mckee, there was a crash blocking your two left lanes. that might have changed in the last couple of minutes. chp has yet to give us an update but you see the build continuing over here aetching approaching tully. different timings you have in the area. from interest the 85 split with 101 up in toward santa clara this route the bt direct that folks will normally take, takes almost an hour, about 53 minutes. i'm saving you about half the time, over half the time if we travel up 87 which is unusual. 87 will begin to build so stay with waze and they'll adjust as the commute adjusts. hopefully the crash will clear. nbc bay area wazers is the team to join. the rest of the south bay shows a smooth flow of traffic. the rest of the bay no problems into the bay bridge where the inle million are on. prepare for that and slicker roadways as the commute starts to build. there's hayward with slowing toward the san mateo bridge. back to you. >> thanks, mike. >>> coming up next here on "today in the bay," the costly purchase made by the california lotte

michael mckee is waiting is over to the federal reserve building. to michael mckee at 2:00 p.m., let's get a check of the market. dow building on yesterday's advance. we have seen a turnaround in the two-year. we are now seeing a rise in the price in the yield as a result. it is now 2.66%. i'm tracking an etf that tracks italy. let's head over not to michael mckee at the federal reserve. michael: we get a dovish hikes. they raise the target rate between 2.25% and 2.5%. interest on excess reserves goes up 20 basis points to 2.4% as officials try to keep a lid on the effective fed funds trading range. they added a word to the forecast. now saying some further gradual increases and the target range will be appropriate. they go back to an old phrase, adding while the risks to the outlook are generally balance, they will "continue to monitor global economic and financial elements and assess the implications for the economic outlook." dot

the trouble spot northbound 101, mckee, closer to mckee, two cars involved two lanes blocked and a lot of delays as a result. use 280. that looks better. 87, starting to improve from earlier crash at 101. 280 is the best bet. southbound 17, bare creek, reports of a vehicle, a spinout, a vehicle spun out. it's over to the right shoulder or blocking one lane. see activity there as they try to clear this out of the roadway. your travel times south bay, working from san jose, sfo, looks like it's going to take over an hour. 65 minutes now. do plan for that. better along 280. east shore to the maze, that's up to 25 minutes, altamonte pass, from 205 to 680, a 32- minute drive time. trouble spots, highway 37 and caesar chavez, the trouble spots brewing, caesar chavez, a water main break in the city. the intersection is blocked, that may affect your area traveling through there. not far from 101, 37, westbound, two cars involved in this accident. it's over to the shoulder. we have a crash reported eastbound 780, connecting to westbound 80. the bay bridge, the metering lights are on. a blare of

now, michael mckee a u.s.-china trade, seems to be in the news everyday. earlier, we heard china might be giving in on auto tariffs. michael: i get to be the sort of, possibly good news got. earlier, china -- guy. further, china lower their auto tariffs, but in july they put in extra tariff on u.s. made cars in retaliation for donald trump's tariffs on china's goods. out the beijing, we are now reporting the chinese cabinet will consider getting rid of the extra 25% retaliatory tariff. no guarantees, but a possibility. if it happens, it would be a sign that china is making a goodwill gesture to try to -- david: i have to interrupt. nancy pelosi and chuck schumer meeting with the president, just coming in now. president trump: criminal justice reform, something people have been trying to get for many years -- for many, many years. it looks like it will be passing, hopefully. famous last words on a very bipartisan way. and it is really something that we are all very proud of. and again, tremendous support from republicans and tremendous report -- support fro

northbound 101 just past mckee road. three-car crash blocking two left lanes.d, according to chp. residual delays remain. 9 miles per hour and 14 miles per hour approaching that scene. definitely going to take a while to shake out. that is adding 20 minutes if you're heading through that direction. richmond, san rafael in the green. san mateo, 29. 34, 84, across dumbarton bridge, a malfunctioning traffic signal around university. so that really is starting to have an impact on the westbond side of 84. a check outside. 680 through walnut creek. i did just double-check to make sure we had nothing blocking here. no, we don't. just volumes that are really starting to get heavy. >>> thank you, alexis. a florida photographer spotted a man proposing to a woman eight years ago. joy instinctively captured these moments in front of a church in palm beach. she was there taking christmas photos with her family when she saw him drop to his knee and she snapped the photos of this couple's special moment. the couple disappeared before she was able to introduce herself >> my g

