with abigail doolittle. maybe ago: stocks may be -- abigail: beneath the surface we have bigger movers chair the worst decliner for the s&p 500, the sleep med tech company down 5.7%. you can see the plunge on the today chart. the worst day going back to july after wolf cut their rating to underperform on a decreasing and less attractive risk reward profile based on proprietary position. survey wolf believes a lunch from lily poses significant patient disruption, distortion

risk. a fancy way of saying some of their business could go to lily. significant below where resmed is trading. let's turn to what is helping out the s&p 500 and this has to do with supermicro. this is another needham and company. upgrading shares to a by on a first mover advantage. the stock up on .6% even as an nvidia last time i looked on the s&p 500 oozing the mov function, nvidia had been lower. let's look at one of the big percentage movers for the s&p 500. apple up 1.8% to jp morgan in talks to take over its credit card venture after apple made a push earlier this year to cut ties with goldman sachs. there is a bounce back from monday when there were negative reports around the iphone 16. it seems some by the dippers are out on apple.

sonali: lawmakers in washington are keeping a kenai on the fed's decision. republican senator bill haggerty told bloomberg about his view from capitol hill. >> i'm going to be interested to see what chairman powell has to say as he makes his announcement tomorrow. one thing i'm interested to hear him talk about is the size of the fed's balance sheet. a $7 trillion balance sheet is inherently stimulative. that cuts against the rate increases that have been put in place. sonali: it is 47 days until election day in the states and for more on how politics might play, let's bring in kailey leinz in washington who always comes in with facts and it is interesting should i want to ask about the fed politicize asian and how republican and democratic senators feel we also have these headlines coming out i want to talk to you about first. paris is topping trump in

michigan, pennsylvania according to a quinn up? poll. in wisconsin, they are running even. kailey: those three states are crucial because they are we call the blue wall. there must when states for kamala harris to she does not get one of those they will have to make it up with electoral votes elsewhere like in the sunbelt were democrats have not been pulling as well as donald trump although harris has made up ground compared to where joe biden was. these states, michigan, wisconsin and pennsylvania are heavily concentrated in manufacturing. a lot of union labor. she has tried to pick herself as someone who would be a pro union president. the selection of tim walz from minnesota kind of factored into the thinking, shoring up support in these critical states. it is about the math and the map especially the state of pennsylvania with 19 electoral college votes is a must win for

both campaigns. the road to the white house runs through pennsylvania which is why polls like this one are so important to watch. sonali: so separately when he think about pennsylvania, what you're saying is important here and to see her leading in the quinnipiac poll is more striking. what is it about her perception in pennsylvania that is going to help her or is helping her at this juncture and how fragile is it? kailey: i think it is hard to narrow down one thing. what we have seen across the polling is there is more voter enthusiasm for her candidacy and there was for joe biden who was dogged by many issues but most importantly his age which is something he could not change. we have seen in polling and this was school of the michigan is in a school poll that harris is starting to pull better on the economy. in the michigan survey i was referring to she was trusted more on the economy then donald trump. the way she has been able to

make up ground in areas like according to our winning consul whole, trust in housing and helping the middle class, those things could be why she is able to make more ground in the battleground states where the economy is the top issue. sonali:sonali: i was in washington a day ago with you and i had when a to switch gears to the fed because i so patrick mchenry talking to a wall street journal reporter saying everyone thinks we are trying to politicize the federal reserve but the democratic senators lisbeth warren, sheldon whitehouse, john hickenlooper sending a letter to the fed to cut by 75 basis points chaired the consensus is they want rates lower i suppose. but how politicized is this issue at this moment heading into the 2:00 p.m. decision? kailey: very much is paired the letter from ohs with one was a push for a 75 basis point cut she has co-authored a letter like this to the fed for every meeting in 2024 going back. to january she has been pushing for rate cuts it started as a

concern over the housing market. it has morphed into more concern about the labor market and potential for an economic downturn overall. what we have seen democrats pushing, we have seen republicans specifically the standardbearer of the republican party, the republican presidential candidate donald trump talking about how he believes president should have input into fed decisions. he said that to her colleagues in bloomberg's newsweek interview. not saying the fed has to listen to the president but the president should be able to give views. fed independence very much a " chairman powell will maintain in the press conference they do not operate with politics in mind. even if the fed is not influenced by politics, politics can be influenced by the decisions of the fed especially if it weighs on consumer sentiment or changes consumer sentiment as they get ready to head to the polls in november. this is the only decision the fed will be making prior to the election. they will have to make one days after the vote. sonali:sonali: thank you for your reporting. looking forward to your reporting waiter on balance of power.

