and we'll be getting the inside track on britain's productivity riddle and what the us fed's latest minutesl us about where the world's biggest economy is heading with our economics correspondent, andrew walker. one factory in sweden has started burning unwanted clothes to make clean energy instead of using oil and gas. and as black friday sees people grabbing bargains on new clothes, what do you do with your old ones? let us know. just use #bbcbizlive. hello and welcome to business live. don't you say i should have burned that tie! it's the friday after thanksgiving and for millions of americans that means one thing — shopping. black friday has come to signal the start of the christmas shopping season with big discounts to tempt buyers. and, as with so much else, what started in the us, the world's biggest economy, has spread rapidly around the world to become one the busiest times of the year for the global retail business. there have already been queues at us shopping centres. altogether 164 million people are expected to shop this weekend — that's over half the country's population. and

she struggled to keep us fed and trained us well.rength and my perseverance from watching my mother. with my dreams, i knew i wanted to graduate from high school. i wanted to go to college. i couldn't go to college, 'cause we didn't have the funds. so i had to find that vehicle to go to college. and, so, it ended up being the vehicle to go to college was the military. once i went in, i set my goal to get to the highest rank i could possibly get to. i worked hard at every job, but i never lost that sight of that dream to get a college degree. >> general cleckley's success has come with its share of heartache. her husband, gus, died suddenly, at age 41, leaving julia a single mom. >> and he was a medic and he was wounded in vietnam. he stepped on a mine. and, at the time, i was an e-4. and i worked in the meeting office. our eyes caught each other, and even though he was on a litter. and my girlfriend said, "he's a patient. don't look at him." [ laughing ] you know? i checked him out, but i'm very cool. he didn't know i was checking hi

us. coming up, what the next fed chair will inherit. mr. -- it is mr. powell, or mrs. yellen. we will discuss what kind of repercussions that has. from new york, this is bloomberg. ♪ ♪ afternoon. joining us is the former vice chair of the federal reserve system and rinse and professor. bill gross -- princeton professor. bill gross joins us in the next hour. jeffrey rosenberg here from julia from macro policy perspectives. because it is sort of a non-meeting we have the opportunity to go into the nation's growth, and the shock had all we will see the tax reform. dr. coronado, i suggest for jeff.of us, not you, not crystal clearer it is not 1986. bring up this chart. this is the debt to gdp. the green circle is 1986 and ronald reagan, the red is where we are. the backdrop of the new fed chair, for the leadership in washington is totally different for tax reform. julia: absolutely. it took years to put together the 1986 tax reform and a coalition of democrats and republicans, and a real sense they were broken things in the tax code. by the way, we are highly indebted and staring a

she kept us fed, clothed, sheltered. we were going to be educated. mother wanted more for us then she had. the classic story. from poverty to success. so i owe. this book took two years of my life, a lot of blood, sweat, and tears. relive death. we living being bipolar and not knowing it in my early 20's. -- when aidsction happened, it was like, i will put on the brakes. but when walter cronkite was like when with -- think god i came through the fire. that is what this book is about. coming through the fire. at letting people know that yes, you can. yes, you can look at the mirror and say something is wrong and find the strength. mirrord in front of the to ours in makeup. stand there and say i love myself before you leave. i brush myself, i go like this and say -- go get them, tiger. then, i get out in the world, and i do my best. [laughter] adrianna: can you do a fabulous job. >> bring joy in this world. adrianna: so you have been to block -- tupac's mom, will smith's aunt. do you have a favorite role? >> whitney houston's mom, taraji --henson's mom

fed president. put all of that in light for us. c or having someone as a trained economist is much better in terms of the relationship with others in the fed. >> one thing you hear consistently is that it is important to have someone who really understands this stuff or the staff will run circles around them. you have a lot of senior staff that have been there for decades. you know how this stuff works and respect people with phds. powell has been there for about five years now. he has a lot of experience in listening to them. someone who is willing to get nitty-gritty with details to really understand this. it isre is a real problem that we do not have enough governors. was one of the three that we have left and now he is getting pushed up. talkinge have been about the dramatic ideas of what kind of leadership this means for monetary policy. talk us through some of the procedural aspects. what happens between now and march? what are we expecting? >> we will have the announcement .omorrow after that, he will have to go through senat

many people can imagine something like that so let us force fed. the. thank. you thank you thank. you didn't mention many people say are ten changed the world others completely dismiss that what do you think that your art can achieve but we've. seen it down can luck and so it that's much i try to create ballets to make people think about it or feel certain things this creates just feeling i think that art is something more long lived in politics to women because artists directly connected to our humanity pretty well as politics and just provide as a specific answer to something pleading. like it's got a limited shelf life and stores art is timeless and you got to and as a result and it has the opportunity to provide inspiration to certain people in certain situations. i mean in spirit see on the phone. in one of the best. investments. in two thousand and eleven john nolan meyer founded germany's first ever national youth ballet it was his goal to present dance to a wider public. knows the spanish think if that's right. you. can see his point is you can buy that and the national yo

