economic data, including the jobs report on friday.inutes from the last fomc meeting and the much discussed mifid ii, the biggest change to european industry rules in a decade. those are happening on wednesday. with kathleen gaffne, julien scholnick and ira jersey, and i want to focus on the jobs report on friday. we already heard a little bit about kathleen's outlook for wage growth. ira, what are you guys looking for for wage driven inflation next year? will we see any sign of that? ira: i think a little bit. one of the things i like to do is break out the cpi inflation report and a high volatility and low volatility segments. when you look at the volatility segments, a lot of service industry jobs. the price pressures are increasing. where the energy and food related commodities and sectors that are jumping up and down in a very highly volatile, those of not rebounded to the same extent. i think inflation next year will be higher partially because of wages. julie: what are you looking at given the jobs growth we have seen, if not th

you can thank strong economic data, more strong economic data and progress on tax cuts.he dow has sit 23,000 this year alone. the s&p 500 also hit an all time high. obamacare enrollment could fall short by millions. nearly 2.8 million signed up. good news for obamacare supporters, the picture not as rosy when you consider that open enrollment is more than half way over. trump administration flashed the el role. period, by half this year. meaning the pace will have to pick up a lot to meet the 9.2 million who signed up last year. >>> general motors says self-driving cars is the in ex-big thing. plans to sell them by the year 2019. company promises it will mass produce fully awe to be mick electric cars by then. first step toward a big shift in the car business. auto maker says ride sharing could ultimately be bigger than its current business of simply selling cars. the i have heard this. >> smais that right? h. >> you buy a car, it's your car. that that's going to go away. >>vy a hard time buying that notion. maybe in new york. san francisco, l.a. >> going to be working w

economic data.e sales rise to precrisis levels as consumer spending surprises to the upside. we will discuss. from new york, this is bloomberg. ♪ jessica: let's get to first word news this afternoon. president trump stepped off air force one to a trump chant started by his supporters. he gave a thumbs-up as he walked to meet the crowd. president trump signed the tax cuts job act before leaving for the holidays. the bill was a win for the administration, the first -- as his first year comes to a close. more than 44 u.s. attorneys and republican officials believe robert mueller should be allowed to continue his investigation into russian interference in the 2016 election. the groups urged him to refrain from firing or trying to discover -- discredit the special counsel. reports surfaced that to teams -- team members had exchanged derogatory text about donald trump last year. and in response to the latest ballistic missile, can it reach that u.s.? as the fourth resolution passed, the new restrictions t

fresh economic data out. home surging in november to precrisis levels. more is the bloomberg intelligence chief u.s. economist. why the surge? this is not just new homes, existing homes. generally, the high-frequency data has been better. housing data has been strong heading into the end of the year. there have been a couple of factors. there is a lot of rebuilding activity in the south, due to the hurricanes earlier this year. that does not fully explain what is happening here. there was strong results in the west and even the you -- even the northeast. given the strong activity on the coasts, that leads me to wonder if there is not a bit of a rush to close housing transactions before tax reform takes effect in the new year, potentially weighing on mortgage deductions, property tax, and state and local texted actions as well. there may be rushes into transactions. that means the strength we have seen in september, october, and november is likely to carry into december as well. vonnie: president trump has signed the stopgap spending bill, including missil

we are also expecting more economic data from china as well.cond—largest economy will release its data on. i asked what we might see from the federal reserve meeting? that have been three rate hikes this year at a believe that is what they will carry out. they will continue stressing the labour market has been strong but whether russ some doubts and inflation picking up in particular where wages are will rise and jobs being created so that isa rise and jobs being created so that is a bit ofa rise and jobs being created so that is a bit of a dilemma. a fairly strong report on friday forjobs. a lot of central banks in this region tend to watch what is going on in the us. indonesia amongst them as well as the philippines. for indonesia, they have cut rates twice this year in the third quarter so the best thing they can do is to hold steady. it would be too soon to suddenly shift gears. they are sitting on a very confused central banks but i expect to shift to slightly more neutral and next year perhaps one rate hike. with the philippines as well,

