you choose to write about john jay? and why should our friends be interested in? well, i first i was a practicing lawyer for a couple decades and i was living and working in hong kong when it kind of hit me that i i wanted to write a book and then i fished around for a subject. i was originally thinking about governor morris and other founding father. and i but i thought well, let's find the biographies of his friends and alexander hamilton robert livingston, john jay and i was shocked to learn that the most recent biography of john jay was from the 30s. and i bought a used copy and read it and it wasn't that good. i thought god even i could better than this. so i started, you know researching and writing. i mean jay has this amazing career in state federal and international. i mean most people today kind of know him for is role in writing the federalist papers or his role on the as first chief justice, but he's basically the author of new york's first state constitution. he's the first chief justice of new york's highe

jay-z is one of them. a billion dollars my 50 years old.h jay-z as he touts in the opening of this new poem/song. jay, also known at hov marveling from how he went from nothing to a billion and touting how the others who came from his same space or crib. kanye, rihanna, and lebron, who's linked to jay's roc nation company. to jay's link there, technically the caveat, lebron on his own, and a double entendre for technical fouls in basketball. jay opens by forgiveness for making his first dollars off the drugs, cook odd a stove, and notes he left that. drug or dope game with his record clean, turning cocaine into champagne, and that's a nod to his ability to evade charges. a clean record gave him the lane to go from street coke to champagne. it's a record on how he makes music. the records are clean because he left the street life while turning el lyle coke into legal bubbly sounds like a turn on jesus turning water to wine, and it is because soon after, jay completes the parallel. but think about it. there's nothing automatically legitimate

jay family.ssibly blair who resigned a few months before is available. we just don't know. that is 1795. so now to where the colorful robe and then there is this portrait of william paterson. he was the same judicial role than we think the states 1797. the artist came to america members as early as it could have been painted so somewhere in the time period. so this is only 6 inches by 8 inches it is very small and done in two hours and handed to the person who is getting the portrait done right after. the fact paterson is wearing the robe is indicative he was wearing it literally having his portrait done and he would not know about the jay's family portrait he had to be in this row. but there isn't a lot of documentation for that the others are side-by-side these are the only two from life portraits we have been able to locate to show these robes. if you were to turn jay into profile it would be similar and it looks very wide and but you cannot tell that on the angle. so what happened to all the

jay hatfield joins us now., do you think the fed has done most of the work it needs to do to tame i nflation or are the biggest hikes still to come? >> good morning, wilf. good to be on. we think the pedefed has done al they need to do to tame inflation. absolutely no one is shocked by this monetary basis vshrunk 15% this year which is the biggest decline since the great depression it is important when the fed is radically changing the monetary base and that means inflation should rapidly decrease. maybe reflected more slowly in the cpi. we think the fed is more focused on the expectation theory of inflation. we think they will be hawkish. that will be an overhang on the market this year and maybe next year they start to figure out inflation is dropping quickly. >> so, jay, the moment the s&p 500 closed at 4,140. what is your view of fair value? >> we have a fair value model that's based on 10-year treasury and normalize risk premium that fair value dropped by 300 points 4,600 just a week ago. you saw a global

jay powell isn't trying to be paul volcker. mays his goal is just not to be arthur burns. what are your thoughts on that? >> well look, hears the problem and this was the example of the arthur burns policy to stop and go, is that if you do not tackle inflation decisively, you're just going to make it worse and my concern is, you know, the fed is always super- aggressive or has been trained everyone to be super- aggressive in easing as soon as there's any sign of trouble, in terms of in a potential crisis. they slipped through this inflation crisis that is hurting so many millions of people. they've been very slow here. they call themselves being aggressive but they aren't. qt has hardly done anything this summer and supposedly final ly in september we'll see that liquidity coming out. so i hope that not too late to the party again, in terms of making another policy mistake. charles: sven, thank you very much, always appreciate these conversations with you. meanwhile, folks, also today, a wave of economic data out. i want to bri

your reaction on what we heard from jay powell? daniel: i think today's speech was about the fed as an institution much more than it was about the economy. last year it was all about the economy. this year was about the fed and its credibility. the fed has obviously had a little bit of difficulty with messaging in recent on. the sense that there might be a pivot towards a looser, at least less-restrictive policy. what jay powell did today was to come out and reinforce the message that other members of the fomc have been giving him the last few weeks. first, he made the economic case for why inflation and fighting inflation needs to be front and center for fed policy. second, on behalf of the fed he took institutional ownership of the responsibility for getting inflation down. third and probably most important, what you and your colleagues have been talking about in terms of market reaction, he tried to get the strongest message of the reserve resolved to continue to fight inflation as the two of you had just said, even after headli