there's no banking system for us at all. >> reporter: since banks are regulated by the feds, most will not touch cannabis cash. >> because anything i use that money for federally is considered a crime. >> reporter: so do you have to stash your cash, so to speak? >> yes, yes. we all do. >> reporter: in a safe, hidden? >> we all do. >> reporter: california treasurer john chung said it's trouble just waiting to happen. in an expected $7 billion industry beginning next year. >> in southern california a dispensary owner was kidnapped, tortured and maimed after being driven into the desert in a futile search for nonexistent buried money. >> i'm terrified. it's terrifying. until we have a way that we can do paperless transactions, i think we're always going to be at risk. >> reporter: so the state treasurer did announce some regulations today, some safety regulations to help out cannabis groups. coming up at 6:00 we'll talk more about that. it includes armored vehicles to haul all of the cash and also talk of public banks owned by the state of california. we'll have that at 6:00. in the east

has won the fed cup title peeta summit has story for us. chasing history the united states had not won the fed cup since two thousand. had never won it after the opening day singles rubbers the two teams were tied at one one vendor way gave the americans the advantage as she did on day one by winning her fixture. she defeated. seven six six one. sloane stephens was next on court stevens has endured a miserable run since winning the us open she has lost every match since then and the train continued as she went down to alexander assassin of h four six six one and eight six. and sued was down to a deciding doubles rubber band away teaming up with shelby rogers for the u.s. . represented by subway lenka and cessna beach the visiting team taking the first see six three and then after a. the second set battle triumphed seven six to ensure over rule victory. this is amazing i've been dreaming about this for a very long time since my first ever fed cup tie and do it one of my best friend and really there are no words for that she's such a leader fo

that has victims all around the world french carmaker red chinese all company petro china or us logistics giant fed ex all of them were among the over two hundred thousand computer systems hit by ransomware want to cry earlier this year today the digital society conference or berlin is discussing how attacks like these can be prevented because even as our everyday technology might be highly sophisticated it often doesn't take much to be outsmarted. a bit of paint some tape some silicon and a three d. printer vietnamese scientists say that's all it takes to fill the facial recognition software new i phone ten it may have taken the specialists a few days to devise the hack but the implication is clear. it's not easy for normal people to do and we do hear that but it's still a concern to people in the security sector and important people like politicians or heads of corporations. accessing the smartphones of business and political leaders through facial recognition hacks poses yet another threat to internet security official estimates suggest the economic damage from cyber crime already totals two hun

we know he is a conventional guy, it's very important to pick a fed chair who was willing to use the entional policy tools of things like quantitative easing. the new york fed printed a research papers saying we could be operating at zero bound on interest rates, 40% of the time going forward. that means we are going to see qe again. >> the president is giving us a 4% gdp economy. the only one here besides me that understand rose gardens strategy would be marty shanker. we have woodrow wilson and his wife, fdr used to spend time there. the kennedys really made the idea.arden unimportant when you wanted to hide, you had a rose garden strategy stained in washington. jay powell's -- i would suggest jay powell's chairman has to reduce record are miles. his strategy is to go out. >> not before his confirmation. he will try to say everything that is in line with hitting that confirmation vote. >> who is against him? >> the banking committee chairman voted against powell the last time he was up for nomination. >> the last fed chair nomination, when janet yellen was voted, she only won by 10-

jeffrey rosenberg will be with us on bonds and strategy and that. the fed decides this november 1. mberg. ♪ ♪ tom: welcome back. we will digress quickly here. i want to talk about the theme of mine pricing power of corporations. are they losing pricing power? are we seeing a redux of 25 years ago? >> i'm not sure they have had it for a while. we have a competitive global environment for goods. we have innovations that quickly come along. there is aetplace, lot of pricing power that is lost pretty quickly. the environment is not one where we have shortages. tom: we will come back. stay with us. ♪ ♪ nejra cehic in for francine lacqua. i am tom keene. here is taylor legs. taylor: tighter security following the terrorist attack. a man drove the truck down a bicycle path, killing eight people and injuring two dozen more. a police officer shot the man and arrested him. he is described as an immigrant from uzbekistan. notes found near the truck indicated the suspects allegiance to islamic state. five of the dead were from argentina. george papadopoulos made a significant claim during the c

used to be. it takes a while to really have that admission. i think that's what we're going to get. betty: we will talk with you about the feds well as tax return. kathleen hays there in tokyo. us get to first word news with courtney collins. courtney: the reappointed prime minister shinzo abe as praised the bank of japan's efforts to revive the economy and reach 2% inflation. but stop short of endorsing corrode a as governor. as governor. the election victory last month raised expectations that the current monetary stance will continue. the bank of england is expected to raise interest rates later on thursday for the first time in more than a decade. with slow growth and brexit hanging over the outlook, the bank is trying to slow inflation driven above its target by a weaker pound. governor mark carney has previously laid the groundwork for height without delivering them. we will bring you the bank of england policy decision at 11 p.m. sydney time if you are watching in hong kong. big tech remains under fire on perceivedll for the slow response to russian meddling in the election. democrats on the senate intelligence commit

