chair powell: sure. so we'll start with unemployment, which is the single most important one. probably. you're at 4.2%. that's, you know, i know it's higher than we were. we were used to seeing numbers in the mid, mid and even below mid threes last year. but if you look back over the sweep of the years, that's a, that's a low, that's a very healthy unemployment rate. and anything in the low fours is a really is a good labor market. so that's one thing, participation is at high levels. it's, you know, we've had, we're right adjusted for demographics for aging. participation is at pretty high levels. that's a good thing. wages are still a bit above what would be -- their wage increases rather are still just a bit above where they would be over the very longer term to be consistent with 2% inflation. but they're very much coming down to what that sustainable level is. so we feel good about that. vacancies over per unemployed is back to what is still a very strong level. it's not as high as it was. that numb

we're back with the murder of brenda powell.r daughter sydney had been lying to her and the rest of the family about failing out of college. when the school called to tell brenda the truth, sydney savagely attacked her mom. acapellas. what these officers are about to find is gruesome. brenda powell lying in a pool of blood, an iron skillet and knife nearby, and 19 year old sydney in a state of hysteria. okay, stay right here. >> no, no, there's so much blood. no, please. come on, man, she's never macoy. no, no, she was stabbed, i believe 30, 32 times. >> she was hit multiple times in the head. this is one of the worst cases i've ever seen. as far as trauma to a victim. >> sydney tells the police there was a break in and her mother was savagely attacked. >> we heard a bang and she told me to get out and then i heard screaming. so i came back and she was on the ground. >> she's hyperventilating. >> she's not making any sense. she's covered in blood when she's removed out of the house by one of the officers on the scene, it's withi

rachel powell: yeah. donnie o'sullivan: who? rachel powell: i don't know. donnie o'sullivan: you don't remember. [noise] you'd admit this is a bad look, obviously. rachel powell: oh, totally. donnie o'sullivan: [chuckles] yeah. rachel powell: you know how dumb i feel when i look at this picture. like, oh, my goodness. like-- [sighs] [crack] [shouting] donnie o'sullivan: you had an axe in your hand. you broke a window. you were shouting over a bullhorn to tell people to take the building. [clanking] rachel powell: yep. donnie o'sullivan: why should people believe that you weren't trying to overturn the election and do something illegal and commit insurrection? rachel powell: it's ridiculous. if we wanted-- if we went there with a plan to take that building with as many people as were there, and we were coordinated, we'd have been in there in 30 seconds. donnie o'sullivan: have you ever had a moment where you're like, maybe i'm wrong. maybe biden actually won the election. maybe i'm the conspiracy theorist. rachel powell: no. not at all. nope. donnie o'sulliv

thanks for taking the questions, chair powell. a couple of regulatory developments in the past week that i want to is ask you about. first week, vice chair for supervision, michael barr, outlined his views with the changes to the basel iii end game. wondering if you are in alignment with him, if those changes have support of of the board in a broad way that you're looking for and if you think the other agencies are also fully onboard with that approach. and yesterday other banking regulators -- >> you know what? hold the second question. [laughter] let me -- we'll give you the second question. so the answer to your question is that, yes, those changes were negotiated between the agencies with myport and with my involvement. my support and my involvement. with the idea that we were going to repropose, repows pose -- repropose the changes that vice chair barr talked about and then take comment on them. so, yes, that is, you know, that's happening with my support. >> [inaudible] >> it's not a final proposal know -- though, you unders

powell did say not to meet _ are concerned? powell did say not to expect it _ are concerned?ell did say not to expect it to be - are concerned? powell did say not to expect it to be the - are concerned? powell did say not to expect it to be the new| not to expect it to be the new normal that it might new norm and we are not going back to a world of ultralow interest rates. he reiterated that they are committed to the mandate of getting inflation back to the 2% target and ensuring full employment. he doesn't know what the neutral rate, i either rate to get it back to that mandate is, but he doesn't see that era of cheap money returning and they will be going, as he said, carefully meeting by meeting.- going, as he said, carefully meeting by meeting. good to talk to yom — meeting by meeting. good to talk to you. we _ meeting by meeting. good to talk to you. we will— meeting by meeting. good to talk to you. we will check - meeting by meeting. good to talk to you. we will check in i talk to you. we will check in with you very soon. joining us from new york. joining me now is bob

