bill powell, you've got a minute here if you can.l me what you thought of what president trump said. >> well, i think as the previous guest said, it was a fairly standard plain, vanilla, and very appropriate speech. i think much more substantive speech will come before the parliament in seoul where i expect the president's language to be sober. you won't hear fire and fury, certainly, in that speech. it will be read off a toll prompter as today's was. it will be meant to reassure. this will be no talk of preemption. there will be talk, i think, again, of peace through strength and of the need for denuclearized north korea. >> all right. thank you so much, bill powell, john than, hallie jackson as well as chris jansing there in tokyo for our coverage here of president trump landing now in tokyo, japan. we'll continue our coverage of his 12-day trip here on msnbc. for now, a short break, and then we'll return you to our normal programming. a trip back to the dthe doctor's office, mean just for a shot. but why go back there, when you ca

we also have bill powell. jonathan, let's start with this, the president has -- john park by the way, director at the korea working group. aroujohnathon if you can for us. what's the unique objective of president trump as he sits with shinzo abe. each country has a different people. >> i think his meetings with abe will be the easiest. they already have a very comfortable relationship, abe was the first one in the door after trump was elected president. and he's cultivated nose relatithose relations, and trump has returned the favor. the japanese want to see his summit visit to japan, as essentially a risk free summit. lots of pomp, meeting with the emperor and emporess and other kinds of activities, of course, golf with shinzo april. i don't see any particularly contentious issues here. the tenor good so far, this based on the mar-a-lago meeting with shinzo abe. they got alongwell. they're going to play golf on this trip. live pictures of air force one just touching down in japan. right-hand side, you can see

bill?? mr. powell: i really do not see anything. we are going to look carefully, but i do not see anything. part of that bill is a limited vocal role of compliance for community banks as long as they have less than 5%. trading assets and liabilities, any concerns there? mr. powell: none. sen. tester: there is a gripper process of effect completed earlier this year. the portion of that review is organizational streamlining. i think it is key that regulators work with organization so they are not -- it is something i hear a lot from community banks. do you have any plans, as chairman, to update -- to update and modernize the examination process between regulators? so that there is not that duplication? mr. powell: if i can assume that , that is confirmed something that i will be committed to trying to do better on. a lot ofessed with regulatory agencies. that is good, but it does lead to overlap. i will be committed to improving on that. sen. tester: as you look at your position, would you say that the number one job that you have to d

bill? governor powell: we are looking at the bill carefully and we will offer technical comments but i do not the anything. senator: part of the bill is eliminating the volcker rule, regarding liabilities. any concern there? powell: none. cowan there is a review that came out, that talks about rules, something that i hear a lot from community banks -- the have any plans as chairman, to update and modernize the examination process between regulators, so there is no duplication? governor powell: assuming, that i am confirmed, that is something that i am committed to try to be better on. a lot ofessed with regulatory agencies in our system, and some of it is good, but it leads to overlapping and duplication. i would be committed to improving on that. senator: as you look at your position, you are new at this, you and around. would you say thei would be como improving on that. senator: number one job that you have to do as chairman of the fed is make sure that consumers are not harmed without harming the safety and soundness of our financial system? governor powell: i cannot disagree with that. s

powell: that is a broad bill, 1000 pages. guess you would say that -- let me broaden it out to the post crisis reform program, which is broughter the dodd-frank -- broader than dodd-frank. we have stress testing resolution, important pillars of reform and we could make them more transparent and efficient. i think other things we could do are more tailoring and that is what we are involved in now.i think the financial system is quite strong. sen. heller: on october 5, you said more regulations is not the best answer to every problem. do you continue to believe that? if that is the case, would you work with us to consider changes in dodd-frank? gov. powell: i do strongly believe that i would work with you. sen. heller: going back to gdp. what do anticipate the gdp to be next year? gov. powell: next year? sen. heller: you have to make a decision in december whether or not to raise rates, don't you? you do have some forecast of gdp over the next year's? gov. powell: i expect gdp to come in at 2.5%. i would expect something close

bill. i think that jerome powell is a mystery.ave had phd economists with substantial track records and changes along the way of their track record when they speak on monetary theory. jerome powell will be a huge shock to the financial media and the people who care about monetary theory. we really don't know where he stands with his decisions, and particularly we don't know where he would stand given a crisis. with others you never know either, but at least we could take a guess on john taylor. i would say most people in the know where john taylor stands on interest rates and jobs. we don't know on powell. all thehe markets with speculation did not seem to be too curbed by this pick, in fact seeing it as janet yellen 2.0. it makes you think why didn't donald trump just picked janet yellen again? validhink that is a point. i guess i would suggest that maybe this is the apprentice picking of an important government position and an american institution come but -- institution come but we have had analysis of governor parnell versus t

