information on elizabeth powell. so i know you want to talk about a really lovely portrait of samuel that that we have or that you have. so go ahead and let you explain good old sam. so this is daniel pal. so this is this is the man who's house. we interpret here in philadelphia samuel was he was born actually in 1738 into a wealthy. philadelphia family is a grandfather was a carpenter and a mass quite a bit of wealth, which he inherited in his early 20s. he also well his biggest claim today. i suppose was the fact that he was the last mayor of philadelphia under the british crown and the first mayor of philadelphia in the new republic. he also had his hand in a number of different organizations in philadelphia. he was a member of the library company in philadelphia the american philosophical society the hand in hand fire company and the society for promoting agriculture, which if you're well familiar with washington, you can imagine that was a horse an interesting topic between the two of them. sam will talk about l

elizabeth powell.now you want to talk about a really lovely portrait of samuel that you have. so i will go ahead and let you explain good old sam. [laughter] >> this is samuel powell, this is the man whose house we interpret here in philadelphia. samuel was, he was born in 1738 to a wealthy philadelphia family. his grandfather was a carpenter and amassed quite a bit of wealth which he inherited in his early 20s. his biggest claim to fame was he was the last mayor of philadelphia under the british crown. and the first new republic. he also had his hand in a number of different organizations in philadelphia he was a member of thehe library company of philadelphia, the american philosophical the hand-in-hand fire company and the society for promoting agriculture. if you are at all familiar with washington you can imagine this is an interesting topic that will talk about later. samuel powell also served as the pennsylvania state senate as well as the speaker. he was a really well politically connected. i w

we heard from fed chair powell.d not speak on the thing caroline cares most about, cryptocurrency. the central bank is exploring digital dollar and at some point will release some research. here to talk more about what the future may hold, we want to bring in eswar prasad, new fed chair of trade policy economics at cornell and his new book is aptly titled "the future of money: how the digital revolution is transforming currency and finance." thanks for being here on the program. i do want to start off with the elephant in the room, which a lot of people were not necessarily expecting jay powell to talk about cryptocurrency, but they are awaiting to hear from the fed in this research report, i guess, about what the role, if any, the fed may actually have in the general crypto space. eswar: my understanding is that the fed is going to explore the design options. what they are talking about is retail central bank digital currency that could replace the physical dollar bills you may still have in your wallet, or at leas

markets in focus ahead of jay powell. coming up on "worldwide exchange" another airline is cutting back on flights. we'll tell you why next. >>> plus, as we head to break, some of your other top stories apple ceo tim cook receiving more than 5 million shares of apple this past week to a tune of $715 million. it is the final part of a compensation package that cook received when he took the ceo job ten years ago. >>> tesla filed an application to sell electricity in the state. the application follows the start of a major battery build it aims to connect mega system to the lone star state energy grid >>> may have a new way to do so with the exchange traded fund. stocks trending on social media. the etf needs regulatory approval by the sec. we're back after this. >>> welcome wack to "worldwide exchange." let's bring you up to date with some of the top stories with bertha coombs. >> good morning to you again southwest airlines says it's cutting some flights this fall as it continues to grapple with operation problems that led

powell jerome h. powell took office as chair of the board of governors of the federal reserve system on february five 2018 for a four year term. mr powell also serves as chair of the federal open market committee, the systems principle monetary policy making body. mr powell has served as a member of the board of governors since taking office on may 25, 2012 prior to his appointment of the board, mr powell was a visiting scholar at the bipartisan policy center in washington, d. c, where he focused on federal and state fiscal issues from 1997 through 2000 and five. mr powell as a partner at the carlyle group. mr powell served as an assistant secretary and as undersecretary of the treasury, under president george h. w. bush with responsibility for policy on financial institutions, the treasury debt market and related areas. prior to joining the bush administration. mr powell worked as a lawyer, an investment banker in new york city. mr powell was born in february 1953 in washington, d. c. he received an

and powell's devastate birth. chair powell reassuring -- and powell's devastating taper.m here in the u.s. joined with francine lacqua. powell seemed to deliver what he wanted. a dovish type of taper. some tried to say it was not dovish at all. he is very o

and powell's devastate birth. chair powell reassuring -- and powell's devastating taper. am here in the u.s. joined with francine lacqua. powell seemed to deliver what he wanted. a dovish type of taper. some tried to say it was not dovish at all. he is very clear on what the timeline is to some extent. francine: i know twitter has people staying it is a dovish comment. if you look at the initial market reaction, stocks up, yields down, dollar weaker, corporate credit tightening. all things equal to a dovish speech. this is what the markets are doing in europe. there is a little bit of assurance. monday is off -- also a holiday in the u.k.. you can see the european stocks 600 probably traders taking a little bit of assurance from comments of jay powell that they will guide the markets through this and that is what people were expecting. gold climbing. it is definitely climbing for a whole week. this was in part to what we heard from jay powell and we have some great charts that are put -- that are put together. old was wavering, but it has not done badly at all. alix: it h

