this was bill dudley on bloomberg opinion. the fed can handle the reaper market, saying the following, one of the most important interest rates has had a tumultuous week, and the aberration has critic concern. my advice, don't worry, the fed can handle it. let's start with what happened last week. things,nday, two corporate tax payments september 15 and settlement of treasury auctions move money from the private sector, banks to the treasury's account at the fed, draining bank reserves from the system. started to seee upward personal repo rates. that spilled into tuesday. the pressure was significant enough to push the federal funds to 2.30%, so the federal funds rate was trading out of its range. >> things happening at the same idiosyncratic,, or more structural? the bank has to find the appropriate level of reserves. is that what we are working through? >> the fed has shrunk its balance sheet. growing nowance is that the debt limit issue is being resolved, so the number of -- has been-beens shrinking. the federal reserve doe

with respect to bill dudley, whom i have known for many years, bill dudley went over the clift. what bill dudley's statement suggested is that the federal reserve should adopt a monetary policy geared towards defeating president trump in 2020. the most is politicized statement i have ever heard, enda curran federal reserve board disavowed it, -- and the current federal reserve board disavowed it, walked away from it. mr. dudley has been criticized heavily democrats, like my friend larry summers, for example. the idea that you conduct monetary policy towards somehow influencing an election outcome is just utter nonsense. the fed is an independent agency. we've always said that. but then again, we have our opinions about the state of monetary policy. the market is telling us the fed is going to lower rates in september and october. i think that is a good thing. we shouldn't have an inverted yield curve. we should normalize that. i think we get to a normal position, it will actually help the economy get back about 3%. dudley then wrote a second article on bloomberg which did not re

a lot of criticism for bill dudley.uch damage -- do you think bill dudley did damage to the fed's position with that column, and did you find his clarifications to be helpful? >> i thought he did do damage with the first column. i didn't think the second column was that helpful. in that very same paragraph, he said the fed should consider all influences that it has when making decisions. and then saying one of those influences is the election. that seemed to contradict his point. i didn't really think it helped him. in some sense i think it hurt him. the original column was so out-of-the-box that i thought, some other people thought maybe dudley knows something we don't know. maybe this is an attempt to give the fed more room. he sort of put cold water on that by waffling around the issue. i don't think it helped him that much. romaine: -- caroline: in the united kingdom, parliament rejecting boris johnson's call for an early election. this is as expected. barcor of the house john announcing that result. romaine? fed,ne

those few in support of bill dudley.e into this, what i meant when i said don't enable trump. bill dudley enabled the debate, renewed the uproar. >> he suggested the fed might want to push back from the president to keep the president from going farther on the trade war. in other words, maybe not cut rates when the market expects it , because in the president would feel emboldened to go even farther with the trade war. the line that really got people was that may be the fed should play a role in the upcoming presidential election. there was an uproar about that, everything from the fed should not be politicized, to you are a traitor to the country. tom: jesse walk it back -- does he walk it back here? >> it is nuanced. he is saying, let's kind of go sideways on this. he said his intention was to be provocative when you talk about the election and the logical consequences of the chain of events is going to be. he said basically he was not suggesting the fed take sides in the election. tom: under claimed international -- a

dudley. >> bill dudley went over the cliff. what his statement suggested is that the federal reserve should adopt a monetary policy geared towards defeating president trump in 2020. the most politicized statement i have ever heard. david: whether that is the most politicized statement ever or not, how much more does this complicate chair powell situation as he tries to take into account what is being done on the political situation, which is trade, without trying to affect the politics. michael: it is a little bit more complicated, but jay powell and the rest of the fed -- jay powell is just one vote -- they have to look at the policy, and dudley's argument was the policy is bad because the policy is hurting the economy and the fed has to react to that. maybe if they push back, the president might change policy. they will look at larry kudlow and safety he is just defending the president. that is his job, that is just politics. both sides have politicized the issue, not jay powell, but dudley in his commentary. it is left outsi

