tv Bloomberg Markets The Trump Economy Bloomberg July 26, 2017 1:00pm-2:00pm EDT
for the latest on what some are calling a vote-a-rama. is the attorney general's departure eminent? we will hear from tom perez, the head of the democratic national committee. he tells us how democrats can win back the hearts and minds of what democrats called the forgotten american's. ♪ -- americans. ♪ new sanctions imposed against individuals in venezuela. the venezuela bureau chief joins us from miami, florida. let the ask you what we are seeing here, a list of individuals hear from the treasury department. we are not looking at the wider sanctions. these are targeted on individuals. >> this list just came out minutes ago.
--people on it that are in close circle of advisers. we have the interior minister -- minister. this is all coming up in the buildup to sunday's election for plandent nicolas maduro's to rewrite the constitution. david: he has been pushing for this assembly that would take place in august will stop what has the president -- in august. there have been reporting that something was coming for the past several weeks. the opposition which has been protesting this plan to hold had 7.5 million supporters in a unofficial ballot. president trump has promised swift action should maduro proceed with this vote which so far, maduro has shown no signs
of backing down. david: if i am not mistaken, we had an assembly like this back in 1999 when chavez called for it. what is this new president proposing doing that is different? is formerference president hugo chavez, when he we wrote the constitution, he had a widespread mandate to do so. he was elected with high popularity. ist you are seeing maduro do only about 20% of venezuelans actually supporting this plan to rewrite the constitution. once this assembly is convened,, it will sit on top of all branches of government and it will not be put to a vote whether or not people actually want the assembly. what people are voting for is the actual delegates and with the opposition sitting it out, the only delegates on the ballot are supporters of maduro. there is not a popular mandate for this proposal and the government is showing no signs
of backing down. david: great to speak with you on this breaking news. senate republicans are on their way to what could be a very unpredictable and chaotic for debate aimed at repealing the affordable care act. with is a lot on the table proposals varying from appeal and replace to a full repeal to what is called a skinny repeal which would eliminate the individual mandate and the requirement that companies give coverage to full-time workers. there with us is marty shanker. i saw the senate gavel dan at 9:30 this morning. they were debating one piece of legislation. give us a lay of the land, what they are going toward -- what they are going through. marty: they are trying to figure out a way to get a win. the gop is desperate to leave this city with something in their pocket that they can come home and talk about.
if they spend all this time, the next two days, voting on what could be hundreds of amendments late into the morning on friday, and come away with nothing, is going to look extremely bad for the republicans and that is what they want to avoid. david: let me ask you about the term vote-a-rama. it was used back in the 19th century. what does it mean? marty: it connotes the ability to open up the legislative process to both democrats and republicans, where essentially, it is no holds barred amendments can be offered by any senator on any part of the health care bill and they take votes on it. somehow at the end of the process, they cobble together a unified bill that would be the health care policy and it allows you to actually go to a conference with the house and work out what would be a final bill.
chaotic andlicated, especially if it happens into the early morning on friday, it will be a challenge for anyone to understand what they voted for. david: not the usual way of going about passing legislation. you have this compressed timetable. get it byhe odds we friday? marty: 50-50. i will say donald trump's push to get something out of this senate has been fairly effective. up until about two it three weeks ago, people thought they did not have enough support to even go to about. now that they have passed that hurdle, there is from and is pressure to come up with something that they can say they achieved on repeal and replace. david: many days where we look at the president's twitter feed for guidance on policy. three separate tweets, the
president decided he was going to overturn something that was put into place in 2016, allowing transgender individuals to serve in the u.s. military. the reaction from the pentagon in particular seems like they may have been caught unaware that this was happening. marty: that was quite odd. in a administration maria used to things coming out of the blue, this came from the outer atmosphere. he says he consulted with his military experts and decided to ban trans-genders, and is john mccain pointed out, this is no way to make policy in a tweet because it leaves hundreds of finance -- unanswered questions like what do you do about trans-genders who are now serving in the military? it is throw them out? funny that he is doing it on heroes week, when people, trans-genders were putting the lives in the line for this
country are being told they cannot serve. thes a curious thing and pentagon seems to not have known nothing about it, let alone congress. david: he tweeted about jeff sessions and we will talk about that, and a little bit. thank you very much, marty schenker, bloomberg senior editor of international government. let's see what the markets stand, this afternoon -- where the market stand, this afternoon. as we see some push and pull between earnings winners and losers, earnings still the primary driver of what is going on. people also turning their attention to the fed and to some degree, to what is going on in washington. the dow is the best performer, helped in part by strong performance from boeing. we are also taking a look at steelmakers. a combination of earnings and politics. comingeel bouncing back,
