mark gilbert joins us now. rst of all, the first elements i will bring up on the screen are the dot plots. the attention is not on the shift lowered in the median forecast, but this little dot in 2015 and 2016, south of zero. when mr. gilbert saw that, what were your thoughts? mark: thought it was a bit odd. but don't forget, we have negative interest rates in several countries worried about deflation. it may also be part of the currency laws. the dollar strength on a trade basis, weighing upon someone's mind that the fed, and a probably should be. jonathan: there is an argument that whenever things deteriorate, loosen, lucent, lucent, cut rates, cut rates -- where thea position mainstream starts to think about low rates being the problem and not the solution? mark: i have read maybe 10 e-mails in the past week from people in the markets on exactly this topic. there was a great analogy -- quantum physics. when you start to look smaller and smaller, things get really weird, what einstein called spooky. when you a

mark gilbert and hans nichols.till to come, we will be joined exclusively by the chairman of the financial institution board. we will be talking fed. and as the formal chairman of the labour party, we will be discussing jeremy corbyn. ballot boxck to the -- greek voters head to the polls for the third time in less than a year. has election fatigue set in? we will have the latest from athens. i find it is crazy -- alexis tsipras was being called a criminal. -- now he's the favorite. mark: that is the only way you can look at alexis. given the mess greece event, it may turn out to be a good thing. francine: mark gilbert. just a reminder -- you can follow me on twitter. coming back, we will go through what the fed decided. it seems that the only market that moved was the treasuries. we had this debate yesterday. euros,around 500 billion and he is saying that the markets seem to be leading the feds thinking. do you think that is right? do you think the fed has done the right thing? you can tweet us. ♪ francine: welcome

i should point out mark gilbert had a report saying don't trust it. has the lowest monthly average gain since 2011. david: he crunches these numbers -- actually, he took the numbers from an economist -- and what is fascinating is the revisions are typically revised up by 90,000 in august, more than double what the other 11 months are. alix: that means the fed is looking at the most unreliable jobs report of the entire year. do not miss this tomorrow -- the former advisor to fed chair janet yellen and former chairman ben bernanke will be on with us tomorrow for "what'd you miss?" david: thank you very much for watching. alix: have a wonderful afternoon. ♪ >> from our studios in new york city, this is "charlie rose." ken friedman was a successful music executive with no experience in the food world and then he decided to open a restaurant after jamie oliver introduced him to april bloomfield carry he knew he had found his partner. together, they opened the spotted pig in 2004. it was an immediate hit and it continues to maintain its popularity more than

we are also joined by mark gilbert. we are talking a little bit about outflows. g a very good point about forward guidance. we are in this mess with the markets don't know whether they are coming or going because there was a communication issue. mark: i think forward guidance has been a failure. market interest rates. we just had a bunch of clever people who absolutely divided economists and strategists. you should not be in that position. francine: do you agree? that forward guidance was there to give us an indication. it is really split 50-50. stephen: i believe central banks every foreign -- have reformed themselves over the last 5-7 years. since thel banks, dawn of quantitative easing, have been experimenting with quantitative easing. be angoing to experimentation on the way out, by default, it makes sense. experimentation on the way in and on the way out. as they continue to normalize monetary policy. francine: will they talk? janet yellen will talk quite a lot about china or will they focus domestically? mark: i would hate to try to come up with the remarks

mark gilbert has a free chance on the pulse, we have and might make it to the end of the week.sts.have a couple of we believe a chat the vice-chairman of the airlines taking off. we have some updates from greece. all of the rest of your fund -- how to make money. jonathan: gentlemen, we do have to go. thank you for joining us. so much has happened in the last four hours, rates cut over in new zealand for the third time in as many months. brazil got a cut of their own, a credit cut to junk. the minutes will be interesting. ♪ the chinese premier of lichens managing his economy to a chess game. brics crumble. standard & poor's cut herself's credit rating to junk as latin america's largest economy faces tss deep it recession i deepest recession. share priceple's dropped 17% since january. welcome to "the pulse"

i would to bring in mark gilbert from london.iece today saying it looks like -- the question to you is our automotive engineers the new rogue bankers? echoeshere are a lot of to we are seeing in the auto industry. there was never only one cockroach. that is what we learned in the currency rigging. that is what i suspect we will learn in the auto industry. i doubt volkswagen is the only one that has been playing fast and loose with the rules of epa. if you look back in the auto industry trade magazines and look through reporting in recent years, everyone knew carmakers were gaining the system. how do you feel efficiency figures of the edit than anyone can get in the real world. i think the coaching of regulation that is at fault. if you don't break one broken window, all the windows get broken. if the regulations allow automakers to get away with murder on emissions testing and feel efficiency testing, the automaker culture will try to get away with more and more. that is where the fault is. betty: in your view is a right that it

