and much to the dismay of the fed reserve. so we're not going to see that, but yellen also would have got out and that would be to end the long job in the congress and provide the much needed fiscal stimulus spending in frankfurt. thank you. many sectors are suffering during the pandemic travel hospitality. traditional retail flower vendors are also along those who have seen businesses wilting. think about no birthday parties, weddings and gatherings to celebrate anything. and with the 2nd wave of infections hitting europe, the crisis isn't over. it's just before midnight and the world's largest flower auction is about to begin. thousands of growers bring their flowers to the royal flora holland. on the outskirts of amsterdam, the 1000000 square meter hall is the size of a town. at the beginning of the pandemic, there was chaos here. entire loads of flowers had to be destroyed. europe was in lockdown, and no one thought of buying flowers. tons of them landed in the poor witness the shock down, terry. all of a sudden he couldn'

coming up later in the hour we will speak with dallas fed reserve president robert kaplan and former white house chief of staff mack mclarty. this is "balance of power" on bloomberg television and radio. ♪ david: this is "balance of power" on bloomberg television and radio. we turned to mark crumpton for bloomberg first word news. mark: bill gates says it is "mind blowing" the united states has not done more to slow the spread of the coronavirus. speaking at the bloomberg new economy forum, the cofounder of the bill and melinda gates foundation did highlight some progress being made on covid-19 vaccines. the only thing they have done well is they funded more r&d, not just for u.s.-based companies but for companies around the world, including a lot of these european constructs. that was a good thing. that was a favor to the world. the rest of it, the u.s. is at the back of the pack. the diagnostic work we did, the messaging, even today the messaging is reaching a new level of incoherence. gates added it is too soon to say whether covid-19 will be fully eliminated. talks over a post-br

fed reserve chair jerome powell has opened the door to a possible shift in the central bank's bond purchases. he says that more fiscal and monetary support is needed because of rising coronavirus infections that threaten the economy. for now, policy makers agreed to maintain bond buying at the current rate. economists expect the u.s. government's latest job report to reflect a slowdown in the labor market. the median estimates in the bloomberg survey says that 593,000 jobs were created last month. the jobs report is out as a -- is out at 8:30 a.m. new york time. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ the vote: in america, is sacred. it is how people in this nation express there will, and it is , no one,of the voters not anything else that chooses the president of the united states of america. so each ballot must be counted, and that is what we are going to see going through now. pres. trump: our goal is to defend the integrity of the election. we will

us treasury secretary janet yellen has bay area ties before becoming the first woman to serve as fed reserve chairman yellin was the president of the federal reserve bank of san francisco she held that position for 6 years from 2004 to 2010. she also taught economics at u c berkeley. and california senator dianne feinstein also saying that she is going to be stepping down from her role as the top democrat on the senate judiciary committee in a statement feinstein said that she would not seek the position in the next congress. she did say she didn't say exactly why but here's a portion of what she did release it says quote california is a huge state confronting to existential threats. wild fire and drought. and that while they're only going to get worse with climate change in the next congress i plan to increase my attention on those 2 crucial issues. now the announcement does come after public criticism of her bipartisan outreach and her handling of supreme court justice amy coney barrett's confirmation hearings. >>a group of local lawmakers is asking the governor to appoint california's fir

this includes former fed reserve chair janet yellen. is expected to be biden's pick for treasury secretary. also former secretary of state john kerry, who biden has chosen to be his special climate envoy. a newly created cabinet post. fox news fox news' lawyer ingram says she thinks it is all starting to look a little too familiar for her locking stomach liking peerless end. >> biden's entire administration is basically going to look like a rerun of the series canceled four years ago. this time, without its popular leading man, the joe obama >> gillian: dealing with internal strife of which campaign officials in the initiation. one senior staffer tells politico that "the obama staffers are now cutting out the people who got biden elected. none of these people found the courage to help when he was running, now they are elevating their friends over the biden people. it is messed up." marie, i want to come to for us, because he worked in the obama administration and the senior role, worked directly for john kerry. tell us why this is wrong

let's discuss that with roberto perli, former official at the fed reserve. e fed, we didn't glean much in terms of past normalization, but we had an example from the rbnz this week where you saw expectations of negative rates really push back and the currency as well as ponds really reacting. is there a sense that this could be around the corner? because if the vaccine euphoria is to be believed, in six months we could be talking about tapering. iserto: well, the vaccine unqualified good news, no doubt about it. the bad news is the vaccine will not come quickly, or, at lease for everybody. so the concern policymakers have in the u.s. and around the world is what happens in the interim. so, the longer people stay unemployed, the higher the risk that potential growth down the road will be smaller. so i think the focus for now a policymakers will still be on the short-term and try to do as much as they can to support the economy while we wait for distribution of the vaccine. haidi: we saw jobless claims rising for a second straight week, although home sales are