back with earnings that beat analyst estimates after a rough second quarter. the company improving its productivity and efficiency and those shares are rising. the rest of the steel industry is under pressure because of comments from president trump to the wall street journal, saying there has been a delay in these anti-dumping measures that he has been talking about because it has been more complex to get studies done. you see copper and gold one of the gains, today. the other politically oriented group we are watching his health care. hospitals specifically. universal health services becoming the second hospital chain operator in two days to come out and say earnings were below estimates. that company also suffering from lower volume. there is still the focus on the health insurance issue, as well and what it cut to medicaid could mean for some of the
hospital chains and insurers. that worth pointing out health care is one of the better performing sectors, this year. it is in white versus the s&p in orange. financials and blue, energy and yellow. tech is the only group that has done better than the health care group. part of this has to do with strength in a wide variety of different types of health care stocks. hospitals have risen on the year. david: thank you. coming up, tom perez joins us, head of the democratic national committee with the plan for the democrats to win back the hearts and minds of the forgotten americans as he puts it. this is bloomberg. ♪
david: this is bloomberg markets: the trump economy. let's check in on the "first word news. mark crumpton has more. mark: president trump is banning transgender people from serving in the military. on twitter, he said the military must be focused on victory", cannot be burdened with the tremendous medical costs and disruption that transgender and -- transgender in the military would entail. senator john mccain ruth -- release a statement slamming the president, saying his tweets were unclear and that quote, any american who needs current -- meets current medical and readiness standards should be allowed to continue serving. chelsea manning, the transgender u.s. army soldier who's been seven years in prison also tweeted her disapproval, writing so biggest, baddest, most expensive military on earth cries about a few trans people but funds the f-35? sounds like cowardice.
warned lawmakers there is a cost to delaying an increase to the government debt limit. secretary mnuchin says the prolonging -- prolonging the decision burdens taxpayers and creates unease among investors while he reiterated that the -- that the government cannot finance itself through september. he urged lawmakers to raise the debt limit as soon as possible. the european commission is keeping the door open for sanctions on poland. the ec says the conservative government has been limiting judicial independence since coming to power in 2015. the polish government says it will not accept the quote, blackmail and has the right to decide how to organize its judicial system. the ec has given poland a month judiciale its overhaul. global news 24 hours a day. this is bloomberg. david: thank you.
invariable, virginia, democratic leaders unveiled a plan they are calling a better deal for americans. an economic blueprint that -- that aims to raise worker salaries and break up m&a deals. kevin cirilli caught up with the chairman of the democratic national committee and asked him about breaking up large corporations. corporations in this country, and you look at where the balance of power is, the little guy is getting screwed and there is too much power concentrated into few and we have seen that manifest itself in so many different ways. that is why people feel like the system is absolutely rigged against them. and then you look at the debate right now in congress, where the republicans and president trump want to basically emasculate the
consumer financial protection bureau which was a critical part of the infrastructure of consumer protection, established after the great recession. it has done wonders to help average americans get access to basic fairness. you see republicans have not learned the lessons of history. they believe if we concentrate power in the hands of a few, benefits will trickle down. trickle down economics have not worked. kevin: is this a more populist message as we head into the midterms, that the democratic party is trying to adopt more populism, go more toward the left? is that what this is about? tom: we are fighting for what my former boss fought for, his entire life in the senate, there and it's an opportunity for everyone. we want to make sure we are fighting for the issues everyone cares the most about.
they want to make sure that if you work 40 hours a week, you can feed your family. they want to make sure that health care is a right for all, not a privilege for a few. when you work 40 years and get a pension, that you can count on that pension. those are the issues democrats have been fighting for. that is the essence of the better deal, to make sure the people get a better shake. when you wonder kids to go to college, you don't have to take out to a educational mortgage. we should make sure that pathways to college or apprenticeship or any sort of career readiness potential is accessible. too many people feel like the doors are closed for them, that the system does not work for them. what we are doing is democrats is articulating what we stand for and putting those values into action and contrasting them with the idle chatter and empty talk of this and administration. tom: let's -- kevin: let's talk more about that and health care.
