bring you fed chair jerome powell live from the economic club of washington carlyle group's david rubensteinl be conducting the q&a we'll take you there live. first kelly evans takes us what is coming up on "the exchange" 37. >> yeah, we'll have analysis to those comments and plus david rubenstein himself will then join us live on "the exchange" with his takeaway right after we'll have a big market panel. and we'll also talk about the shrinking junk bond market don't want to miss any of it ♪ ♪ the unknown beyond the horizon. that was once our frontier. but today, a new frontier has risen. and this is the vehicle crafted to conquer it. introducing the first-of-its-kind lexus ux and ux f sport, also available in hybrid all-wheel drive. experience amazing at your lexus dealer. >>> bank stocks have taken a beating. but that may be about to change. for more, go to trading natig nation.cnbc.com to see the new article online now >>> welcome back to the "halftime report." this is futures now. the crude rally taking a bit of a breather today what is behind the move? >> i think that is largely what is

make sure to watch david rubenstein 12:45 p.m. eastern time on bloomberg tv and radio. david?: now we turn to viviana hurtado with first word news. viviana: the trump administration is pushing china to deliver on its promises after three days of trade talks. the u.s. noted china agreed to buy more agricultural goods, energy, and manufactured products. beijing calling the talks "extensive, in-depth, and detail." will pay hundreds of millions of dollars to settle u.s. lawsuit on diesel emissions. the automaker will not have to it hasrongdoing, and agreed to the owners of 400,000 diesel-powered suv's and pickups to update their emissions software. the justice department said some of the vehicles violated clean air rules. the oil and gas is a doucette it has not felt in a real impact from the washington shutdown -- the oil and gas industry says it has not felt a real impact from the government shutdown. at the same time, the department is not accepting any source of filings, such as public records request from journalists and activists. global news 24 hours a day on air and @ticto

coming up, federal reserve chairman powell speaking with david rubenstein.omberg. ♪ ♪ is bloomberg "balance of power." i am kevin cirilli in washington. shery: i am shery ahn in new york. federal reserve chairman powell will be speaking in just a few minutes. the markets right now not getting a clear direction. let's go to emma chandra. emma: seeing a lack of clear direction for the markets. we are in the green but only when it comes to the s&p 500 and the nasdaq. pulling their way back from some big losses earlier in the session. they are trading higher this afternoon but we are looking at them trading higher just a touch. when you look at the s&p 500 in more detail, it is the defensive sectors that are leading the way. we are seeing the likes of consumer discretionary health care and technology in the red. we are also seeing the nasdaq struggling as well. are rising over five days and it does manage to gains, we arey's looking at a five day winning streak for the s&p. it fell almost 1% earlier. that will be quite a big move upwards. if we take a look at wh

you can watch the interview with jay on the david rubenstein show. do not miss that.grim outlook. the retail to airlines financials, it is a grim look. more on that, next. this is bloomberg. ♪ alix: this is bloomberg daybreak. is consideringr an ipo of its asian operations. they are looking for ways to unlock value after a string of acquisitions left it with billions in debt. they may try to value its entire business at about $70 billion. from gm on updates financial performance and product lines in the next few days. they are hosting an investor day today. next week, the international north american auto show kicks off in detroit. wall street looking longer-term. they want to know gm's strategy for dealing with a fast evolving market. coming up, he will speak with the ceo of gm at 9:00 a.m. new york time on bloomberg tv .the ceo of the center stepping down leaving for unspecified health reasons. he has held the job for almost six years. the center has named an interim ceo. alix: thank you. market uncertainty is weighing on a wide range of big names in many sectors wi

chairman powell be speaking with david rubenstein on bloomberg. event in washington. another important event when michael mckee space to the fed official. ee with eric rosengren. thehere time to get to point where we are consistent with our dual mandate. are time when forecast telling us what unlikely we're not going to have a bad outcome, in fact, a reasonably good outcome in terms of gdp being relatively strong. at the same time, the financial data has come in much weaker and is implying a bigger slowdown in the economy. when we have these two differences, i think we need to get up at a little more understanding as to why they are so different. my guess is that over time, we are going to see that in 2019, the economy is going to be reasonably strong. financial markets will recover. i also realize my forecast can be quite strong and financial markets have such a different view. i have to take us financial markets into consideration. tom: see that interview across bloomberg digital. us.and jeremy with and you cunningham at capital economics aggres

