mucarsel-powell: thank you. i think health care is a top issue in my community but i wanted to address something that was extremely troubling and disturbing. on wednesday, we wanted to talk about health care. we were at a political event where the chairman of the republican party, along with a former senior aide of congressman curbelo planned a hate rally -- >> i want to stop you. that happened. the topic here is health care. ms. mucarsel-powell: they were screaming hate slurs. we were threatened and i think this is an opportunity for congressman curbelo to apologize to the ladies that were there along myself. >> this might be an opportunity for you to tell viewers about your health care plan. ms. mucarsel-powell: i have and i will. i can tell you is the associate dean of the medical school, one of the things i did was create a program called the neighborhood health program that brings nursing students to some of the most vulnerable areas in miami-dade county. what we were able to show that for every dollar that

mucarsel-powell: thank you. i think health care is a top issue in my community but i wanted to address something that was extremely troubling and disturbing. on wednesday, we wanted to talk about health care. we were at a political event where the chairman of the republican party, along with a former senior aide of congressman curbelo plant a hate rally -- >> i want to stop you. that happened. the topic here is health care. ms. mucarsel-powell: they were screaming hate slurs. we were threatened and i think this is an opportunity for congressman crivello to apologize to the ladies that were there along myself. >> this might be an opportunity for you to tell viewers about your health care plan. ms. mucarsel-powell: i have and i will. i can tell you is the associate dean of the medical school, one of the things i did was create a program called the neighborhood health program that brings nursing students to some of the most vulnerable areas in miami-dade county. what we were able to show that for every dollar that

mucarsel-powell: absolutely not.t was reported in the miami herald -- my husband was an attorney at a u.s.-based company. we have nothing to do with this man. been, we have not subsidized by someone you are accusing me of. it is truly shameful and tone showfor your party to now a negative attack of a man with the gun pointing at the screen. a son was watching at baseball game the other night and he saw that ad. as someone who has lost my father to gun violence, to have , you aree that desperate. you have nothing to run on. saidcurbelo: she just something dishonest again. court documents show clearly that her husband has received hundreds of thousands of dollars. this is not just some shady character. this is someone who has been accused of murdering people. responsibleto be for who we decided to associate with, and your family has decided -- will yoursel-powell: take responsibility for being associated with a white hate group? rep. curbelo: i am not associated with any -- mrs. mucarsel-powell: you called for the miam

. >> when you look at powell powell said we analyzed the data points and haven't seen it take oh hold in the data points as of yet. he hastalked had himself. >> tell that to proctor and gamble and pepsi. >> there is a reason why it's in the certain aspects. and that could be transitory >> the question -- transitory is the right point opinion everybody in the market or at least the narrative of the market has been listen, the tariffs are going to be temporary. we are winning this trade war. it's better come out the other side yesterday, the imf says wait a second maybe not now we get earnings warnings companies saying things might be slowing down tp. the tariffs might be hurting if you think the tariffs go away soon call to it next quarter then yes this is a longer term buying opportunity but i'm not that career on that. it doesn't seem to me these goe away that quickly. you have to be a nimble trader. >> go ahead. >> when i trade on the floor today what i didn't like was that everyone said let's just get the selloff over with as if it's a reset where you have a selloff and everyone is

rates. >> happy powell.ell he raises rates he gets happier so he's happy powell. >> what's on "mad" tonight >> we have michael rubin who owns everything in philadelphia. he's really the only guy that owns anything and bill newlands and rob sands, we'll talk about constellation. maybe they're selling wine and they have the big cannabis situation. ask him to show his shirt because that's his best branding. >> see that, just like the leaning tower of pisa, right come on, this is fabulous here i've got the whole -- i've got jefferson in my hand, man, madison was pretty good, too happy madison, happy powell. >> it's pisa, not pizza. >> come on, i'm from philadelphia. >> see you tonight, "mad money" 6:00 p.m. eastern time. >>> when we come back, more reaction to this boeing bounce, although it's fade add bit boeing getting a lift on earnings and guidance. back in just a moment. thank you clients? well jd power did just rank them highest in investor satisfaction with full service brokerage firms...again. and online

let's start with chair powell's speech. he welcomed wage growth, but he wasn't concerned about inflation. >> know, but he wants to guard against it. he says these are extraordinary times. he said this economy is almost too good to be true. you've got very low unemployment. inflation has gradually risen, but it is not getting out of hand, if i may paraphrase what he said. he definitely things a muted inflation risk is consistent with a gradual rate hike. here's one of the things he said today. >> the rise in wages is broadly consistent with observed rates and therefore does not point to an overheating labor market. may notage growth alone be inflationary. >> let's jump into our bloomberg library chart and look at what jay powell is looking at. average hourly earnings, they have risen. they really haven't broken out of this broad range between 2.5% to 3%. pce core inflation up to 2%. i think the point of this chart is ok. you've got these higher wages, but you are not pushing inflation a lot. i think the takeaway for traders

