javier the us dollar set to rise again that's right after we heard the latest statement by the us federal reserve as usual highly expected the us federal reserve has left interest rates unchanged but signaled a hike could be on the cards before the end of the year fed chief janet yellen now also announced a reduction in the central bank's bond buying program analysts say she's facing a tough balancing act between embracing an ongoing economic recovery and worrying over a recent drop in inflation. and when yellen speaks the business world is listening and so is our financial correspondent at the new york stock exchange was there is that ohio's degrees good to see you all right so based on what you've heard and what we've heard will we see a further rate hike this year. it seems so javier over the last couple of days and futures were already discounted maganda possibility of up their interest rate a high does year probably in december after conversations in washington about the tax cuts and our fiscal stimulus hit it on a day after the following see published its stock plot and economic projections

the vice—chairman of the us federal reserve. he has announced his resignation. early.e next year but he is finishing now for personal reasons. much spectrum speculation about that and about who will fill the shoes. it is giving donald trump a large... there are four vacancies. he can really influence it. it is like the supreme court and he can make his mark on economic policy. bearing in mind that, maybe, fischer did not have quite the same policy ideas... that is quite nicely put. he was not keen on deregulating financial services which, of course, president trump is keen on doing. many now see this as an opportunity for donald trump to get in place someone for donald trump to get in place someone who will push that agenda. yes. and he will be able to do that. it will be interesting to watch.|j wonder how much he will be able to do. wing are now talking four vacancies from seven. that says something about the system as well. it is not just something about the system as well. it is notjust one vacancy and you can bring in one person to be part the month at. that is tru

financial markets today, the focus today is firmly on the world's most important central bank — the us federal reserveout how it intends to keep the world's biggest economy ticking. the main us interest rate is currently set at a range of i—i.25% and has already been raised twice this year as the economy continues to pick—up. the other thing investors are watching is the four and a half trillion dollars worth of government bonds and other assets the fed bought after the 2008 crash. they had the effect of pumping money into the economy but will be gradually sold off amid concerns they are distorting financial markets. 0ne argument for not selling them yet is sluggish inflation. while consumer prices rose 1.9% in august as you can see it's been a bit of a bumpy ride so far this year. inflation is regarded as a good thing for stimulating economies but the fed selling assets could keep it down. the fed also aims to make sure as many people as possible are in work. with the latest numbers showing unemployment up slightly at 4.4% they will be wary of doing anything that pushes it up again. with me is chris

taking a look on tuesday, the us federal reserve begins a two—day meeting where they will crunch the to decide whether to raise interest rates. at the last meeting, they left borrowing cost all two unchanged, but the latest numbers in the us have been picking up. —— costs. the bank ofjapan meet on thursday. on that day, draghi was speaking at a conference on financial stability. they will be looking at clues on the plan to pull back on the programme of quantitative easing and how it is going. experts told us what to expect. it is almost exactly ten yea rs expect. it is almost exactly ten years since a massive reduction in interest rates, pa rt years since a massive reduction in interest rates, part of the crisis. the big question is they going to continue to let interest rates rise in order to deflate the massive amount of quantitative easing in the market? the broad assumption is somewhere between a quarter and a half a percent will be the increase. it is not clear if the us economy is robust enough to withstand substantial increases in interest rates. unemployment is at a low level

the ft reports that the us federal reserve is to call time on its crisis era stimulus programme and stickmetro carries dramatic picture of a mexican rescue team rushing to save children trapped in the rubble of their school which collapsed during an earthquake. the daily telegraph leads on accusations from theresa may's former chief of staff, nick timothy, that treasury officials are fixated on the negatives of brexit. the daily express says the prime minister is to directly appeal to european leaders to break the deadlock over brexit when she gives a major speech in florence on friday. the i reports that the government is planning to bring in a new cycling offence which is equivalent to causing death by dangerous driving. the sun has a story about a british tourist injured by facing six months in jail tourist injured by facing six months injailfor giving tourist injured by facing six months injailforgiving a tourist injured by facing six months in jail for giving a finger gesture. the daily mail focuses on what it calls the crisis in the elderly care system. daisy, kick off with the dail

now the federal reserve says that beginning in october they will start to slowly withdraw that, they will slowly start to not renew those bonds. rides, and what can we deduce from this about the usement and remarks by janet yellen, the chair of the federal reserve, said the economy is looking good, that thejob market continues to do well, that there are signs of continuing growth in the economy. we have seen nine years of growth for the us economy. the problem is the pace of the growth, how fast it is happening, it is inching along. when you look at wages, how much people are being paid, there are other weaknesses that the fed is looking at. there are some good things but some less good things. tata steel and germany's thyssenkrupp have agreed to merge their european operations to create what will be the continent's second biggest steel—maker. it would employ about 48,000 people in 34 locations across europe. but there will also be around 4,000 job losses. thysenkrup‘s chief financial officer guido kerkhoff has been telling us why his company struck the deal. the european steel industry has quite a number of challenges, the processing situation, the weaker demand and the overcap

