j. powell j. powell i don't think is going to be pushed or -- >> rick, that was exactly as hypothetical as mine and i conquer with that idea >> and i don't think market participants are going to jump to that conclusion you know, right now the two year is up on the week. it's the tens and the thirties that are moving higher >> doesn't it also create a headache not just for j. powell but steven mnuchin as well we'd had a history of treasury secretaries come out and say strong dollars in the best interest of the united states, going back to ruben. and the idea was we wanted a stable place where all the money flowed we have the safest and most liquid bond market >> i agree with that, and i continue to agree with rick. i think it's a bunch of noise. i don't think the president is pressuring the federal reserve i think j. powell will stand on his own two feet and defend the federal reserve. and you're right, richard russell of the dow series letters used to say the strength of a country will be known by

j. powell comment. he says the u.s. economy is in a good place and he's sleeping well.ould you agree with that? kevin: the u.s. is at full employment and the economy is good. there's a lot of stimulus in terms of expanding demand, lower taxes for household and businesses. we're likely to see continues growth for 18 months given the circumstances. from that point of view, the fed has been easy task. they told everyone they will gradually raise rates. it's built into market prices. everything seems to be going along smoothly. the flight in the ointment is the tariffs and the uncertainty and dilemma over what it will do to inflation. hsbc chief logan, u.s. economist. thank you for joining us on bloomberg tv. remember, bloomberg users can interact with the charts we showed you using gtv . you can browse recent charts featured and catch up on key analysis and save some charts for future reference. this is bloomberg. ♪ ramy: i'm ramy inocencio in new york. paul: i'm paul allen in sydney and you are watching daybreak australia. let's get a quick check of the latest busines

j. powell. >> i put a very good man in the fed. i don't necessarily agree with it, because he is raising interest rates i'm not saying i agree with it and i don't necessarily disagree i must tell you i don't. i'm not thrilled because, you know, we go up and every time we go up they want to raise rates again. i'm not happy about it but at the same time, i'm letting them do what they feel is best. but i don't like all of this work that goes into doing what we're doing. you look at the euro, what's going on with the eu, and they are not doing what we are doing. and we already have somewhat of a disadvantage, although i'm turning that into an advantage you know, last year and for years we've been losing $150 billion with the eu nations, with the european union. and they are making money easy and the currency is falling. and mcthe currency is dropping like a rock. and our currency is going up and i -- i have to tell you it puts us at a disadvantage. now, i'm just saying the same thing i would have sa

so when they come to j powell and say, what about education and skills training, or quality in -- any quality in wages? there is only so much the fed can do with interest rates and financial regulation to address these things. they are legitimately in congresses ballpark to deal with. i do not want to just repeat his answers. and strike out we might hear those answers again when he is before the house financial services committee. he will be getting questions by house lawmakers today. that is at 10 am eastern time. i am going to squeeze in bob in indiana. you are the last call. >> hello. i have two simple questions. how has the dollar declined and what is currently backing up the federal reserve note? >> i am not sure i understood the first. for the second, what backs a current federal reserve note, that is to say the dollar, it is merely backed by the confidence of every day people and the idea that when they take that dollar to the store they will be able to exchange it for goods and services. nothing more. there is no precious metal behind it. you cannot take it to the fed and get

j. powell to move rates too quickly. i don't think he will. he really seems to have his pulse not only the job at hand but how the markets are reacting and investors are thinking about many of his moves. it's hard to disagree that there are issues but raising interest rates and grab some insurance, should we at some point have a secession, i think it's a good plan and i certainly hope the fed will stick with it. >> i'd like to jump in there a lot of times i agree with rick, we're mostly on the same page on this one it doesn't really matter whether or not the chairman is going to listen to the president. he heard the president, and when he was appointed to that role he knew where the president was on rates. so i do think that whether or not he does it overtly, he has listen today the president i do believe he's going to go with the tact of being a little more dovish. we heard that in the last couple of days whether it was a reaction to knowing what the president wants or not doesn't really matter to me. >> we're going to continue to debate this

j. powell, chairman of the federal reserve testified before our colleagues on the banking committee this week that, quote, robust job gains, rising after-tax intersection and optimism in households has lifted consumer spending this month. to put it more simply, american employers are doing better so american workers are doing better so american families are doing better so american businesses are doing better. this is how a vibrant, growing economy works. this is what happens in washington, d.c., swallows up less of the american people's money in taxes. when it pim poses fewer -- imposes fewer heavy-handed regulation that's make it harder to do business and get the bureaucracy's foot off the brake of the economy. this is possibly the best economic moment for jobs and opportunities that americans have seen in recent memory. the policies of this united republican government help bring it about and they are helping to sustain it. earlier this week the "wall street journal" reported that many households are experiencing less withholding from their paychecks thanks to the tax overhaul. accord

