jay powell or chairman xi?ket doesn't seem fazed by -- and he misspelled powell left off on "l." the market doesn't seem fazed by the aggressive tweets. calling jay powell an enemy, wondering if he is a bigger enemy than chairman xi, who he is fighting a trade war and has other sort of national security issues with, is that destabilize sng is that dangerous? is it harmless what do you think? >> well, i mean, like the markets, this is just par for the course you know, it's just one more tweet in a series of tweets. here is the point. the bottom line is the reason why the economy is struggling is this trade war, and the trade war is not working it's doing significant damage to our economy. it risks running the economy into a ditch at the end of the day i don't see this getting where we want to go. i mean, clearly we have a problem with china and working with china and having appropriate trade with china this tariff war is not working it's not the approach to take to solve that particular problem. hopefully, the p

chair powell: you are right. there are a range of views on the committee, but the community is completely unified on our dedication to making the best policy decisions that we make. that means people have a responsibility to do their best thinking and present that thinking. and i would not have any other way. in terms of a way forward, we will be monitoring the factors i mentioned. that is the roadmap we will follow going forward. we are going to be data dependent. we are going to be, as we always are, doing what we need to do what we believe we need to do to , support economic expansion. >> john hellman, american banker. it has been about 18 months since the fed issued its enforcement action against wells fargo. i was wondering if you could characterize the progress of the bank has made towards the shortcomings it had towards its risk management processes, and i am also curious whether their lack of a permanent ceo has progress in your eyes. , chair powell: the problems as wells fargo, that arose at wells fargo

he looks like a genius because jerjerome powell made him look , powell made mistake after mistake, todaydid the right thing and still screws it up, that is a man with a problem. what -- what is the fed going to do? you can't -- the president talks about firing the man. it looks like the graceful thing for him to do would be to resign? >> right thing might be for fed to listen to the market. not only did stocks sell-off but we had a drop 10-year treasury yield, even short-term treasury yeleyield moved lower. >> you know this -- there is by the way, some in the aghast business press think that president should not be -- they don't understand the basic principles of free enterprise market. >> you have to pay attention too as many variables as possible. you have to look -- listen to prices, look at the labor market and business sales, which by the way that slowed significantly over past year. a year ago they were growing 6%, now growth 2%. that by itself, is strong reason for several low rate cuts. >> as you say, looking at treasuries alone that is a good guide. you know, and by the way, if

a powell doctrine well enough. to be able to build consensus. i was going through last night, i didn't finish it, i got tired. i was looking at all dissents historically. stuart: you read that in bed before you go to sleep? >> it makes me sleepy. i'm trying to get a handle on the last time the members, fomc members were this defiant against the chairman. i don't have a grip on it, but it is interesting, that you had two people who want a 50 basis point cut. two who didn't want any cuts at all. that's a wide range. i don't think people understand the gulf there. there is usually not that big of a range of thinking. almost like when the olympics skater and russian judge is off, everyone else that is 10. u.s. skater? that is a six. last time you see something like that. stuart: very good analogy. i use that. top of the show, 9:00 eastern time this morning we promised clarity. i do believe that is our job. we don't like dealing with fed speak because it's not clean cut and it is hard to know precisely what is going on.

powell: so much. we've got wonderful democratic system that is noisy, looks like conflict.ed with it has always been that way. it was designed that way. harderow it is getting to resolve conflicts. our democratic system has to the test of time. slavery, we faced civil war is, we faced all kinds of challenges and we ultimately come out the other end in pretty good shape. if the other guys who fell apart. the soviet union said they would beat us to death and they collapsed. china said, this is working, we have to be friends with america and not their enemies. we will be trading partners. we have this resiliency in our makeup as a nation and people that takes us through difficult times. the foundingome of fathers and what they went through, these guys really argued. , they would shoot each other. hmm, never mind. [laughter] documentsl: the two that i like to read our jeffersons first and second inaugural addresses. in his first, it is a beautiful address talking about america and what it means, and what

jay powell's speech.ne prime minister, boris johnson, is telling everybody there will not be a quick brexit deal. the other leader, donald trump, is saying this afternoon we will escalate the fight with china. it is a strange world we are living in. how should markets be reacting to this? should markets be taking a long-term view and saying monetary policy or fiscal policy, all will be well? stephen: markets look at the confluence between fundamentals and the uncertainty you can trace to policy or idiosyncratic events. certainly the markets are now latter more weight to the than the former. markets in this environment of uncertainty are committing to longer-term positions and risky assets being viewed with understandable trepidation. until the policy framework stabilizes or until these idiosyncratic events start to subside, it will be a volatile and potentially treacherous marketplace. we can draw comfort from the fundamentals of low inflation and low interest rates, but that comfort starts to ring hollow