that's what we learned about the president. >> but not powell. >> i don't know about powell >> i'll get my salt shaker let's get inside the numbers of the big selloff. dominic chu is at cnbc hg and has been poring through them >> the s&p 500 tech sector at the epicenter for much of the action down 5% making it the biggest decline since august of 201. all 65 members of that closed in negative territory looking at the communication services side of thing, more than 80% of that sector closed in correction levels look at some of these names, twitter, facebook, tripadvisor, netflix, all down by at least 20% from the recent highs. com services is a part of that f.a.n.g. complex we talk about the semiconductor stocks hit hard also. look at their falls from recent highs. all of these are in the 20% p l pullback zone. applied materials, 43% lam research, micron, amd, all 20% or more declines from recent highs. also on the consumer discretionary side of things, more than three quarters of that group closed in 10% pullbacks. wynn, ford, multi-year lows there, under armour, chipotle, amazon some no

put, if there is a certain level of decline in the markets that would cause the powell fed to become more dovish, it's a lot lower than it was. so here we are, the s&p is better than flat on the year and we're saying this is it. i don't think that's what he's really set up for and to steve's point about how stopping after december or pausing or waiting until after december is implicit in the forecast when next year you have eight meetings, press conferences, eight live meetings they're talking about two, three rate hikes that implies to me a little bit of a flexibility in terms of the pacing and whether you go. the final point is you must -- if you believe powell made a communications mistake on october 3rd, then you have to believe that he didn't -- that he wanted to coddle the market and he wanted the market to be confident in the outlook he didn't want to say, hey guys, be on the lookout this is where we're going. >> steve, maybe the market doesn't trust powell anymore maybe the market doesn't trust that they're going to get it right. >> reporter: you know, i think we're a long wa

nikki haley is very, very close personally to dina powell. jared and ivanka are very, very close personally to dina powell. somebody who would be working against her, you mark my words, they'll be working against her, is john kelly, the chief of staff, who was no fan of nikki haley, either. it's not like it will be some smooth red carpet, but if trump is behind her, i don't know what has been said, but if he's behind her, it really doesn't matter what john kelly thinks or says. >> just explain for our viewers sort of those -- that pressure between john kelly and some of the washington professionals and the family and those aligned with the family. because that is sort of the age--old power dynamic. >> right. >> sort of the root of so much dysfunction is those two sort of pressing factions. can you flesh that out for us a little bit? >> i don't think it's a state secret that john kelly does not have a wonderful relationship with jared and ivanka. the relationship has been worse at times than it is now. i think he's made at least peace with the

will jay powell serve a second term? i just want to get a feel. will jay powell get a second term?third. >> yes. >> yes. jonathan: there we go. moving on. would you buy the spread widening in u.s. high-yield, yes or no? >> yes, doing it. >> no. >> definitely. jonathan: governing to year end, flattening -- >> steepening. >> steepening. >> steepening. jonathan: interesting that's becoming the consensus. great to catch up with you. from new york city, that does it for us. what a weekend it has been. we will see you next friday. for our audience worldwide, this was bloomberg real yield. this is bloomberg tv. ♪ commodities caught in the global equity selloff. we look for the bottom and what to buy. the aftermath of hurricane michael. oil, natural gas, cotton. betting on peas and bugs. david mcglothlin outlines plans for the companies shipped and different types of protein. ♪ i'm alix steel, welcome to bloomberg commodities. 30 minutes focused on the company's and the trading behind the hottestm

nejra: jay powell, speaking in washington.s now is the head of european equity strategy at jpmorgan. the 10 year yield is having its highest since 2011. -- 30 yearrope's yields are also hitting a 40 year high. is this a game changer for equities? the fed is moving from outright extreme accommodation still accommodation. powell is implying they are not even neutral yet. rates are still stimulative. i think we need to get to positive territory for real rates. manus: we've put together the rerating by tehe market. it's beginning to price a slightly more aggressive path into next year. fed is being too u.s.-centric and not global enough. would you agree? .> it's interesting is a comedy easing gas is characterizing an extraordinary accommodative -- extraordinarily accommodative monetary policy. there are few signs of strain in the system. it's something we need to be aware of, given the dollar has strengthened so much this year. >> the two-year yield is also hitting its highest since the pre-crisis level. we have private payrolls -

a blunt message for jay powell.icy, -- many manus: president trump targets will races, -- oil prices, saying they are too high. u officials hold intense talks. can they strike a provisional deal on brexit? anna: good morning. 7:00 in london. let's look at what the futures are telling us about the trading day ahead. that lies ahead in europe. looks like a mixed picture. dax, a little touch lower. broadly positive that not a great pop. chinese stocks recovering a little bit. playing catch-up due to a previous holiday. a lot of markets to digest. .ngoing warnings about markets watching the debt auctions. the rise in treasury yields. in the oil market to take account of as well. the national hurricane center has recategorized hurricane category four, extremely dangerous. it has been having an impact on oil prices. those's check in on bond markets. u.s. bonds for you. bund, trying to make up their mind which direction to go. there seeing talk about unexpected bowl -- unacceptable level. havingdizzy highs, ramifications a

