but what would move the markets today from janet yellen? ices or something, clues about the september balance sheet, what would you look for? yellen's speech will be about financial stability but we think she may be slightly more cautious over the prospect of fed tightening. we don't buy into this idea that the fed needs a hike interest rates aggressively just to tighten financial conditions and in the absence of inflation, what she may point to and has spoken about, is structural forces from their asset prices are. her story remains that janet yellen and the fed is the subplot for u.s. asset prices right now. it is really the white house that will drive the delay -- u.s. dollar and equity prices going forward. manus: have you confirmed your dollar? have you reconfirmed dollar bearishness after the trump tweets last night, going up against paul ryan? , mostis the positioning short since 2013, and the dollar has risen this month, so are you still holding in their with your dollar bear position? august, but nothing has changed on the political

janet yellen will speak on friday.nancial conditions easing and stock prices continue to rise to new records, is that a reason to continue raising interest rates? do you have a concern about the level of asset prices? >> i think the qe undertaken over the last 10 years aimed at boosting asset values. when you see we have made four rate moves since december 2015 and financial conditions have eased, i think that points to the idea that we need to adjust the balance sheets. that is a tool we have not had experience with. i think that is an important that, to be looking at that. michael: let me ask you, are investors to complacent these days? >> i don't know. i think you will have to see where that comes out. as i said, we need set conditions that have had easy monetary policy for a long time, the incentives to reach for yield, the committee signals it will be gradual could feed into that. those asset values carefully, but i'm not sure there's anything you can target specifically when it comes to setting policy. michael: t

it is the sense that as you say, mario draghi and janet yellen very much on message, less hawkish thanxpected yellen, maybe embraceable. mario draghi refusing to talk about the euro or the next policy decisions. in asia a bit of a mixed start. here is a look at trading in new zealand were that is underway. we see the kiwi dollar 72.42. the u.s. dollar certainly quite a bit of weakness against the euro in reaction to the non-comments from mario draghi. up, the aussie dollar 7936 -- 79.36. we are watching the empires when it comes to particular the aussie dollar. first word news with haslinda amin. haslinda: good morning. these two people have been -- ed [no audio] speaking about harvey to shutting down oil production, and we will get you some more headlines. that is a developing story on .hat looking at the united states and issues of with geopolitics, they still want to talk with north korea despite the provocative firing of three short-range missiles. rex tillerson's the -- saying washington would maintain pressure with china and other allies to move kim jong-un to negotiation. tiller

janet yellen speaking today.with the fed the tightening with seen financial conditions are still getting looser and that justifies a rate increase. robert: so, the thing that i -- and i've spent my life in the markets. i'm not a phd economist. i'm a business person. -- low cap rates for business, what i am looking for is debt buildup associated with those high valuations and that is what i'm watching for. i think a market valuation or real estate valuation will not .reate a systemic risk i think it might be healthy. but i'm looking for debt buildup associated with it. so far, i don't see that, but i am watching for it. one of the reasons i have not seen it, we have very strong measures for banks. debt am more focused on hold up and other excesses than the ua shin. but we should get higher creditons and tighter spreads. it tends to encourage people to reach for liquid assets. are there other asset classes? i am watching for excess debt buildup or people in asset classes that look liquid, but prices become illiquid

>> janet yellen will behave incredibly professionally.o the right thing leading up to that date and leave the fed out of politics. she couldnd that stick on as a board member afterwards. increasinglyg likely that a non-academic will be head of the fed. rishaad: thank you very much indeed. coming up, looking at the fate of the heir apparent of samsung, jay y. lee. ♪ ♪ 9:29 a.m. in hong kong. we are counting you down to the start of the session. is about jackson hole, janet yellen, mario draghi, keynote speeches. we are watching stocks. 2% -- 4.2%ur point caution is the watchword, a tepid session on wall street amid low volumes, japanese inflation slightly higher, in line, but nowhere near that 2% the boj wants. i am rishaad salamat coming to you from bloomberg's asia headquarters. haidi: i am haidi lun in sydney. a seasonal tepidness when it comes to of items, exacerbated by this calendar on the macro front has been like this week. we are looking ahead to jackson hole. we will take a look if there are any hence as to tightening for either

