jerome powell gives an update on the central bank framework review.e hear from bank of england governor andrew bailey and ecb philip lane. no more lockdowns here. italy joined france and spain and rolling out another nationwide shutdown. despite rising cases in all three countries. global infections past 24 million. the eu trade chief phil hogan quit after growing criticism that he broke my wrist rules by going to a golf dinner. just under an hour away from the start of cash equity trading in europe as hurricane laura makes landfall in cameron, louisiana. see european futures swinging back and forth between gains and losses. right now, dax futures up about 1/10 of 1%. the futures doing a lot of nothing. a bit of a stall after global stocks really had an all-time high again yesterday. i want to bring you some breaking news on wpp. the second quarter, organic sales at the advertising behemoth down 15.1%. this sales hit was something that investors were focused on. it's not as bad as analysts had anticipated. 19.2% had beenf the estimate. the sales drop

jerome is correct.etition and the judge agreed, and so the only people who can be here are michael, nelle, their spouses, and counsel. bye. can you appeal this or something? and risk annoying the judge when he is about to make a ruling? you want to snatch defeat from the jaws of victory? okay, fine. fine, i'll go. willow, michael, you both have more than proved that you are the best parents for wiley. and you know what, nelle, enjoy your last little act of spite, because when this is over, wiley is going to be safe with the people he knows and loves. and the only thing he's gonna know about you is what we tell him. ♪ people are surprising themselves the moment realize ks to pixe, the d-on eatmfor specif t of moderate-to-severe asthma. dupixent isn't for sudden breathing problems. it can improve lung function for better breathing in as little as 2 weeks and help prevent severe asthma attacks. it's not a steroid but can help reduce or eliminate oral steroids. dupixent can cause serious allergic reactions

jerome: good morning.ant provisions,an-loss but the increases compared to q2 provision covering -- it is a prudent approach we have on this provision. this was made possible [indiscernible] aboutwe were just talking the bank of england's outlook for the u.k. economy. they see unfortunately unemployment rising materially through the end of the year. on the other hand, the bank of england expects credit losses in the u.k. to be better than expected in may. what is your outlook on the french economy in terms of credit losses and unemployment? economy is french rebounding rapidly, sharply after the lockdown period. and what we see since the middle area,e is in a positive and we assign the same evolution when it comes to our own activity indicators. they are sharply up in june compared to may, and continues across july until now. we are reasonably optimistic about the possibility for the thish economy to overcome find an period, and to more normal base of activity. frenche: speaking of the economy, what about r

jerome powell at the federal reserve talking about the fact that there just aren't going to be enough jobs in the short term for people it's one, why i want to get joe biden elected president, because i think he's going to put in a team and policies that are going to put us on the right course, but it's also why i believe we need to do something immediately. we just can't put our heads in the sand i think. >> we can talk about the election in a minute on this specific issue, why

jerome in texas. go ahead. caller: i just want to tell c-span i am so appreciative that they run a lot of hearings and also president trump, a lot of times i got the switch. i want to thank you on that. with all of the tv ads, campaign slogans, even knocking on the doors, and of riots. it will be insignificant. havemocrats are allowed to mailing fraudulent votes, they will win. that is a fact. in new jersey, new york, they have had problems. in my opinion, it will go down to the courts. he was appointed by george bush. chief justice roberts will have the last say and who knows which way he will go. i am a veteran and if anyone would like to view my poetry, titled one big scam, just going to youtube. jermone and scroll down and it will open up my poems. host: ok. caller: i have been a big supporter president trump. host: why did you call in on the other line? caller: that was a mistake. host: ok. that is all right. nancy in illinois, democratic caller. caller: yes. i am here. i have been a democrat for 30 years

jerome powell pausing rate hikes to create what he calls true maximum employment that could the create maximum stock market return x. that big news on coronavirus testing which means a stronger economy before we get a vaccine. these developments could change everything, and that includes for your portfolio. i've got some of the best names in the business to share what they're doing with their portfolios. and nba players boycotting basketball games following the police shooting of an unarmed black man in wisconsin. we're going to get the thoughts of one of the black speakers at the republican national convention. mark meadows and nancy pelosi scheduled to speak at 2:30 does any of this job news wake up congress? i'll ask senator marsha blackburn. we've got a big show for you on "making money." ♪ ♪ charles: it's been a day of significant news that keeps really a positive tone to the overall market. first off, federal reserve chairman jerome powell announced significant changes to policy approach in part to really the goal he says is to truly create maximum employment that would help all