we have welcomed many visitors and exhibits that we welcome to those library leaders with david rubenstein and david betray us and andrew roberts but not only with those particulars that the longer you can look back the longer you can look forward to be educated at winchester and a regular officer leaving after only five years to write and has sold several million copies. among his works are stalingrad, stalingrad, the literary prizes include samuel johnson prize the bill surprise in the hawthorne prize for literature not to mention decorations from other governments as a writer and biographer whose father was a distinguished who sadly passed away this year ladies and gentlemen, it is my great honor sir antony beevor. [applause] i thought we would begin to set the scene and of august early september when something strange is happening the germans are rather undignified retreat so paint that picture for us and tell us what churchill later called in the north got underway. it was also on the eastern front where the red army but on the western front those allies misjudged where they saw the v

a clip ofplay for you chairman powell from earlier, david rubenstein talking about expectation for economicutlook. financial markets, beginning in the fourth quarter, got more volatile, seemed to be pricing in a more pessimistic outlook. as i mentioned, seems to be rooted in concerns about slowing growth and a related concern about the ongoing trade negotiations. but if you look at the incoming data, right through the end of the year and beginning of next year, you don't see any evidence of a slowdown. goes to your point, quincy, it does feel a little bit as it investors are not sure where things land. first 11een in the trading sessions, cyclicals doing well. you are of the view that that may not be in an overbought position? quincy: we think it's overbought right now, which is why you are seeing a bit of a consolidation in the markets. it is interesting and you always watch for this after a deep selloff, which sectors we the market higher. consumer discretionary clearly lead. the most the down within consumer discretionary. anything associated with housing, autos they would actually they

we spoke to david rubenstein in washington, d.c. >> each individual participant on the fomc submits theirividual projections four times per year. we did that in december, and to rate increases with the median. it was conditional on a very strong outlook for 2019, which may still happen. the good thing is we are in a place where we can be patient and flexible and see what evolves. in the meantime we are waiting and watching. >> a snapshot of what was an insightful conversation. let's bring in the founder of -- welcome back to the program. we have built a chart to set the scene a little bit. clients can pull this up. this recession was predicted by the treasury spread, creeping higher. the government shutdown -- at what point does it become a factor in the way investors are pricing the risk? >> the shutdown itself has a relatively low economic cost. we are talking maybe $2 billion per week, which is not a big deal. is then issue, i think, functionality of the politics between the democrats and republicans. the next thing coming up as the debt ceiling. the deficit this year is running close

we started with minimal garden david rubenstein joins us as well. joins us as well. jon: an interview with bank of america ceo brian moynihan coming up this hour on bloomberg tv and bloomberg radio. so much to discuss with the man at the top of bank of america. tom: the backstory here,

that question not asked by david rubenstein. maybe we'll get another chance. mark, it was great to have you on the show this morning. appreciate it. tracee: can we get six days of gains this week? let's take a look at how u.s. futures are shaping up this morning. dow futures unchanged, s&p, nasdaq down just slightly. are we headed to a new retailize age after macy's holiday blues sent other retail stocks plunging. is it a sign the struggles are spreading. a toddler spotted running down the street in the freezing cold, barefoot and alone, the incredible moment a bus driver came to her rescue. you're watching "fbn: a.m.." ♪ but today you're building wind turbines. morning sir. chief, the blade isn't passing quality gate. that's why you work with watson. i detect frictional loss on the midspan. it can detect the tiniest defects from just a few images to help production stay on time and on budget. i optimized the fiberglass finish to reduce frictional loss and maximize airflow. i was also part of the maximizing. for ai that can do more with your data, choose watso