bloomberg'se economics and policy editor michael mckee. the market is not liking the fact that the balance sheet rundown is on autopilot. michael: it is not clear exactly why. the fed made it clear for some time that they are using the rate other than the balance sheet to balance policy. cost of credit -- a lot of people confuse liquidity with the cost of credit and say there is no liquidity on the short end. how will made it clear that -- powell made it clear that that is not the fed's fall. there has been an enormous amount of people issuance. and regulatory changes affect market funds. even though the cost of funding has gone up, it does not mean cash is not available. the other problem for the fed, they are pulling off maturities -- securities as they mature. when you look at the debt 2019, some months you have a lot of securities, some you have very few. to would you adjust that take account of some change in the economy? very hard to do. it would rather let it run on autopilot. interestingly people are talking about what happens if a

mckee will be at the press conference. scarlet fu, some wonderful guests. alan greenspan to join us. p.m. that tomorrow, 2:00 worldwide. this is bloomberg. ♪ this is: -- reporter: "bloomberg surveillance." bowling doesn't intend to quit showering caps on investors anytime soon. -- boeing doesn't intend to quit showering cash on investors anytime soon. company stock has tripled in the last six years. is set to buyell endeavor. blue barrel learning the company value declined because founder wants to retain a large quantity of mineral rights. in germany, chancellor angela merkel's government will increase borrowing by about 50% next year to accommodate refinancing of the nation's so-called bad bank fund set up during the financial crisis. it will also help bankrupt germany's the gift budget on record, it's focus on building digital infrastructure. that is the bloomberg business flash. tom: thank you so much. michael mckees, and cameron crise of bloomberg. bring up the chart. the journal was that hedge fund article today on un

now we will welcome our international correspondent michael mckee. guess this will always be the next move. michael: how about some good news on the trade front, or possible good news. what we are reporting out of beijing is a proposal to lower the tariffs on u.s. cars, imposed in july as a countermeasure to donald trump's tariffs. those would be eliminated, they've asked the cabinet to consider that. we do not know if it will happen, but if it does it will be a signal china wants to negotiate and may be dialed down the temperature in the trade wars. guy: how does this story work with the huawei story? twin tracks of developments taking place in the trade story at the moment. do you think what we are seeing with the headlines is related in any way to what we are getting with huawei or are the two distinct lines? michael: it is impossible to tell. the u.s. a ministration has been saying they are distinct lines. but if the chinese do this, it was a just they are able to separate -- it would said just that they are able to separate the two. that they ar

michael mckee is in washington.d by quite a bit, though still more than we need to absorb new entrants to the labor force. onh the wages, the fed is track for december, but it will upset the market. people are beginning to wonder -- are we starting to see the economy cool? we saw that in average work week. it falls to 34.4 hours. a mixed report as tariffs start to bite. holiday hiring is a little weaker. there are questions about sustainability. alix: yields unchanged after dropping like a stone after the report. digging into that in the next few minutes. michael, good to see you. markets:, "bloomberg the open." larry kudlow on the sugar high the government says will continue. ♪ jonathan: from new york city, i am jonathan ferro. the countdown to the open starts right now. coming up, jobs day in america. payroll coming in below forecast. estimates.missing jerome powell insisting the labor market is strong, but investors are pricing out ministerseven as opec in vienna appear to nail down output cuts. good morning. fut

our service is michael mckee.herbert walker bush. -- that single sentence. the berlin wall fell. did it fall because of ronald reagan or because of some other reason? michael: it fell because of some other reason. the model was unsustainable economically. as communications improve, the people could see what was going on in the west and it put pressure on the soviets. it was not the fact that they wall fell, it was what happened afterwards that distinguished george bush. it successfully by keeping the united states behind not the soled superpower of the time, taking a lead role that would have made it difficult for those countries to emerge. them forward to how he managed the gulf war. it was the way it was before in that he always wanted grace, he wanted to take the high road. michael: the thing he did was put together the multilateral coalition and with u.n. backing so he was not a rogue actor. the victory was so quick and devastating that he decided he did not want to push on to baghdad but his argument was we d

