janet yellen and mario draghi are warning the u.s. and eu of daunting economic challenges, and policymakers cannot cope alone. yousef: japan's justice minister says carlos ghosn left the country by illegal means. theformal nice -- former nissan boss is expected to give a press conference this wednesday. ♪ yousef: it is 8:00 a.m. across the emirates. this is bloomberg markets middle east. are talking about those geopolitical jitters currently running through markets, so let's take a look at where gold is trading this morning. gold trading at the highest level in about six years, with goldman sachs suggesting that shiny metal will be a better hedge against geopolitical risk than crude oil. goldman sticking to its forecast for $1600 announced, but with risk for prices to the upside. gold building off of what was a stellar year, up something like 18% in 2019. that is the biggest annual jump in over a decade. changes the dollar, the dollar also strengthening off the back of that safe haven appetite. yousef: crude oil is extending its surge

not only janet yellen.f wealth inequality was the banner topic for the 1998 kansas city-jackson hole fed symposium. totally appropriate for president kashkari to devote resources for understanding problems of inequality and even education. some see this as mission creep. i am not one of those critics. if the fed or banks think they should put research around issues that are adjacent to or even indirectly connected with on a tory policy and stability, more power to them. but the press in minnesota is publicly calling this amendment and identifying it with neel kashkari and the federal reserve. whendo you have a problem we heard people like fed chairman bernanke talk about the need for fiscal consolidation? some things that were extremely high politicized, whether we would have to cut medicare down the road. you never really hear much they weigh into these divisive political questions like fiscal policy. does that ever in your view cheap the independence and technocracy of the federal reserve? peter: i think

i think janet yellen talked about that during the weekend.'t do it all when there's only so much room to lower short-term interest rates. we don't have as much room as we had in the past. i think there is a bigger role for fiscal policy. alix: part of that was answered by a paper talking about the semi automatic stabilizer. basically, if the tax or spending measures triggered by the cost of some statistical threshold to your point were fiscal policy, with that be realistic? gen. kimmitt: it would be a great idea -- bill: it would be a great idea if you could implement it. that would reassure people that andrecession would be mild relative. if you make fiscal stabilizers automatic, you are removing the discretion from congress, and he question is whether congress is willing to remove that discretion. alix: you basically need fiscal policy. she said, you can't be the only game in town. how do you think the fed evolves with their communication or thinking when they are the only game in town? does it feel like the fiscal world is going to live up

janet yellen and mario draghi are warning the u.s.omic challenges, and policymakers cannot cope alone. yousef:

former ecb president mario draghi and fed chair janet yellen say central banks alone do not have the rican economic association annual meeting. ms. yellen saying structural forces holding down rates might be around for a while. a new poll sews the first major test presidential -- for democratic president of candidates is deadlocked. in iowa, bernie sanders, joe biden and pete buttigieg have 23%. next month they hold caucuses. york, jury selection begins for the sexual assault trial of harvey weinstein. dozens of women making allegations against the hollywood mogul. it's part of the worldwide #metoo movement. has pleaded says -- not guilty saying any sex was consensual. global news, 24 hours a day, on air and on quicktake, powered by over 2700 journalists and analysts in more than 120 countries. i am viviana hurtado. this is bloomberg. back to you. tom: thank you so much. so much of the risk that eurasia group has looked at over the aboutive years has been the moving of bodies around, the immigration, the emigration from nations of peace and particularly those with troubled peace. toh

mario draghi and janet yellen say central banks alone do not have the tools to cope.at the national economic associations annual meeting. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm the vienna hurtado. this is -- i'm viviana hurtado. this is bloomberg. vonnie: thank you. areorities in australia counting the costs of the devastating bushfires after one of the worst weekends in the crisis so far. here's more from sidney. reporter: by any measure, it has been a calamitous weekend in australia's months long bushfire crisis. hundreds of properties are destroyed, and the death toll has risen to 23. more than 5 million hectares have been burned across three states. by one conservative estimate, have a billion animals have been killed, including 25,000 koalas. in addition, tens of thousands have been evacuated. temperatures soared, with western sydney recording a maximum rating of 120 fahrenheit. strong winds frustrated firefighting efforts. some patchy rain hasn't been en

this was janet yellen's big plan when she was fed chair, to run the labor market hot.ance we are starting to run out of road to run on that. offar in this recovery, most the growth has come from labor productivity, and not total factor productivity. if we are reaching the ends of and we don't get any kind of major productivity growth off the back of technological advancement, for example, we are really out of road on this recovery, and we are just going to stagnate around potential. agree with your outlook that we are all sort of converging at potential, but is that priced into the market? it seems like we had this compression in margins already. we seen revenue growth slow somewhat, and yet pe multiples continue to style rocket -- to skyrocket. megan: i think you are right. particularly, equity markets are not in line with the view that we are slowing down. they are in-line with the view that we are off to the races, so there could be a correction over the course of this year. in terms of the bond markets, yields have been rising a little bit. are we going to get back

