brad: the vice president and general manager of coinbase institutional and joe weisenthal, thank youning us. coming up, he was a driving force behind amazon's kindle at alexa, now trying to bring music running to the masses using technology he pioneered. that conversation is next. this is bloomberg. ♪ brad: voice-activated speakers are becoming more prevalent part of people's lives and the king -- 41ports maker -- spark million americans will use one once a month in 2018. this puts amazon market share at 67%. that is expected to drop to 61% by 2020 but almost double its biggest rival, google. more of the users are using smart sneakers -- smart speakers as a teaching tool. ian free was a former vice president at amazon where he led the teams that work on kindle, alexa, and i go, and the -- echo, and now the ceo of bamboo learning, teaching kids about music using amazon alexa. thank you for joining us. ian: thank you for having me. great to be here. brad: we met many years ago when you were launching the amazon kindle. what is bamboo learning? ian: bamboo learning is a startup that i c

brad: all right adam white and joe weisenthal, thank you so much for joining us.driving force behind amazon's kindle and alexa business. now, he is trying to visit -- bring news learning to the masses. our conversation with ian freed next. this is bloomberg. ♪ brad: voice-activated speakers are becoming a more prevalent part of people's lives. the king of the market is the amazon echo. 41 million americans will use one at least once a month in 2018. this puts amazon market share at 67%. that is expected to drop to 61% by 2020 but is still almost double its biggest driver, -- biggest rival, google. teachingusing it as a tool. that is something our next guest is making happen. ian freed was with amazon where he led the team's that worked on various projects. he is now the ceo of a company that is teaching kids all about music using amazon's alexa. ian, thank you for joining us. for having me brad. i've been a fan. brad: thank you, and we have met many years ago when you are watching the amazon kindle. tell me, what is bamboo learning? ian: bamboo learning is a briti

. >> and, neel kashkari has a fireside chat with bloomberg's joe weisenthal. >> there are wide estimates of where neutral is. >> that is all ahead on "bloomberg best." ♪ haidi: hello and welcome. i'm haidi lun. this is bloomberg best. lets start with a day by day look at the top headlines. voters in mexico went to the polls on sunday, and when the ballots were counted, the result turned out to be historic. >> making history, amlo was elected mexico's first left-wing president in decades, in another decisive win for populism. he was swept to power with a campaign of anger over incessant corruption and poverty. given the details of how the election went for lopez obredor. >> it went very swiftly and quickly, and smoothly, the range by which he won was enormous. we are looking at a 30 percentage point lead as of now, over his nearest rival. >> he has talked about number of things that are unique to mexico including a war on corruption, reviewing government contracts and perhaps canceling work on a new airport. investors are concerned this morning because he made it a priority in his accepta

. >> and, neel kashkari has a fireside chat with bloomberg's joe weisenthal. >> we could be one or two hikes away from neutral. there are word estimates of where neutral is. >> that is all ahead on "bloomberg best." ♪ haidi: hello and welcome, i'm haidi lun. this is "bloomberg best," business news analysis and interviews from blender -- bloomberg television from around the world. let's start with a day by day look at the top headlines. voters in mexico went to the polls on sunday and when the ballots were counted, the result turned out to be historic. ♪ >> making history, he was elected mexico's first left-wing president in decades in another decisive win for populism. he was swept to power with a campaign over -- of anger over incessant crime corruption and , poverty. given the details of how the election went for lopez obredor. >> it went very swiftly and quickly and smoothly because the range by which he won was enormous. we are looking at a 30 percentage point lead as of now, over his nearest rival. a huge landslide. >> he has talked about number of things that are unique to mexico

joe weisenthal. thank you guys for joining us. adam, let's define our terms.veryone is familiar with what custody means, with what terms like cold storage means, so talk about what you guys have made life today. -- live today. adam: in the simplest terms, it is a way for institutions to store their currency in a safe and compliant manner. when people look at the space, right there has been a history , of security incidents. at coinbase we have made security our number one goal. what we heard as we move into the institutionalization of the space, large hedge funds and large brokerages said, look, we cannot begin trading cryptocurrency until we have a safe way to store it. we announced at the end of last year we would begin building coinbase custody, and we launched today and are already serving 10 hedge funds. brad: crypto prices have had a rough ride this year, they have been characterized by volatility for a number of years. have institutional investors stayed out because of the absence of the kind of service and will this maybe rectify the rough waters that