bill? jerome powell: i don't think would have any effect on stress testing for wells fargo. it would only affect institutions between $100 billion and $250 billion in assets. that would be my understanding. senator: if you did it, would you have a concern? jerome powell: i don't see a case for legislation of that nature that would affect the most complex institutions. center: thank you. senator: i know i said that would be last, but i will ask you a couple of quick questions. i wanted to go back and clarify my understanding of and at you gave to senator heller. what is your understanding of the current gdp in the united states today. ? 2.5% forwell: about the last three quarters of this year. senator: you did say what your expect tatian was -- expectation was. jerome powell: the truth is there are big uncertainty bands around these. my starting point for next year would be in the range of 2.5%. that is better than what is been for the last few years. that is where i would start. senator: i know i am pushing you further, for the following year, would you expect the same range

bill. jerome powell was twice confirmed with bipartisan support. his financial philosophy is in the vein of current chair janet yellen, slow and steady. powell is the first nominee in four decades without a phd in economics, though he brings vast experience into the private financial sector. >> he understands what truly drives american success. the innovation, hardware, and dreams of the american people. >> inside the federal reserve, we understand monetary policy decisions matter for american families. >> the president was also still focused on tuesday's terror attack in new york city. specifically the diversity visa program that allowed the killer into the country. >> calling on congress to immediately terminate the diversity visa lottery program. it's a disaster for our country. >> president trump claims the program is unsafe for the nation and applicants aren't properly vetted, even though they are subject to an in person interview with a consular officer. in an interview with laura ingraham, the president said he wants to end so-called chain m

relaxed stress jerome powell: that is not something we have decided. bill thatown: it's a congress is looking at. jerome powell: you were looking at regular stress tests. that concern: does you? jerome powell: as we discussed, it's not something that we have look that yet. senator brown: you are saying you support this legislation. you say you haven't really looked at it. that means you are not publicly yet supporting the legislation. jerome powell: it's not the legislation. it's what we do with the legislation. it will be in our discretion to decide. to decide how frequent stress tests will be. i don't know what we will decide about that area we haven't looked at the question. we are going to exempt banks below $100

stocks are coming off a record close after the release of the gop tax bill, and news that president trump is picking jay powell to run the fed. today's test, the jobs report. >>> an apple a day keeps the bears away the iphonemaker's market cap tops $9 billion. >>> and shares of starbucks are under pressure as sales disappoint it's friday, november 3, 2017, "worldwide exchange" begins now. ♪ >>> good morning very warm welcome to "worldwide exchange." i'm wilfred frost. >> i'm courtney reagan in for sara eisen thanks for having me no shortage of news today. we have a lot to talk about. >> and it's friday what more could we want? great to have you with us. let's check in on the market picture. we got a laterally yesterday, pretty much in line with when president trump announced jay powell as his pick for the fed we saw markets rally up towards the close. not a huge rally but the nasdaq ended essentially flat the dow up 0.35% the s&p was up fractionally. banks rallied a bit as well. jay powell in a short speech had time to say he felt the banks were safer than they used to be. that was encouraging in terms of the

bill. the effort continues elsewhere. jay powellore the senate banking committee for a confirmation hearings. current fed chair janet yellen testifying in congress. then you have the bank of england financial stability report and the opec meeting. joining us is lisa abramowicz, rob waldner and alan higgins over in london. what possibly has been the biggest nonstory of the year, the concerns around the composition of the federal reserve. the chair pick has really been quite consensus. the names for vice chair very , much in a similar vein. is it something you need to worry about going into 2018? alan: worry is pushing it but i think it looks like it will be somewhat more hawkish, judging by some of the names in the frame coming through. i would add i would be , interested to see if they continue to emphasize financial conditions. when you look at the fed tightening, basically, it is not really about inflation. as janet yellen said herself, it is a big puzzle with low inflation. it is about growth. i think financial conditions, and bi

