current chair of the us federal reserve, janet yellin.decided not to renew herfor a second term. donald trump decided not to renew her for a second term. what happens now? janet yellin leaves and the central is trying to win the us of its really loose monetary policies and get the economy to stand on its own two feet. which means us markets may not always make the best rallying cry for donald trump. and as soon as we get an announcement, we will update you hear on the bbc. now let's brief you some other business stories. it's being reported in the financial times that walt disney is close to confirming a deal to buy 21st century fox's entertainment assets for about $60 billion. the sale would include the 20th century fox film studio and the sky and star satellite broadcasters in the uk, europe and asia. disney was left as the front runner after comcast, the nbc owner, dropped out of the race on monday. it's thought that there may be an announcement about the deal on thursday. the murdoch family was said to favour a deal with disney becaus

indonesia ‘s central bank meets on wednesday and it will likely react to that decision from the us federal reserveision from the us federal reserve. on thursday, the philippines central bank is doing likewise but they are expecting to keep their rates stable. we are also expecting more economic data from china as well. the world ‘s second—largest economy will release its data on. i asked what we might see from the federal reserve meeting? that have been three rate hikes this year at a believe that is what they will carry out. they will continue stressing the labour market has been strong but whether russ some doubts and inflation picking up in particular where wages are will rise and jobs being created so that isa rise and jobs being created so that is a bit ofa rise and jobs being created so that is a bit of a dilemma. a fairly strong report on friday forjobs. a lot of central banks in this region tend to watch what is going on in the us. indonesia amongst them as well as the philippines. for indonesia, they have cut rates twice this year in the third quarter so the best thing they can do is to h

many will be watching what happens with the us federal reserve at the end of their two—day meeting, butthe focus on wednesday. us president donald trump will deliver a speech on the plan to overhaul the american tax code. and this comes on the same day lawmakers in washington will host the one and only open conference on tax legislation. republicans are planning to have a final agreement nailed down by the end of this week. and finally, the us labor department will release data on consumer prices for november. the low rate of inflation has been a persistent economic mystery in recent months, as falling unemployment and rising economic growth have failed to push up prices. but new figures on wednesday will shed light on where we are with inflation, and if it gets any closer to the fed's 2% target. that was samira, of course. joining us now is tom stevenson, investment director at fidelity international. we have talked about markets and what's going on. from your point of view, is it one game in town and that's the fed? it is one game in town and that's central banks. lots of central bank

left interest rates at the historic low of zero percent the decision comes a day after the us federal reserve raised rates for the third time this year i think it was a long lasting business with. more intrigue international talk show journalists discuss the topic of the week because donald trump's decision to recognize resume as israel's capital a diplomatic disaster or good job along dormant peace process back to life that's our topic on this week join us. quadriga next on d. w. . they make a commitment. they find solutions. they can stronger. africa the. stories of both people making a difference shaping their nation. and their continent. w.'s new multimedia series for africa. dot com africa on the move. where i come from we had to fight for a free press and was born and raised in a military dictatorship with just one t.v. shadow and a few newspapers with official information as attorneys i had walked off the streets of many qantas and their problems are always the same poor do social inequality a lack of the freedom of the press and corruption we got on the floor to stay silent when it co

the us federal reserve has raised its key interest rate by another quarter of a% — to a range of betweenr the us economy for this year and next. but it kept to its existing prediction of three more rate hikes next year. as our us business reporter yogita limaye explains it was confidence in steady economic growth here in the us where you see over 3% growth. also a good labour market. unemployment is at a 17 year low and those were the main reasons behind the rate hike. this is the fifth rate hike overall since the financial crisis and the third this year. importa ntly, financial crisis and the third this year. importantly, the focus this time on the fact that it was the last press conference forjanet yellen as chair of the federal reserve. there will be another meeting in january reserve. there will be another meeting injanuary but reserve. there will be another meeting in january but this reserve. there will be another meeting injanuary but this will be the last time she will be answering questions on monetary policy. that move from the fed has been quickly followed in china and hong ko