michael mckee there. a reminder that u.s.taking place in washington, d c four george h.w. bush. bloombergtv will have special coverage beginning at 10:00 a.m. in new york, 3:00 p.m. in london. this is bloomberg. ♪ rg. ♪ i'm all about my bed. this mattress is dangerously comfortable. i love my leesa. people everywhere love their leesa mattresses. and now, for an even more luxurious sleep experience, meet the sapira mattress by leesa. sapira is a hybrid mattress combining performance foam technology with individually wrapped pocket springs. enjoy extreme comfort, minimal motion transfer, and incredible edge support. sapira is the first true luxury hybrid mattress. made in america and shipped to your door in a box. read our reviews, then order online. when your new sapira mattress arrives, try it for 100 nights and love it or get a full refund. order during our cyber week sale to get our $300 offer. that's $225 off plus a free pillow - and free shipping too. go to buyleesa.com today. you need this bed. ♪ alix: the day after the

tom: michael mckee on this statement.phs matter to you as an expert on the hieroglyphics of the statement? >> they are probably going to take out the phrase of further theyal increases because are going to try to emphasize data dependence on this point. not guaranteeing that rates will go up but leaving themselves the option if the economy performs as they expect. nejra: thank you so much for joining us. we look ahead to the special coverage. really looking forward to it later today on bloomberg tv. alan greenspan will be joining the team on the fed decision special. that is at 2:00 p.m. in new york. just have to bring you. breaking news on italy. . the european union is said to hold off on the italy sanction proceedings. that is the executive deficit procedure. we were hearing that italy had come to some technical agreement. bcp yields have been moving sharply lower. tom: none of it matters until the fed meeting this afternoon. and the bank of england coming up as well. an interesting time in central banking. chairman gr

michael mckee in new york about what the fed should do.london, theresa may's roadmap for brexit. in san francisco, a big report out. tell us what this report is and what it tells us that is surprising. >> this is the first independent report by the senate intelligence committee to look thatall of the data constitutes the internet resource agencies campaign on social media around elections. that is the russian troll agency. was that thend campaign was extremely intricate and interconnected and focused on emboldening voters

our thanks to michael mckee. about to be wheels up on air force one. carrying the body of the 41st president. it will be in repose and lie in until the first of two funerals wednesday morning. it will return to houston for burial on thursday. our thanks to michael mckee who covered the 41st president for bloomberg. this is bloomberg. ♪ >> breaking news, pictures of the body of george h.w. bush, flowing to washington, d.c. he will be received in washington by members of the house and senate on capitol hill. he is due to arrive. his remains due to arrive about 4:45 p.m. on capitol hill and then it will be, he will be in the capitol where members of the republic will be able to pay their respects to him on wednesday at 11:00. there will be a funeral at the national cathedral. following that, president trump that, president trump has said wednesday as a national day of mourning. than the former will have a second funeral in houston where he will be laid to rest at his presidential library. welcome to "bloomberg markets: balance of power." i'm joined by she

on the brief today, michael mckee. we also have to count down to the brexit vote. first to mike. the markets are way down today. how much of it because of one woman who works for hewlett-packard enterprise greenroom -- who works for huawei? michael: what has markets upset is the rest of meng wanzhou. she is not just any cfo, she is the daughter of the founder, and huawei is not just any chinese company, it is the key effort of control the future. it sells more smartphones than apple, is bigger than boeing, leads the world in five g technology, and is prepared to take on the u.s.'s biggest chipmakers. accused of transfer violating sanctions involving iran and also technology transfer and intellectual property. she was arrested on saturday, the same day trump, in theory, striking a trade deal with chinese president xi jinping. the chinese say she should be released. either way, they are likely to view this of a major escalation in tensions. david: you pointed out a question whether they are linked up together. it is a pretty, straightforward criminal investigation for violations up

let's bring in michael mckee.p claimed a win for this would only be going back to levels before the trade war got started. michael: i was going to take a moving theit for it would be good news, china lowered its tariffs to 15% on all imported cars and in july, slept at 25% moving the markets off my story today, but the devil have a fight over the wall. premium for cars made in the united states. it looks like they may be considering removing that extra 25% and the cabinet is going to consider doing that. it is not a guarantee, but if they did do it, it would be seen as good news, it would be seen as a good-faith effort by the chinese to move trade war talks forward and it would also be seen as some sort of signal as the huawei situation is not influencing the trade negotiations. that administration has those are parallel things and the chinese would seem to be reaffirming that if they do indeed go ahead with this. amanda: it's very reassuring, mike. where does that leave us in wandering around the future of these

