would you take yellen's speech or mario draghi's? subadra: mario draghi. krishna: mario draghi.ario draghi. jonathan: who is at jackson hole next year -- chair yellen or chair cohn. subadra: cohn. krishna: cohn. ee.t: is three for thr cohn. jonathan: guys, it has been great to have you with us on the program. thank you very much. from your, we will see you next friday. to our viewers worldwide coming up and watching "bloomberg real yield." -- to our viewers worldwide, you have been watching "bloomberg real yield." ♪ ♪ track your pack. set a curfew, or two. make dinner-time device free. [ music stops ] [ music plays again ] a smarter way to wifi is awesome. introducing xfinity xfi. amazing speed, coverage and control. change the way you wifi. xfinity. the future of awesome. vonnie: it is called 30 p.m. in new york and 5:30 p.m. in london and 12:30 a.m. in hong kong. i vonnie quinn. -- i am vonnie quinn. welcome to "bloomberg markets." ♪ vonnie: from bloomberg world headquarters in new york, here the top stories on the bloomberg from around the world that we are following. u.s. st

are they as worried as mario draghi?rine: there are differences in views it policymakers have been more protectionist. some academics don't seem to think there has been such an increase in protectionism. but there has been. there has been a rise in terms of barriers and a less market opening than in the past. that up to less opportunities for trade to play roles and investors to play roles in promoting productivity growth. rhetoric does matter. it is not just action. rhetoric matters because it creates an environment of uncertainty, businesses are less likely to engage in international trade. if they are not sure what the rules of the game will be at the market sector. mike: that was a major topic. whether it benefits or hurts people. there was an interesting point made that a lot of people took note of. all those things are potential problems that central banks can't really address, but the pressure on central banks to do something about it from a disaffected public could lead to policy mistakes. what did you think of t

mario draghi says we are watching inflation, we have to be patient.is being stopped more, and governor kuroda is not going to move at all because inflation is so far from target. i wonder if the federal reserve continues on this path, if it is different from what everybody else is doing. alan blinderke to from jackson hole, he said he would not want to raise rates until inflation is clearly -- not just ending the decline, but actually starting to rise again. it is an interesting thing to watch. we will look at the september meeting with rob kaplan from the dallas fed, told us as well he is waiting to see if there should be a rate hike in december, he does not rule out an earlier rate hike. there is a possibility it could rise, but i think this is something that has been brewing for a while. mario draghi was surprising. kuroda says inflation is so far from target it is not a surprise. su: thank you so -- betty: thank you so much for that exclusive interview with governor kuroda. more headlines expected to continue to pour in over the next few hours wit

mario batali.nd featuring the legendary roots crew. >> questlove: 697. >> steve: and now, here he is, jimmy fallon! ♪ ♪ [ cheers and applause ] >> jimmy: oh, my goodness. oh, my goodness. welcome, everybody. welcome, welcome, welcome, welcome to the "tonight show." this is it. come on! [ oh, my goodness. welcome, everybody. thank you so much. here's what -- here's what people are talking about. guys, today is the summer solstice. [ cheers and applause ] which is the longest day of the year. or as the white house calls that, every day. [ laughter and applause ] oh boy, oh boy. i saw that today, hundreds of people did yoga in times square, to celebrate the first day of summer. [ light laughter ] at least i think that's why times square elmo was lying face down. but i don't -- [ laughter and applause ] he smelled of -- hooch. let's get to some news here, i read that mitch mcconnell wants to force a senate vote on health care before july 4th. yeah, 'cause if there's one day you want to take away people

