. >> josh's dad, steve powell, takes control. r. >> i call it ft. powell because it became a fortress. >> they had the windows, blinds drawn. they kept the house dark inside. when the media would knock, they'd open a crack and say, "no." they weren't talking to anybody. >> hi, i'm trying to find josh powell. >> they were just their own little country. >> josh isolates himself from the world. he's not talking to police. he's not talking to media. he's certainly not searching for his missing wife. >> i suddenly had this thought. i should try and get josh to confess. >> even josh's sister, jennifer graves, doesn't believe him. so she goes to police and she volunteers to wear a wire and go inside her dad's house. >> they were just about to have dinner, and we went in, and the boys were so excited to see us. >> my birthday! >> it is. it's your birthday, charlie! >> i didn't know exactly how to force this confrontation with josh. >> we've been hearing rumors that you will probably be arrested soon. >> well, i don't know. >> suddenly i j

steve lai. jerome powell appeared at capitol hill for his second yearly report to congress. aaron delmore has more details on his testimony including clues about where interest rates are headed. for months, jerome powell has said that he and others are waiting for more evidence that inflation has hit down to the sustainable target before they cut interest rates. to be sure that line made its way into its testimony today, but there are also clues this time is changing. he said the us economy is no longer overheated and acknowledge the once red—hot labour market is cooling. just the kinds of things that would pave the way for future rate cuts. things that would pave the way forfuture rate cuts. here is mr powell. it for future rate cuts. here is mr powell-— for future rate cuts. here is mr powell. it does not seem likely that — mr powell. it does not seem likely that the _ mr powell. it does not seem likely that the next - mr powell. it does not seem likely that the next policy i likely that the next policy move would be a rate increase. we do not take things like that of the

steve lai. jerome powell appeared at capitol hill for his second yearly report to congress.is testimony including clues about where interest rates are headed. for months, jerome powell has said that he and others are waiting for more evidence that inflation has hit down to the sustainable target before they cut interest rates. to be sure that line made its way into its testimony today, but there are also clues this time is changing. he said the us economy is no longer overheated and acknowledge the once red—hot labour market is cooling. just the kinds of things that would pave the way for future rate cuts. things that would pave the way forfuture rate cuts. here is mr powell. it for future rate cuts. here is mr powell-— for future rate cuts. here is mr powell. it does not seem likely that — mr powell. it does not seem likely that the _ mr powell. it does not seem likely that the next - mr powell. it does not seem likely that the next policy i likely that the next policy move would be a rate increase. we do not take things like

sonali: we have torsten's lack of apollo tomorrow right before we hear from fed chair powell testify. steveman neuberger berman. if you are worried about the markets, he is someone to listen into. sallie krawcheck as well. and the ceo of abercrombie & fitch, whose stock have been rising faster than nvidia, if you can believe it. i know that you and i both wear it. scarlet: you are one of the few people in the office i have talked to actively wearing it because it used to be only teenage jeans and t-shirts and now it is so much more. sonali: i have borne it to the opera, if you can believe that. scarlet: you can catch her bloomberg open interest every day from 9:00 until 11:00 eastern on bloomberg television. coming up, closing arguments over bill hwang's trial is today. we discussed the implications next. this is bloomberg. ♪ so, what are you thinking? i'm thinking... (speaking to self) about our honeymoon. what about africa? safari? hot air balloon ride? swim with elephants? wait, can we afford a safari? great question. like everything, it takes a little planning. or, put the money towards

yields are firmer but still in the tight range of where they've been, 4.288 ahead of powell and cpi later this week. to steveaired remarks crossed the tape. >> yes. fed chair, jay powell, will tell the committee on banking housing and urban affairs that the labor market conditions have cooled while remaining strong. most recent inflation readings he says have shown modest further progress, and he calls monetary policy restrictive and says restrictive monetary policy is putting downward pressure on inflation. the committee, however, still seeking greater confidence inflation is declining before reducing rates. he quotes that part of the statement that says that. he uses the freight "more good data" would strengthen our confidence that inflation is heading towards it. elevated inflation, he says "is not the only risk we face." it's talking two sidedly about the risk and cites the risk of moving too early and late as he has done in the past. the risk of employment goals are coming into better balance and the economy continues to expand at a solid pace, moderating in the first half after strong growth in the sec