program at thirty billion euros a month from january until at least the end of september the us federal reserve has pushed the benchmark rate to between one and a quarter and one and a half percent the move seen as a vote of confidence in the economy the central bank expects the jobs market and economy to strengthen further and predicts three more rate rises next year let's go over to daniel cope our financial correspondent in frankfurt dan you're following things there closely details trickling in what's your judgment good news or bad news. well pretty much it is the news that was expected here by investors nobody here at the frankfurt stock exchange was believing that mario draghi would be announcing high interest rates today also we are also getting word that there also is not going to be any kind of change of the bond purchasing program we remember that during the last e.c.b. a meeting taking place a few months ago this bond purchasing program was reduced from sixty billion euros amounts to just thirty billion euros a month i was just actually just looking outside at the blue chip index the

to vote tuesday on jerome powell's nomination by president trump to be the next head of the us federal reserveing more new businesses, but struggling for financing. a report by the federal reserve which says female run firms are are likely to get business loans or have good credit scores, the tech news site wired carries a sobering report. ‘two melting glaciers could decide the fate of our coastlines'. research in the antarctic suggests the loss of key glaciers could mean sea levels rise 11 feet by the end of the century, flooding all the world's major coastal cities. and don't forget, let's us know what you are spotting online. use the hashtag bbc—the—briefing. that's it for business briefing this hour. but before we go, a quick look at the markets. asian shares, as we've been saying, the nikkei is down. the hang seng is also down, perhaps surprising following the surge we saw in the dowjones, which went up over 211,000 points. all over expectation that donald trump's tax reform bill was about to go through. a big corporate tax reduction. but one 01’ a big corporate tax reduction. but one or

the us federal reserve meets later this month to decide whether to raise interest rates for a third timee us ventral bank's policy is meant to keep the american economy on track, but it has a significant impact here in asia, especially on the hong kong real estate market. for more on the property market in hong kong, we're joined now by bike colleague and business reporter matt morrison —— my colleague. so what is the state of the residential property market? the residential property market is booming and overvalued. now, you and i have both lived in hong kong and every month we have to pay our housing cost. not cheap! not cheap at all and it has been going up for about nine consecutive years. so where do interest rates play into all of this? this is what the imf have been warning about, saying that if interest rates go up that could cooldown housing values. this is to do with this balancing act of monetary policy, would be tied to the us dollar it is acting in a bit ofa the us dollar it is acting in a bit of a lockstep. so when us rates go up of a lockstep. so when us rates go up hong k

the telegraph business section carries a warning from the us federal reserve that bitcoin and other digitalrencies could endanger the safety of the financial system if they continue to grow. and finally on front of the guardian, children as young as two in the uk are being put in groups based on ability and behaviour. meanwhile, teachers have hit back saying it will have negative impact on confidence, self—esteem and aspiration. so let's begin. with me is alpesh patel, who's ceo of praefinium partners. problems with self—esteem? problems with self-esteem? are not like you to a two—year—old. problems with self-esteem? are not like you to a two—year—oldli problems with self-esteem? are not like you to a two-year-old. i am in finance so i'm probably like a two—year—old! —— i'm not likening. brexit, they seem to get over a money hurdle and then the next problem is the big problem, the irish border feels so problem is the big problem, the irish borderfeels so intractable. i've got a solution, we live in the age of the internet, this programme has 100 million viewers, why don't they tweet into @b

also lots about the federal reserve decision. in the wake of the us‘s central bank surprised the markets by making a rate rise of their own. monica miller is in singapore. what did they do? china has made a startling declaration of moderate losses after raising short—term and mid term interest rates for debate came after hours the decision the fed made by raising rates by a quarter of a percent. the world‘s second—biggest economy has started to cool as the government cut down on high risk lending. they do not wa nt to on high risk lending. they do not want to slow down economic growth. hong kong was another one. their monetary authority was out today and they have upped their base rate 25 basis points. hong kong tracks the us rate because their currencies are pinned to one another. both currencies are in lockstep with other asian currencies, which have already raised their rates. south korea raised its rate. it was the first asian country to do so since 2014 foot at many economists say malaysia could be no first one in the u —— new yearfollowed by phi

traders are treading water ahead of the conclusion of the us federal reserve's meeting in the us and england and then we have the bank of england and european central bank as well this week too. the future of motoring — we're told — is self—driving cars. giants like google and tesla and pumping billions into developing the tech that will bring us a driverless future. at the heart of the technology is artificial intelligence and our next guest is hoping to use his own particular brand of ai will help his firm steal a march on his bigger competitors. he's the boss of fiveai. it was founded right here in the uk in 2015 with the aim of creating a world beating autonomous vehicle company. since then its attracted investment of almost $27 million. it may seem like a lot, but is it enough to compete? globally, it's been estimated that there have been 160 deals in the last three years alone, aimed at developing self—driving vehicles. and its thought total investment in that time has been around $80 billion. stan boland is the boss of fiveai and joins me now. tell us about what you're doing a

