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tv   Bloomberg Markets Balance of Power  Bloomberg  October 6, 2017 1:00pm-2:00pm EDT

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focus on the intersection of politics and the economy. shery: here are the top stories. president trump is raising eyebrows during an event with military leaders at the white house yesterday. what he meant with his cryptic calm before the storm comment and what it could mean for a range of national security issues. in america.n's day as we see a tumble in payrolls for the first time since 2010, how much can we read into these numbers with hurricane devastation distorting the figures? plus, republican congressman chris collins from new york is joining us to discuss the nra statement on gun reform in the wake of the las vegas mass shooting. also tax reform and the congressional agenda and much more.
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let's go directly to president was hosting an event at the white house. it's for hispanic heritage month. he spoke about puerto rico and said they will come back strong after a long recovery. they are also praying for the people there and he spoke about the las vegas mass shooting saying our hearts remain heavy for the victims in las vegas. he also said the mexican president was thankful to the u.s. for the assistance they offered after the massive earthquake there. he is also talking about the president of mexico, thanking him for all the help that they got from the u.s. that is president trump speaking and hosting and hispanic heritage month event at the white house. last night, president donald trump delivered an unexpected message while posing for photographs with his top military leaders. the president seemed to hint that the u.s. could be on the
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brink of hostilities somewhere in the world. [indiscernible] you will find out. marty: johnny us from washington to help us understand the president's remarks is bloomberg's national securities editor. and here in new york is megan murphy, editor of bloomberg businessweek magazine. bill, where are we about to go to war? >> i cannot claim to be inside president trump's head at all but it's worth pointing out this was not just a casual aside. reporters were not expecting to see the president or hear him speak before that dinner. they were at the last minute called up to run in there to hear what he had to say. that's when he issued these comments. it was something he clearly thought about. the president has a number of foreign policy crises on his hands right now.
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you can look at north korea, additional troops going into afghanistan, you bob is the got things like the war in syria continuing. it's hard for anyone to really say which region of the world he is talking about. it's just not the type of thing usually see a commander in chief joking about either. president followed trump's comets extensively, what's your take? too much intoead it. it seems to be a fairly irresponsible and off-the-cuff statement given where we are with iran and particularly in north korea and the sensitivity. these are military leaders who were assembled. it's not appropriate and most people would say for people to dangle things out there for the washington press to scramble and try to make sense of it but is a be clear, there number of foreign policy challenges that are in front of us. we have a tremendous mount of questions about at we will do with the iran deal and what action he will take and whether
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he will leave congress to try to tweak that. our foreign allies are watching every single move that he makes. this does not give them any comfort really that there is a disciplined approach to these momentous issues he has in front of him. shery: marty: bill, he has something on his plate that we think is coming imminently and that's the iran sanctions. what is the latest on what we think the president's going to do. ? >> under u.s. law, the president has until october 15 to certify the iran complies with the 2015 nuclear deal and say it is or is not in u.s. national security interests to remain in that deal. we are expecting a decision on that ahead of the october 15 deadline. at some point middle to the end of next week come our best reporting on this so far is that trump does not intend to lead the accord but may decertify iran's compliance. that could kickstart talk in congress about new sanctions. senator tom watson, a republican
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foreign policy hawk who was close to the donald trump team has signaled he thinks a decision to decertify would basically give the trump administration more time to talk to european allies about ways to improve the iran deal. clear that any of our allies, let alone rush or china, have any interest in changing that 2015 a court. shery: of course, the president does not necessarily have to be certifying iran to put sanctions on their oil experts and the banking system. he could just go ahead and ask the treasury department to do it. do you see this is a larger strategy? >> well, one thing we do know is that the u.s. law requires trump this decision about certifying or decertifying every 90 days. he has done it twice so far. he has certified the complies but we know he has been incredibly frustrated he has had to make that decision. decertifying now we give him
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away to sort of show a tougher show of force against iran. it would help him achieve this campaign promise to start tearing up the agreement but it does not actually take the critical step of deciding to leave the deal. i worked together in washington covering donald trump the candidate and a little of the presidency. this is just donald trumps people around him trying to figure out a way to do what he emotionally wants to do without actually affecting policy? >> this is trump being trump. he thinks this is a terrible deal and that's what he has been saying. our allies in europe and russia and china actually think the deal is working now and is keeping iran's nuclear ambitions in check. id certifying, he can go out and say i made the statement this is a bad deal and we will have
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commerce look at it. it's similar to health care in that senator corker is apparently looking at ways it could between potentially with a change in the certification procedure, having congress weigh in and iran is still a year away from having nuclear capabilities. in place yetlan b so it may give him a short-term win. if we had a week, deadly shooting or the hurricane response and constant questions about rex tillerson the secretary of state and their relationship and whether it changes, rex tillerson is addressing reports publicly that he called president trump emaar on. it's another week were at the end of it, we're still reading tea leaves that the administration is incredibly unpredictable but this is trump being trump. will tillerson be replaced? reporting the best
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that has come out they say that the director of the cia was step into this role. it comes down to rex tillerson not being in the president's inner circle chrome and that's a huge diplomatic problem for the united states. morale in the state department is completely at an all-time low where we have people who are not and our foreign allies knowing that rex tillerson is not in the inner circle, the president is displayed he did not outright denies that he called them a more on. this is not a place you want to be. it's getting to a level where something will happen. i don't see rex tillerson making it into 2018. marty: the timing of this is quite awkward.