focus on wednesday will be on the world's most important central bank — the us federal reserve. how it intends to keep the world's biggest economy ticking. the main us interest rate is currently set at a range of 1—1.25% and has already been raised twice this year as the economy continues to pick—up. the other thing investors are watching is the $4.5trn of government bonds and other assets the fed bought after the 2008 crash. they had the effect of pumping money into the economy but will be gradually sold off amid concerns they are distorting financial markets. 0ne argument for not selling them yet is sluggish inflation. while consumer prices rose 1.9% in august, as you can see it's been a bit of a bumpy ride so far this year. inflation is regarded as a good thing for stimulating economies but the fed selling assets could keep it down. the fed also aims to make sure as many people as possible are in work. with the latest numbers showing unemployment up slightly at 4.4%, they will be wary of doing anything that pushes it up again. looks to consider. i would not want to be in the

the vice chairman of the us federal reserve a stepping down stanley fischer said he was resigning for personal reasons. shortly before his seventy fourth birthday and just months before his term is due to expire in june. the shirt previously served as the head of the bank of israel. departure will leave four of the seven seats on the fed board. date get as the bank begins winding down its support of him. tommy. it is also considering whether to renominate chairwoman janet yellen wants her point. moving on some of the other business headlines now. the british a pr firm at the center of a racism row who's put itself up for sale. no publisher could be closed down by the end of this year if it doesn't find a buyer. lost clients and been expelled for an industry group over allegations that it ran an ad campaign. deliberate we stirring up racial tensions in south africa. for the house of the government link to clients. europe's top court has ordered a lower tribunal to reexamine the billion euro antitrust fine levied against intel in two thousand nine. european court of justice that judges

we have an important meeting coming up with the us federal reserve and whether they will raise interestr over the weekend with thought the uk could raise interest rates quite soon and mark carney spoke yesterday saying sometime soon but maybe analysts are thinking it will not be before the end of the year so it fell back slightly. i will be back with more in an hour. it was was the longest continuous military campaign of the second world war. for six years, allied forces fought against german u—boats and warships in an effort to protect vital shipping lanes. the battle of the atlantic was masterminded in a bunker deep below the streets of liverpool. now, for the first time in six decades, parts of that command centre have been opened up. our reporter, andy gill, went to take a look. beneath an office block by liverpool town hall lies one of the most important locations of world war ii. western approaches was the allied command centre for the battle of the atlantic. britain had to get supply convoys past nazi u—boats. if it had lost, britain would have been starved and defeated. in 2013,

the us federal reserve has confirmed it will start to unwind its massive asset purchase from next monthnion enters into force. could that mean good news for a post—brexit britain? 0ur economics correspondent andrew walker is here. welcome to the programme again. good to have you back. let‘s start with the federal reserve. winding up that massive quantitative easing. yes, they have bought a total of something like three and a half trillion dollars worth of financial assets, government bonds and bonds issued by agencies that support housing finance in the united states, and they are going to add long last start winding down. they‘re going to do it in the most extraordinarily cautious way. against that 3.5 trillion total assets they hold altogether, they hold 4.5 assets they hold altogether, they hold 11.5 trillion, they will sell off at 10 billion per month. they are not actually going to sell off, they are just are not actually going to sell off, they arejust going are not actually going to sell off, they are just going to allow these bonds to mature naturally. when you get the repayment

they are looking ahead to the us federal reserve, it's two—day meeting starts today.it of a breather, just down by a few points. nothing too dramatic. interesting, the losers on markets on wall street and today to a degree 01’ on wall street and today to a degree or retailers, certainly high street retailers. and suppliers to toys'r'us. hasbro fell significantly on wall street, that's an element as well. that gives you a sense of how things are going right now in europe. jane, what do you make of this story? i think it is a continuation of this transition from bricks and mortar retailers to online and the amazon affects. amazon seems to be everywhere. if retailers haven't really thought that strategy through and how they are going to respond, they are under serious pressure. toys are an interesting part of the market, because they are very big so they are quite high hard to go to they are quite high hard to go to the high street to buy and get home again. also they are the same kind of thing that you want to touch and feel and work out if you want to buy. there is a d

