>> guest: the federal reserve assigned employees like myself towards on-site. in the goldman sachs building. >> host: what was a typical day? >> guest: you get up early in the morning. and the cable wires and newswires, in the news and afterwards go to the office and spend an enormous amount of time reading and going over there policies. and doing examinations and testing to see. >> host: were you privy to executives at goldman sachs? >> guest: at different levels, mostly senior levels. >> host: what was the process? >> guest: scheduled ahead of time, there were topics. it depended on topics at that time, what the conversation would be about. in my particular case a lot of conversations revolved around not doing right and there were a lot of them. >> host: you would see something that was not being complied with, what would you do? >> guest: what the federal reserve expected you to do, typically what you are supposed to do is note those gaps in the examination reports, to write down what is not working and they need to fix it and this is how long they should ta

this federal reserve, well, you could teach a whole class on the federal reserve, right? but in short one of the country's wealthiest finance years in u.s. history, j.p. morgan, just prior to his death designed the federal reserve. the federal reserve pushed through congress. the federal reserve prints our money, a mostly private bank. it prints the money or actually nowadays what it does is it digitizes money creation more often than printing and then it loans out the money, usually at 1% or 2% interest, that's where the interest rate is right now, to leading banks, to goldman sachs, to j.p. morgan, to bank of america, all those banks, and then they lend it out at a higher rate of interest making profit from the difference to ordinary people like you or to businesses. more often than not they will use that new money that's created by the federal reserve and they will lend it to hedge funds, wall street speculators, in futures and derivatives. so it's a very important institution, a cornerstone of the current day banking system. a cornerstone of the currency. that's why i

it was the federal reserve bank of new york and the employees that i worked with. it is easier for me to say what they were complying with than what they were not. the gap between those two is so big. it's very difficult to find things they were doing right. it's an embarrassment in terms of everything. >> host: can you give an example? >> guest: for example, one story or talk about early on is when i'm sitting down with the federal reserve bank employee who is supposed to pass on knowledge about their status of the anti- money laundering program. it is very stingy. it's what the employees are supposed to do to catch a customer that is trying to use the bank to launder money. in other words to make dirty money clean. so is shocking as i was sitting there and taking on this information from the employee was how this employee was telling me at the same time they're doing all these things that are wrong and they're not just doing them wrong in the u.s., they're doing them wrong around the world. but were trying to convince me there is nothing wrong with that because,

federal reserve for raising rates on the dollar a day. or so coming off a real danger the gaming world has become a lucrative career choice for the chosen few. this is your business update on helen humphrey in berlin glad you could join me and just two days time the united states and china will impose a for the sixteen billion is billion dollars worth of tariffs on each other on the same day a chinese delegation will touched on in the u.s. for talks aimed at resolving the country's trade dispute u.s. president donald trump says he's not expecting much from them and is likely to press ahead with a further two hundred billion dollars worth of tariffs on china american businesses sounding the alarm. the world's two biggest economies may still be willing to talk to one another but behind the scenes they're busy adding items to their terrorist hit lists. among the two hundred billion dollars worth of chinese goods the u.s. is planning to tax next are babies car seats and bicycles. as a hearing taking place inside this building in washington am

president donald trump lashed out at the federal reserve saying he is not pleased to have a central bank raising interest rates the fed is currently expected to raise its key rates to war times this year to want times this year and another two times in twenty nine thousand german jerome powell says he's concerned about inflationary pressure in an interview trump said he was quote not thrilled with the hikes he also refused to say if he believed in the fed's independence powell said the committee will not bow to political pressure. that is something to discuss with our man at the frankfurt stock exchange or today outside the frankfurt stock exchange corp presidents normally don't criticize the fed but breaking rules is not exactly anything new with donald trump is it. yeah exactly monica well when you're the president of the united states you should be aware of a couple of things first there might be organizations or institutions like the f.b.i. or like the federal reserve in the united states that you might not agree worth but who can act completely independent even without your approval