♪ anna: janet yellen and mario draghi.he central bank's inflation target is that it will be met. >> to low inflation is dangerous. that was probably the think in taking the 2% target. japan's core consumer prices inch higher, lagging behind the gains in economic growth. harvey sentane gasoline surging. -- sends gasoline surging. manus: judgment day. heir prepares to receive his fate. we are live in seoul. ♪ anna: a welcome to "bloomberg daybreak: europe." there is an old saying which is around and around she goes, where she settles, nobody knows. where will be dollar and tonight at 8:00 p.m. in the united states of america? the positioning is so stretched. there is something that has crept into the psyche of the market. rally like this and we are heading for the first monthly gain on the dollar. the question for markets is according to networks. investors are undermining the prospects of federal reserve tightening. anna: we are seeing dollar pools adding to the positioning. not everybody is bullish. there is a survey showi

jonathan: they gather in jackson hole and they hear from mario draghi. janet yellen offers a broad view of the rules and they look at the height of concerns over the u.s. debt ceiling. we begin with a big issue in jackson hole, little about yellen and maybe more about draghi. >> i'll be paying more attention to mario draghi. >> investors should be paying more attention to draghi, not yellen. >> walking on eggshells. >> everything to gain is so dependent. obviously if the euro zone was to show any signs of rolling over, inflation drifts back down it may be very difficult for them to announce anything at all but certainly the market is looking for some clarity. >> the central bankers want to be very gradual, very careful in both signaling and implementing the withdrawal of this extraordinary accommodation they put in place the last few years. >> how do you exit in a careful way where you don't signal too much you're exiting and still give time for the economies to do well and still give time for the inflation to come up and i think he will at jack hole go

janetahead, more on yellen and mario draghi.look at what investors are hoping to hear with bank of america merrill lynch. haidi: plus, we analyze the inest incremental tick up japanese inflation, painfully slow still. this is bloomberg. ♪ ♪ haidi: this is "bloomberg markets: asia." i am haidi lun in sydney. rishaad: i am rishaad salamat in the hong kong. policy makers meeting in jackson hole, most major currency pairs little changed. sees the dollar correcting higher, possibly against the euro. great to see you. what gives you this idea? something i have noticed, a change in sentiment towards dollar strength. what would be the foundation? >> if you think about the terminal fed funds rate, where it will be when it finishes its tightening cycle. that is low, peak pessimism around the u.s. the majority of the people thought it would be around 2.5%, incredibly low compared to the eurozone. that is the foundation. look at quantitative and positioning metrics, it does scream out that dollar positioning is extreme. rishaad: we have see

janet yellen and mario draghi take to the podium at jackson hole. taxing time.to overhaul the tax system next week, but how much can be achieved between the white house and congress? hunkering down for hurricane harvey. the storm since gasoline prices surging as it heads to taxes, set to be the worst storm in more than a decade. welcome to "bloomberg markets: european open pickup i am alongside manus cranny. manus: a very good day to you. european equity markets have just turned over ever so slightly. the stoxx 600 easing out the smallest of gains as we wait for the nuances of liquid over in jackson hole from mario draghi -- for the nuances of language over in jackson hole from mario draghi. the president of the united states tweeting yesterday a rebuke to the grand old party. you are seeing london hang on to some gains. we will wait to see the outcome on the commodity complex of hurricane harvey as it hits land in the united states. tocks are just beginning prevaricate. should we talk about germany? matt: let's do that. less than a month until german voters cas

janet yellen and mario draghi meet in wyoming. we

i want to get your take on what s had to say and mario draghi. mario draghi saying it is useful.to say what we did did not work. there are two basic problems. the central banks have been very poor forecasters and forward guidance and evolve forecasting and they have way overestimated inflation and the time we were going to raise rates. and the fed and other central banks as well. thebasis of four with guidance forecast, they have been very poor. secondly, we have researched this. 1993, 1994, the said raised from 3% to 6% in about seven months, double-dip, quite -- double it quite out of the blue. we looked at the volatility of notes and bonds versus what has happened since december 2015 when they had for guidance and only goal of 100 basis points. the volatility was less than it has been now. there are other factors, obviously. forward guidance, i don't think has really dampened volatility and if anything quite the opposite. francine: gary shilling stays with us. later this week, while we are live in jackson hole, we will kaplan.her and robert michael mckee will bill the ground a