only: michael mckee there monday. tuesday, the president posted tweets hinting he could extend that period of the taunt -- det ente, coming after more confusion on eliminating tariffs of u.s. made cars. told foxnews the deal isn't finalized, but he expected china to lower its auto tariffs. larry: the president expects they would take their car tariffs down to zero. to 40 as anocked off retaliatory move and i think you will see pretty soon, they will be knocked down to zero. that is my guess. a senior discuss with fellow of the asia society. the heads of german automakers meeting at the white house today with trump administration officials, emerging from the meeting and their message was not that they are here to advocate for trade. the eu isn't charge of that, but they came to tell trump about their plans, that they might be able to expand themselves in the u.s. and i'm sure auto tariffs came up and that would be a disservice to the companies they want to important to the u.s., but the larger message was there is pote

vonnie: michael mckee, bloomberg's international politics correspondent.uy: let's carry on the conversation. we are joined by a street strategist at federated investors -- buy a cheap strategist at federated investors. let's talk about the market -- are you surprised the market reacted to the commentary on the balance sheet? as we were discussing, that was not the talk going into this meeting. linda: happy holidays to everybody. i agree with what you just said about the balance sheet. quantitative easing was what propelled this market in a big way and it was the fed that was buying the vast majority of treasury bonds. i've been saying in a weekly ease on the website, it is about liquidity. to the extent the fed, which has been the biggest buyer, now on, thistopilot to go is what in my opinion has been much more interesting than how many times they are going to raise next year and if they are data dependent. by saying we are on autopilot, i think that is enough to get the markets moving -- the markets spooked. guy: the fed in the markets, or at least the eq

we are joined by michael mckee, bloomberg's economics and policy correspondent.na, butada versus in actual fact the u.s. is getting very involved. the president is talking about this. michael: the canadians arrested meng because the u.s. requested it. canada got into the middle of it and it is causing problems. she was granted bail yesterday, 10 million canadian dollars, $7.5 million u.s. she will be freed pending the hearing on february 6. her lawyers argued that she is not a flight risk because it would be a matter of losing face if she disappeared. they assume she will show up. in the meantime, a former canadian diplomat has been detained in china. nobody really knows what has happened to him, and it does seem to be at least possible that this is a tit-for-tat kind of thing from the chinese because of canada's role in this. it has created an issue for canada, which along with the u.s. is considering whether or not to impose a travel warning or travel ban on travel to china for its executives, and the u.s. is considering the same thing given what is going on. t

michael mckee in new york about what the fed should do. and from london, theresa may's roadmap for brexit. in san francisco, a big report out. tell us what this report is and what it tells us that is surprising. >> this is the first independent report by the senate intelligence committee to look thatall of the data constitutes the internet resource agencies campaign on social media around elections. that is the russian troll agency. was that thend campaign was extremely intricate and interconnected and focused who wouldning voters back donald trump and criticizing hillary clinton. one of the most surprising elements of this report is that instagram was actually more of a tool and a successful tool for the ira and even facebook. ,avid: i want to talk to you sarah, about instagram, but let's go to michael mckee. -- the fedthat with is even considering another interest rate hike. michael: the odds are that may be the president sealed the rate increase because jay powell is not going to want to be seen as giving in to the president. the market

let's talk now to ten—year—old beau mckee and his dad gary and bobby kasanga. you have said that, not today, my legs hurt, iam days when you have said that, not today, my legs hurt, i am tired, or i cannot be bothered? yes, we have had days when ijust didn't want i cannot be bothered? yes, we have had days when i just didn't want to go. but knowing i am helping people is what keeps me going. ijust fund raise for macmillan support to help those affected by cancer and it is a really good experience. running is in the family because your dad does a lot of running? we do. we said at the beginning of the year we would try and achieve 5000 miles between us as try and achieve 5000 miles between usasa try and achieve 5000 miles between us as a family and we are over 6500 now. do you enjoy running, beau? i do, it is really fun. you can clear your head when you're running. if your head when you're running. if you are having a bad day you can go and clear your head, what do you think about when you are running? don't know. sometimes the running gets in the way of the conv