issues in north korea, thejolt to the right in the german elections and uncertainty from the us federal reserveo the markets are waiting to see. brent crude is just over $56 a barrel, it has had a great run recently, a real steady rise, and that has been down to compliance of opec countries cutting their production of oil and those concerns over north korea. we will bring you more business throughout the afternoon. work hard and play hard, that's how generation x are remembered, but what about the youth of today — generation z? are young people lazy and obsessed with social media? a bbc survey suggests that's exactly how older people see them. and yet, if you ask 16—to—22—year—olds themselves, they'll say family, education and equality are the issues that matter to them. here's radio 1's newsbeat reporter nick rotherham. today, teenagers are often told they'll struggle for work and should give up on the hope of ever owning their own home, but a survey by ipsos mori which spoke to 1,000 16 to 22—year—olds and 2,000 from older generations suggests a quarter generation z suggests a quarter of gene

we're joined by randy krozner, a former member of the board of governors of the us federal reserve. the poorest societies in the western economies, people might say, prices michael watt, but we have not been touched by the benefits of globalisation, our salaries have not gone up. there are broad global benefits to the opening of trade and trading across markets, much like their benefits in the uk for trading between london and the north. much better to have that integrated them separated out. how the benefits are distributed is often an even and that is one of the challenges we are seeing cover some places benefit more than others and when people have not benefited as much, they can get upset. it has been battling yearbook has the job market in the states has strengthened, is rising and yet inflation has fallen short of where you think it would be, what is going on? is it a problem that banks are not making the right decision or is there a structural problem in our economy is? this is an ongoing debate over whether this is a short—term thing or something structural. it has been a sho

the us federal reserve signalled another rate rise was on the cards this year, taking many by surpriseier group went soaring 7.8%. the uk group says it remains confident that its main businesses are relatively unaffected by brexit uncertainty. it was also a good day for the speciality chemical companyjohnson good day for the speciality chemical company johnson matthey. it good day for the speciality chemical companyjohnson matthey. it said it would invest an initial £700 million in expanding its battery material business in 2018, aiming to capitalise on growth in the electrical car market. lastly, i wa nt to electrical car market. lastly, i want to talk about manchester united which today reported record revenues for the 2017 financial year. that is largely thanks to a huge rise in domestic tv revenues during 2016—17, the first season in the current three—year uk broadcasting deal. in a year when the club won both the europa league and the efl cup, it also signed 12 sponsorship deals and saw commercial and match day reve nu es saw commercial and match day revenues increase. we can get

they may mean the us federal reserve is better setup because they‘ll have the boost from spending andat the markets. all of them looking pretty positive. the dax is up because of court decisions in germany. very much in favour of volkswagen. shares are quite smartly. from the white cliffs of dover to the beaches of norfolk, today work begins on a three year scheme to improve england‘s coastal path — all 2,700 miles of it! the project will make it the longest coastal path in the world. tim muffett has been speaking to walkers in west somerset. it will be a very, very, very long walk. when it is finished in 2020, the england coast path will be 2700 miles long. today i have joined walkers in west somerset, who already use a completed section. as a keen walker, and somebody who loves being by the sea, i think it‘s wonderful. we are an island nation. having a joined—up path which allows people to walk around the whole of the periphery of the country has to be a good thing. along the coast, cafe owner darren taylor says the path is already boosting business. we have seen an increase in visi

the us federal reserve has left interest rates unchanged but signaled a hike could be on the cards beforethe end of the year fed chief janet yellen also announced a reduction in the central bank's bond buying program analysts say she's facing a tough balancing act between embracing an ongoing economic recovery and worrying over a recent drop in inflation. and shares in german linda command bank spiked briefly on wednesday after renewed speculation that a merger could be on the cards according to the reuters news agency italy's only credit recently approached the german government with an interest in merging with the state back to linda it's still early days but should such a move go ahead it would be one of europe's largest ever cross border banking mergers. it took a while but the seato free trade agreement has made canadian salmon cheaper on european markets simply by getting rid of imported duties so rosy prospects for fish farmers over there or at least you'd might think so because instead of this growing resistance to the fish farming industry especially among the country's first nat

federal reserve troops to learn through a burn we simply use the computer to mark up the shards of your column in the federal reserve we need to print morning because all more economists believe and then free from the spare room. feel in the us the creation of money can be focused on public spending especially when the economy is in trouble september make it a good second if you must be. christie said. in the eurozone instead during hard times even this could happen in english in an odd g. . c. beebies alluded to it was to seek a chicken stock to add a sequel or two coming that. she meant sacrifice. and sacrifice today for sterrett. the men for a cause. remain a big economy and get. free about the big that the you know the cream that i made a dependent that. it will says. oh your do you know the. boy. was the same. child. according to census the research institute in italy national funding to the regions linked to social policies was reduced by approximately eighty percent from two thousand and seven to two thousand and fourteen. do you remember the matter of the bones if we got it righ