this unwind is going to be difficult as you many times have warned, bill. >> yeah, i think so, powellvernor and yellen-like potential chairman. the key is going forward what is the normal rate? and i think, you know, fed funds today are at 1.25, and december might be a little higher. i think most on the fed and powell believes that the normalized fed funds rate is 2% and that suggests to me that bond yields are maybe a little low but not too low and, yes, the real economy can accommodate that. i'm not so sure they can accommodate a much higher rate than that and see in terms of the additional appointments, trish, which come after the powell announcement in terms of new fed governors whether they're hawkish or dovish. >> one of the names floated was john taylor in your neck of the woods on the west coast in stanford. now john taylor has been very vocal about his concern that this fed has been too accommodative. do you think that he may get some position there? because he talked about as potentially coming in at least is some kind of additional adviser? >> as vice chairman or perhaps as

bill -- over hill hill. the effort continues. jay powell will go before a hearing committee.ling testifies in congress. you have the bank of financial stability report and the opec meetings. bloomberg's lisa, robert, and alan higgins. i want to bring up what has turned out to be one of the biggest nonstory so far this year. that was the concerns around the composition of the federal reserve. the chair pick has been quite consensus. names around the vice chair very much in a similar vein. is it something you need to worry about going into 2018? alan: wary i think is pushing it. i think it looks like it will be more hawkish judging by some of the names in the frame coming through. i would add -- i would be very interested to see if they continue to emphasize financial conditions. if you look at fed tightening, it is not about inflation as we know, as janet yellen said herself, it is a big puzzle with low inflation. it is about growth. i think it is about financial conditions. i know it was heavily influential about the goldman sachs indicator. you have seen that mentioned in qu

troops but also the tempo of attacks targeting militants both the taliban and isis there. >> bill: connor powelldra: in just minutes president trump is likely to make a cameo on capitol hill. behind the scenes meeting with house republicans pushing them to get the tax reform bill passed. i no longer live with the uncertainties of hep c. wondering, what if? i let go of all those feelings. because i am cured with harvoni. harvoni is a revolutionary treatment for the most common type of chronic hepatitis c. it's been prescribed to more than a quarter million people. and is proven to cure up to 99% of patients who have had no prior treatment with 12 weeks. certain patients can be cured with just 8 weeks of harvoni. before starting harvoni, your doctor will test to see if you've ever had hepatitis b, which may flare up and cause serious liver problems during and after harvoni treatment. tell your doctor if you've ever had hepatitis b, a liver transplant, other liver or kidney problems, hiv or any other medical conditions and about all the medicines you take including herbal supplements. taking amioda

bill. another key event on capitol hill, fed chair nominee j.t. terrell -- jay powell testifies and mike rounds gives us his take. and in her own words, meg whitman opens up about stepping down. her future in politics and much more in a bloomberg exclusive. u.s. markets close in two hours time. let's get a check of where stocks are trading with julie hyman, and the powell nomination hearing did have an effect on stocks. julie: he downplayed the need of more regulation of the banking sector and was on the same page fed inet yellen's terms of raising rates in december. stocks take a leg lower on these headlines coming out of north korea, the north korea fired a ballistic missile. stocks now paring some of their gains, the nasdaq just went negative in the past few moments after they had all been trading a record. the kbw tank index is up here, as that was my thing -- rising more. banking stocks to continue to rise connected to those powell comments on regulation. you see a mixture of the large banks and more regional banks that are doing well in today's session. retailers

movement on the tax bill, and no surprises from jerome powell, beat out worries over north korea and i'm getting e-mails, i was just on the phone with somebody who said is this the market top, bob? now we got the bill moving forward and got jerome powell -- >> all priced in. >> -- sounding a little bit like janet yellen calming everybody's nerves down and is this the top? that's now the question for the next couple days. >> pigt nnight not be the top ul you stop getting that question >> that's the way it feel. >> interesting the s&p 500 was up .97%. couldn't quite click to the. 1% very well behaved market 26,026 sarg was here. >> my guess here, there might be another 1%, 2% for the remainder of the tax bill for the actual vote, getting the whole thing through. after that -- >> there was definitely some desperate chasing happening at the margins today. >> at least it's not like bitcoin yesterday. bob pisani. >>> big wall street firms have been hemorrhaging, to independent rivals in recent years. two of wall street's biggest companies, make it hard to lose talent an assets up next, whet