we have also seen through the other economic data is the strength of the uk's economy. we were the fastest major growing economy. we had figures which showed onceloyment coming down again. we see a fundamental strength in the u.k. economy. i believe it's an economy people want to invest in. since the brexit vote we have seen major companies like google, facebook, making investments. a cheap currency was part of the incentive. was there a point where the cheap currency becomes a vulnerability. >> i think what people will look at is the fundamental strength of our economy and opportunities in the united kingdom. looking at the economy for the future, looking at how we can ensure the environment in the u.k. is the right environment, the best environment to do in -- to do business and invest. i look across the atlantic who takesnald trump, a protectionist attitude towards trade. what we say to him on that? >> if we look around the world generally, there is a question about free trade. it has been questioned. it goes to what i was saying earlier, people feel globalization ha

economic data released. you will have bitcoin futures. we won't deal with that right now. decision, regional elections in catalonia, and all eyes on washington for a tax vote and a potential government shutdown. what i want to do with bob michele is something he does every year, the bond market awards. i think it is absolutely brilliant. him him him him bob: we are going to have some fun now. jonathan: we're going to rattle through them. you chose bond of the year. can you walk me through bond of the year? bob: in distorted markets you have to look for something that is most distorted. i went with the violia zeroes, a three-year triple-b rated issue. forget about the fact that they borrowed money for three years. they actually got lenders to pay them money to take their money. it had a yield of -3 basis points. if that is not a sign of distorted markets, i don't know what is. jonathan: you took a pass? bob: we did. jonathan: lifetime achievement award? bob: got to give it to janet yellen. i actually think she is a really cool lady. she got into the fed. she helped normaliz

we start with breaking economic data. julie hyman is here to give us the details.ly below the 99 that was estimated. we are seeing cooling for a second month. it does remain at a level consistent with a steady economy and a solid job market, which we heard about earlier this morning. it is the expectations measure that appears to be responsible for this decline. it declined 84.6 from 88.9.

if you look at the economic data it hasas of late, been surprising by a higher margin. at is the blue line, the economics of price index for the united states. in looks at how economic data has been doing relative to estimates. after underperforming estimates in the summer and going in the fall, it is catching back up with the s&p 500. interesting because they tend to move more together. there was a big gap. and now the numbers are starting to perform a little bit better relative to expectations. nonperforming relative to expectations are the laggards. we have ups down. not by much for the company did say in a tweet it was seeing struggle at his delivery centers because of the big influx of orders for the holidays. we have pall corporation falling. that has to do with an analyst call being cut the underweight from sector wait over keybank. they are setting valuations and fundamentals. cooper company in the industrials. after mountingwn concerns, including a rise in andand market share gains it overshadowed its fourth-quarter which was in line with estimates. coca-cola as

we start with breaking economic data. julie hyman is here to give us the details. reading foris the consumer confidence, slightly below the 99 that was estimated. we are seeing cooling for a second month. it does remain at a level consistent with a steady economy and a solid job market, which we heard about earlier this morning. it is the expectations measure that appears to be responsible for this decline. it declined 84.6 from 88.9. the year ahead, inflation expectations gauge rising to 2.8%, the highest since april of 2016. what we have just heard lisa and john talking about -- inflation in this seemingly robust economy, which has not been heating up. consumers do expect it to heat up over the next year. we see stocks once again rising toward record levels after this morning's jobs report came in better than estimated. as you can see once again, the nasdaq is the out performer as we see strength in technology. look at some of the large-cap tech firms. they are helping contribute the most to games today. the likes of microsoft, apple, and alphabet are strengtheni

