coming out in a day jj and janet yellen services has. russia's innocent is may twenty and the area of them that would it would all go as soon as they leave calling another other attend criminal there is something on the little bit. say a name they to leave the city said a on an island made last modified code calling on that on that question. legislation. italiani really cannot cannot easily residents on the front but made. a complaint way. in a three three to five all right here in. sales in the late eighties well well. ships stopped at a truck truck a. coccyx lately as well as other women going against. my mind is open for board and along the gulf coast [inaudible] yeah [inaudible] the i don't know i mean i'm very has gone on no no. and i'm calling because you could make it will consider going around i'm. from two to ten ten being the thousands. in the ibm. two problems and spend their limited. this jesus you. top russian situation president on to on on online is a national also ajcc and a little size police the separation cross from ol

in the last administration when interest rates were very low, he blamed janet yellen saying he was rigging the system. did he acknowledge that he wasn't had an issue with interest rates? >> he did not. he said, look, one of the reasons the economy is having these cracks is because his trade deals are taking too long to bear fruit. he said give it a little bit of time, be patient with these trade deals, he's busy doing trade deals but he's not getting the kind of backing he needs from the fed. he's very disappointed in powell. he said i'm not even a little bit happy with his choice of jay, jay being jerome powell. >> he said janet yellen was too short for the job. her ph.d. from yale and the time she was teaching at the london school of economics and harvard, that would put her at about 7'0". you asked the president about a meeting with putin in argentina. he said this "maybe i won't have the meeting, maybe i won't even have the meeting, we're going to see." he then said this about russia seizing the ukrainian ships. he said "i don't like that aggression at all, absolutely, and by the way e

. >> i don't believe that there's any reason to think that janet yellen's 5'3" stature impaired the abilityn the fed and got raise for. >> she was well regarded. >> she did many of the same things that jerome powell did and is doing. >> and she would have got in the same trouble. good do see you my tall friend. cnbc friend. he's taller than me. >>> it's called a segregation tax. homes are undervalued by billions of dollars and having an affect on american families. >>> house democratic leadership elections are under way. nancy pelosi is expected to be nominated as speaker any time now. she's unopposed and is expected to easily win the vote on the nomination. some two disease democrats oppose her arguing that the party needs leadership and nobody's put up a candidate. the vote on the speakership takes place in january. >>> hakeem jeffries won the position of democratic caucus chair. the 48-year-old argued for a shift in the democratic party to reflect america's diversity. you are watching "velshi & ruhle." managing my type 2 diabetes wasn't my top priority. until i held her. i found my tresi

. >> this is the president who said janet yellen was too short to be fed chair. hard to take him seriously >> scott, the reason i would say it's absolutely the two parts, did you take a look at the vix right now? we're up 400 plus points where is the volatility index? >> you tell me >> call it 19. >> what does that mean >> it hasn't moved it's all green it tells me how important the g20 is coming up >> people are still betting. >> very large groups of people if trade really matters. does it matter >> i think it matters a lot. >> the yield is on the two year and five year are moving most lower and that's what you want >> if you put up -- is the chairman going >> there is jay powell the fed chair. let's listen in. >> thank you very much it's great to be back at the economic club of new york. great to see many old and new friends and family as well i'm going to begin by briefly reviewing the outlook for the economy and then turn to a discussion of financial stability. my main subject will be the profound transformation since the global financial crisis in the federa

connected in washington but a gun to the federal reserve's head where there's ben bernanke here janet yellen or alan greenspan and saying print fifteen trillion dollars or you know the country is going to get whacked in two shots to the back to you know. we get it we get the image but you know the fact is they will perhaps in the next headline find some hope for their own stock price defense contractors unfazed by democratic gains as republican deficit hawks lose influence the companies that make jets bombs an aircraft carriers for the u.s. military are telling investors that the defense business will still be booming under a democrat controlled house of representatives even as a split congress threatens a return to partisan gridlock the defense contractors namely raytheon chief executive officer this past week was telling shareholders that it's great news that the democrats are in congress because that the money spigot will be open for them they'll be getting a lot of money of course. you know in most parts of the world it's not considered progressive or liberal sort of economics and politi

