kathleen: that is what we got from jay powell.owards the end of the speech, he sai something something -- said something traders are looking for. he says the federal reserve will start buying more federal securities to make sure the recent turmoil in money markets does not flare up again. he says he will do it soon. maybe the october 30 meeting is when he makes the formal announcement of exactly what they are going to do. he also said they are thinking about buying treasury. three months, six months, maybe a year-long paper which is different from buying longer-term bonds. this is a significant issue, not a market mover and still not answering the question. cut the key rate on october 30. alone withowell not concerns about the damage being inflicted by the trade war. that has been raised by the new head of the imf. what did she have to say? kathleen: she just took over this job on october 1. took the occasion of her first major address to talk about something which echoed what jay powell said. she warned that the global threats fr

it is a scary thought but jay powell is human. e herman melville's classic "moby dick." i you have it as battle of dueling objections with "moby dick" wanting to destroy ahab. powell's is increasingly more obsessed with the commander-in-chief. on monday after premier of a documenttry of the father of modern day federal reserve, powell made this comment. he is responsible more than any other person for the fact that the united states today has an independent central bank. a central bank able to make decisions in the long term, best interest of the economy without regard to political pressures of the moment, hint, hint. there was yesterday why he was seeing carrying around paul volcker's book, he reminded everyone that the former fed chair implemented policies initially very painful to the public. powell said volcker said he did what was the right thing at the right time. as a result he considers volcker a great man. this is powell acknowledging trump's criticism, but suggesting that it won't influence him. maybe he is protesting too

jay powell facing questions moments from now. we're anticipating that we hope maybe that the cut in interest rates come up. i said today he must make it clear that the next fed move is unambiguous. i think wall street wants it to be a rate cut. all that and so much more on making money. ♪ deputy trade talks with china are underway as we speak. clearing way for higher level discussions on thursday. this amid disarray between the two sides. u.s. blacklisting 28 more companies and companies finding them in vise grip over the negative hong kong protests. head of white house trade and manufacturing director, peter navarro. peter, wall street sees, we have so much good will building up. china buying soybeans. paypal makes a big acquisition. both sides making nice. this morning or overnight we're hit with levy of new tariffs or blacklisting in this case on companies over human rights violations. does this suggest that human rights and maybe even hong kong will now be a pivotal part of negotiations? >> good afternoon, charles. by the way

jay powell speaking a little later on.his is bloomberg. ♪ >> four minutes to go until the end of regular cash equity trade here in europe. the pound is trading at session lows. that's providing some respite relative to the peer group ftse 100. terms, you have 500 stocks down. 100 stocks up. of theves you an idea breadth we are seeing to the downside. volume is like the it has been across a number of sessions recently. feeling thecks pressure from the trade narrative emanating out of the u.s.. the european closes next. this is bloomberg. ♪ guy: 30 seconds of the lit end of regular trading in europe. we are pretty much uniformly down across the board. continental markets down more than the london market. the ftse 100 is being protected to a certain extent by what is happening with sterling, sterling taking a beating on a difficult meeting -- phone call between boris johnson and angela merkel. the pound has continued to slide. .5%.tse 100 down only on the continent, down .9%. the cac 40 just breaking below 1%. theerms of the

will jay powell signal a stop, pause, or continuation of rate cuts? the bank of canada maintaining its target overnight interest rate at 1.75%. canada hasoz says not been immune to the effects of a global slowdown. we will hear from him next. facebook and apple on deck. the latest tech giants reporting quarterly earnings today after the bell. we will find out how much revenue the latest iphone lineup is bringing in. let's get a quick check on these major averages. right now, really deciding to when it comes to major market moves ahead of that fed interest-rate decision. under the hood is a pretty defensive tilt with utilities, real estate, consumer staples. cyclical stocks like energy and financials are on the back foot. the real fireworks could be in about half an hour's time. away from all of this, i have been known, instead of wearing some nice shoes, wearing some nice uggs, but i have never gotten into some crocs, but i'm apparently one of the few. these are their shares up today 15%. this is actually close to an 11-year high for what we can descr

to steve's point about jay powell, jay powell is a lawyer jay powell is lawyerly he speaks like a lawyer. he's careful but if he says that this is a mid cycle adjustment, those words are being chosen carefully. >> i'm glad you said that. >> he also said he's data dependent. you have to pick your poison >> i think he can be both. it's one piece of data >> final thought, please >> i want to add what michael says about the lawyerly thing. in the legal system, precedent matters. how many times have powell told us he's following the model of '95 and '98 and the mid-cycle adjustment and then a pause. i think this is a key insight that michael just provided that i think the markets have missed. powell's going to do this in a way that draws on precedent. times may change but a decision making process is one that infuses press dent can remain. melissa, if a quarter point cut stands between 3,000 and something much uglier, i'm afraid the market is on much -- >> i know you want to wrap it up he's not adverse to using the balance sheet. where the balance sheet was considered tightening before, long

