allowed the theft of chileans of dollars from the defense department and chileans war from the fed reserve by printing money for them so you've had that kind of the decline the beginning of the signs that the decline of the us empire and so that gold accumulation than gold the rise in gold prices is also due to other nations as we've covered extensively over the past few years russia china other countries turkey hungary poland's just repatriated their gold from the bank of england germany repatriated their gold thanks to us from the new york fed so you're seeing these nations accumulate gold and here's another thing we pointed out at least 3 or 4 years ago and this is treasury secretary steve was in the news u.s. treasury minucci and says if we are not careful with sanctions people will start using other currencies and there is no other currency money more solid and with a great history than gold so the paper bugs call them really a moment back when gordon brown the chancellor of the exchequer in the u.k. when he was that that role sold off half the country's gold around to $2.00 and $50.0

i'm break down the fed reserve's role in the market and a sell off versus a buying opportunity?he key is a little something i like to call systemic risk stay tuned and i'll explain. stick with cramer. apple card. is a new kind of credit card, created by apple, so it's simple and transparent with a new level of privacy and security. it lives here and here. and it will save you 6% on products at apple; like iphone, apple watch, airpods pro and so much more. ♪ apply in as little as a minute, right in the wallet app. apply in as little as a minute, introducing new vicks vapopatch easy to wear, with soothing vicks vapors for her, for you, for the whole family. new vicks vapopatch. breathe easy. because it's tailored to you! take the personal assessment and get matched with a proven weight loss plan. find out which customized plan can make losing weight easier for you! myww. join for free + lose 10 lbs. on us. >>> here we are. back discussing what to do in a sell off. >> sell, sell, sell. >> and how to figure out what the right approach is given how difficult and different they all ar

without earnings coming through, it's really hard to see prices going up we can't just rest on fed reserve policy and pe expansion. >> i would say the fed's probably on hold for maybe all of 2020. so that could be a tough play. look brian, i think like this year, the focus should still be on quality. quality names. clean balance sheets visible growth and in the debt sector, you have to be a little careful high yield spreads have shrunk down 3 percentage points. >> and we'll let it go but let's not also forget this decade. our late, great colleague mark haines if you had listened to mark, you would be up more than that 172%. pretty amazing stuff. >> and look. i mean, when they're bailing out the banks in full, and doing everything that they did at that time, that's when you buy. >> ron, rich weiss we'll see you in 2020. >> maybe next friday i don't know. >> still a cool number, right? 2020. >> yes. >> exactly it has been, oh, a rough week for boeing maybe the most important stock in america shares falling more than 3.5% as the market continues to hit new highs. let's take a closer look at t

powell with the fed reserve. head of the fbi. on and on. gop. house leaders. senate leaders. but thus far, there's not been that kind of condemnation for leader mcconnell. if the president wants a speedy trial, he wants witnesses, there is an impasse. and the white house counsel and mcconnell, right now, say no witnesses. is mcconnell consistently above that condemnation because he's been this effective thus far? or do you expect this could even turn for mcconnell? >> yeah. sooner or later, everybody gets their turn in the barrel with -- with president trump. if he doesn't like what you're doing, believe me, he's going to let all 68 million of his twitter followers know all about it. it's one of his more potent tools. and, frankly, it just signals ahead of time who he's going to go after. i don't think he's going to turn on mitch mcconnell publicly because as the -- the majority leader has said, he's going to simply do whatever the white house tells him to do. now, the white house may change their minds. the president may change his mind and mcconnell might find himself on th

