course that there's about three and a half trillion dollars of foreign funds being held at the new york fed and the fed is basically the account custodian for two hundred fifty foreign entities around the world. and its customers included bangladeshis central bank and it was to the new york fed that the hackers sent thirty five messages requesting payments from the bangladesh bank account. things could have been a lot worse but for an extraordinary coincidence millions of dollars hundreds of millions were never transferred because the name jupiter in the address for the bank happened to match that of an oil tanker nothing to do with the heist but on the list of u.s. sanctions against iran as a result most of the transfer orders were flagged as suspicious and blocked by the fed. and there were other reasons the transfer requests could have aroused suspicion they were different to most payments made by a bangladesh bank they weren't formatted properly and these were large payments to individuals rather than organizations. but largely because the requests appeared to be authenticated by swift

course that there's about three and a half trillion dollars of foreign funds being held at the new york fed and the fed is basically the account custodian for two hundred fifty foreign entities around the world. and its customers included bangladeshis central bank and it was to the new york fed that the hackers sent thirty five messages requesting payments from the bangladesh bank account. things could have been a lot worse but for an extraordinary coincidence millions of dollars hundreds of millions were never transferred because the name jupiter in the address for the bank happened to match that of an oil tanker nothing to do with the heist but on the list of u.s. sanctions against iran as a result most of the transfer orders were flagged as suspicious and blocked by the fed. and there were other reasons to transfer requests could have a suspicion they were different to most payments made by bangladesh bank they would formatted properly and these were large payments to individuals rather than organizations. but largely because the requests a p. it to be authentic aided by swift eighty one

old system that is the caving right now is we have a system whereby if you're next to the new york fed and this was actually shown through collecting data from yellow taxis in new york city what they found is that there is indeed even though the new york fed is not supposed to talk to the banks about what policy is about to happen and where interest rates are about to be set their way there is evidence that they do go and see each other and meet between midnight and four am down near the new york fed so taxi data reveals the truth don't trust verify that data from there would verify that they are colluding and they're giving inside information they get easy access they get zero percent interest rate money and then they pollute it and give it by the time it gets us twenty five percent interest rate with everybody's basically equal everybody has equal access they're all on a level playing field there's nobody with cream minus nobody with you know an easier access everybody's. equal par this is the pattern of price we've seen we started twenty eleven with bitcoin with bets or at least thr

old system that is the caving right now is we have a system whereby if you're next to the new york fed and this was actually shown through collecting data from yellow taxis in new york city what they found is that there is indeed even though the new york fed is not supposed to talk to the banks about what policy is about to happen and where interest rates are about to be set their way there is evidence that they do go and see each other and meet between midnight and four am down near the new york fed so taxi data reveals the truth don't trust verify that data from there would verify that they are colluding and they're giving inside information they get easy access they get zero percent interest rate money and then they pollute it and give it by the time it gets us twenty five percent interest rate with everybody's basically equal everybody has equal access they're all on a level playing field there's nobody with cream minus nobody with you know an easier access everybody's. equal par this is the pattern of price we've seen we started twenty eleven with bitcoin we've been through at lea

with trade to china as the delegation says more work needs to be done. , we talk withise outgoing new york fed president taylordley with on appeared -- john taylor. as president trump goes to , weess the nra and dallas fromto the representative florida where the shooting took place. what happened to all that talk about gun control? ♪ u.s.-chinadays of trade the sketches ended in beijing with an agreement to keep on talking and a little else. markets.for global how should global investors place themselves? joining us now with inside is libby cantrill with pimco. markets aree the not reacting that much. we were not surprised there would not be anything substantial. >> right. if you take a step back. what we are trying to do with china is fundamental. unlike the aluminum or steel , we are tryingta to reset the trading and a comic relationship with china. trading and- economic relationship with china. the markets are not reacting yet but we will see. shery: in terms of the escalation, you can see that china has started canceling commitments when it comes to bringing and soybeans. if you see the la

details on our exclusive interview with incoming new york fed president john williams. he was soft on rates and inflation. this is bloomberg. ♪ vonnie: breaking news. incoming new york fed president john williams says he thinks the time is approaching to phase out forward guidance. one of the tools in the fed toolbox. he is actually thinking it could potentially be saved. he also says he is not worried by the yield curve that won't ignore his signal. this is fascinating. williams says the fed will have to phase out policy forward guidance. we have been relying on forward guidance for how long? quite a while. our colleague had an exclusive interview with john williams and basically what he's talking line in the fomc statement that says monetary policy remains accommodative in order to sustain a return to 2% inflation. this is kind of a key question because they think that neutral interest rate or maybe the endpoint is going to be is still a ways off. say still they accommodative. there has been conversation at the fed as shown in the minutes of the march fomc meeting that

