tim carney, , how do you react o that? >> guest: so i've been very harsh on a lot of the mainstream media, but now i'll say what they n get right, that if you lk at the news pages of the major newspapers of the networks, ofe the "washington examiner" you see lots of very careful people trying to get the story right and typically doing lots of work as our full-time jobs to get the story right. j .. can point to excellent journalism being done. did"new york times" excellent journalism on hillary clinton. they got the reporting up and made sure voters understood how adverse >> guest: voters understood how adverse and how antagonistic hillary clinton was through transparency. washington post did a lot of good reporting show what's romantic donald trump was that he didn't have a political record but here is more "on his character. he says he gives these charitable gifts and he didn't. here's this audiotape of what he said when he didn't anything was listening and was excellent journalism so the voters went to the voting booth t

carney.go, greenspan you think you understand me, you're wrong. francine: let's go back to frankfurt and mario draghi. gov. draghi: trying to do our best. any initiative that is being proposed is accepted gladly about that because of what you said. because of the particular -- percolator -- peculiar reality in which we live. earshere must also be ready to listen. and if you have realities where, no matter what, the recession is not there, it is not a good reason for being discouraged. it is a good reason to do more and more and more. but the victory may be far ahead. on the other hand, we are comforted at the fact that everybody else listens. --n you look at whether the you sort of ask yourself is this a majority of the people criticizing us? the answer is it is a minority. a minority which is shielded itself from international scrutiny. david chair yellen, once upon a time in the united states, a sickly the only person who spoke was the chair. paul volcker and alan greenspan laid out the lin

carney has to tread the fine line between not doing too much and doing more.uy: mark cranfield, joining us from our mliv team. andcan follow these guys their fantastic coverage on mliv throughout the day. top lives also today. lots of coverage of the bank of england. we will run you through the details of what is happening there. television extensive live coverage of president trump's announcement of the next fed chair at 7:00 p.m. decay time. less common a host of former fed presidents joining us including gary stern from many annapolis. we will get a sense of what is going on and how we should read this story. next, will today see the first hike in u.k. rates since the summer of 2007? we will bring to the latest as the boe decides. this is bloomberg. ♪ ♪ 47 minutes past the home. let's get a business flash with juliette saly. wealthcredit suisse management has propelled assets under management. -- we seem to have lost that. i might drop back to you, guy. guy: thank you, juliette. let's hear what -- has to say about these numbers right now. clearly let's

carney: we think -- a couple things. real income squeeze, there is two elements, inflation coming down and your question about wage growth picking up. let me be clear on the former, the first element, we see inflation going a little higher in october, but then as we get into the turn of the year -- jonathan: that is the bank of england governor mark carney, addressing the press after the first interest rate hike in over a decade. if you want to continue following best you can do so on the bloomberg terminal at live go. to continue following this news conference in its entirety. in new york city, we will pivot toward the other main stories, including the fed chair nomination and the details of the tax will we could get any moment -- tax bill we could get any moment from republican leaders. ♪ who knew that phones would start doing everything? entertaining us, getting us back on track, and finding us dates. phones really have changed. so why hasn't the way we pay for them? introducing xfinity mobile. you only pay for data a

and carney -- if you dislike george mcclellin, read carney's letters. he hates mcclellin in spades. they are delightfully critical, negative, colorful. i think carney is worth a great deal of study, and he certainly provides a lot of fodder on many issues. >> one little-known footnote to phillip carney. his death place at chantilly is really the origin of the civil war preservation movement. because back in 1986 and '87, when there was a proposal to develop that land at chantilly where carney and stevens were killed on september 1st, 1862, some local folks got together and said we've got to do something about that. and we all got together in my living room in july of 1987, and out of that was born the -- association for the preservation of civil war sites, which then gave way to what's now the civil war trust. so carney made another contribution in death 100 and some years later to the civil war preservation movement. >> anybody else on that one? i think this is a great question. that somebody gave us. and it's actually about probably more about how these -- each one of your general