president trump pointing the finger at jerome powell and company for the market threat.t bloomberg exclusive, what is threatening the corporate bond market and the $1 trillion powder cake ready to explode. plus, pot companies continue to be the stock markets latest stars. why investors are so canada's crazy. >> we are seeing u.s. stocks still under pressure for a sixth day, the longest losing streak -- the net cash efforts with this is toy 16. still come utilities, energy stocks leading declines on the s&p 500, which is still slightly higher than the 200 day moving average. the dow is down 6/10 of 1%. 2000 popped into positive territory a couple of times but is now losing .2%. the 10 year yielding, one point moving through 2.3%. losing groundex for the third session dropping against most of the g10 peers. >> you mentioned the average. i want to take you closer to that. it is something market watchers are paying attention to, and the , 2766 or below, that is the moving average at the moment. previous declines has been a real line. wewill watch very closely if see a major

let's hear what she said about jay powell >> i wouldn't associate jay powell with craziness, no. no he comes across and members of his board as extremely serious, solid, and certainly keen to base decisions on actual information and decide to communicate that properly. that's what i have observed. >> the astonishing thing is if this was president erdogan in turkey, we would all be throwing our arms up and saying how can you interfere with central bank policymaking and intense apparently it's okay for a former casino operator to weigh in on the operations of the central bank now >> all over the world it's good principle to have independence of the central banks and of the central bank governor. certainly we have advocated that in countries the fed is no exception. >> christine lagarde speaking there. it's not the only topic that has been focused on here earlier in the week the imf talked about lower growth path for the global economy they downgraded their expectations, and they also talked about some of the rising risks around financial stability. i think one key point they're dis

i think jerome powell is going to walk back those statements. think everything is on the table kind of like what larry culp say in ge. if everything is on the table and he says look, i am paying pensions to all the data then we have a rally >> can we normalize interest rates already? can we get back to the world we oneself knew 20 years ago? >> guys, we are at the cusp of where we should be i am being bottom's up. it is a sudden change in china and higher rate. t it really shows the housing market happens over night. >> i saw this in a second. >> foreign search, this is one of the most powerful from atlanta. >> s&p is at the bottom. >> the big board is valley and chaparral. >> speaking of the nasdaq, the folks got a good -- when it is down 1% plus and starts on the sixth day. the rest of the month is positive putting out key bags today service growth stocks, the october pull back have been monstrous since this month began. these stocks are down double digit. i agree with the idea that there could be a balance i got to tell you that if you think

he may regret appointing powell.der what circumstances he would fire him as trumps -- trump told the journal. the first time turkey has accused the power of the saudi throne in the death of jamal khashoggi. sayskish president mohammad bin salman has but on his hand. president erdogan says those who ordered the killing should face justice. global news 24 hours a day, on-air at tictoc on twitter, powered by more than 2700 journalists and analysts, in over 120 countries. this is bloomberg. alix: thanks. u.s. equity futures are comparing droppings. market sentiment still fragile. see,kind of follow-ups we how do you play the last few days of the selloff? >> the dax up of the u.s. economy is strong. recessions always happen. >> the important thing is let's -- what of the returns over the next three years? >> it looks like the market is having a fear trade where we will worry about earnings, growth and i think from that thatective, the technology is going to put up the numbers is sad. can save us for the minute. >> it is a

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they are worried about powell sabotaging trump and the republicans.hat is a narrative that i got yesterday. >> like vocal carter or green span. >> we are nowhere near those levels. >> and sabotaging implies something malicious. >> i don't believe it. i'm saying that it could be like the memo. this is what people are worried about. i don't think they should worry about that. i think powell is in a box. >> everyone is going to point t ta -- to. >> the fed is no longer viewed as independent. you can barely figure out how to use the coffee maker. >> are you talking to me >> v.i.x. is lower but gold is up almost 20 bucks. where are we on panic signs? >> i went to my v.i.x. specialist who is saying we will give up the 3% s&p 500 and then bounce. we are not done with the v.i.x. going higher. i think that there are still people who want so badly to get out. you are giving them a chance to get out. you should not give them a chance to get out. let them -- let them sell and then you can buy. why are you helping people who are helpless and fearful and panicked >

so what's interesting now -- >> not fed day powell. post-fed day powell. going past neutral powell that really upset the market. now whether powell was wrong to do that or if the market got it wrong, this is what you're left with ppg did not help >> i just want to point out he said something he probably wants to take back he won't say it again. that we're far from normal he don't know where normal is yet. no one does. but if you think of that as the proximate cause of the selloff, take a look at what yields have been doing over the last couple of days. so sometimes the best cure for rates that move too soon is rates that had moved too soon. and because now you're going to see some of those bond-like equities, i think, stand up better than the growth stocks. and you'll see bond yields ease off. >> i agree with josh i think we've seen bond yields go from abnormally and probably inappropriately low earlier this year to inappropriately high most recently. i think if you look at energy, you talked about some of the names that are off energy is attractive here.