fed up. a lot of the criticism in that book was, was, was focused on janet yellen and the slowest most normalization process in the history of the federal reserve that left the bubble in its wake that jay powell inherited such that he was not able to, to raise interest rates to a normal level, he was not able to shrink the fed's balance sheet again because janet yellen refused to normalize policy to raise interest rates to tight monetary policy. when the, when the opportunity afforded her to do so, when the economy was on strong enough footing, you know what we talk about this story that we led this segment with regarding treasury secretary minucci and kind of pulling back this funding from the federal reserve. now how is janet yellen a former fed chair going to work with current fed chair powell, how are those 2 going to work together and will this be something that is actually undone? what missions actions were done by janet yellen? or will she continue that policy? do you think i would think that this would be reversed within a matter of days, but you have to bear in mind janet yellen, earlier in this year in the spring, said that the fed sh

president of the san francisco fed reserve bank and helped guide the economy after the fiscal crisis.ternationalist economic view and pro-china in some circles. there are lawmakers who are also concerned about the idea that she may be very supportive of a biden tax and spend posture. further hamper the post covid recovery. >> she comes with a lot of experience and qualifications but will confront a fiscal challenge as we come out of this pandemic. how do we pay back the debt we've incurred in fighting covid-19 and how do we get the economy growing again? and she will have to navigate that as treasury secretary. >> while the former vp has made a few cabinet picks already there is a concern at least among some of his strongest supporters that the team is lacking in african-american representation. south carolina congressman james clyburn is urging his friend to consider a host of other candidates for senior posts including marsha fudge for ag secretary and alvin brown at hud. we expect to learn more about the biden economic team next week including yellen, as for the day, nothing on the

hold off on breaking the economy. >> let's go to steve liesman for the results of this fed meeting. >> the federal reserve leaving interest rates unchanged the fed saying it is committed to using its full range of tools to achieve its goals of maximum employment and price stability it said on economic activity and employment continue to recover, however, the economy and economic activity remain well below the levels prepandemic inflatio

the fed reserve and the treasury appear at the moment to disagree over whether the fed emergency programsbe extended. fed chair jay powell made some of his strongest comments yesterday about continuing the programs which provide financing to the muni market, money bonds and loans to medium-sized businesses powell said, quote, so we came in and the markets have reopened, and when the right time comes, and here's the emphasis, i don't think that time is yet or very soon, we'll put those tools away so far treasury secretary steve mnuchin, who has to agree under a lot has not said which way he'll go here's why people think the program should be continued. it starts with the economy and markets are not out of the woods yet with a surge in the pandemic especially with the recent surge. the programs have served as a critical backstop to markets year end is the wrong time to eliminate them because the challenges in the financial markets around the year-end funding. there's a case to end them the other side said the reason to end them is markets are functioning pretty well, pretty normally you can

the fed is buying $80 billion -- that is the federal reserve. d is buying $80 billion in treasuries every month. it sounds like because of the politics playing out in washington, they are going to transition even more of that buying even further out the curve, focusing on sevens, tends, 20's and 30's rather than the very front end. i think that is what led to this disconnect that has a flatter curve, record high stock prices. tom: we have negative interest rates in europe, japan like a zombie market as well. there is a fiction to this. there is a constructed artifice to it. how fictional is your bond world? ian: i think the fiction is best described as have nominal yields, then you have real yields. the fed has made it very clear they are not dropping into negative policy rates. that puts an effective floor on where nominal rates are going to be, but layer in inflation, and we see what is playing out in real yields space. tom: we have to stop the show. jon ferro, because of thanksgiving, do you not do a "real yield" this week? jonathan: we will d

fed anymore. well, i think when your point is that the economy is not in recovery, but the facilities that were set up on the treasury's balance sheet in conjunction with the federal reserve, did not do what they were supposed to do. they did not create jobs, which is of course, that the fed 2nd mandate is to maximize the creation of employment. it's patently apparent to him that the capital markets are operating just fine. we don't need the federal reserve in the open market buying the bonds of apple corp for heaven sakes . so i think that that was my point. plus there are some, there are some beltway politicking going on here. and that is that if mitch mcconnell wants to stick to a skinny deal and put a ceiling about a half a trillion, what better way then to take the proceeds of what's going to be taken away from the fed and tack that on to a continuing resolution bill, such that you're able to effectively put nearly a trillion dollars of stimulus out into the economy, but again, you're not, you're not getting creating new funds in order to do so. you're just repurpose saying what the federal reserve, if it had been given. but you're in the beltway, i'm not, that's jus

