>> i'm not sure jerome powell is a big fan of the dot plot. he will not reinvent the wheel in one meeting or one day. that being said, i do believe we'll hear if not at the press eight press conferences afters, every single fomc meeting. this will give them a lot more flexibility to be able to raise in r aughe 2nd and not have to wait for the september meeting. that is really the thing that markets are keying into. that mystery will have to be solved wn jay powell is asked that question, which i'm sure he will be asked the question right away. then the market will start worrying, will this happen in august and september? do they actually manage to have all four rate hikes before fall hits? adam: gary, that's a good point to bring up. i'm curious on main street what does that mean for my investments? this lack offied dance and the potential for jerome powell to start speaking after every meeting is that a good or bad thing? >> first off, the less they talk for me the better. too much talk adds to confusion. as for the stocks, the worst acting s

fed chairman jerome powell has snad growing optimism in the u.s. economy.e tried to reinsurer investors the ecb will not aggressively tighten monetary policy. officials raised interest rates by .25 points for the second time this year. at the same time, powell announced that starting i january, he would take questions from the media after every meeting. >> as chairman, i hope to foster a public conversation about what the fed is doing to support a strong and resilient economy. when practical step in doing so to have a press conference like this after every one of our schedule meetings. thate going to do beginning in january. it will give us more opportunities to explain our actions and to answer your questions. juliette: china's centralk has held off from raising borrowing costs following the fed hike. economic dedicating worse than expected. the world's second-largest economy showed signs of losing steam in may with an unexpected slowdown in factory output and lackluster retail sales and investment. ecb policyhere is an decision as well and will -- we will

this afternoon, jerome powell announced another interest rate hike, bringing the federal rate to 1.75%. to 2%. the new york times notes that the rate increase was the second this year and the seventh since the end of the recession. the last time the rate topped 2% was late summer of 2008. next, we show you the news conference where chairman powell made the announcement. it runs about 50 minutes. >> good afternoon. thanks for being here. i know that a number of you will want to talk about the details of our announcement today, and i'm happy to do that in a few minutes. be

let's get straight to steve liesman who is at the news conference with jerome powell earlier. steve? >> reporter: yes more to come the fed ranging by a quarter point. and it signaled further rate hikes ahead and what fed chairman jerome powell described as a robust u.s. economy >> i would te economy's in great shape if you looat household surveys, confidence is high. look at businesses, confidence is high. if you ask -- if you survey workers about the job market, they'll say that it's a really good envirment to find jobs. if you survey businesses they'll say that workers scarce so i think overall we have a really sod economy on our hands here. so what we're doing is we are trying to conduct monetary policy in y that will sustain that expansion, keep the labor market strong d keep inflation above -- right at -- sorry, not above, right at 2%. >> most on the fed believe the economy is now strong enough to withstand an additional two rate hikes this year. the previous consensus was just for one. the fed is now seen going above its long run rate in 2019. the long run rate is 2.9 bu

jerome powell praising the u.s. economy after interest rates were raised for the second time this year. more on that next. this is bloomberg. ♪ ♪ great,he u.s. economy is something you don't hear often from a fed chair, but it is what jay powell said yesterday after the fed hike rates. to fosterrman i hope a public conversation about what the fed is doing to foster a strong and resilient economy. one way to do so is having a press conference like this after our fomc meetings. we will do that in january. that will give us opportunities to explain actions and answer your questions. aix: joining us now is themberg view economist and vice president of global asset allocations for a bank. ofl us the significance someone who comes in and says press conference at every meeting, no for guidance. what kind of fed or we looking at? >> a rational fed that is truly data dependent. the day his name came up as finalist for fed chair i wrote he will implement for press conferences a year. the reporters ask him about it. he alluded

in fact, here is what the chair, jerome powell, is said at a press conference. nce . concerns powell, is said at a press conference. concerns about changes in trade policy are rising, i think it is that he said. you're beginning to hear reports of companies holding off on making investments and hiring people. right now, we don't see that in the numbers at all. the economy is very strong. the market is strong. growth is strong. we really don't see it in the numbers. something else that is not in the numbers: the potential disruption that a faster rate of interest rate increases could have on emergent economies around the world. already, india has warned the fed that by decreasing the number of dollars in circulation around the world, is coming economies like india's. but with a booming economy, a favourable fiscal environment, and the prospect of finally ending an era of accommodative monitor policy on the horizon, it is unlikely that the fed, so be present, will be considered with what the world thinks. so that was kim gittleson that now. let's stay with central

unlikely to be the last with the fed signaling they'll be two more races before december fed chairman jerome powell said this rise reflects the economy's resilience the strength of the jobs market and inflation finally nearing the fed's target levels but it also means consumers and businesses will pay more to borrow money the european central bank's policy committee is also meeting today and analysts are not expecting the e.c.b. to take a cue from the fed and also raise rates we'll have more on that in later shows. folks are now has agreed to pay a one billion euro fine as a direct consequence of the diesel gate's the comic or accepted an order by german prosecutors which saves the company a battle in the courts the emissions trading scandal has already caused v.w. a total of more than twenty five billion euros many in fines to u.s. authorities. v.w. is reeling after being slapped with another billion euros in penalties on top of that the company must pay in the u.s. as a result of the emissions cheating scandal around eleven million vehicles worldwide were involved. it would not appeal today's dec