janet yellen did not mention anything on that.o draghi had to say about the euro. will he be ok with the strength continuing? he did not talk about that, but mentioned caution ahead. you look at the gm and function, china's industrial profits rising, coming up. the csi 300 at the highest level since december 2015. we push higher the shanghai composite, also breaking that new record on friday. some downside pressure in commodities, not surprising given that we saw iron ore surged to a four-month high, retreating in the session. we are seeing the asx 200 pull back a little bit. the biggestials drag on the asx 200 for the equities market. the biggest lender, commonwealth of australia, facing widening scandal charges. we are seeing brent and crude oil, wti down, but brent gaining. the korean won surging. a mixed picture when it comes to bond markets, but the news flow right now, what is happening in texas and the u.s., also what we heard from janet yellen and mario draghi from jackson hole. we will discuss that more, but it is th

this is the boring janet yellen. her speech largely a recitation of the history of the financial crisis and regulatory failures and how things have improved since then. she praises the swift u.s. regulatory response to the great recession, particularly changes in liquidity and capital requirements that have made banks safer, she says. "the evidence shows that reforms since the crisis have made the financial system substantially safer." she says that is reflected in the credit default swap pricing. investors see the same sort of progress that he fancies. -- tha n the fed sees. there is a jamie dimon section because she pushes back on the idea that regulation has put a cap on lending in the u.s.. she she says there is a bit of an effect on less credit with the followers, but research confirms "sizable net benefits to economic growth from higher capital standards." he also pushes back on some complaints from wall street that there are significant liquidity issues in the market while dealers have cut back on inventory, s

janet yellen is not there yet.hey will start reducing the balance sheet in september, maybe she wants to keep inflation a chance to rise and see what it does by december. we know the majority would like to raise one more time this year. we will see what janet yellen says. if she starts linking financial the fed doeswhat on rates, that would have an impact. manus: that would be the jackson hole bingo. you would get three points, kathleen. you get three points if she mentions potential to move, baubles -- what am i talking about? our story with jackson hole bingo. go get some sleep. thank you for staying up late in jackson hole. let's see what it does for markets. just a couple of lines coming through from samsung. matt, rosalind and myself are talking about what might happen next. go to top life go -- top live go. there is a lawyer for jay y. lee that may appeal the verdict. he has been handed down a sentence of five years. so request was for 12 years, less than 50% of what they thought was going to come through. hi

heavy appliances, aircraft and construction quip sgloo equipment. >>> wall street will be watching janet yellen today delivering her speech at jackson hole fed watchers will be looking for yellen to give clues on winding down the balance sheet which we expect to come this year, potentially as early as the meeting in september also from ecb president mario draghi, we'll have live coverage on cnbc. interviews with cleveland fed president, loretta mester and one of the governors, governor jay powell coming later. >> two big keynote speeches will be fascinating it's amazing how similar a situation yellen and mario draghi are in. they have strong fundamental data but lack of inflation both have very interesting different political situations they have to play the political game as well as different between the two. that's basically -- i bet they can have a drink before last night and afterwards and say we both got a similar task on our hands. >> except for the ecb has a single mandate, that's to control prices and inflation the fed has a dual mandate, control prices and inflation and and secure grow

janet yellen is speaking of financial security. of post crisis financial reforms should be quote, unquote modest. yellen's remarks could put her at odds with the trump administration which issued a treasury department's report in june that called for significant changes to the volkaru. we're in jackson hole with a key figure from the obama administration. michael? michael: thank you very much, we're in jackson hole with jason, a former council of economic advisors under president barack obama and has been in the room as janet yellen spoke and had the first papers presented. your reaction to her comments they did not talk about monetary policy at all and perhaps markets were disappointed or relieved but is there any significant takeaway from what she said on financial stability? michael: i didn't hear a lot of news but heard the best expo position the way the fed thinks of financial regulation. she was very aware there are tradeoffs, when you have more regulation it can affect lending but it also increases stability and reduces the

tomorrow janet yellen and mario draghi >> joining us from london is peter spiegel.ood morning to you. thanks for joining us. i suppose we already heard from mario draghi this week what did we learn from that? what can we expect from his keynote tomorrow >> he kept his powder dry thus far. what everyone is watching for is from both yellen and draghi is how will they deal with economic growth and unemployment going down to sort of pre-crisis loads, yet no inflation, no rising wages, no rise in prices, and a market and a corporate sector that has become used to free money how do they balance those two things as we saw when the ecb will their own version of jackson hole in portugal, every utterance that touched on tightening and a move away from qe, markets reacted badly to it. how do janet yellen and draghi communicate the unraveling of qe without spooking the markets also there's conflict within the boards of the fed and the ecb about what these economic numbers mean some have been focusing on the low employment and high growth areas, saying we need to tighten. you ha