remember those years both here in the us and the uk where we had what was known as quantitative easing. the central banks, the bank of england here and federal reserveend of 2014 and had a phenomenal effect, if nothing else helping boost local markets. quantitative timing is the opposite. all those assets that the federal reserve has bought, and their balance sheet of $4.5 billion, they are going to start selling off a small portion of that. so the assets gets older back into the market and they remove money from the system. they have made it clear that they are going to be as careful and boring, to use their words, as possible. and of course, we have to see possible. and of course, we have to see carefully how markets react. if markets loved quantitative easing, will they react badly to quantitative tightening? we will have to watch to see how markets react. at the moment, the markets seem to be taking it well. let's talk about toys "r" us filing for ba n kru ptcy talk about toys "r" us filing for bankruptcy protection in the us and canada. just explain what protection that gives the company and explain how they came to be in so much debt? they bui

federal reserve true to learn true we simply used the computers to mark up the sars of your column in the federal reserve we need to preach morning because all more economists by the week and then flee from despair really. feel in the us to. money can be focused on public spending specially when the economy is in trouble. in the eurozone instead during hard times this could happen. she made sacrifices. and sacrifice today. the. economy here. for the big you know i mean. this. was the. research institute in italy national funding to the regions linked to social policies was reduced by approximately eighty percent from two thousand and seven to two thousand and fourteen. and. you're a member of a matter of the bones if we got it right. that decides how many pounds should be placed in a four hundred dogs. is the. total . it's. i'll tell you. china's i'll give you one thing the incentive i wanted more money in a book is a method of action. for you kind of the ultimate punishment disappointment to get a little. bit are you going to. get it going to be in some. normal. sense and it's only g

federal reserve. that essentially impacts us. that is flat for this month. the big thing is the balance sheet. >> this is really historic. they are going to undo what they put in place to pop up the economy. what does this reflect to you quick >> we are trying to get back to normalcy. right now we have $4.5 trillion of liabilities on the balance sheet. that is 20% of the gdp and too big of a number. in 2008 we had $1 trillion. we can't do that overnight, but we want to get back to that. >> how long will that help them what type of impact might that have?>> janet yellen is our fed chief today. her job comes up in february. she has been very cautious. she's always signaled what has happened. she told us it will happen slowly, probably $10 billion in the first month increasing to $50 billion. the federal reserve has a by mortgages and treasuries in order to keep the money supply going. that is their job. it's a very very important job in our economy. >> i want to get back to this idea of 2% inflation. that target?>> that's a good question. we like going to the

us. and now the fed. . the federal reservenning down some of the $a.2 trillion of bond investments it made to boost the us economy after the financial crisis. the us central bank will start in october, cutting the amount it invests by $10 billion a month. at its meeting on wednesday the fed also said it was keeping interest rates on hold, but signalled a rate hike by the end of the year. the market was fairly flat in asia but we had quite a bull run at the start of this week, don't forget. i will see you again later. goodbye for now. a group of ryanair pilots has rejected a cash bonus to work extra shifts to help reduce cancellations in the coming weeks. the airline has cancelled 2,000 flights over the next six weeks because of what it claims was a mistake with holiday rotas. frankie mccamley reports it is europe's biggest airline, carrying 120 million passengers last year. and it is not shy when it comes to trumpeting its own success. fanfare. welcome. you have arrived. the irish airline is being forced to cancel about 50 fli

federal reserve's overall move. fox business' adam shapiro was in the room. he's joining us from the federal reserve in washington, d.c. adam, what jumped out at you during the entire news conference, that's what tends to grab market attention? >> one, concerned about inflation, you heard chair yellen sayas the beginning of the year up 1.9%, now it will be up around 1.4%, that's core inflation, that is troubling to the fed but pressing on with policies and we are expecting an interest rate increase in december, and then three rate increases next year, but other issue that jumped out was the fact we started the unwinding of the balance sheet will take four or five years, a long time if it's uninterrupted. the key here is a lot of people, critics have pointed out not everyone has benefitted from federal reserve policy. look, if you own stock, stocks gone up. if you own a house, the value of your house is back to where it was before the great recession, but 50% of americans don't own stock and more than a third of americans are spending 30% of incomes for housing. i asked janet

federal reserve troops to learn for a bird we simply use the computer to mark up the shards of your column in the federal reserve we need to print morning because all more economists believe and then free from the spare room. in the us the creation of money can be focused on public spending especially when the economy is in trouble september make it a good second if you must. wish the sickly features. in the eurozone instead during hard times even this could happen in english in an odd g. c b. please seek it yet because. she meant sacrifice. and sacrifice today or stair it is. the. economy of. free about the big you know green by me to defend it because it will says. the boy. was the same. according to census the research institute in italy national funding to the regions linked to social policies was reduced by approximately eighty percent from two thousand and seven to two thousand and fourteen. and. you're a member of the matter of the bones if we got it right it is the austerity that decides how many pounds should be placed in a room of four hundred dogs. is the. total. listen i want t

