here's what jay powell said about why they did it.the fomc statement likely noted the committee dropped a sentence that indicated the stance of monetary policy remains upon -- accommodative. this does not signal any change in the likely path of policy. instead, it is a sign that policy is proceeding in line with our expectations. reporter: and bonds did rally because they assumed if the fed drops the stands, they might be more aggressive with rate hikes, but jay powell says we don't need any longer, it doesn't make sense, the fed can raise rates are lower than more quickly or slowly. it will depend on the economy. of course, he did say there's a rising chorus of complaints about trade and tariffs that could affect the economy. there's a tricky path ahead. they have to get to normal policy and not cause a recession. that is the big challenge now. and do it all with the ire of the president, it seems. we will talk about that in just a moment. i want to bring in stanford university economic professor john taylor, former undersecretary of

there is more of a humility with jay powell at the helm to note that they just of know it all. >> jayell is a very different fed chairman. phd inn't have a economics. he has real-world experience. >> he is also operating military -- monetary policy in a different part of the cycle. he's left with normalization. the hard part of normalization. you don't know where you are. that's what the debate is all about. how tight is monetary policy? the fact is we really don't know. a very different stance because you are no longer clearly accommodative. you're not sure where you are. >> where are we? if we don't know where we are. >> that's an easy question for me. we are saying that monetary policy is no longer stimulative. does that mean we have had the neutral rate and the fact that the dot plot tells us we are going to raise rates, are we signaling that we are going to move to a restrictive policy? >> we want to stay with the news flow today. the president is extremely busy in new york right now. china is attacking the farm belt with false messages. you look a gdp and what chairman powell ha

southtocks now turning after jay powell wrapped up his news conference. e: he seemed to like about dropping of the accommodative language in the text of the statement, but chairman powell downplayed that a little bit and throughout the course of the press conference, people sounded more hawkish. caroline: it is risk off in terms of stocks but not in terms of bonds. joe: that is the surprising part that we are not seeing higher rates on the move so 10-year yield is down to 3.05 today. thelet: i am looking at three major indexes and they were kind of positive, it was modest gains leading up to the news conference and they did get a boost initially after the statements, but there is a drop off in the afternoon over the last 20 minutes. it looks deeper than it actually is because it is fairly narrow, we are off by 3/10 of 1% for the s&p and dow and 2/10 of 1% for the nasdaq, but if you look at the industry performance here, industry groups, real estate, financials leading to the client -- leading the decline. it is only by 4/10 of 1%. caroline: back in vogue a

what do we expect jay powell to say?ng draghi on trade and how much will they say about trade when they wrap up the two-day meeting? kathleen: i think he'll be asked a lot of questions, rish, at the press conference after the meeting. what reporter isn't going to want to know how are you going to stay on a rate hiking path if trade intensifies, if this war intensifies, if it creates volatility in markets and maybe slows down the economy as well. interesting though. with the september rate hike that is expected, another 25 basis points, the fed funds rate will move above the u.s. inflation rate, the target for the first time since 2008. back into bloomberg with me, look at this chart and you can see the two key measures of inflation. the headline number, the turquoise line, yes, above 2%. the core measure on the p.c.e. deflator right at 2% right where the fed wants to see it. there is also an interesting angle. even though inflation is barely 2% our bloomberg economics team is going to argue we'll see a hawkish chill from

and this will be the first time when jay powell will be publicly pressed to respond.o how he responds, how he does that, does he dismiss it? does he say the president can do what he wants, but we will do what congress has told us. follow our mandate. it will be interesting how he does the delicate dance so that he does not become a punching bag for trump. carol: you talked about what he has been doing, i love how your story starts, taking us back to president trump gave an july, interview. he was critical of the fed and the same time jay powell is on capitol hill talking to lobby and how the fed is doing. you talked to him about being a politician with a little p. i love that. he is smart. this is a guy who understands government, he does not have the training like other central bankers. he is not a politician, but he understands how washington works. that could play in his favor. >> he has been around washington a while. he grew up here and knows his way around, he is comfortable in pressing the flesh. his two predecessors, in contrast, they were phd economists. they