what is the big message we will hear from jerome powell?flation averaging so materially different? our guest says there is nothing new in it. what do you say? michelle: a very different world than yesteryear. we are set to get more detail on the fed framework review. these plans predated the pandemic. the conditions are making it more urgent to hear the sort of long-term thinking from the fed, even with all the short-term risks that we are battling today. what we are looking for is to main messages. inflation and interest rates and other tools they can use. on inflation, we expect to hear that the 2% target that the fed has missed for the last decade, it will stay. we might hear that the fed is willing to overshoot that target , given how long it has been undershot. connect to that is what he will say on interest rates. the fed will keep the benchmark at or near zero for five years or longer. overall, a completely dovish message to markets today. ,bs advising this morning investors should keep cash at a minimum. the hunt for yield will be e

investors are waiting for the fed chairman jerome powell to deliver the jackson hole speech.nd the national convention -- republican national convention is to get underway, as well. all that despite a warning from cullman sex, saying a quarter -- goldman sachs, sing a quarter of -- saying a quarter of -- will become permanent. much for coming on the program. so, what do you expect to materialize out of the jackson hole deliberations? are we going to get the kind of inflation targeting signals that many in the market are penciling in? markets think we in the are already expecting some clearer indications by the fed chair on thursday that the feds will be indeed pivoting towards inflation targeting and the fed will be committing to tolerating inflation overshoot in the coming months and quarters as it tries to bring inflation back on target, which is now average. it will be average inflation. and i have to say that you , at leaste stocks part of that is already baked in the cake. i think investors are already looking for indications that the fed will be shifting to an inherentl

jerome powellto and jackson hole. what are we going to get?l the market be surprised by some of it? we have an option, the euro-dollar pretty much unchanged, with the whole fx complex quite contained moves, and then wti as we keep a close eye on hurricane laura, currently at $43.30. new trouble at tiktok. months after taking the helm, kevin mayer is stepping down as chief executive. owned by bytedance, trump has come under scrutiny by president trump. the company may face restrictions also on its operations in the u.k. our reporter joins us on the phone. some of thegh reasoning behind this sudden departure. seems very much that kevin thought this is not what i signed up for. be one of theo biggest social media challenges, and he had some experiences, but he actually ended up being in the middle of a sort of geographic conflict with the political relationship with role is stake, and that not something he was ready for, it does not seem, or that he wanted to take on. where does that leave the embattled company? this is really the least convenien

we've got ongoing reaction to the asian session to what we heard from jerome powell. also got plenty of market reaction based on what we heard from shinzo abe, stepping down as the longest serving prime minister in japan. that has certainly sent the yen higher. we also see some strength coming through for the euro today, something that european equity markets have been wrestling with. european equity markets down by 0.3%. the ftse 100, a little bit of an outperformer because we see some strength in the banking sector. all of that in response to powell and the expectation that we could possibly see a steeper yield curve, and as a result, we see the banks moving to the upside. in fact, the banking sector in europe now up by more than 2% a today session. robert kaplan, federal reserve bank of dallas president, joins us later. this is bloomberg. ♪ you doing okay? yeah. this moving thing never gets any easier. well, xfinity makes moving super easy. i can transfer my internet and tv service in about a minute. wow, that is easy. almost as easy as having those guys help you m

jerome powell plans to let inflation and unemployment run there if he can get them in a ship that will likely keep interest rates low for years. tiktok. battle for walmart joins microsoft making a joint bid for the app's u.s. asset. can they fend off oracle? just under an hour from the start of cash trading in europe. let's look at futures this morning, even as the nikkei 1.4%, you know, it had been gaining, the topics and the nikkei had been in the green and both fell. european futures are holding up. we still see green arrows on ftse and dax futures. take a look at u.s. futures. green arrows there as well. even after all-time highs once again hit yesterday on the s&p and the nasdaq and the shinzo abe resignation report pulls down japanese stocks, u.s. futures holding strong. atside of japan it remains risk on and to the week. anna: a lot of what we are seeing in the japanese stock with what may do happen to the japanese currency and therefore japanese exporters. s is a globalomic conversation, perhaps the market reaction does focus in japan. see, some oft we the overnight moves in th

futures mixed stuff tomorrow, drone power -- jerome powell.oomberg." ♪ >> behind you looks like a replica of a basketball championship trophy. >> it is not a replica. it is almost 10 years old. the nba is playing in a bubble in orlando. how's that working out and are you surprised it has worked out reasonably well or do you think you can be done better or what is your view? >> it is shocking how well it has gone. there's so much risk just bringing such a large group of people, thousands of people together in one area. and have zero cases? that is stunning. stunning. literally, we were concerned about what might happen because, primarily, you're talking about a population of twentysomethings. if you could see outside the bubble, twentysomethings in any city, they are not the most conscientious when it comes to wearing masks and following social distancing and other protocols. to our players and staff at disney and the nba, everybody has been really, really careful. it has paid off. tom: mr. cuban with david rubenstein. an important conversation