we started talking about powell. we are now gradually entering the normalization phase, and for these creditors that have high leverage or sectors that could be impacted, transportation, leisure, media. these are things to watch. tom: sectors to watch and the default risks in europe heading lower. alexandra from s&p global ratings, thank you for your insight this morning. let's get the first word news. angel: anthony felt he says the door is open to administering booster shots in the u.s. in less than eight months after a completed vaccination. that is a possibility the president biden has raised bid the infectious disease expert says he is open to the timeline based on data. the u.s. has outlined a plan to administer booster shots as a vaccine efficacy is showing to weaken over time. singapore's population is now fully vaccinated against covid, outpacing most advanced economies. senior officials have linked this to gradually opening up activities and quarantine free travel. the country has had more social distancing

so i tend to always look at the boss and the boss is chairman powell. and i listen to what he had to say, yes, some of the numbers they're looking at there are parts of the market that i think is makes some sense -- i was listening to shannon talking about she is looking for this definitely when she is talking about some of the areas that could be impacted most and what might actually accelerate even faster, if we're lowering for longer, i think many of us already see exactly what potentially is out there, brian, whether that means we're talking about certain parts of the market in those sectors. but i think there is also just kind of a -- an ability to maybe take a breath. the reason i say that is you know everybody is trying to figure this out and it's confusing. and we're getting so many different mixed messages but when it's all said and done i think chairman powell will have the votes to keep it where it is and where he is comfortable right now given the data we've got we still have to deal with delta variant as well. >> looking at research from lp

let me get your thoughts on jay powell. prior segments when you think that stocks are up and bond yields are down and this is an event the market was waiting for all week you have to feel he deserves a high-grade, successfully without eliciting a tantrum and communicated even as the fed pulls back on bond purchases we are not going to be raising rates anytime soon and that is allowed the markets to take this message positively so able to deliver it successfully and for that reason i give a high-grade. charles: is there a chance he's underestimating inflation? they admitted it is not as transitory as they thought. >> that is the risk. we talked about the fact i'm less confident in the fed chair that the rising inflation will prove temporary and the magnitude of increases with inflation up 4% or more i do agree we are not going to sit at inflation at that high of a level. i'm not as confident it will fall back to the 2% target as quickly as the fed would like. icds elements like rising wages which is a good development and pr

we will be waiting to hear from jackson hole and jerome powell later on.eave the european equity session? tom: wall street ending in the red as a result of those two risks coming to the fore. it's been more nuanced in asia. futures in the u.s. pointing to some modest gains. in europe, you saw it close yesterday as well in the red modestly. one of the only sectors that remained in the green was media. as we start the open, the german dax down 0.1%, similar territory for the french cac. in terms of the ftse 100, you are looking flat at this stage. in spain as well. the focus remains on jackson hole, the fed, jerome powell and whether or not he outlines some details around the framework for tapering some of those debt assets. anna: let's think about where the markets go from here. european equity markets opening pretty flat as we wait for things to kick off at the jackson hole symposium. global markets will be watching for any hint on the fed's timeline for tapering asset purchases. this comes after hawkish comments from a range of fed governors, including ka

chair jerome powell signaling it's time.s time for an eventual winding down of the emergency economic stimulus program. here is why this matters the fed influences just about everything part of our financial lives, whether it's directly or indirectly it keeps money flowing through the economy. it insures that banks can give out loans. it steps in during times of crisis and that's what we're coming out of a crisis driven by the pandemic. in response, the fed lowered borrowing costs and purchased securities to stabilize the economy. today, though, growth is back. the stock market at all-time highs. the housing market shattering records. in fact, the prices of most things we buy are going up the fed believes it's time to pull back on that stimulus, a move referred to as the taper. a word you'll hear a lot tonight. following that, the fed may look to hike interest rates as well a policy shift even the hint of one will impact your investors the economy, even the value of your home, potentially, that's what we're going to dive int

any surprises from you today from jay powell?laudia: it was exactly the speech we needed, a boring speech. it was very much study as she goes. frankly, markets and analysts thought that this would be the taper unveil, and some had probably priced that in. that was not the speech we got today. he was very clear that we are not due substantial progress on the labor market, and that is key. even though he said we have got it on inflation, but we have a dual mandate. that is what he is sticking with, and that is what the fed should stick with. that is their job from congress. greg: he seemed to go to pains to really lay out the fact that there is a different agenda for rate policy there and there is for the tapering of bond purchases. was that an extra layer of clarity that we did not have before, that he wanted to hammer that point home? claudia: he said that at the last press conference. it came out loud and clear today. it has been a challenge for the fed, and frankly for markets. this is a new framework, we have a very uncertain

