mr. powell: ok.erms of nominations to the fed, those are entirely completely, under the control of the white house and ultimately the president. the fed chair has been consulted on those. i am happy to say that is -- has continued. these are really decisions for the white house. think of us as being consulted. i will say, i am very happy and excited about the team we are putting together. i am very much looking forward to having those offices up and down our hall built. did has been pretty quiet. more quieter than usual, which is saying something on the board all. we are forward to getting some people confirmed. in terms of corporate debt, this is -- i was an investor for a long time in areas that were very close to the leverage lending markets. i have not had a lot of experience. the market has evolved the differently since before the crisis. and, you know, the banks take much less risk than they used to. essentially in the business of distributing biz loans and bonds rather than keeping them on the

but for now, mr powell on the central bankers in the building behind me, they are in an enviable positions political environment and emerging market turmoil, and they can focus just on one task, to make sure that interest rates in the us, they are not too high, they are not too low, but just they are not too high, they are not too low, butjust right to keep the us economy humming along. britain's civil aviation authority has called on ryanair to compensate passengers affected by staff strikes this week. the caa says ryanair is bound by eu law, which entitles travellers to a refund or new flight if their trip is cancelled, but the airline says it will reject any claims. ryanair has cancelled 150 of its 2,400 scheduled flights this friday, affecting some 211,000 customers. wall street giant goldman sachs is launching a savings account for uk customers. it offers 1.5% a year, thatis customers. it offers 1.5% a year, that is the best rate on the market. they are calling it markets, after the bank's founder. it could prompt other banks and building societies to try and offer better rates as we

mr. powell. >> i'm doing my sit-ups and my crunches and running. i'm getting in shape for a market up 200, down 200, up 200 all in the 2:00 hour. i know, trish, you will be watching and audience will miss but get you in prime time which is even better. trish: i'm excited for you. it is a wonderful, wonderful audience here at 2:00 p.m., i can attest to that every single day. i hope they stay with fox business up to 8:00 p.m. >>> stocks moving high every as fed reacts to fed raising interest rates. ashley webster on the floor of nyse. hey, ashley. >> still trying to recover from the fact you used romance and fed in the same section, come on, if there can ever be romance in the fed. to your point the market went up on this news. no big surprise, we knew there was rate hike this month and probably one in december. a few next year and one in 2020. we expect to hear more hawkish jerome powell when he goes to the news conference 20 minutes from now. if the fed chair is hawkish, that means he is bullish on the economy. let's be honest, rates at 2, to 2.25

although mr powell said he wasn't yet worried about the prospect that president donald trump's tradewth here, he did issue a note of caution. trade generally supports productivity, higher incomes, and fair trade, fair supports productivity, higher incomes, and fairtrade, fairtrade under internationally accepted rules, can be a good thing. i think if this preps inadvertently, a ghost ora if this preps inadvertently, a ghost or a place where we have widespread tariffs that remain in place for a long time in a more protectionist world, that will be bad for the united states economy and american workers and families, and also of other economies. but for now, mr powell on the central bankers in the building behind me are in an enviable position. they stand far removed from a fractious political environment and emerging market turmoil, and they can focus just on one task, to make sure that interest rates here in the us are not too high, not too low, butjust right to keep the us economy humming along. what a job, keeping the us economy humming along. joining us is russ mould, investment dir

although mr powell said he wasn't worried about the prospect of tunnel —— donald trump's trade war hurting, he did issue a note of caution. if the end of place to get to is lower tariffs, that would be good. trade generally supports productivity, higher incomes and fair trade under nationally accepted rules can be a good thing. i think if this inadvertently goes to a place where we have widespread ta riffs place where we have widespread tariffs that remain in place for a long time, more protectionist world, that we bat for the united states economy and for american workers and families and also for a big economies. —— other. families and also for a big economies. -- other. but for now, they are in an enviable position, they are in an enviable position, they stand a far removed from a fatuous political environment and market turmoil and can focus on one task, to make sure that interest rates in the us are not too high, not too low, butjust right to give us economy humming along. donald trump blasted canada over the slow pace of talks over the renegotiation of the north american free tape ——

white soldiers died they came back again an ox of about and we came and now things are going well mr powell decided to create this bill to repatriate us to yes only jamie corbin is being compared to be a witness that's not. certainly not there another picture of people in that age seventy's certainly recognized as alone maybe maybe today the keep it and white picture in this exhibition the view was you know. we should you know about who we should return back to where we are where we came from the cabin and the national front which were the races organization under grown up and i think that decided to go around london and you know the face building owned by black people burned some of them and then they went down to balad and. where they had a project for young black women because the people the this is in the in the west end and in the city of london refused to ploy young black women so this organization international person decided to set up a project to train young black women short time typing in an office skills. so that with what the purpose of the organization with about and the natio