. >> i did hire a number of years ago a young man to work at powell,group, jerome and now he has somee rates area. i ink he would do a better job on inflation than i did. tom: you have seen your transactional work in washington. to beirman powell going hindered by the fiscal expansion from president trump? >> it is a challenge when you have the deficits we have. we are running a $900 billion deficit this year. next year probably $1.2 trillion . we could see $1.2 trillion if we don't see the growth rates the government is projecting. that is something the federal reserve has to worry about. right now i don't think the wall street traders and bond people far as concerned about it as they will end six months. right now it is something to watch and the fed is worried about it. francine: good morning from london. wt e the anal spirits in the u.s. doing right now? >> what are the? francine: animal spirits. >> first, i think president trump clearly had a victory in ,orea hitting that meeting done whether you think he got everything he should have gotten or not, he had a victory in doing that

jerome powell press conference live at 2:30 p.m.ve complete post game analysis on the "countdown" as soon as that ends. that's tomorrow, it all begins at 2:00, press conference at 2:30. rate hike tomorrow looks like a certainty. there's nothing certain life, right? fed futures showing 90% chance of that happening, dennis gartman, the editor and publisher of one of the most de read publications on the street, the gartman letter. we expect the fed to make a move tomorrow. 96% by all accounts. >> probably 105%. >> very good. what about september? what about december? >> if you look around the economy, it's doing well. in southern virginia, help wanted signs everywhere, truckers are making 100,000 to $120,000 a year. shortages of labor. i don't think there's question that inflationary pressures are mounting. the fed is going to move in september and i don't think there's any question they shall move in december also. >> surely that speaks to healthy economy. we need to get back, after so many years of cheap money slushing around, gettin

the other risk would be inflation and jerome powell again is saying inflation is not really a concernhey have increased from the beginning of the year which has caused this to take down our equity allocation a little bit. >> jeff, one way of looking at this is to say hey, the people who got negative too soon have lost out on the markets continuing to perform really strongly, but then another way to look at it is, boy, a lot of these trade concerns maybe aren't priced in and that could be a concern which way do you lean on this, jeff >> well, i think you to break it down between the economic impact that phil talked about and the stock market impact. clearly stocks are not yet pricing in the escalation into a trade war. from an economic perspective right now we're looking at the dollar amount collected of tariffs as a percent of imports, 1.4%, the lowest in 200 years. if everything trump has talked about or threatened put in place, that would jump to 5%, still well below the 20% during the smoot/hawley era that viewers of "ferris bulers day off" would be familiar with, but it could be e

jerome powell said the economy is in great shape. >>> following the interest rate hike, stocks lost ground. the dow tumbled 119 points, the s&p 500 fell 11 points. the nasdaq lost 8 points. >>> shares of 20th century fox stocks soared. the comcast bid is a direct challenge to the bid on a ruling that approves at&t's takeover of time warner. comcast says fox's international presence like sky tv is a reason for its key offer. the fox television network and fox cable channels are not part of the deal. they expect disney to make a counter offer. >>> apple is making changing to make it more difficult for fbi to crack the device. apple says trying to protect countries where police seize phones at will. apple says it will protect all customers from hackers trying to extract sensitive information. the move comes as things heat up over user communications. >>> and beginning this morning you can legally start placing pets on sporting events in new jersey. the bogota casino in atlantic city will be the first to start taking bets. so far others have not made plans, however, they're able to do so. new

signal signaling they'll be two more races before the end of the year federal reserve chairman jerome powell said the rise reflects the economy's was illions the strength of the job market and inflation finally nearing the fed's target level but it also means consumers and businesses will pay more to borrow money over time the european central bank's policy committee is meeting today and analysts are not expecting the e.c.b. to take a cue from the fed and also raise rates. has agreed to pay a one billion euro fine as a direct consequence of diesel gate the car maker accepted an order by german prosecutors which saves the company a battle in the courts the emissions cheating scandal has already cost v w a total of more than twenty five billion euros mainly in fines to u.s. authorities three v.w. is reeling after being slapped with another billion euros in penalties on top of those that the company must pay in the u.s. as a result of the emissions cheating scandal around eleven million vehicles worldwide were involved said it would not appeal today's decision saying in a statement. by doing so