mckee is a gentle man who comes up with a traditional american values to be part of the elite that really describes george bush he was born well-off with the best education in the best of training but yet spent his entire life to give more back and really was a gentle man you don't see much in american politics. >> where did it start quick. >> his mother who constantly told him it is your responsibility as a person to give back and like she stressed the team was more important than individual especially in athletics with baseball in college the matter how me times he would say harrell one - - look what i did she said how did the team do that the broader success was more important. >> cspan: dad was born in columbus, ohio. >> he was from a manufacturing family but he realized the importance of thinking that both parents come from well-established families so he grew up in the center of new york but really in the financial orbit in the center of a financial institution for american foreign policy in particular. >> cspan: where did he go to school? b mckee went to private school but more imp

ok, bloomberg's michael mckee and catherine mann, thank you both for being with us.up, soros reduces macro wages here more on the strategy that made george soros a millionaire. this is bloomberg. ♪ carol: -- viviana: this is "bloomberg daybreak." coming up, the former minneapolis fed president. david: we turn to wall street beat, covering three things wall street is buzzing about this morning. soros gives up on macro, for now. will they move away from the macro raging strategy setting fewer opportunities? and then a french bank has denied managing retirement guiltyafter it pleaded to foreign currency manipulation earlier this year. and moynihan ramps up the investment bank, saying they got too careful, at least in one area. carol: talk about george soros. he made billions of dollars on macro bets, whether it was currencies or bonds, and he is going back big time. >> went important distinction is that -- one important description is soros has reallocated it to his foundation, but they are not seeing a lot of opportunities in macro now. this goes back to what was talke

(rob live) im here at 33rd and berrywood off mckee road. the women were in the crosswalk when they were hit. the driver just kept on going. this was the scene that has rattled neighbors near the intersection of 33rd avenue and berrywood drive just north of mckee road. the two pedestrians, both women, were crossing 33rd from east to west when they were hit by a vehicle that did not stop and remains at large says officer gina tepoortenofficer gina tepoorten/san jose police "...we are looking into the fact that speed was a contributing factor and that the two pedestrians were in the crosswalk when the collision occurred...."skid marks suggest the hit and run driver was doing well over the school zone 25 mile per hour speed limit. an hour later and there would be a lot of kids crossing the street to nearby anne darling elementary. off camera, this neighbor joined the call for a stop sign or speed bumps here. anonymous neighbor "....all the neighbors here are wondering how long it's going to be before someone is killed..."neighbor ".....it's so

emily: michael mckee there on monday.sday, the president posted a series of tweets hinting he could extend that period of detente. it came after more confusion tweets about eliminating tariffs reducing or eliminating tariffs of u.s. made cars. larry kudlow told foxnews the deal isn't finalized, but he expected china to lower its auto tariffs. take a listen. larry: the president expects -- he is right. he will get it. they would take their car tariffs down to zero. they were 15%, then they were up to 40% as a retaliatory move, and i think you will see pretty soon, they will be knocked down to zero. that is my guess. emily: we discussed with a and senior fellow of the asia society. >> the heads of german automakers meeting at the white house today with trump administration officials, they emerged from the meeting and their message was not that they are here to advocate for trade. the eu is in charge of that, but they came to tell trump about their plans, that they might be able to expand themselves in the u.s. and i'm sure

to craigny thanks gordon here in washington at the michael mckee up in new york. we welcome now kevin cirilli, bloomberg's chief washington correspondent. kevin, give us a sense of the atmosphere up there at the cathedral now. moments ago, president trump and first lady melania and their motorcade making their way directly on the road behind as they departed national cathedral. there are five presidents in total here at this or a money, president trump in the front room -- at this ceremony, president trump in the front and with president obama president carter and their respective wives. it was a moment of political pause, politics on pause for much of that. body language and the interaction between all of these leaders will be dissected. from here, president trump returns to the white house. he has meetings today with king abdullah of jordan. there are other global leaders in attendance, including german chancellor angela merkel. that there were also mike lovejoy, the longtime resident -- i'm sorry, longtime staffer at kennebunkport, maine. this is a rare moment

jobs michael mckee is with us and david balin. stay with us.t. birthday.appy, happy francine: we celebrate you. happy birthday, tom. tom: happy birthday to you. i am onto london tuesday and wednesday. as you mentioned, they confirmed the vote for tuesday. francine: there you go. tom: could the control room lose the music, please. joining us is michael mckee saying they are wasting my time on their birthdays. michael, the single best chart is unemployment back to lbj here and we are headed toward the unemployment of dwight david eisenhower. .hat is remarkable are we really fully employed? michael: you and i are at the moment, and happy birthday to both of you. we are getting tight labor markets now. 2.5% in the korean war. if you weren't in the military, you had a job. the fed is keeping and i on that. you heard jay powell say the economic conditions are strong in this country. tom: that is all the time we have because we had to play extended birthday music for francine lacqua. we will see you with important news at 8:30. the city private bank h