[crowd chanting 'bernie'] ♪ ♪ hey.teyer: , let's hear it for dudley dudley, an example of the leadershipouraged that exemplifies new hampshire. let me say this, it is new for me to be running for president, but not new for me to becoming tuna hampshire, because next to jen america has been organizing on the ground since the beginning of 2014, and i have been coming here and it is always fun. this time i have been here for three or four days and stopped in at the red arrow diner, which is fun. i sat in the seat that al gore set in, and i set across the booth from where paul newman set . unfortunately i also set across from the booth where donald john trump sat. so let me say this, every democrat running for president and every democrat sitting in the seats in front of me is more qualified and more decent and more patriotic than the criminal who resides in the white house of the united states. [cheers and applause] and let me say, i don't know if you notice, but this week, the house judiciary committee is finally going to take up an impeachment inquiry into this president on wednesday. it

[cheers and applause] ♪ [crowd chanting 'bernie'] ♪ ♪ hey.teyer: , let's hear it for dudley dudley, anf the leadership encouraged that exemplifies new hampshire. let me say this, it is new for me to be running for president, but not new for me to becoming tuna hampshire,

we hear exclusively from bill dudley.athleen: later in bloomberg technology global link, a new report says juul is the target of a criminal investigation. another major setback for the e-cigarette giant. now a quick reminder on how u.s. stocks ended on this monday. you can see nearly mixed. we have to say flat but it was a bit of a recovery after friday's a slump. volume about 28% below average. 0.06%. at any rate, people are watching markets. people are watching the economy and the purchasing managers index is, from the market group. they were pretty good for the u.s. they held it above 50 for manufacturing and services. not so for european look at what happened to the euro after the week numbers from germany. we were looking at the bloomberg euro index. on the far side, quite a draw at the end but if you take a look the more, you are seeing index is at its weakest level since 2017. germany manufacturing pmi went down to 41.4 from 43 and change. 50 is the dividing line. economists saying this is another recession signal

so, let's hear it for dudley dudley, an example of the leadership encouraged that exemplifies new hampshireme say this, it is new for me to be running for president, but not new for me to becoming to hampshire, because next to agenda america -- next agea

is against what you're saying bob dudley the current american c.e.o. says b.p. continues to make bold changes continues to make bold changes across the group as part of a commitment to advancing a low carbon future you know this is getting a bit outrageous that these companies will still talk about the fact we're going to be burning huge amounts of oil and gas through 220402050 etc etc and the next moment they'll turn around and say we're being really serious now about our economy consistent with the climate goals of the bears agreement is what they say but you have to look at the pattern of investment the amount of money they're spending on renewable energy in comparison to the amount of money they're putting into brand new oil and gas projects as software $1000000000.00 after 1000000000 on renewables $16000000000.00 on oil and gas and that's the patent that goes on year after year after year and they have to get smart about this before their investors get smart about it because once the investors say we're not going to put any more money into projects that are

>> so bill dudley has come out with a new statement his initial statement was a bit problematic. statement suggested to many that the fed would actually act in a political way. that was how it was interpreted. that was a misinterpretation that was essentially what bill dudley is now trying to reel back why was it a problem, sara part of the rope it was a problem it was interpreted as actually creating the impression the fed does take politics into account, the fed does act politically. this, of course, had all kinds of negative collateral potential damage associated with it, such as a call by some for hearings on the senate banking committee regarding whether there should, in fact, be a fed that is so politicized. that was the furthest thing from what bill dudley, i think intended and certainly what he intended for the feds. he's new come out with a new statement in which he tries to clarify, put into a better context what he meant by his initial comments. >> i'm not so sure he's dialed back that much, though a key line for me, he says, quote, the fed -- this is in his new articl

earou would keep on dudley. i think if you are listening to martinmer official, potter has been making the rounds, and he spoke of bank of america on friday. he was talking about, the new york fed probably needs to do some term repurchase operations, go in and do outright purchases of treasury bills, given how heavy supply is on the front end. when people are hearing what some -- simon potter are saying, they are attuned to that. they care very much with the former head of the markets desk is saying. vonnie: does it change the calculus for the next rate cut? >> no, because this is a front end issue. where it changes the calculus, it is whether they do an adjustment to the excess reserves rate. if anything, we get another round of volatility heading into the meeting. maybe an adjustment, but at this point, the idea is the fed is having its whatever it takes moment, and it will do what it takes to keep the markets calm, but more importantly, keep the fed funds rate within its target range. vonnie: alex harris, tha

