beholden to the markets? janet yellen: the federal reserve is not politically compromised. politics inscuss our meetings. i do not recall any meetings when politics -- watching our meeting on tv aday, where they felt we had rich and serious intellectual debate about risks in the forecasts for the economy and we struggled mightily in trying to understand one another's point and coming out of a balanced place and act responsibly, that is my commitment to the american to lead ant i want institution that is not political, and we are striving to do our best in what is assigned for -- assigned to us. concern you given what donald trump has said at this point about the federal reserve, that he could go back if he were president and look for signs of the fed being politically motivated? janet yellen: i've no concern about the fed being clinically motivated. i assure you we will not find motivationf lyrical when the transcripts are released in five years. important we were -- we maintain the conference of the public. you know these are difficult decisions and everybody may not but i hope the

latulators share of the blame? eight years since the financial crisis of lehman. janet yellen was yelling about the banks yesterday. where were they when this was all happening? >> this wasn't specifically a fed issue, it's a cfpb issue. that continues to divide opinion, whether the cfpb and the occ got to this quick enough, when they did get to it whether they extracted a big enough fine. the fed looks at other issues, the capital, those types of things. janet yellen was grilled on this yesterday. some exchanges very heated. saying from one congressman that these banks are laughing in your face, he said to janet yellen. there's a question of whether this issue will lead to a further snap back of regulation against the sector. the only caveat, still no proving -- the proof of outright criminal activity by the bank. thus it's more of an oversight issue. also no sign other banks have done this yet either. it's also just a wells fargo issue. >> the other factor that's been weighing on the banks, the price of deutsche bank that we are following. shares today, let's see how they're tra

equities and asia and europe. we do have to have a conversation about janet yellen and whether if donald trump wins .e will replace her it lets get to the bloomberg first word news with nejra cehic. nejra: syria's foreign minister says a cease-fire is still viable. the comments came even as rescue workers and aleppo sifted through the rubble. opposition activists say more than 200 civilians have been killed in the past week under sustained aerial campaign. the ecb's mario draghi says european banks have a problem and one of the issues is overcapacity. the central bank president suggested consolidation would be a move. he spoke to lawmakers about how to spur growth. for the euro area to thrive, actions by national governments are needed to unleash growth. reduce unemployment and empower individuals while offering projections for the most vulnerable. nejra: italy's prime minister takes december the fourth for a referendum on constitutional changes. the move sets the clock ticking on a deal that will seal renzi's fate. lindsay's push for the mother of all reforms is being closely wat

holding fire for now, signaling that a rate hike this year is still likely. janet yellen saying that it pick up in growth and labor gains have strengthened the case. and, three of the members dissented from the decision, saying that the fed should move now and the dot plot shows officials have scaled back the rate hike expectations for 2017. janet yellen spoke shortly after the decision was announced. janet yellen: economic growth which was subdued during the beginning of the year, has picked up. household spending continues to be the key source for the growth. spending has been supported by solid increases in household income as well as by relatively high levels of consumer sentiment and wealth. matt: joining us is the chief international economist for -- bing. thank you for coming. , do yousk your reaction think we got what we expected? >> i think the breaking news is the dissent. we have been interpreting all kinds of things, members moving in one direction, but today was the vote that matter. and the fact that three of the members -- matt: didn't we know that? each of them h

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chair janet yellen says the fed is not politically motivated. >> it's not credible. >> announcer: david stockman >> announcer: david stockman justyou didn't read your carl insurance policy. you just stuck it in a drawer somewhere and forgot about it. until a dump truck hit your pickup truck and now you need a tow truck. does your policy cover the cost of a tow truck? who knows? you didn't read it. you can't even find it. the liberty mutual app with coverage compass™ makes it easy to know what you're covered for and what you're not. call liberty mutual for a free quote today at coverage compass™ gives you the policy information you need at a glance. available 24/7 on your mobile device. switch to liberty mutual and you could save up to $509. call that's liberty stands with you™. liberty mutual insurance. gary: the federal reserve announce wednesday it will not raise rates and the market loved it. but it did leave open the door to a hike before the end of the year and after the election. janet yellen denying the fed considers the timing of the presidential race when making mo

the election. janet yellen denying the fed considers the timing of the presidential race when making monetary decisions. >> i have no concern the fed is politically motivated and i will assure you you will not find any signs of political motivation when the transcripts are released in five years. it's important that we maintain the confidence of the public. gary: we welcome form reagan budget director and best-selling author. he has a best-selling book called "trump." david stockman. >> if you believe that i have swampland in florida. i thought the decision yesterday after 93 months was cowardly clueless and catastrophic. the only thing this can do is inflate this hideous bubble we have in the world financial system even more and make the ultimate resolution or crash all the more traumatic. when you have $13 trillion of government bonds worldwide trading at subzero rates. and governments getting paid to borrow money, that's hideous. when you have trillions being borrowed by the corporate sector to trash their own balance sheets that's a hideous bubble. when you have the s & p

