that is when it struck, the gyration here. expect the digestion to continue overnight in global markets and back in u.s. stocks tomorrow morning as you have strategists writing their thinkpieces, trying to figure out what to make of this. just want to get a quick check of the treasury market as well and what we saw there. generally we saw yields coming down in the wake of this. of course, there was volatility with treasuries, too, as there was with currencies and the various asset classes in the wake of this. but generally that idea of stocks trading mostly lower, the trajectory lower, and the yields trending lower as well. alix: awesome stuff. julie, we will check back in with you later in the hour. when i said nothing really happened, that was in stocks. in the treasury market we saw extreme gyrations. i want to take a deep dive in the bloomberg terminal to break down what we saw in the two-year yield. it started right before the announcement even came out. --rted right before 2:00 let's see if i consume in and show you. it

the chinese have caused major gyrations in the markets.n buffett has a stock portfolio of 107 billion dollars. everything from american express to deveeta health care to coca-cola. everybody has been so concerned about their portfolio, was he about his when all of the gyrations in the past month were going? i began by asking him in our one-on-one interview, what has his life been like since all of this volatility? listen. >> when on august 24th, the dow fell 1089 points as it opened, were you buying? >> yep. >> a lot? >> not a whole lot. you can only buy a certain percentage of what trades. we were buying and happier buying when they were down than when they were up the day before. >> has the market gyrations caused you sleepless nights and i ask that, wait, fortune magazine has berkshire hathaway lost market cap since 2002. >> berkshire stock has gone down 50%, 50%, and i never lost any sleep any of those nights, and there will be sometime in the next 20 or 30 years it will go down 50% again. the nature of markets, they overshoot, and tha

that's gyrating it. >> since 2009 the path of least resistance has been up.hat's changed. it's now down and that's very worrisome because the whole complexity of the market has changes and this is what we have to worry about. so i'm negative of the principle factors that there is nothing good on the horizon. i don't care where you look as far as interest rates, no global growth really, in terms of what could happen in china and that affecting and the contagion affects of that. there's nothing positive out there that says i need to buy stocks here. >> but if you look at the bigger picture and the macro factors, we're going into a year of optimism and election coming. >> who's optimistic? >> i am. i am. >> leading because they're banging a drum optimism her say, they're reflect optimism and anger. i think they're going into -- >> but they're adding to that. they're adding to that confusion i think. there's no clear message as to what they're going to do for the economy and that's a problem. >> eventually we're going to get that clarity and that clarity comes ou

that has regained everything it lost during that one little gyration. see flipping over to the russell 2000, that is up nearly a percent. highest percentage gainer here. i would like to say as fed put as pillow down where it thinks every market in the world is going to fall, this is going to be a problem for retail investor pushed out perhaps more into riskier dangerous -- neil: we don't know but glad you mentioned that. janet yellen is going to be speaking in about three minutes. maria bartiromo will take you through that press conference and after events here. we know she is at this site, trish regan. we know she will be asked some of the same questions we were asking and raising here. it will come back to what changed, right? and i thought, maria, you kept repeating it, life happens. something happened along the way to disrupt this decision that seemed to be getting increasingly closer and closer to hike rates. >> i think at end of the day, she didn't have courage to do it. neil: why would it take courage? >> let me just say if i may interrupt this.

this is a short term gyration, if there is one., you've got to be in for the long term. that's what the experts say with the 401(k). i personally have a couple of 529s for my kids. i'm going to turn my back and not look at anything. wait until the powder dries. >> if we say rates rise, you pointed out the dow is up 40 points. if we see a rate hike, should we expect to see the market drop? >> that's what some people think would happen just because of the shock. others might look at it. you never know what the:íx herd mentality will exhibit.9o others say mqlÑ that our economy is stable enough torpzñ sustain3ç3mÑn1b interest rate tohf!o0//tco get0 normalpíe rates and normalize t rates. they don't get any return. >> all right. we are six minutes away now. we'll be watching. thanks. >> that's right. minutes away right now from that federal reserve decision on whether to raise interest rates. stay with us. we'll have a lot more coming up and the announcement. plaque psoriasis... ...isn't it time to let the... ...real you shine... ...t