tim carney? guest: thanks. i am not an expert on the story. it is not true that it would get sort of taxpayer dollars. to some extent, broadcast news in the u.s. has some partnership needgovernment because you the broadcast frequencies and all that, but there is no special support. when people talk about state-run media, that is an opinion writer characterizing it as media that will be overly friendly to donald trump. whether this is true with sinclair is not something i can address because i am not a next word on what they can do or what they will do. i think the main job of journalists in the united states -- there are sports journalists, culture journalists -- but the reason we are written into the first amendment, freedom of the press, in addition to freedom of speech and freedom of religion, as we hold accountable the people in power. anybody in the media seeing the job is protecting people in power, that is something that is troubling to me. during the obama years, i think the "washington p

carney says that wages are growing.0ns and look at all the data, wage growth is slowing, evenin the data, wage growth is slowing, even in the report, the inflation report they produce today, the bank's agents show wage growth is slowing. the 0ns shows that it is slowing. the 0ns shows that it is slowing. so we will be looking at the data, but the government of the central bank can't go insane wages are rising when wages are actually falling. the credibility of the central bank is clearly in question when it makes stuff up. professor david blanchflower, good of you to join us, thank you very much. former member of the bank of england's monetary policy there, speaking as an webcam from florida. you are watching bbc news. these other headlines: the bank of england raises interest rates , for the first time in a decade. it's part of the bank's fight against inflation , and there could be more to come. at westminster, the new defence secretary is gavin williamson , who used to be the conservative chief whip , some of his col

is going to thumb their nose at mark carney bank of england and the u.k. and say you deal with the inflation that you now inherited because you're so frickin stupid to vote out of the biggest trade bloc in the world and try to go it alone even though that sixteen percent of your g.d.p. depends on trade with e.u. versus like seven percent versus the u.k. they went to a gun fight now with a knife with a wet noodle i mean they got more went noodles and harvey weinstein a car wash and they are trying to get these interest rate policy sorted they'll never get the interest rate policies or because they kept a low they gauge of financial repression to keep barclays it just b.c. lloyds r.b.s. four insolvent banks four insolvent banks keep them from declaring insolvency because we're aristocrats and we don't cue to the law we don't need to participate in society because margaret thatcher so there is no society so we're for big banks in the u.k. and we don't have to obey the law and even though we're sitting on hundreds of billions of pounds of able to we just got t

and carney from the uk.arlier today, charlie evans speaking said the fed should prepare for the next crisis now. said it's worth considering things like price level targeting. in other words, say we're going to hit this level and we'll stick with it. we'll keep policy low until we hit that target. saying the fed should prepare the public for unconventional policies in unconventional times. these are four central bankers on the podium with different policies take a quick look at their balance sheets relative to their gdp. japan has done much more in the way of quantitative easing their balance sheet is 95% of their gdp. the eurozone, 39%. both the two on the left are rising as is the one on the right, the uk, the u.s. is shrinking. i don't know if we have time to look at all the global monetary policies and where they are, the u.s. is in a different place on the left, the boe up a quarter point. their balance sheet is expanding still. moving to the right, the european central bank, they have a zero policyrate

mark carney pulled the rug from under the pound. small reprieve for the pound is mine. -- for the pound this morning. nejra: i was there was a more exciting market story to tell you about. asian equities are treading water. we are looking at the msci asia-pacific and next. treasuries not trading right now with japan closed and the bloomberg dollar index pretty much recovering from the losses yesterday. that is the big picture. here's the aussie dollar. we are down .2% at the moment, retaildown after the news. than 1.4%, orre of 1.4% made sterling hit a multiweek low. this is a bit more of a technical chart showing cable below the 100 day moving average the trend lines converging. that is some thing to keep an eye on with sterling. finally showing you bitcoin and its breakneck rally. 7244.now above manus: is now the time for tax cuts? comments came as the republicans released details of their tax overhaul plan. the federal reserve has to again extract us from the extraordinary measures that were is what people are quite obsessed abou

