today to remember the life of georgia state representative jay powell who passed away in late november at the age of 67. at the time of his passing, representative powell has served in the georgia general assembly for 10 years and had dedicated his time in public service to helping the rural areas of our state. his colleagues remember him as a straightforward talker and remember that if he said he was going to do something, he did it. a testament to his honest character, during his tenure he rose to one of the most powerful members of the assembly as the chairman of the rules committee. there he played a large part in the-n deciding which bills came up for a vote. one of his most important priorities included introducing a bill that would require small fees collected by the state, like police fines, to be spent exactly where taxpayers are told they would be spent. representative powell was going to be deeply missed in georgia and throughout rural georgia. his family and friends will be

coronavirus and all of the headlines that have hit and the risk that was introduced i think that jay powell had every intention of coming into the same meeting and the press conference that follows saying the fed is confident that it can begin to step back from these repo operations i don't think it can i think drone powell and his fellow policymakers are boxed into this policy would prefer to not be but the market right now is saying try just try me jay try and pull the plug try even to reduce the liquidity and see what happens i mean we've heard that before they've actually extended these terms starting the new year kicking out the new year so i really don't see that happening so now we had recently tweeting once again about negative interest rates so would the us ever see itself in a position where we actually go negative because europe also said no that would never happen to us and look at them now. you know there is always a possibility and there has been a time. on of academic research that has been produced here on u.s. shores that say that there is a feasibility and a way that we ca

is also not only looking at the stock market but he's always looking at the fed and what shape jay powell is doing it he's not printing enough money and if he's not printing enough money for me i'm going to drop a bomb so he has to print more money exactly people always ask me about trump and i say it's a new york thing trump is a new york this is. you know he looks at the global picture and he sees the challenge in the middle east he sees iran doing a dance with their neighbors and there's like you know what let's just cut to the chase it's just i got a guy in iraq and we're going to get more money printing right away because i want to make my yacht payment this week and why fox around this is the new york way of doing things i said it when they 1st got elected it's like ave york on the white house and having a new york around the world i'm a new yorker some of you know i got to tell you i love it just go to times square and look at that. in there and how crazy it is and you'll see why they were going to make them you know new york. you go to forget about it right so this is trump and it

and a way that we can find our way to negative interest rates the best is i can give you about jay powell and most of his peers on the forum see is that there are adamantly opposed to negative interest rates the point of negative interest rates is that they work everywhere else but where the reserve currency status lives other countries have adapted their investment models to use positive american interest rates so that they don't come out with with products that are unchanged or on unknown i don't think that we can go to negative interest rates the way that the president has been asking for simply because it would make the u.s. government selling treasuries pay the government back it's not as easy as that it's much more complicated when you are at the epicenter of the global financial system . former fed insider. thank you so much. thank you. finally today how does a famous billionaire investor like warren buffett and a massive corporate entity like progressive insurance get caught up in a ponzi scheme a simple just attach the words solar power to it so here's the story the founders of d

charles: full disclosure, i'm in it. >> all-time high, charles. >> here is jay powell. thank you, danielle, jason and paul. >> good afternoon, everyone, thanks for being here. at today's meeting my colleagues and i decided to leave our policy rate unchanged. as always we base our decisions on our judgment of how best to achieve the goals congress has given us, maximum employment, and price stability. we believe monetary policy is well-positioned to serve the american people by supporting continued economic growth, a strong job market and a return of inflation to our symmetric 2% goal. the expansion is in its 11th year, the longest on record. the growth in household spending moderated toward the end of last year but with a healthy job market, rising incomes and upbeat consumer confidence the fundamentals supporting household spending are solid. in contrast, business investment in exports remain weak and manufacturing output has declined over the past year. sluggish growth abroad and trade developments have been weighing on activity in these sectors. however, some of the

