puzzle they're trapped in these in this ivory tower of the new york fed in the st louis fed and the chicago fed and all these fed they're all stuck in this this mind trap of this finger trap of might this show that they keep doing the same thing over and over it is cognitive dissonance is that they they don't understand that by doing the same mistakes over and over again they're going to end up with the worse and worse outcome because at the same time they write eloquent op ed pieces for the wall street journal that explain the eloquence and the sophistication and the area fission of these policies from larry summers and others how genius they are from the bowels of the harvard think tanks and why this is of course the right thing to do even though the results the actual proof of what they're doing is cash strapped for the adults in the room like us kaiser report audience kaiser port presenter is where watching the little child amusingly where like laughing but after 20 years it's like chinese water torture started like ok this is just torture and this is like let's help this child out let's ta

according to charles evans, he is the chicago fed president. said it needs to be further studied and he does not expect the fed to use that tool. meanwhile, raphael bostic says he is not a fan of going into the negative rate territory. the comments come after traders priced the possibility of cutting rates below zero. meanwhile, the fed is saying it is starting to buy corporate debt etf's. is part of the emergency coronavirus lending program and it launches today following weeks of anticipation. we are anticipating a great deal. there is republican support for another stimulus bill. which would send money to the states hammered by the economic impact of the coronavirus. u.s. senator bob menendez is cosponsoring the $500 billion stimulus bill. two or bill cassidy said three gop senators would be ready to commit to the proposal by the end of the week. cio forst host is the wealth management. great to have you with me. we can debate negative interest rates. if it is not on the agenda, buying stocks or more explicit forward guidance, what is the pr

in a webinar he sees negative rates as one of the weaker tools in the toolkit and charlie evans, chicago fed president, said about five minutes ago that he thought that it was not something he would be anticipating to do here in the united states. >> has powell himself specifically weighed in on this and said he is not a fan of it or left it up to the others? >> i believe he has. i'd have to go back and check specifically but my understanding from what powell has said publicly is he is not a fan of negative interest rates it would complicate the money market industry in the united states although there's some pretty good academic research, i think ken rogoff behind this saying if you set it based upon the underperformance of the u.s. economy you would set rates in a deeply negative place right now. >> that's a big debate but just like you reported weighing in perhaps against it for now we'll have more i'm sure hopefully not. that means the economy is better we don't want that debate. see you then. >> good point. >>> despite the record unemployment figures and concerns of a slow recovery, the

but two dow stocks are red the data hasn't been that hot when it comes to personal spending and chicago pmi fed chair with alan blinder in a few moments. steve liesman will give us a curtain razor on that. hey, steve. >> good morning, carl. yeah, we're wondering whether powell continues a cautious tone, much more cautious tone than the market seems to embrace and in a way his cautious tone seems to give the market a green light because it means more stimulus or the fed being around for a long time here among powell's concerns he's expressed in the past that the employment and growth rebound could take longer than it anticipated, some businesses won't survive the downturn, a possible second wave of the virus and the stimulus will run out and think about more stimulus on the other side you can see the effects of the stimulus carl alluded to in the income and spending numbers this morning. quite astonishing. every one of the numbers you're about to see are historic, never been there before. 11% month to month rise in income we'll tell you why that happened in a second. 13% month to month decline i

fed president loretta mester. further developments in reaction to the ongoing protests in the u.s. chicagog they will suspend bus and rail services from 6:30 p.m. to monday morning in chicago, and of course we have also as of saturday night seen a curfew announced in chicago as protests over the killing of george floyd and golf large parts of the u.s. and businesses are boarded up, rallies turning violent. the anger continuing to spill , hearing thatts rail and train services suspended in chicago during those times. coming up, australia's largest office landlord as the pandemic keeps workers at home. the dexus cio ross g du vernet tells us what the workplace will look like post virus and what his $11 billion plus portfolio is looking at. this is bloomberg. ♪ haidi: the coronavirus pandemic has forced employees around the world to work remotely from home for months now, but as lockdown sees, more australian workers office.rning to the to get a sense of what it means to the public sector and the new normal at the workplace, we are joined by ross du vernet, they cio of australia's largest off