we have an organization in this company it's called the federal reserves it's supposed to be monitoring these thing for us is wells fargo bigger than federal reserve? >> there is what gets me we know the federal reserve could remove the board of directors of wells fargo i had janet yellen in a hearing recently and sharon yellen said yes, she acknowledged the fed has the power to do that and look, janet yellen is somebody that's gotten out there and talked about the importance of protecting consumers, about the importance of an economy that works well, not for just those at the top but the rest of america. this is fed's chance to step up and say whether you cheat consumers when you open fake accounts and force insurance on them they don't need and charge them money they don't owe. we in the federal reserve are going to say, those who are in charge and are responsible are gone we can't trust you to run a company of this size i really wands to see the feds step up here they have the power to do it, they need to step up and do it >> now, this is not a republican and democratic issue. >> nope. >> is it necessa

the world is most powerful central bank, the us central bank left interest rates unchanged. the federal reservet borrowing costs in the range of i— i.25% borrowing costs in the range of i— 1.25% but another rate hike is on the cards in september. starting month, they will start reducing the massive amounts of bonds at it owns. asa massive amounts of bonds at it owns. as a result of three rounds of quantitative easing measures it involved buying bonds to stabilise the economy after the financial crisis. we asked what in pact would be? what surprised markets was not so be? what surprised markets was not so much the announcement because it had been signalled but it was more that they seem committed to continue raising interest rates. how will these impact of the us economy? we saw immediately that depreciation of the us dollar. a stronger us dollar in the short run. this is done with the means, the objective of slowing us growth. good this squeeze corporate profits going forward? not likely. what will happen is a series of things that would have an impact on activity but not this. could it have re

federal reserve institution i used to work for. as bob says, the fed has committed two major blunders in its 85 year existence. it worsened the great depression of the 1930's by refusing liquidity to a global economy that was thirsting for it, and then in the 1970's it permitted the great inflation by not soaking up liquidity from a global economy that was drowning in it. the great depression looms large in public consciousness. if you were to type it into google you would get 8 million hits on the term great depression. the great inflation has faded from memory. it gets under 50,000 hits. depression gets its own entry in wikipedia, the great inflation there is no wikipedia entry. is a great service to tell us about this history. bob laments the fact that history also skimps on economics and economics skimps on history. is neither a professional economist nor a professional historian, but has given us in his book ample helpings of economics and history. i think the book is more than the story of the conquest of inflation, it is a n

us from crosby, texas. >>> the dallas federal reserve bank pre says economic growth will take a hit after harvey, but will return to no normal. the at growing 3.3% in the third quarter. down af a percent from last week's estimates and a day after the president was touting tax reform, steve liesman sat down with the treasury secretary, who said there is a plan and it would be released in the next few weeks. that president trump promoted a plan without dedale, said thereto a plan and it would be released within the next few weeks. >> originally, our goal had been august. unfortunately, things got derayed a bit. but we'r tra to get this done by the end of the year. so you're going to see the details come out later this t committee process. and we expect the house and the senate will get this to the president to sign this year and we couldn't be more excited about progress we've made. >> hbs the administration is aiming for a revenue neutral bill, one that w but said it wo depend on how much growth the joint tax committee attributes to those tax cuts and he played down apparent differences between the fed and

federal government. david: right. >> honestly these storm situations where you have such enormous problems, texas has $10 billion reserve. they will use the money in conjunction with the federal government. i'm sure they get the private sector to help. these numbers will be huge if this irma comes ashore in florida which it looks like. david: kevin, you have 100 billion for harvey in texas. you have irma which might be at least the same amount. that is federal spending. i'm thinking the president's push to get the private sector involved in infrastructure, it was poo-pooed by a lot of democrats, they may be out of money. this may force the issue getting the private sector involved in things used to be reserved for the federal government. >> i think we need to speed up recovery time we know the government takes a long time. president stands up on podiums with a long list what it takes to get a lot of these infrastructure deals done. we need to take into consideration, power grid. we need to deploy that money and quickly. that will fall under national defense if the government wants to get stuff done. next year is election year. i think

week economic reports on housing and manufacturing and a two day policy meeting by the federal reserve. >>> toys 'r' use headed for bankruptcy before the holiday shopping season, the "the wall street journal" reports the retailer could file for chapter 11 in the next several weeks. the company's suppliers are behind the move and reports say they're not shipping items unless they're paid in cash. toys 'r' us has most of its merchandise for the holidays but restocking those items could pose a problem. >>> and the iconic rolling stone magazine is up for sale. he plans to sell his 51% stake in the magazine which he cofounded 50 years ago. he sold 49% of rolling stone to a digital music start-up back in 2013 amid the industry wide drop in circulation. winner's company recently sold its other magazines to the publisher of the national inquirer. back over to you. >> he has had a very influential amazing run. thank you. >>> just ahead, more highlights from tv's biggest night plus video captured this awful accident. you're watching early today. ...companies... ...solve problems. how? we eat. we eat almonds... .