that is given the dollar weakness following janet yellen's comments.fered from talking down the euro. we are looking to the opens in japan, australia, and korea. onlyes in korea flat, up six for the asx 200. watch.sie, keeping a gasoline prices, gasoline futures up 6% right now. incking japanese futures chicago, unchanged at the start. dollar-yen, a little strength here. another missile launch from north korea over the weekend, so are a lot of questions about what comes next given that course when it comes to pyongyang. plenty to look ahead to come a let's get the first word news. at least two people have been killed in the strongest storm to hit the united states since 2004. harvey has dropped torrential causingd strong ravens, unprecedented flooding in texas and shut down a quarter of oil and gas reduction, forcing cancellation of thousands of flights. harvey could intensify again. heavy rain continues to lash macau, and the delta. with a 90ndfall kilometers an hour winds. it forced hong kong to issue its highest level warning for the first time in f

. >> janet yellen and mario draghi on what janet yellen is going to talk about she is going to talk about financial stability. we know that but the question is how far she goes there thinking about the possibilities we know she has had concern about dodd frank. advocate to support some dodd frank but more concern about the roll back or deregulation and then the question does she mention this issue of market valuation concerns on mario draghi my understanding is he's unlikely to give the market what it wants which is some cue on when the ecb will reduce quantitative easing it's supposed to happen and is expected to happen next year but probably not going to happen until they have a press conference that could be september and maybe even not until october. mario draghi talks about it. finally additional guests coming up from here that will be a key issue on closing bell happy birthday to the national parks day 1916 signed the order creating the national park system and that's one of the places where we are right now. >> it could be another beautiful day there. >> thank you. >> we await the

let's start with janet yellen's speech.athleen: it depends on how clearly she wants to make a statement about where the fed is in terms of inflation interest rates and how much she wants to sit back. she has been saying for some pullback is probably transitory, although the last couple of months she has a little more room to say maybe this isn't quite what i thought. also, remember she is speaking about financial stability. to speak about financial stability is not like talking about a broken phillips curve. , on how determined she still is to try to lead the fed towards one more interest rate increases your. we knew the fed is going to start its balance sheet reduction in september. they have told us that in more than one way. could leadtability janet yellen to talk about this question of keeping rates too low to long. -- too long. that would lead investors to push up stocks. frenkelrenkel -- jacob was arguing today on bloomberg television that it is time for the fed to start raising rates now. he says there is inflation i

the federal chair janet yellen speaks at jackson hole.says any rollback financial reform should be, quote unquote, modest. plus, it's not always easy to outdo your boss. we look at double lines. hurricane harvey strengthens as it heads towards landfall in texas. the price of gasoline rallies as the storm threatens to wreak havoc on the heart of america upon synergy sector. let's get a quick check of the markets first, as janet yellen spoke earlier today and jackson hole and we are waiting for mario draghi. the tao of 54 points, 1/4 of

janet yellen will speak on friday.financial conditions easing and stock prices continuing to rise to new records, is that a reason to continue raising interest rates? do you have a concern about the level of asset prices? that washe qe undertaken over the last 10 years aimed at boosting asset value. when you see that we've made four rate moves and financial conditions have eased, that, i think, points to the idea that we need to adjust the balance sheets. that is eight tool we haven't had experience with. that is an important next step to be looking at. mike: are investors to complacent these days? esther: i don't know. you will have to see where that comes out. when you set conditions that have had easing monetary policy for a long time, the incentive to reach for yield, the committee signals that it will be gradual could feed into that. i watch those asset values carefully, but i'm not sure there's anything you can target specifically when it comes to setting policy. mike: the balance sheet taper, wall street is bett

he is likely to be more dovish than janet yellen, and that is saying something, because janet yellenne of the most dovish people on the fed for a long time. the regulation side, he seems to have made anti-reagan vision, before, and the federal reserve has 2 mandates. tionnti-regula comics before, and the federal .eserve has 2 mandates tankerpresident trump on regulation come he is not for it. on monetary policy, do we know whether he would be dovish or hawkish? in the past yes made comments critical of the size of the fed balance sheet but it looks like the fed will start the process of reducing the balance sheet before the next fed chair takes office regardless. and other comments of the president have been looser, like you shouldn't raise rates. gary cohn impact was critical of janet yellen a few years ago, saying that until inflation is over 2%, there is no point in raising rates. that shows you that the president is a little bit dovish, and gary cohn certainly has the ability to be dovish as well. david: there is a fair amount of expression of interest on the republican side of t