we heard from powell today about the potential of starting it. we didn't get much guidance on the pace of it. what is your general expectation? >> we did not get an idea of the pace of what the slowdown was, but it definitely hit it right down the fairway in terms of leading us to likely a november start. if you go back to 2014, it took about 10 months from when the taper started to when it finished. that is the ballpark estimate right now. if you start in november, september is sort of the wind down. if economic conditions continue to improve, you could have a shorter taper, potentially eight months. that middle to the end of the year taper is probably where he is at. i would say that he hit the ball down the fairway, great job in the speech setting up the taper. no real new information, flexibility until november could push it back if we see a week implement report. on balance, to me, a lot of his comments or more on the dovish side. romaine: all three of these gentlemen will be sticking with us for the length of the program. we are waiting to

the chairman powell was very clear in saying we need to look into the medium term.ot leave the subject of yes or no. he also drew a very good distinction between tapering in the sense of reducing the pace of asset purchases versus tapering and the sense of raising interest rates. we are not talking about raising interest rates at this stage. it is just in quotation marks. tapering the pace of purchasing the assets. it is important. as you know, if you look at the type of assets purchased, it will be very healthy to get them out. kathleen: also, the night before jay powell gave his speech, we reported that the white house advisers are telling president biden that he should reappoint him to another four years as fed chair. should he? is he the right guy or is it time to move on? >> absolutely. it is a no-brainer. there is no characteristic of the chairman of the federal reserve that jay powell has not met successfully. he is very, very clear. he is disciplined. he is independent. he demonstrated his capacity to stand and work under pressure. let me tell you, jackson h

the main event with jay powell.y interesting conversations all morning, the likes of which started with jim caron same 1.70% on the 10 year appears to be fair value. ending with dambisa moyo saying if you're worried about inflation do not have the taper conversation, have a rate hike conversation. tom: mr. harker philadelphia, interesting regional district in philadelphia, may be microcosm of manufacturing and small business. an eclectic philadelphia fed with important economic data. robert kaplan of texas carrying on the texas tradition. absolutely unique fed led by and founded by robert mcteer. robert kaplan saying let's get going and let private enterprise heal this nation. bullard of the regime change. there has been a few. i think michael mckee will ask about the regime change. stay with us on radio and television. experts on the fed, presidents on the fed, and then the chairman at 10:00. this is bloomberg. good morning. ♪ it's moving day. and while her friends are doing the heavy lifting, jess is busy moving h

another record overall first read on dovish comments from jay powell. his carefully constructed speech in wyoming at jackson hole trying to de-link the start of tapering which may happen this year from the start of the rate hike cycle. the european stoxx 50 futures again at -- a gain of 0.1%. futures are flat in germany our focus remains on -- futures gaining 0.1%. let's look at what is happening past the european open and toward the u.s.. s&p futures gaining marginally. nasdaq futures also positive, very modestly indeed. small caps really rallying. gains of more than 1%. trade around the small caps momentum on the back of those comments from jay powell. let's switch over to have a look at the gmm. the commodities space is also gaining. the focus remains not just on commentary from the fed, but the events that are unfolding on the u.s. coastline, particularly louisiana. we just mentioned the headline. 5% of oil capacity taken out as a result of these very strong winds. 150 miles or there about. that is something to bear in mind. in asia just holding the

jay powell will be speaking in wyoming later today.n is whether he will give more clarity on that timeframe and the prospects of a taper. here's what the msci asia-pacific is doing. essentially flat. modest gains on the mainland. technology doing better. their best week since january. as a be futures seeing their gains of 2/10 of 1%. the u.s. 10 year, you are looking at 1.34 in terms of yields on the u.s. tenure. not will bloomberg exclusive. we sat down with the ceo of general motors to ask her about the importance of battery technology in the automakers future and about supply chain futures that carmakers are now facing. >> we continue to invest in developing battery technology. we see the cost coming down. we will get to a point. because of the requirements from a regulatory perspective, prices are going up. we think we are going to not only have affordable electric vehicles with very well priced battery capability power, but also the software business that we are going to unlock on top of it. the fecal, whether it is ice or ev, it

important august jobs report coming out and powell wants to see another strong labor report after the million and plus jobs added last month so that is key when we talk about the taper time line. >> we're talking about september or november for a taper. sara, see you next week. have a great weekend in a does it for "closing bell." "fast money" begins right now. >> it sure does. live from the nasdaq market site overlooking new york city's time square, this is "fast money. i'm leslie picker in for melissa lee. tonight's lineup ton on "fast," check out the after hours action and shares of a firm the stock rocketing higher after inking a deal with amazon. we'll have the full details coming up. plus from worst to first energy stocks rebounding in a big way topost the best week since may. we're drilling down on all of the big moves. and later we have a special edition of "fast money" coming your way, all about the fed effect how taper talks and possibility rate hikes impact everything from your grocery bills to buying a house we break it all down starting at 6:00 p.m. eastern. and we start