brendan: mark gilbert writes -- vonnie point out that i could not pass this on up.style guide evidently believes that beer lovers is one word, just a noun on its own. that is not a typo. that is the way we feel about beer. tom: i see your future. brendan: which is my plan for my life, to somehow be appointed as the community bar secretary at the cabinet level. zar?ie: the bar c brendan: he makes a good point, that if the merger goes through, ec of beer.an op does that scare you? torsten: there are some issues at the broad level, that once you think about this from a macro perspective, there is a lot of m&a going on at the moment and that is probably healthy. but generally speaking, from a financial perspective, it reflects that interest rates have been zero and we have had a lot of deals going on for quite some time. brendan: i throw you a fat pitch like beer, and you return it with a discussion of finances? tom: i will continue with dr. slok here. there are no barriers to entry. brendan: this is different from distilleries. you cannot legally do it in your home. yo

mark gilbert is looking at the 2% target that many central banks have adopted for inflation and sayingng, we are not getting there, and it is not a problem we are getting there. do we need to change the 2% target? alan: once you have set the target, you should change it reluctantly. it was a mistake to set a specific target. i think a range would have made a lot more sense, a range of 1% to 3%. hitting a target is like hitting a hole in one on a golf course. the central banks have tied their hands in that sense. the big problem we face is deflation, so anything which is safely away from deflation i would say is a sensible target. vonnie: what would be the point of a range of 1% to 3%? that would be saying that as long as there is any flechette -- any inflation at all, we can do what we want. alan: it is hard to precisely hit your target, and the numbers are noisy. then you get shocks like the oil price shock like we just had. economic policy, we have learned that if you try to refine too much, we can overreact and make the government policy reaction to bank sensitive to noisy data. bre

and mark gilbert has a new piece out today saying that the vw scandal looks like -- on four wheels.arlier today and was asked if auto engineers are the new rogue bankers. >> a lot of echoes, what we're seeing in the auto industry. there is never only one cockroach. that is what we have learned from the currency rating. also in the oddest -- auto industry. at about -- i doubt very much that volkswagen is the only one has been playing fast and loose with the rules. look back at the auto industry trade magazines and look at reports in recent years, everyone knew the carmakers work gaining on the system, it is how you got soul efficiency better than anybody can get in the real world. this is the culture of regulation that is at fault. if you do not fix one broken window, all the other windows get broken. may have allowed automakers to get away with murder on emissions testing and fuel efficiency testing and they will try to get away with more, that is where the cult is. scarlet: is it right that it is worse in some ways with this scandal, the conquest of this, as we have seen with the g

mark ventura. david. loretta. christopher james. matthew gilbert. robert anthony. >> victoria. it joanna. joseph vincent.l hernandez. sergio gabrielle. melissa vincent. francine. lawrence. joseph gerard. joshua. maria. lynette. alfred anton. gregory brutal. karen wagner mary alice. and my sister, mom is doing good but this is the first year she could not make the trip she is attending a memorial is given your honor in our home town. we love you, we miss you and we will never forget. >> my cousin we love you, we miss you you are for ever in our hearts. >> a and up. gabrielle lot. wendy allen's. victor. kenneth. benjamin f. james walker. glenn. mitchell scott wallace. peter. robert frances wallace. matthew blake. john wallace, jr.. barbara walsh. jim walsh. jeffrey walsh. schaede. michael. stephan. timothy ray. james. brian warner. eric christopher washington. charles. james thomas waters, jr.. patrick j. waters. kenneth thomas watson. michael henry. todd christopher. walter edward. nathaniel. diana webster. william michael. joanne. michael weinberg. steven weinberg. scott jeffrey. simon. david thomas. vin

mark ventura. david. loretta. christopher james. matthew gilbert. robert anthony. >> victoria. it joanna. joseph vincent.ry. claribel hernandez. sergio gabrielle. melissa vincent. francine. lawrence. joseph gerard. joshua. maria. lynette. alfred anton. gregory brutal. karen wagner mary alice. and my sister, mom is doing good but this is the first year she could not make the trip she is attending a memorial is given your honor in our home town. we love you, we miss you and we will never forget. >> my cousin we love you, we miss you you are for ever in our hearts. >> a and up. gabrielle lot. wendy allen's. victor. kenneth. benjamin f. james walker. glenn. mitchell scott wallace. peter. robert frances wallace. matthew blake. john wallace, jr.. barbara walsh. jim walsh. jeffrey walsh. schaede. michael. stephan. timothy ray. james. brian warner. eric christopher washington. charles. james thomas waters, jr.. patrick j. waters. kenneth thomas watson. michael henry. todd christopher. walter edward. nathaniel. diana webster. william michael. joanne. michael weinberg. steven weinberg. scott jeffrey. simon. david