carney says large global firms and gilts don't seem to be affect. >>> and the u.s. senate republican tax bill could face its first major hurdle corker has raised deficit concerns and johnson wants a bigger tax break for pass through businesses their opposition could delay the bill which senate republicans are hoping to pass as early as this thursday. tune in to the interview with kevin brady happening at 9:30 a.m. eastern >>> the vice chairman of dukes asset management joins us, edward, thanks for joining us. it was a big day in the uk we got the results of the stress tests, it painted the uk banking system in a more positive light. do you agree with the assessment that the uk banking industry is better equipped to deal with macro economic shocks? >> i think so. i think as a result of a reasonable strong economic growth in the last few years, banking balance sheets are much better it's still not very strong economic growth, but banks are in a much better position. i would agree with that. >> and one of the major themes -- two big themes in the banking industry over

mark carney says the boe will do what is necessary.l anticorruption drive to compel energy and mining companies to disclose the payments they make to government. washington says the campaign is not fit with u.s. law. former trump campaign chairman hall manafort and his longtime business associate rick gates have asked a federal judge to release them from home arrests as they await trial. ofy say they pose no risk fleeing abroad and should be allowed to travel while preparing defenses. they are accused of money laundering, lying to the fbi, and other financial charges. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. rishaad: the republicans have rolled out first details of their much anticipated tax reform plan. it would see the corporate tax 30% to 20%.m the u.s. market is not seem to be impressed. another record, but only up .3%. has anything changed in asia this morning? >> no, unfortunately the dollar comes under pressure as well. the treasury market is clo

carney today what did mohamed el-erian have to say about that >> it certainly will be. will tell you, mohamed el-erian doesn't envy mark carney that's for sure we talk about the issues that central banks around the world have to face the primary one is the stubborn inflationary issue the other is growth and the move down in unemployment when it comes to the bank of england, mohamed el-erian points out governor mark carney faces a different set of circumstances listen to what he had to say >> i think the bank of england is in the most difficult position bay it faces some elements of stagflation. stagflation is a nightmare for central banks. lower growth, higher inflation, makes monetary policy hard to calibrate correctly. i think they will hike because of inflation dynamics. inflation is at 3% and may go higher they're doing so in the context of massive uncertainty about brexit and all these other uncertainties. y they'll hike but remain vigilant going forward >> there you have it that's mohamed el-erian's verdict on why the bank of england has the most difficult job whe

governor mark carney says it's time to tighten fiscal policy tucked under this man's arm brittney's vis a vis not such good news for those with a mortgage to pay on thursday the governor of the bank of england announced that for the first time in ten years the time was right to not u.k. interest rates up points with unemployment at a forty two year low inflation running above target and growth just above its new lower speed limit the time has come to put a little off the accelerator so a little and slowly rates are only set declined by a quarter of a percentage first but the prospect of britain's departure from the e.u. means bragg's it is already beginning to bite with consumer prices reaching a five year high many analysts agreed action was needed. to meet with inflation probably going to go about three percent this is something that they need to do particularly at a time when the u.s. federal reserve is probably going to raise rates in december this year in the e.c.b. it's starting to pull back its own stimulus program further rate rises from the bank of england are expected over the

are we looking at letters from mark carney?aldine: well, it is getting to crunch time, because do have a transition deal that really situation,ef to the it needs to come sooner rather than later because companies need contingency plans, and the need to decide what to do. arer into nearer and ne the crunch time, the first quarter of 2018, the level of excitement is likely to go up and not down, i would say. there's a lot of back and forth. it's even very complicated for all of us to follow every detail of it in turn. i would think unless by miracle all of a sudden we have found the great solution for europe and the u.k. to agree on everything, volatility is relatively likely to remain elevated. mark: we live in exciting times. chart -- that is not much of an elevation in volatility, given what we have seen in the past, and yet, the background to the talks is deteriorating all the time. francine: but do you believe there is an assumption and the markets that the brexit will not happen? it is something i hear more and more, but i'