through the crisis >> let's talk about what more the federal reserve could be doing here you're doing about $120 billion a month in asset purchases fedowell at the last press conference said there was a discussion about additional asset purchases or framework around the purchases can we expect something from the federal reserve as soon as the december meeting when it comes to some change in the purchases that you're making now >> well, let me not front run the committee on what our decisions will be. we're discussing the issues still. but for now, i really see policy in good place. if you look at the expectations of our funds rate, people have them in the right place. the we said we were fully committed to keeping the funds rate low until we are fully back on track to achieve our goals of maximum employment and price stability. we have asset purchases in place. and we're discussing what more could we do if more is needed. and what should we do in terms of communicating a plan for our asset purchases going forward? those discussions are always on going. but we really had a robust debate as chair powell referenced discussion more than

fed meeting. >> the federal reserve leaving interest rates unchanged the fed saying it is committed to using its full range of tools to achieve its goals of maximum employment and price stability it said on economic activity and employment continue to recover, however, the economy and economic activity remain well below the levels prepandemic inflation is held down by oil prices and the economy depends on the course of the virus the committee will maintain its purchases or increase to smooth market funding it repeats for the second time that it seeks inflation moderately above 2%. this is a carbon copy of the last statement i counted seven words changed and none of them really substantial or meant to convey any particular meaning i think that reflects the big changes. jim was saying last time exceeding the 2% inflation goal and theity si itdesire not to mo many waves while the country counts votes in this presidential election. the other dissenter did not attend the meeting due to the birth of his second child. >> congratulations to neal kashkari >> absolutely. >> we'll spend half an hour dissec

federal reserve board came out with a statement expressing their interest in extending them, to keep them available, and that is pretty much where i am. jonathan: rafael bostick, the atlanta fedresident come on little bit of tension we wake up treasury ande the federal reserve. from london and new york this morning, good morning. let's get you some price action. . a quiet morning, a quiet week in the grand scheme of things. unchanged on the s&p coming into friday. in the fx market, euro-dollar $1.1864. in the bond market, not much to her about here -- not much to talk about here. we are unchanged on the morning. tom: this is one of the great tools we use every day. this was invented 30 years ago. it is absolutely definitive. we have on the screens in front of us a global first-order condition headline dump. the latest headline i have on michigan and the president is the michigan secretary of state, lawmakers have not confirmed their meeting with the president today. i am not sure what the actual fact is, but that is the latest headline i have away from expected last evening as well. julie norman is at university college of london, and of course, she has studied the t of our t

is a higher backstop by the federal reserve. the fed balance sheet equals one third of the u.s. throwing that out your tom: when you said -- just throwing that out. tom: when you sell credit, don't you just go to cash? what is the alternative when you are addicted to the high-yield. lisa: your absently right. that is why going into some of the instruments and justifying it. the distinction is what people might end up getting is when these companies go bankrupt, if they go bankrupt, the return is that much lower. it is a binary outcome. they can get that coupon that is higher, but at the end of the date the returns might go to zero if there is a problem. this is the question. it does not seem like the default cycle will be nearly as bad as people had expected. where will you go, especially with the fed backstop? tom: that is the conundrum of into december. futures up 25. coming up on bloomberg television, this is a timely conversation on any number of ways. irc. miliband of much more with the politics and united kingdom. stay with us on bloomberg radio, on bloomberg television. g

fed is not stepping away from that for a while. onei think the principal which a lot of people don't understand is the federal reserve act gives the d a very limited menu of assets. the ecb's menu is much broader. the bank of japan's menu is far broader. the fed is highly restricted in terms of what, other than treasury issues, it can by. but one of those things are the mbs of fannie and freddie. as long as it needs to buy assets, it is going to want to keep buying them. guy: alan, really appreciate your time. thank you for sharing it with us. alan blinder, former fed vice chair, thank you very much. let's now go to the bloomberg new economy forum. bloomberg's erik schatzker is hosting a panel with ray dalio, the cochairman and co-ceo of bridgewater associates, and the executive chair of santander. they are talking about what investments will look like in a postcrisis world. let's listen. news of major progress on vaccine developed has looked at our hopes on vaccine development debt on that -- on vaccine development has raised our hopes. what do you see of the most lasting effect of the pandemic for years to come? anna, why don't y

