reader in new york thank you very much for the analysis and have a good weekend and i want to some other business stories we're following for you have to sign or the new york federal reserve bank says it will inject 75000000000 dollars a day into the u.s. financial system for the next 3 weeks as a tries to prevent a spike in short term interest rates u.s. banks have struggled in recent days to find the cash needed to meet core capital reserve requirements that has pushed up short term borrowing rates sharply. india's government announced a major cuts to the corporate tax rate companies in the country will now pay tax at 25 percent instead of $35.00 a cut is aimed at boosting growth and encouraging investment in just the 2nd fastest growing major economy in the world after china but in recent months the pace of expansion has slowed. while climate activists around the world still have a hard time convincing climate change deniers the phenomenon is already very real in many parts of the world the region around morris yeah in the southeast of spain is considered europe's vegetable garden but a week ago a year's worth of rain fell in just 24 hours with disastrous consequences. it w

i read that too in new york thank you very much for the analysis and have a good weekend now on to other business stories that we're following for you the new york federal reserve bank says it will inject 75000000000 dollars a day into the u.s. financial system for the next 3 weeks as it tries to prevent a spike in short term interest rates u.s. banks have struggled to recent days to find the cash needed to meet core capital reserve requirements that has pushed up short term borrowing rates sharply. u.s. president donald trump has announced new sanctions on iran over its alleged involvement in attacks on saudi arabian oil production facilities the sanctions target iran central bank and sovereign wealth fund. japan and the u.k. have signed an agreement to ensure business continuity after brics it the british international trade secretary has been meeting with jennifer mees foreign minister in tokyo 2 countries say they're closing in on a deal for when the u.k. is outside the e.u. will. come out funk is planning to cut $4300.00 jobs and close around $200.00 of its branches germany's 2nd biggest lender said in a stock exchange statement the losses where quote unavoidab

very much i'm not in some of the other global business stories making headlines today the new york federal reserve bank says it will inject $75000000000.00 a day into the u.s. financial system for the next 3 weeks as it tries to prevent a spike in short term interest rates u.s. banks have struggled in recent days to find the cash needed to meet cool capital requirements that us pushed up short term borrowing rates sharply. japan and the u.k. have signed an agreement in show business continuity after break that the british international trade secretary has been meeting with the japanese foreign minister in tokyo the 2 countries closing closing in on a trade deal when the u.k. is outside of the e.u. . it's official cooperation as revealed at a trader and its singapore based unit lost $320000000.00 through unauthorized transactions japan's biggest trading house by revenue says the matter has been reported to the police the trade trader was dealing in crude all derivatives. now some of the world's biggest companies have announced they will also do their bit to help limit global warming amazon founder jeff

new york federal reserve bank president john williams says he's ready to act as appropriate to support the economy and a return to 2% inflation. he also says the u.s. economy is in a good place. he's focused on low inflation. no impact on the market when that statement came out literally a few seconds ago. we are still up over 200 points. >>> two items on google. it settled with the ftc for $170 million over violations of children's privacy laws. then separately, there's a new antitrust probe from state attorneys general, a couple dozen of them. let's start with that. susan: this is the largest amount the ftc has ever fined any company when it comes to violating the children's online privacy protection act, and this basically requires that if you are going to track data, extend data and get data from children under the age of 13 on the internet, you basically need parental approval. this complaint alleges that youtube uses cookies which track where you move and go on the internet, they track children on the internet and targeted ads towards them, making millions of dollars in the proce

meetings i attended which was not only a period when i was a governor, i was the chief of federal reserve bank of new york, i never once felt the federal reserve is doing things for political reasons and it's not doing it now. it can make that clearer >> what is your point on inflation, you're saying they should be emphasizing that and not be we have inflation numbers running at year end highs. what should they be communicating. >> there's a problem here, but i think on another issue i've done recent research on the u.s. monetary policy, it's still very much alive. you don't see it monetary controls in inflation you're not emphasizing that inflation is the main thing that you're supposed to do as a central bank, you can get in real trouble that's one of the reasons why the lower interest rates are negative these are just not helpful in terms of outcomes, and, of course, it can get a lot worse if we have a different chair that is appointed by donald trump. >> by the way, we're about 45 minutes away from the press conference that's going to be held by chairman jay -- 45 seconds, excuse me 2982 is our level

