the reserve bank of australia getting ready to end an unprecedented pause in cuts. leen hays is here with the central bank watchlist. which areas of the economy is jim bullard worried about? kathleen: he has been worried for some time about inflation being below target, but what he adds to the list today is something all fed officials have mentioned of not having a big impact on the economy yet. as the trade war escalates on the u.s. and chinese side, president trump threatens tariffs on mexico, it is taking a bigger part in what the fed is looking at. jim bullard today in a speech, plant remarks, singles the door is open to rate cuts, at least for him. we coulde eased now, help reset our inflation equitation 72% target. a good thing for fed credibility and the credibility of our 2% target. it could provide insurance in case the downturn in global growth was more severe than we had previously expected. kathleen: insurance against a downturn in global growth being more severe than expected. this on a day when the institute for supply management purchasing managers ind

the reserve bank of australia getting ready to end its unprecedented pause in cuts. re with theis central bank watch lists. let's start with jim bullard. what is his driving -- what is driving his logic? >> seems that for everyone around the world, everyone was .lready on their economic plate the u.s., for example, good economy in terms of jobs but you've got persistently weak inflation, trade, the trade war, the escalation of the trade war, that is tipping the balance for many. jim bullard gave a speech in the u.s. on monday. these are prepared remarks well thought through. this is what he said. , we couldased now help resent her inflation expectations at the 2% target. should be a good thing for fed credibility and for the 2%, the credibility of our 2% target. it could also provide some insurance in case the downturn in global growth was more severe than we had previously expected. what is currently the biggest thing driving a potential downturn in growth -- global growth is the trade war, taking an impact, potentially getting worse. what are people watching? they a

we could move onto the reserve bank of india. hey are expected to cut their key rate again. the high growth is decelerating. mario draghi, the central bank of europe is meeting saturday and they can't cut them -- and negative rate much thursday -- much further. target bank financing. the finance ministers meeting this weekend in japan, i will be covering that. this is one of the big dilemmas. some central banks, reserve bank of india and other banks, have key rates that are high but if you look at the bank of japan, like the ecb, their key rate is already negative. they have the 10 year tethered to zero. how much can they do if the trade war keeps going? that is another big if. maybe we will get good news on comeconomy, or excuse me on trade this weekend, two weeks maybeeaders meet and moving over troubled waters. that could change sentiment quickly. importantly, jay powell and others say they are not just going to say and they will do -- not do anything. kathleen, thank you so much. mr. powell's words sparked a rally in the u.s.

this is one of the reasons why so much expects the federal reserve will come through with that rate cut that's so to other central banks, because there is a 75 basis points gap he thinks by the endher reason f the year we'll see that 75 basis points of cuts from the reserve. up.his keeps popping or what is the possibility that it could become that e war cloud, damage we've seen in exports is such a reason. thinking, central banks just have to do something. . former meeting for the fed. you up. i'm a short-term days ago >> now we have four. we do not even have one yet. there is some speculation the 10 year yields fall to 1%. i wonder if during the big rally , it is easy to make larger forecasts. , again i was looking at the unemployment rate. 3.6% if i am correct. the lowest since 1960 nine when richard nixon was an office, and when i was five years old. trees do not grow forever. the economy will not expand forever. growth is strong enough now, are pretty% yields far out. kathleen, what is the reaction elsewhere? emerging markets, central banks. a low interest rate environment gives them wiggle room here is well. what

that is the reserve bank of india.y in when people were still saying, we think the fed is just pausing before increasing again. that was a bold move, they called it right. it has paid off. their communications have been remarkably consistent in the following period. paul: central banks are supposed to be independent. team,ms to be on modi's unlike previous governors. is that healthy? >> to an extent, the manner by which governor -- the governor arrived at the job has overshadowed what he has done since he has been in the job. he was a career bureaucrat. he was not from the rinks of academia or from the central bank. that set him apart from his two immediate predecessors who did clash with the government. since he has been in that job, the job he has done has been a good one. they called the data right. they have been consistent. there has been a mixed message. again, that doesn't mean everything that the modi government has done regarding the central bank has been awe-inspiring, to put it mildly. what has he done himse