. >> the aftermath of the financial crisis you were the most vocal new york fed president in memory to speak behaviorting out that in the financial markets and creating incentives for integrity in this greater content this greater community known as wall street. did you succeed? mr. dudley: i think we made progress. it is never going to end. my view is a simple 1 -- you look at the bad behavior we saw during the financial crisis and the aftermath, and it wasn't in the gray area. it was way over the line. libor,colluding to rig people colluding to rig foreign-exchange rates. you saw a major west coast bank, it turns out they are selling accounts to their customers. that is the first piece. the second piece is that the fines are large of the cost of doing this is going up. there really was risk. all of those things were suggesting that this problem is not one institution or a few bad apples, it is more systemic. that is the first point. the second point is that i came to the view that it cannot just be about regulation supervision. the management of these organizations have a responsibil

old system that is decaying right now is we have a system whereby if you're next to the new york fed and this was actually shown through collecting data from yellow taxis in new york city what they found is that there is indeed even though the new york fed is not supposed to talk to the banks about what policy is about to happen and why interest rates are about to be set their way there is evidence that they do go and see each other and meet between midnight and four am down near the new york fat taxi data reveals the truth. don't trust verify that data from there would verify that they are colluding and they're giving inside information they get easy access they get zero percent interest rate money and then they pollute it and give it by the time he was twenty five percent interest rate with a big point everybody's basically equal everybody has equal access they're all on a level playing field there's nobody with cream minus nobody with you know an easier access everybody's. equal par this is the pattern of price we've seen we have we started twenty eleven with bitcoin with bets or a

old system that is the case is we have a system whereby if you're next to the new york fed and this was actually shown through collecting data from yellow taxis in new york city what they found is that there is indeed even though the new york fed is not supposed to talk to the banks about what policy is about to happen and why interest rates are about to be set their way there is evidence that they do go and see each other and meet between midnight and four am down near the new york fat taxi data reveals the truth. don't trust verify that data from there would verify that they are colluding and they're giving inside information they get easy access they get zero percent interest rate money and then they pollute it and give it by the time he was twenty five percent interest rate with a big point everybody's basically equal everybody has equal access they're all on a level playing field there's nobody with cream minus nobody with you know an easier access everybody's. equal par this is the pattern of price we've seen we have we started twenty eleven with bitcoin with bets or at least thre

getting a little more aggressive, worried about inflation, john williams, who is set to become the new york fedresident which is the most important regional fed president since it's goldilocks, good growth, not too much inflation, not too hot and not too cold. >> very chill. i could understand him. he spoke plainly. >> which is weird. >> he's been a fed person his whole life. >> yeah. he was quite chill on the economy and inflation and all of that. so don't get too worried about that. >>> now maybe betting on the kentucky derby is not your thing but betting on the company behind the kentucky derby has paid off hansomely. churchill stock up 120% over the past three years. the company's ceo is about to join us. lots more "power lunch" ahead on this eve of the kentucky derby. >>> hello, everyone. i'm sue herera. here's your update. before boarding air force one this morning, president trump and white house chief-of-staff john kelly talked to reporters about their relationship which they said was great. >> i want to just tell you something, general kelly is doing a fantastic job. there has been suc

interview, ixit will join the new york fed president bill dudley sitting down with matt winkler coming on bloomberg television. in the meantime, look at how markets are doing as we are past the halfway mark this friday. this is bloomberg. ♪ david: noon in washington and midnight in hong kong. from new york, i am david westin . andy: i am shery ahn: welcome to bloomberg markets: balance of power. david: loving the jobs. president trump lauds the jobs report by says u.s. has to bring fairness with trade to china as the delegation says more work needs to be done. , we talk withise outgoing new york fed president taylordley with on appeared -- john taylor. as president trump goes to , weess the nra and dallas fromto the representative florida where the shooting took place. what happened to all that talk about gun control? ♪ shery: two days of