bill and the fed chair nomination you won't want to miss that. we start with what we're calling the two tickets to stock paradise, tax cuts and trump making it official with his nomination of jerome powell, the first details of the tax bill see the light of day, the continuation of the easy money policies from the fed, sending the dow to a new record close. is this the perfect recipe to keep stocks surging and do you just keep buying >> it has been >> i bet you to the punch there. >> maybe it was by design. we chose that. >> vix below 10, the market had an opportunity to sell off on the back of maybe facebook's earnings or maybe facebook's commentary in the post market. but again, here we are, it grinds higher, closes at the high of the day. what does it mean? the dax held exactly where it needed to held, all-time highs despite the strength in the bond market, the yield curve which continues to flatten, nobody seems to care about. so as far as i can tell, until some event that i can't foresee happening, some exogenous event comes down the pike, you stay the course >> pete? >> i would agree with you. what were we waiting for earnings, right? we've gotten these earnings. now we've gotten

bill. see the index is pretty flat. we had powell testifying in front of the committee.talked about the december hike. he also signaled he was on the same page as janet yellen. the pound is up again. could we have a deal in brussels? it looks as if we have a preliminary agreement on the financials. it's a long way to go into actually get to brexit. you've mention what's happening in north korea. japan aims to get north korea to abandon the nuclear weapons and recognizing north korea's nuclear state would be a mistake , but what is the issue for markets? basically the market, every time you have a missile launch from , this chart says, yeah, who is bothered? everything is awesome. it sounds a little bit like donald trump. is on target for its 11th straight month of gains. the global momentum, as you look the best day.s., was had by the s&p yesterday. december has never been a poor month for the s&p since the beginning of 1928. let's get your bloomberg first word news. bitcoin has passed $10,000 for the first time, taking this year's price surge to more than 10 fold even a

national association of home builders has come out against the bill, along with the national association of independent business. >>> jerome powell was introduced at the white house. powell is expected to largely stay the course on mobtary policy. a republican, powell has been a member of the board of governors since 2012. if confirmed, he would be the first chair in four decades who does not have a degree in economics. >>> the pontiff made the remarks while visiting a u.s. military cemetery in rome. the pope warned that a cl conflict would destroy a good part of humanity. >>> a woman escaping from a trunk after being kidnapped. this is surveillance video from a gas station in indiana, it captured the scene. she's kidnapped. she pops out of the trunk, runs into the shop for help. the suspect spots the woman inside, and takes off. this all started with a violent home invasion, and a robbery attempt. deputies were able to catch up with wyatt who is now facing a long list of charges. >>> have you ever been so happy you let out a loud scream in your car with the windows up? that's what a hyatt man says he did after winning the $10 mi

i still think powell was a big, big factor today. but if we get this bill with dramatic cuts in corporate i think there's probably still some investors who would say this is really good for earnings, especially for small cap stocks. this tax bill did pass the senate budget committee which was a key procedural hurdle today by the slimmest of margins, 12-11. you're betting that they will get the 50 votes that they need in the senate to pass something over the next couple of weeks? >> it might take a vote by mike pence to break a tie, tyler. no, i think they're going to get it. they'll have to cut a few more deals. one really interesting angle is more deals could cost more money and the bottom corporate rate may not be 20, maybe it's 22 or 23. donald trump might not like that. but i think he'll take pretty muchny >> on that note, great to see you, greg, thanks for joining us. greg saliere with horizon capital investments. >>> the rally today was not one of those smooth upward glides we've grown accustomed to it. it hit an air pocket. stocks cut their g at midd

bill, former citigroup economist and john is the economic senator for the wall street journal. they're here to rate powell's performance as we await president donald trump who's about to speak. it could be anything he tackles at this point. stay tuned. dow's up 263 points. you've got to stay with me for this one. ♪ there's nothing more important than your health. so if you're on medicare or will be soon, you may want more than parts a and b here's why. medicare only covers about 80% of your part b medical expenses. the rest is up to you. you might want to consider an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like any medicare supplement insurance plan, these help pick up some of what medicare doesn't pay. and, these plans let you choose any doctor or hospital that accepts medicare patients. : because there aren't any. so don't wait. call now to request your free decision guide and find the aarp medicare supplement plan that works for you. there's a range to choose from, depending on your needs and your budget. rates are competitive. and they're the only plans of

bill. another key event on capitol hill, fed chair nominee j.t. terrell -- jay powellnd mike rounds gives us his take. and in her own words, meg whitman opens up about stepping down. her future in politics and much more in a bloomberg exclusive. u.s. markets close in two hours time. let's get a check of where stocks are trading with julie hyman, and the powell nomination hearing did have an effect on stocks.