president, that big factor that is really driving the markets is the pandemic as well as the federal reserve. the fedaintain those low interest rates. me meanwhile the pandemic continues to rage in the unitedstates with no sign of slowing down. joe biden can be more effective at containing the virus. he's already assembling a coronavirus task force. if you look at here in the japan, the nikkei trading at three-year highs is continuing to edge even higher. investors globally are really hoping that trump -- unlike trump, biden is going to bring diplomacy back to a more moderate stance wit comes to foreign policy and trade. when it comes to trade, markets rally here as well even though joe biden isn't expected to change the direction given the bipartisan consensus of the tough china policy. at the least, the hope is it will lead to a predictable policy around china. rosemary. >> selena wang, thanks for joining us live. >>> u.s. vice president-elect kamala harris is preparing for her new role. we'll look at the impact she's likely to has as second in command at the white house. >> every little girl watch

and everybody's looking to the fed dyess you know what are the expectations well for today no immediately and you monetary policy action is expected from the federal reserve when it concludes tonight its 2 day meeting it's more likely that the fed chair jerome powell will again make warning statements you know reminding the government and the policymakers in washington in fiscal policy that they have to do something and my conduct was an insensitive and you so much. let's take a brief look now at what else is going on in the business world. the international monetary fund predicts that code 19 will lead to asia's worst economic decline in generations the lender said china was a bright spot of growth this year but while the asian region would rebound in 2021 full recovery from the virus could still be years away. and to lift blow for many good economy workers california voters approved so-called proposition 22 allowing right hating and delivery companies to continue trading or treating their drivers as contractors instead of employees eligible for benefits like health insurance companies argued reclassifying drivers would upton below cost business models.

fed ever since. >> the federal reserve raised the rates too fast and too soon. >> reporter: yellen never blinked. >the president has a right to comment on the fed but i would worry that if it continues or intensifies that it could undermine confidence in the fed and the market's confidence in the fed's judgment. >> reporter: since the 1700s, when alexander hamilton served as the first treasury secretary, they've all been male, including trump's man steve mnuchin, who has a deep pedigree and business and has staunchly refused to hand over the president's tax returns. >> i've had no conversations ever with the president or anyone in the white house about delivering the president's tax returns to congress. >> reporter: yellen by comparison is known for her balanced approach to business and consumer concerns for imposing stiff sanctions on wells fargo over widespread consumer abuses and her take on the pandemic economy was clear even last spring. >> we're going to be looking at a decline in gdp of the least 30%, and i've seen far higher numbers. this is a huge, unprecedented, devastating hit, and my ho

reserve and the treasury secretary. not on the same page about the credit backstop. if you don't have that fedthe credit market, where does it leave the fed? they have to load up on bonds, extend bond buying through the treasury curve to buy even more. in the treasury market this morning, unchanged at 84 basis points. but the story of the last couple of weeks, since monday, the curve is basically exactly where it was monday before the vaccine news. the 10 year, pretty much exactly where it was the monday before the vaccine news. this market hasn't repriced in the same way the equity market has. looking forward, when ethan could about demand, what you check in on? i think this is -- when you think about demand, what you check in on? i think this is really important. asia-pacific em, there's a little more optimism at the moment. if you want a pure gauge of where demand is in the market right now, there's only a couple of places you can go to, and the commodity market is one. month,about 17% over the on the session, 0.6%. copper about 1.4%. a multiyear high on copper. this commodity market is pre

now, this news coming as one of yellen's former colleagues at the new york fed, president john williamson, says the federal reserveency lending if they need to and on that note, i want to bring in former dallas fed adviser danielle di martino booth and from the university of maryland, economist peter morici. danielle, before we start with any of the actions being taken, your reaction on twitter to the selection of janet yellen? you almost broke twitter. what is your problem with janet yellen heading up the treasury department? >> well, back to where we were a year ago, i was on set with you and we were talking about the most mundane, arcane plumbing issues in the repo market and overnight reserve and all the things were gumming up the plumbing in the financial system. these are matters that make markets tick and/or come to a screeching halt. janet yellen is a labor economist. the reason the mortgage -- the subprime mortgage crisis blew up in her backyard, remember countrywide mortgage, it was on tv constantly, the color of my dress, but she has a fundamental underappreciation and misunderstanding of the intersecti

fed needs time to wind them down. mnuchin in a letter to powell said i am requesting that the federal reserve return the unused funds toreasury so the $429 billion that the fed now has to give back would have backed up more than $4 trillion of loans into the economy. the fed in a rare public rebuke of the treasury responded, quote, the federal reserve would prefer that the full suite of emergency facilities established during the coronavirus pandemic continue to serve their important role as a backstop for our still strained and vulnerable economy several economists and business groups joined the fed in criticizing the decision u.s. chamber of commerce said that it prematurely and unnecessarily ties the hands of the incoming administration. oxford economics saying in the absence of fiscal aid, the decision could unsettle exacerb stress the programs were credited with providing a backstop to the private sector and calming financial markets that were roiled by the pandemic sources tell cnbc that the fed will still have the ability to loan out some $750 billion, but any new lending after december 31 requires approval from