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, including new developments on the future of deutsche bank. matt bowler on janet yellen. algiers. in saudi arabia may be willing to compromise with iran. jonathan: let's bring in guy johnson from london. the equity up a couple of percentage points. the rumor mill is in overdrive. walk us through it. guy: confused, i think everybody is, surrounding this story. they are offloading an insurance business in the u.k., which one.ves their tier then you had this report in the german press, indicating that maybe the german government was looking potentially for some sort of plan to be put in place to help deutsche if the fine was big from the doj enough that they could not handle it. , that was then subsequently denied by the finance ministry. they are not working on a plan. they are not working on a plan. where are we? i think people are still trying to scratch their head. the stock is reasonably well sorted and it is going to bounce around all over the place. we do seem to be getting to the point where people are trying to understand what the government's position is. is it in or is it

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. . anna: standing firm. janet yellen rebuffs pressure to hike. there is a sense from three fomc members. the first time this is happened in two years. the dollar weakens following the decision. we will have the latest market news. putting the brakes on rumors that apple is looking to buy a stake in the supercar maker. and why executives in london expect the uk's to lose its hundred $70 billion euro clearing business after briggs it. -- brexit. welcome to countdown. it has gone 6 a.m. in london. let's talk about the fed and what they did and did not do and with the did two markets. no change in interest-rate from the federal reserve. that was generally expected although there was that risk it would flag. the dollar index fell and it is still weak. the dollar index down by .3 of a percent in the trading session. the fed's inaction has weighed on the greenback this year, that is the subtitle that goes along with this chart showing how the dollar has fallen and is having trouble making any headway of toward the fed's inaction and weighing on the dollar. there was some hawkishness ar

call it little changed. a little higher as we go into janet yellen testimony. energy shares are the best within the s&p 500. it has been this with saw affect for oil over the past week as we have gotten a different ahead of -- headline and now the latest is that saudi arabia and iran willingness to come to an agreement on production target. as we watch oil prices, we should note that we have seen oil move more in tandem with stocks. we have a chart of the correlation between oil and stocks. the two.p you see rising.the green around 0.5. certainly not 1-1 correlation but trending higher. stephen angel is still open to a deal between the two. those stocks rising. as we await listening to janet yellen, i want to check on the 10 year yield as well. making an attempt at rising today, and then went back down. it has fallen in six of the past seven sessions. about 90 minutes to the close of trading here in europe. taking a look at where equities are right now. extending gains of more than 1% right now. almost erasing the monthly loss. this is a equity benchmark. looking at how different in

due at 2:00 p.m. eastern time followed by a press conference, news conference from janet yellen a half hour later. you can catch all of it playing out right here on cnbc. >>> also on the agenda today, a few notable earnings reports. we'll hear from carmax and general mills before the opening bell, and bed bath & beyond after the clothe. > close. >>> fedex shares rising yesterday. landon downedy hdowdy has the d. >> fedex posting first quarter earnings of $2.90 a share. that's nearly 10 cents higher than analysts forecast on revenue of $14.66 billion. the shipping giant considered an indicator of economic decisions citing strong revenue in its express, ground and freight business. fedex offering an upbeat assessment for the holidays saying they will benefit from e-commerce transactions and ceo fred smith addressed the one blip on the call. >> the integration of tnt express, which includes more than 200 countries, is proceeding smoothly and on schedule. the level of team members engagement is outstanding and very much appreciated. >> shares of fedex gaining about 3% in trading. back over

janet yellen resist pressure to hide u.s. rates but-- to hike u.s. rates. a dissent from a 30 member of the committee. stocks and bonds rise around the world as the dollar weekends, european equities have started higher. merck the country's biggest conglomerate is to split in two withone company focused on shipping and the other on oil. welcome to "the pulse" live in london. i'm mark barton. we have got a great show aligned up today. later, we will talk brexit with the chief executive of the mobile provider 3 u.k. a festival of central decisions today. we are hearing from the norwegian central bank. it will keep rates at its current level. it see the underlying cpi 3.3% this year. it previously said there is still a prospect for cuts this year. it is the underlying cpi 2.7% next year. and mainland gdp this year 0.9%. the rate will remain in the current level in norway. many, many more central-bank decisions awaiting today. let's get to the first word news. ersk says it will split into separate companies. the announcement comes as denmark's come biggest -- biggest conglomerate

janet yellen speak before the committee addressing issues from interest rate increases and non-increases, two major issues to do with u.s. banks, including whether wells fargo should be broken up, for example, and also the question on living wills, and said his chair yellen saying the fed has been specific on what it wants on living wills, the fixes it wants, and stands to use its authority. we'll have much more on chair yellen's testimony, and an interview later on today with representative maxine waters. >> it was interesting -- we were not as a fairly expecting a lot of comments on fed policy, but chair janet yellen was asked some questions on this, and she said we are not seeing upward pressure on inflation. she also said we expect to see the jobless rate fall further, and that the fed would gradually remove accommodation on common costs, but there is no fixed timetable for raising rates. she did reiterate that, but said the fomc majority sees a rate rise as likely needed this year. still ahead, shares of deutsche bank are rising from an all-time low after the lender agreed