i think that is what bill dudley was trying to say. guy: i think that probably is what he was trying to say as well, but they've got to be alert to the issues and very dynamic in terms of their response. just one final, quick question. do you think the u.s. economy needs further rate cuts from here? michael: i'm not a central banker for sure, but i am very worried about a period in which we have very low interest rates for such a long time because it breeds a kind of state of mind that leads to leveraging up and a kind of vulnerability. so i acknowledge, as i said a minute ago, that the fed is operating in some uncharted territory of macroeconomic relationships that seem to have shifted for reasons that are not completely understood, so i am course andf changing trying to prop up the economy in the short run in response to global economic conditions by lowering interest rates. i think the fed ought to hand the ball to the fiscal authorities and others, and the reasons for that are basically i don't want central banks responding to much

that matches this to my mind and it's from bill dudley former head of the new york fed started in 2009 after tim geithner left until 2016 and before that he was with goldman sachs for about 2025 years the fed shouldn't enable donald trump you know trump isn't a trade war and that's why bill dudley responded to this it's like this trade war with china is crazy we shouldn't cut rates in fact we should raise rates if anything he's almost suggesting anything to get rid of trump like we should overthrow the guy well trump's new trade work tool might just be antique china debt collectors of pre communist debt are lobbying the white house to force beijing to pay up president donald trump's next move in an increasingly fraught trade war we're china could be one for the history books literally the trumpet ministration has been studying the unlikely prospect of reviving centuries old claims on chinese bonds sold before the founding of the communist people's republic this was a 1911 and it was used to fund the construction of a rail line between cancun and shows you won and once the communist rev

doctrine, that they are not going along with dudley.g ishat is worth this column is going to give ammunition to trump and critics of the fed who say, here is evidence there is a deep state. this is going to be a real distraction that powell does not need or want to deal with. >> boris johnson asking the queen to suspend u.k. parliament from the week of september 9 until october 14. politicians are due to return from recess next week. this would significantly squeeze the amount of time lawmakers have to make a brexit happen. nots johnson says he is seeking reelection. >> mr. johnson has thrown this spanner into the plans to prevent his idea of taking britain out, do or die, by the end of october. now, it is not unusual to suspend parliament before a new agenda is announced. normally, two or three days, it is announced, so five weeks, fairly extraordinary. what is it going to end in? maybe we are more likely to get this vote of no-confidence. then we are in the grounds of a new general election. >> prime minister boris johnson sparking a

the fed shouldn't and the able donald trump do you know trump isn't a trade war and that's why bill dudley responded to this is like this trade war with china is crazy we shouldn't cut rates in fact we should raise rates if anything he's almost suggesting anything to get rid of trump like we should overthrow the guy well trumps new trade work tool might just be antique china debt collectors of pre communis debt or a lobbying the white house to force beijing to pay up president donald trump's next move in an increasingly fraught trade war were china could be one for the history books literally the trumpet ministration has been studying the unlikely prospect of were reviving centuries old claims on chinese bons sold before the founding of the communist people's republic this was a 1911 and it weighs used to fund the construction of our rail line between honk who and shows you won and once the communist revolution happened and the people over through the the imperial power in china they said forget the debts but now the u.s. might revive that's because people have bought them buying them like

