——jerome —— jerome powell. ——jerome powell. but —— jerome powell. but he ——jerome powell.. but he may not be able to steer clear of washington politics. wall street will listen closely to see if the head of the us central bank offers any clarity on interest rates. jerome powell and his committee meet at the end of the month, deciding whether or not to cut interest rates. after a strong junejobs report cut interest rates. after a strong june jobs report that prospect is dimming by the day. a rate cut is typically used to stimulate a faltering economy. and equally important message may have little to do with monetary policy and everything to do with it to make‘s commitment to keeping the reserve as an independent body in the face of complaints and threats from the white house. as recently as sunday, the president has asserted that the dowjones industrial average would be 10,000 points higher if the fed cut rates while on tuesday, white house economic adviser larry kudlow said thatjerome house economic adviser larry kudlow said that jerome powell's house economic adviser larr

teachers -- futures waiting on jerome powell.ng us on set, global head of fx strategy at union. let me talk to you about what is going on at the fed. we do find ourselves in a holding pattern, don't we? areet expectations expecting a cut in july. is that done? >> it is done. if they were to push back against the july cut, they would have been talking about it or tried to move the market down from the expectation. it would be late in the day for powell to reverse course and say july won't be a done deal. they removed the patient stance in the last monetary policy meeting so a july cut is probably a done deal. further rateis cuts. he will probably say the data has been missed. we have seen pmi data deteriorate but the jobs data has been ok and retail sales have been ok. you have a mixed picture. there are reasons to consider further rate cuts. ,eavily inverted yield curve declining inflict -- inflation expectations and multi-year lows. you have a global economic slowdown, as well. there are good reasons to consider further rate cut

from jerome powell at the fed yesterday. gary shandling -- gerreshiem, profits coming in better than expected. 4.48%.up barrett development of 3.4%. keep an eye on the u.k. housebuilder because we saw that positive take on u.k. housing, suggesting buyers are coming back to the market. up, yesbenckiser is they have had to settle, but this does move and overhang on overhang price -- an on the share price. this is also the story of the specialty farmer business profits are soaring. dm the put buffets out this put profitsmv also out of this morning. the stock is little bit weaker in today's session. let's get a first word news update. the federal reserve is getting ready to cut interest rates for the first time in a decade. it sees a cooling global economy and weak manufacturing around the world. speaking to congress about to congress,eaking jerome powell says the strong jobs report did not change that view. >> the uncertainties continue to weigh on the outlook. addition, inflation continues to be muted and those things are -- i

anna: we are waiting for jerome powell to speak. we have jobs data on friday.ds and the expectation of futures for rates in the u.s., and the gdp forecast in the u.s., what is the point they are trying to make? patrick: they are decoupled. you expect futures to go up and down as the u.s. economy goes up and down. you are saying u.s. economy expectations flat lining. you see fed futures falling dramatically. you will see a re-coupling. bit of it will be a both, 2.5% comes down a little bit. two and a half cups is pessimistic for the outlook of the united states. unless we get a re-escalation of trade tensions, i think the u.s. economy is not a shape or you can require one or maybe two cuts would be too much. jobs growth is good. a little bit.ed the real wage growth of consumers is strong at 3% wage growth. they will probably cut in july, and i think that will be it. anna: thank you. patrick armstrong, cio / managing partner, plurimi wealth stays with us. the robot revolution is heading for fixed income. as the credit super cycle reaches its peak, traders are ont

jerome powell didn't like it either. here is what jerome powell said about bitcoin and then you can react. >> okay. liz: let's listen. >> libra raises a lot of serious concerns. those would include around privacy, money laundering, consumer protection, financial stability and those are going to need to be thoroughly and publicly assessed. liz: libra of course being facebook's new plan to get into a crypto world. >> now, libra is quite different in its architecture from bitcoin. i think that some of his comments are fair about libra but they don't actually apply to bitcoin. liz: all right. what jumped out at you most when it comes to what powell said? i'm interested in what you interpreted, because there were a couple of things he said that were conflicting. number one, he said don't interpret this pretty much as a long string or a flurry of more cuts. yet then he said i wasn't saying that we would only have one and done. >> yes. liz: what did you hear? >> i think one, he is careful about being misinterpreted so i think h