economy is still, as jay powell put it, doing just fine. the small open asian economies that still rely very much on exports to the u.s., even more so with china saying that's the message they want to hear. by the same token, the austrian central bank is happy that it doesn't suddenly face pressure to cut a lot of other central banks. they can see a path to easing now that the fed is gone, but without that threat that we're going to have a panic, after all, at times when there have been concerns about a global shock, that's when the u.s. dollar rises, even when interest rates for the u.s. are going down. that is off the table as well. so the best of both worlds as far as central banks and markets are concerned, especially across asia. is looking pretty good for europe as well, at least as far as the futures are showing for now. tom: it certainly is, as things stand. garfield, thank you. now to the bank of england, the boe is of course likely to slide against cutting you a -- u.k. interest rate for second straight meeting, maintaining a pati

mr powell and his change. mr powell and his colleagues are set to interest rates.n york, the arrival of autumn marks a change. after raising interest rates 11 times, america's central bank is all but certain to unwind fat, but how quickly they go down from is still up for grabs. down from is still up for crabs. . , ~ , down from is still up for crabs. . , ~' , ., grabs. perfectly like this on our grabs. perfectly like this on your porch. _ grabs. perfectly like this on your porch, and _ grabs. perfectly like this on your porch, and then - grabs. perfectly like this on your porch, and then we . grabs. perfectly like this on i your porch, and then we price it less than picking up the pumpkins themselves. at it less than picking up the pumpkins themselves. at this farm shon _ pumpkins themselves. at this farm shop the _ pumpkins themselves. at this farm shop the rebirth - pumpkins themselves. at this farm shop the rebirth of- pumpkins themselves. at this farm shop the rebirth of the i farm shop the rebirth of the economy, as inflation falls closer to the fed's officia

hi, chair powell, neil irwin with axios. we've only been running a little over 100,000 jobs a month the last three month, do you sutra -- view that level as worrying or alarming, or would you be content at that level? and relatedly, one of the welcome trends oh the last couple of years hack labor market steam coming out. to do you think that trend has further to run, or do you see risk that further labor market cooling will have to come through job losses? >> so on the job creation, it depends if on, it fends if on the inflows -- it depends on the inflows. if you're having millions of people come into the labor force and and you're creating 100,000 jobs, you going to see unemployment going up. it depends on the trend underlying the volatility of the people coming into the country. we understand there's been quite an influx across the border, and that has actually been one of the things that's allowed the the unemployment rate to rise. and the other thing is just the slowing hiring rate which is something we also watch carefu

without enoch powell.porting. and then withdrawing support from a prime minister who he held in pretty low regard. >> that's absolutely right. and all this is a sign of the beginning of party fragmentation, the weakening of party ties, in particular class ties that powell found another issue or two other issues, really immigration and europe, which really cut across class lines. and of course, that has increased since his time. it was a harbinger of what was to come. >> do you see him as the godfather of brexit, or perhaps even effectively the godfather of nigel farage? >> yes, i do. i think that's absolutely right. he is the godfather of brexit. >> vernon, thank you very much indeed. >> vernon, thank you very much indeed . that was vernon indeed. that was vernon bogdanon indeed. that was vernon bogdanor, the author of making the weather. next, it's patrick christys patrick, what is on your programme this evening? >> yeah, i'm really excited for tonight's show, jacob. i've put all of labour's donor gates a

biden came out and said he hadn't talked to powell in four years.have video of him meeting with jay powell and talking to him a number of times. i don't know what he's talking about. [laughter] larry: he forgot. >> i mean, a really. oh, my gosh. >> harris and biden, they generally tend to view people's income as some sort of dispensation of government whereas, you know, republicans and donald trump believe it's the your money, and this is the government of, for and by the people -- larry: i'll tell you what, i've got to interrupt you. supposes she wins, okay? it's possible, no question it's possible, you would have higher taxes and easier money. what does that mean? higher taxes and easier money? that means fewer goods and more money which is a classic example. that would with your 1970s repeat of inflation right there if she wins, and lord knows jay powell's trying to do his best to get her over the finish line. we will see. liz peek, jason trennert, thank you, kids, appreciate it very much. >>> coming up next, israel just pulled off one of the gre