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donald trump lost his health secretary tom price. staffct that his chief of has come in to fix this is brought into question. >> i think megan was hinting as well but when you look at the names for people who are floated as possible replacements for someone like rex tillerson, we have heard mike pompeo at cia and heard about nikki haley at the united nations. we are not hearing new names, we're not hearing names from outside the administration. i think that's because they know nothis point that there is necessarily a wide bench of people who would want to come in from the outside. toy are kind of reduced shuttling the cards they have. if you have pompeo move over or nikki haley move over, you've moved the empty seat from one cabinet c to another. the kind oft know chaos we have seen in the first 10 months is something that a lot of people who are not
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already part of the administration can stomach3 . marty: thanks to you both. shery: we have to go to breaking department has. jets were sold 80% below fair market value. we knew that the commerce department was backing boeing, an american exporter and sole producer of commercial airlines. they recommended a enormous tariff on sales of the canadian bum barnier -- bum bombardier. --y are proposing eliminate they're proposing duties on those jets which are below fair market value. of canada isu visiting donald trump next week
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so that will be a subject of discussion. shery: we will keep a close eye on those breaking headlines as we get them. for now, let's get a check of the market. we are seeing the benchmarks going into the red. abigail doolittle has the latest. abigail: we have small declines for the major averages. pause from the bullish momentum we have seen recently. on paper has had its worst day in about two weeks, the first down day in nine and the first day we have not seen a record high of any sort for the major averages. the nasdaq has been trying to go higher so we will see if that happens. some of this could be the mixed jobs report and the mysterious comments from president trump. it's creating a little bit of a risk off tone. on the 10 year yield after the jobs report, it was initially higher by five basis points. then there was speculation on trading debts that north korea
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could test another miss why not has apparently sent the 10 year yield down a bit. haven bonds are still selling off the less so than before. look at crude, that as a class is down 3%. it's the worst week since may and gold is higher and look at , spikingthe fear index higher today but still at super low levels. a little but of a risk off tone to the day and the first time we have seen that in some time. this is all having an effect on the imap function. earlier today, the financials have been on top when the 10 year yield was up five basis point but now, only two sectors are higher, consumer gainetionary but not a big and on bottom, energy along with telecom. ending on a bright note, let's look at what's helping consumer discretionary. ,mazon, netflix, general motors
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netflix getting positive street reaction to the companies raising the price for his most popular plan. positive comments for gm saying there's a path to 130 followed -- one of the $34 per share and mcdonald's trading higher as they are apparently testing a vegan burger, something i happy to hear. shery: i will try it out, too. thank you coming up on the show, the trump administration releases its blueprint for overhauling the regulation of u.s. markets. we will have the latest next. this is bloomberg. ♪
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marty: this is bloomberg markets, the balance of power. word: let's get the first
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news this afternoon with mark crumpton. mark: thank you, the governor of the u.s. virgin islands says the u.s. government has hurricane response " down to a science." the governor praise the trump administration's relief efforts during vice president pence's to sink rate today. makingd the island was progress in its recovery from hurricane maria and expected school to reopen tuesday. the trump administration has had no success in repealing obamacare so it's now taking aim at some of its features. administration officials told reporters today it will give employers the option whether to cover birth control in their health care plans. it extends an exemption meant for religious organizations. bergdahl willbowe reportedly plead guilty to charges surrounding his disappearance in afghanistan. he left his post in 2009 and was
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held by the telegram for five years. he faces up to five years in prison for desertion and a possible life sentence for misbehavior before the enemy. thousands gathered in the streets of iraq today to pay their respects to the late libani who died tuesday. officials gathered at the airport where his casket was offloaded from a plane in front of waiting dignitaries. -- talibani accepted the largely symbolic post of iraq's president in 2005. global news, 24 hours a day, powered by more than 1200 journalists and analysts in more than 120 countries. i'm mark crumpton, this is bloomberg. shery: thank you, net toy story first reported by bloomberg. the treasury department has released a blueprint for rules.ling u.s. market