for the first time in decade, the federal reserve bank of new york is injecting $53.2 billion of fundso the banking system in an overnight repurchase agreement operation. joining us is alex harris. risk we had heard of the of this happening. the funding squeeze. this seems to be much more than analysts had expected. alex: that is corrected. -- that is correct. it was expected last week that people were anticipating indigestion issues. yesterday, we had a big corporate tax payment. that takes cash out of the market. we had more collateral coming in because the midmonth coupon options had settled. overnight8, 9% in the funding market at this point is concerning. it leads to people asking a lot of questions. one of which, has the federal reserve hit reserve scarcity? what they had been doing with the balance sheet, did we had the limit? that is one of the questions people are asking. amanda: what are the implications of that? if they lost control of the front end of the curve, what does that mean? books: -- alex: it is a credibility hit as well. somebody said to me, think about the fed an

the federal reserve bank of new york offering to add a 75 billion daily to the financial system throughctober 10, prolonging its effort to relieve funding pressures in money markets. america's great climate exodus is underway. where it is starting and which states are most vulnerable. checkt: let's get a quick on the major indexes in u.s. equities. losses across the board for the dow, s&p, and nasdaq, with the s&p now below 3000. it started the week above on tuesday but since then has moved back. if you look at the intraday u.s. indexesthe have performed over the last couple of minutes, it tells the story. this dive lower follows the montana farm bureau saying the china delegation has canceled its visit. that raises all kinds of concerns about how the u.s. china trade talks are going. certainly not a good sign for anyone hoping for a good, interim deal, which by the way, president trump has dismissed. if you look at the other asset classes, there are other treasuries. that is moving higher as equities move lower. how is also backing up a two-month high after ireland's foreign minister p

charles: new york federal reserve president defending that bank's move to pump cash daily into our markets is the fed just whistling past the grave ward? ♪ oh, wow. you two are going to have such a great trip. yeah, have fun! thanks to you, we will. aw, stop. this is why voya helps reach today's goals... ...all while helping you to and through retirement. um, you guys are just going for a week, right? yeah! that's right. can you help with these? oh... um, we're more of the plan, invest and protect kind of help... sorry, little paws, so. but have fun! send a postcard! voya. helping you to and through retirement. charles: the new york federal reserve president is defending the actions of injecting cash in the repo market. john williams calling the action successful easing the markets that the officials anticipated the liquidity crunch. last week as you remember the new york fed started to inject billions of dollars to address a shortage in cash to help banks finance short-term lending and funding. will the continued operations which by the way are scheduled through mid-october actually help?

bank of new york mellon. well had the third largest us bank starting october twenty first his top priority dealing with the fallout from several regulatory messes. namely persuading the federal reserve to lift the cap on the bank's balance sheet growth. and the french state rail operator sncf wants to create europe's leadining railway company. by merging eurostar which operates the london paris roots with dallas which travels from paris to brussels amsterdam. theo de on fifty said the merger project which is been dubbed green speed would respond to growing demand for rail travel is environmentally conscious passengers move away from airplanes. it still neeeeds the approval of otother shareholders before can move forwardd. saying in france ten billion euros woworth of tax cuts that't's an amambitiouss promise from the french governmenent in s twenty twtwenty bududget draft. unveild todayy thehe budget is seen as a response to some o of the demans from friends is yellow vest protesters but f financial watchdog says that whwhile that may be well and good. itt could be friends will breakak you guidelines to tackle its deficit surely said bonus plans. do you greatly influenced france's n

