it's dark and early ...and pretty quiet in jackson hole.. but here's a live look at the intersection. if you want to check it out yourself - you can find it on youtube.. or drive about 8 hours northwest...and check it out yourself.. we'll be right back. days. we'll have a live report from the bank.. that had some really bad luck this week. federal investigators still can't even get federal investigators still can't even get cl but they should start to get some questions answered today - as commuters find a different route today. and- broomfield started with beer. this week in 9neighborhoods, we're going to tour the area that started small...but boomed later on.

will we hear more from them than what we heard at jackson hole?u are bound to hear more, and i think this will be a fascinating this question inside the room. we are not going to get a good feel for what is going on, but as i said, this report is not strong enough for that unambiguous signal for hike, but it is strong enough to make a credible case for hike, so this is going to be a fascinating discussion and i suspect, ultimately, it will come down to not just as nowadays but how concerned are people about collateral damage and unintended consequences. did deeper numbers, 151,000, but if you look over the last 10 years, the average over eight of the years, it we sell a vision upward of 81 thousand. is it possible in october september we get a revision to 235,000 jobs for august? alan: that is possible. i think this report is a big yawn. there is not that much news. i think that is mostly have reacted to it. these numbers are very volatile. i will never forget when i started to work for the 2000 11, theaugust reported job growth was zero. zero, no

what you make of the market action recently and what we learned from the fed speakers and jackson hole last week? >> the short answer is not much, know, today,- you the market is moving higher on good economic data, which is probably the right thing. but i thought it was confusing. it is confusing because on the one hand, we know september is in play. we will probably get a hike later this year. at the same time, this is a comment by janet and other members of the fed. this is going to be a shorter, shallower spike than what we've seen in the past, which means the fun rate is lower, which confirms that in the cycle, we are still a woeful environment. we have a combination of better economic data, people are not overly worried about the fed. competitionean commissioner has ordered apple to pay a record tax bill. how has apple responded? >> there is massive shock here today. reports were saying as low as 100 million euros, yesterday afternoon, the sentiment has changed. it might be in the billions, but i do not think anybody was prepared for over 13 billion euros, so it was a huge shock

i want you to redefine markets, that jackson hole, pervasive pessimism is out there.ists today. how do you push back against that? stanley: what is the pessimism about? it is not about unemployment. it is about growth. and that is largely about productivity growth. that is something which is very hard to control by policymakers. it depends enormously on what private individuals are doing in their companies. it is very slow at the moment. it changes from time to time. we do not know when it will change. i expect it will change somewhere down the road. there are remarkable things going on on the technological front, but they are not yet in the data. tom: you mentioned also the unmitigated blessings. america is different and certainly you and chair yellen are running a central bank that stems from a challenge that other central banks have. do you feel going into the december meeting, do you feel that you are the central bankers to the world, can you be discreet and only look at the united states' economics? stanley: well, the world is becoming increasingly interconnected

what do you make of the market action recently and what we learned from the fed speakers in jackson holet week? russ: the short answer is not much, or at least -- you know, -- not enough to dispel the confusion. today, the market is moving higher on good economic data, which is probably the right thing. friday was was confusing. it is confusing because on the one hand, we know september is in play. we will probably get a hike later this year. at the same time, if you listen to the comments by janet and other members of the fed. what is apparent is even if the , fed goes this year, this is going to be a shorter, shallower cycle than what we've seen in the past, which means the fun rate is lower, bash fund rate is lower, which confirms that in the cycle, we are still a woeful environment. we have a combination of better economic data, people are not overly worried about the fed. that is producing some good market movements. >> the european competition or, -- thet best figure european competition commissioner has ordered apple to pay a record tax bill. how is ireland responding? how has app

we sent harry smith to find out. >> reporter: jackson hole, gateway to the tetons and yellowstone. jaw-dropping vistas and an eyeful around every corner. but on any given day, go figure, hundreds, even thousands of people around the world are looking at intersection in wyoming. for reasons we won't pretend to understand, watching this camera has suddenly become something of a thing on youtube. with running commentary from viewers who seem especially pleased if a red truck goes by. we're guessing this might be part of the slow tv movement. on netflix, you can watch people knit for hours. a big favorite is the fire. think of it as a year-long yule log. thrilled with the new-found attention, responded by performing for the camera. here's the dancing sheriff, and the creative types, tried a miniature marriage proposal. viewers at first were pleased. but then -- >> they were like, thanks for entertaining us, but give us back our boring intersection. [ laughter ] and that was very unexpected. we thought we were providing some genuine entertainment. >> reporter: and so there it is, traffi