strong economic data, more strong economic data, and progress on tax cuts.s year alone. the president said the market would be down 50% if democrats had won the election last year. the dow, for the record, is up 6,000 points since the election. an incredible run built on tax cut hopes, trump's pro business mood, and a strong, strong economy. the so-called trump bump is the latest leg of what has been an eight-year-long bull market. >>> obamacare enrollment could fall short by millions of americans in 2018. 2.8 million people have signed up so far, quite a bit more than last year. good news for obamacare supporters. but the trump administration shortened the enrollment period. so the pace will have to pick up significantly to hit the 9.2 million of last year. >>> general motors said self-driving cars are the latest big thing and plan to selby 2019. they will mass produce fully autonomous cars and will be used for a ride-sharing service, a big shift in the car business. ride-sharing could ultimately be bigger than its current business of selling cars. i've hea

>> it's a fairly busy week on wall street for economic data.october factory orders on wednesday is the adp employment report and third quarter productivity jobless claims are out on thursday the week wraps up with the november jobs report and consumer sentiment on friday to discuss a bit more on markets and where we -- where you should put your money to work, anthony chan, chief economist at chase very interesting to see stocks right now, the premarket trade, anthony, up 220 points for the dow. it suggests that the news from michael flynn which did rocket markets, the tax reform the big central focus. >> that's right, seema this tax reform package is going to add a stimulus of .5% every year we know there will be negative offsets. it is a positive influence in gdp moving forward. >> in terms of the likelihood from here, clearly a few hurdles still to get over. what extends price into the market >> i think that right now more and more of that tax reform is being priced i would say it's 50, 55% it's going through. >> barons over the weekend said

data. keep an eye on the aussi dollar story. that is fascinating as we watch economic developments down under, and whether we will get a rate hike or not. check out this data on gold. i put this up your because of what is happening with bitcoin. let's look at what is happening across the gmm. here we go. gold, up by .1%. the cftc data shows a huge pickup in shorts on gold. i put that side-by-side with what is happening with bitcoin. crude, not a lot doing there, but we will continue to keep an eye on what is happening with crude throughout this week. a lot of central-bank meetings coming up this weekend they are likely a big factor in terms of what is happening in all these asset classes. let's catch up with what you need to know with the bloomberg first word update with juliette saly. : -- [no audio] guy: ok, we apologize for that small mechanical outage there, but let's carry on. bitcoin hit wall street with a bang, just hours after the cboe exchange,tures on the it climbed more than 25%, triggering two circuit breakers along the way. at the same time, the stock abov

economic data, and the italian prime minister is expected to hold a news conference marking the end oftration and the start of the countdown to spring elections. still with me george concalves, greg peters, and matt toms. i feel like we had spent the year worrying about european politics, and it has yielded very little for our efforts. why should we be worried about politics now, if at all? matt: ultimately you need to look to the change of the ecb leadership at the end of 2018 and into 2019. the political framework in europe will guide how much leash the ecb gets. if you infuse volatility ahead of that, that could create some turbulence in markets. that is not being talked about today, but it will come center stage in the second half of 2018. jonathan: if you take the catalonian regional debt and look at the performance of the bond, if you faded the panic, there was a massive opportunity to buy the bottom in september-october. that captures the whole story of the year in europe. don't worry about the politics. why is it going to change? greg: politics have been basically white noise t

economic data is all around positive on every front, whether you look at china or the u.s.europe. the one missing piece, if the investors are waiting for the piece for the fed to accelerate, i think that is a precarious position to be in to not be prepared for that. one thing central banks are focused on is asset inflation. jonathan: will this change? is a cold spring or something that will creep up slowly? colin: i think it will creep up slowly. i were concerned with the fact inflation could be less than the market might think or investors may believe. jonathan: what will get us there ? colin: i think it is a structural situation with inflation across the globe. if it is a situation where we continue to have employment report after employment report groundhog day with inflation expectations but not coming to fruition, i think i'm more worried about the fed wanted to raise rates three times next year and inflation not supporting them. jonathan: will happen to the yield curve? it's been a big story once again this week. at one point it was going to test 50 basis points. what