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waiting on chair powell. >> all eyes will be on fed chair powell's comments. >> chair powell. >> fed >> will be visiting very closely. >> the july fomc minutes stole the thunder. >> the consensus now is jackson hole will be less exciting. >> you have to look beyond jackson hole. >> the fed communicates tapering. >> we look toward the september fed meeting. >>

your view is very different from jade powell. thinking it's transitory what does that mean for the market >> first of all, it is going to an -- if you look at the it's all pointing to inflationary pressure you have to invest in companies that have pricing power where they can pass inflation on, our of to investment in companies that are commodities or real state companies, it's not a debatable point inflation is happen he thinking it's transitory. whatever the macro inputs or interpretation today, definitely a bit of a tension release what does that tell you, in terms of where investors are positioned and sort of the condition of this rally at this point >> i would agree with everything up to this point the vix, after getting into the mid 20s here, now to the 16 handle, traders only expecting a 1% moves on a day already basis. raci regardless of what the inflation picture looks like, i have to agree there are durable elements there are transitory elements you've seen a collapse in volatility in the vix, but also in the rvx we've

very tough choices for jerome powell.mberg is reporting that janet yellen, is supporting powell being reappointed. does afghanistan make that even more likely? i would have thought the president wouldn't want to be dealing with anything difficult right now, anything that is going to rock the boat, anything that could upset the market. does he just reappoint powell as a result of what is happening elsewhere? is that the easy choice? greg: absolutely, i think that the markets like powell. i think he is a shoo-in now after this leak could bloomberg over the weekend. there is an interesting angle, and that is powell is not an aggressive regulator. we know that. that has been controversial. if he had been replaced by lael brainard, who perhaps would have been an aggressive regulator, that might not have been a good story for the banks and financial institutions. if it is powell, at the margin, that is not a bad story for banks. guy: greg, always a pleasure. thank you very much, indeed. coming up, we saw the housing data at the

steve helping us understand what powell said. as we said a moment ago.asdaq all sectors green. the vix back bel 1 ow7. jerry is here! j! mate, how are ya!? it's so good to see you. good to see all of you, yeah! why is jerry so... popular? it's been like this ever since we started using workday. what do you mean? it makes it easier to develop great relationships with our suppliers. now everyone, everywhere loves jerry. they sure do. they do. they really do. mmhmm. workday. finance, hr, planning and spend management for a changing world. do you have a life insurance policy you no longer need? now you can sell your policy, even a term policy, for an immediate cash payment. we thought we had planned carefully for our retirement. but we quickly realized that we needed a way to supplement our income. if you have one hundred thousand dollars or more of life insurance you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit conventrydirect.com to find out if you policy qualifies. or call the number on

that cuts in favor of powell leaving rates low even though i don't want lower wages powell could be right on that too? can you imagine the economic catastrophe when the benefits drop off and millions of people rush back into the labor force that can get very ugly no wonder powell wants to wait and see how things play out before he takes any action he doesn't want to tighten now and see unemployment spike and be forced to take interest rates back down and look like a rookie what else? as jpmorgan said, retail spending outcomes are short of the model. they're really biased, right the largest bank in the world. our u.s. card data shows a loss of momentum and leveling off for restaurant spending this quarter. much of the market's recent rally has been pinned on the fed staying friendly this recent data and this depiction, look at this. this shows you, right? raising rates would be a huge mistake because business is already cooling off when it's owned. don't you think that's incredible this restaurant, that can turn on a dime. trust me all right. now who about some of the raw building blocks t

jay powell, virus news, afghanistan. ahead of the open in tokyo, looking at nikkei futures in tokyo, 8.3% weekly rise. range bound below 110. this following powell's remarks which fueled the first week of steepening in the u.s. yield curve since july. we have futures taking slightly higher in the asia session. over at morgan stanley, matthew hornbeck sticking to his bet to into the year at 180. the bond market will be counting down to see how the direction for yield will pan out. we also have the chinese earnings season starting to wind down. very much in focus this monday. we have seen shares falter since the crackdown intensified in china, although some shares jumped 50% last week to gain. but the tech rally did fizzle out at the end of last week. that relief might not be sustained. beijing's focus on data protection. we are staying cautious on earnings growth, the new economy sector in china until there is clarity on when we will get a stable regulatory regime. haidi: thank you. let's get the latest when it comes to t