powell does not stand up to mr. trump, we are headed in a very bad direction.st act and act firmly if mr. trump wants to take control of monetary policy, let me suggested a way to d a way t. he should introduce legislation that requires the white house provide its advice to the fed ahead of every fomc meeting in writi writing, with an argument, rational and explanation mr. trump must be willing to take responsibility foreraspon e increases when necessary >> steve, i know you're there. and i loved your question yesterday during the press conference your point was is this the end of sort of being data -- we always hear we're data dependent. is this the end of data dependency and -- >> an insurance cut or one where we follow the headlines. i made a joke later in the day that now kayla tausche who covers trade for us is the most important federal reserve reporter out there, which is fine by me the headlines she reads from what happens in the trade war are more important and decisive for federal reserve policy bill, i have two questions for you, if you don't mind fi

wall street treading water as it awaits the comments from powell. the yield curve between positive and negative as markets fear the fed may not have enough ammunition to stave off a global economic slow down. >> the hawks are out to play also taking comments from top fed president. trade turmoil, white house economic adviser larry kudlow signaling new in person trade talks with china and e-commerce on alert a new porch pirate threat that could have online shoppers running to protect their picnic baskets. it's friday, august 23rd and worldwide exchange begins right now. >> he faces one of the most divided central banks we have seen in ten years. those comments are due out at 10:00 a.m. and we'll take you there live on cnbc those comments will be the ones traders pay the most attention to today now the stock futures indicating a higher open. the bond market always a focus right now and the ten year note yield below 1.65% and the two year note yield 1.64%. checking that spread, as you can see here we're moving and we're pretty much flat at this stage w

connell: powell said that, powell said that in his speech. that was very interesting part of the speech, he said that trade policy uncertainty, how that fits into the framework. part of the speech he was going back in time. here is the eras we had in the federal reserve back in the '40s. there was another era after that. there wasn't really an era that included this. you have to go back to smoot-hawley stuff. that was before we had to deal with central banking as it is right now, right? >> indeed. even smoot-hawley wasn't as interconnected as it is now. connell: true. >> 1025 -- tentacles of trade are between china and u.s., between europe and the u.s. that will be very hard to dismantle. impact that could have on consumption, business investment is very hard to predict, all, could be, should be, we don't know. i guess is a larger point right now. so, what kind of mind-set do you think investors should have at this stage? seems like today's trade, i'm not sure what to expect. i will sell off on risk assets now, figure it out over the weekend

president trump has set up chairman powell to be his fall man. any time dog market goes down or anytime we have some weak economic data, boy, is it fed chair powell's fault. fed chair powell has tried to say out of this. he does not punch back very hard. his point has been america, mr. president, we are working for the same goal and that is to keep this expansion going. down with the fall back into a recession that will mean people out of jobs and people losing money. he has said we are doing everything we can to keep the economy on track and this should help the president and the country. host: the president is also tweeting about the fed. he continued by saying, "things are going very well with china. they are paying us tens of billions of dollars made possible by the many devaluations and pumping in massive amounts of cash to keep their systems going. so far our consumer is paying nothing and no inflation. no help from fed." guest: that's right. he's obsessed. he tweets about it almost everyday. most people are not thinking about the federal r

-- jackson powell?le. volumee bars indicate has been steadily falling over the last couple of days. overall across major u.s. exchanges. that is down near almost 30% from the previous three weeks. so perhaps we will get a pickup. it is late august after all. not beeninly there has too much participation in the lead up to this widely anticipated speech. nejra: you are looking at equities and i am talking about rates. indexterest rate trend hitting a record. the question is how much of a move lower in yields? we have seen a backup in the last three days, but how much of the europe being lower in yields is due to momentum and therefore how vulnerable the mobile bond rally, particularly in treasuries, is at the moment? a lot of people are reporting that jerome powell a speech could lead to big moves in the markets as well. powell's job- jay is harder today when he gives a speech today at jackson hole. >> as i look at where the economy is, it is not yet time. >> what is the point of announcing today what you

