particular case yes we're going to talk about the case but you know you mentioned that the federal reserve bank has money. basically setting interest rates and d.m.a. what is a legitimate currency i know you talk in the second half of charlie he does mention that having these individual currencies and crypto currencies and i.c.a.o. is an thing has broken off that sort of monopoly and allowed this sort of wealth and job creation. trump said he was looking for but here is one of the monopoly positions that trump it seems unlikely that he's going to break this up have any concern about it nor will the democrats to save rural iowa we must oppose monsanto bear merger iowa farmers face a crisis crop prices have fallen by more than fifty percent since two thousand and thirteen with no end in sight at the same time farmers hold more debt and possess fewer capital reserves to fall back on in fact farmers debt levels are almost as high as they were prior to the farm crisis of the mid one nine hundred eighty s. meanwhile we have seen in these all these a megamergers happening between agricultural giants a

yes we're going to talk about the case but you know you mentioned that the federal reserve bank has a monopoly on basically setting interest rates and d.m.a. what is a legitimate currency and i know you talk in the second half of charlie he does mention that having these individual currencies and crypto currency and i.c.a.o. is in that thing has broken off that sort of monopoly and allowed this sort of wealth and job creation. trump said he was looking for but here is one of the monopoly positions that trump it seems unlikely that he's going to break this up have any concern about it nor will the democrats to save rural iowa we must oppose monsanto bare merger iowa farmers face a crisis crop prices have fallen by more than fifty percent since two thousand and thirteen with no end in sight at the same time farmers hold more debt and possess fewer capital reserves to fall back on in fact farmers debt levels are almost as high as they were prior to the farm crisis of the mid one nine hundred eighty s. meanwhile we have seen in these all these a megamergers happening between agricultural

yes we're going to talk about the case but you know you mentioned that the federal reserve bank has a monopoly on basically setting interest rates and d.m.a. what is a legitimate currency and i know you talk in the second half of charlie he does mention that having these individual currencies and crypto currency and i.c.a.o. isn't it thing has broken off that sort of monopoly and allowed this sort of wealth and job creation. trump said he was looking for but here is one of the monopoly positions that trump it seems unlikely that he's going to break this up or have any concern about it nor will the democrats to save rural iowa we must oppose monsanto bare merger iowa farmers face a crisis crop prices have fallen by more than fifty percent since two thousand and thirteen with no end in sight at the same time farmers hold more debt and possess fewer capital reserves to fall back on in fact farmers' debt levels are almost as high as they were prior to the farm crisis of the mid one nine hundred eighty s. meanwhile we have seen in these all these a megamergers happening between agricultura

yes we're going to talk about the case but you know you mentioned that the federal reserve bank has a monopoly on basically setting interest rates and d.m.a. what is a legitimate currency i know you talk in the second half of charlie he does mention that having these individual currencies and crypto currency and i.c.a.o. is in that thing has broken off that sort of monopoly and allowed this sort of wealth and job creation. trump said he was looking for but here is one of the monopoly positions that trump it seems unlikely that he's going to break this up have any concern about it nor will the democrats to save rural iowa we must oppose monsanto bare merger iowa farmers face a crisis crop prices have fallen by more than fifty percent since two thousand and thirteen with no end in sight at the same time farmers hold more debt and possess fewer capital reserves to fall back on in fact farmers debt levels are almost as high as they were prior to the farm crisis of the mid one nine hundred eighty s. meanwhile we have seen in these all these a megamergers happening between agricultural gian

he's premiere interparis among all the federal reserve banks and bank presidents. very carefully what he says i interpreted that discussion that he had the other day, his comments, as indicatie ining ti going to start on quantitative tightening rather than quantitative easing, but it's a very gradual process it takes ten ponce to take grip. and as a first baby step, i viewed his comments as saying, we're going to start moving in september. as far as another rate hike, i thought his comments on employment were very interesting and i would very carefully what bill dudley says because he, again, is the leading federal reserve bank president. and i knew that when i was at the dallas fed my successor, mr. kaplan, knows that while he's at the dallas fed. the head of the fed knows that these are important inputs, but you can't set aside when bill dudley mentions anything by the way, he's very well scripted and tied into the board of governors and the board of governors staff. i don't think bill says anything that hasn't been fought through by several people, including peo