states the the policy of allowing the banks to put excess reserves on the balance sheet of the fed and they receive an income beldam out over time in europe its negative interest rates and bankrupted the economy don't your bank is the new lehman brothers it's about to go belly up that will cause a cloud global contagion however and no bank will be able to escape the 2008 financial crisis part 2 you know i'm thinking about your musical number bubbles be good miss shedd luck if you want to watch those bubbles be good video go to miss talk dot com it's michelle block as you've never seen him before singing and dancing you know why not just make this into a broadway musical it could be a version of sweeney todd the demon barber of of fleet street remember the story of that musical is a barber that cuts the heads off of everybody who tries to get a haircut and just put general powell as sweeney todd and every time a new business is for me cuts their head off every time a pension is for me cuts their head off any time some worker tries to get a job he cuts their head off whenever try to get

terms of regulations that require the firms to store their transaction data locally last year the reserve bank of india or r.b.i. imposed rules that require some firms to store their transaction data only in india to make sure it is available when needed for review and investigation pushback from the u.s. side on those regulations include recent comments on the law from secretary of state mike pompei o who insisted on the free flow of information ahead of an official visit to india later this month on monday the indian commerce minister y'all and r.b.i. officials met with representatives of tech and credit card companies including the c.e.o. of master card. the ministry later released a statement that said indian officials quote assured the industry representatives that the reserve bank of india will look into this. and often overshadowed by the us china trade war is the brewing trade to between india and the united states similarly many may not realize just how intense it is to the global economy while most of us are aware that products are assembled in china and then distributed globally mos

up to 30 years in the case of switzerland right now jerome powell who runs the federal reserve bank took over from ben bernanke you know he got to testify before congress periodic like ok here's a question that maybe a sake it could ask or somebody in congress could ask your own pal next time he's in front of congress this is a simple question you must ask him mr powell tell us under what circumstances you would raise interest rates dancer from jerome powell be there is no circumstance under which i would raise interest rates the answer to every single economic problem every single number every single statistic every single market reaction is to lower rates that's the old it's like an alcoholic who drinks when they're happy they drink when they're sad they drink because it's tuesday they drink because it's daytime they drink because it's night time they're not a holiday they just drink drink drink drone pow will cut rates whether the economy is expanding whether it's contract ing who's a president who doesn't matter his dog bit him is wife hates him he's going to lower rates makes no dif

$5.00 corporate investment and consumer spending a faltering benchmark interest rate is what the reserve bank of india charges on lending to commercial banks going the right makes it cheaper to borrow. inflation in the fastest growing all the major developing economies in the world. now if you type sri lanka into google the next word the pops up is safe travelers want to know if it's a safe place to visit again as the president recently put it the tropical paradise had become one of the world's top tourist destinations until suicide bombers killed over 250 people in april. sri lanka's beaches were a favorite german holiday destination until easter sunday terror attacks now the country's hotels are almost empty when the last guests leave this the resort there won't be much to do here. all together we're giving a 50 percent discount to our guests. normally at this time we'd be fully booked and have a lot to do. with. the resort has $170.00 employees entrepreneurs like ruan gallio archie were responsible for generating the tourism boom after the end of the country's civil war in 2009 germans ten

terms of regulations that require the firms to store their transaction data locally last year the reserve bank of india or r.b.i. imposed rules that require some firms to store their transaction data only in india to make sure it is available when needed for review and investigation pushback from the u.s. side on those regulations include recent comments on the law from secretary of state mike pompei o who insisted on the free flow of information ahead of an official visit to india later this month on monday the indian commerce minister y'all and r.b.i. officials met with representatives of tech and credit card companies including the c.e.o. of master card. the ministry later released a statement that said indian officials quote assured the industry representatives that the reserve bank of india will look into this. and often overshadowed by the us china trade war is the brewing trade to between india and the united states similarly many may not realize just how intense it is to the global economy while most of us are aware that products are assembled in china and then distributed globally mos