reserve. the treasury department's move would end most of the fed's emergency lending facilities as well as twoinized programs, the main street lending program and the municipal liquidity facility. lindsey, what kind of impact are you expecting this to have on the economy? >> from the beginning, congress intended the programs to be temporarily. they have been successful. credit market conditions have improved. the timing seems unfortunate given the u.s. economy is extremely fragile which indications of waning momentum particularly on the consumer front. going forward, depending on the depth and duration of the second round resurgence that we're already experiencing and the subsequent policies put in place to stem the threat of the virus, we could see the u.s. economy slow significantly, if not fall back into negative territory, so creating a second round recession scenario really at a time when the fed needs and argues for additional power to help stabilize the economy, the treasury secretary has asked the fed to return the unused funds. maria: that's not good. what about that in terms of an in

calling for a new bretton woods so why america it's a vestige of america and the federal reserve and the new york fed is just a money printing catastrophe this new bretton woods they're waking up to the fact my god we're about to lose to china so what will be the result of this new printing words will china laugh and just say well we've been buying gold for 20 years and we think we have enough gold to support our economy we don't get we don't care what you do or when they seek a seat at the table or what's the dynamic there dan good question and. we're living through a historical time to read a new britain with britain would. the money which more concerned me as it looks like there is no stop to endless money printing in the west europe us there is no base case where we get out of money printing most of the non chinese rule has been sucked into 0 percent interest rates. u.s. is the last one standing that hasn't been stuck there but they're on their way i think most people are predicting that we're going to hit 0 percent interest rates as well be payments to get out of this covert crazes which has bee

federal reserve has pledged to use what it calls its full range of tools to shore up the economy fed chair jerome powell also expressed concern about rising coronavirus cases describing the u.s. economy's outlook as extraordinarily uncertain the fed has already spent trillions of dollars this year to prop up the economy powell said more stimulus might be needed in the months ahead. yan's accord to joins us now from new york yes can you tell me what stood out to you there from the fed statement. well maybe let's start what your own paul did not comment on and that was the current political situation what is quite understandable but he did hint that more has to be done from the fiscal side meaning the federal reserve can only do so much and tim he actually said there are 2 risk to the economy or the 2 biggest risks that he sees one is that the corona virus gets under control for the 1st time ever on wednesday actually we have more than $100000.00 new cases and then the 2nd is that if congress stays divided that it might get more difficult to get this extra stimulus and that actually co

reserve formal federal chair, former head of the san francisco fed, someone who everyone seems to thinks while the qualified for the role. let's bring back alan blinder. your basic thoughts on this. what does yellen bring to the table as potential former -- potential treasury secretary if confirmed? alan: she brings just about everything. she brings brainpower, relevant knowledge at the federal reserve, the cda, in academia. she brings strong but i would say softhearted attitudes. we were talking a bit before the break about inequality and things like that. she cares deeply about issues like that. was notrman of the fed any position to do much about that. is in ay of treasury position that. you could say she has been getting schooled, and she is ready to execute. caroline: ready to execute on the politicking. you have written about this at length, that people, in particular america suffers when we see economics and politics aside. i was mentioning before the break that the roadblock named mcconnell who will still be in the road and less the democrats take those two seats in georgia. so

reserve. toven mnuchin has written fed chairman jerome powell asking for unused money to be returned when thepire. in a rare public risk, the central -- and a rare public rift, the central bank is pushing back, watching to use the money to support the economy. you leaders are stepping up preparations for a brexit. sources tell bloomberg that emmanuel macron and his belgian counterparts are calling on colleagues to make contingency plans in case the talks fall through. face-to-face discussions are suspended after a member of the e.u. team tested positive for coronavirus. the global economy are warning the recovery is at risk as coronavirus continues to spread. the international monetary fund and g20 are sounding the alarm ahead of the virtual summit, which is happening this weekend, hosted by saudi arabia. the imf says elevated asset prices are pointing to disconnect from the real economy and a potential threat to financial stability. global news 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more i'm 120 countries, leigh-ann gerrans. t

fed chairman. reporter: connell, federal reserve chairman jerome powell says the economic path forward will be a challenging one and includes more help from congress. powell on a panel with european central bankers says that monetary policy needs to work with fiscal policy because the size of the economic shock with the coronavirus. >> ultimately it was a job to replace lost income. i would say that our congress stepped in and there hasn't been a faster or stronger response from congress to an economic emergency since really the great depression. reporter: he is talking about the first cares act at the beginning of the summer. last week powell said, in order to get quickly back to where we want with the economy. there needs to be a another relief package from congress. it should be targeted to those people and industries affected most by the coronavirus. but congress zooms to be even more far apart when it comes to when that package will be done. listen. >> the heroes act has now for nearly six months been a formula for crushing the virus, for honoring our heroes, our health care workers, our police and fir