. >> i'm joe weisenthal. badly for week ending the bulls. swings in tech. mosttwitter plunging the in two years on disappointing user growth as intel declines. insight from miller. where does the ceo of miller valley park see value? and growth keeps up as evidenced by gdp figures. we have the chart you can't miss and a look at how the fed will digest the data. the path ofst says least resistance is higher. that is the case for his fund which has outpaced 98% of its peers. bill miller is known for beating the s&p 500 for 15 straight years. he now runs his own shop and he is with us now in the studio. thank you for coming in. i want to start with technology. in the seen big low ups tech industry that have taken down the nasdaq. one of them is in your portfolio. amazon is. what do you make of what we have seen? it has to lead to the rest of the market but it hasn't taken things down. >> i naturally happy about facebook's decline. it wasn't a big position. when it was hit in the spring when zuckerberg was before congress it fell down down and we added the posit

joe: i'm joe weisenthal. raising to a three-week high. >> the question is what'd you miss? , jpmorgan andons citigroup on friday investors weigh the trade fallout. reshaping the high score in the united states. -- high court in the united states. he will select a nominee to replace justice kennedy. theresa may has a crisis on her hands. three ministers have stepped down within 24 hours. countdown to president trump's prime time address. the president will announce his pick to replace justice anthony kennedy in one of the most consequential decisions of his tenure. he will have the chance to reshape the court for decades to come. it is one of two appeals court judges. for more insight we welcome shannon, and a former general counsel to dick cheney. these you know both of gentlemen who are the finalists. be a goodit take to supreme court justice? >> fidelity to the law. text of to the statutes. it doesn't hurt to be really smart. in the supreme court there is always the ability of the judges to convince others.

joe: i'm joe weisenthal. julie: stocks bouncing around on the narrow range on the day. joe: what'd you miss? from trade war to currency war, president trump taking to twitter to accused china of manipulating their currency. america's trade partners did not stop the president from the fed. he double down on his disagreement with the fed rate hikes. for ge.blems they are facing hurdles as they trend -- trim the cash flow forecast. lisa: president trump is taking tariffs to the next level saying he is ready to go with levies on a staggering $500 billion worth of chinese imports. public and senators are flexing their muscles urging the president to reconsider. he invents, want to start with you, we were talking about how there is muscle flexing on the part of republicans. what are they actually doing to prevent president trump from going all the way? havethink what republicans done with they are free traders. trump policies have taken them aback. some have tried to see how is this going to play out? could this play out well for us in the midterms? trump is taking on china. p

joe weisenthal has the day off. julie: we begin with our market minutes. another day of the low average volume. this is a trend we have been watching all week. without we people -- we thought people would come back from the holiday and jump back into trading. it is not happened much. we are 6% below the average volume on the s&p 500. it is still running a bit below. if you look at the 100 day average, it is 10% below. even though the s&p gained on the day, it was mixed in terms of group. outcomes and financials down. industrials and energy are trading higher with staples. individual stock reports, a big day for banks earnings. all and lower -- and lower. jpmorgan -- end lower. jpmorgan and citigroup flirted with higher levels after the earnings read there's concern -- earnings. there's concern about loan growth. we will be speaking to the cfo and wells fargo in just a few moments. we are watching cisco here. company to betest hit by competition from competition of amazon. a report that amazon's cloud unit might sell their own switching devices according to

i'm joe weisenthal. we are 30 minutes from the close of trading. the nasdaq is leading the way up over almost 1%. the fed affirms its pace of rate hikes. when you miss? $34 billion worth of goods for chinese tariffs go into affect. agriculture flows, president trump's trade spats are set to reshape commodity training for years to come. the latest fad acknowledging trade risk, the focus shifts to u.s. labor market. looming trade wars. on $34 billion of chinese goods are set to go in effect at midnight eastern time tonight. beijing is set to fire back immediately. is reporter sarah mcgregor. chinese policymakers digging in for a lengthy fight. they keep stressing in their remarks that they are not the aggressor. why do you think that is? >> the whole impetus of these tariffs was the trump administration. they looked into china's practices on intellectual property and they found that it violated the rules. this is what started this whole tariff war. i think china wants to, it has been painting itself as a globalist ever since donald trump was elected.