draghi takes the stage and earlier we had janet yelling yellen earlier. great to have you on the show. it is more about what she did not say and i wanted to ask about as it price valuations. you think it is time now for the fed to be talking more about the concerns about valuations, do you believe it is time to raise rates in order to offset that irrespective of where inflation is? >> it is good to be with you. it was interesting, janet's speech was, quite routine in many ways. ground,not break new mostly congratulated the fed on there were done but a lot of things left unsaid and there is a great debate going on about the role of financial stability and how it interacts with monetary policy. and whether monetary policy should be constrained by financial stability issues, whether it causes financial instability, and how these things interact. she missed the opportunity to tech more about that and that gets to the question you are raising about what role should the fed have been thinking about as it of various kinds? we've come to expect much from jackson

janet yellen will be discussing the summit on friday.his is a moment for which we were getting revved up until we heard mario draghi was not going to drop policy bombs on us. is janet yellen going to tell us something special? >> probably not either. it's quite funny we are focused on jackson hole this week. markets are quite today and will probably quite for the rest of this week. the whole world waits from something from jackson hole, not because we expect something, but we have a history that is surprising. another janet yellen nor mario draghi will announce anything new. the markets might be priced in about the euro. that's where we will see the real price action. manus: cracking piece on the bloomberg this weekend. this is the language he used. volatility. we are a ways away. in talking about the euro? i doubt that very much. financial stability could be a bigger conversation that yellen puts to the marketplace. perhaps we are underpricing that. >> that is a fair point to make. the most recent bed mentioned they were pushing back ag

what may box him in is his counterpart, janet yellen.n mildly that the fed is on track, that's a boost for the dollar and if the dollar goes up, inflation in the eurozone is going down and that is a problem for the eurozone and it moves them farther away from their qe. that is a problem for them that they are going to have to discuss the other issue for the withdrawal will be more complicated than the fed because of all the things they bought from so many countries and they may not even have the technical details ready by september so they will have to really do a lot of work for the get to the point where he wants to talk about it. alix: from a market perspective, what are you watching more? has ae know mr. draghi program. on paper he is supposed to be purely targeting inflation. he is well below his target. what is he talking about normalization? it is inflation versus growth. on the u.s. side, we have a central bank and supposed to be looking at jobs, the real economy, and inflation. the ecb is only supposed to be looking at inflation

we have the injury in janet yellen and mario draghi. -- the injury in janet yellen.len is a stronger bull story for the dollar. how do you expect fed policy to evolve? if you came from the start of the year and the fed would lead the market, and they did, but the take away the most recent minutes was this was a confused federal reserve. we think they will hold up on rates to the end of the year and maybe longer. should we be paying attention to the most recent comments from mr. dudley? mohamed: i think the fed will hold itself on markets for a while. if there was a hike, it was going to be in december, not september. they will wait and get react.tion and also on the qe side, they will try to make a reduction in the balance sheet as boring as it can be. look at the fed, not to want to make headlines more news, just developments and hold out the possibility of a december hike. numbers,me breaking fortescue models has released its-- metals has released reserve. $2.9 billion, looking for $2.2 billion. the final dividend for the four-year post share was $25 -- $.25 aussie

janet yellen offers a broad view of the rules and they look at the height of concerns over the u.s. egin with a big issue in jackson hole, little about yellen and maybe more about draghi. >> i'll be paying more attention to mario draghi.

stanley fischer mentioned it, janet yellen.t cared for 48 hours, and then it decided to rally again. what about the prospects of further tightening? weh the fed hike last time, said it was a free hike. financial conditions were loose, they were not reacting. now we are seeing financial conditions at least tightened slightly. does that have an impact on asset prices talking about these two things? mike: probably not at this point, unless it keeps going. we are seeing a little bit of tightening in reaction to what's been happening with the dollar lately. it has to continue, has to be bigger. the financial conditions index shows we are still quite loose in terms of policy. according to the fed people we thatbeen talking to, justifies another move by the fed sometime this year. it is not imminent, they will go with the balance sheet reduction in september, but it looks by december they could be on track for another rate move. julia: great to talk to you, mike mckee. i want to quickly bring you some breaking news. amazon says whole

janet yellen offers a broad view of the rules and they look at the height of concerns over the u.s.ebt ceiling. we begin with a big issue in jackson hole, little about yellen and maybe more about draghi. >> i'll be paying more attention to mario draghi. >> investors should be paying more attention to draghi, not yellen. >> he was walking on eggshells. >> everything to gain is so dependent. obviously if the euro zone was to show any signs of rolling over, core inflation drifts back down. it may be very difficult for them to announce anything at all but certainly the market is looking for some clarity. >> the central bankers want to be very gradual, very careful in both signaling and implementing the withdrawal of this extraordinary accommodation they put in place the last few years. >> how do you exit in a careful way where you don't signal too much you're exiting and still give time for the economies to do well and still give time for the inflation to come up and i think he will at jack hole go -- at jackson hole go carefully forward. >> the economy there is more fragile than the u.

