. >>> president trump nominating marvin goodfriend to be on the board of governors he has been a criticf the fed. back in march he said the central bank should welcome more congressional oversight. if confirmed, goodfriend would take the seat vacated by sarah bloom raskin >>> there are several preess of econom pieces of economic data on the docket job liz claims, personal income out at 8:30 eastern. the chicago pmi at 9:45 a.m. randall quarrels and rob kaplan are also speaking today as well. what are your takes on the second tello tec selloff yesterday and whether or not it may continue. >> part of what was driving that has to do with another story you were talking about, the potential bubble in bitcoin. system of the action in nvidia and the chipmakers, where you have quite a bit of crypt to mi mining coming up, that demand is falling off so that is falling back into the semiconductors i would say there's a broader story there. >> so you think bitcoin, if it does have a collapse, has the ability to infect the rest of the market >> well, i think it's certainly leaking in already >> fair

trump's nominating marvin goodfriend. will he be a good friend to the market?loomberg. ♪ matt: we are 30 minutes into the trading day. let's take a look at your top headlines this morning. ed, thing -- defang technology shares turn red. european stocks start the day flat. connecting the dots. marvin goodfriend is topped by tapped by trump. is he a hawk or not? opec and russia agree to extend production cuts until the end of 2018. we will bring you the latest from the anna. good morning. welcome to. "bloomberg markets: european open." i'm matt miller in berlin alongside guy johnson. guy: 30 minutes into the trading day. how are things shaping up? upside, personal household goods, food and threege, those are the outperforming sectors we are seeing on this morning and we talked about that weakness in the u.s. session yesterday, about it bleeding through into the asian session as well. it did into the the determining factor for what we saw in asia overnight. we are seeing some weakness in europe. at the bottom of the screen, tech is the worst performing sector this

. >> the professor is here we'll get to him in a second president trump is nominating marvin goodfriendo the board of governors mr. liesman has more on that story. >> interesting choice. president trump tapping carnegie melon university president marvin goodfriend. he does not easily characterize as a hawk or a dove. he's a member of the shadow market committee, a group generally criticize iing fed secrecy. chairman paul volcker did not lay a paper he had, but it laid the ground work for today's transparent fed. he will offer historical perspective and good friend was critical of the decision to purchase mortgage backed securities, but in jackson hole he argued in favor of negative interest rates to combat deflation. and i quote removing zero interest bound is nothing more than the sensible application of monetary economics credibility against inflation is tied to credible against deflation. so maybe a hawk on both sides of the mandate. goodfriend will also differ with the more rules-based monetary policy change coming to the fed we have a vice chair position that is open i am told it w

coming up, president trump has nominated marvin goodfriend for the federal reserve board of governorsming up next. this is bloomberg. ♪ ♪ shery: this is "bloomberg markets: balance of power." i'm shery ahn. david: i'm david westin. the president moving to fill another slot on the board yesterday when he nominated marvin goodfriend to be a fed governor. we spoke with bob center earlier one of his classmates at brown when they were getting their phd's in economics together. this is what bob said about goodfriend and what he contributes to the fed. bob: you are getting a very accomplished, academic my monetary theorist -- very accomplished, academic, monetary theorist. whether it is intentional or not, it is good to have not necessarily but he the same the board. david: you may not have got to brown, but he does know the fed, it is a correspondent mike mckee joining us from washington. mica, there is a lot of speculation about what marvin goodfriend will or will not do on the fed. a lot of talk about how rules oriented he has been. how will that affect how or what he does? mike: he is mo