money the issues with guaranteed auto protection insurance popped up after an inquiry from the federal reserve bank of san francisco where the bank is based gap insurance usually costs between four and six hundred dollars and isn't mandatory but most drivers like it because of the protection it offers especially since cars to preach in value and if customers pay it off early they're entitle to a refund because it's no longer need it according to fed officials wells fargo customers that did that weren't getting their money back posing big problems for the bank now in nine u.s. states it's illegal to not give unused insurance money back not to mention it had a big effect on customers who had their cars repossessed resulting in damage to their credit scores in a statement a big spokeswoman said we're reviewing our practices and actively working with our dealers and have already begun making improvements to gap processing if we find customer impacts we will make customers whole however it remains unclear how many customers were affected and to what degree we don't know how long it was going on either b

bank would buy hundreds of billions and trillions of dollars worth of bad bank that that the federal reserve bank would buy trillions of bad bank that bank of japan would buy a quadrillion worth of yen in bad bank that they didn't really understand how fraudulent these central banks were how complicit they were and the bell out of their friends at the regular banks and the complete repudiation of free markets and a continuation of the pension collapse wage collapse job collapse. wife you know death death and destruction that they fan the flames and mortality rate is increasing mortality rate is eight degrees thing. is for bad behavior there's no penalty there's no deterrent i mean if i don't get arrested if i will go into a liquor store kill people and steal money i'm going to keep doing it right well this what i'll respond to say well maybe it's time to remove the punchbowl well yeah it's like ten years too late you're frickin and it so i do want to mention on the central bank front of course in the past week it's emerged that i think it was the swiss national bank has paid a billion dollars in

the kansas city federal reserve bank's annual meeting in wyoming takes place next week. it has produced market-moving statements in the past and could this time around as well. all in the context of what could happen down the line with the u.s. and global interest rate picture. for "nightly business report," m dominic chu at the new york stock exchange. >>> here to talk more about today's snapback in the market, what he sees ahead for stocks and more, michael barr, president of barr, miller & washington in washington, d.c. michael, welcome. >> thank you. >> there's been a tussle in recent weeks, on one hand, fear, on the other hand, fuchndamenta. last week it seemed as though fear had the upper hand, today it looked like fundamentals did. i got that right? >> well, it seems that way, tyler. that's a good way to describe it. fear last week, certainly as the rhetoric in north korea built, but fear led to a 1% pullback. i think we recovered president % in the first 20 minutes of trade today. markets can't be kept down right now. psychology is bullish. bad news is getting di

we spoke with the federal reserve bank of kansas city, president esther george, that bank sponsors themic symposium and asked her the issue that is concern to members of the federal reserve system. wages are not rising at a stronger pace given the fact we have a tight labor market. here's what she told us. >> i'm less concerned about the level of wages right now because we're in a 2% growth economy, and wages are staying ahead of inflation right now, that gives the consumer more purchasing power, i think we're in a good place right now. what we can't do is keep trying to look for current information around inflation, so if it's not 2% today to delay, i think you have to rely on a forecast that looks like we're moving in that direction and continue on the path. >> reporter: and david, the big thing is janet yellen, the fed chair will speak tomorrow at 8:00 a.m. mountain/pacific time, 10:00 a.m. new york time. they've been talking about this for a while, when they begin unwinding the balance sheet. the fed or the fomc has prepared the country for the beginning of this. they used the lang

an interesting phenomenon we've seen with the banks, their fortunes have been tied closely to what's happening with rates, and even as the federal reserve raised rates, as we have seen more of a flattening of the yield curve, financial conditions eased. we have a chart showing that and why this is cap -- positive for banks. financial conditions measures liquidity in the system, the .bility to loan and borrow as we've seen rates go up, those conditions have eased as well which is relatively unusual, and which is also again good for the bank. on the flipside we do have what is going on with the auto industry and the industrial industry. general motors and ford, both of them reporting declines in their sales last month, gm 15% and 47.4%, below estimates. both down. then we have some of the industrial companies as well, to manufacturing companies coming out and missing eaton, which makes engineer products. its forecast low estimates and comments, that earnings per, sales beat estimates and analysts said among other things, profits hurt by warranty costs. those shares down 7%. again, take a look at the bloomberg here. we have a look at these