first, let me start with jay powell.ernanke was maestro, bernanke was helicopter bending and perfect nickname the politician. love or hate his work he defined all the rules and he is getting away with it. what do you think. >> me and my staff have a nickname for powell. it is called the joke. the issue we have is simple. i can make the s&p 500 go to 10,000 tomorrow. just print 25 trillion bucks and buy the whole darn thing up. that is basically what he is doing at this juncture. i love it. i'm a money manager. the market is doing exactly what it should do when you print with the european central bank $250 billion a month to buy up assets. unfortunately booms turn into busts. we're on borrowed time. i will be ready when the time comes. charles: you know, shah, that is exactly what the bank of japan is doing, right? via etfs, at least 20, 25% of all the big stocks there, they own over half the debt. they have been getting away with it for almost two decades. you know, maybe, i hope gary doesn't put an idea in powell's head

these last 30 minutes or so, chairman powell could still be chairman powell. yvonne: you could get the doves back, so that is certainly helping with sentiment. rishaad: the overlay is afghanistan. we will be discussing it with our guests coming up. david: let's have a look at markets right now and the texture of these bloomberg cross assets right now. we are on slightly better footing, but fairly cautious is the dominant tone across these markets. reaction seems fairly mixed and not really consistent, but u.s. futures have picked up a little bit, maybe on the back of this narrative that doves might more be in control. that being said, you have jackson hole, and the event overnight in kabul, and when you look at safe havens -- can we change this up, guys, if we can? vix futures is a good example, too, and the yen, compared to where you are, that's when we first got confirmation from the pentagon of that first explosion. risk assets are still largely big compared to where we were this time yesterday. the tone is still caution as we approach the weekend, of cours

fed chair jay powell's speech on friday. we were talking about china. president xi jinping is looking and is determined to reach those developmental and economic goals by the end of the year. we already see the impact of the regulatory squeeze around the margins. a bold call in the u.s. from ubs global wealth management as to the outlook of the s&p 500. the target for ubs is 5000 by the end of 2022. this is the cio. it is worth noting the chart illustrates the divergent views as to the target, the forecast for the s&p 500. on the back, optimists are suggesting the support from the fed and continued economic resilience despite the mixed data will support continued upside. the earnings have been strong out of the u.s. we did hear from callister's yesterday that may be valuations were looking a little bit choppy. there was a mixed view, a divergence between those forecasts. about 26% in the gap. optimists looking at 5000. the more nuanced, pessimistic views, the bearish views looking at 3800 for the s&p 500. that is the call for ubs, 5000 by the end of 202

i am sure powell will be conscious of that.jor mistake made back in 2014 when the fed carried through with its taper and its rate hike when the rest of the world was doing the opposite. i am sure there will be more attention given to foreign markets as we approach the beginning stages of the reversal of monetary focus. tom: the taper tantrum of 2015 is in the minds of many investors. if we were to get a jay powell surprise on friday, which parts of the market is most sensitive? derek: obviously the treasury market, and perhaps the short end of the curve, because we have seen the sensitivity at the short end of the curve. whatever about getting a plan started, the speed of the taper, that to me is massively important. the speculation from the minutes was that we could have a sooner and faster taper. that brings the end of qe potentially than what the markets were thinking, the middle of next year, which brings forward the timing of the first rate increase. the u.s. rates curve is where you get reaction if there was a faster plan

that is what jay powell is doing.hat he said about some of the key indicators that show how much substantial progress has been made. >> the intervening months have brought more progress in the form of a strong employment report for july, but also the further spread of the delta variant. we will be carefully assessing incoming data and the evolving risks. kathleen: a lot more focus on the coming jobs report friday, a lot more importance for coming inflation numbers. people saying that last time they tapered, it took two years. the economy was different would coming out of the great financial crisis. this was a fast-down, very quick up. rishaad: does this embolden the fed hawks? kathleen: the fed hawks have been out in the beginning, like rob kaplan, saying, we have massive fiscal stimulus and massive monetary stimulus at a time when we are no longer in emergency conditions, we will have to look at taper sooner rather than later. let's listen to what rob kaplan said on friday. >> i do believe we should start the asset p

adam clayton powell sr. adam clayton powell sr. and he will move abyssinian baptist church from church from its roughly midtown location where central park is in the 50s up to harlem and they will build a building in 1925. in fact, a building that all these children are standing in front of. adam clayton powell sr. was a traditional pastor. now, harlem had several large churches, all kinds of different churches, st. phillips episcopal, abyssinian and the list of churches could go on. a sizable roman catholic church. all black in this neighborhood but it had the storied history because it will become the storied history of his son adam clayton powell jr. adam clayton powell jr. will inherit the church and this is a very interesting thing, churches and religion become -- a number of religion become the family business. so if i'm the son or daughter of a rabbi, i might become a rabbi. if i'm the son or daughter of a baptist minister, i might become a baptist minister. and learn, even if i don't become that, i w