. >> thank you, chair powell. my first question is, very simply, what message are you trying to send american consumers, the american people with this unusually large rate cut? >> i would just say that the u.s. economy is in a good place and our decision today is designed to keep it there. more specifically, the economy is growing at a solid pace, inflation is coming down closer to our 2% objective over time. and the labor market is still in solid shape. so our intention is really to maintain the strength that we currently see in the u.s. economy. and we'll do that by returning rates from their high level, which has really been the purpose of which to get inflation under control. we're going to move those down over time to a more normal level over time. >> a follow-up to that. listening to you talk about inflation moving down to 2%, is the federal reserve effectively declaring a decisive victory over inflation and rising prices? >> no, we're not. so inflation, you know, what we say is we want inflation -- the goal

when jerome powell visited _ come back down. when jerome powell visited this _ come back down.ket - come back down. when jerome powell visited this market the i powell visited this market the federal reserve was watching closely to see if it big interest rate hikes were calling inflation even though it was tough on small businesses. that is about to change. mr powell and his colleagues are set to cut interest rates. in york the arrival of autumn marks a change. after raising interest rates 11 times america�*s central bank is all but certain to start to unwind that. but how quickly they go down from here is still up for grabs. perfectly like this on your porch— perfectly like this on your porch and then we price it less than _ porch and then we price it less than picking up the pumpkins. at this — than picking up the pumpkins. at this farm shop the rebirth of the economy as inflation. sit at the fed�*s official target of 2% is yet another moment of change. we target of 296 is yet another moment of change. we want stability- _ moment of change. we want stability. isn't _ moment o

as well as its location relative to where the ois occurred at the powell street station. the map will show a google satellite perspective, as well as a google earth view. we will now show bwc footage as well as surveillance footage from security cameras. i will introduce each video prior to playing it. bwc footage was captured from department issued body worn cameras worn by officers at the time of the event. portions of these videos have been blurred to protect the privacy of third parties. the first 30s of bwc footage does not contain audio. the camera has a buffering system that captures 30s of video footage prior to the officer's activation of it. when activated by the officer, the camera records both audio and video. timestamps displayed on bwc footage are in coordinated universal time or utc. we are now going to play bwc footage from officer number one, who was assigned to the soc resolution operation. officer number one observed the suspect asleep in the front seat of the vehicle and saw a firearm in plain view on the front passenger seat of the vehicle. 1283. hey

>> well i think, charles, the important thing is that this is jay powell's fed.view where you talked about the fed speakers coming out over the next week or so and i really wonder whether that even matters because i think basically what happened last week was powell took everyone in the room, locked the door with all of them inside and said we're going 50 today, everybody and you can either sit there and take it or like it, and that's basically what happened so to me this is his fed. i don't think it speaks matters that much but to me what's important in the statement is first they talked about maximum sustainable employment and the fed is here to support labor market conditions. that's important. that's what got some of the soft landing juices flowing on the street and they are talking about greater confidence on inflation so that tells you they think the battle on inflation has been won. charles: that's sort of, you know, an assumption that people are already saying maybe just a little bit early on it. are they taking, i mean, you were in the 50 basis point cam

powell cannot have it both ways were either in dire circumstances or the economy is good. you do have a point, if the economy is good you do a quarter-point pretties trying to have his cake and eat it too. it's clearly political and it goes to show how this administration is weapon is the justice department and now politicizing the fed, this is an out-of-control administration that's really abusing our country. maria: scotty martin is here and he said this is political, jumping, i should point out that a couple of years ago when i president trump of the program he was very clear he would not appoint jay powell, there is a clear, i would think jay powell wants to be reappointed by the democrats. >> i would assume i think is getting his last shots before he gets knocked out. here's the thing about the federal reserve i'm talking about the bullying in the pushing that they have been receiving from the administration, what about congress with regards to elizabeth warren having influence on the fed choices. if the economy was so good they would not of done 50 they probably woul

the powell street muni and bart station closed right now. ktvu christian captain is live with what we know so far about what happened here at the scene. christian >> yeah, in just the last few minutes, san francisco police confirming for us that this was an officer involved shooting. we're at the foot of powell street where it meets market, right here at the bart station. if you take a look down inside the powell street station, you can see that there are numerous police officers and investigators down in the station right now. all entrances in and out of the station here at powell street are closed as this investigation unfolds. again, we have heard that this was a shooting. now we do have some video that we were able to get looking inside the station where you could see multiple officers, officers inside the station. so it appears that whatever happened here happened down inside the station. what we've heard so far is that one person was transported to the hospital with injuries consistent with a gunshot injury. we're hearing that this sta