david rubenstein is here to talk about the fed, market, u.s. tuned minimums and fees. they seem to be the very foundation of your typical bank. capital one is anything but typical. that's why we designed capital one cafes. you can get savings and checking accounts with no fees or minimums. and one of america's best savings rates. to top it off, you can open one from anywhere in 5 minutes. this isn't a typical bank. this is banking reimagined. what's in your wallet? frstill, we never stoppedss wmaking it stronger.e. faster. smarter. because to be the best, is to never ever stop making it better. the new 2019 c-class family. lease the c 300 sport sedan for $429 a month at your local mercedes-benz dealer. mercedes-benz. the best or nothing. you mighyour joints...ng for your heart... or your digestion... so why wouldn't you take something for the most important part of you... your brain. with an ingredient originally discovered in jellyfish, prevagen has been shown in clinical trials to improve short-term memory. prevagen. healthier brain. better l

churchill conversation this series we welcome to the labour leader such as ambassador ron dermer, david rubenstein, general david petraeus, former pakistani president musharraf, actor gary oldman, distinguishes touring to including niall ferguson, and many more to discuss not only the particulars of churchill's life and career but their application to our present-day challenges. for as churchill himself observed the longer you can look back, the farther you can look forward. but now let us turn to the main event. tonight we will learn about a figure utterly devoted to history who in his 30s wrote an admiring biography of the conservative victorian statesman and was chronicled the history of wars around the world. amid a colossal output of nonfiction, in his youth he wrote a single novel featuring a protagonist modeled closely at themselves and engage in the struggle against tyranny. a passionate limits us, his articles one host of political and historical subjects appeared in newspapers and magazines in britain and round the world. a fervent admirer of napoleon, a devout drinker of champagne, a a

guy: coming up, jay powell speaks with a david rubenstein today about the timeline for rates.t conversation will be a 12:00 p.m. in the new york our. we-- hour. you do not want to miss this. this is bloomberg. ♪ andie: mdm up more than 2% star board is building a stake in mgm resorts and looking for changes. activism to begin the new year for star board, this time in the company of mgm. with the income of the stocks getting a pop off that news. we are out to mgm to see if they would like to respond. we will bring you more details as we get them. star board said to be building a stake in their resorts. jay powell will be speaking today at the economic club of washington. michael mckee joins us now. michael, do a reset. we have heard from a lot of federal reserve board governors and even the chairman a couple times. he will speak again today. is there anything more he can say for the market? >> i think the message has been clear. he who very clear in atlanta last weekend. and the rest of the board has been speaking out since. everybody has been saying the same thing, we will wai

david rubenstein hosts his eponymous show on bloomberg television.ith the deal is a prize-winning author to talk about her latest book. carol: it explores how presidents have led the nation through crises. and as she explained it, it contains lessons for business leaders as well. doris: leadership is about human nature and the way a businessman or a politician builds a team i think has similarities. are you able to build a team of people with diverse opinions, people who can argue with you and question your assumptions and bring that team together at critical moments? obviously that is what abraham lincoln did with his team of rivals and franklin delano roosevelt did. eleanor roosevelt was always willing to question his assumptions, always willing to argue with him, speaking truth to power. i think any team needs that, in business or not. i mean, they said about her that whenever she wanted something done, she would bring a person he didn't want to speak to because he was tired of that person, right to the dinner table so she would have to speak with

withed chair speaking david rubenstein at the washington economic club of new york earlier today. >>inancial markets really quarterg in the fourth with got more volatile and seemed to be pricing in a more pessimistic outlook, which, as i mentioned, seems to be rooted in concerns about slowing growth and a related concern about ongoing trade negotiations. the principal worry i would have is really global growth. if you look at asia and europe, you are seeing slowing in growth. the question will be how much that affects us. it's a tightly integrated global economy and global financial markets and we quarter will fee. we have an extended shutdown and i think that will show up in the data pretty clearly. particularly from our standpoint, one of the agencies that shutdown is commerce, which had the bureau economic analysis in the census bureau and some of the important data we get is published by them. would have a less clear picture into the economy if it were to go on much longer. carolyn: let's welcome a man who pretty well, was an economist for it, now is an economist for us. it felt