inflation's that 89 percent that's the true number of inflation in america today if the federal reserve bank were to respond to that number by raising interest rates as is their remit as is their job then you know it would be a problem for the banks because the banks then would have to admit that they're insolvent j.p. morgan goldman sachs citibank b.n.p. lloyds of london h.s.b.c. they'd have to come out and say you know what we're actually insolvent but they don't allow that to happen so what you're left with is a policy by the central banks that goes like this they buy trillions of dollars worth of bonds forcing the interest rate lower and then they tell people that while the interest rates low so we're going to lower rates again so it's through the looking glass they're not supposed to manipulate the market and then base policy on a manipulated outcome they're supposed to sit back let the market decide what is actually the demand and the supply and then respond to it you know that's the relationship. but the fed says we manipulate the price we drive the rate down to near 0 and then we tel

this week the us federal reserve, bank of japan and bank of england all tell us the direction of rates. while the european central bank, which met on tuesday, said it's willing to cut rates or launch more stimulus if needed. as tensions rattle the global economy, central banks around the world are moving toward looser policy to keep their economic engines chugging along. in australia, russia, india and chile, central bank bosses recently lowered the cost of borrowing. and the us president has hit out at the ecb boss mario draghi, who stressed he's ready to boost the flagging eurozone. trump said it would weaken the euro against the dollar, unfairly helping european firms. the bbc‘s samira hussain looks at the issues the us central bank will be taking into consideration. at the beginning of 2019, the people who sat interest rates at the us federal reserve were talking about raising rates by as many as three times this year. well, back then, the us economy was growing fast and the us economy was growing fast and the concern was how many rate hikes they would have to incorporate. us inter

the reserve bank of australia is expected to cut rates for the first time since 2016. s: it has been a long pause. china's president begins a two-day state visit to russia on wednesday. the central bank is in focus on thursday with economists expecting a cut when the reserve bank of india. the ecb also makes a rate decision. on friday is the end -- that friday is the end of theresa may, the prime minister. she steps down as the leader of the u.k. conservative party. to.a: much to look forward joining us from mumbai is niraj shah. here in london is annmarie hordern. indian equities showing resilience despite president trump terminating india's designation as a developing nation. tell us what is going on. >> good morning. this did not have too much of an impact. the crude price fall is leading to what is happening in equity markets and money markets. while everybody was bracing themselves for some impact because of u.s. markets, we started about an hour and a half to two hours in trade. we are up 0.5% and holding, which is good. you see this impact in the money markets as

this is ahead of the reserve bank of australia. cash rate decision on tuesday.is -- a check of the first word news with su keenan. latest onrt with the the fed. it is too early for the fed to begin cutting interest rates with a view of minneapolis fed president. he says that, despite increasing concerns about low inflation and an escalating trade war, the sentimental's of the u.s. economy are still here. >> if it looked like the u.s. economy were slowing down, or if job growth was slowing down with tariffs and there were causing businesses to retrench, it could put the fundamentals of the real economy on a slower trajectory. either of those could because for changing the path of monetary policy. i am not there yet. i take a lot of comfort from the fact that the job market continues to be strong. su: china's defense minister said the u.s. will defend over taiwan and the south china sea. speaking up a conference in singapore, the minister defended china's right to build facilities in the south china sea. he issued a warning against external forces, promoting the i

we talked about the reserve bank of australia. they are expected to cut today. official says rates might need to be cut -- cut soon. >> let's get down to the nitty-gritty. a cut is seen as a slamdunk here. also one expected out of the indian central bank. can these cuts save the world from recession if the trade war drags on? question. a very good you have to look at it asymmetrically. continues, they will get behind the curve. another reason why this is expected is you have home prices falling. not as fast as they were but they are coming down. inflation is jumping. look at the rate in the bloomberg library. will more be expected? you can see that turquoise line showing that since 2016 the rba has been able to hold that rate at 1.5%. it has been a goldilocks economy, but now it is getting chased by one of the pairs that is nothing at its heels. economists say that australia's economy is not quite as vulnerable as some of the exporters around the world. but you cannot ignore this. another reason they are expected to cut by 25 basis. modi once growth, he wants to