i think that is what the bank and governor carney are wrestling with.yeah, if you were looking at this in 2005 and had the same macro conditions, you would say no, i can risk it, i'd don't mind inflation getting out of hand. now the npc feels it has reduced choices and were straight off. it's not about the narrative, it is about this longer trend since the brexit vote. it is been painted as a dovish hike. the expectation seems to be by the bank send market -- the rate market will be very slow, two hikes in the next three years. what are your expectations for the past going to or three years ahead? adam: i think it is going to be a little steeper than that, and a sharper -- than that. i think the npc is rightly going to try to make this dovish hike because it was finally balanced. but if things continue to go badly in the brexit negotiations , if labor's -- if labor markets get messed up because of the exodus of laborers and migrant workers, i can see a scenario where the bank will, within a year or two, feel like it will have to raise quickly. vonnie: w

ok well let's get the thoughts now of carney who he's from the american kurdish information network carney welcome to our say what are your thoughts are the kurds getting a raw deal while it looks like. what the foreign minister of turkey says. you know the nonsense was really common sense. the piece of europe was a stake the american cities were not safe why p.d. was around rampart against isis us help them yes that's true and. has not gone away just simply vanished all their fighters are probably hiding now and if the world wants to have peace they still need they still need the kurds. why do you think donald trump if it's true why do you think that he made this you. i think your viewers may not know but there are twelve americans in turkish jails. there is a crisis called crisis americans. suspended turks from coming to america . donald trump you know has a better deck of cards with turkey and he wants these americans to be free. you know going back to. the one allowed his border to be used as a staging ground for a lot of these european cutthroats asian and african and. islamic state.

he and phil carney commanded the two divisions in the third corps. as the army moved to the peninsula in 1862. hooker was kind and accessible to his subalterns and peers and largely beloved by his men who were proud of the energy he brought to his endeavors. his first trip in the limelight -- oops. happened without you standing that time. first trip into the limelight came on the peninsula campaign on may 5, 1862, when his division led the advance of the union army in pursuit of the confederates towards williamberg. this is not going to be a tactical talk but suffice to say it was the first evidence of one of hooker's most important qualities on the battlefield. and that was his aggression. his was the lead of the army as it approached williamsburg. and rather than waiting for support, waiting to become part of a well organized advance, he decided that he needed to forge ahead and make contact as rapidly as possible. he was bloodied, his division was, and driven back and was, to some degree, rescued by the arrival of phil carney's division. carney qu

we also have a news conference of mark carney around 1230.as of england at the moment. at some sunshine further north and in scotland. blue skies. a similar scene scotland. blue skies. a similar scene right across northern ireland and the far north of england. this cloud will stick around for much of the afternoon edging its way a bit further south and east. but for south—west england, they held onto brighter skies. still a bit of sunshine in the far south of kent. and east and west sussex but otherwise, cloud. a few spots of rain perhaps with a cloud but for many it will stay dry. the dry sunny weather will continue across the northern half of the uk this afternoon. maximum temperatures, 7-9. afternoon. maximum temperatures, 7—9. for the rest of the evening, we will see more cloud affecting central areas. patchy fog in north—east england and east of scotla nd north—east england and east of scotland overnight tonight. otherwise, though, a dry night. temperatures, 5—9 in the towns and cities. in the countryside, a bit lower than that. friday w

there was a lot of hurly-burly yesterday about get ready, mark carney. a hullabaloo. of hullabaloo about nothing. i don't want you to thwart my enthusiasm but there has been a shift, albeit miniscule, but the market is moving its perspective on a trade deal and transition and that has consequences for the bank of england. do you buy the hype? laurence: it's always nice when it seems that things are moving forward. the market is worried about the uncertainty about the outcome and progress of the talks. is there any hint that there is a little more progress toward some conclusion? it's reassuring to confidence. move in terms of the low volatility we have in the we., but it still small and think that is right. we see the economy underperforming for the bank of england expect already. we don't think the bank is going to go as many times since 2018 as the market has been suggesting. what is your negative take this is numbers from the gasquet. we have figures showing retail sales barely rose in october. it's a large part of the economy. laurence: u.k. has been doing all rig