and immediately following that, the man who is sitting down with powell, david rubenstein will join thexchange in a cnbc exclusive. you won't want to miss that. guys, i think if i had to sum up one word for the commentary we've heard so much of over the past week, it is patient seems to be the word of the week >> rick santelli would say flexibilities. you drew all those beautiful pictures and also got a note, major indices have crawled back off the lows during the session. still just about at break even, a bit of green we see on the dow, s&p and nasdaq as we approach the noon hour >> that despite the retail which has been a key feature this morning. >> yeah, that macy's miss did figure prominently david, thanks for sticking with us now the half >>> i'm scott wapner greatest bull market on record really only halfway done that is what one hedge fund heavyweight said on this network today. is he right? it is 12 noon, this is the "halftime report." >>> a man who made billions in the market says it is time to get back in. >> there are plenty of opportunities today. that's what i'm looking at

we spoke with david rubenstein and this is what he said about possible damage to the economy.mpactit is having a big on the economy and i think both parties know this, so i think something you will get done soon. the u.s. economy could not survive this for six months in my view. david: does that reflect what you have seen on the hill? are both sides saying there will be damage so we need to come together to get this fixed? sen. rounds: i think so. nobody wins in these shutdowns. most of the people who work here, they did not come here to be part of an impasse, they came to find common ground. nobody wants to be seen as not being able to save face in terms of the president or speaker pelosi, but at the same time there are those of us who came to say, we are here to fund the government, make sure things work, and we are being entrusted with that job and we want to get things done. the challenge is unless we have the vote to override a presidential veto, these things have to be acceptable to speaker pelosi and the president, and we should give deference to the president in terms

it was powell who said, i think it was with david rubenstein, they would be dramatically smaller. that wasn't well received. if he goes there again >> there's not a wonderful history of the fed chairman. he's not -- he's not a good member is one way to put it. he's better off with a set piece. what he'll do is come out of the meeting and begin the press conference with a statement and that statement will very specifically say, what they mean when it comes to either the side of the balance sheet or the pace >> he would have to ad lib he'll be asked about it. >> oo ii'm not sure if the markt will get the policy statement. the fed shows the highest recession proeblt in the past three years. there's a 36 in 2011 recession followed neither of those two spikes it was a change in fed policy. then the fed stayed on hold. i'm not saying because of the spike but the gathering concerns about it that were out there i think where we are right now with this spike is a change in fed policy >> eddie, tell me where the fed factors in to your whole out look and thesis. >> i actually think it's an o

david rubenstein bringing that up with the subject of the latest david rubenstein show.reat athletes you sponsor. take stephen curry, great basketball player. you pay him a fair amount of money to where your shoes and he likes them. if he comes to your house and wants to play horse, does he let you win? >> i would be troubled if i won a game of force against a full -- stephen curry. >> what about swimming with michael phelps? >> i do not know i would try that. >> what about tom brady? does he throw the ball soft? >> he only has one speed. viviana: you can watch that at 9:00 p.m. on bloomberg tv. that is the bloomberg business flash. tom: it is always an important --versation about lewis v to louis vuitton. it is about celine and fendi. it must be luxury. bernard: i think the u.s. market is good. veryconomy in the u.s. is growing. us, we have had that trend in 2018, continue in the beginning of this year for louis vuitton, for our products like burberry and many of our brands. and now joining us anne-marie horton. what is the state of luxury? anne-marie: he is completely

sheet or some people saying that i'm not quite sure how you read it in his conversation with david rubenstein, look. that caused the big downturn, eight points in the dow. in the end, i come back to this inflation number and it is just very, very positive gasoline, oil by the way, reversed this morning and i think that that's been a negative, whenever oil goes down we have to watch how we get rig count. i do think that oil remains in glut i think gasoline is in serious glut i think that oil could pull back a little and, david, i wanted to correct one thing, you asked for the key to the market, i was focused on tilray, i think that netflix has a bunch of people saying, listen, it is time, buy it and david, netflix is up huge. why is it time now to buy it i'm not so sure that's so great. >> this thing has almost a quarter of the market cap in the last whatever. what does is it, the 11th? i don't know how many trading days now it is time all right. it is the -- it is such a momentum name, isn't it? up is up. >> tesla and netflix yeah. >> since december 24, netflix is up almost 40%. >> listen --