as jerome powell's center stage for the market, the market is betting we are going to be getting a rateut. one of the regions he is testifying this is low inflation expectations. we have seen that. you could view the market as justifying the fed rate cut. the fact that the rate cut chatter has been around for several months, reflation expectations remain subdued, perhaps the market is not convinced the rate cuts will do anything to move the needle on inflation. sheri: also the economic numbers we are seeing recently. we continue to see economic data around the world disappoint. you are taking a look at the city index. you can see that globally and here within the united states, though surprises have been to the downside. we have seen some more negative pmi's coming around the world. not surprising that goldman sachs is saying investors should hold treasuries for now but be prepared for the day later this year when cash will be king. the topic of was discussion for chairman powell's testimony. that was not the only thing lawmakers pressed the chairman on. members of the senate banking co

what does jerome powell do now?nk the testimony will be crucial around the evolution of the u.s. economy. monthly to look at data. clearly,average it out u.s. jobs growth has decelerated and we are not seeing as we saw friday night growth in the wages, which the inflation is crucial. it is still missing, and adding to the pressure president trump, piling on again, calling the fed the most difficult problems, saying jerome powell doesn't have a clue. does this theme of attacking central-bank heads disturb you at all? we are seeing it in turkey and india. anne: it is unhelpful, particularly when faced with challenging signals from the economy, not just domestically but globally, enabling them to focus on the job at hand which i am confident with powell and his colleagues will do what is appropriate as he said he will act appropriately to support growth. what does working appropriately mean to support growth? it would be hard to understand what the fed means when it comes to how much is appropriate and when is it appro

. >>> tonight defiant federal reserve chairman jerome powell telling lawmakers he would not leave iftried to fire him. >> if you got call from the president today or tomorrow and he said i'm firing you pack up it's time to go. what would you do? >> well, of course i would not do that. >> i mean, that was a matter of fact answer. it's taking on the president, standing firm. waters went on to ask powell why. why would he refuse to leave if president trump fired him? >> because you think the president doesn't have the authority? is that why you would not leave? >> i have -- i have kind of said what i've intended to say on the subject. and what i've said is that the law clearly gives me a four-year term and i fully intend to serve it. >> now to be clear the law says trump canned can't fire powell without cause. the president, know, begs to differ. >> i have the right to demote him. i have the right to -- i have the right to fire him. >> all right. just to be clear, president trump hired powell. he didn't hernt powell. powell is his guy. trump has been angry at powell's decision over time

business i'm joined now the milan in berlin federal reserve chairman jerome powell has boosted expectations for the 1st u.s. interest rate cut in a decade to be implemented later this month and testimony to congress power pointed to a broader global weakness clouding the u.s. economic outlook amid uncertainty about the fallout from trump's trade conflict with china and other nations president donald trump has been pushing paul to cut rates and has repeatedly said he has the power to fire the fed chair if he doesn't comply. our financial correspondent joins us now from new york tell us ans how did powers comments go down on wall street. new records simple as that for the very 1st time ever the s. and p. 500 crossed the crucial 3000 point mark at least during trading and there was one word that jerome pollard stressed again and again and again and that was the word uncertainty uncertainty about trades uncertainty about global growth and this is pretty unusual that a fed chair stresses so much external factors that are not actually under the influence of the federal reserve or even of the u.s.

jerome paul's delivery was in line with the dry and factual tone fed chairman have always displayed yet there was a hint of caution as he explained the committee's decision to cut the benchmark rate for the 1st time in over a decade for the federal funds it is intended to insure against downside risks from weak global growth and trade policy uncertainty to help offset the effects these factors are currently having on the economy and to promote a faster return of inflation to our symmetric 2 percent objective that trade policy uncertainty would be the result of u.s. president trumps ongoing fights with china the e.u. and even his north american neighbors any criticism of trump's policies might have been inappropriate for a fed chairman but trump himself had on relentlessly attacked the fed's policies demanding larger rate cuts to support pledging to act as appropriate to sustain the expansion of the fed signaled possible future rate cuts for the benefit wall street however did not immediately react as such action had been widely expected. and let's go now to our financial correspondent j

jerome powell says do not look at the 25 aces points itself look at what we are signaling.he headlines generated by the trade dispute, that is something they have to react to. it is a new world. brent: it is fascinating. a token act actually has teeth. steven, thank you. it has been four years since the emissions cheating scandal in germany's auto minister -- auto industry happened and there are still new suspects. the latest is rupert stadler, who used to head up the audi division of volkswagen. reporter: for more than 20 years, rupert stadler was one of the top executives in the german auto industry. today, the former audi boss finds himself facing charges of fraud, false certification, and criminal advertising practices. all consequences of his alleged role in dieselgate, the emissions cheating scandal which has rocked the car industryy in germany y since details first emerged almost four years ago. stadler is accused of allowing sales of hundreds of thousands of volkswagen and audi models to continue after september 2015. that is when munich prosecutors say he already k