economic data today on consumer confidence. dow flipping to 27,746. n nasd nasdaq closing to 2396. >>> people rushing to prepay their property taxes before the new tax law kicks in. the amount you can deduct is $10,000. if yours exceed that, you could benefit paying more tax on 2017 when there's no limit. some are urging caution on prepaying the taxes. there are questions whether irs will allow filers to take the deduction earlier. >>> kanye west literally put the stock in stocking stuffer this year. wife kim kardashian reveals two presents, a disney toy, netflix and amazon gift cards. the other is stock scertificate worth tens of thousands of dollars. >> that's a good gift. >> yeah. i should say. how do you think of something new to give to the woman who already has everything? i think he did a good job. >> way to go, kanye. >> as landon was mentioning, apple's iphone x is taking a bite out of their stock. they are on track to sell 20 million fewer iphones than expected. the iphone x has confusing features and may be overpriced at $1,000. i should sa

look for economic data today on unemployment. >> thank you. >>> coming up, tracking a peeping tom. how one couple is trying to protect their entire neighborhood after an invasion of their privacy. toasting dad: i'm not one for speeches. but here's to... to many more years of friendship. and feasts! crowd: [laughing, cheering] to presents! a mi familia que lo es todo. ♪ to being right here, right now, with you. sfx: dog bark. and you. toasting dad: i guess what i'm trying to say is, here's to family. we're proud to bring your family amazing value every day. t.j. maxx. marshalls. homegoods. family is the greatest gift.

look for economic data on housing, gdp and consumer sentiment. dow rose 413 points to 24,651, nasdaq up 80 to 3966. >>> toyota plans to have an electric version of all suvs by 2025. they are in talks with panasonic to develop energy efficient rechargeable batteries. they aim to sell 5.5 million electric or hybrid cars by 2030. >>> if you buy a tesla for work, you won't be able to use the company's charging stations anymore. they are prohibiting commercial vehicles from using the red and white charging ports, which have become all purpose. tesla says the superchargers are intended for people who don't have ready options at home or work. they announced fees for charging and will charge extra if a driver leaves their charge unplugged after it's been fully charged. how about that? >> i guess i won't drive my tesla to work anymore. thank you, contessa. >>> good news for drivers around christmas time. actually gas dropped three cents. prices are expected to go down more. bad news, we are paying a quarter more than last christmas. a gallon of regular ga

look at the economic data that's come out look at how inflationary the tax package is inflation leads to high rates. >> which is not signed. >> the market is not telling you it's not signed. >> you're worried about technology, i heard you say that earlier. >> micron is down 20% in the same period of time. >> too broad a brush stroke. keep doing that. saying technology and it's all down and it's not. look at many so of the f.a.n.g. names there. the semis are off. you look at more value-oriented names. >> the sector itself is down 3.5% in a week and it's down more than 1% today we're not talking about f.a.n.g.s. >> what i've been saying all year, tech, that term is too broad a term to use. look at the things like the ciscos and intels and qualcomms are doing just fine but there are head fakes in this market, scott. there are things that are rallying right now that you really should be suspicious of top of the list is the retail sector look, you get into january and february and things get really dark in retail sector. everybody is spent out the reports start coming in. they are usually