>>host: so as a compliance officer with the federal reserve you were a government employee? >> yes. >> and your focus? >> where were you located and what kind of work did you do? >> i was trying to go my --dash by goldman sachs at the time. >> so what is your typical day? >> to get up pretty early in the morning. i would hit the news with the cable wires to read what is going on at the bank under or for what and then i would spend an enormous amount of time reading or they could see what is what. >> so what about those meetings leading to executives? >> that's correct. >> what would happen? >> so it depended on which topic or what the conversations would be about. a lot of the conversation and there were a lot of them. dad is not being supplied with what would you do? what the federal reserve would do and why this is not working so that enormous amount of data gathering. >> your book is called noncompliance to make that the issue for me was it was the bank employees that work as well. it is easier for me to say they were compliant than not. so give an example. >> so early on

make any progress, chairman of the federal reserve jay powell is set to speak at 10:00 a.m. here is what kansas city federal reserve esther georgia told us about implications of tariffs. >> if this looks like this will continue, persistence to discussions, if it leaves businesses feeling uncertain, that could flow through holding back on investment or less investment. that's something that i want to watch carefully to see if that will show up in data at some point. maria: joining us to talk more about that jon hilsenrath, jon, good to see you this morning, isn't that the crux of this, the fact that it's uncertainty that will stall investment plans, stall companies from putting things in place that keep those economic growth engines turning? >> well, you know, maria, we have factors pulling in both directions on investment right now, on the one hand, we have a lot of uncertainty about tariffs which certainly could affect investment decision but on the other hand we have much lower coarpt tax rates which is giving companies incentive to invest.

the dallas federal reserve president says federal reserve officials will ignore political pressure order, more pressure on elon musk. wall street analysts tore down a tesla model 3 and found significant fit and finish issues. analysts from ubs say the car's build quality is disappointing for a $49,000 car. and bloomberg asks, will the market crash if trump is impeached? here is what analysts say. they point out stocks continued to rise during the clinton impeachment, at the time of the internet boom, and that corporate earnings remain strong, partly thanks to his tax cuts. and don't forget, let us know what you are spotting online. use the hashtag #bbcthebriefing. up next, newsbriefing. the eden project says it wants to build an offshoot of the cornish attraction in the lancashire town of morecambe. john maguire has visited the proposed site. morecambe is rightly proud of its past. these pictures almost 120 yea rs old past. these pictures almost 120 years old showed just how popular this seaside town once was. and, with an eye on that history, its annual vintage by the sea festival, w

let's go to the federal reserve minutes. let let's go to jennifer schoenberger. >> minutes from the federal reserves policy meeting earlier this month, showed, cheryl, the economic data comes in as expected, fed officials say it will soon be appropriate to take another step and removing accommodation. officials harping on strong consumer spending, strong business investment, and strengthening in the job market as they paint a picture of a strong economy. however they do expect economic growth to slow down a bit in the second half of the year from that torrid pace of 4.1% in the, though they do expect growth to remain above trend. now on inflation they do see inflation close to their 2% target. in fact they expect it temporarily move above the 2% target in the short term. part of that increasing tariffs. they say negative effects from trade on agriculture, may as far as trade is concerned may offset some of that. speaking of trade, they say that businesses continue to voice concerns about trade. they're not seeing businesses

relationship with the fed chair as well. >> it's important to note, so people may get confused, the federal reserveing almost to do with the federal government it was a unit or whatever you want to call it created by the banks over 100 years ago besides nominating the fed chief, the federal government has almost no power over the federal reserve. >> that's right. it's that nomination of the fed chair that gives the president the power over the direction of the fed over the long run in general terms. the president doesn't have access to the looefevers of powr inside the fed that would be frustrating for president trump who wants to make sure the economy is roaring in the exact way he wants to make sure it's doing so this president looks at that deference that previous presidents have shown towards federal reserve chiefs and says that's not for me. he treats his attorney general in a way we have not seen a president treat his attorney general before now those comments are critical of the fed chief >> he can fire sessions, right he cannot fire jay powell. the highest court has protected the fed chair'

the federal reserve pushed through congress. the federal reserve prints our money. prints our money. a mostly private bank. it prints the money or actually, nowadays, what it does is it digitizes money creation, more often than printing. and then it loans out the money, usually at 1 or 2% interest. that's where the interest rate is right now, to leading banks. to goldman sachs, to jpmorgan, to bank of america, all those banks. and they lend it out at a higher rate of interest making profit from the difference to ordinary people like you, to businesses. more often than not, they'll use that money created by the federal reserve and they'll lend it to hedge funds, to wall street speculators, in the stock market, in equities, in futures, in derivatives. and so, it's a very important institution. a cornerstone of the current day banking system. a cornerstone of the currency. and that's why if you look very closely at a $1 billion, it doesn't say "u.s. strtreasury n" on the top, does it? it says federal reserve note. same if you look at a $5 bill, right? or a $10 bill. or