jay powell did not make it look like a slamdunk.s speaking to the annual meeting for business economics in denver, colorado. ,t was a big picture speech talking about measuring tightness in labor markets. at the very end, he talked about what data dependence means now. he started talking about the u.s. economy in positive terms. job gains, strong labor market, rising wages. he went on to say, it is global risks that are rising, or risks rising from global development. you can thank trade, brexit, and more. it seems clear the door is open to the october cut, although some people think maybe depending on the consensus from the fomc there is a chance they won't. listen to jay powell, make up your own mind. >> policy is not on a cruise set course. the next meeting is several weeks away and we will be carefully monitoring information. we will be data-dependent, assessing the outlook and risks on a meeting by meeting basis. we will act as appropriate. kathleen: jay powell also said he wants to do whatever it takes to sustain economic expa

jay powell speaking today.e one of the last times we hear from him before the next fed meeting later this month >> h e is spe-- he is speaking. he will say the fed will continue to buy new reserves they said it was like to happen but powell saying it will happen says they are contemplating buying treasury bills. he says do not confuse what's going on with the fed balance sheet as quantitative easing it should not have a market efbt on monetary policy, per se he says the fed will act as appropriate. he says the fed is data depende dependent. his policy is never on a pre-set course there are risks from weak global growth, from trade and from brexit as well recent job gains could be revised lower. even then it won't be a problem. >> you stay here >> never seen far from relevance drawing our attention after recent events in the persian gulf technological advancements are rapidly changing our answer. with tera bytes competing with truckloads of goods, one of the best ways to measure output and productivity put more

kathleen: what jay powell said and what the fed said were pretty much expected. they cut the key rate, but they made it pretty clear that they now feel they have done enough. in the policy statement itself come they removed the key phrase that jay powell has been saying over and over again, the pledge to act is appropriate to sustain the economic expansion, clearly the fed feels the economy is strong enough to wait and see what happens next, perhaps indefinitely. let's listen. we see the current stance of monetary policy is likely to remain appropriate as long as incoming information about the economy remains broadly consistent with our outlook of moderate economic growth, strong labor market, and inflation near our 2% objective. >> people are saying the chance of a cut in december is down to about 5%. kind of surprising that semi people ask about what's going to make you hike the key rate, it was clear to me about how he answered the question, talking about a materially weaker u.s. economy that would lead to a rate cut, when it fact he was asked about inflation

feels like jay powell had epiphany early january. wage inflation is not the same as price inflation. the market staged a remarkable rally. this whole thing with liquidity. every wall streeter i ask about this, sloughs it off like no big deal. the number is increasing. we started 60 million, billion. the numbers keep going up. the time limit of the time of this keeps going up. it feels like it has been sloppily handled. how do we get into a position where the financial system runs out of cash? >> it has been poorly handled not just by powell but janet yellen as well. raising rates, sucking liquidity out of the system. nobody thought it would work. it was utopian solution. charles: was that a way of them taking a victory lap, saying mission accomplished we'll unwind all of it? >> it was their way of doing it. it clearly didn't work. you have a problem, global shortage of dollars. global. this is not just a u.s. problem. people who downplay liquidity will find out really quickly, once that liquidity stops, the fed gets behind the curve

what do you see, how do you interpret what jay powell just said that we're going to regrow the balance sheet, but it's not qe? >> well, this is what i've been speaking of in many of my recent interviews. i've been calling it polo. aye been referring to it as permanent open market operations. it's just to handle the overnight money markets. but they probably need to grow the balance sheet a little bit just for the economy's sake as well i do like he mentioned a lower trajectory for the fed funds rate. i do think we need to repair the yield curve. he seemed to admit that he doesn't really have a handle on how loose or tight labor markets are, which i thought was quite honest. we know that productivity has slowed, the usm, the employment part of both ism reports was kind of weak. we saw the small business report this morning which was weak especially for future employment. so there are questions there. i don't like that he mentioned data dependency as reliable, as the way the fed has always operated, because you know i don't like that. i think they need to be awe ahead of the curve. i thi