the us federal reserve has agreed to raise interest rates by a quarter of percentage point — the thirdyear. policymakers say it underscores what they called a solid gains in the us economy. the fed also boosted its economic forecasts —— projecting growth of 2.5% in gdp in 2017 and 2018. the israeli leader, benjamin netanyahu says he's unimpressed by statements at a gathering of muslim nations. it follows bitter criticism of president trump's recognition ofjerusalem as israel's capital. the palestinian leader, mahmoud abbas told the meeting that his people would no longer accept an american role in the peace process. he is one of the world's most successful road cyclists. but the uk's chris froome is facing the prospect of being banned from the sport after an adverse drugs test. the four time tour de france winner had twice the allowed amount of an asthma medication in his system during a race in september. cycling's world governing body is investigating. both chris froome and his team, sky, have denied any wrongdoing. more on our top story now and the democrats shock victory in alabama

let's take a look at some of the other stories making the news: the us federal reserve has agreed to r of percentage point — the third rate rise this year. policymakers say it underscores what they called a solid gains in the us economy. the fed also boosted its economic forecasts projecting growth of 2.5% in gdp in 2017 and 2018. the vice—president of ecuador has been sentenced to six years in prison in connection with corruption at the brazilian construction firm, 0debrecht. prosecutors sayjorge glas took $13.5 million in bribes. he's the highest ranking politician to be convicted in the scandal. mr glas says there was no evidence against him. benjamin neta nyahu says he is unimpressed by statements at a gathering of muslim nations. it follows bitter criticism of president trump's recognition ofjerusalem as israel's capital. the palestinian leader, mahmoud abbas, told the meeting that his people would no longer accept an american role in the peace process. hundreds of thousands of people — most of them children — face starvation in the democratic republic of congo. the crisis is cen

this is the finaljobs report before the us federal reserve, the central bank of america, meets next weekected to raise rates at this meeting. the latest consumer sentiment index by the university of michigan will be released and it is expected to show a preliminary reading of 99 points over the month of december. that is up from previous month. this is a measure of how confident americans are feeling about finance and the business climate and their finances. samira hussain there in new york. joining us isjeremy stretch, head of currency strategy at cibc world markets. and currency is where we seem to be seeing a lot of the reaction to the politics going on in brussels and this breakthrough? absolutely. this week we have seen extreme levels of volatility, we‘ve seen the market react volatility, we‘ve seen the market rea ct tea m volatility, we‘ve seen the market react team to twitter rumours all week as we‘ve seen this debate about whether there was going to be an agreement or not. now that we‘ve seen this move towards the next phase, we have seen sterling benefiting, which has taken us b

the us federal reserve on thursday is likely to report extended credit rose to 17.50 billion dollarson dollars in october. in earnings news, discount store dollar general will be reporting. the company has been cutting prices more aggressively as it looks to try to better compete in the grocery industry. amazon's purchase of whole foods is heating up purchase of whole foods is heating up grocery purchase of whole foods is heating up grocery wars. purchase of whole foods is heating up grocery wars. companies like walmart are ramping up grocery offerings to compete against the online retailing giant. and we will continue to watch lawmakers in washington try to get a spending deal in place to avert a government shutdown. congress has until midnight on friday to come up with a short—term spending bill. without any legislation in place, the government will begin shutting down on saturday. interesting. perhaps another fiscal cliff. we remember that! joining us is maike currie, investment director at fidelity international. you wanted to focus on the states, quite a few issues, jobs report

united ireland coming over the show but yet whether it's a bit going bubble or the demise of the us federal reserve we speak to russian federation of state secretary all the foreman who is deputy minister of economic development goals us about moscow's new crypto and with new official figures showing tens of thousands of so-called excess with deaths in britain while people in tory britain dying earlier than in other developed nations we asked one of the bulls greatest geographers for president the dollar and the headlines we reveal the deadly game of backing reluctance on the desperate cost of life on the british benefits goal is simple growing up in today's going underground first nato nation media loves nothing better than downing the government of venezuela the world's largest known source of oil they echo u.k. prime minister drazen may when she condemns jeremy corbyn whose labor party is now leading by eight points according to the most accurate pollsters at this summer's general election savation this is a politician who thinks we should take the economics of venezuela as a role model. here is