joe: and i'm joe weisenthal. >> stock started off lower but are trading mixed. the nasdaq up by 4/10 of 1%. joe: what'd you miss? scarlet: bmw and hyundai joined gm in pushing back against president trump's terror of threats. and tesla's 11th hour production push comes up short. the latest figures and not enough to disprove doubters. president of as mexico, the swing to the left sparking concerns the days of market friendly policies are over. u.s. exporters want congress to rein in president trump on tariffs. national security hawks want congress to force him to put cte out of business. trade experts are saying good luck with that as the indicate congress is unlikely to stop to turkey -- deferring to trump any time soon. a sea there seems to be change in the psychology of markets. many people have said the president was just threatening tariffs, he would never let the situation get to a point where actual tariffs would be imposed, but perhaps that was a miscalculation. >> it is incredible how the mindset has shifted in washington and across the 'suntry about dona

. ♪ joe: i am joe weisenthal. >> we are 30 mins from the close of trading here in the u.s. lling is bleeding in a big way into commodities. joe: the question is what did you miss? >> escalating tensions between the u.s. and china sparking fears of a global economic slowdown. a toll onwar takes commodities. crude oil tumbles and the commodity index dropping the most since 2015. amazon rips of the health care scripted we go live to stick with michael, a ceo about the future of the industry. oil is plunging the most in almost a year. the commodity falling about midway through today'session. oil helped to drive the commodity index to its worst day in three years to joining us now to help us pick up the pieces, it is bloomberg intelligence's mike and tina davis. who covers commodities. tina, what happened? was there a catalyst? it came out of nowhere in some way spirit >> basically a sea of red across commodities in the way. the oil part is particularly interesting. there was not any one catalyst that moved. you can see a long and slow decline over the course of the day. a little

joe: i'm joe weisenthal. julie: stocks are struggling to overhaul is the's historic plunge. e: the question is what did you miss question mark >> waiting on amazon after facebook's big fall, will they breathe some life back into those stocks? more earnings on deck. starbucks and aaa are non-tech companies we will watch closely. a day after he backed off threats of auto tariffs, president trump is making a trip through the midwest to promote his policies. scarlet: what did you miss? earnings on tap. we are waiting on a lot of numbers after the bell including starbucks, chipotle, and of course amazon or not looking so good into the earnings. here with more is kevin kelly. it seems like facebook really shook people today in terms of confidence. what does the setup look like? >> facebook obviously being one of the worst performers in the s&p 500 today, really dragging down the tech sector, on pace for one of its worst days developing the market since the beginning of the year. that tradesy been have carried much of the s&p in the last three months or so. you're deftly going to se

joe: i am joe weisenthal. >> stocks are selling off in part due to weekend earnings. e: the question is what did you miss? >> president trump treads on a fed to his criticism of recent rate hikes breaks with the white house convention of staying out of the monetary policy lane. al as the sidelines for years to come. path, atst cleared the a crossroads after dropping its pursuit of 20 for century fox's entertainment, going all in on its bid for skype. the fed is under fire. chair -- criticizing jay powell interest-rate increases. from a than two of precedents for the president to avoid commenting on monetary policy. back-checking these remarks saying president trump is not interfering with the fed's's decision and that he respects the independence from the u.s. central bank. peter.ing more for i want to start with you. does it matter that the president said this? will this be at the back of the fed on the official's mind? >> the reason the president is not usually talk about the fed, not the usual politeness. one is people start to feel, allowing the economy to -- and t