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the plan could affect stocks, bonds, and derivative trading including making it easier for companies to go public. joining us from washington isben who covers market regulation. what is the per treasury department saying? is this just a guideline for agencies? yeah, i think it is essentially a roadmap. what the trump administration thedone is they have said securities and exchange commission and the big wall street regulators in washington, we want you to go ahead and ease the rules in the following ways. they put some high-level suggestions up. it's a 220 page report so there are some specifics. more than a directive or saying go do these things, it's a blueprint for what the trump administration hopes the independent regulators will do to he's some of the rules they put in place following the financial crisis. marty: what kind of a blowback
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do you think these suggestions will get from the loyal opposition, the democrats, who think they are being too easy on wall street? >> it is assured that investor advocates and some democrats are going to push back on a lot of these recommendations. on the other side, he already had the chamber of commerce praising them. this is basically going to be the ongoing partisan divide over the rules that were put in place after the financial crisis. there is a specific ruled that the sec has related to conflict minerals, some of the disclosure rules and it even goes back to sarbanes-oxley as far as accounting standards. will once again awaken some of the partisan divide over a lot of the rules that lobbyists and lawyers will talk about. shery: will this need
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congressional action of some sort? thing, congress is pretty jammed up right now with a host of other things. there are some recommendations from the treasury department for congress to take action. but most of what's in the report really rests with the agency. that's an indication of the administration realizing that the plan to got dodd-frank that they talked about just cannot happen with a congress that is plan,etween budgets, tax potentially a list of other things that they are trying to get done by the end of the year. i think a lot of this will come down to the sec following through with what the trump administration wants. marty: if you look at the bank stocks, they are hardly reacting. i think a lot of this has been baked in already. >> i think so, many people of talked about the trump bump.
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that we saw earlier this year. the expectation that the trump administration wanted regulators in washington to loosen rules is pretty much baked in. also, it's worth noting that treasury is not calling for wholesale scrapping. it's around the edges many ways. it was pretty measured and i think that reflects a lot of the wall street banks that is spent some of money over the last eight years complying with these sees and they don't want to the whole checkerboard change. shery: thank you. coming up on the program, we will have the latest from catalonia as the region separatist leaders consider their next move in the face of mounting pressure from the spanish government. this is bloomberg. ♪
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shery: this is bloomberg markets, balance of power. grappling with no stormicity after the ravaged the u.s. territory now the puerto rican government faces another hurdle, a possible government shutdown at the end of the month. we are joined by the puerto rican treasury secretary over the phone. thank you for joining us at the last minute. i know you have a very busy schedule and we have been trying to get a hold of you. you have talked to us about running out of money. how fiscally challenging is the situation right now? very's a situation that's difficult for puerto rico. what we are doing now is paying
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the payroll, the governor employees, the pensioners and is rest of the money completely for direct assistance to resolve the crisis. the way we are burning cash right now, we will be running out of cash october 31. marty: can you tell us whether or not you have reached out to the u.s. treasury for some short-term financing to help you out of this cash crunch? at this point, we are concentrating on the congress. we think there is no request of this point. it will be like two different paths, one is short-term and the other is the recovery. we need assistance for the short alsoliquidity crisis and
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money for the long-term recovery. shery: who are you speaking to in congress and what are you asking them? handled by our and they are working with several of the congresspeople. [indiscernible] puerto rico has be part of the conversation in tax reform in working with the congress. revenue is0% of our
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inte and several companies the united states. if that changes, the crisis could be a lot worse than where we are now. we need to be part of the conversation on tax reform. so we make sure we teach -- we keep our tax base and it helps a recovery. we have two issues right now at the same time in congress. marty: we are very interested obviously in what the bondholders role in this plan to recover in puerto rico is. have you had any content with destiny contact with the bondholder group? really. everything is handled by our attorneys.