sarah: no one should be surprised by china or chairman powell today.hink chairman powell has been intent on continuing to manipulate the interest rates against the united states favor. he should have announced a cut today. as a relates to china, they were always going to implement another round of tariffs because the united states had already done so. specifically, we should look to what is going to happen moving forward with president trump and the china trade war. what we need to understand is china is at a disadvantage. there growth is at 6% and smart investors will look for that to grow below 6%. are lookingrs who at washington, d.c. should realize is the only thing president trump wants is agriculture. would: obviously today not have been a day for pronouncing anything given it is an academic conference and not a time when interest rate cuts or hikes or anything of the sort is announced. let me ask you how the president would feel about the fact that several on the fomc are concerned about a slowdown? they promise they will try and keep the expans

it is possible thatjerome powell may not deliver on that promise. is possible thatjerome powell may not on that promisem is possible thatjerome powell may not deliver on that promise. it is not deliver on that promise. it is not just wall street screaming for more stimulus. the president treated... even ifjerome powell hint that he will cut interest rates, be enough to satisfyjittery financial markets and a president eyeing an election. most observers think not putting the world central banker in an odd situation. in asia, central banks in india, thailand, the philippines, new zealand, they have all cut interest rates this month and yesterday indonesia lowered the cost for borrowing in the second time in two months. is policy action enough to avoid global slowdown? it probably is not enough in the sense that we have reached some of the limits of monetary policy and if you look at the overall low level, in most of the world ‘s big economies, monetary policy has reached a level where it is not going to do enough stimulus and the need to be other factors. having said that, central bankers

the pressure is on powell. its symposium, he is facing resistance from three presidents. one says the senate is not needed to cut rates right now. paul:

plus — powell power.ts look for guidance from the chair of the federal reserve as he addresses the world's central bank chiefs later. and on the markets, traders adopt a cautious stance as all eyes turn to the central bankers. activity in america's factories contracts for the first time in almost a decade. but the pound soars after a softening of the tone on brexit from the german chancellor. we start in the south of france — where the seaside city of biarritz is hosting leaders of the g7 group this weekend. the united states, canada, france, germany, italy, japan and the uk. they'll all be there. on the agenda, inequality, climate change, trade. this is borisjohnson‘s first g7 as british prime minister. he comes fresh from the elysee palace — under discussion there was the uk's exit deal with the eu. the sticking point is the backstop — a condition to keep britain in a customs union with the eu if a trade deal can't be struck. this week the german chancellor angela merkel raised hopes of a compromise — i

"as usual, powell let us down," trumpweet from president after chairman powell cut interest rates bys the start of an extended easing cycle. osama bin sons of laden has been killed. to leadiewed as an heir the terrorist organization. american officials telling the new york times american forces played a role. telling vladimir putin the u.s. wilhite does help -- u.s. will help fight wildfires. possible tot is restore full relations between two countries -- both countries. global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i am viviana hurtado. tom: thank you so much. detroit is history and it is on to houston for what will remain of the democratic party candidates. let's look at the celebrations last night. >> go easy on me, kids. >> mr. vice president, you cannot have it both ways. >> to be very blunt and straightforward, you cannot beat president trump with doubletalk. >> your response? >> unfortunately, you are in accurate. >> what we need our policies that have some guts on this issue. >> please

goods markets turned lower, and then powell's speech at 10:00 a.m. eastern, it calmed markets a bit, but there are still questions as to whether the fed will cut in september. then a series of tweets from president trump taking aim at powell and urging u.s. companies to move production out of china. stocks lowered sharply, down down about 500 points. some of the movers, well, it's those china-sensitive names, caterpillar and 3m are down today, but they're down over 10% just this month. also worth noting the sharp decline we are seeing in oil prices the latest list from china includes a tariff increase of 5% on crude oil that starts on september 1st we know oil and energy has been already a weak pocket for u.s. markets. kelly. >> and, seema, we are just getting word from the u.s. chamber of commerce which is rejecting the president's call for firms to find alternatives to china they're talking about the business community calling out the lack of progress and addressing china's unfair trade practices. but saying while we share the president's frustrati