bank, ex of the san francisco federal reserve, and the kansas city fed president you saw on airng this walk for the cameras and just to show he is here and part of the maybe perhaps emerging transparency of the federal reserve i guess has been going on ten years last year though, maybe one thing worth noting, last year walked with car owed a from japan, and they're not here this year trying to run down, and why bang of england is not here -- bank of england is not here and the year before that i believe it was fisher, vice chairman and dudley, president of new york bank worth noting, guys, there's no vice chairman of central bank now, because although named by the president and approved by senate banking, not been approvedby the full senate and that's supposed to happen in september. perhaps if this walk takes place this time next year, there will be a vice chairman of the central bank that's not to denigrate or not mention that, vice chairman of supervision, but regular vice chairman position of federal reserve hasn't been appointed. there you go a minute and a half over someth

this federal reserve, well, you could teach a whole class on the federal reserve right. but in short, one of the country's wealthiest financier j.p. morgan just prior to his death designed the federal reserve. federal reserve pushed through congress. the reserve prints our money. prints our money. a mostly private bank. it prints the money, or actually nowadays what it does is it digitizing money creation more often than printing. then it loans out the money usually at one or 2% interest. that's where the interest rate is right now to leading banks. to goldman sachs, j.p. morgan, to bank of america and then they loan it out making profit to the difference to ordinary people like you or business. more often than not, use that money to lend it to hedge funds. to wall street speculators. if you look very closely at a $1 bill it doesn't say u.s. treasury note on the top does it? it says, federal reserved note. same if you look at a $5 bill, right. or a $10 bill. or a $20 bill. oh. look at that. there he is. wow. there he is. andrew jackson himself. that's strange. what is he

the fed speech, jerome powell, the federal reserve chairman laid out that gradual rate high, the way to go forward to get the neutral position for the federal funds rate and told the symposium he sees no elevated risk of inflation going above 2%. in his speech, we've seen no clear sign that acceleration of 2% and does not seem to be elevated risk of overheating, this is good news and believe this is good news results from ongoing normalization process. atlanta fed president says he sees no signs of the economy overheating. he says the fed policies are working. he is a voting member for the fomc, bostick says there should be three rate hikes this year, not four. >> so coming into this year, i was at a viewpoint that we would have three moves this year. i'm still there, and i think the risks are balanced and the upside and on the downside and neither -- which has not pushed me to change my projection. i said i'm going to let the data inform how i think about what appropriate policy is. >> should that policy be september? let the economy go a little bit? run a little bit or go december?

what do you want to hear from the federal reserve today?> i want to hear that the economy is strong, it's robust and it can withstand more rate hikes. people are worried if the fed raises rates, but they're only raises rates if the data is good i don't think they'll accelerate the pace of hikes. that's what the market should worry about. if they come out aggressive, that could be a pullback >> put on your political hat, do you think the president's comments will influence what the federal reserve does >> no. i think he'll bluster, posture, try to strong arm them they won't cave. they might dig their heels in more >> to prove a point. >> to prove a point. the fed has always been independent. >> the federal reserve is not a part of the government necessarily. >> no. >> the employees at the federal reserve board do not get government pensions or healthcare they're basically a banking organization that operates with the blessing of congress you think they'll go ahead and do what they feel is best for the economy and their mandates, inflation an

government away from the federal reserve. i would like for you to share some of your insights about what you know for the reasons why andrew jackson pulled the united states government away from central bankers and did basically what lincoln did, instituting the u.s. currency during his presidency. can you share your insight on what you know about that and whether you are aware of some of these references that president trump might do the same thing with the federal reserve? >> a very good question. i haven't seen anything major from trump that he intends for a major overhaul of the federal reserve. however, a few weeks ago, there were some comments in which he seemed to be critiquing the chairman of the fed, powell, about the interest rates. which caused an issue in wall street circles, that the president was getting involved in that. jackson saw the bank of the united states as a corrupt monopoly in which finance, credit, money, was able to centralize among the wealthy. in very few hands. jackson wanted to tear down that mo