jay powell named the next fed chairman. and the republican tax billould add $1.3 trillion to the tax deficit. unemployment grinding lower wage growth stalling out. >> being a bit softer, though i think there's a lot of noise in the number. the economy is in very good safe. >> we have a robust economy with growth of 3% plus at least for the last two quarters, despite these rather disappointing unemployment numbers. i think we are past the crisis. >> getting a lot of distortions out there, but the underlying economy is strong. what's worrisome is the decline in unemployment happened for the wrong reasons. we saw pretty big drop in participation rates. this could be noise related to the hurricane. >> the job number is noisy. down to 4.1% unemployment. when you look at the u six number, down 1.5% for the year, we are bringing a lot of people back into the workforce. >> wages are accelerating. we don't think wages are going to move beyond levels that economy tremendously high because of automation technology. but it is real wage acceleration. so it just al

the nomination of jay powell, , hopefully, the senate signing off on their version of the tax overhaul bille all important and very related. powell will be asked some probing questions on whether he is a continuation of yellen policy or not. i would think most people in the markets don't expect any kind of abrupt shift, but some evidence -- emphasis on maintaining ongoing low inflation makes sense. on the tax policy side, that's where there's going to be a major change that's about to happen, not monetary policy, but you do want to ask powell, if you have the big tax stimulus now, how does monetary policy respond. it's all very much tied together. scarlet: of course, if he is seen as a continuation -- he is seen as the consensus builder within the fomc. what parts of janet yellen's regime or tenure can he improve upon? what can he do better? would it be communication? is that monetary policy can maintain price stability, and price stability means households and businesses are not thinking about inflation when they are making decisions. if that's what monetary policy can do, janet yellen has

jay powell named the next fed chairman. and the republican tax bill1.3 trillion to the tax deficit. unemployment grinding lower wage growth stalling out.

powell. i will be nice, bill.ause the san francisco 49ers are doing so poorly this year, but you were not polite about it. you did not mince words about the next chairman of the fed. you heard him speak yesterday. how can economists assist jerome powell to a better fed? well, i think a certain kind of economist can assist jerome powell and that depends on the appointments going forward. trump has three and certainly four, as janet yellen will probably resign as fed chairman -- chairwoman do in tradition, so he has for appointments going forward. fed withck the appointments. be doves.hey will the potential you can learn in my view is that there are subjective factors, longer-term structural factors, such as demographics in place such as technology advancement and displacement of labor at play and ongoing globalization. we can learn from those things come as opposed to the old-fashioned model, such as the taylor rule and the phillips curve, that have been failing us 20 years.st 10, 15, i hope he appoints someone wit

powell will provide more of the same. we expect the release of the house tax bill with investors focused on the timeline and the extent ofhe corporate tax cut. we are getting news about the and the tax rate that could be applied to foreign earnings. but ringing kathleen hunter. good morning. -- let's bring in kathleen hunter. and i start with the fed pick. many metrics are not favorable to donald trump right now. one that is is the fact that the stock market has been on a tear. in some ways, by picking powell, he is alluding to the fact that is a very important aspect of how he sees his presidency going. kathleen: has one person put it this morning, powell is the pick that is janet yellen but not named janet yellen. guy: 2.0. kathleen: i think that is in some ways a status quo pick. powell seems pragmatic and that would be hopefully in trump's mind, that signals he is not trying to disrupt the tear the stock market has been on and keep the ship sailing in the direction it has been going and not try to take it off course. he thought about taylor, about gary cohn, a bunch of people who may have been more tails rather than

william lee of the bill ken institute. mr. powelldebate of kevin hassett and lawrence summers over growth. he's got to deal with the idea of tax cuts leading to growth. do they and can you help here? william: mr. powell has to deal with the inflation. where is the inflation? and that's where he has to become his own man and can't say he's doing what janet yellen did because he'll have to tell us what framework he's using to try to decide the course of monetary policy if events change and can't keep saying we're data dependent. when we get a tax bill and it does end up being more productive than people think we'll get extra growth but his focus on slack which is what francine talked about earlier, how much slack is there in the economy and how inflationary will it be? that's the nut he'll have to convince the markets about. he'll have to tell the markets what framework am i using to calculate how much inflation will be for the extra growth and if there's a lot of enhancement and imprumpletes you might not get what they're saying you'l