's you could use jerome powell comments. whether it is a risk off market matures reproaching that down. sometimes it is rebalancing a part polio that you do get at the end of the quarter. he is coming up with a number of reasons. it does tell you the market believes the economy is not accelerating at the pace that the administration thinks it is going to. moving quietly inching above that. clearly the market is aggressive. there are those who follow the yield curve closely. rather than looking at the 210 relationship look at the three months and 10 year relationship. wider andgap is doesn't indicate as much do. -- doom. this has many specialists just like in medicine and there is a group in the community that suggests that is not suggesting there is a recession in the offering and the economy is going to slow dramatically. needless to say this is going to be an issue. the market is watching it. that is the key. >> emerging markets are watching the fed. great story. 2018street reeling after upton's every bet. every bet.upends

to be the last the fed signaled they'll be two more raises before the end of the fed chairman jerome powell said the rise reflects the economy's resilience the strength of the job market and inflation finally nearing the fed's target level it also means consumers and businesses will pay more to borrow money over time the european central banks monetary policy committee is meeting today as well and unless i'm sure the e.c.b. will take a cue from the fed. i'm not joined by five yelena from the macro economic policy institute at the hands of brooklyn foundation and welcome to the studio dr was european politics emerging market turmoil is on shaky ground right now is it the right time for the fed to raise rates i think it is i mean the fed is really all about the american economy that has to take its use from the american economy inflation is quite high at the moment and two point seven percent unemployment is quite low at three point eight percent so this is a time to increase interest rates and everybody expected also the fed to increase interest rates is the fed's mandate of course to look a

. >> federal reserve chair jerome powell announced another interest rate hike bring in the federal funds rate to a range of 1.75, 22 pacific the chair also signaled that two more increases are likely in 2018. here's his washington, d.c. news conference. >> good afternoon and thanks very much for being here. i know that an number of you will want to talk about the details of our announcement today, and i'm happy to do that in a few minutes. but because monetary policy affects everyone, i want to start with a plain english summary of how the economy is doing, what my colleagues and i at the federal reserve are trying to do, , and why. the main take away is that the economy is doing very well. most people who want to find jobs are finding them, and unemployment and inflation are low. interest rates have been low for some years while the economy has been recovering from the financial crisis. for the past few years, we have been gradually raising interest rates, and along the way we've tried to explain the reason behind our decision. in particular we think that gradually returning interest ra

this afternoon, jerome powell announced another interest rate hike, bringing the federal rate to 2%. the new york times notes that the rate increase was the second th

one of the-- matt: things i've noticed is jerome powell and the fed have been good communicating withket. ,here have been assets especially in emerging markets, that have seen rapid swings. a lot of people say due to fed policy. vitor: there is a connection no question about it. that happened several times before when two things go together. there is an increase of interest rates in the u.s. and companies buy an appreciation of the dollar. this increases the burden of that in many terms and economic agents and the emerging world which is a headwind against growth. that normally creates trouble and -- in emerging markets. is more thanens just the fed policy is the combination of fiscal and monetary policy in the u.s.. rate.s. has an employment -- has anbang -- an unemployment rate of 3.9%. at the same time the government decided on a fiscal stimulus which is a must as big as the one at the peak of the crisis. which then of course will lead monetary authority to be preventive in regards to inflationary pressures and will rates andcreasing the deficits. the u.s. may end up in a situation

jerome powell expected to announce a rate hike as mario draghi considers ending the ecb bond buying program. we will talk with andrea jelinek , chair of the european data protection board. an immigratiellion in congress is quelled for now with withromise of talks congressman jeff denham of california. investors and sitting on their hands somewhat today ahef the fed'terest rate unnt. stocks rising for the second day, all these currencies gaining against the dollar today. we are seeing bond yields declines in all of these countries. love this chart. uncertaiy over italian politics and the prospect of a hawkishcb tilt has prompted an exit from the largest exchange traded fund invested in european shares. investors pulling $231 million from the bank on monday, the most since the aftermath of the brexit vote. yanking $317 million from the fund in the previous couple of days. the outflows fueled by rotation in favor of u.s. stocks. wonderful chart to start the show. results, a gross margin be provided some relief for investors. third-quarter sales missing expectations. clothinges the spanish reta

jerome powell announces the second interest rate hike of 2018. live on the c-span networks thursday. house continues work on a number of opioid related bills. on c-span2, the senate on the 2019 defense programs measure. on c-span3, president trump picked to be u.s. ambassador to along with testifies other state department nominees at a confirmation hearing. foreign relations committee hearing starts at 10 :00 a.m. eastern. house democrats and republicans face each other in annual congressional baseball game at 7:00 eastern. today, how speaker ryan told reporters republicans had come to an agreement on a path forward for immigration legislation. an article from sea to rollcall explains lawmakers from the moderate wing, some being targeted by democrats, struck an optimistic tone. they have sought to use a discharge position to pull vote on legislation. legal status to undocumented immigrants known as dreamers. a look at the announcement and more from speaker ryan's weekly news conference, next.