that is dominating the discussion in washington. do you think that a skinny version would attract any democratic support in either the senate or the house? no: know, and here is why -- and here is why. a skinny version just gets to a conference committee. a conference committee will be hijacked by the freedom caucus. we should be following two rules. goal number one is do no harm to the millions of people who have already benefited from the affordable care act. will number two, when you are trying to improve or the -- on the affordable care act, does your proposal increase access to quality, affordable health care? those are the rules that ought to govern. every bill they have put forth fails miserably. the so-called skinny bill would make it more expensive for people to get health care because you are inviting healthy
people to leave the insurance market. they decry the fact that premiums are going up, ignoring that people get subsidies. the decry the fact that premiums go up and then they put a proposal on the table that will increase premiums. they are violating the basic hippocratic oath of policymaking. kevin: i have to ask a follow-up question. i hear you on that point, but then i look at the economic plan and i see the effort to appeal to states like pennsylvania, michigan and wisconsin. a lot of those voters voted for president trump because of high premiums. can the message you are saying on health care resonate with the economic message? tom: a lot of the voters who voted for donald trump are also confronting a family member who has a pre-existing condition or a family or friend who is struggling with opioid abuse. donald trump told them in the
campaign that he was going to enhance access to health care. that he was not going to touch medicaid. those were his promises, not my words. he is breaking those promises left and right because the house bill and the senate bill are both trying to change and under my medicaid as we know it. we believe that health care is a right for all and not a privilege for a few. if you are struggling with any of these challenges, whether it addiction, or opioid you need this health care and they are going to make it it -- make it harder to get. i think americans understand that democrats believe health care should be a right for all and not a privilege and what republicans want is a tax cut for wealthy people who don't need it and corporations that don't deserve it. kevin: opioid addictions, apprenticeship programs, hopefully somewhere in the middle, we can find some kind of
david: this is bloomberg markets: the trump economy. well senate republicans have embarked on a unpredictable and potentially chaotic floor debate on health care, the rest of congress's to do list has not gotten shorter. oliver brought some charts. you are drawing -- challengings more to do charts with politics, but
as you guys pointed out, it is difficult to assess how much of the market gain since the election has been trump and whether or not it is still going on. a lot of people have gone back and try to rewrite the narrative. regardless, there is something very clear that happened in november. it was an expectation for a new type of government that was seen as business friendly. it was an expectation for spending from the government in a way that would make -- make a difference for companies. the question is how do we feel now and that is where the first chart comes in. this is a look at a intraday chart of the s&p 500. this is the comey email revelation act in may. you saw an immediate takedown in the market, right around the middle of the day, may 17. this was about a couple weeks ago when we have begun jr. -- when we had the john -- had the don jr. emails,. there are market participants
who are watching this and react. the only problem is given how much we have talked about what is happening in washington because there is so much that is unprecedented, what it does not match up with is the volatility. we have another chart that is looking at actual political volatility in markets. this is a index that we track and basically, it is looking at the number of instances of geopolitical surprises. available on the terminal. if you want to take it over. we will bring it up to date. year to date. look out flat that is. it is pretty incredible. you can see the bump in january and november. it has not done much. there has not been anything from a markets perspective that has made them think about what is
different. david: help me understand the psychology of market participants. how much credence or important is getting through this lengthy congressional agenda? oliver: i think it is going to be very important. while a lot of folks say the trump trade has generally died out and their hopes have been dashed somewhat, there is still part of it built in. you see it when you look at financials and when you look at these other industries. these guys on days where emails, or there is something new about the russia investigation. they say i still have faith that this is going to be a more pro business friendly environment. there are a lot of people on wall street that are pro-trump in terms of their own political views and they are able to look past a lot of this stuff that is going to hold other voters back
at center because they think about what this will mean for companies. nothis legislation does move forward and health care falls through, i think questions will remain but it is about taxes and regulations. if that does not happen, it will mean trouble for the market. david: oliver renick, also coanchor of bloomberg businessweek. the show is centered on the newly redesigned magazine. it airs every saturday and sunday on bloomberg television. up next, the drama surrounding jeff sessions as president trump continues to lash out publicly. we will bring you the latest, next. ♪ these days families want to be connected 24/7.
steve scalise has been released from a washington hospital where than a month after being shot during that congressional baseball practice in virginia. he underwent multiple surgeries during his stay and suffered fractured bones and internal organs damage. james t hodgkinson died after a shootout with police. police has made excellent progress and will begin an intensive rehab program. obama administration interior secretary sally jewell says president trump's review of ional monuments is out of step with american thinking. he ordered this earlier this year to protect wide expanses of land. said trump is treating national parks like contestants on a game show.