powell's senate approval and that allows them to get to work. and so much of this for banks can be done without the need for further bills in congress.ouraging thing that he's pressing ahead on that track. >> the focus is on the smaller and regional banks the idea they'll have this 250 cut off, a bit easier on the stress test. this is something that should have been done a long time ago but democrats and republicans couldn't get together on the number i think 250 built illion comingm congress >> one thing i have not seen a lot of coverage on, he said cybersecurity could be one of the biggest risks to the banks and the economy. what's your take on that >> i think he's seeing the writing on the wall here the new york fed went through an interesting moment when there was a breach in the bank of bangladesh that caused funds at the new york fed to be transferred. this cybersecurity issue is huge i don't think chair yellen glommed on to this or made it as big an issue as it should be the ability to hold funds in the federal reserve system, hold dollars, is a keystone of why the dollar is a global currency. if we don't make it safe, i think

powell to be the next fed chair. also tomorrow, the senate budget committee reviews its tax reform bill. see that live at 2:30 p.m. eastern on c-span 3. wednesday the senate health committee considers the nomination of alex azar to replace tom price. live coverage at 9:30 a.m. eastern on c-span 3. also on wednesday, the house takes up a bill requiring members of staff to take anti-harassment and anti-discrimination training. loon line at c-span.org or with the free c-span radio app. house minority whip steny hoyer held ad a -- discussion on opioid epidemic. this is an hour and 35 minutes.

stocks are coming off a record close after the release of the gop tax bill, and news that president trump is picking jay powello run the fed. today's test, the jobs report. >>> an apple a day keeps the bears away the iphonemaker's market cap tops $9 billion. >>> and shares of starbucks are under pressure as sales disappoint it's friday, november 3, 2017, "worldwide exchange" begins

powell comes into this with a lot more respect. our colleague on the fed team , ethan saysyork that he thinks bill gross will be a very good choice. seems to me there's more people that think powell is a pretty safe choice then people he won't measure up. haidi: buried under headlines over who will be the next for the leadership. i think what is more interesting about this november meeting is that if you look for , he's a voter. he's part of what we are seeing. look at how the fed is thinking and how powell is expected to continue. it certainly reinforces the expectation. it doesn't say they will. but a very important sense about the economy. economic activity has been rising as a solid rate despite hurricane related disruptions. wordyou look at the choices, this is so important. , they said it was solid. they haven't said it was solid since january of 2015. thing that kind of jay powell has been part of this. more from theet bnp paribas senior economist from the u.s. and canada joining betty and me. eee fact that we didn't s the idea of policy continuity. bundesliga jerome powell, this will be the case. >> clearly how people are

powell. -- but this will ease financial regulation. house republicans will unveil their tax bill today, and a call for corporate taxes to go down from 35% to 20%, but only for a decade. estate tax would be faced out, and the child tax credit would be increased to $1600. this can pass without democratic votes, but not -- not all republicans are on board just yet. defense secretary michael fallon has quit over sexual harassment claims. fallon fell short of the standard expected. he was a veteran defender of conservative part -- rate policies. separatist leader of catalonia accuses spain of conducting a witchhunt against their colleagues. carlos just a month and in self-exile. had thiseadership -- for the declaration of independence, and could face 30 years in prison. baseball, the houston astros their first world series ever. they beat the los angeles dodgers 5-1 in game seven. houston george springer was named best player -- he tied a series record with five home runs. global news, 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i'm t

powell. we have progress when it comes also to the tax bill all of this is positive for the u.s. banking sector which had a spectacular day yesterday, up by 2.6% the best single day performance since early march on the back of those comments from mr. powell we're seeing the translation effect on this side of the atlantic as well >>> the nominee for federal reserve chair, jay powell, he also talked about monetary policy he hinted at but stopped short of confirming a december rate hike in his senate confirmation hearing. powell essentially assured senators the status quo is likely to remain presuming he is confirmed to take over from janet yellen steve liesman sends this report. >> reporter: the more the fed chairman nominee jay powell spoke, it seemed the more the market liked what it heard the fed governor appointed by trump to replace janet yellen spoke about his views on monetary policy and bank regulation what did he say? well, the first thing he did was dance around the minefield of the current tax bill before congress that's one area that could derail the confirmation. here's