" fed operator. >> bill dudley has set a new low.s truly like telling a fighter going to the next round and pull your punches.s. regardless of whatever shocks to the economy their jobob is to me sure we have got the growth to compel the economy forward and he's telling them you know let whatever market troubles take place.. i'm ashamed too say the new york fed. lou: it's just good you didn't rise much higher. john you know as bill says that i thought was interesting he qualified it a little bit as a new low for former fed officials. there are lower lows for current officials evidently.. >> it was very foolish to go ahead and do. the last thing we need is a federal reserve where they conduct monetary policy according to whether not they think fiscal policy is t appropriate where they could by defaultt care less about economc performance. i think that's going to happen anytime soon. >> what will happen anytime soon? i want to get both of you to answer this. where are we headed right now at this economy? we have got of course a cadre of

monday on bloomberg television and radio, we speak with the former new york fed president bill dudley will get his take on what is happening in the repo market, and much more. that is live at 10:00 in new york, 3:00 in london. america's great climate change exodus. who is most at risk, and how mass migration overall will reshape the u.s. as we know it. from new york and toronto, this is bloomberg. ♪ scarlet: this is "bloomberg markets." i'm scarlet fu in new york. amanda: i'm amanda lang in toronto. amazon is disclosing its carbon footprint for the first time, so what do we know? the tech giant dominic more than e-commerce. the company created more greenhouse gas initiative then its rivals including target. jeff bezos says that he will commit to power and all of its business operations by renewable sources by 2030 and achieving carbon neutral a decade later. amazon employees today are expected to walk out of work, protesting the company's environmental impact. it will be their first walk out in the company's 25-year history. scarlet: the great climate retreat is beginning with tiny --

dudley at 10:00. these central banks bring in paper, and that supports the price and keeps them down. is this a policy for a lease, or do you suggest it could permeate through society and join negative real rates in the u.s. and negative nominal rates in europe. how is this working out? llem: the central bank have to read learn the art of managing excess reserves without having the most it -- the massive glut of executive reserves. well. does perfectly with a minimal amount of reserves. we will file -- figure out how to do it again. has beenor one embarrassing, but nothing to be unduly concerned about. moreine: we want to talk about politics with wendy, but is there something ugly? you say that it is a little bit technical and we should not worry about it. when the plumbing does not work -- i am talking but the repo rate -- is there something that is wrong with liquidity? willem: i don't think so. this is the manifestation of the learning process, central banks -- theye to relearn the have to undertak

there is complete disagreement with part two of dudley. his explanation today notwithstanding. i don't think it works, whatever he was trying to do, that the fed should in any way take political or election outcomes into account when setting monetary policy. period, full stop. >> if you're going to say we shouldn't enable the president or the administration on the trade war in effect, who cares what they say about that if the trade war makes the economy worse, they should act, period, end of story >> right okay that's good. but tell me this you have to go back a little bit. let's go back to the time when the market, and i do this from our cnbc fed survey, 80% of our participants thought there was a deal coming with china okay if you were going to enable the president and i'm kind of talking loosely here, you might have cut ahead of time to give him scope to hurt the economy from the trade, okay at that point in time, the fed, i think it's what it's trying to do and you remember powell's answer to my question which is, we're learning as we go here they don't know how to do this

we have bill dudley today with a clarification column saying what he meant and he said do not enable trump, he meant do not make up for any fiscal mistakes or administrative mistakes that might be made if you are a central bank. on the other hand, we have mark carney saying, let the exchange rate do its job. he will not committed any response on brexit. who is taking the right direction? tactictaking the right on this direction? sri: there is a lot of similarity between the bill dudley statement today and the mark carney statement. both are saying, in carney's case, he is saying brexit is beyond the control of the bank of england. bill dudley is sitting the trade war is something the fed cannot do about and should sit by in order to influence the election, but because the fed economically is powerless to do that. who them are saying things close to each other rather than diverging in terms of the approach. what you are going to see increasingly is central banks do act. let me add one more point. you had christine lagarde, the next ecb president indicate that she would stand ready to