former chief of staff to secretary of state colin powell discussing the u.s.middle east policy that is it for this edition of supreme call i will see you next . pranking gave americans a lot of job opportunities i needed to come up here to make some money i could make twenty five thousand dollars as a teacher or i could make fifty thousand dollars a year girl with trucks so i chose to drive trucks people rush to a small town in north dakota was an unemployment rate of zero percent like gold rush is very very similar to gold but this beautiful story ended with pollution and devastation a lot of people have left here i don't know too many people here in the slowdown so much they lost their jobs that laid off the american dream is changing that's not what it used to be. it's a tough reality to deal with. in a world a big part of the movie lot and conspiracy it's time to wake up to dig deeper to hit the stories that made stream media refuses to tell more than ever we need to be smarter we need to stop slamming the door on the past and shouting past each other it's

. >> whether the market misread powell or if powell is going to make a mistake in thinking everything is so great that you can go past neutral, raise rates and no one will care and investors will continue to watch the stock market go up. >> i think he's raising rates because he can, and i think he can. the economy is strong enough there are pockets that are not terrific as i mentioned housing is slowing. you don't want to be anywhere near auto, china or europe in auto the u.s. saw a 17.4. that's pretty good it's pockets of places ppg had the worst exposure imaginable and they weren't able to raise prices you want to find companies that have pricing power and a lot of the industrial companies back in the first quarter already raised prices find those companies that will be able to handle some of this tariff headwind. >> judge, yesterday i talked to you about reits and the utilities and how much they have rallied in the past basically five or six days you've had a 10% rally out of utilities. kind of crazy. it's out there happening there's a lot of folks that are saying, at least saying

former chief of staff to secretary of state colin powell discussing the u.s. medal. for this edition of surfing call i will see you next. what politicians to do something to. put themselves on the line they did accept or reject. so when you want to be president. wanted. to go on to be that's what the three of them would be good. interested in the long. chose seemed wrong. just don't call. me to get to shape out these days to come to agitate and engagement because of the trail . when so many find themselves worlds apart when you choose to look for common ground. well. this is the pad on the land. five years ago it was all grass. like that over there now and this is comfort zone day in day out we didn't have any choice really we could have put it over that way or ways i mean we could have moved it a little bit. but we have to let the people who own the mineral rights.

will jay powell serve a second term? matt: and a third. priya: yes. iain: yes.here we go. would you buy the spread widening in u.s. high-yield, yes or no? matt: yes. priya: no. iain: definitely. jonathan: treasury flattener or steepener going into year-end? matt: steepener. priya: steepener. iain: steepener. jonathan: really interesting that is becoming the consensus view. great to catch up with you, matt toms, priya misra, and iain stealey. from new york city, that does it for us. what a weekend it has been. we will see you next friday at 1:00 p.m. in new york time. for our audience worldwide, this was bloomberg "real yield." this is bloomberg tv. ♪ manus: you watching the best of "bloomberg daybreak: middle east ." the major headlines from the region this week. mohammed bin salman tells bloomberg the aramco ipo is still on and will happen by 2021. he is sticking to his belief it is worth $2 trillion. gulf arab allies pledged $10 million in aid to bahrain. is it enough to avert a currency devaluation? and trade tensions may be on the rise, but ceo of one of the

you see things that should not be happening. >> powell spoke out next on madeleine albright. powell added the world is watching. >>> and days surrounding the disappearance of the head of interpol, the chinese government admits meng hongwei is under investigation. he insisted on taking a wrong path and has himself to blame. chinese authorities have been tight-lipped about disappearance last month. now his wife's text message is under the microscope. now we have cnn's sam kiley monitoring the situation from hong kong. sam, you have the whatsapp message with a knife. >> reporter: that knife emoji indicating he felt some kind of danger was imminent. he has now been confirmed as being in detention by none other than the ministry for public security which is the ministry that he was the vice minister of while he was simultaneously the president of interpol. international policing organization which links 190 countries police forces. his wife, grace, is being given protection by police in france because she has had threats that they consider sufficiently credible. both on social med

does that stop the economy how about jay powell he should watch the show tonight.et yellen used tod get every input. you know, you got to listen to barry stern. he's saying the steel is slowing, it's not worth building that's a manmade problem we're trying to take on the chinese. when you take on the chinese, there's casualties, collateral damage i hear many people say peter navarro is not in charge they're fools. those who say he's not in charge do not do enough homework to be in the room. >> he's driving it >> very much in charge because the president has had it with china. he's told me so many times had it with china. now it's only accentuated. some of it is manmade. if we had more oil -- we did the iranian sanctions. that caused oil to spike now we don't have enough truckers because we changed the rules. you can only drive 50 hours a week if you speak to people, a lot of what's happening in inflation is manmade. so it's not going to stop if jay powell -- he's using a sledgehammer, i think he'd step back and say let's see how we're doing. >> how many interest ra