fed seems to be more cognizant of the risks. they've certainly stopped shrinking their supply of reserve balances. ases some of the strain. they've engaged in operations, where people can borrow, is actually, liquidity -- essentially, liquidity at the fed. it's kind of unclear right now. but what we saw in september may have been what have kicked regulators into gear to present a blow. but we don't know for sure. jason: coming up, we catch up with an honorary. carol: going above and beyond, our exclusive conversation with the beyond meet founder on the company's banner year and what is to come in 2020. jason: this is bloomberg businessweek. ♪ ♪ carol: --jason: welcome back. i'm jason kelly. carol: i'm carol massar. still ahead, global nymex. jason: i'm glad you said that, not me. you probably seen the ads, heard about the mission we hear from bombas, ongoing the company. carol: love that story. first, beyond meet. meat alternatives will be a market. this might explain when they debuted back and may, shares soared, making the best ipo since the financial crisis. jason: it's also by the company and t

interest rates, expected fed will leave rates unchanged then at 2:30 we are going to hear from fed reserver economy and global groepth conditions investors will be looking for any insight into fed past, 2020 will rates remain low into next year we've got all those words and phrases going to move stock market facts mixed ahead of announcement investors digesting news that president trump might delay a tariff hike on chinese goods set for sunday. also biggest ipo in the world trading for the first time, saudi aramco shares surging above opening price we have that report in a little bit. but now, let's get straight to edward lawrence at the federal reserve, o dow. >> federal reserve levers rates unchanged federal reserve predicting they will keep the rates the same through 2020. they are proemgdz a rate hike, in 2020 -- 202 another hike in 2022 as we look out the funds rate within one and a half percent to one and three-quarters% a unanimous decision on this, breaking its string of dissension four in a row the last time we had a meeting without a dissension april 30 in the statement federal r

samira hussain was at the fed in washington. the federal reserveecision it said that, making its decision it said that a strong us labour market and continuing spending by consumers. but the ongoing trade disputes have been a thorn in the side of the central bank as it tries to continue this momentum in the us economy. when asked about the approval of us trade deals between mexico and canada and the us said that china's trade deal — meant they said that china's trader was much more pressing. i think the difference between nafta and the us mca is smaller than the difference between current arrangements with china. mr powell has stressed that uncertainty is bad for the us economy. and getting a trade deal with china would go a long way in making business feel more confident about the future. as samira was saying there — the us—china trade war is an ongoing worry for the fed and us business. and it could be about to escalate. president trump is expected to meet with top trade advisers later to discuss whether to go ahead with a fresh round of tariffs

fed tightening. there's the regulatory restraints, saying you need to hold these reserves even though the fed is eliminatingstence. then you have the timing issue, where due to tax payments, treasury auctions, suddenly that created a lot of demand in the cash system. carol: it was the end of the quarter. joe: that's exactly right. end of quarter payments. there's another issue, where the quarter end and year end is when regulators take a look. the analogy i like to use is you might have a really messy bedroom, but if you know five or mom ortes before your dad get home you clean up. , occasionally, the regulators come peeking in and they want to see how liquid is your balance sheet? what kind of assets do you hold? everybody scrambles to hold the highest quality most liquid , assets at the same time. the problem is if there's a finite amount of them, you have to pay up. carol: could we expect another squeeze in december? we are wrapping up not only a quarter, but a year. joe: this is a big question. the man everybody listens to his -- listens to on repo is a strategist at credit suisse whenever he puts out a

samira hussain was at the fed in washington. the federal reserve acted as projected. us labour market and continuing spending by consumers, but the ongoing trade disputes have been a thorn in the side of the central bank as it tries to continue this momentum in the us economy. when asked about the approval of usmca, the trade deal between the united states and mexico and canada, us fed chair jerome powell said china's trade deal is much more pressing. one way to look at it is what's been moving financial markets? it's been news about the negotiations with china, not so much usmca. i think the difference between nafta and usmca is smaller than the difference between current arrangements with china and what is being negotiated. mr powell has stressed that uncertainty is bad for the us economy and getting a trade deal with china would go a long way in making businesses feel more confident about the future. time now for our daily look at some of the newspaper and website stories which have caught our eye. joining me is james innes, author and entrepeneur. one person in th