jay powell said that he doesn't feel too good about this tariff war, right? and as rates are going up i think some of these, some of the asset allocation, some ceo's are going to have to start thinking they might actually have to do some work and run their companies instead of just buying stock, or trying to buy a competitor and raise their pe's and i think it's going to be harder for corporations to borrow and i think you really got to watch their emerging markets. this rate hike was expected. he said some of the right things but dollar funding i just can't say that enough. dollar funding around the world is difficult and emerging markets a little basis point means a lot to them so you've got to watch those right now. liz: okay gentlemen thank you very much, all of you for weigh ing in, and we do just quickly want to mention that in the end at the moment with about 19 minutes left of trade the dow is pretty much flat. it's just that the swing has been up more than 100 points we like to put that into perspective. let us dovetail to more on tariffs because jay

jay powell and theresa may speak.ay the jobs report just around the corner as we wrap up the end of september and the third quarter. still with me is diana amoa, scott thiel and colin robertson. london as we wrap up the quarter. this is a really interesting quarter for credit and an interesting year for credit in the united states. high-yield really outperforming. scott: it is interesting to note if you look at the ratings structure and the high-yield market, the lower quality, the triple c's are now double b's. it has really widened relative to i.g. that is obviously consistent with economic -- positive economic activity, payable financing rates, stock by that's -- stock buybacks, etc. that's an interesting divergence between em market in the high-yield em market. jonathan: this is where you specialize in spend time looking at stuff. the third quarter has been brutal for emerging markets as people wake up to the idea it is not idiosyncratic and there is something broader happening here. mena: it's interesting to and

plus jay powell and theresa may speaking.report just around the corner as we wrap up the end of september and a third quarter. still with me from jpmorgan asset management, from blackrock and northern trust asset management joining us out of chicago. let's start in london first of all as we wrap up the quarter. it's really interesting. interesting year so far for credit in the united states. high-yield outperforming. what you make of the dynamic right now? >> it's interesting to note if you look at the rating structure in the u.s., what has happened is that the lower quality have compressed dramatically into where the high-yield and southern investment grade has widened relative to. i think it's the outperformance of the high-yield market that's notable and that obviously is consistent with economic -- positive economic activity. stock buybacks, etc.. to me, that's the most surprising divergence between the high-yield. jonathan: let's talk about em. this is where is specialized. -- this is where you specialized. maybe there's

chairman jay powell assured us inflation is well under control and giving us no reason to doubt him so far if that's the case why does the fed need to move at all. because rates have been extre extremely low ever since the great recession. it's natural defense will try to normalize things it's a tricky word normalize for trying to keep the economy strong but not so strong it gets out of control this is an inherently fraught process we're going through. if powell is too hawkish he can cause a recession, too accommodating, inflation erodes the purchasing dollar. that's the glass half empty perspective. the bears view that only triggered the sell-off what makes this so confusing, these different cohorts of investors are actually all acting independently they're concerned powell will be wrong about his ability to create what we call a soft landing meaning a gentle deceleration rather than a brutal slowdown. look when you add in tariffs if they just keep piling on chairman powell is like a pilot. a good pilot doesn't want to crash the plane in order to land but a lot of wall street guys don

plus, fed chair jay powell and u.k. prime minister theresa may speak.friday, the jobs report just around the corner as we wrap up the end of september and the third quarter. still with me from jpmorgan is diana amoa, scott thiel of blackrock, and colin robertson from northern trust asset management. he let's start in london as we given let's start in london as wrap up the quarter. good. this is a really interesting is quarter for credit and an interesting year for credit in the united states. high-yield, really outperforming. what do you make of the u.s. credit? scott: it is interesting to note if you look at the ratings structure and the high-yield market, the lower quality, the ccc's have compressed dramatically to now bb's. it has really widened relative to i.g. that is obviously consistent with positive economic activity, still favorable financing rates, stock buybacks, etc. but to me, that's an interesting diversions between the high-yield part of the em market and the high-yield em market. jonathan: this is where you specialize and spend time look