an outside possibility that jerome powell does it in july as opposed to september.s getting nervous that the volatility and the insecurity continues, they absolutely want to raise at least one more time. that is something that is important for them. they might preemptive and do it sooner rather than later. it is a small probability but it would not be unheard of. mentioned volatility. i want to bring up this chart. volatility has been kind of low. it is starting to pick up at nowhere near the levels of what we saw around january and february. you look at this chart and that is vix in white. does this show you complacency, markets mispricing, or does it show you that investors, sort of like the boy who called woof, they are tired? become located answer is it is a little bit of all of them. there is complacency that the economy is growing a robust pace. investors are leaning back on that and saying corporate earnings are stronger, economies o our growin -- economy is mispricing ishe making the assumption that everything is going to continue and this is just chatter an

jerome powell signaledhere will be two more increases by the end of the year. thisacts h nationwide. mortgage applications had dropped dramatically by 15% since last year. >>> hundreds of protesters demanding the president end his policy of separated immigrant families at the u.s. border. today's protest comes just after weeks after jeff sessions announced a new plan to ecprose every undocumented immigrant crossing the u.s./mexico border. under the policy, the children of those detained migrants are separated from their parents and held in separate facilities. >>> a big boost for sjc, san jose international airport. a $10.3 million infrastructure grant has been anoupsd. the money will be used for the apron where planes park and load and unload passengers. no word on when the construction will begin. >>> the man dubbed as jogger joe was in court on robbery charges after he was seen clearing out items of a homeless man. hairy cente faces second degree robbery charges. his attorney sayss up with unsafe conditions. the defense attorney said he had tried helping the

jerome powell went out of his way in this interview to laud how strong he thinks the economy is.id we shouldn't be worried about it. >> he said what i have been saying the last several m the fundamentals in this economy have pea involved to the point where we feel strength. the fedex pressed they -- the fed expressed today that they feel what the american people have been feeling. i think what we need too is take a step back and top release ourselves from the constant fed watching and pearl clutching and hand wrig that goes with it. prognosticators have been looking at it and saying if we are going to get clarity from the feds, what does that look like in terms of expectations? charles: chairman powell said thmy has been doing extraordinarily well. he said there will be more jobs out there, wages will start increasing, and even folks on the margin who couldn't find work, they will start to find work. why are you hiking rates now? he didn't answer it clearly. in my mind he dodged that one. does the fed get involved, particularly when this economic renas bubbling up and gaining mom

. >> federal reserve chair jerome powell announced another interest rate hike bring in the federal funds rate to a range of 1.75, 22 pacific the chair also signaled that two more increases are likely in 2018. here's his washington, d.c. news conference. >> good afternoon and thanks very much for being here. i know that an number of you will want to talk about the details of our announcement today, and i'm happy to do that in a few minutes. but because monetary policy affects everyone, i want to start with a plain english summary of how the economy is doing, what my colleagues and i at the federal reserve are trying to do, , and why. the main take away is that the economy is doing very well. most people who want to fin

jerome powell expected to announce a rate hike as mario draghi considers ending the ecb bond buying programl talk with andrea jelinek , chair of the european data protection board. an immigratiellion in congress is quelled for now with withromise of talks congressman jeff denham of california. investors and sitting on their hands somewhat today ahef the fed'terest rate unnt.

jerome powell is repeating the case he laid out for raising interest rates, telling the ecb form i portugalhere is broad support among fed officials for tightening. andited low employment balance risk. hit dozensn track to of u.k.-based company's with a prey brexit tax bombshell. they could lead to bills totaling more than $1.3 billion. the eu it is investing a constable tax break for multinationals based in the u.k., four dozen businesses have warned they could face big tax bills. global news 24 hours a day, on air and at tic toc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am courtney donohoe. this is bloomberg. mark: coming up, battle of the charts. the crude reality is that the fed cannot ignore oil. we will explain next. this is bloomberg. ♪ botc, you can see them on the bloomberg are running the g tv . take away. -- taken away. >> g4 + inflation, european union, u.s., japan come u.k., and china, year-over-year cpi against price of brent crude. we hear that central bankers say transient energy and food prices do not impact inflation.