jay powell saying rates will go up higher, as futures point lower by more than 1%. we also have negative news coming out of china in terms of industrial profits, but also lockdowns in terms of covid very close to beijing. the headwinds around china, and i time when investors are downgrading forecasts. jay powell's comments, but also schnabel saying we will likely have hikes in the ecb into a recession. the debate is whether you go 50 or 75. the spanish ibex down 1.3%. ubs saying that eurozone is already in recession. goldman sachs saying the u.k. is headed in that direction toward the end of this year. the cac 40 down 1.2%. what you saw across wall street last week was on friday,, the nasdaq closing lower by more than 4%, the s&p down by more than 3%. investors digested what was largely seen as more hawkish commentary from jay powell. let's switch it over to how things are playing out across assets. the dollar down. pronounced leading into this risk off sentiment. futures pointing to further losses, 0.7%. yields moved sharply, particularly the two-year. the u.s. 10

in tokyo this is "bloomberg markets: china open," >> top story this morning, jay powell's hotly anticipated speech later on today we are live in jackson hole, stocks rise and the dollar shrugging off the warnings, the central bank timing is not over yet, chinese tech getting a boost with the signs of talks of u.s. regulators avoiding massive delisting is making progress. >> also on our storing, -- story the concern we had about what jay powell might say 12 hours from now thereabouts, this is a sense of being sanguine as well. we have yields pushing up to the margin the dollar all stronger benefiting here. this countdown as it work. >> it is helpful to look at this ways move, in the context of what happened in july and a reversal of that, treasuries or example, for straight weeks of gains they are on the 10 year yields. on the bottom rate locking into positions, the market ties his positions -- it's position at the hawkish consistency out of the fed. the stocks down, the dollars down, the tech story in china started yesterday and the conversations around delisting. you take that away, the im

francine: what are you expecting from jay powell this week? esty: i think there is a little too much expectation he might sound more dovish than he has recently. the minutes of the last meeting were interpreted as a little more dovish just because there was an acknowledgment that the fed will look at the impact of all of the rate hikes they have already done on the economy and we know there is a 3-6 month lag before you have that impact. i think the risk at the moment is that he is on the more hawkish side. think the fed wants to re-emphasize they are not done hiking. the pivot is not so much just going back to more normal hikes. i think we are on that way and past the most aggressive part of the tightening cycle but he could sound a little more hawkish and they definitely want to continue to anchor the long-term inflation expectations. tom: the rhetoric from officials from the fed the last few days has pointed in that direction. a reiteration of the aggressive approach. if we do get a steer in terms of 75 basis points in september and with al

what do you see so far and see is a challenge for jay powell? >> i think jay powell, even if he knew what to do, he would not say. he will be very careful tomorrow. i think the challenge is there is so much sorrow now on the supply side. you mentioned tension with china , trade issues, economic problems. europe is a mess now. they have inflation worse than us. in the u.s. we have inflation's and our own supply issues. we have major spending even though the government says they will reduce the deficit, it will increase and all of the money in the system has to be taken out. it will be a very tough call and interest rates have to go up. how quickly is the question. kathleen: anticipatory from that point, as the fed it did so long with inflation, waiting to see what happens. has that been one of the shifts at the fed? has it that contributed to a surge in inflation? thomas: i think they have been more ambivalent last minutes. chairman powell's last press conference, the market picks right up on that. he will have to be pretty clear that they have t

it is all about this hawkish message jay powell gave us friday. give to the dollar also playing into the fx space. the korean won down around .9%. if i -- it is the biggest decliner in the asia fx space. also keeping an eye the offshore yuan breaking through the key 6.9 level for the first time in two years. that sets us up for a move to the seven level, which our markets live team points out would be extremely important for local markets given their sensitivity to trading flows. what else we are watching, we had that red head crossing the two year yield on the treasury reaching the highest level since 2007. that is also being reflected in the debt space with sovereigns moving as well and the shorter durations. paul: all right, thanks. let's get more on markets and bring an chief risk correspondent for asia and mliv contributor, garfield reynolds. seeing a lot of selling at the moment, some repricing going on. how long do we anticipate this will go on for until markets have correctly priced in the narrative we heard from jay powell on friday? garf

good luck, jay. "mission: impossible" for jay powell, the question can he pull it off?cy lazar, quill intelligence danielle dimartino booth, lyn alden investments strategies. you are too young to remember that show but one of my favorites. this is the ultimate power panel. what is powell's biggest challenges for tomorrow? danielle, let me start with you. >> part of powell's biggest challenge, markets factored in too much, they put too much pressure on somebody who already said we're moving away from forward guidance and we're shifting over to a data dependent world. you want me to be specific about 50, 75 basis points or even 100 on september the 21st i'm telling you next friday's payroll report is more important to me in terms of where interest rate policy is going to go. that should shift the onus back to talking about the balance sheet. we heard not near enough about that and powell should be talking about that tomorrow. charles: i will ask you about that later on. nancy what do you think the biggest challenges are there for him tomorrow? >> he has to regain credibil