there were rate hikes under janet yellen, his predecessor. we came from zero to range of two, 2.25% on overnight lending rate which banks lend to each other. we're looking at another quarter-point range, to 2.50%. if we accept some of this sentiment out of his proposed remarks, he seems to say that might be the sweet spot, that is sweet for the market. should it be? >> should it be if we look at the chart, historically, neil, we're still historically low levels. even with the eight increases since the year 2015, if you look at that chart, what we've seen over generations we're still pretty low. there are a lot of concerns that even the fed itself has telegraphed, right? it is monitoring asset prices. it is also monitoring corporate borrowing. that seems to be something that we're seeing in a lot of different language. also monitoring "brexit." monitoring what is going on in italy. monitoring trade tensions between the u.s. and china. so neutral, it is a hard number to find. i think that is very much the challenge ahead of the fed. neil? neil:

janet yellen yellen wrote a speech called inflation dynamics that concluded that inflation expectationsor pickup in inflation next year because people don't believe there will be a pickup. if there was one, the fed would react to it. where do you see the most value in bonds outside treasuries? europe? further afield? this year many asset classes fell and returns were low or negative. next year could be different. 3.5% of the bonds yielding . that could be the return next year. next year could be a coupon clipping year. the expansions will be ongoing and interest rates will be topping out. that, soo believe yields returns decent across the fixed income spectrum, but up in capital cash, and structure, the final word would theontinue to expect liquidity premium. focus on risk factors, not simply data. that game is over. tom: we will talk to tony and look at cash later. he is with pimco. coming up, a congressman from flint, michigan. that is all you need to know. we talk about the automaking heritage within his horizon. we will speak of gm and president trump. worldwide, stay with us, this

could possibly look like because they do believe in the greenspan put the bernanke he put the janet yellen put and now the power they do believe that the fed can come to the rescue because that has happened over and over because you mentioned the things that have happened like the one thousand nine hundred four bond market sell off and then what happened the fed came to the rescue didn't they because things resumed interest rates resumed down you could always roll over your debt. you can always accumulate more debt and remember that mantra is always that it doesn't matter how much debt we all have because it's our servicing how much it costs a service that debt and that servicing the debt keeps on going down other than for the u.s. government remember we showed that a few weeks ago where because they accumulate so much debt even despite low interest rates they're servicing costs are going up every airline servicing cars for us just a half a trillion and rising and if their interest rates rise by one or two percent then america technically is insolvent and look a man the predictions of a bo

do it he's never spoken out about it he's never said anything is never said down greenspan or janet yellen or ben bernanke or powell has never said look do your job raise rates right now to five percent do it now of course know why because. there are complicit stupid or both ok well he can and he did leave the federal reserve in one thousand nine hundred seven so it's been quite a few decades since he's been there but we're going to talk about another story now and that is over fish increasingly likely as countries began using military force to protect critical commodity so there are similarities between the world's reliance on oil and a comparable dependence on fish oil is a very conflict ridden sector johan burgan us senior director of public policy at the washington d.c. based technology from vulcan he says i believe there are some numbers that say twenty five to fifty percent of all conflicts in one way or another and driven by lack of or access to oil they're saying basically the concentration of fish especially tuna is in the pacific it's something sixty percent of all big fish are i

he has inherited communication strategy from janet yellen, act every quarter and signal well in advanceat you will do. it is working for him. he is going to keep raising the funds rate gradually to the neighborhood of the neutral funds rate. he also hopes that once he is in that neighborhood that it will become more obvious. that sums i 3% to 3.25%. to 3% to 3.25%. joe: does that create volatility in the pace of expected rate hikes? ok, maybe we could have six more easily just because it is not a bigger leap to have them more than one a quarter. >> that is right. the one thing you immediately notice is the slippage in communication policy. when the fomc issued a statement on february 4, 1994, it was two sentences and they thought it was the only time they would do it. for every action, then they had to start issuing it every time. press conferences -- next thing you know press conferences create orphan meetings. it creates an optionality. obvious that there is a distinction between a meeting that is dead because you can explain in a press conference to one that is live. they probably wa