. >>> plus at the top of the hour we got the fed decision on ines followed by jerome powell's news cfenconree. all of tt is ahead we are back in tw t more. t more. that's why i switched to the spark cash card from capital one. with it, i earn unlimited 2% cash back on everything i buy. everything. and that 2% cash back adds up to thousands of dollars each year... so i can kp growing my business in big leaps! what's in your wallet? when it comes to travel, i sweat the details. late checkout... ...down-alternative pillows... ...and of course, price. tripadvisor helps you book a... ...hotel without breaking a sweat. because we now instantly... ...search over 200 booking sites ...to find you the lowest price... ...on the hotel you want. don't sweat your booking. tripadvisor. the latest reviews. the lowest prices. . >>> welcome back to "power lunch. we countdown to the fed decision here at home a. big cnbc interview across the pond. steve sedgwick getting an exclusive with theresa may, the uk prime minister. steve joins us from 10 downing street in london. >> we talked about tech, we talked about

jerome powell has signaled growing optimism in the emailer can economy. -- american economy.sustain its expansion by aggressively tightening monetary policy. inell announced starting january he will take a questions from the media every meeting. i hope to foster a public conversation about what the fed is doing to support a strong economy. one step in doing so is to have ess conference like this after eve meeting. we will do that beginning in january. they will give us more opportunities to explain actions and answer questions. >> we will bring you the ecb policy decision like era at 12:45 p.m. u.k. time -- live here at 1245 u.k. time. he willt trump says confront china very strongly over trade in the coming weeks. he told fox news that china could be a little bit upset, whprsingisnal relationship with president xi. said one of its died above thely ocean because of trouble with its engine. feet apartwere 1000 in altitude when one plane was affected earlier this week. global news on air, 24 hours a day and at tic toc otwitter, powered by more than 2700 journalists and analysts

jerome powell and the bank of japan governor will speak after mario draghi said the bank would take aatient approach to monetary policy tightening looking at the yields over the last few hours, you can see it, they are coming back significantly better compared to yesterday. seeing an idea that if you look at european bonds in particular, they are now less risky compared to yesterday the ecb's novotny said this morning that instability in europe is more political than economical my colleague, annette, is in sintra does this seem to be a hint at a rate hike the end of summer based on your conversations? >> not really. there's so many people on the governing council who have different opinions of what actually has been said the terms throughout summer is provoking discussions. we have some saying that this means clearly at the end of summer, at least throughout the summer of next year, it's for them a clear definition that it's not before the end of summer others are saying it's like the window that it could happen during the summer. so we collected some voices in interviews on that topi

. >>> speaking after the federal reserve chair jerome powell outlined his thoughts. >> we've seen inflation move gradually up towards the 2% objective. part of that has been idiosyncratic things dropping out from last march, which were holding measured inflation down. part of it is the continued tightening in the labor market and the economy more broadly pushing inflation up we continue to think and the committee continues to think that we are just about at our 2% goal, but as i mentioned not ready to declare victory until we sustain that. >> it must be said that a hawkish fed has markets now trading in the red this morning. it is another big central bank day as well. we have the european central bank, the ecb meeting later today in riga. observers are keen to hear any details on whether they plan to wind down the bond buying program. annette is in frankfurt with the latest since the chief economist, pratt, made those comments, there has been excitement about today's meeting being a live meeting. we should get hopefully clarity and the plans for quantitative easing what can you tell us >> t

higher rates are meant to keep the economy from overheating and keep inflation under control.sot jerome powellderal reserve chairman "we think that gradually returning interest rates to a more normal level as the economy strengthens is the best way that the fed can help sustain an environment in which american households and businesses can thrive." rising interest rates affect millions of americans. it helps determine the price to borrow through mortgages, credit cards and other loans.rising rates can be a problem for people and companies that have a lot of debt.as the fed boosts rates on financial institutions, the banks then tend to also raise interest credit cards, auto loans, small business loans and home mortgages. but other consequences of the rate hike may actually make you áricher. when the fed raises the rate, returns on things like bonds and savings accounts also tend to rise -- good news for many retirees. (vicki) ahead at (vicki) ahead at nine... target facing backlash over a greeting card offered for father's day... what it said that has the big retail giant issuing an apology and