what struck me about the q and a that jerome powell had yesterday with david rubenstein, he specifically mentioned apple is that going to be, is the earnings season going to be good data points for the fed, is that going to feed in, do you think, to what the fed says come end of january? >> it would be an interesting thing to watch in earnings, not so much how they do last quarter but the guidance going forward earnings guidance is coming down quite a bit and where we were last year and earnings up 20%, year over year, a lot of that was the tax cut. that is now no longer tailwind and you're having slowing growth at the same time earnings growth is coming down and you're going to see that in the forecast so i'm not sure jerome powell cares so much about apple but certainly will be watching the message from the corporate sector in terms of their expected earnings and what does that mean for expected growth. i think the message there is just one way it's moderation. it's not as strong as we saw last year. >> i've heard a lot of people say what you just said and that's the tax cut was a one

patient and watch and see what does evolve that was the best quote in his whole interview with david rubensteiny the way, that's what matters. bottom line, this newfound rolling bull market is all about the fact that we're no longer fighting the fed and even with no chinese trade deal, even though no functional government and how weak these corporate numbers will turn out to be, the bulls are running free in this environment, even on a day where the averages arguably should have been crushed by the weakness in two monster leadership groups, retail and the airlines. why don't we take some questions. i say we go to alex in new york. alex >> caller: boo-yah, jimmy. >> boo-yah, alex >> caller: given american's guidance cut today, plus the uncertainty surrounding opec, saudi arabia, russia, china, how do you view the airlines sector going forward? is this an opportunity or do we need to wait for things to shake out a little >> i am -- look, i don't even want to say in the long-term blah, blah, blah, because there are other sectors that are so beaten up that i'd rather been in them. there is weakness

times the minimum monthly wage well let's get more on this now we're joined by danny barr he's a david rubenstein fellow in the global economy and development program for the brookings institution and he's joining us by skype from washington d.c. very good to have you with us on al-jazeera how would you assess the situation in venezuela now opposition to the government is of course not new but now we have two presidents. right we have two presidents one of them is their legitimate press you know which is one where you go under one of the expressly and who still thinks he's the president he's actually sitting in the presidential our hands and actually hauling. in the control so this equation is very tense and very sensitive that it seems that it's the first time in many years the idea opposition in minutes well has really a plan that it's a local plan we need to concede to listen to restore democracy and also come with the support of most of the international community right and hopefully the staff for that and rebuild the country and we will talk about you know the support from mention national c

kevin plank sat down with david rubenstein. he was very bullish on his company.d some troubles and now hope to come back. 2010-2016, every great brand to a crossroads -- will come to a crossroads. process hash that made us a better and stronger company. david: when i talked to him for ago, heo -- four years was much more brash than that. >> this company has gone through some tough times culturally. this is an incredibly competitive business that has changed a lot. the competitive set has changed dramatically. people are buying apparel in a different way and they are buying different things. alix: the consumer preferences shift. athletic wear, i will wear whatever is the cool thing. or is it what people are buying and they missed the boat? >> with the rise of lululemon and others, the athleisure thing, that isa a place where under armour did not get as fast. nike is a constant innovator. david: there's always a hot new thing. time,atime -- under armour was that. catch the full interview with tonight atplank 9:00 eastern time. up, a ge company without the ge. what

we started with minimal garden david rubenstein joins us as well. and davidlagarde rubenstein joins us as well. jon: an interview with bank of america ceo brian moynihan coming up this hour on bloomberg tv and bloomberg radio. so much to discuss with the man at the top of bank of america. tom: the backstory here, deutsche bank and the european banking story, this is tangible that this question of what do you do with a dominant bank. jon: talking about the prospect of consolidation in the united states. in europe, we've been talking about that for years, tom, and it hasn't been happening at the scale people would like it to. tom: thank you for the great feedback. good morning to all of you. again, the conversation to move it forward, but like "the great teampost," the in washington amid the shutdown, that is creeping in here. let's bring in a voice on american politics, timothy adams, president and chief -- wonderfulicer to be with you again. banking, we could talk about onde and debt, all eyes are mitch mcconnell. the senate is different. i want you