kicking things off his joe weisenthal. ber the jobs report on friday, another strong month for job creation? again, the wage number came in weak. it is a monthly conundrum we keep having. why is it a conundrum? businesses claim they are having a hard time hiring. so in the survey of small businesses, they say, what is one of your biggest problems? and that is the blue line. every month, more and more businesses save finding quality labor is the biggest problem that they have as a business. so you would think, if more companies say fighting quality labor is a big problem, then wages would not be stagnating, but you see the gap between the two lines and that is what everybody is puzzled over. will we get another small business survey report out tomorrow morning at 6:00 a.m. eastern, so we will get a chance to see whether that gap continues to expand between wages, which are not going that fast, and companies' compl aints. you can see that chart at gtv go. nejra: a different take on the phillips curve. vonnie: and we were star

was adam white, vice president and general manager of coinbase institutional and bloomberg's joe weisenthal up, ai versus civil liberties. is this technology infringing on your rights? we asked the aclu. this is bloomberg. ♪ brad: we are continuing our look in the biases of artificial intelligence and the pitfalls that can come from this new forefront. facial recognition is not only gaining notoriety for misidentifying based on gender and race, it is also being used as a tool by law enforcement to track people. maryland authorities recently said they used facial to identifysoftware the gunman who killed five people at an annapolis newspaper. but there is also a growing voice speaking out against its use as a surveillance. the aclu calls amazon's recognition software, that it claims can find 100 people from a single photo, powerful and dangerous. that software is being used by the orlando police department --.l the they have since stopped using the software. our next guest covered the software. technology and civil liberties attorney for the aclu and spoke with emily chang. >> people should

and by joe weisenthal. we have a new presidential suite out. every time i see a weak saying i want to stop trade talks, think what are they thinking? tradet $817 billion in last year, no weakness. this is setting up this meeting between president trump and the president of the eu, jean-claude juncker later today. don't forget that! exclamation point. i don't expect any agreements, this meeting and i think there is no press availability scheduled, but watch for that spray before they sit down next to talk. marty: that for donald trump might actually set the tone. david: jean-claude juncker is an interesting character for donald trump to deal with. he gave an interview in germany that that we want to avoid a trade war, but if they go after us, we will retaliate immediately. he talks tough. marty: he is a tough cookie. and he is the guy in europe on trade and tariffs. he has the complete backing of the eu, and he is not going to sit back and be in any way abused by this president. alix: the backdrop, yesterday, risk on. money coming out of small c

kicking things off in new york is joe weisenthal. >> bitcoin has been bouncing after a selloff.ll see if it lasts. there is one interesting asset and that is the disconnect between bitcoin and other cryptocurrencies. the purple line is bitcoin and the other lines are indices we have on the terminal of small coins, medium coins, and large coins. those have not rebounded to the same degree bitcoin has. some of these smaller and middle sized have flatlined. for much of the last year, we have seen the move together. something to keep an eye on is this level of separation. you can see that on the bloomberg. at $8,000 forback bitcoin. mark, take it away. mark: i am feeling nostalgic. it is like the old days. you will love this chart. hore yuan weaker than on shore. that is the longest stretch since 2016. are more pessimistic --ut currency -- overseas then the mainland currency and senior foreign exchange strategist said there is further room for to depreciate further. to the lowest level in 13 months, china announcing measures to support its economy, including special bonds for infras

recently, bloomberg's joe weisenthal visited minneapolis federal reserve president neel kashkari, thed official who regularly uses social media both to communicate on monetary policy and to boast about his skill at the grill. he invited joe to his home for some home-cooked steak and a conversation about issues like the natural rate of inflation. neel: in a recession, economists tend to raise the natural rate of unemployment. they think that people get dislocated, skills are mismatched, and it ratchets up. and then only begrudgingly do they lower it. so one conclusion i have already made is i don't think it is useful in a recession to ratchet up the natural rate of unemployment, because we are so reluctant to then lower it and we end up being late lowering it in the recovery. we would be better off just holding it fixed than ratcheting it up. and now maybe it's a lot lower than we think. we know workers have more education today than they did 20 years ago. we know that firm dynamics have changed. is it 4.3, is it 4.5, or is it 3.5? we don't really know. joe: that's interesting. so ther