. ♪ >> more fed speak ahead as michael mckee's sits down with the san francisco federal reserve bankysia's president says goldman sachs made a killing in a scandal so his country wants more compensation. coming up, more talk about trade. blames tradelynn tensions for the global slowdown but says they are part of a much bigger picture. >> it is clear that there's a broader desire to see china contained in some way. >> this is bloomberg. ♪ ♪ welcome back to bloomberg best. time now to revisit more of this week's compelling conversations. let's start at the aspen ideas festival where the federal reserve bank of san francisco president sat down with an exclusive interview with michael mckee. ♪ moree market has praised than 100% chance of a fed rate cut july 31 -- i've never seen that in 25 years. can you ignore that? can you ignore what the market is telling you? >> the markets are trying to think about what the reaction function of the fed is an on the heels of the press conference we had a pretty good indication and i agree that we had six weeks of data that looks different than may. w

establish a reliable currency the zimbabwe congress of trade unions is preparing a case against the reserve bank office above where saying it illegally converted to their salaries from u.s. dollars to a new pseudo currency the r t g s dollar was introduced in february in an attempt to align the exchange rates for bonds and electronic payments but its value has been decreasing rapidly president emerson last week promised a new national currency 10 years after the zimbabwean dollar became worthless. while the ethiopian parliament today postponed a debate on a proposed law to liberalize the telecom sector the bait is now set to take place on thursday that is part of ethiopia's new prime minister ahmed economic reform package moving the economy from state led to market based growth the country's economic growth already is the envy of its african neighbors at close to 8 percent . inside only a decade of the capital addis ababa has become a state of the art metropolis with its own metro line built by the china railway group ltd much of the boom has chinese credit behind it now china is sinking its mon

with retail invasion which has been one of the prime concerns for the reserve bank of india, it is lowere comfort level for the indian central bank. they will go ahead with the rate cut to give a boost to the sentiment on the ground. if you look at the indian economy, unlike china it is driven by the domestic economy. so the more money people spendin economy. so the more money people spend in india, the more economy grows. they want to give a big boost to not only businesses but even consumers which will help revive growth. we will talk to you and if you hours of me get that decision. —— when we get that decision. let's go to asia now, where shares of nissan have fallen sharply after fiat chrysler said it's withdrawing a $35 billion offer to merge with its partner renault. rico hizon is following the story. nice to see you. tell us about this, the dealers off? —— the deal is off? it boils down to the french government asking for more time. you have nissan motors which owns 15% sta kes have nissan motors which owns 15% stakes in renault. and renault holds a 45% stake in nissan. against th

it really is a central bank fest this week, isn't it? the federal reserve much this time. we will keep an eye on how things will turn out in the coming months? exactly. markets don't expect the fed to cut its key interest rates tomorrow. investors will be looking for signs the fed could open the door to a potential rate cut may be injuly, but most likely later this year. what is your money on? given the fa ct we what is your money on? given the fact we had the g20 last week, we could see some favourable news coming out of that. we have not seen the economic data being weighed down by trade tensions. the fed will take a waitand by trade tensions. the fed will take a wait and see approach for now. let's talk about the pound sterling. at its lowest level this year. it will be very sensitive, isn't it, until we know who is going to occupy numberio? until we know who is going to occupy number 10? exactly. we until we know who is going to occupy number10? exactly. we are until we know who is going to occupy number 10? exactly. we are seeing the pound at its lowes