a test of jay powell, especially in that press conference. a test of his ability not as a big central banker but as a politician, how he manages that. stayed out of the spotlight by not reacting to what trump has to say. >> this will be the first interest rate increase since the president went public with his displeasure of what the fed is doing. it will be the first time when powell publicly will be pressed to respond. how he responds, how he does that. does he dismiss it? does he say, the president can say what he once but we are going to do what congress has told us we should do and follow our mandate. it will be quite interesting how he does the delicate dance so he -- offer himself up as a punching bag for trump. >> i love the way your story starts. you take us back to july when president trump gave an interview and was critical of the fed. was on capitol hill talking to lawmakers and talking about what the fed is doing. you talk to him about being a politician with a little p. he understands government, he is not an economist. not a pol

we are to hear from jay powell. fed rain on the stock market parade in the fourth quarter, or is the fed on the back burner? su: it looks like they have accepted a series of fed hikes. we will surely hear from a round of fed speakers. first up and foremost in the spotlight will be the jobs data out on friday. the expectation is that will be gains of about 185,000. but this data will be skewed as the hurricane -- from the hurricane, as we typically see. very much in focus will be what this means for the fed's dot plot, which we have seen at their most recent announcement. salesalso talk about auto which will be coming out from all the way -- all the major u.s. automakers. there are a number of adverse factors impacting demand analysts, including rising oil, so these numbers will be very important. again, the speeches that will be coming out, the neeb, a very important economic event in boston this week on tuesday in the u.s., that is when jay powell will be speaking. we will also hear from the vice chair of a senate

plus, fed chair jay powell and u.k. prime minister theresa may -- u.k.me minister minister theresa may speak. on friday, it is here already -- the jobs report just around the corner as we wrap up the end of september and the third quarter. still the three from -- still with me from jpmorgan asset management is diana amoa, scott thiel of blackrock, and colin robertson from northern trust as it management joining us out -- asset management joining us out of chicago. let's start in london as we wrap up the quarter. this is a really interesting quarter for credit and an interesting year for credit in the united states. ig investment-grade really underperforming. high-yield, really outperforming. what do you make of the dynamic of the u.s. credit? scott: it is interesting to note if you look at the ratings structure and the high-yield market, what has happened is the lower quality, the ccc's have compressed dramatically into bb's. in emerging markets, the high-yield or sub investment-grade has really widened relative to i.g. and so what is happening is it is

jay powell saying the u.s.g but he's closely watching global trade tensions >>> shares of bed bath & beyond falling big time after its quarterly report the home goods retailer missing profit and sales expectations for the second quarter in a row. bed bath & beyond giving weak earnings guidance for the rest of the year. >>> amazon is opening a new store that sells items that are rated four stars and above it is set to open today in new york's soho neighborhood there you go, check it out >> because nobody wants to buy two stars. one star, not even good. >> see ya. >>> we are following a story in the oil markets. sources confirming to cnbc that saudi arabia is able and willing to put as many as 550,000 additional barrels of oil on to the market if demand merits it those gains would come from about 200,000 barrels per day and resume capacity from pipeline issues. sources telling cnbc that this increased supply is reliant on demand if demand is apparent, supply will grow accordingly. remember, this jibes with what t

jay powell said the u.s. is in a bright moment the challenges remain. >> our economy is strong, growth is running at a healthy clip. unemployment is low, the number of people working is rising steadily, and wages are up. inflation is low and stable. all of these are good signs. that is not to say everything is perfect, the benefits of this strong economy have not reached all americans. nejra: following the decision to hike, presidential made his feelings clear. president trump: unfortunately, they raised interest rates. i am not happy about that. debt, orather pay down do other things, create more jobs. toare worried that they seem like raising interest rates. nejra: joining us now is peter dixon, global equities economist, commerzbank. good morning. markets areisk that still underpricing what the fed can do in 2019? peter: markets are beginning to move slowly. i think it is a long way to go before they matchup. the fed may be overly aggressive, but i guess the economy has momentum and will grow rapidly for t