steve liesman. he would let jay powell finish his term if elected. >> reporter: let me add to what you quoted trumpinish his term if he thought he was doing a good job. look, i think presidents have complicated relationships with the federal reserve and chairs as an example of that during the trump presidency. for a while there, he followed a normal process of finding a federal reserve nominees and abandoned it and went on his own. he spent a lot of time criticizing fed chair powell. as you said, frank, this is an about face. as for harris, i believe she would follow the same sort of general operating process of the biden administration which is very much a hands off. he has not criticized powell despite the high interest rates. that comes, frank, because the federal reserve and the body politic were united in the concept of we have to fight inflation and that's the most important pressing issue and most important issue in the polls and the economy at the time. now, with inflation coming off and the federal reserve still high, you might see some differences. >> obviously, we have a big economic rep

laurene powell jobs, the widow of apple founder steve jobs, has purchased a home in pacific heights form roll. please $70 million. it's a mansion on broadway in the pacific heights neighborhood, and it was never officially listed for sale. reportedly, the owners had sought $100 million. the previous record in san francisco was 43.5 million. that was in 2021 for another park heights property, but 70 million bucks. all right, let's go back and talk more about the weather forecast as we hit the weekend and the week ahead as well. meteorologist sandhya patel is back. sandhya so nice to hear it's going to cool off. >> it is indeed. and today temperatures started to drop down. we're going to keep that going as we hit the weekend. let me show you some live pictures right now from our tower cameras, and you will notice one thing is in common, which is the marine layer. it's about 1300ft deep, and it's certainly making for some murky views. here's a look at what you can expect. today's high temperatures compared to tomorrow. santa rosa. you're going to drop by 13 degrees from 99 to 86. you'll no

i don't agree with them, and steve read lucy powell, those kind of people.ou highlighted david lammy. i'm very worried about what he's going to do on israel. and he's already indicated you know, i do think that the previous prime minister, rishi sunak, was really clear about britain's support for the state of israel, given what happened on last october. so i really worry, from some of the clips you showed both from angela rayner and so we'll wait and see. the honeymoon will be short lived , honeymoon will be short lived, we'll wait and see to see what what happens. >> okay. >> okay. >> it's also worth noting as well , in case >> it's also worth noting as well, in case you might have missed this, sir keir starmer has apparently already scrapped the rwanda plan. so that's one of the first things that he's done on day one. when you look at the kind of calibre of personnel there, joanna and i know that people will say, and they have every right to say that the calibre of the personnel that the tories had was was pretty shocking as well. but when you actually loo

powell jobs. the wall street journal reports that the wife of the late steve jobs bought the home in pacific heights 70 mil. the owners had purchased the home in 2011 for 33 million. so nice roi there. the san francisco property wasn't publicly listed for sale. powell jobs is reportedly worth about $11 billion. probably has a lot of bathrooms and stuff. wow. it's a big one. we're back in break. te best of the best. having some fun in texas? yeah, it's the big party out there. tomorrow night is the actual game tonight. the home run derby. a lot of buzz. you see all the all stars lined up there. a lot of buzz though about the national anthem, a unique rendition to say the least. you can check it out on social media if you want. ingrid andress who's the best hitter now? or see the big hitter that's dodger star teoscar hernandez, edges out bobby witt jr of the royals. hernandez is your home run champ. first time ever a dodger has won it. as for our local players, the giants and a's, they appreciate the journey and are relishing their all star status. father in law, mother in law. i got a whole i got a w

laurene powell jobs, the widow of apple founder steve jobs, has purchased a home in pacific heights for drum roll. please $70 million. it's a mansion on broadway in the pacific heights neighborhood, and it was never officially listed for sale. reportedly, the owners had sought $100 million. the previous record in san francisco was 43.5 million. that was in 2021 for another park heights property, but 70 million bucks. all right, let's go back and talk more about the weather forecast as we hit the weekend and the week ahead as well. meteorologist sandhya patel is back. sandhya so nice to hear it's going to cool off. >> it is indeed. and today temperatures started to drop down. we're going to keep that going as we hit the weekend. let me show you some live pictures right now from our tower cameras, and you will notice one thing is in common, which is the marine layer. it's about 1300ft deep, and it's certainly making for some murky views. here's a look at what you can expect. today's high temperatures compared to tomorrow. santa rosa. you're going to drop by 13 degrees from 99 to 86. you'l