jerome powell announcing a new approach to monetary policy.e bit more of a relaxed stance when it comes to unemployment. >> our new statement indicates we will seek to achieve inflation that averages 2% over time. therefore, following periods when inflation is running below 2%, appropriate monetary policy will aim to achieve inflation above 2% for some time. more on this, let's bring in kathy bostjancic. i want to get your impression about what this means longer-term for the markets, monetary policy. it seems the markets are still trying to figure it out themselves. kathy: we think it largely codifies the extremely dovish policy they had in place. in the near term, it doesn't change a lot, but in the long room, -- run, some implications. area big surprise, they changing the statement, objectives. it does emphasize they are willing to let the economy run hot in order to promote broad and inclusive employment gains, even if inflation temporarily and moderately rises above 2%. broadsertion about the inclusive employment gains, that comes directly

dom, thanks. >>> ahead of a key speech in the morning by fed chair jerome powell the speech is already being called consequential and game changing by some on wall street. that's because he could make a move to push inflation higher, marking a major policy change for the fed. joining me now to suggest how investors should prepare for this, kathy jones is key investment owner at charles schwab peter, do you think this is a bad idea or a terrible one, or might they win you over in they can get this right >> well, both, bad and terrible. first of all, the feds sort of caudified this whole symmetry thing. they've been saying they put in the word symmetry. it's already there, so i think powell, if he talks about it, will just wrap it in a way this would be the trigger for them to raise interest rates just think about -- i always like to replace the word inflation with cost of living. we have the fed rooting for a higher cost of living. we have double digit unemployment right now in this country. the last thing we need is higher inflation. imagine if it does actually happen i find it hard to

fed chair jerome powell gears up for a high stakes speech from jackson hole summit. with bullion up, big tech up, what is up with the market as we gear up for powell, guy? >> i like to hear you say bullion. i feel like i'm going to have soup or go back to doing what i used to do back in the day it's wonderful you can do an entire show saying that word. what's up? risk assets are continuing to go higher based on we talked about this a couple days ago, the fact they said they will be a historic speech for the fed in the way they view inflation, the way they measure inflation and that's why the market took off and i think that's why you saw it probably move today into that speech the things you didn't mention and forget it but they didn't rhyme with b or start with b the russell was down today and the vix closed north of 23 those are two very interesting things to take into consideration along with the three bs that you just mentioned, mel. >> so the three bs plus the extras tim, how do you read the tea leaves >> i think you're going to get some backlash. i think ultima

. >>> and in just 24 hours, federal reserve chair jerome powell will speak at the virtual jackson hole conference. doubling down of low rates is fueling markets' records which leads us to ask, is he the market's rich uncle? what are the winners and laggards of the economy? our traders are about to give us their picks from trading floors, next. "the claman countdown" will be right back. jean, did you know geico is now offering an extra 15% credit on car and motorcycle policies? that's great! that's 15% on top of what geico could already save you. so what are you waiting for? john stamos to knit you a scarf? all finished, jean. enjoy! thank you. i give. the stitch work is impeccable. it's just a double fleck pattern with a reverse garter stitch. no big deal. is your hair this soft? softer. geico. save an extra 15% when you switch by october 7th. but what if you could stdo better than that?k. like adapt. discover. deliver. in new ways. to new customers. what if you could come back stronger? faster. better. at comcast business, we want to help you not just bounce back. but bounce forward.

pace we're watching cryptocurrency increase so all of that i think plays into the fact that what jerome powell is telling us is not the reality of how other nations or investors are viewing this he's saying one thing when the reality i think is something totally different while looking at this as a historic. plan to what the federal reserve a thing that they want to keep the average the average rate at 2 percent meaning that it can go a little higher what would that even look like. well and that's what we don't know right because what they're telling us is it won't look any different than right now what they're essentially telling us is we can change what historically we have done in the past and it's not going to really affect anything and and businesses will come back and jobs will be there and don't worry but the reality is and you and i both know this as well that the effects the market effects and forget about wall street the market effects in terms. of small businesses in america entrepreneurs in america the jobs situation in america we have only begun to feel the effects of what

number and looking at what they've done and what obviously hasn't worked but federal reserve chairman jerome palace says that this move it's in line with the fed's mandate to to help reach like you said the full employment listen to what he said a revised statement emphasizes that maximum employment is a broad based and inclusive goal this change reflects our appreciation for the benefits of a strong labor market particularly for many in low and moderate income communities in addition. to insist that our policy decision will be informed by our assessments of the shortfalls of employment from its maximum level other than by deviations from its maximum while as in our previous statement. change major subtle but it reflects our view that a robust job market can be sustained without causing an outbreak of inflation is this really going to help these communities he's talking about i don't know that it necessarily well 1st of all i've got to say that the whole announcement from drill power you've got to admit it seems super weird right he sounds like a robot of the ways talking is very stiff 7 he'