ishink mario draghi concerned about two things.r one, the fact that inflation is still below target there. and he's also wondering about what the impact of the strong euro will be on exports, will be on the european economy. think, underscoring what people have said about the divergence in different stages. we'll get q&a at the end of this . we will be watching very closely and i will be back later. we will see what we can glean from mario draghi in jackson hole. julia: a lot of questions being asked about whether or not there is concern. we should make that point. and many ecb meetings, i pondered this myself. it is doing work effectively. when we talked about the possibility deciding to retrace qe at this point. they are kind of doing the work for them here. >> most people we are talking to say that the euro will strengthen this year. isardless of what draghi today. most investors and analysts say the euro is strengthening because of stronger european fundamentals. julia: is it a euro story or a dollar weakness story? >> it is bo

it wasn't really mario draghi related. this was on the back of pmi numbers, flash numbers for august which with by in large better than expected. except for the services number for the eurozone that came in at 54.9 a touch below expectations when it comes to manufacturing those prints were larger than expected 57.4, and 55.8, also a touch higher than anticipated. i think there was a big surprise coming out of germany. we saw that economy and the eurozone economy at large stalling when it came to the last july pmi numbers. there was a sense of plateauing, but the german pmi numbers, the manufacturing print, that saw quite a bit of a jump that led to this slight rise in the euro/dollar. what do you make of the pmi numbers? we thought there would be slowing, leveling off. are you surprised there is a pickup sooner rather than later? >> i'm not surprised you're right to highlight the point that some softer economic data recently has made people question whether the economy i losing traction, whether the currency is having an e

markets, mario draghi will step up to the podium. according to an ecb spokesperson, draghi intends to stick to the theme of the event, fostering a dynamic global economy. joining us now from new york, u.s. economic research at citigroup. did we hear anything from janet yellen that might move the markets in any way either now or further down the line, andrew? andrew: i really do not think so. i think the surprise was very low. expectations coming into this about as low as they had been in memory. we got a speech that focused on monetary matters. what did you make of our comments regarding financial regulation and how many should not be rolled back? how much does her voice counts in this particular debate? andrew: i think her voice counts potentially quite a bit as the chair of the fomc, and there is a potential she continues as a chair of the fomc so they have to take that seriously. we do have a new nominee for the vice chair for bank regulatory matters. we could hear a slightly buterent tone from powell, in general, you will see mor

ira: i think what mario draghi wants to do is play with the themes that have been talked about this conference wants to focus on, things like regulation and are there things the central banks can do to stimulate the economy. janet yellen took a little bit of a step back though she was pretty pro regulation, she also said hey, there are tweaks that probably can be done, because of the interrelationships of all of these different regulations might actually be hampering growth and maybe we should look into that and i think mario draghi might come from the same type of approach. jonathan: martin, for investors, how have you prepared for the removal of accommodation in europe when central bank

mario: nicolÁs maduro se presentÓ ante la nueva asamblea constituyente.16 aÑos asegura haber sufrido una violaciÓn mÚltiple. el suceso fue publicado en facebook. >> es indignante que seamos el tercer paÍs en el mundo con el mayor nÚmero de violaciones sexuales por habitante. jimena: el presidente pedro pablo kuczynski presentÓ en cuyo este discurso. son tan perturbadores como la propagaciÓn de una videocasete transmitiÓ en vivo por facebook, la vÍctima fue identificada y declarÓ a las autoridades haber sido violada. en el vÍdeo aparecen cinco sujetos y un sexto encargado de registrar la escena. ninguno de los supuestos agresores han sido localizado. >> vivimos en un paÍs en el cual la cultura de la violaciÓn estÁ enraizada. una muestra es que el video haya sido viral. contribuye a que se siga expandiendo el morbo. periodista: no es la primera vez que un vÍdeo es transmitido por redes sociales en el perÚ, meses atrÁs imagen de un muchacho que abusaba de una muchacha inconsciente fue difundido en las redes. este suceso confesÓ su delito y fue puesto en pris

and the big highlight is a with janet helen and mario draghi.hlight is actually monday come up my producer forcing this in the solar eclipse on solar eclipse or monday. jackson hole for you, sir? >> solar eclipse. jonathan: the ecb or what is happening with mario draghi? it was meant to be the main event. we weren't getting the kind of news in terms of tapering. then we saw the accounts from the ecb's last meeting, but they are concerned about a euro overshoot. it aids the risk a little bit, has the risk diminished for you guys? >> i think it has a little bit. the problem is everyone wants to , talk about having a strong currency, but nobody wants their currency to be that strong. i think the rhetoric will be dialed down a little bit, but again, the ecb is clearly the wildcard in world central banks. jonathan: a lot of people say the ecb holds the key to level rights -- to global rates? does mario draghi holds the key to global rates? >> in my opinion, yes. they will be careful to not rattle the markets. if you see a decent repricing of term pre