let's bring in michael mckee. elder president bush.c, we look back at this president who was responsible for reopening dialogue with china. michael: he was the representative and served in china. we didn't have an ambassador. he did all the functions of an ambassador. he wanted to continue the work that had been done in opening up china to the west. one of the first trips we took as president and i went with him was to beijing. square, whatanmen a curiosity we all work. there had been very many westerners, not this gigantic court of people descending on the city. now you go there, it's very cosmopolitan and urban. to see an american wouldn't be odd. vonnie: that's only 15 years ago. look how much has changed. 15 years ago.hed michael: that was 1989. vonnie: almost 20 years ago. we are looking at frozen relationships with china. what other lessons economically should we learn? michael: the economic side is hisas strong as foreign-policy. saying was growing because of the reagan tax cuts. raising taxes almost immediately after the tax cu

this week saying the cuts have not begun but they could cut deeper and how they will do thats shale mckeeeering the cure for low prices is just low prices. caroline: especially when they hit a three year low. mnuchin is set to convene the president's working group on financial markets. the head of the nation's six largest banks. in light of the partial government shutdown. we go live to the white house so talk to us about how rare or common is it that the secretary of the treasury will pick up the phone to call the banks? >> this is pretty rare this would happen. we are in a holiday time before christmas so for these calls to go out to six big lenders over the weekend, it shows there is some concern within the trump administration of what we have seen in the stock market over the past few weeks especially in the last week and continuing on a to today where we have seen large drops in the stock market, multiple days of drops of more than 500 point on the dow and a lot of volatility. i had an opportunity to ask the treasury secretary about this last week when he came to our washington offic

if you're 17, having trouble getting a date is not exactly a message you are going to accept mckee didlike the '90s were the phenomenally to history in the sense of the graham battle of ideas and things we have to fight for and protect in the '90s just kind of felt like everything's great. >> to the kids in the class say man, your dad is a downer, why did he tell me that. >> i think what also happened when i was in high school was september 11. i remember that day, it took him three hours to drive downtown and it normally takes 15 minutes but he picked me up, and i remember a lot of teachers and my friends kind of going to ask him what is this mean and he said this means things are serious and in retrospect, that was kind of the bookend to the bubble at that time when all of us kids just thought this was the way it was. >> charles never wrote with more urgency than in the wake of the terror attacks. >> your dad was an advocate for much of the response post 911. did he look back and say maybe we shouldn't of been that aggressive. >> i think his words speak for himself pretty well. >> er

have been before school started at ann darling elementary at 33rd, not far from the intersection at mckee. you can see where the suspect vehicle started to brake. you see the yellow marks, where two women were hit in the crosswalk and ended up somewhere down there. unfortunately, one of the women taken to the hospital is suffering from life-threatening injuries the other has non life-threatening injuries. they are both adults. we did reach out to the school. it is their belief these women are not related to the school they're not teachers parents taking their kids to and from class. because as i mentioned, this happened around 6:40 in the morning, well before class would have started. it does appear they were in a crosswalk, and based on the skid marks, it appears that vehicle was traveling very fast. they brake, it was the impact and then unfortunately, those -- this driver continued on. again, police believe it's possibly a dark-colored sedan. that's all of the information they have. we have spoken to a couple of people who live around this neighborhood. we talked to a man who says that

on the brief today, michael mckee. we also have to count down to the brexit vote. first to mike.kets are way down today. how much of it because of one woman who works for hewlett-packard enterprise greenroom -- who works for huawei? michael: what has markets upset is the rest of meng wanzhou. she is not just any cfo, she is the daughter of the founder, and huawei is not just any chinese company, it is the key effort of control the future. it sells more smartphones than apple, is bigger than boeing, leads the world in five g

and san antonio and the mckee's stadium in reno, and there could be a soft playing at the nlcv's stadium. >>> and they're asking for pay of $135 million. the money will go to the lawyers that represented recall campaign than successfully removed persky, he asked people to pay the attorney's fees by the 31st december deadline. this judge gave a lenient sentence of six months for a man who sexually assaulted a woman. >>> they want to tax texting. this will go before the state public utilities commission next month. some business groups same the new consumer charges could add up to $44 million a year. the wireless industry said carriers would be at a disadvantage due to free messaging services like what's app and facebook messenger. >>> david harper is the owner of sharp images, it's one of three barber shops that are part of the three that are helping literacy in children. they have free books and they're trying to encourage children to read at a young age. >> it gives kids somewhere to hang out. >> later this morning, ktvu sara zendehnam will explain how david took this to the next level