getting ready for a speech from janet yellen.ng me, someone who has been here for 33 years in a row. the former governor of the bank of israel. jacob, you are concerned about being too long. -- too low for too long. do you agree or think they should? >> i believe they should raise rates. everyone expected it to happen. fors on the journey normalization. an excessively long delay. while we are keeping rates as low as they are there are issues in the financial markets and other distortions that get accumulated. the normalization is called for. improvingy is significantly. markets have not been as well behaved as they have been recently. the duration of unemployment has declined. even inflation on a medium-term perspective is towards the target. i would not hesitate at all. hike.d put for a not a single move. we are talking about a journey. the journey is response -- restore normalization. this will be several hikes. this journey is going to be slow but consistent. there will be quite a few rate hikes. moderating in 2018. we should

federal reserve chair janet yellen said any rollback will be quote, modest.tially putting her at odds with the trump administration. still with us, martin haggerty from black rock and matt thomas from voice and i write years he -- ira yersey. martin, why don't we get a bid and we put the emphasis on the bid after the speech from the treasury market? martin: the bar for yellen's speech was really low and very little expected to come out of it and she definitely did not disappoint. where there was potentially some small hope she may bring in the current level of financial conditions and how that may play into monetary policy, but she barely brushed on the topic and talked predominantly about regulation as you referred to, and we had a couple basis point rally and a couple basis points lower and the dollar is weaker. jonathan: let's talk about the financial condition story and the tension between loose retention and elevated market pricing and that between ultimately soft inflation after soft inflation after soft inflation. how is the fed meant to calibrate mone

janet yellen needs to scare the market.you look at the fed watch tool, there is no rate hike priced in. we just about 40% as of yesterday. for december the market is not believe it. esther george is calling for a rate hike. the markets don't believe that at this point. i believe janet yellen will try to make them believe. mark: great to see you. with today's features info. vonnie: we will keep an eye on harvey. still ahead, geopolitical uncertainty and a terror attack in spain impact in the outlook for global travel demand. this is bloomberg. ♪ ♪ mark: this is bloomberg markets. samsonite, the global luggage company recorded higher profits for the first step the year. spoke to bloomberg daybreak: asia about the company's goals and how geopolitical uncertainty ways on travel. >> it has not been very satisfying for us. it grew by high single digits. the growth has been consistent across all regions, europe, asia, latin america and north america. that gives us the confidence that travel business is resilient. in spite of all t

that is what janet yellen did. she is basically saying if she does not get nominated, she is ok with that, so i have to say that the probability has precipitously, but i think probabilities today have to be lower rather than hire. -- higher. joe: it seems like it is always a game. maybe i should not call it again .let's imagine what the economy is going to do, and then the common imagine what the fed people do and then imagine the policy. now there is a new wrinkle because they have to forecast a theoretical she they do not know. i will point you expect they see the unaffected see where markets start pricing in different federal regime? krishna: i think that is a really good question because while the initial policy initiative under, let's say, a cohn administration and a yellen administration are working to be relatively the same, the risk of inflation are going to be substantially higher in a cohn administration. curve steepening risk is higher if there is a regime change. worrying about that is important. i do n

prump hasn't yet decided who he'll pick to head the central bank, so this could be janet yellen's last meeting as fed chair unless she's reappointed. also unclear is whether congress and the president can exceed a fiscal stimulus. and the fed is debating why it continues to miss its inflation target and whether it should hold off raising rates again until it gets chose to its 2% target. >> the issue is about inflation and i think really try iing to factors, which should be creating more inflation y enable disruption that are muting pricing power of businesses. i'm not saying we won't act by the end of the year, i think we have the ability to be pat and and see how these forces unu fold >> mario draghi as markets speculate whether he'll announce reduce stimulus next year. so it' same majestic mo exiting policy new set of rather than launching it and new leadership on the way at the federal reserve. i'm steve liesman in jackson >>> still ahead, amazon is coming out swinging and that means cheaper items at whole foods starting monday. >>> shares of retailers that sell groceries fell after