he servedix presidents, most famously as the chair of the federal reserve in the19s, the current fedhair and his colleagues today are dealing with a low inflation environment. and in some ways, they can thank paul volker for that. >> he is credited with taming runaway inflation in the 1980s, earning that credit wasn't easy. he was predent of the federal reserve bank of new york. at that time, economic growth was way down, but prices were way up. puttinghe economy in a period known as stagflation. by 1980 gdp was down to 3%, and inflation was u to 14%. >> ronald reagan was elected president in november of 1980, and he vowed to get the economy growing again. but volker who committed stopping inflation, b keeping the money supply tight and interest rates high, found himself at odds with with the president for years. >> nobody in the federal reserve, certainly not myself likes high interest rates, they're no fun. >> and they weren't. the fed funds rate reached highs 20%. six month bank cd's were paying more than %. construction slowed, farmers were reluctant t plant. even though rates be

overt public attacks on the federal reserve we see today, which i think are extremely unproductive , because they do undermine this concept and the credibility of the fed when the federal reserve needs its credibility more than ever. that is what it trades on as it tries to deal with the economy. much of the fed easing offset the bad policies in terms of protectionism and tariffs we have seen so far this year. the fed is exactly where they expected the economy to be by cutting rates by three times over the last year. that is important because it underscores the need for the fed to pivot and do their own policy and that is something that gets lost in translation. up work did work to shore the independence of the fed, but he resigned in part because it took all of those years to stack the fed against him in terms of fed governors and deregulation. vonnie: he was a giant of a man in many different ways, although a very funny man, as funny as he was ruthless. you have any anecdotes from your time as an up-and-coming economist dealing with paul volcker in various capacities? diane: i got to meet him after he was fed chairman. the first fed chairman i met wa

trillion-dollar target evaluation. >> thank you so much for that in moments, fed chair jerome powell will answer questions following the reserveold rates, for the foreseeable future to joining it more paul, danny welcome back, danielle, so fed is basically telling us we won't see another hike until -- 2021. >> -- yes. >> this was about the problem boring outcome that anybody could ever imagine, for the fed they didn't do anything did not say anything for next year, whether someone think maybe a rate cut movement in the fourth quarter at this point, it is completely irrelevant, basically, full steam ahead with goldilocks she is in the house, they are taking a victory lap you always have to be worried when fed takes any kind of victory lap i think you continue with what is working and don't try to go off book too much. >> seems like don't rock the boat is a approach. >> really the fed can never get it right except when they get it right for short period of time goldlocks doing global monetary cha cha if you will, in 2018 completely referral what we're seeing this year, 2018, we actually raised the target four times tightened bal

policy, and that are hd regulatory actions disincentivizing that are holding cash at the fed from using their cash reserves when the repo market and when the market needs it. and needs liquidity the most, and so the office of financial research is starting to collect data on repo transactions, and h that's ae positive and the council directed agencies to undertake a focused review. so as the chair of fsoc, do you believe the spike in repo rates signals a need to examine the overarching regulatory regime for potential risks to financial stashlity? . >> so let me first say we share the concern in the two days when there was a significant spike and we had the federal reserve bank of new york which was responsible to market operations and given the presentation to t fsoc. i metet with chairman powell multiple times as recent as thit morning. weekly imes.ed in our meeting making sure that the fem is prepared for year-end ac activities so that there are ample reserves.es tha it think it was a result of may different issues that came together in one day.cess o one of them being, as you've t l outlined certain reg

the fed is still try to permanently replace these reserves, so what are they going to do to avoid that shock? that is a big question for investors. a lot of people are thinking, the fed has said we are doing this to january, but the reality is they were probably extend it a little bit or find a way to slowly pull liquidity out of the market. i don't think anyone was to see what happens when you remove $240 billion of temporary liquidity right away. we are close to the end of the year but not quite there. what are we expecting for the next term operation? >> a series of major overnight operations at the end of december 31. they are doing a forward settlement operation. sort of like an overnight come in that it settles on december 31, will mature after january 1 on monday, about $75 billion. an overnight operation on december 31, $150 billion max. you have another two week term operations that will be there to clean things up. the expectation is that will be understoodyou have another scr'l have that forward settlement be fully subscribed. shery: busy week for the fed. thank you so much,