you've got the reinstatement of powell.isa: september is going to be a white knuckle month at a time when we have all bears easily blown out of the water and everyone trying to get more bullish on absolutely everything. using this is the problem, setting up for kind of a perfect storm in the next few weeks? darrell: i do think it is going to be a lot of headlines, i guess is what i would say. we've got the bipartisan infra structure package, a $3.5 trillion spending budget legislation, potential government shutdown, and the reappointment of fed chair powell, all of which have to get somehow resolved and progress in september. we know where the partisan politics are, so this is a real risk. 10 years ago this month, august 2011 when we downgraded the u.s. debt as a result of a standoff, so that had a 24% decline in consumer confidence and a 17% decline in the s&p. i think in the end, they do find the resolution, but it is not going to be without some of those white knuckle events. i think it is going to create a september to

lisa: throwing support behind fed chair powell.nk a lot of former fed officials are like, why rock the boat? tom: not a small item. lisa: it is not, especially at a time of so much uncertainty when the fed really does control the markets. a lot of people have said the main challenge to stocks right now is a possible policy error. keeping things the way they are is going to reduce the anxiety around that. tom: it really folds into how we get through q3 and q4 because we have a mystery of what gdp is going to be. at least a lot of different opinions. kailey: what gdp is going to do, what the markets are going to do , where the s&p 500 ends up. there seems to be why divergence among where they think different assets will go, the fed is a huge question mark within that. to the point about fed chair powell, maybe some continuity if he is appointed to a second term. you also have to consider where powell stands relative to the other members of the fomc and how big that divergence in opinion is between the leader and the members. tom: bil

the other thing to watch out for is jay powell.e jackson hole symposium, traders are looking how and when the fed might taper stimulus. this is bloomberg. ♪ and there you have it- woah. wireless on the most reliable network nationwide. wow. -big deal! ...we get unlimited for just 30 bucks. sweet, i get that too and mine has 5g included. that's cool, but ours save us serious clam-aroonies. relax people, my wireless is crushing it. that's because you all have xfinity mobile with your internet. it's wireless so good, it keeps one upping itself. francine: welcome back to the open, 30 minutes into the trading day and a lot of pressure as we wait for jay powell later on. the focus is firmly on the global economy, the lockdown in new zealand, whether we will see the spread of the variant. it is surprising to see such a down day, not a huge down day, but a down day after we saw the s&p 500 at a record high in the u.s. sectors on the move, i can see a sea of red apart from basic resources, the only group gaining 1% on the back of bhp gainin

here's the 10-year yield powell started at 10:00 a.m. we were in the green meaning yields were moving higher until that point and we've been sliding lower to 1.31% we'll talk to rick about if we might break below those moves. gold is moving higher. why? powell is talk about transitory inflation, so we see this pop to 1,900 bucks an ounce you might think financials wouldn't be performs that well, but they're hanging on to about a 1% gain here and look at zions, up herely 5% today. lincoln national, up nearly 2% and energy is the best performs sector today huge move in occidental here, the sector overall with crude adding about 2%. not so much a fed story here it's a story about hurricane ida barrelling towards the gulf of mexico we're going to have more on that in a moment. >>> let's begin with the market reaction to powell dovish kind of looks like it with the exception of the regional banks for more let's go to rick santelli in chicago. rick >> we all like jay powell, but there was foul language in that. it wasn't eagles, it wasn't hawk

chairman powell: thank you. 17 months have passed since the pandemic. the recovery has been a difficult one and a good place to begin is by thinking those on the frontline fighting the pandemic. the workers who kept the economy going, those who have cared for others in need, and knows in medical research, business and government who came together to discover, produce and widely distribute effective vaccines in record time. we should also keep in our thoughts those who have lost their lives from covid as well as their loved ones. strong policy support has fueled a vigorous but uneven recovery. one historically anomalous. in a reversal of typical patterns any downturn, aggregate personal income rose rather than fell, and households massively shifted their spending from services to manufactured goods. booming demand for goods and the strength and speed of the reopening has led to shortages and bottlenecks, leading the covid constrained supply side unable to keep up. the result has been elevated inflation in durable goods, a sector that has experienced an a

lisa: i will not find personally but most analysts expect chair powell will remain chair powell nextin the year after that. the uncertainty i wonder what kind of premium you place on this. how do you trade on the fact there could be a change in lagarde at the top of the fed? jon: futures up on the s&p 500, up nine, advancing .2% on the s&p 500. yields are unchanged at 1.1786 on tens. in two hours, four minutes, 17 seconds we will have jobless claims in america. the euro-dollar 1.1843. positive .005%. thank you, tom. this is bloomberg. ♪ in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. and there you have it - wireless on the fastest, most reliable network. wow! big deal! we get unlim