for more on how the u.s. economy might respond to today's fed decision, let's ring in the former special advisor to the fed board of governors and she has an intimate understanding of how these decisions are made. she is a research professor of economics at duke university. i have to first get your opinion. if it were you making this decision, if you were leading the fed, 25 or 50? >> i think 50. last week's data, the cpi wednesday followed by the ppi thursday, a lot of inflation forecasters see good news out of the monthly likely pce number in august and the fed's staff is good at appropriating those numbers and putting them together. that is why you see the shenanigans you saw last thursday. i think there was a message communicated from the fed to get 50 back on the table. now we have market pricing, the last i looked, nearly 50-50.

i think the thing is in november by the time you get two days after the election, you have two months of data. of inflation numbers. after the fed is running a little slow and labor market layoffs start to show up, it is going to be behind the curve. they move a little faster today at 50. both are in play. sonali: a question i have about the call for 50, is it more predicated about the distance we stand today from the neutral rate or is it more predicated on concern around how quickly the labor market is softening? ellen: you can make arguments on both. i'm not in the fed's camp of seeing the neutral rate is somewhere in the two. it is more than likely in the low to mid threes. the fed does not have to completely figure that one out until we get into 2025.

exactly where the destination is. i think the real argument is, what if in the next month you start to see a dramatic slowing in the labor market? something beyond what we have seen. you see a pickup in layoffs. are they going to hold an unscheduled meeting to make another cut? they're going to wait until november. maybe the balance of risk right now argues for taking the 50 today. sonali: even though you are on the side of 50, there are many, many would say out of the surveys, the majority of economists calling for 25. the market pricing has moved toward 50 in a way in recent days. you still speak to a lot of folks taking decisions on the back of these interest rate decisions that could impact the real economy. you talk to folks across the private sector. what did they need at the end of the day to make sure they can help lender this economy softly,

that these folks are not having to lay people off at this juncture, that they can navigate any potential slowdown? ellen: i think 50 is the right answer. i think the reason market economists have stuck with 25 is because of the unorthodox set of communications over the past week. powell clearly set up the start of the easing cycle, left the door open to either 25 or 50 and then the two remarks john williams and chris waller on the morning of payrolls friday suggested that while the door was open later on to 50, it was going to be 25 this time. that might have been just too much that powell thought the weight of evidence was starting to shift after he saw the price reports by last thursday. and felt that you needed a more

even balance. it is a little more confusing than it would be if we were not in blackout and we had clear indications. they are going to be talking about both. they would have been talking about both possibilities even if we had not seen what we had seen in the last week. sonali: hopefully a press conference will answer questions not just on today but on the road ahead. research professor of economics act duty -- of economics at duke university. coming upcoming gm shares hitting a session high. some news tied to electric vehicles helping to charge shares forward. it is our stock of the hour next. this is bloomberg. ♪

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sonali: welcome to bloomberg markets said it is time for the stock of the hour. you're going to look at gm which had a session high after it announced electric vehicle customers are going to get access to tesla supercharger starting this month. owners of gm models can plug into 17,800 of tesla's fast chargers the purchase of an approved adapter which sells for 225 bucks at a gm dealer. we are joined by david welch who covers autos in detroit. fascinating ways to see these companies partner together. how does it move forward the effort in a year about their -- in a year with a have been concerns about how ev's can move forward? david: this should help gm. when they take a road trip, can they charge? i drive a lot from detroit to

pittsburgh on the ohio turnpike are there plenty of tesla chargers in all the service areas. there are others but they are not so visible. people do see tesla chargers at places like that. they know if they do any research on ev's tesla has the most reliable charging system. if he can plug a gm ev into that, that is great. this comes at a opportune time for general motors. they are ramping up duction of the equinox and blazer ev's which are there cheaper ones. that can give potential buyers access. sonali: this seems easy. you buy an adapter for $225. you find a tesla charging station. how does this meet the need at the end of the day? what are the complications that are there? david: anyone who owns an ev, you quickly learn, download apps for a variety of chargers. they have different ones in canada, different ones in

different areas because gm partners with nine different charging companies. ev owners have access to these apps. they have their credit cards loaded on them so they can automatically pay. in some cases with the gm it works seamlessly with the car if you are charging it at some of their approved partners. you put the adapter up when you plug the charge port, the charger into the charge port and you start charging. you can get -- you are looking at -- you can get from 20% to 80% in 30 minutes. is a rough estimate. you're getting a pretty good top up in a short time if you are on a road trip and you need to grab lunch and you come back and you have a pretty good level of charge. sonali: is this ev boom going to make driving manual obsolete?

