we are joined by michelle meyer, head of u.s. economics.mmit of here -- chiefs here. does the fed have a credibility problem? stanley fischer saying me might get two. the market and the data suggesting this is not going to happen. i don't know if it is a credibility problem but it is a communication challenge. is because just like participants and forecasters, they are responding to the flow of the data. withinve their forecasts their best case scenario and as the data comes in they have to tweak their assumptions as they look at the evolution of financial conditions. they change their trajectory for interest rate projections. part of the issue is their communication. they have the dots, they don't showing theare not risk profile, which is closer to what the market is saying. >> the article is focused on the idea that we are going to see a recession in the next couple of years and the fed cannot address at. what do they do? according to this new paper, at the fed, they will have interest rates at 3% and that will be enough to cut. summer sa

michelle meyer will weigh in later. this is bloomberg. ♪ alix: this is "bloomberg ."he boj and the and the potential monetary policy and that leaves fiscal policy not only in japan but the u.s.. some say it trump presidency could unleash a stimulus the likes of you have not seen next year. that's a fair hope or worry because it would be a tax cut funded stimulus and not sustainable. the question is what happens if congress? does he have coattails to maintain a republican majority in the senate? i'm hopeful not. the idea thatess, its fiscal stimulus that will have to come to the rescue to help the output gap and increase productivity and inflation, is that the conclusion? g-20 and g7 have been arguing for this forever. committed they will expand their budgets this coming year. germany and france are likely to do so and the u.s. is the odd one out. that would be too bad for the u.s. and the rest of the world. david: we keep talking about fiscal stimulus but if it doesn't happen, what are the consequences? we actually know there is good reason for this to happen. if it d

take a look at this chart from michelle meyer at bank of america, which shows the recent decline in creditg at large chain restaurants. is this a trend of a problem? does it signify a problem with the consumer, karen? >> we don't know enough to know. i think there are so many other places that consumer could be spending money, including saving money. so i don't know -- i think it's sort of too early. we talked about this a little during the day. one of the potentiality actives is people going to different kinds of restaurants. maybe stepping it up a little bit. not going to a chain restaurant, not an olive garden, maybe a more mom and pop, maybe something a tiny bit fancier. i don't think we have enough data yet to make that -- to say restaurants are dead or not dead, but that that's not where the consumer wants to go any more. i don't believe that. >> if you extrapolate to more traditional retail, we saw massive fwaps in disappointing results from tj maxx, lowe's, and let's not forget, mcdonald's down 13% from 52-week highs. i think there are a lot of stocks that don't act particularly we

during a freshmen event nick cannon and late night talk show host seth meyers introduced a big surprise guest -- first lady michelle obama. the first lady reflected back to her time as a college student. "college did everything for me, it built my confidence number one; it taught me i could leave home and be successful away from home; it taught me how to open up, how to try new ((kirsten joyce)) >> the visit to the historically black college is part of michelle obama's "reach higher initiative," which urges high school students to go on to college and to finish college. this was michelle obama's final back-to-school season as first lady./// sherry how's the weather today? day... wait until you see the numbers. ............. yesterday we hit those low 100s again and aiming for that again today. .............. thunderstorms just barely grazing the east side of the valley yesterday but they delivered a wallop with gusty winds and heavy rain. ......... today more sunshine and southerly breezes. ............ cooler air moves in for the the 90s and even upper 80s! let's take a look at ((demetria obilor)) demetria ((demet

>>> michelle obama held an impromptu town hall with seth meyers and actor nick cannon. the first lady's better make room event specifically for university freshmen embarking on their first college experience. she encouraged them to tune out the haters and go after their dreams. >> there are a lot of people who will try to step on your confidence based on their assumptions about who they think you are, you know. what you have to remember is that you are competent and capable and able to do it. i learned that after graduating from college. i really didn't feel like there was anything i couldn't do. >> actor nick cannon enrolled at howard university as a freshmen a couple weeks ago. he will study communications and plans to graduate by 2020. >>> a man and a teenager have been shot. it happened just before 2:30 at 16th street near t and southeast today. medics rushed the teen to the hospital. he is in critical condition tonight. the man suffered a gun shot wound to the leg. homicide detectives are on the scene and tell us the shooting is >>> a rash of robberies at a conveni