thursday jobless claims and existing home sales and friday durable goods and we'll hear there janet yellent jackson hole retailers dominate the earnings reports. we'll h. we'll hear from lowes, an krom bettbercrombi abercrombie. >>> a developing story overnight, ten sailors are missing and five were injured after a u.s. warship collided with an oil tanker east of singapore. the navy says the guided missile destroyer was headed to a routine port visit when the accident happened thp abo this is the second collision involving a navy destroyer in less than three months >>> president trump is expected to layout a path forward in ag this comes after another big shakeup of his inner circle. on friday steve bannon announced his departure, karl sicarl icah stepped down as an adviser he ran into criticism over potential conflicts of interest. on saturday, steven mnuchin defended president's response to charlottesville rejecting a call by a group of his former yale scl classmates to resign >>> in corporate news, berkshire hathaway has been outbid for oncor. sempra will buy it for $9.5 billion. the bi

janet yellen will have a speech at 16:00 cet in what could be her last fed watchers have indicated her comments could outline a course-charting path for a possible successor with a focus on how the central bank plans to unwind its balance sheet ecb watchers are hoping for any sign from president mario draghi that the central bank could begin to taper he will be delivering his comments at 20:00 cet. steve liesman hat full story >> reporter: when the fed gathered a decade ago, they worried about a recession and glooming global crisis circumstances are different and somewhat bet their yebetter thi year but issues are still there. instead of buying assets and cutting interest rates, the fed is hiking and nearing a decision to sell assets perhaps as soon as september >> you saw the minutes of the last meeting markets are expecting any time now looking at september and out. that is always a function of what issues are going on when we meet to make that decision but i think the setup is there describing how that would happen and the approach that the committee would take. >> reporter: but the

the federal chair janet yellen speaks at jackson hole. ae says any rollback financial reform should be, quote unquote, modest. plus, it's not always easy to outdo your boss. we look at double lines. hurricane harvey strengthens as it heads towards landfall in texas. the price of gasoline rallies as the storm threatens to wreak havoc on the heart of america upon synergy sector. let's get a quick check of the markets first, as janet yellen spoke earlier today and jackson hole and we are waiting for mario draghi. the tao of 54 points, 1/4 of 1%. the s&p 500 up 7 points. the nasdaq really unchanged, just down about 2 points. the dollar was where we saw a bit of a move, it went lower by 1/2 ofd 1%. mark crumpton is here with more. >mark: the governor of texas, greg abbott, is urging people directly in the path of harvey to leave all there is still time treaties activated 700 members of the national guard in preparation for the storm which could be the first hurricane to make landfall on the texas coast since 2008. president trump tweeted he sp

there is a possible replacement this year of janet yellen. rging as a clear front runner for the nomination to succeed yellen. yellen would be secnd term. how do you look at this? first of all, is it too soon to talk about who could replace janet yellen? >> we are only five to six months away. i don't think it is too soon. we are already looking up what 18.d policy might be in 20 like we said before the break, just one rate hike put in. can anybody who comes within gary cohn the more dovish? i'll think it is so much the dovishness or hawkishness. gary cohn, you think of a very dovish. the announcement will come as a surprise. , think from our point of view i think the fed, whoever will be the chair will be driven by data. in that sense, i think we have a big impact on the markets, but we don't know when it is going to be, so it is difficult to assess. reporter: i hate to disagree, isk ise r there. you look at some of the people on that list, look more to and theyn that list, have a more mechanical approach. they might will choose financial sta

one of the factors is that donald trump be fine with janet yellen. republicans, many have made it clear that they would like to see a republican. gary cohn is a democrat and he came from wall street. that should make both sides unhappy because of the financial crisis. how much support is he really going to have on capitol hill? >> the optics of the goldman goldman sachsr -- man becoming fed chair may not make them happy. forommended janet yellen her stance and he seems to want stimulus efforts that would be better off with a lower interest rate policy. he said he likes lower interest rates. who doesn't? that is an easy comment to make. how they carry that policy out, whether or not growth is more important and jobs are more inflation, we don't know how he feels about those things at this point. >> let's talk about the jackson hole monetary conference that is coming up this week. the title of the conference is kind of vague. are the bigy, what things you will be looking to hear? >> ensuring a dynamic economy. janet yellen's speech on friday morning wi