and that is that when jay powell comes up for reappointment in 2022, he will not be reappointed. i think that's pretty clear. by then kevin will have matured a great deal more. i think it's a possibility but he's not going to get that until the current fed chairman, jerome powell, jay powell, finishes his term. and i don't see any other outcome. i hope that kevin has matured since we served together on the board of governors i think he's immensely talented and we'll have to see. >> it's remarkable in and of itself, is it not, richard, that we could literally be dealing with a time of amazingly historically low interest rates and historically high stock markets and a well-performing economy and we're going to change the chairman of the federal reserve. >> we know that the president doesn't feel confident about the current chairman of the federal reserve. knowing jay powell as i do, and i know him well, he has a job to do he wants to get it done he's not the kind of ambitious guy who wants to hang around forever. he has a perfect resume, in my view, and has done a lot for this coun

jay powell's first rate decision of 2020. apple rising to record highs. delivering its debut investor day. 30 minutes until the opening bell, good morning. here is your wednesday morning price action. futures firmer. .20 5% higher on the s&p 500. euro-dollar just down to 1.10. yield on the u.s. 10 year. today's fed meeting getting just a little bit more interesting. on pinse going to be and needles during the press conference. >> the conference could be more dovish than what was expected before. >> what the fed should be doing is sitting on its hands. >> it will take quite a lot to adjust from there on hold position. >> the fed is on the sidelines. >>

jay powell mentioned the coronavirus, economic uncertainties that have seen investors piling to safe havens like the yen. the offshore yuan is losing ground after yesterday's session. we see weakness in the korean won. we did hear from the bank of korea saying it is too early to assess the impact of the coronavirus, in terms of a rate cut in south korea. the thai baht are testing june lows. we are counting down to the reopen of markets in india, as well. yesterday, we saw indian markets rise by .6%. it is looking likely we can see more selling when markets reopened. we have the rupee holding at 71. a little bit of movement coming in the 10 year yield. holding at 6.572. let's get the first word news with su keenan in new york. fighte latest on the against the virus. the world health organization called an emergency meeting later thursday to discuss a former global alarm over the coronavirus outbreak. governments are tightening travel restrictions and several airlines are cutting services to china as the death toll mounts. the u.s. says the entire world must be on alert. to the u.s., t

you can see jay powell at the last press conference.d sony questions about this and people keep raising this idea that, g, europe -- gee, you are purchasing so many. it is like you started quantitative easing again. he said this is just to do these temporary operations to make sure the repo rate does not go up again to the highest since 2001. we are not doing this to boost the economy. if we look at a chart from the bloomberg, what you are going to see, you are going to understand more why people are saying, g, ee, how can you say this is not quantitative easing? a number of securities have been purchased in the last three-month of 2019 pretty much, and look, it is more than they 2013 and 2014. i think people will be hoping for a little more clarity in the minutes of what the fed had been doing in the repo market, what they planned to do in the future, if they set up a standing repo facility, which makes it easier for banks to get more liquidity by changing the treasury bonds they are holding, but we may be hoping for a little too much

what about jay powell on the fed's view of the economy?is in a good place, appropriate policy right now, what do you see? did he say and there is what do we collectively seeing the economy. i thought that in his remarks that jay powell specifically referred to the symmetric 2% toget, it sounded like a nod this idea that if they can get inflation up and it was actually above that 2% target for a little bit, he would not be stressed out because we have been below the target for a long time. there was actually content in that little nod. as i look at the economy, i see two different economies in a puzzling way. your heart goes out to the fed foc members because one part of the economy is still very strong. the consumers are confident, consumer spending is quite lowst, the job market has unemployment rates. that part looks good. then you turn and look at anything related to manufacturing, related to international trade, or the over rate,- overall gdp growth all of those are moderate at best. we are trying to sort out which of these is it, is i

what are the things that jay powell and the team at the fed going to be talking about the most in theg months given the recent slate of events that have unfolded in the past few weeks? >> again, they've been working on trying to come up with a new framework of expression, provide the right forward guidance they paused here which is very important. it gives them time to breathe. they have a period here where they signaled they're unlikely to do anything allow themselves to go back and examine themselves what kind of forward guidance should we give how is the economy doing what are we missing here how do we really talk the market into finding us less sgedepende on us and more dependent on the fundamentals of the economy. i think we have a nice period of calm from the central bank they have a meeting coming up fairly soon. that will be the new voting structure for on the committee, but i do think overall jay powell has managed to pull everybody together here, made it clear, it's time to be calm. it's time to just think and reflect. and figure out how we're going to express ourselves goin