us now for that is jason turner, chairman of strategics research parter ins jason, good to see you jeromeis expected to talk about average inflation targeting, letting inflation run a little hotter so clearly an asset bubble is not a first order of concern for the fed but should it be >> i don't think so, melissa i think at this point, you know, the rate at this point is equal to the worst levels we saw in the 2008/2009 recessions i think we are, where we are a lost of decisions have been made in terms of lockdown. we're beyond the fed's control and i think the fed is doing what it has to do, given the circumstances. i would also argue that the fiscal package going throughout probably makes it more important that the fed stay vigilant, in terms of getting more liquidity into the system. there are no great choices here. i would argue, for the fed but i think given the state of the play at this point, in my own opinion, it shouldn't be particularly where the asset bubble is right now. >> do you think in terms of what the fed talks about, in terms of what the fed might do, that the elections

we are waiting for jerome powell.has been a bevy of central bankers at the jackson hole symposium. is that the right collective? tom: bevy is the right word. it is more than just chairman powell. we will see that in the 9:00 hour. .68 over the last 18 hours. i'm watching the real yield. -1.05%. later today, james bullard of the st. louis fed after the powell speech. this is bloomberg. ♪ >> where we fought for free and fair trade and this president stood up to china and ended the era of economic surrender, joe biden has been a cheerleader for communist china. because of the strong foundation president trump poured in our first three years, we have a ready gained back 9.3 million jobs in the last three months alone. diedany heroes have defending our freedom to see americans strike each other down . we will have law and order on forstreets of this country every american and every race, creed, and color. we are on track to have the world's first safe and effective coronavirus vaccine by the end of this year. we are not ju

that will change when we hear from jerome powell very soon.you mentioned, we have seen the rest of the world catching up. it was no longer u.s. exceptionalism. i will say looking at a chart of the emerging markets index, you can see the relative strength compared to one another and where we had seen emerging markets leading the way from june through mid july or so, that has changed. as we have seen tech lead the charge once again, so have we seen u.s. markets leading the way. at least compared to emerging markets. sara, a recap of the session overnight. >> the franklin templeton ceo, it is not worth a disruption when they leave. she says the era of the store manager is done. >> the reality is they were supported by a large team. maybe it was easier for people to connect and may be from a marketing standpoint we would say this person is behind this. it was always a team. number two, clients get nervous by managers. then it becomes a succession issue. they want to know you can justessly develop the team as any ceo would be expected to develop a

henry raymond, the founder of the times, was on the roof of his building with his investor, leonard jerome, and if that name sounds familiar, he had a nine year old daughter named jenny who is destined to be the mother of winston churchill. but leonard jerome and henry raymond were on the roof of the times with a gambling gun, aiming at protesters who were threatening the papers. the new york tribune armed itself with munitions and grenades. eventually, this mob, you'll see that some of the characters are blatantly anti irish. eventually, they did crashed through the downstairs of the tribune, which was reserved for subscriptions and papers and adds. they set fire to this room, it's called the county room. and then an army of new york police came out of the darkness, down from city hall park south, and attack to the mob and dispersed them. so the attempt to interfere with progressive newspapers was blatant also. and this is just one of the scenes that took place in july. as you point out, fact a male and female riot. women mostly dug cobblestones out of the pavement and then gave it to the

we will hear from jerome powell next. next. >> this is "number daybreak europe -- bloomberg daybreak europe. shinzo abe plans to resign due to health reasons according to a local news organization. we wish him well. we should take a look at what is going on with the dollar-yen this morning. you can see a drop of the dollar against the yen. it is down nearly 0.3%. jp morgan actually recently put out a note talking about the fact of what that risk would be if shinzo abe is leaving the prime minister position, and they were looking at $100 per again. they said it would be a short time reaction, but we have worse will be watching as we see it dropping more. the u.s. dollar down 0.4% against the yen. we will be keeping track of the story. shinzo abe plans to resign due to health reasons. treasury yields jumped at the announcement from jay powell on inflation yesterday. the yield premium demand by investors increased the most in two months. we spoke to the st. louis fed chief after the announcement. >> it is a large committee w

as we set the focus now on jackson hole and fed chair jerome powell.ted to shed light on the inflation. targeting investors not looking for a hike to come. to 25 down by three -- nikkei 225 down by 3/10 of 1%. thai finance minister says the worst is over for the economy. we are taking a look at the korean yuan. the be ok pretty much cutting -- the bl k cutting the estimate. governmentwill buy bonds in case of access. get to events in the gulf of mexico. currently, we have hurricane laura. it could -- it is near to reaching category 5 in its power in its strength. it is on the verge of becoming the most powerful hurricane to ever strike the louisiana. it is tread that is it is threatening the region -- it is threatening the region with deadly storm surge. it could inflict more than $15 billion worth of insured losses. what we know is it has wins of 150 miles per hour. 240 kilometers. that is about seven miles shy of the most powerful storm category possible. matching the previous record breaker, which was the lost -- lostrcane of 1856 island hurricane o