laurene powell jobs, the widow of apple founder steve jobs, bought a home in pacific heights for gett's a mansion on broadway and it was never officially listed for sale. the owner is reportedly sought $100 million for the home. the previous record in san francisco was 43.5 million in 2021. for another, pacific heights property. turning now to abc secret sales. this week, we're rounding up the best deals on must have tech. here's sam champion and danny backstrom >> let's go. it's time for an all new abc secret sales with limited time savings just for you. what about me? well, just for you. >> and you. okay, good. this week, tech finds it's only while supplies last. so scan the qr code or head now to abc secret sales.com to get shopping. what are we starting with? all right, stay powered up with the aqua vault, this ultra thin charger. >> and it's this one right here. fits in the credit card slot of your wallet. comes with built in charging cables for iphone. android. you are never fumbling to find a cord again. >> i know someone who tends to do instagram lives in the middle of the oc

steve. thanks. we'll see you next hour. >>> my next guests all agree that powell is likely to open the door wider fort september cut. let's bring in my three guests. welcome to all of you. i'll go in reverse order. julia, where is the drama going to be today? >> we're going to get a policy statement with a few key changes. i think they're going to tell us that they see inflation progress as resuming, and that their confidence is growing and they'll use those major tweaks to the statement to tell us where the -- that their confidence is growing and a rate cut is the next move in the not too distant future. in terms of the press conference, i expect powell to stay pretty cagey. the question is not direction of travel, it's pace, and are we going to have an initial sequence of steady cuts followed by more feeling their way, or are they going to start very cautiously? that's going to be determined by the data. i think that's what we'll hear from powell, just data de depe dependance, no promises made. >> you and your colleague both are on our mock fed, you both voted for a cut. why are there still holdout

someone named, glen[ bleep ] powell. [ cheers and applause ] harris/powell 2024 endorsed by brisket. [ dog barks ] yeah. i saw that today. >> stevejimmy: switching gears, spirit airlines just fired two gate agents in california for yelling at passengers to shut up. who's yelling at a spirit airlines gate agent? when you chose to fly spirit you manifested that destiny. [ laughter ] you guys see this? yesterday, in chicago the oscar mayer wiener mobile was involved in a crash and ended up rolling over. everyone's fine. take a look at this. yeah. [ audience aws ] well, we actually got audio of the 9-1-1 call. >> jimmy: yes. listen to this. >> 911, what's your emergency? >> i banged up my wiener pretty badly! [ laughter ] >> i'm sorry? >> oh, god. my poor wiener, i can't get it up. look at this! my wiener is covered in bumps and scratches. >> sir -- >> and it's leaking. >> i don't understand. >> what's not to understand? i'm on the side of the road and people are staring at my broken wiener. hey! stop taking pictures of my wiener! >> sir, i'm hanging up. >> jimmy: yeah. [ cheers and applause ] they're okay. they're okay. >> and final

we have a rate decision and chair powell's news conference this week. let's get over to steve on what investors need to know as we head into this important meeting. steve? >> yeah. david, good morning. also a whole lot of economic data. but this is widely viewed as the meeting before the meeting, where they cut with the question being, how much guidance does the fed an chair powell provide for what could be rate decreases in september and beyond. the statement for several months has said the committee does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably towards 2%. now creating the opportunity for the fed to change the statement to indicate it has gained some greater confidence as a result of the declines you can ein the monthly deflation raitts. the markets go in with a 100% price cut in september, 69 in november, 65% probability of a third cut come december. treasury markets were on the move this morning in a pretty big way. 8 basis points decline in the 10-year yield now down to 4.17 an

