who is stanley fischer?u were speaking with a friend who knew nothing about economics, how would you describe stanley fischer? thomas: he was the head of a central bank of another country and is now in the united states. he is an all-star. tom: we can talk about the commodity prices and such, but i would suggest that dr. fisher invented the phrase altra accommodative. which is where we are now. let me lead in with my first question to stand fischer this morning. why are we so afraid to raise interest rates? doug: i don't know. i think they are too data dependent on equity markets, financial markets in general. it should be about the real economy. the real economy is not doing great. a 20 point hike in the funds rate will not change that very much. we had to get back to a more normal bonds rate policy as a way of getting financial markets in better shape going forward. tom: we have a lot of younger students coming out of our schools that we have never seen -- that have never seen a rate increase. that is some

much less so with stanley fischer. time asking questions that cannot get answered. we can talk about where they "ultras phrase, accommodative." you sought mark carney deal with that. a challenge how the u.k. and u.s. begin to raise interest rates and the path from there is the big issue as well. manus: tom, have a good one. we look forward to those interviews. fran and i are going to be tweeting everything. two great interviews that nobody wants to miss. francine: china stocks may have posted their biggest two-day gain in almost a month. inflation data shows there was a in exports last month when the country saudis steepest decline -- saw the steepest decline in nearly 60 years. from standard charter and joining us in hong kong, how do you interpret the movement? >> we see a weak spot following a broad-based sign in previous demand. there's 3 billion that is disappointing. that is because of the high base in last july. inflation started to rise. what would be the assessment of the government? we think the government ap

did fed chair stanley fischer -- vice chair stanley fischer tip his hand?mberg surveillance." ♪ of august,st day this is what you need to know. futures -17, dow futures -146. the rest of the market is churning. as usual, bill gross and jim glass are scheduled to be on bloomberg radio as the jobs coverage comes out friday at 8:30. right now to headlines with vonnie quinn. vonnie: the man accused of killing a sheriff's deputy in texas will be arraigned today. honor darrenhed to goforth. notsuspect's motive is known. he and the deputy had never met. volkswagen and suzuki are going their separate ways. arbitrators are backing suzuki's request to end the alliance. in six years, there was not a single project to develop green technology. tom brady will miss practice today and will be at a new york court in what is expected to be the last gasp for both sides of deflategate. a judge says he will rule friday if they do not settle. the patriots' season starts 11 days from now. there is a big incentive for them to come to an agreement. tom: the clock is helping brady,

you want to hear from fed vice chair stanley fischer? stay with us on this friday, bloomberg "surveillance." ♪ tom: good morning. futures pause after a big two days. dow futures -109. a fragile type. our top headlines. vonnie: in hungary, three people arrested in the deaths of 71 migrants sound in a truck abandoned on a highway in austria. the migraines probably suffocated. some of them were refugees fleeing violence in syria. tesla's elon musk is going back to his days at paypal. if you buy a tesla model s after being referred by a current owner, you get a $1000 discount and the owner will get a $1000 credit. musk had a similar referral service at paypal, which he cofounded. donald trump may have settled the most pressing question of the campaign, is that his real hair? the answer came at a rally in greenville, south carolina. mr. trump: i do not wear it to upe. it is my hair. come here, look. >> it is. yes, i believe it is. vonnie: trump said "the new york times" accused him of wearing a toupe. vonnie: i want to see a certificate. . to

. >>> stocks fall in europe and asia after vice chairman stanley fischer says a rebound will allow the central bank to raise rates gradually. >> we've got a little over two weeks before we make the decision, and we've got time to wait and see the incoming data and see what exactly -- what is going on in the economy. >> the shanghai composite ends the month over 12% lower as china injects over 140 billion yuan into the money markets. >>> berkshire hathaway has more than a 10% stake in phillips 66 despite the slide in crude prices. >> hitting the motherlode, shares in any rally after the eni discovers the mediterranean's biggest gas field. >>> some numbers just hitting the tape. eurozone, august inflation is unchanged from july. cpi year on year, plus 0.2% is what it is estimated for july. the core cpi year on year is plus 0.9% which again is pretty much unchanged july, where it was. plus 1%. overall, the cpi number coming in fractionally ahead the same number for july. let's look at the euro, 1.12, that's what it was around the open, changed a little at trade but not significantly. >>>

federal reserve vice chairman stanley fischer joins us live you in a cnbc exclusive interview. plus you know what's cool? a billion users behind facebook's monster growth. we will talk to carys swisher about that later on. as we go to break, take a look at some of the biggest tech winners this week. netflix up another half percent in this session. 13% this week. also up big, sandisk, intel, apple and facebook. we'll be right back. opinions. there's no shortage in this world. who do you trust? whose analysis is accurate? how do you make sense of it all? a simple, unbiased stock score consolidated from the opinions of independent analysts... is that too much to ask? nope. equity summary score, powered by starmine, will help you execute your ideas with speed and conviction. and it's only on fidelity.com. open an account and find more of the expertise you need to be a better investor. >>> it's been a huge week of market swings. dominic chu has a look. >> we told you before, a massive move if you count up all the intra day moves since last friday's big drop, we have dropped about, m