and breaking news in response to what the feds did. >> the federal reserve making known its displeasurend the lending programs from the cares act. i will read it we would like them to continue to serve their important role for our still strained economy very explicit about the federal reserve not agrowing with the decision with the treasury secretary. the treasury secretary asking for some $429 billion set aside for the fed to be given back to the treasury and i believe that debt would be extinguished from the general account. >> public disagreement between the two institutions thank you. president elect joe biden and kamala harris wrapping up a meeting with several governors working on coordination on the pandemic you were on the call with president elect biden. governor, i also guess you were on the call vice president mike pence referred to with all 50 governors. thank you for joining us what was and is the key difference between the current administration and the incoming administration on how to handle the virus? it sounds like from the press conference a national mask mandate is s

fed meeting this afternoon. we would hope he will have a terse question for the chairman of the federal reserve system. ways with questions for the fed is peter hooper, he is with deutsche bank than their global head of economic research. what a thrill. peter hooper, so much to talk about. i need to immediately go to the cautious view deutsche bank has had on the american economy. do you reaffirm that within this political moment? peter: yes. near-term things are starting to slow. we had a very good september, but the data for october has begun to soften, and what we are seeing the labor market, this morning's numbers in line with the sense the labor market is not improving further. the adp number yesterday says we may get some downward surprised, a downward drift in payroll on friday as well. our sense is the economy is slowing to noticeably below the consensus expectations and 3.5%, 4% growth in the fourth quarter. .e've been under 1% given what we are seeing now as slowing in consumer spending, we have had a drop-off in auto sales, high-frequency numbers on payroll purchases also pointing in this dir

federal reserve chair jerome powell just weighed in on how the fed plans to keep interest rates low for quite some time until, of course, the criteria for the labor market inflation is reached. let's bring in our experts. nat alliance securities' andy brenner and global co-head of economics, michelle gerard. to you first. what jumped out at you here? he is continuing to beat the drum saying we need stimulus, we need stimulus, and you are looking at the stock market and looking at a recovering economy and thinking, at least i'm thinking, do we really need that injection of a sugar high at this moment? >> well, you could see that even the fed chair was, when asked about why wouldn't you provide perhaps more stimulus, you know, you see him suggesting that they are quite comfortable with the current stance of monetary policy. i think that there's been -- the question was raised if we're unlikely to get as much fiscal stimulus as perhaps the market had thought given the fact we will still have a divided congress, might that mean the federal reserve has to step up and do more, and you can jus

. >> you take the federal reserve lending program, the fed eased up a little bit on conditions earlier a few months ago but is still restrictive, you qualify for the program and some of the things treasury has you can get a loan from a bank upfront but that's not what we have today so they should drastically ease those conditions, make sure small businesses get those loans and help keep them alive until we get the covid vaccines out there and get something resembling a normal economy again. connell: what you make of what president trump did this afternoon on drug prices. blake said to rules, discounts have to be passed on to patients and then you have the favored nation status where prescription drug price for medicare based on the lowest price other countries are paying, good idea to get involved like this for the administration? >> pharmaceutical managers, rebates that the drug company provides very rarely get to patients, there's other programs that is true as well so reform is highly needed there, in terms of the most favored nation, that is price controls and the danger there you

federal reserve has pledged to use what it calls its full range of tools to shore up the economy fed chair jerome powell also expressed concern about rising coronavirus cases describing the u.s. economy's outlook as extraordinarily uncertain the fed has already spent trillions of dollars this year to prop up the economy but powell said more stimulus might be needed in the months ahead. yan's accord to joins us now from new york yes can you tell me what stood out there from the fed statement well maybe let's start what your own poll did not comment on and that was the current political situation what is quite understandable but he did hint that more has to be done from the fiscal side meaning the federal reserve can only do so much and jim he actually said there are 2 wrists to the economy or the 2 biggest risks that he sees one is that the corona virus gets under control for the 1st time ever on wednesday actually we have more than 100000 new cases and then the 2nd is that if congress stays divided that it might get more difficult to get this extra stimulus and that actually could ta