as things stand i think there is an element of that already with president trump's threats to fire jerome powell unless he delivers a significant right cup but i think at the very least will get 25 basis points and i think more importantly will be what sort of guidance jerome powell gives in the wake of the right cup because i think whatever the fed delivers it won't be enough for the u.s. president to michael hewson their t.v. market analyst at c.b.s. mark in aussie p.c. market in london thank you so much. thank you. low to know interest rates that's what we've had in the euro zone for years now the aim of course is to spur lending and spending in addition the european central bank launched a generous bond purchasing program to support ailing eurozone members all part and parcel of mario draghi has pledged to do whatever it takes to save the euro but critics say it's time to change course. skateboarders in the shadow of the european central bank don't care about the monetary policy of the central bankers the guardians of the euro behind the skatepark have been toiling for years to keep t

last week the boss of america's federal reserve, jerome powell, said libra raises many serious concernsto be addressed. and late on monday, us treasury secretary steve mnuchin also expressed his fears, saying libra could be misused by money launderers and terrorist financiers. he added facebook still had more work to do. are you comfortable with facebook launching a currency in the right way? two i didn't say i was co mforta ble way? two i didn't say i was comfortable with them launching a currency. if they want to do it in an appropriate and safe way. but i am not comfortable today. they and others have a lot of work to do before they get us comfortable. dr garrick hileman, head of research at blockchain, joins me now. welcome to the programme. just explain how these digital currencies work. we can't explain it enough on this programme. it is confusing, isn't it? they are, bitcoin is a digitally native currency which doesn't take physical form, digitally native currency which doesn't take physicalform, like cash. it integrates with digital wallets a nd cash. it integrates with digital

larry cutler, the economic advisor, said jerome powell's job was safe at the moment.me other business stories: the mexican peso plunged by the most since a tariff standoff with the us in late may after the country's finance minister abruptly resigned. carlos urzua announced his departure on twitter, citing conflicts of interest and policy disagreements within the government. levi strauss has reported a i7% drop in quarterly profit. the iconicjeans maker was hit by a stronger dollar, higher marketing spending, and costs related to its recent stock market listing. its shares slumped in extended trading on the news. italy's huge debts are for many the biggest financial threat europe is facing right now and could lead to an even bigger crisis than greece. it's all because of government debts that the governor of the central bank has told the bbc too high and need to be reduced. a significant amount of this is held by banks across europe so any default could have consequences well beyond italy. from rome, darshini david reports. italians are having to tighten their belts,

but jerome powell mind when the economy changes course.me powell has a more precarious position than most. in the face of constant criticism from president donald trump he must keep doing what is best for the us economy while never being seen to cave in to presidential pressure. his appearance in congress on wednesday showed what a tight rope he is on. first was the politics. he was asked what he would do if the president tried to have him fired. if you had a call from the president today or tomorrow and he said i am firing you, pack up it is time to 90, firing you, pack up it is time to go, what would you do? i would not do that. i can't hear you. my answer would be no. and you would not pack up would be no. and you would not pack up and you would not leave? no, man. but if he was watching, president trump may have been mollified by the rest of the appearance because in his comments on the economy, mr powell seemed to suggest that the federal reserve is getting ready to cut rates, exactly what mr trump has been urging. mr powell told cong

powellchairman jerome says policymakers has rout -- have room to cut rates. and the link between inflation and unemployment has been broken. in congressional testimony he stressed to the u.s. economy is in good state and they will use tools to keep it there. pointxpect at least zero -- a quarter-point cut. >> banks around the world are seeing weakness and offering more accommodation. we signaled we are open to doing that. you are seeing that in the curve now. you are seeing that embedded in the united states interest curve. >> house speaker nancy pelosi says she is committed to raising the u.s. debt ceiling, saying there should be no doubt in the credit of the usa. federal funding expires october 1 and a stephen mnuchin says he wants congress to increase the bar before the six-week recess on july 26. the bipartisan policy center says there is a significant risk the u.s. will default in september. a powerful weather system in the gulf of mexico may put 70% of u.s. lng exports at risk. tropical storm barry is turning toward new orleans. american lng exports hav