it will be interesting to hear jay powell. alix: nonetheless going to make that fine line he has to walk a little trickier. how much of this do you think israel, and how much of it is posturing into the talks -- do you think is real, and how much do you think is posturing into the talks? against think the move chinese tech companies is very real. that is an existential threat to a key part of the chinese tech sector. the chinese are rightly concerned about that. there's also a step we haven't mentioned so far, which is secretary wilbur ross, when he announced this, use some very provocative language. he said the u.s. government had a right to address human rights violations within china. that will be a real red flag to the chinese, who have for a long time argued against any meddling in internal politics. of course, we are seeing that with their response to the nba. this is an even bigger, or consequential -- and even bigger, more consequent to hit. i think we also need to give in mind that both sides do have an interest in se

we'll see what jay powell has to say later today.t now. ♪ ♪ what you trying to do ♪ >> good tuesday morning. welcome to "squawk on the street." i'm carl quintanilla with jim cramer, david faber. doubts creep in ahead of the u.s. china trade talks boeing down more than a percent on a couple of negative headline, will not help the index at the open eerither. wholesale inflation runs much cooler than expected road map begins with fading optimism for a china trade breakthrough more companies black listed ahead of those talks this week stocks a

venture jay powell says the fed is close to balance sheet expansion -- fed chair jay powell says the fed is close to balance sheet expansion, but says it is not qe. welcome to "bloomberg daybreak" on this wednesday, october 9. in the market, all about trade. some optimism because i'm a little skeptical about what that all means. equity futures up by 0.8%. if we see a partial deal, will that be good enough for the market? euro-dollar up by 0.2%. it is a mixed dollar story. you had greeks being able to sell bonds for the first time a negative yields, so there is still search for demand in that negative yield world. time now for global exchange. we bring you today's market moving news from all around the world. current --is in the is in the current -- is enda ant, anna edwards, and kevin cirilli. reportedly, china is still open to a partial trade deal with the u.s. as long as no more tariffs are imposed. enda currannt -- joins me from hong kong. enda: the fact that the hong kong delegation is still heading to washington speaks to the idea that china is in the market for some kind of agr

jay powell says the fed will securities to avoid recent turmoil. we will be live in dublin on morning after ireland presents its no deal budget just 22 days away from the deadline. ♪ matt: good morning from berlin. , it seems that the disintegration between the u.s. and china further continues deteriorating and hurting stocks around the world. nejra: it is getting to be a bit of a complicated mess. itse is discussion about stock flows of u.s. money into as well.e travel bans it is not looking good head of trade talks. that is what markets took away even as we got comments from jay powell. matt: exactly. i think they might be separate issues to some extent. stocks fromat the the hot mess, there were declines of 1% across the board in europe. take a look at what we see in the msci asia-pacific right now. down .6%. s&p futures are currently up right now. remember, it is really going in the futures trade and fairly thin in asia. here.e nymex crude we are so low here. maybe a second-degree relation in that the trade issues cause slowing global growth an

and spotlight on fed chair jay powell. he is set to speak in colorado and just an hour's time.e will tell you what to expect. shery: let's get a quick check of the major averages, so trading in the afternoon session, we are off of the session lows, but the s&p 500 still falling for a second consecutive session. we have semiconductors taking the biggest heat following the most in about six weeks as we get more concerning trade headlines unsettling the market. we have a rally on safe havens, not to mention, safe haven currencies like the japanese yen and swiss franc gaining ground. when itlar story comes to the british pound. we are at the lowest level and more than a month as we continue to get more brexit turmoil, and had of thecourse i eu summit next week, and as we see the u.k. accusing merkel of making a deal almost impossible. we are seeing the pound of trading at the 122 level. amanda: closer to home, we have another data point on the u.s. economy that could be cause for concern. we have producer price indexes showing the lowest the client, the prices drop on a monthly bas

one more thing that is interesting -- jay powell was speaking in california.a movie opening about martin echols. he was one of the legendary fed chairs. he was crediting him for making sure, enshrining central-bank independence. that is what the movie is all about. however, with the assault on his independence, and has a ring to it. shery: thank you so much. findurse, you can also in-depth analysis in the day's big newsmakers on bloomberg radio, now broadcasting live from our brand-new studio in hong kong. this is bloomberg. ♪ shery: that is almost it for daybreak australia. we are seeing some pressure for kiwi stocks after two sessions of gains for kiwi equities. we are seeing a little bit of upside first sydney futures, up 4/10 of 1%. the futures stopped trading before president trump put a eight chinese entities onto a trade blacklist. futures,omes to nikkei under a little bit of pressure at the moment. that is it from daybreak australia. we will get all of the action in daybreak asia next. this is bloomberg. ♪ paul: good morning. i am paul allen in sydney.