the volatility, the gyrations continue commanded is driving us crazy.he investment pros and liz saunders, charles schwab chief investment capitalist. i no individual investors can deal with bear markets, corrections, but these crazy yo-yos sessions drive people crazy. >> and i think thisi think this is a little bit abnormal for your typical garden-variety correction, but not all that abnormal relative to the modern era. you do have these bouts of extreme volatility, and it is driven not only by the gyrations in the fundamentals but how much shorter time horizons have gotten by some of the professional investors and the fact that you have a lot of machines at work. charles: i want to ask you about that. what is the deal? professionals, you are at the head of the class. you talk to individuals all the time and preach the merits of being a long-term investor. why do the pros, wall street trading 2nd the 2nd? >> there is a lot of money, college and eric lee. the high-frequency traders the high-frequency traders are what you could call price insensitive buye

this is sort of a technical day, i can't point to a headline gyrating the market. the fed is seven days away, we are looking at the new york stock exchange at a market so touch and go we're going to bring in the traders from the floor show. live at the nymex, live at the cme and live at the new york stock exchange. stephen guilfoyle very early this morning as he was stuck on the lie. >> the lie and the lrr. >> the long island rail road and the long island note, he said watch 1956. how did you know? tell our retail viewers what that means and why the market suddenly fell when we fell through that level? >> in these light volume environments, the market trades technically. last night we got a strong buy signal from the mac gauge, day trader know what that is. we got to the 56 level. liz: you say 1956. so clarify. >> on the s&p 500. got through it violently, came back in, saw a fight and broke into the downside violently. now look at 1947 versus 1956. liz: is there a headline that you have seen down here that would do that? or is this such a technical numbers oriented

gyration doart of you think has to do with fundamentals?aves like today you witching, what is real and sticky, and what is just the intraday? guest: the market has bought in a lot of people who have been burned. the ipo market is a telling indicator. they haven't been strong this year. you bring in these retail investors and that is what they go for and they have been burned . before they were doing well. what has changed, it has become much harder for inexperienced traders. alix: you will see the bloomberg ipl index didn't come inside my terminal, it has done nothing, it is lower year over year. joe: you have all these companies. one area that has been getting high butthat gets no has done well, tobacco stocks. in the tobacco stocks when compared to the s&p 500 makes the s&p 500 look like a straight line. alix: that is crazy. guest: do you realize how many hedge funds have their butts kicked by people just line and holding tobacco? that is the industry. are 20 full over the s&p 500. it is understated because the dividends are higher. alix:

certainly our markets were gyrating. when the dow fell 1089 on the open, were you buying? >> yes. liz: a lot? >> a certain percentage of trades, we were buying, happier buying than when they were up the day before. liz: were you selling anything? >> no. liz: why sell at such a low price. we're trying to explain to viewers. >> you sell when things go up and buy when things go down. liz: has the market gyrations caused you sleepless nights, and ask that because fortune says berkshire hathaway lost 10 billion dollars in market cap over the last month or two? >> three times since i bought control of berkshire that stock has gone down 50%, and i never lost any sleep any of those nights, and there will be sometime in the next 20 or 30 years it will go down 50% again. the nature of markets. they overshoot, and that's part of the reason i'm rich is because they do that. it would be churlish of me to complain about the fact that berkshire is down when everything else is down. liz: we're going to hear more from the oracle of omaha tomorrow. we decide to do a part two of the interview with t

at no gyrations. this was good. i enjoyed it.now what, it was really fun to deliver the talk and have so many people there. that is kind of a little overwhelming. think we are, you not necessarily where you think we are as a country on whether overseas toicans fight our wars? >> [indiscernible] thatand the mega-drought created the symptoms, or rather the conditions of extreme poverty that has led now to the rise of isis. west africa.mic in were are many places where have the turning radius of the crisis. think you are as good friends with them as other people. i'm trying to understand what separates you from the others who have gone beyond the pale? i'm not going to engage in the media's game of bashing another republican candidate. you wante people say to make sure he does get into the race so you can win the support he has. is this a political population? senator cruz: i'm not going to go into the gutter with personal attacks. i think policy distinctions are important. i will talk about differences when it comes to amnesty or c