in the us the fed, as expected, kept interest rates unchanged.ion of the next fed reserve chair widely expected to bejerome powell. tech giant apple will be reporting earnings on thursday. we could hear more details about pre—orders for the new iphone x that begins shipping on friday. investors will wa nt to shipping on friday. investors will want to know about the company's outlook for the upcoming holiday season. outlook for the upcoming holiday season. coffee giant starbucks will be reporting their earnings, they face stiff competition from low priced food chains like mcdonald's and more upscale food chains like bluebottle. they are grappling with calling growth in the dominant market here in the usa. finally, canada's aerospace market here in the usa. finally, ca nada's aerospace pacemaker bombardier will be reporting earnings, analysts are looking at more details for the decision to give a majority stake to your‘s airbus, the news came after us officials slapped bombardier with a 300% tax for any c series plane coming into the usa. it is suc

words to do a lot with the the fed uses. puts the question over .ate hikes next year has got to actually be rising for they will vote for rate hikes and they say the fed has to monitor data dependent fes. let's also be clear that they talk about tax of three all they are worried about the formation of a bubble and overall there's a lot of can consist on the economy doing better, but there's deepening concern over nation -- over inflation. >> we saw the bond markets rallying. analysts? effect of >> having everyone is taking this question much more seriously over the past 24 hours than any of them were. left, asee in your far strong consensus in 2018. for now, that is what weise the. analysis, chris saying his concern that it could turn -- many and then you get contrast that for mccarthy and jeffries. he says we should be thankful for these graduates. as for where we go next, david buckle thanks there is deftly going to be a change. >> it is certainly all about inflation. the minute, it would not surprise me if it is not unani

us dollars. and trump's fed man well jerome pollack. the feds monitor a policy on janet yellen scores. this is the w. business live from berlin i'm going to her office ten years after it launched the game changing i phone apple has released the most recent model in the series the computer giant is still moving from strength to strength profits hit ten point seven billion us dollars in the last quarter alone and many are predicting that the i phone ten will break sales records even though at nearly a thousand dollars for the cheapest version it's not exactly cheap. the images are practically identical all over the world there's a countdown customers burst in when the doors finally open like here in tokyo they put down a pile of money and leave like this student euphoric. i think i want to go home and get some rest and then enjoy the phone. the latest i phone has an edge to edge display and uses facial recognition technology. but otherwise it doesn't seem to be the huge technological leap forward that apple claims even so it costs around one thousand dollars in the u.s. and up to half ag

william gross was very kind to be with us on fed day. ant to talk about the broader fabric. a point where the financial crisis and the labor crisis of that disaster is behind us? bill: well, i think so. to the extent that quantitative easing might come back, i think we have some ammunition. we have a decently robust economy with growth despite these unemployment numbers. i think we are passed a crisis -- past a crisis. we have a potential crisis in asia and china going forward. tom: you were more than generous to be with us here on fed day. i did ask you about jerome powell. i will be nice, bill. maybe it is because the san francisco 49ers are doing so poorly this year, but you were not polite about it. you did not mince words about the next chairman of the fed. you heard him speak yesterday. how can economists assist jerome powell to a better fed? well, i think a certain kind of economist can assist jerome powell and that depends on the appointments going forward. trump has three and certainly four, as janet yellen will probably resign a

the fed is telling us that our start is close to zero. implies that all else being equal, the peak fed funds rate should be somewhere around 2.25%. it is inconsistent with what they are saying the peak fed fund should be. if you take what the market simply they are pushing fed funds close to that peak, right? .2% shouldmply the be flattening. we've got president trump trying to press through fundamental changes on the tech side it also potentially looking at -- changes on the tax side it also potentially looking at the tech side which is underestimated by the market of the weaker dollar. we have the structurally weaker dollar compared to how it is traded over the last 12 months. that is due to a resurgent euro. this means financial conditions for u.s. corporate's are now easier than they were. i think we have the potential for this to elongate the business cycle in the u.s. which would mean we could -- even though the curve is flattening, still has further expansion in the u.s. economy. matt: will that change? harker index three rate incr