. >>> and first lady michelle obama joining seth meyers and nick cannon at the howard university businessshe received a standing ovation when introduced. they took questions from the students in attendance. that's the news update at this hour. they had no idea she was coming. students were shocked. >> oh really? >> yes. they thought it was nick cannon and seth meyers and then she appe appeared. >> wow. that's a surprise hard to ever top. >> yep. definitely. >> thank you. >> take care. >>> well, it's the tale of two trumps meanwhile. the republican presidential nominee softening the stance on immigration in mexico city after the meeting with the president of the country yesterday and then in arizona the donald struck a different note. barney frank and larry kudlow weigh in. we'll be right back. ♪ usin00ntfrfrmyhad boug all themewo.. wi boug all themewo.. and plts ne to gia face.. see wh theow of points can do forour buness learn re at che.com/in see wh theow of points can do forour buness keeping the power lines clear,my job to protect public safety, while also protecting the environment.

meyers. this is "late night." how is everybody doing tonight? [ cheers and applause ] yeah. news. first lady michelle obama campaigned for hillary clinton today telling voters, quote, we need an adult in the white house. and joe biden said, "okay, but they can't come in my pillow fort." [ laughter ] donald trump last night held his first rally since monday's debate and told supporters hillary clinton showed she is stuck in the past. luckily hillary knows someone who can get her back to the future. [ cheers and applause ] aids close to donald trump say he is planning more rigorous preparation for his next debate with hillary clinton. wow, he is going to be even more prepared than this? >> the facts are, i did say i hoped it would be a good deal but when it was negotiated -- >> not. [ laughter ] >> seth: "i watched a lot of 'wayne's world' sketches." fined this week for trying to drive into a car pool lane with a cardboard cut out of donald trump glued to his passenger seat. [ laughter ] cops became suspicious when trumps mouth wasn't moving. [ laughter ] donald trump supporters are claiming that hilla

meyers. this is "late night." how is everybody doing tonight? [ cheers and applause ] yeah. that's great to hear. in that case let's get to the news. first lady michelle obama campaigned for hillary clinton today telling voters, quote, we need an adult in the white house. and joe biden said, "okay, but they can't come in my pillow

meyers. this is "late night." how is everybody doing tonight? [ cheers and applause ] yeah. that's great to hear. in that case let's get to the news. first lady michelle obama campaigned for hillary clinton today telling voters, quote, we need an adult in the white house. and joe biden said, "okay, but they can't come in my pillow donald trump last night held his first rally since monday's debate and told supporters hillary clinton showed she is stuck in the past. luckily hillary knows someone who can get her back to the future. [ cheers and applause ] aids close to donald trump say he is planning more rigorous preparation for his next debate with hillary clinton. wow, he is going to be even mo prepared than this? >> the facts are, i did say i hoped it would be a good deal but when it was negotiated -- >> not. [ laughter ] >> seth: "i watched a lot of 'wayne's world' sketches." [ light laughter ] a man in washington state was fined this week for trying to drive into a car pool lane with a cardboard cut out of donald trump glued to his passenger seat. [ laughter ] cops became suspicious when trumps mouth wasn't moving.

meyers. this is "late night." how is everybody doing tonight? [ cheers and applause ] yeah. that's great to hear. in that case let's get to the news. first lady michelle

michelle obama, who was once a college freshman but now, a true story, the first lady of the united states. [ light laughter ] let's take a look. >> seth: hey, i'm seth meyers. i'm here with the first lady, and we're gonna go to howard university to give advice to freshmen on how to handle college. but here's the exciting thing. very exciting. they don't the know the first lady is going to be there. >> it's gonna be good! >> seth: so are you ready? >> i was born ready. >> seth: that is what people have told me. ?? hi, there. so nice to meet you. >> nice to meet you. >> seth: i'm seth. >> siquori. >> trey. >> seth: trey, nice to meet you. >> i'm priscilla. nice to meet you. >> seth: hi, priscilla. >> alexandria. >> seth: alexandria. >> call me alex. >> seth: alex? >> yeah. >> seth: nice to meet you. take a seat. >> nice to meet you, too. >> seth: so as you know, we wanted to give you an opportunity to ask me questions so i could give you advice on college. >> uh-huh. >> seth: but if you don't mind i'd love to bring somebody else out to help me. is that cool? >> fine. >> seth: all right. um, mrs. obama. ?? >> oh, my -- [ light laughter ] >> how are you? >> se