powell saying the economy is fantastic.ou could argue that what we have seen is a rational response to the incoming data flow. >> his comments yesterday were validating what is happening this week. >> with the proviso that other asset classes behave in certain ways, that could reverse the flow. the stock market is not having a nice day. in february, you recall we had a sharp rise in yields in january which continued into the end of february. -- it rebounded they continued lower. temporarily a halt to the rise in yield. if the s&p 500 were to go down sharply and stay there, that would change the equation a little bit. >> there have been those calling for the bear market in fixed income prematurely but at some point, we expect to see a rotation out of the equities markets into an eternal -- alternative. what level would you pinpoint that at? >> it depends on who we are talking about. if you a pension fund, you have to think that if you can lock in 30 year yield at three and a half percent, that becomes more attractive. for ta

how much do you think this is late there by what jay powell is adding to?sterday there was deftly a followthrough after his comments. saw a lot of movement yesterday. the 10 basis point move because andhe strong economic data we breached key technical levels that forced future -- futures and things compounded. jay powell's comments solidified that this range is where we should be now. think about the timing? we are at the start of the fourth quarter and a lot of fund managers are looking for a trend they could hop onto. this is something cameron crise has written -- has been writing about. >> there is momentum chasing here and the position has been so bearish for so long, there were a lot of new shorts established as well as the futures data sort of indicated today. not have the pension funds coming in and back in the market any time there was a big market in the yield. we are finally starting to see may a little bit of the effects of that. jayow do you square powell's comments, the rate selloff, and the fact that we're seeing steepening? market isot that t

is powell not communicating the right way to the market? we seem to think he's ready to go past neutral? there's no indication whatsoever that powell has any intent on stopping anytime soon. >> i don't -- here's what i think. i think if you have a 3.7% unemployment rate, you had a trillion and a half tax cut in december pumping all kinds of money into the economy, you're doing 3% growth on an economy that your economists estimate has a potential of 1.8%, i think not raising rates right now is monetary policy malpractice. no, i don't think the president is right about that. >> what if the economy has peaked what if you're going to start to get this slowdown? >> the president can't talk out of both sides of his mouth, we're going to do the gdp growth, that we have this unemployment rate, and the fed shouldn't be raising rates you have to pick one and go with it, i think. in the context of what's happening, i think the fed moving prudently to raise rates and, by the way, he's not guaranteeing or promising or really saying how much above neutra

former chief of staff to secretary of state colin powell discussing the u.s. middle east policy that is it for this edition of surfing call i will see you next . so what we've got to do is i. and to five the threats that we have it's crazy on sunday she let it be an arms race off and spearing dramatic development only personally i'm going to resist i don't see how that strategy will be successful very critical thawing time to sit down and talk. cranking gave americans a lot of new job opportunities i needed to come up here to make some money i could make twenty five thousand dollars as a teacher or i could make fifty thousand dollars a year girl truck so i chose to drive truck people rush to a small town in north dakota was an unemployment rate of zero percent just like the gold rush is very very similar to a gold rush but this beautiful story ended with pollution and devastation a lot of people have left here i don't know too many people here anymore just slow down so much they lost their jobs got laid off and the american dream is changing that's not what it

i don't know, dina powell has a great reputation. at that would certainly be a strong candidate from everything i know. so i would watch that, i would watch dina powell closely as well. susan: we'll find out in two to three weeks. thank you, mr. ambassador bloomfield. david: a lot of money on dina powell. susan: ric grenell. david: he has done so much as ambassador to germany. a lot of people think we need him there. susan: interests from john bolton and mike pompeo, secretary of state. david: day one on the job for supreme court justice brett kavanaugh as he took his seat on the high court for the very first time. a working day for the justice. judge andrew napolitano, fox news senior judicial analyst on new plans by democrats to try to diminish kavanaugh's role on the court. that is coming next. introducing add on advantage, a new way to save on travel. now when you book a flight you unlock discounts on select hotels that you can add on to your trip up until the day you leave. add on advantage. only when you book with expedia. but

former chief of staff to secretary of state colin powell discussing the u.s. middle east policy that is it for this edition of surfing call i will see you next . gave americans now. a lot of job opportunities i needed to come up here to make some money i could make twenty five thousand dollars as a teacher or i could make fifty thousand dollars a year truck so i chose to drive trucks people rush to a small town in north dakota was an unemployment rate of zero percent like gold rush is very very similar to a gold rush but this beautiful story ended with pollution and devastation a lot of people have left here i don't know too many people here and just slow down too much they lost their jobs got laid off the american dream is changing that's not what it used to be. and that's a tough reality to deal. with lawmakers manufacture consent to instant of public wealth. when the ruling classes protect themselves. when the financial merry go round lifts only the one percent. it's time to ignore middle of the room signals. i mean real news for. prosecution will need to b

