new york fed, first among equals. the new york fed is a permanent voter on policy, the others alternate vote on the fomc. vice chairman of fomc, much closer as advisor to the chair, which bill dudley certainly was to janet yellen. overseas big wall street banks and conducts open market operations.

betty: i'm betty liu in new york and you're watching daybreak us try a. the new york fed getting a new boss. it john williams replacing bill dudley, becoming one of the officials inwerful the federal reserve system. our global economics and policy editor kathleen hays here with more. was controversy about john williams and rumors about him becoming the president of the new york fed. >> he is. a big bill in reserve system and something that people are watching for any influence it may have on policy because the new york fed has selected san francisco fed president john ym's to replace bill dudley. bill is retiring this summer and rumored that john williams was in the running. we now know he certainly was. let me remind everyone why the fed's position is important. first among equals. among the presidents 12 rotate devote every year.

i am biassed but i do think the new york fed is special because of what new york city is what some of the operational rules that come to the new york fed. >> you talked in your speech of more to be done in terms of cross board and resolution, and you mentioned your role, how do you see the global financial regulatory system involved or is that process or structure that we have today is the right one or does that need to evolve further? >> i think we made it a lo lot -- look, i look at the work that's done in the banks and the stability board, all able raising standards around the world to have a safe global financial system and a level plain field . i think it is very much in the u.s. interest of participated in those forum and to push for sustainable routine around the world. on the issue of this of the financial board, we do a lot of work of the resolution to try to make sure this could be done effectively. one of the things we'll take up over the next incoming months in bosnia. i am the chair in the financial system, we'll look at how well the stability board works on resolution is

taxi rides from like midtown where a lot of these big banks are down to the new york fed right well i would take exception with your characterization that we've made these claims without evidence because i new york fed is a place that i overlook from my office of paine webber and a place where i lived next to and i was living downtown unfold street is a place where the bankers go at lunch to harry's in hanover square on wall street where i worked for many years and anecdotally my evidence suggests that my conversations inside information was being passed from the new york fed to bankers uptown that's what i said and now this data point proves it based on the taxi rides that congregate at the new york fed at these odd hours the day before information is released and i mean affect on banks it's inside information without inside information the banks would have to declare insolvency because they don't know how to run a basic business jamie diamond could run a lemonade stand jamie diamond couldn't be a shoeshine boy if he was required to because he's financially illiterate he

but there is our interview with thomas simons, senior economist about the new york fed president beingve from new york, this is bloomberg. ♪ retail. under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. mark: i am mark crumpton with first world news. environmental reduction agency scott pruitt will ease mission standards for cars and trucks and regular say a time like put in place during the obama restriction was not appropriate and set standards too high. >> this will begin a process that will determine what the standards should be and is not conclusion very in that regard. is that weclusive look at issues that should set standards, they need to be updated and evaluated and standards need to be revised accordingly. mark:

new york fed, first among equals. is a permanent voter on policy, the others alternate vote on the fomc. vice chairman of fomc, much closer as advisor to the chair, which bill dudley certainly was to janet yellen. overseas big wall street banks and conducts open market operations. this is more and more important is the fed normalizes policy. what does john williams bring to the table? let's take a look. he is a phd economist from stanford, spent a month his entire career at the fed, became president of that bank in 2011, had the r-star neutral rate. a proponent of rethinking inflation target. not a banker, so how will the oversee big banks? he lacks market expertise, which could be important, as it was during the financial crisis, something bill dudley was lauded for. jay powell is very important in he sees williams potentially as someone he has worked with for the past five years who will be a strong, confident advisor on monetary policy. yvonne: given the fact that there was\leading up to this decision on a lack of

steve liesman chatting with outcoming new york fed president bill dudley. out two more meetings left as new york fed president. he always gets a vote at the table. what stood out to me is dudley on the markets doesn't think these crazy swings and the wild volatility is anything really out of the ordinary. some of the headlines dudley says rise in market volatility, a return to normal world stock market values do not look unreasonable so for those visitors looking toward the fed and that previous yellen put, whether there's a powell put or not, it doesn't seem like these conditions are warranting that. they seem to be okay with what's happening in the markets >> indeed. watching yields closely. volatility trade barriers bad for the u.s. economy in his view. >> he did back up the view that the chinese currency has appreciated, as i said earlier as the president tweeted wrongly. >> yes >> as we head to break, look at shares of bank of america here we're still in bank earnings season bank of america beating estimates while citing improved growth in loans and dep