the reserve bank of india's governor has resigned telling the central bank he is unable to july 23 hisiting unavoidable personal circumstances. he is known as a policy hawk. global news 24 hours a day on air and on tictoc on twitter powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. anna, matt? matt: thank you very much. it is the third profit warning in a year from daimler. the automaker blaming a bigger than expected hit from diesel emissions. though they have known about the scandal for a long time. it put out a press release on sunday night. for more, we go to me on it and oliver. the story was made more interesting by the fact that they have a new ceo that has been there for little more than a month. -- he wast hanging left holding the bag. >> good morning. he has been in the job for about a month coming in may 22. a lot of what is happening here did not happen under his tenure. the problems have been happening for a while. profit warnings were for different reasons. one was for trade. four other in missions topics. and today, it is the sc

quantitative easing is one that the reserve bank has flagged, but one that they are not necessarily keenve a significant rate cut coming through for low and middle income owners on the first ofjuly and possibly a little bit more if they can get that pass the parliament in the next couple of weeks. that fiscal stimulus is probably going to be better, that timely, targeted, and temporary stimulus will probably have much more of a meaningful impact on consumer behaviour, putting cash directly in households' hands. so with a combination of fiscal and monetary measures, will they save the australian economy from the risk of a recession? look, a thing they can. even though china is slowing, part of offsetting that slowing is increasing investment in infrastructure. that has gone through to higher steel production, higher iron ore prices. australia's terms of trade are reliant on vinyl. from an income point of view we still have some firepower left in the economy that will keep us going to stop identity we are drifting towards recession just yet. we just need to be careful and there are options

paul: we have some intersection in this part of the world, the reserve bank of his meeting.king for a cut? martin: potentially. they could go on hold. he had a cut in australia and forecasting another cut we think will come in august are the reserve bank could wait to see what the inflation data is for june, out later in july. quarter basis point cut is not enough to really get some traction. paul: thanks for joining us. you can get a roundup of stories you need to know to get your day going in today's edition of daybreak. subscribers can go to dayb on terminals. this is available on mobile in the anywhere app. you can customize settings so you only get news on industries and assets you care about. this is bloomberg. ♪ paul: i am paul allen. shery: i am shery ahn. let's get a quick check of business flash headlines. daimler is cutting the full-year profit forecast because of cost related to regulatory scrutiny over diesel powered vehicles. ofy say they face extra fees a high three digit million euro amount. they targeted a slightly higher earnings this year but say the

meanwhile the reserve bank of australia is expected to cut rates when it announces a policy decisiono limit rising unemployment and slowing economic growth. meanwhile on friday theresa may steps down as the uk prime minister. the only second only the second woman to hold the position in the uk. and whether it is parliament or the boardroom, women still hold a small fraction of leadership roles despite concerted efforts to bridge the gap. we sat down withjulia gillard, australia's only female prime minister and asked why more progress has not been paint made? we have made big strides. we should never say there has been no progress, there has been huge progress but now we are at the stage where all the easy and obvious things have been done and now we need to be thoughtful to reach the deep—seated bits. need to be thoughtful to reach the deep-seated bits. there has been some concern that with quotas and discussion about gender equality in general that there may be reverse discrimination against men. what is your suggestion in order to balance this properly? we live in a world where if

taylor: more fed speak ahead as michael mckee's sits down with the san francisco federal reserve banksident mary daly. and malaysia's president says goldman sachs made a killing in the 1mdb scandal and his country , so his country wants more compensation. coming up, more talk about trade. hsbc's john flynn blames trade tensions for the global slowdown , but he says they are part of a much bigger picture. john: i think it is clear that there's a broader desire to see china contained in some way. taylor: this is bloomberg. ♪ the latest innovation from xfinity isn't just a store. it's a save more with a new kind of wireless network store. it's a look what your wifi can do now store. a get your questions answered by awesome experts store. it's a now there's one store that connects your life like never before store. the xfinity store is here. and it's simple, easy, awesome. taylor: welcome back to "bloomberg best." i am taylor riggs. time now to revisit more of this week's compelling conversations. let's start at the aspen ideas festival, where federal reserve bank of san francisco preside