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the big story is jackson hole yellen and mario draghi both speaking today what can you expect? joining us is david rosenberg. we had a bit of an argument earlier this morning on whether draghi or yellen was in a tougher position as it relates to facing mandates and issues, and getting out of this super easing policy. which would you say has the bigger challenge >> i would say that probably janet yellen does. i only say that because mario draghi, you know, clearly is facing a situation where at least inflation there is heading towards the target it's taking a long time, but at least that's happening here you have the fed where inflation is heading in the opposite direction yet the fed is trying to convince everybody that they still have another rate hike this year in their arsenal if janet yellen's speech today was about price stability instead of financial stability, she would have to come clean and explain why it is that inflation continues to surprise to the down side and not just because of a couple of idiosyncratic sectors doing it this inflation trend is quite broadly base

or should we expect fireworks from the fed >> i would think mario draghi will be careful. the ecb's meeting in just under two weeks. if they want to make big statements about tapering, i suspect it would be more likely there. though one never knows in terms of monetary policy, again, i think he'll be careful. we've seen a range of mixed data, as we were talking about earlier, strong growth data, but weak inflation data. i don't know if there's anything new for him to say today on that i suspect with mario draghi on the monetary front, it will be relatively calm. yellen could be more interesting. there are a number of key issues floating around. she has used the jackson hole symposium to make major statements before. but i think are a couple restraining issues one is the debt ceiling deadline coming up at the end of september, mid-october that could disrupt markets i don't know if you want to make strong statements going into that so i suspect she's more likely to focus on what the topic of her speech is, which is financial stability and perhaps -- what i'll be interested t

alan's point was, looks, why would mario draghi, believe -- all the way to -- why would mario draghiome all the way to jackson hole if he is not going to send some kind of message? kathleen, thank you so much. .oining us now is ed shing first of all, good morning. good morning. francine: this is the inflation chart for the boj. and white ishe boj the one that is struggling the most. if you were to ask question to any central banker in jackson hole, who would it be? ed: mario draghi. i would ask him if he is really concerned about the euro. clearly, it is having an effect. if you look at the asset prices in the eurozone, they are coming off. you are a pound investor, you're very happy. if you --at what point is this going to hurt the economy? therefore, does the work of tightening -- francine: if you are a german exporter, you are ok, i presume, with the euro level, but not if you were a french or spanish exporter. ed: i think we shouldn't exaggerate too much. it depends on the way you are exporting. basis, then year trade is 5%. it is not that dramatic yet. even if you look at euro-d

we are going to bring you mario draghi's speech.e from germany, where he addresses the sixth meeting on the economic sciences. he is due to start speaking in just a few minutes. ♪ manus: wpp have sent a warning shot to the marketplace. the stock is down 9.41%. bloomberg is speaking to the ceo on the phone. saying it is a very tough business environment. the second quarter was tougher than the first. that stating perhaps a very obvious statement. he does go on to say there was a seminal event in q1 which was forfailed kraft bid unilever. reverberated throughout the industry. that hit advertising spending. if we go back to the context of what wpp have said to the market, they warned that spending coming through on consumer goods companies is where the real pressure has been. it cut its full-year forecast amid lower spending by customers in consumer goods and manufacturing. let's get your business flash. sebastian salek is standing by. sebastian: let's get more on that story. shares have fallen by as much as 12%. that is after the worl