the new york fed new boss, john williams is selected to run the central banks are all new york fed, buthis banking industry and what it means to wall street at this hour. and from the red, the dow s&p 500 rebound from yesterday's selloff but the nasdaq still i don't with the new criticism of amazon from president trump. vonnie: and the president expected to take the stage at this hour with leaders of and lithuania., will take you to the white house when it happens. shery: the markets are seeing a rebound, let's get the details from abigail doolittle. a rebounde are seeing of major averages and we have to nasdaq higher, but it is another day of intraday volatility with the s&p 500 and the nasdaq slipping lower. the s&p 500 lots also weekly lower. -- was also briefly lower. investors continue to remain jittery and uncertain about regulationsabout and the trade war, and right now we have the russell 2000 outperforming to a small degree. that index is wait with small-cap companies -- weighed with small-cap companies. as for the tech weakness, this is comprised of big tech names, and we see

san francisco fed president john williams is moving to new york. well's androme her circle as an outsider to oversee wall street. williams has spent most of his career in the fed. he will replace william dudley on june 18 and he recently said he favors three or four rate hikes this year. after releasing model three production figures, saying it will not need to raise money. the output of cars in the past seven days was below the target of 2500, but it was better than feared. tesla also said they expect production to increase rapidly the next quarter and is expected to burn through another 2.5 billion this year. is the world's biggest height agency as saying it will hold an independent counsel of allegations of misconduct. of its ceo inquiries is underway after the wall street journal reported of misuse of assets. thever, wpb says allegations don't involve anything material to the agency. global news, 24 hours a day, powered by more than 2,700 journalists and analysts in more than 120 countries. summers.ica this is bloomberg. let's look at the set up

i think the new york fed president has a big influence on that fomc. hemp being an economist is good for balance of opinions. why they become more important, and it does it change the characters around the table but bill dudley will not be there anymore because williams has been a member, but now he will be at every meeting. selectiont does the

erik: the new york fed names a new leader.is counterpart in atlanta offers a path for monetary policy. >> i think we're getting closer to the lower bound. at that point i think we need to wait and see and see how the market response. best response. erik: spotify goes public, amazon comes under fire from the white house. it is a challenging time for tech and facebook's sheryl sandberg puts it in perspective. >> security is always an arms race. you build, they try to misuse. you build, they try to misuse in a different way. erik: it is all straight ahead on "bloomberg best." ♪ erik: welcome, i am erik schatzker. this is "bloomberg best," your weekly review of the most important business news analysis and interviews from bloomberg television around the world. the world's two largest economies spent much of the last month circling the ring and the world's one true heavyweight battle over trade. the latest round began monday with a jab from china. >> china hits back. the country's previously announced tariffs on 128 u.s. goods take

he has been a very valuable and will be afomc great new york fed president. iverse city mandate that the new york fed had set out for that position. the ceo of aeally firm with other fed banks. having monetary policy experience is often the case for the leaders of those fed banks, but with the new york fed, you need to have a deeper understanding of financial regulation instability. -- and stability. he was too much of a macro-picture thinking economist. people on the new york fed that have been working there for some time, they are incredibly talented, and that support staff has not changed. i would not be worried about the new york fed is taking a step back from its role in financial regulation and being the stability watchdog because john williams will now be at the helm . that ther lining is director and head of research at the san francisco fed, who in a bloomberg article noted she was right handyellen's on labor markets, is an amazing woman. will be announced as the head of the san francisco fed. what a lucky addition. julia: does it make it more likely?

reportst current san francisco fed reid president john williams was the top candidate to lead new york fed. well, today that turned out to be the case. nthe york fed has named williams as its next president, replacing the retiring william dudley. williams will sta mid-june. the new york fed president se ves ase chair of the policy making committee and supeises the banks considered one of the post powerful positions in the whole sector. >> up next the president takes swipes at amazon. it's not just him.th ides of the aisle are now swinging at the giant. with such a high-profile tussle going on, what should you doto with the? some thoughts when we come back. t >>> the presi continued his criticism of amazon this morning on twitter. thisime saying, and quote, i am right about amazon costist the unitees post office massive amounts of money for their delivery boy. amazon should pay these costs plus, and not have them borne b the american taxpayer. many billions of dollars. post office leaders don't hav a clue, or do they? and then he followed up later with this. >> the post office is losing bil