what will jay powell say to the market? esther george is readying the bond market for 4% rates at a glide path. we will hear more from esther george and kathleen hays from jackson hole in just a moment. a quick snapshot of risk. stocks are facing the prospect of 4%. reasons to be bullish. higher wages is not good news for the equities story and we are leaning far too much on cpi. the reasons to be bullish are than a bit thin. dax gone with a rally of .4%. have a look at the bond markets. we are focused on 50, 75 basis points, but you have a yield curve which has bounced from the -50 to 73 and this is significant. this suggests that perhaps the worst has passed in the bond market. the dollar remains resilient. 18% overvalued on a relative basis, relative effective exchange basis. the past 10 years. is the dollar exhausted and something that may come into play? what will jay powell communicate to the market? we are going to the higher ground and we are going to hang out there for a while. kathleen hays is with me from jackson

it is that day where we are getting in that speech from jay powell. the hawkish commentary from bullard and esther in wyoming but the markets are looking through this. use our games yesterday and there is some diversions when it comes to features stateside and what has happened here in europe so far. the futures pointing up and the u.s. futures pointing lower. you have yields from the two to the tens stateside. we continue to monitor what is happening in the energy space and we will break that story down for you. james bullard coming out and saying he favors frontloading and esther george saying we could be above 4% as the fed tries to get inflation down. bullard also saying that the markets might be underestimating the need for the fed to stay longer to pull inflation down. it will be a stickiness possibly that will hang on longer. the cac in france getting 0.6%. let's see how things are playing out across assets and features stateside. -- futures stateside. we have gains of about 0.4% from the s&p yesterday. a pretty solid day across u.s. markets. e

rishaad: all about jay powell. when you look at the hang seng, we are looking at 1, 2 stocks moving up. all the others are down. if you like the color red, this is your day. let's have a look at what is going on. some market participants having difficulty digesting this idea when the fed gets to whatever the final hike is, they're going to stay there for a while. all delivering a stern and singular message on inflation. sterling, 116 handle. we have not seen this since march 2020. the aussie dollar, july the 19th the last time we saw this. the only stocks industry group up when the csi, consumer staples. it does seem as though going into the risk assets today is the worst idea since jack kennedy said i fancy going to dallas friday. yvonne: is this just a knee-jerk reaction? rishaad: markets have been sanguine. yvonne:yvonne: it all depends on the dollar moves. we continue to see the king dollar waving its head. >> we are taking forceful and rapid steps to moderate demand so it comes into better alignment with suppl

on the jay rogue, they were red and white pieces on the sleeves.these actually are what i'm calling out her sleeves that this would be attached to the inner sleeve. as you can tell, they have a weird sheen to them. it's very hard to tell. i'm trying to work with the two museums, the smithsonian, and the north carolina museum, to get these robes side by side so they can be looked at. what you notice right away is that they are very similar attributes. this is the outer sleeve of the j rogue on the right, and the robe on the left. they have the same treatment of the buttons. this is on top of the arm of the sleeve, not on the back of the sleeve, like john marshals. it seems to be more decorative. it doesn't have a function i could tell. there is some slight differences recorded. these still retain their red color. this robe has been massively conserved. i'm not sure what is real and what is conservation pieces added. until they can be really looked at by a textile historian, we won't know for sure. there are enough similarities to think they are very

we expect to hear more from fed chair jay powell? jonathan: we will hear from the chairman of the federal reserve. let's listen in. >> today, my remarks are shorter, my focus narrower, and my message more direct. the open market committee's overarching focus right now is to bring inflation back down to our 2% goal. price stability is the responsibility of the federal reserve. it serves as a bedrock in our economy. without price stability, the economy does not work for anyone. in particular, without price stability, we will not achieve a sustained period of strong labor market conditions that benefit all. the burdens of high inflation for heaviest on those who are least able to bear them. restoring price stability will take some time and requires using our tools forcefully to bring demand and supply into better balance. reducing inflation is likely to require a sustained period of below trend growth. moreover, there will very likely be some softening of liver market conditions. while higher interest rates, slower growth, and softer la

jay: these threats do interfere with care.i talk to providers who are working in hospitals who work at these clinics to do amazing work caring for young people and their families. they, you know, first of all, the vast majority of care they're providing is social, emotional, mental health care, which everybody should be able to agree and access, should that children and young people should be able to access. it doesn't have anything to do with surgeries at the young ages. and so that's disinformation, misinformation that continues to spread online intentionally. the reality is, instead of being able to talk to their patients about what their daily lives are, like, what their struggles are, they're actually having to talk to their patients about what they're seeing online about their lives. you know, threats from lawmakers and real actions from lawmakers like abbott in texas and desantis in florida, against their healthcare, interfering with care. so it really does impact lgbtq young people. transgender and non binary people in