and we do have a move to the upside, weaker than anticipated gdp making it more certain that the reserve bankinder of exclusive coverage tuesday and wednesday from morgan stanley australia summit happening in sydney tomorrow. we are joined by the banks australian ceo. stay tuned. this is bloomberg. ♪ the latest innovation from xfinity isn't just a store. it's a save more with a new kind of wireless network store. it's a look what your wifi can do now store. a get your questions answered by awesome experts store. it's a now there's one store that connects your life like never before store. the xfinity store is here. and it's simple, easy, awesome. announcer: the following is a paid presentation for emeril's all-new power air fryer 360, brought to you by tri-star products incorporated. emeril: hey, everybody. it's emeril with huge news. we're introducing an all-new pro-grade appliance that now you can have in your home. so, you ready to kick it up a notch? [cheering] announcer: we all love fried foods, but we hate all the health problems they can cause. what if you could make your favorite frie

then the reserve bank presidents talk about it. we have been hearing quite a lot about concerns about uncertainty around trade throughout the last year and a half. those concerns heightened quite substantially as of the last beige book. the number of mentions of trade concerns -- last beige book, the one for this meeting. that is clearly something that is on people's minds, as i mentioned. ie effects are not so much -- would say the actual mechanical effects on demand, what we have seen so far, is meaningful, but not large. there is discussion of much greater tariffs. that is where the uncertainty is, that is where the concerns are on the part of business. >> in your opening remarks, you mentioned the monetary framework, what will be the way of operating going forward. that is the question that you and your colleagues are trying to way as we speak. i do want to challenge you a little bit on this. it sounds like you are committed to the 2% inflation target, considering adaptations to make sure that you hit that target in a consisten

this week, the us federal reserve, bank ofjapan and bank of england all tell us the direction of ratespean central bank, which met on tuesday, said it's willing to cut rates or launch more stimulus if needed. as tensions rattle the global economy, central banks around the world are moving toward looser policy to keep their economic engines chugging along. in australia, russia, india and chile, central bank bosses recently lowered rates. the cost of borrowing has become political — and the us president has hit out at the ecb boss mario draghi, who stressed he's ready to boost the flagging eurozone. trump said it would weaken the euro against the dollar, unfairly helping european firms. the bbc‘s samira hussain looks at the issues the us central bank will be taking into consideration. first, over to you sally. with us now is candice bangsund, portfolio manager for fiera capital. good morning. so, where are you on what the fed might do today and then maybe injuly? what the fed might do today and then maybe in july? lots of speculation about the meeting today and i think the fed is going t

that banks should pass on to consumers the benefits of reduced funding costs as a result of the reserve bank'secision. what are we seeing on the markets today? brian: investor sentiment continues to be down by trade tension. this is of just slightly with rent out -- renault shares dependent on a merger from fiat chrysler. automakers had better-than-expected u.s. sales figures. anchor: the french government plans to phase out the sale of gasoline and diesel powered cars by 28. that is part of the -- by 2040. that is part off t the energy transition plan. brian: some say that it puts 160,00000 jobs at risk. governments want the to go faster and target 2030. it is hard to imagine roads without exhaust fumes polluting the air but that is the plan. 98% run on petrol or diesel. the government says their days arare numbmbered andnd they wile phphased out by 2040. to developthem alternative ways of getting around. but 2040 seems a little difficult. >> it is too soon. there's not enouough time. reporter: it is a challenge for the car industry which employs 400,000 people. unions a are warning about lay

jessica: at the federal reserve bank of philadelphia, dubravka ritter specializes in student loan debtsays the skyrocketing cost of college tuition is part of the problem. >> we have some of the highest tuition in the country. in addition, the pre-recession levels of support from the state for public education have not been restored. jessica: jennifer o'mara, also the first in her family to go to college, took out $36,000 in federal loans to get her undergraduate and master's degrees. til recently, the 29-year-old was working three jobs. >> i have a story to tell you. jessica: last november, things changed. she ran for a seat on the pennsylvania state legislature and won, becoming the youngest female democrat to get elected. she's making student loan debt priority number one. >> is a stressful situation. you thought you were doing everything right. now you have a degree, you have a good job, and you still can't get ahead. jessica: she enlisted the help of another millennial fresanth't caucus. >> everybody seems to have a story. jessica: the state reps say they are focusing on predatory

