we will be waiting to hear from jackson hole and jerome powell later on.eave the european equity session? tom: wall street ending in the red as a result of those two risks coming to the fore. it's been more nuanced in asia. futures in the u.s. pointing to some modest gains. in europe, you saw it close yesterday as well in the red modestly. one of the only sectors that remained in the green was media. as we start the open, the german dax down 0.1%, similar territory for the french cac. in terms of the ftse 100, you are looking flat at this stage. in spain as well. the focus remains on jackson hole, the fed, jerome powell and whether or not he outlines some details around the framework for tapering some of those debt assets. anna: let's think about where the markets go from here. european equity markets opening pretty flat as we wait for things to kick off at the jackson hole symposium. global markets will be watching for any hint on the fed's timeline for tapering asset purchases. this comes after hawkish comments from a range of fed governors, including ka

investors wait to hear from jerome powell at the virtual jackson hole gathering.hey way a second term for the fed chair. plus. >> we will not forgive. we will not forget. we will hunt you down and make you pay. tom: biden vows retaliation after a pair of bombings in kabul leads does instead and complicates the already messy u.s. withdrawal. supply chain snags turning to a chronic headache. we bring you our interviews with the ceo, gm, and president of chinese ev maker -- up next let's check in on the markets. i want to show you what we are looking at today as we guerra for jay powell's speech at jackson hole. this is what it's all about. the tapering of nbs securities held by the federal reserve and treasury holdings as well. just a recap and highlight for you. you are looking at 5.3 trillion on the fed balance sheet. nbs, 2.5 trillion. it's the pace, it's the timing, and to what extent this will be sustained before there's a pause. when the rate hike cycle starts. let's check in on the markets in terms of china. you've seen tech coming back. closing out for the s

bloomberg learned janet yellen has told senior white house advisors she supports reappointing jerome powellchair. the white house has been casting a wide net for possible candidates, with powell's four-year term set to end in february. the u.s. treasury secretary would increase powell's chance of reappointment. lg shares tumbled the most in 12 weeks after general motors recalled its volt electric vehicle over the risk of battery fires. the u.s. carmaker wanted lg to cover the cost of the recall, which could reach $1 billion. gm is to replace every modules and more than 73,000 cars. shares in china ever grand have fallen on reports that it may sell its hong kong headquarters building at a loss. the developer could get 10.5 billion hong kong dollars, less than the 12.5 billion it bought it for in 2015. that's the bloomberg business flash. anna: thanks very much, laura wright in london. the latest poll shows support for angela merkel's party and its affiliate party has slumped to an all-time low. the social democrats have risen to an almost for your high. maria tadeo joins as from berlin. good

fed chair jerome powell using bedside manner to assuage the fears of investors. his message there will be temporary and it could begin this year but the fed has-year-old, thanks a lot. as wall street fears wall street gross pessimist. there will be economic ramifications. and all-star panel of economists. president biden having the worst stretch and white house history, his approval rating in freefall and could trip up his aggressive spending and taxing greens. what does it mean for the economy. the so-called smart money, thought the retail was imminent so they created an etf that was called empty for brick and mortar stores. all that and more on making money. when i was growing up there was a show called marcus welby m.d.. when doctors still made house calls. he had the best bedside manner and i couldn't help thinking about him as jerome powell, the fed might wait too long for accommodation, it creates pain for investors. moreover his comments, at the fed, investors ready for taper bring committing to some point later this year. maybe they won't have the usual t

host: jerome powell speaking about this issue of inflation. we are talking with thomas hoenig about the u.s. economy. jerome powell, we have heard him say before that inflation is expected to moderate in the coming months, perhaps by the end of the year. do you agree? guest: i think over time it will moderate. i think the transition will be longer than what i have heard him say and others among the fomc. monetary policy continues to be highly accommodative. i think that will have an effect on demand going forward that will keep some upward pressure on prices. i think the supply issues will moderate more slowly. as inflation embeds in the economy, it carries its own way forward. real wages have been falling, and they have. i think we will see more pressures from labor to bring wages up. that will be somewhat inflationary. you can see why they would want those up. i think the fact that we are now in the process of passing an infrastructure bill, which people say we badly need, and i would agree, but there will be additional deficits with that th