palestinians are threatening a day of rage on friday. this is after israel removed metal detectors from a compound but said they will replace them with other technologies. antrol of the temple has been long history of violence. palestine says all of israel's measures are unacceptable. the trump administration announced sanctions on 13 senior venezuelan officials today. to limitn an attempt the president. trump promises strong economic action. global news 24 hours a day. powered by more than 2,700 journalists and analysts in more than 120 countries. i'm markk crumpton -- crumpton. this is bloomberg. david: jeff sessions is an
political crosshairs. i want to bring in shannon pettypiece. she is on the north lawn of the white house. let me start with a line from your piece. himsaid, "trump won't fire and sessions won't quit." what are they telling you to washington about how this might end? non: this is been going on for the past few days. there have been these public twitter attacks on sessions and this era station that trump has ation that trump has with sessions has been going on for weeks. that has been a sore spot with trump. there are reports that sessions offered to resign and the president had no. it seems like maybe the president had gotten past this. in this new york times interview last week, it unleashed on decision to his
recuse himself from the russia investigation. right now, it appears they are at a still make. trump doesn't want to fire him and that could be because yesterday there was a strong sign of some or from members of the senate for sessions. people havevative een coming to sessions' ' support. isis going after issues he interested and like drug trafficking. these are issues sessions has been working toward for his entire career. not backing down. trump doesn't want to go as far as firing him yet. for the moment, we are at a stand still. to bring upying another topic with transgender
members of the military, then a few minutes after he went back to attacking sessions and his decision not to remove the acting fbi director. david: you mentioned how many the senate have rallied around sessions. let us see what they had to say about sessions. >> i think he did the right thing. he recused himself when people raised the specter of conflict investigate -- in the investigation and that set the president off. sessions deserves better treatment than he is getting. david: we ask you to step back and look at loyalty. i heard it is credibly -- incredibly important to the president. what does that mean exactly, and how has president trump's notion evolved as she has been president for six months? hannon: sessions was one of the first members of congress, the
first senator, i should say, to support trump. i gave him a lot of credibility. sessions is incredibly popular among the core conservative base in the south, in the deepest of the south. that is russians -- sessions' country. trump repaid sessions with the attorney general nomination. trump viewed the recusal from ,he russian pro, which sessions after the report came out, didn't necessarily have much choice. he was backed into a corner to do this. trump all of a sudden takes that and nothing personal something sessions is doing to try to uphold the credibility of the attorney general role and the department of justice. trump is one to say he values loyalty, he just wants loyalty and no deviation
from that. if there is, you can see even someone who was such a supporter of trump, trump will go back guns blazing with them with no mercy. david: last question here. andrew mccabe comes up in the context of these tweets. the president mentioned how his wife give money to the hillary clinton campaign. what do we know about him and his role in all of this? shannon: the interesting thing about here was he was the acting fbi director because trump fired jim coming. and the tweets, trump is andrew mcc abe's wife gave money to hillary clinton. he is referring to something and the virginia democratic party. you can go through her campaign finance records.
there is not a $700,000 check from hillary clinton in there. context, he is going after the attorney general and now he is going after the acting fbi director. yesterday, trump was not popular within the department of justice. department ofto justice employees who have said this is really turning the law enforcement community against him. today, he decided to drag in the acting fbi director to publicly attack. david: thank you very much. that is shannon pettypiece joining us from the white house in washington. turning back to the crisis in venezuela, there are sanctions on 13 venezuelan officials. that vote is scheduled to take place this weekend. three protests and strikes have intensified. joining now is the director of emerging markets.
great to have you. let us react to the news we got today from the treasury department. on the scale of what they could gonedone, they could have bigger than this. in terms of the ramifications of what they did, how big are they? it is anically, expansion of a list of individuals who have already been sanctions. we already have embers of the supreme court and the vice president on the list. this is more of the same of what we have. it could be seen as touching a bullet relative to more impactful actions. that is not to say we wouldn't necessarily see those based on what president trump said last week, specifically saying you can see strong and swift economic action. heard about the prospects of the strike that would have millions of people participating. is it from that the possibility of real tension of the
governments action -- government's action? >> the economy in venezuela has been contracting for many years now. the government has been restricting imports to continue to have the dollars it needs to service its debt and me and other foreign currency needs. in that context where the majorion where we have a humanitarian crisis going on, it is about the conditions and what is driving a lot of the protests. david: we have some earnings from whole foods a little earlier than we expected. let me go to julie hyman. me, i will looking at the earnings myself. whole foods had earnings at 36 times a share. is as a result of amazon expressing interest in buying whole foods. let me turn back to you now. inflation is a huge interest here. you look at the role that is playing in the venezuelan economy.