david: driving manual is almost obsolete special -- except for let-ites like me and performance geeks and people who own jeep wrangler's. it will usher in something that has been happening for quite a while. sonali: that was a selfish question. maybe people will make me stop lending. we thank you for your learning from detroit. an interesting move over by gm. we are going to go back to the hedge fund world. that is what happens with the 12:00 p.m. takeover. we will talk about citadel securities. backing away from a plan has had in place for nearly a decade. we will talk about what it means for the market maker backed by ken griffin next. this is bloomberg ♪ -- this is bloomberg. ♪

sonali:sonali: welcome to bloomberg markets. we are going to talk about a different part of the ken griffin empire. we are going to talk about citadel securities. it has quietly shelved plans to become a bond dealer trades jointly with the federal reserve. for new a decade, the firm's executives had seen that move as a step toward its goal of being a dominant force of the trading of treasuries. they are becoming a dominant force in different way. we are going to bring in katherine doherty who has been covering this story and i think not a lot of people understand how important the treasury

market is to the growth and expansion of citadel securities. how are they able to succeed in this market the way they have in without becoming a primary dealer? katherine: when the firm first entered the treasury market, they signaled they wanted to become a primary dealer to show their commitment to the space. that commitment over time has been shown in other ways. in the secondary market, they have been able to build to be a presence that has become so big, they are no longer seeing the primary dealership status as necessary to cement what they already see as their position in the marketplace. before when they were setting their goals and saying we want to be a dominant player, we want to serve our institutional clients in a way where they see us as a cesarean and helpful player, at this point, they are

doing that. they have achieved that goal and so the status and the primary dealership process they have put on hold. sonali: it is fascinating because back in the day, people would say at goldman and the big trading desks, citadel securities, they win at technology. they are the techie firm that wins when things move fast. in recent years, have hired significant talent. you think of bankamerica a number of years ago and you have significant talent calling all of wall street and having that personal touch. what this this mean in terms of how their is this -- what does this mean in terms of how their business fits into the world of big ticket trading? katherine:katherine: we also have talk about europe. they have been expanding in their europe rates business and they have hired to do that at additional wall street firms. today there was the announcement

they were approved to participate in german debt options and that shows a signal to the marketplace they want to be a present and supportive player, a liquidity provider in germany and the next step will be do they go to other countries and europe and look for similar opportunities? the signal is that could be the right move for them because in europe, the primary market and the secondary market are more intertwined. in the u.s., what has started to occur is primary and secondary are more separated and citadel has seen it has cemented its place in the secondary market so the primary dealership is not positioned in the same way it is overseas. sonali: the other thing people knew citadel securities for was because it handled so much trading volume. how much does it in for them to

be in that world of debt issuance across countries at this point? how big of a business is it? katherine:katherine: this is building up their institutional side of the business. when you think about citadel in retail trading, very dominant in equities. but for treasury market, these moves and especially when you think about primary dealership which it is no longer looking at right now but the announcement today in germany, that is being a player in the institutional space. sonali: katherine doherty with bloomberg news. fascinating changes in the trading landscape and a lot of changes in market structure and the treasury world. we will be looking forward to treasury market conference in a couple of weeks. we will take a look at markets. an hour away from the fed's big decision. the s&p 500 turning green, 1/10 of 1% higher. nasdaq 100 so too should kbw

bank index running. quickly looking at treasuries before the big decision. the two year yield, 3, 4 basis points higher hanging out at 364. . that does it for bloomberg markets. i'm sure nelly bass lake and this is bloomberg. ♪ the moment i met him i knew he was my soulmate. "soulmates." soulmate! [giggles] why do you need me? [laughs sarcastically] but then we switched to t-mobile 5g home internet. and now his attention is spent elsewhere. but i'm thinking of her the whole time. that's so much worse. why is that thing in bed with you? this is where it gets the best signal from the cell tower! i've tried everywhere else in the house! there's always a new excuse. well if we got xfinity you wouldn't have to mess around with the connection. therapy's tough, huh? -mmm. it's like a lot about me. [laughs] a home router should never be a home wrecker. oo this is a good book title.

>> from the world of politics to the world of his nest, this is a

balance of power. -- the world of business, this is balance of power. live from washington, d.c. joe: counting down to the fed with new polling showing donald trump and kamala harris tied on the issue of the economy in two key swing states. i'm joe mathieu alongside kaylee heinz in washington -- kailey leinz in washington. helps us from this fed decision from the perspective of the campaigns what we are going to here in a couple of hours. we kailey: are referring to the new polling that dropped from quinn up? looking at the blue wall states. michigan, wisconsin and pennsylvania. harris leading trump. they are tied in wisconsin but when we consider the way in which harris has moved up in the polls compared to where joe biden was, it does seem like one of the factors is the economy pewter only two points down against trump in that issue in michigan and pennsylvania. if already