that is a huge number and jay powell is paying attention to these figures. melissa: i mean, deirdre, that would be a, wouldn't it, if we saw wage inflation jump by that big of a number? >> that would be a big worry, yes and i think this kind of, i can't really call it a taper tantrum, but what we're seeing extreme reaction in the marketplace would be justified. the last set of data we held steady, 2.8%. 2.9, we're all okay in that range. that said, investors are clearly spooked a little bit, right? we had the 40 basis point jump in yields for the 10-year. for the first time in something like 10 years today we're seeing the yield on the two year at a level, last time i looked something like 2008, melissa. melissa: yeah, james, bottom line is janet yellen to blame for all of this? that would be pretty convenient? >> i would say among others but what is all this? i think things are working out. this is a bump on the road back toward a real economy that is thriving right now. melissa: true. >> i think the transition from a fed-driven economy with a big anchor fr

jerome powell, i don't think he is going to get shaken up by what the president tweets overnight. is very apolitical. i think he's the right guy for this job at the time. it's not going to shake him off his game right now. in the past, of course, a lot of people were critical of janet yellen because they believed she was politically influenced by president obama and that was the reason for the low rate policy. i don't even think that's true. i think janet yellen was a dove the whole time. neil: we'll see. i should let you know here is what donald trump said about that whole situation back on november 15th, referring to janet yellen. she's very political and is not supposed to be political. that's not the way it's supposed to work. what he's saying right now is except now that i'm president of the united states. more after this. . . neil: keep an eye on 10-year note. yield is falling. ashley webster ashley: president trump's economic advisor, larry kudlow says a possible meeting between president trump and president xi of china is under discussion. hello, everybody, i'm ashley webs

economy, jerome powell says these are extraordinary times. >> the u.s. economy is doing extremely well inflation is up to 2%. i spent a long time indicating that i think inflation needs to get up to 2%, and here we are. i think things are going well this is something that can be continued for a number of years. >>> tesco shares sink after the grocer misses half year profit expectations thanks to weaker sales in asia and mainland europe. >>> and stock in reverse aston martin slips in its long-awaited debut a share price of 19 pounds values the british carmaker at more than 4 billion pounds >>> welcome to the show. to bring you some eurozone pmi numbers, the final numbers for composite future output, 62.1 against the flash of 61.9. services pmi 54.7. that's against the flash of 54.7 the final composite pmi, the one we should be watching, 54.1, slightly lower than the flash 54.2 that's against the august number of 54.5. you can see the euro trading strongly against the dollar. that looks to be much more to do with the italian news. so let's take a quick che

. >>> and dena powell says no thanks.he trump official has removed her name from consideration to be the next u.n. ambassador following nikki haley's resignation. ♪ >>> good morning, everyone. i'm ayman mohyeldin. we begin with the death toll from hurricane michael, which continues to rise as search and rescue teams comb through debris looking for survivors. six deaths are being blamed on the storm and officials are warning that number could rise. mexico city beach where the storm made landfall on wednesday has been left totally devastated. look at those images on your screen shot with a drone. wau once a tourist destination, that small beach front town is now littered with debris after 155 miles an hour wind gusts tore up homes and businesses there. >> i have nothing left except the clothes i'm in and my two dogs and that's it. my house right over here is gone. i don't know what to do. >> everything is just so devastated. i've lived here a long time and i've never seen it quite this bad. >> electrical crews are coming in

but in that case, he is still relying on cheney and powell. all the way through that first term, he tends to support cheney, what cheney wants. you get to the end of the first term, the war is not going well. the war turns out to be a bigger and bigger problem. and his advisers are bickering with each other. and he decides at the beginning of his second term that he is going to change the foreign-policy team, and the first thing he is going to do is replace powell. to powell's surprise, he thought rumsfeld would also be replaced but bush doesn't replace rumsfeld. you are left with cheney and rumsfeld and rice becomes secretary of state. that begins to change the dynamic. the personnel are starting to change. rice becomes, is closer to bush than anyone else in the administration, including cheney, i think. and that changes the dynamic, and then this is followed a couple years later by replacing rumsfeld. meanwhile, bush is developing more confidence in his own judgment. it takes a good four years but he sees how this works and how things can go