proceed this forecast will continue to get bigger and bigger? casey: yes. we also have a situation where approaching rate is nine boulevards -- bolivars. moreave a situation where imports are needing to be sourced through a private sector when they are being constrained through the official channels. david: what more could the treasury department to hear? do here? i'm sure they will be watching this weekend. casey: they have to weigh the impact on u.s. interests and u.s. refiners and oil prices in the u.s. a lot of venezuelan crude is exported to the u.s.,
particularly in the gulf coast you have refineries that are dependent on that. there are u.s. oil companies lobbying against the sanctions. might be politically productive or strengthen the regime, as well. i think another question for the u.s. is is this something they want to do unilaterally? david: how much access is there to the market at this point? we heard there is still opportunity in venezuela at this point. is there a lot of market for dissipation with them? casey: yes. you see a lot of holders still involved and trying to figure out where they want to be positioned in this context. there are concerns of whether venezuela will be able to continue to pay into next year. this something entirely different from his
predecessors? asey: often times, you would devalue the currency, you would curb spending when needed. but now there are very high oil prices. the high oil prices came down. he did not have the charisma to get away with making some more harsh economic adjustments. now, but adjustments about be so painful and unpopular to deliver them. the president is generally lyaker and relying close on a tight group of advisors. in that sense, it is a more fragile dynamic. thought him a few years back in new york and he told me
about all of the toiletries of small things he wanted to bring back. in terms of how this is playing out, we say the economy is bad and a macro -- on a macro level but what is it like for an every day venezuelan? hear all these stories. of uncertainty about how housing will go in with the backlash will be domestically if there were to be sanctions down the road. david: thank you very much. up, and apple supplier plans to build a manufacturer plan in wisconsin. we will talk about that investment next. whole foods earnings coming in earlier than expected. this is bloomberg. ♪
david: this is "bloomberg markets: the trump economy." i'm david gura. let us get a check on where markets stand. it is unusual here. whole foods was supposed to report its results after, instead they're coming out now. earnings per share coming in at $0.36. slightly above estimates. comparable sales down 1.9%. it is the eighth straight quarter that the company has seen declining comparable sales. i was emailing about the menu covers this stock and he said
the sales did turn positive, according to the company, in the last three weeks of july, or the last three weeks of the reporting. . period. you see a little bit of a move to the stock. whole foods is being acquired by amazon, so that is what you do not see a bigger move. the stock is not as liquid as it once was. there is a deal that is happening, so the results become less relevant to some extent. we have an idea little bit more of what amazon is acquiring. to broaden it out, i want to talk about the fed. we are a little ways away from getting the fed's latest statement. if you look at the dow, s&p, and nasdaq, they are all trading at record. that has mostly to do with the earnings from a lot of big including companies like advanced micro devices and
boeing. that is helping to support stocks. in the bond market, what we are seeing on that front is worth talking about. we are seeing buyers come into the treasury market today spending yields down. we're seeing very small moves here across the curve. this uses the features to price out the probability that we will see increases in rates over the coming meetings. ischance is being cried -- being priced into today. by thecks up to 45% december meeting. not much changes predicted. we will be looking for any details on the balance sheet and the future pace of rates increases. the fed funds right here as well as core pce. it is unusual historically as you can see for the fed funds rate to be below the rate of
inflation, but it has been pretty consistently during this cycle. inflation is ticking down and the fed funds rate is taking up. we may see those roles reversed for the first time going back to 2000 and nine -- going back to 2009. foxconn plans a new factory in the state of wisconsin. that will open in paul ryan's home district. in alex webbng bloomberg tech reporter. this is a taiwanese company ending up in wisconsin. help your sleep bot was this battle? -- how fiercely fought was this battle? was, he camelity
out in 2003 and there is one common denominator because -- between all the states you wanted it. they're all swing states. they pretty much set in a radio interview that trump told foxconn that the county in wisconsin would be great for the factory. curious about the incentives that went into this. what do we know about the incentive package that wisconsin offered here? alex: it has been reported by local media that it could stretch to $3 million. we are hoping to hear more about that later. they come in different forms, some more acceptable than others. in michigan, they are giving companies in the form of training packages. it works as a subsidy but is it seen benefiting the people. we are curious to fee how this