we have to think that jerome powell is to give some tidbits of a hint of what is forthcoming in terms of tapering we don't think it will be very specific we think they're going to wait for the fomc meeting for that but we do believe the market will be watching today and listening and jerome powell knows that the fed is very sensitive to the status of the economy, both weaknesses and strength. we think they've managed this fairly well so far and we think they will continue to. so all eyes and ears for jackson hole >> ryan, how do you expect powell to approach this topic of the taper? >> i think we need to get some indication of the tapering and also we have this huge human infrastructure package that may get passed on capitol hill i expect the fed will hold off on any real indications until we know how much stimulus will be pumped in. when we know more of the physical situation, we'll know more on the monetary at the end of the day it's coming whether it's next month or next year, at some point we'll see tapering and the fed start to raise interest rates and the bottom line the economy

i don't want to be in the bank because i don't trust jerome powell here. i think he's going to have to sound a little doveish tomorrow because he has to see how these 11 million people coming off the federal roles in what a week and a half or so, that the next two months these labor markets going to have to absorb them and before he makes any commitment or sounds like he's making a commitment he has to see how well that absorption goes. liz: let's just make it clear. the reason financials start to move higher when they believe interest rates are going to at least tick up is simply because lending becomes more profitable to them, and i think you're right. i do not believe that jerome powell is ready or has that so-called sort of financial courage to do this. not many federal reserve chairs do, okay? we have to go back to the reagan era, to see that happen. we thank you both very much on a very difficult day. sarge guilfoyle, scott kimball. the dow jones industrial is down 199 points. car sales on the verge of pulling a 180 in the opposite direction, accordi

what kind of thing that you expecting to hear from jerome powell today?expecting to hear from jerome powell today? great to be here, and i'm honestly _ powell today? great to be here, and i'm honestly not _ powell today? great to be here, and i'm honestly not expecting i and i'm honestly not expecting fireworks from this meeting. i think most market participants are expecting some sort of tapering and whether we think is gonna come in october, november, december, it is reallyjust a matter of really just a matter of semantics reallyjust a matter of semantics at this point, what is consistent is that tapering is consistent is that tapering is very, very different from tightening, so we are still having a very accommodative monetary policy backdrop, regardless of a in purchases, it's going to be a long tail to this and that is definitely supportive of markets. 50 supportive of markets. so tapering _ supportive of markets. 50 tapering just to supportive of markets. so tapering just to explain is the easing off of point of easing. will he play for time? is he

treasury yields are holding onto gains made after jerome powell's comments at jackson hole. the 2021 peak, will they ever make it back up again? we discuss that and more with our markets live strategist who joins us next. ♪ anna: welcome back to the european market open. 52 minutes into the session. several negatives for london, but elsewhere making modest gains. we are just about holding on to the levels of treasury yields we saw in the wake of jerome powell. a downward move in yields this morning. where do you see yields heading? >> i think 10 year rates are lower and i think around one or nine is where it is indicated on my model. if you look at the terminal, traditionally toward the 10 year yield, it is now quartered around 145 basis points. the market is saying look, whatever the fed does between now and the time it is done with taper and rate hikes, the amount will not go much beyond on the key benchmark rate. there is no particular incentive to sell treasuries. we are not going to go higher anytime soon. definitely, the high of 178 looks very far from where we are the

announcer: federal reserve chair jerome powell discusses the current state of the u.s.conomy amid the coronavirus pandemic. his remarks were part of the jackson hole economic symposium hosted by the federal reserve bank of kansas city. this is about 20 minutes. hello, i am esther george, president of the federal reserve bank kansas city. each year since 1982, the kansas city fed has been honored to welcome central bankers, policymakers and others to jackson hole, wyoming for our economic always eat symposium. by hosting and -- atu