got prettye, we clear messaging from jay powell today.here does that leave your thinking about the path to rates?zed as it was before? mike: as it was before. coming out of the meeting where we had 12 of the 16 member saying we should raise rates a fourth time in december, you had to say that is pretty much locked in. their forecast is three moves next year. that may be more dependent on data and will see how things go as we move into 2019. right now there has not been anybody who has spoken over the last few days, including chairman powell, who has given any reason to think there would be deviation from that. as for oil prices may slow consumer spending, powell made the point that they prefer the core rate because they are focusing on underlying inflation. they know oil price inflation may go a little higher in the headline but they are not too worried. they don't see any reason to move any faster at this point. to leave itave there, thank you both to frances donald and mike mckee. turning to quebec, at a center-right parties founded sev

anna: that was jerome powell at the nab annual meeting in boston.as it will stick to its rate path, but what about other central banks? joining us, simon kennedy. nandini ramakrishnan is still with us. would talk her we central banks next, she gave me a thumbs up. simon, good morning to you. you have done this great piece. you and the team, i should say. the bloomberg guide to what the world central banks have done and what they will do next. any big picture messages coming from this? clearly, the fed is setting the pace. terminalis is on the on the web. it is a quarterly guide to what central banks are doing by the reporters who cover them and economists to analyze them. two things. the monetary policy is haulaning and as jerome would say, it is being led by the fed, but we have seen 10 of the 22 central banks we monitor have tightened monetary policy since july and that has been led by the fed. at the same time, global policy remains historically loose and the reason is even with fed tightening, rates still aren't that height. the are still groupi

ism number.ine is the blue line is jay powell. to a place neutral, not restraining the economy. we may go past neutral. we are a long way from neutral. alix: above neutral. the dreaded word. what do you do with a bond selloff that is tempering in the u.s.? neil: the issue is a problem for the world. interest rates are not that high yet. he knows financial conditions on wall street are lose. -- loose. the ecb will not raise rates, nor the bank of japan for the next all months. these levels look attractive. you have to worry about the cost of hedging, with the volatility of the dollar, rising. alix: investment grade and high-yield spreads are tight. we were joking earlier about $1.6 billion from jersey. why are we not seeing the knock on effect? neil: the u.s. recession is fine. high-yield experts tell me corporate profitability is fine, they turned out the debt, to the point where no one feels the default rate, which is the killer for high-yield, looks like it will arrive anytime. people are relaxed in buying and holding. the pain

we had aims, bradleys. >> that's capitalism any words of wisdom who fed chairman powell? about the tariffs is that you are going to see their impact in the first quarter of next year inventory is here. it was bought without the tariff so you are going to have a latent pressure in the market. knocking the currency down it is a flat to the consumer here but i think the fed is going to have to be careful the economy is not as strong as the number indicates. >> can i just say, i feel it is only you and me. >> probably right. >> but we are right. >> that was soybeans and commodities restocking. >> you and i are right that this economy is red shhot. >> the year curve bothers me usually it is a signal of a downturn people think your rates go up too high and the short end, a competition for capital and the economy will roll over the $300 billion stimulus problem they have, they are not going to do that next year >> year every year. >> it is going to be tough. >> thank you i needed to hear that. i hear people say, listen, they need to put their foot on the brake. maybe we are gett

powell when we say it we mean it. i actually had applied a long time ago to be on the commission and was rejected the first time. even though i probably had more experience than anybody else in early education. it was political for some people. i was encouraged and i went back and applied again and appointed. it does help to stay engaged. >> thank you. ok. can we entertain a motion >> my motion is to apoint ms. powell to seat number 1. seat number 11. >> seat number 11. send it out with positive recommendation to the full board. >> ok. we can do that without object sex. object objection. >> any other items. >> no further items. >> motion to adjourn. >> >> usf donates 100-120 pounds of food a night. for the four semesters we have been running here, usf has donated about 18,000 pounds of food to the food recovery network. ♪ ♪ >> i'm maggie. >> i'm nick. >> we're coe-chairs of the national led organization. what food recovery does is recover and redistribute food that would go wasted and redistributing to people in the c

i have strong opinions on continua powell. i think that would be one of the worst choices donald trump could make. we don't need a globalist representing us in the united nations. i like ric grinnell, he has the same attitude of america first that nikki had. charles: kelly jane, do you have anyone in mind or is there any kind of special credential that would you like to see the replacement have? >> i think this position is going to be less important now that you have a stronger secretary of state in mike pompeo. and national security advisor john bolton who was in that position. so it is important who is going to be in this position. but i'm more curious as to what nikki haley is going to do next. we'll be seeing more of her and perhaps even at the highest level. charles: maybe we'll see her there in 2024. and he'll be an asset to the republican party even in the mid-terms. hurricane michael has been upgrade. it's a category 3 storm likely to hit the mainland tomorrow. i want to bring in our meteorologist joe balances tardy. >