i in why did cherami hand he had no time you were dancing and hugging mr powell putting and why you did that you knew that he is a partner of syrian dictator assert both have blood on their hands you didn't have a guilty conscience i dance with such a man was also suppressing his own population is but excuse me. then in that case shall we shake hands with the chinese government shall we shake hands with a number of elements you see don't you think there is a difference between shaking hands and dancing again on why most important pride days in your lie. hugging i understand in a different way than you might understand it i didn't how can we dance yes and i have danced with several men in my life everyone last symbol i mean it is your wedding what you have the symbol for example for people who are suppressed and rush you know it was a private even the yes and there is a difference and that's why i understand you have to dialogue guys you have to meet with the dancers but it is your wedding and you have dances with dance with him exactly yes let me put in russia is also on the e.u. sancti

mr. powell. elizabeth, we have the president saying he would rather have low interest rates. mr. powell does not agree. what is the reaction? >> this is not the first time president trump has publicly criticized the fed. he is breaking with tradition of respecting the central bank. six rate hikes since he has been president. i was sitting with carol brown yesterday after the decision. she said what gina said to it was not a surprise. bond deals several before the end of this year and this will not have a significant impact. alix: is president trump creating a scapegoat. all of a sudden you are up for reelection. i told you. >> to be frank, they have this dual mandate of keeping unemployment low and managing the inflation outlook. we have had faster than expected growth this year, so the fed is doing what they need to do to satisfy the dual mandate. i don't know if president would like them to drop the insertio n component or not. frankly, the market was expecting an interest rate hike. i would not suggest what the fed is doing will have a material consequence on the equity market

mr. powell's comments had in jackson hole to see that broader impact.ank of england does matter, only in the sense that it provides stability going into what could be a particularly turbulent part of the year with the brexit story ecb does matter, that's against the backdrop of a developing potential crisis in italy. of those, i would always choose the fed being the most significant. >> that highlights the fact that the u.s. seems to be at this point the only game in town. it's the u.s. and then everybody else is that that trend, that momentum that you can sustain? should you ride this momentum wave for the u.s. versus everybody else out there there's been a massive bifurcation. >> i think that massive bifurcation is one of the most worrying things. if you look, it's rare for u.s. equity markets to be totally divorced from what's happening in markets elsewhere in the world. you don't get this kind of divergence that often. the only two times would be 2015 when u.s. markets underperformed and in the summer of 2000. august and september when u.s. markets

mr. powell. let's see what he says later on in the week area great to have you with us.tment here. continuing his conversation on the radio. michael kors is near the point theuying for such a dealing house at a tag of $2 billion. investors are not skittish about the proposition. michael kors shares down. , great to see you on a story like this. how is this deal going to get done? expecting asare soon as today, they have been in talks with some potential buyers for a while. the company did a deal if you 2014 with blackstone because they needed capital and they sold 20%. they made a slight turnaround but i think the family is looking to finally do a deal with a big partner. nejra: does this come as a surprise then? company posted a small profit in 2017, it had sales of around a hundred million euros. it is an iconic rand. the bold label that was put together by johnny for such a who was killed in the 1990's. it kind of struggled but it has some appeal. in the fashion industry. gianni's sister has been very high profile, invested quite a bit and getting this company on a tu

mr. powell and his colleagues at the fed will have to raise interest rates, not for the purpose of cooling our economy, but for the purpose of attracting sufficient capital in the markets, and that will be a bad day. or it will be a move against the united states because people will lack confidence in the dollar and so forth. i worry about that. it's another example of what we think of as national security now is spilling over into other things. it almost never gets attention as a national security issue. dean brigety: finally, the implications of the president's engagement in helsinki. mr. haass: we don't know what was said in helsinki. for all i know, dan coats doesn't know what was said at helsinki. i certainly don't. that's the problem. the whole idea of having symmetry in the absence of notetakers and official records is a really, really, really bad idea in terms of follow-up and the rest. but let me make a larger point, because this goes way beyond helsinki. helsinki is one animal. what we are seeing is consistent with my theme earlier of a world that is seeing the united states in a

mr. powell today and he talked about very little impact in terms of the economy and talked about the strength of the economy. he said, look, this is -- this economy looks pretty daggone good is what he essentially said market in after-hours and reaction after this long press conference and it's pretty interesting to see the reaction is not negative. as a matter of fact, the market is up a little bit after that it's interesting to see. >> did he say anything that deviated from what consensus thinks he thinks about the economy. >> i don't think we got anything new from a markets perspective again. we know that china trade deal, their score card is based upon how they see the markets, china down and u.s. market up and think they're winning. i think the rehaality and taxing the next $200 billion of chinese goods will affect the chinese consumer i do think that's something the market is paying attention to. >> in fact, the consumer at a time when they were raising, auto loans, credit card, mortgage debt. all of that is higher. >> consumer confidence at 18-year highs and saw new home sales today. i

mr. powell is trying to do it.at they are going to do if they start unloading the assets on their battles she -- on their balance sheet. it is causing turbulence. what happens when the ecb and other banks start doing that? i find it extraordinarily warning. tom: i will go to you. deutsche bank stock went from 90 to the fate that we have seen for the last x number of years. has the european banking system clear the financial crisis? have they actually cleared the system that mr. ackerman was talking about? >> i do not think they have. i find it extraordinary that german bankers talk about the anglo american crisis. the little banks had all got themselves involved in the global derivatives. there is a complacency at a little bit of arrogance. there is also collusion. tom: is the complacency still there? i think they are all very concerned and worried. they have been playing with massive asset management funds. along and swapping the assets. central banks should not be doing that. they should be managing and regulatin