chip industry this morning and investors are anxiously awaiting an announcement from the federal reserve. joining us now is kcbs radio's financial reporter jason brooks. >> reporter: good morning, michelle. good morning, kenny. a big deal in the semiconductor industry today. toshiba agreed to sell its memory chip business by bain capital including apple and dell. memory chips are in high demand. the rise of the internet. samsung's apple's key rival in the smartphone business is the current market leader in memory chips. several other firms were beat out in the competition including western digital and taiwan's foxconn technology. it would be a shock if the feds raised rates. inflation was up a bit in august but it cooled down for several months before that. also, hiring in august pulled back a little bit. what we are expecting from the fed today is the beginning of the unwinding of its massive $4.5 trillion balance sheet. that ballooned under years of the quantitative easing which led to the bull market of wall street. all three averages closed up at all-time highs. the market flat right now ahead o

i said is down fifty percent remember these are some of the arguments that were used in the west when the federal reserve bank or the e.c.b. starting gauging and all this quantitative easing and bailing out banks and and buying up mortgages that the government would was going to profit from this and. they never do that this is the disaster unfolding in india just like a disaster in the u.s. and the e.c.b. i love the word extinguished it's like wells fargo you know they they read thanks to the money out of two million of their customers accounts then they found over there to another million then they defrauded people in our mortgage market then they defrauded people some other way you know and warren buffet you know one of the biggest sellers a while fargo is like gee i don't i make money by reputable off i still people's money i'm more buffett i'm a thief i'm a thief i want i'm a thief i don't care i'm a thief i think i think you know that's their business so they wish people's money that's their business well not the fraud and people they're robbing people ask warren buffett so again another claim they

there is the federal reserve in the us, the central bank which dominates everything else.se that house—building was still doing 0k but it was commercial construction still a problem. in some respects not surprising? it is not, but clearly there has been a downdraught in construction sentiment in terms of institutional commercial level, so the sector is back at the lowest level since last august and businesses are certainly waiting for a degree of clarity on the macroeconomic situation beyond just brexit, it is certainly bearable. that is causing the sector to decelerate. the real kicker as far as sentiment in terms of the uk is how the services sector plays out. it will be fascinating to see how that stands up. and more european data coming out this morning as well? how is the european economy doing? the eurozone economy is in a pretty good place, i suspect that will be reflected in the language from the european central bank when they make their own decision on thursday, but europe looks in a far better place. we're not just seeing looks in a far better place. we're notju

us toward that third rate hike of 2017. works thank you. continue ourwill discussion on the federal reserve a ie is joining us.ll talk about the impact of the current reported rate hike timeline. >> bus, he says it is the biggest bubble of our lifetimes. why is mike still on a mission to come the king of bitcoin? that interview a little later. this is bloomberg. ♪ ♪ with bloomberg markets. i'm shot salon in hong kong. >> i am haidi than in sydney. a quick check of the latest business flash headlines. like he is increasingly relied on overseas markets and domestic business continues to slide. china was particularly strong escort. the province there have had estimates that under pressure coming in at $.57, it is way ahead of the median forecast for $.47. they fell 3% in the. int was upset by a 5% rise america and the pacific. equifax ceo richard smith has stepped down after the theft of 143 million americans private data. bestsay that it is in the interest of the coverage of have new leadership. he will be paid as an unpaid adviser. shares have dropped since the hack was announced. commander oriental has scrappe

>> is key because they will give us clues about what the federal reserve might do next.ning pretty soft this year and has the 2% target. the numbers are high, that raises the chances for the fed hiking interest rates in december or vice versa. this coming this morning is key for the market giving the markets flat right now, but they will take a cue from those data points. transfer georgi, there is to 11 month high, but what does that mean for gasoline prices here in the united states? >> well, oil is rising because of strong demand, especially in china. you know, some are speculating they have been keeping prices low for the past three years and is finally coming to an end, which will raise gas prices. higher oil prices incentivizing shale with more and keep prices low. lauren: supply certainly not at issue in the u.s. cheryl: that does it for us here at "fbn:am." now we turn to maria bartiromo. maria: hey there, girls. thank you very much. happy thursday. i maria bartiromo. thursday, september 14. 6:00 a.m. on the east coast. president trump strikes another deal on bord