earlier we spoke to the president of the federal reserve bank of dallas and ask him about this.talked about different factors affecting this, but even though he can see it is moving slowly and urges patience, he up on theven eventuality that inflation will move higher. faith thatt lost inflation may well get back to its 2% target. you have to understand the historic cyclical forces and andls what they suggested that they are being offset by new forces that we can understand by looking at industries, companies, and talking to ceos, and those are having a muting effect on inflation. >> you will hear another view from the former vice chair of the federal reserve. i sat down with him. not be raisingd rates and tell inflation in the u.s. does start moving higher. the ecb has indicated that mario draghi will stick to the theme of the symposium, which is fostering dynamic global growth. the ideae downplaying that he may give us a more definite signal on tapering and timing. thing, the ecb is in the different spot from the fed. why does he take this trip to make a speech if he is not go

however, she talks about federal reserve bank regulations. they have tried to make things easier, particularly for smaller banks, and they have tried to modify the stress test to make them a little bit easier to take in accounts some of the bank concerns. she says the fed is sensitive to the effective regulation on banks, the costs they impose particularly for small banks, but in general, she says the regulatory regime the u.s. has has benefited the economy overall rather than harm it. vonnie: michael mckee, international economics and policy correspondent reporting and the kansasle city fed symposium.let's get a check on if and how markets are reacting with taylor riggs . taylor: higher a little bit so definitely reacting a little bit to those comments that we open higher earlier before the comments came out. it is a nice change given that yesterday was a pretty lackluster day. not a lot of movement. 1%.the up about 4/10 of s&p 500 highest of 5/10 of 1% . we just are the comments from janet yellen.waiting to hear from mario draghi later toda

important positions, including chair of the american council on education, president of the federal reserve bank of new york. be my guest. president of the american association of law schools. president of the new york academy of science. thank you. now it was 43 years ago that chief justice burger founded this society. and talk about warren burger, the man in the court and the society president, john sexton of nyu. thank you. [ applause ] >> thank you. thank you. thank you very much. it's a great honor for me to be here today. my first introduction to warren burger and to the society came at the same time. when i went just outside of this courtroom just downstairs to watch four films that the chief justice had created on four great john marshall cases. more on that later. let me begin. harold levinthal, david basilon. warren burger, three nobody including me would have predicted chief justice burger would have selected me. my references were an all-star list of his critics. derek bell, allen dirshowitz, arthur miller, larry tribe. ordinarily the chief did not interview his clerks before they ca

of monetaryea policy, bloomberg spoke with the federal reserve bank president from st.alert. he believes that interest rates should remain on hold given that inflation is lacking well below the feds 2% target. he elaborated on that with our kathleen hays? >> one more rate hike this year, is it probable? have been we surprised by inflation, coming in for the downside during the spring, and not by a tiny amount, but really by a large amount, compared to the progress that we made in 2015 and 2016. if you look at the chart, we were creeping up towards 2%, altering 2015 and 2016, then in 2017 was of that progress has been undone. i think that is, at least in my mind, leading to a reevaluation of our story about whether our leading inflation back towards target or not, so we will have to see how the data comes in for the second half of the year. >> so are you saying, let us wait for the data, before we do a rate hike? >> of course, we are always data dependent, and i am not too optimistic that we will have year, yearation in a basis, but the end of the year. aere are still pr

because the cpi report came in so low at 1.7% we give the federal reserve bank a 50% chance to raise the rates in december. it might not happen. >> let's talk about the stock market, a lot has been going on during the trump administration and not a lot has affected the stock market. let's talk about north korea. it took it's toll. >> it really did. it affects people emotionally because the thought of war and both parties being combative leads one to worry. this is not our first rodeo. if we go back to the cuban missile crisis in the 60s, we were on the verge of a nuclear war with russia. if you go back to president kennedy being assassinated, the market tanked and when nixon it tanked. it quickly comes back and if you charted out those events show the market comes back higher a month or two later. >> stay the course. >> i think you have to. >> thank you.>>> something new available at some bay area libraries, the virtual-reality headset that will have you exploring new worlds. >>> the smart cars, they may not be so smart after all. >>> students in need received fax fax those backpacks