the chairman of the federal reserve jerome powell will later give evidence to congress.ook at the markets right now. they are all headed lower in europe, we will be talking you through wife. —— why. and making it all add up — getting kids to enjoy maths at an early age. we'll get the inside track on the maths board game designed to encourage more children to embrace maths. and so today we want to know — is there such a thing as a "math of is maths just a skill which needs practice? do you have a phobia about algebra, geometry and equations? let us know — just use the hashtag #bbcbizlive. why do you need any of that stuff these days when you've got a smartphone? that's not what i tell my children! hello and welcome to business live. we start in brazil, where the country's lower house of parliament is due to vote today on a long—awaited overhaul of the country's generous pensions system, which analysts say is critical to improving brazil's public finances. it's the first major test for the government of far—right presidentjair bolsonaro, who has made the issue one of the c

jerome powell just told us that the global economy isdolowing and it is taking our economy with it.ngs will be coming out starting next week, and certainly expectations are not very high for those, yet here we sit at all-time highs today. is this simply a stock marke on a sugar high because of the lower rates? >> no, because ironically it is not a market that is gorging on risk. when look at what's really expensive in the market today, it is actually your safe harbors. treasuries are -- you know, are returning 2%,s which barely above inflation. so the problem is that while, you know, if you look and you don't like the risk that you see out there, if you want to take money off the table where do yot it? it is actually more expensive to try to hide from risk than it is to actually ride it out right now. >> s you are a longer term investor, do you just kind of hiay put in market but expect some volatility? >> i think that's really the best choice that you have. i do think that you need to realistically assess yow much ri can afford. you know, if the market were down 30% in a t year bec

>> from jerome, his real name torque jerry. coffee" was just nominated for an emmy. congratulations to him. but it's his other show about nothing that had jerry feeling nostalgic to nischelle turner. >> it's been 30 years this month since the pilot aired. >> july 5th. >> whurm about shooting that pilot? >> i i remember i felt very uncomfortable. that was my first real professional acting moment that i ever had. and it was me and janson. we were in the coffee shop. i remember feeling very tight. i remember going, mi got to relax. >> it paid off. jerry's net worth today? are you ready for this? an estimated $950 million. >> hi, ma! >> hi. >> how's this for a throwback thursday? "e.t." was on "seinfeld's" set and snagged this sweet interview with jerry and his mom betty who passed away phi years ago. >> this is perfect. this is what she wants. all moms want to be stars. >> one actor is enough. >> sometimes it feels like enough. i'm very in the present. >> the present sure is looking good for jerry. he just received his 18th emmy n

president trump says jerome powell and his team "don't have a clue." haidi: we saw -- shery: we saw a downfall while the s&p 500 was down .2% of your declines on the s&p 500. we have a very strong u.s. jobs two hundred 24,000, beating expectations. that leading to traders curving back the fed rate cut expectations to the treasury yield, the 10-year yield come at least 2%, and equity markets fall from highs. we see futures unchanged at the moment. shaping upow we are for the asian markets. could be looking at a risk-off session today with stocks already under pressure in wellington. some we could see in tokyo. futures are pointed higher. the tech industry navigating japan. the south korean president yesterday moved. 200 is set to lose points, but it is not too far off from the all-time high off of that mark. checking in on the turkish lira, after falling as much as 3.5% early in the asian session, we are going to see more action when money comes on long, facing backlash from president are to wine firing the bank chief -- president erdogan firing the ban

stocks diving because jerome powell is already done cutting? that's how investors read what he said. hard to make sense of it. we are all over it. with lauren simonetti on the market impact from it. john roberts on what the president is saying about it. steven gilfoy on why stocks headed south because of it. and if market history shows exactly what follows it. we begin with lauren. what happened? >> let's just put this in perspective, neil. this is the first rate cut since the financial crisis. the first cut in a decade. if you want to look longer as that, the fifth time in 25 years where you have a federal reserve going from hiking rates -- we've had nine increases since 2015. so we went from hiking to cutting. if you look back at history, it's usually not one and done. the reason the dow fell more than 300 points today is that it seems to think, the market does, we might be one and done here. here's the statement that investors are picking up on from jerome powell. we're thinking of it as a mid cycle adjustment to policy. is he's not committi

jerome powell said this will not start a lengthy process of fed cuts but it will not be a one and done. he says as we see more accommodative federal reserve here moving in that direction, he is almost taking credit there for the economy, economic expansion continuing. what he says we're seeing low unemployment, wages rising, consumer spending. so i wanted to know if some believed december rate hike went too far, why did the federal reserve wait several months to make a rate cut? if that affected the business investment side to it. listen to his answer. >> what you hear demand is weak for their products. you see manufacturing being weak all over the world. business investment is weak. i wouldn't lay all of that at the door of trade talks. i think there is a global business cycle happening with manufacturing and investment and that's been, you know, definitely a bigger factor than certainly we expected. reporter: the point he is making is that the influences holding back the u.s. economy are coming outside of the united states, not inside of the united states. global slowdown and trade u