jackson hole is about the plumbing of the financial system. david: it's not just a matter of the fed governors indicating different things about where they might go with the rates, but we have had bullard come out and others come out and suggest we should be rethinking the framework. where does that process stand? richard: i think it's a very early stage. nothing appears to be eminent. they have said in the next downturn, whenever that is, and we don't think it's imminent come about essentially there will be a -- eventually there will be a recession. i think it's rare to say that they realize they need to begin rethinking the inflation targeting framework. >> are you surprised that the almostis around exclusively monetary policy and not on financial stability? there was a huge debate in the -- whyveral years ago are we not seeing that in the united states? richard: that's an excellent point. we are at a stage now where the fed is tending to ignore it. when jeremy stein was on the fed, it was more front and center. but with big chunks of the gl

harry smith investigates. >> reporter: jackson hole, gateway to the tee times and yellowstone. draw dropping vistas and an eye looking at this. what they say is the busiest intersection in wyoming. for reasons we won't pretend to understand, watching this camera has suddenly become something of a thing on youtube with running commentary from viewers who seem pleased if a red truck goes by. we're guessing this might be part of the slow tv movement. you can watch people knit for hours. a big favorite is the fire. think of it as log. thrilled with a a newfound attention, the folks in jackson responded by performing for the camera. here's the dancing sheriff. and the creative types tried a miniature marriage proposal. viewers at first were pleased, but then -- >> thanks for entertaining us, but give us back our boring intersection. that was very unexpected. we thought we were providing some genuine entertainment. >> there it is. a global audience. >> are these people at work or doing this on their own time u? i feel like they should do something else. >> it all gives new meaning to

we investigate. >> jackson hole, gateway to the tetons and yellowstone. jaw-dropping vistas and an eyefull around any corner, but on any given day, hundreds, even thousands of people around the world are looking at this, what they say is the busiest intersection in wyoming. for reasons we won't pretend to understand, watching this a thing on youtube. with running commentary from viewers who see especially pleased if a red truck goes by. we're guessing this might be part of the slow tv movement. on netflix, you can watch people knit for hours. a big favorite is the fire. think of it as a year-long yule log. thrilled with the newfound attention, the folks in jackson responded by performing for the miniature marriage proposal. viewers at first were pleased, but then -- >> they were like, thanks for entertaining us, but give us back our, you know, boring intersection. and that was -- that was very unexpected. we thought we were providing genuine entertainment. >> there it is. traffic and tourists to transfix a global audience. >> people at work or doing this

thousands of people are tuning in to a live stream of a town square in jackson hole, wyoming.own square. passing cars, pedestrians, and still nothing. nothing. nada. >> literally nothing. some users say this video was recommended by jackson hole has a celebration for labor day every year, and the town's chamber of commerce states a shootout takes place in the town square every day during summer at 6:00 p.m. local time. perhaps people are waiting for that. until then, just the arch made of elk antlers. >> i have been there. it's a lovely place. i don't know why people would stare at people crossing the road. >> thanks for joining us. >> welcome to armed forces appreciation week. today, we're playing our game with a few of the brave men and women from our nation's military. and there isn't anyone that i'd rather hand that $1 million check to. so let's play "who wants to be a millionaire." [dramatic music] ♪ thank you very much. i'm chris harrison. welcome to the show. are you guys ready to play "millionaire" today? [cheers and applause] great, it's a very special week. our first

fair, jackson hole, to be is a u.s. centric gathering.hey don't focus on the global issues, so much but the global issue is we have very weak growth, world trade rolling over. we have incredibly low equilibrium interest rates, excess savings in certain countries, and perhaps investment more generally, that is why equilibrium interest rates are so low in the system. so, that is a major issue. and if we do not get growth resuming, we will not have interest rates rising. you know, more pressure on the central bank;'s balance sheet. i think really, the academics in particular, i would hope they actually said this is what we really need to kickstart the global economy and get us moving, so it interest rates not just in the eurozone, but also the u.s. can rise and the fed can get interest rates higher, so with the next slowdown come they can cut rates. but we are in this world where central banks just do ever increasing balance sheets, not where it really want to be. manus: using we are seeing the start of a true backlash against negative rates