tom: bill dudley, really interesting.view, and we have a podcast as well. single best chart, marilyn watson and dumb i -- diana amoa with us. it is a choice set available on qe. no, that is a different chart. there is the single best chart that marilyn watson would love. here's the conservative view, bring the balance sheet down and get us back to the nostalgia of the past. as dr. dudley and many others suggest, this is the new glide path for the fed balance sheet. should we fear and ever-increasing balance sheet for the fed? marilyn: i don't think it is something we should fear. the building up of the balance sheet was done for good reason. the fed has been drawing it down slightly, but it is not going sideways and you can expect it to build up. , if you see the continuation of the open market operations, you will see a gradual buildup of reserves. it is nothing to fear. andave seen currency expand we have seen a range of different issues, that it makes sense for the balance sheet to increase. guesshe u.s. is so big, i w

that matches this to my mind and it's from bill dudley former head of the new york fed started in 2009 after tim geithner left until 2016 and before that he was with goldman sachs for about 2025 years the fed shouldn't enable donald trump you know trump isn't a trade war and that's why bill dudley responded to this it's like this trade war with china is crazy we shouldn't cut rates in fact we should raise rates if anything he's almost suggesting anything to get rid of trump like we should overthrow the guy well trump's new trade war tool might just be antique china debt collectors of pre communist debt are lobbying the white house to force beijing to pay up president donald trump's next move in an increasingly fraught trade war with china could be one for the history books literally the trumpet ministration has been studying the unlikely prospect of reviving centuries old claims and chinese bonds sold before the founding of the communist people's republic this was a 1911 and it was used to fund the construction of a rail line between han crew and shows you won and once the communist re

too dudley saying he is not worried >> -- too worried. >> we are in a good place.o rates are back down to where they need to be, federal fund rates are in a good range. romaine: for more, let's welcome bloomberg economics senior economist and a macro fund manager. not a whole lot to panic about, done?g see, all >> it looks like it has been taken care of for now but it doesn't mean we don't have a problem. the fed put a temporary patch on it but they need to fix the problem more temporarily. as the bloomberg intelligence chief rate strategist has been talking about for some time now, we need to have a repo facility and the fed will need to increase the balance sheet once again. and they need to do it pretty soon. weeke events of the last creates emergency. is there any cost to balance sheet expansion if the purpose is just to ease the reserve shortage in the system? >> i think there are two important things going on and one of them is just noise. picture, major issue. two questions that are fascinating. first of all, the collective human response. 99.9% of people do

on monday, we will speak with bill dudley on his take and what is happening in the repo market and muchore. that will be at 10:00 a.m. in new york, 3:00 p.m. in london. romaine: coming up, oil grabbing up one of its best weeks in a while. the president announcing the highest sanctions ever imposed on iran. with the u.s. treasury is targeting, next. this is bloomberg. ♪ lisa: president trump announcing further sanctions on iran in retaliation for the attack on oil facilities in saudi arabia. the president called them the highest sanctions ever imposed on the islamic republic, and a said they would benefit the u.s. as well as allies. >> iran could be a great country, a rich country. but they are choosing to go a different way. there will be a point they will be sorry for that choice, but i think i am showing great restraint. a lot of people respected, some people do not. some people are so thrilled at what i am doing. and i do not do it for anybody, i do it for what is good for the united states and what is good for our allies. lisa: our white house reporter joins us now from washington w

that was bill dudley, former new york fed president.ina, we look at how the nation can get a grip on the deadly african swine fever. this is bloomberg. ♪ kathleen: this is "daybreak: asia." i'm kathleen in new york. paul: i'm paul allen in sydney. the scourge of african swine fever is still on the march in asia, with south korea reporting the fourth case in a week. thought guest has a that it's the most serious animal health disease in a long time, if not ever. pfieffer is an expert on animal sickness. just wondering if you can explain for us the difficulties in controlling african swine fever. the spread has been unstoppable, really. dirk:dirk: there are number of factors that play a role here. -- one of them is the characteristics of the environment -- of the virus. it survives very well in the environment of a product. it will hide in the trades we are conducting. we have a very high concentration of pigs in this part of the world. makes it very easy for the virus to spread within those populations. on top of that, we don't have any