vonnie: the dollar is softer now in the session, but even the likes of janet yellen was drawing attentionstronger u.s. dollar. what's the intermediate outlook? they are all hawkish in one way or another but i am waiting for fed chair powell tomorrow and on thursday. we also have cpi. the pair it do with is trading against. withuro is extremely weak the italy and eu showdown. brexit hasn't had any positive notes, so when you look at the currency it is all about the pair it is against. cpi tomorrow will be crucial in confirming this movement in the dollar. andill see what tomorrow is if it closes above 97, it is arguably going to be higher for the next 30 days until the fed meeting. vonnie: bill of blue line futures from the cme. guy: let's talk about the stock of the hour, it is vodafone. today,eading in europe our media and telecoms reporter joins us. income investors pretty hast the -- pretty happy. >> the concern going into these results we see a cut and that has not happened. guessept it flat and so i the worry for that is the acquisition of the deal would really stretch vodafone's lev

janet yellen was very explicit about, i am looking at the labor markets particularly.a capacity still to absorb in the labor markets? but we are not getting a clear sense from the fed. do you think the fed is doing as good of a job as its predecessors in communicating about what the narrative is and what they are looking at? doug: i think that depends on the chair. jay powell is developing his narrative. i do not think it is crystal clear to markets yet because so relatively new in the job. even just saying, we will focus on labor market, i think most people would have thought that suggested the rate down to 4.5%. it is well below that. even if you know the red indicator, it is hard to identify the stopping point. i think that is what they are going through now. inflation has not picked up the way they expected. what is the right stopping point? it is a tough thing to convey. i think they have been hurt by a comparable difficulty over on the trade side where the market is looking at trade negotiations, does not know with knowndpoint is, does not what data would suggest

janet yellen has been pretty vocal about -- guest: i think right now earnings are strong. 50 year lows unemployment rate gdp is going well. i think that all continues. we went back and studied all the rate recessions going back to world war ii. 75% of the time, the recession begins one year after the fed stops tightening interest rates, when they tighten from 200 basis points or more. will be more than 250 basis points in the last tightening next september, bringing a recession one your hands. i am more third-quarter 2020 if i had to pinpoint a time, but certainly not next year. probably the following year. vonnie: you believe it is the rating agencies that will start this, and then a cascade? guest: i believe it is weaker gdp, higher interest rates, exhausted economic policy that starts it. number two, i believe there's an enormous amount of overleveraged companies, a record number that exist today in the marketplace, rated at way to i have a rating. when they fall, because they are deleveraging, it becomes more apparent when earnings turnover that they are going to get crushed. right

and we heard janet yellen make comments that it is for that reason that the trade deficit is wideningot for other reasons. gnm, we are looking at the micro movers. gas and oil. you can see the commodities complex, that is really interesting today. natural gas up another five points, 2%. not all-time highs, but moving higher quite strongly. and some of the currency is moving as well. the mexican peso is down. but some of the asian currencies are longer on the idea that there may be a restart to talks between china and the u.s. guy: we continue to monitor what is happening with brexit. we now understand, this is of the last couple minutes, that there will be a brexit cabinet meeting on wednesday. we understand the text has come back into without earlier reporting that the text has come back from brussels to the u.k. the pound making headway on the back of this. up trading north of 1.30, around 1.3%. let's get analysis on what we know and what we are trying to figure out. emma ross thomas is joining us. we also joined by iain stealey, portfolio manager at jpmorgan asset management. what

it is an independent agency -- i should point out that the president criticized janet yellen when she the fed chief. he said that she was given a gift to obama and being politically too helpful to obama in keeping interest rates low. now that he's president he'd like the same thing, too. >> found the boogieman in powell. >>> one critic is not impressed with the president's gut. >> what he said today that his gut and his opinion is a lot smarter than most people's brains. [ laughter ] i mean, literally you can't make this stuff up. i mean, it's -- you know, a dozen times ape day, your head is spinning. >> hillary clinton in toronto with former president clinton kicking off a paid month-long speaking tour on tuesday. they plan to hit 13 cities. when secretary clinton was asked if she will run for president in 2020, she joked that she was thinking about standing for parliament in canada. got a big laugh for that. >>> republican cindy hyde-smith will keep her senate seat holding off a democratic challenge in mississippi. cnn projects hyde-smith will defeat democrat mike espy in the runoff