this comes after jay powell's warning from jackson hole. schwab, global chief investment strategist will be here. joe biden's student bailou

he had to go off to england to negotiate with became the jay treaty.there were letters in the family that suggests that his nephew actually posted as she's justices robes for the painting to be completed, and it was delivered to mrs. jane 1794, and she mediately hung it up on a wall in her house. this is a family portrait that no one saw very much. it wasn't until 1815 that i found the first engraving of this portrait that was sort of widely produced. the colorful robe of jay wasn't really seen that much, in these early periods. but people knew that these what these chase justices robes are internally -- mid start developing around the j rogue overtime. it's the only one that anybody knew about. the painting is very prominent when it appears in the supreme court in 1877. this is a copy of the portrait that the court still owns. it's about the mantle in the justices roping room. people would come in and ask about the robe. why are you wearing your wearing black, robes what's j wearing? -- this is chancellor livingston of new york, swearing in george was

all of this ahead of jay powell's comments at jackson hole and their big symposium today. he will speak at 10:00 a.m we have a taste of what's to come of the flurry of fed comments throughout the trading day here on cnbc yesterday >> when we look at the economy today, steve, we see imbalance imbalance between demand and supply that is putting high inflation at play. so, we still have high inflation. we saw easing in the july numbers. it remains broad based there is more work to be done. >> i'd like to see us get to say above 3.4% that was the last median in the s&p. maybe sit for a while. if the data says increase, we increase we have to get inflation under control. that is job one. >> if we act early and aggressively we will bring inflation under control quickly, but the risk is that the other side of that is not priced enough and the reality is we may have to be higher for longer >> all right with all that in mind, let's check on the bond market 10-year treasury at 3.07%. in energy, oil is above $93 a barrel that means gasoline prices are going to rise again. natural gas

jay knows it peter was just talking about it. i think this speech was all about making sure we think about the long run and not get too caught up in a little short-term pain it's just not that important in the big picture. >> peter, i guess that brings up the other analysis, which is how much can the economy withstand what kind of a cushion has been built up, whether it's in consumer and corporate balance sheets which don't seem particularly strained, whether it is in just the labor market that's been as powell said unbalanced in the direction of being perhaps too tight. so can we have an economy that deals with the most hawkish fed in a couple of generations and doesn't necessarily have a particularly damaging recession? >> well, i think there's no chance that we avoid a recession. but whether it's damaging or somewhat mild i think is more of the question now, if people think mild leads to a quick recovery, i'm thinking something that is mild but drawn out. easy money has been the life blood of economic activity for a while. so

what are you expecting to hear from jay powell?he can but he has to come can out and say that they're going to continue to be diligent about at fighting inflation. we have two down gdp quarters. we have inflation still high. i don't think it's over. there's this common expectation this will just naturally go down and we just don't buy that. so there's a word out there, i don't hear enough, that we have to start thinking about. that's stagflation. and so if powell's not careful, we're going to find ourselves in a place that we haven't seen in decades. so i do think he will be a little more hawkish than maybe what the market has thought over the last couple weeks. maria: yeah. explain stagflation for our audience, leo. because i know that that's when you've got inflation but also when you've got an economy that's slowing, right, stagflation. >> exactly. you have an economy that's slowing while inflation is still going up. we saw that in the '70s. when i grew up in the ' '70s, there were decisio decision likr heat because people were

dollar as we lead up to this each from jay powell.uch should we read into the price action today? kit: it is still affecting risk sentiment on a day-to-day basis. the story from yesterday, maybe someone was saying that the easiest trade on the market is ahead of what is left. people saying that nothing is supposed to be easy, so it is a rallies and equity markets, but of a selloff in the dollar. tom: still the best game in town? kit: i think it is going to stay strong for a long time, not necessarily go another 10%. in terms of the price story, the price for gas, the fact that the u.s. has turned into an energy exporter, is a game changer for what this means for the dollar. but this has not spotted how bad the energy crisis is in europe and how much gas is needed for energy. tom: the euro-dollar now is driven by energy. kit: i think so this cycle because the terms of trade boost is relatively vastly bigger than anything we started with in terms of the trade sector. trading with all of these assets, this is enormous and bigger than any

