.: jurrien timmer will stay with us.he twitter percent chance of a blue wave in november. is here to discuss what this means for investors. this is bloomberg. ♪ bloomberg. ♪ emma: this is "bloomberg daybreak." bloomberg has learned that pimco is hiring john studzinski. he is an international dealmaker who is a human rights and good and a fixture at the vatican. he told bloomberg last month he was looking for new challenges. buyer warns that earnings will be lower than projected after the $63 billion takeover of monsanto. the first forecast and the acquisition fell short of estimates. will come upits short because of the seasonality of monsanto's business. amazon begins the day with an amazon market value under $1 trillion after becoming the second u.s. company to surpass that mark. last month, apple was the first company with a $1 trillion valuation. that is the bloomberg business flash. david w.: midterm elections are over 60 days away with towardsrs pointing democrats retake in the house. but here to take us through th

0.2% the cac in france up by a third of a percent the ftse 100 just about flat joining me is jurrien timmertments. what trade war, right? is this the primary concern for the markets? if so, why isn't the market taking this more forcibly. >> good morning. it's one concern burr it's not the only one we are living in this world of a very interesting dichotomy where the global economy has been slowing, everything is okay. but it's certainly slowing down. china has been slowing europe has been okay japan has been okay. the u.s. has been sort of immune from this slowdown because of the fiscal stimulus that we've seen so the u.s., earnings growth has been accelerating to 24%, while the rest of the world earnings growth has been decelerating down to 6% it's a large gap between the u.s. and the rest of the world so trade figures prominently into this. all else being equal, it's a stagflationary headwind. it is a headwind but so far the u.s. has been immune from that headwind because we had so much growth coming from fiscal stimulus. it's interesting the fed raised rates seven times. it's about to go

let's talk markets joining us for that is jurrien timmer also hank smith from haverford trust joins usentlemen, welcome to both of you. jurrien, we know this fed meeting is coming up, we're anticipating they'll raise rates. that's baked in. is there anything the fed says this week that changes the direction of the market? >> they could. we'll get a rate hike, it will be the eighth hike the economy seems to be stronger and more inflationary after eight hikes than before. i think it is an interesting milestone to suggest that the fed is not even close to being done raising rates but for this week, you know, obviously everyone will look at the press release, the interview, what the words are, which words they're putting n which words they're taking out that's a big game around the fomc they'll add the dots for 2021. >> when you say dots, that means showing us where they think, the members think you'll see rate hikes for 2021 >> yeah. back in 2012 they created the dot plot where it shows each fomc's member individual projection for where the fed funds target rate will be so many years out