jay powell seems to be happy with the three-month average.a benchmark somewhat lower, 135,000. we think it moves below that. and then the fed will shift from a mid-easing cycle to a full out easing cycle. i think it is predicated on the data. the fed has shifted back into data dependency. i would not be surprised to see two hits if we see a deterioration on the payroll data which i think is unlikely. we will have to see how the data plays out. yousef: you look at break even stephen, and we are at the lowest level in three years. how does that play into how strategy should be done in u.s. assets at the moment with everything we have talked about? >> historically, that suggests there is a lot of policy wiggle room for the fed but the inflation metrics have been so low for so long it does not appear that globally the easing is affecting inflation in any part of the world. i don't know how much it will stoke the inflationary thoughts. i think they are concerned about the effects of the global growth that is waning everywhere impacting the u.s. ec

jay powell said we're on autopilot. the stock market was crushed. nt down 1400 points from that date to christmas eve of the absolutely destroyed. january 4th, a week later, powell says no, we're ready to change course significantly. no longer was wage inflation, price inflation, the dow rallied 774 point that session. rallied almost 4,000 point between january and april. i think we're in a position where the fed at least, wall street believes the fed may step in. could something like that happen again? >> absolutely. you really nail i had it on the head charles. the fed has lost a lot of. the next move that will be a hike in 2021. what, the very same day, charles did the markets price in? 90% chance of a rate cut by the end of this year. the fed follows the markets. so despite whatever chair powell might say, my money is really on an october 30 rate cut, yes, for sure. charles: rob, to that point, as of this week a last couple sessions were rough enough for markets price in two rate cuts, one later on this month, one in december. of course the puris

typically jay powell tends to move markets big time one way or the other. usually negative. so this was considered a positive. i have to tell you, traders on the floor of the exchange saying hey, that was a good fed outing because the federal reserve president said really nothing they didn't expect. so you saw very little move. dow ending up 114 points. meanwhile s&p 500 hitting new all-time high. it had to beat 3039. coming in at 3046. very good indeed. good news as s&p 500 all-time high as you said. dow winners for just a second. j&j we talked about in the show last night, new tests of baby powder from a recalled bottle has no asbestos. that is very good news. it fueled the stock all day long. closing at 2.88%. meanwhile mcdonald's partnership with beyond meats appears to be spurring gains for that stock. as you can see right here. and feign alley, verizon, announcing a multi-- partnership that is really getting attention for that stock tonight. so all in all, the big news today, s&p 500, hitting all-time high. you can't beat that. back to you. melissa: gerri, thank you. c

why might jay powell keep that door wide open to a rate cut in december? the trade war is not over yet. jobs and gdp in the u.s. are definitely on a slowdown trend. take a look at this chart. gdp, 2.9%. 3.1 in the first quarter. 1.6%. that is another reason why the fed may say we will not tell you we will cut the rate. we will say you are data dependent and we want to make sure you are keeping the expansion going. the door is still open to december cuts. >> turning to the boj, if governor kuroda does comply with at a stimulus, that could bridge those policies. --the latest betting governor kuroda used words that suggested that he may be gearing to see the key rate a little more negative. he is trying to steepen that your car. you saw the jgb yields -- that yield curve. yields have risen. stocks have done better. there are risks of that in the future. we don't see them now. what strategists are looking for is change around atf. about lendingng shares of atf to put the liquidity back on the market. what does governor kuroda think of this future? 70% of econo

and what role for jay powell next >> mr.owell leaves kicking and screaming that that was the last rate reduction he'll visit upon us this is not a credible proposition. the way global capitalism is inching closer, the fed will be forced to moveforwards jap japanification we have to ask ourselves, a very simple question. are we going to move down a globalization of japan's state of play or are we going collectively to create a large scale investment program, a new deal and better be a green one that energizes the excess liquidity now pushing interest rates below zero around the world. we have 3 trillion worth of negative bonds and energize this money and press it for good purposes, for humanity sake. this is a great dilemma. the problem is, who is going to be having this conversation. europeans don't talk to one another about matters of importance there is no dialogue between brussels and washington and there is a trade war between washington and d.c those three should be getting on with a discussion about do we want the glob

stephen: did jay powell give kuroda a gift with less of a hawkish cut?think the backdrop to is the u.s.-japan trade discussions, of course the u.s.-china trade discussions. i think the fed move reflects certain domestic issues, things you might argue are a little bit better here. there is less reason to move. that symbiosis between the u.s. and japanese policies will continue. stephen: what is the situation here in japan? we have a week external demand situation, whether it is the u.s.-china trade war, but domestic demand seems to be holding up. is that temporary? no specific trade war issue that is affecting for example the u.s.-china trade dispute is affecting certain sectors of the american economy. here in japan, the sectors affected are different. shortage in a labor hospitality, the trucking industry. those are really immigration related issues, not interest rate related issues. affect the real economy, really there is no push for that. relieftrying to provide for different sex errors that are under duress. isphen: why do you think it imperative, s