jason: jay powell is a different sort of fed chair. he has -- he knows his way around washington. gender gap that is out there when it comes to salaries and opportunities. it discouraging bed when it comes to stock option grants, women aren't -- that's when it comes to stock option grants, women are just not getting the same as men. jason: more bloomberg tv starts now. ♪ emily: i am emily chang and this is "best of bloomberg technology " where we bring you all of our best interviews this week in technology. we speak exclusively to the ceo on the outfitter's newest friend. and building to be the world's largest payment network. thanacing more disruption ever, arthur kelly lays out

after that, 30 minutes after that, fed chair jay powell will meet the press and we will take that news conference live. melissa. >> tyler, i'm melissa lee on the floor of the new york stock exchange investors expecting a hike but they will be paying very close attention to what the fed says about more rate hikes ahead and about the outlook for the american economy we're all over that. you cannot afford to go anywhere "power lunch" starts right now >>> let's get a check on the markets ahead of the fed decision the dow is up for the first time in about three days, pushing closer to record highs a gain right now of 82 points. the s&p 500 up for the first day in four. that's up about 9.5 points the nasdaq is on a three-day winning streak, its longest since late august. the nasdaq is higher by 34 points ibm is driving the dow's gains adding 25 points all by itself and that is helping to offset the drop in nike shares on the back of its earnings it is the ipo of the day here, and of course we're talking about survey monkey. shares are soaring about 60% in its debut as a publicly traded compa

love this store not just of the institution but of jay powell is a different sort of fed chair.ound washington. carol: my must read, let me paint a portrait. we know the gender gap that is out there when it comes to salaries and opportunities. i find it discouraging that when it comes to stock option grants, women are just not getting the same as men. jason: more bloomberg tv starts now. ♪ this isn't just any moving day. this is moving day with the best in-home wifi experience and millions of wifi hotspots to help you stay connected. and this is moving day with reliable service appointments in a two-hour window so you're up and running in no time. show me decorating shows. this is staying connected with xfinity to make moving... simple. easy. awesome. stay connected while you move with the best wifi experience and two-hour appointment windows. click, call or visit a store today. emily: i am emily chang, and this is "best of bloomberg technology," where we bring you all of our top interviews from this week in technology. coming up, gaps online play for men. we speak exclusively t

the question and the market will debate this is how much of a maestro is jay powell. he has decided to go for the eighth rate hike in this cycle since 2015. look at the backdrop to which he has done it. these are the financial conditions, stocks, bonds, and money markets. you're looking at financial conditions being the latest and most accommodative since 2007. they are raising rates, but they are doing it into the backdrop of easy money. where is the neutral rate? that is the question. the equity markets managed to resurrect themselves. nejra: a little bit. we are flat on s&p and dow futures. nothing too exciting happening. we have an exciting interview to look forward to. manus: we're going to talk about markets, about the recent changes in this institution. sergio ermotti will join me. 7:00 a.m. 7:15 a.m., i should say. let's get your bloomberg first word news. the u.s. federal reserve has raised interest rates for the third time this year and singled that more hikes will come. jerome powell's of the american economy is a, but acknowledged that challenges remain --

jason: jay powell is a different sort of fed chair. he knows his way around washington. know the gender gap that is out there when it comes to salaries and opportunities. i find it discouraging that when it comes to stock option grants, women are just not getting the same as men. jason: more bloomberg tv starts now. ♪ to rent a movie? showtime. or buy the hottest shows. even here? we've got you covered. now they are all yours. to take on the go. on any screen. bingo! alright! and watch whatever you buy. wherever you are. head to xfinity.com/stream to start watching. simple to rent, easy to buy, awesome to go. >> the following is a paid program. the opinions and views expressed do not reflect those of bloomberg lp, its affiliates, or its employees. >> the following paid presentation is brought to you by dr. ho. do you suffer from back pain? tension in your shoulders? arm pain? knee pain? or pain in your legs? pain can affect how you work, play, and sleep. the physical pain is horrible, and the emotional pain can be even worse. you are about to discover a breakthrough in p