we are seeing cyclical names the major focus for today as i mentioned is the testimony of jerome powell, the fed chair here he will be testifying to members of congress in washington later today as concerns increase about a slowdown in u.s. economic growth investors broadly expect the fed to cut rates at its july meeting. a reading has raised questions over the timing of such a move on the back of that, as i mentioned, we were seeing a bit of a bounce in banks and europe today on expectations of some positive signaling out of chairman powell today. this is a picture across the board. changes right at the top of the stoxx 600 up 3%. deutsch bankis up 1.5% in his testimony today powell is also likely to be asked about the fed's independence after president trump's frequent criticism of the central bank. at a cnbc capital exchange conference larry kudlow dismissed those concerns and said there is no plan to alter powell's position. >> to be clear, there are no plans by the president to complaining powell's job or any of that sort of thing. i read occasionally that in the papers and the pre

sticking to the script, fed chairman jerome powell builds the case for a rate cut despite strong inflation reading. about barkin is worried business confidence. >> the first quarter was fine, but indicators for the second quarter are less strong. i do not see people cutting back existing plans, but they are not leaning forward in the way you might. anna: along for the ride, vw is nvest in ford, valuing it at $7 billion. tropical storm barry heads for the louisiana, curbing oil out ports. markets, welcome to the european market open. 29 minutes into the start of it trading day. this is what the futures story looks like. ftse futures, cap teachers pointing high cac futures looki. the session in asia is more mixed. the trade story and the impact on asian economies already. president trump tweeting about being disappointed in china and the lack of imports by the chinese. the dyer numbers out of singapore in terms of gdp. town more than 3%. much in focus, and the market focused on the inflation story and what the fed will do about interest rate. yesterday the inflation number was higher than ex

connell: comments from fed chairman jerome powell.ng up 70 point, thereabouts, hitting all-time high earlier in the day but failing to end at a record close. nasdaq gets the record. it is sixth record close for the year at 8200 plus. s&p 500 in positive territory as well. very close to a record into the close. it fall as little bit short. good to be with you back in new york, i'm connell mcshane. melissa: i'm melissa francis. this is "after the bell." first here is what is new this

economists are united in producing jerome powell will cut -- predicting jerome powell will cut rates. japan policymakers meet tomorrow limit calls to reinforce their commitment to rock-bottom interest rates. rock-bottom meeting negative. joining us, bloomberg's fx and rates strategist. what do you expect to be the most -- is anything going to be a surprise? thee did start thursday, ecb. that's when the week begins. matt: so it has been and is going to be. >> everything is well priced. the fed is going to deliver the 25 the market expect in the same way i think the ecb set up the market for a september rate cut as a lot of people were expecting. i do not think we are going to get a lot from the boj or the bank of england. this nonds are tied as deal brexit talk starts to ramp up. think it is a nonstarter. they are going to play it pretty calm. i think the fed is going to deliver what the market wants. the boj is going to play it quiet as well. >> let's talk about the fed. --oticed the concerns are well, inflation getting out of control. it does not seem there is any reason for them to

what does it mean for the markets when you listen to jerome powell? can central banks do? gene: we still have a little over 200 basis points that they could do. it is interesting that the market has been reluctant to believe in the concept of uninsurance cut. the for -- an insurance cut. the fed has led the market to focus on the labor market as the sole barometer of the economy. as you look at inflation, manufacturing, you see a significant weakening and pressure. from that perspective, i think there was very much a saly rumor by the fact -- sell the rumor by the fact. was quite a big move before and after. francine: is 50 basis points what you are expecting? this 25 make a difference? gene: i don't think it makes a huge difference based on current market pricing. they will probably cut 25. it will not be horrible if they cut 50. this is really an insurance cut. the closer you are to the zero lower bound, the fewer chances you want to take with allowing disinflationary pressures to take hold in the economy. there has got to be at least some argument

guy: jerome powell is in the room. we will take you there very shortly. stoxx 600 up, the euro up come of the german two-year narrowing its losses on powell. it really is the only story this afternoon moving markets. the dollar is down, stocks higher, bonds a bigger move in the united states then here in europe, but the gravitational effect of what jerome powell said in his statement is having a big effect around the world. vonnie: on a slightly different note, let's take a look at a live event in new york city, a tickertape parade, not to rub your nose in it or anything, guy, to honor the u.s. women's team for the world cup victory on sunday. the parade is happening along the canyon of heroes in lower manhattan, a stretch of broadway from battery park to city hall. you can follow along live on your bloomberg. of course, people turning out in the thousands to welcome the soccer team. you still have a chance in cricket though, guy. guy: that's still going. and then of course, the main event of the year, the rugby world cup coming up in japan. vonnie: that'