we will also be bringing you jerome powell's speech live on friday.ll the guests we will be speaking to -- >> our next guest has said investors have been well guided. june joins us in sydney. what will you be watching given that we have seen a recent commentary signaling to most of the clues that we can expect for this year on how tapering will go question mark >> good morning. it is interesting to see so much anticipation going into jackson hole. we expect them to continue to discontinue the same narrative well -- where they will talk about the stuff, tapering. all about whether the tapering act will be -- what does delta do? the commodity prices moving, there are so many things, so many variables still to come. i think we certainly expect them to continue to talk about the discussion of tapering but nothing significant that will shift the tapering. >> we really have not seen that 5% in quite a while. i think it is the 200th day without a pullback. analysts seem to be a little baffled about where the s&p 500 or global stock and treasuries will go thi

fed chair jerome powell using bedside manner to assuage the fears of investors.s wall street fears wall street gross pessimist. there will be economic ramifications. and all-star panel of

with the business stories, looking ahead to see what a speech by the us federal reserve head, jerome powell it�*s been warmer than average for the uk. some of you will look at me like i�*ve gone crazy. the met office say that it�*s been about a degree warmer than average this summer so far, warmest compared with average in scotland and northern ireland. you know in london and south—east england, even though it has been a little warmer than average, it�*s been really quite wet and dull this summer. it is at least now dry, but it is still quite dull with all the cloud we�*ve had. high pressure is close to the uk, keeping things settled friday, the weekend and throughout much of next week. doesn�*t mean sunny, though, and overnight and into the morning, a lot of cloud will have pushed in from the east. and temperatures will be a little lower than this in the countryside. across scotland, a lot of the cloud will clear during friday, but still keeping some towards the east coast. northern ireland, once any fog patches clear, some sunny spells here. for wales, especially in the west, far south—we

great to see you obviously we're all waiting for jerome powell. ms of what powell will say. will he be dovish, hawkish, remain the same and what's the impact on the markets? >> i think he's got to be clear. the market has been waiting for a while just to get a road map if we taper what will it took like and what are the parameters around it. the uncertainty, the backing off, we won't do anything, we'll wait, if that's the message then we need to know what will change thing. but i think the uncertainty there and kind of the dovish outlook so far has really been a put to the market. if we get some type of idea or road map -- doesn't necessarily mean the market will go down peopleexpect a 2% correction over time they need to go higher but it's the timing. >> there's an assumption embedded in that statement and most assumptions we need clarity around the taper guideline the taper and rate hikes are linked i wonder if there's a possibility they are not linked if that's increased uncertainty for the markets. >> yeah. that's a really good point we don't n

let's break out the story around jerome powell on the back of what happened friday, saying the fed could begin tapering later this year. he is in no rush to hike rates. jackson hole giving markets another lift. >> the criteria we put in the statement about what it could take for us to begin tapering, i think we are pretty much there. >> we have a fair amount of energy and momentum. i think we can do our tapering faster. >> let's phase out purchases and give ourselves some breathing room in 2022. >> let's start the process. get that over with. >> it may give us more flexibility down the road on our decisions. >> the timing and pace of the reduction in asset purchases will not carry a direct signal regarding interest-rate signals, for which we have implemented a more stringent test. >> fixed income stress. are you and the team at saxo feeling more confident about the trajectory of tapering at rate hikes in the u.s.? >> maybe more confident about the tapering trajectory, but not interest rate hike. last week we learned three important things. the federal reserve is going to begin tapering.