jerome has worked as a fisherman for 30 years.ssionate about his job, but scared for his future because of brexit. he worries that if britain and the e.u. failed to reach a deal, french fishermen like him could be barred from fishing in waters off the u.k. coast. >> we are scared because u.k. waters represent 40% to 60% of our revenue. for us it would be catastrophic. reporter: for decades french fishermen have fished legally in british waters. british fishermen have the same rights off the french coast. jerome's father was a fisherman. his brother runs a restaurant. fishing links generations. being denied access to u.k. waters would be particularly devastating to the fishermen from the normandy coast. boats like this one are family owned and run small businesses. that is why so many fishermen say they won't give up their livelihoods without a fight. >> the british export some 70% of their fish to the e.u. if they throw us out of their waters, we will block our ports. no british boats will reach french soil. reporter: they have cl

and, friendly, helping jerome powell's stability -- frankly, helping jerome powell stability?i think so. the next six months are critical. the euphoria of the stimulus will start to fade. $4 trillion another or $5 trillion over the next six months. we are slightly pessimistic. they will be choppy waters. if i were joe biden, he may just repeat what happened to barack obama, who took office six weeks inore the market bottomed the financial crisis. eye on things an over the next six months. francine: what are the things you want to know for the next six months? volatility in markets, where extra stimulus goes to, or just who wins the u.s. election? because that changes portfolio management. chris: sure. mediacracy gete wound up about who will win, and there are other things that will move markets more for the long term. there is no doubt that covid news will move the markets even more than the election. if you get a fantastic vaccine that will clear the hurdles, that will be great news, no matter who wins. expect, youas we get setbacks in that area, or if unemployment remains st

federal reserve chair jerome powell announced the goal of keeping the inflation rate at about 2% annually. rateed has a plan if the drops or rises too much. chairman powell also discussed covid-19's impact on the economy. >> good afternoon, good evening and good night to our guests from 46 countries around the world in at least 12 different time zones. it is my pleasure to welcome you to the federal reserve bank of kansas city's economic symposium titled, navigating the decade ahead. implications for monetary policy. name is esther george, president of the kansas city fed. i'm pleased to be joined by federal reserve chairman jay powell as well as many of my colleagues from the federal reserve and by other central bankers, academics, public and private sector economists and members of the news media. foras been our custom nearly four decades to welcome you to beautiful jackson hole, wyoming, part of the region served by the kansas city fed. returning forward to to that setting next year. format, instead of expressing my gratitude to those who travel around the globe to attend the symposium

i will then catch up with jerome schneider of pimco.ng forward to the conversation about an hour from now. tom: that will be important. jerome schneider truly expert in the short term paper space. we will do what we have not done. we have looked at the stimulus and all the different news. the perfect tragedy in beirut. tiktok and idea of microsoft. with aindlain joins us broader view on where the industry is going. sarah, let me start with a million dollar question. there is a lot of angst about china, huawei, tictoc, and many more. is it justified. do we have evidence they're playing with our software? sarah: that is a very fair question. a historyy have seen in the past of chinese corruption, the supply chain issues, and we have a long-standing issue with piracy in china as well. what we are seeing in this particular situation where we is theking about tiktok government perspective is that tok is built using a series of algorithms that leverages the data users are uploading, that they can acquire their data for potentially nefarious p

chair jerome powell of the fed says the fed will allow inflation to run above the 2% target. but the fed has to confront multiple forces that are holding down inflation. and hurricane laura left chemical fires, wrecked buildings and flooded roads in its wake in louisiana. there could be more than $50 billion in insured losses. 700,000 customers were left without electricity. the hurricane has now been downgraded to a tropical depression and will through arkansas overnight. global news, 24 hours a day, on air and @quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i am ritika good. this is -- ritika gupta. this is bloomberg. tom: thank you so much. equities are up. nice lift as you would expect. the dollar is weaker. , as you would expect. in the young space, it is simple -- nominal yield is up. real yield, inflation-adjusted speed.s on that shows the dynamic of nominal yield and inflation expectations. now a story that has been front and center after four days of the rnc. here is the president of the united states. years, we

