so the fomc has now decided that it will remain in place. it allows the fed to avoid day to day interventions in the money markets, and it's compatible with large reserve holdings by banks at the federal reserve. something that banks now want to satisfy new liquidity requirements. from a financial stability standpoint, this regime is also much safer. when the fomc ceases balance sheet runoff in october, the fed's asset holdings will have declined to around $3.7 trillion, and the process will have run its course. balance sheet runoff had the potential to provoke considerable financial market disruption. indeed, the difficulty of exiting from asset purchases had been a concern in the committee and in congress, with some observers anticipating that a rundown of the fed balance sheet would spark financial bedlam. but fortunately things have gone quite smoothly. my hope was that it would be about as interesting as watching paint dry. and it has mainly worked out that way. a smooth exit means that there should be less resistance in the future to d

now for the fed, fomc minutes come also talked about persistent global uncertainties, right?e also talking about below target inflation. nothing really new in the minutes, but it does look like the fed will maintain its paws until it sees inflation moving higher. people see that is what the fed will do. janet yellen, former fed chair speaking with robert kaplan in dallas at an event they sponsored saying it is the right thing for the fed to do the pause now, wait and see what happens. she doesn't see a need for rate cuts. she said it could happen, but she is not looking for it. she is optimistic. tom: thank you very much. our bloomberg global economics and policy editor kathleen hays. we have inflation data around 9:30 local time, expecting a pickup in consumer prices and producer prices as well. be important for profitability and the policy decisions of this for bank. still with us is our guest. company insured $1 trillion in trade transactions globally. thank you for staying with us. what is your reading of what we heard from the central banks, ?whatcularly the fed will cha

that is what fomc members will be focusing on. we will see what jerome powell has to say about that. it has come down, lower than they would like. growth looks fine, not a problem there. inflation is what is on everyone's mind right now. jonathan: consumer price tolerance looks ok as well. several companies through the week, pepsico, coca-cola, dr. and gamble, all saying they can put up prices, and they got the green light from the consumer. there are a few signs that things are picking up. iain: i think so. if you think about the overall market, typically q1 is not great from a gdp standpoint. we also had to shut down to contend with, retail sales have picked up recently. there are some green shoots as look forward to q2. it is probably better than what most people have hoped for, when you look at where we were in november, december. greg: yesterday jobless claims notwithstanding, look at how strong the job market is. wages are going up. we think that will support prices. your view is the treasury yields are going lower. matthew:

the fed in its fomc minutes pointed out that there is a disparity a little bit. financial markets seem to be a little bit uncertain, but the core economy seems to be doing quite nicely. how does this explain why the financial markets seem to be nervous, while the core economy seems to be growing at a good rate? jay: the financial markets beginning in the fourth quarter got more volatile and seemed to be pricing in a more pessimistic outlook, which seemed to be rooted in concerns about slowing growth and a related concern of the ongoing trade negotiations. but if you look at the incoming data right through the end of the year and into the beginning of this year, you don't really see any evidence of a slowdown. we are in a situation where we have factors pointing in different directions. by the way, this is not uncommon. this is something that happens not infrequently. when we have that, what we do is we apply risk management principles. we are not just concerned about the baseline case. we are thinking about the risks and we are using our tools to address those ri

that is what fomc members will be focusing on.t will be fascinating next week to see what jerome powell has to say about that. it has come down, lower than they would like. growth looks fine, not a problem there. inflation is what is on everyone's mind at the moment and that is what everyone is focusing on. jonathan: consumer price tolerance looks ok as well. we have heard from several u.s. companies through the week, pepsico, coca-cola, kimberly-clark, procter and gamble, all saying they've been able to put up prices, and they got the green light from the consumer. they paid up and revenue growth came along. there are a few signs that things are picking up. ian: i think so. if you think about the overall market, typically q1 is not great from a gdp standpoint. from seasonals that we all know about. we also had the shutdown to contend with. retail sales have picked up recently. there are some green shoots as we look forward to q2. so maybe it is not that bad of a print. it is probably better than what most people have hoped for, w