focused your speech on the subject of financial stability, although the federal reserve, under janet yellen, was concerned about the capital of banks and liquidity. she said that monetary policy should focus on inflation and unemployment. the financial stability was not a responsibility of monetary policy. do you think that monetary policy, interest-rate policy, should take financial stability into account as well as unemployment and inflation? >> thank you, marty. the question of whether monetary policy should be used to address financial stability is one in which there are two schools of thought. is what martyiew articulated. monetary policy has goals. stable prices, maximum unemployme -- maximum employment, how best to use regulatory policy. i would agree that monetary policy is not a great tool to address that concern, and it is preferable to use supervision regulatory tools to address financial stability to the extent we can. it is not ideal to add a third objective. it is not a tool that fits tightly with objective of financial stability. on the other hand, it is hard not to keep in m

some people who think they are but jay powell is trying to follow in the careful footsteps of janet yellenit so there is not inflation which hasn't been a problem in a very long time because the fed has gotten good at that. in terms of yanking subsidies from general motors, you want to yank subsidies from everybody but to punished general motors by taking away their subsidies that sounds like crony capitalism in their worst, the same thing that republicans and conservatives are supposed to hate more than anyone else. >> bret: not a traditional action, mentioning specific companies in this action in this way. yet, again, does he have a point about u.s. subsidies for a company that's choosing to close plants in the u.s. and not close them in china and mexico? >> tweets gave me flashbacks of 2008 which when he talks about the american people have given gm and other companies a lot. that goes back to the argument that we should never have bailed out those companies in the first place, they should've come back on their own rather than being propped up for years. they are continuing to sell cars

commensurate with a combination of inflation and productivity growth, that's not seen as inflationary janet yellen i am pretty sure jay powell agrees, if you had wage growth 3 and 4%, take 2% inflation, 1% productivity, that's not inflationary. they'll watch that labor force participation but that's not an absolute trigger >> steve liesman, thank you. >> pleasure. >>> closer look at faang stocks and where silicon valley is hiring mark may joins us here at post 9. mark, happy friday >> happy friday. thanks for having me. >> you put out a report looking at hiring data among the tech sector what data are you analyzing, what's the read through for investors? >> we're scraping the job sites of all companies in the internet sector for a sense of pace of job openings through the year. business units in which they're hiring and to get a sense, it is a predictor of expense growth which is an important theme within the internet sector this year, right? facebook hiring tens of thousands of people to scour the site, to protect the community on that site obviously amazon preparing for the holiday season is hir

we don't want them to be rigid but as janet yellen talked about, being data dependent.is happening around us. the stock market down most of the days the last montels us concern about italy debt burden, slowing growth in china, impact of "brexit" is having an impact on world growth and having an impact on us. we're the only country out there raising rates aggressively. i think that was a very welcome statement. i wrote about this yesterday. why, what's the hurry, right? we're trying to get back to 2%. we're back at 2%. charles: that is why we have you on this segment. james in. >> well, i would say that the fed is probably looking at the housing market as well. i think, you talk about, when you look around the world, you have the graphic showing that germany, we think of it as the heart, the engine of the european economy actually shrank recently. that was not just, less demand for cars around the world. that was also, disruption from some environmental regulations. but, yeah, outside of the united states, there is not a whole lot of good news economically around the wor