he delivered on that commitment and this has put us at the center of the tick universe the us federal reserve is warning that digital currency could pose a threat to global financial stability used to pay things off online but most users see it as an investment entrepreneurs wanting to cash in on the technology meeting in hong kong has a look at how different industries are hoping to capitalize on the new technology. hong kong has always positioned itself on the cutting edge of the financial industry which is why the buzzword at this annual conference is bluffing and how the entire trading world can cash in on the technology but some warn it comes at a price it is posing new regulatory challenges the speed with which technological changes are taking place much higher than we've seen before and secondly new entrants new entrants which are in particular startups but also big tech companies an example would be trying to contain the cryptocurrency phenomena in two thousand and nine bitcoin was the first to enter the scene using block change technology. there are now hundreds of crypto currency se

the focus this week will be on the us federal reserve is two—day meeting in washington, which beginsfed will announce its decision on interest rates the next day. the fed kept interest rates unchanged at the previous meeting while pointing to a solid us economic growth and strengthening labour market. now, investors will focus on the quarterly results of some major companies on thursday. 0racle, adobe systems and costco wholesale will be reporting earnings. but on monday, the focus will be on bitcoin, the crypto currency that has been skyrocketing in value in the last few weeks. now, the first bitcoin futures will be traded on the cboe‘s futures exchanges. this could be a gateway into giving the crypto currency some legitimacy, but others worry that the volatility of bitcoin may make these kinds of futures somewhat unreliable. joining us is jane foley, senior currency strategist at rabobank. thank you forjoining us. we are all sort of looking forward to christmas, but this is a busy week for the central bank. it is. you have the federal reserve announcement on wednesday, and the mark

the us federal reserve has announce a quarter point rise in interest rates in the us — setting the federal0.25 and 1.5%. we'll have more details on that from washington. and these pictures are being well viewed online. this breathtaking footage is a treat for all skywatchers. it's from the international space station and shows the northern lights, also known as aurora borealis. there's a new warning about the arctic. scientists say temperatures in areas close to it are rising twice as quickly as the rest of the planet. this animation shows the arctic between march and july this year. the melting ice is seasonal, but this year the amount of sea ice in march was the lowest ever recorded. you can also compares this image from 1986. and this from 2016. the us national oceanic administration recently stated that the arctic environmental system has reached a "new normal" and that this is characterized by long—term losses in sea ice and winter snow cover and sea surface getting warmer. let me bring up these pictures. they show how thin the ice is. the findings were presented at the annual scienti

virtually impossible for anyone to survive step fires and al-jazeera at mount argo in bali the us federal reserve is warning that digital currencies could pose a threat to global financial stability they used by some people to pay for things online but most users see them as investments entrepreneurs wanting to cash in on the technology a meeting in hong kong as divya got pollen reports. hong kong has always positioned itself on the cutting edge of the financial industry which is why the buzzword at this annual conference is bluffing and how the entire trading world can cash in on the technology but some warn it comes at a price it is posing new regulatory challenges the speed with which technological changes are taking place much higher than we've seen before and secondly new entrants new entrants which are in particular startups but also big tech companies an example would be trying to contain the cryptocurrency phenomena in two thousand and nine bitcoin was the first to enter the scene using block change technology. there are now hundreds of crypto currency set here for the problem lies they c

we start with us central bank and the federal reserve starts its first policy —— last policy meeting economists have been anticipating a rate hike for months now. let us put this into context. nine years ago, 2008, the cost of borrowing was cut to effectively zero in response to the global financial turmoil. it remained there for seven years until two years ago when it was raised by a quarter of a point. since then we have seen three rate rises as the us economy has recovered. earlier i spoke to the age and chief economist, and asked ifa age and chief economist, and asked if a rate hike is a done deal. age and chief economist, and asked if a rate hike is a done dealli think it is almost a done deal that they will hike tomorrow. it is all is completely priced into the market. it will be a big surprise if they did not hike. what if they hold that, what would be the reason?m is hard to think of one. their guidance has been so strong to suggest that they will hike in december. the data has been strong. it is hard to really think, at this point, why they would want to delay ita point, why