tom: fundamental is going to be that speech by jay powell -- jay powell on friday. they were reemphasizing yesterday that the priority for the fed and him has to be getting inflation back down to that 2% target. the economic data the came through from europe, but also the u.s., services, home sales looking weak. this is down .4%, across european markets and u.s. markets. the french checked out by 5/10 of a percent -- .5%. futures stateside looking around .2%. europe still below that parody level. the gains from the dollar we saw the last couple days, relaxing to some extent. king dollar, the greenback, u.s. 10 year still holding about 3% on that benchmark. brent, $100 a barrel. nominal gains there, where still -- francine: if you look at the imap, the companies are moving. we have one or two banks and financials of one or two in industrial. if you look at the one make up the stoxx 600, there gaining. the biggest is retail -- real estate. down went 6%. let's get to work bloomberg headlines managing editor. you are looking at u.s. business activity. mark: good morning

powell we got a hawkish jay powell and the market sold off. what was new in the statement that caused so much jitters in the market >> we had the analyst at the start of the show who said what you said there is a community of people out there who believed or wanted to believe that there was such a thing called a fed pivot in the sense that the fed were giving a reason to start cooling off on further rate hikes actually, you listen to everything he said since that moment and thatjune fmoc and h is consistent. the major focus of ours and major central banks around the world is taming that inflation beast. it is very, very difficult to keep inflation expectation anchored if investors don't feel like central banks have a hold on what is happening and regain the credibility. one part is them looking to remind the community that they will be responsible for bringing inflation rates down the question is if they believe them >> this fed faced so much criticism with the money they pumped into the economy. now they are being strict about approaching the

just how hawkish fed chair jay powell will be. there is expectation starting to come in that perhaps investors have been underpricing moves of where the fed will go from here. in terms of equity direction, futures low for japan and australia. for the dollar, a little mixed. the yen yen is like this. we could see the dollar retesting a july high by the end of the month. let's turn to this charge. we have more than 300 companies reporting in china this week. the question is whether they hit the profit indicated in the data. in terms of direction for stocks, we have seen outperformance for chinese stocks in the second quarter versus the world index now well and truly reversing into the third quarter. we are down around 8% for chinese stocks, 12% growth. gains are like 80% for world stocks over the past couple months. in terms of where we go from here, this means that officials in beijing will have a lot of trouble to revive investors' spirits. shery: let's bring in our global economics and policy editor kathleen hays, chief north age

john thank you again so much jay. thank you again so much, and i want to thank all of you as well from the kansas city public librar hello, i'm stephanie trussell. i have the pleasure of introducing charles. love charles love is the executive director of seeking excellence. i'm sorry seeking educational excellence a non-for-profit whose mission is to empower disadvantage students to reach their full potential. he is the host of the charles love show on am 560 the answer he is the co-host of cut the bull podcast charles is a scholar at the 1776 unites contributing writer at city journal and the author of now three books. the latest book race crazy

john thank you again so much jay. thank you again so much, and i want to thank all of you as well from the kansas city public librar ♪♪ to complete access to what's happening in washington wherever you are live streams and floor proceedings and hearings from u.s. congress. white house event, the courts, campaigns and more plus analysis of the world of politics with our informative podcasts. c-span that was available at the apple store at google play, download free today. front row seat to washington anytime, anywhere. ♪♪ >> c-span is your unfiltered view of government funded by these television companies and more including media come. >> the world changed in an instant but viacom was ready. internet traffic sold and we never slowed down. schools and businesses went virtual, we powered a new reality is a media come we are built to keep you ahead. >> media column supports c-span as a public service along with the seller television providers giving you a front row seat to democracy. >> i have the pleasure of introducing

we only care about jay powell. we can basically pack up and enjoy the rest of the week and turn up on friday. the market is going to do what it is going to do. it will bounce around into the speech. we don't know what he's going to say. kailey: i'm going to let you take that one up with management and let me know how it goes. michael mckee and katie greifeld , thank you. we will probably see you back here tomorrow. we will ask someone else the question of the day who happens to be working as we care for jay powell's speech. we will talk about what to expect and where the catalyst could come from with kevin gordon of charles schwab and what he will be listening for. this is bloomberg. ♪ [drone speaking] technology lets drones deliver pizza. no,no,no! have a nice day. but to deliver powerful insights that are on target you need more than technology. you need cdw. we can help transform and manage your it environment with a dell technology solution, so you can use your data to innovate. wooh pizza is here! i'm still go

jay powell's speech.ng us from jackson hole is michael mckee way understand the weather is better and the view is still beautiful. what happened between now -- what happens between now and 10:00 a.m. tomorrow when the chairman speaks? michael: after we finished mopping up the rain. this blew down a bunch of trees and other stuff. there's a dinner tonight that kicks off for the host of the meeting, the president of the kansas city fed will give a short speech which is a welcome to jackson hole. then tomorrow morning we get the main event which is the keynote speech, first thing on the agenda from jay powell. after that they get into various papers that are prevented presented, this is an academic conference. the fed chairman speaking here. most of this will be theoretical and they help these guys think about things and long-run but not about policymaking. guy: you would've thought with some sort of rainstorm going on that some sort of hat would be a good idea. i'm sure you've got it covered. how abnormal i