also on jay powell speech a couple of weeks ago -- on jay powell's speech a couple of weeks ago he basicallyd into question the estimates of the neutral rate or natural rate of unemployment and said we were not sure about this. that isnals somebody not paying so much attention to the models and more attention to how the data is evolving. moreld like to see officials move away from a focus a specific -- interest rate or time horizon thetoward what data -- what data will look like to cause them to change their policy path. joe: based on what you see between the data and what she represents, is there a chance the markets could get offsides and be surprised at the number of hikes in this year and 2019? tim: i certainly see that is a possibility. some regional presidents have suggested two or three more hikes and we will be over pause. that will only be the case if we see some evidence the economy is slowing. if we do not see that evidence or if inflation starts to emerge more aggressively, we are not going to see that. this is a chance we see next federal reserve meeting that the estimates for g

economic expansion up >> not even jay powell will screw anything up today.ee a very expected rate hike here so they're going to announce they did it. we'll look closely at the language in the report and we'll listen closely as they interview and figure out what jerome powell was trying to say this is telling us the economic expansion is intact. i had dr. jeff lacker on my podcast last night, the farrcast is what we call it he's former president of the richmond federal reserve he says four more hikes? yes. he thinks six to seven, maybe eight to nine. he's hawkish that was big news out of lacker. he has not been out a full year yet. so he knows those personalities. that can take those fed fund rates up to 3.5% he doesn't think that would be out of the realm at all. >> i heard your name was farr out, maybe that name was taken what would be the best case scenario for the fed a rate hike, muted conversation about inflation or what? >> i think to say -- one thing that you'll see go is the language about, you know they're still -- that policy is still accommodative

i think jay powell and company and janet yellen and ben bernanke, hasn't been as bad as it could have in many ways the longer something takes, the more issues you have with outside issues, exogenous forces, different economies, emerging markets, trade issues that can slowly start to take bites out. normalization should have begun awhile ago, we can't go back in time removing accommodation is like putting the patient in the recovery room, but you can't keep them there forever. we need to remove it does it have hidden meaning? i don't think so let's go to the boards all of the price structure, that's an obvious meaning and it tells you things this chart back to 2007. the point is quite clear we had so many key tops before we did the violation of 3% 318, 320, 318. some bottoms, 317. we take out 311, we will at some point is m they're going to make a lot of train stops along the way. the double bottom in 2012 and 2016 is very compelling. the other thing i think we should take note of. after we made our may 311 high close of the year. the yoeest yield close we had was 278. they have to be

for jay powell it is data with the risks.we will look at the president's twitter feed to see what he has to say in response. thank you so much. we really appreciate it. we'll be right back. you wouldn't accept an incomplete job from any one else. why accept it from your allergy pills? flonase relieves your worst symptoms including nasal congestion, which most pills don't. flonase helps block 6 key inflammatory substances. most pills only block one. flonase. but how do i know if i'm i'm getting a good deal? i tell truecar my zip and which car i want and truecar shows the range of prices people in my area actually paid for the same car so i know if i'm getting a great price. this is how car buying was always meant to be. this is truecar. >>> we are following breaking news right now. attorney michael avenatti says that he's representing a client now leveling serious accusations against supreme court nominee brett kavanagh. sara sidner is joining us now with more details. sarah, what are these o'clockizationo'clocac accusations?

led by jay powell. here is why.e saying third-quarter gdp is really at 4% before it slows down to 2% or more. how about the impacts of tariffs? and even the midterm elections? jay powell is also going to be concerned about the neutral rate. how does the fed know it is neutral? he cautioned this in jackson hole. if he is going to express enough doubt to have another surprise in the bond market. a bloomberg survey recently showed when you ask economists what is the number one fear of another recession, there are many factors but the top of the list is a fed rate hike too much and the fed itself causes that recession. when jay powell ends up meeting and faces reporters, he will get a lot of questions along the same lines on trade, inflation, the neutral rate. he will have a lot of explaining to do. about what's going on with the trade war? can the fed ignore it? would it be perhaps remiss if they did and keep hiking? kathleen: whenever they are asked about this, particularly the district bank president, they here a lot