jonathan: thank you for joining us, george rusnak, kathy jones, and matt brill. as we count you down to that federal reserveth fed chair janet yellen next week, full coverage and special programming right here on bloomberg tv and bloomberg radio. from new york for our viewers worldwide, that does it for us. we will see you next week. at 12:00 new york time, 5:00 p.m. in london and if you're in hong kong, watch the replays over the weekend. do something else. this is "bloomberg real yield." ♪ so we need tablets installed... with the menu app ready to roll. in 12 weeks. yeah. ♪ ♪ the world of fast food is being changed by faster networks. ♪ ♪ data, applications, customer experience. ♪ ♪ which is why comcast business delivers consistent network performance and speed across all your locations. fast connections everywhere. that's how you outmaneuver. ♪ nejra: how low can you go? falling research prices under mifid ii leave asset managers with a dilemma. do they pass on the costs of investment research? back to work for washington. how likely is the repeal of the volcker rule? and what will it mean for u.s. banks

this conversation at pul all. >> i think you're not paying attention. >> give us the -- >> i'm telling you, the federal reserve has one thing that it says it can do, which is to increase the inflation rate -- >> no, she said just the opposite >> no, no, no! the thinking of the federal reserve is that it can control one variable in the economy. that is the inflation variable what you have now is a fed chair stepping up to say, i have my doubts about our ability to create this. and this has implications for policy down the road >> look, she said -- let me go back to this and as i said to melissa earlier -- >> i think brian asked for a single world i would say that word is optionalty, right? she wants to raise rates, but the inflation data hasn't supported that case. if she sees the inflation, she'll continue to progress in an accelerating fashion. the last one's print on inflation was the first one that was not actually disappointing on the low side in six months. if we continue to see that trend, they'll raise rates in december the question is, will it actually happen? because there clearly is a mystery around

federal reserve giving a speech later. looking for any clues about plans to increase us interest rates.e on a piece of paper has had the ability to create a legally binding document. then came the internet and with it electronic communication, and paper was regarded an anachronism but how do you make a digital document legally binding? the solution was the e—signature and one of its pioneers was a company called docusign. their software allows more than 300,000 companies and 200 million users in 188 countries send, sign and manage agreements digitally. but what about the legality of signing documents this way? sally bundock started by asking chief executive dan springerjust how legal the process actually is. so, digital signatures in the united states first became legal, it was about 2000 when president clinton was in office and they're legally binding and then each country has different legal structures so there is civil law and common—law, but in the united kingdom there are legal signatures as well. trustworthiness, authenticity must be key to your business because presumably anybody

us financial markets of the king to the u.s. now investors await the conclusion of the federal reserve meeting for clues as to whether a third interest rate hike is on the concept. economists say the federal reserve is unlikely to announce a rate hike today it could instead begin to unwind its massive four point five trillion dollars bond portfolio those assets were purchased by the fed during the financial crisis as a stimulus solid job growth and a stronger economy have recently pushed the board in the opposite direction it has already raised interest rates twice this year we conflation remains a concern the fed is expected to raise rates again in december global investors are also awaiting the news out of washington the booming u.s. market and a weaker yen are positive signs for japanese exports in particular japan's nikkei exchange finished tuesday on a two year high the nikkei was quieter wednesday as were markets across asia traders are acting with caution before the fed announcement over to daniel cole in frankfurt as i'm comment on this daniel tell us what the euro and doll is doing and also tell me is the fed finally waking

unveil their plan, but the president's decision of who may run the federal reserve is behind today's decision. oliver renick is joining usscuss this. like the market like the kevin ward's news or rumors. i think what might be overlooked is the possibility of a change at the federal reserve. it seems like trump has backed .way from the gary cohn rumors this is a meeting he had with x .ed governor kevin worsh they basically said he is the for possible candidate financial companies because ec's eye to eye with trump on loosening regulations -- because he sees eye to eye with trump on loosening regulations. you look at the chart, and it's pretty solid leap for banks. a little bit of company news on the analyst side, too. specificallys it about this company that is of particular interest? oliver: this is a company that was spun off from rbs. it is establishing its own situation. the big question is whether they will get the return on equity that they want from the bank. at the red 8% on the terminal, that shows you that the 12 month r.o.e. is indeed in the bottom. i'm going to click through this and we are going to chart this