. >> timothy paul gilbert >> paul stuart gilbey >> paul john gill >> mark y. gilles >> evan gillette >> ronald lawrence gilligan >> rodney c. gillis >> laura gilly >> john f. ginley >> donna marie giordano >> jeffrey john giordano >> john giordano >> steven a. giorgetti >> martin giovinazzo >> kum-kum girolamo >> salvatore gitto >> cynthia giugliano >> mon gjonbalaj >> dianne gladstone >> keith alexander glascoe >> thomas irwin glasser >> edmund glazer >> harry glenn >> barry h. glick >> steven glick >> john t. gnazzo >> william robert godshalk >> michael gogliormella >> brian fredric goldberg >> jeffrey grant goldflam >> michelle goldstein >> monica goldstein >> andrew h. golkin >> enrique antonio gomez >> manuel gomez jr. >> jose gomez. and my father, firefighter gerrard patrick of fdny rescue company. daddy, you are forever my hero. >> and my father, who will always be missed and loved. >> wilder alfredo gomez. >> janeen nicole gonzalez >> mauricio gonzalez >> rosa gonzalez >> lynn catherine goodchild >> calvin j. gooding >> peter m. goodrich >> harry goody

mark: thank you. g20.kara at the it is jobs day. an unemployment rate is near seven-year at lowe's. one thing not reflected his global market tour model. let's bring in market gilbertth our guest, james dowey. hello, mark. the fact that the data is collected on the week of the 12th each month, this month it was the 15-18. the turbulence really kicked off at the end of that period in the back end of the month. there is that tell us that the shots report is not as important as we have been led to believe, or not? >> there is a bigger problem. since 2011, the august number is the most unreliable of all of the months in the year for jobs reports. the average is 100 2000, i think. they add 102 thousand. that is the lowest of any of the months. 175 orer months average 180. the other problem is the revisions. they get revised by twice as much as every other month. twice as much. the average is they add another 70,000 to 90,000 on when they revise it. mark: the fed says they will hike rates because it will be revised higher. mark g.: you cannot. there's something about the collection and the time of year that makes august mary unreliable. i would hate to think that the fed

veling anthony mark ventura david vera loretta ann vero christopher james vialonga matthew gilbert viannaobert anthony vicario celeste torres victoria joanna vidal john t. vigiano ii joseph vincent vigiano frank j. vignola jr. joseph barry vilardo clarabel vilopo hernandez. sergio villanueva chantal vincelli melissa renee vincent francine ann virgilio lawrence virgilio joseph gerard visciano joshua s. vitale maria percoco vola lynette d. vosges garo h. voskerijian alfred anton vukuosa gregory bruno wachtler karen j. wagner. mary alice walstrom. >> and my sister, catherine patricia salter. sister also to tim, cindy, linda and mary. mom is doing good, but this is the first year she could not make the trip to ground zero. she's attending a memorial in your honor in our hometown livesville, ohio. we miss you. we love you and we will never forget. >> and my cousin gregory monowitz. we love you, we miss you. you're forever in our hearts. >> anna elizabeth. >> gabriela waisman. courtney wainsworth walcott victor wald kenneth e. walde. benjamin a. walker. glen wall. mitchel scott wallace peter g.

mark just left my wife and kid to start a new wife with pizza rat and a whole place life called "an interno mountain high enough" and gilbertng by the phone seeing if i get hired by the voice of pizza rat. cheers to you. >> congratulations. >> thank you so much. >> coming up, joan lunden on what she's doing to inspire a lot of other women. we're happy to have her back. >> this is amazing. >> but first your local news. today, 1 in 5 kids diagnosed with cancer will not survive.t. and that... is unacceptable. at st. jude children's research hospital we won't stop until no child dies from cancer. this september, please join st. jude in our fight to end childhood cancer. i'm gellin' and zinfandellin'. and so is my new bride, helen mcmellin' i'm so happy my eyes are wellin' dr. scholl's massaging gel insoles are so soft they make your feet feel outrageously comfortable. i'm gellin you're so not gellin' dr. scholl's to make peanut butter so deliciously creamy. ♪ it can even be a game changer. that's why choosy moms and dads choose jif. it can even be a game changer. when heartburn comes creeping up on you. fight back with relief s

gilbert, arizona, of the superred moon. >> so great. >> it was a lunar eclipse with the closest full moon of the year. it will not happen again until 2033. >> i have it marked on my calendar. >> nasa has a big announcement of mars. some say this could have to do with the discovery of flowing water on the surface. >> you know what that means, a correspondent will go. >> the blue moon is a new parlance that's completely meaningless. it's the same cycle. >> i love the poetry of it. it sounds so dramatic and vampirey. it hasn't happened in 30 years or 25 years or something like that. >> thanks for showing it to us. >> especially around halloween coming. >> yes. >> big political news, big showdown has to be. can't undersell it. obama and putin meeting face to face later today. what's beginning to be on the agenda, what's going to be the vibe? what's going to be the tone? we'll get diplomatic perspective from former secretary of state and u.n. ambassador madeleine albright. what if one piece of kale could protect you from diabetes? what if one sit-up could prevent heart disease? one. wishful thinking, right? but there is one step you can take to help prevent anot