>> stay with us for more >>> the federal reserve will inject $75 billion into markets from the new york fed today. this will be the fourth day in a row the central bank will intervene in money markets they saw up to $84 billion this comes the same week the federal reserve cut the federal reserve by 25 basis points the fed has faced a barrage of criticism. at the alpha summit in new york, cnbc asked some of the biggest money managers their thoughts. >> the president is doing a lot of damage with all of the assault on the fed i wrote this down. consumer confidence is up, retail sales is strong, employment is strong, net worth is at record levels, we are growing at trend, corporate managements are not pessimistic. >> fed's decision yesterday, did they do the right thing? >> yeah, probably. >> would you cut again >> no. rates are so low if you look at what is going on in europe, you barely have any growth negative interest rates. i'm not a philosopher king but i wouldn't give someone my money and then pay them to keep it for them why would you do that? >> the president wants to see more bold action as you see the economy continuing to expand you see the

. >> the biggest banked tapped the new york federal reserve for $63 billion.ave allowed up to 10$100 $100 billion of those loans so it was securing overnight cash and underprescribed. one of the positive interpretations is that there isn't as much of a pressing need to access fed cash as there has been in recent weeks meaning ultra short term interest rates have now stabilized. it was a closely watched money market operation this morning given that surge as you can see there in overnight borrowing rates that occurred earlier in the month. some had said that the surge in rates could signal the early stages of a possible credit event that could lead to a broader market downturn. the federal reserve itself then stepped in to supply cash to the system through overnight and two week purchase agreements or repo agreements to make sure that the financial system was adequately supplied with cash the bottom line here, folks, is that it worked there is a consensus, though, building up that one of the reasons for the spike in those rates had to do with the unintended con

to you maria: gerri thank you so much on the floor of the new york stock exchange coming up president of the philadelphia federal reserve bankical the feud with fed chairman jay powell, what is at stake for a deal as protesters wrap up week two, back in a minute. ♪ ♪ is where people first gathered to form the stock exchangeee, which brought people together to invest in all the things that move us forward. every day, invesco combines ideas with technology, data with inspiration, investors with solutions. because the possibilities of life and investing are greater when we come together. ♪ imagine a world where nothing gets in the way of doing great work. where an american icon uses the latest hr tools to stay true to the family recipe. where a music studio spends less time on hr and payroll, and more time crafting that perfect sound. where the nation's biggest party store can staff up quickly as soon as it's time for fun. this is the world of adp. hr, talent, time, benefits and payroll. designed for people. [upbeat♪action music] (pilot) we're going to be on the tarmac for another 45 minutes or so. here, hello! starts with -hi!

new york federal reserve? this is separate? >> this is what i'm talking about, what's called the repo market. geek out one quick second to explain that. essentially what happened two days ago, banks decided they needed more money. because their capital is tied up with treasuries and korcorporat debt. they wanted to get more liquidity n liquidity. they tried to access the repo market, lending market, interest rates went berserk. this debt became expensive to access and the federal reserve had to step in and lower the interest rates in that market. >> right. >> now -- when this happened, during the great -- last time during the financial crisis. >> that's why everybody's freaked out. >> and sets off alarmbells based on history. >> bottom line, federal reserve lost control of this interest rate. people concerned understandably. to your point maybe a glitch. >> waiting for the final determination. could have been technical. back quickly, though, to what you brought up. that survey out of duke that 53% of cfos see a recession in the u.s. economy within a year. also talked about their number one concerns were about the economy itself. that message alone that this is what a majority of

federal reserve banks in august. there was a little bit of softening around the edges in a couple of districts. with the exception of four districts philly, chicago, new york, dallas we saw manufacturing decline across this country. manufacturers are grappling of course with trade uncertainty, tariffs and slowing global growth. some are choosing to cut cap-ex, some are not. it's a little bit of a mixed picture. in st. louis, production, new hires, new orders actually declined across the board for manufacturers. that is the first time they saw that since 2016 across all the three categories. despite tariffs and trade uncertainty business is still optimistic about the outlook. not a whole lot of evidence of inflation in this report, which is interesting in light what we see of fed's inflation page. in new york, manufacturers say input prices at a moderate pace. selling prices flattened out. reports of impact of pricing as it relates to tariffs were a bit mixed. respondents feel like it will take a couple month to shake out to see the evidence there. now i should note that this report does come before the president decided to enact a new tranche of tariffs on