s and since lane in active hackers it said payment requests from bangladesh bank to the new york fed on thursday and by friday the money had hit accounts that are c.b.c. in manila. it was then moved between an array of other accounts controlled by a remittance company called phil rem some of it was converted into philippine pesos over a period of ten days the money was transferred elektra likely and in cash and channeled into manila's casino industry. the accounts here on jupiter street were a vital clue for investigators they were crucial for laundering the money and someone had set them up using false names and fake credentials the question is who . the philippine senate held an inquiry into the laundering of the proceeds of the heist. it heard that the accounts were opened by the manager of the r c b c jupiter street branch a woman called my a. good bill good to appear on your honor i really value the truth she says she opened the accounts for this man a manila casino owner and agent she'd known for several years called kim wong who also gave evidence at the inquiry. my degree cho

the outgoing new york fed president joins bloomberg's editor in chief for an exclusive one-on-one exit as he prepares to leave the largest and most influential federal reserve bank. we will bring that to you live at 5:30 p.m. u.k. time. that is an interview you do not want to miss. welcome back to the european open. 12 minutes into trading. let's get our top stories on stocks. >> let's start with hsbc, down 2% this morning. investors are focusing on the cost, at a $2 billion share buyback that was not enough for them. 8% on an unadjusted basis, at pleasing revenue. flint says being a ceo is like dragging from a fire hose. i wonder how he feels looking up these numbers. equity trading revenue fell 11%. really a divergence from what we saw out of wall street, with the likes of j.p. morgan and morgan stanley. they had a 30% jump in equities meant -- revenue. a different picture across socgen. france, also down three and 8/10 of a percent. taking a bite of the -- out of the bottom line. pick a big loss for them. employees voted in favor of a pay offer for management. this could bring an en

my new york fed lecture and on monday i went through the forecast revisions for folks all around the world and tre are lots of people that move around three. we were in a that world where we were thinking we would be stuck in the ones, that is really quite impressive. year,ended up being a 2.9 then i think it would still be a good year. >> paul from the washington examiner. having worked with sony politicians, how is trump different and how does he approach your information differently than say in the forr race, what is a chance a dow 36,000 under trump? eight person you work with has their own style. i think the most part president trump's style is pretty similar to that of romney's. he is a little bit of romney and a little bit of mccain in many ways in the ways he runs the meetings. teaching going back to governance in graduate school, you have a lot of decisions to make and you have to make them at a high frequency. --you have to accumulate recruit experts you trust and then constructive process that you can figure stuff out and make decisions in timely fashion and an effective a

you would imagine the new york fed might take the lead but the st. fed put out a white paper pretty recently about this. >> yeah each individual fed has done good work on this i know steve has been talking to a lot of them today at this conference i have not noticed a particular fed that's taking the lead although the st. louis fed what was interesting about that paper is they really compared bitcoin to currency and how the valuation was very similar so we, you know, talk a lot about is bitcoin in the bubble or not in the bubble but they just said essentially the value is the same or at least determined in the same way. >> there's also a place specifically in terms of acknowledging the value of bitcoin in terms of the function what are some of the catalysts that you see that could possibly keep this going higher >> a couple of different things. if we look back historically the last time that goldman made a big move was when they bought into circlen the s financial they are the leader among the institution so that's one catalyst we have number two, we

kathleen: john williams, incoming president of the new york fed spoke to bloomberg today.esting was that forward guidance, maybe it's time to put down to bed, to end the market handling. do you agree that? >> one thing in the statement is that monetary policy remains accommodated. we use that same line when we were at zero. now we are way off zero and we're still using the same language. it has become dated. i would like to say we are at neutral. whether i can convince my colleagues to say that, i don't know. i think we should reform that and then think about the dot plots as well. betty: again, that was jim bullard speaking exclusively to jim -- it's lucidly -- exclusively to kathleen hays. david: coming up next, the take on high-level talks ongoing in washington, whether or not we should be hopeful. that's next. this is bloomberg. ♪ betty: this is daybreak asia in new york. david ingles: and i'm david a list in hong kong. he is in washington. joining us understand what we can expect from pham realistically -- from him realistically, we have our guest. generally, what exp

competed their way to the top but the system of this collusion from the central banks and the new york fed him all these regulators that help them out and they help each other is the system is rigged it's everybody you know is on an equal playing field you've got to compete there's no there's nobody to rig the game for you and i think that's you know part of their legacy is a riyadh. between is a reaction to warm buffett to charlie munger well charlie munger will have the pleasure of watching bitcoin so our past thirty thousand dollars brokaw i'm. asking expires from this planet south charlie i want to say by the way you know we actually had dinner once with his son and martin matthew mellon and matthew mellon . are lyle we saw not bobby short but bobby short successor really i don't know who bobby short is yeah he's a horndog or ok well this is the say i got a second half much more coming your way and that bobby short the son of charlie monger so i refer to. don't go away. ministries police forces and city administrations of many countries depend on one corporation that does my mike will