mark carney explained the rate hike as a removal of stimulus.akers are concerned the economy is fragile because of brexit. they indicated another increase isn't imminent. global news 24 hours a day powered by more than 2700 journalists and analysts in over 120 countries. i'm emma chandra. this is bloomberg. vonnie: the moment of truth for the iphone x could come this evening. investors are watching for hints from apple's revenue and profit forecast which could shed light on the extended production delays facing the 10th anniversary of the iphone. bloomberg technology's mark gurman joins us from san francisco with more. there was a lot of trepidation and suddenly it seemed like the first couple of days were going really great on orders. what is the consensus now? >> demand is through the roof and supply is not as high as it could be or should be. you would order an iphone x from apple's website pretty much anywhere in the world it lists a shipping time of five to six weeks from today. in hong kong you can order one unless you go to a store. vonni

there are a lot of things that mark carney has to answer on that front. big balance as to what they say. that is what the market is balancing. anna: we will bring you for coverage of the decision and that inflation report, everything you need to watch out for on the u.k. front at midday u.k. time. et's -- we are interested to hear. you think this is a one and done, you do not expect a dovish hike. ben: i do not -- it would risky and it is a adjustment at the level of rates. the market has priced in more than the hike today. it is expecting a couple of more hikes over the next couple of years. that has been partly what is supported sterling. say we aree to changing the level of rates and going back to neutral, sterling would suffer significantly and the interest rate market would be volatile. that is not the message they want to give out. manus: there is a lovely title, the bank of england will not easily give up its hard-won optionality. they have moved the yield curve and this is something that will come front and center. they moved the probability of a

so this wasn't a normal rate hike but as mark carney said we do not live in normal times.ertainly extraordinary and for some the central bank had to at least start the journey back to more conventional levels. ultra low interest rates have costs as well as benefits and if you are in a position where interest rates are expected to remain near zero for the foreseeable it creates all sorts of distortions, misallocation is of resources and so on. if you can get interest rates back to mourn over levels then you have a margin to cut again if you need to. for example if the brexit those negotiations go badly the bank of england will have more scope to cut rates in future done if it did not raise them today at all. this only takes rates backs to where they were in the summer of 2016, before the post—referendum cut. still it all came with a gloomy outlook. in the banks view, the economy has hit its limit, the economic climate now is about as good as it's going to get. that's in part because productivity, a big determinant of economic potential, has flat lined since the financial cr

carney, kuroda, draghi, and yellen, all together.g surveillance" and i'm francine lacqua in london. we have the best-selling author michael lewis with us.

still with us, ken vogel, annie carney, and mieke eoyang. on hope hicks, who as far as i can tell is somewhere between selig and clark clifford, 29 years old, comes from old greenwich, connecticut. started life as a fashion model for ralph lauren and others, ended up in the marketing wing of the trump family, but has been with that man and this presidential effort since it was embryonic and remains the insider's insider. what kind of exposure will she have legally? >> she has a lot. she's been at trump's side for a lot of russia-related moments. one thing that has really come up this week is the e-mails that have been forwarded to her throughout this process. we found out this week that jared kushner, after don junior, donald trump jr. communicated with wikileaks, he forwarded an e-mail about that communication to jared kushner, who forwarded it to hope hicks. the question is, is he forwarding her that e-mail in her role as spokesperson for the campaign? or is he forwarding her as a, this is for trump's eyes? and it's the latter that people

mark carney saying that any increases further would be gradual the market took that to say that the pound won't strengthen very very much and the footsie the market went up to the positives and negatives of the b o e's rate rise from all the banks in frankfurt and from one central bank to the next us president donald trump is due to announce his pick for the new leader of the federal reserve who's going to take the helm of the world's most important central bank increasing number of reports reckon he will drug power a fed governors in two thousand and twelve he's a centrist on monetary policy and is known as pragmatic and down to earth. the head of the u.s. federal reserve is the most powerful central banker in the world some past fed chairman have even attained near cult status like alan greenspan he opened the money floodgates and sent equity markets into a feeding frenzy it led to a time of unprecedented growth fueled by credit. until the bubble burst in two thousand and seven unleashing a global financial crisis greenspan wasn't around anymore it was his successor ben bernanke who had