despite the fact jerome powell kept to his dovish message. the 10-year and 30 year yield jumping eight basis points yesterday. we had the lower than average bid to cover ratio in the 30 year option. the 10-year at 2.13. we did see the 30 year yield the and's main in yesterday's session and the s&p 500 hitting a record high but not closing above 3000. at one point, equities taking a dip halloween president trump's comments about china. sensitive things are. will we close above 3000 and the week? how much further do we have to chronically gains? look at the dollar. weakness in the dollar for the third day. sayinghow from goldman the risk of fx intervention from the u.s. into the dollar is low, but a rising risk. we haven't seen fx intervention in dollar since 2011. they say that could be seen as unconventional monetary policy. dip yesterday dropping more than 1% but we are still above 1400. oil, 60.52, heading for its best week in three. let's check on the markets in asia with david inglis. how is it looking this friday? david: it is flat, unin

what did we make of jerome powell's comments? guy. >> it was an impossible situation and the president, of course, coming out -- you knew this tweet was coming at some point, whether it was during our show or some point late in the evening you knew it was coming the fact that president said, i am certainly not getting much help from the federal reserve. what does that mean? it is not the fed's job to help the united states, it is to do what is right for our economy. powell is in a no-win situation. the president is very tactful and has done it for the last two years. the fed is set up to be the fall guys and gals and if the market goes lower here is your villain, folks. i think they were in a no-win situation. he did what he needed to do. thousand do you trade it i don't know if you look and we can talk about it, but the last couple of big names, amazon reported at the all-time highs, sold off facebook, the same thing we will see what happens with apple but it seems to be setting up for the same thing with facebook and amazon. i

anna: president trump keeps his pressure up on jerome powell.he would like to be present everyone. -- president erdogan. anna: we've been talking about how trump says the fed is the biggest problem. does this raise the question of whether jerome powell lasts after 2022? you have to know who's going to be president first, don't you? peter: yes. i guess the here and now, the fed is still independent. i don't believe for a second they will given. i really don't believe the u.s. will follow the example of turkey in that case. that's not the question. that's just a question whether or not the fed sees, genuinely sees any risks. i don't think they will be pressured into cutting rates by the president. be asthis isn't going to a result of political moves? this will be a genuine insurance cut. is that something this interbank is supposed to do -- the central bank is supposed to do? peter: i'm not 100% sure i agree with that. the central bank is data-driven, but they are also supposed to be forward-looking. the central bank has said there is this and tha

there were two dissenters, the most in jerome powell's tenure.nted to keep the rate unchanged. the rate cut to a range of 2.25%-2% comes in light of the implications of global development as well as muted inflation pressures, the statement says. there is nothing explicit, but there might be a hint about future rate moves. an repetition of language

fed chair jerome powell reiterated policymakers have room to cut rates as the link between inflation and unemployment has been broken. on his second day of testimony, he stressed the u.s. economy is in good shape and the fed will use our tools to keep it there. investors fully expect a quarter-point cut in rates at the next meeting at the end of the month. >> central banks around the world are seeing weakness everywhere, and also providing accommodation. we signaled we're open to doing that and you're seeing that in the curve now. you're seeing that embedded in the interest rate curve. selina: global news, 24 hours a day on air and at tictoc on twitter, powered by more than 2,700 journalists and analysts in more than 120 countries. i'm selena wang and this is bloomberg. david: thank you so much. in case you missed the stories, one was fed related. the change was what caught people by surprise. is it a game changer? not really, but a change in expectations. this was your change in core. the other thing they want to point out, the option you had on 30 year. treasuries fairly weak. some

if that does not happen a senior administration official saying jerome powell will feel the wrath of the president on probably on twitter in series of tweets. neil: how much more wrath can he feel? every day he is targeted. edward lawrence, thank you very much. there is a prevailing view helps the party in party. given 80% likelihood we'll see a cut in rates. i don't have to go back far, when we saw rate cuts in effect in 1984, it did pave the way for ronald reagan's re-election. not that all was in question by the time we got later in the year and there were other developments t certainly helped in 1987, a good timing for a stock market crash. commensurate cut in rates under alan greenspan to pave the way for george bush, sr., then being elected to the presidency himself. the delay, six month to a year, economy improves, the market improves, ultimately the prospects for the party in the white house improves. "making money" host charles payne with us right now. he will be leading our coverage in about two hours. charles has been very busy on this. let me get your take on that, that p