competed their way to the top but the system of this collusion from the central banks and the new york fed in all these regulators that help them out and they help each other is the system is rigged because it's everybody you know is on an equal playing field you've got to compete there's no there's nobody to rig the game for you and i think that's you know part of their legacy is a reaction between is a reaction to warm buffett to charlie munger well turn him over we'll have the pleasure of watching bitcoin soar past thirty thousand dollars per coin. expires from this planet charlie i want to say by the way you know we actually had dinner once with his son and mark matthew mellon and matthew mellon. you know our lyle we saw. bobby short but bobby short successor really i don't know who bobby short is that he's these a horndog are ok well this is the so you got to go to the second half much more coming your way now bobby short the son of charlie monger so i refer to. don't go away. across europe municipalities are taking their water supply back from private companies who. song alone even s

louis fed president james bullard. that's at 1:30 p.m. new york time, 6:30 p.m. in london and he's always a fascinating interview. let's check in on first word news. haskell - haspel is one the caa.er to many democratic senators and two republicans oppose her. i cite her role in supervising waterboarding and other terror -- interrogation techniques that others called torture. the white house as a warning of its own for north korea. threatening to pull out of next month's summit north u.s. insists that korea surrenders nuclear weapons. a white house spokeswoman says it there is no summit, the u.s. will consent -- will continue with maximal pressure campaign on north korea. talks in italy are said to be winding up. the head of the anti-migrant against the five-star moment are in the final stretch. thatwo parties may demand the central bank right off 300 billion dollars in debt. this is bloomberg. vonnie: thank you. towersup, trump transcript, we see what a document means for the administration. this is bloomberg. ♪ ♪ vonnie: from new york, i am vonnie quinn and am

you're next to the new york bed and this was actually shown through collecting data from yellow taxis in new york city what they found is that there is indeed even though the new york fed is not supposed to talk to the banks about what policy is about to happen and what interest rates are about to be set there was there is evidence that they do go and see each other and meet between midnight and four am down near the new york fat so taxi data reveals the truth don't trust verify that data from there would verify that they are colluding and they're giving inside information they get easy access they get zero percent interest rate money and then they pollute it and give it by the time it gets us twenty five percent interest rate with everybody's basically equal everybody has equal access they're all on a level playing field there's nobody with cream minus nobody with you know an easier access everybody's. equal par this is the pattern of price we've seen we started twenty eleven with bitcoin with bets or at least three or four major eighty percent corrections and it's usually this is the pattern i think this will just continue on two hundred thousand and beyond that is t

joining us is ethan harris, former researcher at the new york fed. he joins us from his office in new york. explain to us -- we are seeing 3.9%,employment rate of and yet earnings are not stronger, neither his participation. statistic,an amazing the fact that we are down to 3.9% on the unemployment rate and we have not had more wage growth. i think the answer is it is going to take time. couple yearsn a ago running at 2%. and then picked up to 2.5. he has kind of gotten stuck year. we expect it to continue to accelerate going forward, because the unemployment rate is not going to stop here. but it is a bit of a mystery why we have had more wage inflation. fell tounderemployment 7.8%. is that good enough? ethan: i think the labor market is in very good shape. it is not just unemployment measures, it is things like the quit rate, people quitting their jobs to look for new jobs, which is a sign that they feel comfortable with the job market. there are very strong and still improving. if you look at the job openings, they are high. the labor market is pre

household debt according to the new york fed has been growing slow relative to early periods.it's looked great since the global credit crisis began five years ago. ever ron kagging todayer joining us, along with the retail analyst. walmart, you are close to the company. were you happy are that result? >> extremely happy. but it seems they are shifting their strategy. they have been acquiring higher-end stores to try to take market share away from the amazon customer. they are moving away from the lower income customer that would only buy groceries. now they are trying to get the higher-end customer to buy something more than groceries. charles: they are doing well -- on private label. >> the ceo of walmart has tried to build the digital strategy. their digital sales have gone up 32%. they announced they are rolling out the lord and taylor tore within a store to -- store within a store. it's all about digital for them. charles: i thought the number was fascinating. household debt is going up. credit scores are getting better. the problem is, bankruptcy -- consumer bankruptcies