. >> we just had jackson hole. >> it's not very fancy either. i've stayed there.t's rustic. >> this is pretty fancy. welcome to italy. in fact, welcome to dwruyou wer that point, but to wilfred, jackson hole is kind of similar. it's important for thought generation. the oblem is we always ask and ask about things like the g20. what's actionable. ? what comes out of these talks. that's a very valid question. >> as the leaders meet at the g20 in china. good point. it's mostly we're jealous of her assignment. >> i agree. i think with all of these things, g20 is the best of example of lack of action. >> what comes out of it. >> no different than the likes of jackson hole. they all kind of expensive trips. are they ever justifiable? a lot of taxpayer money goes into them. >> hermine taking a significant amount of attention overnight. the hurricane has just got downgraded to a tropical storm. we'll have a liveup date updat up. >> plus hillary clinton smashing records. we've got the latest august numbers to share with you. you're watching cnbc, first in business, worldwi

when you look at the importance of tomorrow's numbers, the speech from jackson hole, largely centered on inflation. policymakers indicating they are happy enough with employment. what are the threshold they are looking for tomorrow? carl: it depends on threshold or what. the threshold to hike by year end, which is what they are trying to signal here, is something 125 or 150 would be good enough as long as we hold that pays through year-end to december.ptember -- in september, there is little evidence we have shrugged off the sluggishness from the first half of the year. motor vehicle sales you are highlighting that. all of these telling us it is a gradual re-acceleration in the economy, but there is an extremely high hurdle for the confidence to take the plunge in september. vonnie: we had a building member of the foc speak today. what does he have to say about tomorrow's number. >> if you look at employment growth, we should not expect that the employment rowing 200,000 jobs per month every month. now labor participation has come down, it means employment growth probably will be some

let's make jackson hole more popular than the kardashians. also, you might catch some of the residents being awesome for our benefit, like the sheriff. [♪] the sheriff is near and incapable of dancing. topic number 4. you might want to pop a few dramamine before we show you this next video. a gopro diver in crystal coach, california. take a look at this big plunge. that was crazy. that was crazy. that was so close. can we see it again? did you notice that muffled scream at the end? that's the noise you make when you are certain you are about to die. fortunately he did make it safely. down there in the ocean -- yum yum yum. topic number 5. cats. they are devious and today knifing. but you can still trick them and freak them out. how, you ask? costumes. the animal on the left is a cat delivery disguised as a dinosaur. but that's just and wardrobe that make its appear to be a tyrannosaurus rex. other cat has been duped and is frightened and it's hissing and back away. cats wants to eat you as much as dinosaurs. see if you can spot the cat cameo.

being careful like janet yellen was at jackson hole.e shift on the fed, and clearly before the data last week, the voices were all making a concerted effort to talk about, yes, lower for longer, but that does not mean that we don't hike rates today. toare getting very itchy move. they do not like sitting on their heels for one full year without another rate hike. markets start to become too complacent and assume that you are never going to hike rates, and they do not want that. they want some risk priced in that they could go at any time. mike: are you getting stir crazy? do you think we have distortions? your call is nothing until at least 2017. ellen: this summer we just moved the feds to the sidelines. when we see evidence that they will raise rates further, we will let you know. evidence.t seen that i cannot get stir crazy because i do not think i sit for a moment during the day. i am constantly running around. this is the longest i have sat in one spot in quite some time. i think we are definitely in the camp of this is not an over

i was careful in jackson hole.number of tools that we've used before and could use again. i did indicate that i do have concerns about the scope for monetary policy. nevertheless, at this point our balance sheet is large and we're not at what we see as the normal level, longer run level of interest rates. so at the moment, the fund rate is very low, it's below that normal level. so at the m