fed. they are trying to put reserves in the system. they should not have let the portfolio run off as long as they did. they are trying to unwind that. if the equity market is here because of this so-called qe, then it's a mistake. run for the hills. if the equity market is here because the consumer is resilient, then there is some merit to it. we are in this inflection point. is the consumer going to stay resilient? that should be the call for equity, not this qe balance sheet. krishna: that's an interesting point, but from an investor perspective, what matters? what matters is, are rates going to be relatively low for the foreseeable future? that is the bottom line. if that is the case -- jonathan: we are out of time. coming up, twitter borrowing at some of the lowest costs ever in high-yield. that conversation is coming up. this is bloomberg "real yield." ♪ jonathan: i'm jonathan ferro. this is bloomberg "real yield." i want to head to the auction block and begin in asia where dollar bond sales from the continent remain steady this

fed is not supporting the repo market. they are the repo market. i think that's the challenge, and we don't see the bank reserves that are more than adequate, billions more than needed. j.p. morgan for example, $120 billion in daily cash held at the fed on a $60 billion cash requirement and yet they are not entering that repo market. i'm pleased yesterday at the fsoc meeting you talked about this because i do think supervision is an issue here and the stigma attached to something that was a regular part of our business lives which is running fed. overdraft at the on mortgage servicing i i appreciated your comment there. again, that business shifted out of the bank sector to the non-bank sector because of dodd-frank. and for five years i served in congress i've tried to get the obama administration and the now trump administration to support the idea that mortgage servicing rights are not a a derivative t should be treated in that manner. it's a natural as you know for a long career in mortgage finance, a natural companion to the origination of residential mortgages. i hope fsoc will lend its weight, allow mortga

reserve has started quantitative easing 4. there has been a liquidity injection into the markets. the fed is about to become the biggest buyer of u.s. treasuries which means the federal reserve find iting money and i is quite remarkable considering we are supposed to be in the greatest economy ever that we are running trillion dollar deficits and that the fed is once again expanding its balance sheet, bailing out stocks, bonds, buying treasuries, allowing the government to keep things borrowed at a low interest rate through printed money, which could later lead to the depreciation -- the dollar has been depreciating forever, but a further devaluation of the dollar. i really hope you could address a couple of those points i made and talk about whether you think that is right or wrong. i think monetization of the debt is something banana republics do. understand this is happening and largely has to do with an issue calling repose that come at this time of the year as banks needed the liquidity and this is a process the federal reserve is injecting that liquidity back in the market. it is so

that we are where we are because we are the united states of america, because we have a reserve currency and the fed do anything about that. that isn't their job. if the president wants to devalue the dollar and not make us the reserve currency, we are going to have a lot of other costs to pay, and there are going to be much higher interest rates on that debt that we have got out there, which is now skyrocketing. >> what do you make of this weakness in the manufacturing number? >> i think it's a continuation surprising with the gm strike playing out it is a continuation of global weakness that we are seeing and a residual of the uncertainty on trade and the trade wars we are already in. >> diane, good to talk to you as always. she is the chief economist at grant thornton. markets are are in the process of having a very rough day. the dow is evening out a little bit but it's down 254 points now, nine-tenths of a percent. this is on a combination of this manufacturing weakness of the absence of a drad deal with china, and more concerns about the economy in general. that wraps up the hour for me. i'm g