draghit yellen and mario seem to avoid it. yellen said she does not want a big rollback in financial regulations. who is talking about that? president trump. she made it clear that having to makes moreapital resistance to another crisis. she did not mention policy at all in her speech. be a draghi said now would dangerous time to ease regulations because economies face risks when it comes to growth. and, in the queue and a after his luncheon speech, was asked about qe. he said, yes, it is working well, but we have to be very said monetary accommodation is still warranted. this is very, very important. it seems even though the world was waiting to see mario draghi -- that is a great shot, the three top central bankers in the --ld having a cup of coffee but the one signal mario draghi said is he is not ready to announce anything on tapering. my question would be, is he waiting to see inflation go higher, right? his feet, oro drag does he not want to send a signal like this in jackson hole? is he going to wait for one of these me

mario draghi has an address at 3:00 wall street time. the theme will be creating a dynamic economy area there is a lot of room to speak. there is a lot of speculation that he will talk about the ecb going forward. can you imagine if we get a speech that towards us on it regulation? i'm sure you will have a good time anyway. let's begin with you. what are the specific you are looking for today? >> this is her swan song. she is playing for her legacy. i think she is going to say that that is has been a great job improving of financial stability. if there are no real excesses in the banking system. prices are asset stretched. third, i think she will warn against too much deregulation because she thinks that may be risky. when the next financial crisis comes, she doesn't want to be laid at her door. she wants to safety regulation did it. joanathan: if she takes a line out of stan fischer's book. david: is this a swan song or an audition? >> he will. there is a passage in the minutes that says we should not have too much deregulation. believe

janet yellen spoke at jackson hole and mario draghi will speak later in today.anet saying any changes to financial rules should be modest. secretary, aign leading backer of brexit, acknowledges that britain will have to pay to leave the eu, well he terms continue to get softer and softer? the money behind the mayweather macgregor mega fight, the biggest financial winners from the tomorrow -- by tomorrow. -- fight tomorrow. one of the biggest in recent history. upopean equities, stocks are . what do we need to do to finish higher for a second consecutive week is rise at least 0.07%. we are 0.05% higher. week,do rise for a second the best run since mid-july. janet yellen did not address monetary policy. you have seen the stoxx 600 come off highs of the day and up for the third weekly gain in four. german corporate customer is weakening slightly in august, suggesting mild nervousness along how long europe's biggest economy can hold its growth spurred. spurt.red -- earlier of germany showing gdp is strong and government spending driving gdp, up .6% in the last quart

what are the questions we're looking for answers to when we get the speech from mario draghi?> well, what everyone would want to hear from draghi is some clarity about how the e.c.b. will continue in the course of 2018 from its unconventional monetary policy, most notably large asset purchases. but this is most likely not going to happen. the e.c.b. council will meet in september and most likely draghi won't want to up front the discussion governors will have at that time. jonathan: has it stopped him before, he boxed in the governing council before. he did this three years ago at jackson hole, why is the time different and why is the topic so much more sensitive about removing accommodation? alessandro: very simple. that is because of the time identity draghi 2014, felt he probably needed to jolt the council into action in what was a rapidly changing, almost emergency situation where they were slowly sliding towards inflation. right now, the euro economy is doing well and growth has been surprising on the upside. there's not so much inflation but at least there are signs it m

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will mario draghi talk down the euro? both did not happen. time. >> that was four years ago. yellen spoke about the deregulation and place. is precious given that bankers have brought like there is no tomorrow. they are telling the banks, don't you dare do something like we have done. it is fair interesting. shery: politically it was interesting. >> possibly i would have done the same. i'm not saying they should not have done quantitative expansion . the second part is mario draghi told us what we heard before. cap psy will raise, perhaps i will not. can show you with my fingers what an taking out of jackson hole. , and major central banks if somebody tells me what is the direction of interest rates, i will tell you flat, flat, or flat. willmeans janet yellen increase and mario draghi said perhaps not. shery: you missed a fourth option? this way. i will throw up a chart right 9433. >> really? shery: take a look. this is what we are talking about. the negative yield is climbing. one of our reporters at bloomberg news is saying that easing is n