yet stanley fischer and janet yellen at jackson hole saying we want to raise rates this year, maybe even twice. the conversely the last speaker before they go silent, sort of having this extreme dovish case. no way are we going to raise rates. it is a lot of communication from all of these different people. the markets want to hear things, want to react, want to get ahead of this rate movements, but at the same time, that is causing a lot of problems of the medication between the fed governors. vonnie: it is supposed to be more nuanced, right? the reason fed has had to bring it hasis every time brought them down is because of data, whether it is domestic or international data. surely, the markets can see that. >> the one thing the markets do is they increase their expectations slightly whenever there is good data. whenever there is a bad data point, he goes down tremendously. you can see it on the bloomberg terminal. the slightly underperforming jobs report this past month, just completely derailed all hopes. brexit or china or all of these things -- it is always something. people say, i

actually showed a chart in jackson hole. will that be more helpful?i think it would be useful if they demonstrated the kind of modesty that a chart demonstrates. it's a fancy way of saying we don't know and we will no longer pretend to be sowed size. that's the direction the bank of england has gone. mark carney suggests to markets to inform our judgments. we are telling markets you should follow us. jonathan: the other side of the chart is we used to go into the inflation report and go through the inflation report and try to work out what is going on. you would be waiting for the bank of england to tell you. we are waiting for the fed to tell us but with a big asterisk. brought one ofot these forecasts for a long time. they need to use market prices to inform their decisions . theead, in the depths of crisis, they found they can push markets and whatever direction they want. i like the idea of extended where the fedds is doing more listening then talking. emerging markets are susceptible to any kind of move in the treasury curve in the u.s. for more,

after jackson hole it was a fed that was itching to raise rates.janet yellen and this fed are to do that? >> well, i think the message from the fed is very interesting. it was a combination of the two. so in the near-term the fed's language suggests they feel more confident and more comfortable with hiking before year end. however, look at the dots, the trajectory, it suggests labor force re-entry that there's no rush over the medium term to hike. i think the key message is december does look very likely we're probably going to get a hike by year end. >> you're looking for some momentum to pick up in the back half. what was august all about then? what was ism about? what was i.p. about? just a hiccup. >> i think the data are very volatile. and looking at one single month's print is not going to give you the full picture. if we look at the trend what we're tracking for fourth quarter, broad job gains, labor force re-entry, it's a healthy job market and economy and i think that's what the fed is focusing on. >> jeremy, if you see the fed being patien

i was careful in jackson hole. i indicated we have a number of tools that we could use i did indicate that i do have concerns about the wealth it this point. .ur balance sheet is large what we see as the normal, longer running level of interest the rate isment, very low, below that level. say it isent, i would a concern and we have less scope than i would like to see or would expect us to have in the longer run. i think -- we go play in addressing should they come. i mentioned specifically automatic -- that is an important way in which fiscal policy serves to send shocks to the economy. it would seem to me without getting into specifics that there are ways in which responses to policy to shifts in the economy could be which would help take some burden off monetary policy. >> new york times. in the run-up to the brexit vote earlier this year, policymakers cited it as a reason they were reluctant to raise rates in june. in the run-up to the presidential election, i've not heard anyone give that as a reason in novembe

i was careful in jackson hole. i indicated we have a number of tools that we could use i did indicate that i do have concerns about the wealth it this point. .ur balance sheet is large what we see as the normal, longer running level of interest the rate isment, very low, below that level. at the moment, i would

i was up follow up on your jackson hole speech. the sense of that. you did raise the question are you concerned that there is a fiscal backup lumped on the shoulders of central bank. starting with the issue of political uncertainty. investment spending really has been quite weak for some time. we are really not certain exactly what is causing that part of that hasn't been a huge contraction with the falling oil prices but the weakness expends beyond that sector and i'm not certain of exactly what explains that i'm not aware of evidence. certainly i would agree with the finding that it has been a week. consumer sentiment is perfectly solid. and consumer sentiment certainly seems to be solid. you ask about scope for further monetary policy action. i was careful in jackson hole we indicated we've a number of tools that we had used before. and could use again. i did indicate that i do have concerns about the scope for monetary policy nevertheless at this point our balance sheet is large and were not at what we see for the normal level for with the moment