even bill dudley, hayes clarification of his controversial op-ed today said there will be questions at if they cut rates about whether they are trying to ac wquiesce to a president or the market >> how many years have we passed national exuberance? 23 years. >> it's interesting the market will determine how we head into recession or how the economy does because there is a clear economic link in how the stock market does -- >> yeah, interesting how often he came back to that that's why i mentioned rational exuberance a little early. >>> when we return, watch out tesla. porsche announcing its first fully electric car the details next as we head to break the top performing stocks on the dow quk t see wleading the way. "sawonhetrt"ill be right back ntelligence gives you the power to see every corner of your growing business. from finding out what's selling best... to managing your fleet... to collaborating remotely with your teams. giving you a nice big edge over your competition. that's the power of edge-to-edge intelligence. >>> porsche unveiling the first fully electric car, the taycan

point of view. >> i hear you. >> right so, to me, the writing has been on the wall for a year bill dudley came out two weeks ago. i've been writing about this for more than a year >> yeah. >> whether it's cov light loans, high-yield bonds, bbb cliff, student debt, car loans which are defaulting at rates much higher than normal, there's so many pieces of this puzzle, they're screaming at us. the bond market. the stock market frankly is a fine place to put money in an alternative way. high-yielding stocks good companies, low debt if you're not buying back your stock at ridiculous prices, which often happens at times like this, to pay down debt is smart. we have to alleviate some of this risk building up in the bond market. to me f donshgsme, if don't, weg for the markets to freeze up the worst experiences i think have been when the credit markets freeze up, then we go into deep recession and seem wonder how we'll get out of it that's what we're headed for if we don't take the air out of this >> i understand. i have kate moore here from blackrock as well. you want to weigh in here? you can a

and you're going to fight with this sort of -- the tweets on one side and the sort of bill dudleys onhe other and it's a little bit messy, but my bet is the story line for the fed turns out to be a little bit more dovish than people are thinking at this stage >> david, alicia, great to see you both thanks for joining us. >>> still ahead here on "closing bell," to cut or not former fed vice chair don kohn will tell us whether he thinks aith wl banks will lower rates agn iseek and next week. "closing bell" back in 90. >>> welcome back apple unveiling new iphones and details about its upcoming streaming service at its annual launch event josh lipton joins us with all the highlights hey, josh. >> let's start with apple's bread and butter, that iphone franchise. apple ceo tim cook taking the stage today and debuting three new smartphones for his fans, as the new lower-priced iphone 11, faster processor, 6.1-inch display, better battery life that's going to be priced at $699 so interestingly, about 506 bucks cheaper than its predecessor,r, which has been apple's best seller. and then on the

like trucker harold dudley. >> how long you been doing this?s. >> 20 years. >> uh-huh. >> how many miles you driven? >> probably 2 .5 million. >> 2 .5 million miles? >> yes. >> roads getting better or worse? >> i'd say getting worse. the infrastructure has gone way down. >> of all the millions of miles of road he's traveled, dudley says the worst is right here on this bridge. >> it's losing concrete from the upper deck to the about lower deck. and the bottlenecking, that's one of the biggest issues. >> and you're driving a truck like this on there. this must clog things up, too. >> yes, it does. >> what does traffic mean for you all? when you get slowed down -- >> less money. >> less money. >> less revenue. if i'm riding 20 miles an hour, i'm making $10. >> is that true? >> yes, sir. >> talk to me about it. i don't see any shoulders here. you can't pull over if you want to. >> if you break down, you're doomed. it just shuts everything down. about ten years ago i was coming back to pepsi in cincinnati, and a gravel truck turned over an 75. i sat

michael: a lot of people thought that bill dudley was suggesting the fed actively work against donald trump's reelection. he made it clear today that is not what he thinks, but he is afraid the fed has been unduly politicized by the president, and people who question whether they are cutting rates because the economy needs it or because the president once it, and that is an issue -- the president wants it, and that is an issue the fed should pushback on. alix: thank you very much. coming up, more on your morning trades and the analysis of the markets. this is bloomberg. ♪ david: we are watching jeremy corbyn, the leader of the opposition labour party, asking prime ministers questions. now it is time for the bloomberg first take, where we give you the news and you get the trade analysis of the markets. here to discuss our gina martin , and, vincent cignarella jordan rochester, nomura ethics -- nomura fx strategist. on the pound in the u.k., explain the trade given what is going on in parliament. vincent: i think what we can see is a bit of a respite as it looks like things will be dela