the nasdaq was up 43 and the s&p added three points, but that calm could leado volatility when jeromeell starts speaking. as usual, a fed chief faces a tough task. he is under pressure from the administration to cut interest rates, but he has said thatne ry policy should not be influenced by short-term political one thing is clear though. the economy may be growing, but that growth is slowing. today some of the pieces to the economic puzzle fell into place. >> and the first piece came from pepsi. the company reported higher quarterly profit and sales. now, part of that was pepsi specific, tied to its new products and higher pricing, but the company also said its results were helped by a strong consumer, which accou ts for mon two-thirds of economic activity. sarah eisen has >>more. eporter: consumers are inlging in freitos and cheet-os and pepsi in a smaller portion. it is highlighted by 4.5% organic revenue. here are some of the highlights. frito-lay ctinues to be a big driver. because more people are buying smaller bags of snacks orle at t ten packs or 12 packs of small bags, pepsi

fed chairman jerome powell says the quarter of a point reduction was designed to keep the econo growing for as long as possible and was not the start of a ng-term cycle of cuts. that has drawn the ire of president trump, who tweeted, "powell let us down." michelle fleury is outside the fed and joined us with her assessment. why is the chairman saying about why he made the rate cut now? thchelle: look, if you tak american economy right now, it verenjoying its longest uninterrupted period of growth in history. to many it may seem like a strange time to cut interest rates, which typically seen as an effort to boost the economy. but those in the building behind me are trying to do a preemptive cut. this is something of an insurance policy to make sure that the momentum in the economy continues to move forward so that all americans benefit from the recovery. what they are worried about, laura, is global growth. they are seeing weakness and particully mentioned weakness from the eurozone and weakness in china. there islso concern about the impact that trade tensions are having on american com

jerome powell says he

the big news will be made in jerome paul's accompanying statement. will he be leading towards more cuts in the future? that get the dow little bit of energy tomorrow. the white house pushing back hard against the new law signed by california governor gavin newsom today which will require presidential candidates to release five years of income tax returns in order to qualify for the 2020 california primary. in a statement today, the president's outside attorney jay sekulow stay in the state of california's attempt to circumvent the constitution will be answered in court. it's not just the president this could affect. some of the other candidates might not be able to release five years of tax returns either. with the work goes. >> neil: john roberts, thank you. to the men and women who want to make their way to the white house. one of the 20 debating over the next couple days hope to be that person. to hillary vaughn in detroit where night one of the debate kicks off. >> hey, neil. this debate stage, it will put prominent progressive senator bernie san

federal reserve chair jerome powell bolstered the case for a possible interest rate cut when policymakerst at the end of he suggested that lowering the benchmark rate would bolster growth and cited a number of uncertainties here and around the globe. thatd lif optimism on wall street, sending the nasdaq to new highs and the s&p 500 ble l briefly through the 3,000 mark before it pulled back. the downd jonestrial average rose 26 points to 26,860. theasdaq was up 60 and the s&p 500 gained 13. we have two reports tonight. bob pisani is at the new york stock exchange, but we begin with steve liesman and the fed. >>> fed chairman jerome powell all but guaranteed thel fed w be cutting rates probably as soon a this month, from the testimony in the house today. while he said the u.s. economy is in a good place he emphasized globalncertaint economic weakness and low inflation as the things guiding policy. >> would it be fair t characterize based on what we are seeing on those two factors specifically a strong case could be made for lowering? >> y,. as i mentioned, we think that uncertainty a around

we mentioned steve mnuchin, but also jerome regulators.lsojerome powell, the head of the us central bank. there isa head of the us central bank. there is a real worry about how this will work. absolutely, there is a worry about how this will work from facebook‘s point of view but it is not just the facebook‘s point of view but it is notjust the facebook crypto currency that gets this reaction from the us. the fed and jerome powell have been concerned about crypto currency in general. point is the most well—known, and trump's comments on the last few days, steve mnuchin and nowjerome powell, we have seen libra fall, and other crypto currencies as well. the reason why these are so interesting and are willing to buy them is because there is that no centralised area, that there is almost a lack of regulation, which is what is attractive about these things. now, theissue attractive about these things. now, the issue with crypto currencies, and this will be the issue for facebook, is you have to walk the tightrope of having some regulation, but