george, if you look at expectations for easing, worldwide in central banks across the federal reserve, bankthe whole lot, investors markets price for all of it. at the same time, we are also pricing for the policy effort to work. if you look at the five-year five year end essay europe, at the moment, look at inflation and growth expectations. we might be pricing in easing, but are we pricing in this stuff working? >> i don't know if we are. inflationary expectations are at lows. ofakevens are at 170 type level. overseas, it is even worse. 114 in the europe area. i think the challenges what does the fed do at this point? as challenging as it is domestically, it is more challenging overseas. this is a global phenomenon. you see this slowed him globally, and it does the fed react? i think they have to in the u.s. and overseas as well. jonathan: the basic assumption is the fed cuts. the main question is, what are the rate cut 101 trades i need to put on right now for what the fed cuts? the problem is that all of this is determined by so many different variables, conditioned by so many different

to the fed that are available to other central banks or that are described in the literature that you would like to see made available to the federal reserve? >> in monetary policy, no. i think we have the tools we need in tools that are quite similar to those of other major central banks. other central banks have things like [inaudible] control of the payment system but that's the sense of your question so it's not so much that we don't have particular powers but just that having low interest rates really challenge the existing toolkit of central banks and there are no obvious, easy answers where they give us a new tool. ... i'm a white male and i am prejudice and the reason is th

watch for headlines from his twitter account and tomorrow from asia, the reserve bank of australia isor the first time since 2016. president xi jinping begins a state visit to russia. another central bank is in focus thursday, reserve bank of india. the ecb makes a rate decision. i will be there in lithuania. friday is the end of may. not the month, but the prime minister. theresa may steps down as the leader of the u.k. conservative party. anna: i go with boris. joining us now is the latest candidate -- [no audio] your question is essentially, how do we get that through the conservative party, which is not much in favor of this? but the fact of the matter is, front runners can say whatever they like to members to get votes. but when they come into the house of commons, they face the same problems theresa may faces unless they are willing to change the game. anna: so they have said there are far too many people standing in this contest. your'e the 13th to throw your hat into the ring. is this a way to secure a cabinet role, to try to balance out a brexit heavy cabinet in the future? w

and hold deutsche bank accountable. >> i just want to read some of the questions that you're asking the federal reserven your letter, you say has anyone from the white house or the department of the treasury communicated with the fed board or the new york fed regarding deutsche bank including instructions related to the release of documents to congress or to law enforcement. if so, please describe any such contacts. what is the likelihood of you being able to get real answers from the fed on this. >> look, the banking committee oversees the fed. they're in front of the committee often. i'm joined on there letter by the senior democrat, sherrod brown as well as others. we're going to be pushing this very hard and at every opportunity, lawrence. i wrote a letter backing in 2017 right at the beginning of this administration asking the federal reserve for assurances that it would continue to act independently and do its job specifically with respect to oversight of deutsche bank. i also asked now chairman powell the same quell during his confirmation hearing before the senate banking competitive, would he

join me not to talk about the economy, and what is ahead, the president of the federal reserve bank of dallas, robert kaplan. mr. president, it is always a pleasure to see you. thank you for being here.>> thank you, maria. maria: had you characterize things right now? we are seeing pmi 's slowdown that is global not just the us. is that with the real weak spots are? and are you expecting a slowdown? >> yeah, so -- we have been expecting that growth would slow from 2018 until 2019. and we thought that last year and you have heard me, i talked to about it. the reason we thought that is aging populations, slowing workforce growth and waning of the sizable fiscal stimulus. particularly, the spending aspect of the fiscal stimulus was going to wane. if you had been the show april 30, i would've said you know, our forecast would have been 2 1/4 or two and half percent gdp growth for 2019. i might have said that if i was wrong, we might be wrong too low. in other words it might be better than that. then the china talks hit a snag, the threat of tariffs on mexico were very significant for u.s.