fed chair jay powell did not f foresee a large impact from delta variant. at the same time, powell said he thought the spike would prove transitory and the fed was away from the substantial progress needed to taper. hold on, those comments came before the july jobs report beat expectations and producer prices double the street consensus. focus is the jackson hole speech where he could set the table for the announcement becky. >> the huge question, steve. i think as recently as last week, people were not thinking he would speak about this at jackson hole if this is already out and the signal a week and a half or so before jackson hole, it would be hard to avoid this conversation. we should remind people you are talking about $80 billion in treasury the fed is purchasing every month and mortgage backed securities it is the mortgage backed securities where they would pull back sooner. the purchases are starting demand no demand needed with the housing market >> i think that's right. more support on the fed for bringing down the mortgage backed quicker than tre

powell speaks tomorrow and bullard imppz powell to give us a pretty good assessment of where we are tomorrow when he speaks this is happening on overall light volume as we go into the final days of august with that jobs number a peek away from tomorrow >>> let's get to "the half" with tyler mathisen. >> thank you, everyone i am tyler mathisen in for scott wapner we have a lot to get through in the next hour but we begin with breaking news on the explosion at kabul's airport >> we know there have been two explosions there and the number of casualties has risen in recent minutes these are the first pictures coming in. this is unclear if this is at the hospital or the scene. we do know, and sources are telling -- first of all, from the pentagon officially we have multiple injuries, multiple casualties this from john kirby, the pentagon spokesperson. we can confirm the explosion at the abbey gate was the result of a complex attack that ruld in a number of u.s. 1civilian casualties we can confirm another explosion at the baron holtz we'll continue to update i have a soot light map and i have more

mark: that tend to be powell's way of messaging. he tends to be dovish on the side of the spectrum -- on the other side of the spectrum. you can say he is very data focused. whichever way you spin how he is, he tends to cover with a lot of caveats to give himself optionality. he is going to say look, the inflation has hit the level they want, the employment market is strong. maybe not strong enough to start tapering, but making good progress. october it is going to start and here's how they are going to do it, and that is going to make people nervous. he's going to say it is not that hawkish. it is removing extraordinary using. -- easing. whether they properly receive the dovish thoughts or they say tapering is coming, it might depend on what the mood is going into that talk friday morning. anna: i wonder how much you think the inflation conversation has moved the past couple weeks. you described it as u.s. inflation concerns, maybe in a temporary low. and yet a lot of the commentary i'm reading after a couple weeks away is talking

jon: can we skip chair powell today? frances: i wish i could skip all of the fed speak but what are we going to learn that we don't already know? we know a taper is coming, the biggest agreement on wall street is it is september or december. guess what, it doesn't matter in the grand scheme of things. what matters to me is how the taper is constructed, how long do they indicate it will extend or hint at. what is the composition of it? does powell divorce the idea of tapering leads you into rate hikes? so it is not the when, it is how the tapering in most markets, not the date. i would love to hear more about that. i think powell has a lot of disagreement behind him on the fed, probably going to go down the middle but we will be watching. jon: in a town hall with educators, i'm not sure if that is the form to get that done. frances donald, global chief economist and head of macroeconomic strategy. can we have a favorite? are we allowed to have a favorite? tom: i don't know, they'll all hate me. jon: yeah, they hate you. t

. >> jerome powell discussed the state of the u.s. economy. his remarks were part of the jackson hole economic policy symposium, posted by the federal reserve. hello, i am esther george, president of the federal reserve bank kansas city. each year since 1982, the kansas city fed has been honored to welcome central bankers, policymakers and others to jackson hole, wyoming for our economic always eat symposium. by hosting and -- a virtual conference last year it was our hope we could was in person this week, and that seemed a reasonable plan before local health conditions changed. i regret the inconvenience of this virtual format and i want to express my thanks to our partners at the jackson lake lodge and the others in the jackson hole area for working with us to make preparations and accommodations. we will open the program today with our first speaker, fed chairman jay powell, whose remarks will be broadcast to the public. following that, the remainder of the program, titled macroeconomic policy in an uneven economy, for invited guests. as al

— expecting to hear from jerome powell today? great to be here, and i'm honestly _ powell today?at to be here, and i'm honestly not _ powell today? great to be here, and i'm honestly not expecting i and i'm honestly not expecting fireworks from this meeting. i think most market participants are expecting some sort of tapering and whether we think is gonna come in october, november, december, it is reallyjust a matter of really just a matter of semantics reallyjust a matter of semantics at this point, what is consistent is that tapering is consistent is that tapering is very, very different from tightening, so we are still having a very accommodative monetary policy backdrop, regardless of a in purchases, it's going to be a long tail to this and that is definitely supportive of markets. 50 supportive of markets. so tapering _ supportive of markets. 50 tapering just to supportive of markets. so tapering just to explain is the easing off of point of easing. will he play for time? is he going to see how the pandemic unfolds with the delta variant spreading? 50 unfolds with the delta