you heard jerome powell talk about it i don't think that's going away anytime soon i think that you want to be long the more cyclical, secular stories in the economy in the u.s. i think that's the place to be >> pete, new highs today merck, disney, microsoft, boeing, apple. >> sounds pretty broad i like it. i like the sound of it >> blue chips. >> let's go back to last thursday, one example in boeing. boeing's move has actually impacted the dow from last thursday to today 37% of that move is responsible just for one stock in boeing. that being said when you look across, scott, at may and when did this rally -- the industrials kicked off basically may 1st. we've been running ever since then even with all this trade talk, everything else, and now we're going to be able to get back to what really matters and ken talked about this just last week look, this is the best economy you could have ever imagined, right? he talked about earnings he talked about growth he talked about the balance sheets, all the things we want to talk about when we talk about the fundamental story of fundamenta fundam

president trump throwing fed chief jay powell under the bus bond king jeffrey gundlock weighs in for time since the drop he's with us live and exclusively and morgan stanley's chief equity strategist got it right before the fall. in his note, the tippi

president trump may be doubling down on he got rhetoric aimed at chairman powell.e has a formidable ally of his own. did miss my like. explained the thinking behind this. base -- what it is based down to is one does not like it's uncertainty. if you removed said chair during your powell, it would be a massive source of uncertainty. it is not clear who the receptor would be. it is not obvious they would have their -- the committee -- committee. vonnie: didn't hurt the fair -- fed chair is -- himself. tracie: i think he is a known quantity. we had jay powell as governor, becoming chair. they understand his reaction function. i think wall street basically knows that they cannot expect of him. they might accelerate the past for words. they might. are you going to news conference of every morning -- meeting as opposed to any other meeting. you have to like jay powell. he is more transparent than in the other presidents. into ben bernanke and janet yellen, slowly handholding markets and said watches a bit is the latest step in that. david: what have you -- vonnie: what h

president trump he will not fire jay powell. the president also says he knows monetary policy better than powell and thinks what they are doing is wrong. larry cover those said the president is just having fun. attacked the fed plan or strategy. he has never interfered with that. he is giving his opinion. it is an and warmed opinion. people should listen to what the president is saying. the said is independent. we have always said that. jenna: the central bank is the way doing its job. the adjustments are perfectly reasonable. instead of changing policy, most important thing is that ensure an open trade agreement. >> the growth rate is pretty good. the first thing is to avoid damaging the growth rate. a tariffnada imposing on steel imports. continued tensions -- it does not include metal duty. prosecutors in new york city abandoned their sexual assault case against harvey weinstein. weinstein is still accused of raping an unidentified woman in a hotel room in 2013 and performing a forcible sex act on a different woman in 2006. g

powell's speech. what was his key takeaway?en: his reference to extraordinary economy is interesting. lookan see why things extraordinary. in the past, one or the other was always in place. what's interesting and important is he made it clear that he does stepven muted inflation in with continued, gradual rate hikes. let's listen to what he said earlier today. jay: the rising wages are broadly consistent with and served -- observed rates of productivity, and therefore does not point to an overheating labor market. further, higher wage growth alone need not be inflationary. shery: i want to show you this chart. he said in other remarks that the ground -- moving toward normalization -- what we have here is average hourly earnings, up to almost 3%. that goes back to the highest, really, since the crisis. they have been higher, still, though, in previous decades. core inflation, just under 2%. wages have risen, but where is inflation going, right? basically said we need to have these gradual rate hikes because we have to balance th

last night trump openly provoked powell by saying raising rates makes him happy. it is almost surreal and the president appointed powell you never want to see the head of state go to war with your central bank every time the president bashes him, it makes it harder for him to back down on the other hand if powell don't blink, powell could crush the economy. [ the house of pain especially when you hear new home sales announced this morning were horrendous. the worst in a couple of years higher rates have made many homes unaffordable things can work out for the better it is possible almost a bull market somewhere the consumer packaged goods names are in bull market mode. they are flying. they are flying because they offer good dividends and then again bond yield is declining because business is not so good. the bottom line, even after today's pacing, i don't think we are out of the woods prices are just adjusting. i don't want you to be a hero, the worst may not be over. they need to stop fighting over what is a hot economy. until that happens, you need to stay caut

is sydney powell and chris is sydney powell and chris ferrel join me, as we take upsut won't replaceof your new car? you'd be better off throwing your money right into the harbor. i'm gonna regret that. with liberty mutual new car replacement we'll replace the full value of your car. ♪ liberty. liberty. liberty. liberty ♪ i thought he was with you? no jack! (sfx: piano plays "twinkle twinkle little star" tommy? (sfx: audience laughing) don't stop. keep playing. (sfx: pianist playing masterful duet) here we go here's the fun part lou: breaking news, deputy earn general rod rosenstein failing to appear before house lawmaker, today he agreed to sit down for a interview with "wall street journal," using opportunity to defend special counsel mueller's investigation, calling "it," appropriate and independent. as reports that mueller to issue key findings on core aspects of his so-called investigation of russia collusion. that is going to happen, we're told after midterms. if you are not sick of this witch-hunt now, i don't know what we'll feel like after the elections, it is getting worse