we had a couple of days ago a similar figure from the new york fed, the strongest since the start of012. we are seeing this inflation happening with these manufacturers. we look at the industrials today. , are should say it is a gauge of prices received by philadelphia factories. here are some of the industrial stocks today rising as a group. it is the second-best performer in the s&p 500. . the best performer is energy stocks. we see oil prices continue their climb. the uti today is at the highest going back to -- wti is at the highest going back to 2014. --mbers desk slumbers are the latest on cbs and viacom, we have been talking about that a lot in the past half-hour, essentially the redstone family toding off an effort by cbs bar them to protect their control of the company. this is socially boosts the likelihood of a merger with viacom. you see cbs shares down sharply, 6.5%. viacom down about .0%. dave -- about nine -- about .9%. david understands this better than i do. up, president trump ahead with north korea despite recent setbacks. we will discuss the state of place with a

. >>> tomorrow, big show, "power lunch" big market moving interviews, speaking with new york fed presidentnterview since being named the next new york fed president and robert kaplan dallas fed president, talking about the feed meeting this week. their positions on policy going forward, inflation, and much more i guess -- >> check please. >> a lot of key questions right now. time for check please now. it's got to be -- this is my favorite, if "favorite" is the right phrase to use, favorite sound bite on elon musk last night referring to boring boneheaded questions >> and so where specifically will you be in terms of -- >> excuse me >> in terms of capital requirements >> next. boring hone head questions are not cool next >> boring bone head questions are not cool >> and cut him off you know what, the question may be boring, but it's actually one of the key drivers of the stock. >> that's why he cut him off >> people want to know if he's going to have to raise capital, and on that note, we didn't mention this all hour, but tesla bonds are getting ahead. >> he has a lot of experience asking b

friday, the feds day and mark carney are among the speakers at the 350th anniversary conference. we will have live coverage starting at 9:00 a.m. new yorka: you can catch all of our interviews on the bloomberg with the function tv . there is one now. this is bloomberg. ♪ >> this is the "bloomberg markets." in a minute the fed will be releasing minutes from the policy meetings. as we wait on that, looking at in equity market that is mixed. lower to mixed, s&p 500 off by 3/10 of a percent. 2.57% on the two-year. julia: did we do have the fed minutes. scarlet: the bright red headlines that we publish say modest inflation overshoot could be helpful, most officials saw the next rate hike appropriate soon. inflation, on overshoot could be helpful. could behold full. -- be helpful. so presumably soon would be at the next fed meeting. julia: some officials saying for guidance provision appropriate soon, so at what point will we see recognition of monetary tightening. going

we have two market moving interviews john williams is set to take over as the head of the new york fedplus, dallas fed president robert kaplan. >> and saddle up the ceo of chirurchill downs wil join us. his stock is up 63% in the past year what is driving that growth across the finish line that and more ahead on "power lunch," and "halftime report" returns right after this every fire department every police department is part of a bigger picture. that bigger picture is statewide mutual aid. california years ago realized the need to work together. teamwork is important to protect the community, but we have to do it the right way. we have a working knowledge and we can reduce the impacts of a small disaster, but we need the help of experts. pg&e is an integral part of our emergency response team. they are the industry expert with utilities. whether it is a gas leak or a wire down, just having someone there that deals with this every day is pretty comforting. we each bring something to the table that is unique and that is a specialty. with all of us working together we can keep all these

on friday, that will be williams' first interview since being named the next president of the new york fedspeaking with the dallas fed president, robert kaplan that's it for toy's dashow "worldwide exchange" is coming up next. are you taking the tissue test? yep, and my teeth are yellow. time for whitestrips. crest glamorous white whitestrips are the only ada-accepted whitening strips proven to be safe and effective. and they whiten 25x better than a leading whitening toothpaste. crest. healthy, beautiful smiles for life. >>> i'm courtney regan it's 5:00 a.m. here is your five at 5:00. >>> the u.s. trade delegation is in beijing at this hour talking tariffs. >>> tesla shares take a nosedive as elon musk hosts a bizarre earnings call. >>> and spotify drops after reporting a quarterly loss chinese smartphonemaker xiaomi pls to go public. >>> and goldman sachs bething on bitcoin by opening a crypto trading desk it's may 3, 2018 "worldwide exchange" begins right