-- janet yellen said the majority of central bankers see a rate hike this year. whereore on her testimony she revealed that the central bank is taking a close look at the biggest banks. we will hear from maxine waters later this hour. duke energy wants to bring natural gas to pennsylvania, ohio and west virginia best how the company plans to make it happen. markets close in two hours. julie hyman is here with the latest. julie: and you are flat line for the major averages at the moment. -- a near flat line. we've got oil prices now on the rise, we had that janet yellen testimony, we had durable goods orders this morning. crosscurrents in the markets today. let's talk about oil. it pushes higher by 3%. oil having some wild swings over the past week. -- algeria itself proposed a cut in production. they may sign onto something later this year. look at how this has played out in the various groups in the s&p 500 today come energy doing the best today, telecoms doing worse. a downgrade to at&t at ubs. industrials are one of the areas in the green. for augustds orders were unchanged.

dovish, brainard, 1.8. janet yellen, 3.2. all the governors are 3.8. more dovish, you can see here, than the presidents at 5.3. there's the average. a touch more hawkish than in april. and all the presidents, 5.3, stan fischer, a big gap between he and the fed chair, janet yellen. an here is our most hawkish fed president, esther george. is he is at 8.4. back to you guys. >> i think i was a 3.2 in college. >>> fedex often considered a barometer of the global economy. tonight the package delivery company set strong sales lifted results. fedex reported earnings of 290 a share, 9 cents better than estimates. revenue up 20% from a year ago, more than 14.5 did his billion. and they were slightly better than expectations. investors encouraged by the results, sending shares up initially in extended hours trading. morgan brennan has the key take-away on fedex's results. >> reporter: fedex reporting quarterly earnings that were better than wall street analysts had expected. leading the delivery giant to boost its full-year adjusted earnings outlook. the higher profits were driven by gains in all

. donald trump, well, he's taking direct aim at janet yellen. he says the fed has created a stock bubble and a bolstered economy to boost obama's failed economic policies. is he right? >> i think he's 100% right. i don't have the answers, i don't think anybody has the answer when you have negative interest rates the entire world. what happens if it starts to fail? what happens if there's one chink in the armor? i don't have the answer. i for one hope the fed can steer us out of this. i think the growth policies, 1 is to 2% growth is not going to give us enough to led the fed unwind the position they've got themselves in since 2008, 2009. yes, artificially inflated. stuart: we're here as we speak. the market wants to go up. it's not a huge rally, but we're up in the very early going. now, we get the big reveal from apple tomorrow on the iphone 7. what do we know about it? >> what we know, the expectations are pretty low. we know they're trying to be thinner, lighter, larger screens and perhaps the biggest thing, it's not a secret is the head phone jack will disappear in order to ma

worldwide piling at u.s. treasury bonds sure sign of trouble and in middle of all this janet yellen oeps up pandora's box buying stocks or corporate bonds might help in a downturn she says. revolution for america central bank, second, big story, what is he thinking? donald trump keeps the women's weight issue o alive, at 3:00 this morning, it was out tweeting again about the butt queen media is pounding him again. and what is she thinking hillary clinton faith foreign leader angela merkel changed germany for ever opened door to millions of muslim migrate immigrants media is ignoring that you can't ignore this, veterinarian veterinari "varney & company" we are about to begin. . >> who i is your favorite world leader. >> oh, let me think. what am one favorite iss angela merkel an extraordinary strong leader during difficult times, in europe. which has obvious about implications for the rest of the world particularly our country and i hope i will have the opportunity to work with her. in the future. >> we wanted to let you hear what she said, hillary clinton says favorite foreign leader is

anything is a pledge from janet yellen anymore. >> people with capital are really enjoying this environment. is this sustainable over the long term? >> no. >> heads of state speak boldly about their national challenges. heads of companies speak frankly about international opportunities. >> i say it's all terrible. >> we are more cautiously optimistic. >> i believe the potential for us is 10 times what it is now. >> plus, wells wells fargo under fire, samsung under pleasure, and the transpacific partnership under a microscope. >> tpp is not the answer. >> global trade will go on , whether we are participating or not. it's up to the united states to lead. >> it's all straight ahead on "bloomberg best." ♪ hello and welcome. i am angie lau. this is "bloomberg best." your weekly review of the most important business reviews from bloomberg television around the world. the week began with age-old as -- with a jolt as the u.s. government officials investigated weekend bombings in new york and new jersey. an arrest on monday answered some questions and raised others still. >> a man ide