despite calls from president trump to cut interest rates, the federal reserve leaving the fed benchmarknterest rate unchanged. assuring he expects to keep interest rates where they are through the next year as well. a remind tore listen to my reports coast to coast on the salem radio network. president trump signed an executive order to crock down against anti-semitism on college campuses. his order classified je -- classifies judaism as a race. he ordered two universities to remake their middle east studies program. cnn hiding the truth about the deep state spying on the trump campaign. the anti-trump network skipping lindsey graham's opening statement at today's hearing for michael horowitz. cnn, the only one of the three major networks carrying it. instead they covered stories on the divide between trump and mcconnell impeachment and mocking the president's rally last night in pennsylvania. joining us is republican house minority leader kevin mccarthy. i have to say, congressman. that's an extraordinary decision on the part of cnn, even by its standards. political bias being absent i

europe prepare as christine lagarde plerepares to deliver her first ecb decision >> the federal reserve keeps the fed rates. >> in order to move rates up, i would want to see inflation that is consistent and significant. significant move up that's also consistent that's my view >> hitting the mark. saudi aramco valuation touches the $2 trillion but pairs gains within minutes of opening trade. >> and polls open in the uk with voters across the nation heading out to vote in the election. a very warm welcome to "street signs. before we get to all the big topics today macrowise the latest oil market report they have kept their oil demand growth estimates for 2019 and 2020 unchanged at 1 million a day and 1.2 million a day respectively saying the oecd amount of barrels is set to fall in the first annual decline since 2014. on the supply side, the number of barrels fell. for november, oil supply held steady as higher u.s., canada output was offset by saudi cuts. they make an interesting note that in september, the united states momently became a net exporter this is a major milestone on the path tet export

reserve decided to leave interest rates unchanged as expected. fedirman jerome powell weighing in on the decision. take a listen. without decisions through the course of the past year we believe monetary policy is well-positioned to serve the american people by supporting continued economic growth, a strong job market, and inflation near our symmetric 2% goal. while low and stable inflation is certainly a good thing, inflation that runs below our objective can lead to a unhealthy than amick which leads to dripping down, pulling actual inflation lower. looking ahead we will monitor the effects of our recent policy actions along with other information as we assess the appropriate path of the target. of course if development emerge that cause immaterial reassessment of our outlook, we would respond accordingly. policy is not on a preset course. discussning us now to the fed decision and chairman powell's comments is ubs chief u.s. economist seth carpenter, who previously worked for the board of governors of the federal reserve from 1999 through 2014. th

and we would share is that we had a drain on reserve treasury raised a bunch of money to pay the fiscal defends about 300 billion of fund raising. and the fed underestimated how much excess reserves they needed in the -- in the banking system at 1.2 trillion. it was actually they thought 800 billion. they missed the mark by is $400 billion. and the market reacted there was corporate tax payments made in third quarter. that's the common belief okay now they've been plugging this hole for a while >> right. >> and hasn't been resolved yet. we think seasonally this is the time of year banks need more liquidity. it's okay this persists through year end if we see it persist after year end then we have a big are problem. >> something to watch. mike wilson a smart segment appreciate that. >> thank you. >> take care. >> the tra trade deal not the only big global macronews. don't forget what we just talked about the uk elections brexit potentially on the line voters heading to the polls but the results looking good for the guy in office. villam marks in london. >> the matter the first exit poll a few moments ago after polls closed here across the uk.

fed is not supporting the repo market. they are the repo market. i think that's the challenge. and we don't see the bank reserves that are more than adequate, billions more than needed, on jpmorgan, for example, $120 billion in daily cash held at the fed on a $60 billion cash requirement. and yet they're not entering that repo market. i'm pleased that yesterday at the fsoc meeting you talked about this. because i do think supervision is an issue here and the stigma attached with something that was a regular part of our business lives which is running a daily inner day daylight over draft at the fed. on mortgage servicing i appreciated your comment there. again that business shifted out of the bank sector to the nonbank sector because of dodd-frank. and for 5 years that i've served i've tried to get the obama administration and now the trump administration to support the idea that mortgage servicing rights are not a derivative that should be treated in that meaner. it's a nearly as you know companion to the origination of mortgages. i hope fsoc will lend its weight to allowing them to not have the capital penalti