janet yellen leaves the top spot as federal reserve chair, and the central bank is trying to win the ustary policies and get the economy to stand on its own two feet, which means us market may not always make for the best rallying cry for president trump. let's have a look now at the asian stock markets, and currently most of them are in positive territory. the all ordinaries index is in positive territory by seven points, this is after the dowjones territory by seven points, this is after the dow jones industrial average and the s&p 500 pushed to record highs overnight as congress made progress on the tax cuts planned, and with expectations for high interest rate when the federal reserve makes a decision later today. thank you so much for investing your time with us, i am rico hizon. sport today is coming up next. watching bbc news, a reminder of the top stories this hour... voting has closed in the american state of alabama, in an election which could affect republican control of the us senate and where the party's candidate, roy moore, is accused of preying on teenage girls. the amer

traders around the world are waiting on the conclusion of the federal reserve meeting in washington where its widely expected the usal bank will raise interest rates again. so, with the american economy improving and wall street powering ahead — we'll be asking who should take the credit: president trump or outgoing federal reserve chair, janet yellen? a warm welcome to the programme — briefing you on all you need to know in global news, business and sport. facebook is hitting back at a former executive who has openly criticised the social media giant. does facebook need to defend itself? or, do you agree with the executive that says it is ripping society apart. tell us what you think — just use the hashtag bbcthebriefing. it's the senate race that has both captivated and appalled america. now, in a major upset, democrat doug jones has beaten his republican opponent in the deep—red state of alabama. it was a narrow win — the difference was less than 1% in a state which has reliably voted republican for decades. his beaten opponent, roy moore, was a hugely controversial figure — accused of being a bigot and a potent

all the government for nothing so they have to create the money they have to print money the federal reserve us to print money to buy the additional bonds that the treasury has to sell to replace the tax revenue they lost and that diminishes devalue the dollar that causes prices to rise so the way the government gets our purchasing power is through inflation so in stead of taking our money away from us they leave us the money but they take the value away from the money and higher inflation is bullish for gold. you explain that very well thank you for that i know as our viewers appreciate it now i can't let you go without getting into silver silver also dropped us about fifty cents on friday at at comix the commodity exchange in new york to fifteen dollars and forty seven cents what's the latest on silver and where we've been on that what's the sort of been the year over year range on that to peter. well you know it's the same thing is gold has got the same end of the year problem you have all this optimism the dow is hitting new highs people are excited about it and so you know you've got a lit

all three of us this morning. federal reserve has raised interest rates.n as it stuck with the projections for three rate hikes in the coming year. no move in the stocks. in the last policy decision, janet yellen expects the labor market to remain strong with the same job creation, ample opportunities for workers and rising wages. addressed the- tax cuts. >> changes in tax policy will provide lift to economic activity in coming years. the magnitude and timing of the macro economic [indiscernible] with any tax package remain uncertain. anna: talking about the uncertainty around the tax package. good to see you in the london studio. they are very close to a deal on tax and janet yellen said it is uncertain what it will do to the economy. on the your assessment effect for the u.s. economy? thes: we are upbeat on economy. the question is going forward what is it going to do to market pricing and the impact on financial markets? we are looking for three rate hikes next year, that is not priced in the market just yet. in the first quarter, the market represses t

you in your position at the federal reserve and us on the hill have to actually start thinking differently about decisions we make based on the despairties starting to grow in our country? and i'm not talking top 1%, etc. i'm talking large disagrogation pools because it seems to me the bottom 60% is particularly vulnerable to two macrotrends, one based on automation and innovation. they're more likely to have their jobs disrupted and they rely much more on government programs likely to come under continued stress. so when you make decisions what to do with monetary policy, how much have you started or has the feddisaggregate some of this data? >> you describe in your question a set of very disturbing long-term trends that fed is very focussed on and in fact some of the information that enables one to document these trends is produced by the federal reserve and our surveys of consumer finances and our surveys of household and economic decision making. and of course there has been, over decades, a trend towards rising inequality of both income and wealth in the united states that it's not re

last yellen using her federal reserve press conference to confirm the fmoc will see three more rate hikesful. three or four hikes next year. let's bring in the senior market analyst for the asia-pacific. tell us about this. >> i do feel the market is very complacent. if you look at where the dot p l lots -- if you look at where are, there is a big difference. the market is taking this too lightly. hugee also about to see a tax cut in the united states at the top of the economic cycle, which may put more fuel on the fire. it is not being priced in at all at the moment. beingople ultimately complacent about inflation itself? jeff: yes, i do. they are definitely being complacent about the potential pace of rate hikes next year. what people are not looking at, out of the four major developed central banks, the bank of japan will be quantitatively easing by the next -- at the end of next year. it will with straw liquidity from the market by the end of next year. for follows a general trend central banks to start pulling the trigger on this sort of thing. it is being ignored, to be honest. rish