. ♪ caroline: this is "the fed decides" on bloomberg television. we bring you the federal reserve'swell will host a press conference and he questions in 30 minutes. take it away. mike: this is a very different kind of fed statement. a lot of bearishness. the fed, and starting with economic assessment begins with a pledge. "the fed is committed to using its full range of tools to supporting the u.s. economy in this challenging time, thereby promoting its maximum employment and price stability goals." it goes on to say the pandemic is causing tremendous human and economic hardships across the united states and around the world. economic activity and employment have continued to recover but remain well below their levels at the beginning of the year. prices are

fed chair jerome powell. what is at stake for federal reserve policy. the battle over mail-in ballots.will speak to david feynman about the integrity of voting by mail and why it is absolutely crucial the selection. and we will get the latest inside the global fight against covid-19 and how public health has become more prominent in this election cycle. let's get a check on the majors. amanda: we are watching markets certainly giving up ground as we go along. it is the tech stocks faring the weakest. that is indicative of what is happening in the markets, on a day of continued uncertainty about what happens. you are seeing a little rotation out of tech. those stocks that are economically sensitive are doing a little better today, but certainly off the highs of the session. energy is leading us higher here. crude is moving higher today but still had not and while the profitable level for a barrel of crude, neither new york or west texas. seeing awe are negative picture but we are seeing some buying in those groups that may do well from stimulus. how much of that is betting on the outcom

meaning she was more interested, broadly speaking, and using the federal reserve to combat unemployment that she was in using the fedtackle a risk of inflation. that is a legacy we have seen in a lot of respects continued by her successor, jerome powell. she is someone who has a pretty positive image among progressives in her party, but also has support in parts of the business world as well, and with republicans. think back to her confirmation into any 14. when she was appointed to the federal reserve, she was confirmed by republicans back then. it is hard to predict how she is going to act going forward, if she does get approved as treasury secretary. we do know is she is someone who has signaled support for stimulus to prop up the american economy. she is expected to have a pretty good relationship with the fed, given her previous role there. finally, she has signaled support for regulation of the financial sector and wall street in particular. is that something we could see more action on? we will have to wait and see. finally, i would be remiss if i did not mention that if she ultimately gets confirmed by the s

reserve is in charge of. expire december 31. the fed had asked for a 90 day expansion. secretary mnuchin in a letter said he is not going to grant the 90 day extension. i'm going to read the acronyms for the one he is dealing with. , the primary dealer credit , the money market liquidity facility and the paycheck protection program. most notably, this is going to affect the lending program which went unused. there was a 500 billion dollar program. only 45 billion had been tapped from it. the treasury is asking for that money to be returned. effectively, this looks like any sort of additional effort the fed could make to use those programs to put money into the program, they are not going to have the ability to do that past december 31. ,oe: we were talking yesterday the ongoing attention to all these cliffs. yesterday, we were talking about fiscal cliffs. there is also the monetary cliff, the various programs that were developed rapidly back in the spring to address this crisis. the crisis is ongoing. many aspects remain. certainly economic distress. you see as of now,

federal reserve has pledged to use its full range of tools to shore up the economy . fed chair jerome powell described the outlook of the u.s. economy as extraordinarily uncertain. he said more stimulus might be needed in the months ahead to counter a rise in coronavirus cases. general motors is recovering from the pandemic hit with a rebound in demand for it, chevrolet and cadillac vehicles. the detroit auto maker reported a 72 percent jump in earnings for the 3rd quarter, fueling a strong rise in g.m. stock price. turning now to $1.00 of the sectors that most affected by the pandemic aviation, as you'd expect. it's not just the airlines that have been suffering airports 2 are facing a crisis. let's take a frankfurt airport. one of europe's major hops, 154000000 passengers move through its terminals and the 1st 9 months of last year. this year it was just a 3rd of that number. air cargo is another source of revenue for airports. it hasn't actually fallen very dramatically in frankfurt. that could be because it has dedicated cargo handling facilities. munich though, has s

federal reserve has pledged to use its full range of tools to shore up the economy fed chair jerome powell described the look of the u.s. economy extraordinarily uncertain he said more stimulus might be needed in the months ahead to counter a rides in coronavirus cases. toyota has more than doubled its profit forecast a sales rebound from the coronavirus crisis the japanese automaker now expects are nearly $13000000000.00 in the current financial year the big driver of the up is rebounding demand in china. now with parts of britain in lockdown once again the bank of england is stepping up support for the economy by ramping up purchases of government bonds the idea is that this will fund government stimulus spending keeping businesses afloat as the coronavirus continues to wreak havoc on the economy. mandaeans london malaysian restaurant is empty yet again her business barely made it through britain's 1st spring lockdown and its economic aftershocks in recent months her sales were often just 100 pounds a day. the u.k. 2nd lockdown could prove the fatal blow for many small businesses like he