john williams on friday that is williams' first interview since being named the president of the new york fedust some news coming across the wires from italy and from rome, from the palace where the italian president, sergio mattarella resides he says he does not want to see early elections in italy two days ago we heard from mr. dimaio saying he would like early elections. the challenge there was getting them done before june 24th, that's the last possible date before the italian congress goes into recess. he is saying he would like a new government in place at that point to pass that 2019 budget whether he will get a deal seemingly looking distance at the moment remains to be seen. >>> and paddy power shares are under pressure after first quarter earnings fell 6% as new betting taxes, levees and start up losses in the u.s. weighed on results. but the company is more optimistic on the full-year and has forecasted something between a slight decline and a 5% increase the bookmaker announced it would start share buybacks and return 500 million pounds to shareholders within the next 18 months >>

surveillance" continues with tom keene joining us in new york and we later happen interview with the outgoing new york fed is bloomberg. ♪ ♪ the $200 billion demand, u.s. is asking china to drop the deficit by at least that much. lower over a $2 billion share buyback. time.h to do, so little u.k. officials are said to -- to consider extending. may be ableinister to talk those on the side. job.w we have to focus on we also have to focus on banks, especially the french banks we thought could do no evil they came in short of estimates. tom: yield compression over the last two or three days. it really goes into fx instability. francine: i'm looking forward to speaking about pounds a local election coverage and what that means for brexit. let's get to first world bloomberg news. tell her column there is one area of agreement after two days of trade talks between the u.s. and china in beijing. the two sides agreed to keep on talking. there was consensus on some issues, but major disagreements remain. therding to a document, u.s. wants china to reduce the trade deficit by $200 billion by the end of 2020. two dev

representatives for deutsche bank and the new york fed declined to comment.encent has jumped in hong kong after delivering record profit at top analyst estimates. coming investors who were braced for a big hit to margins. china's largest social media and gaming company posted a faster than percent -- expected jump as growth on mobile bounced back. soothed fearsults that outside spending would hamper profitability. mark zuckerberg is answering ,uestions about privacy issues he may be in brussels for a closed-door session as early as next week. lawmakers called on zuckerberg to explain how personal data of millions of facebook users ended up in the hands of cambridge analytic up. .- analytica leader saide-star anti-immigranthe league are putting the touches to their program. the two sides have blown through deadlines set by the president. joining us now on set. good morning. market has been an out performer. it is rolling over a little bit. should we worry about what is happening? this was the nightmare scenario markets talked about a couple of months ago. we h

i guess outgoing is the right phrase, william dudley, on the public service at the new york fed.in chief emeritus matthew winkler in combination with dust conversation with william dudley at the 12:00 hour. this is bloomberg. ♪ francine: this "surveillance." tom and francine from london and new york. xiaomi has filed for an initial public offering. this is the chinese phone maker. the ipo which could be the largest since 2014, makes for a value of $100 billion on the eight-year-old company. the bloomberg news asia tech reporter. can they really sell to the rest of the world? >> they are already selling to the rest of the world, just not in the u.s. and not in the u.k., but they are definitely all over india, indonesia, southeast asia, and different parts of europe. francine: i have a phone here which i grabbed for my associate producer. if you look at the iphone and xiaomi, xiaomi is much cheaper than the iphone and has some great features. is there some concern that people are listening in? are people concerned because it is chinese made? shelly: that is definitely the concern a

fed holding interest rates steady. the dollar losing some ground, off by 2/10 of 1%. from new yorkthis is bloomberg. ♪ scarlet: this is "the fed decides." i'm scarlet fu, along with tom keene. also with us, diane swonk and scott minerd. cambridge analytic a, breaking news, the u.s. consulting firm says it is immediately ceasing all operations. it says it is no longer viable to continue operating. and it will -- the elections, the special elections -- let me come back to that. the wall street journal had earlier reported that it would be shutting down, so the fact it is coming out to say this, that it is not able to recover from the controversy. really. mercer -- you wonder if it is linked to the new legal regime of the president today, where mr. cobb has been shown the door, or i guess he is retiring. we have the doma from williams and connolly taking over. maybe he is the first adult in the room. my reaction, i defer to people like of it's a really, stephanie baker and dollars -- like kevin cirilli and stephanie baker and others, all of a sudden we have this happening. scarlet: ve