good morning that and big cut more than a month before presidential election but fed chairman jay powell told me yesterday this was about the economy. >> -- have how do you respond to criticism will likely come deeper rate cut before election has political motivations. >> this is my fourth presidential election at the fed and, you know always the same we're always going into this meeting in particular, and asking me what is right thing to do for the people we serve, and, we do that, and we make a decision as a group. and then we announces it. that is always what it is -- it is never about anything else nothing else is discussed. >> calling a recalibration to protect labor market big cuts historically during times of stress like day-to-day 50 basis point cut september 18, 2007 because of mortgage cries glenn youngkin with a nod to new knox fuse poll showing 70% registered voters see economy poor or only fair. >> i think the move today represents the fact that the harris biden administration, has so damaged this economy, that they had to take extraordinary action only seen in states of rea

powell mentioned that the date is comparing two. looking job since 2019 i think the revision store is getting overplayed. the other thing is when you look the rate cuts you have to throw out almost every thing that happened pre-2008. the fed has adopted the olympic model since great financial crisis are going to air to the side of doing more not to let the banks get hurt you need to throw out some of that data in the past there were so cautious that lead to recession. have they have the capability to stop recession. >> they also understand the past two. wall street likes. the small-cap, the value certain fee of five or six days with very little liquidity we have the maturity wall with the rates going down all of these small-cap names face and big hurdles early next year. on the bond markets item surprise were sitting here talking you see the tenured going back? >> yes. were starting to normalize or sing a yield curve where the fed is doing a good job went on the front end of it. we'll see a positive slope it's clear that not overly

i think that powell tried to calm down the market. but i'm not sure at all, there seems to be an attempt to take back any perceived hawkishness in his statements. i think it is 2525. honestly, i've been calling for the long-term neutral rate to be closer to 375, four, and another thing they've been doing is inching up their estimate of neutral from less than 2.5 to closer to 2.9 and i think that needs to go further up still. sonali: glad that you brought us there. throughout the week we have heard a wide range from investors on where they think the star is. where do you think? oksana: let's establish the reality around the fed funds rate. when powell talks about going back to neutral, historically the average fed funds rate is 5.6%. if we exclude the extremes of the early 1980's we get to 4.6%. that is still higher for much longer than i think the market is pricing it at right now. in terms of our star, it's no longer got a handle on it and the fed is quietly moving towards that conclusion as well. sort of talking about 2% inflation,

will powell deliver or disappoint? the debate over the cut and the commentary very much lie with this hour as is this meeting. buckle up, as we enter the final countdown to the fed decision. >>> hello and welcome to our special coverage of the fed decision on interest rates. isle kelly evans with tyler mathisen. we're coming to you live from washington, d.c., where that most consequential fed decision and press conference in years are about to take place. >> the final countdown. i wanted that music to come in. remember that song, the '90s rock song. the market is very much in wait and see mode, the dow, s&p still hovering near record highs, but the russell is in negative territory. we have a big hour ahead from wall street to washington. we'll hear from economist claudia sahm and gary gensler. the s.e.c. voted unanimously in favor of major reforms to impact retail and institutions alike. and we'll check in with both sides of the aisle on a government shutdown, senator elizabeth warren and john kennedy joining us live a

in terms of powell's comments hard to disagree with anything he said. i guess one of my concerns is, we're going to get to 2% inflation, quote, unquote. i don't see how we get to 2. we're at 2.7 trailing 12 pce their favorite. 2.7 to 2 is herculean and i don't see how we get there without a recession. the other point i would make, i'm really glad he brought up the revisions. revisions, that's the path normally we don't care about those things but those revisions were so significant, it's hard to ignore them. anybody that's on the cautious side of the economy has to be pushing their numbers up as a result of the extra income, the extra cash, et cetera. >> so andrew, why don't you jump in and react to what bob said there. in other words, he's keptcle the f -- skeptical the fed will get to 2%. >> we heard from powell there's a lot of belief amongst fed officials we have core pce running at 2% on a three month annualized basis. there's really long-term issues here. we have a structural shortage of housing, housing can re-emerge as an upside risk to inflatio

