louis fed president james bullard said a sort of full recovery could be within reach by the end of the year if third quarter gdp grows at 35% and fourth quarter gdp grows at 10.3%. he also said unemployment could substantially decline because businesses are proving they know how to adapt to this pandemic. however, some of his colleaguesc tools like kwaunquantity taifti easing may not be a response jay powell said the fed is nowhere near pulling back on its blan balance sheet. >> we are a buy and hold i ve investor we allowed assets to maytuture d run off on their own we won't start doing that until way down the road. in the range of outlooks from fed officials just underscores the death of uncertainty all these things are tied up together back over the you. >> here to make sense of that fed speak including more bullish comments from james bullard, diane joins us now what do you think the fed is trying to do here? >> well, i think it's clear that fed chairman powell is pleaing congress for more aid and many of the fed presidents agree with him. the outlier is bullard even though he ackn

louis fed president james bullard ahead of jay powell's trip to capitol hill.he fed chair will say the u.s. faces a long and uncertain virus recovery. shery: here's how u.s. futures are coming online. a little bit of pressure at the open, this after we saw the s&p 500 lose ground for a fourth consecutive session in the regular trading our. it was the longest losing streak since february. we had banks sinking at least 3% on that report detailing suspicious transactions at global banks. ,e had also surging virus cases not to mention doubts over another round of stimulus measures. that really sent stocks down. we have the nasdaq at one point falling as much as 2.5%, but it did pair back some of the losses with a bullish reversal in the afternoon. down only 1/10 of 1%. we are this week watching closely what chair powell and secretary mnuchin will say in congress. we already heard from chair powell saying the path ahead was highly uncertain. take a look at what oil is doing at the moment, this after it fell below $39 a barrel in the new york session. we have those s

francine: that was james bullard speaking and conversation with kathleen hays.up, how do luxury brands adapt to the new covid reality? we discussed that with the chief executive. she's coming up next and this is bloomberg. ♪ francine: economics, finance, politics. this is "bloomberg surveillance." i'm francine lacqua, here in london. let's get to first word news with leigh-ann gerrans. leigh-ann: the u.k. government is telling the public to work from home. bars and restaurants will have to close by 10:00 p.m. holding aninister is emergency meeting this morning. he will make a broadcast to the nation at 8:00 p.m. predicting some new habits will remain after the pandemic. speaking at the atlantic festival, tim cook says he doesn't think apple will return to the way things were but hopes most staff returned to the office eventually. ofi think the vast majority us cannot wait until we can be back in the office again. hopefully that occurs sometime next year. who knows exactly what the date may be. , 15% of ourout 10% population working in the office. at differentce

president james bullard speaking exclusively to kathleen hays.es after monday's selloff, paved by declines in korea and china. this comes after u.s. equities slid on concerns about coronavirus restrictions and prospects for fiscal stimulus. with our to analysis portfolio specialist. canned, good to have you with us. , good to early -- ken have you with us. it is too early to say the bull market rally is over. ken: right now, especially with the fed, i think there are various fed officials with different views and terms of what they will do with monetary policies and the need for further fiscal policies. with that said, we are still very much in a loose environment and there could be further positive sentiment, because there's a lot of cheap money running around. at least for the u.s.. china, given at how quickly the chinese economy is recovering, potentially you might see a bit of tightening in order not to create any sort of double as we head into 2021. vix showing no sign of panic. what are you buying? will you be buying tech despite lofty valu

louis fed president james bullard, what were the key takeaways? hes interesting to is pretty optimistic. he thinks this new framework where they say inflation has to be at 2% and going above 2%, in addition to maximum employment in the economy, is what's going to get to work. not that is going to happen overnight, but it is going to happen. i asked what's the purpose of this new guidance? is it because you think you will cause people to believe you and inflation expectations go up? or do you just want to make sure the fed does not make the same mistake it made in 2015 when janet yellen says that was a mistake, they should not have moved so early? let's listen to his response. >> we react a little less aggressively to the shots, i think that will lead to higher inflation expectations. we will end up exceeding the target. if there was ever a time when you thought maybe the ingredients for inflation are in gigantic fiscal deficits combined with more relaxed really rapidand growth off the charts, you probably will get some inflation, i think. even in

elsewhere, james bullard of st.is saying that we have seen enough aid. >> i do not think there is as ach of an imperative about new fiscal package as there july, or aseen in it may have seemed in august. at least in some broad, macro economic calculation, we have enough resources to cover this. i want to bring in wells fargo chief economist jay bryson. that kind of contradictory of you will not help investors much. we are trying to figure out if there will be fiscal support. we have heard from central bankers, fiscal is where it at. monetary will do what it can do, but fiscal is where it comes from. where do you land on whether we get meaningful support in the u.s.? jay: first of all, i don't know if we are going to get meaningful fiscal support. big sticking point between democrats and republicans. maybe things will work out, but i would not count on it at this point. that said, i fall on the side of , more fiscal support would be desirable. i don't necessarily need it, but it is desirable at this point. what we do