recently, joe weisenthal visited minneapolis federal reserve president neel kashkari, the only fed officialocial media, to communicate on monetary policy and to boast about his guilt left the grill. he invited joe to his home for home cooks stake, and the conversation about issues like financial rates. ♪ >> in a recession, economists tend to raise the natural rate of unemployment. they think people get dislocated, deals are mismatched, and it ratchets up. only begrudgingly do they lower it. i don't think it is useful in a recession to ratchet up the natural rate of unemployment, because we are so reluctant to lower it. we would be better off just holding it fixed then ratcheting it up. maybe it's a lot lower than we think. we know workers have more education than they did 20 years ago. we know that firm dynamics have changed. is it 4.3, 4.4, we don't really know. >> so there is an asymmetry in people in the estimate of what is full employment, and it is easier to bump it up and slow to bring it down. >> that's just an observation i made. in a deep great recession, the unemployment rate hit

am joe weisenthal. arlet: the dow adding 139 points and the dollar extending losses after a mixed jobs report. joe: the question is "what'd you miss?" scarlet: china retaliates with duties on u.s. shipments. unemployment rises to 4% and slower than expected wage gains suggest there is room to run. justice and geopolitics, president donald trump's busy week ahead. he is set to announce his justice candylace and then heads to the nato summit in brussels. trump pulling the trigger after months of threats, 25% tariff on $34 billion of imports took effect at midnight. beijing fired back with him tariffs of its own. now that the trade war is escorting president trump is threatening to impose tariffs on every single import. almost $500 billion worth of goods. chering.oined by neil sh ofs is the latest sign escalation. has the u.s. articulated what it wants? a talk about fair trade and respect for intellectual property rights but has the u.s. specified levels or other goal posts being moved? >> there is a reduct

joe: i'm joe weisenthal, and if you are streaming live on twitter, welcome to the closing bell coverageday from 4 p.m. to 5 p.m. eastern. scarlet: us take a look at markets trading. we had a late rally with indexes booming higher in the final 30 minutes of trade on the president planned news briefing with junkball juncker josh -- withude juncker jean-claude juncker buried the doubt -- juncker. you can see the s&p 500 up 9/10 of 1% which is the highest since january. is also comingld up because of selling in treasuries and oil, which has been higher for most of the day, had gotten a pop after a bullish report showing a larger than expected draw in inventory. risk assets are on the move. equities was the star of the last 30 minutes. julie: let's talk about what is happening in the automakers and auto-parts makers. if you look at the index tracking those components, we saw them come up off of the lows of the day. still down 1.5%, but this is a group where we saw movement. dear saw move, and other companies that cater to the agricultural industry. if you look at earnings, you look at a mixe

joe: and i'm joe weisenthal. welcome to the closing bell coverage.we have our market minutes but i want to mention france has bested belgium. we have live pictures here. that looks to be paris. people are celebrating. we will have britain facing off with croatia tomorrow in the second portion of the semifinals. scarlet: the final match will be on sunday at 11 a.m. eastern time. france versus england or croatia. we will a no -- we will let you know. julie: look like a fun place to be there. let's get back to the u.s. stock market and talk about the session that was today. we saw the nasdaq and the red for much of the day before finally turning cognitive in the last hour or so. the s&p 500 and dow are rising for the fourth straight session. here between trade rhetoric and the beginning of earnings season. you're the president in brussels beginning the two days of nato talks. in terms of some of the movers that we are watching here during the session, we talked about pepsi. we're also watching quest diagnostics. qwest was estimated to outperform isi. st