mark carney said we have only seen growth since brexit due to consumer spending.e their borrowing, they can see that there is a bleak outlook then, you know, we have to be kind of concerned about what our strategy is for the uk economy with people having to reign in their spending. thank you very much indeed for that. you can get a lot more on the top story on bbc news which is about the paradise papers. you can get more on our website of the there is a full—up date on the latest breaking stories on the business live website. you're watching business live. let's have a recap on the markets. the european markets are opening. all up. we the european markets are opening. allup. we are the european markets are opening. all up. we are seeing this everywhere. it is notjust europe. slower in europe than in some other parts of the world. but the ftse up 1.7, that's a teeny weany bit. the dax up and the cac, but the other markets we have seen across asia and the us, record highs. and the oil price as well. that's 64. yes. 64. you were paying attention there. price as well.

but also something that mark carney has been highlighting is his concern about the buy to let mortgage worry about that area. well, he's not the only one who is worried. there are experts who are worried. there are experts who are worried that too much of this is going on and in an event of a downturn in the housing market the banks would wrack up the losses. some people think as well that the banking stress tests aren't robust enough. they don't give an accurate picture of how well the lenders would be able to with stand a major shock. they think the banks need a greater capital buffer, but the counter argument to this is if they are setting more money aside, they wouldn't have as much to lend and that could harm the economy. theo, thank you very much. more on the bbc business live page. including this from our economics editor talking as theo was mentioning there, disorderly brexit is unlikely according to mark carney. he says all parties are working towards avoiding it. the full details are on the business live page. european regulators come together to assess uber‘s data breach of

the bank's governor mark carney said households across the uk are "generally well positioned" to deal with the rate increase. the decision will mean higher monthly payments for millions with variable rate mortgages. but it's good news at last for savers. here's our economics editor kamal ahmed. one small step upwards for interest rates, affect millions of savers and millions of borrowers. it's more expensive if you have a mortgage, and forjames in south london, it's time to cut costs. we've been very lucky without realising it. i think it's going to start, it will probably bite more from now on. for so long we thought, it's always going to be like this, but it's got to end sometime and we never realised it was going to be this soon. the governor of the bank of england knew it was a delicate balancing act. the economy is still struggling but he said rising prices had to be controlled. so in many respects, today's decision is straightforward. with inflation high and the economy growing at rates above its speed limit, inflation is unlikely to return to the 2% target without some increase

carney, the boe governor to mr. hammond explaining why inflation deviates by more than 1% from the target of 2% we're not getting that letter. 3% for the month of october. seeing quite a bit reaction in the currency markets sterling/dollar down by 0.3% on the day after being unchanged before, given that the market got this pretty much wrong to be honest i know it's a small deviation, but maybe it's an important one. we're also seeing the ftse 100 jumping to a session high on the back of the weakness in the pound sterling once again, the boe saying this month after it raised interest rates for the first time in a decade that inflation would peak at 3.2% in the month of october. in fact t did not. it held steady let's get more instant analysis with jane foley head of fx strategy at rabo bank. are you surprised by the fact that inflation did hold steady >> i guess i'm surprised, but this is not a big deal we know from looking at the inflation indices that we're in the process of peaking yes, it's good news that it is j

charlie sykes, annie carney, thank you for being here today. really appreciate it. >>> war of words. president spars with the father of a ucla basketball player released from prison in china. is it worth it? >>> tax cut clash. the president saying today that the republican tax plan will be a big christmas present to americans. but will it or won't it include the obamacare individual mandate repeal? >>> and back to the future. president trump and hillary clinton go after each other. the former secretary of state says trump is obsessed with her and the president retaliates naturally by calling her a loser. who is this helping? yo, check it out dawg. that was just a'ight for me. i mean, you got the walk. you got the stance.. but i wasn't really feeling it. you know what, i'm not buying this. you gotta come a little harder dawg. you gotta figure it out. eh, i don't know. shaky on the walk, carriage was off. randy jackson judging a dog show. i don't know dawg. surprising. what's not surprising? how much money lisa saved by switching to geico. wow! p