senate a bipartisan group has introduced a bill which would restrict military cooperation until violence stops us president donald trump has nominated jerome powell to chair the federal reserve from next year if confirmed by the senate he'll take over when current chair janet yellen is term expires following a long period of speculation over who should be chosen to head the central bank jurors in hong kong a failed to reach a verdict in a bribery case involving involving the former leader donald sign saying is accused of accepting free renovation of a penthouse and in return becoming faintly disposed to a local radio station prosecutors have accused the former top official of accepting money worth four hundred eighty seven thousand four mainland pentasa where he intended to retire the presidents of south sudan and sudan of mates in khartoum to try to ease tense relations itself appears third visit to the sudanese capital since the country's split in two thousand and eleven following a twenty two year civil war leaders address border disputes and mutual accusations of supporting rebels in each other's territory those are the headlines one zero one

connor powell, thank you. >> bill: 20 minutes before the hour.d sell on tax reform hoping to have it done by the end of this year. special advisor to the president ivanka trump giving her pitch to tucker carlson. >> if i ran into you in an elevator and you had two floors to make a pitch for the campaign. >> a dual focus, provided much-needed tax relief to middle income families and cutting taxes generally so that our businesses can be competitive and thrive in a modern economy and in a global world where there is tremendous competition. and our tax plan accomplishes both of those things. >> bill: tucker also talking tax reform with treasury secretary steve mnuchin. it will be on prime time at 8:00 eastern time with tucker tonight. >> sandra: police in texas still trying to come to grips with what happened yesterday. >> he just went up in there and was shooting on the way in, shooting on the way out. it just -- >> sandra: when we come back everything we know so far about this suspect and what police are doing to find the answers to one big questio

particular apple cart look, we're not sure who's going to be appointed, bill, but i thought we might just talk about the bio of jerome powell, how about? the fed governor -- >> oh, sure. >> reporter: let's just talk about who he is. 64-year-old washington, d.c., native princeton educated law school from georgetown fed governor appointed by president obama, by the way, as part of a republican/democrat deal for the fed you have business experience in investment banking also government experience as an undersecretary of the treasury under george h.w. bush a guy who's spoken, by the way, favorably of the past policies of the federal reserve in the foe post-crisis when it comes to monetary policy. some of the issues, on the path of rates, he wants them to rise gradually. on the issue of reducing the balance sheet, what he said in the past is it ought to be reduced gradually. on the issue of bank regulation, generally in favor of the existing dodd/frank framework but says adjustments need to be made it's only appropriate to make those adjustments. finally, on the issue of the economy, he has called it strong he's called the labor

if confirmed by the senate, powell will succeed janet yellen whose term expires early next year. >>> the tax bill was not released today. house republicans in consultation with the president postponed the rollout by one day to add finishing touches to some of the details. ylan mui tells us where things stand. >> reporter: republicans, forced to delay the release of their tax plan until tomorrow, failed to reach agreement on the details. the holdup, the state and local tax deduction. house republicans from high tax states don't want to get rid of it. congressman pete king of new york says he'll vote against the tax bill to protect this provision. >> while i certainly favor a tax cut, i don't want the rest of the country to get a tax cut at the expense mistake constituents on long island. >> reporter: negotiations over this bill are still under way. but here's what we've learned so far. the corporate rate will go down to 20% immediately. it won't be phased in. the top individual rate is expected to stay at 39.6%. but we don't know what income level that will affect. and we're hearing the estate tax

bill. betty: rate hikes. saying,ed jay powell in the cases there. tells bloomberg this year's wild ride with bitcoin means it is too early to say. betty: this is our second hour of "daybreak asia." i am betty liu here in new york. paul: i am paul allen in sydney. we have breaking news. export numbers for korea for the number -- month of november, weaker than expected, 9.6%, year on year. the market was expecting 10.3%. wheres weaker at 12.3%, 13.3% had been forecasted. 7.84 billionance, dollars, the market was expecting 8.4 billion. these numbers coming after reasonable gdp figures, slightly disappointing inflation data. trade balance for south korea billion,mber, $7.8 exports coming in weaker than forecast. betty: we have seen how much exports have propelled the south korean economy so far this year. let's get to the first word news with courtney collins. >> the white house and state department are both at denying speculation that president is preparing to dump secretary of state rex tillerson. officials tell us the subject has been under discussio