federal reserve says he'll continue to raise interest rates of the economy remains roebuck's the robust as despite pressure from president donald trump to keep their rates steady ben we'll have that story and a whole lot more coming up right after this. run betoken. his work goddess fortuna. the money should be. gone twenty. her first day of school in the jungle. the first clearly listen. then doris granger moment arrives. join during a taping on her journey back to freedom. you know where interactive documentary. will run in the rain to tame returns home on d w dot com bring it tangs. who's in charge at the fed these days powell well the president raising rates is the issue when drug powell says he'll hike them if necessary. working women at the new york stock exchange could there be a new wave of competition for all those made in suits. and unions in africa stand up to chinese construction companies accused of exploiting their work has. been physical and let's do business it seems like they're both fighting. control of the u.s. federal reserve drug power is in charge but don't trump h

let's go to the federal reserve minutes.nifer schoenberger. >> minutes from the federal reserves policy meeting earlier this month, showed, cheryl, the economic data comes in as expected, fed officials say it will soon be appropriate to take another step and removing accommodation. officials harping on strong consumer spending, strong business investment, and strengthening in the job market as they paint a picture of a strong economy. however they do expect economic growth to slow down a bit in the second half of the year from that torrid pace of 4.1% in the, though they do expect growth to remain above trend. now on inflation t

the federal reserve and the federal reserve's new chair. >> think of the federal reserve as the shockn the economy. you don't want a president or congress deciding about the shock absorbers on the car. this should be an independent body and it is. the president saying that he needs more help from jerome powell. he's not happy about interest rates rising. i wanted to go back in time to two years ago. the second debate when the president had the opposite position. he was accusing the fed chief then and the president of inflating the stock market and using the fed for political purposes. >> we have a fed doing political things. this janet yellen of the fed, the fed is doing political. >> so he's complaining this fed is not doing that for him while he's trying to level the playing field. he says he'd like interest rates to stay low. jerome powell for the record just last month is on the record saying the fed doesn't act politically. listen. >> we do our work in a strictly non-political way based on detailed analysis which we put on the record transparently. we don't take political conside

dagen: what a day to have jon hilsenrath over federal reserve. maria: true. it's not the first time that the president was sort of ify on the federal reserve's moves of raising interest rates, that's top story and blasting the federal reserve, the president taking a fed at fed chairman jay powell for raising interest rates too quickly, the president said he's, quote, not thrilled with his own appointee adding this, quote, we are negotiating powerfully and strongly with other nations, we will win but during this period of time i should be given some help by the fed, the other countries are accommodated, the comments rattling the dollar, the dollar looking like this as you can see, lower against most major currencies, jon hilsenrath, your reaction? >> the fed has two mandates really, actually three, so control inflation, keep unemployment as low as possible without causing inflation and keeping long-term interest rates steady, we have 2% inflation rate which is right at the fed's target, tun edge employment is 3.9%, something that the president talks about all

it is not a political saying, it has to do -- it is the federal reserve bank. relative to schools which is a very important issue, there is a tories.net, where a schoolteacher retired, she is now passed away, put this toether, in regards she was onants where antidepressants and got cut off. her story is in an article by david naley called the "stories f ssri stories." she goes through the list of her sheriences and curiosity, ended up researching and her retirement because of her own effect of the classes of antidepressants and she databased it, and by the time she passed away from cancer, she collected over 4800 stories of human behavior that to thetributable antidepressants and ssri's. when the guy talked about psychotropic drugs, this is one -- hewho gather a whole together a whole story and researched at herself for many years. some of the pages in her pages ofshow whole school shooting episodes where in the story, there was -- the shooter was taking some of these drugs. calling in from trenton, new jersey on the democrat line. caller: calling about medicar

on saturday irresponsible lobbyist accessing unlimited credit from an irresponsible federal reserve bank you have the infinite regress that he saw with money starting in one thousand seventy's and now insurance companies selling insurance on insurance contracts on insurance contracts on insurance contracts with another bureaucrat another bureaucrat is infinite regress. welcome back to the program now an eighty seven year old woman has been tasered by police in the us state of georgia while she was out picking flowers with a nine. she thought she got shot like we have never really told her about stun guns or tasers and so she doesn't know what that is when she. realized what had been shoes touching her heart syrian native bashar was cussing snare and off to school club across the street from her home the faculty's employees called the police reporting the woman was carrying a knife three offices were sent to the scene and tried to persuade alba shara to drop the knife when she failed to respond they tasered her she was arrested and charged with trespassing on obstructing offices relatives