federal reserve. this time the federal reserve bank of st.is fed president saying failing to get the 2% inflation target erodes their credibility. he spoke to bloomberg in an exclusive interview. i think they've been surprised by inflation coming into the downside during the amounts,d just by tiny or by large amount compared to the progress we've made through 2015 and 2016. bullardhat was james speaking with bloomberg. , and he a short snippet add up overisses time and the market begins to 2% inflation target is enough. it's the greatest conundrum of them all. lena: the inflation normalization seems to be lagging behind the growth normalization story. overall, markets are prepared for a level that still very much in the pipeline. littleear that there's in the way of the fed launching of balance sheet normalization or producing another rate hike before the year is over. there are key elements to this model, one that financial conditions remain accommodative between the u.s. and globally. economy iss. extremely strong, labor market figures show

louis federal reserve bank president james bullard.uld remain on hold given that inflation is lagging well below the feds 2% target. he elaborated on that with our kathleen hays. ♪ kathleen: is one more rate hike this year a problem? james i think we have been : surprised by inflation coming into the downside during the spring here, and not by a tiny amounts. really by a large amount compared to the progress that we made in 2015 and 2016. so if you look at the chart, we were creeping up towards 2%, altering 2015-2016, then in 2017 most of that progress has been undone. i think that is, at least in my mind, leading to a reevaluation of our story about whether our policy is leading inflation back towards target or not, so we will have to see how the data comes in for the second half of the year on that. >> so are you saying let us wait for the data and then when it is stronger, i would be in favor of a rate hike? james of course, we are always : data dependent. i am not too optimistic that we will have higher inflation measured on a year

. >> reporter: of course esther george is the president of the federal reserve bank of kansas city whichonomic symposium in jackson hole. she would like the fed to begin tapering unwinding of the $4 trillion balance sheet she says sooner rather than later. we'll look for clues tomorrow when yellen speaks, whether that will start this fall as a lot of people are expecting. back to you, trish. trish: thanks so much, adam. we're taking a quick break. we'll be right back. ances that cause symptoms. pills block one and 6 is greater than 1. flonase changes everything. . . . . trish: white house press secretary sarah huckabee sanders, there we go, will hold on camera briefing any minute from now. live feed is coming into us. as we await here, that is florida democrat debbie wasserman schultz, defending her decision to keep her i.t. staffer on government payroll, you and me everybody else paying his payroll, even though she knew he was under investigation for bank fraud since february. get this one, she didn't fire the pakistani-born aide until he was arrested in july trying to flee the country.

and a weak dollar are boosting exports and investors were really relieved when the federal reserve, america's central bank interest rates slowly. samira who's in explaining the white house's being perceived as business friendly but what about its relationship with china? it's being reported president trump is close to a decision on how to respond to what he considers china's unfair trade practices. the reuters news agency says mr trump is looking into initiating an investigation of chinese trade practices. a move which would allow the president to unilaterally impose tariffs. joining us now from shanghai is our china correspondent robin brant. hi, robin. this is something that he talked about a lot during the campaign trail, he would slap ta riffs campaign trail, he would slap tariffs on china, so this could possibly become a reality? yeah, this is the third time president trump has talked about the prospect of possibly a trade war between beijing and washington, dc. you're right, during the campaign it was hugely important for donald trump the candidate and he talked in extreme language saying china had

the federal reserve of minneapolis bank president speaking out and he says no asset class is lashing to him. our view is we are comfortable and confident with the rescue from the great recession as well as managing recovery going forward. , withg up at the fomc regard to the balance sheet, we don't see a repeat of the tantrum. michael: i want to take you guys into the short end of the market spread8582, this is the between yields and the last time we had a debt ceiling problem we saw a spike below zero for that spread. we are not quite there yet, but you can see us moving down here let's start with brian. are you concerned that we will have something happen in the debt ailing debate that will cause the markets to react significantly? brian: no. i think the debt ceiling plays out as it has most of the other times. we go to the last minutes and they will eventually pass it. it will cause market concerns, but it will pass and play out -- i just don't see -- they don't have any other choice than to pass it. rachel, is that too much complacency? i'm not sure you call it complacency, we do