it makes jerome powell's position more difficult and i think is reasonable to expect that he would laye kind of timetable for reducing bond purchases when he speaks at texan hole -- jackson hole. yvonne: take a look at what we are seeing in u.s. and china markets. tech stocks still have underperformed what we are seeing for the rest of the market. do you think they can take back that leadership? mark: not going to be easy for tech stocks, partly because of what china is doing. china has created a lot of uncertainty in the tech world but companies are extremely large and global and it obviously has an influence on what happens in the whole textbased. that is certainly an issue. -- textbased. the united states is pushing an infrastructure bill and their economy is open. it is unlikely the whites -- united states will go into lockdown. as long as they do not retreat into the kind of like don's -- lockdowns from 2020, it is a huge domestic place that will stay open and that will drive more people toward services and moving around. it is possible that we have seen, if you combine those thin

today we are honored to bring you federal reserve chair jerome h. powell jerome h. powell took office as chair of the board of governors of the federal reserve system on february five 2018 for a four year term. mr powell also serves as chair of the federal open market committee, the systems principle monetary policy making body. mr powell has served as a member of the board of governors since taking office on may 25, 2012 prior to his appointment of the board, mr powell was a visiting scholar at the bipartisan policy center in washington, d. c, where he focused on federal and state fiscal issues from 1997 through 2000 and five. mr powell as a partner at the carlyle group. mr powell served as an assistant secretary and as undersecretary of the treasury, under president george h. w. bush with responsibility for policy on financial institutions, the treasury debt market and related areas. prior to joining the bush administration. mr powell worked as a lawyer, an investment banker in new york city. mr powell was born in february 1953 in washington, d. c. he received an a

we would be hearing from fed chair jerome powell plus a busy slate of fed president during bloomberg special coverage of jackson hole. now let's get the first word news with su keenan in new york. su we will start with president biden, he has vowed to: hunt down those responsible for a series of explosions outside the kabul airport that killed 13 u.s. service members and at least 60 afghans. biden says the group known as isis-k was behind the assault. the top u.s. commander in the region says he is expecting more attacks if the u.s. continues its planned withdrawal of all american forces by august 31. >> for those who carried out this attack as well as anyone who wishes america harm, know this, we will not forgive. we will not forget. we will hunt you down. and make you pay. su: and china has issued its most detailed warning yet against the excessive work culture that pervades the country's largest corporations. a trio of government agencies published an essay highlighting labor violations labeled 996, because of the common practice of working 9:00 a.m. to 9:00 p.m. six days a week.

what does jerome powell say in response to this?y important issues at a pivotal time of uncertainty. tom: futures -16, dow futures -124. the vix, 17.19. stay with us with our reporting from washington through the day. this is bloomberg. good morning. ♪ >> this is a special update from tennis channel. the sport superstars and back in cincinnati for one of the most popular spots on the pro tour. the russian took out djokovic on his way to the title two years ago and the 25-year-old is in top form after run last week. on the women's side, the reigning u.s. opening -- the reigning u.s. open champ naomi osaka returns to the tour after pulling out of the french open and make. she will need her best tennis early. she could face coco gauff in the second round. do not forget tennis channels exclusive daily live coverage hits the aaron 11:00 eastern. -- it's the air at 11:00 eastern. i am jamie magio. ♪ (announcer) back pain hurts, and it's frustrating. you can spend thousands on drugs, doctors, devices, and mattresses, and still not get reli

jerome powell will provide strong guidance tapering is due to start soon in 2021. he will try to separate what it means. rate hikes, it will be covered in dovish, even if it might be underlying hawkish ingredients. they say rate hikes may not start immediately after. whether looking at the pace and mechanisms, or the fact the treasury supply is dropping off so much that even with tapering, it is arguably still extremely easy policy, even on the qe side from the fed. they say tapering is not a hawkish signal at all. i think markets -- short-term markets may not like it, a little bit of a dollar bid, but i think very quickly, we kind of go great, we've got some extra certainty. that is good for stocks and u.s. assets. ultimately, the markets will take it as a positive once we get clarity on tapering, even if it comes sooner than some expect. anna: we will focus on that. but you have been talking about how jerome powell's speech could affect the dollar. we will have a conversation around that. to reach out to us, tv is the function to use. to follow the analysis