fed says set the rate here the new york fed implements that many markets and regulates the big new york money center banks. he's been the san francisco fed president since 2011 he is the xwektive vp and research before that a quarter century at the federal reserve system pafd in economics. he has argued that the neutral interest rate is low and should remain low, but calling for three r or four hikes this year. big issue was about the effort to find a diverse candidate. they decided on somebody who has implemented a lot of diversity in his bank. criticized by senate warren among others for the wells fargo supervision, which is supervised by the fed >> gives you an indication on how people think of the san francisco fed. considering janet yellen came from there to be fed chair. john williams coming from there. >> i was offered cleveland and richmond i'm holding out for the san francisco fed appointment because that's clearly the root. >> excellent point >> no disrespect to atlanta or these other countries, but clearly, that post and that perch, if you will, carries some heft >> it's the,

what does he bring to the new york fed? raphael: john is a consummate macro economist.any of the theories around how the economy should function at very low interest rates -- he is an author of. he is really important. i actually am very glad he will be closer to the chair on a daily basis. he had that relationship with janet yellen. that was very helpful. it will be helpful as well. style -- itink his is good to have a different style. he is not deadly. they are very different -- he is not dudley. i think it is a good choice and the bank will be well. reporter: we are talking with rob bail bostick, president of the atlanta reserve on bloomberg television and radio worldwide. does it really matter what cosi is representing? -- what coast he is representing? raphael: the new york fed position gives you a voice and a contribution to policy that is different from the other 11 reserve banks. you are in conversations that the other presidents are not going to be an. his perspective -- are not going to be in. his perspective does have the potential to change. having his econo

here with a look at these issues, which are facing sofr. >> you are right, the new york fed said yesterdayed transactions fed into the system for the new rate -- there was a mistake there. so, there's a mistake with the data. the new rates you mentioned secured overnight financing rates, sofr. the new york fed investigated the reading of rates because market participants have said they saw a higher than expected volume of transactions. rishaad: how does this sofr against the london interbank rate, or libor. lianting: you collect libor from lenders. but the sofr is based on overnight loans collateralized by u.s. treasuries. any hiccup in this transaction from libor to sofr would upset the plan made on by a subcommittee under the fed, which is to replace libor. libor willi be phased out in 2021, i believe. sofr, not quite as catchy as libor, but what is at stake here? users seem to be the lenders and the private market participants. they will replace the libor rates. with that, we expect the growth to be very robust. for derivatives using this as a benchmark. month-longaunch a quarterly on s

international is still with us. , we knowad this story he is a three hike to for hike man, but the new york fedusted with -- is trusted with briefing the president on everything to governance. any thoughts on this news, a very permanent voice that will -- at every meeting and voting. -- the newfed chair york fed president is key within the fed structure. one thing about john williams, he published some interesting papers about the equilibrium interest rates. economy for the u.s. but also here in the u k, the eurozone, and so forth. he was arguing interest rates had come down since the financial crisis. the interesting thing now, to what degree he thinks it will be inching higher in the u.s. economy particular. the other thing is about potentially switching to price level targeting. at the moment, the key thing will be his focus on interest rates and how they need to rise over the next year. how much are they watching conditions,hter being blamed on technical factors, shorten supply in the bond markets, how concerned are you about interest rates? david: all the central banks worry that if you ar

unconventional road listening to this new york stock exchange, opening at $165 and $.90 a share area and and, a flashback to 2008, this is edit post financial crisis. as the new york fedenchmark makes its debut. we have all been waiting for the new leader at new york's fan. john williams is coming east to run the central bank. beginning on june 18, we are joined by bloomberg -- greatonal economics daddy with us. disappointed that this is another white male? this is the lack of transparency. >> it is more the latter. the fed does have an issue which is widely recognized that it has been dominated by white males. the fed is about the representative of the country and responsive to a much broader group. janet yellen, the first female fed chair. she is replaced by the first former female fed chair. by another white male. john wayne says then a career fed person. it would have been nice to have someone from another background. >> on that list of things of why he is a controversial pick, his lack of financial market , maybe it is about monetary policy. how big of a challenge to think that will be? >> it -- you're not right about the regulatory aspects. the new york fed puts