it is telling us the fed is tightening which is why the short any den of the u.s. is rising.ing they said last night said they will gradually raise rates, but there are some question marks about were inflation is going. on the other hand, bond markets are pretty solid. china notwithstanding. u.s. treasuries, despite the fed tightening, 10's and 30's have not done anything over the last year or so. if you then look at europe, clearly the ec be continues qe and concerns about peripheral problems have faded into the backdrop, not helped by stronger growth in europe and central back buying. the marketighting doesn't really believe that we are going to see a significant selloff in bonds globally. secondly, for the time being, european concerns on the back burner. all goldilocks, isn't it? john: that is the big fear, right? a globalght years into bull market, which is driven everything higher. ofhave had a similar period quantitative easing, so we have had an usual situation where everything has done well. bonds, equity, and yields have done well. and indicators like the euro curve

joining us, former fed governor randy joins us professor of economist at the chicago booth school ofe you back what do you think the senate committee members are going to lead with, randy >> well, i think they're going to get at where policy is going, where monetary policy is going are you going to be just a clone of janet yellen or are you going to do something different? lead with that and then i think we'll go to the regulatory side. the same as janet or different than janet >> randy, how does jay powell stay apolitical when it comes to questions about tax reform and tax cuts >> i think the way to stay apolitical is say the fed doesn't take a position on the tax reforms. what we will do is we will wait and see to see what actually is passed we'll analyze the impact on the economy, whether they're the supply side effects that steve was talking about or whether that's not going to be a primary impact to the tax reforms. and we'll take that into account in making the best policy for maintaining growth in the u.s. and low inflation. >> i would imagine a pressure point, randy, is going

us. the fed is tightening, we have come out of the 19 party congress in china. they may suck to focus on reform. many of the things that have propelled this market could turn into counterbalancing forces in the coming months. you mentioned trees don't grow to the sky, which is something we hear frequently, and yet, if we are not at the sky, we are getting there. the sentiment, although it appears to be negative, a lot of people are holding us a potential portion of their assets in cash but stocks keep going higher. besides this underlying central activity, what do you think will change that perception, sentiment? matthew: if you think of markets as an ecosystem, those changes often come from places you don't expect. it is a nonlinear system. it could come from random places. don't forget, aside from the business cycle, we are at a time of elevated geopolitical risk in the world. we have gone from a unipolar world 15 years ago to a much more multipolar world today. julie: so lots of choices for places it could come from. matthew: absolutely. and we have all benef

chair yellen: so, congressman, the model that we use at the fed for economic analysis of overall economic trends, we refer to it as federal reserve board/us. this model is in the public domain. it is sitting on our website. performody who wants to a what-if exercise -- what if monetary policy were different, or if the labor force grew faster or slower -- we have tried to provide access to that tool -- rep. schweikert: and it has gotten so much better. i live on the atlanta fed's app. i know that is a snapshot of current time, and snapshot is not a trend, but it is very helpful in removing some of the mysteries. now to run it through a dozen questions as quickly as i can. and you actually touched on this. having the expense of a flying back to phoenix about a week ago, i was looking at something that was a few years old, and in the current unemployment, it was looking at the tables of labor force participation, and what was predicted a few euros ago of what would happen, and what we see happening right now. it was talking about the , labor forcerend participation is going to continue to fa

our gang up here, melissa horton keeping us warm and fed on this thanksgiving night.great thanksgiving. our entire gang, cris collinsworth, michele tafoya saying goodbye. the redskins beat the giants. >> announcer: nbc sports home of super bowl lii thanks you for watching this presentation of the national football league. >>> right now, the mad dash is on to get a jump start on black friday deals. looking live right frau, krung of prussia maul. shoppers out live tonight looking for big savings. some stood in the cold to get inside favorite stores. shoppers really took off once the doors opened. >> this is the first time we've gone black friday shopping right after thanksgiving. didn't know what to expect. >> good evening. we have coverage. tell us if the weather will cooperate for the shoppers. begin with nbc 10 drew smith live at king of prussia. mall as the black friday frenzy begins. >> reporter: this is a late night party here everywhere you look. down the hallways, people over there at the coffee shop. people are fueling up trying to get through this after having

our gang up here, melissa horton keeping us warm and fed on this thanksgiving night. hope you all had a great thanksgiving. our entire gang, cris collinsworth, michele tafoya saying goodbye. the redskins beat the giants. >> announcer: nbc sports home of super bowl lii thanks you for watching this presentation of the national football league. >>> on the run. throws. caught. touchdown. jameson crowder. >> the redskins did it. we have live team coverage of the thanksgiving day win you just saw right here on nbc 4. >>> the shopping frenzy is on. we are live with all the mayhem at the malls. >>> the message embattled senator al frenken had for two women accusing him groping. >>> news4 starts right now. >> we have a jam packed show for you on this thanksgiving day. >> after you polished off the turkey the skins feasted on the giants, live coverage ahead. >>> plus the bargain hunters and your black friday forecast. >>> they had, and boy did they. good evening i'm jim handly. >> i'm meagan fitzgerald. for a while the game could have >> sherry burris kicks off our team coverag