jerome powell painted a rosy picture of the economy saying wages are rising. lower unemployment in the future. >> i think we do believe it has moved on significantly over a long period of time. it seems to be driven by slow-moving variables like the education level, functioning of the labor market, things like that. it may have moved on, to on a cyclical basis lower if the economy gets higher and higher. >> price of oil to the end of the year. an increase in inflation because of that. another uncertainty is trade policy are rising a think it's fair to say. also coming are beginning to you for the companies holding off on hiring people. right now we don't see that in him the numbers at all. >> the fed chairman says the corporate tax cut will speed investment and drive worker product dignity which will increase output and income. talk to you. cheryl: president trump said to me with this top trade advisers today on whether to activate tariffs on chinese goods. "the wall street journal" reported late yesterday afternoon that senior trade officials have agreed that

jerome powell will hold conferences after every meeting instead of every other.s may mean they will raise rates more frequently in 2018. a concern is trade. the trump administration may hit china with $50 billion in tariffs as early as tomorrow. >>> federal judge approved at&t's purchase of time warner, parent of cnn. in december, fox agreed to sell disney for $52 billion, but comcast is now formally offering a higher cash offer of $6 5 billion -- $65 billion. stocks rose to a record high yesterday. >>> and apple introducing a feature that blocks third party hacking tools. it disables data transfers. a popular method for law enforcement. this will reignite tension with the law enforcement and apple. tech companies object and they are citing privacy concerns. privacy versus crime. >> we likely have not heard the end of that. >>> iq scores are falling and research shows genetics are not the reason. brighthouse financial allow you to take advantage of growth opportunities... with a level of protection in down markets. so you can be less concerned about your retireme

federal open market committee chair jerome powell as he and friends decide whether to raise interest rates, wondering whether three or four rate hikes for the cards for 2018. anything that comes out of the federal reserve meeting could move the markets but keep in mind president trump's historic meeting with north korean counterpart, listen we shouldn't call kim jong-un counterpart, a dictator and murderer, but that said, the president will meet with kim jong-un for now in singapore. the ecb decision as well on the 14th whether to stop and finish out its stimulative asset purchase program. a lot going on, so i thought let's bring in the floor show traders and ask which market moving catalyst they're keeping eye on. which has the potential power to move the markets most next week, what do you think? >> the one that has the most to move the market would be the fed. that would be if they didn't raise rates, you start the question about america's strength in the economy. that would be the one i would look at the most. i don't expect a whole lot out of north korea other than a summit to g

this afternoon, jerome powell announced another interest rate hike, bringing the federal rate to 2%. the new york times notes that the rate increase was the second this year and the seventh since the end of the recession. the last time the rate topped 2% was late summer of 2008. next, we show you the news conference where chairman powell made the announcement. >> good afternoon. thank you very much for being here. i know that a number of you will want to talk about the details of our announcement today, and i'm happy to do that in a few minutes. because monetary policy effects everyone, i want to start with a plain english summary of how the economy is doing, what my colleagues at the federal reserve are trying to do, and why. the main take away is that the economy is doing very well. most people who want to find jobs are finding them and interest rates have been low. the economy recovers from the financial crisis. for the past two years, we have been gradually raising interest rates, and along the way, we have tried to explain the reasoning behind our decisions. in particular, we th

the head of the fed jerome powell. >> the economy is doing very well. most people who want to find jobs are finding them. unemployment and inflation are low. >> that may not sound all that arkable to you but if you were around in the era of alan greenspan fed chairman rarely speak plainly. that was powell's first press conference, he was easy to understand, makes my life easier. police agencies are angry at apple. the cupertino company is going to plug a security hole that law enforcement and bad guys were using to crack open phones without a password. apple and the law enforcement community have been at odds since san bernardino shooting when apple would not open the terrorist iphone. feds were able to open it anyway. take a look at this, this is a proposed train terminal with high-speed trains that will take people from chicago to o'hare airport. elon musk will announce this today alongside the mayor of chicago. here is what it might look like. can you go from the loop to the airport in just 12 minutes. high-speed trains like you see here similar to w

reag life a briefing by jerome powell. >> i know a number of you will want to talk about the details of our announcement today, and i'm happy to do that in a few minutes, but because monetary policy affects everyone, i want to start with a plain english summary of how the economy is doing, what my colleagues and i are trying to do and why. the main take away is that the economy is doing very well. most people want to find jobs are finding them. unemployment and inflation are low. interest rates have been low for some years while the economy has been recovering from the financial crisis. for the past few years, we've been gradually raising interest rates and along the way we've ied to explain the reasoning behind our decisions. in particular, we think that gradually returning interest rates to a more normal level is the best way the fed can help sustain an environment in which american households and businesses can thrive. today we've taken another step in that process by raising our target range by a quarter of a percentage point. my colleagues and i meet eight times a year and take