my honor to introduce co-chairman of the book festival and champion of reading and literacy david rubenstein. >> so -- thank you. so we're very honored very honored to have one of our country foremost historian and writer, biographer here, but thank you very much for coming -- [applause] how many people here, how many people have read team of rivals okay. how many have read bully pulpit? wow. how many people read are our book on lyndon johnson? what about the kennedys and fitzgerald? okay. all right and how many people here agree that she's one with of our foremost writers -- [applause] so for those who don't know her background just very briefly she's grew up in new york brooklyn, and ultimately went to colby a college got her ph.d. at harvard. he was a white house fellow in the administration helpedded with with memoir with and hopely went back to teach at harvard and for last number of years been writing extraordinarily lywell received terrific, biographies and histories, and won pulitzer prize for one with of your books as well. so you're going to be writing a new book that's coming out

. >> even referenced david rubenstein's idea to have a bipartisan commission to study immigration andow us to open the government in the meantime. >> i just can't imagine president trump going for that he's got his own way of doing things, whether you like it or not. bipartisan certainly not in the cards. look, people are mentioning the shutdown now and the conference in some of these recommendations. but, look, i look at walmart, morgan stanley whole to buy, flywheel is working, growing sales, not sacrificing margins, 3% is the right growth i come back to walmart economy, amazon economy and, yes, it is just terrible what is happening. when you see capital one, they have costs that are higher you can imagine when people aren't talking about enough is that people say, listen, they don't have enough money paycheck to paycheck. they have enough credit paycheck to paycheck except for the credit is it 15%? and people really misunderstand what is happening for those 800,000 people, which is if they have a credit card, they're going to max out and so that is something that is permanent. you

. >> davos, the guys talked to a bunch of players today heard from scott minor, david rubenstein anday dalio on the risk of recession, maybe not this year, but possibly 2020 >> there is a significant risk of a recession, you know, is it minus one, is it plus one, okay, let's not get technical about that too much. there is a high likelihood of a significant slowing in 2020. >> all right, that sort of dove tails with other survey work pwc of corporate executives. i think 30% see global growth slowing in the next 12 months. >> i don't buy it. this was exactly the rap we had about 2019, not that long ago. we heard we were late cycle, that this was -- really very little hope in the earnings. i would point to the fact that third quarter was shaded a lot we came down, we made estimates go lower, because we felt that things were going to be bad this year yes, we had mixed retail but what we see so far from internationals is not that bad i'm not buying it. hedge funds come on, they're very rare that a hedge fund comes on, this is a good opportunity. and yet i would argue that x the bear marke

david rubenstein told me there is to make these banks merge. where does it come from? desperation?areholders continue to see 60%, 70% of net book value and are looking for people to unlock value. boards are starting to feel that pressure and christine lagarde said yesterday, the compensation culture is causing problems. what will investments look like under brazil? >> it is an exciting time for brazil. you have got two or three factors. brazil has been pretty well run for the last couple of years under the outgoing government which was politically confusing but from a macroeconomic point of view, good. you have a recovery driven by credit expansion, driven by a pickup in employment. if the government are able to implement fiscal reform, the change to the pension scheme, to solve what is basically a future problem in terms of government expenditure and they bring in and idea of privatization microeconomic reform, the opportunities look attractive. tom: thank you so much for joining us today. up, to synthesize all that we have seen here. this is "bloomberg." ♪ tom: the queen desires