if you read the minutes, what you will see is the fomc is a highly deliberative body.to each other. ,e are looking for fact-based intellectually coherent arguments that are based on evidence, that are consistent over time, and so that standard for deliberation will continue regardless of who sits around that table. tom: the critical question. within the modern messaging of your fact-based system, are we conveying that message through the press conference, through the minutes, to the american public and to the president of the united states or does there need to be a change to more granularity and debate? we have a lot of mechanisms by which we communicate. this is one of them. all of the members of the fomc are in their districts making sure to try to explain how they see the economy. connected to the facts but also connected to regional development. we have the press conferences every time. we have the summary of economic projections. we have minutes. there are a lot of mechanisms for transparency. we are always going to have to game on the clarity our communications

or political arguments or go the willingness to approach this work that congress has assigned the fomc of price stability and maximum employment and working with others to think through what is really happening in the economy what is the risk in the best way to achieve them those are crucial requirements and the federal reserve. so in terms of background there are plenty that serve on the fomc with a phd but that is not an absolute requirement for those who have experience in financial markets or in business to understand issues pertaining to financial markets very effectively on the fomc. and that fact-based is critical soon i thank you for being here to take my question. i am wondering if that dodd frank statue or one - - statute or regime that you would highlight to tailor your vision? for me personally i think it makes sense to incorporate that initial margin i don't know if there are things you're working on now you would like to highlight. >> the issue of the initial margin. >> you don't have to be that specific. [laughter] it is a pretty technical issue and one that does have si

room, and that's not the way the fomc works.nus is on him to figure out how to persuade his colleagues that his way of looking at things is better than their way of looking at things and we really haven't seen the material to back that up yet >> but don, overall we had former secretary jack lu on recently and he said look, elections have consequences. have you been surprised by the level of debate on some of these potential fed picks? there is a process in place. it's the president's pick. and for the senate to confirm. is that not really the process that should play out >> absolutely it's the process that should play out and i agree with jack. the president has every right, in fact an obligation almost, to appoint people who are broadly in agreement with his way of looking at things, his way of looking at the economy many presidents -- that's part of the democratic accountability of this independent technocratic institution. many presidents in the past have appointed people from their administrations. a recent example would be

stock market could be as much as 10,000 points higher if it was not for the fomc. j.p. morgan shares jumped the most since 2016. wells fargo tumbles. goldman sachs and citigroup report today. one of the biggest comebacks in sports history. tiger woods pulls off a stunning turnaround. welcome to "surveillance." let's check in on the markets. we saw the s&p 500 blow through 500. third week of gains for u.s. stocks. are taking aties pause after three days of gains. a little bit of pauls and risk assets. we did see yields jump in europe. the bones jumping into positive territory. we are well above 250 on the 256 handle. what a rally we saw in oil. six weeks of gains for the new ur r, taking a little -- fou wti. coming up, we will speak to every piece. that interview is this afternoon on bloomberg market. here is going with the roger. >> tiger woods pulling off a remarkable comeback winning his 15th major title more than a decade after his previous one. woods playing his fifth green jacket coming back from scandalous injury. that is according to marketing analysis. other new

the federal reserve is grappling with significant uncertainties that the message from the latest fomcinutes. several officials said their views on rates could shift either way. the u.s. and china are pretty much agreed on enforcement over a trade deal. that's agreed to -- according to steven mnuchin. the are nearing an accord after recent high-level meetings between beijing and washington. negotiators are discussing when president trump and xi could sit down to sign off on it -- an agreement. india's election begins. it's the biggest democratic election in the world. the prime minister is seeking another five-year term. theopposition is led by congress party. this is bloomberg. ♪ nejra: debra mao in hong kong. eating up on her last story about the indian election, our mliv team are writing that elections are looming large across the em universe this year. india and indonesia are about to go to the polls. results due from thailand. it's worth recalling what a surprise result can do. we are asking the question on will how big an influence elections be on the performance of local assets?

cpi data and the fomc releasing the minutes from its march meeting.ecb rate followed by mario draghi's news conference in frankfurt. for final thoughts, robert tipp is with me, alongside scott kimball, and krishna memani. robert, i know you are itching to get in on the european debate. what do you want to say? robert: in addition to the high yield, which i think is attractive, there are definitely opportunities there, as well as investment grade, high quality clo's. the contrarian play in europe continues to be sovereigns. they were beat up and people are missing that. at any given point in time, one country will be in the headlines. italy, for example, now. in the background, the greeks are getting a billion dollars released to them. they are 300-plus over. they have a long way to go. spain, portugal. it is a contrarian play but i don't think this is anywhere near over. jonathan: is there a belief that you think the periphery, which has been treading lately, will start trading like a sovereign again? robert: that's right, i see this is an ongoing tre