down 300, up 300 did powell confuse us? was the market over its skis >> i think powell is taking some criticism that is a little unwarranted. we don't see a rate cutting cycle that's necessary here. i don't think he'll embark on one. let's not make it a self-fulfilling prophecy what happened yesterday was an adjustment in indexes, some of that algorithmic trading >> so no cycle liz says won't be a cycle. lee cooperman told us yesterday, not going to be a cycle what does that mean for where stocks go into the fall i thought the idea would be there would be a cycle and you buy stocks so what now? >> i think we're still part of the cycle because they cut rates. what concerns me most about the market is if powell continues to miscommunicate or communicate poorly >> you think that's what he did? >> i think that's what he did yesterday, what he did in december, and what he did in his testimony to congress last month. sort of got to get on the page of look, we won't tell you how the sausage is made. we won't tell you our every tho

jay powell says this is not a move downward.is over to the bank of england for its decision today. capital gains, socgen rises the most in two years after it loses its capital buffer, the ceo tells bloomberg he will not let brexit change his plan. question mark. we are not making changes because of brexit. matt: shell shocked, the oil majors earnings fall well short of the estimate. natural gas prices slump, and the stock drops its most this year. did morning and welcome to -- good morning and welcome to "bloomberg markets: european open." anna: 30 minutes into the trading day. stoxx 600. upside.ks to the despite the selloff we saw in the u.s. yesterday and into asia, the balance of moves across these stocks on the stoxx 600 is to the upside. stories, thernings health care space up 11% on their numbers. up.an retail space london stock exchange, giving this stock -- socgen, the brexit story boosting their capital by 4.9% for that business. let's look at the downside. here is the biggest loser on the stocks down by 5%, guiding low

he's been relentlessly critical of fed chair powell's decision.e's made clear in his interviews and tweets that he doesn't believe that the fed should be independent and extolled the situation he sees in china and other countries where central banks are not independent. and, you know, independence is something that central banks around the entire world have been granted by their legislatures because it's widely appreciated that economic performance is best when the central bank is allowed to act independently. jon: there's been talk about whether he could fire the fed chair -- >> there has been. jon: if you were in that seat and the president tried to fire you, what would you do? >> well, i would do the same thing that chair powell has indicated. chair powell has said that he would not be willing to resign if he were asked to. i don't believe that it's legal for the president to fire the fed chair. both the governors, the seven governors of the fed and separately the chair and vice chair have term appointments that are senate-confirmed and can onl

i thought powell did the right thing. the markets were expecting a miracle and he has produced miracles in the past. at this point with our data being decent, if not better than decent, it's hard for him to take on anything more than 90 style, there market want more than that. that's why data will become a lot more important. next week we have capital goods, consumer confidence, starting to get a glimpse into fourth quarter with gdp struggling at 2%. cheryl: you're right. we are going to get that new read on gdp for q2. right now, 2.1%. if there's a revision downward on second quarter gdp, you're right, that might be the biggest data point i know i will be watching next week. phil flynn, definitely watching oil right now. obviously the tariffs is a big story for the oil contracts and traders like yourself. give us the high points right now or the low points, i guess you could say. >> it depends what time the tweets come out. essentially, yeah, it's kind of funny, i looked at oil and the 5% tariff was announced by china. o

powell kicking things off here.ss the message is barry eichengreen, professor of economics at uc berkeley. the basic question for everyone wellhing markets is is po ready to do another rate cut? >> i think he is. he talked about trade policy uncertainty, the collapse of the italian government, brexit, and other external and internal threats to the u.s. economy. all that reinforced the impression that more rate cuts are likely coming. >> the economy right now is pretty good. i found it interesting that he said that we have to look out over the next year. we have to look at how all these things are going to affect the economy. >> he did not use the words data dependent, but i think the fed is still data dependent and how it thinks about future rate cuts. the latest incoming data, consumer spending to the contrary, otherwise the incoming data has been relatively soft. >> the speech is laid out in three great arrows of monetary policy. the first bringing inflation down, the next maintaining growth, and then financial cr

he has made jay powell the face of his discontent f. you're jay powell and you're the fed, you have to stick to your mandate and look at the data and decide whether it is appropriate for the american people to have rates go down or stay where they are. there's a lot of reason to believe they're in the right place and that they shouldn't move and they will have to put up the the continued ire of the president if that's the decision they make. >> there was an interesting quote. it's about all of this from the "washington post" this morning, and it says as the president's staff has been beginning to talk to him about warnings of the economic clouds ahead, the president apparently thinks that it's just all about the narrative. here's one bit from the article. he has told aides that he thinks he can convince americans that the economy is vibrant and unrattled through a public messaging campaign. is the current economic forecast and outlook you see something that you can message your way out of? >> i think there's actually an element of truth