john williams will the in charge of contributor of the new york fed because has an open vote in the marketee. he is also an intellectual heavyweight in terms of the fed. the chairman now has less monetary experience that we have seen in many decades. but he has two of the strongest fact that we have seen in a long time. aboutyou were to talk economic bias, where would you put him on the spectrum? >> he sort of in the middle. he worked on the bush administration as the chief economist. he is known as a pragmatist rather than an ideologue. he looks at what is best for the overall economy. and through the filter of modeling. that is a little less ideological from someone coming at the economy from taxes and spending are the best policy to pursue. >> we heard mr. john williams, right now the current president of the dead. they have been on the same path. stock could remain relatively low levels. >> he's generally a centrist there. not so that it is going to be on the hard half killing of the fed. does that come with a certain extent -- half hawk wing of the fed. certain --ome with a that has c

this is bloomberg. ♪ ♪ john wall yams, who is due to take the helm of the most powerful fed in new york williams, is due to take the helm of the most powerful fed in new york. the u.s. central bank gradually raises rates. >> the fattening of the yield curve that we have seen so far is that normal part of the process. somewhat, bute up it is totally normal that the yield curve gets flatter during a tightening. up,re treasuries are moving -- 10 year treasuries are moving up. of anot see the signs inverted yield curve. manus: it is all totally natural. john williams san francisco federal reserve president. peter, when you hear that it is at whaty natural, juncture does that move beyond normal? peter: i think williams is clearly -- what is he going to actually say? history shows that when the fed starts in a tightening cycle, the risk of recession increases exponentially. he is not going to play that in a polite setting. are moving up substantially. i do not think we will see a significant move in the long end that will reduce this flattening any time. i think the markets are significantly

will have influence on the way the fed looks at the economy as will john williams coming into the new york fed post. john is already in the discussion. dotou could identify whose it was committee would matter more. the top three, the chair, vice chair, new york fed president, are the ones who drive the discussion and really push it going forward. knowing where rich is going to come out, would give you a better idea of where the chairman is likely to come up. thenow back in january when fed did nothing but suggest a rate increase was coming, rich wrote a blog post that basically now ratifiedhas the decision to do a rate increase in march, which we got, and two more later this year. in january, he was talking about three for the year. at that point, we didn't know for sure what the tax impacts were going to be. he could probably be convinced of inflation taking a. if he comes into the job, we know a biased towards three. scarlet: great summary of what he would bring to the table. if you were nominated. think is a much. mike mickey is our international economics and policy correspondent. speaking

moving williams from the san francisco fed to the new york fed is continuity, but you still have a vacancy to fill. it now just popped over to the san francisco federal reserve. even on that measure, this does not make a ton of sense. is this a fed that is deadly serious about standing up to the finance -- finance industry and providing meaningful oversight and regulation? josh: i do know. it has not been given that test yet. we are 10 years out essentially from the last huge financial crisis, that tends to be the time when regulators are getting lax. we know congress is starting to get lax and are chipping away at dodd-frank. we have now shifted from janet yellen, who won her last speeches was a forthright strong defense of the fed role as a regulator. we have jerome powell who we will see the lightens up the reins. i don't think any big financial market will take an obvious bubble we need to worry about pop in the next month. this is the cycle over the next two years where you could absolutely imagine a bubble starting to happen. i think it will be tested and i am not optimistic. nominee

chairman jay powell the new york federal reserve is the most important show and largest holder of assets of all of the twelve regional federal reserve banks the current new york fed chair bill dudley will leave in mid june when mr williams replaces him. and last month the co-founder of whatsapp brian acton expressed astonishment by tweeting it's time to hashtag delete facebook whatsapp has more than a billion users now however we learned that whatsapp which is actually owned by the parent facebook has a similar design flaw to facebook which places you to user data in peril whatsapp claims that they protect your messages photos. videos voice message documents and calls and they are all secured from falling into the wrong hands however when using what's app group chat user data can be harvested by anyone in the group including your mobile phone number the discovery has led some commentators to suggest hash tag delete whatsapp. and the mind goalie and prime minister the former prime prime minister second billet is being implicated in a corruption probe related to the infamous panama papers and large cash transfers from a swiss bank account to the state owned holding

dudley will have spent almost a decade at the helm of the new york fed when he leaves mid y e mid-juneed by john williams on tariffs and trade, dud le held o dudley held out hopes for a positive income. dudley noted that the chinese yuan has been appreciating against the dollar making chinese exports less competitive. that's the opposite of what the president has been tweeting. steve liesman, cnbc business news >> goldman sachs will be reporting before the u.s. stock market opens bank of america beat eastimates equity revenue of boa was up 33% year-on-year devon ryan joins us on the line from the u.s. to talk more about some of this what should we be looking out for with these goldman earnings? >> good morning. thanks for having me on. what we've seen from the bank earnings this far has been a good precursor on what we should see from goldman today where the firms have been beating is on trading, specifically equity trading. the good news for goldman is that's a bigger driver for them than other big banks you'll see good equity trading results from them. you also have to think about th