. >>> the week ahead on wall street is full of economic data. tomorrow look for the november producer price index the fed also kicks off a two-day meeting. on wednesday we'll get cpi as well as that fed decision, where they are largely expected to hike rates again latest economic forecast, also janet yellen's news conference will be on wednesday on thursday, retail sales and import prices, and then friday we've got industrial production. on the earnings front this week, there are three notable names reporting results, all on thursday look for numbers from adobe systems, costco, and oracle. >>> our top story this morning, bitcoin futures soaring after going live on the cboe last night. and leslie is here with the details. >> good morning. bitcoin's wild rise continues. futures begin trading last night on an exchange run by cboe global markets the first contract opened at $15,000, and after about two hours jumped 10% that caused a trading halt, but four hours later, the price had surged 20%, triggering another halt but despite more than 1,000% gai

investors widely shrugging off fairly positive economic data which showed a surge in business activity across the euros on. the highest monthly kim i reading in six and a half years. on wallstreet the nasdaq is rising as tech stocks renowned a u. s. investors keeping a very close eye on capitol hill. lawmakers are working to merge the senate and house of representatives versions of the long awaited tax reform bill. president are from saying he's optimistic its dealings by t all trump and members of his family. both mortars and bloomberg reported the subpoenas being issued by your special counsel robert muller. is looking into possible ties between the trump campaign and the russian government. germany's largest lender said it was cooperating with authorities that would strive to protect its clients privacy. deutsche bank is worth millions of dollars to the trump organization for its real estate business. almost probe is requesting information about specific financial and credit transactions. moving on from the days of the business headlines now. it quite has had yet another record high

look for economic data today on unemployment. the dow falling 39 points yesterday to 24,140, the nasdaq closing up 14 to 6,776. bitcoin blasts past $14,000. the surge comes about 24 hours after the value of the digital currency topped $12,000 for the first time. bitcoin is known for wild price swings, it dropped 20% just last week alone. gains for the crypto currency have picked up in recent weeks as public interest grows and several exchanges are getting set to launch futures contracts that will track bitcoin's value. >> lyft is offering self driving car trips in boston. the ride hailing service is conducting a pilot program in the sea port district which is a growing tech hub. cars will have humans behind the wheels for now who can take control if necessary. lyft is also working to deploy self-driving taxis in san francisco and has agreements to develop vehicles for ford and google's wamo. >> welcome to you. >>> 4:41 right now. happening today, the site to save net neutrality goes national and palo alto grannies as old as 86 ye

as well as that economic data, investors will also have various bits of corporate news to mull over onsing its second quarter earnings. they're likely to show that strong demand from international markets — notably europe and china — is driving sales growth. there are also signs that business in north america is improving too. and the consulting firm accentia is expected to post a rise in first quarter revenue when it releases earnings. joining us is david buik market analyst from panmure gordon. i , what a joy. the pleasure is all oui’s. mark carney reassuring investors that the cryptocurrency bitcoin does not pose a threat to global financial stability — we better hope he's right! the only area i would be worried about, it is not a solid piece of metal like gold, and it does lend itself to criminology. people who can't get money out of countries will use bit calling to do it. it will use bit calling to do it. it will be impossible to regulate. —— bitcoin. how can you make a case to regulate bitcoin. i wish all those people, who want to fly by the seat of their pants, was up from $234

signs coming out of the economic data itself it looks like the unemployment rate is going to breach four percent to the downside and in fact the fed has incorporated that into their forecast that by the end of next year we'll have a three point something percent unemployment rate for the first time since the dot com mania of the late one nine hundred ninety s. pipeline pressures are building the producer price index came out of a six year high and yet the household sector as we know continues to show signs of balance sheet stress so these are very conflicting situations for policymakers at the fed to have to contend with the question is will they or will they only pay attention to signs that inflation is building and over hike the economy into recession which is what the difference between the two year yield and the ten year yield flattening as it has is communicating loud and clear bianca. danielle de martino booth president of money strong l.l.c. and author of fed up an insider's take on why the federal reserve is bad for america thanks so much for your time as always thank you appreci