let get back -- getting back to the macro picture, said vice president stanley fischer spoke to bloomberg this morning and commented on inflation. stanley: a large part of the inflation is temporary. it has to do with the decline in the price of oil and raw materials. these are things which will stabilize at some point. we are not going to be as low as we are now forever, and we need to be looking ahead as we go. scarlet: i would like you to comment on the context of this. wasnk of england governor fairly dovish and he warned there might be another period of price declines. what is he that janet yellen and the fomc do not? david:aybe: it is -- maybe it is partly because the u.k. is so much more fixed -- hitched to the euro zone economy, which is still plagued by a tremendous amount of excess capacity. the inflation rate in the u.k., if i'm not mistaken, is actually 0%. technically, you are in a deflationary environment. in the u.s., we are a little farther away from that, which is why the markets are pricing in the fed to move up earlier than the bank of england does by several months, if

another reason to validate stanley fischer's comments. he would not assuage the market of their assumption. they will play out a little bit earlier. the fed have gone from the -- 24 hours i should say. -- wirp, whichis is world interest rate probabilities. it comes down to the train you should be on. they say they are not worried about oil. i will talk to my guest in regard to oil and the dollar and rates. indian's barclays economy with us he will talk of india. for me it comes down to the most mishandled, misrepresented, cac ca id -- cac candid -- ckhanded, dysfunctional intervention -- that is china. jon: best of luck for the rest of your day. ♪ frenzythe volatility continues with global stopped set for their worst month in more than three years. that comes as federal reserve officials refused to rule out raising interest rates next month. september is still on the table. and pressure on two fronts -- protests over military policy and japan's industrial production unexpectedly slumps. welcome to "the pulse." i'm in london.

that is the assessment from stanley fischer. erest rate era could end as soon as next month at the next meeting of the central bank. he spoke exclusively in an interview with tom keene. stanley: low interest rates are designed to help the recovery of the economy. in terms of employment, which is what really matters, they have done that very well. five, andom 10 to that is what they are intended to do. they are also intended to help investment. we would be happier if we saw more physical investment and financial investment probably, andthey are doing their job the fed has handled this very well. i can say that because i have only joined lately. let's get to this phrase which i ascribe to you, alter economy. i saw the physical force that you put into that phrase, ultra accommodative. what is ultra accommodative, and why do we have this reticence worldwide to raise interest rates? stanley: it was set at a time that we thought zero was as low as you could go on interest rates. we could not be any more accommodative than the zero we a

so all stanley fischer is saying is that those prices are sticky.ents andecause of health care, they are likely to go further, so when we hit a point in time when the dollar stops appreciating, when commodity prices stop their freefall, what is going to happen is that headline inflation will ultimately gravitate towards service sector inflation, which is closer to 2% than 0% or 1%. so that's just a mathematical premise. joe: david, it seems as though september is starting to look very likely or that there is a good shot that that is when we will get the first rate hike. do you think that is too soon? do you think that is a reasonable time to start hiking? david: i had been of the view that if they were going to move -- you know, last year, when we caught that taylor went, it seemed like a good time. for whatever reason we were , still on qe3 at that point. and i was of the view recently that they would take a pass on september, and i lost confidence in that view for two things. not just the tenor of the employment data on friday, but we are seeing s

tune if for an interview with stanley fischer.a look at these crazy huge swings in the market this week ending with a wimper with the dow down 54 points but traveling more than 10,000 over the week. try the superior hold... ...of fixodent plus adhesives. they help your denture hold strong more like natural teeth. and you can eat even tough food. fixodent. strong more like natural teeth. fixodent and forget it. >> good morning. the ceo of ashley madison is resigning. the parent company of ashley madison which is the dating site who's motto is life is short, have an affair. it was hacked and all the data from that site was made public by hackers. the company that owns it is avid life media. they say that they are actively cooperating with international law enforcement in an effort to make those who are responsible to justice. but under pressure, it looks like the ceo, effective immediately will be stepping down at the ceo of ashley madison. >> not such a surprise, i guess. what a nightmare. >> i think we could have seen this coming.

erik: stanley fischer with tom. police say asouri, man was critically wounded after he shot at police. which get down. erik: they had been tracking the he open fire. donald trump will not apologize for comments he made about making kelly. he phoned in to deny he did anything wrong and says he has no problem with women. >> i have had an amazing relationship with women in business. yousay that about a man, if say that about a man, it is a great honor area it is also a great honor when you say it about a woman. stephanie: hillary clinton will roll out one of the big ticket policy proposals of her campaign. a $350 billione plan to make college more affordable. we need that. a pair of suspects fired shots in is american consulate simple. news agencies say one of them was caught. no claim of responsibility. after jets arrived in turkey. erik: frank gifford being remembered as a star on and off the football field. he died yesterday at 84 years old. he had a hall of fame career for the new york giants. >> he was very call h

what will stanley fischer say on saturday? like the fact that you brought in the context of what we have lost. equivalent to what has actually happened in china. the act -- argument would be that the correlation is utterly and entirely irrelevant over it was mathematically irrelevant. i have to say that word for markets because this was made up by 80% of domestic investors. everybody is just looking for a reason to sell these markets. another when should be installed forget they have been cutting rates since november. when you look what the united withs is doing, do you go this idea that the window for the fed just shut hard? manus: in his view piece this morning he writes that the fed should not and will not come to the rescue of equity markets and he outlined a number of different reasons. day -- 210he billion. that is much the chinese have put in in terms of liquidity and it is the most amount they have added. jon: that is manus coming up with francine lacqua after the break. let's bring up the equity markets. ftse 100 with