-- columnist bill dudley.is at 10:00 a.m. business time. now let's get an update on what is happening outside the business world. viviana hurtado is here with first word news. viviana: president trump is climate the summit at the human -- at the u.n. democrats ramping up pressure on president trump after his phone call with ukraine's president. house speaker nancy pelosi signaling readiness to take stronger action against the president. the speaker called the president's move "a great new chapter of lawlessness." present -- and president trump says he has no intention of meeting iranian president rouhani at this week's you in general assembly -- this week's general- this week's un assembly. >> i am not confidence we can avoid a war. i am confident we will not start one, but i am confident that whoever starts one will not be the one who finishes it. this comes as the u.s. is sending more troops to saudi arabia after the attack on oil fields. iran denies response ability for this strike. global news 24 hours a d

maria: bill dudley back we mentioned earlier the former new york fed president answering backlash onalled what i meant when i said don't en able trump. he goes on to write as i saw it combination of trade war the president's attacks on fed threatened to put the central bank in untenable position president trump shifting responsibility for the downside risks from his trade war on to fed i thought this was important issue worth exploring we are talking about that, on the fed, and its relation to the economy andy it is interesting you have bill dudley pushing back against the president's war on fed if you will, when you look at jay powell what jay powell has done end of last year was ready about to raise rates three times. and unwind balance sheets clearly something changed, in in jay powell's mind the fed's mind to come into an easing cycle six months after. >> president trump was right should not have raised interest rates in 201s certainly shouldn't have raised in december had impact strengthening the dollar i can't ignore impact of dollar on trade when we have very strong dollar, it

les saluda a ramona dudley. estamos en vivo para informarle, gracias por acompaÑarnos. sobre la posible presencia de ice en una tienda del este de san josÉ. abogado de inmigraciÓn y miembros de la red de respuesta rÁpida recibieron llamadas reportando inmigraciÓn en walmart de la calle story road. algunos recibieron un mensaje de texto confirmando una auditorÍa y nueve en establecimiento. una forma de realizar los formularios de inmigraciÓn que los empleados llenan al momento de ser contratados. donde muestra quÉ categorÍa estÁn autorizados para trabajar en estados unidos. la ley ab450 en california protege de lodos empleados. carla: despuÉs de estos rumores de una supuesta auditorÍa i9. hablamos con un abogado.. >> se refieren un formulario para verificar la identidad y autorizaciÓn de empleo delas personas contratadas. quien no cumpla con el requerimiento, podrÍa ser detenido para una posible deportaciÓn. es importante que usted sepa lo siguiente. >> cuando inmigraciÓn por un agente federal pide este tipo de documentos, el empleador tiene 72 horas para responder. ese

when the question was put to him about bill dudley's op-ed last week, the fed distance itself as an institution from those remarks but jay powell made it clear that neither he or says colleagues pay attention to politics. he says people of both parties, they know their decisions are important to the lives of americans, and they will do the best job they can. he is very firm on that point. and come he at the was asked how you managed to tune out a president's tweets, and he says we are focused on our jobs, we don't get involved in other things. let me ask about the idea, the link between slack and inflation has diminished. if that is the case, what do we look for, what is full employment, what is underemployment? >> i think it is not broking. the phillips curve is not broken, just flatter. that is what the fed continues to tell us, what we see. we see a gradual pickup in inflation. next week, we will see another small pickup in cpi in the core metric. i think we see that in wages as well. it is not broken, just flatter. that is what we should be focused on. inflation is not the main focus right

bp chief bob dudley is preparing to leave the company within a year. helm after the 2010 deepwater horizon crisis, leading the energy giant for almost a decade. shares in the company have climbed by about a fifth during his tenure. bp declined to comment. spacex' elon musk has announced starship,a full call a vehicle that will take humans to mars and beyond. musk says the goal is to fix problems like air travel. it came on the 11th anniversary of the spacex rocket reaching orbit for the first time. that is your bloomberg business flash. thank you very much. let's talk u.k. politics. boris johnson is fighting a series of allegations about past behavior. he is denying he groped a journalist 20 years ago and he says he follows the rules in his links to a former model. and entrepreneur. the fuhrer is overshadowing the overshadowing the conservative party conference. i want to talk about sterling risk. they have given me a wonderful new 3d model. have a look at this. and structurelity for option pricing, the most expensive ever. to protect myself for three