. >> bill: earlier this hour, president trump said the feds will issue guidelines for churches to reopen very soon. this says chicagorting to find a churches that do not follow that states restrictions on gatherings. matt finn reports live in chicago on the fines and whether or not they will happen. in >> they were hit with $500 disorderly conduct citations for holding services with more than ten people. we happen to be at one of those services, and the pastor now tells us his church is going to keep going despite their $500 citation. this particular church is limited to 75 people in attendance, roughly 10% of its total congregation, people attending are asked to meet 13 requirements including not showing symptoms and being less than 65. the pastor tells us he feels he loves his congregation more than the government. he sees big box stores and grocery stores being trusted to safely allow more than ten people inside. he says he's not looking for trouble and should be given the same trust. >> that's our call. we don't look for it, we don't seek it. that is not the purpose of it. not to challenge the mayor, but to be a

fed. we're not asking for a phrase where as for what is right. well john hendren joins us live now from chicago and john there have been appeals for calm but clearly they haven't managed to quell the anger the people there feel. and to right a lot of people had that video expressed the same that vigil expressed the same sentiment and that is that they didn't know george floyd but they understood how a black man in america could end up face down on a sidewalk in minneapolis under a police officers need and some say it could have been any one of them and that's the kind of anger that he's completely roiled this city in minneapolis the embers are still smoldering here on thursday from an overnight brian is really the only word for it after 2 days of peaceful largely peaceful protests some of the demonstrators threw rocks and bottles at police they responded with tear gas and rubber bullets and then chaos happened that stores were looted windows were smashed and set those buildings were set on fire whole blocks were just sent up in flames and that's the reason for the emotional response from so man

churches in chicago are raising money to buy instacart gift cards for making orders online. >> we want to make sure people are actually fedand can get food. >> there's a lot of fear on the phone. when people share stories or, you cannot help but feel. >> 14 states plus the district of columbia calling on them to order groceries online and eight additional states will soon roll out that type of access. >>> bay area transit is in trouble this morning as part sees another half million dollars from the federal government to close a $600 million budget gap. this is a common site most days of the week and empty trains dr struggles. most rely on farebox revenue to survive, which is the amount of money collected directly from passengers. according to planet documents, they get 70% of its operating revenue from passengers and bart is around 60%. and then ac transit is 60%. all the major bay area transportation agencies received emergency funds from the cares act however there might not be enough. many are proposing cuts to service to help balance their budgets. smart train might stop weekend service altogether and ac transit is lo

. >> that was fed chair jerome powell earlier on negative rates. let's get to the cme group in chicago and rick santelli. >> thanks. i'd like to welcome richard fisher, former dallas federal reserve bank president and ceo was that a ringing nonendorsement in your opinion in that sound bite >> yes, it was i don't think anybody -- it's not just chairman powell it's everybody on the f1c is clearly stated they realized there's more damage done by negative interest rates than positive impact. rick, i appreciate you putting up that picture of me because if you could see me right now i look like bernie sanders gone wrong. >> i have to push back just a little bit i agree. after listening to that, let's let the markets speak. and what i did was i went back and looked at several fed fund futures contracts from november, december of this year and distant months what i noticed is, today's low, if he really pushed hard on negative rates the contracts should trend a bit lower the lows today are no lower than they've been yesterday or the day before that tells me he might have pushed back but he cert

chicago. what do you make of this? is it just a markets pricing quirk, or is this the market realistically signaling that the fed may decides into negative rates in the united states? joe: we believe it is more of a pricing component. i know that implied pricing came in this morning, looking like he could potentially go negative, but the fed has already done the background on this. they have looked at what has gone on for 30 years in japan, what has gone on in the e.u., and it really is not going to drive what we need right now. it is not something that we think there will be negative interest rates, in the negative territory, it will hurt the american population more than help get things open and get people back to work. fed tould you expect the take action to stamp on this? because even if it is just a quirk of market pricing, it sends a signal about future guidance. one would have thought the fed would not want that message to be out there. are you know what, they doing a great job of going in and looking at the components of the market right now that need that backing. the american worker, making sure that the programs