jon: powell is in so much pressure right now. of the most important message that is came out of the interview, it's not going into recession, there's a worry about downturn. she thinks there's enough confidence in the consumer. maria: what do you think about that? >> i think powell doesn't do as much as he probably should, one to have reasons that they are having problems with cutting rates, they still don't see 2008 raise rates as potential mistake cutting rates would be easy, right now they are talking why the economy -- why cutting rates if the economy is doing well. he didn't have to raise rates if there was no inflation. that's the frainling issue that -- framing issue that they're having. maria: you have to allocate capital, how do you see that and impact on markets? >> two authorities, it's disappointing that we place so much emphasis on what an organization that gets it right 50% of the time is going to do, look, at tend of the day these are just human beings with a crystal ball that is no clearer than anyone else's but w

it really is all on powell's shoulders. todd horowitz is here.ally looking for a quarter point cut for the september meeting. are we going to get any blockbuster out of jay powell today that would change our minds? >> good morning, cheryl. you know, i think the market might be looking for a little bit more. i think with all the pressure that president trump has been trying to put on jay powell, i think the street is looking for more. a quarter point was already basically baked into the cake as they say. so i think that they're looking for more and if they don't get more, you could see a little bit of a selloff. we've been sparking a higher high here and running almost on a daily basis. i think if he doesn't do better or doesn't indicate they're going to go at least three to four rate cuts over the next year, that could create some heartburn for some people. cheryl: we got the minutes this week and that showed that -- i mean, the language i think that we got from the minutes show that not everyone was on-board with cutting at all and a quarter poi

jay powell in jackson hole saying there is no rulebook or a trade war. the u.s. economy faces significant risk. we will get some insight from wyoming. let's get a quick check on the major averages and the intraday is where you see the story of what is going on. markets reacting very strongly to not just jay powell, but tweets from president trump about responding to those $75 billion of chinese t arriffs. tech is leaving at 2.5%. consumer discretionary down. weighing on both the s&p and dow, apple down 4% at one point. we are definitely seeing a strong reaction. seen this happen lately, we have also seen reaction in the treasury market. already seeing some weakness and that was probably related to the weakness of the yield. related to the tariffs coming on board. you see at 10:00 they really collapsed. back down at 1.51 on the 10 year. china: i'm looking at the you want because we really saw the results of the tweets. four a little7.12 bit, and then suddenly we have hit 7.13 and change because the president promised to retaliate this afternoon. we will see whethe

and thank heavens powell was a visionary.utes. later, don't miss an exclusive interview on the exchange with pat brown, ceo of impossible foods, maker of the plant-based impossible burger. it's about to debut at burger king locations anyway, across the u.s 00 p. nterview comes your way at 1:.meastern. stay tuned i wonder they'll have that smokey taste and you should be mad at simple things that are unnecessarily complicated. but you're not mad, because you're trading with e*trade, which isn't complicated. their app makes trading quick and simple so you can strike when the time is right. don't get mad, get e*trade and start trading today. dprevagen is the number onemild memopharmacist-recommendedng? memory support brand. you can find it in the vitamin aisle in stores everywhere. prevagen. healthier brain. better life. >>> all right. we want to thank mike novogratz for being with us today. come back soon make sure youment coback soon too. we'll see you tomorrow right now it's time for "squawk on the street. ♪ ♪ >>> good thursda

overall, the markets gave jerome powell a thumbs down.t he talked about was midcycle easing though he contradicted it by saying i'm not talking about one rate cut. it was such a difficult messaging to get across come i of't know your view if he failed or not. he did givems like into the market in terms of easing in the first place, right? the u.s. economy is still on strong footing, growing more than 2% at a more than 2% pace. 2%, wages are growing at more than 3%, so why cut in the first place is the question. but if you are going to do it, you might as well go with gusto, and it was more of a yawn than an awe. nejra: look at the recent data, the fed should not be cutting in its position. you even had scott minor of guggenheim saying that before the meeting but had he gone bigger than 25 basis points, with that cause more concern? in terms of outlook, the market will always want more and reprice. i wonder if whether what we got yesterday was a little blip and reposition. we are seeing steepening today on the two's, tens after a flattenin