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i am basically working on the cash flow and meeting the projections. that changesic every day because every day, [indiscernible] it will be an issue for us if we don't have investment right away and assistance because the economic recovery will take longer. with help, we can provide more funds for the bondholders. other than that, we're talking about bankruptcy. shery: talking about recovery in cash flow, when will you start collecting taxes or when can you get some sort of revenue flow into the treasury? that's something i am working
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on right now. if there is no committee case in, i am not able to collect my taxes. waysooking at alternative to collect these taxes so everything is on the table right now. the tax structure is based on a safe tax and income tax. at taxes at the ports on imports. it's difficult to collect difficultey will be to collect money with things coming into puerto rico. i have 200-400 importers. at this moment, i am collecting a minimum amount of taxes. to hold the a way numbers i have received. treasury secretary of
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puerto rico, thank you for your time. marty: let's get to some other headlines. mark crumpton has more. mark: tropical storm nate could add $1 billion to the record hurricane bill already tallied to the season. the storm has caused widespread damage in central america. when it hits the gulf coast this weekend as expected and hurricane force, it could oilroy crops, impact drilling, and damage property. the united states will airlift and drop supplies to puerto rico where hurricane maria knocked out power for 90% of homes and businesses. the first thing a supplies is expected to leave this week. the puerto rican governor also welcomed the tweet of elon musk suggesting a rebuild of the island's grid with solar panels and solar batteries. president trump offered cryptic
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remarks last night before dining with senior military leaders and the spouses. his comments came as the group posed for a picture. : you know what this represents. this is the calm before the storm. mark: when the president was asked what he meant, he replied you'll find out. the director of the anti-nuclear campaign that one this year's nobel peace prize says we cannot threaten to and slaughter discriminant lee of hundreds of thousands of civilians in the name of security. she told reporters in geneva that the election of donald trump as president of the united states also sends a message. >> there are no right hands for the wrong weapons. withu are uncomfortable the idea of donald trump having nuclear weapons and being able to launch, you are really uncomfortable with weapons in general. i think that's really the message we want to come across.
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she also said the awards shines a needed light on the pathway to a world free of nuclear weapons. global news, 24 hours a day, powered by more than 1200 journalists and analysts in more than 120 countries. i'm mark crumpton, this is bloomberg. breaking news on sudan, the u.s. is formally revoked some economic sanctions on sudan but not all of them. we know the u.s. removed sudan from its travel ban last month and we are now hearing they are formally revoking some economic sanctions. sudan has been fighting terrorism. as will as human rights abuses. the u.s.w seeing revoking some economic sanctions on the country.
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this may be part of their plan to defend the travel ban. marty: they said this was a reasonable approach of that may be part of that. moving on to other news, shery: the national rifle service says they're open to regulations that would restrict the sale of bump stocks. a number of republicans have come out in favor including spiegel -- speaker paul ryan. >> fully automatic weapons have been outlook for many years in the seems to be a way of going around that. obviously, we need to look at how we can tighten the compliance with this law so that fully automatic weapons are banned. we need to go back to figure out how this happened in the first place. there is a big regulatory question and we just have to do more research to find out what's the best way to make sure this -- the spirit of the law is upheld. shery: four years, gop lawmakers in the gun lobbying group have
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resisted stricter gun control metrics. after the mass shooting in las vegas, more attention has been devices to bese brought to the shooter. republican congressman chris collins joins us from new york. thank you for being with us. you have worked pretty hard to expand the rights of gun owners in america. how are these latest developments sitting with you? >> it's good to be with you. i am a strong second amendment supporter. i am the only new york representative with an a+ nra rating. most of the said never heard of bump stocks. what we did find in the research is the atf decided not to regulate the bump stocks. and was clearly a mistake what we need is not a legislative fix but we need the atf under president trump and i
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believe he would agree with this , to regulate these bump stocks. as speaker ryan mentioned, we have outlawed automatic weapons turns a semice automatic weapon into an automatic weapon. that was never our intent so i ups -- so i support the nra in calling on the atf to relook at their decision about seven years ago. look and iake a hard think that's the course of action we should take. marty: so i understand you, you say the atf should regulate these? do you support an outright ban of these devices? should you leave that to the agency? >> i would leave it to them but all of us are in agreement that these devices are going beyond the will of congress and the american people in turning a semi automatic single shot rifle used for hunting and target shooting into what we know was
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firing 400 rounds per minute. whether the atf calls it a bad or however they do it, we do not want these bump stocks out of marketplace. what about your own second amendment guarantee act? will you still be going ahead in pushing for that? it's the second amendment guarantee act were new york state is outlawing a semi automatic single shot gun and they regulate the number of bullets you can put in a magazine. hunters,mpacting target shooters, republicans, democrats, men and women alike. its new york state overstepping as they do in most instances on the regulatory front. we are saying these guns are already regulated at the federal level. we don't need states one after another piling on. that's what i think the proper role here is for the atf on a federal level to regulate or ban these bump stocks.