the governor mark carney said households across the uk are "generally well positioned" to deal with thee central bank‘s thinking behind the rate—rise. the mpc‘s objective is a 2% cpi inflation charter. cpi inflation was 396 in inflation charter. cpi inflation was 3% in september and is expected to have risen a little further in october. but it isn‘t so much where inflation is now but where it‘s going which concerns us. the mpc must set policy to achieve a sustainable return of inflation to target, that is we must aim to bring inflation back to target and keep it there once the effects of temporary factors, predominantly those caused by the referendum related fall in sterling, dissipate. in many respects, today‘s decision is straightforward. with inflation high, and the economy growing at rates a bove high, and the economy growing at rates above its speed limit, inflation is unlikely to return to the 2% target without some increase in interest rates. of course, these are not normal times. brexit will redefine the uk‘s relationship with oui’ redefine the uk‘s relationship with our largest

this is in anticipation of mark carney putting the rates up.has gone up 10% in the last five years to a dangerous level, where people say, i will pay some town. people using creditjust to get by? to live, exactly right. and inflation, if the pound is around 1.30, inflation will be nearer 2% 33% this time next year. the reason i don‘t think there can be any further interest rates, whilst the bank of england has such a negative stance towards brexit and the potential damage that it will do to the economy and the fact that people‘s disposable income is lower thanit people‘s disposable income is lower than it has been for some time, lower than the level and an inflation, in that climate how on earth can you possibly put interest rates up in that climate? if he‘s proved to be wrong by april next year and the economy is actually buzzing, then he‘s got a very strong case, but not until then. buzzing, then he‘s got a very strong case, but not untilthen. if buzzing, then he‘s got a very strong case, but not until then. if the talks progress positively,

it's risen from 0.25% to 0.5% — the governor, mark carney, says low unemployment and higher inflationustify the rise. the time has come to ease our foot a bit off the accelerator. the increase will hit millions of homeowners, but it's good news for savers. ooh, i'm rubbing my hands together. definitely. i'm hoping it will go up a bit more as well. we'll be looking at what it all means, and asking if another interest rate rise is imminent. gavin williamson is named as the new defence secretary, after sir michael fallon resigned amid claims of sexual harassment at westminster. the taxi driver charged with the new york truck attack — we speak to the british tourist who spent an hour in his cab last week. almost a million children are dying from pneumonia globally every year, yet it can be treated with cheap antibiotics. and the british team who have helped discover the tapanuli orangutan — a new species of great ape in indonesia. and coming up on sportsday on bbc news... england manager gareth southgate opts for youth in his latest squad, as he calls up three uncapped players for friendl

spoke afterk carney the latest stress test.arclays and rbs are considered to be in the weakest position. >> informed by the stress test theour own risk analysis, banking system can continue to support the real economy even in the unlikely event of a disorder sleep -- disorderly exit. the international airport is to remain closed, leaving thousands of tourists stranded, unable to leave the island. the volcano may a route that anytime. hundreds of flights have been canceled. lava is rising in the crater, and 100,000 people in the area has been told to evacuate. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. i'm emma chandra. this is bloomberg. haidi: thank you so much for that. back to our top stories. north korea has fired the first ballistic missile since president trump labeled the country a state sponsor of terrorism earlier the month -- this month. they called it a precision missile exercise. president trump had this to say. president trump: a missile was launched a

mario draghi, welcoming here, as well as mark carney and kuroda from the bank of japan. real meeting of the most powerful central bankers in the world here at the ecb in frankfurt. this is "bloomberg daybreak: europe." ♪ matt: deal or no deal. david davis is said -- has said there is a 50% in divorce talks. u.s. a shale becoming the biggest gas boom in history. and dialing back. china's economic expansion slows in october. the 10 year yield climbs to 4% for the first time since 2014. plus the u.s. chief health tax writer said he is confident of a boat passing this week as heads home from asia. this is matt miller live in frankfurt alongside anna edwards in london. i am anna edwards. let's take a look at some of the breaking news this morning. corporate's coming through with numbers this morning. let's get to some of those. talking about their commitment for the future and looking back at their numbers. performance coming through, delivering good organic revenue growth on track to deliver for 2017. interesting what they have to say about the appetizing environment getting