steve: yeah, yeah, yeah. >> jimmy: yeah. ♪ thank you, flip flops, for making it sound like my feet are applauding sarcastically. [ laughter and applause ] [ slow clapping ] ♪ thank you, glen powellder picture. and thank you, jim justice and his dog babydog, for being who actually shows up for the date. [ laughter and applause ] >> steve: "wait a second." >> jimmy: cute dog. >> steve: cute. very cute. >> jimmy: yeah. ♪ >> jimmy: thank you, arugula, for being the only vegetable that sounds like a car horn from the 1930s. [ laughter ] ar-ooo-gula. [ horn honking ] thank you. >> steve: now who does that go to? >> jimmy: uh, like, the produce section. >> steve: of a supermarket, or something like that? >> jimmy: of a supermarket, yeah. >> steve: you just mail it to them? >> jimmy: you name your supermarkets. you have a&p. you have -- >> steve: sure. you have ralphs. >> jimmy: vons. you have john's. you have, uh, gelson's. >> steve: safeway? >> jimmy: safeway is a good one. you have stop & shop. >> steve: yeah, sure. piggly wiggly. >> jimmy: piggly wiggly, of course, yes. great american doesn't exist anymore. >> steve: oh yeah, it doesn't exist. but it was a good store. >> jimmy: it w

that's what powell had addressed in his testimony in front of the house and in front of the senate, steved that is, you know, there are two risks here. the risk from inflation, which seems to be abating at this point, especially with the cpi print, but the unemployment risk, which is still not necessarily -- we can't really declare that abating right now, at all. >> yeah, and, you know, it was -- as soon as the labor market starts to get tapped, that's what's going to make powell really start to put his foot on the gas as far as cuts are concerned. and that's what they want to stay away from. they want to keep that soft landing in tact. those long and variable lags i think are really starting to set in. a third of cpi are housing costs. so, you really need to see that -- and i think that the fed is actually to blame partially for that, because rates are staying high, owners equivalent rent staying high, rent staying high, so, a third of that number is really based on where rates are right now. seasonality, melissa, with july as we've all stated, the first two weeks are the most bullish ti

steve ballmer now surpasses more net worth and bill gates. >>> we get the may jolts report out at 10:30 a.m. eastern and we have jay powell forum in portugal. back to the markets. the positive start to the year could falter. look at futures. we are seeing red across the board. the dow would open 130 points lower. let's bring in lizzie evans from evans wealth. >> good morning, frank. >> lizzie, what is your wex word of the day? >> my word of the day in light of the fourth of july holiday is fireworks. that's for three reasons. the stock market saw fireworks in the first half of the year with s&p up 14.5%, nasdaq up 18% and last week's presidential debate had several explosive exchange and friday's inflation read showing that inflation during the month of may was the lowest we've seen in more than three years. it caused a boost to investors to really set the stage for a september rate cut. today, in particular, hearing from jay powell in portugal will be very important. it's the first speech we heard since friday's data point. i think, frank, we could be in store for the grand finale before the end of the year. >> you think

welsh secretary, shadow welsh secretary steve reed , the shadow secretary steve reed, the shadow environment secretary. lucy powellise hay. we know her. we need louise hague now in transport, so we're getting towards having all set up. it's highly likely we think, that there'll be a cabinet meeting tomorrow, of a new cabinet will be photographs taken, and that will be that will be, i think, sir keir starmer's effort to get this cabinet to work, because earlier, at around just after midday, sir keir starmer made his first speech on the steps of downing street when he made very clear the need for action this day to get this country motoring, get growth happening and trying to lift the lift. the country after what labour say had been 40 years, 14 years of tory failure. here's what sir keir starmer had to say. >> but now our country has voted decisively for change, for national renewal and a return of politics to public service. when the gap between the sacrifices made by people and the service they receive from politicians grows, this big, it leads to a weariness in the heart of a nation. this lack of trust can only