will come about in wisconsin. training packages, infrastructure investments, and tax incentives. david: what does this say about foxconn's ambitions by setting up a factory here in wisconsin? senseit makes a lot more to that these factories and asia as so they are closer to their customers. some of the paperwork reported to have been seen by local legislation suggests this business to feed the defense, aviation, and automotive industries. we will have more time to surf the web and watch films and various other interactions with autonomous vehicles. the sense of this is something good that there will be less criticism of electronic manufacturing outside the u.s. if things like the iphone
foxconn is seen as bringing other jobs to the country. david: we have this interview with the president yesterday. he looked at the fact that apple was looking to build factories in the u.s.. what did you make of that news from the president yesterday? we don't know this for a fact. apple doesn't own any factories apart from one tiny plants. everything else is, -- everything else is outsourced. it would seem to me this plan is the first -- this plant is the first of several foxconn will build. i would think there is probably a correlation between the trump is saying about apple factories and the foxconn factories. i think they are one in the same. david: alex webb joining me from san francisco. the:00, we are expecting daily press briefing with sarah huckabee sanders. you can watch it on the bloomberg. be sure to join us today for the fed special at 2:00.
scarlet: this is "the fed decides." scarlet fu and for the next hour, we will be bringing you special live coverage of the federal reserve statement just-it's a way. it is decision day at the fed. no change in interest rates expected and there is no press conference. the key issue, a start date for the balance sheets unwind. kickingt jeff rosenberg things off. later in the hour, former fed vice chair alan blinder. keeping an eye on washington,
press secretary sanders will be holding a press briefing. we will bring you information on the investigation into russian ties. i am joined by tom keene. thee look ahead to be on 2:00 p.m. statement, my thoughts are you have fed board nominee testifying to the central banking committee tomorrow. this testimony could move rate markets. down the line, his boat could be a tie-breaker and september. this signifies we are getting into the end of the year until the president has to make a choice about the future of his fed. he mentioned today, we will talk to jeff rosenberg about this, it it waslow rate randy, low rate janet as we talked about earlier.
you will see david myers pointing out to me the fix coming in. can you bring up this chart right now? before we get to medina board, i want to bring up this chart. that circle is a 9.04 on the vix yesterday. we just have a little bit of a rollover in the commodities. we go into the fed meeting i would think a little deceptive. let us look at the data right now. us go to one screen here. the dow, i cannot round it up to 22,000 yet. brent crude is near 51. who do we have to speak to today ? is a chiefenberg income strategist. a lot to talk about to jeff rosenberg. equities --come in
this fixed income and equities. we're thrilled to bring in from nk.cago diane swam that is the midwest that the president is focused on. diane, from where you sit, does president trump understand midwest labor and midwest economics? and loaded is a big question. i cannot certainly say. i cannot get into the president's mind. what we're seeing is the auto industry is laying off instead of hiring. that is not something he was h oping for. what you are seeing is the home move from brixton clicks, i just did a big show -- a big interview on the move of amazon warehousing sites and how they
are moving into rural america. they're setting up jobs in areas where they weren't. right around chicago, you can see a lot of them. as a backdropabor here. nobody is talking about this in the fed meeting. have one minutes ago before the statement comes out. are we going to get some kind of turning date for the balance sheet unwind? will not get that. we will get a little bit of a hits within the next few meetings or relatively in. the market will be focused on the link which of evolution for the balance sheet. a lot of expectations that you will have that. they think you will get the announcement in september, so this is setting up for that with some language week -- language tweek. markets get upgraded, growth is relatively flat. there will be some kind of acknowledgment of the weakening inflation. tom: go back to the vix chart.
we just had it plunged here. i have never seen this, folks. as we go into a boring fed meeting, it is not boring. in front of that is a .91 on the vix. scarlet: let us head over to the fed. >> hints about the balance sheet jeff was looking for. the committee expects to be implementing the normalization program relatively's doing. economy ofviding the falls broadly as anticipated. the consensus going and was that would mean a september announcement. tostays in the range of 1% 1.25%. to inflation running somewhat below its 2% target. they say overall