the fomc has signaled it has options and could move rates in either direction. we have insight into the right height path and the balance sheet. cibc's ceo is not faith by the bears have been taking aim at canadian bank's. we have our conversation with him. and an exclusive interview with the brazilian vice president. we will explore why he thinks the fight for pension reform could be coming to an end. let's get a quick check on the major averages. also keeping an i on treasuries. we are seeing weakness as we begin to get some important earnings, including the financials which will come tomorrow. somecials are seeing strength today. health care and energy really a drag on the markets. you can see not a lot of momentum to the downside that we see some weakness. industrials also gaining, which is interesting. some economic data showing additional strength. that has the dollar moving higher. you can see the 10-year yield close to 2.5% today on that data. of course, all the questions we are asking about the fed. shery: definitely the macro environment has been drivi

insists the central bank is not partisan, as president trump attempts to appoint loyalists to the fomcthis is bloomberg. ♪ the: welcome back to european open, 22 minutes into your trading day. letter negative on the asian session. flat to negative on the european session. some of the bigger losses coming through on the periphery markets. interesting that the chinese data has not been seeing all that risk on for the equity markets, not this friday morning anyway. the federal reserve is independent, that is the message jay powell was set to give democratic lawmakers at a closed door meeting last night. even so, president trump is trying to support two loyalists. the numbers don't look good for herman cain. mooreher pick, stephen looks set to join. he says he is planning to challenge the status quo. >> my plan is to challenge one fundamental idea which is endemic at the fed which i think is completely wrong which is that growth causes inflation. growth does not cause inflation. growth does not cause inflation. when you have more output of business services, prices fall. the fed has been a

we've got the frksz -- fomc on wednesday. we have payroll on friday.learly this trade talk could be absolutely the most important event of the week. stephen lighthouser goes to beijing for talks on april 30th as well as it involves him saying we're getting into the final laps. very interesting space. the battle between amazon and walmart at the moment. amazon talking about switching from free two-day delivery to one-day delivery. you pay a subscription fee for prime. but then we have tantalizing tweet from walmart talking about it saying one day free shipping without a membership fee. now that would be ground breaking. stay tuned. and maybe walmart is going to match what amazon is doing and go one step further. they do not have a membership fee. so much to look forward to this week. back to you. >> going to be fun to watch. >>> still ahead, taylor swift's me moment. >>> plus no birthday left behind. how a california teen is making birthdays special for homeless children. dad. so when his joint pain from psoriatic arthritis got really bad it scared me.

it has erased all the effect from that dovish tilt in the march 20 fomc.hat's something to keep in mind of verizon that we have seen in yields recently. the aussie dollar powering ahead in the g10 effects. what you do with monster data coming -- data, do you believe it? this is a market that is up 35% this year. the question you need to ask yourself, do you want to take more risk on board? you believe the industrial production numbers rising the fastest in four years? 2014 styleinisces of bubble? let me show you a couple of other asset classes. wti and the dollar. the china data has bolstered risk sentiment around the world this morning. industrial production up. the beauty i is hitting a five-month hike. inventories drop. that's one of the stories that is driving the oil market. the dollar is slipping a little bit. very much on the china data versus those yields that you mentioned. levels that we haven't seen since the fomc. the dollar managed to rally on poor new. we will talk more about the pricing in just a moment with our guest. let's go through the a

fed minutes show the fomc grappling with significant uncertainty, while the ecb sees growing threats. lvmh smashes estimates due to strengthen its fashion division is by fears of a china slowdown -- despite fears of a china slowdown. ♪ welcome to "surveillance." let's get a check in on the markets, a little bit of a pause in the global equity rally, stoxx 600 in the red. , theines coming through oil market is tightening yet global demand may falter. some opposing forces they're coming through from the iea comments. were central banks dovish enough? have the banks run out of steam? higher,ear yield edges but we stayed below 2.5. oil back from the five-month high, it has been low for all of today's session, 64.07. that is what seems to be dominating the market at the moment. coming up, we are live from the imf world bank meeting. do not miss our interview with christine lagarde as well as the governor of the bank of italy and the south african reserve bank. that is with francine lacqua and tom keene in washington dc. let's get first word news now in new york. wall street chiefs face a g