-- by the vice chairman stanley fischer. he proclaimed his faith that inflation is poised to move upward, and his remarks weren't signaling an impending rate tight in september, but don't take off the table a rate hike. have a look at how european stocks have fared over the month of august. even worse than global stocks. thein close -- this is stoxx 600 -- the biggest monthly drop since 2011, an 8% decline. 12% below the record in april. it was at a record, remember that. every group. has dropped this month here -- every group has dropped this month. basic resources have lost 25 billion, oil and gas have lost almost 60 billion, and don't forget european stocks actually rose last week for the first week in three, gaining by point .55%. i want to focus on crude quickly -- it is down for a third consecutive month, despite last week rising for the first week in seven. facts,some shocking thank you very much. let's turn our attention to china. the biggest selloff since 2008. the investors are worried about the level of state supp

we will be speaking to stanley fischer and former fed chairman alan greenspan. do not miss those conversations. they come up with tom keene on "bloomberg surveillance." we are in the red now 30 minutes into the session. good morning. ♪ jonathan: good morning and welcome back to bloomberg tv. let's bring you up to speed with bloomberg's top stories this morning. chinese stocks posted their biggest gain in a month today amid speculation the government would accelerate mergers. china is said to be considering merging its two main shipping companies. warren buffett may be on the verge of one of the biggest acquisitions of his career. according to a person familiar with the matter, buffett is in talks to purchase precision car parts. cap of $27rket billion. the greek government aims to conclude talks on its bailout program by tomorrow to leave time for parliaments to release funds for an august 20 payment to the european central bank. 17 minutes into the session in europe, let's get you up to speed. the ftse 100 just rolling over. on your screen's right now, but only

bit end of last week, over the weekend, with the comments from stanley fischer, now the most likely outcome. what's your expectation? >> well, since the beginning, we felt that september would be too early for any rate hike for many reasons. must have been the domestic. the u.s. economy strength is not formal yet. in research, we outlined there are several countries around the world, brazil, russia, nigeria, are actually extremely exposed to an abrupt rate hike towards the end of the year. i think what happened in china, and a perfect storm, some of the u.s. main trade partners, internationalized, is something that the fed have in mind thinking about the next rate hike. so i'm not surprised that stanley fischer is actually talking about the impact of the chinese stock options, i would say, on to the probability, the likelihood of the fed rate hike before the end of the year. so we expect it to be later this year or maybe even into 2016 because of the vulnerabilities happening today. >> let me talk about the moves we saw in the euro last week. do you think mario drachma will be wrapping his

going to listen to people, listen to janet yellen, william dudley and stanley fischer. back to you. scher international flavor. tom keene is at the head of "surveillance" and 25 minutes. it is pretty surreal. and then and the u.s., our scope this morning that the chinese are supporting the chinese equity markets. everything the market participants have said should not be their focus. are they concerned about social issues? i would say they are moving towards a september 3 celebration. the headlines that they are deep alluding beijing shows the moment. we have risk on trades coming off the dudley comment. we will look at the markets, jonathan ferro bringing us up to date. brad hints from stanford bernstein. in two weeks, we come back from .ummer .e talk about the future as we look at m&a, and particularly energy m&a, we saw that yesterday. a little bit of normality here, even as we focus with mike reagan on what is going on in china. manus: i suppose the other thing is this, are the chinese selling u.s. treasuries? that is a great one in terms of the currency move. tom: i think you ar

stanley fischer says move.e's very close to the imf, but i'm saying in every -- the labor department report i think is going to be better than expected unless the oil layoffs were really big. i don't think so. china, every number is worse than expected. when you come in hang dog -- i'm going to do it. wow, carl, that was a bad number in china. market is down 8% and we're almost at 2200. there. can you imagine? that's priceless. you can act accordingly. i did it. there. >> you did. morgan stanley going from hold to buy. after falling 15% in the pullback. when you feel like cry, it's time to start buying. people are trying to figure out if we get a hike and that's it and the curve goes flat, how much do banks outperform, if at all? >> not at all. look, i think my travel trust owns morgan stanley. i'm more inclined to buy some down 12%. goldman is down 3%. these are inexpensive franchi franchises. morgan stanley is a good example. they're in their own personal bear market. glen short, i've known him for years. the

jonathan: if you could do one thing this weekend -- that stanley fischer speech, would that be at?anley fischer's role is to guide forward in terms of the perception of where we are with the fed. the window is closing. don't -- jonathan: manus cranny after the break -- don't miss it. that's it for me, wrapping up an incredibly volatile week. it's almost over. i'm on twitter. best of luck for the final trading day of this crazy, crazy trading week. ♪ francine: the rally continues. u.s.ean, and asian and markets. we discuss extreme market movements. manus: focus on france. exclusive interview the economy minister says he will keep an eye on china slowed down but insists it will not threaten his country's recovery. francine: let the good times roll. data shows consumer confidence at a 15 year high in the u.k.