she has been a visiting scholar at the federal reserve bank of boston and economic studies group at the brookings institution. doctors o'regan holds the hd in economics from berkeley and spent 10 years teaching at the yale school of management. they will hear from dr. curt mcclure of the urban planning program at the university of kansas. after mcclure has won several awards for his research on housing and urban planning produce academic careers included an appointment a scholar in residence -- and resident of the is department of housing and urban development. serves on the board of editors of housing studies and the journal of planning, education and research. he is associate editor of housing policy and debate. after mcclure holds a masters in city planning degree from the massachusetts institute of technology and it ph.d. degree from the university of california at her glee. finally mr. granger mcdonnell board of directors of the national association of homeowners and president of them donald's companies. mr. met donnell is a texas-based donor and 40 years of experience in the homeb

bank that is really in a is the federale reserve. that will continue to support the dollar even though it is a bit overvalued in the longer run. >> if the federalsing interest rates what does that mean for the european central bank, the oe as well in their efforts to move away from accommodative policies? >> to some extent, this is part and parcel your question about the dollar. currencies are relative prices not absolute prices. if the fed is backing away because of a lack of inflation, you should also expect other central banks as well, because they are further away from inflation targets. there is a case for them to take back some of the extraordinary policy. move away from qe and negative rates. but that is not about the significant rise in policy rates. >> we are speaking with marvin and sonja. they are both sticking with us. coming up in the next hour, we will speak with jpmorgan head of commerce. from new york and london, this is bloomberg. ♪ scarlet: i'm scarlet fu in new york with francine in london. headlines now. china will be restricting domestic companies from investing in sectors such as real estate, hotels, sports. this looks to

the federal reserve of minneapolis bank president speaking now and he says no asset class is flashingm. doingnything the fed worrying you? craig: not at all. we have been comfortable and confident with the steps the fed has taken to rescue from the rate recession as well as managing recovery going forward. at the upcoming fomc meeting with regard to the balance sheet, we don't see a repeat of the taper tantrum. we see a fed rate hike coming in december. michael: speak and tantrums come i want to bring up a chart and take you to the short end of the market. #btv 8582. this is the spread between one month and three-month builds. the last 10 times we had a debt ceiling problem, we saw spike below zero for that spread. we are not quite there yet over on the right hand side, but you can see us moving down. let's start with brian. are you concerned that we are going to have something happen in the debt ceiling debate that will cause the markets to react significantly? brian: know, i think the debt ceiling plays out as it has most of the other times. ando to the last minute they will eventua

she has been a visiting scholar at the federal reserve bank of boston and economic studies group at the brookings institution. doctors o'regan holds the hd in economics from berkeley and spent 10 years teaching at the yale school of management. they will hear from dr. curt mcclure of the urban planning program at the university of kansas. after mcclure has won several awards for his research on housing and urban planning produce academic careers included an appointment a scholar in residence -- and resident of the is department of housing and urban development. serves on the board of editors of housing studies and the journal of planning, education and research. he is associate editor of housing policy and debate. after mcclure holds a masters in city planning degree from the massachusetts institute of technology and it ph.d. degree from the university of california at her glee. finally mr. granger mcdonnell board of directors of the national association of homeowners and president of them donald's companies. mr. met donnell is a texas-based donor and 40 years of experience in the homeb

she has been a visiting scholar at the federal reserve bank of boston. dr. o'regan holds a phd in economics from the university of california at berkeley. she has spent 10 years teaching at the deal school of management. we will then hear from dr. curt mccourt from the university of kansas. he has won several awards for his research on housing and urban planning's. -- urban planning. he serves on this -- on the board editors for housing studies. fors an associate editor housing policy and debate. he holds a masters degree from the massachusetts institute of technology. he holds a phd degree from the university of california at berkeley. finally, mr. granger mcdonald, chairman of the board of directors for the association of home donors. a texas-baseds builder and developer with four years of experience in the home building industry. he provides affordable housing to those in need in small metro areas. extensiveld also has experience working in the nahb readership. he has also chaired the federal government affairs committee, the state and local government af