one is, he is significantly more hawkish than jay powell.r is, he discards thing he has ever said or written about monetary policy and does trump's fitting. outcomes ifur two he had been picked. joe: what you are saying is that history priors a to the election of president trump of expressing fairly katesh monetary policy the only thing -- hi terry policy. the only way trump would be happy with him as if he were trump's guy. beenr 10 years, he has blasting the federal reserve for being too easy. he wrote a wall street opinion journal. even the month prior what he went on jim graham's podcast, he was talking, jay powell is not being tough enough. he has a deeply hawkish record. he was willing to save wall street. he was the fed governor. he was quick to pull the plug on main street. still on the fed those years. what was he saying during that immediate post crisis period when there was a lot of debate? mainly -- he was concerned about inflation, but he wanted the fed to pullback so that congress could take on structural reforms. he was very c

yesterday, fed chairman jay powell expressed concern over the virus. >> it is a very serious issue. there is likely to be disruption to activity in china and globally, travel restrictions and business closures that have already been imposed the situation is really in the early stages it is uncertain how far it will spread and what the macroeconomic effects will be in china. >> on edge also, amazon ceo, amazon is restricting employee travel to china until further notice solomon said he's also concerned. >> we are very focused on it we have a couple thousand people in the region. we are very concerned about those people, their families, et cetera it is too early to say where this will go we have a lot of people working from home and we are restricting travel like many companies we are watching closely and concerned for our people >> two major names restricting travel we'll have more on this. >>> thank you. for more on the global markets reaction, i'm joined by president of leven easterly. monday, we started under pressure, tuesday, things felt a little better. so now why why do we bec

we heard from jay powell earlier this week.hey are very focused on easing money even more, getting inflation up. vonnie: -- yearthe u.s.-30 potentially about to go to 30%. are you taking away from those markets? >> again, it's slightly concerning. there is the inversion in the cold. we will start worrying about it. if the central bankers are quick enough to push back, you get a re-steepening and so on. so, i think these are opportunities to sell bonds. guy: equity markets right, bond markets wrong? >> they are both right in different ways. equities are providing an opportunity. bonds are hedging. we have very weak data out of france and italy. vonnie? global let's check markets. here is kailey leinz. red, the firmly in the coronavirus rippling through global markets. the losses have deepened. in europe, the euros stocks down , and we are don't even more on the dow, the s&p, and the nasdaq flipping to a loss of 1% and really it matters because it is the last day of january. how we end the month could set the tone for the rest of

fed chair jay powell says they are monitoring the situation. the statement after holding rates steady, powell takes aim, a greater impetus to 52% target. in the u.k., bullish sterling tesla growsghted and results, burning the naysayers. facebook, slower growth bites. in europe, deutsche bank and shell are the standout reports. ♪ manus: this is deutsche bank, and we focused on the fixed income commodities trading revenue. wall street had a roaring, rocking quarter. billion company fourth-quarter net loss, but the bank is 1.6 billion euros. when you go to some of the other numbers, this is the real risk in this stock. 13.6% in the fourth quarter. that might push away some of those arguments about an enforced capital raising. the expectation going into this, higher costs. if we look at higher numbers, the four-year corpbanca revenue is down. ratio,tioned the cet1 targeting 2020 ratio of 12.5%. we are seeing four-year adjusted cost, in line with target according to deutsche bank. the main number we are looking at is that fourth quarter revenue at a

speaking afterwards, jay powell says he is monitoring the situation. jay: there are signs and reason to expect a rebound and then comes the coronavirus, which it's too early to say with the effects will be. as i mentioned, we are monitoring carefully. there were clearly the implications in the near term for chinese output, and i would guess for some of their close in neighbors. we will have to see what the effect is globally. >> let's bring the senior market analyst. jeff, one of the observers even ift very potently, 1% of those infected die and the disease spreads globally, that'as still a lot of people who are passing away. bee markets appears to beginning to price in a much more serious scenario. where is you you're thinking at t moment? >> there is still not evidence yet, that it is as bureau and as virulent as sars. actually creating is a self perpetuating negative feedback loop on economic activity. people stopped traveling, airlines reduce capacity. a negativeows intno feedback loop which slows economic activity. real impacthere the is going to b