matt:fed vice chairman stanley fischer speaking with tom keene. scarlet: interesting the fed looks at it a certain way and mark carney warns of something different. morning slowing prices may be an issue for months to come. economists intest the world who disagree with each other. slowing prices may be an issue for months to come. ♪ ♪ matt: welcome back. i'm matt miller here with scarlet fu. a look at the markets right now. starting with the major averages on pace of breaking the seven-day losing streak. are in the green across the board. all at sessionre highs. very good day. s&p 500 up by 1.3% area the dow up the most by 1.4. a couple superlatives to talk about. month. the best data also, the highest in the month ends on track to break the seven-day losing streak. on to individual stocks. texas instruments. 3.7%.up by one of the big actors is macquarie is raising the stock rating to outperform from stockl and raising the price for the next 12 months. macquarie says for the fiscal year 2016 it estimates gross margins are too low and shares are ju

angie: the fed stanley fischer says he thinks inflation will move higher.e a jackson hole but pointed out that he is not signaling an imminent u.s. rate rights. act. asked when the will i think the fed is assessing the news. they have a domestic case retaining which seems quite strong. inflation has a really picked up. they've got this messy global backdrop. that makes has been there since 2013. it is nothing new. september or is even potentially october comes into the frame. the feds made the public case for moving. -- areconditions are two too concerning for september. angie: the public volatility will prably shift the fed's timetable for tightening. >> we ended up on a relatively high note with about half of a correction recovered. however, the next half of that correction will be difficult for regain.arkets to obviously, the jackson hole statement over the weekend, they were relatively a beat on the u.s. economy. particularly fisher's comments. we're possibly bringing back a potential september fed rate hike. >> we see a reasonably healthy world economy

i think stanley fischer is right. fed has been itching. they want to raise the rates. been wanting to raise the rates for a long time. i don't think it is warranted. china is slowing down. europe is a disaster. the problem is that that does not have a gdp mandate. in a way, that is the problem, but the gdp and inflation are tied together, so they have a dual mandates of employment and inflation. the employment is strong, inflation is weak. you have a divided band-aid. stephanie if you working at the effect, what would be the deciding factor for you to decide when to raise rates? >> the fed is not a kingdom or dom, there is a whole committee. i think what you should look at before we raise rates, have we reached sustainable liftoff in which you feel the economic growth is not just a blip doing pretty good. not just by one measured doing well. the jobs are good. there -- you want to be consistently sustained growth of something like 3% before you start raising rates in my opinion. one quick question, the macro prudential focus of the fed, should they be worried about pop

then we heard stanley fischer say, you don't have to get to 2% per inflation.eptember seems to have nine lives. the common theme we heard from fed speakers last week was, if we get beyond this market volatility, if we look beyond the volatility, the economy is where we needed to be to start the exit process. that is a big if. we are starting this week off and it has been trading, late august. london is closed today but we see the decline in the equity market. olivia: is there anything you heard that surprised you? carl: not in particular. i hear this constant drumbeat that policymakers want to get off the zero bound in 2015. they have an itchy trigger finger to do that. i did not hear a lot ofthat polt off the zero bound in 2015. folks, even some of the ones leading more in a hawkish direction pounding the table on september. interesting thing i did hear was this repeated notion that october is a live meeting. i think participants are trying to write that off and say it is either september or october. policymakers do not like this two-tier system for fed meetin

nasdaq hanging on to a three-point gain. >> federal reserve vice chairman stanley fischer telling our steve liesman it's too early to tell if policy makers will hike interest rates in september. steve joins us from jackson hole, wyoming, where fischer delivers his official speech tomorrow. steve had this interview today which fascinated a lot of people. take it away. >> thanks very much. my take on what vice chair stan fischer said is to put september back on the table. not to say that it's a done deal but suggest if you thought this was not going to happen, you probably should pay more attention to the economic data, saying the federal reserve had not yet made a decision. >> we are heading in that direction, what's happening in particular with the labor markets. we'll have to see if that continues when we get the data for next week. has been impressive and the economy is returning to normal. we are not certain we're there yet. >> he didn't ignore the recent market volatility but said it could calm down in just a little bit. there are two weeks of data to come. he also revealed a litt

richard fisher gives us his take on comments made over the weekend by fed vice chair stanley fischer. find out if richard fisher thinks a september rate hike is on track. >> are they related? ♪ ♪ (dorothy) toto, i've a feeling we're not in kansas anymore... (morpheus) after this, there is no turning back. (spock) history is replete with turning points. (kevin) wow, this is great. (commentator) where fantasy becomes reality! (penguin 1) where are we going? (penguin 2) the future, boys. the glorious future. (vo) at&t and directv are now one- bringing your television and wireless together- and taking entertainment to places you'd never imagine. (rick) louis, i think this is the beginning of a beautiful friendship. ♪ ♪ isn't it beautiful when things just come together? build a beautiful website with squarespace. i'm a senior field technician for pg&e here in san jose. pg&e is using new technology to improve our system, replacing pipelines throughout the city of san jose, to provide safe and reliable services. raising a family here in the city of san jose has been a wonderful experience. m