i probably would not want to advise carney area -- carney.ion of balance is what i look at. we haven't seen any negative sides yet but we passed the bulk of the 25 points on to her savers. as the economy goes through brexitit -- goes through , let's understand all that data and healthy economy settle a little bit. anna: did the borrowers pay more to? our rates will increase by the rates points same way they reduce when it went negative. anna: thank you so much. let's get into these markets now. as of the futures are unchanged. what is happening in the u.s. is all going to come down to tax. you will have a much more cap the. in fed. more trumpa stocks and in slow or. and -- an inch lower. we look at the european futures as all the little bit. let's get a bloomberg is this flash. at&t ceo has told antitrust enforcers that he will see them in court after the justice department sues to halt the company's bid to buy time warner. the doors open for negotiation. eric -- reiterated that -- the ceo reiterated he would not pay -- sell cnn to appease wa

this is when carney -- infused almost market volatility. trading on the bank of england, not the vicinity of the brexit negotiations. here we are, back to the worst kind of volatility. we're back to groundhog day, every new one of the brexit negotiation. we are that lower guy as he can see. all you need is one by brexit. deliver.n't i'm off to radio. >> she said the number debate, looking pretty good. looking up this morning by 4.17% this morning. a further removal of the runner overhang, status selling another 5% of its holding, running over stock -- and the trade of that. you get a bigger free flow. let's turn this on to what's happening on the downside, what stocks are moving their. came off the close yesterday, downgrading guidance. the stock is down by 7.52. they're getting the numbers, really weren't great. that you maye fact see it -- may see wind turbine managers. the stock is trading down by three point 47%. looks as if we are going to be seeing tax credit applied in the united states downgraded as a result of what we are seeing in

we talked about mark carney, the bank of england.he conclusion after the rate rise was that we would be back to talking about politics. carney will be on the sidelines, and will guide much of the short-term. >> that's right. i think everybody is looking for some progress, any amount of progress, before we get to the break on the brexit story, and that will continue to dominate. we have heard that there has been certain movement with regard to accepting the cost and perhaps to the extent of rates in the u k, but we have heard that before and seen the politicians and negotiators back away from the suggested promises. manus: that's the fear and greed index we just showed our viewers. it's below zero again, and that is a momentum indicator. you broke the next numbers just a couple days ago. they were pretty tortured in numbers when they talked about the weather. anna: subdued consumer confidence is the word they used. manus: right. so if that is the word they used, the most in seven months, you are still looking at the underbelly of high

to bek carney seems selling this as a movement of stimulus.n though this is the first hike in a decade, it is really just reversing the cuts that came after brexit. 7-2 was the vote we got from the mpc. thinking its was was going to be 6-3, but you can see from the market reaction, pounds sliding. also repricing in terms of expectation of further hikes. the market is interpreting this as a dovish hike. theone key thing off statement was something mark carney has said before. markets are underpricing the future rate hike path. it was not in the statement today and also, highlighting the risk from brexit. two signs there that although we got a hike today, it is firmly dovish. >> a day late but a done deal, house republicans unveiled their long-awaited tax reform plan. >> with this plan, the typical family of four will save $1182 a year on their taxes. >> this is our opportunity to make tax reform a reality and deliver the most transformational tax cut in a generation. >> the entire battle will be fought on individual tax cuts rather than corpora

. >> we have been here before when mark carney has pulled back.d, -- francine. >> thank you so much. fully ifas explained you look at inflation -- it's gone up. it has riven. that was 3% back in september. that's why we expected that jury we will have to see what it means for inflation going forward, of course, for sterling's statement. this coverageyou live in new york. we will go through your markets and much more. this is bloomberg. ♪ reverse the big hike, or is it -- rsing the cuts >> in general, i would say it's unlikely they will have to be replaced in the short term. inflation, i expect inflation to come off. my best guess is that this is a one and done. >> thank you so much. it will to come back and talk about terrific research. the unitedand kingdom -- really looking forward to that. this is going to be a wonderful interview. this -- he was considered without question, with a senior position. this is who we believe the next federal reserve of the fed will be, j powell. . ♪ ♪ we go beneath the headlines trying to give you perspective for t