. >> ainsley: jerome powell was being interviewed and said two years ago is last time he had a meeting with joe biden, more than two years ago, may 31, 2022. >> steveyou have janet yellen -- >> ainsley: we have inflation. >> steve: janet yellen says he's fine. jacqui heinrich talking about three daggers yesterday. one was this, yesterday one of hollywood's leading men, george clooney changing his tune after helping president biden raise nearly $30 million at a star-studded fundraiser. >> ainsley: he claims it is devastating to say it, joe biden i was with three weeks ago was not the same joe biden of 2010 or 2020, he was same man we witnessed at the debate. >> lawrence: next guest is calling out the actor for waiting to say anything. barstool founder dave dave portnoy joins us now. you are joining us with a shirt now. >> steve: what was that about? >> ainsley: he just got out of the water. >> island tyke in nantucket. >> lawrence: why are people coming out now? >> they want to whack him. i'm probably the minority. i tweeted during the debate, i thought biden did great, i thought he would not be able to put a assist together. if you paid any attenti

point is, focusing on inflation, but powell's mindful of the economy slowing, so i think the focus is going to move to labor and unemployment. if that's the case, as steved, it's the september number. and let's face it, for equities, at least early in cuts, that's perceived as positive. so i think it's a positive sign if the fed were to cut in september, at least temporarily. the one thing i would like to add, kelly, is at least you start with ai, you know, because i think to steve's point, there's some real secular changes going on in our economy. i would throw glp-1 drugs in as another major chiange. when i talk to investors, they're missing these major secular changes that are occurring in our economy. i think these will be the drivers. >> can i throw an election question in there? going back many months, some said they're not going to cut in september right before an election. i don't know what there is to say about the election, but is there any fed ramification to be thinking about? >> from the election if >> yeah. >> i think the story all year is that we know the market doesn't like uncertainty. so we have two people running for president that we

steve, quick last word. >> well, i want to comment on your question to paul, because it really is very much a question of messaging. i think this is powell's challenge tomorrow, and it's going to be his challenge over the course of what is expected to be a gradual series of rate cuts. we're really -- it's a bit like groping in the mark. eyes closed, trying to find where the floor is here, and where the right place is and keeping the market from pricing in too much financial easing. so i think you have your eye on the right challenge for the fed chair tomorrow. what he doesn't want to say for sure you're all getting a cut, or even down the road we get the dot plot in september again, and that's going to be another challenge for the fed. so this is not going to be easy and not going to be a straight line. it's going to be bumpy, but in general, the expectation is for rates to be coming down gradually as we grope for finding where that neutral rate is. >> this is not the period i thought we were going to be living through, so i need to get over it. gentlemen, thank you. appreciate your time. >>> with the nasdaq selling off another 2% now, peo

steve jobs paid for san francisco mansion. the most expensive home in the city, according to the wall street journal. the home is on broadway in pacific heights. laurene powellbought the mansion from a wealthy couple who bought it in 2011 for $33 million. now, initially, they wanted more than $100 million for this home. it was not publicly listed for sale. the previous record for the most expensive home in san francisco was also in pacific heights in 2021. that home sold for more than $43 million. now, i can't even see it. i know i was trying to look online this weekend when i first heard about this because apparently it's the most beautiful home in america. >> all i see are trees and this van, and that's fine, because if you pay 70 million. >> yeah, you want privacy. >> yeah. you never want them to know what it looks like. well if you could invite it you get invited. >> i hope it looks better than what i just saw. >> yeah. >> because to me it's where's the money going. >> they said it's the most beautiful home in america. i thought that it would look really stunning. >> and this is not giving that. >> well, i saw a google view and it's got neighbors right n

know, to steve's point earlier what's the difference between november and september, too, you could make that argument, but do you think there's a little bit of a contradiction to what chair powelld today in terms of, you know, he stressed normalization in the unemployment rate, in the company, but then says that they're restrictive. so, which one is it? are we slowing down because of restrictive policy? or are we slowing down just because of normalization and post-covid sort of distortions coming back down, you know, coming back to normal? >> that's an interesting question, i'm not sure i completely know the answer to that. i think there's a couple things going on. one is that we are starting to see the higher interest rates bite. remember, it's a year from now, it's a year ago that the fed hit these current rates right now. so, i think the fed believes it to be restrictive, believes there's scope for normalization, without really igniting or accelerating the economy. i think that's the way they feel about it. they had talked for awhile about this idea, hey if we don't cut and inflation falls, the real rate rises, we become more restrictive than we want to be, if we don't adjus