. >> janet yellen talked about transitory that's aed word she use used all the time a lot of people think the tariffs are transitory why should the fed focus on something that will go away in the president's mind in a couple months. >> they have to acknowledge. -- earlier they were saying we are talking to the c suite, people in the know and they are fearful. we don't see the facts now the facts are on the ground. if you go through earnings you see inflation, prices change you hear people talking about changing the supply chain, that's real and tangible that may be transitory but they have to acknowledge at this point in time that's important. >> chris, one thing we saw today, high yield young bonds starting to have -- seeing some cracks in the arena. does that concern you for the bullish case. >> it always does concern us but why is it happening? it's because oil is going lower. oil -- that's a tax reebt for the consumer the consumer is in a good place. what are we on top of? on top of spend, the christmas season as people get more money in the pocket they are going to spend it so a cert

powell acknowledged it when he did the q&a down in dallas but i was talking to neil earlier, when janet yellen hiked rates in december of 2015 the market crashed. we started off next year, worst year, third worst year in 100 years. wall street always seems to jawbone the fed around. some people worry that may backfire. >> it may. charles: not jawbone, hit the sale button, fed is watching, they get their way. >> i would say this is different, this time is different because we're coming from historically low rates and i think the fed getting back to normal rate what the market wants, what the market wants to see. i would starring selloff we got was based on powell's previous comments saying we're nowhere near the neutral rate. ie, we'll raise rates -- >> market is okay with rates a little bit higher, not ham-fisted approach, raise them at all costs. >> as long as data is support it. market wants to hear we'll act on data. not we're raising rates four times next year. charles: to you what so the most important -- >> lack of guidance. >> most important data. i want strong gdp -- charles: we get a

but maybe, president trump should have kept janet yellen on because jay powell is new to this and whenoke about the neutral rate and is been close to it on october 3, we saw the stock market tanked. he may have said things evenly had he seen the effect of his words. so you know, he gives an end and the market takes the yard. that is exactly what we saw yesterday when he had those comments and the dow went up. maybe he just does not have the experience in the arena as -- >> by the way, larry summers when he was working for president clinton, working for president obama, i never heard him speak out in favor of higher interest rates. i mean it is only when he's on the outside looking in that he does that. >> but here is my question, going back, why are algorithms dangerous? you are talking about people to have the same darn crystal ball as the man on the street. and the housing crisis, they missed most of the downturns, they have called 10 of the last three recessions they generally get it wrong. why? because they're human! they are no smarter looking at the future than anyone else. >> ga

lloyd blankfein, janet yellen, george sorosoros, gary cohn. one can only conclude elements of the republican party are either clueless about anti-semitism or actively encouraging it. america has a history of paranoid politics infused with the belief there is some hidden conspiracy to betray the public, but these used to be peripheral, voiced by marginal figures. when they seem to be growing, as with the john birch society in the 1960s, william f. buckley publicly denounced them. today, senior republicans emulate them. president trump has given a ringing endorsement to alex jones, the country's most influential and extreme conspiracy theorist. trump said in a 2015 interview with jones, your reputation is amazing. i will not let you down. the republican party has many good people and good ideas. but none of them matter while it houses and feeds fantasies, conspiracies, and paranoia tinged with racism, bigotry, and anti-semitism. republicans are now squarely the party of joe mccarthy, and until that cancer is excised, it should not be entrusted w

it is important that jay powell is afirmifirming by raising rats and doing what janet yellen would haven done it is lost because the context of the economy has changed it is not different even as growth slows, unemployment will continue to fall, wages will continue to pick up. >> also with us, the head of public policy for pimco, libby it has about an 85% chance on the democrats retaking the house. if that happens, are we going to see an opportunity for the fed to slow down rate hikes? some say the republicans keeping the house means more spending, more stimulus, more aggressive growth >> and it is a good question i think in some ways, i look at the markets positioning for this, if the democrats sweep the house and senate, the likelihood for fiscal stimulus increases significantly because then chances for a big infrastructure package that diana alluded to increase if there's a split congress, then i would agree there will be a push for infrastructure among democrats. they want to show they can govern but deficit concerns will weigh on senate republicans. in some ways i think you see les