jerome powell said the u.s. economy is in great shape. not long from now, we hear from the ecb.up summit. crownir putin and the prince of saudi arabia will discuss how to boost oil production today, while they're watching their country's play each other in opening match of the world cup in moscow. they're trying to work a successful deal to control output. russia wants a larger increase than the saudi's do. allied, scottan pruitt says he might have to resign. he is under the gun for a number of ethical lapses. the latest was a report he used an aide to help look for a job for his wife. something needs to change and one of the alternatives is for scott pruitt to leave. terrifying moments over the pacific for passengers aboard an airbus. it ran into turbulence from another superjumbo and plunged for 10 seconds. one passenger called it a nosedive. the airplanes have been separated by 20 miles and 1000 feet in altitude. global news 24 hours a day on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm taylor riggs, this is bl

london time where stephanie will be joined by jerome powell, mario draghi, and -- that taken first oflacent when it comes to trade concerns. marioo you expect to see be?hi's message to will he try to reassure the markets the ecb is not so far behind the global cycle they would not have the tools left? >> i think we have had a lot of emphasis from mario draghi this week building on what he said last week. on optionality, flexibility, he keeps underscoring that they have laid out this path for gradually tightening policy or at least removing that extremely , but keepsng pointing out we are not stuck on an end of the year target on when we raise interest rates for the first time, on when we start reinvesting. all these things could be changed in response to global conditions. some people say you talk about the little flexibility you have, but i think that will be the message. the central bankers look at possible trade war's? like most people looking at the global economy have said that kind of tariffs we are talking about, the share of global imports, even the share of u.s. imports, is s

i tell you what, it got a great supporting role in jerome powell's press confe potential impact on inflation. the fed raised outlook for inflation to 2.1%. that's above the 2% mark they've been trying get to for many, many years. mr. powell said d worry about inflation right there, we are not ready to declare victory on inflation. a lot of it has to do with rising oil prices. oil prices, increase in the tax cuts is going to increase oil demand, that could be stimulative for the economy, but thinks that that run-up above 2% inflation is going to be transitory. but they also removed concerns, raising the risk factors for inflation. they took out of statement about the consistently low inflation components in the economy, and that was really good for gold. on the initial run, we saw gold dip , came back when they talked ation. back to you. melissa: phil, thank you. connell: busy after-hours session, much more to come. a war of between house republicans and the d.o.j. heating up after e-mails show the deputy a.g. rod rosenstein threatened to subpoena republican lawmakers and their aides. jim jor

the second hike since jerome powell took over.l it translate for consumers. >> so it's the 7th hike they've done in the last two years and they've committed to another three hikes next year as well. so a little more than halfway through the process and markets did turn red once the markets came out. but they're hiking because the u.s. economy is strong and it's also a it's a good thing for savings, what it means is it's likely that your mortgage bills and credit card bills will get a little more expensive. an extra 25 basis points equates to $1.6 billion in extra finance charges. i want to bring your attention to comcast news, we talked about this yesterday. at&t had their approval now to acquire time warner and so this has repercussions for the industry. comcast have formalized their $65 billion bid for fox's assets. this is higher than some estimates of $60 billion and of course it puts them in a bidding war against disney. the disney bid is for a little bit of financing. comcast's bid, the parent owner of this company is all ca

federal reserve chairman jerome powell making the announcement just a few minutes ago and collin mcshanesiness network joins me now to explain what happened and what it means. >> most of it, dana, is what we expected. the new fed chairman is starting this news conference in washington now which may give us some of the unexpected. we will see what he says to reporter questions. they raised the overnight banking re. we basically knew that was going to happen. was debate about how many interest rate hikes the fed will have in total this year. this is the second. now, the median forecast, if you look at all out committees together is for four total this year it had been three. basically, if you read into that, you look the economy has been doing well. interest rates have been going up as a result of that the economy continues to do well and interest rates ntinue to go up. for those reasons, it's all good. stocks have moved a little bit lower since then. treasury yields which we would expect have moved a little bit higher since then. see what powell has to say and there will be headlines comi

here is the new head of the fed jerome powell. >> the economy is doing very well. most people who want to find jobs are finding them. unemployment and inflation are low. interest rates have been low for some years while the economy has been recovering from the financial crisis. >> that may not sound all that remarkable to you, might have even sounded boring. if you were around in the era of alan greenspan fed chairman rarely speak plainly. that was powell's first press conference, he was easy to understand, makes my life easier. apple security company is going to plug a security hole that law enforcement and bad guys were using to crack open a phone without a password. law enforcement has been at odds since san bernardino shooting when they wouldn't open terrorist iphone. they opened it anyway. they are going to dig a tunnel from downtown chicago to o'hare airport taking people from the loop to the airport in 12 minutes using high-speed trains like this one. importantly chicago is not going to pay for it. musk and the boring company will get the financing for chica