jay powell overdid it.he economy couldn't take it there are a lot of people who come on air and say it didn't matter you look at the mortgage purchase numbers this morning, clearly does matter. internationally, scott, we're lucky that -- the stocks are doing far better than the economy. people aren't hiring international, they're hiring domestic i think we need to cut how many quarters can you have where numbers are bad because of the strong dollar? so, look, jay didn't do it right. and that's okay. it is okay people make mistakes all the time we accept mistakes in -- other than for the new england patriots and sports. we accept mistakes in school, we accept mistakes in science why can't we just accept mistakes in fed policy >> he's been trying to make up for it if anything maybe this will be the third cut. what if it is a cut and pause. is that a mistake? >> there is an algorithm that says cut, pause, cut, pause. they'll act immediately. people should wait for the cut pause. the greatest thing jay could do

, and i like jay powell. a bit too much this is not qe, in no sense qe i tdon't know, a rose by any other name would still smell as sweet. my problem with qe wasn't the stimulative effect it was the distortion effect. we know we have invert at 3-month bills. why don't you weigh in >> chairman powell talked about two things yesterday one is not qe and one is he talked about letting the balance sheet grow naturally with currency in circulation that's pretty normal for a central bank he also talked about recalibrating the level of reserves a little bit higher estimates are probably $250 billion higher, and that is undoing part of the qt so that is qe, just qe on a small scale. it just shows to me that a lot of the reserves in the system have been frozen by regulation and aren't really there and so they were not really on top of the level that they needed under their current system to keep control of overnight rates >> listen, i understand from a marketing standpoint qe has a negative connotation and it's getting

that's all on jay powell. jerome powell. >> i said we don't want to emulate europe where the president talks about negative interest rates. the president tru's bashed them. the gdp report comes out just as the federal reserve meets and just hours whether they'll announce cutting interest rating for a third time this year. >>> they're setting up patrols making sure kurdish fighters have moved out. they'll take control of a narrow strip along the border. that's where you'll find sam kiley with that. you're talking about the isis prisoners. what's the fate of them? >> reporter: well, dave, that is ultimately almost the strategic issue here is the fate of 70,000 at least women and children associated or alleged to be associated with isis fighters, and then some 10,000 isis fighters held in prisons guarded by the syrian democratic forces. now, most of these prisons lie in camps just outside the 32 kilometer, 25-, 27-mile buffer zone that's been established. relatively successful so far with the russians and turks sa

venture jay powell says the fed is close to balance sheet expansion -- fed chair jay powell says the not qe. welcome to "bloomberg daybreak" on this wednesday, october 9. in the market, all about trade. some optimism because i'm a little skeptical about what that all means. equity futures up by 0.8%. if we see a partial deal, will that be good enough for the market? euro-dollar up by 0.2%. it is a mixed dollar story.

marija: it is impossible to put myself in jay powell's issues -- powell's shoes. think it is very important for him to stress, to leave optionality on the table. it would be unwise to kind of m ail your card. he has been telling us for a long time that the u.s. economy is slowing but not in a terrible state. it is doing ok. it is not going into recession by any means. it is slowing. what's very challenging and on predictable is trade policy -- unpredictable is trade policy. when the first insurance rate cut came about, they were talking about, we don't know what will happen with this trade deal. the longer we don't have a deal, the bigger drag to underlying economic growth. it makes sense for them to do some insurance cutting. on till and unless, and i expect we have someunless clarity, it is very difficult to say policy should be this way or that way. they need to leave themselves a lot of optionality and do meeting by meeting assessments of the economy. i think it is absolutely right. nejra: if jerome powell were to say that beyond october, we are going to be ve

us central bank boss jay powell said it will take action soon to ensure businesses can readily accesshe move is aimed at preventing a spike in short—term interest rates and follows recent disruption in overnight borrowing or ‘repo' markets. caring for the elderly is a global issue with many of us leaving work to look after a loved one. new data out today reveals the impact it's having on the uk economy. according to aviva, in the uk alone, 20% of workers aged 45 and over expect to quit theirjobs to care for a relative or partner. and age uk estimates that the cost of those workers leaving the economy is around $1.8 billion a year. however, paying others for care is also expensive. in the us, for example, a private room in a nursing home costs on average over $100,000 a year. and the care burden is growing, those aged 65 and over are expected to exceed a quarter of the global population by 2050. with me is emily holzhausen, director of policy and public affairs, carers uk. welcome. it's good to have you on the programme. many of your viewers today have been showing me their stories. i