jay powell will be peppered with questions about that. we will probably have to wait months, to, a few find out for sure. david: thank you so very much for the reporting today. stay tuned to bloomberg. we will have live coverage of the fed decision and chairman powell's news conference at 2:00 eastern time. now we find out what is going on with the markets. for that we turn to abigail doolittle. abigial: today is about earnings. earlier today we had the major , thenes solidly higher when then he announcement was made about the world health organization having an emergency meeting tomorrow, stocks started to climb back up. it is little bit more risk off, we have the commodity complex down again. we have bonds trading higher. it seems investors do not know what to do with risk assets, but apple clearly higher. david: explain those things. people are buying bonds and buying stocks. abigial: it tells you investors are probably hedging. they do not want to miss the possibility that we melt up -- the melt up we saw in 2019 and 2020 could contin

we had a news conference with jay powell. the markets took away what they wanted to. what should we have taken away? vice chair clarida: we have said the u.s. economy is in a good place, solid growth, historically low unemployment, inflation stable. we left rates unchanged. that was the right call. we think policy is appropriate to support a continuation. solid growth, strong labor market, and low inflation. that is the message. low low inflict -- david: inflation is a good thing up to a point. we also saw the chairman saying i do not want to take any risk on disinflation. he was adamant about 2%. what can you do to make sure we are at or above 2%? vice chair clarida: that is a good point. we did clarify our statement saying we have a policy in place to get inflation up to 2%. the reason you want to keep inflation at the golf is we have seen in europe in japan that over a decade it gets harder to keep the economy humming. we are top you bought a policy that will move inflation up to 2%, which we think is important. guy: -- david: how will you get that done? you've not

jay powell is doing a very good job.rump may criticize him, but he criticizes almost everybody in his chair. i don't think there's any reason. if i am right and the fed cuts, that would be right up trump's alley, and that would cause them to be more positive about jay powell. guy: can i just come back to that cut? why do you think the fed is going to cut twice this year? byron: i think the economy is going to be weaker than people think. most people think we are going to get 2%- 2.5% growth. i think growth is going to come in below 2%. i still think inflation will be tame. it will go up some, but it won't be up seriously. feelfore, the fed will that they have a license to cut rates further in order to keep the economy going. one thing we don't want to have is a recession. a recession would be very bad for the budget deficit. it would be very bad for the mood of the country in terms of reelecting the president. the fed willat take whatever action is necessary to keep the economy growing at 2%. if it looks like it is going

francine: we heard jay powell of the fed talking about this.ave any models to look at at how consumption changes? i want to get nicholas' thoughts on the fact that the luxury sector is pretty immune, dampening overall. but if you are in italy, what makes you stop going into the u.s. if you are buying toothpaste or a washing machine? dr. local consumption, the impact will be more from the >> local consumption, the impact will be more from shifting from one part to the other. the second-order impact comes from how are we going to get things that i want to sell from a to b, particularly when china which is a big money effect -- manufacturing hub anyway. short term, the impact will be felt in the data. we will look at q1 data in particular. it will be that short-lived, and we have seen in the sars case, there is actually scope for a potential rebound. the authorities are there standing by, but other central banks. powell mentioned that. we will see with the boe does. supportl continue to demand globally. francine: is there anything chief executive

at the same time, you had jay powell is saying we want to make sure we get up to 2%.e going to get it up. we are going to talk to rich at noon about that very thing. on "wall street week," we are talking to julian tech. we talked about this question about what europe will do and what they could really do. she focused on green. she said green is the sleeper. i real possibility for fiscal stimulus in europe. this is what she said. is potentially a get out of jail free card and all of this, which is green, which is right now in europe. everybody agrees there needs to be green policies, green new deal, green infrastructure, call it what you want. it is not the central bank's job to start trying to necessarily call for green infrastructure. but boy, is that an and correct way to talk about more fiscal spending right now. david: there is a possible path in europe. gillian was quick to say that she doesn't see it out of this white house. alix: go ahead. green helped by the central bank -- buy the central bank. when they go back to the sector side, who wins from that? probabl