after jay powell's speech this morning. eyes on federal reserve chairman to get some kind of an indication whether we'll see more rate cuts, urgency there, how central banks overall thinking about the economy, especially compared to the rest of the world. i want to go to fox business's edward lawrence. he is live at the place where the speech took place. he will give us a recap. edward? reporter: i heard the speech this morning. the chairman, the federal reserve chairman jerome powell in a speech that the fed will act as appropriate to sustain the expansion. this puts trade front and center though here at jackson hole with all the uncertainty. in the speech powell does say the trade uncertainty there is no precedent for integrating trade uncertainty into monetary policy. the speech laid a groundwork for possible rate cut in september pointing to global shocks what is happening in hong kong, germany, china's economy slowing down and brexit. the speech did not indicate a long series of rate cuts. that set off the president on

measure, said chairmanjerome powell cited international concerns over domestic ones.nded to ensure against downside in risks from week growth from trade policy and offsetting the effects it's having on the economy. after the announcement, donald trump expressed his ongoing displeasure with the fed, tweeting mr powell and the central bank have let us down by not taking a more aggressive stance on interest rates. earlier, when asked whether the fed caved to white house pressure, mr powell had this to say. we never take into account political discussions. we also don't conduct monetary policy to prove our independence. us stocks fell on the news. wall street hoped many more cuts would follow, but mr powell said this was not the start of a long cycle of rate cuts. rather, it would continue to monitor the us economy and act as appropriate. michelle fleury in washington. the third move comes as central banks around the world are starting to loosen policy in the face of trade wa rs loosen policy in the face of trade wars and a global economic slowdown. earlier i asked a mark

chairman powell is set to speak on friday.ping up to be coming one of the biggest meetings in years. >> as i look at where the economy is, it's not yet time. i am not ready to provide more accommodation to the economy without seeing an outlook that's just the economy is getting weaker. -- that suggests the economy is getting weaker. michael joins us from wyoming. we know she is a dissenter. fromve been hearing another who wants a hold right now. are those views reflect above the rest of them? michael: i don't think they are reflective of the fomc. there is a group that questions the need, given the economic data, to go much lower than they are with the federal funds rate. it isn't demand with the cost of capital that is the problem here. it is concerns over the trade. in those are things that monetary policy can't fix. if you use your tool, we don't have anything left over if we do slip into recession. while we are still a ways out from the decision, it isn't going to be a slamdunk. it's not a unanimous event going into that m

here are some of the things powell said. he said there's evidence of global deterioration since the last meeting, said trade policy is playing a role in global slowdown, said manufacturing has weakened he noted there's only so much the fed can do as far as trade he sat down in an exclusive cnbc interview and backed up the chairman's outlook. >> the economy is in a good place. we try to filter day-to-day, but obviously the global outlook worsened since the july meeting. the global economy is slowing and there are inflationary pressures. we are not looking at any one day but at the trend in the data to make our decisions. >> reporter: for the record, clarity did not specify whether or not the fed would be cutting rates. not every fed official thinks it is appropriate to lower interest rates. >> i think there were very koeg e cogent arguments i supported leaving rates the same and letting it play out a little longer. i haven't made up my mind yet. >> reporter: she thinks they're in a good place right now. since the president's

powell's speech at 10:00 a.m.ed to calm markets a bit and then tweets from president trump taking aim at powell and urging companies to prove out of china sent stocks sharply lower. in response, industrial names sold off we have a new comment of cummins saying it's a tax and will be passed down to consumers now here's where we stand, guys. with the loss the dow down about 6% from the record high. we will have to see what happens next week. a lot of china data coming out including industrial profits on monday. >> back to you. >> we will have to see if there's further talk over the weekend on the policy salvos thrown out tech taking a big hit today. josh lipton is here to assess that damage. >> tech is closely tied to trade tensions for many companies. china is an important market and a key part of the supply chains and check out apple down about 5% this month though up nearly 30% this year. just in week president trump praising ceo tim cook as a great executive in his words the semis also slipping hard check out am

are you more worried about the g7 or jay powell? >> i am more worried about jay powell.ugh it could be interesting interaction between boris and donald trump. i think markets have got expectations quite high for what jerome powell is or is not going to say tomorrow at jackson hole. my guess is he will stick to the script of how central bankers deal with a world of low and negative interest rate, how to deal with monetary policy and the levers to pull. francine: this is g7. at will be quite entertaining to watch the first time boris meets other leaders as prime minister -- boris johnson other leaders as prime minister. already -- thes sideshow we have seen with denmark and greenland reinforces when it comes to the donald trump era. just because you have had decades of close relationships with the u.s., that does not mean that much to donald trump. history does not matter. we will see that in play in france. scarlet: you are more concerned about chair powell at jackson hole, but if you look g7, most of the constructive conversations will be in one-on-one bilateral meetings