since jackson hole, yes, but not since ism and -- >> showing you bae ining basica points and up five points for december. the market is kind of -- actually increased the odds that may be why the two-year is kind of unshining in the day. yield went down, came back up. i think josh said grown-ups took over? i think kind of said, hey -- >> people are coming out of the woodwork talking whether the fed will -- blackrock says december more likely. i go back if it happens -- >> saying september. >> my mom says -- >> says 55% chance in september. >> i think it's 53%. >> but -- >> and so if they raise rates in a couple of weeks, how much does the stock market get hit? >> i think it gets hit not at all. it's attempt error. studies show in the show it's a positive, because they're raising rates because the economy is strengthening. it would be positive for the market. >> and, judge, your point which is well taken, is, if we're offsides, if the market is thinking the exact opposite of what happens on that second day when they make the announcement. >> yeah. >> then we'll see that 3% to 5% declin

about%.et >> behind the increasing odds of a september hike, janet yellen in jackson hole said the case is strengthening and stan fish esh said the rate hish is possible and may mean more than one this year. >> y yellen said over the past two day, they are looking for incremental data points that would suggest stronger activity. the field where willing to consider the rate hike. >> citi is still betting on a december hike as is the market. positive september rate increases are up, but still under 30%. the de better than either rate. the fed doesn't want to act before the presidential elections, though fisher from the fed insists they would not s still considerable data before now and the next meeting between now and the next jobs report. saome said te the the septembe meeting a close call, baugh healthy jobs report. it will be the first step on the what will friday's jobs report mean for the fed and perhaps a september rate hike? and are there any investment moves you should make now that will put yf rising interest rates? jim swanson joins u chief investment strategist at msf managemen

. >>> and a life stream from jackson hole, wyoming. >> pedestrians walk across and cars drive by. why? apparently someone posted that they are going to do something in >>> here's a huge reason to smile. free dental treatments are being given away. it's called labor of love. they've given away $2 million in free care. patients can choose from one of four treatments including cleaning, cavity filling, x- rays. for a full list of the locations, head to abc15.com. >>> we're taking action this monday morning to help your land your next job. it's labor day and maybe you're thinking of getting into the labor market. a bunch of companies will be hiring on the spot. bring copies of your resume and dress to impress. it's happening at the double screen. >>> it's been six months since we talked about the academy awards. there's a lot of buzz about oscars for next year. >> we like to talk about it at abc 15. several actors gaining attention at the telluride festival in colorado. casey affleck and manchester by the sea >> and festival goers are loving sully and tom hanks. >>> are you going to s

. >>> one of the most watched videos on youtube now, a live stream from jackson hole, wyoming. >> thousands of people are watching pedestrians walk across an intersection, cars drive by, the big question, why. apparently someone posted online they are going to do something in front of the camera, so far nothing. >> nothing. y23ppy yy6y >>> it was a chaotic scene in philadelphia over the weekend. police had to clear more than 1,000 people off a stage during a concert on saturday. it happened at the budweiser made in america festival. police say a performer encouraged the crowd to climb on to the stage and it quickly got out of hand. police eventually cleared the crowd and no one was hurt. or even arrested. >>> take a look at these lines. people had to wait for at least an hour just to get into zion the 100th anniversary of the national parks brought out all these people. the big crowds overwhelmed the shuttle buses the park uses. also ran out of space in the parking lots. many visitors though weren't deterred, some traveling from all over the country to visit. >> labor day weekend, the 100th

pearce: didn't go to jackson hole? did anybody on the panel go to jackson hole? you didn't read the online comments or anything? ms. george: the focus of jackson hole was looking at monetary policy frameworks for the future across global centralbacks. the issue you raise is one that is routinely discussed at the meetings to understand how are the labor markets performing in the economy today. judgments about how close we're to full employment -- mr. pearce: what's the judgment? fairly close? 5%'s ok? ms. george: i believe we're at or near full employment. mr. pearce: when you reverse that mirror and look the other direction we see a labor participation rate of 62.8%. so we're saying in your words we're near full employment so 62.8%, which is -- you have to go back to the 1970's to get a labor force participation rate at that level, you and the federal reserve are saying this is as good as it gets. that's alarming because i see the difficulty of spreading the cost of the government between fewer working participants and it's alarming that this is as good as it's g