would he imagine anything different from janet yellen?kely candidate, but anything is possible. how do you handicap that? have you been able to predict anything this president has done so far? david: i have not. gershon: so did we get someone more hawkish -- who knows. very hard to say. jonathan: have you establish towards market bias is either candidate? what janet yellen and another term would mean versus terry cohen. when larry summers was in the running, he was seen as the hawk and yellen was the dove. market hasthink the gotten comfortable with yellen as the fed chair. it is difficult to say if the market is expecting something different, but i think the unknown unnerves markets a little. credit isunnerve going to be the end in best a reaction. we have shaken off so many things. you can point to so many events, starting with brexit to the trump election to the turmoil today, the question is shouldn't have markets reacted negatively? and they have not. the question is what will spook the end investor. david: let's talk about speaking

janet yellen and mario draghi meet in wyoming.e begin with the big issue, europe monster debt issuance and amazon joins in. >> that is really the elephant in the room for us. where are they going to be tomorrow? it's a little bit of a leap of faith here. >> it's a little concerning. from a credit perspective, you have kind of an opaque business model here. you don't have a lot of disclosure to the markets. that make it tough for us. youhis is a dynamic really see across the market. even after we are into the fed hiking cycle, the borrowing cost for the u.s. corporate and european corporate are near the lowest that they have ever been. this remains a very good time from a cost perspective for corporate to borrow money. >> this still is demand for yield. the fed is going through this process of slow balance sheet adjustment and policy normalization. they're still image store a demand. -- an extraordinary demand. >> their issuing long bonds a very tight spreads. the very corporate market overall has expended quite a bit -- extended q

>> well we interviewed the president earlier this month and he put out gary cohn as janet yellen as two of his top candidates. he is looking at some other people but he doesn't want to name them. i think you have to consider yellen and cohn to be the two lead horses right now. david: by the way according to the federal reserve documents that i looked at you have to first be a governor before you can be the chairman. would the president -- >> the president could appoint him as a governor and chairman simultaneously. david: i see, okay. >> could move into the positions at same time. i don't see that being impediment. when alan greenspan became chairman of the fed back in 1987, he was outside the fed, moved straight into the job. codo it. he is one of the lead people. some people argue he might prefer that job because he has more independence in the job as fed chairman than the right-hand person to the president. david: it's a very powerful job. carol, some people say at times, could be more powerful than a president. let's talk about taxes because so many people are waiting with bated bre

counterpart janet yellen made no reference to monetary policy.s a result the euro spiked to a three year high against the dollar around 10:00 a.m. eastern to 118 against the greenback in corporate news. amazon due to close its acquisition of whole foods on monday and start slashing prices of several grocery products. in europe take a look at dutch supermarket operator a patient of food lion and stop and shop tesco under pressure number one retailer in the uk. some economic news i want to talk about in france consumer confidence falling for a second consecutive month a tick lower in august to a reading of 103 confidence had jumped to 108 in june following victory of president macron since then it's dropped. households are losing confidence in their financial situation keep in mind macron's popularity has suffered a nose dive down 20 points from may according to a harris poll. french stock market pulling back from its may highs as well but with a month to go before elections in germany, chancellor angela merkel is on track to win a fourth term in o

>> it really was, and if you look at what janet yellen said, she talked about peripheral issues, not necessarily policy and balance sheet withdrawal. i think the market's telling you with treasury yields going out on the lowest since june, with gold going out on the highest, going back to probably april and the dollar getting crushed, this becomes more about debt ceiling and the aforementioned tax reform is the key issues to what's going to hit wall street over the next week or so, that is what needs to be resolved before the end of september and the market is unsure. >> how could they be sure of anything in this environment? let's get to phil flynn. the big story is oil, phil. i read the article, not so much to lose oil rigs but refineries along the texas coast, that could have a big impact on gas prices? >> absolutely. we saw that earlier,r bot rose as much as 10% going into the storm. we pulled back as traders try to balance the destruction of the refineries to the destruction of the demand side of the equation. we saw oil pulling back because we're concerned about the loss of ref

janet yellen took a little bit of a step back though she was pretty pro regulation, she also said hey, there are tweaks that probably can be done, because of the interrelationships of all of these different regulations might actually be hampering growth and maybe we should look into that and i think mario draghi might come from the same type of approach. jonathan: martin, for investors, how have you prepared for the removal of accommodation in europe when central bank

let's talk about who might lead the fed when janet yellen's term expires.en economic advisor gary cohn has emerged as the leading candidate followed by janet yellen. and stanford universities john taylor. joining me to play the fed chair guessing game, peter coy. there's a broad question here. personnel seems to be playing a bigger role as people wonder what shape monetary policy is going to play. how important is it who leads the federal reserve? >> it's not one person. the fed chair is a person who tries to form a consensus. only what that person thinks, but his or her skills in bringing people together and leading. janet yellen for example i would describe as a labor economist who is very sensitive to problems of unemployment and yet we have seen moving towards raising rates even while inflation has remained below target. me she is looking not just at her own proclivities but where is the sentiment on the federal open market committee. to gary cohn.urn what do we know about his attitude towards the federal reserve from what he has said in the past? >> he