so it would be rolly concerning that they would -- charles: you remember when janet yellen raised rates first time no one understand why she did it other than to prove to wall street she was independent? felt like wall street was sending her a message and you know, she kind of got her mind right but you don't think that will happen here? >> i think the market is getting used to jerome powell as the fed chair. he is still relatively new. he is changing things up. next year he will have a press conference after every single meeting. he wants to be more transparent. this guy every time he speaks the market goes lower usually. charles: $1.5 trillion, right. we know we'll not get headlines this week during trading i don't think, trading days because of g20 meeting starts friday goes into the weekend but i'm looking at some olive branches. overnight, what is it, allianz, the german insurer allowed to do business in china. china okayed the rockwell collins take over the united technologies. couple weeks ago it was american express. i'm hearing nicer things from the trump administration. do tho

janet yellen saying -- liz: warren buffett. >> they are all, so what i'm saying, there is a lot of talks thing being a joke. and here's one thing i would say. what transactions are being done in bitcoin right now? liz: there are a lot of businesses that actually take bitcoin, overstock. >> overstock? liz: lot of places do it. >> no major transactions. i mean, the real -- bitcoin was supposed to be good for say a real estate transaction where everybody -- liz: it says maybe, charlie. >> why is it taking this long? liz: what do you mean? it takes a long time. >> we have been talking about this garbage for years. liz: no, we haven't. >> yes, we have. bitcoin has been around for years. liz: eight years. >> it trades more than it does business. liz: this thing is a wrap but i'm enjoying fighting with you. >> it trades more than it does business. remember that. i know we got to wrap here but this is important subject retail investors should know. it trades more than it does business. you start buying this as a future you're crazy. liz: i like your time more than i like you. >> ehhh. liz: what

in the same washington post article he was questioning if janet yellen can really run the central bankfoot three inches. using the net long positions are higher as rates are going up. this may not last for long. jpmorgan is saying that these trump attacks in the fed could be evident and could mean a multiyear slide in the future. anna: matt? remember thatmay chart from using it at the top of the show, just fyi. [laughter] i think that donald trump may want the dollar to come down. it's not very helpful to u.s. competitiveness with it coming up so high. this is a chart that shows u.s., and european, and chinese car sales going back all the way to. 2000 we continue to climb -- all the way to 2000. we continue to climb higher. with all the drama around car sales, you can see the trend continues to rise. anna: matt, i am going to go with your chart. it is a great chart. yours a very good reminder of the underlying data on which we are all dependent, of course. that is it for "bloomberg markets: european open." this is bloomberg. ♪ ♪ >> fed up. president trump against the central bank again

janet yellen. lloyd blankfein, and criticized and is still being criticized. when do we say enough is enough? particularly in this country. because that is dog whistle language and even in the kavanaugh hearings you remember president trump basically blamed soros money for encouraging protesters against kavanaugh. i mean, this is very unseemly. >> well, i think george soros to the republican party is what the koch brothers are to the democratic party. extremely wealthy people putting money into political operations and candidates and so when i hear republicans talking about soros-backed operations i think about when democrats talk about koch-backed operations. now taken on a different undertone because of current events but soros is active in democratic politics for a long time and vexed republicans for a long time because he's one of the principle donors to operations that led to successes. so i don't see anti-semitism attacks on george soros but one party that doesn't like the financing of the opposition in the same way the opposite party doesn't like our fi

jay powell, different in how he communicates than janet yellen. people say his comments regarding u.s. rates being below neutral was what sparked the selloff. since then other fed officials have come out and walked that back. what is your confidence the central bank will not be behind the curve in this different fed formation. shiftedalance now has behind thed being curve in hiking, which was the case in 2015 to the possibility of the fed over tightening. the balance of risk has moved. the fed i think is aware of this. moderated their signal that the chair had given a few days earlier. i'm interested in your perspective. where you go for a safe haven right now. you only have certain amounts can full given the rate hikes are still anticipated to a certain extent. where are you, is it all about cash at the moment? how do you ensure your portfolio is best placed in these times of volatility? >> it depends how sophisticated an investor you are. it is about being in cash or at the short end of the curve. are actually being paid something which is a cha