fascinations, gyrations, call it what you will.finish tire, but it wasn't straightforward -- higher , but it wasn't straightforward. pimm: coming up, everybody remembers their first job. the remember how challenging it was to actually get it? one company is trying to make it easier. $.78 or each dollar a man earns. retirement,ans for we've got that coming up on the bloomberg "market day." was recentlyuv revealed. matt miller is here. he spoke to michael winkler to discuss it. go ahead. matt miller: it would make sense. it's supposed to be a nod to the yga region. i've heard them say it different ways. that is because of the region. talk price and tell me what can of my great you get for the price. matt miller: the price is $230,000 before you at any options. options ares that very expensive and you need as many of them as you can get. the price will probably come closer to $300,000. it is an amazing vehicle. it has the w 12 engine. isbasically has two v6 bolted together. it is over 600 horsepower. there is a boatload of torque. it

among those in the audience, c.e.o.s from around the world who are trying to understand the strange gyrations in china's economy. the speech was significant. it's the first time he addressed the problems in china's economy since the stock market began falling in june. in august the government made the decision to devalue the chinese currency and it's fallen by more than 4% against the u.s. dollar. but the premier said that china's economy was still a sound bet. yes, there would be ups and downs during a period of transition, but that was to be expected. he gave a guarantee, a pledge, that china will achieve economic growth of 7%. but he also hinted that it was going to be difficult to do that. overall, the premier was suggesting that china's government is in this for the long haul and said have faith in us, we are still a country that has an economic growth rate better than many other developing economies right now. on the day that the premier was speaking, new figures came out to show that china's inflation rate is at 2%. it's the same as the interest rate. that means there is a lot of cheap

i want people to think i don't know. >> 200 on the line for market gyrations. >> exasperating, too. >s this things to calm down. a little calm. doesn't mean just down. >> keep saying they don't have the intestinal fortitude to do it, making feet of claim. >> goad them into hike. >> i will show you! >> we will show joe. there is one little thing about that sort of in line with that, they have this whole operational thing they have do to hit a rate. >> not gonna do it? >> pessimistic? >> no, i want them to i sort of hope they will. but they always take the -- it's so much easier to keep the candy coming, isn't it? >> i would have felt great if yesterday the federal reserve announced janet yellen going to give a speech next week, then it would signal -- signal and tell us -- but just kind of weird to go into this monumental momentous moment without -- without a speech from the chair. >> a quarter point. a quarter point. >> it costs money to borrow money. >> let's bring in a couple of experts. ethan harris the co-head of global economic research at bank of america and steven whiting, glob

no big gyrations. this was good. i enjoyed it.now what, it was really fun to deliver the talk and have so many people there. that is kind of a little overwhelming. mark: where do you think we are, not necessarily where you think we are as a country on whether what is worth something americans overseas to fight our wars? >> the failure of the nationstate of syria and isis and the mega-drought that created the symptoms, or rather the conditions of extreme poverty that has led now to the rise of isis. so, the pandemic in west africa. there are many places where we are behind the turning radius of the crisis. we are left with only military responses. >> i'm not asking you to repudiate donald trump as a person. i do not think you are as good friends with him as other people. i'm trying to understand what separates you from the others who feel this is beyond the pale? senator cruz: i'm not going to engage in the media's game of bashing another republican candidate. i'm just not going to do it. mark: some people say you want to make sure

a basket of currencies and the gyrations through the end of the day. finishing down by about 1%. remember also that yellen reiterated we are going to see a gradual trajectory when rates begin to go up and another reminder that again the trajectory here is that rates will eventually go up probably nationshan we see other raise rates, for example. some strategists are saying for the longer term that the dollar could be good bet. one of the assets were we saw it pop today, gold prices. 1% from a dramatic increase when we got no increase in rates. as yellen emphasized, uncertainty is still sticking around here, so if you are looking for a haven, that is where at least some traders were looking today. alix: thank you so much, julie hyman. a deep to take a look at dive in the bloomberg terminal and i want to take a look at what the market is expecting in terms of federal rate hikes. the green light here is the current implied policy curve on the sort of yellow dotted line is the historical implied curve, historical meaning yesterday. you can see that in one day, joe, the expectation fo