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we don't need new york state -- infringing on people who want to hunt and target shoot. pivot to taxes -- isty: state and local taxes the gorilla in that debate especially when it comes to new york and new jersey and big population states. where do you stand on whether or not that is a go or no go in the tax reform plan? >> if we talk about the tax reform plan, let's focus on what it's intended to do a nest to get economic growth north of 3% year after year, double our economy, grow our way out of the deficit. we do that by lowering the corporate tax which is now the highest in the developed world 20%, that makes us competitive filth. no longer tax exports of
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a company would be encouraged to make products in the u.s., ship them overseas like other countries do and then we would not be levying a tax. the repatriation trish -- the read patriots and issue just the repatriation issue goes away. going to be the middle-class miracle of job , awth and higher wages brighter future for our children and grandchildren. when you get to the individual committed.re the republicans are committed. middle income earners and even upper middle come earlier -- earners are not going to pay more taxes. we have to look at the state and local income tax. it's a major federal deduction. thetax plan eliminates alternative minimum. many new yorkers who would
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itemize and take their state and local income taxes already are losing the benefit of that because they have to pay the alternative minimum tax. it takes that benefit away. this some type of accommodation to make sure the middle income in upper middle income wage earners of new york, new jersey, and california are not paying more taxes. i discussed this with chairman brady as well as the majority leader maccarthy. i am comfortable we will come to an accommodation. congressman chris collins, thank you for joining us. coming up, attorney general jeff sessions issues a religious leeway inmo giving hiring. that story is next. this is bloomberg. ♪
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marty: this is bloomberg markets, balance of power. shery: shares in department store nordstrom or falling, making it the stock of the hour. the nordstrom family group which owns over 30% of the company wants to take the company private. there are multiple reports that suggest they are struggling to put together the financing. emma chandra is a with more. what are we hearing? emma: there is a back context to the story. back in june, we heard the nordstrom family wanted to take the company private. back in september, we heard they were working with private equity firms in a $10 billion deal. we actually have a chart which shows you how that buyout plan would have worked. about safety 5% of that would have been debt.
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what we then heard this week was that they were struggling to finance that debt. today, we are hearing they are working on a new structure that would make that 625% debt smaller. -- that would make that 65% of debt smaer. people are not entirely sure what will be happening. why did nordstrom get to this place to begin with? instance ofher amazon's influence on retailers? just amazon, it's a lot about changing fortunes within department stores. that showshart here the differences -- or the different fortunes between non-stores which means online stores and that's the white line which has been growing about 200% since 2000 seven and sells at department stores falling about 30%.
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2007 and sales at departments first falling about 30%. nordstrom is talking about dealing with the change in consumer habits. 25% of their sales come from online but another thing they have a problem with is a large store count. it showsnother chart the locations of nordstrom and nordstrom rack across the country. stores totalt 207 so they want to reduce that footprint to take more online. shery: no, i like nordstrom rack. emma: they are pretty good. shery: thank you. marty: attorney general jeff sessions issued a memo to all federal agencies today for how
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to interpret religious liberty protections in the existing federal law. the guidance will allow companies more leeway in who they hire the critics say this could be used to justify discrimination. we are joined by chris strong from washington. behind this move today? thatis has been expected the attorney general would do this. he talked about it before and president obama issued an executive order back in may -- president trump issued an executive order back in may for him to do this. it says the government will not use a heavy hand in terms of looking at what critics would say are discriminatory practices by religious organizations and employers who hold religious beliefs. today thattwo orders the administration put out. one was repealing the requirement under obamacare for
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employers to provide contraceptive coverage in the broader memo. , it it represents overall favors the conservatives and the religious groups that supported trump. shery: no surprise there. let's talk about the principles. are these broad guidelines or specific cases he talks about? >> they are broad guidelines. guidelines0 broad but when you get beneath the surface of these guidelines, they have real-world implications for what federal agencies are going to do in terms of enforcement action against companies or religious organizations in terms of grants, in terms of contracts that government agencies issue. what they are saying is, for
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example, the department of health and human services will not enforce certain measures against companies or religious institutions if those companies and religious institutions make arguments that they are acting in accordance with their religious beliefs. marty: let's go through a real-life example. company was a private or even a public company, that was running a business and the owners did not believe in could day under these guidelines refuse to employ someone who had pro-abortion beliefs? >> yes, the guidelines say there should be no discrimination against companies that are going to discriminate against employees who have certain beliefs.
