moody's is a natural duopoly with s&p&p global. % of the debt in the world, and you could think of them as toll collectors. when someone needs to issue debt, you have to go throu moody's and s&p, they collect a small piece of the transaction. there's a lot of debt that will be issued and refinanced overe next ten years. so they have tremendous pricing they increased prices annually above te of inflation for many years and still represent a small portion of the overall debt issuance cost. we think it will have future. t >> you like these companies in duopolies. re is another example, visa you like, but the main competitor would be mastercard i guess. do you like visa v instead of mastercard or do youike both necessarily? >> we like them both and we own them both. you know, they ctrol virtually every payment transaction in the world. they take a small piece of every credit andar debit transaction, and given the trend tords electronic payments, they had robust growth in the. pa we think that that can continue into the foreseble future,

run plan has reacted and then the very moody has said that there would be a new chief c.d.'s was going to look after the defense maybe an air force i think these statements you have to make because if you are populist leaders you have to make sure that people are you know listening to you and they are again sharing what they where you're saying and so i think my my advice would be that this it together talk and that's that when you're out i don't think it's happening any time soon i mean the with. the indian government is in boulder and by lack of reaction from the world community prime minister madiba. bush for the wrong . word does not take him where does that tell you can see if he pushes for the room full of the biggest worry is that. you can unilaterally take an action and kashmir without consulting the local population the world substantial and glee then then you think you can get away with more and who knows what else he has up his sleeves the problem for pakistan is. its economy is in trouble. the government is becoming more and more authoritarian. a lot of people are

moody, little miss poker face. they became popular in the 1920's. gertrude everly from queens, the daughter of a butcher, in 1926, swam the english channel, the irst woman to do so. anyway, we could go on and on about sports. you know, i am a great baseball fan, but i want to tell you hat. now let me just go back to the best of times, the worst of times. it wasn't either the best of times, but it was pretty good, and it wasn't even the worst of times. for some it was an idealistic time. do i have the catalog beyond -- kellogg briand pact? in 1927, kellogg, secretary of state, and briand, who was the foreign minister of france, wrote a treaty, and the treaty as to abolish war. that was only a few years after the end of the great war. remember, no one is calling it the first world war because nobody thought the world would be foolish enough to have a econd world war. by the end of the year, almost every country in the world had signed on to the kellogg briand treaty. and what the kellogg briand treaty said was we will outlaw war. we will have differen

moody or business as your- thanks. a lot for that. now described as a national treasure by former u. s. of president and friend barackobama who said it was a gift to breeze and the same air as her even for. a little while tributes pouring in for older twenty morrisoson. who died at the age off eighty eight. nobel prizee and pulitzezer winner morrison wrote eleven books including beloved jazz and paradise can we know that it tells us moree about. the late editor roger and university professor. toni morrison wawas ththe giants of modern literature. was awarded the presidential medal of freedom. along with the nobel prize t the pupulitzer huns differences in the nav. but it wasn't always that way. tune between her editing career and her writing she was almost forty which published her first novel in nineteen seventy. the bluest eye it was about two young black girl struggling with the food out to sexual abuse and desperate to have new ideas. a pretty young black female voice center stage. i don't want to have to function all right under the gaze. of like mind i'm not confronting white peo

s and consumers and that will be a problem. >> mark, hearing you say the words fodder for recession from the chief economist at moody's, that'sto scare a lot of people at home. what about the strong spending numbers that continue and the wage growth above 3%? >> all good. >> do you really think that we are on the edge of the recession? >> i think the odds are high. i think the tariff war is going a lot of damage to the economy. it hasn't shown up yet in terms of jobs. you can see parts of it in manufacturing, transpore tagds and distribution. so far it hasn't happened, but this next round is going to be too much for bids to bear. they're going to pull back. >> we just saw a warning today from the u.s./china business council, they say we don't think this is going to incentivize china to come back to the table. the big toy company is saying this is going to be detrimental, et cetera, and create disproportionate harm. my question to you is what are our viewers supposed to think when they hear the president say we needed to go tough on china, this is what we're doing, this is good for the u.s. economy? can you point to any exampl

goldman sachs was the latest to say this but you have s&p saying this a couple weeks ago, you had i believe moody'sd this as well. you've got a number of investment managers, ratings agencies, all kinds of market watchers, saying we don't think there will be a deal this year. there might not be a deal before the election in 2020. people have seemed to come around to this reality we are locked in for a trade war. that really seems like what china is saying. they look to have locked in and said you know what, we would rather just wait this guy out, we think if he crashes the economy, then people are going to vote him out and we will have a new person to deal with and maybe they will be amenable to what we want to do. neil: they did kind of blink overnight, the chinese, they take great offense to being called a currency manipulator but they manipulate enough to say we're not going too far in this. what do you interpret? >> we are looking at the weakest pegs we have seen in 2008 still at this point. neil: between our dollar and theirs. >> our dollar and the yuan. that is still close to an 11-year low.

moody's. this could filter into that? >> absolutely. >> great stuff thank you. >>> when we return, stocks are at session highs we are going to discuss that after the break. meantime, the dow is up 1% sp 1.4%. the nasdaq is one 1.7% stay with us - stand up if you are first generation college student. (crowd cheering) stand up if you're a mother. if you are actively deployed, a veteran, or you're in a military family, please stand. the world in which we live equally distributes talent, but it doesn't equally distribute opportunity, and paths are not always the same. - i'm so proud of you dad. - [man] i will tell you this, southern new hampshire university can change the whole trajectory of your life. (uplifting music) >>> welcome back taking a look at markets right now, we are at session highs the dow is up 270 or 1% right now, 26,276. s&p up 40 points, 1.4% the nasdaq is also higher. every sector in the s&p, mike, is trading in the green this morning led by tech stocks, materials stocks, and consumer discretionaries, some of the more cyclical names. >> the nasdaq is on the verge of going flat for the week. it's recovering the losses from monday global yields have lifted. so fixed inc