. >> the new york fed needs a new leader.atlanta offers exclusive. >> i think we're getting closer to the lower bound. at that point i think we need to wait and see and see how the market response. >> spotify goes public,

it goes back to what we heard from the president of the new york fed.curve to invert. we looked historically at when the curve did invert and you can see it every time it drops below the blue line we will push it out on social media. he talked about trade and the possibility of a rate increase. we will bring that later in the program. tom: let me do a morning must-read right now to get to mr. cirelli. if you go to bed in washington, what will you be greeted with in the morning? now washington post" right -- with all due respect, i don't get confused said the lady from the united nations. ms. haley is effectively saying the trump or the white house did change their minds. they're increasingly tough posture on russia has at least momentarily then arrested. i argued monday that perhaps trump just decided to exert his authority even if it made his administration look ou nmoored. beneath the fold, thank god. hannity status rising as shadow chief of staff. this sinceen doing day one of the trump campaign. have you seen it as a real the last 48 -- surreal the

the narrowing of the two can spread is considered an economic warning sign, with incoming new york fedresident saying a inverted yield curve is a powerful signal of recession. during this is chip economist who released their first quarter review. lacey, always great to talk to you. have we already started to see the scent of economy -- strength of the economy since the fed start the decelerate policy? by looking ats not just the money supply but all of the various key financial indicators that the fed has an important influence on. -- thek talents sheet bank balance sheet is collapsing. in addition, the velocity of money is continuing a multiyear decline, and the yield curve is flattening significantly. 1921, thereback to has been 17 significant flattening's in the yield curve, and they all preceded recessions. the timing very and there are a lot of variables that work. the whole monetary constellation is becoming increasingly restricted. shery: you talked about the balance sheet, and we have seen a big decline already on the fed's actions and the used excess reserves to measure timing

erik: the new york fed names a will new leader.n atlanta offers exclusive clues on the path for monetary policy. >> i think we're getting closer to the lower bound. at that point i think we need to wait and see and see how the market responds. erik: spotify goes public, amazon comes under fire from the white house.

john williams has been named to the new york fed. chairman powell's leadership team. s a day, powered by 2700 journalists and analysts in more than 120 countries. this is bloomberg. thank you. the tech space has been at the center of market volatility. with the vix stubbornly above 20, hedges on equities are in demand. digging into volatility measures shows that investors may be caught offguard if things do turn south. joining us now, our reporter dani burger. we are still with geoffrey yu, head of u.k. investment office, ubs wealth management. there are other ways to look at volatility then skew, and they may show a different picture. index,ou mentioned this aich is one that looks at different section of what the vix is tracking. the vix, if you think of volatility in cabell curve, the vix is going to track that curve. when you look at you, it is looking at the tail risk. these are options that will protect you if we get a bigger rise in volatility than what is normal. i brought the chart with me. this is the skew index. as the vix has been rising, the skew index, it

erik: the new york fed names a new leader.olicy. >> i think we're getting closer to the lower bound. at that point i think we need to wait and see and see how the market response. best response. erik: spotify goes public, amazon comes under fire from the white house.

know following up on that correlation equals causation with all the big banks going down to the new york fed right down here in your buyer studio here in downtown new york city and. basically doing better than all other banks because they have insider information well we're going to talk about the telling in fact this is a cool tweet i saw last week from a wall street dropout one of two i can tell you in effect newly created money is not distributed evenly simultaneously in a population that has a specific injection point of flow through the economy the first three cypriots are able to spend it before prices go up the last three sabean's get hit with this hidden tax equities or near all time highs but populist movements spring up globally around the same time big coin is born these are not coincidences and i want to show you some charts that he provides as well and this is the rising assets of the central banks the top one being the united states federal reserve and then you have the bank of japan and the e.c.b. in the united states most of the equity markets most of the stock markets are he