jay powell asked questions about that. we're is the neutral rate?be an important place see what he is thinking and what he expects for the rest of the fed. shery: let me turn to argentina. the federal bank chief resigning abruptly. we had heard a deal could be coming this week. has this anything to do with that? kathleen: i think what it has to do with is, for example, yesterday he said the revised imf deal will need a new monetary policy report -- approach. i think many people are wondering if he is taking the fall. very importantly he helped all those creditors get on board with renegotiating the default to debt from 2001. he brought 100 year bonds to argentina. he did so much. the economy minister said now it is possible if the imf is on board they could sign the deal. i met him briefly. good look to you in your next venture. perhaps stitching -- stepping down to clear the way for this deal. shery: kathleen, thank you so much for that. eisen.now joined by ob -- by bob eisen. bob, great to have you with us. ushleen was explaining to how the board

appreciably faster pace than wage inflation of course that becomes problematic and i think that jay powelland those at the fed myself other economists and strategists who follow the markets are going to have an eagle eye on those data points in the september report in the november report going forward for any signs that this second longest expansion in u.s. history is losing steam we can't thank you enough for your help in explaining all of this daniela really insightful and just this helps us all help me danielle de martino both the c.e.o. of intelligent thanks daniel appreciate your time thank you. the one point four billion dollar orange juice industry has a new leader or choose nicolas o'donovan reports from miami on how brazil has overtaken the united states. orange juice is big business according to the department of agriculture the average american drinks around twenty three pounds of orange juice per year florida california and texas all grow oranges but the sunshine state is the source of most of the fruit that makes its way into orange juice but the reality of the matter is that

a decision from jay powell and the federal reserve.s is "bloomberg real yield." ♪ jonathan: this is "bloomberg real yield." coming up over the next week, a busy week in new york city. united nations general assembly. plus, the fed decision. speeches from both mario draghi and koroda. still with me for some final thoughts is jeffrey rosenberg, krishna memani and noelle corum. for the federal reserve, keep things a look ahead to next week? noelle: we all know they are going to hike most likely. we're watching. we think that the surprise is going to be to the dovish side. december is on the price dan at 70%. we don't think it will come out overly hawkish at this point. we are watching the trade monitoring. its impact on growth. we think they want to see it through to harder data and i could be as early as q4 that we see it -- as early as q4. any talk around full employment, i think it will keep that subtle. they are discussing it. we think they may address it next week. jeffrey: there are four key points. the most important part is, do th

jay powell said that wasn't such a big deal. think about the rest of the world here especially with long-term bond prices. that just doesn't stay alone. so i think the nothing really inconsistent with the short rate rise and back off on the long. lauren: john, why do you think they took the word accommodative out? do you think they want to give them freedom not to telegraph what they're doing so well because this rate hike today was baked in? >> it is baked in and looks like a few more are baked in. i think that is good. they're being predictable, not trying to surprise the market. removing that word, been there so long reflect as different era. they're trying to normalize policy. i think they're doing it in reasonably predictable way so people know what they are going on. so the word accommodative is becoming less meaningful. that is why they took it out. melissa: if you could advise chairman jay powell right now what would you say to him? in this trump trade environment what would you say to him? >> i think they're continuing

a decision from jay powell and the federal reserve. a preview is next.s is "bloomberg real yield." ♪ ♪ jonathan: i'm jonathan ferro. this is "bloomberg real yield." it's time for the final spread. coming up over the next week, a busy week in new york city. united nations general assembly. plus, the fed decision. speeches from both mario draghi and koruda. another round of tariffs set to take affect between the u.s. and china. still with me for some final thoughts is jeffrey rosenberg, krishna memani and noelle corum. for the federal reserve, key things to look ahead to next week? noelle: we all know they are going to hike most likely. we're kind of just watching. basically we think that the surprise is going to be to the dovish side. december is already priced in at 70%. we don't think they will come out overly hawkish at this point. we are watching the trade monitoring. monitoring its impact on growth. we think they want to see it feed through to harder data and it could be as early as q4. also, any talk around full employment. i think they are going to