janet yellen, ben bernanke, the following comments -- i believe for the euro area there's some ri riskmeans a foregone conclusion they have to act comprehensi comprehensively. they have negative rates their structural issues haven't been addressed since the credit crisis or not nearly enough to have a positive effect on the economy, and his answer out of office is basically that what i did you need do in a better way. fighting this inflation may be a noble central bank cause but at what price and are they making a difference finally, maybe the biggest issue for 2020 as you look at three-day charts of twos and tens, how little they've moved since thursday jon fortt, back to you >> all right, rick before we let you go, congratulations. an entirely different kind of santelli exchange. your daughter got married to start the new year >> she did a new year's eve wedding thank you for mentioning it. congratulations to my daughter juliet and john fall thanks, jon fortt. >> your daughter made a gorgeous bride. your pictures are breathtaking congratulations, rick. >> thank you so much >>> coming

decade's most influential central bank president, mario draghi and janet yellen warned there were downhead. they warned the fed and ecb might not have the tools to cope world of consistent low inflation. japanification is a risk in europe, but not a foregone conclusion. matt: european services this morning and composite pmi's are out with spanish numbers imminent. show analystseys expect the numbers to rise across the continent. peter chatwell, mizuho international head of rate strategy is still with us. do you expect from pmi's and how does the economy look to you from a 10,000 foot view? europethe economy in looks like it is still shaky, but some of the deceleration in the manufacturing sector has started to slow in the last quarter of last year, so we are thinking the manufacturing sector would be able to continue to recover, to stabilize essentially and move back into some growth as trade uncertainty deteriorated. the service sector, though, is still going to be on slightly shaky ground. strongest part of the european economy, didn't really suffer, but it was suffering some contagi

perhaps on the back of the comments by janet yellen. viraj: there are two scenarios that hard u.k.tually dispel growth concerns in the coming months and actually reduce the risk of a rate cut. i think it is worth reiterating the nature of all of these statements from the bank of england officials. not picking up from very low levels. one would expect fading brexit uncertainty and a slow recovery in the global economy to actually see u.k. investment which has been the stumbling block to growth pick up. anna: still pre-election viewed viraj: it will be very unlikely that the bank moves ahead of the march budget. to quote the central bank, central banks are fiscal price takers. they will wait to see what happens with the march budget. there should be some short-term boost that has not shown up in the data. if anything, it is whether this u.k. economy stagnates this year which warrants the need for a second half policy response, which i don't see right now. matt: when you look at the pound, and we are looking at $1.30 even in terms of the cable rate, but more 85 in terms of euros pound

you had a former federal reserve governor, janet yellen, saying this week she expects trade tensions the white house ahead of the signing of this trade deal between president trump and the chinese vice president. thank you very much, alice. just to let you know what is coming up, as one particular music streaming service says it is putting together a playlist for dogs that are left alone, i have been on twitter asking what you might suggest. it was a huge mistake. many of you suggesting there should be some back. one of you saying if you put it on repeat you could play lots of often back. we are going to bejoined by lots of often back. we are going to be joined by bounce the dog. we are going to talk about what tunes would apply most. that is in the next half an hour. now the weather with susan. afternoon. plenty going on in the weather. to the north of the uk is one of cloud is the remnants of the system we had earlier on this week. to the south, still the remnants of the frontal system that came across as yesterday. the gap in between them has given us a breather from most of the d

janet yellen, summers and i were on the docket, try it but do not put all your faith in it.ere the action will be. tom: this is incredibly important for 2020. fancy physics words like responsiveness or elasticity or fluid dynamic. the viscosity of the american system. does the engine need a quart of oil? adam: it seems to. we're doing the best we can with what we have got. growing above potential probably . it is getting worse, in part for political reasons we were discussing. no matter what we have done, with very large tax cuts, regulatory changes trump has done that are very favorable to business with a growth environment, with not very much wage growth, you are still not seeing a strong pickup in private investment. you can say that means it has nothing to do with policy. i would say it means we have had a regime change to a much more uncertain regime. there is clearly something fundamental. it is going across the rich world. there is a new book talking about the lack of composition in the u.s. many have touched on it. there is a decline in dynamism in the u.s. tom: let'

trump's closing tv ad in the 2016 campaign which had focused on george soros, lloyd blankfein and janet yellen and said essentially these people are globalists who are exploiting the american people and i'm wondering do you take special precautions in election years to try to contact campaigns or political parties to talk about the use of anti-semitic tropes and themes, or do you -- what do you do to make sure that we're not going to see that further kind of degradation of our political discourse? >> congressman, i think it's a very good question. we're a 501-c3 organization and as a tax-exempt organization we don't get involved in politics. i don't really care how any of you vote. i care what you value, right? i don't care kind of what lever you pull. i care whether or not you push prejudice, so indeed in 2016 we called out candidates when they said things that were beyond the pale, and when you made claims that there's again a global conspiracy and you point the finger at only jews as driving that, forgive me, but that gets our attention no matter who is saying it and no matter what the cons