. >> swaps are coming in a few -- here we go >> jay powell.et's listen >> good afternoon, everyone. thanks for being here. at today's meeting my colleagues and i decided to leave our policy rate unchanged. as always we base our decisions on our judgment of how best to achieve the goals congress has given us, maximum employment and price stability. we believe monetary policy is well positioned to serve the american people by supporting continued economic growth, a strong job market and a return to inflation to our symmetric goal of 2% with a healthy job market rising incomes and upbeat consumer confidence the fundamental supporting household spending are solid. in contrast business investment and exports remain weak and manufacturing output has declined over the past year. sluggish growth abroad and trade developments have been weighing on activity in these sectors however, some of the uncertainties around trade have diminished recently and there are some signs that global growth may be stabilizing after declining since mid-2018 nonetheless unc

the big news at the end of the day was the federal reserve, jay powell, chairman of the fed said thepose risks to global growth. market gave up much of an earlier gain on that note, dow industrials finishing up 11 points, nasdaq up 5, s&p ended negative, down 2 points. coronavirus hitting markets in europe as well. the indices down across the board, fq100 down 74, cac down 78 and dax index in germany lower by 141. red across the board in asia, more businesses shut down due to the spreading virus and the worst performer was hong kong. china is still closed for the lunar new year as you know. earnings are in focus back in the us, busy day today, three dow components are reporting quarterly numbers and that may very well impact markets tomorrow. coca-cola just out with a beat on revenue and earnings were in line, stock is pretty much flat on coca-cola. eli lilly, a double beat there, 1% higher in the premarket. i'll speak with the company's cfo on earnings from eli lilly in about 10 minutes. stock's up this morning. facebook meanwhile, this is under pressure, reporting slower growth as

of dissent kicking the fed can operate without too much uncertainty about jay powell losing his graspe committee. the two potential nominees for open governors seats would presumably be fairly dovish candidates as well supporting more accommodative policy. amanda: dealing spec to hear discussions about coronavirus today? how frankie think the fed will be about it? -- how frank do you think the fed will be about it? carl: we don't know about the severity just yet. while he will probably be asked multiple times during the press conference, i don't think he will say anything too dramatic until the fed is alert to the situation and keeping a watchful eye on things. way too early to really signal any kind of policy shift all response to that. we have to remember the fed has shifted into a lower gear heading into 2020 for the rate cuts last year which makes the economy and policy more able to withstand intensifying headwinds. with trade abating, that leaves an opening for another type of headwind to come at a place without the fed having to change course. i think that is the case at the mom

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it didn't hope i guess along with jay powell.looks like it will settle lower here, down almost three

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they'll probably tuck in a phrase in the statement but jay powell is going to get a lot of questions press conference he is going to want to say it's early days, too early to tell. of course they'll be responsive. but he also doesn't want to over state it to, among other things, to add to the notion of risk off. just worrying investors and also promise something they may not do, i.e., ease >> now, the biggest topic in my opinion outside of course of the coronavirus would be the balance sheet. if you look every thursday afternoon, in market parlance it certainly looks like resist tins just under $4.2 trillion with respect to the size of the balance sheet and that is with $60 billion a month of bills being purchased for liquidity purposes how will that be addressed >> brute force it's not about the size of balance sheet. it is about how much reserves they're providing on that balance sheet. and they have decided they're in an ample reserve rate regime they don't want to replay the end of the third quarter when overnight rates spiked so they are just going to keep buying assets whether

the jimmy geithner doctor and that's the ben bernanke you doctor and that's the doctor that's a jay powell doctrine is forget all rule of law for people with a lot of cash from the food. in terms of fighting the fed and this war with the fed and this war with economics and business cycles for example. we're in this sort of benign totalitarianism is where they don't have to lock up short sellers for example remember during the financial crisis it always emerged that emerged in europe and the u.k. and the united states were going to ban short selling because the short sellers i.e. those taking a bet against the markets are the ones causing this well they don't even have to do that anymore they don't have to threaten to arrest anybody or ban anything or throw people in prison they do it themselves because they've been trained through years of abuse and that is nobody is short short sales and the s.p.d. r. s. and p. 500 e.t.f. trust known by its sticker s.p.y. as a percentage of shares outstanding fell to 1 point one percent last tuesday that's the lowest level since january 28th seen before t