it will cost some -- cause some gyrations, but in this particular case, i don't think it is going to fundamentally affect the growth rate of the u.s. economy. where do you put this economy in historical perspective? and why do what to do that? you want to do that because, one, you want to see -- it has been a really boeing summer. that is the most important factor. the second most important factor is if you are trying to gauge monetary policy, then you have to compare it to something else. so when you look at what is happening in -- in this particular recovery versus prior recovery, you really get a picture of -- of not very good performance. came out inst september 1% of the people were dissatisfied with the direction saidconomy -- came out and 71% of the people were dissatisfied with the direction the economy has been going. why the concern? well, look at how we have been growing for six years. if you look at what has been happening in terms of our real gdp, it has average to .1%. was 2.8%.overy and that is real growth. so our real growth is half of what we saw prior to 1981. and i

traders say they are worried with the ripple effects of china and financial market gyrations over the past few weeks that the fed doesn't want to add to that volatility so they may wait until december. >> thanks so much for joining us. >> thanks for having me. >> sreenivasan: airline mergers in recent years are resulting in fewer flights in the u.s. as well as a disparity in service and ticket prices between large cities and small ones. a new "wall street journal" analysis finds ticket prices at the nation's ten busiest airports-- including atlanta, dallas, and denver-- have been stable, increasing around one percent on average from 2007 to 2014 while airlines reduced the number of passenger seats available by 1.6%. but at the 90 next biggest airports, including detroit, honolulu and birmingham, airlines have raised fares more than six percent on average and cut available seating by more than 14 percent. yesterday, i spoke about this with jack nicas of the "wall street journal." >> what caused this? why is this disparity happening? >>. >> what we've seen over the past seven years or s

we've seen a lot of gyrations here. this bike when tim cook talked about a new ipad pro.o other news announcements, we saw the stock go down a little bit. byproduct.le revenue -- by product over the last 10 years. the orange is the iphone. this shows you the importance of the iphone within the apple product universe. the ipad in green, macintosh and yellow and ipod in purple. we have not heard about the iphone yet. we have not yet got that news on the company's single most important product. as we look at this apple presentation, we have to look at the ripple effect. the supply chain of apple, which is enormous. these are the customers, the outlets where you see phones sold in different devices sold. these are the suppliers ranked in terms of their importance to these companies revenue. percentage of revenue that comes from apple. they are ranked in terms of their projected sales versus apple. intel, computer sciences, some u.s. companies that went supplier list. all three of them are trading lower today. about the ripple effect to day. a couple companies whose products w

what other measures are they relying on a site from the anecdotal and actual gyrations in the indexes? what strikes me as unusual about this cycle is we're not just sitting volatility in the equity market, we see volatility in every asset class -- commodities, currencies, stocks, bonds, you name it, you are getting volatility. that is a very profound difference from prior soft patches were even in the worst financial crisis we have seen, volatility was really localized in stocks and bonds and it really didn't spill over into other areas. this time around, volatility is everywhere so i think that might alarm though that things might be a little different than they have been in the past. emergese we seeing the -- emerging markets leading to developed markets? markets sing-along where weakness. is that part of the volatility story? >> i think so. we see some cracks in the biggest growth story. the emerging market phenomenon. we're really seeing an exit from the massive liquidity that benefits small companies, small economies that need capital to grow. now we are shifting into an environm

we saw the gyrations in the stock market. we are not having the job growth and the economic recovery. we don't have that sense of optimism in the economy going forward that we should have. it all comes down to one thing, a failure of leadership in washington, whether it is the economy or america's standing in the world, we can turn it around. steve: how did a lawyer from peekskill, new york become the mayor of new york outside that city? gov. pataki: i went off and become -- and got a great education, i started at a law form -- law firm, but it wasn't for me. i wanted to go home. i moved back to our family farm, and ran the farm with the family. i decided that if you like a community, and do not believe in the leadership. you have two options. sit on the outside and complain or get involved and try to change it. so, i ran. it was a democratic city against a democratic incumbent. that has been the story of my political life. people believed in me and gave me the chance to lead that city. i believe i left it in a better conditi

a mama bear and her cubs fascinated with a strange, well, gyrating, unhinged object that humans call hammock. the bear cubs couldn't figure out how to use the hammock as many humans can, but they had a lofrt fun trying, and the home owners they watched and recorded from a safe distance, as these cubs had a lot of fun with that hammock. >>> up next, divisions deepen in europe over refugees and the crisis that has ensued. aggression building up in syria, the obama administration refuses to call it a buildup. why should they? why should they acknowledge reality in any form? well, that response might be a little familiar to some crimeans for example. we take that up and much more next. stay with us. . lou: our next guest says we're witnessing a real european crisis with syrian refugees, and to that end, russian president putin won't mind sending a lot more syrian refugees into europe. joining us fox news strategic analyst, lieutenant colonel ralph peters. ralph, good to have you with us. you make it seem as though in that remark that you think putin is exacerbating the crisis, if not, in