know following up on that correlation equals causation with all the big banks going down to the new york fed right down here in nearby our studio here in downtown new york city and. basically doing better than all other banks because they have insider information well we're going to talk about the telling in fact this is a cool tweet i saw last week from a wall street dropout one of two i can tell you in effect newly created money is not distributed evenly simultaneously in a population that has a specific injection point of flow through the economy the first three cypriots are able to spend it before prices go up the last three sabean's get hit with this hidden tax equities or near all time highs but populist movements spring up globally around the same time big coin is born these are not coincidences and i want to show you some charts that he provides as well and this is the rising assets of the central banks the top one being the united states federal reserve and then you have the bank of japan and the e.c.b. in the united states most of the equity markets most of the stock markets are he

chairman jay powell the new york federal reserve is the most in pool actual and largest holder of assets of all of the twelve regional federal reserve banks the current new york fed chair bill dudley will leave in mid june when mr williams replaces him. and last month the co-founder of whatsapp brian acton expressed astonishment by tweeting it's time to hashtag delete facebook whatsapp has more than a billion users now however we learned that whatsapp which is actually owned by the parent facebook has a similar design flaw to facebook which places you to user data in peril whatsapp claims that they protect your messages photos videos voice messages documents and calls and they are all secured from falling into the wrong and however when using what's app group chat user data can be harvested by any. one in the group including your mobile phone number the discovery has led some commentators to suggest hash tag delete whatsapp. and the mind goalie of prime minister the former prime prime minister second billet is being implicated in a corruption probe related to the infamous panama papers and large cash transfers from a swiss bank account to the state owned holding

john williams has been named the new boss of the new york fed. he's part of a new leadership team.n the u.k., today marks the deadline for companies with at least 250 employees to report their gender pay gap. saysin's prime minister there is an 18% difference between women and men in earnings. theresa may says it is one of the burning injustices of gender inequality. the woman who police say went on a shooting rampage at youtube headquarters was reportedly a video creator who criticize the company for policies she claimed limited her audience. police identified the suspect was shot and injured at least three people before killing herself as nasim aghdam. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. mark: let's get straight to the top story. the u.s. has stepped up its dispute with china, with proposal to levy 25% import tariffs on high tech items worth about $50 billion. china condemning the move, adding reciprocal tariffs of 106 u.s. products from soybeans to vehicles. s&p futures falling on the back o

there are a lot of vacancies to fill on the board and in key spots like the new york fed president, it an insider, john williams. that was disappointing to me as well. there were good women candidates and i was hoping they would bring in a woman and break the white male tradition. nothing against white males but there are good females as well. my view for the new york fed is that they need someone with supervisory credentials and someone who understands bond markets and they had two women candidates. maryerved on the board and miller who is deep experience with the bond markets and both would have been excellent. another fed needs monetary economist, it is like saying washington needs more lobbyists. it seems this is where they should be looking. david: there is a job open and now.rancisco sheila bair, the director of the volcker alliance. are set for an ugly open in the u.s., dow futures off by triple digits. 440, off the lows of the session and european stocks are getting hit. michael purvis is joining us. what is the trade? michael: in terms of the u.s. equity dip, i am standing cle

would be selling hot dogs in central park right now because they've got that relationship with the new york fed and the primary dealers and the system is rigged to support the dollar in a way that unconscionable we know they're still breathing sadly now tell us about the revelations of some of the manipulations that have been going on the so-called the legend what's been revealed so far krag well that now we're getting to the heart of the matter and how price is manipulated indians you know i'm glad you brought that up max because i've seen several of his theories put out there now and they're kind of a revisionist history about what happened to the price of gold when it peaked out in september of two thousand and eleven and maybe we can we can touch upon that because i which you're pointing out is this article that came out late friday talking about the spoofers that andriy flow trying to guy from u.b.s. and other guys that u.b.s. and do it your bank that were caught now red handed spoofing manipulating massaging managing whatever you want to say the price of the precious metals acting coerciv

. >> new york fed president bill dudley says he does not see a compelling case for rate hikes.at the social neutral rates, which the fed says will keep prices steady, it's probably 3%. dudley retires in june a - -and is being replaced. wil have to street complyl not --not have to comply with obama era broker conflict rules. means that investment buyers have to put their client's interests first. spacex has launched nasa's mission to study the so-called goldilocks planet. it lifted off from cape ying aral hearing -- carr rocket that will explore deep space. theill build on the work of kepler space telescope over the next decade. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. ♪ rishaad: looking at the markets. turkey managed to work out the morning session. the nikkei 225 10thsng out the session 4 of a percent. asian equities trading at the highest levels in a month. the yen falling during this risk on move. we heard from the comments industry,-commerce china sticking to the message that it will not con