someone with extensive experience preparing ceothis day, hudson bay's and former toys "r" us ceo jerry storchch for joining us. what is the number one trend you are noticing today? jerry: you read a lot of articles about the so-called demise of black friday but you sure don't see it out there. consumers are out into ropes. stores are crowded. people are shopping. inhink -- consumers are out droves. stores are crowded. people are shopping. rate has unemployment dropped and the dollar is strong. people who come here as lack friday tourists -- black friday tourists don't have the spending power they once did. jerry: we have lord and taylor, a better department store, saks off fifth, which is a value retailer. we also have hudson bay in canada and a store in germany. they are all different. certainly, the currency rates are affecting retail trade. what we might lose, for example, in the u.s., where the europeans and the canadians, and the brazilians on the russians are we mightg to the u.s., pick up in canada. the canadians are walled off in canada and might shop there because it is too expensive

jerry storch of hudson's bay compapa, which owns saks fifth avenue and lord & taylor, says black friday still remains the premiere shopping day of the year. >> and so you'll see these sales all toughout november that are called "black friday sales" but they're not really black friday. the sales are not as deep and the customer's not ready to go shopping. those are all the pre-season. this is the first g ge of the seasonon this is the start of the holiday period. >> reporter: some retailers admit, elaine, that because of a warm fall, they have an excesss of w wter apparelel that they're hoping to sell very soon. >> quijano: jericka duncan reporting for us. jericka, thanks. coming up, "on the road"" with steve hartman.ber of miles, making it really hard to book the flight you want. luckily, there's a better way... with the capital one venture card. th venture, you'll earn unlimited double miles on every purchase, every day. and when you're ready to travel, just book the flight you want, on any airline, then use your miles cover the cost. now you're g gting somewhere. [phone ringing when y

we will be joined by jerry storch. jefferiesvid servos, chief market strategist.mmodities like you have been doing, and , allergan, pfizer. tom: michael holland is with us, and roger lowenstein, author of "america's bank. i know you know the history. martin, we hadey an independent bank. this bank -- has it sacrificed banks that william machesney martin fought for? now really six years past the crisis. so i think it is really time for janet yellen to establish some independence. maybe the weekly meetings with the treasury, you spread those out more. maybe she take some hard decisions on rates, but i think it is high time that the fed and the treasury no longer have the same policy. they should serve different agendas. vonnie: manmohan singh is writing that the fed is risking tools to tighten on the screen. what do you make of the new tools of the federal reserve has been using, and are they the correct once? roger: there is always been the question, because the qe is the tools that the qe and the tools they used to ease are so novel. on theuld it be like other end

stephanie: jerry storch from hudson bay and jason kelly. thank you for spending the hour with us. be back with more "bloomberg ." ♪ david: big pharma's big deal. pfizer and allergan will merge in a record transaction that will reset the drug industry. making band safer. is the federal reserve doing the job? we will talk with dan tarullo. step aside, france. the u.s. is now be world's consumer of wine. we'll talk with one of the best-known names in the business and that is michael mondavi. ♪ david: welcome to the second hour of "bloomberg ." i'm david westin. stephanie: i'm stephanie ruhle. we covered a lot in the last hour. in the next 30 minutes, we have a very special guest. david: that is dan tarullo, governor of the fed. we will start with vonnie quinn. vonnie: in belgium, police have arrested five more terror across the rates country. within 20 suspects are being helped in the belgian government has one that in islamic state terror cell is plenty at hairstyle attack in brussels. the belgian capital is under the third day of a lockout. schools, stores, and the subway c