powell as the next fed chair. not a whole lot of fanfare. there seemed to be opposition on the tax bill mounting now.l bebsolutely, that the next big thing to watch, whether we can get this tax reform bill done by christmas, as president trump promising -- promises. likeesting, jay powell janet yellen 2.0. steve mnuchin, pushed president trump over the line into nominating him as the next fed chair. yvonne: it certainly is the case, plenty of earnings to digest after the bell. apple, alibaba, both strong. we have the jobs report, as well. betty: let's look at u.s. markets. pretty much taking this news in stride. the s&p finishing the day up. and made at the open its way back up, the dow up 81 points. the nasdaq finishing the day flat. no earthquake in the markets. that is setting up for a mixed session for you in asia. yvonne: not a whole letter fireworks here on the new new zealand, the nzx 50 up 0.1%. the kiwi, flat, .6910. a little bit of a roller coaster -- rollercoaster ride. trading in sydney just underway, retail sales numbers in the next hour. shares up a seven points on the asx 200. 28 month

the senate bill passed committee and the fed chief nominee, jerome powell.mp in bank stocks. >> and bit coin, the virtual currency just blew past $10,000 for the first time. it's up 900% this year. it's long been shunned by regular investors. unlike listconventional currenc these coins aren't tied to a central bank, they're not regulated. they're a crypto currency. experts say don't worry, recent gains have been dlichb by investments from hedge funds and asset managers. purely speculative investment folks in a tiny market. >>> a warning for the global work force. automation may kill $375 million by the year 2030. that's a new study. the work most at risk physical jobs like operating machinery, fast food, data collection and processing. the study says workers must embrace retraining in the future and that governments and companies will need to help in the transition. it's really interesting when you hear so much about bringing jobs back, bringing jobs back. what kind of jobs are we talking about? >> factory jobs and those are being automated. our jobs are saf

powell and the arrival of a tax bill. here in the united states, stocks also opened at historic highs. it helps tech had a monstrous month in okay. s&p up 2.3% october. it's all lopsided gains, though. technology was up nearly 8% and it's worse than that really five stocks are most of the gain, facebook, amazon, apple, google, microsoft accounted for half of the 2.3% gain without these five stocks, s&p would only be up about 1%. sarah, that's the amazing thing about market cap weighted indexes. when the biggest names all of a sudden just move together, they move all of the indexes along. without them s&p would only be up about 1%. sarah, back to you. >> that helps explain it bob, thank you for more on the markets, let's bring in our own mike santoli. starting off november after the best month for stocks since back in february and it kicks off with another bang here. >> interesting there's first of the month effect in some months. this is not exactly like some sort of energetic rush of greedy buying, just kind of that mark

senate a bipartisan group has introduced a bill which would restrict military cooperation until violence stops you as president donald trump has nominated jerome powell to chair the federal reserve from next year he'll take over when current chair janet yellen term expires following a long period of speculation over who should be chosen to head the central bank as the headlines the news continues on al-jazeera after the stream. if you are. really. temporary protected status or t.p.s. is a program created by the u.s. congress twenty seven years ago it allows immigrants already in the u.s. to temper we live what they legally if they can't return to their home countries where there is no path to citizenship countries like el salvador have had their status renewed so yes we get this video for more. online members of congress have been tweeting a collective show of support in the last twenty four hours morning extension to the t.p.s. program which has multiple deadlines in coming months nancy pelosi the minority leader for the democrats in the u.s. house of representatives tweeted t.v.'s recipients have been contributing to local economies mation wide for

jay powell is set to take the reins of the federal reserve. house republicans relief a tax billicit over the next decade. we begin with a big issue. unemployment grinding lower, wage growth stalling out. >> despite the summer being a

jay powell is set to take the reins of the federal reserve. house republicans relief a tax billt could add $1.5 trillion to the deficit over the next decade. we begin with a big issue. unemployment grinding lower, wage growth stalling out. >> despite the summer being a bit softer, although think there is a lot of noise in the summer, we think the economy is in good shape. >> economists would call it a robust economy with growth of 3% plus at least for the last two quarters, despite these rather disappointing employment numbers. i think we are past the crisis. >> we are still getting a lot of distortions out there, but the underlying economy is strong. what's worrisome is the decline in unemployment happened for the wrong reasons. we saw a pretty big drop in participation rates. this could be noise related to the hurricanes. >> the job number is noisy. still pretty good numbers in there. down to 4.1% unemployment. when you look at the u-6 number down 1.5% for the year, we are bringing a lot of people back into the workforce. >> wages are accelerating. i think there is something t