the fomc meets today.we hear from apple after the bell today -- the faang's wrap it all up as we hear from apple after the bell today. welcome to "bloomberg daybreak." mcdonald's is out. lisa: a huge beat on the day. this is really the headline here because it is a question of how exactly they generated that increase given all of the hype they had already around the breakfast they introduced, as well as some other initiatives. first quarter earnings-per-share at $1.22.oming in still, the headline is comparable sales, such a pop in the shares ahead of the market. first-quarter revenue also beat , $4.96 billion versus the estimate of $4.93 billion. reports oning general motors right now. david: they have a nice beat on earnings-per-share, $1.41 as opposed to $1.10 come about .evenue $34.9 billion in an ipo, andc if you back out to lyft adjustment, they are pretty much right at $1.10. lisa: interesting to see that revaluation of these lyft deal. david: we will be able to talk about that with the cfo of gm lat

does that give you more pause when it comes to the fomc? the are beginning their meetings today. >> it doesn't. when we look at pending home sales, housing has been a weak opponent in the u.s. with existing sales. it is giving us a better sense of activity in the u.s., trading negatively for nearly a year. a bitntial investment was contraction from that topline number, so we are continuing to see volatility month-to-month. but that longer-term trend from a housing perspective isn't going to this way the fed one way or the other. we expect the fed to reiterate their patience stance. and reaffirm their positions of the sideline. we don't expect any further rate action through the end of the year. -- weo expect the rate also expect the fed to recharacterize their expectations for growth. there is not an updated projection in terms of the summary of economic projections. we will focus primarily on the press conference. this will be particularly this month. the way be looking at the chairman -- we will be looking at the chairman to get us a diag

the fed's marchman it showed that there is some uncertainty among fomc members about the central bankstand on interest rates and whether the next move should be a hike or cut. we come up with lyle brainard the imf world cup meeting in washington. >> are we going to give up our 2% rate on inflation? are we going to have a theoretical change to disinflation? are actually focused as the federal on ensuring that inflation stays anchored at 2%. if you look at the way the committee has responded in recent months, with a wait and see, the pause on rates, the very flat path it is projected now in the media and snp projections, that is all a recognition that we are committed to achieving and sustaining that 2% core pce inflation goal. it has been a big concern of mine and it will continue to be. here we are with employment consistently performing very well. yet, raise growth is -- wage and overallted inflation is not consistently getting around that 2% target. we will be patient. tom: william lee of the milken institute is a guest who has said he is never seen it like this. the polarity of mark

federal reserve sank stocks would be 10,000 points higher if it were not for the fomc.is concerned about the relationship between president trump and the fed. in washingtoners that he is certainly worried about central-bank independence. there are reports the japanese government stepped in to block the merger of nissan and renault in april last year. a french newspaper says email's between executives and state officials show the trade .inistry weighed in to stop formerils were sent to nissan chairman carlos ghosn. protesters took to the street of the sudanese capital calling on the army to hand over power to a civilian government. protesters say they will continue to demonstrate until a civilian counsel is formed. however, they fear the military, which is dominated by loyalists, plans to rule indefinitely. has pulledger woods off one of golf's most remarkable turnaround, winning his 15th major title more than a decade after his previous one. wood claimed his fifth green masters jacket, winning his comeback from scandal and injury . market analysts estimate he generated

to keep rates on hold as it sticks to a patient's stance we turn to -- pgim we are looking at the fomc'seting kicking off in just a few hour's time. almost any statement will be perceived as being hawkish if you look at what's being priced as a rate cut this year, end of this year, and another one next year. what you are hanging your lat on is that inflation is the sole focus. i think it's a really difficult message and difficult story. i think that is going to be the source of volatility in the second half of this year >> you as an investor, what do you make of this effort by vice chairman to look at how they target inflation in a different manner is that something that you think is long overdue given that they continue to come in below that 2%. >> well, clearly you know, the fact that so much has been thrown at the system globally and inflation is below target globally suggests that, you know, a revisitation of the current process is warranted to me it's okay. i'm not as worried about it as some other investors, but the fact remains that with all this stimulus, you're still under shoot

reserve, tweeting that the stock market could be as much as 10,000 points higher if it weren't for the fomcen it comes to fed independence? >> not in the near term. the fact that trump is tweeting about undermining fed chief powell does not actually lead to change in his orientation or action. i don't think people around him believe that. >> mario draghi on saturday said it is disturbing that the united states would be attacking its own central bank. he says, "i am certainly worried about central-bank independence, especially in the most important jurisdiction in the world." people are concerned that if these tweets start to have an impact on market psychology, it -- even if the fed doesn't react, it could interfere in the markets might not perform in the way people want them to. jonathan: more are being reported to join the fed board even as reports that the administration is talking to a number of candidates. kevin: conservatives here in washington, d.c. such as the heritage foundation are very much still backing stephen moore, who has deep ties to the conservative ideology. people like a