louis fed president james bullard speaking to kathleen hays. fed chairman jerome powell is set to tell lawmakers the u.s. faces a long and certain economic recovery. it would begin later today. when he will add that more fiscal and monetary policy is needed to avoid long-term economic damage. this is the senior executive officer at ark capital. bullard thinks there is enough in the tank. kaplan wants to weigh ability in terms of maneuvering in 2023. is there enough there? confidence comes from continuity , and continuity is delivered by policy. there is a risk here that we get . we get a policy letdown on all sides, fiscally and monetarily. one of the things we have to recognize is the extraordinary easing of liquidity and the markets over the past five months. one of the things that we have to all coal -- also recognize is the fed has shifted their policy. in essence, what the fed is is keeping the status quo and achieving inflation over a certain amount of time. are not sure how long we can continue that. we don't use the inflation target set

louis president james bullard at 6:30 in new london. 11:30 in this is bloomberg.heck in on the first word news. president says he plans to announce his pick to replace supreme court justice ruth bader ginsburg by friday or saturday of this week. trump also told fox news he wants to see a senate confirmation vote for his nominee before november's election. trump has said he will likely pick a woman. ginsberg died friday at the age of 87. mike pompeo is planning new sanctions. sanction as he unveils new sanctions on nations that do business with iran. he also referred to maduro as former president of venezuela in recognition of juan guaido as interim relator -- as interim leader. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. . am ritika gupta this is bloomberg. alix: nicholas shares are shrinking after the founder step down. the company reporting the focus of investors by u.s. regulators. joining us is dan ives of wedbush. he has a neutral rating on the stock. this looks ba

louis fed president, james bullard, disagreed with the big boss powell in a broadcast interview saying quote, it seems like at least in some broad macro economic type of calculation, we have enough resources to cover this. later saying the need for a new fiscal stimulus package is not the same as it was just one or two months ago. let's get to edward lawrence. you were clinging to every single bit of what was happening on capitol hill, which ended just at 12:30 p.m. eastern. we have contrasting viewpoints here but let's also talk about the fireworks that came and where these guys stand on who needs the bailout first. reporter: very interesting debate and the markets were watching closely, what both of them had to say. treasury secretary steven mnuchin specifically saying hotels, airlines and restaurants is where he would like that next round of targeted stimulus. for the federal reserve chairman, democrats wanted him to defend why the 13 facilities that were created and how that's helping, some of them like the municipal liquidity facility has only issued two loans. the fed chairman sa

louis fed president james bullard is not convinced more fiscal support is needed.ipeline to push us through, get the growth going in the second half of the year, third quarter. i think it will continue in the fourth quarter and the first part of next year. laura: eu efforts to put pressure on the belarusian president is paused. they fail to agree on sanctions after a crisis bubbled over how to handle turkeys energy claims in the eastern matter for a sheet -- mediterranean. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. anna: laura right here in london. let's talk about the banking sector. to stop posting on all the banks social media accounts over fears of a negative reaction to reports. is one of 90 banks named in documents that showed $2 trillion of transactions were flagged as possible criminal activity. joining us, sam woods, bank of england's deputy governor and prudential regulation authority where he is the ceo. good to speak with you. tell me you

james bullard stepped back from .hat, having to overshoot charlie evans came out and said some thingsnk the markets were a bit surprised by. the dollar even rose on this for a a while. let's listen to what charlie said at this virtual event. >> we sort of said we are looking to get inflation up to 2%, and then after that, we could be raising rates and still have an accommodative setting of monetary policy. if you read the statement, that is in the cards. we could start raising rates before we start averaging 2%. we still need to discuss that. >> this strikes me as a very important thing. a lot of people put it in extremes. let's say unemployment foster 3%, gdp is going up 5%, and you are at or above 2% but you have an average above that. would you really not start raising rates? charlie seems to suggest, sure, maybe we could. these are details we are working out. it really added something to the debate and i'm sure we will put an x or close ear on everything onextra close ear everything. as jay powell said today, they want the economy to get as strong as it possibly can, but they have

louis fed president james bullard told bloomberg enough stimulus was provided but question whether thet use treasury earmarked $75 billion to back stop a total of $600 billion of loans from the main street lending facility. powell will tell congress just $2 billion from the main street lending facility in loans are approved or in the pipeline, carl >> interesting, steve. there's so much emphasis right now on getting congress to move on a package but year end unemployment rate targets have been, seems to be creeping down. i see evans on the tape right now looking at 7 to 7.5. >> yes, the trouble with that, carl, and those are definitely much better numbers, but remember, you know, we hit 10% in the great financial crisis the numbers of people is still very large 7% is better than the 9% or 10% forecast but still pretty bad ok j objectively speaking >> remember we used to get tweets from the president and complaining rates were too high? we haven't had those in a long time those were the days. i'm curious when it comes to rates, you mentioned the cbo numbers, 2050, as we look at treasury