there does seem to be some expectation around this communication conundrum facing jerome powell.do based on the available economic data is decide not exactly whether he should cut or not but how to communicate when and how big that interest rate cut will be, and that's the real challenge for him in this testimony because of course there's a lot of people riding a lot of money on this decision, and we have heard a lot of criticism from president trump pushing for the cuts to come sooner than later. twitter has user based on hate speech, what they are calling dehumanization on the basis of religion. they sent out a user survey, got feedback from people who feel like they should change their system. they will delete posts that they consider that offense. they might win support from those who have been victimized and likely to anger those who don't like a curb on free speech. >> i'm sure you're a fan of streaming services and when you're a super fan of shows like friends, you have to know where it's good, it's leaving netflix for good, going to hbo max. what more can you tell us so w

friday, boffo june jobs numbers dampening the clamor for an outsized rate cut by fed chair jerome powell at the end of the month. as investors bite their nails ahead of that, tech is the most tattered of sectors, specifically one single stock that's drawing a bit of blood from all three major indices, with the dow down 138, s&p down 16, the nasdaq down 68. do not count out iran, guys. mounting tensions also sending ripples of worry through the markets as the rogue nation further breaches the limits set on its enrichment of uranium and continues to boast about breaking the terms of the nuclear deal. our two-way starter, bob hormats, former goldman sachs vice chair, analyzes both of these situations, iran and what is jerome powell going to do, but more importantly, how do you make sure your money is safe? >>> plus a boeing customer decides to return the goods it just ordered. retail, no longer playing the victim. it's ready to take on amazon and big tech, and the next move in the trump trade truce with china. less than an hour on this monday morning. hour to the closing bell. let's start t

futures pointing higher ahead of the testimony from jerome powell.house he hinted at an interest rate cut likely later this month. the testimony sent stocks to record highs. we'll keep an eye on this of course. [leaf blower] you should be mad at leaf blowers. [beep] you should be mad your neighbor always wants to hang out. and you should be mad your smart fridge is unnecessarily complicated. but you're not mad, because you have e*trade which isn't complicated. their tools make trading quicker and simpler. so you can take on the markets with confidence. don't get mad. get e*trade and start trading today. don't get mad. if you have moderate or psoriatic arthritis, little things can be a big deal. that's why there's otezla. otezla is not an injection or a cream. it's a pill that treats differently. for psoriasis, 75% clearer skin is achievable, with reduced redness, thickness, and scaliness of plaques. for psoriatic arthritis, otezla is proven to reduce joint swelling, tenderness, and pain. and the otezla prescribing information has no requirement for r

president trump has been very vocal criticizing jerome powell, trying to pressure him to cut rates. the fed is moving in that direction and we're expecting them to cut rates at the july meeting. but the federal reserve chair was keen to emphasize, if they do cut rates, it's going to be because inflation remains at u.a trade war create a lot of uncertainty, and economic growth is sat risk as well. -- is at risk as well. it is not because of president trump and his push for them to cut rates and from president trump's side of things, in his recent commentary around this issue, he said that china is under no pressure from its central bank that president xi jinping is his own fed. there's no let up from president trump's side in terms of criticism. >>> facebook coming under fire at the senate hearing yesterday. they are there for legislatures to air their concerns and ask questions around a number of things but in particular its new cryptocurrency libra getting a huge amount of attention, and they raised concerns with some lawmakers calling the plans for the launch crazy and delusional,

investors cautious ahead of fed chair jerome powell's congressional testimony tomorrow. fighting for green but not getting there. look at that. down about 19 point at the close. looks like the s&p 500 will close positive territory. nasdaq, snapping a two-day losing streak. i'm melissa francis in new york. this is "after the bell." connell: connell mcshane live today at progressive field at this year's baseball all-star game. the mlb is on center stage tonight after one of the wildest home run derbies that we ever

the right job for the stability and growth of the usa all right i think that's what the say does jerome pile does jerome pile of the fed does he have more power than donald trump in some ways he does in other ways he does not he has he is an independent. agency they're not even part of the government if you really look at the whole thing and so it does in some ways but you have to also remember the bond market and the markets busy themselves also dictate a lot of direction of what the fed is doing but yes in some ways he does in other ways he doesn't. have these kind which after this break plus a letter signed by the sense that in the past 24 hours by the british guardian newspaper what does it all have to do with jeremy corbett both of all coming out about 2 going on the ground. welcome to maximize your financial survival guide. looking forward to your pension account. yanks this is what happens to pensions in britain. you watch kaiser report. this is a story about what happens austria stray bullets kills a young girl in the street. what happens to her family and daughters in florida y