many say why change the horse in the middle of the race, many people agree fed chair jerome powell hasa good job guide in the country economically, the monetary policy through the pandemic, but at the same time, this is a chance for the biden administration to reshape what the chair, what the entire really bored of the fed looks like and potentially a nod to progressive left. you could see more pix that represent america, little more diversity. lisa: and talking about issues between the democratic party, i want to veer over to new york state for a moment. andrew cuomo, the governor, has come under a lot of calls to resign following sexual harassment claims and he has been very quiet. what is the latest? how much are people talking about in the lease -- about that in d.c.? annmarie: people are talking about it in a sense that every democratic leader in washington, d.c., including the president of the united states from the east wing, asking the governor of new york to resign and step down. even governor cuomo's most staunch ally, the head of the democratic party in new york, who has bac

announcer: federal reserve chair jerome powell discusses the current state of the u.s. economy amid the coronavirus pandemic. his remarks were part of the jackson hole economic symposium hosted by the federal reserve bank of kansas city. this is about 20 minutes. hello, i am esther george, president of the federal reserve bank kansas city. each year since 1982, the kansas city fed has been honored to welcome central bankers, policymakers and others to jackson hole, wyoming for our economic always eat symposium. by hosting and -- a virtual conference last year it was our hope we could was in person this week, and that seemed a reasonable plan before local health conditions changed. i regret the inconvenience of this virtual format and i want to express my thanks to our partners at the jackson lake lodge and the others in the jackson hole area for working with us to make preparations and accommodations. we will open the program today with our first speaker, fed chairman jay powell, whose remarks will be broadcast to the public. following that, the remainder of the program

so you explain this to me, why does jerome powell say the this is transitory?n was kind of like the covid of its day. he said inflation is public enemy number one. he declared a war on inflation he described inflation as a secret hidden tax. it's exactly that. people working more, more, more getting less, less, less. what it affects most comic candy are the most affluent among us. the rich people could afford that cup of coffee a car and something else but people are just trying to get by an extra ten, 15 or 20% the cost of eight washing machine or appliance it makes a huge difference to the bottom line come to their economy. the thing to remember it's not greedy businessmen for it is not evil china or the dark or web or media lead that's causing the inflation. it is government. that is exactly what is causing the economy to falter in all these prices to rise birds before lester set her building alone. is this modern monetary manifest is that what they are doing? it makes bernie sanders look like. [inaudible] [laughter] >> it sounds out there when is it my turn

larry, before jerome powell addresses press he and with this one sentence.understand our actions affect communities and businesses across the country. everything we do is in service of the public mission. we at the fed will do everything to support the economy for as long as it takes to complete the recovery. the key word in my mom, is complete. i think the fed has new defacto mission, full employment, that will make inflation run superhot. i think we'll go places we've never been before with this woke social justice jay powell, what do you think? >> i like that woke, social justice jay powell. that is a good line. the stuff reading from the prior speeches that is jay powell's re-election speech, absolutely right, charles, but i think the fed should not fine tune the delta variant. they should started tapering this summer and they should start immediately and they should get out of the mortgage-backed market with new home sales prices up what, 18 or 19% in the month of july which is crazy. they should start tapering and if they do they will probably save us

jerome powell is the most anticipated investor event of the week, said all the right things in termsf the investor perspective. look at the rally we have in equities on both sides of the border, touching new highs. i don't think the s&p 500 has ever closed above 4500. we are seeing yields pushed lower. so what were the magic words that we were waiting for all week? we heard chair powell say that the central bank could begin using those asset purchases this year, but he is clear about separating the idea of easing the purchases. there seems to be that delicate spot that investors do not mind being in. earlier, we had a slew of fed presidents on bloomberg discussing their outlook for purchases. >> i would like to start tapering sooner rather than later. i would like to start sooner rather than later and keep it as simple as possible. the old kiss principle, keep it simple stupid. >> we still have a fair amount of energy and momentum. i think that we can do our tapering faster than we have in previous episodes because of that momentum. my expectations on the economy is that it will cont