alix: coming up we are awaiting jay powell.lle meyer, bank of america global research head of u.s. economics will be joining us next. this is bloomberg. ♪ ritika: this is the european close. you're looking at a live shot of the principal room. coming up, the national association education president at 1:00 in new york, 6:00 in london. this is bloomberg. let's check in on the bloomberg first word news. in afghanistan come the situation at the kabul airport appears to have calmed down after yesterday's chaos when hordes of afghans desperate to flee tried to crowd onto planes. today the taliban has sealed off the airport and are only letting members of the international community through. civilian and military flights have resumed. california wildfires have burned more than a record one million acres will stop crews are battling 10 large blazes, including the dixie fire. that fire is destroying more than 1000 buildings. the u.s. government is prepared to offer coronavirus booster shots as soon as next month. bided administration o

progressive democrats do not like powell's record on regulation.hina is taking steps that could throw at the ambition of tech firms that want to lift abroad. the government plans to ban companies with large amounts of consumer data is from going public in the u.s.. the move could give beijing more control as the complex structure chinese tech companies used to sidestep investment. critics for apple say the company has too much power. it did so without agreeing to making a change to its policy. apple will pay $100 million in settlements to developers. global news, 24 hours a day, on air and on "bloomberg quicktake," powered by more than 2700 journalists and analysts in over 120 countries. i'm ritika gupta. this is bloomberg. ♪ pres. biden: for those who carried out this attack, as well as anyone who wishes america harm know this, we will not forgive. we will not forget. we will hunt you down and make you pay. tom: the president of the united states in a most difficult thursday in america. let's get to it. emily wilkins joins us with number governmen

i don't want to be in the bank because i don't trust jerome powell here. i think he's going to have to sound a little doveish tomorrow because he has to see how these 11 million people coming off the federal roles in what a week and a half or so, that the next two months these labor markets going to have to absorb them and before he makes any commitment or sounds like he's making a commitment he has to see how well that absorption goes. liz: let's just make it clear. the reason financials start to move higher when they believe interest rates are going to at least tick up is simply because lending becomes more profitable to them, and i think you're right. i do not believe that jerome powell is ready or has that so-called sort of financial courage to do this. not many federal reserve chairs do, okay? we have to go back to the reagan era, to see that happen. we thank you both very much on a very difficult day. sarge guilfoyle, scott kimball. the dow jones industrial is down 199 points. car sales on the verge of pulling a 180 in the opposite direction, accordi

if you look at the contenders, with a be just as dovish as chair powell?: the fed has put in place a policy to be dovish and jay powell is sticking to that policy. everybody else who comes in, rates are at zero, more going into qe than the economy needs, they do not get anything about that. it is more let's nominate a democrat instead of jay powell who is nominally a republican. it is not a taper tantrum, it is more of a we do not know what will happen uncertainty tame from going forward, and you might see a reaction in the market. francine: there you go. a tantrum. michael mckee. we will have special coverage of the jackson hole meeting right here on bloomberg tv. joining us for more on all of this is aditya bhave, bank of america securities global economist. he changed his base case for the start of taper. bank of america now expects the fed to start tapering in november 2021 versus its prior expectations of january 2022. thank you for joining us. do we get alerted to a taper started earlier than expected at jackson hole? aditya: good morning. given the

it is a fascinating market and markets are taking everything jay powell said so in stride. taking a victory lap or is he holding his breath? tom: we continue. stay with us this week. on friday, jobs. this is bloomberg. good morning. ♪ >> new orleans is in the dark and large parts may stay without power for weeks. hurricane ida pounded the city and the louisiana coast with heavy rain and some of the strongest wind to ever hit the state. more than one million homes and businesses without electricity. it is expected to release a potentially catastrophic amount of rain as it moves north. reported imminent threat at the kabul airport just hours after the bombing took place according to politico. they were told to prepare for a mass casualty attack. -- secretary said he did not believe people were getting the amount of risk on the ground. the attack killed 200 people, including 13 u.s. service members. -- the company's electric car startup says mass production and vehicles -- production and vehicles may be delayed -- announcing they will hold a briefing after their earnings tomor

i wonder if jay powell will indicate a delay.he comes out and says, we are not going to taper for as long as the shutdowns persist or he indicates we are far away from substantial further progress, that will move markets. tom: an incredibly important note to make, folks, this will be somewhere south of new york next friday. like a pre-party for certain wedding. i think 700 scheduled to attend. there will be television monitors there friday morning for the power will speak. kailey, you will have those lined up for your soiree. kailey: 100% so. my wedding weekend will be at jackson hole. tom: that is what we like to say. lisa: the most romantic thing i can think of. tom: kailey, honeymoon to jackson hole. kailey: so romantic. lisa: jackson hole? [laughter] tom: it will be just spectacular. lisa: marital bliss. tom: this is bloomberg. ♪ tom: bloomberg surveillance. morning. futures at negative. the vix 22.90, somewhat like yesterday, some gloom there, and a bit here at 7:30 wall street time. the yield space a 1.23 on the 10 year yie