the bearish case on the commodity that has not stopped gyrating.almart's quest for low prices could be hurting relationships with suppliers. we will tell you about the fight that is brewing. all that and much more coming up on bloomberg market day. netflix is making a major oscar purse this weekend at the toronto international festival where it will screen is first movie. they are working to shake up the movie business in the same way they has shaped up the small screen. tony snell from toronto is our file manager -- our film and entertainment reporter. bought the rights to this movie, which is what tends to happen before or at film festivals. so how is that place different from anyone else? what are they doing to disrupt the movie business? putting the lenses on when it comes to buying feature films. they have been buying documentaries for a while, but they are really ramping up and buying feature films and these of no nation. they also have a rapid movie in the works. those should year. what we're seeing for the first time with netflix is an osca

she said at this time there are concerns but would i say, you know, the markets gyrations i think shewere a concern, it should be pointed out they're probably being caused by her lack of action or inaction. nicole: steve, earlier in the week goldman sachs has been saying basically december hike was in the picture, not the september meeting we just saw. no hike. basically saying by december you would see a better picture, better labor mark k they would be more likely to do so. now that they basically held off, i'm starting to hear 2016. why do december then? >> you know, actually i think that, i think what you're really looking for, by the way they have two more chances a meeting in six weeks. really what they're doing prolonging what we've been waiting for anyway. if you look at fed fund futures it is likely we'll get that raise before the end of, before we get into 16. i just think they want a little clearer picture. they want to be prudent before they take action so. lauren: steve, i think we lost you a little bit there but thank you so much. >> sorry. lauren: no problem, steve. hav

perhaps she is not the best communicated, because that is when you saw the market really start to gyrate. it was expected largely, that the fed would not change rates, but yes, there would be a hint of one coming soon. no one expected that they would come off as wet is being described as ultra -- as what is being described as ultra dovish. that is what cost a lot of the selloff in the stocks. and the dollar dropper. if they do not raise rates, what does that tell you about the economy? as fed chair janet yellen explained that fed's views, particular concerned about the international risk, yet treasuries rallied. yields falling. the dollar also fell. but at one point there was a bounce. again, her concerns about inflation remaining well below target rate. that improve labor markets may bolster confidence. were perhaps expected. raisedre were questions about how bad do they think the global economy is that they are sounding this damage? vix, by the way, the lowest since late august. we also had trading near 47 a barrel on oil. supply drop.ected goldman sachs saying that commodity prices ca

nasa said it's a guy -- gyrating massive amount of plasma. the it's generates at 5 million degrees. put their hand in that to determine that? >> reporter: let's get you outside in the delaware valley. looking live at the center city skyline from our temple university camera. everything looks quiet right now, but as we flipped it to double scan live you can see green showing up. heavy thunderstorms from baltimore south and washington, d.c. and richmond. all that activity of is pushing northeastward it will head head into our neck of the woods in the next few hours. numbers wise we're doing okay, this feels good, but the humidity has gone up. allentown, 67. poconos 65. millville, 72. cape may, 75. clouds are on the increase. we actually started out with a little bit of sunshine first thing this morning now the clouds are beginning to lower and thicken underneath the clouds we're seeing a heavy batch of showers and thunderstorms from washington, d.c. to richmond. we're not seeing anything severe but this is on the stronger side gusts up to 40 miles per hour. a ton of lightning strikes

we had gyrations going on today. that is continuing at this hour.eing held after yesterday's big selling session. we've been bouncing between gains and losses throughout the day. right now, all three major averages in the red. that has not been the case consistently as the day has gone on. brendan: should i get pessimistic? julie: it depends. a lot of strategists are getting pessimistic. goldman sachs cutting the year-end forecast for the s&p 500 to 2000. we've already had the s&p fullback this year by about 8% or so. back this year by about 8% or so. the pullback in energy earnings, the chinese economy, a decision in washington mother federal reserve.- the federal can accord yesterday, cutting their forecasts. they had been pretty bullish. we have been index that tracks the average s&p 500 forecast from strategists. the average of these folks is still 2175. -- it wasl well above still require a relatively substantial rally before year end. the price-to-earnings ratio, he is looking at multiples. following fed liftoff hikes in , with all and 2004 pr