us. we saw the world's most powerful central bank is continuing to tighten monetary policy, the federal reserve short—term borrowing costs or the third time this year, this time by 0.25%. janet yellen said the decision was made following a set of positive numbers. following a set of positive numbers. following a slowdown in the first quarter, economic growth stepped up to a solid 3.25% pace in the second and third quarters of the year. household spending has been expanding at a moderate rate. business investment has picked up on favourable economic conditions abroad have supported exports. 0verall, abroad have supported exports. overall, we continue to expect the economy will expand at a moderate pace. investors in the us market is excited about this latest development with the dowjones industrial average soaring by 80 points to a new record high. as the us currency, it is up against the majors. as for asia, not much movement in japan or australia. earlier, i spoke to our business reporter in washington who said while the decision was expected, questions remain over whether the federer can reac

the federal reserve was very useful in the early years of the depression, and the reason there was no bank collapses, while there isn't any major banking crisis until quite late in the depression was because the federal reserve in atlanta and in new york reacted very well to signs of stress in the system initially. but then when things got really bad and some of the banks looked not just challenged but actually insolvent, the federal reserve bank didn't see it as its role to bailout insolvent banks. at that point it was kind of useless. [inaudible] can you elaborate on the point that he made. >> 1932 election, we are both trying to get at the same thing which is the uncertainty generated when you have a shift, and that's true every time. this is not all one person's fault or the other, but in a time of economic crisis, of course uncertainty matters more. if they had a index it would've gone crazy, if they had future, so that's what i worked on two. since the forgotten man came out and in the time you've been working on this, there are new indices being created to look at uncertainty.

the federal reserve has designed the metric we're using to say that an institution is systemically important. it's activities based so we candice ting wish between levels of risk that might be systemically important to our country. will the gentleman yields me 30 seconds? mr. hensarling: i yield the gentleman 30 seconds. mr. hill: activity based standards have been effective by the federal reserve. they work. and they were used in evaluating acquisitions on regional banking companies. so mr. luetkemeyer is on to a good idea. and instead of using $50 billion, mr. speaker, that was plucked out of thin air in the dez of night in the conference committee in 2010, let's reflect on seven years and operate in a better way. so i urge support of this bill, mr. speaker, i thank mr. luetkemeyer for bringing it, and i urge our senators on the other end of this building to look at this as a model for how we should reform dodd--frank in their own bill and i yield back. the speaker pro tempore: the gentleman yields back. the gentleman from texas, mr. green, is recognized. mr. green: i yield myself two minu

us will have a spurt. does that mean the federal reserve has to start raising rates faster than it previously did?e? a lot of people are thinking the stock market as it is is price point to perfection. everything has to go right. i have seen some people say that sometimes the travelling is better than getting there. maybe use will see a bit of a wobble in the stock market. the donald trump tax reform is the biggest thing to happen to the global economy. the other thing is they will have one—off tax on overseas profits for us firms. so the likes of apple and google who have got hundreds of billions of dollars sitting offshore in places like ireland and bermuda, they will get tax anyway, so you may as well bring the money back and there will bea bring the money back and there will be a wall of cash hitting the us. the other huge story is being called the biggest corporate bribery trial of all time. we're talking about the decision by italian authorities to try shell and eni over a nigerian oil dealfrom 2011. what do they stand accused of? in 2011 shall and eni but this giant oilfield in nigeria for

more often than they they use the new money created by the federal reserve and lend it to hedge funds, to wall street speculators and the stock market and equities and futures and derivatives. and so it is a very important institution. a corner stone of the current day banking system. a corner stone of the currenty. and that is why if you look closely at a $1 bill, it doesn't say u.s. treasury note on the top, does it. it says federal reserve note. same if you look at a $5 bill. or a $10 bill. or a $20 bill. oh, look at that. there he is. wow! there he is. andrew jackson himself. that's strange. what is he -- doing on a bill? oh, no. call me crazy, but that almost looks intentional. am i right. that almost looks intentional. almost like a gotcha. kind of if you're a hunt her and you ki some big game and you put the head on a trophy. or maybe i'm wrong. maybe they just forgot that jackson would be totally opposed to everything this bill stood for. what happened in the short term after jackson's presidency? the democrats win in 1836. martin van buren defeats webster. but martin van bure