jerome powell talks about it a lot.ne of the things that maybe he feels he must have clarity on before he would be okay with you know, taking away the punchbowl. where do you see the federal reserve? are you in this camp they will start talking, actually tapering sometime very soon? >> i'm certainly in that camp and i think, my tune has changed and i have kind of come into that camp as more officials have been talking about it, right? as the fed has met kind of that dual mandate that they have set for themselves of higher inflation and better jobs numbers. now whether or not they change that mandate to include something else to account for consumer behavior and indirectly account for the variant concerns, you know that is to be seen. i could see chairman powell kind of staying on the dovish side. i think there is an argument to be made that the fed could taper. look, i think if done correctly there is a way to bifurcate that tapering conversation from raising rates, right? this is small tapering we're talking about. rel

we got jerome powell who got a bit of a thumbs up who's predecessor at the fed, janet yellen gave him the thumbs up and was in favor or is seemingly in favor of keeping him on for another four-year term. that four-year term ending in february. we got that debate taking place. what do we have with regards to that? yvonne: one story we have been tracking is this a share that was announced or launching for the hong kong exchange. this is what we are seeing with that stock gaining as much as 6% here in hong kong. goldman upgrade the stock to a buy as well. we talk about singapore futures, this is another product here that if you want to short those chinese tech stocks, you have another option now. rishaad: if we're looking at what is happening here, one the things i mentioned earlier is this debate to the fake bond program in the u.s. not is how they get out of it but being stuck in a rock and a hard place. yvonne: if you look at with been going on this week, jackson hole, everyone is waiting for what kind of announcement that it will not shop the market. of course, there is still so much

. >>> the fed chair jerome powell hinting of changes to come as the u.s.beating back covid >>> and after 16 tries, robert f. kennedy's assassin may be about to get out of prison the decision today that could lead to sirhan sirhan getting out on parole. >>> and america's foreign allies ending their mission in afghanistan, thousands stranded and now calling upon lawmakers for help, as we approach the bottom of the hour and the top of the news on cnbc. (struggling vehicle sounds) think premium can't be capable? think again. ♪ (energetic music) ♪ ♪ ♪ ♪ ♪ introducing the first ever at4 lineup. premium and capable. that's professional grade from gmc. >>> covid put a crimp in the federal reserve's annual conference in jackson hole, but central bankers and policy makers did still get together virtually, and today, chairman jerome powell set the stage for when the fed might start easing some of the stimulus it's been pouring into the economy tapering, they call it cnbc's steve liesman is here steve, what did we hear today from powell? >> shep, the head of the feder

. >>> the fed chair jerome powell hinting of changes to come as the u.s.ating back covid >>> and after 16 tries, robert f. kennedy's assassin may be about to get out of prison the decision today that could lead to sear han sear han getting out on patrol. >>> and america's foreign allies ending their mission in afghanistan, thousands stranded and now calling upon lawmakers for help, as we prch tapoahe bottom of the hour and the top of the news on cnbc. nts know we have their backs. (other money manager) how do your clients know that? (naj) because as a fiduciary, it's our responsibility to always put clients first. (other money manager) so you do it because you have to? (naj) no, we do it because it's the right thing to do. we help clients enjoy a comfortable retirement. (other money manager) sounds like a big responsibility. (naj) one that we don't take lightly. it's why our fees are structured so we do better when our clients do better. fisher investments is clearly different. >>> covid put a crimp in the federal reserve's annual conference in jackson hol