a mama bear and her cubs fascinated with a strange, well, gyrating, unhinged object that humans call a hammock. the bear cubs couldn't figure out how to use the hammock as many humans can, but they had a lofrt fun trying, and the home owners they watched and recorded from a safe distance, as these cubs had a lot of fun with that hammock. >>> up next, divisions deepen in europe over refugees and the crisis that has ensued. aggression building up in syria, the obama administration refuses to call it a buildup. why should they? why should they acknowledge reality in any form? well, that response might be a little familiar to some crimeans for example. we take that up and much more next. stay with us. technology empowers us to achieve more. it pushes us to go further. special olympics has almost five million athletes in 170 countries. the microsoft cloud allows us to immediately be able to access information, wherever we are. information for an athlete's medical care, or information to track their personal best. with microsoft cloud, we save millions of man hours, and that's time that we

around, you know, where rates will end up in a couple of years have not changed throughout all the gyrations we've had in markets this year. >> we touched on oil prices in the first and i wanted to bring it back to that again. do you think they're leading fundamentals at the moment or are they reacting to them? is this supply demand in the oil market driving the prices or is it the financial market. >> we have a very distinctive view around this. we think it's a supply, largely a supply-lead adjustment that we're seeing so the oil market is oversupplied. that view was challenged in april and may. i think by the policy stimulus that china started delivering. so all commodity markets over that period started going back up. in a way contradicting the fundamental picture and then as china stimulus unraveled we are reconnecting to an underlying trend and we think that oil prices will be between 45 and 60 and remain very range bound from here. >> you brought up china. let's talk about it since even janet yellen and the fomc are talking about china. do you feel that crimping of growth in china is r

in the meantime you have to expect gyrations like we are seeing, the 312.1 plunge for the dow yesterdaylready today we have seen as swing of 176 points. i want to point out of this month there have been eight days the dow has moved 200 points but that volatility can be your friend or your enemy. when you have massive selling put stocks on sale, you can scoop up great companies for less. on the flip side volatility especially when vicious creates anxiety, shrinking portfolio, seriously makes you want to reach for the value, can't handle this. >> exactly right. lauren simonetti, keep us calm. >> don't look at the 401(k), it will be fine. >> high-stakes meeting between president obama and president vladimir putin now when the books. how will this meeting impact the current crisis in ukraine? we will take a look at that. she could be the first woman executed by the state of georgia in 70 years. how her lawyers are trying to save the life of this woman scheduled to die few hours from now. ♪ everything kids touch during cold and flu season sticks with them. make sure the germs they bring home

then i had to straddle him and gyrate on top of him. and so it wasn't exactly sexy. >> jimmy: it changes the dynamic dynamic, it really does. is that the most awkward sex scene you've had? >> that was pretty awkward. i did a play once where i -- where i was naked with an actor. and we had -- we were outside of new york and so we had a lot of those kind of -- no offense, those kind of blue-air audiences during matinees. and we were both completely naked. at the top of act two. and he was a shower, not a grower. no -- a grower, not a shower. >> jimmy: oh. oh, okay. by the way, how do you know he was a grower? >> oh, i don't. >> jimmy: oh! >> he told me. >> jimmy: he may have been neither of those things. [ laughter ] >> someone's having a heart attack. >> jimmy: that's our stage manager. >> sensitive? >> jimmy: he's very sensitive when it comes to the human penis. [ laughter ] >> as well he should be. my costar was a grower. is that right? >> jimmy: he was a grower, yeah, i guess. yeah. >> thank you. so honest to god, when the lights came

months and what's happening in the economy, the slowing economy which of course is caused all of this gyrationsthe world on stock markets. he was realistic in that he acknowledged it had been a difficult couple of months, but listen to what he said. >> translator: despite some moderation in speed, performance of the chinese economy is stable and moving in a positive direction. having said that, we also face some difficulties, but on the whole we have more opportunities than challenges. it is the creativity and passion of the public that gives us confidence in overcoming the difficulties we face. we have the capability to achieve all the major targets of economic development for this year and lay a solid foundation for our economic growth for the future. >> the point about china is not a source of risk for the global economy, for global investors, it's a source of optimism. the fact that it is a shock-resistant and resilient economy. this is backed up by the fact that he says there are plenty of reserves if there is an unexpected downturn in the economy. they have the wherewithal to get the econ