they woke up to early today near the intersection of 33rd avenue and berrywood drive just north of mckee road. two pedestrians, both women, were crossing 33rd from east to west when they were hit by a vehicle that did not stop and remains at large says officer gina tepoortenofficer gina tepoorten/san jose police "...we are looking into the fact that speed was a contributing factor and that the two pedestrians were in the crosswalk when the collision occurred...."skid marks suggest the hit and run driver was doing well over the school zone 25 mile per hour speed limit. an hour later and there would be a lot of kids crossing the street to nearby anne darling elementary. off camera, this neighbor joined the call for a stop sign or speed bumps here. anonymous neighbor "....all the neighbors here are wondering how long it's going to be before someone is killed..."neighbor ".....it's so sad, i don't know how people can be so careless and hit someone and then just leave...."police are looking at surveillance video but so far have released no informationabout the alleged hit and run driver while

first responders were called at 6:30 am at 33rd street near mckee road and highway 101. the latest incident brings the jose 24 just ts latest incident which occurred near school. >> reporter: this morning to women legally crossing the street were hit near 33rd and barry wood. police say the length of the skid marks indicate that speeding was a contributing factor. >> we know that the vehicle fled the scene immediately after the accident. the two victims sustained injuries. >> reporter: information remains sketchy. anyone with information is encouraged to call. >> we don't have information on the driver. it was a dark colored sedan vehicle. >> it is so sad. i don't know how that happened or how people can be so careless and hit and leave. >> reporter: some neighbors have asked the city for speed bumps and a stop sign to no avail. a canvas of residence and security cameras in the area is already underway and yielding results. one neighbor who did not want to go on camera said he turned his security video into the police. >> i know the two ladies that were here. they are de

our policy correspondent, michael mckee.us, you are someone who covered this president, you knew him well and received personal letters from him, remind us what you think the legacy is now of him as we start to pay our respects and indeed have a national day of mourning on wednesday. michael: you could say that there are three legacies. one, is foreign policy, which was very successful at the time in managing the disintegration of the soviet union and the iron curtain. also, managing to a reasonable extent what happened in china after the tiananmen massacre, although there is controversy over that. the legacy of his stability and kindness, which certainly has disappeared from much of the government these days. and his economic legacy, which was not as good. he struggled with the economy, he struggled with the recession. he had -- he was criticized for lacking vision, as they put it. thehe did not ever escape "read my lips, no new taxes." joe: it is pretty remarkable is that anybody raise the taxes at all, because in the curr

crosswalk this morning first responders were called around 6:30 am to 33rd street at fairywood drive near mckee road and highway 101. two women were in the crosswalk when they were hit by a dark colored van. one woman was critically injured. the other suffered non-life- threatening injuries. police do not have a description of the driver. the accident happened right outside and darling elementary school which is raising concerns among police and neighbors. >> we do now it is the holidays. we know there is a lot of vehicular traffic out there as well as pedestrian traffic. people are busy, we are asking them to slow down. stay off electronics and be aware. >> i don't know how people can be so clueless. >> neighbors say they see people speeding in that area all the time and have asked for speed bumps to be installed. >>> coming up here, calling for a fine on burt. why one state senator is the transit agency should face the maximum possible fines for misusing its funds. >>> the coast guard training in high surf at ocean beach. coming up we talked to the crew tackling treacherous waters. >>> i'm ke

mike mckee reports. mike: the fed offered a dovish hike as expected but not dovish enough to meet investors' concerns, officials raised the benchmark target rate to a range and 2.5%.25 officials added a word to their forecast saying the committee judges some further gradual increases in the target range will be appropriate. >> policy at this point does not accommodative, and can move to neutral. it seems appropriate that the neutral, we are at the bottom range of estimates so that is the basis of time to make the decision. >> that news sent stocks lower. investors worried about the withdrawal of liquidity from the balance sheet is adding tightening to the economy. >> we are alert to these issues, we are watching them carefully, but we do not see the balance sheet run off as creating significant problems. mike: even though the number of fed rate moves next year dropped the media calls for no more than two hikes in 2019. the long run neutral rate also a 3%to 2.8% and made forecast in september. justifying