including my hometown chicago known for its meat packing industry now closely behind the china canada nearly all of europe and nearly the rest of south america so this really is going to be fed. it's on the global scale now beef production is down 25 percent this year alone and pork is down 15 percent you do have many stores limiting the amount of meat products people can buy which is probably going to be going on for the foreseeable future over here in the united states there was a recent outbreak at a number of meat packaging plants in particular i'm talking about the tyson food are they planning to reopen right so on the national scale you had 20 workers that had died of cold at 19 a nearly 4200 meat packers at 115 processing plants they had been infected with corona virus which is why you had dozens of plants with nearly half a 1000000 workers processing pork beef and chicken alone closing at the same time you had president donald trump signing an executive order requiring me processing plants to stay open by putting precautions like social distancing in place well here's what the president of tyson says the company is now doing he says they have taken every possible pre

actually, the president of the philadelphia fed did a speech at the council on foreign relations, the chicagorday. it was fabulous. he addressed directly the issue of negative rates and said how inappropriate it would be to do negative rates in response to this particular crisis there may be and he has a high threshold for negative rates in response to a normal recession down the road, but he couldn't see how negative rates would reopen businesses that closed because of this. one of the things the fed is worried about is the number of bankruptcies over the next year and how much consolidation we see and negative rates don't change that equation the fed looked at negative rates as part of their review on what they would use as tools going forward, and negative rates were low on the list. their efficacy abroad has been limited and mixed bag. and especially in the united states, they could have a particular blow to the banking system and money market funds, so this really does not look like the best tool for the fed to use they have other tools and there was a plea by the philadelphia fed that e

happens when people get fed up many are exactly that here in new york they say something like this is just property that can be replaced but the life of george floyd can't be. live to chicago correspondent. going to him who's there chicago was one of the cities put under curfew natasha is the curfew actually working. well i can tell you for about an hour after this curfew was implemented on saturday evening people remained on the street in a section of downtown chicago and continued to clash with police people were throwing firecrackers and other objects at police officers we saw a police officer cornered by a crowd rushing to get away inside an s.u.v. after the 3rd time of protesters and people i would call agitators wanting to wreak havoc clashed with police in a 24 hour period in chicago the city took the step of imposing a curfew until further notice people will be asked to remain in their homes from 9 pm until 6 am and the city is vowing if you violate the curfew you will be arrested thou the city had had as many as 3000 people it's estimated on the streets at one point in chicago on saturday afternoon they gathered at the federal plaza and began marching north along

happens when people get fed up many are exactly that here in new york they say stuff like this is just property that can be replaced but the life of george floyd can't be. the is in chicago one of the cities now under curfew what does this mean for the people there all the abiding by the curfew. actually even after the curfew went into effect on saturday evening i saw images from downtown of people remaining on the streets and clashing with police the city of chicago implemented a curfew on saturday evening until further notice it was forced to do this after for the 3rd time in a 24 hour period protesters and clearly people intent on wreaking havoc clashed with police destroyed buildings and looted so from 9 pm until 6 am until further notice there will be a curfew in chicago the police has vowed if you are on the street during that curfew you will be arrested and again the images that we saw in the evening were very disturbing we saw people throwing water bottles and firecrackers at police the mayor said people were throwing bottles with the urine in them at police people were carrying bats pipes shovels we saw looting people spraying profanity on police vehicles top tr

fed like you have a dealership in pennsylvania. like if you have a gym in illinois where outside of chicago everything is decreasing rapidly but youave governors going i'm going to wait and change the rules again? i feel so bad for these people who want to see a light at the end of the tunnel. ainsley: i think everyone wants to see a light at the end of the tunnel. everyone has to do. this jobless numbers 14.7. almost 15%. great depression numbers were 25%. when you hear steve mnuchin saying we could approach that it could get to 20%. i have heard 25%. one i think kevin hassett said 20%. the white house advisor and steve mnuchin up to 25%. those are lives, too. people are out of work. everyone wants to get back to normal. i was talking to a friend yesterday who said she went into new york city to pick up her mail. she said over the weekend the weather was nice so she said everyone was out and about in new york city. and she said i feel like everyone is getting a little tired of this. but, if we reopen we just want to do it safely. think with all those little restaurants on new york streets. the one on the corner where that's the o