the outgoing new york fed president bill dudley will join us for an exclusive one-on-one exit interviews he prepares to leave the largest and most influential federal reserve bank. we will bring that you at 5:30 p.m. u.k. time. is up next. this is bloomberg. ♪ mom, dad, can we talk? sure. what's up, son? i can't be your it guy anymore. what? you guys have xfinity. you can do this. what's a good wifi password, mom? you still have to visit us. i will. no. make that the password: "you_stillóhave_toóvisit_us." that's a good one. seems a bit long, but okay... set a memorable wifi password with xfinity my account. one more way comcast is working to fit into your life, not the other way around. ♪ it is a 6:30 in the morning in london. the aussie dollar on the front of four. the best-performing g10 currency against the dollar in this session. gaining after the rba boosted its inflation forecast. anna: let us check out the broader trading session. >> let us start with sydney. australia is down the we do see the aussie up this morning. asian equities are trending lower. talks in beijing. u.s. off

treasury securities as collateral -- francine: that is bill dudley, the president of the new york fedwe will continue monitoring those comments this morning and bring you them as they happen. what we know so far, a lot of the talk we heard from mark carney a little bit before mr. dudley and they were talking about libor. esther dudley said the problem with libor is the inherent fragility in a pyramid where the pricing of hundreds of billion trillion dollars rests within the expert judgment of a few individuals. they will continue discussing libor and probably move to the monetary policy. let's get straight to the bloomberg first word news. central bank has raised interest rate at an emergency meeting. while the president has pledged allegiance to global principles on monetary policy. the late liquidity window rate was raised by 300 basis points while others were kept unchanged. move as described the "powerful monetary tightening" and said it is prepared to use all instruments. the lira has fallen again this morning. federal reserve officials have signaled they are set to raise interes

new york. can you puzzle for the fed as u.s. wage growth slows.olitics and succession after rushers -- facing questions about politics and succession. yvonne: looks like we are set for some decent gains. questions about what the dollar's or go away moving forward. we see recovering with u.s. treasury yields. we see this revived correlation. jpmorgan with a note. this could be disruptive to global markets, just as a reversal in the correlation between stocks and bonds and what we saw in february. that is what triggered the selloff. it's not their base case yet, but something to look ahead to in the next couple of months. betty: that's right, certainly complicates the situation for many central banks, and also for the companies, as we see the correlation come back. we will talk more about that with our upcoming guests. let's get to the first word news. north korea says u.s. sanctions are not the reason for its willingness to remove nuclear weapons from the peninsula. the state news agency says the u.s. is misleading the public as weakness. it is acc

representatives for deutsche bank and the new york fed declined to comment.encent has jumped after delivering effort -- record project the top analyst estimates. china's largest social media and gaming company posted a faster than expected 61% jump in net income last quarter as growth on mobile bounced back. his latest result soon fears that outside spending would hammer its profitability. that's the bloomberg business flash. anna: thank you, juliette saly there in singapore. the st. louis fed presidents at the central banks got it should be more like that of former chairman alan greenspan, famous for his deliberately opaque remarks. speaking in an exclusive invert -- excuse interview with bloomberg. >> you don't what the data is going to be. it something we should get out of the business of doing. close to neutral today, it we start going up from here, we will get into restrictive territory which will put down the pressure on inflation. do we really want to do that when inflation expectations are hovering below the target for the next five years? a bearishke

. >> you ask questions >> you start with the desk report first you instruct the new york fed desk as committee what to do in the interim they give their report you have the other reports >> as they're reporting do you ask questions? >> sure. i did. >> then what happens >> then you have the go-around for the economy. the presidents go first. the governors go second with one exception. the second most powerful person -- >> are you reading a script? >> depends on the person i never did. matter of style. the second to last to go is the head of the new york fed, john williams that's the vice chairman of the fomc a great selection. john is perfect for that job joe, you just have to find him an affordable house in manhattan. >> i've been thinking about jimmy carter lately. one of the most spiritual, moral, good men around >> naval academy graduate. >> you would want him as a spiritual adviser, but as president -- trump wouldn't want him as a spiritual adviser -- i don't know if a spiritual adviser and a guy like that -- when we talk about how -- do we elect a pope or some s.o.b. who gets ev

be announced before the end of the year well our financial correspondent is with us from new york now yes the fed not changing a whole lot that saying inflation was moving our words to tell us more about the move when we can concretely expect it. well most investors on wall street believe that the next rate increases coming at the next fed meeting in june and that the federal reserve might pause in the july august meeting and then once again might increase rates another time in september and then we will have to wait and see if there might be a third increase shortly before the year comes to an end so that's at least the projection for now we did not see a lot of surprises in this fed meeting the federal reserve did acknowledge that inflation is on the rise that we see a decent economic growth here in the united states but the market actually did get a bit nervous after this fed meeting and blue chips losing a good one hundred seventy points here in the winter session and we've also got the job market numbers out we've seen robust growth in previous quarters so how's it looking this time around.