scarlet: special programming note, mario draghi and jerome powell of the federal reserve will be joining panel on central bank policy in central portugal tomorrow. we will have coverage starting at 9:30 a.m. new york time. it's time for a look at some of the biggest business stories in the news right now. pharmaceutical giant is on track to complete a two-day $21 billion fundraising drive. completed abayer deal on monday. thisthe second biggest year. wells fargo may restructure its wealth management business. the bank is looking for $4 billion in cost cuts by the end of the next year. a spokeswoman says wells fargo is reimagining the wealth management group. that could mean losing about 1000 jobs through attrition and also cutting 100 regional managers. verizon plans to stop selling data through intermediaries that pinpoint the location of mobile phones to outside companies. outsidersas allowed to track wireless devices without their owners' knowledge or consent. commercial uses for this geolocation tracking could include tracking. the so-called launch with gf initiative looks to narrow

eastern, followed by jerome powell's news conls what will he say about the path and future hikes, wherein the economy plus, we'll hear from representative kevin brady of the house ways and means commtee, his take on trade, north korea, taxes, and much more and bill gross will be with us janice henderson on the future of rates and market implications of the fed a big show live from washington and the nyse ahead on "power lunc "halftime report," though, is back after this break. >>> missed the blit, the call of the day, or nielunusual activity no problem, go to cnbc.com/halftime to see the moves, the trades, who's winning and whose. losing plus, breaking news and analysis just go to cnbc.com/halftime - i love my grandma. - anncr: as you grow older, your brain naturally begins to change which may cause trouble with recall. - learning from him is great... when i can keep up! - anncr: thankfully, prevagen helps your brain and improves memory. - dad's got all the answers. - anncr: prevagen is now the number-one-selling brain health supplement in drug stores nationwide. - she outsmarts me ever

point rise to now sit at one point seven five to two percent we announcement from fed chairman jerome powell reflects the economy's resilience the job market strength and inflation that's funny nearing the fed's talk at level but the move what it means that consumers and businesses will face high or low rights over time. and i want to bring in our financial correspondent in new york now yes yes how is this news going down there on wall street. well we see a mixed reaction here on wall street slightly to the downside higher rates are good news for financial institutions so bank stocks for example trading to the upside on the other side higher interest rates or could also drive mortgage rates higher and that does put some pressure for instance on the housing stock so a slight negative reaction on the right decision by the federal reserve and he himself as the rate rises this year. yes the federal reserve is unusually clear on the past looking forward to overall the federal reserve expected for interest rate increases in twenty eighteen so we've seen two already meaning another two are to come

country the fedunal reserve and plans to keep raising interest rates today, as the economy booms and jerome powell said the ongoing economic recovery justifies today's actions. >> the decision you see today is another sign that the u.s. economy is s greatpe. the decision you see today is another sign that economy is in great shape, that's what you're seeing, r many years held rates low, as we get closer to statutory goals we should normalize policy, that's what we've been doing for years now. federal reserve would be looking at incoming data to determine when to stop raising interest rates. >> $65 billion in cash offered for 20th century fox, sets up a battle with disney which offered $52 billion in stock for fox. &tsterday a federal judge approved s takeover of time warner. ay on wall street t stocks dropped after the latest neterest rate increase. the dow industrial average lost 119 points to close at 25,201. the nasdaq fell eight points. the s&p 500 slipped 11. and: the world cup will return to north america for the first me since 1994. soccer's international governing body, fifa, announced tod

flanders will hosting the heads of various central banks globally, including mario draghi and jerome powell but plenty more from -- that is tomorrow, but plenty more from sintra today. this is bloomberg. ♪ guy: welcome to bloomberg markets, this is the european open. we are live from our european headquarters. i am alongside matt miller. matt: preparing for the big panel tomorrow with mario draghi and his big central bank counterparts. he will speak later today. we spoke with larry summers earlier this morning. there is a lot more to come out of portugal. 4 it looks like it

jerome powell announces the second interest rate hike of 2018. >> c-span's washington journal live every day with news and policy issues that impact you. coming up thursday morning, michigan republican congressman fred upton discusses combating the opioid epidemic and north carolina's democratic, is meant david price will join us to talk about the state of the available correct. american foundation for suicide prevention vice president john madigan will discuss rising suicide in the u.s. be sure to watch c-span's washington journal live at 7:00 eastern thursday morning. join the discussion. >> earlier today, how speaker ryan told reporters that republicans came to an agreement for a path forward for immigration legislation. lawmakers from the parties forrate wing targeted defeat by democrats struck an optimist tone. they saw to use a discharge petition. it would' s