us with more. let's start with the stories that affected the greatest number of americans. >> reporter: all right. it might surprise you, but -- the federal reserve or saver. 2017 was a very big year for the central bank. it raised interest rates three times and also started to unwind the bond that is it purchased during the financial crisis and recovery. and as expected, president trump did not renominate janet yellen to a second term as fed chair. the other big financial story that massive data breach at credit monitoring company equifax. it exposed names, social security numbers, birth dates, and in some cases credit card numbers. a whopping 143 million americans impacted. i guess the silver lining is we all learned the phrase credit freeze and we are still dealing with that now. >> securing your information definitely a problem during the digital age. so what was the big story for investors? >> reporter: woman, speaking of the digital age, of course, it's the bitcoin blitz which pretty amazing starting the year at 1000 charging up towards 20,000 here in december. but still i think the biggest story of the year is the extension of the second l

america, all those banks, and then they lend out to businesses, and they'll use the new money created by the federal reserve and they'll lend it to hedge funds, wall street specklators, stock market, in futures and derivatives, a very important institution, a cornerstone of the current day banking system, a cornerstone of the currency. if you look closely at a $1 bill. it doesn't say u.s. treasury note on the top, does it? it says federal reserve note. same if you look at a $5 bill. right? or a $10 bill. or a $20 bill. look at that. there he is. andrew jackson himself. call me crazy, but that almost looks intentional. am i right about that? that almost looks intentional, like a gotcha, we won, we won. kind of like if you went -- if you're a big game hunter, right, if you're a hunter and you kill some big game, you take that head and you mount it on a wall as a trophy. maybe i'm wrong. maybe they just forgot that jackson would be totally opposed to everything this note stood for. one way or another, pretty interesting story. what happened in the short term after jackson's presidency? the democrats win in 183

more often than not they'll use that new money created by the federal reserve and they'll lend will lend it to hedge funds and wa the stock market and equities and futures and derivatives. and so it's a very important institution. a cornerstone of the current day banking system. a cornerstone of the currency. that's why if you look closely at a $1 bill, it doesn't say u.s. treasury note on the top, does it? it says federal reserve note. same if you look at a $5 bill, right? or a $10 bill. or a $20 bill. oh. look at that. there he is. wow. there he is. andrew jackson himself. that's strange. what is he doing on that bill? call me crazy, but that almost looks intentional. am i right about that? that almost looks intentional almost like a gotcha. we win, we win. kind of like if you went, if you're a big game hunter, right? if you're a hunter and you kill some big game, you take that head and you mount it on a wall as a trophy. this is kind of like a trophy. or maybe i'm wrong. i might be wrong. maybe they just forgot that jackson would be totally opposed that this note stood for. either way

federal reserve. willlobal growth story remain with us at least through the first half of 2018.rice pressures kikcing--kicking up on a global basis, will be looking at the ecb and if negative policy rates 2018.ccur in at the moment, it is business as usual. equity markets will stay where they are. if we see this late cycle shift rolling over and we see inflation picking up and they have to be more aggressive, then i believe implied volatility kicks up and we are sure those structures will be unwound quickly. at the moment, more of the same. haidi: you write in your notes that it will be hard next year to generate bigger returns. the expectation is, particularly in equities, you'll have to make do with lower returns. it is driving people to seek alpha. it is driving people to bitcoin. in less than 45 minutes, we will see the first trade of bitcoin features on the global index. the global index. what are your expectations? back, itaking a step think this has been a perfect year for active investors. people taking a global mandate on a multi-asset. most data returns on most bases.

federal reserve we speak to russian federation state secretary although who is deputy minister of economic development goals us about moscow's new krypto. new official figures showing tens of thousands of so-called excess with deaths in britain why are people in tory britain dying earlier than in other developed nations we ask one of the bulls greatest geographers professor danny dorling from the headlines we reveal the deadly game of backing the middle east reluctance on the desperate cost of life on british benefits all the simple growing up in today's going underground first nato nation media loves nothing better than downing the government of venezuela the world's largest known source of oil they echo u.k. prime minister drazen may when she condemns jeremy corbyn whose labor party is now leading by eight points according to the most accurate pollsters at this summer's general election savation this is a politician who thinks we should take the economics of venezuela as all role model here is one typical state mandated b.b.c. version of what is happening in venezuela. hugo chavez looking over caracas. but n