our fall season of events brings many notables to our stage from janet yellen to rocks zahn gaye and also in depth conversations on topics from artificial intelligence to the importance of the census. the graduate center, as some of you will know, is one of the largest ph.d.-granting institutions in the country, and we are especially proud that we rank among the country's top ten institutions in the number of doctorates we award to underrepresented minority students. with our expanding catalog of masters practice and nearly 40 centers and institutes that focus on critical issues from education to inequality, we practice our conviction that research, open debate and facts are essential to the functioning -- [laughter] of democracy. [applause] among our many institutes and centers is the leon levy center for biography, our cohost for tonight. the leon levy center is a hub for biographers, nurturing their work with resident fellowships, providing doctoral students with discusserration fellowship funding -- dissertation the fellowship funding and offering coursework to our masters studen

anna: a lot of people are warning about that, janet yellen even.d that is definitely the case. you see most of that in the low-level market. i would assume over time, as we just mentioned, defaults could be creeping higher. seetime, you would probably more in the market than the high-yield market. anna: thank you for your time this morning. portfolio manager. let's take a look at your mid-cap movers. dani burger has details. dani: shares have been up almost 1% early in the day, now just turning negative, down .3%. they reported results that mostly were in line, though uninspiring. analysts say it shows signs of life because their foreign sales were higher by more than 8%. investors seemed to think otherwise, down nearly 1% in shares. then jcdecaux also falling more than 4.5%, on pace for its worst day since may. this is after they had a slower forecast for growth in the fourth counter. they cited tough comparables and softness in the china metro-rural this. ubisoft having sympathy pain. activision reported a weaker -- their peer activision reported

it looks as if it has been a great gathering, just an upside with janet yellen talking about inequality. coming up from the new economy forum in singapore, two issues you simply do not want to miss. the day after the u.s. midterm election, as the house falls to democrats. a first and exclusive with david solomon, ceo of goldman sachs. that is live at 7:00 a.m. u.k. time. by the will be joined former u.k. treasury secretary at 8:00 a.m. london time. already a warning shot from polson/ a reminder if you are traveling to work you can listen to bloomberg. we are live on your mobile device comment digital radio in the london area. this is bloomberg. ♪ sayt is tempting for me to that people should not invest in china so i have more competition. is aruth is, china terrific place to invest. it is the biggest economy in the world. it has a norman -- it has in on us growth. numbers of consumers. outside of the united states i don't think there is any place better to invest. anna: david rubenstein speaking to us from the bloomberg economy forum in singapore. programmoore from that as we go through

the washington post reports the president was considering reappointing janet yellen to another term as decided not to because she is too short. poorjanet. if it's any consolation, here is a useful list of small people who made it big. the olympic gymnast simone biles, fourfoot eight. roman catholic nun mother teresa, 5ft. hollywood actress, jada pinkett smith also 5ft. the music legend prince was five foot two. winston churchill, only five ft six. and yet towering in stature. yes. how tall are you? out and about five foot ten. i have some sympathy with trump because i think someone in the administration should have spotted that there is a link between interest rates going up and height. who is the man in the administration who missed this key correlation? the president can only go with his blood. someone needs firing. that is my view. this is beyond 100 days from the bbc. we will have more later on in the programme. stay with us for that. good evening. it has been a wet and windy wednesday for many of us and thatis windy wednesday for many of us and that is not the end of it because yo

we lay out our road map versus how much actually effects -- how many affects over time i think janet yellenowell have done a great job of saying this is how the balance sheet is going to wind down to minimize uncertainty but has all of that been priced in i'm not sure >> do you think that for years when we were at zero that that sort of boost really did mask weakness in the overall economy. say it was 50% zero, 50% real economy. if you take that away now, it's real economy is that part of the problem now? >> well, long-term economic growth does not come from central banks. it comes from population growth and productivity growth. that's where the fact of the matter is our demographics are what they are. our workforce isn't growing very quickly just because of demographics and slowing immigration. we can model that out. and then there's the productivity piece >> are you pessimistic about both of those components and that's why you think we should stay low >> no. i'm saying we should stay low -- this is a cyclical story cyclicly i'm focused on how much slack is in the labor market i think ther