federal reserve could determine this particular subject manner. when i got the request to speak i was confused because i had been critical since it began and i believe how they subsidize the system rather than reformed it, but i asked them you know, are you sure you meant me to a. i speak in the morning session the first day of these three days and the former chairwoman from the fed at the time had spoken first and one of the things she basically conveyed was that everything was fine, the banks were reformed and they've are in place to protect the population and there wouldn't be a crisis again. then someone from the treasury department and said the same thing but for confidently. then a cardinal spoke and one of the things he said to the central bankers is that i don't know anything about finance or economics or what monetary policy is that i do know that there is a world out there that could potentially be in pain and that it your responsibility to remember the poor. why is that wall street helping main street. you never made them come the major

it's the federal reserve, it is what it is.e to carefully make decisions based on best sense of the economy and not on political pressure or statements from either side, by the way, whether it's democrat administration at some point or republican administration, but in a perfect world, i think it would be better, if you had the market doing this, and rates would more accurately, we know, reflect the reality of the marketplace if you had that. i know we're not there. i get it. but it's the federal reserve. neil: yeah, the market rates are the ones that are ridiculously low. you are quite right. tim, always good seeing. >> you thank you, sir. >> russian hackers are going after conservative groups. not just any groups, the ones that have serious issues with vladimir putin. isn't that weird? after this. hey, you every talk to anybody about your money? yeah, i got some financial guidance a while ago. how'd that go? he kept spelling my name with an 'i' but it's bryan with a 'y.' yeah, since birth. that drives me crazy. yes. it's on a

we start with the us economy, because us federal reserve chief jerome powell is hosting his fellow central bankers at their annual meeting, in the mountain resort ofjackson hole wyoming. his big speech later will be closely watched for hints about more rises in us interest rates this year. it's becoming a highly politicised subject. in an interview last week president trump broke with tradition on the central bank's independence and said he was "not thrilled" by the bank's policy of raising borrowing costs. breaking with tradition, something that president donald trump tends to do(!) he'd prefer to see more help for the economy from lower rates. the fed has raised them twice this year and is widely expected to raise them twice more in september and december. and here's why, the us economy is growing strongly, at 4.1%, and unemployment is at an historic low of 3.9%. but there are serious concerns about the escalating trade war between the us and china. as well as instability in emerging markets, especially turkey. and of course the possibility of political upheaval in the us. on thursday, p

president on the lashed out at the federal reserve saying he is not pleased with the central bank raising interest rates the fed is currently expected to raise its kill rates two more times this year and another two times in twenty nineteen chairman jerome powell says he's concerned about inflationary pressure. in an interview donald trump said he was quote not thrilled with the hikes he also refused to say if he believed in the fed's independence powell said the committee will not bow to political pressure. that is something to discuss with our man at the frankfurt stock exchange are today outside the frankfurt stock exchange corp of presidents normally don't criticize the fed but breaking rules is not exactly anything new with donald trump is it. yeah exactly monica well when you are the president of the united states you should be aware of a couple of things first there might be organizations or institutions like the f.b.i. or like the federal reserve in the united states that you might not agree with but who can act completely independent even without your approval and in this intervi

on the policy of the federal reserve and five was clear that the fed chairman paul would not mention or react to any of this criticism explicitly of the u.s. president trump but the fed or the fed of the u.s. the chairman of the federal reserve board sent the same message as before they will continue to gradually raise interest rates september rate hike seems to be a done deal probably also december and next year's cons are likely to switch off the auto pilot and as the federal reserve interest rate has come closer to three percent right now how important is this mindset of not shooting back of not bowing to political pressure. as i said before i had not expected. that he gives into the political pressure from from washington this is not the style he did the best he could do that means simply continue with his message and this was exactly what the fed chairman delivered now the same time the u.s. and mexico seem to be closing in on striking a fresh trade deal one of the interesting issues or such a deal would be to see how much ground the trump administration is actually willing to g