investors will be looking to jerome powell beach on thursday.is expected to talk about the lower rated fed's review. also speaking are andrew bailey and philip lane. alan higgins, cio of coutts and co. is still with us. the bond market is holding on to all details around inflation this week area what will you be looking out for? i know you are in general underway government debt. what are you going to be looking for from a u.s. treasury perspective? >> a may be interesting to the they will have inflation. we are seeing slightly higher inflation globally, quite natural after the amount of stimulus, actually cash injection. if you look at it from our perspective as an investor, what .e see is inflation rising the central bank is going to say we don't care. we saw this in 2011 where inflation went beyond that. interested -- i in that very interested 5, 6, seven number, the kind of numbers central banks find it hard to avoid. the nightmare scenario for bonds and risk assets, would be higher rates. for now there is a big tail risk. central banks actu

you heard there federal reserve chairman jerome powell side they should react.ederal reserve is making major changes to monetary policy going forward. the biggest change is that the federal reself would allow inflation to run hot. the price of what we buy could be more expensive for a period of time. the dallas federal reserve president said that that is not necessarily the case. it's price stability is what the average american will see. listen. >> it just says that we'll allow for a moderate overshoot of the 2% and when i say moderate, i mean moderate in the spirit of trying to get more people in to the work force. >> he voted for the change. back to you, bret. >> bret: all right. thanks, edward. maryland's governor says all public schools systems in his state are safe to reopen. republican larry hogan said the system have met a new set of regulations. hogan said some school districts don't plan to reopen is unacceptable. he's administration plans to offer financial incentives to reopen. in an e-mail, the parents of one district said that they will review the

in 15 minutes, jerome powell. this is bloomberg.ulcast. ♪ ♪ taylor: from new york city for our viewers worldwide, i am taylor riggs in for jonathan ferro. "the countdown to the open" starts right now. the equity rally stalling ahead of jay powell speech. investors gauging escalating geopolitical tensions and the economic impact of hurricane laura as it roars ashore in louisiana. this is u.s. jobless claims top one million for yet another week. equity bulls hoping the chairman echoes the dovish inflation comments from his colleague, esther george. >> i have never thought of 2% as a ceiling, but to stay focused on what anchors inflation expectations in the economy. from a communication standpoint, i think we will be talking about the kind of things that help us do a better job of achieving our objectives. taylor: joining me is michael mckee, our bloomberg international economics and policy correspondent. give us the key takeaways

autoridades de wisconsin jÉrôme detalles, el nombre del policÍa que le disparÓ siete veces en la espaldaotras durante estas manifestaciones en wisconsin. luego de ser captado abriendo con triple semiautomÁtico. muestra que tenÍa admiraciÓn por las armas, y tambiÉn por la policÍa. tambiÉn habrÍa presenciado este aÑo. por su cumpleaÑos el que la gente donara a una organizaciÓn a favor de la policÍa, tambiÉn habÍa por donde Él donde se ve posando con la idea salto. las protestas llegaron al deporte, en uno de los partidos de playoffs de la nba, entre milwaukee y orlando, fue escenario de algo inÉdito, los jugadores no saltaron al terreno de juego. el equipo explicÓ que la medida fue para jacob blake y que la policÍa a dar cuentas a respectos. los jugadores estaban pensÁndose lo mismo, barack obama reaccionÓ dice lo que estaba a favor de esta que era un paÍs hacer cosas así. borja: gracias. carolina: maÑana mas aquÍ en su "ediciÓn digital", lo esperamos con toda la informaciÓn mucho mÁs. gracias. ♪ ♪ >> >> el gobierno de california, dijo no estar de acuerdo con las directrices federales en c

didn't bring in any new players but his man management has been 2nd to none players like thomas millen jerome boateng who were written off in the in the past you know you saw a career as a pretty much and he has given them a new lease of life miller in particular has been fantastic to buy and that's now 29 of the welfare gains they've won by munich 6 champions league tight so yeah i should say how do you think that action he will go down in the history books by an astonishing look from hansie flicked on you look to another german at the at the helm of p.s.g. into almost focal and the question has to be asked did did he live up to his into the box and had a lot of talent on his as well yeah i think ultimately history will be very disappointed to ko i've had a very good run with them to get them this fall so the final they looked like a different team to the previous step his teachings or the played in the champions league a bit more perhaps mental toughness but they didn't really lay a glove on by and to be honest this evening i think to be disappointed that they had a few half chances and i'm

powell in part to thank for that >> jerome powell, of the fed board, has given a long-term put for zero for a long period of time this has led to an expansion of market valuations, and frankly, the president should kiss the chairman on all four cheeks, in my opinion >> is that a zoom background i don't think that was i couldn't tell. it looked beautiful. anyway, for more i'm with david balin, chief executive at city wide bank. brian, i'll start with you we have this well into euphoria territory, so what happens if this keeps going >> thank you for having us we actually just increased our number, reinstated our number. we were at 3400, now we're the 650. a rising tide type of markets n not only on the momentum, but the target sentiment messages, the best gauge of what sentiment is is actually talking to clients. in the majority of clients we talk to, and i've talked to more than ten clients this morning, considering our new market, and the market on march 23rd, and we were on your network on march 23 shd ta 23rd talking about the market, and we were at what we are ready to call a 20-year