federal reserve to cut interest rates to zero or less than zero. that means depositors would pay the bank to hold their money instead of receiving interest. "new yorknist wrote after he sent those tweets that they were revealing in two ways. quote, it is now clear that he is in full blown panic over his economic policies. second he's clueless about why his policies aren't working. joining me now to talk about this is linda yu. she is an economist and author of the book "what would the great economist do?" in response to your book title, the great economist wouldn't do what donald trump is doing. >> no, they wouldn't. there would be a lot more probably consideration of the false set of what the evidence shows. coming to these two things because obviously on the u.s./china trade war, it has caused quite a lot of economic damage to both countries. now one of the reasons why i think the chinese has paused exempting key things like soy beans and pork from their list of tariffs is because you essentially want -- they're almost doing a phased de-escalation. so they pause, they exempt, trump exempts, trump pauses. they are trying to get to a deal. but i th

new york. the bank of japan is expected to stand back on policy in a few hours after the expected cuts by the federal reserveis invesco asset management global market strategist tomo kinoshita. great to have you with us. the expectation right now is that the boj will stand pat. they will hold. what about their yield curve control policy? we continue to see this downside pressure on the 10 year yield. tomo: that's right. allowedon why the boj is that they want to mitigate the pressure on currency appreciation. the rateow, differential between the u.s. and japan is a critical factor for determining the japanese yen. we have seen appreciation. because they don't want to see a lot of appreciation which is bad for the economy. they are in a comfortable the yen -- with the expert company should feel pretty ok. i don't think the boj should do .nything at this time benefits of additional policy is outweighed by the side effects in terms of financial stability. shery: you mentioned the weaker japanese yen, but how long could that last given there are so many different uncertainties out there including the trade war?

banks for us, thank you very much. now let's get to the first word news in new york city would hurtado. viviana: for the fourth straight day, the federal reserve add liquidity to the funding markets. the new york fed says it will inject as much as $75 billion through an overnight repo operation. some investors are calling for a more permanent fix, such as aregular fix rp facility -- regular fix rp facility. the u.k. pound surged yesterday to a two-month high on positive signals from brussels. the brexit deal could be reached by the deadline. hearings wrapped off -- wrapped up on the prorogation of parliament permit next week, the u.k. supreme court is set to release a decision. and controversy over president trump's communications with a foreign leader, the washington post reporting and anonymous whistleblower raising concerns over the president's dealings ukraine. now, democratic lawmakers are accusing intelligence officials on stonewalling on the claims. president trump denies he did anything inappropriate. and in hong kong, controversy over conduct in recent the most rations, amnesty international alleging the police beat pro-democracy prot

new york fed president spoke to bloomberg earlier. shrunk its balance sheet over time. the currency is growing. as a consequence, the number of reserves in the banking system has been shrinking. this is tricky because the federal much bank reserves banks need to satisfy the new liquidity coverage ratio much demand and how is going to be generated by the fact that interest is now paid on reserve. for years, there were plenty of reserves in the state. now they are getting to the point where reserves demand is not indicating reserve supply. there is a shock to the system that competitor. >> you said this is a trust market and a short term paper. you have worked for years in the trenches of this. over to the new york fed with geithner. you just said the fed it not really know. if the fed is not really know, does that potentially affect trust? >> i don't think so. i think we always knew there was a desire for reserves, but we cannot observe how much those demands worse. -- were. we knew that there would be a point where it could put pressure on short-term rates. then the fed would know what they would need to do. they needed to add more reserves to the system. >> one complaint we have had is that they were late. th

federal reserve banks in august. there was a little bit of softening around the edges in a couple of districts. with the exception of four districts philly, chicago, new yorkllas we saw manufacturing decline across this country. manufacturers are grappling of course with trade uncertainty, tariffs and slowing global growth. some are choosing to cut cap-ex, some are not. it's a little bit of a mixed picture. in st. louis, production, new hires, new orders actually declined across the board for manufacturers. that is the first time they saw