joe weisenthal is off today. you're a live on twitter, welcome to the closing bell coverage. minutes andh market technology is dow performer on perhaps investors are less worried on trade tensions. maybe there were decent talks on trade and we just talked to scott hyman from guggenheim who is not optimistic to think the least. amazon also hit a record on the session. the s&p 500 and dow gained by nearly 1% on the day. we were just talking about this agreement by broadcom to buy ca. in terms of the share price reaction, a good news bit from ca. they were up 19%. investors and analysts are doubtful that this is a good idea strategically for broadcom. a software firm, not the traditional semiconductor maker. speaking of pessimism on and listens, -- pessimism on hadysts, victoria secret comparable sales. officials say it is game over for victoria's secret and pink. they have seen massive traffic decline and market share losses are mounting. he says investors are ignoring the facts and they continue to believe that it

joe: i am joe weisenthal. >> modest gains in the u.s. stocks. nancials and industrials leading the way. joe: the question is what did you miss? no means.ructing what sarah sanders clarified what the president meant when he spoke at a cabinet meeting earlier or president trump now says russia is not targeting the u.s. dealing ag market is pinch. fallen by the most since 2015 p are what to interest rates have to do just ahead. taking the pulse of the labor market, the fed chief jay powell says the u.s. may not have reached full employment yet is the concentration of power having an impact on wages? jay powell wrapped up two days of testimony on capitol hill and made it clear to lawmakers he ands to stay "in his lane" out of politics. but the chair did issue multiple warnings about the protection of trade policies, reminding lawmakers that his trade was under their authority. here with more is our economics and policy correspondent michael mckee. thank you for helping us sift this testimony p or was the takeaway indeed that he threat?rade is the >>

joe weisenthal is off today. stocks are rallying. the fed chairman is sounding upbeat about the economy. what did you miss? from president trump saying he misspoke and he accepts u.s. intelligence agency's conclusions that russia meddled in the 2016 election. risksvestors shaking off too soon? we break down the political realities of a trade war, next. is betting on e-commerce. what you miss? a rare oval office about-face after in tense outcry from capitol hill, including from some usual white house loyalists. the president now says he accepts the conclusion that russia interfered in the 2016 presidential election. bloomberg's political reporter is with us from capitol hill with the latest. it all pivots on that one word, would. he said he meant to say wouldn't. of an extraordinary walk back. the president said he meant to say would instead of wouldn't. he said it's not russia. i will say this. i don't see any reason why it would be. the president is attempting to clarify this more than 24 hours after the remarks were spoken. during

joe: i am joe weisenthal p julie: stocks are higher on speculations that trays -- trade tensions betweenhe u.s. and china may ease. joe: the pressure -- the question is what did you miss? >> investors hope for apple to deliver on earnings and stabilize. is it 2015 all over again? facebook announcing today it identified ongoing efforts in the u.s. midterms. we have the latest. new investor darlings. we will talk to the cofounder of one of the longest running hedge funds in the brave new world of cannabis. according to a bloomberg scoop, china and the u.s. are aiming to restart discussions after a nearly two-month gap. possibly averting a full-blown trade war. this comes as steven mnuchin and the chinese vice premier have held private conversations on a matter ahead of the next wave of tariffs this week. is said to beada frozen out of negotiations as the u.s. engages with mexico. for more, let's welcome -- from washington. let's tackle the china issue first. it seems right now that these are talks on talks. they are not actual talks, but on whether to research -- restart talks. what to we

weisenthal. joeu are tuning in on twitter, welcome to our closing bell coverage everyday from 4 p.m. to 5 p.m. eastern. scarlet: we begin with market minutes. take a look at the averages and nasdaq 100. julie: we saw the nasdaq at one point gaining more than 1%. and, falling about a quarter percent. even as the s&p and dow hung onto gains. betweensconnect here industrials here. daynasdaq 100 is up on the by almost a half of 1%. it looks like some of the smaller cap names were responsible for some of the declines year. it is up half a percent on the day. also, the ruffled 2000 fell on the day. component size and the fact that it could have brought itself down. harley davidson is out with earnings that were better than feared as they are navigating the tariff targeting motorcycles. they shipped some of the productions overseas. sharing czar inclining. on the flipside, we have jetblue -- scarlet: texas instruments just reported they are getting a forecast for third quarter numbers and they are saying an