but the president hitting back hard, calling chairman powell an enemy.'s a worst enemy, chairman powell or president xi, carl >> steve, to your point, art hogan telling our news desk today, the root of the problem is that he didn't understand what jackson hole is quote, someone didn't tell the president that fed policy is not made at jackson hole steve, as you just say, i think jay powell did exactly what he should do, he left the door open so do we think this was a matter of him being poorly briefed on what this symposium is supposed to be? >> i think the president is often poorly briefed when it comes to the federal reserve there's another example recently where he accused the federal reserve of quantitative tightening, when it had long ago or long past or several weeks ago already stopped quantitative tightening so, yeah, i don't know that the president is briefed at all on some of these issues he goes out and tweets and if you see "the washington post" story about the making of economic policy inside the white house, what you find is that the preside

ant powell to -- do you want powell to resign? pres. trump: let me put it this way, if you did, i would not stop him. reporter: [inaudible] pres. trump: he is a very good competitor, but we are going to win. reporter: [inaudible] they are going to be -- rather than renegotiating everything again, i'm going to do the way i just said. we will be distributing that money differently. reporter: [inaudible] pres. trump: and wonderful woman, we had a great conversation. we have a great conversation with denmark and we will speak later. she was very nice. reporter: how far are you willing to push china? pres. trump: china has been hurting our country for 30 years with the money they have been taking out. other presidents should have done something about it and a long time ago whether it was clinton, or bush, or obama. any of them. they should have done something about it, and they didn't. i'm doing it. we are not going to lose close to $1 trillion a year to china. china understands that. , hope with president xi have a good relationship. not go

friday is the day powell gives his speech. these minutes make it all the more interesting, don't they, what jay powell is going to say in a speech that everyone around the world is waiting to hear. it is clear that at least in the minutes, yes, this was viewed as , to outlook weak global growth, trade uncertainty, as you said, but also putting in three reasons signs of economic deceleration, risk management concerns, and too low inflation. there's a lot of talk today about this is not as dovish as some people had expected. the kansas city fed and the ,oston fed had dissented explaining that at length with me on monday, but remember, july 31 was when they made that rate cut. these are the minutes that some of that meeting -- august 1 is when donald trump said guess what, on september 1, 10% tariffs on more chinese goods. i think it will be interesting to see now what jay powell says about all the things that happened between the july 31 meeting and today. 30-year bond went below 2% for the first time ever. briefly inverted, sti

his first target, the federal reserve chairman, jerome powell. powell today refusing to do the president's bidding and announce plans for more interest rate cuts. instead, in a closely watched speech this morning chairman powell said the fed was tracking signs of a slowing economy but was not yet convinced more rate cuts are necessary or wise. powell did in that speech take one minor shot at the president, telling the audience it's, quote, a new challenge factoring trade volatility into his calculus about interest rates. the president clearly angry, tweeting pretty quickly, as usual, the fed did nothing. it is incredible they can speak without knowing or asking what i am doing, which will be announced shortly. we have a very strong dollar and very weak fed. i will work brilliantly with both and the u.s. will do great. my only question, the president went on, and this is extraordinary, who is our bigger enemy, jay powell or chairman xi? the president then went on a long tweet tirade against china and the markets went into a tailspin. beijing annou

what is jay powell going to do? is he going to push back from -- we know historically jackson hole speeches can give signals of monetary policy in the future. matt: interesting we continued to see gains in u.s. stocks. the s&p 500 closed down a little bit, but it was not too bad. now we see futures pointing to gains at the open this morning as well. look at the bloomberg dollar index. we have seen the dollar index .overing around 1290 it is climbing further as expectations for cuts are less than. talkingd adrian orr about no need for rate cuts there. they had their surprise cut last time. now you see the new zealand dollar also gaining in u.s. dollar terms. a lot of green on the screen. nejra: the 10 year treasury yield has been rising the past three days. we have seen that move higher with some of these fed presidents pushing back on market expectations of more cuts. a keyyesterday above technical level in the short-term on expectation with traders a brexit deal can be reached, or the prospect of no deal could decr