is that something that jay powell has to address in his speech? >> i think that the focus on transitory has been important. we don't have this great flow of information. i think that the run of the federal reserve and the central bank is to ensure that shocks that can become our actually becoming temporary and the action of the fed can ensure this will happen. cracks one of the issues for jay powell and his colleagues is that marcus just don't seem to quite believe the fed is ready to do this. maybe bond yields rise but then they rally again. is it a lack of credibility? is it bad communication? will it be harder to convince people they can get the job done now? >> we are in a very unique situation. they are all coming at the same time. we have the pandemic, we have supply chains, we have food. some things the fed can do very little about. the fed wants to be assured it does not create unhealthy credibility and unhealthy stability. the fed needs to be much more ahead of the curve. i would not worry about shooting to build up credibility and reduce

jay-z is trained to build.can fuse together the movements of political and economic power as long as we realize one of the walls against achieving true economic power is actually political regression. i think washington and his descendents really missed it. how do you expect to build black power in the broadest possible sense, not in terms of a few people but in the broadest possible sense as long as politically look what is happening right now the anti-critical race theory or whether the voting rights oppression, the gerrymandering, these are only just political attacks on our political rights it affects people's ability to be economically mobile in society. we have to be able to seize these two things. i'll say this calling, in these camps forgot all, one thing we stressed this idea as financial literacy, there's sessions that they talk with young people and they get experts to talk with young people about things like like nutritional literacy, i'll never forget being in chicago. there was a couple of hundred

to call him jay?. i think there's a familiarity to it at this point i don't know chairman powell. >> it's not worth it it's not really -- i find it somewhat unsettling and i apologize to jay chairman powell. >> chairman powell it's true. i don't know why we've got -- >> why don't we just call him sunshine i think sunshine is doing a good job. i'm going back to chairman powell >> mr. cramer, dr. cramer, we appreciate it. thank you, sir >> thank you >> on "mad money" tonight, jim will be talking to the ceos of williams-sonoma and workday. make sure you get jim nit.togh a. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay. it takes a village to support society and businesses have a responsibility to support that villag

gray joins us from washington now with the latest jay, what's the timeline >> a lot of unfolding. we should learn more this afternoon. the week started with the unprecedented fbi search of the florida home next is a deposition in an unrelated civil investigation. now in hours, we are set to learn a lot more as we talk about what former president calls a raid at mar-a-lago with the rhetoric and threats surrounding that situation continuing to intensify. >> reporter: attorney general merrick garland ratcheting up the legal presentsure on former president trump. un unsealing a search warrant. >> surrounding the public interest in the matter >> reporter: mr. trump acknowledging online overnight he won't block the release of the information. the action by garland coming after days of baseless speculation and unfounded accusations from the former president's allies >> i will not stand by siy siley when they are unfairly attacked. >> it doesn't sound like you are pro cop. it sounds like prope coup. >> reporter: a subject in cincinnati attack aed the suspect died after a shootout with pol

i think jay powell.'m rarely defend this man you know that charles, but i think that jay powell is actually relieved right now that he is not being pressed upon to print more money. that right now fiscal policy is on hold so that he can try to get this inflation under control. >> he might not be pressed to print more money and i agree with that but he was pressed by the president last month when he was at the oval office and pointed at him, the president said the job of bringing inflation down is to the federal reserve. so jay, go make it go away. so you could argue the question was right, does he have the tools he can do something about it? maybe, maybe not but he can't say, i can't do anything about it. the president just ordered him to. >> jay cannot create a pipeline. charles: if you're paying attention on sunday elizabeth warren wrote an op-ed in the journal essentially saying she will blame jay powell when everyone has feels pain that he was ordered to inflict upon us. >> bless her heart. charles:

. >>> jay powell pledges to get forceful about inflation all this against the broader s&p 500 pile up. hitting levels not seen since the height of the pandemic. >>> the bond market doing something for the first time since the financial crisis. >>> and futures for natural gas contracts hit the highest levels ever business owners are feeling the pain i'll tell you about it on this monday, august 29th on this "worldwide exchange. >>> good, good afternoon or good evening. as always, welcome from wherever in the world you may be watching i'm brian sullivan maybe today we should say wherever in the galaxy because we also have cool outer space stuff coming up. it is not all bad news we have something to bring you together i i'll show you that coming up blast off with monday money. dow futures across the board u.s. dollar on the rise. nasdaq futures down 1.5% up 160 points. dow futures off 277. we are coming off what can be called a rough friday. i'm being light on that and a rough week for most stocks s&p and dow losing 3% each nasdaq losing nearly 4% all on friday alone all this as jay powe

talk with an extremely interesting guest, this is a volunteer from the united states of america and jaywho has quite a lot of experience in ukraine for these few months and in the war in civilian life and in a humanitarian mission and where he is actually now greetings jay first of all i would like to thank you for everything you do for ukraine and the ukrainian people i can imagine how hard it is to put your own life on pause in order to help other people tell us a story about yourself about your life who is jay blake from the united states of america what came here to help us defend our freedom i'm an ordinary man at 17 i started my military service after 6 years of active duty in the us navy i decided to go to college where i studied psychology while serving in the in the us navy i had two children and after the end of my service another son was born then i joined the us national guard i did not see the development of my civilian career so i decided to become a writer i really felt a strong calling and desire to help people and believed that being a military and police officer i will

what was your reaction to these comments from jay powell?ow do you think it will impact markets more broadly? steve: if you listen to his comments, it is pretty clear they were going -- they were not going to move off rate hikes any time soon, although there was a lot of wishful thinking. i think this was a good dose of reality. it happened just as people are returning from vacation, getting kids back in the school. the forward trajectory here does not look great, and it's some interesting things when you think about the public market versus private market. emily: you predicted millions of layoffs in tech specifically last time we spoke. steve: i think the layoffs have just begun. it is happening across everyone's portfolio. what is interesting is the overall markets are down more than 20%, particularly on the growth side. growth tech stocks are down much more than 20%. we are hearing from allocators of capital to investors that numbers are coming in down 4% to 6%. that means that investors have not taken their medicine and there's going to

how can jay powell avoid becoming the second coming of arthur burns?had a devilish fed tilt for a long time. do we risk a late 1970's moment where we declare victory on inflation and then inflation soars back again about six months later? >> arthur burns said it is not monetary policy, it is something else. it was a mess. each of the emphasis of what really needs to be done. that is why they eventually made the adjustment. it was hard because of so many years. we don't want that to happen. we want to be a more stimulative, communicative indications of what the objective of the fed's. that is what is unlike arthur burns. i think jay powell has said -- i think commute getting about what used to be done is very important. >> jay powell mentioned at the last conference that the fed was neutral. i thought he must have meant long-term neutral. where do you see neutral? particularly in the near term or the medium-term. when you have a fund rates so far below, how can we call that neutral? >> sometimes it is interest rates of 1% or 3% and that sounds neutral b

jay would be like, "yeah, sure, do it."ap, but it didn't sound good as a rap, so - >> jimmy: see, that's smart. see, that's what a smart - >> see, that's the true rule but i said, "maybe i should speak this." because jay might be a little more accommodating to my speaking voice and i sent it to him and we got this text back from jay saying, "i don't love this." [ laughter ] i [ bleep ] love it. >> jimmy: there you go ♪ [ cheers and applause that's cool. i have a couple of questions i was thinking of asking you, just a couple of prompts as a deejay and i was wondering if maybe you could give me your insight of what the best song to play in that situation would be is that okay with you? >> i'll try that >> jimmy: would you be up for that >> uh-huh. >> jimmy: how about this you just got dumped -- and you're like -- yeah, try to imagine that, idris. [ laughter ] and you're like, "i can't believe -- it's impossible. yeah >> no, no, no, i've been there >> jimmy: yeah you just got dumped. you're sitting on the couch eating a pint

so on may 25th, jay bratt gets a letter from evan corcoran. that is about a week before jay bratt and three other investigators actually went down to mar-a-lago. that is when they surveyed this storage room where a lot of these documents were being kept apparently in a haphazard manner according to what we can see in this affidavit. in this letter from evan corcoran to the top justice department official on this, he basically is going through the reasons why defending why trump had these records at mar-a-lago and why he had not turned some of them over. he makes a few points. one is that they claim that the president has the absolute authority to declassify documents. that's a claim that you've seen trump's allies making in recent days. experts have said that's not how it works. you actually have to go through a process. he says the presidential actions involving classified documents are not subject to criminal sanction. he says that the justice department must be insulated from political influence, arguing they couldn't do that if trump is ru

the federal reserve chair, jay powell, hinted at that.is words to forcefully flight inflation in the form of higher interest rates. so you can expect the interest rates to continue to go higher, to bring the prices down and you know what that means. he's going to bring interest rates to a level that crimps demand so it gets -- he has to inflict such economic pain on the american consumer that you stop buying stuff. you stop buying houses and cars and more goods at the store that you don't need, things that you only buy things you need rather than what you want. he said we are moving our policy stance purposefully to a level that will be sufficiently restrictive to return inflation to 2%, suggesting restoring prices stability will maintain a restrictive policy stance for some time. when markets don't have certainty, john -- say it another way, they don't like uncertainty and there's a lot of it out there. the markets are sinking to now lows. >> john: it could be the folks in the administration have not a handle on it, dire announcements, a