hour, former atlanta fed president dennis lockhart joining us with his take on what kind of fed chairbe. keep it here. this is bloomberg. ♪ is this a phone? or a little internet machine? it makes you wonder: shouldn't we get our phones and internet from the same company? that's why xfinity mobile comes with your internet. you get up to 5 lines of talk and text at no extra cost. so all you pay for is data. see how much you can save. choose by the gig or unlimited. xfinity mobile. a new kind of network designed to save you money. call, visit, or go to xfinitymobile.com. >> 8:00 a.m. in hong kong. i'm yvonne van. "en to " -- welcome to ."ybreak asia -- daybreak asia ron paul commenced a stable prices. eye on thelose financial sector -- sector risks. it's just after 8:00 p.m. on this thursday in new york. oil is continuing to rise it has enjoyed since dune. investors backing further curves. alibaba powering ahead. last quarter, adding $250 billion in market value this year alone. ♪ >> to snow stopping these tech shares, right? a large part of the rally we have seen -- no stopping these te

however the fbi will not confirm that information for us, the feds did however give some clarification to early reports that the agents were shot at and to the agency said that those reports are untrue, that they did not come under fire. a spokesperson with the fbi office in el paso says they are currently working to piece together a timeline and that's about all we know. we can tell you the customs border protection officials say that martinez and his partner have responded to activity in an interstate area, big big ben dn texas. moments later the partner called over the radio for help. both were transported to an area hospital where agent martinez died. his partner is said to be in serious condition right now. this as law enforcement continues to search for possible suspects or witnesses. reaction is coming in, you've heard the president talking about it. republican senator ted cruz of texas also released a statement, it reads "this is a stark reminder of the ongoing threat that an unsecure border poses to the safety of our communities and those charged with defending them." accordin

fed. i do not know looking at these dots tells us a whole lot. ey will continue hiking rates by the competition -- composition of the fed may be very different next year. jonathan: but this does not necessarily mean that the fed will change at all. lisa: i think it will be a bit more hawkish, especially if data continues to come in the way that it has. i do not think they will try to become aggressive and less -- unless inflation picks up. if you see inflation here or abroad, that is the end of this bull run in risk assets we have had for a long time. jonathan: this year, i have heard a lot of people talking about the competition of the -- composition of the federal reserve and how it will change, but jay powell will be the chair, and mohamed el-erian could be considered as the vice chair. these are the names people are comparable with. they understand the academic and banking background. it is not like the john taylor's of the world could populate the bulk of that board. >> we do not really know. if you look at the debate that preceded the nomina

had carte blanche to do what you wanted to do with the fed, you say the fed needs to go in a different direction. spell it out for usou like the fed to go in? edmund: i would like them to reverse what they have done in recent years. the $20like to selloff trillion of debt. fedi think most of all, the has got to realize that there are lots of forces acting on the economy. and the money supply and the interest rate that those things it has control over, those are peas in the pod. just part of the action. by littlen struck calculation that i did recently in which i asked myself, to what the speediness of recovery in the 15 or 20 countries that i was looking at, to what extent are the , therences in countries result of something entirely different that the fed never thinks about. namely the dynamism of the economy. so i ran a little regression as statisticians call it, showing how the speediness of recovery the, onon the come on the dynamism of the economy as evidenced by the growth rate of productivity in earlier periods. and i was astonished at the result i got. wereour countries that -- u.s., at recovering u.k., germ

the fed, janet yellen told us one thing and the market told is another thing. n't think we learned a lot from the fed minutes. inis likely there will raise december. next year, nobody knows. the fed is in the dark as much as everybody else. as to how strong the economy intos -- will translate wage inflation and core inflation, best guess is they , but note occasionally four times. francine: do you think they are in the dark? the fed message is they are on a upward hiking path. holger: i think they are. the transition from low levels of unemployment to higher levels of wages. if you look at data like the atlanta fed has lots of , but we aregnals not seeing it in terms of countrywide numbers. there is the second step, which is that even if we begin to see wage increases, is that going to translate into cpi increases in a world where you have amazon and alibaba? you have a lot of computers and on the retail side, which is holding prices down. i think that is one part of the equation, which is going to be difficult for anybody, including the fed to figure out. is it

we are expecting the president to deliver his nomination for the fed chair. with us, jeffrey yu. od morning. tomorrow is going to be a huge day. forget the fed today. it is all about the fed tomorrow . so much to think about and factor in. plus the we have data coming through on friday. the market is short the dollar coming into all of this. what is the potential for a whippy move around this? all the scenarios out there, depending on who is going to be nominated, he or she will have a short-term impact, but bear in mind it is not a one-person fed. it is a committee and a wide range of factors at play. i think when we take a step back and look at the geforce central well, it isg3 as not about one person. it is about the direction of the economy. we still should have confidence in the fed, no matter who is leading it. the dots are here in the market is here. that will be determined by the person who ends up leaving the institution. the u.s. economy is chugging along quite nicely. inflation data is coming up, you've got a 3% gdp read. that factors in the hurricane as well, so that n