we saw the gyrations in the stock market. we are not having the job growth and the economic recovery. we don't have that sense of optimism in the economy going forward that we should have. it all comes down to one thing, a failure of leadership in washington, whether it is the economy or america's standing in the world, we can turn it around. steve: how did a lawyer from peekskill, new york become the mayor of new york outside that city? v. pataki: i went off and become -- and got a great education, i started at a law form -- law firm, but it wasn't for me. i wanted to go home. i moved back to our family farm, and ran the farm with the family. i decided that if you like a community, and do not believe in the leadership. you have two options. sit on the outside and complain or get involved and try to change it. so, i ran. it was a democratic city against a democratic incumbent. that has been the story of my political life. people believed in me and gave me the chance to lead that city. i believe i left it in a better condition

and let me look further down the road at the macro economy and base on that rather than the market gyrations, but most of the numbers have been getting better. and the concerns have been based upon what is going on in china and how much the slowdown will effect the rest of the globe. and you look at the emerging markets. today it was interesting that we saw the financials they caught a bid. industrials, they caught a bid. so if there are certain areas if the fed does hike that we see another move to the upside and a pushdown on utilities? >> i won't base it on the fed. because here is my take on the fed. i see a very long-running time here of low fed rates. i think they do a quarter. either this month or next month, probably. and then they wait for a while to see how that settles down ab then do another quarter. over a period of time our fed survey shows that market participants don't see them stopping around 3%. so i would be making my decisions on the earnings and economic outlook and strong consumer spending. and people don't see those numbers, when you inflation it the oil prices are low

yet, steve, giant gyrations in the market.ticipate that will continue as people come back, kids get back to school, we get into the swing of things after labor day? >> right, trish. i anticipate or i believe a lot of traders in august, august was not sleepy. they may have been at the beach but entire time logged on looking into i phones or blackberries, there was august-geddon when it came to selling pressure in august. we're seeing rallies back as an example today. do i think it will continue? yes i do. the main reason i do global markets are starting to lose faith, this is process, not all at once, starting to lose faith in central banks. its not just the fed. boj, people's bank of japan, central bank in china. seven years central banks are pumping in as much as they possibly can to create inflation. markets coming to the verdict it hasn't happened. trish: i have to take a quick break. thank so much. we'll be back with more after this. [ male announcer ] we know they're out there. you can't always see them. but it's our job

we do have atul lele, you're a ceo not scared by the recent gyrations, the u.s. is your firm's biggest holding and you've been on the show since early february or march predicting an emerging markets crisis. >> we've moved a lot of our clients out of emerging markets, out of high-yield credit. all of the carry trade sensitive assets. we have no exposure. where we do see opportunities and this goes to stephanie's point is very much in the u.s. we are seeing consumer data improve and it's going to get better by virtue of the fact that gasoline prices are falling. we're seeing housing data improve and industrial production data sim proving notwithstanding today's ism. so we're looking at the u.s. economy which is experiencing not only an expansion, but quite a broad-based expansion. >> i guess the only push-back, guys have said the u.s. is calm and looks relatively good economically. we're seeing all the major selloffs are in the red, all dow components are in the red. manufacturing was above 50, but it did come in the weakest since 2013. wi are we underestimating t

immediately the markets started gyrating. in fact at one point the dow was up 194 points. but you see where we ended. we ended down 65 points. that was pretty significant swing. traders here were disappointed in a way because they feel it is much harder without the volatility. talk to any big money center bank. jpmorgan's, they like big money moves. they can make money off it. the average investor pushed into riskier opportunities looking for better yield, it does lead to a question, are we inflating some type of a bubble? we did have earlier, i believe, wayne angell during neil cavuto's coverage, no, i don't see bubbles but there are a lot of smart people who do, melissa. they really do see, by keeping rates this low for this long, indirectly mortgage rates will stay low most likely. they don't directly affect mortgage rates. indirectly that is good for housing market. i get that much. same with credit card debt. that will remain low. yet savers are getting crushed. melissa: liz, thank you so much for that. david? david: we first got indication that rates would not be goi