federal reserve has pledged to use what it calls its full range of tools to shore up the economy fed chair jerome powell also expressed concern about rising coronavirus cases describing the u.s. economy's outlook as extraordinarily uncertain the fed has already spent trillions of dollars this year to prop up the economy but powell said more stimulus might be needed in the months ahead. yan's accord to joins us now from new york younes can you tell me what stood out to you there from the fed statement. well maybe let's start what your own paul did not comment on and that was the current political situation what is quite understandable but he did hint that more has to be done from the fiscal side meaning the federal reserve can only do so much and tim he actually said there are 2 wrists to the economy or the 2 biggest risks that he sees one is that the corona virus gets under control for the 1st time ever on wednesday actually we have more than $100000.00 new cases and then the 2nd is that if congress stays divided that it might get more difficult to get this extra stimulus and that ac

e > up next, the election versus thfederal reserve. the fedsff tomorrow which one will matter more to the market we will discuss straight ahead ♪ ♪ i wasn't sure... was another around the corner? or could things go a different way? i wanted to help protect myself. my doctor recommended eliquis. eliquis is proven to treat and help prevent another dvt or pe blood clot. almost 98 percent of patients on eliquis didn't experience another. -and eliquis has significantly less major bleeding than the standard treatment. eliquis is fda-approved and has both. don't stop eliquis unless your doctor tells you to. eliquis can cause serious and in rare cases fatal bleeding. don't take eliquis if you have an artificial heart valve or abnormal bleeding. if you had a spinal injection while on eliquis call your doctor right away if you have tingling, numbness, or muscle weakness. while taking eliquis, you may bruise more easily- and it may take longer than usual for bleeding to stop. seek immediate medical care for sudden signs of bleeding, like unusual bruising.

we borrow money and the fed prints money and the federal reserve buys it.cord with the board of governors between the treasury that kind of separated the two functions, throws that out of the window. what this means, this goes right to modern monetary theory, which the likes of bernie sanders have talked about, where you can spend as a government endless amounts of money, the sky is literally the limit, because the fed can just buy that debt with printed money. what say you? steve: well, it's absolutely true and modern monetary theory really ignores the history of venezuela which we see unfolding today, what's happened in germany in the early 1920s with hyper inflation. i'm interested in the congressman, in terms of how do you prevent the fed becoming a fiscal spender as well as monetary spender and also what can be done to prevent the yellen and others from imposing dramatic new round of regulations on banks, especially small banks, who in years past used to be financ financing smal businesses and we saw what happened when they cut off the lending after 20

hang with us because when we come back we're going to talk with former fed insider daniel de mortagne no booth about the federal reserve's decision to kind of lay low while the presidential election remains undecided as well as the chances for a new stimulus before the end of the year is there a shot at all and as we go to break here are some very good numbers at the polls. it was supposed to be a landslide we were told a lot of. the polls were again while. trump may still be lose this book but can't explain. for a number ration state. what we expect next. was a pandemic notion you know borders just like 2 nationalities. world. commentary says. we can do better we should know. everyone is contributing a way but we also know that this crisis will not go on forever the challenges created the response has been so many good people are helping us. it makes us feel very proud that we are in it together. now why oh why am i looking down at the white house. so. i don't think if. both of them then. call tom back up who are plentiful to all men. who want to. start. 6 6 before the very 1st time in a very long time the u.s. federal

so when i asked the vice chair of the federal reserve about this, he essentially refused to admit that the fed indirectly but nonetheless, directing our taxpayer dollars to holding up and propping up large banks, even though the fed publicly promised taxpayers that wouldn't happen. >> he refused to answer because he didn't think you'd know that fact. beyond just the money the fed has spent, do we need to take a closer look at the cares act? i mean, i know we need more stimulus money, but we have already spent trillions of dollars. it's not like nothing has been spent, and when you think about the bank bailout from 2008, that was $800 billion. we're well into the trillions. before we spend more, do question need to figure out where it was spent and how to spend it better with the next amount of money? >> we should have been doing that soefr jiegt from the start. it should have been built into the provisions in cares. things like the disclosure of ppp loan information should have been baked into the statutory language. things like prevention of conflicts of interest like making sure that members

essentially a fiscal appropriation from congress that money that was moved over to the fed's bank account, and then the federal reserveas essentially like a basis for lending for a variety of different emergency scenarios. now, those facilities have been somewhat underutilized, people say because the market signal sent by the action itself did a lot of the work. all of that said, secretary steve mnuchin, after donald trump lost, said, we would like that money back. we want to shut this down and not pass it over to the biden administration. what do you think of that? >> i mean it's highly irresponsible, and it's classic in terms of the trump administration. they're all about themselves. they're behaving like petulant children right now. they don't care about the economy. they don't care about the well-being of the american people. they have taken their ball and gone off the court. and this is an example of it, and the american people are going to pay the price. the good news, chris, is that january 20th is on the horizon. we're going to try to get something done before then because the american people are hurting. but