why is that chart viewed over at the federal reserve, the e.c.b. and bankpan as a bad thing, matt? why ultimately is that a bad thing? matt: it's ultimately the fear of debt deflation that's a hangover from the financial crisis and to be avoided. ultimately, we would say there was a very big difference between the lack of upside in inflation and the fear of downside. the market doesn't in our opinion fear debt inflation at this point, but the central bankers are acting as if they do. moderate inflation 1.5 percent to 2% is not to be feared and paints a very constructive outlook for growth and financial conditions not needing to be addressed too aggressively on the rate policy setting front. jonathan: you guys are sticking with us. i want a check on where bonds our two's 10's and 30's in the , treasury market. yields throughout the week grinding higher on the front end by two basis points, rolling over on 10's and 30's by the same amount, two basis points. it is a flatter curve, 10 year treasury down two bases points, 217 on the week. still ahead, the final

the amount of treasuries owned by foreign central banks and held in custody at the federal reserve bankark for example dropped to $3 trillion last week. today fed watchers will be watching the refunding announcement and could provide guidance on how the debt ceiling and balance sheet normalization could affect the yield curve. let's get back to paul donovan and kit juckes. kit, do you worry about the debt ceiling, or just about the fed? >> i worry about the debt ceiling if it gets in the way, if it becomes some kind of protracted, big, ugly fight that affects fiscal policy. there is a lot being invested in the idea of sfiscal policy from the united states. if the debt ceiling gets in the way of that, then the fed's the only game in town. that becomes more important. francine: so, the fed is watching this, paul. let me bring you over to my chart that hillary clark kindly added. hillary added the swiss national bank. does the fed look at the debt ceiling? >> i think it has to. it does have a bearing on at least near-term economic performance and some inflation pressures. if you are gettin

that can a stock options tie to the price of the stock and if you can borrow money from the federal reserve bank at zero percent interest and buy back shares in your own company watch the stock price go up in your a warning or soft stock options for pennies on the dollar and you're cashing in for ten twenty thirty dollars an option you're essentially transferring wealth from the real economy into the pockets of these kleptocrats enabled by the central bank so the central bank is acting in a way that mitigates any notion that america is a free market capitalist society. the price of money is dictated by central authority this is no different than in china or in russia aren't anywhere else in the world and america can't seem to get over the fact that it's no longer a capitalist society the forest is crashing it much and would be much better if everyone just wore him out outfit and sang the chinese national anthem because that's closer to what you have in america economically speaking but you know weeks we check in with you from time to time to see how the san francisco property market is doing and

we were talking about the central bank meeting some the ecb, federal reserve, bank of japan, elections for the dollar, but i'm more optimistic on it in the fourth quarter. david: stay with us. marc chandler of brown brothers harriman and dino kos of cls bank. check out bloomberg business this week on newsstands, the first time steph curry has appeared on the cover of bloomberg businessweek, how players in the nba are taking a big stake in tech. we will take a look at the survival of global democracy. aheadbusinessweek to stay of the competition. this is bloomberg. ♪ ♪ taylor: this is "bloomberg surveillance." i am taylor riggs. records stand to fall in tomorrow night's fight in las vegas. least $100s worth at million, and a record $72 million worth of tickets expect to be sold. >> obviously the boxing people are saying he has no shot. he will be annihilated. when two people square off that know how to fight, anything is possible. conor mcgregor has knockout power in both hands. taylor: that is your bloomberg business flash. francine: thank you. let's talk tech. amazon will begin slashi

this number will be closely watched by the federal reserve, america's central bank, as it considers there has been a flurry of earnings coming up this week and those earnings helped push us markets to record—breaking highs. before the week comes to an end, there are still a few more companies that will report, including health insurers, cigna, and newell brands, the maker of sharpie pens. joining us is mike bell, global market strategist atjpmorgan asset management. 22,000 is terribly impressive, should we be impressed or is itjust another number? if you look in the dow there are lots of tech companies, some parts of the tech market are pretty expensive at the moment so we would favour rotating into some of the cheaper parts of the market, particularly the financials, which should do well. but the financials are boosted because everyone is expecting regulatory reform, basically taking away the regulations, but is that going to happen? we have seen since the start of the year a lot of that has been priced out of the financials. the market is expecting the fed to put rates up, that would