fed chair jay powell says the u.s. economy is strong and growth is healthy. bank stocks led the decline. today's watch list, unemployment, durable goods and second quarter gdp. the dow fell 106 points. the nasdaq slipping 17 to 7990. >>> amazon is opening a physical story in new york city today that will sell toys, home goods and other products that have at least a four-star rating on its website. customers will be able to try out echo speakers, kindle and other amazon devices. this is the company's latest push into the turf of rivals like target, which have been courting urban shoppers with new smaller format stores. >>> mcdonald's says most of its burgers, including the quarter pounder and big mac, are free of artificial preservatives and flavors. they say the cost was minimal so menu prices will not be going up, but those pickles still contain artificial ingredients, so customers can request burgers without pickles. how many burgers are going to have, with or without pickles? >> i have about two a year, eric. >> oh, i have two a week, eric. >> do you reall

she is advocating neutral rate for same 3% as jay powell.has done an excellent job saying very little of bringing his troops around to him. trish: go ahead, gary. >> as a money manager i'm thrilled with the man because between bernanke and yellen they never shut up and i must tell you the fed heads would speak six times a day driving markets up a wall. i hope he stands up there and goes and predicts who will win the ryder cup this weekend instead of talking about anything else. i'm happy. just let him go up there things are fine. we'll adjust need be, i will play "space invaders" now and going home. the less is better when it comes to central banks and markets. >> i wrote a piece on this number of years ago, not that long ago, maybe four 1/2 years ago, look i'm tired of it, this is for "usa today," about how the fed is out there talking, talking, whether it was janet yellen or any of the governors it was constant where the hand-holding wasn't necessary. this was premy time. there was a time by the way you didn't even know necessarily what th

of two point five percent before slowing to twenty twenty to two percent one terrace fed chair jay powell said if trade agreements were worked out it could be a good thing for the economy in the u.s. but he had knowledge of current circumstance yeah. that being in landfills and i think what came out of this. segment is that. reputation for companies is going to matter for consumers in future and in order to stay in business consumer. companies are going to have to be really transparent about they supply chain really transparent about the waste and the companies that can find solutions and communicate that to their customers are the ones that are going to stand business in the future so this is not about doing good this is about staying in business and it's going to be critically important in the future. that's really interesting is so i'm so glad you were there and i'm so glad you took the time to be with us i know that they put twenty thirty is a goal there that's going to be a tough one to reach maybe but with people like you out there fighting for it we sure appreciate it we hope you c

jay powell is speaking on september 27 at an event on thetol hill, the day after fomc rate decision andl's news coverage. this is bloomberg. ♪ caroline: time for shery ahn. up, serge ibaka's debut, making it one of china's --t valuable tech companies surged on its debut, making it of china's most valuable tech companies. >> it is growing super fast. we have new initiatives because we believe we are going to build commerce platform. i think we will become a more mature business. caroline: he has seen his wealth billion after the ipo. unprofitable company yet it reaps rewards. revenue in the past year grew about 90%. losses also tripled. in 2017, they had $2.9 billion of losses. saying, you have to think of this as an amazon. you have to be patient. >> what about competition? there seems to be a bit of a between meituan and alibaba. yes, because alibaba is in the food delivery service as is trying to do everything. reviews,very, food hotel booking, ridesharing. it is a busy market. >> all of these companies do everything. they are probably going to app, payment service. shery: it is a hug

jay powell will speak. onmentioned the jobs data friday.will be hurt by a more hawkish bid or because the economy is growing and that is good for stocks? su: the jobs data will be the big focus on the economic data. that it willon is be skewed because of the hurricanes. that typically does not give us a realistic picture of what jobs are pier 1 hundred 85,000 job gain is expected. them the prior month. let's take a look at auto sales. this is a big focus. all of the major u.s. auto makers will be reporting their numbers. analysts are warning a number of adverse factors from rising oil prices to rising interest rates, lower incentives, could show its weakness in these auto numbers provided as important going to the strength of the consumer. on tuesday, here in the u.s., we will be hearing from fed jay powell. he will be one of the key speakers at the national association of business alongies -- economist with the boston fed chair. we will hear from the fed chair's in atlanta and missouri, out carry, all putting their views which will help th