larry: hello and welcome tokudld so the day after chairman jane powell set kamala harris and electionletely contradicted himself on the company, whatever, the stock market roared and okay, ron jerry willis out on the story was cooking. >> the stocks are high are surging today in hopes for a softening for the economy after the federal reserve/the fed funds rate yesterday 50 basis points and out mark action today a 51202 points the s&p up 95, the nasdaq is up for 40. all three major averages hitting all-time highs the best day for market since august and la also think small-cap stocks as investors risk appetite was wind by the feds accommodative stance in nearly every sector rising tech and consumer of course but also the stocks index semiconductors, rising 4.8 percent of the banks and energy tyrants while meanwhile the markets are expecting more gas fully pricing into the 25 basis point cuts when the fed meets in november 42 percent investor say that it will be another half-point cut. the other critical number i should mention here's the thirty-year fixed rate mortgage moving to 6.09 p

powell said it all.ime has come, and we've been waiting very long, economists, traders, everyone has been wrong for months, expecting a cut that was delayed because of stubborn inflation. but what we have now is rather moderate inflation. we still have a little bit of unexpected inflation just a week ago but the data shows deceleration for the us, and inflation under control. so, yes, the fed is going to cut. the only question is will it be 25 basis points or 50 basis points? the latter would give a signal that the us economy is accelarating much faster. we think it will be 25 basis points, just to show the market the direction, but not necessarily the urgency. that is our call, 25 basis points most likely today. we know markets like to move ahead of things, and sort of try and guesstimate what is going to happen next. have they priced in a rate cut of 25 points? yes, so actually, we have an average, because there are different calls there, a rate cut of 40, a larger group of people think 50, and others

about interest rates and he did not pressure powell and is never done so.e fox news contributor delroy murdoch new always have a good clear view of reality there and it seems that he was on script and that comment, he was even unclear in reading the scripted but he was determined to come up to say that is never met with powell nothing considering his condition, he perhaps has completely forgotten having with him as opposed to going and what is your take. >> will yeah jerome who wilhelmina could be just a complete lapse of memory lapse, is river mainly by you know about powell's of the most powerful people in the play late in the economy you think that we would remember it through even the fog of his memory such as it is an important encounter like that is a make a point about how important it is to have offended that that is i think the best way to create enhanced that independence is the reserve report just have a laptop talking the money supply is what it should be, until the treasury to put that among the money assigned all of the people make it lovely h

when jerome powell interest rates come back down.erome powell visited this market the federal reserve was watching closely if the interest rate hikes are in cooling inflations even if it were those type of small businesses. it is about to change. mr powell and his colleagues are said to cut interest rates. in new york the arrival of ogden marks a change. after raising interest rates 11 times, the american central bank is all but certain to unwind to that. but how quickly they go down from here is still up for grabs. perfectly, like this on your porch and we price it less than picking up the pumpkins themselves. at picking up the pumpkins themselves.— picking up the pumpkins themselves. �* , ., , themselves. at this farm shop themselves. at this farm shop the rebirth _ themselves. at this farm shop the rebirth of _ themselves. at this farm shop the rebirth of economy - themselves. at this farm shop the rebirth of economy as - the rebirth of economy as follicles or to the official target of 2% is yet another moment of change. we target

that is basically - what jerome powell is promising whatjerome powell is promising and he always putsling future events, future fed actions, something that i also disagree with. you should just do the things when you think the time is ready instead of talking about it a lot. so to answer your question, yes, iwould expect another cut of 50 basis points or two cuts of 50, 25 inaudible. we turn now to the latest news from boeing. the plane maker has begun temporarily furloughing staff, as it tries to cut costs amid the ongoing strike in seattle and origen. the company says tens of thousands of employees in the us — including executives and managers — will be affected. the selected staff will take one week of furlough every four weeks on a rolling basis. sharon block who was a labour policy advisor during the biden and obama administrations, laid out what's different about this current strike from the previous one in 2008. i think there are some tough negotiations going on that what this signals, today the companies were back at the bargaining table today, back with a mediator — so hopefu

so did jay powell's fed just go political? we'll ask john carney and wall street star scott besson, but first up our own edward lawrence is live at the federal reserve. edward explain this one to me. reporter: you know, larry, yeah, this is the first time the federal reserve made a move in eight consecutive meetings and this 50 basis point will shock some in the markets but this was not a unanimous vote. in fact board of governor michelle bowman voted against this saying there should have been a 25, smaller 25 basis point cut. now, here is why the federal reserve chairman says they needed to make the deeper cut. >> it's a process of recalibrating our policy stance, away from where we had a year ago when inflation was high and unemployment low and that process will take place over time. there's nothing in the sep that suggests the committee is in a rush. reporter: so the dot plot of that hadssep talks about shows a forecast of two more rate cuts this year if they were to move 25 basis points, then four rate cuts next year and t