the back-and-forth but david rubenstein, cofounder of the carlyle group. mr.enstein is worth a very generous benefactor to the art. john f. kennedy center for performing arts. much, much more. he's a shrewd fellow. he knew the questions to ask and also to keep that kind of moving and get to some key points and others that got inside the fed chairman said in his thinking about his job were enormous political pressure from the president of the united states who made it clear he's not been satisfied with his choice of the federal reserve. jerome powell certainly in recent history one of the few who's not an economist by trade. he took economic classes. he was not oblivious to that but of course he earned his fortune on wall street as did mr. rubenstein. economic club of washington but a couple quick takeaways ahead of this on why the markets which have been up 75 points are now in negative territory might have to do with this reference to the dat, that it's still a pressing issue to him. you've heard a good deal throughout them further complicating things on the

david: speaking of latin, you have a skill you have perfected since college. you can take a word and pronounce it backwards. take rubensteincan say that backwards. jay: yes, it's something i was born with. i can see your name forward and backward in my head. david: is there any advantage in life from having the skill? [laughter] jay: it's been surprisingly lucrative at times. david: you're not an economist. jay: i sat next to janet yellen. she used to come in my office and go, are you coming out today? i hit it really hard there. i felt like i had a a lot to learn, and i did. ♪ david: you grew up in the washington area and you went to undergraduate at princeton, and then you went to georgetown law school, and you were editor in chief of the law review. you had a great legal career. you practiced for a while. why did you abandon the practice of law? jay: going to law school led me to practice law. practicing law led me to want to go into investment banking, because they were the clients and it seemed like they were having more fun. david: they were making more money, for sure. [laughter] jay: and that led me to do other thi

we'll see you in a few minutes and later today don't miss an exclusive interview with david rub rub rubenste rubensteinmums and fees. they seem to be the very foundation of your typical bank. capital one is anything but typical. that's why we designed capital one cafes. you can get savings and checking accounts with no fees or minimums. and one of america's best savings rates. to top it off, you can open one from anywhere in 5 minutes. this isn't a typical bank. this is banking reimagined. what's in your wallet? >>> thomas barkin says he expects economic growth to continue but at a somewhat slower pace in the 1.9% range. trade and international economy and politics and the narrowing yield curve. >>> retail stocks under pressure this morning check out macy's the company's holiday sales rose less than expected is that a misprint it's not it's down 18%. kohl's also reported a slowdown in holiday sales growth. target suffering as well despite a 5.7% increase in holiday sales. check out l brands posted a 6% decline during the holiday period nordstrom is down almost 9%. >> that's what we heard from people li

david: speaking of latin, you have a skill you have perfected since college. you can take a word and pronounce it backwards. so, take rubensteincan say that backwards. is that right? jay: yes, it is something i was born with. i can spell -- i can see your name forward and backward in my head. i have been a what to do that since i could read. david: is there any advantage in life from having this skill, or? [laughter] jay: it has been surprisingly lucrative at times. david: really? what did you think when you first on the fed? you are not an economist. jay: i sat next to janet yellen. she used to come in my office and go, are you coming out today? so, i hit it really hard there. i felt like i had a lot to learn, and i did. ♪ ♪ david: you grew up in the washington area, and you want to to undergraduate at princeton, then went to georgetown law school, and you were editor in chief of the law review. jay: yes i was. david: and then you clerked, so you had a great legal career. you practiced for a while. why did you abandon the practice of law? jay: it is funny. so, going to law school led me to practice law. although it didn't lea

david: speaking of latin, you have a skill you have perfected since college. you can take a word and pronounce it backwards. so, take rubensteinu can say that backwards. is that right? jay: yes, it is something i was born with. i can spell -- i can see your name forward and backward in my head. i have been a what to do that since i could read. david: is there any advantage in life from having this skill, or? [laughter] jay: it has been surprisingly lucrative at times. david: really? what did you think when you first on the fed? you are not an economist. jay: i sat next to janet yellen. she used to come in my office and go, are you coming out today? so, i hit it really hard there. i felt like i had a lot to learn, and i did. ♪ ♪ david: you grew up in the him anddavid: you grew up in the washington area, and you went to undergraduate at princeton, then him undergraduate at princeton, then went to georgetown law school, and you were editor in chief of the law review. jay: yes i was. david: and then you clerked, so you had a great legal career. you practiced for a while. why did you abandon the practice of law? jay: it is funny. s