. -- implications for liquidity. , williamn he replaced dudley say -- says fed officials will probably consider a new tool to contain short-term rates. he also touched on his converse op-ed last month where he suggested the fed reject rate cuts that would help president trump's prospects for reelection in 2020. what i said to be precise, one could, if you accept the notion that the fed's goals are to maximal -- maximum sustainable profit builder of the long-term and one accept the premise that this trade war it might not be good for the economic outlook, then logic would say there's a question about show the fed take this into consideration? at the end of the day, i made clear in the second piece i wrote that i do not think fed should take this into consideration in setting policy. if the fed were to do that, they would become politicized and people would react by reducing independence of the fed. >> you think the fed has already become politicized? >> it has because of the presidents attacks on the fed. those in academic piece that came out of the last 72 hours i saw this morning. ofy

dudley is also willing to curb the development of other projects.are affecting investment decisions of the biggest oil producers. pickens had enough careers perhaps for a dozen people. yesterday, pickens died in texas. he was 91. he earned much of his wealth after turning 75 by betting on rising prices for oil and natural gas. that is your first word news. tom: thank you so much. boone was great. he was a gracious gentleman. it was a great loss not only in the oil business, but just the grace of a wall street from another time and place. equities, bonds, currencies, commodities. a lift to the markets. this is what happens when the president changes his mood on tariffs. 27,184.ures out to 15, 14.71.l under can you tell i have got the plague? two-yearthe three yields. that big positive u.s. yield. francine? francine: well done. i am looking at equities. they are a little on the upside -- or, they were on the upside. overall, markets this morning were more joyous about the fact that trade tensions might be easing. bonds up a touch. there is a lot of un

we can also show that on water supplies, considered a low to moderate risk generally, dudley council,ying constraints on supply of drinking water due to shorter shelf life of former grow to six weeks of imported chemicals as a moderate risk. social care problems are again mentioned in yellowhammer and in council documents. for example, the isle of wight, warning of the extreme impact of the failure of the extreme impact of the failure ofa of the extreme impact of the failure of a social care provider. yellowhammer also warns on inflamed tensions in northern ireland. these documents show that north ayrshire council via a new deal as it could see greater sectarian tensions, including in the west of scotland. elsewhere in scotland, nicola sturgeon said it's a version of the yellowhammer documents from the same day was a base scenario, not the uk government's description. the yellowhammer documents are a worst—case scenario. yellowhammer documents are a worst—case scenario. they are produced so that government can take plans, take steps in order to mitigate any of those consequences. so f

to be seen as the patsy doing what mr trump is doing helping him to get reelected since he like mr dudley who said it publicly knows that mr trump is a big fat problem for the american economy let me point out that in addition to those see if those you mention some of the most important industrial association the american grocers association the american retail association publicly yesterday and today excoriated mr trump for the global trade war on china which they say is threatening their business hurting their profits and in that way contributing again to the recession that we all know is coming mr trump is trying to hold it back and putting mr powell in an impossible position so he waffles which mr powell maybe could decide for doing but wow was he under conflicting pressures in terms of wanting to maintain the credibility wanting to do what's right not wanting to appear to be mr trump's willing to all this is a very difficult position for him and reflects the gap between what's actually going on with the american economy and what the president and people around him keep telling us bec

hedging monye we also have a headline from the us that matches this to my mind and it's from bill dudley former head of the new year.

strength of the wind on saturday night and then through sunday afternoon, the latter part of sunday dudley