tesla and apple aren't on fire because of jerome powell but elon musk and jerome cook done a fabulous job of running companies. for the ideas the fed's intervention is somehow unfair, i regard that as sour grapes anything the federal reserve does will be unfair to someone when you buy k tstocks it's on monetary policy. you bet wrong, end of story. back to the big winners. are there new valuations how long can they keep up this incredible move? let's start with the $2 trillion apple. i've been recommending this since it was at $5 it's now at $503 my haters admit i got this right. must have crushed them apple trades 33 times next year's earnings making it expensive for tech stock but is apple a tech stock if we value this like a consumee superior apple has great technology but the real value proposition is service revenue stream the 99% customer loyalty assures there is a lifetime value to everyone that buys any apple device you think proctor and gamble as that, colgate, clorox? no they have comparable valuations where they are and just like that apple makes necessities in this digital

yes, major market milestones are about to be shattered after federal reserve chair jerome powell shape shifts the fed's inflation target, which could leave rates lower and longer. the dow now positive for the year as the s&p and the nasdaq close in on all-time highs yet again. is a deal to buy tiktok hours away? as we reported here first, microsoft ceo speeding fastest toward the social media prize. now it's confirmed walmart has bet on microsoft's horse to nudge it across the finish line. the analyst who says a deal has been sealed and is down to the wire in a fox business exclusive. dan ives of wedbush, only here coming up. >>> hurricane laura leaves destruction in her wake as the energy world scrambles at this hour to restore power and get natural gas and oil operations back online. we are going to take you straight to lake charles, louisiana, where the eye went right over for a look at the on-the-ground damage. >>> and the boycotts spreading at this hour from sport to sport as america's top athletes protest racial injustice. the ceo of the company whose name is on the bucks' home a

late in the day news broke that jerome powell, is set to deliver a profoundly consequential speech at jackson hole on thursday this is the virtual version of it, with the aim to allow inflation to rise above the target for a long period of time. it is being compared to the dramatic efforts from paul volcker to arrest inflation in the early 1980s. this time it is set to spark inflation or better yet stave off deflation. it takes several dots to see how homeless woman with children will benefit from lower rates. but they have a better chance in an economy driven by investment and confidence in the stock market. certainly better than the alternative. i want to get to the perspective from two brilliant, two of the most thoughtful market pros come on the show from time to time. bny mellon chief investment strategist, alicia levine and divine capital dani hughes. this powell fed gets a lot of grief from a lost folks because they're pumping up assets. there is concern from the fed there is deflation out there. this is what roiled the global economy during the great depression, but once it st

federal reserve chair jerome powell as the fed could allow the rate to rise moderately above the targetit would maintain easing measures including keeping interestst rates near zero. rate h hikes would occur only after the job market and other areass of the u.s.s. economymy a clear recovery. speaking at an o online economi policy sysymposium, p powell stressed thehe importance of helping those on the bottom rungs of the labor market. >> maximum employment is a broad based and inclusive goal. this change reflects our appreciation for the efforts of a strong labor market particularly many in low and moderate income brackets. our policy will be informed by our assessment of the shortfalls of employmenent from the maximu level otother than deviatitionsm our m maximumum level as in our previous statement. this change reflects our view that a robust job market can be sustained without causing an outbreak of inflation. >> japan display has decided to sell its smart phone screen factory to apple and sharp. the struggling maker of liquid display panels is an apple supplier. the hack san plant in

investors are starting to look ahead to thursday when federal reserve chairman jerome powell is expected to address inflation. he will virtually address the annual jackson symposium and the central bank is expected to send messieurs that will push inflation higher to help the economic recovery. >> videoconferencing service zoom is back up and running after a rough morning yesterday. the service experienced an outage for some users leaving them unable to start or join meetings. soon says the issue started around 10:00 eastern time and that the fix was rolled out and serviced back up around 1:00. in a statement, the ceo apologized and promised to try harder to make sure such an outage never happens again. >>> kentucky fried chicken, it is good. afc is suspending its 64-year- old slogan, it is finger licking good, due to the coronavirus pandemic. health officials say people need to avoid touching their face to help prevent infection. the kfc spokesperson says the slogan will return in the future, when the time is right. that is your cbs money watch report for more, go to cbsmoneywatch.com.