. >> in other news, president trump has nominated marvin goodfriend to the federal reserve board of governors if confirmed the professor and former fed economist will fill a fourth seat on the seven member board following the departure of gel b janet yellen >>> senators in the u.s. have begun debating the details of the tax overhaul bill as they inch closer to a vote. momentum is growing after two dissenting voices in the republican ranks voted in favor of moving the legislation ahead. republicans want to get the bill signed off by the end of the year markets are hoping for the same. >>> donald trump has fired back at criticism from uk prime minister theresa may saying we are doing just fine. the war of words started after the u.s. president retweeted three anti-muslim videos from a leader of a uk anti-immigrant political group. in a rare rebuke, the prime minister's office issued a statement saying it was wrong for trum tp to have shared those videos trump said theresa may should focus on radical islamic terrorism issues in the uk >> it's a big day for oil as oil ministers in vienna are expe

president donald trump has nominated marvin goodfriend to be a governor of the federal reserve. professor at carnegie mellon university and a former director of research at the richmond said goodfriend has served on an independent panel of economists known as the shadow open market committee. opec and russia are ready to extend their oil production cuts until the end of next year to ensure global stockpiles keep falling. viennang to delegates in , all opec members and russia agreed the cuts should last until the end of next year. two delegates said that a committee charged with overseeing the agreement also recommended extending until the end of 2018. credit suisse plans to boost returns to shareholders. investor day in london, the bank also increased its target for wealth management and business in asia-pacific. the lender confirmed its target for the swiss bank and investment banking and capital markets. the u.s. has demanded china cut off all oil exports to north korea after the country's latest intercontinental ballistic missile test, warning that washington will force actio

back in this country, president trump has nominated economist marvin goodfriend for a seat on the federal reserve board. the carnegie mellon university professor would fill one of three empty seats. the nomination, for a 14-year term, is subject to senate confirmation. and, the actor who gained fame as tv's "gomer pyle" in the 1960's, has died. jim nabors passed away today at his home in hawaii. he first played the dim-witted but good-hearted "gomer" character on "the andy griffith show." then, he had a five-year run as a marine recruit in "gomer pyle, u.s.m.c." nabors also had an operatic voice that he showcased on variety shows and las vegas stages. jim nabors was 87 years old. still to come on the newshour: who gets the biggest cuts in the republican tax reform plan? a former israeli prime minister on the latest turmoil in the middle east. making sense of the bidding war for amazon's second headquarters, and much more. >> woodruff: much has been made about how the corporate tax rate is getting cut under the republican tax bills. but there's another tax cut, one impacting small business

now that trump has nominated, i should say, the fed chair, marvin goodfriend.se randy to be the vice chair of supervision. one more seat on the board. he is moving right along. expect, he would sail through any process. the game of what is, what if janet was still around to be chair? still fit in in terms of hers? emily: broadly speaking, janet probably her last official testimony as fed chair, upbeat on the economy, signaling more rate hikes, but moving ahead, not worried about financial instability even though we had some people with rocking us in stocks. more would definitely be in step with that. the beige book without. it saw modest to moderate wage growth. it would lead to more inflation. third-quarter gdp revised. we said it would slow again to 2.5% as we get on into the last part of the year and moving into next year, and the consumer actually got a little bit weaker on this third-quarter gdp numbers. it is interesting to think about what jay powell set a couple of days ago when he was in his confirmation hearing, what he sees his gdp growth moving ahea

trump has moved to fill another slot on the federal reserve board by nominating a friend. cinch has known marvin since they were in grad school together at brown. you have known marvin goodfriend for a very long time. till is your reaction to his going to the fed. what would you expect them to do once he's on the fed? >> good morning, folks. in general, this disappointment is creating a lot of relief amongst the folks who really focus on these things. the president is filling out the board. there was concerned they may not fill out the board. eminently qualified --n it comes to monitor poli monetary policy. marvin is one who's lived his life in the world of monetary policy and theory. incredibly qualified. the initial reaction will be that maybe he is a bit more hawkish, he believes in monetary rules. i would point out that during crisis, those monetary rules were calling for extremely aggressive monetary policy. marvin has done a lot of work on what you do at the zero bound, zero lower bound for interest rates. he is a strong academic, he holds a chair at carnegie mellon, actually named after allan meltzer, one of the giants of monetary policy we lost recently. he brings trem