and chairman jay powell as he speaks up in denver. this is balance of power.'t be prouders to the wait did we just win-ners. everyone uses their phone differently. that's why xfinity mobile let's you design your own data. now you can share it between lines. mix with unlimited, and switch it up at anytime so you only pay for what you need. it's a different kind of wireless network designed to save you money. save up to $400 a year on your wireless bill. plus get $250 back when you buy an eligible phone. call, click, or visit a store today. >> i am lisa abramowicz, welcome to bloomberg's money undercover. we take you inside the world of private debt, equity, and real estate. let's get to the burning issues and private markets. investors taking hard looks at the property company valuations. investors look at the next spot of opportunity in the wake of growing bankruptcies. and our

jay powell came out yesterday not only confirmed the fed is pausing in the interest rate cycle, whenat the press conference speaking to reporters after that long-awaited fed meeting, he made it clear in all the things he said that it sounds like the fed may not be cutting rates again for a while. let's take a look at what this bond rally looked like the last couple of days. 30, the day ofr the fed meeting. news comes out, the rally starts, and then it continued today, all the way down at the lowest. quite a move. in fact, bond bulls are betting -- they think they will make money by betting on the economy looking like it is slowing, continuing to slope, fed does not want to do anything, but by next year, it will be slow enough for the fed to really cut again. >> if the uncertainty shock remains here and hiring slows down, the consumer is next and that's why i think the fed cannot really sort of front run this. i think by the end of the year it will become very clear that hiring is slowing which is why the fed will have to reengage next year. the october jobs report could have a lot to

i think that is the own thing that is going to push jay powell's hand. guy: why did jay powell make assumptions about the phase i deal adding done last night? that strikes me as being incredibly dangerous and incredibly speculative. danielle: if you look closely at the minutes, they will several members of the committee adamantly opposed to the fed easing just because of the trade war, and wanted verbiage inserted into the statement that said we are no longer going to make policy based on market pricing. i think it is the pushback he's getting from within his committee, where we are seeing obvious signs of dissent. we've got different voices coming from all corridors on that committee. i don't think he's got a consensus, but there is sayingely enough people we have to draw the line on this trade war and say that we've eased enough to compensate for it and move on. is and thing to me is it industrial recession. there have been industrial recessions in the united states in the past that have not been caused by trade tensions, and the fed has eased because

forceful i'm not sure the market expected this today tuesday, i forget, we got the comments from jay powellid this had already been decided, and the question i had, when did you decide this. now we know today they decided last friday, had what appears to be some special meeting. not clear why it is sort of being handled on an emergency sort of level. i don't know if this is exactly like they did business during the crisis, but they did have a special meeting, making a special announcement today i assume they felt like it could not be handled in the regular meeting coming in two weeks. i'm a little surprised how they did this, but yes, they're moving relatively forcefully >> session highs here, 429 on the dow. back to 2986 steve, thanks. talk to you in a bit steve liesman. stocks surging to close the week on renewed trade hopes obviously all attention is in d.c. that's where kayla tausche is stationed. good morning >> reporter: good morning, carl. we saw the treasury secretary exiting the office of the trade representative about two hours after arriving this morning. secretary mnuchin is lea

jobs and jay powell.an you know. and mcdonald's fans get ready as a classic fan favorite makes its triumphant return. keep it here on fox business, we're invested in you. ♪ sometimes your small screen is your big screen. and with the xfinity stream app, which is free with your service, you can take a spin through on demand shows, or stream live tv. download your dvr'd shows and movies on the fly. even record from right where you are. keep what you watch with you. download the xfinity stream app today and get ready for xfinity stream tv week. watch shows like south park and the walking dead october 7th through 13th. cheryl: as if your cable bill didn't cost enough, do you know how much you're paying in hidden fees. $450 a year it turns out. that adds up to $28 billion that gets paid to cable companies according to consumer reports. 85% of americans say they have encountered an unexpected or hidden fee for a service that they used in the past two years. the national average monthly cable bill last year just

jay powell has yet to indicate whether he will cut rates again this year. 24 hours a day on air and on tic toc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. shery: we are half an hour away from the open in tokyo. let's turn to selena for what to watch in the markets. watching electric which is set to disclose details of a big scandal in which they try to contain the damage from revelations executives took payments from a company that works on one of its nuclear plants. the company will identify the 20 officials who accepted gifts. we have seen the stop drop more than 25% since the start of the year over investor concerns as well as more government scrutiny and investigations. i am also looking at will surge, which announced a recent leadership change. the 25 year veteran is stepping down, coming at a challenging time in papa new guinea. investors are concerned about how his departure may impact engagement for that company. shares are down more than 20% over the past year. we h