finally, tomorrow, the fomc decision. take a look at the 10-year yield on the year. at the beginning of the year, coming out of that tightening cycle, then we had that big fed pivot in the middle of the month. during that time we have the 10-year yield down quite a bit, 2.5% essentially. interesting to see what happens tomorrow. most everyone is expecting that they will be on hold during the may policy meeting. vonnie: we will be watching with eagle eyes, thank you. forecast of economic headwinds and geopolitical uncertainties, many middle-market companies are bullish about the growth prospects. that is according to the ey global confidence factor. ed hammond joins us. ed, i want to start with you on deals. we learned that berkshire would throw in $10 billion in order to help with the anadarko oxy situation. $10 billion to buy anadarko. >> $10 billion and a very big presence with warren buffett. occidental could use that additional $10 billion and reduce the need for a shareholder vote, which would be one of the reasons anadarko said earlier there was uncertainty aro

markets are pricing one in for later this year do you believe the fed will do nothing for it is sixth fomc2019? even it would be appropriate for them to hike rates, they're going to have a hard time communicating that to the markets. they risk sending financial conditions even tighter, which, of course, feeds through into their reaction function, so that would make it harder for them to cut -- to hike rates i think that's going to be difficult even if it's appropriate. i just don't think the economy will justify a rate cut. i think that growth will be stronger in the second half of the year than it looked in the first quarter of this year at least. i think the fed is probably stuck not doing anything on the rates front for the rest of the year >> just reminded our viewers that dot plots, that's basically just each fed member putting his or her expectations of our rates going to go to looks like a giant lite brite in my mind. this has been a fed that's flip-flopped before. they went from hawkish to dovish is it possible they return hawkish? what if we get on wednesday a rate hike or an indi

with the fomc holding its latest meeting, the president posted a pair of tweets criticizing policy, while while praising china for supporting its economy. white house is ramping up pressure to reach its trade deal with china in the next two weeks,

it is like the march 20 fomc never happened.eading to a five-month high after the api stockpile data. coming up on bloomberg tv, we will be speaking to vice president of lincoln motor company. that is ahead of the new york motor show at 5 p.m. london time. guy johnson and tom keene takeover bloomberg surveillance next. this is bloomberg. risk on. morning it is it is china risk on. and the art of the deal, is president trump's negotiating leverage slipping away? and we consider where to put your money in 2020. -- theorts are the woes rose windows and the organ are intact. we're live from bloomberg headquarters in new york. guy johnson in for francine lacqua in london. it is extraordinary how quiet the brexit story is. why is that? guy: everybody is on holiday. they return next week after easter recess. buts are ongoing, basically, that's why. tom: does the whole nation take off? the weather will be sensational this weekend so i think everybody will be staying at home and going to the beach. tom: there is a lot going on here. we h

season should be expanded to pretty much about every six weeks when the fed gets together with the fomcg trying to figure out if they need to adapt any changes to policy, keep things steady, try to give us some insights into what they're thinking, definitely silly season. if you think about it, the president's own advisers continue to point to the notion and i really think they believe this, and i still think there's a possibility of their reality being closer to a reality than many think, and i'm referring to 3% growth in gdp quarters for many quarters ahead. but that is so incongruent with the notion that in the same breath, many advisers and the president himself want more stimulus listen, the reality is, more of less fed ahead is probably what's going to occur. i even read today many are thinking that we need an insurance ease you know, we have nine traunchs of economic insurance. each one of those was a quarter point from 0 to 25 we are far surpassed the snugging up of any other central bank and what's more, when you look at the notion that inflation may have peaked in this cycle e

if you are in the fomc, what are you seeing? luke: i think you are seeing a lot less reasons for worry then you did in january. the january minutes offered up a laundry list of worries. now the list of downside risks has come down a lot, but i think probably one of the global probably one,ink the global growth outlook has come down. you are seeing some growth in china come but the places would expect to be most immediately effected are unchanged. on the realized inflation picture, that concern has probably intensified. charlie evans said recently that core price pressure is going , and could be reason to discuss fed cuts as early as this year. we are basically there. i think basically they are going to be focusing very hard on a lot fewer subjects in this upcoming meeting. vonnie: you are concentrating not a lot of subjects. kr cross asset reporter luke awa joining us. let's get to first word news. here's kailey leinz. kailey: the federal reserve's preferred gave of inflation -- preferred gauge of inflation , reinforcing the pat

