over a decade ago, i was the work of alan blinder at princeton university. he is the former fed vice chairman. you know him from his recent book on the crisis, but when i remember was a quiet resolution talking about banking going modern. they working out of your cortex work or as everything we heard today absolutely original in a very loud revolution? know if it is completely original but it is very modern. great hallmarks of modern central banking as opposed to older -- and i do not mean archaic, just a few decades ago -- is central talk with communication with the public. as alan greenspan never was, a press conference to explain the fed's banking. alan greenspan was bed -- fed chairman not too long ago and now was unthinkable and now it is just normal. mike: what did you learn today about the fed's reaction? why would they consider giving their economic outlook? it is a further tightening of the labor market starts to show evidence of inflationary pressures. was interesting to me that esther george did not dissent decision because if you look at the data

vicerd clarida and the chairman alan blinder, good morning. ♪ francine: welcome back.his is bloomberg "surveillance." i am francine lacqua in london, tom keene in new york. he will be joining me with michael mckee to talk about the brexit. here is nara chi etch. -- nejra cehic. rate: the british jobless fell to 5% in the three months that ended in april and wages grew faster than expected. the spanish bizarre clothing 6%.n revenue rose retail rival h&m reported sales that just estimates. stocks are nowc a three-time loser. has denied time msci access into the benchmark saying that chinese policymakers need to make more improvements to the accessibility of the market. to them to raise the mainland stock. francine: let's bring in enda curran. he joins us from hong kong. snub is this for the president? how badly is he going to take this for the third time? enda: i think it is pretty clear rejection and it goes to show you how far china has to go before it fully integrates the -- it's economy with the world system. plansalked about sweeping for opening up to the world but

we are going to have alan blinder on. what do you listen for in the press conference? a number of about faces. a few weeks ago they were sounding very optimistic and now the market has pretty much priced them out of the summer. they need to really clarify what are the metrics they are looking at, what kind of hurdles they are looking for. .hat is going to matter more if there bogeys have been lowered and they feel like they could actually still raise rates have to come clean on what those levels are. francine: you seem to suggest there are bigger issues at play. they had some pretty terrible u.s. jobs figures. how do we deal with that? it intowe have to put perspective that we have had a cumulative improvement in labor markets but we are at the point where the question is, are we at the mid cycle of this recovery or at the end? i think they are going to have to sound optimistic but still think that growth is above potential. if it is not above potential, why hike in the first place? we have had improvement in jobs, low inflation. at this moment there is really no need.