do stick around for that powell news later on. in the meantime, let's take a quick look at how markets are shaping up as we head into the 1:00 p.m. hour. the s&p really flat. the nasdaq itself up about a tenth of 1%. i'm vonnie quinn. ♪ ♪ with so much great entertainment out there... wouldn't it be easier if you could find what you want, all in one place? my favorites. get xfinity streamsaver with netflix, apple tv+, and peacock included, for only $15 a month. >> this is balance of power. live from washington, d.c. kailey: it is ee of the vice presidential debate. welcome to "balance of power" on bloomberg tv and radio. i am kailey leinz in washington with joe mathieu in new york. tomorrow of course where we will see tim walz and j.d. vance. ordinarily that would dominate the news cycle. but as they get ready to debate we are dealing with a natural disaster in the united states, which of course is dominating conversation. it potential strike of dockworkers that could have impacts on the u.s. economy, with just five weeks to go unt

powell had a very positive assessment of the u.s.conomy actually, the other part is they had very little to lose because inflation does seem to be contained. why not move ahead and make a fairly aggressive cut and give a clear signal to the market that they are there to assure and secure a soft landing. markets had a disappointment yesterday because powell indicated a further 50-basis point move the economic outlook has improved recession risk has essentially collapsed now that the fed is assertive and attentive of avoiding recession from here on, we expect the market to make fairly significant gains. >> you are seeing the u.s. economy being strong i want to bounce this off you. this is a tweet from the ceo of cantor fitzgerald. he said in part 50 basis points is a big red flag. the fed has more timely economic data than the rest of us this means our economy our is worst shape than we thought. this is a bad sign for the economy heading into november it sounds like you disagree with him. is intthere any credence in this with the fed h

powell had two objectives.he rate cut wasn't seen as a signal of weakness and the fed statement and the chair's press conference, both took time to emphasize economic strength. in the statement, they said the economy is growing at a solid pace, inflation is closer to 2%, they had more confidence it is heading down to the target. the labor market, they said, is still solid, even though powell said recently the market data had suggested some weakening and was part of the reason for doing 50. objective two, keep the mark fret thinking ing 50 is the ne norm. the committee seems split on the pace of cuts for the remainder of the year. here is the breakdown of the dot plots. two fed officials see no more cuts this year. seven see only one more or a total of 50 for the year. so 9 of 19 forecast just one more 25-point basis cut or less. nine officials see two more cuts or another 50 basis points and one forecasts three. over at td securities, they said the bar for another single 50 basis point rate cut seems to be high

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let's hear from the man of the hour, jay powell. this is what he had to say, announcing that 50-basis-point reduction to the fed funds rate. let's have a listen. >> i do not think that anyone should look at this and say this is the new pace. you have to think about it in terms of the base case. of course, what happens will happen, so in the base case, what you see is you look at the sep, you see cuts moving along. the sense is we are recalibrating policy down over time to a more neutral level, and we are moving at the pace that we think is appropriate. paul: so the fed's decision to cut by 50 basis points, though, not unanimous. michelle bowman cast the first dissenting vote by a fed governor in almost two decades when it comes to a cut. she preferred to 25 basis point cut instead. for more on what this means, let's bring in bloomberg's asia economics correspondent. what was michelle bowman thinking here? >> she was probably thinking that it's not quite time to make these big cuts because she is more focused on keeping interest rate

it happened at the powell street bart station. police say it all began with officers trying to speak with a man in a car with a gun. nbc bay area sergio quintana has been at that bart station since we heard about the shooting. this morning, and sergio our trains running. there is a station open and what's the latest on the investigation? yeah, i want to show you in just the last few minutes, in fact, we noticed that the escalator here going down into the powell street bart station started working again. and that's because in just the last few minutes inside the powell street station here at hallidie plaza, it has reopened. in fact, i just saw police officers wrapping up some of the crime scene tape inside there. that's because probably around 1030, around 11:00 or so this morning, police officers followed someone that you mentioned that they spotted them about a block and a half away. he had a gun. they tried to contain him, but he made his way all the way over here to the powell street bart station, went into the station. they st