federal reserve on the other hand is regulated by us no but it's actually opened by private banks now the fed structure is very hard to fathom minutes governess and chairperson are actually chosen by the country's president prime objective is to maintain price stability so it's trying to keep inflation close to or. actually below two percent now the fed doesn't have that obligation its job is to prevent financial crisis but it does also want to hold inflation at around that level of two percent now the e.c.b. doesn't take the job market into account when it makes policy but the fed always employment data very closely because it's supposed to ensure full employment which it defines as no more than six percent of employers will americans without a job well our financial correspondent daniel coupes at the frankfurt stock exchange for us today dan you have the investors got their own hopes pinned on any eurozone rate rises any time soon there. well hope dies last had and i guess that's what investors here are always saying but you know pretty much we have again the same scenario whenever

federal reserve. he leads the peterson institute for economics. he joins us from washington.ant to go to this question about what we should expect coming out of this, provided it passes. i will put up a chart which contrasts two things, the value of the dollar and that the value of the stock market, which shows as the stock market has gone up, the dollar has gone down. there is an indication the markets do not believe in the growth. growth, theved in dollar would be going up. is of the growth going to outperform in other places, what would have happened without the tax cuts? that chart and a bunch of other .tock indices have gone up it seems to say the u.s. will do fine as part of this global recovery, but it will not get that much of a next her boost. some of the democrats are underestimating the short-term growth of the tax cuts. direct redistribution to rich people. you will get more growth, plus deregulation. i don't think it is sustainable growth. it is not going to raise the growth rate of the u.s. on an ongoing basis. >> one agreed upon fact as drafted is it will help

federal reserve bank. this is the bloomberg 50. ♪ ♪ back to bloomberg businessweek, i'm julia chatterley. carol: i'm carol massar. you can listen to usston,d in new york, washington, d.c., and the bay area. julia: and in london on dab and asia on the numbered radio plus app. carol: the economy plays a big role in the bloomberg 50. businessweek's peter coy opens up the issue, discussing the theory of trickle-down economics. peter: essentially, the republican tax plan is a version of trickle-down economics. it is a phrase you don't hear a lot because, certainly on the republican side, because it is considered a term of disparagement, but funny enough, i went to an event in new york and steve mnuchin was interviewed. carol: well-known business journalist. a"ter: it was not a "gotch kind of moment, but he was asked, do you still believe in trickle-down economics? but he said, i do. julia: but he didn't tell you the republican tax plan for overhaul. peter: more than an inference. let me to you what we mean about trickle-down economics. idea.not a crazy the idea is it comes from input and labor and capital. if you can increase the incentiv

federal reserve. >> it's not as simple as a used to be.ou have to take more forces and more changes into account. tracy: the economy is sound for now, the political climate is another matter. >> you can't have an economic downturn because we could not stand an economic downturn. we would be at each other's throats. scarlet: apple ceo to tim cook says we ought to play a wrote -- role in civic leadership. the corealways been at of changing the world and you can't change the world if you are ignoring the world. scarlet: suddenly everyone has an opinion on bitcoin. >> it ought to be outlawed. it doesn't serve any useful we are in the and of this resolution. scarlet: it's all straight ahead on this special edition of bloomberg best. ♪ scarlet: hello and welcome, i'm scarlet fu on this special edition of louvered best. with a tech at 2017 in the americas by revisiting interviews with newsmakers, policymakers, and leading business makers and finance. start with the eggnog ration of donald trump, the first president to reach -- and operation of do

the federal reserve yesterday said that tax bill would provide a modest lift to the economy. that's in stark contrast to words the president has used like rock fuel to the economy. what is the data the president is basing his rosier picture of the impact of the economy of the tax bill versus the experts a at the federal reserve? sarah: there are several individuals i would point you to, kevin hassett, who has spoken in this room and on a number of networks i see represented here that has repeatedly stated that a lot of the statistics a lot of the data shows this will be a huge boost to the economy, will bring companies back, will grow our jobs, push think stock market higher, i think that those are all places i would point back to and certainly i think there's great support that we have seen just based on the idea that this passes that you're seeing the stock market increase and i think a lot of that is tied to that. reporter: the word modest was used? sarah: upset is maybe not the right word. he may think the other opinions offered are more accurate. i know the president -- hold on a second. i know the call time is here momentaril