reserve, tweeting that the stock market could be as much as 10,000 points higher if it were not for the fomche ecb, president mario draghi says he is concerned about the relationship between the president and the fed. he told reporters at the imf spring meeting that he is worried about central-bank independence. the saudi arabian sovereign wealth fund is said to have opened talks with banks on a loan of up to $8 billion. sources say the public investment fund would be underwritten by lenders and would be repaid from the sale of a stake in a company. we are told talks are in the early stage at the final loan will depend on the bank reaction. thousands of protesters took to the streets of the sudanese capital, carling -- calling on the army to hand over power to a civilian government. the military toppled the longtime president last week and protesters say they will continue demonstrating until a civilian counsel is formed. they fear the military, dominated by al bashir loyalists, plans to rule indefinitely. global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 j

are you in the running or would you accept a fomc position?hen who out there do you think would be a good replacement? karl: i don't know if i am in the running. i would accept if it was offered. i have not heard from anybody about that, so i do not know that i am being considered. who should be considered? be -- mary on you would would go for it. i heard he does not want to take an appointment from trump. that's bad. larry lindsey is another good guy. an out there pick, one that would make a big splash who who is an sumner a commonest and also a very famous blogger. hasink he probably certainly given the field we have now the chops to be on the fed. those are the people i would think about. joe: really appreciated. karl, thank you both for your perspective. caroline: let's get a check on the business flash headlines. sales of previously owned homes fell in march. 5.2 when annual rate of million. down 5% since february. that is the fourth decline in five months. national association of retailers forecasted it will not pick up until later this

abigail: the fed's march minutes showed that there is some uncertainty among fomc members about the centrals plan to stay flat on interest rates, and whether the next move should be a hike or cut. john keane caught up with one of those voters, fed governor lael brainard at the imf world bank meetings in washington. tom: are we going to give up our 2% rate on inflation? are we going to have a theoretical change to a new disinflation? lael: we are extremely focused at the federal reserve on ensuring that inflation stays anchored at 2%. so if you look at the way that the committee has responded in recent months, with a wait and see, the pause on rates, the very flat path that is projected now in the median snp projections, that is all a recognition that we are very committed to achieving and sustaining that 2% core pce inflation goal. it has been a big concern of mine and it will continue to be. here we are with employment consistently performing very well, and yet wage growth is very muted and overall inflation is till not consistently getting around that 2% target, so we are going to be pati

to keep rates on hold for the rest of the year minutes from its latest meeting show the majority of fomcrisks to the outlook warranted keeping policy unchanged. they left the door open to the possibility of more rate rises before the end of the year that is if economic conditions improve, and i think juliana, it's pretty clear what the fed wants to do here they've seen that the market has become way too aggressive in pricing and cuts for this year after this big u-turn that we saw in the month of ma every march. then they haven't been aggressive enough and still accounting for the potential for a hike this year i guess it's trying to bring back the market from the extreme positioning that we've seen. >> in my position as treasury of secretary, i feel obligated to respect the independence of fed monetary policy, and i'm just not going to comment on it one way or another >> i mean, the president has voiced frustration all the time with the current fed chairman. do you feel like you picked the wrong person >> i don't feel like i picked the wrong person, but i respect the president's views a

minute basis but very clearly, the president is also keeping at least some of his attention on the fomc meeting that started today, will end tomorrow, with an announcement on rates and future guidance, because the president sent out a tweet just a little while ago that was, as you say, somewhat of a warning shot to the fed as to what they decide to do going forward. i will read it in full. here it was. quote, china is adding great stimulus to its economy, while at the same time, keeping interest rates low. our federal reserve has incessantly lifted interest rates even though inflation is very low and instituted a very big dose of quantitative tightening. we have the potential to go up like a rocket if we did some lowering of rates, like one point, and some quantitative easing. yes, the president says we are doing very well, 3.2% gdp, but with our wonderfully low inflation, we could be setting major records and at the same time, make our national debt start to look small. there is a lot in there, liz, but one thing that i would point out, the president's top economic adviser larry kudlow