the rush by tel is with me from img bank. first, interest rates, a re is with me from img bank., interest rates, are they going to say anything about that? central bankers will be very careful about the words they use, given how sensitive financial markets have been two recent subtle policy since. there will be a lot of reading between the lines for us and lists to do, but those looking for any major policy announcements... they do itfar major policy announcements... they do it far ahead and give us lots of warning now. i'm not expecting anything major. there will be a lot of prep work, laying the foundations for policy changes. what about the pile of bombs sitting in a vault somewhere... i imagine it's probably not, it is electronic —— pile of bombs. pile of bonds. janet yellen is ready to start the process of shrinking the balance sheet and unwinding some of them are produced by what effect does that have on the market? it hasn't had too much of an effect. 0ne market? it hasn't had too much of an effect. one would have expected bond yields to be higher and equity prices to be

we have heard from chris turner, the global head of strategy at img.ys the fair value of the rand is 12.- it looks attractive. despite some degree of political risk. the rand moving today and yesterday. overnight volatility coming down in the wake of the failure as some put it to oust south african president jacob zuma. we got there eventually. vonnie: it was so worth itonnie:, mark -- vonnie: was so worth it, mark. here is when we made earlier. that terminal you are talking days over the last three moving a little bit to the korean won right now. this increase in drama when it treats and dialogue and messages and so forth. seeing a spike in the vix. we are still below 12.it is big considering we were below 10 a couple days ago. it is impacting the yen as well, which is below 110 for the first time in gosh knows how many months. we have the 10 year yield at 2.22%. further out, we are seeing a bigger reaction to what is going on. it is the lazy days of summer, and these things have more of a reaction in the markets than they normally do. citizens of the

and it's img aological road to go down. i think what's going to end up happening, the big question here is what if mueller comes aacross something, a crime that isn't directly attributed to the russia investigation? and i know it has -- mueller is limited to investing things that are set forth in his mandate. if it's not something in his mandate, then he has to either ask permission to investigator refer to the doj. this is going to be an interesting political battle. so, you know, this question of collusion, this question of financial ties, if they don't bear out, which we don't know what mueller knows, if they don't bear out but there are these second crimes, we talked about flynn, kushner. but they don't trace back to russia, what happens then? and i think that is a real danger to elm broil us into sort of a larger political debate. on one letter you can't let these crimes go but on the other level if they don't trace back to russia there's going to be a pretty good push back. >> what does happen if let's say in the cour

but img the bottom line that one of the things that president trump has not done since he's been in office is actually read up on any policies, and that's part of the reason why he hasn't been able to get anything threw congress is because he hasn't been on the stomach, going out into the states and selling policy. essentially goes out to these rallies and sells himself and says look how great i'm doing, i won the election and goes back to the campaign instead of talking about policy. if he went to west virginia and talked about the specifics of why people in congress should support tax reform or specific piece of legislation, i think he would be more effect ti. >>> but he doesn't know about policy, so he can't do that. >> west virginia rallies around him. they're big supporters of donald trump. does he -- >> he won by 40 votes. >> does he need to go to a state that's not necessarily so pro trump. >> and announced two days before and he could have had all those people rallying around him. >> i really want to talk about mike pence and these 2020 rumors. and, you know, mike pence, he looks i

img incrementalism is what washington, d.c.e of. >> what do you see in the distinction between how the president treats russia, which is with a lot of silence. they kick out 700 plus american diplomats and nothing from the president on social media. their aggression in georgia is now playing. nothing from the president. but with china and the north korea situation, much more heavy handed with the president of china than the president of russia. why the distinction, in your mind? >> i think two points. one, i would say read what president trump said in poland. extremely tough on russia. he said that the russians should think about joining the rest of us and trying to have a real-life society. tat speech was incredibly tough. so i would encourage you to reread that. the second thing is, right now we have a national security problem. it's a crisis. i know on the east coast people are not paying attention to it. i live on the west coast. this is a big deal that north korea has tested 12 missiles this year alone. they have basically

the united states has been the leader in the economy, in security, in fighting there terrorism, in imgthe environment this so many different ways, the epa. and now in the most important of all, the existential issue of our century, we have given up leadership at a time when we are most needed we are most absent. tom friedman's written again and again about the economic, the job prospects of adapting to climate change whether there are 30% more workers in the solar industry now than in the coal fields. one in every 15 new jobs in the u.s., last year department of labor the single greatest job category, new category that needed to be fulfilled was wind turbine edge floor. [laughter] -- engineer. if any of you are looking to recommend what your kids need to do, they can go be wind turbine engineers. and the whole world is going on without us. you see with the tpp, the trans-pacific partnership, article yesterday that 27 countries now getting together with japan to do what we should have done, and they're going to do it without us. and now those countries are saying, stepping forward to do

img, the ecb is expressing concern about potential for an overshoot. one .1697.me in at 232,000. the survey, 240,000. just when you think this number can go much lower, it grinds lower again. when a multi-decade low you think about it. you have to go all the way back to the 1970's for these kind of numbers, david. david: in children's stories we talk about the "little engine that could." you --have that in the the u.k.? it is a job creating machine, it just keeps going. jonathan: 230 2000 -- your initial jobless claims print. for reaction, we are joined by ira jersey and still with us, neil dutta of renaissance macro research. ira, it is a conversation we always have run the labor market and you take headlines numbers, in this case initial jobless claims, and you can paint a picture of a tight labor market. then we ask the question -- if it is the time -- tight, where is the wage growth? ira: that is a good question, but rivera, this is only half of the data. we know a lot of people are not toting laid off compared history, but what sectors are getting hired? if