. >> reporter: jackson hole, gateway to the tetons and yellowstone. jaw-dropping vistas and an eyeful around every corner. but on any given day, go figure, hundreds, even thousands of >>> good evening, we are starting with breaking news. a six-year-old boy on a bicycle hit by a car. it happened a short time ago. it happened in of ever heard -- in a neighborhood parks for mac the boy was flown to the hospital. we are learning to know about his condition. >>> we go to our big story on 12 news at 6 pm. members of the hispanic community are making their voices heard tonight. protesting what they say is a broken system at the department of child safety. >> several parents say that they were wrongly accused of child abuse and their children were taken away. >> live outside the office on what these parents have to say. here is charly edsitty that is the treatment they have received. taking their message to the streets. they claim that the department of child safety is ripping apart families. kids are taken away from parents and accusations of being falsely a

. >> this is a live stream from jackson hole, wyoming. thousands of people have been watching it when it's live but the big question is why. some people think it's because somebody posted one day that they were going to do something in front of that camera, but -- >> they didn't. nothing has happened on this camera but people are still tuning in and the more people get sucked in the more it becomes a thing. people are watching this and nothing is happening. >> what if something really exciting happens? we don't want to miss it. will you feel bad if you miss it when something finally happens? >> it's one intersection in the sleepy town in the west. >> yeah, but you don't want to miss that one opportunity, do you? >> i don't know. more news after this. and we'll be watchi t everyone knows someone who's lost weight on weight watchers. they've been recommended by doctors. my mom does it, my sister does it. so what do they do? they go and change everything. are they crazy?! but guess what? it worked! it. worked. weight watchers members have lo

but this is a live look at jackson hole wyoming. the reason we're doing this is the this traffic camera live on the internet. thousands of people all over the world for some reason logged on to this. this traffic camera the world frankly because it's so mundane. >> catherine: we don't understand the fascination with it. there you are. if you ever wanted to know what jackson hole wyoming looked like at 6:30 at this hour. there you have it. >> jason: people are -- one of the internet things that you can't explain. >> catherine: now you know, entertained for hours. >> jason: jason brewer is not going to give us a forecast of >> jason brewer: maybe look at the aspens, snow on that end maybe a month away. >>> right now, two batches i'm looking at. this one moving over nantucket at 8:15, if it can hold together. and unfortunately, we need the rain. but it kind of weakened as we head across nantucket. still kind of gloomy. this batch of rain across nantucket still heavier. that could get over to worcester other -- think about worcester cou

going offhey are just the signals of the fed and that this is what jackson hole was all about.ally, daybreak focuses in on china. the pbo see strengthening the yuan reference right the most in two weeks. it is on a tight bleach -- tight leash after the g20 meeting that took place earlier. what things are shifting. asian stocks are holding near a one-week high. let us look at the markets. nejra: i am focusing on japanese stocks looking at asian stocks because they are resuming trading after a public holiday. white,ek, the topix, in it recorded its longest losing streak since april 2014 the decline on friday. today, we are seeing the topix rising more than twice the nikkei. this is on speculation that the bank of japan may switch to favoring the broader benchmark in its purchases of ats. holdingadly, the msci the one-week high. there is a lot of focus on dollar-yen before the meetings this week. the dollar-yen unchanged today but the yen is set for three straight quarters of game. the longest rally since 2011. a lot of additives -- a lot of strategists are saying that the biggest

the second was a followup on your jackson hole speech where you presented a fairly optimistic speech. you did raise the question of automatic stabilizers in the u.s., however. are you concerned that there is insufficient fiscal backup to the fed, it's being lumped on the shoulders of central bank if there is a fresh downturn? >> starting with the issue of political uncertainty and investment, investment spending really has been quite weak for some time. and we're really not certain exactly what is causing that. part of it, of course, has been the huge contraction in drilling activity associated with falling oil prices but the weakness and investment -- weakness in investment spending expends beyond that sector and i'm not certain of exactly what explains that, whether i'm not aware of evidence that suggests that it's political uncertainty but it's certainly, i would agree with the finding that it has been weak. consumer sentiment is perfectly solid. we're seeing a lot of strength in consumer spending and consumer sentiment certainly seems to be solid. you asked about scope for further