a plaza at the foot of powell street. and then the other one goes actually into the mall. you can see that is the area that there are still some police officers. bart pd are down here, sfpd are down here as well. police telling us san francisco police telling us that they will be holding a town hall with more detail about this shooting, including very likely video, either from those officers body worn cameras and various video cameras in the area. again, if that did happen here inside the powell street station, there are probably a number of cameras that picked up the actual shooting and the events leading up to and following that shooting. we will continue to monitor this story and bring you any new developments. for now, we are live in san francisco, christien kafton, ktvu, fox two news. >> yeah, certainly a lot more questions that need to be answered in this case. christian, thank you for that. and we are learning more this afternoon about the man who was shot. and killed during a road rage confrontation that happened

acknowledgment that powell waited too long to reduce rates. jonathan: the price action was a total snooze. on the s&p 500 we just about snapped a seven-day winning streak. this morning we are off to the races. equity futures up 1.5% on the s&p 500. the small caps up by 2.8%. lisa: this is a fed that wanted to confirm there was not weakness at the same time they are going to cut, potentially aggressively, potentially 100 basis points by the end of this year. i was surprised the move did not stick yesterday to the upside. i did not see anything the fed said that would undermine the idea that they had this market's back. they project out an even steeper path rate cuts. you can call this a hawkish cut, and you heard that from person after person, except for mohamed el-erian, who pointed out this was a fed where the median dock was 3.4% by the end of next year. that is below where the market was pricing in. jonathan: how likely is it that 50 is the first of many? you yelled at the front end of the curve still around 3.60. we will catch up with pete

powell's strong suit is his communication and an ability to just say it.t's what they'll lay out today in the press conference. and that's what we absolutely need. he needs to bring that. >> you say that i think back to his hawkish press conferences that uz othered to upset the market they would come out with something at 2:00 the reaction would be relatively ho-hum and then he'd start to talk and we'd kind of get this big sell-off. is it now -- so i thought going into today it might be the opposite they may go 25 but then he's quite dovish as he has been going back to jackson hole. now that they've gone 50 i don't know if i expect moderate powell to explain the economy's not that bad. so i'm trying to think through this. >> it is clear because of where the decision landed that the federal open market committee had a lot to talk about in the last few days, last few weeks. so he's going to come out and communicate the plan. so i don't want to hazard a guess as to exactly what that is. now, the action is pretty dovish today. so going more dovish might push t

annmarie: when dudley came out and said it's up to chairman powell, it feels like powell wants to go. can he bring the rest of the committee along? why don't you just get started? dudley is starting like neil dutta. get on with it. jonathan: he has poured freezing cold water on the idea if you go 50 you are signaling something bad. he doesn't approve the message at all. lisa: if you believe that, you should give ultimate confidence to the rest of the markets. he doesn't believe that and argue that i argue i don't know the market believes it either. coalescing around 25 basis points and equities selling off. an interesting knee-jerk move. our giggly -- how much is that supporting the fact the market is looking for bigger moves? jonathan: we have a leave meeting -- live meeting to look forward to. we give you a snapshot of the bond market rally. 10-year yields are lower by three basis points. the lineup looks like this. stephen auth on why the fed needs to cut by 50. . josh wingrove on how small --sharon miller . looking ahead to next week's fed decision with the call to go 50 or 25 ba

powell if's right.g to be day the that-dependent, sensitive to what the economic information, growth that 2006s are showing, and they really need to be careful on this. charles: yeah, there's absolutely no doubt. and, obvious, we end the week with the jobs report. some folks are at 150 to, some are at 70,000, it's going to be a nail-biter. sheila, always appreciate your passion and expertise. thank you. >> thanks for having me. charles: all right, folks, my next guest says the quiet pce number was enough at the time to keep the 50 basis point cut open for the fed in november. joining me now, empower chief investment strategist martha norton. martha, the comments that jay powell just made -- and, obviously, he's always walking this sort of high wire. it's a high wire about. he's got to say the economy is strong, but we cut by 50 basis points. what do you make of it? >> yeah, it's pretty interesting. you know, one of the things that jumped out september 18th we saw a 50 basis point cut, of course, which i

get to jackson hole and the word doesn't come out of powell's mouth.driving jay powell. i go back to 2018 hike four time, markets falling apart. something happened, the ghost of christmas past over the holidays because he came back in early january and gave his speech and his focus shifted to main street a little bit. why is his sensibility seem so much different than everyone else's? >> he has more of a forward-looking perspective than other peers and colleagues and we've been saying for a while that the economy has been slowing for some time. we're seeing slower labor market growth and more prudence on the part of consumers and businesses are more cautious so in that environment where inflation is no longer the main threat we have to be concerned about it's optimal for forward-looking policy makers to focus on the next 12 months and those next 12 months are a little bit rocky, so we have to have monetary policy that's no longer as restrictive but much closer to neutral. charles: you also say large cut implicit is an implicit admission of a policy mis