federal reserve janet yellen speaking today.e will see how the markets will react to her vision in the future and maybe her future. hoping for a knockout of its own after mcgregor-may can -- mayweather fight when you're close to the people you love, does psoriasis ever get in the way of a touching moment? if you have moderate to severe psoriasis, you can embrace the chance of completely clear skin with taltz. ♪ track your pack. set a curfew, or two. make dinner-time device free. [ music stops ] [ music plays again ] a smarter way to wifi is awesome. introducing xfinity xfi. amazing speed, coverage and control. change the way you wifi. xfinity. the future of awesome. dagen: buffalo wild wings, destination for live supporting events will show tomorrow's highly anticipated fight between floyd mayweather and connor mcgregor in nearly half of u.s. locations, the chain opening for big win for bottom line. tracee carrasco has all the details, tracee. tracee: dagen, if you're a sports bar it's a given, you will show supporting event whi

i agree with the first part because i know janet yellen well, also. her when she was the head of the san francisco fed during the financial crisis and i have deep respect for janet yellen. know,k that we just don't going forward, exactly what will happen. i think the fed has a reasonable about of independence from the white house, so i would hope that the fed could maintain that and whoever might be the fed chair can operate reasonably independently of the administration, as has been the tradition for most of the fed history. vonnie: we saw two sentences dedicated to the view of one person in the leadership of the committee and that person said a rate hike would strike the appropriate balance. does this mean we are definitely getting on this? it sounds like it could be the fed chair or stanley fischer or william dudley. randy: will depend on how the economy evolves -- it will depend on how the economy evolves. the u.s. economy seems to move along at about 2%, the matter what happens -- no matter what happens. we will have to see what happens with infl

everybody is focused on janet yellen, but mario draghi has been known to go off script.s said some interesting comments in the past that have moved markets what you are looking for today? it could be a quiet friday or a volatile one >> i'm hoping it is a very boring friday. one is always suspicious of that sort of thing. the stock market is a bull market i have found it impossibly overpriced i tend to be skeptical of it nonetheless it has moved from the lower left to the upper right for years upon years upon years. it will continue to do so until it stops as far as the expectations today from mr. draghi, i hope he has, as he has said in the past week, that he has no major announcements to be made we expect to see something from ms. yellen, probably some timetable as far as the reduction of the fed's balance sheet. i'm hoping there's very little i'm hoping for boredom boredom is far better for me as far as i'm concerned >> going back to monetary policy there's been a put underneath the market that has attributed to this. if you mroef the pyou remove thu don't get the fisc

janet yellen and mario draghi will be there.uld be doing. one of the things that will be on janet yellen's be doing. one of the things that will be onjanet yellen's mind is the weak dollar? that is right, and how it feeds into inflation expectations. we have seen some softening in inflation. the rate has been risen three times in recent months. that hasn't been felt on the us dollar. we talked about nafta at the start of the programme. and clearly, president trump's threats to scrap it entirely. it will be interesting, given what we have also heard this morning, that the chinese great wall motor company are asking for a meeting with fiat chrysler, will trump be happy about this? well, i don't know, is trump happy about anything at the moment? you would have to say not. this is another thing he will want to try to protect, the great us manufacturing economy. it is about the headline. not necessarily the intricacies of the deal. the psychological element? another chinese corporate raider coming inforan another chinese corporate ra

janet yellen and mario draghi meet in wyoming. we

fed chair janet yellen are set to talk about the global economy and if they are ready and company tong massive sheet, live report from london in a moment. the market rising slightly this morning. dow is up 11, nasdaq is up 7, the nasdaq higher on the week for the first time in five weeks. you're watching fbn:am. so we need tablets installed... with the menu app ready to roll. in 12 weeks. yeah. ♪ ♪ the world of fast food is being changed by faster networks. ♪ ♪ data, applications, customer experience. ♪ ♪ which is why comcast business delivers consistent network performance and speed across all your locations. fast connections everywhere. that's how you outmaneuver. your insurance on time. tap one little bumper, and up go your rates. what good is having insurance if you get punished for using it? news flash: nobody's perfect. for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. switch and you could save $782 on home and auto insurance. call for a free quote today. liberty stands with you™ liberty mutual insurance. lauren: welcome ba