the november minutes are interesting, it has a lot to do with the words the fed uses, many, that is moren half, a strong consensus. there ready to hike. hike is inch rate question and the pace of hikes next year. a few, that is not even half, but probably a few significant said inflation has to be rising on a sustainable path toward inflation before they will look for a rate hike and they say the fed will have to monitor inflation developments closely. overall, a lot of consensus on the economy doing better, that there is deepening concern over inflation, which is not playing along. the ecb has released minutes of its october monetary policy meeting and they are learning that officials expressed concern about a firm date for quantitative easing. have we learned a little more about the divide the currently dominates the council? meeting inast october, when they decided to extend quantitative easing but at a lower case, they did discuss how they want to implement that, first of all. they also discussed how they can change policy guidance, or whether they should shift policy guidance becaus

areas we have chosen, where we think fed us well into the future, years ago -- before brexit, we madegnificant exit into island. we have our european bank cornered an island that gives us capabilities across europe and the continent. that's done. i would call this the final stages of deciding where certain trading settles and clearing -- activities will take place. happy to say this, we been a late stage conversations for all that. report overnight that some of the u.s. banks met with wilbur ross over in london. the said time is wasting. they've got to sort this thing out, or we will have a lot of people out of london. is that true for citigroup? >> going back to business model, we don't have the same construct , where we arty have a majority of our people in today's eu outside of london. with get significant country presences. we won't be moving as many, but we certainly have some things we and areto move preparing to move, but it likely won't be the same types of numbers or percentages that other people don't have that eu presence already. >> we are a few weeks away now from mifid i

fed. i don't know this tells us a whole lot. ey will continue hiking rates but may be the composition of the fed will be very different next year. mean the feds that will change at all? could become more hawkish. especially if data comes in the way that it has. i don't think they are going to try and be a aggressive unless inflation picks up. that is the question. if you see inflation here or abroad, that is the end of this bull run in risk assets we have had. jonathan: i've heard a lot of people talking about the competition of the federal reserve. from the names you here, jay powell is said -- set to be the chair, mohamed el-erian could be considered as the vice chair. these are the kind of things people are comfortable with. it is not to -- the john taylor's of the world that could populate the ball of that board, is it? vishwanath: they really don't -- if you look at the debate that preceded the nomination of powell -- john taylor was very much on the boat and till the last moment. we don't know what the composition is going

we'll show us what the deal is, fist, then we' ll start show us what the deal is, fist, then we'll start on the money. everybody is getting fedes. what might change, how much might this offer go up by? at the moment, britain sorted of publicly accepted they are offering around £20 #3wi8 yob. there are suggestions it'll double, an extra pods 20 billion to persuade the eu to declare in their own terms something called sufficient progress in mid—decemberto something called sufficient progress in mid—december to move talks on to trade and transition next year. theresa may had meetings in sweden at the end of last week with donald tusk, emmanuel macron and the irish prime minister who insisted we are far off. that's the context of the discussion over money. clearly the government is going to offer some more money but although, philip hammond, you know sort of leading pro—eu, although he is not particularly pro eu but in relative terms in the cabinet, pushing more money to move to on but we are talking about the brexit subcommittee, boris johnson in alliance with michael gove, who ruined his 0 leadership intentions la year, saying

fed chairman only after one term president donald trump looks set to break another tradition. and let's talk about this from our business desk last year a long time wall street correspondent for us did a lot of reporting on the fed would be a good choice absolutely ben he is a solid choice more than anything he has been with the feds for about five years on the board of governors so he has some experience however and that's very interesting about him as opposed to all his predecessors he has no what you would call formal training if you will in terms of monetary policy or monetary economics he has not studied that field he comes from the feel of law and a lot of years in the private sector so he's relatively new to the federal budget has been there for about five years could he breathe fresh air into the board system while a new chairman i guess always brings a little bit of fresh air but he will not bring a bigger changes he has over the last five years always consistently voted with janet you. that was during the time when they health interest rates are lowered almost zero percent and he has also voted with her when the fed started raising rates so we will not i cannot possibl

fed process is always politicize, but we have not seen trump slam the attorney general on twitter. >> that has been a surprise to usone is tweet economic data. scarlet: we're applauding him for not breaking economic data? ok. just wanted to make that clear. joe: do think the fed has capacity to withstand it? fed is not just one person or the board of governors. there is a professional and powerful staff at the division of monetary affairs, and there are a dozen district banks. the president's get a vote every couple of years. a complicated shift. it is not just one guy. julie: we have to wrap it up. thank you for that. thank you for joining us. scarlet: that does it for "what'd you miss?" joe: have a great evening. this is bloomberg. ♪ ♪ president trump going for a tougher immigration measure following tuesday's deadly terror attack. wascials say the attackers from quebec a stand and came to the united states legally and 2010. >> we want a merit based programmer people come to our country based on merit. we went to get rid of chain migration. officials had not said whether the suspect was admitted through the diver

