how has doug mcmillan pulled this off? in january 2015 walmart announced closure of 269 under-performing stores. in october of that same year, mcmillan announced the next step of huge e-commerce spending $900 million in 2015 and then up in 2016. most investors can't think past a week let alone quarter and his stock got slammed, mcmillan had the backing of the waltons and allowed him to pursue his plan even if the market didn't like it. he doubled down making acquisitions. last summer walmart bought jet.com one of the fastest growing e-commerce sites in the world for $3.3 billion. the idea is they can offer customers tremendous bargains by giving you extra discounts if you order merchandise from the same distribution centers and the deal gave walmart access to new urban shoppers who might not otherwise be walmart shoppers. since the jet.com acquisition they made smaller purchases, shoe buy, mod cloth, outdoor gear and clothing although none big enough to roll the needle. last month they announced they're rolling out their o

at wal-mart, doug mcmillan, the c.e.o.rt, put him in charge of ecommerce across the board. he's following that model. he went out and acquired the tdoor retailer moosejaw, the founder/c.e.o. of moosejaw is in charge of outdoor across all wal-mart. he is empowering them in a way perhaps he didn't feel empowered at amazon. julia: that was brad stone, you can learn more about the feud between amazon and wal-mart in the new issue of bloomberg "business week" available now. scarlet: coming up, we speak with the man behind the taylor rules, economist john taylor, said to be on the short list to replace january -- janet yellen. this is bloomberg. ♪ . . julia: it's 2 p.m. in new york, 12:00 p.m. in san francisco. -- scarlet: welcome to bloomberg markets. ♪ we are live in bloomberg world headquarters in new york. over the next hour, stories out of washington, paris, and beijing. here are the top stories we are the top stories we're covering on the bloomberg and around the world. oil finally seeing relief after with solving the past