with the new york fed doing the operations did a good job of what they used to do in the olden days, to add reservesis a shortage, move it out. is that a big deal if the fed keeps doing it? >> that is a fair perspective. they just back to what they used to do regularly. there should not be this panic. i think it is simplistic in the terms that the repo rate did spike to 10%. it is an incredible move. clearly there was problem. whether you blame the fed or the orks being out of practice regulation or these temporary factors in terms of the treasury option that week, there is separate issues. it is a way to get to 10%. this is not the year end. the fed has done a good job. the fed balance sheet has increased $300 billion, which has been a side effect to this move. it hasn't been directly related but it has been in terms of liquidity in the system. they were squeezing the liability side too much in terms of reserves coming down. they are being cracked about addressing it. ifwill make people nervous the squeeze might be worse than normal yet again. the argument is we have been talking about this for mon

federal reserve has left its benchmark interest rates steady and signals that borrowing costs are likely to remain unchanged through next year fed chairman drawn paul said he believes the central banks current monetary policy would support sustained growth a strong labor market or cheap inflation near the targets 2 percent of its overnight lending rate low remain between 1.5 and 1.75 percent calls rate cuts earlier this year let's bring in our financial correspondent in new york yes so the fed's view on the u.s. economy is basically everything's hunky dory is it. at least a very solid we had we did see some weakness that's what the federal reserve mentioned in business investments and exports both probably because of the trade disputes that we're seeing especially between the united states and china but if you look at the job market that is red hot we are at the lowest unemployment rate in 50 years but even. the fed chairman did not call the job market hot he was asked when would it be hot and he said well if something you need to teach to have something hot and was he means we hardly see any wage inflation overall in frazier's

joining us now is former federal reserve board governor >> good to have you back on. >> you're not going to get to say, nothing happened at this fed meeting. there is a lot to discuss. what would be topic number one for you? >> i think the issue is going to be worrying about uncertainty. the second issue is, what's going to happen with inflation the feds making a bet. they decided to cut rates from a point of view of where the economy is i think the concerns about uncertainty,they acted more preemptively i'm not sure that was the right thing to do but there is an issue that inning nation is low >> it never seems to show itself >> we have wage gains, tariffs, all these things that should be inflationary aren't there. >> it's clearly a puzzle, one of the key things about successful policy is to admit when you don't know the reality is, we're not sure what that number is i tend to worry more about this issue than running an economy, this type of economy could cause problems at some point in the future >> what kind of problem? >> there's a view that clearly stated that phillip seems to be dead the tight economy is not producing any in

funds rat but that day it blew out and in an hour it went up so% and the fed had to panic and come to the rescue by adding reserves to the system that to me is worrisome development. because it suggests that the market doesn't ratify the fed funds rate the fed -- the fed funds rate at a level that really isn't clearing the market in a free market way for overnight money and what they're doing is they're adding reserves to try to counteract that that corroborates my view point which i think is a minority opinion that in the next recession, if the fed doesn't do quantitative easing and jay powell has said he will, and if we believe him and he doesn't have a good track record on believable but the amount of bonds issued at the long end would be to horrifically high that i think interest rate in a normal free market would rise and fairly significant and that is what the repo market is telling us. on september 17th, overnight money was over 2% and the 10-year treasury was over 2% and it is telling that you can't find buyers for overnight money in excess of 2% intellectual property and the 10-year treasury is with infla