. >> hi, chair powell.neil irwin with actiono, do you view the level of job creation as worrying or alarming or be content if we were kind of to stick at that level and one of the welcomed trends the last couple of years has been labor market steam coming out through job openings, rather than job losses. do you think that trend has further to run or do you see risk that further labor market cooling will have to come through job losses? >> so, on the job creation, it depends on the in-flows, if you're having millions of people come into the labor force, then you're creating 100,000 jobs, you're going to see unemployment go up. it depends on the trend underlying the volatility of people coming into the country. we understand there's been quite an influx across the borders and that's actually been one of the things that's allowed unemployment rate to rise and the other thing is just the slower hiring rate which is something that we also watch carefully so it does depend on what's happening on the supply side.

seeing so many police converge on powell street was startling, but not unusual. no, i just saw a lot of police cars and stuff like that, and they were all looking for somebody. i don't know what they were up to, but what did you think? i thought heavy duty san francisco, you know, just like that, that football player got shot the other day. that was a big surprise on union square at broad daylight nearly two weeks ago. 49ers rookie ricky pearsall and the 17 year old charged with trying to rob him both got shot in what's been described as an extended struggle over the teen's gun. pearsall is still recovering. the teen remains in custody on felony charges, including attempted murder. police chief bill scott credits his officer's quick response in that situation and proactive policing in today's incident. our officers were deployed very heavily in this area for this very reason. we are committed to having a safe, clean city and that's exactly what the officers were there to do. a police spokesman says officers were in the area as part of a healthy streets operation,

right now it is tipping in powell's favor. at last!e war in the middle east is raging and the world is going lower? suffice it to say, most people would not assume that was to be occur. i kept hearing that we would have stagflation led by oil. dream on, bears. didn't happen. seven, the chinese market managed to put together a real rally, despite the economic news being overwhelmingly horrible. president xi got stocks higher when the government ordered buybacks and a lot of free money. now the chinese market had a gigantic move. now we know that many u.s. investors will pile, in take the chinese out of some really awful positions. bad move, but it will help china bolster their ailing economy. anything nuclear, we desperately need more electricity to feed the data center beast. i was worried about the spun out, but i thought it might be a bust. eli lilly climbed. but not a single food or beverage company saw a decline in sales. talk about a wonder. starbucks got a new ceo brian niccol and the stock went up 20 points and never gave back.

powell, he said repeatedly that he's not a warmed with the jobs market. he even said at one point, the labor market is in a strong place. we want to keep it there but there are some economists who are concerned that the fed is late and that they need to play catch-up before the cracks in the jobs market turn into something more ominous. >> so the fed has made clear that they've switched the mission. >> they've gone from fighting inflation the fighting unemployment of course, all of this is happening just weeks before this hotly contested election powell, he stressed politics played no role here, and that the fed only does what they believe is right. and i asked powell about the idea from former president trump that the sitting us president should have a say in where interest rates go. >> and powell, he made clear he's not a fan of that idea. we do our work to serve all americans. we're not serving any politician, any political figure, any cause, any issue. nothing. it's just maximum employment and price stability on behalf of all americans and that's how

fed chair powell signaling that smaller rate cuts are on the horizon.ning me, former dallas head chair, mr. fisher, welcome back. good to see you. >> thank you. >> i'm assuming that you did see chair powell today, and he really did seem to set the table, or at least to bring back market expectations that it's going to be 25 and 25 at the next two meetings. is that your take? and what's your reaction? >> i'm not surprised one bit. i wasn't expecting another 50. they'll be measured. you have to remember, scott, they're looking as well as they can, really, monetary policy, 18 months out, almost that much. i think it was important they did 50. but now i think it's very important to take smaller cuts and make sure you're comfortable with where things are going. we're going to get some more data by the time of the november meeting. certainly more by the time of the december meeting. the atlanta fed is showing really nice growth, 3% plus. so the plane has not landed. it's not a soft landing, not a hard landing. i think they're gliding it just right. another tw