david: you may not have got to brown, but he does know the fed, it is a correspondent mike mckee joining us. 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 more rule-based, but he is not doctrinaire about it. adopt -- he fed to wants policymakers to compare what they have done to what the rules for just to see if there on the right track. some of the you that is what we already do, we look at rules before we make a decision and we see how they come out, so it is not clear how that discussion would go, but he does want to take the inflation target of the fed and we do not know if he still thinks 2% is the right number, but he wanted to be enshrined in law, that congress should drop the second part of the dual mandate and just have the fed focus on inflation and trying to reach a target, which would be a ceiling, not symmetrical. he could push for something like that. shery: if you adopt the taylor rule, this chart will show you that you h

the fed is telling us in fed speak they will raise interest rates three times.market in no way believes they will see three hikes. but next year is what the market is going to be about. i would argue that is going to override what happens with taxes . it will be what the fed will do. a raised rates three times, some competitors think potter times. that is a problem for stocks. raises antt interesting points, not just this time but often in recent history, the fed has over predicted rate hikes. is that part of the success of the communication because they like it when it is more dovish and may not like it if it went the other way. >> that is one of the times the market was behind and we did not realize how committed the fed was to hiking rates so they have gone out of their way to be more dovish. they are also shrinking the balance sheet by $6 billion a month now, up $12 billion in the first quarter, so that talents she shrinkage will be another effect. if it is it effective to the dovish side of what they predicted? >> i think it is sometimes instance, aor decem

united states, he was arrested in california monday, claims he was wrongly deported from the us and the feding to jump the border. message of hope and director and actor tyler perry at the country music awards. >> it has never been more important to come together, find some common ground, and realizing we are more like the not alike. >> carly shimkus with fox news headline serious xm 114 with reaction to that online. >> it is more about pushing political perspective, tyler perry has the message everybody could get behind and folks on social media took note david said tyler perry asked to come together and find common ground instead of fighting each other, standing ovation for other liberal award shows. maggie chimed in saying speaking truth on the award stage, more alike than different. something everybody can agree with. makes you think. >> it has been a long year. >> this cracked me up. left-wing liberal screaming at the sky, so revolted by donald trump. >> we talked about this, the facebook invitations went viral yesterday, donald trump's critics marked his election night when anniversar

richard fischer joins us, former fed president.hard, all this talk about the past eight years sort of brings up the notion of what the new fed chair will have to deal with and why yellen apparently isn't getting a second look. your thought on taxes and what we'll hear later on this afternoon? >> well, i just listened to this conversation first let me say about kevin brady, who is a close personal friend, he's the jose altuve of congress right now they are both 5'6" tall, but he has really pulled together, been a great infielder here, done a great job. here's the point, you can give any president you want credit, whether it's the former president or existing president. we're nine years into an economic expansion to get it continued, you can't rely fully on monetary policy. you have to have fiscal policy and regulatory encouragement, and this is a step forward in that direction if you have a longer business cycle, people keep their jobs longer, earn more money, wages go up. this is what this is all about i wouldn't waste time saying

for doing just time his legs together then it gives us more control over. they are fed mouth then they go come back after your couple you go watch the tape of the strongest thing. in the car the young alligator sits in the prisoner's spot will be set free and join his peers everywhere this is. now the seventh you know. new orleans is a swamp creature also known as by. the alligators reign over the area. there are more than two. things that one right if we want to tempt a good one i did. you know early there are more alligators than people they are everywhere in the bayou. so he she. alligator hunting is allowed for a whole month. this morning but if the seven remain. in the area has the highest concentration of alligators in the united states. on these field trips charlie is always joined by his son. i might read the country then the city and then i work in a lot of big cities. that the nearby same and mad people people don't know how to be nice. charlie is checking his traps set up the previous day. at the alligators attracted by a piece of meat on a big. day . specime

us. noise. during that often fed were thinking. but he's going to be ignored as a gay kid for being on on the on the all female person on the ship. the circus is for us and probably a moose on the muzzle for their talking stick and that's on last. night's you have to mention do it with the injury and i'm just going to have the mail on there so she's going to know the story must just be a mess let's leave and. come out all i'm taller than the taj and force it on the stud on. the country. i'm sorry to my mother look that's a good business model. but when is the only sign you'll meet the necessity for the storm for mention of walking. on the my mom screw that. is for destroying the whole system all things that he shall. go. good. entered the conflict zone confronting the powerful. here in barcelona the battle over catalonia is independent so swung at least for the time being in favor of the spanish government my guess here is alfred bosch leader of the pro independence republican left really now admits that the movement has bitten off