ecb presidentnd mario draghi meet in wyoming.begin with a big issue, a day of -- and amazon joins in. >> that is the elephant in the room for us, what are they going to be tomorrow. >> it is concerning, but from a credit perspective you have an opaque business model. you don't have a lot of disclosure to the markets and that makes it tough for us. identity make you see across the market, still after we are well into a fed hiking cycle, the borrowing costs are still near the lowest they have ever been. it remains a good time for corporations to borrow money. >> there is an ongoing demand for yield. the fed has gone through a process of slowing downward shoot adjustment. it's happening at a glacial pace. >> all of the companies have taken advantage of huge demand so they are issuing long bond at tight spreads. so, the corporate market has extended quite a bit. >> central banks around the trillione brought $60 worth of assets. they have to buy something and go somewhere. joining us, let's talk about the 40 year security that amazon

reportero: mario figueroa es un joven con suerte.aciÓn sabe su ubicaciÓn exacta la cuatro horas del dÍa, Él logrÓ recuperar su libertad luego de ser detenido por ice. lo primero -- quebraron lo primero que le dije es que yo no querÍa firmar ningÚn papel sin hablar con mi abogado. reportero: mario fue traÍdo por sus padres cuando sÓlo tenÍa cuatro aÑos. aquÍ creciÓ y se casó con una ciudadana estadounidense, quiÉn encabezÓ la lucha para la liberaciÓn del padre de su hija, recogiendo mÁs de 1500 firmas de apoyo y solicitando la retenciÓn del congresista duncan hofften. >> no quiero dejar a mi esposa, mi hija. reportero: una vocera de la patrulla fronteriza dijo a univisiÓn, que cuando se decida la liberaciÓn del detenido, es con estricto apego a la ley. si bien pudo regresar con su familia a partir del viernes pasado, las autoridades no le dieron permiso para trabajar legalmente en estados unidos, su esperanza estÁ en la acciÓn diferida que solicitÓ tres meses antes de ser detenido. la abogada de figueroa, considera excepcional que las

vannucci tiene las respuestas aquÍ en "un nuevo dÍa" cuidado con mi sueÑo mario.s. que tuvo con rafa adriana lavat, y se han enfrentado varias veces en la corte porque la ha demandado para que ella aumente la manutenciÓn, las cuentas de rafa y de la mamÁ y hermana han sido congeladas. >>> por eso quizÁs el temor de adriana >>> bueno amigos este fin de semana se llevÓ a cabo un magno evento en las instalaciones del famoso pico rivera sport arenas, quien gerardo ortiz habla de lo que pasa con juliÓn Álvarez >>> me tocÓ ver que lo traen en friega con eso, bueno que te puedo decir es otro colega que estÁ pasando por esta situaciÓn. este difÍcil para Él, pero creo que pues van a salir adelante con eso no. >>> esperemos que asÍ sea >>> ojalÁ que sea >>> esto estÁ reciÉn empezando y desgraciadamente es un proceso que demora y que van a seguir saliendo cosas >>> como dice el abogado te congelan todas las cuentas, todo el dinero no tienes para pagar, por ejemplo juliÓn todas las regalias de sus canciones estÁn congeladas estÁ difÍcil >>> veremos y nosotros en "un nuevo dÍa

. >> mario draghi took this opportunity not to signal what the ecb does or does not do next.took this more as an occasion to talk about what the big challenges are globally. he is especially concerned about openness. he is concerned about protectionism. makeconcerned about how to multilateral cooperation sustainable, fair, equitable. when it comes to the currency, you can take away that either mario draghi is not concerned about the euro because he did not explicitly single it out, but on the other hand, you could say, mario draghi is going to wait for the next ecb meeting, or mario draghi doesn't want to fire up the european bull. you know how currency markets are. julie: still ahead as we review the week on "bloomberg best," ireland's prime minister weighs in on brexit. loaurewo bank noble -- the weeks's top business headlines. samsung reveals its latest galaxy note smartphone, hoping to a race memories -- erase memories of its last phone. this is bloomberg. ♪ julie: this is "bloomberg best." i am julie hyman. let's continue our global tour of the week's top business storie