new york. the new york fed chairman spoke today at the swiss national bank at the imf conference in zurich. >>alization has proceeded without disruption to financial markets. figure red figures in six, expectations, seem while in line with policymakers' expect ations from the march fomc meeting, suggesting the markets should not be surprised by our actions if the market evolves in line with our expectations. with us, stephen macklow-smith of jpmorgan asset management. first of all, welcome to the program. if you look at what jp might -- jamie dimon was saying, he was focused on 4% yield. if you have a percent and folded into what jay powell was saying, which is basically they are following the guidance, and markets are getting it right. stephen: that is absolutely right. in the background is the fact that although nominal policy has been tightened, actually, there has been no significant tightening. i looked as a press coverage the last month or so. there is a moderate deceleration in eurozone growth. the u.s. economy is about to benefit from the tax cut, which will clearly have a positive imp

the new york fed is assuming 5% right now. david: crude is the story. is 3.00 and we don't talk about it. remember a week or two ago and it was 3%? alix: if we wind up pricing with a three handle plus, it will definitely be a mover. david: time now for the morning brief. we will get the u.s. producer price index for april. at 1:00, it is the u.s. treasury auction of $25 billion in 10 year notes. at 1:15 p.m., atlanta federal reserve president speaks on the economic outlook down in jacksonville, florida. alix: doesn't mind that overshoot. now let's get an update on headlines outside of the business world. kailey leinz is here with first news.dispute kailey world kailey: iran and the european union is facing an uphill battle to keep the nuclear deal alive. will stick toa the commitment and the iranian president says he will keep working with other persons of participants. secretary of state mike pompeo has arrived in north korea to prepare for present trump's summit with kim jong-un. pompeo will ask whether north korea will release the americans being hel

the new york fed had a cool piece out saying that the implied move in brent has been from headlines,have been from supply and demand. how do they make is this decisions off of that? robert: i think that, you know, you are at people budgeting $50, $55, six dollars, something well below the front end. i don't think that these sizable moves in the immediate term shift capital investment. i do think that the u.s., these us more companies raising capital, it's an interesting opportunity because i think the aggregate scale doesn't sway the market so there is an opportunity i think to invest in some smaller companies that can grow without changing the balance of some high and demand areas robert: interesting to -- areas. -- high demand. alix: interesting take. my other show, "bloomberg commodities edge," i will be speaking to the manager for sugar and ethanol. it will be iran, all day, know-how. exciting.ill be right now we want to get an update on what's making headlines outside the business world. >> president trump has thanked kim jong-un for releasing three americans detained there. the

on june 18, he will become the head of the new york fed.a new tool to attract institutional investors. some of the tools include custodial services that will allow investors to store large amounts of digital currencies and more trading abilities such as risk management and margin trading. coinbase became the best-known currency exchange in the u.s. by bringing but going to the masses. cap has apologized to china for a teacher that offended the country's political sensibilities. the t peart -- t-shirt featured leaving-- map of china out parts of it. that is your business flash update. lisa: coming up from blankfein to j lo, stars gather for robin hood's charity gala. we look at that and more an hour wall street beat from new york, this is bloomberg. ♪ lisa: from bloomberg world headquarters, this is "bloomberg markets." commodity markets are closing in new york. today assilver singing the dollar strengthens on the back of manufacturing and retail sale numbers that failed expectations of higher interest rates from the federal reserve. let's s

francisco fed president john willia williams, his first tv interview since being named the next new york fedthat's right here on "power lunch. >> here's what's coming up on today's "power lunch." reaction to the fed's interest rate decision. we will get it from bill gross plus another day, another big earnings report. tesla on deck after the bell what to watch for, ahead and amazon planning more perks for prime members at whole foods. durythis model change the inst xfinity x1 customers can vote, simply by saying, "vote for the voice." i'm gonna vote for... unless, kelly clarkson, you're a coach, because, you know, that wouldn't be fair. [ whispering ] whatever. which artist will you vote for? vote for... ok, still know it's you. i just wanna vote! cast your vote during every live show. simply say, "vote for the voice" or your favorite artist's name into your x1 voice remote. come on! >>> welcome back to "power lunch. the fed leaving rates unchanged but acknowledging inflation is beginning to creep a little higher, getting closer to its target let's get more reaction to the fed decision from