a missile launch out of north korea, us tax reform, the fed and bitcoin. we'll talk you through the movers and the shakers. and we'll be getting the inside track on testing for diabetes — without drawing blood. we will meet the man behind the firm that says it is using just lasers to instantly find out your glucose levels. he will be here to explain how it works. and amid new warnings that robots will force 700 million workers into newjobs over the next decade, we want to know — whatjob do you hate and would happily let a robot do for you? let us know, use the hashtag bbc bizlive. hello and welcome to business live. don't hold back, but keep it clean so we can don't hold back, but keep it clean so we can share don't hold back, but keep it clean so we can share your don't hold back, but keep it clean so we can share your suggestions with our viewers on business live! rarely can the west african nation of ivory coast have seen anything like it. dozens of eu and african leaders are gathering to discuss how the two continents can work together to improve their

so what all fed watchers have tried to do, including me, is to establish what could be a framework that they might be usinge how well it actually turns out in the data and in the behavior of the various central banks. every central bank is different. the fed is driven by a dual mandate. the bank of england has financial stability on its docket. there are different goals and objectives, but to say that it is data dependent is nothing. tell me how you are data dependent to reach those objectives. that will be informative. abigail: thanks. great perspective from bill lee. thank you for joining us. william: think of for having me. abigail: coming up, it has been coming for years, but now that rating agencies are t declaring an umbrella in default, what is next? this is bloomberg. ♪ scarlet: "what'd you miss?" venezuela and its state oil companies are in default according to s&p movies and . while venezuela's creditors can demand and acceleration of payments, they may not do so. for more, let's bring in our bloomberg news reporter who has been covering the venezuela soap opera. the government and the state oil

liz: ward, we are expecting, when we looked at fed funds futures, which give us a sense what people are betting we will see at the next fed meeting in december. there is a strong possibility, 90% we will see another rate hike. talk to our viewers right now. what will that mean if we see another couple of rate hikes or maybe three next year, what does that mean to credit card interest rates? we expect to see those go higher? there could be a whole bunch of reactions here. the rate, while student llorens fixed if federal, if private student loans, you might see higher student rates. not big on the auto loan movement. mortgage rates and adjustable rate mortgages will move higher. you're the economist, ward, what can we expect? >> we should expect that rates will go higher. rates are extraordinarily lower and quite frankly as the economy continues to gain strength, those low interest rates will no longer be appropriate and could cause acceleration in inflation that nobody especially the federal reserve wants. liz: bingo. >> i think we'll get a rate hike in december, i think three next year

gary stern with us, the former president of the minneapolis fed. allen's exner writes a detailed note about what we would expect from chairman powell. she mentioned there was a mystery over chairman powell and or economics. we don't need a ned phelps dissertation, but does it matte that he may have fuzzy knowledge does -- like numeral like mere mortals like me? >> i would view it as an advantage. that framework is frayed, at best, given our economic performance of the past years of x is not a small number. some open-mindedness on that framework is a distinct positive. i think it would be worthwhile for a fair amount of resources to be devoted to a pretty theough review of some of critical macroeconomic issues and frameworks of the day. they have not all served policy members well, they have not all served commentators well. i think it would be a good idea to open some of that up. >> do you think we come to the end of the bernanke era of policy? setting on inflation target at 2%, and aiming for that as the way you conduct policy? could we see some s

give you a they fed. us you know i don't know what's right what's he talking about. need to. show you how he might become the best if not member. you know i've he my father you might want that week next year i would get. this it's little i'm going to. go. i said no i don't want a tree so i start to i go to this that's a used in this stuff you put it in my boat sets of mock me and my boat is on the board in my body it's in your truck and drop. this in your stick cried for water but the commission forgets about you or your motor so i start says. call my house. when i was young. at a lot of things that i've been seeing there. a lot of. which is not good for human being. what we pay to use because. of the job you have your command on when does it go the people you have to do it by denny don't you two have been killed. when we think of war and the war you're right so we have this image. of a man in uniform. and uniform means they're fighting as part of a military serving a nation because of they fight for their force political patriotism. and yet when you look at the wars of the t

feds called the united states host bellerose to come away champions coco founder of a k. and shelby druggers won the doubles final in two sets to hand the visitors the decisive point the us extended their worth more to eighteen titles are not winning the fed cup since the year two thousand. and just a reminder of the top stories that we're following for you. the u.s. president has arrived in manila for the ozzy and so much more he's expected to hold a one on one with philippines president. it's the last leg of his thirty day asia tour. and former lebanese prime minister saad how do you the hunt said he will return home from saudi arabia within days in the first interview since his sudden resignation. also brushed aside rumors that he was under de facto head so rest in the kingdom. that's it for me for now but be back with us again top of the hour for more days. your children like chocolate. with on your smartphone. or to a job. market. as we go about our daily life human rights or the last one my. first century starting december second on. my name is helmet up by. a mexican conductor. come with me and meet great musicians and friends from all over the world. a conductor i