>> you have some good guidance on that from the vice-chairman, stanley fischer, who spoke two weeks agoill be speaking again this saturday. what he said is that the fed is concerned about international conditions, only insofar as they are serious enough to affect domestic economic conditions. they are not going to respond or hold back just a bit because 17 internationally. what is far more important to them is what is happening to this country in terms of jobs and core inflation. alix: thank you for joining us on a very busy day. our one-hour special will be right back. ♪ ♪ ♪ ♪ get excited for the 1989 world tour with exclusive behind the scenes footage, all of taylor swift's music videos, interviews, and more. xfinity is the destination for all things taylor swift. alix: timeout steel -- i am alix steel. joe: welcome back. ge plunged at one point about 21%. the biggest selloff since the 1980's. not a stock you thought would have moved this much. when you see a company like ge lose 50 billion in market cap , that created extraordinary market action. i want to check out this chart in my

yields ticked up after stanley fischer's comments.asically because he didn't rule out a september hike. mr. santelli is off on a world reserve vacation. >>> a relatively calm end to what's been a wild and memorable week. we have your game plan for next week with only the nasdaq positive right now. >>> plus, what are individual investors buying and selling in this volatile market? td ameritrade's ceo knows and he'll join us in a little bit. >>> the next hour has been a major turning point for the market all week. we'll get you the key levels you need to watch heading into the close. >>> "power lunch" will be back in two. like your natural teeth. but, when you eat tough food, the denture moves. oh no! this shouldn't happen. try fixodent plus adhesives. their superior hold helps your denture work more like natural teeth. and you can eat even tough food. fixodent. strong more like natural teeth. fixodent and forget it. no sixth grader's ever sat with but your jansport backpack is permission to park it wherever you please. hey. that's that

we'll feature discussion on global inflation by fed vice chairman, stanley fischer. reserve bank of india governor. but janet yellen, our fed chair, she is skipping this year's gathering. there is group of protesters. they are called, fed up. they are attending second time. they're a liberal coalition made up of community activist groups who want the fed to hold off on raising interest rates at next month's polly meeting. stay tunedded to fox business throughout the day for live coverage of the summit. tune in for federal reserve bank minneapolis president, kocherlakota. how do you say the name? >> kocherlakota. >> thank you. he is in jackson hole. >> i don't know. here is the point, the point is basically bill dudley came out and said september rate hike is less compelling but would like to see a hike by end of the year. you know the fed is very much considering raising rates. see how global markets are faring. after our u.s. rally yesterday, two great days, almost 1000 points, asian markets closed mostly higher. shanghai, kospi, they are up almost 4, 5% and adds to

markets are digesting those comments from fed vice chair stanley fischer in his exclusive interview withteve liesman from jackson hole. going to run through the interday chart, guys, tell melt message of the market, not clear to me, take a look at the dow, news on the comments from fed vice chair fischer, the dow rallied hard into positive territory, now given back nearly all of that ditto for thesome and p 500 as well. look at that intraday here, into those fischer comments, bang, into positive territory, fairly decisive decisively, now all disappeared. the dollar, however, has stuck with its gains and there it sits, coming off highs, but still, that is a very, very clear message, at least to me from the dollar market they think the for rex market, they think a rate hike is coming in in september. what is going on with yields? theoretically, they are moving higher, too, a decisive move, given back more of it far higher than before the interview. the price of oil, which has me completely confused, the strength from the dollar should push it lower, right? oil going higher as well. here's

stanley fischer touched upon this over the weekend, has come from transitory declines in energy prices. it is cheaper to put gas in your car and it might be more expensive to pay rent. the reason i think we need to before, is and do it worry about the asset bubbles. we are going to go through another 2005-2006 bubble and will and badly so financials ability -- financial stability is my number one concern. that is really not something i want to go through again. host: michael konszal. itst: to talk about bitcoin, is useful for viewers to separate three things out from bitcoin. there is a record-keeping function, which i think will revolutionize wall street. essentially bitcoin is kind of like a debit card that is electronic. it will be interesting to see how that will evolve, whether merchants will want to take it. bitcoin and other crypto currencies, a friend just came up to me and said, i think i will keep my money in euros for fun to see if i can enjoy the risk. i said, do you have any debt denominated in euros? i say, you probably do not want to take on currency risk for fun, unless

stanley fischer make comments -- made comments. are people ascribing so much significance to his remarks that the fed will not wait? matt: i think that's a great question. the headline is inflation is at 3/10 of 1%. no one expected them to wait for 2% inflation before tightening. i'm not sure this is new information. the argument people are making, if he wanted to, he could have used this weekend as a signal to say they might be pushing back rate hikes. the fact that he didn't do that, people are saying, i guess that means september is still on the table. alix: thank you so much. he will be with me also on friday. very exciting. scarlet: we will be right back on "what'd you miss?" ♪ alix: i am alix steel. scarlet: i am scarlet fu. "what'd you miss?" alix: do not miss this, ism manufacturing out tomorrow at 10:00 a.m. eastern. we have had so many conflicting data points. up.ago and philly holding this is the level we have to watch for. anything above that indicates expansion. anything below that is contraction. .e are right around h