. >> thank you after jay powell spoke yesterday, he will speak again we've learned some things and i don't mean to be critical of jay powell in particular, i'm just more critical of the timeline of central banks in general and indeed, we are in full ease mode again 58% of central banks eased in the third quarter. this is big-time the most active easing going back to the great recession. the reason i think that this bothers me in particular so much, along with many of my sources and people i rub shoulders with on the trading floor, is, gee, did we sleep through the stimulus removal chapter of this book at least the u.s. can take credit, starting under janet yellen late in her term, to start snugging up, to try to remove some of the stimulus that was crisis era in nature and not only outlasted the crisis, it's now in many ways become engrained in traditional monetary policy. qe, this isn't qe. why did the chairman go to such lengths to disengage, to remove what he's doing now buying short-term t-bills to provide liquidity to the plumbing of the system why did he push so hard on it? bec

alix: fed chair jay powell lays out the conditions for another rate cut and rate hike. the powell put remains in play. apple and facebook to the rescue. facebook sees u.s. user growth. apple finds more ways to sell iphones. now it is up to industrials and pharma. welcome to "bloomberg daybreak" on this thursday, october 31st. happy halloween, everybody. you've got the trade headlines around 5:00 that rolled over, and s&p futures are off by 0.3%. just goes to show how fragile we really are in this rally on any headline risk. dollar-yen did touch the 200 day moving average, now lower. some big buying happening in the bond market in the u.s., as well as in europe, particularly in germany. time now for global exchange. we are going to bring you today's market moving news from all around the world, from hong , newto tokyo, to milan york and d.c. chinese officials are casting doubt on a long-term trade agreement. running the is enda curran. what did we learn overnight? of just is a reminder how far both sides have to go before we reach any type of deeper, comprehensive trade a

this is what jay powell referred to last night. ..77 powell's comment was that serious inflation is required to push the fomc to raise rates. iat is the strongest form of have seen from powell. have i interpreted that correctly? serious inflation would be required to push the fomc. i think that is strong forward guidance. >> i think you are right. we are seeing a tendency toward -- one of the things that has very clearly happened over the past year and a half is the central banks have turned hawkish. the fed has raised rates. to mildly talk hawkish, if you want. the expectations in general have collapsed. they have cut interest rates, which they did not want to. they are thinking, what can we do going forward to avoid the same situation again? one of the key things, we have to stay at lower levels for a substantial period of time until we see inflation expectations going up. that might be in years to come. air francethe numbers, they cited the trade tensions weighing on cargo. fedme powell thinks the might have succeeded so far in

i know where 1% of that is and that's jay powell and the federal reserve. >> you think so? question. >> jay powell and the federal reserve, you've heard that from the president and from his allies in the white house, his trade advisers. they think the fed is the problem here not all the other things i mentioned. they want the fed to keep cutting rates. the president has advocated for negative rates which shows an economy in distress, not the best economy in american history as the president has said. the fed meets this afternoon. we're expecting another 25 basis point rate cut as the fed is trying to stabilize or cushion the economy from the effects of the trade war and the global slowdown. >> christine romans, very, very interesting. the most interesting thing youed so, these numbers look a lot like the obama economy. >> except for the trade war. >> christine romans, thank you. >>> you already knew the witnesses testifying in the impeachment inquiry had stellar credentials. but you never knew just how stellar. as for the people questioning their patriotism, john avlon comp

i was just continuing to read jay powell's comments at this event in kansas city.benefiting low and moderate income communities. something the president has been making a point of for quite some time. stuart: he's speaking now. ashley: he is. stuart: we put him on camera a few moments ago. he's not said anything -- has he said something which will bring the market -- ashley: what he's done is repeat that the economy is in a good place. deirdre: some say his job is to say nothing at this point because all investors are waiting for the next fed meeting, the 29th and the 30th. 85% of investors expects a 25 basis point cut. jay powell can't really say anything extreme unless he does want to move the markets and i think most investors are focused on the u.s./china trade talks thursday this week in d.c. stuart: you got it. we were down -- sorry, we were up maybe 90 odd points a couple minutes ago. we have bounced back up again. now we are up 126. it's a modest rally as we speak. >>> now, moments ago, we told you about dick's sporting goods destroying guns. on the opposit