. >> federal reserve chair jerome powell talks about the u.s. economic outlook at the jackson hole economic policy symposium. live coverage begins friday at 10:00 a.m. eastern on c-span, online at c-span.org, or listen on the free c-span radio app. president biden delivered remarks from the white house on the terror attack at the international airport in afghanistan. president biden: it has been a tough day. this evening in kabul, as you know, terrorists attacked as we have been worried about. the intelligence community has assessed -- undertaken an attack by a group known as isis-k. they took the lives of american service members standing guard at the airport and wounded several others seriously. they also wounded another -- a number of civilians and a number of civilians were killed as well. i have been engaged all day in constant contact with military commanders here in washington at the pentagon as well as in afghanistan. and doha. my commanders here in washington and in the field have been on this with great detail. you had a chance to spea

chair jerome powell signaling it's time.s time for an eventual winding down of the emergency economic stimulus program. here is why this matters the fed influences just about everything part of our financial lives, whether it's directly or indirectly it keeps money flowing through the economy. it insures that banks can give out loans. it steps in during times of crisis and that's what we're coming out of a crisis driven by the pandemic. in response, the fed lowered borrowing costs and purchased securities to stabilize the economy. today, though, growth is back. the stock market at all-time highs. the housing market shattering records. in fact, the prices of most things we buy are going up the fed believes it's time to pull back on that stimulus, a move referred to as the taper. a word you'll hear a lot tonight. following that, the fed may look to hike interest rates as well a policy shift even the hint of one will impact your investors the economy, even the value of your home, potentially, that's what we're going to dive int

roundtable" ben levisohn, carleton english, i'm going to start with you as i often do, let's talk about jerome powellckson hole the market seems to take his comments as double vision therefore bullish. >> he told investors that the taper would start by the end of the year but he also said there wouldn't be rate hikes for a very long time. economically sensitive stocks did well because economy should grow but the nasdaq and the high-priced tech stock did well because rates are low. i hate using the term but it was a goldilocks moment. jack: that term does fit. the good news, it wasn't just powell we had a few good indicators this past week. >> the market was having a decent week even before powell spoke on friday morning and started with the covid vaccine getting a full approval and decent economic data as well. powell made a good week great. jack: i want to talk about the covid approval by pfizer approved by the fda. when the fda gave full approval that open the door for people, we assume it works we all got the shot but what does this mean for the economy that the fda gave it a stamp of approval. >>

investors are anxious to hear more from federal reserve chair jerome powell at the central the nasdaq. th ending its five-day winning streak. >>> more travelers are canceling their flights as covid cases surge across the country due to the delta variant. the tsa reported its lowest air travel numbers of the summer this week. the agency says more than 1.4 million people took to the skies tuesday, and 1.5 million went through checkpoints wednesday. that's a large decrease from the 2.2 million people who hopped on planes in early august. >>> peloton is dropping the price of its original at-home bike for the second time this year. its core bike now costs close to $1,500. peloton said the cut is part of its mission to make the company's products more accessible and attainable. it's facing fierce competition from rivals producing cheaper products, and people returning to gyms. peloton's stock fell in after-hour trading after fourth-quarter financial results missed wall street estimates. >>> and here's a rich incentive to get vaccinated against covid. tyson is offering one of its employees a

the s&p and nasdaq closing at new records, jumping more than 200 points as jerome powell seemed to tamp down any expectations for raetz hikes let's get to steve leishman in jackson hole this year. >> fed chair jay powell said out right he expects the fed would start tapering later this year if the economy continues to improve. but he left himself flexibility but not offering a specif month or at the beginning of the taper. he said inflation, it is past the test to start tapering and employment on the way to a passing grade. >> the outlook for the labor market has brightened considerably in months after faltering last winter, job gains have increased over the course of the year and now average 832,000 over the past three months of which almost 800,000 have been in services. >> powell said that the delta variant represented a risk but he still expects good job growth in the months ahead. inflation will likely prove to be transittory and rate hikes require a higher standard than tapering do. does but hebs of the federal market committee, they were pretty definitive, it is time for the fed