joining me now is jay stein of dream hotel group.thing changed in that labor picture? >> hi, deirdre you know, it has been difficult for quite some time now. so when you say has it changed i mean, it looks like things are getting better is that what you meant >> yes have they been getting noticeably better or worse than the picture? >> no. it's been about the same for us, particularly on the food and beverage side on the labor part of the picture and since covid it obviously started then, and people not working, people getting enhanced payments and it's been difficult and people coming back to this industry, there's no doubt it's been the most difficult i've seen in over 35 years >> jay, how are you retaining workers? having to raise wages? >> yes we are having to increase wages. we've had new incentives to signing bonuses to find people and we've had to change the way we do business a little bit and a lot of operations that used to be open seven days a week, we moved them back and unfortunately, we're opening them on the busier days

kathleen: the big focus is on jay powell.ionally the fed chair kicks off this two day symposium with official remarks. over the years it has become more expected of the fed chair to make a big statement. we certainly know that there is a big focus on inflation. how worried or how hawkish is the path he is going to paint? we haven't heard from jay powell on inflation since the last fed meeting, and since then, inflation numbers cooled off from a super sizzling rate to just very, very hot. we also see the perils -- payrolls numbers jumping. so it may be starting to break a bit. but we still have a strong labor market. a big question here, is powell ready to risk a recession? jay powell has said that he sees a soft landing, but he is still hoping that is possible. we have a look at the fed funds rate, clearly the fed is looking to go to a 4% by the middle of next year. markets don't seem quite onboard board. the latest person was tom barkin on friday, he said, we are committed to returning inflation to our 2%, and we will do wha

it has to be a tough job for jay powell. his you go towards jackson hole, where do you think he is going to lean? is he going to lean steady or will we get more pools toward state? >> they have been preaching not to give them much freedom at all. markets are seeing financial conditions almost mutual at one stage. they are extremely concerned about inflation. they want to see if powell go through the hawkish. i think it will be hard not to go hawkish. i also think that is open to a volatile session. next week there could be another situation where there is one set of takeaways and we will have fed seekers coming out next week they could try and pick apart some of these interpretations. i think it is interesting that if you look at the move to index , that is the most elevated it has been. there are times when it has been more elevated and may be in 2009. now, we have the fed hiking rates. it is a very anxious time. hands are crossed in the markets. if they go higher or lower, it will change the calculations are all range of i

(jay) tonight, on jay leno's garage. one-fifty, the cars we drive say a lot about us.jay) yes, but what do you think about the car? but does the car make the person? -i love cats. -i don't think that comes as any surprise. or does the person make the car? hello, mrs. bond. what are you a therapist or a car driver? (jay) is who's behind the wheel... still the same three guys playing the same three chords. (jay) ...just as important as what's under the hood? (gina) hey, oh, that's nice! (jay) so familiarize yourself with the controls. -ow! -i hear a lawsuit coming.

let's get right to nbc's jay gray who is in d.c jay, good morning.efore we get to that report, there's been a new announcement from president trump >> reporter: yeah, phillip, francis, good morning to you just a few hours ago the former president trump posted on social media he does support the release of that information of the documents that are related to what he continues to call a break-in and raid of his florida home also saying that the warrant was drawn up by radical left democrats with a vested interest in attacking him that statement comes after a rare public statement from attorney general merrick garland who says he personally approved the search warrant and that he now wants it unsealed so the public can see it. as you pointed out, "the washington post" this morning is reporting federal agents were looking for nuclear documents at mar-a-lago >> we know that it was a significant part of what they wanted when they first went down, the former president gave them 15 boxes of material, there were top secret documents in those boxes. when they

jay wrote an interesting piece a few weeks ago about new zealand.hy don't you summarize your points so i don't say it for you? >> new zealand is really interesting. i already went through some of the special circumstances of new zealand. i will add one other. it is a south pacific nation. in the summer, our winter, a seasonal disease was being spread and they were very successful getting rid of the disease for short time. over the next two years the disease kept coming back. they would lock down big cities again and again and again. they kept the disease out for most of 2020 and 2021. they were very delayed in deploying the vaccine. they did not get going in the vaccine until september 2021. what kept the island under lockdown long after they needed to do that. they had been vaccinating their population early on and they could have avoided almost all of 2021 under the threat of lockdown. finally, and this is the irony of ironies, the number of cases the last few months in new zealand has absolutely exploded. there are now more cases per capita in ne