you heard from stanley fischer indicating the jury is out on a september rate hike.e could seeems something coming out of the fat in september. in september. what are your thoughts? >> i do not think they know. domestic case for tightening which seems strong. inflation has not picked up. but they had a messy global backdrop. that has been there since 2013. new, but it means september or october, it is coming to the frame. global conditions are too uncertain for september. do, what does this mean for currencies globally? especially those in asia? the u.s. economy is and themixed signals only debate is time, it is likely to remain much of the same that we are seeing. likely to remain relatively strong. months, it has been an emerging market story. global markets will stay volatile. we have seen that more recently with equities particularly. again, the epicenter is in the of the world,rts emerging markets at the moment. angie: that is something we are watching closely with china devaluing the yuan, which some suspected was ahead of the rate hike. that china wanted to ta

stanley fischer is one of the people who made comments. a little more hawkish. are people ascribing so much significance to his remarks that the fed won't wait for 2% inflation? matt: that is a great question. core inflation is at 1.2%. no one expected them to wait for 2% inflation. they've been saying that and speeches for a long time. i'm not sure that is necessarily new information. the argument people are making is if he wanted to, he could've uses -- used this weekend as a signal to say they are pushing back rate hikes. people are quick to say, september is still on the table. alix: it's kind of what he didn't say. thank you so much. you will be with me also on friday. we break down the awesome jobs numbers. scarlet: we will be right back on "what'd you miss?" ♪ alix: i am alix steel. scarlet: i am scarlet fu. this.do not miss isn manufacturing is out tomorrow. take look inside my bloomberg terminal. we have had so many conflicting data points come in terms of the family and chicago. chicago and philly holding up. this is the level we have to watch for. any

stanley fischer says there's good reason to believe inflation will move higher. speaking at an annual conference, fisher said pressure holding inflation down has already begun to fade. before the recent market turmoil, the fed was expected the raise rates after its mid-september meeting. >>> at the box office, "straight out of compton" led ticket sales for a third straight week. it took in another $13.2 million and now has made over $134 million total. the faith-based drama "war room" finished second followed by "mission impossible: rogue nation." >>> and one of the classic all-time childhood toys celebrated its toy. back in 1945 after knocking a slinky off his work bench. over 300 million were sold in the first 30 years. >> playstations, ipad, can't beat a slinky. thanks a lot, hena. >>> straight ahead, all of the highlights from an eventful mtv video music awards. >>> first an arizona mom goes on the defense. a woman who says she accidentally left her baby outside a supermarket fights the flood of criticism on social media.e in common? we talked to our doctors

tom keene sits down with vice chair of the federal reserve, stanley fischer.ahead to that. caroline: thank you very much indeed. "on the move" is next. that is it for us on "countdown ." stanley fischer conversation is one to watch as well. ♪ jonathan: good morning and welcome to "on the move." i'm jonathan ferro at bloomberg's european headquarters in london. let's get straight to your morning brief. china stocks surge. expectations grow the government will accept mergers among state owned enterprises overshadowing weak economic data. the greek government wants to wrap up talks on a rescue program by tomorrow, leaving enough time for national parliaments to assess the agreement. berkshire's new pursuit. warren buffett said to the close to buying decision car parts for close to $1 billion, one of his biggest deals ever. they are just three of the things i'll be talking about through the next 60 minutes. ftse futures in the green. dax futures up 0.5%. will it be a higher open? let's get the market open with caroline hyde. caroline: two days of a selloff on the

stanley fischer is supposed to talk about inflation. we will see of they of the rough at all.nie: last time it was he u.s. ratings downgrade that was causing the selloff. the fed funds futures indicate it is only a 32% chance that there will be a move in september. our twitter question -- looking from asia to europe and now to futures in the u.s., is this carnage or is it just a correction? let us know. this is "bloomberg surveillance." ♪ ♪ brendan: this is bloomberg surveillance. i am brendan greeley with vonnie quinn and michael king. it is busy and picking up steam this money. thencern in china that economy is getting worse. the benchmark and shanghai fell more than 8%. that is the biggest one-day since 2007. u.s. stocks are down to. germany stocks down 2%. it is down 70% since the peak in april. futures indicate stocks will be lower in the open. down the most in almost four years. meanwhile, the price of oil keeps falling. west texas intermediate is trading below $39 a barrel this mine. crude went below $45 for the first time in six years. crises between south and north ko