j. powell will try to weigh in on if you look at the boards you'll see we've been hovering around 260 and two year note yields up a couple of points incrementally higher yields. in the long end i don't remember a long end having the type of consolidation and lack of real volatility as this year. we had a similar run in the 290s when it comes to long end our economies in good shape. it seems handicapping the long end is more about other criminal banks and other economies necessarily than it is about the u.s. economy and a week from this thursday we'll probably be getting a stellar shot at our first look at the second quarter gdp. >> thank you very much we're going to have to leave it there because we have a news alert. it's an amazon and kate rogers has the details for us >> amazon prime day just kicked off at 3:00 p.m. and it peers both the website and app are having some glitches when users try to log on. getting error messages and for me personally the deals page wouldn't load, although i did not get an error message once again this appears to be on the website and the app. we reached o

j. powell did a terrific job skirting all politics.ere many questions from senators on both sides on wages. is it better under obama, better under trump, on trade, on tax law, and he just went straight for the economic answers and did not go near the politics >> and lautof terms to suggest he's trying to mend the relationships more broadly and spend time there and be on-side with them. >> he didn't even have a contentious back and forth with elizabeth warren >> he started with a slightly aggressive tone. >> she always does we've got to move on because i want to get your take on this one. new report says wal-mart may launch a streaming video service to compete with amazon prime it may price at $8 compare today the $9 monthly charge from amazon prime which includes streaming from digital content announcing a five-year cloud and intelligence deal with microsoft as it kmeecompetes with amazon they're pulling out all the stops to get on top of amazon. >> trying to create a virtual crime package on some level. i do think it's interesting wha

j. powell intraday everyone's looking at 2800 i like closes. closes really give it to you if you went with the break out when happened tuesday, weekly closes really should be prioritized. >> well, that's why we have a show called "the closing bell. and rick santelli, thank you >>> and we are 44 minutes from the closing bell today we are clinging to those modest gains. 144 points on the dow. up next the bank's cfo joins us to discuss his plans for the turn around. >>> and despite the just department filing an appeal at&t's ceo telling cnbc today he is proceeding full speed ahead with integrating its acquisition. we'll have highlights of that interview and some analysis around the stock coming up are you ready to take your wifi to the next level? then you need xfinity xfi. a more powerful way to stay connected. it gives you super fast speeds for all your devices, provides the most wifi coverage for your home, and lets you control your network with the xfi app. it's the ultimate wifi experience. xfinity xfi, simple, easy, awesome. >>> welcome pack

j. pow painted an upbeat picture of the u.s. economy and said for now he'sen tent on raising rates at a gradual rate. powell no intention of being overly aggressive and that if economic conditions worsened the fed would stop raising r tes. finallde concerns have not been a dominant issue in the ast few weeks and that's good news. the market's come to believe thataxuts and other fiscal stimulus would far outweigh a negative impact on tariffs. so what could go wrong in the key will be tech earnings. tech is 26% of the waiting in the s&p 500 and tech earnings alone are expected to jump about 25%. so keep an eye on tech llwethers, microsoft, facebook, paypal, intel and google parental fabbet in the coming weeks. for nightly business report, i'm bob pisani at the new york stock exchange. comcast is bowing out of the fight for 21st century fox entertainment assets meaning that disney has now won the high-stakesar bidding with its offer of more than $70 billion. for itsomart,st says it will focus on expanding its international reach a controlling stake in european broadcaster sky. the remainder of which is owned b

powell on the hill. his testimony will start in about a half an hour you touched on j & j we've done goldman have we done's when you're priced for perfection holy cow the stock is down on what is a fantastic number i look at certain lines you use. people talk about -- i'll get to what people don't like it was medical care ratio. and it was supposed to be you want it lower. it came in at 81.9 i mean, you say wait a second don't laugh. if you own the stock, you're down 7 i look at the cash flow from operations that's a great thing to look at. supposed to be $3.4 billion. it came in at $4 billion that's unbelievable amount of fire power. >> raised guidance by 10 cents. >> and opt tum was amazing haven't heard any headlines that would move the needle. >> i think maybe this is the premier other than visa. the stock is down that everybody loves. and i think that, you know, you saw services begrad-- be great. i thought the number was sensational. [ applause ] i think we have a big faang problem today. dozens of people say i want to -- [ opening bell ] so rather than sell faang and buy alphabet, they have to sel