still with me on set is laura and michael mckee. i feel like this week is the fed deluge.ere so nothing gets caught in the foreground. we don't know what the economy is going to look like in 2019. michael: going into december, that rate hike is baked in. they are not going to disorient the markets. 2019 is going to be data dependent. said today that we don't know by 2019 whether the economy is going to be very different. the tailwinds we have gone from the tax cuts are going to start to fade. we've got 90 days to see what will happen with trade. we don't know what is got to happen with a government shutdown because that is going to be postponed for a couple weeks. a lot of risk factors, not to mention europe and italy. the fed does not know. it was easy to say we are going to raise rates one rates are at zero. now that you are close to neutral, they want to take it step by step. alix: there is a wide divergence on strategist estimates for the s&p next year. 50, below islike 33 2750. how can you possibly make a call on the markets next year? >> you think growth for the s&p

that is coming up today. , we're joined by rachel evans and michael mckee. we have to start with brexit. big news this morning, michael. i will put up a chart that shows the volatility of the pound. it keeps spiking up. in the meantime, the prime minister is going back and forth , brussels, berlin, back to london, where we headed? michael: nobody knows. into a black hole where anything is possible. she might be looking for some sidesf deal to allow both to vote at the ian d of 2020 when the backstop is supposed to end. with a get -- when the backstop -- at the end of 2020 when the backstop is supposed to end. she will come back maybe with a fig leaf in the strategy is they're not supposed to vote until january. that puts them within two months of brexit and the pressure of a deadline might cause people to defect and vote for her. alix: might. it feels like it is an idiosyncratic u.k. issue not affecting the overall sentiment. achel: i keep looking to find an impact in the market and keep finding -- what was interesting i looked at idb, which is the european

we are joined by michael mckee. what happened in the stock market yesterday. in case you have any doubts about it, you can see that red line going all the way down. 1931, the lowest since and we know what was going on in 1931. my big question is is this fundamental? peggy: i think a lot of it is sentiment. there are trying to look at the political risk. we have a potential government shutdown. we have trade worries with china and the u.s. and political risks are hard to trace. you can't really look at data. we are going into the end of the year. this is a time when a lot of people take gains or losses going into it. there are a lot of headwinds on the market. lisa: i do want to get to the fundamental. when you look at what companies are spending money on, it's to buy back shares, it is not reinvesting in their businesses. we see capital investment decline. could there be more of a problem? mike: they are looking at several years. you would say that. there has not been a lot of additional investment that would boost the economy in the out years. the coincidence

now for bloomberg first take, we are joined by michael mckee. our chief economist joins david westin in washington. happened? i heard eight reasons why we saw the selloff we did. >> there are probably eight reasons. is anyone surprised? the china news upset some people. ,he fact of the yield curve even a portion of it inverted -- people don't care about that portion, but the symbolism of it. we bridge the 200 day moving average. that led to some technical selling. there were a lot of factors in there. people have been looking for this. people have been looking for a capitulation trade, and maybe this is it. numbers better than expected. were looking for a good jobs report friday. john weems from the fed saying still have tailwinds going into 2019 and still need to -- williams from the fed saying we still have tailwinds going into 2019. maybe it is capitulation and it can start going up again. david: mr. williams might think there are tailwinds, but the markets are thinking the fed will back off any further rate hikes. particularly 2020, even pri

were joined by lisa abramowicz and michael mckee. ecb, andews is the what mr. draghi has to say. chart showing a the economic conditions he is confronting. mine is pmi's above -- the white above 50.i's this is headline inflation, not 2%, inflation, went up to now coming down to 2%. >> the argument is the economy is slowing down, so why do you want to stop buying net new securities as part of their qe program? you could argue it is not working and they are putting money into a policy that is in providing inflation. ecbmberg news reporting the staff will come out with new lower growth and inflation forecasts today. it does not seem to be a policy with a particular purpose. they will still be buying as many bonds as they buy now. the bonds they bought will start maturing. they won't be adding at this point, but it may not make a difference. alix: what is the single biggest questions investors have? >> distribution of what they end up buying a month the italy issues and tensions between brussels -- alix: in terms of sovereign credit? >> in terms of credit, they did something unconven