over the summer, he indicated to a friend that he was not pleased that jay powell, video fed chair, was not -- the new fed chair, was not keeping rates low. it is unclear what powell will said. there is a press conference after this decision this week. whether he will adjust the comments or make reference, that raises the level of scrutiny. you can find our library of charts. out of sync is the title of this one. the dollar ready -- rally has been fading. see thetion is, will we dollar reacted a big way from the latest move by the fed? many predict the dollar could go lower from here and positioning is taking place on the front as we speed. that was su keenan in new york. stephen engle is watching the next story. what is going on? steve: nothing in place for the circuit breaker. we are in a cycle of implementation and retaliation and that escalation. implementation, the next round of tariffs is likely to comment new in hong kong time. that is midnight in washington dc. so less than five hours from now, the u.s. is likely to impose new tariffs on $200 billion of additional chinese goods

. >> what do you make of trump's comments having a punch at jay powell?influence to a ifunterproductive outcome -- any fed or central bank feels contrary to the pressure. in that since, monetary policy should be a matter of the central bank. >> in june, you said you would not be surprised by a 15% correction. how close are we to the investor turning on this market at the moment? sergio: if you look at the u.s., you could argue we are reaching all-time highs. in asia, you look at what happened in the second quarter in hong kong and in china. 20%.ts were down i think we have seen asymmetry of movement between the u.s. and asia, which is quite indicative of the state of the world, isn't it? mean for youthat and the investment bank? sergio: we regret -- we are sorry to see him leaving. he was very crucial in helping us to execute our strategy and develop the strategy for the industrial bank. on the other end, we are also glad and proud that one of our on such aning important role. in essence, what it means for us as an investment bank, we operate with the sam

they are not reacting to what jay powell says as a fed hearing or congressional hearing but ather focused on product pipelines, you know new approvals from the fda on a new >> okay. >> getting through you know those type of things. so i would look at that in the growthcomponent. we are a little concerned how far tech has run. we'd look at financials and looking at energy which are not real favorites in the markets. >> right. >> they are going up typical financials go better. >> on that note thanks so much. to be ice is wh citi later in the program a strategy session on picking -- stockicking with the market at these all-time highs bill. >>> in the meantimeg exist home sales remain steady in august followingour straight monthly declines, according to a new report this morning from the national association of . realto and while demand for housing remains high, there is a nti headwind h the market that's both affecting buyers and sellers. diana olick has more. >> there are finally more of these compared to last year. august saw the first annual increase in the supply of homes for sale in ove

eastern, followed by jay powell's news conference the futures right now are indicated up a little bit5 on the s&p, nasdaq up 15. treasuries about 3.05% or so 3.08% on the 10-year >>> three corporate leadership stories to tell you about. merck's board is rescinding its policy mandating that ceos retire at the age of 65. this will allow kenneth frazier to remain ceo beyond 2019 cbs has appointed richard parsons as interim chairman. he will be leading the search for a new ceo. les moonves stepped down this month. he's denied any wrong doing. and daimler naming a new ceo ola kaellenius will be taking over he is swedish. zetsche is seeking to become chairman in 2021 that's a move that needs to be approved by shareholders >>> surp va monkey pricing its ipo at t$12 a share. here's ceo zander lurie on "squawk" about 30 minutes ago. >> today is largely about educating corporate customers where we're used everywhere how big and powerful our platform is we have new products to sell being public is really important for being accountable to your shareholders so we see the opportunity to grow and c

no, i'm not thrilled, referring to jay powell, your thoughts on the president's response to the fed'swork. >> so i won't comment directly on that, because i don't think it would be appropriate, but i will say this, part of this job, and one of the reasons i joined the fed, i've only been at the fed for three years, and one of the reasons i went from the private sector to take this job is i knew it would be challenging to quote unquote normalize monetary policy. and the key part of this job is the fed needs to do its work without political considerations or political influence. and so my challenge and i think our challenge is to analyze the economy, weigh this balance that i just talked about, and make good monetary policy decisions, and i think we -- part of the -- the challenge of the job is do it as much as humanly possible, divorce from political considerations or political influence. maria: what about trade, do you worry that this trade spat with china upsets your expectations in terms of growth? >> you've heard me say i think the trade debate with china, the trade issue with chin