molly hemingway will take that issue on and jerome powell wrapped up his jackson hole speech but coming yet, in our effort to build the world's safest cars. we've created crumple zones and autonomous braking. active lane keeping assist and blind spot assist. we've introduced airbags, side curtain airbags, and now the first-ever rear-mounted front-impact airbags. all in the hope that you never need any of it. ♪ ♪ ♪♪ ♪♪ ♪♪ welcome to allstate. ♪♪ (phone notification) where we've just lowered our auto rates. ♪ ♪ ♪ ♪ and savings like that will have you jumping for joy. now, get new lower auto rates with allstate. because better protection costs a whole lot less. you're in good hands with allstate. click or call for a lower auto rate today. ashley: some updates from the pentagon briefings namely some us military equipment will not come back from kabul and will be disposable is the pentagon says there are specific credible threats against kabul airport and they are monitoring these threats virtually in real time and they are clarifying there was only one bombing yesterday outside the airport.

visit tdameritrade.com/learn ♪ ♪♪ visit tdameritrade.com/learn ♪♪ ♪♪ >>> fed chair jerome powell signalsts historic emergency economic support >> my view is that the substantial further progress test has been met for inflation. >> it's a decision that will affect everything from the market to the economy to your investments. we're covering it all tonight. a cnbc special edition of "fast money. the fed effect starts now. >> hi there. welcome to a special edition of "fast money. i'm leslie picker. jim cramer is off tonight. tonight, the focus is on the

that the president wants to decide soon on a fed chairman pick, and whether he would reappoint jerome powellr the safest move, whether it's a right move or not, i'm not judging, is to reappoint jerome powell, and that's what he's going to do. reporter: you know i talk to a lot of people about this debate and there's a lot of things working in the favor of keeping jerome powell. one, and a big one is that he works very closely with janet yellen, the treasury secretary, currently, when she was fed chairman. so they are kind of in line with their thinking, because they worked very closely together. they are friends, and janet yellen has a voice here in the white house, a very big voice from the president, so if you are looking at the candidate s that have been sort of bubbling and thrown around there, chairman powell has a huge voice in the room in order to stay and we know the treasury secretary is involved in those economic meetings. she's also involved in briefing the president on certain things that the fed does so she has a big wisper in his ear to most likely keep the fed chairman. he's a

now that christina guard and jerome powell would be on the beach is throwing money at this. and i me to stop it. is. are they really that insane mark? are they there? are they just playing stupid? no, i don't think they play super the i think again, i think the root cause for, for, for this actions is, is this that based nature of our cards, the system, they actually are doomed to increase the monetary supplies and they're doomed to increase the debt because if they don't, they, they will face some kind of implosion, some kind of a deflationary implosion and let deliberately not be feasible. and that's why they have to inflate. they only can go forward, they have to inflate and hide the inflation whole. nobody seems to inflation. i mean, it is pretty obvious by now already, and i think the longer the situation keeps being this way and the longer this inflation numbers keep being that elevated, then perhaps even keep increasing the other. the past will be for them to hide this on sustainability of the system, right? we should note and let people know that when they talk about

that devastated the region and help people we to understand now that christine in the garden, jerome powell, would be on the beach, is throwing money at this. tonight, me to stop. it is, are they really that insane mark? are they there? are they just playing stupid? no, i don't think they play super the i think again, i think the root cause for, for, for this actually is, is this that based nature of our current system, they actually are doomed to increase the monetary supplies and due to increase the debt. because if they don't they, they will pay some kind of implosion, some kind of a deflationary implosion and let deliberately not be feasible. and that's why they have to inflate. they only can go forward, they have to inflate and hide the inflation whole. nobody seems to inflation, but i mean, it is pretty obvious by now already, and i think the longer the situation keeps being this way and the longer this inflation number keep being that elevated, then perhaps even keep increasing the other. the past will be for them to hide this on sustainability of the system, right? we should know an