when chairman jay powell already says the economy is in a good place, can we expect to see more cuts,ve got to tell you, we have gotten mixed messages from the federal reserve but every time they speak, particularly jay powell, he always finishes with we must preserve the expansion. we must get ahead of everything and we must preserve the expansion. now wall street firms are saying they are actually going to go to a prolonged rate cutting cycle. you think it's possible? >> no, i don't really believe that the fed is going to endeavor down that path. i don't think they have to, number one, and i think if they did, they would run out of ammunition. i think the markets would be worried about that more than they would be worried about a recession. if we fall into recession, which i don't see in the near future, then i think there's plenty of other tools the fed has. i don't believe the fed is going to enter into any new cycle of cutting rates. i do believe, however, the fed is going to have to revert back to qe. charles: okay. great point. quantitative easing. by the way, that's being acco

a ton of fed speak for you, including from chair jay powell. et pmi that of china followed by another appearance from chairman powell on tuesday. the fed releasing minutes from its september fomc meeting and on thursday, the main event. u.s.-china trade talks resuming in washington. a final word from everyone, oksana are in off, we support -- aranov, lisa hornsby, and gershon distenfeld still with us. gershon: i think the confidence that we have a coherent policy, that it cannot just change on a dime is there. especially in politics, with the impeachment talks and who is going to be the president, what is going to happen in the election in 2020 is going to weigh on the uncertainty and does not bode well for people making long-term decisions. oksana: i do not expect anything at all. it will be a continuation of the one step forward, two steps back. there is no incentive on the part of the chinese to do anything more here. focus on the economic data and that is what will drive the markets. jonathan: lisa hornby, your take? lisa: i wish i could say

comments from jay powell. down to the wire. the eu gave boris johnson one week to provide his brexit deal or face a humiliating postponement of the uk's departure. china is drawn into donald trump's impeachment drama. the president calls on beijing to investigate joe biden and his son. good morning. this is "bloomberg daybreak: europe." we are getting pmi numbers across right now from india as well as news that apple is going to boost its output of the iphone 11 by up to 10%. reports coming out of the nikkei news agency, so it looks like apple has gotten good feedback on the iphone 11 in terms of sales. it's going to boost the iphone 11 range by up to 10% in terms of production according to nikkei. have pmiof india, we figures. now, 48.7 versus the previous month of 52 .4. good news from apple. bad news from india. here you see the rupee losing strength in terms of the u.s. dollar. the u.s. dollar can now buy more thanthan before -- rupee before, though there is very little change in today's session. let's take a look at some o

that theyo rulebook sit back with, that jay powell has, that says, at this point that this moment.would personally be more cautious bringing rates down because you are using up one of the tools you have. i have been in that position for the last three years, i have been wrong apparently according to the market, because the market is pricing in further cuts. at this point, i would price in one markup for the rest of the year, and then i would sit back and watch and wait. is a phenomenal institution, rich in talent, dedicated professionals. the board has operated very independently for a long printer of time. this is not the first time there has been political pressure on the fed. to be fair to the administration, this is not the first time the executive branch has tried to influence monetary policy. i am highly confident the fed governors will retain their independence. you the sameng question with an added twist. $16 trillion worth of negative yielding debt. what does that tell us? >> i agree with james. --n they did it early on basically you thought your may, part, the monetary un

jay powell facing questions moment

coming up in the next week, a ton of fedspeak for you, including from chair jay powell. to monday, we get pmi data from china followed by another appearance from chairman powell on tuesday. on wednesday the fed releasing minutes from its september fomc meeting, and on thursday, it is the main event. u.s.-china trade talks resuming in washington. a final word from everyone, oksana aranov, lisa hornsby, and gershon distenfeld still with us. gershon, what are you looking for next week in the trade talks? gershon: i would rather they not go well, but we learned from manufacturing before, the confidence that we have a coherent policy, that it cannot just change on a dime is there. not to mention, don't want to talk politics here, but with the impeachment talks and who is going to be the president, what is going to happen in the election in 2020 is going to weigh on the uncertainty and it does not bode well for people making long-term decisions. oksana: not expecting much of anything at all. it will be a continuation of the current one step forward, two steps back. there is rea

in just a few hours, fed reserve chair jay powell is expected to announce another rate cut. speech could signal real recession fears from the fed. that means all eyes are on the markets as we brace for investors to react. joining me now, cnbc's senior market correspondent dom chu. dom, it has been a great week in the markets, and from an investor standpoint, they like a little rate cut. >> i mean, they do. and there's a reason why, because those rate cuts are seen propping up the stock market. so stephanie, you mentioned it, it is very widely expected the fed is going to cut interest rates for the third time since july. the move is meant to help keep america's economy on track, and we all know that president trump has been very, some would even say hypercritical of fed chair jay powell. he's been calling on him and the federal reserve to cut rates even more aggressively. it now comes down to the outlook for what the fed will do with those rates in the future, because powell will give a press conference after the decision as is customary in the new fed regime. most experts be