as always, scott miner joins us to talk about the federal reserve.read a couple of different papers you might have seen articles to his firm, guggenheim questions mount over founder's role in guggenheim upheaval at the top of guggenheim as investor scrutinizes investment powerhouse scott mineard. tumult, upheaval and these are the words we're reading today. obviously, you have a lot of clients today. is there tumult at guggenheim? >> no, there's no tumult. >> are they wrong? >> we've had a discussion before about how fast we've been growing and mark and i started this firm over 20 years ago. you know, we've had -- mark walter we've had a very lively debate and when you're growing as fast as we are there are a lot of decisions that have to be made and sometimes people misunderstand the itch nah you are of this sort of energetic banter that's necessary to really get the best outcome both for our shareholders and our clients. >> even "the new york post" has picked up on it. >> if you read the stories it makes you sound like you are throttling each other

let us talk about the fed. will the federal reserve raise rates again this year? is one of the questions they are hoping policymakers clarify when they confirm the two day meeting today. dods?all about the joining us now, jordan rochester, at nomura. when it comes to the balance sheet unwind, how we gotten so much information telegraphed about this plan that it is really going to move markets today? jordan: it is being telegraphed a lot. we do not know the details or the mechanics of it. we are looking at the website for those details when the announcement is made. it is going to be like watching paint dry. the impact will be slow and steady. to athink it would lead premium on u.s. treasuries. you have this big question of where inflation is going. there is the offsetting dovishness factor that is making quantitative tightening less like the temper tantrum, a lot less. -- taper tantrum, a lot less. it is not the biggest trade there is. itt: jordan, we have seen -- mean, a very strange thing happened when the fed when into the market. take a look at this chart. blo

us imports and exports of goods and services. president trump vowed to wipe out america's trade deficit altogether. the federal reservethe latest report to arrive from business contacts around the country on the health of the us economy. now, america's central bank is expected to hold rates steady at its next meeting in two weeks' time, but it may announce that it will start reducing its $4.5 trillion balance sheet. joining us is simon derrick, chief markets strategist, bank of new york mellon. good morning. nice to see you. let's pick up on sally's favourite topic. central bank action. there is not a day that goes by, that we don't talk about it, but another big week. the big story will be about the european central bank. they‘ re big story will be about the european central bank. they're peating tomorrow. the question is are they going to further reduce their asset purchases, quantitative easing? the market spends a lot of time obsessing about this. it has fed into strength into the euro. the european central bank doesn't like currency strength. the question is when we hear the head of the bank tomorrow speaking is

us to keep their dealer network streamlined and nimble. businesses count on communication, and communication counts on centurylink. cheryl: federal reserve. river gold from "the wall street journal" joins us now. good morning. >> good morning. yes, looks as though the fed meeting is treating this kind of lowell and global markets again. european markets kind of grinding to a halt as traitors are kind of holding back until we get a little more clarity on his plans not just for the balance sheet to mother breathe later on in the year. you are seeing a lot of action in japan today, a pretty exciting morning for the nikkei, which reopens from a holiday catching up overseas and also reacting to reports of a snap election potential and japan. lauren: don't they have a bank of japan meeting thursday? >> there is no shortage of questions for japanese investors to look forward to. although it is expected to bank of japan will continue to be supporting the equity markets for some time. lauren: riva, thank you so much. cheryl: i can't wait to see what they say about the effects of the hurricane on the economy. it will be good this week. i am bullis

us. she invented what we should do on fiscal policy in washington. she is the former vice chairman of the federal reserve and founding director of the cbo. help us dovetail and where we are going with our fiscal deficit. what i saw this week was your suggesting werime out toet deficit to gdp five or six. rivlin: that is a lot of projections on his part. it is anybody's guess at the moment what the republican strategy is. i haven't been able to discern one. the administration put forth a approach which brought down appropriations. now, we are talking about tax reform. whether the tax reform is going to be deficit neutral. more likely not. on thet have a strategy longer run a budget deficit. scarlet: the next live at fed meeting will be december 13. it could ostensibly raise rates. if it does raise rates, to what extent could be government funding debt ceiling debate limit or complicate the fed's next move? scarlet: which -- dr. rivlin: we shouldn't have a debt ceiling. it always competent things. i do suspect we will have a huge hassle over the debt ceiling. -- it always copper keeps things. things.ways c

. >>> markets and investors cautious ahead of the federal reserve's upcoming decision today. joining usrosenberg, chief economist and strategist david, always great to the speak with you. >> thanks. >> we have a market that's sitting at record highs and a volatility index down a few percent, under so at this point. are the effects of this great unwind going to be as smooth in terms. digestion by the markets as the markets seem to think? >> well, i would have to say right now it certainly appears that way there's never been, i don't think, a more telegraphed tightening of policy, at least this way, than the quantitative tightening the fed has been talking about it for months. we know the exact amounts per month and we know the split between mortgages and treasuries so i think that's already baked in the cake to me actually the more important thing is going to be whether or not the fed spins the dial on interstate expectations and that's one thing we can certainly have an impact on because although the taper is fully priced in, the markets are barely priced more than halfway for another r