also with us, michael mckee reporting from the federal reserve.came out with its refunding statement, the announcement today, the quarterly announcement, and we will be issuing a lot more debt. moreel: we will be issuing debt and this is an area where treasury and the fed converge s. as the treasury issues more debt to fill the hole created by additional spending, we see treasury issuance rise significantly after declining for a number of years. it was up because of the spending we had to do to get out of the financial crisis, going down, then coming back up at a time when the fed is raising rates. ratherrage maturity and than average rate paid by the u.s. government has been rising. and over the last five years, it has cost the u.s. government the higher rates about $100 billion, and that will continue to go up as we issue more paper. in the second half of the year, we will issue more than $700 billion worth of paper, which is the second-most ever after 2008 and the financial crisis, so it has a real effect with the fed is doing on the budget sit

even the federal reserve has a limited capability of buying securities.y can't go out and buy equities. they do have in japan but the u.s. mandate is very limited. matt: the only thing i would say is if it actually happened, it would be a great deal if they swap back the currency. you can get great yields an italian debt. jonathan: rob, your thoughts on this? i think most people's base case, it doesn't happen. the interesting part of this story is quite clear. united states is willing to back italy at a time when italy is pushing europe to allow them to spend more money. rob: i don't think it will happen. i think what is kind of ironic about this story is he is offering help at a time it seems to us the fed tightening policy and the u.s. administration really pushing hard on this trade. we saw other stories about renewed tariffs. all of this will make it much more difficult for italy and for more difficult for italy and for emerging markets. on the flipside he's talking about buying italian bonds. typically the u.s. offers help through the fed put, which

he can't win. >> well, the federal reserve is making a big mistake by raising the rates.president trump. with the amount of debt that's globally in u.s. dollars to try to service that debt, raising short-term rates is going to be a problem. and we could see that, neil, in the bond market with the ten-year and the 30-year treasury yields declining as the federal reserve raises the short end which affects home equity loans, it affects some mortgages that are variable. a quarter percent is a major move. and i think the fed is raising rates now because they're worried they're going to need to back pedal as the economy starts to slow down. so i really agree with president trump that the short-term rates should not be raised and the bond market's telling us that. neil: well, i mean, i understand what you're saying about debt levels and this would make it easier for those debt levels, but we've had this debt for a while now. we've gotten used to near 0% rates so, susan lee, that's what's got to change. so far it's been changing in our favor. the world still comes to us, both our

very good thing the federal reserve be independent politically. that is why all previous modern presidents have treated it as such. >> it brings up an interesting point that adam talks about lindsey, for example in turkey if they were to raise rates a lot of people would say they could get out of their issues easier than they are going down but here in the united states it is not up to the president whether or not to raise rates. do you think his commentary will have any effect? we're a few days ahead of jackson hole, that big fed symposium, out there, on current fed chairman jay powell. >> i think that is to be determined and i think most market participants really believe in and respect the central bank's independence and we hope it remains that way. we'll hear from like you said fed chair jerome powell on friday. the market i think is especially looking to hear from them, you know we're not going to turn too hawkish but we know from the beginning of the year powell had wanted to get in front of inflation, unlike what they're doing in turkey. po

michael: rafael bostick, president of the federal reserve bank, thank you.: great stuff out there. up, -- caroline: "what'd you miss?" it is buds and booze. canadian marijuana is stocks -- marwan a stock climbed high today -- marijuana stock climbed high today. let's welcome a bloomberg reporter from toronto. we have already seen big booze players get in and purchase these companies, who is up for grabs? constellation brands have the big investment in canopy last week and cores have done a joint venture in the space. a craft brewery owned by heineken is also looking to do cannabis beverages. there is a quickly growing interest in this. in terms of the canadian companies being targeted, there is speculation today that a free ya --ld be a major one fre freya could be one. there's a clear connection between a free -- afria. another small canadian company can has another executive and marketing officer coming from diageo as well. this industry is pulling executive to the realm -- executives to the realm of the canopy world. the second biggest player after canopy