yen committeethe ecb president mario draghi speaks at 3:00 p.m. new york time tomorrow, just a few hours after the fed chair janet yellen. euro traders do seem to be gearing up for volatility heading into that speech from oreo draghi tomorrow. abigail, what is it looking like out there? abigail: the markets are wishy-washy. mix trading. we've been watching the averages move between small gains and small losses. it appears there on hold before janet yellen speaks at jackson hole tomorrow. with the exception of fed chair ben bernanke back in 2010 when he alluded to the possibility of qe2, nothing new comes out of the speeches but investors are waiting for clues. at one sectorook under pressure. this is the consumer staple index. we see over the last two months, it is down about 1.7%. taking a dip lower at its lowest level today since july 24. those lower lows could be bearish. it may suggest there is a possibility of more selling ahead. as for what is pressuring consumer staples, lots of packaged food makers. s&p 1500 have the been screwed index dow

does that take the thunder from mario draghi?i think if anything it shows they are going to win. and this currency like a hot potato in a global economy, no one wants it. if you end up with it, it is a problem because it undermines competitiveness. it is heavy to growth, and increases inflation when you don't get the inflation you want. at the same time mr. draghi has to respond to other things he is seeing in the economy and politically. so if anything what you saw from the minutes yesterday, very much increasing my interest in what he is saying. reporter: let's talk about what they will ultimately do. we know at some point in the next couple of months and what we understand from the most recent report they want to hold off. they communicate to the market, what that will be. qe at the current pace, what is next? mohamed: i think less qe will be very gradual. you will see central banks remaining cautious. you will see central banks erring on the side of being bullish.at any of -- and i think of this image that central bankers are

be the stands that mario draghi takes. try to buy time for ecb waiting for a post-brexit take sure of britain to emerge and the strengthening of the pound and also the fed to get on its front foot, even announcing the withdrawal of funds from the global system. we will most likely see a stronger u.s. dollar, so either of those countries could do the work that the ecb needs done and the currency markets, therefore a neutral stance is an effort to it for those positive developments for the euro. risk we willre a get a more hawkish message out of janet yellen given that she is taking on financial stability? this is for bloomberg subscribers only. check it out at tv . in the past, janet yellen has not use jackson hole, but with her term expiring in january and talk she will be replaced by gary cohn, she may use the opportunity to speak truth to power. they have not refrained on calling on policymakers to pull the fiscal levers given that it is potentially her last meeting. that she impossible will call on policymakers to g

draghit be that mario steal the limelight?educed longy has they haveon the euro, dropped them by 14,000. it does not sound but -- like a lot. systeme a traffic light used by mario draghi when he wants to shift the currency >> -- currency -- current? anna: we will digest some of that. if you have low expectations, you think that what we saw in the meaty -- the meeting last concernched flagging of . certainly a headline to on. let's go to the first word news update. juliette: thank you. are missing and five injured after a u.s. warship collided with a tankard. search-and-rescue is underway after the john mccain collided. the extent of big damage and injuries with initial reports suggesting the guided missile destroyer suffered damage portside. it is the second crash involving animation -- an american vessel in asia in a matter of months. u.s., mexico, canada ending the talks on a new north american free trade agreement. they wrapped up negotiations quickly with a far-reaching deal. next round of talks is scheduled. start ofled f

speculation is growing up who could replace mario draghi.l say it is too early end to get them on the record when they start actually talking about it. let's kind of think about who could be a replacement and what it could mean going forward. what impact do you think that has four the euro? what would it mean? the finance minister, if he wasn't the next boss do you think he could be the next finance minister quits it is in listing because in his current role has been quite aggressively opposing qb from the ecb. that was for much his stance but i think the market has more or less dismissed his views because they assumed that the part of the power was with mario draghi which ultimately seemed to be correct and effectively the bank was throwing stones from the sidelines that mario draghi was setting policy. moreu did get a much change ecb, that could market sentiment towards expectations and i think expectations for the euro. view is-term equilibrium for the euro-dollar is 133. we think every 4-5 years a currency goes back to that. believe that