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that thesen see is guidelines are essentially telling federal agencies to not take certain actions that might have been taken under the obama administration in response to what could be considered discriminatory practices. shery: let's talk a little about the russian hackers incident. they are set to steal programs from nsa packers. what did they exploit? >> i'm told that this was a major breach and the hackers were able to obtain information related to how the nsa conducts electronic surveillance abroad and how it protects computers, government computers and works with the private sector inside the u.s. to protect private networks. what you have had is a series of significant breaches at the nsa over the last several years.
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this puts into context some of things that were happening back an efforten there was afoot to remove the nsa director from his position. marty: chris, thank you for being with us. up, like so much in trumps washington, the future of the federal reserve leadership is up in the air leaving investors looking into their crystal ball for clues. who is leading the race, we will have more in that story next. this is bloomberg. ♪
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marty: this is bloomberg markets, balance of power. shery: the future of the federal reserve is up in the air and everyone is weighing in on who should get the most powerful job in washington. bill gross added a new name to the list this morning. >> i know him for three years.
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he's a brilliant man and he's got ideas that are a little different than other central bankers. he looks at the market a little different from a structural standpoint as opposed to simply a statistical, taylor model type of role. he's young and is only been there for a year or two but he would be my choice. he won't be the choice though. hery: he acknowledges that could not be the choice. be surprised it will not be neel kashkari or will it be someone else? >> it is up to the president to make a choice and obviously he can come up with anybody. shery: how big of an input would that have? >> i think it's not in the best interest of the administration to surprise the market. it has to be something that andd really be expected would not mean a lot of change to monetary policy going forward. marty: one of the things that
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struck me is they have been very pointed to say that janet yellen is still in the running. in the context of what you said, that is probably meant to calm the markets. >> absolutely and she is a low interest rate person. if you make a choice based on expected policy and not based on personality, that would be your choice. that would help to boostdp which is what they are expecting and that would calm down the markets and that would the a continuation of policy. that seems to be working just fine. based on what we have seen in the labor market and gdp growth overall. shery: all of this relates to the state of the economy. we got the payroll numbers today. seemedmp administration pretty optimistic about what to expect. >> when you lower the business
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the corporate rate, we make our souls more competitive, we make it that businesses want to locate in the united states. when they locate in the united states, they have to hire labor. they go out and compete for labor. shery: he was also talking about wage growth. when you look at the unemployment number, this is bright news. it's not only the headline figures. they were impacted by the hurricane. what you saw today, was the trump administration correct? >> today's numbers were more of a weather report rather than true economic data. you really cannot look at this any significant conclusions about the state of the economy. you have to look at the trends. the trans-before the hurricane
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-- the trend before the u.s. hurricane, the market was doing fine. before the hurricane, things were picking up slowly. if that trend continues and this is what bloomberg intelligence is expecting by the end of the year, that would be great but this is not necessarily due to any fiscal policy for any decisions as of yet. it's true economic momentum right now. marty: are we getting a rate hike in december? >> intelligence expects that. we got some confirmation from bill. lee today. -- bill dudley today. i think it's still on the table. when marketsappens don't see a further path to december? it's hard to say what happens
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after december. we really don't know who will be on the committee. we are getting more hawkish voters next year. john will you and's is moving in and charlie evans is moving out. it will be up to who will be on the fed. elena, thank you so much for being here. shery: coming up on bloomberg joining austan goolsbee us to break down the latest jobs numbers and what he means -- what it means for investors. of course you can watch previous interviews and also our guests. ♪
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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. scarlet: it's 2:00 p.m. in new york, 11:00 in san francisco, and 7:00 p.m. in london. i'm scarlet fu. julia: and i'm julia chatterley.
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welcome to bloomberg markets. ♪ we are live and bloomberg world headquarters in new york over the next hour. here at the next tories we are covering on the bloomberg and from around the world. blame it on the weather. the september jobs report shows payroll jobs declining last month for the first time, but employment drops to a 16 year low and wage growth surged. we get perspective from austan goolsbee, just ahead. a digital goldrush. that is what kyle backes is calling the latest investor buzz around cryptocurrency. he tells us exclusively why some people are going to lose a lot of money. trump raises eyebrows with his cryptic comments about "the calm before the storm." ian bremmer gives us his take on what the president means. we have u.s. markets closing in less than two hours time, abigail, we are finally seeing

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