stanley fischer speaks saturday. many hawks and doves assemble. a decade since katrina.is not the same. good morning, this is bloomberg "surveillance," live from new york. thursday, august 27. i'm tom keene. vonnie, 10 years from katrina. david is there. vonnie: i cannot believe it is a decade. tom: a new city. we will get that later on "surveillance." top headlines with, markets. vonnie: the virginia television two employees were murdered observed a moment of silence. weren parker and adam ward shot to death during a live broadcast. thousands turned out to pay respects. a woman day over interviewing was wounded. police say the attacker was a man who had worked at the station. president obama talked about the tragedy in philadelphia. president obama: the number of people who have died from gun related incidents around this fs and hewar deaths through terrorism. we are willing to spend trillions of dollars to prevent terrorist activities. we have not been willing so far some commonsense sense gun safety measures that could save some lives. vonnie: the suspect took his own

september may be back on the table because we heard stanley fischer, the vice-chairman, say that inflations something that has to get to 2%, we just have to believe it will get there. working wirpgo, we're 38%ng investors pricing and chance that they will move on september. when bill dudley was speaking, the probability dipped as low as 22%. can see just how rapidly the odds of september have shot back up. inwill see what happens september. alix: that two-year yield very sensitive to any expectation. ahead, samsung is struggling to beat with apple and other smartphone makers. it latest devices failed to hit with consumers. ♪ alix: top stories. in kiev, violence broke out between police and protesters outside of the parliament. thrownsay a grenade was at them, killing one officer and wounding is india's 90 others -- s many as 90 others. created a 15 mile traffic jam on the hunt gary inside of the border. five suspects have been arrested in the truck abandoned on the side of the road. brought heavy rain friday. wind on the governor is giving them until september 8 to finish the proposal. tho

does alan greenspan, or stanley fischer, or warren buffett spending $37 billion. how can you make a transaction if he does not know the rate? determinesself, what interest rates, fundamentally? that is the extent to which we discount future values. >> what is the character of this commodity collapse? down,see oil and copper the easiest answer is china. i do not either. why do we see a commodities implode? >> oil has to be differentiated from the rest of commodities. fundamentally, it has had a production..s. we have had a million barrels a day since the last three years or so. solutionf our fracking , we have no sign of lymphatic despite the issue of much lower oil prices. is inhat is telling you the cost down lower and lower, have declined. much more ahead on the bloomberg market day. nolary clinton said that student should have to borrow to pay for tuition for college and how is she going to do this? scarlet: welcome back to the bloomberg market day. to thelet's get straight markets. the dow is trying for this 200 point game. are we going to close up? i am feeli

you, if: john, to stanley fischer headed up the bank of england would we be talking them at the rateike you're talking about? we have to bear in mind that a central banks job is as much to project forward where they expect data to go into look through some of the near-term issues we face. this is about an inflationary trend around the globe which is the commodity complex. the idea that we should be knee-jerk into that just at a point where anecdotal reports suggest that there is tightness in the labor market and some firms are struggling to hire. so would be asleep at the wheel, not to look forward not it today. miles, theavid member many thought would put for the rate hike had this to say -- the longer you leave it is slightly more steep the projection goes. how do we know when it is too late? when do you have to move? aboutd we be talking february? rob: you only know after the event. for 18 months of been talking about this. maybe longer than that. late,ow when it is too when wage growth suddenly picks up. in the current environment, i don't think that is likely to happen. we shoul

. >> fed vice chairman stanley fischer earlier today on "squawk alley" speaking to our own steve liesman. sfishser said economic data had been impressive and any raise in rates would be a gradual process. the dollar eventually popped on fischer's comments. we ask are we any closer to knowing what the fed will actually decide in september? b.k., i don't know if you can read the tea leaves. he sounded pretty cautious. >> actually the part that really struck me was he mentioned the chinese devaluation, and he said it could have been a big event. we're still waiting to see. because most people afterwards said oh, it's only a couple percent, it's not that big of a deal. clearly it's on the fed's radar. i think if we get a market with volatility that dies down we have the jobs number next friday, as long as that looks good i think september's still on the table. i don't think they should do it but i think they may, they want to. >> there was acknowledgment as well that market volatility could actually play a role in the fed's decision, which i thought was kind of interesting. especially next w

mark carney and stanley fischer. to feel that inflation is not something to worry about too much. does that mean we can still see a move come september? what would that do for growth? sentiment is negative. a couple of stocks to watch for you. volkswagen is key among them. selling the state in suzuki motors. that could mean some cash coming their way. $3.8 billion overall. also, keep an eye on allianz. this is the insurer to their infrastructure on could be airport in for an nice. how much would they be willing to pay for that? anz could be set to move on the back of that news. interestingly, i want to focus on a few assets that should be a focus for investors this morning. commodities are continuing to drop. we are seeing copper coming off its lows. we are still down by .5%. we are likely to see oil on the downward trajectory as well. keep an eye on miners. the euro up .5%. yen, both being seen as they haven trade. the correlation between the yen and the euro is at its highest since early 2007. guy: thank you very m

do that --e cannot what will be the market reaction when janet yellen and stanley fischer raise ratesforward curve presumes -- >> we like that. , give itn punch it up the active forward curve for all countries, but in the u.s. in two years the fed rate has been assumed to be 1.5%. so if we get there in 2017, there should be no market reaction because it is priced in. that is, gated -- complicated, but investors expect to be at 1.5% two years from now. anything less is positive for the bond market. >> are you managing for total return? how is bill gross managing day to day given the back-and-forth that we see? risk off, thatg is the dominant flavor of what i am doing. for half a century investors have been looking at financial based capitalism, that is usually around guaranteed return. by the central bank bailing them out or through the dynamic movement of capitalism. now with interest rates low, we have to question whether a positive carry produces positive return going forward. sense deflation, among much of the globe with currencies, you have a germanic decline -- dramatic decline.