. >> and you said that october, because it is coinciding with jerome powell coming in saying that the balance sheet is on autopilot, and then the market went down 20 1/2, and so backtracked since. i thought that the market rallied because of the news alert that jerome powell would make a profoundly consequential speech of how the fed measures inflation which is folly, and neither here nor there, and that simple that the fed is there, and they are going to continue to be there and continue to move the goalposts? >> i think that you are dead spot-on. i mean, that is exactly it. interest rates are down 62%. now, it does not mean that we went from 63 to 1, but we went from over 2% 10-year to 60 basis points. and let that sink in. and the direction of the interest rate is in a death spiral, and all going negative, and every interest rate is negative. no way out, right. if you have a lot of debt, you can pay it back, and no way to pay it back, and restructure it, and no ebb is going to take that, and default it, but then you are kicked eed out of offic deevaluate it. so you have made more m

initially as we know, jerome powell is not the greatest communicator, but he has gotten a heck of a lotin the last six months, perhaps by necessity. i think what they are trying to do is guide down expectations in investors not letting or main street get ahead of itself. i think the big thing is to recognize the covid remains for now. it is like whack-a-mole. you get it down in one place and it pops up in another place, these resurgence is that occur. and of course a risk of a second wave in the fall as well. but the idea is people are beginning to have a sense, as the market has had for quite a while, that we indeed will get by, not just get by, but get through this as a result of advanced technology, the ability of companies across the s&p as well as in development and health care, to deal with the situation. romaine: politics are front and dncer this week with the this weekend the rnc next week, and they will be front and center until the november 3 election. is there really election risk out there for investors? we seem to put a lot of importance on who was in office, but data over

♪ i needed your love ♪ i'm burning away ♪ ♪ i need never get old ♪ jack: on thursday fed chairman jeromeion policy that would keep rates lower for longer. so why is this important now? joining me is richmond fed president tom barkin. tom, let me make sure i understand this. we were targeting 2% inflation, and now the fed says it's targeting an average of 2% inflation. if i've got the arithmetic right, it means that we can run a little bit above 2 the % if we've been running below it for so long. i mean, basically, that we could keep rates lower for longer while we wait to see what happens with inflation. have i got that right, and why is this important now? >> yeah, thanks. i think you are -- i see this as a codification of over the last two years. the haas time we revised this document was almost a decade ago, and i think it's good for us to codify e that we have challenged a lower ground, we have challenges on maintaining inflation expectations and making sure you have enough firepower in a downturn. it's good to -- [audio difficulty] overshoots of inflation as we're trying to stabiliz

nbc's blayne alexander joins us from college park, in georgia, so the surgeon general jerome adams was in georgia to open that airport testing site, you had a chance to talk with him about that viral photo from a packed hallway with few students wearing masks. >> reporter: yeah, both he and governor brian kemp behind me, talking about the largest site here in the state with a capacity to test some 5,000 every single day, but day were both questioned steadily about what those images were, those images we coming out of schools last week that went back to school for the first time last week. the district got a lot of criticism from around the country as students packed in those hallways and very few of them wearing masks. governor kemp said he's not in favor of requiring masks when kids go back to school. he put that power with local superintendents. i pressed the surgeon general on that very same question, i asked him as public health official what was his response was when he saw that photo. take a look. >> when i saw that picture, these are kids who don't understand they're not going t

. >>> investors will be watching federal reserve chairman jerome powell's highly anticipated speech thisntral bank's annual jackson peed the feds' plan to let inflation run slightly higher than its 2% goal. also out this morning, the labor department's weekly jobless claims. >>> the food and drug administration has approved a $5 coronavirus test from abbott labs. the test is about the size of a credit card and can deliver results in just 15 minutes and according to abbott, has 97% accuracy for positive tests. the company hopes to have 50 million tests available by october. >>> jeff bezos is now worth more than $200 billion according to bloomberg's billionaires index. the amazon ceo is the first person to eclipse that mark. he is $78 billion richer than bill gates. he passed $150 billion in 2018. most of his network is tied to amazon's stock. which has been on a tear in the past year. watch report. for more, head to cbsmoneywatch.com. i'm naomi ruchim at the cbs broadcast center. >>> despite announcing record high sales, salesforce is planning to cut around 1,000 jobs. its revenue report

they will continue to push for aggressive fiscal packages and they will likely reappoint jerome powellthere will be a strong respect for the fed easing measures well into the midpoint of the upcoming presidency. and that is in line with the policies pushed by democratic candidates during the primary season. that is favorable to midwest industry. we would argue it will continue even if democrats win. real rates int the u.s. could respond even more nd -3% is not unthinkable. >> we think the real interest rate prices, the yields on 10 lower than fall even the 1% we are seeing right now. it is the lowest real interest rate for 10 years. -3% for the u.k.. we would not relet the possibility for the u.s. because the name of the game is to keep the interest rate as low as possible. in the u.s. political context, negative interest rates would be very difficult. as long as they keep that patience, if inflation starts going down due to macrononomic support and vaccine development, the interest rate will fall a lot lower than the levels we are seeing right now. >> thank you for your insight today.