the euro did rise after mario draghi said he sees laois and not sustained.ing us now is the head fixed income research at -- let's start with this chart. it sums up foreign-exchange action we follow. the tv tothis is g 191 on the terminal. u.s. at its lowest since january 2015 according to the bloomberg dollar index. . please continue to go short on the u.s. dollar. not a lot of optimism around there. i want to get your take on yellen's speech and implications for the rate hike. chartdovish -- this suggests it. here into no new clue the stability. speech -- basically focuses a , and here regulations view that it hasn't had anything like this. having said that, a lot of said things have been in her previous talks. that would indicate that the fed terms of data, everything else is supporting to this. the only thing that we deliver his inflation. the market perception is lower than it should be. overall, i think it's slightly lower than the dollar. this supports a little bit of hiring in the u.s.. there is an anticipated rate hike in december. that was even bef

on the other hand, you could say mario draghi is going to wait for the next ecb meeting or mario draghisn't want to maybe fire up the euro bulls by indicating he will slow them down. julie: still ahead as we review the week on "bloomberg best," ireland's prime minister weighs in on brexit. plus, a size up on mario draghi's assessment on qe and two fed president's share their outlook from jackson hole. coming up, more of the week's top business headlines. samsung unveils its latest galaxy note phone, hoping you -- hoping it can erase members ories of the previous model. >> it has a very large screen, large display. it is the biggest phone yet. julie: this is bloomberg. ♪  ♪ julie: this is "bloomberg best," i'm julie hyman. let's continue our global tour of the top business stories with a clash of investment titans. billionaires carl icahn and and bill ackman dowdell on the future of herbalife. david: herbalife, it may be the stock that has the highest ratio of mentions the market cap of any public traded company in the past few years and is back in the news today with an announcement it

the ecb president mario draghi was a busy man -- this week.vering his best before delivering his speech at jackson hole, he addressed the economic sciences before an audience that included 17 nobel prize winners. two of those laureates spoke with bloomberg television about on monetaryments policy. >> obviously they have a problem, in the sense that quantitative easing was an experiment in our modern times. quantitative tightening will also be an experiment in our modern times and, that means that they have to decide what rate and how to reduce the large balance sheet that they currently have. secondly, how that interplay's with increasing rates. i think at the current time the markets tend to be saying in a sense, let us wait and see and watch them evolve, that process of reducing the balance sheet and increasing rates. my view is that the threat of inflation tends to be muted and that gives them more degrees of freedom to experiment, and to see how to reduce the balance sheet size. and not do it precipitously or with the great threat associat

very different situation for mario draghi at the ecb.e about to embark on a tapering process. they will have to explain how they will do that. the economy there is more fragile than the u.s. from a structural perspective. i think that mario draghi comments will have much more information content at this stage then janet yellen. >> take those comments we anticipate and put them together with the accounts we got this week. how much did they take away from what draghi might be saying? they're saying they're nothing evidence of inflation and the strength of the euro. does that takes some of the thunder away from him? >> no, i think if anything, it shows the dye lemma there -- a dilemma they are in. strong currency is like a hot potato in the global economy, no one wants it. if you end up with it, it is a problem. it undermines your competitiveness, it is a headwind to growth and it depresses inflation and a time when you were not getting the inflation you want. at the same time, mario draghi has to respond to other things he is seen in the e

on mario draghi's side, he will talk about the path towards normalization.ot put much emphases object currency if the currency came in that would be news. >> the political headlines out of washington, the concern over the prospect of a government shutdown, president trump threatening he will shut the government down if a border wall between mexico and the united states is not paid off what are your thoughts on this shutdown happening and the impact that could have >> i don't wanted to be forecasting plitt kaolitical developments like that but it's not in our forecast that we'll have a disrpuptiondisruption i think if we had a volatile disruption in financial markets, that could slow that down. short of that, don't think we'll see the fed delay on that front. we're not looking for the government to shut down, but certainly the risks are there. >> bruce, we consider the global picture, of course that will be discussed this week at jackson hole the similarities in europe as there are in the u.s growth numbers and unemployment numbers are encouraging, but no inf