is that what a driving the federal reserve chairman? >> i don't think so. if they were really worried about financial access, they would be hiking more than once a quarter. they are not there yet, and it is unlikely they will get there. >> the other discussion is the neutral rate. they are about to move into the range of neutral. what is neutral? >> it is hard to say. if you look at the fed's forecast of where the neutral rate should be, they have been a rate of 2.3% and 3.5%. it is between there. we won't know until well after the fact. so i would say it is safe to assume, given the median expectations where the neutral fed funds rate is somewhere between 2.5% to 3%. >> your view? >> i would say we believe the neutral fed fund rate is probably below that. what is interesting is chairman powell today did talk about how exactly -- how difficult it is to determine what that is. but i think if we look at the risk/reward here for the fed, i would think the risk/reward favors letting the economy run a little bit to try and find out where that neutral rate is rat

from washington no news sees good leaps the federal reserve leaves rates unchanged for now but he was sort of bruised later this year also coming up why germany thinks it needs to stop protecting its industry and infrastructure from chinese takeover. and a big boost for us so we've been europe's imports skyrocket as china looks elsewhere. base is your business update on helen on free glad you could join me the u.s. federal reserve has left its lending rate on hold for now after its regular policy meeting the fed was upbeat about the economy citing strong consumer spending and business investment a strong jobs market and inflation may its two percent target that probably puts the fed on course for a september rate hike after its next meeting fed chair jerome towle said at the start of the year that interest rates would continue to be raised in small moderate steps they now stand in a range of one point seven five to two percent off for a small hike in june u.s. president donald trump is room began to further hikes fearing it could slow down economic growth. and earlier i spoke to a wal

the s&p and the nasdaq close at new highs as the federal reserve chair reassures investors and says theconomy looks strong. >> losing ground. stock picoirs are not dng as well as their passive peers, but some say that cou cnge. >> the holy grail of classic cars. we'l show you what could be the most expensive vehicle ever to sell at auction. those stories and much more tonight on "nightly business report" for ts friday, august 24th. >>> good evening, everyone, and welcome. bill griffith is off this evening. we begin with thearket. today the s&p 500 and the nasdaq closed at their hshest lev ever. this comes just a few days after the bull market marked a milestone becoming the longest in history so let's get right to those numbers. the dow jones industrial average advanced 133 points to 25,790. the nasdaq added 67 and the s&p 500 was up 17 and all of the major averages were higher for the week. investors' optimism got a lift after the federal tserve defend central bank's plan to raise interest rates. jerome powell made the comments at anvent attended by some of the world's most influential

jon: the ideas of the federal reserve is going to respond anytime soon to international situations, are they? i see no sign of that. no, it does not seem likely. maybe we will get a little bit they expectout what

german jererome powell h has sad the e federal reserve will not w to pressssure.e is expected -- bow to prpressure. they are expected to raise rates another two times this year. sophie scimansky is an wall street now. while it was not a move that trump wanted, he made that very clear, he is not afraid of saying so, despite the fact the central bank is meant to be independent. sophie: trump could not care less. last weekend there was a fundraising event with the gop. apparently behind closed doors he said, was not the fed chair he thought. he wanted him to be the provider of cheap money but now he is rating race -- raising rates. twice already, and two more this year, one at least. on the record in an interview, trump said in other economies the federal reserve banks would do more together leaders and the economy. trump wants one thing -- to look good, to be perceived as a president helping the economy grow. the fed in the meantime wants a stable economy that is not overheating. so i guess these guys are going to have a hard time coming together. helena: we have ce

president criticizes the head of the federal reserve for raising rates the dull addicts . and change in battery powered balances china shows the rest of the world to switch to emo billet. i've been physical and let's do business german chancellor angela merkel says she sees no urgent need to offer financial aid to turkey the lira has lost forty percent against the dollar this year turkey's leader calls the currency crisis an attack on his country but experts say he's the problem. whether it's a bridge over the bosphorus an istanbul subway system or an imposing mosque turkey's president went to tie up and one is known for his beak ambitions. the construction sector has been at the forefront of the country's economic development . but recent events have put the brakes on turkey's economy. turkish banks and companies have accumulated four hundred seventy billion dollars of foreign debt and is the value of the lira plummets it's getting ever harder to repay those loans . turkish president ratchet type eridu one has ignored calls for interest rate hikes and rejected any notion

on a better irresponsible lobbyist accessing unlimited credit from an irresponsible federal reserve bank you have the infinite regress that you saw with money starting in the one nine hundred seventy s. and now insurance companies selling insurance on insurance contracts contracts on insurance contracts with another bureaucrat another bureaucrat is infinite regress