next half hour, we will hear from vice-chairman stanley fischer. give us his take on when the fed made in -- may raise rates. and midnight madness raising over three -- $3 million for charity this weekend. but right now, getting back to the business story of a. warren buffett and berkshire hathaway pulling off a purchase , beefing up its holdings in heavy industrials. it is $27 billion in cash. berkshire will borrow the other $10 billion. meyer joins us now. the main criticism i've heard this morning from some investors, reportedly from some investors, is that buffett paid too much. do you share that conviction? meyer: i have certainly heard it. i don't think i share it. if you look back a few months before reserving seeing the down wasil and energy prices, it certainly near where he made his offer and payment. broadly speaking, are they overpaying for a business that will eventually come back? i don't think that's fair. .att: they did pay a premium that basically makes the company hole from where they had fallen from last year. what about other si

what does that signal to stanley fischer in janet yellen?y will talk about international developments, and international developments raise their concerns to such a degree, that it might reduce their odds. tom: are you saying september sale, or can i make some news with you this morning and go to december? september is still on the table. what stan fischer said to you yesterday is important. the u.s. economy is less sensitive to the rest of the world and the rest of the role is to the u.s. economy, so it has to be a bigger move for them. certainly this will be on their radar. off a bit off the opec news. it is like october this morning. brendan: there is a greece deal, and it is our third story. [laughter] tom: how about our twitter question? let's get to it right now. will china's devaluation help its economy? good morning. ♪ tom: good morning, everyone. "bloomberg surveillance." tom keene, brendan greeley, julie hyman in for vonnie quinn. my conversation with vice chairman stanley fischer here on inflation. the problem is not with the part

scarlet: stanley fischer did not give any indication of that over the weekend when he spoke at jacksonid have barclays pushing that out. there are those who say it is too scary and financial conditions are two stressful. and that will eventually lead to the payroll market. not totally out of the roma possibility. scarlet: there is also the view that the fed and off themselves in a position to raise rates. always looking for a reason to raise rates at zero level. scarlet be in for joe missed.al for what you talking about the winners and losers of last month. i was looking at the best and worst performing equity markets in the world. we tracked 86 bits. the 92% are emerging markets. i will tell you how many posted gains. talking about a little green +. not that many. alix: all that and much more. also speaking to the chief u.s. strategist at 4:00 eastern. three charts you cannot miss. thank you for joining us. i will see you back in 20 minutes. coming up, looking at markets off the session lows. the dow off by 89 points. we will be right back. ♪ ♪ alix: welcome back to the bloomberg "mar

right-hand yellen's man still efficient -- stanley fischer is expecting inflation.er billions of dollars, who should pay for the high cost of drug treatment? matt: good monday morning. i am matt miller. pimm: i am pimm fox. we are 90 minutes into the trading day in new york. a little bit of a rally, the s&p hunt -- 500 higher than 1%.

we have the fed chair stanley fischer who was on a panel on latter-day -- on saturday.e is the question now. tons of people will be there saturday, paying attention to the speech. alix: this morning it did not seem like we're going to have any selloff today. goldman sachs say the s&p is down about 11% from its high, and on average, it takes about six the eighth days to reverse from inspired. their implication is that it will crack i saw a lot of research along the line. saying goldman sachs has held its line long enough. there was a note from ages vc looking at the entire world. the stock market saying it looks like the stock market has run its course. werefew of the strategist sliding off. alix: one of the stocks that are leading the way? the percentage of new york stock exchange stocks that are closing above the 200 day moving average. this is not calculated to days, but as of yesterday that number was pretty paltry at around 17%. look at how steep that the client has been at how much we have deteriorated just the past year alone you cannot he held up by 17. that are

jackson hole kicks off, everyone looking forward to that stanley fischer. friday, u.k. gdp as well.e bit of data, speech, and a lot to watch. manus cranny of bloomberg tv is up next. you've got a whole host of equity markets in correction. you have a correction of what a bear market actually is. phil bladen seems to think it's about a capitulation of sentiment. nobody is able to make demonstrable cause -- they want to take risk away from the table. but if you look at two numbers -- one is 1 trillion and one is 16 -- what do they mean? one trillion is amount of debt issued by the chinese institutions. 16 is the relative strength index of the hong kong stock market. the pace of declines in hong kong's is the fastest since 1987, according to the ors. crude oil is oversold, deeply oversold. the dax is oversold. the bloomberg commodity index is viciously oversold. jonathan: according to the -- manus: well, the hero is overbought. i don't know why you getting so picky with me. i merely stating fact. i am merely stating fact. $5 trillion has been wiped off the equity market. the question y