that bio tech has been under such significant pressure as the overall market has gone through the gyrationsast month. you have a private company, spurring a very public debate now and a potential impact on publicly traded companies. >> yes. you know, bio tech's not always been straight up. 2014, hatch lf were actually don the year. but this is, you know, this is obviously a flash point for health care. but you also have to wonder what it's going to do. the answer's not that simple. i'm glad hillary clinton is giving it a full 24 hours to come out with a major plan. you wonder what it does to promoting new drugs. how much money companies will spend if they can't get a return. clearly this is disastrous. there are other ways to do it, to handle this, such as making generic drugs easier, shorting the time frame, to keep their often drug status. the federal government should be able to negotiate. just like private plans. on drug prices. and make it affordable for more. i've been talking to allocators about allocating to health care. and it's very mixed. whereas about six months to a year ago, y

. >> they say this is a gyrating mass of plasma. astronomers say the solar vortex spun for 40 hours earlier this month and it was many times bigger than planet earth, to give you perspective there. temperatures in the plasma storm were measured at 2.8 million degrees sell serious. >>> a volcano is spewing plumes of smoke and ash. it's known adds the volcano of fire. it has erupted around 30 times since 1585. >>> villages have been covered in ash. some people have had to leave their homes since the eruption was captured by a webcam which was put there in 2013. >>> an amazing light show over north dakota this week. these pictures of the northern lights are captured by the chief meteorologist in fargo. the region was treated to a display several nights earlier this week. beautiful. >>> still ahead here this morning, donald trump says good-bye to rick perry in his own special way. the parting shots for the gop dropout. >>> plus remembering those of 9/11. >>> the weather is going to be a little bit better to be outside than it was yester

that gives you some of the real gyration. our forex report.5. showing a little bit of yen strength. the euro turning, dollar -- the euro churning, the dollar churning. what a great discussion this morning on mexican peso. dollar-you want, 6.3 -- dollar-yuan, 6.37. mike, we'll must have international relations -- we almost have international relations exhaustion. michael: the lady from seven investment in management. markets have been so volatile i'd recommend investors to shut up shop. the best thing now would be a moment of dullness. he is like senior vice president dullness, founding member. [laughter] michael: could you use a little dullness out there? >> yes, but i don't think we are going to get it. tom is the one with the bow tie. sorry, tom. michael: that's all right. you have analysts shoving each other aside outside your door, everybody saying, we've got to do something right now. >> fortunately, we've missed most of the carnage. we got fairly defensive back in july. we sold our china exposure and basically started de-risking because

you should ignore the short-term gyrations and say, are these company earning good money?anus: to close very quickly because the producer will be stressed, there is more volatility to come. richard: once volatility sets in, it will take a while for this volatility to subside. manus: we lock in for a bumpy ride. back in two. ♪ manus: welcome back to "the pulse" live on bloomberg television, radio, and streaming on your tablet, phone, and bloomberg.com. in one of the biggest changes in its history, google has changed its logo. why? here is a later that knows the answer. it is caroline hyde. i'm getting told in my ear what sans serif means. caroline: simpler. google is trying to get simpler. it is trying to make itself more relevant across not only is key, search engine and keep the branding aligned throughout its different products. it's interesting. 1999 is when they first went for those four colors. they stay. it's the lettering the harris c -- that has changed. sans serif typeface. you can shrink it more easily. this is applicable to your smaller screens. manus: even goog

we saw those gyrations across asset classes. the two-year note was also an injured team trade. calling the most in six months. before the beginning statement coming out. we saw the 10 year yield falling, in this case down the most sense june. no change in the interest rates at this meeting. we saw them meeting and other assets. the dollar index falling the most since the august market meltdown. finally, one of the assets that is benefiting, gold prices rallying by more than 1%. as investors, amid the uncertainty, which janet yellen says is here to stay, there is no way of resolving it for sure, we don't know exactly when rates are going to rise. she says she does not know when rates will rise. amidst that uncertainty, investors buying gold. guy: julie referencing a couple of things. let me you with the charts have looked like. this is the dollar index. you can see clearly the drop generated by the fed decision not to hike rates. into other asset classes. one of the biggest moves has been the rally we have seen in the u.s. two-year which continues to push higher. up, yielded dow