reserve. >> and coordinated -- >> feds around the world. >> yeah. and from that perspective i think what the market is really apprising and put aside the noise on maybe a deal or not which we've heard i don't know how many times this year is that the market is trying to see through the noise and see if there is going to be a v-shape recovery next year despite the fact that we have tariffs. >> and so, derek, listen, everybody knows the trade deal matters. there is a lot of optics around it but the amount of goods and services that we sell into china is slightly less than the gross domestic product of the great state of maryland. even if we get a deal, how much will it matter economically? >> well, that is exactly right it won't matter very much economically at all. i think what you want to rule out is dramatic escalation and then if you take that off the table, which it seems we are doing today with very likely putting off the 1215 tariffs or canceling them then none of this matters. even if the president were to anoun a big deal and $40 billion wort

a lot of the attention for the fed is going to be on the balance sheet and on reserves and what they end up doing for the repo operations and treasury purchases and some of the other minutia of their policy. david: thanks a much to alex. alex has been on 24/7 duty with this repo thing. now we turn to carlos ghosn, the former head of nissan and renault facing trial in japan that has fled the country. bloomberg stephen engle reports. stephen: carlos ghosn has confirmed he has fled japan, where he was awaiting trial for alleged financial crimes and he is now in lebanon. he says he has not pled justice but has escape injustice and political persecution. people familiar with the matter telling bloomberg news carlos ghosn fled japan because he did not believe he would get a fair trial. in a statement from beirut, he said he has been held hostage by an "rate japanese justice system. -- rigged japanese justice system." there is no record of carlos ghosn leaving japan and authorities are looking if he used an alias. kyoto news agency says tokyo's district court says there has been no change t

fed platform? >> why does that make sense? >> as you know, the federal reservewill may take that with standing operation in the payment system is required by law to recover our cost and i think as the proposal evolves and we continue to develop the system that we have committed to undertake will have a better sense of exactly what will be required to recover all the cost and at that time will be able to evaluate what the pricing will be. >> thank you i yield back three seconds. >> thank you, senator warner. >> thank you, mr. chairman and great to see the witnesses. i will start with you and pick up on the line of questioning about the cra. i think you have been quoted as saying you feel like the cra is classified into a degree it's 1995 i don't agree taken a major look at how we modernize. i am concerned i think other colleagues with the notion that those who see in the fdic would move forward on regulation without the feds and i think that would be a huge mistake with the series of the community out and certainly during the house financial service community you

this is the main reason the federal reserve cut rates in 2019. i do think the fedt again next year and that's because as good as rich said the economy is, i know jay powell also pointed out that he would like to see a little more heat in the labor market and that means higher wage growth and acceleration in wage growth. i think they will need to cut rates one more time to get that acceleration that we need, as good as things are, there is still some places in the labor market that aren't as good as the 1990s boom and i think they would like a repeat of that. liz: bill, do you agree with that? even though the fed says no moves in 2020, dianne says you know what, we may still see another cut and to me, i'm thinking if things are so great, lower rates are for emergencies, are they not? >> actually, i would agree with everything dianne said up to the point of the next rate cut, because there's no executive out here that says the cost of capital is too high and they need to do more investment. what central banks are trying to do is say we got back to growth and if anyth

reserve. in 2019, the fed cut interest rates not once, not twice, but three times.anted to counter uncertainty over trade. speaking of, number one, the u.s./china trade war. china and the u.s. finally reached a phase one agreement, but 2019 saw major fallout from the 19 month long trade war. trade talks seemed to move ahead and then stalled, leaving progress uncertain. and meanwhile both countries slapped tariffs on products worth hundreds of billions, slowing economic growth, shrinkingmanufacturing sector. and a slowdown from the prior year. while u.s. farmers felt like collateral damage. >> i think that he is back stabbing the main people who got him into office in the midwest. >> american business and consumers paid for tariffs. and the fades one deal is an important first step, but not the grand course correction trump promised. it is a narrow agreement that leaves the thorny issues for 2020. >>> and a quick programming note, you can ring in the new year with anderson cooper and andy cohen, two best friends, one epic night, new year's eve live begins at 8:00 p.m