it is the last day of trading before the long christmas weekend and there is a whole lot of economic dataill be watching closely for an inflation measure that it likes to look at when making decisions, the personal consumption expenditures price index. it factors in prices paid by consumers here in the us for goods and services, but without the volatility of food and energy costs. this rate is expected to have gone up by 0.1% in november. the us commerce department will release the number of new homes that have been sold last month and that is likely to have fallen compared to october. investors will also find out how demand for capital goods made in the us is faring and that is expected to have risen. ago, it would nothavenjanegsxgtl: are ago, it would not’huvenjonégsmgfl: a it's good at the moment, it's good news. low—interest at the moment, it's good news. low— i nterest rates have at the moment, it's good news. low—interest rates have been contributing to this, and the cheap money in the markets. but those are starting to change. moving into 2018, will we continue to see these big game

investors will also get a bunch of economic data to pore over, most notably retail sales figures fromorate earnings are farfrom to spend. and there is corporate earnings are far from software giant oracle. joining us is sue noffke is uk equities fund managerfrom schroders. nice to see you. talking about what is going on this week. lots going on. it is kind of wrapping up what has been really a goldilocks year 4 economic growth, financial markets. would you describe that for the uk? the uk in a global context is quite small. it is not as bad as many feared. i just small. it is not as bad as many feared. ijust wanted small. it is not as bad as many feared. i just wanted to small. it is not as bad as many feared. ijust wanted to clarify what you thought goldilocks was. feared. ijust wanted to clarify what you thought goldilocks waslj am what you thought goldilocks was.” am talking about the global economy, particularly the us, which sets the scene. gross has been good. what drives central bank action is expected inflation. —— growth. that has been modest. we had core inflation numbers wh

>> not significantly better, although economic data has -- all of the economic data has turned over.nomic fundamental perspective, brexit is bad for the u.k. economically. even if they make this deal by the end of the year, first of all the one i have any trade deals by march of 2019, they will have to talk about a transitional deal, so there will be uncertainties for a long time and it would not make me feel better. david: is the problem really limited to the u.k., does it affect the rest of europe at all or are they in me and -- are imm une? megan: where it really hurts the european union, in terms of its structure whereby the euro, it is not an optimal currency area, but would make it such -- the biggest proponent was really the u.k., so the u.k. leaving is off of the table. anytime there is a crisis in europe it will be a big one. alix: and input costs increasing the most in 2011, that happened today. and how long until we really see and feel that? megan: we are already starting to feel that. u.k. inflation has been jumping up. i was in london last week and for the first time sin

what we do is we just keep working economic data. we work economic data over and over again. gdp is pretty much the single metric we use for human development. say, hey, how are things going in egypt and bahrain, let's look at gdp. we just use that one. then we just work it over and over again. that's why economics works and economics is a real important metric to us until it doesn't. we start working on this 12 years ago we said, what is it we need to know? >> i did a lot of initial stakeholders myself, every time i was with a world leader i would say to him, if you could ask the whole "world one" question, all 5 billion adults, so you could do your job better, make changes that would change the world, what would you ask them? they were sort of the best leaders at the time. they always came back with something simple. they didn't have anything to blow me out of my chair. they'd say, i wish i knew what they wanted. i wish i knew what they wanted out of a life and i also wish i knew how they were doing because economics doesn't give you any of those. we got a pretty good break

some economic data to watch out for later. some factory output from japan. n seoul -- the kospi index in seoul up about 0.5%. more data out of australia in about 15 minutes time. jobs was the focus today in the federal reserve statement. the federal reserve raising rates on wednesday, signaling more to come in 2018. what is expected from europe's three central banks that meet on thursday? kathleen hays here with a look. done with the fed, now let's move on. kathleen: let's start with the federal reserve. 2017, thewrapped up beginning of the end of the janet yellen's term as fed chair. they signaled three more rate hikes in 2018. let's jump to the terminal. here is 2018 come of the fed -- six voters clearly in line for rate hikes. some see maybe four, some see fewer. statement its policy in projections boosted their gdp forecast for 2018 and 2019. they continue to see a medium-term inflation rise. it is almost like what janet yellen said at the presser. market,e strong labor we are having difficulty finding qualified workers. we would assume to resume normal s