mr. powell so you have to look at what the president says versus the actions of who was picked and confirmed and sitting in the big room now. >> being a we'll leave it there thank you all. we have 157 minutes 15 minutes . right now the dow is down. >> you'll hear more on "closing bell." >> a look at how rates are affecting farming. sonny perdue will join post 9 in a first on cnbc interview. he'll be ringing are the bell here today as well we're back here in a couple of minutes. (clock ticking) (bell ringing) it's time. time for a new kind of cloud. the ibm cloud. the cloud that proactively protects your business from threats, instead of just reacting to them. that lets you modernize and move more of your apps without re-writing. that unlocks insights from all your data and puts it to work with ai. get a faster, more secure journey to the cloud. the ibm cloud. the cloud for smarter business. ♪ ♪ we distributeus, i'm the owner environmentally-friendly packaging for restaurants. and we've grown substantially. so i switched to the spark cash card from capital one. i earn unlimited 2% cash back o

mr. powell at jackson he gave a good speech which was more philosophical than specific data.s patient, he refer today alan greenspan being patient. he will take meeting to meeting, he will not do too much so i don't get any sense to worry, even if it's below 4%, does not see overheating because inflation has not come up yet. as long as inflation is in check around 2%, i think they will be incline to let it run a little bit longer. dagen: matt, thank you so much, coming up president trump taking aim at his own attorney general, what he's saying now about jeff sessions. let's talk about a terrifying commute, the new york city flood rat is going viral. [laughter] jardiance asked: when it comes to managing your type 2 diabetes, what matters to you? step up to the stage here. feeling good about that? let's see- most of you say lower a1c. but only a few of you are thinking about your heart. fact is, even though it helps to manage a1c, type 2 diabetes still increases your risk of a fatal heart attack or stroke. jardiance is the only type 2 diabetes pill with a lifesaving cardiovascu

powell said the economy is strong, unemployment is low and wages are up. later the president complained that the rate increases could stifle his efforts to boost the economy through tax cuts and deregulation. mrtrump told reuters, i should be given some help by the fed. powell's response, quote, we don't consider political factors or things like that. >>> stocks on wall street finished lower. the dow fell 106 points. the s&p lost 9. the nasdaq gave up 17 points. >>> president trump said he's so frustrated with ongoing trade talks with canada he rejected a meeting with canadian prime minister justin trudeau. speaking in new york yesterday, the president said he's unhappy with the canadian negotiating style. canadian tariffs are too high and trudeau doesn't want to seem to move. the president reiterated his threat to tax cars coming from canada, what he calls the mother load. meanwhile, imported steel and aluminum will cost $1 billion through next year. ford gets most of its metal through u.s. producers. they raised prices due to the tariffs. >>> amazon is opening a store in new york that sells only products with a four-star rating and higher. this is amazon's latest move into brick and mortar

this hour, we consider chairman powell alone and the affect of higher rates on american and he you banking. -- e.u. banking. mres. can avert just mr. erdogan busy hugging babies. mr. of busy hugging babies. hurricane florence will drench the carolinas. this is bloomberg surveillance. in new york, i'm tom keene. in london, francine lacqua. i'm studying up for the fed but i'm getting over what we saw from mr. draghi yesterday. he tried to manage the message forward. francine: he did. he gave a stark warning to , you need to respect those budget rules. there are three things going on in my region. is is the ecb, the second president erdogan of turkey saying his patience on central banking has limits. ado not know if that is message. governor carney warning that rates may rise up we get a hard brexit. tom: we go with our first word news. hurricanearting with florence, on the verge of tearing into the carolina coast. the hurricane center says florence is about to make landfall in wilmington, north carolina. the storm has been downgraded to a category 1 with top winds are at 90 miles per hour. it is the life-threate

powell knows that. >> yeah, charles, i agree, whoever is going to be president ms. clinton or mr. have deal with rising rate economy. eventually we've got to. the difference between the bull market now and the bull market that ended in 2000 tax cuts happened before the bull market ended. it took the bush tax cuts to get it over 3% three years later. charles: what are you concerned about, in other words, what would be the yellow red flag for maybe okay time to ease up, time to start to look for the exits or at least less risk to exposure to equities? >> to me oil prices, not a perfect storm but a black-swan event, you have the sanctions in iran, a million and a half barrels, million barrels of oil off the market per day, that's a big deal and with the capacity pipeline problem in west texas, you're not able to add extra capacity like we were able to do. so to me the one spark that could cause the problem. not saying that it would. charles: $74 a barrel would be the red flag area? >> i think up to 80 or $90 a barrel. charles: wow. >> before this could be a problem. if it gets that h

mr. president. i yield the floor. >> tonight to ron powell announces plans to raise interest rates. executives testify about data privacy at the senate hearing and senators discuss supreme court nomination brett kavanaugh. after meeting of the federal open market committee, drum powell are you not see quarter% interest rate hike. he discussed concerns about the effect of tariffs on the economy and the threat of trade wars. this is an hour.