. tom: what would happen if janet yellen raises interest rates? if itould be the outcome factored up to some sort of irmal interest rate? julian: think we would have a difficult time for a while. i think it's worth it to get that discipline. mike: you think the economy would be better off with higher rates? julian: probably not in the very short-term, but in the long term, i definitely think it would. does it increase the return on capital? where does the benefit come in at this point? julian: the benefit comes in in that we have a realistic system. , you take a guy who sells his is in north carolina. he gets $5 million for it. that's all the money in the world. there's no funny money hedge funds. it's all sort of open and good and down to earth. that $5 million he is 30 or return on it $40,000 after taxes and he realizes he's sold his is this and is not able to live on his life savings. it's the financial repression a lot of people have spoken of for a number of years. this is a special edition of bloomberg surveillance top we are on with julian robertson of tiger management. thrilled

takes aim at fed chair janet yellen saying continued low rates are politically motivated. >> she's keeping them artificially low to get obama retired. what's going to happen afterwards? it's a serious problem. i think it's very political. i think she's very political. to a certain extent i think she should be ashamed of herself. >>> all right. we'll talk some more about some of those headlines during the show. the global oil demand growth, though, is slowing at a faster pace than initially predicted according to the international energy agency oil market report which has just been released. they have now downgraded the four year forecast saying oil demand growth in 2016 will struggle to get above 1.3 barrels per day and expect supply to continue to out pace demand at least through the first half of next year. matthew parry is a senior analysis at the ia and joins us on the phone from paris. talks through the changes we're seeing given that this downgrade to the forecast of oil demand growth is slightly unexpected. it seems that 2016 we'll see more of a struggle than what had previo

. i threw in what i believe is some kind of fibonacci sequence. it is meaningless. janet yellen and the fed are starting to gain some traction here and were getting people coming back into the labor force holdch if you can an unemployment down, it's a good thing. joe: it still makes a good point. scarlet: much more coming up. black rocks chief global investment officer will join us live. this is bloomberg. ♪ scarlet: i am scarlet fu. "what'd you miss?" we will not let you miss black rock's event in manhattan. good afternoon. of call iteen a lot thursday morning quarterbacking after yesterday's fed decision, but what you have to say is different and important for people to hear. let's start with the certainty about the december hike. the market says 60%. it sounds like you are 95% or 100%. there.s up she was clear we are there except we want to see more evidence. dissents onthree , and quite frankly i think they have laid out a path where they will try to get one done this year, a couple next , and not getting the one done would be against to their desires at this point. >> is it n

. the federal reserve is of two minds about how the market is doing. janet yellen thinks there is still slack, mohamed el-erian says there is little slack. from your vantage point and how healthy is the u.s. labor market? harley: i think the labor market is healthy. recent job numbers essentially say we are cruising along. that is good news. but the jobs numbers aren't sorry. that would be -- soaring. that would be much better news. i tend to side with janet yellen and the public remarks she has made. the labor market remains uncertain. the job numbers alone don't tell the full story. the participation rate has more slack in that it is significantly lower than historical levels. part of that, of course, is demographics. even in prime working age people , 25 to 54, we have a lower than historic registration rate -- lower than historic participation rate. there are signs with discouraged workers and people marginally attached to the labor force, 1.7 million there, people working part-time who want full-time jobs. in all there is some slack in the labor market. vonnie: from your work

janet yellen. peter fisher still with us. the fed, at this point, 25 basis , 37 basis points, there is a question about how they were taught in -- respond to any kind of downturn ahead. they have to raise rates irrespective of inflation just to be able to respond that go >> i think the remarkable thing is that she really conceded the the big balance sheet and externally policies are here to take. just five years ago we are -- we were being promised it would be easy and not a big deal. we will need explanation of that. clearly she is hanging onto this in case she has to deal with the downturn. the forecast has been so bad and murky, i think that is a problem she has to confront, whether they are really bracing themselves or planning to normalize. scarlet: i would like you to full than what the bank of japan announced overnight with regards to shifting the policy, more on steepening,ng -- compared to what it was looking like a earlier. reserve not being in any kind of rush, what does that mean for an the demand of u.s. stocks? >> it will continue. i read the bank of japan statement. s

: fed chair janet yellen announces they will keep rates where they are. but she did hints at a possible rate hike in december. i want to go to my panel. you pr questions to janet yellen you brought in the political ramifications. donald trump has been vocal about this fed being in the tank for president obama and hillary clinton. were you satisfied with her answers? >> i got what i expected to get, which is she said pretty emphatically that the fed is not political and not playing favorites in this election. i believe when she says they don't talk about politics in these meetings because we get transcripts of the meetings. they come with five-year delays. but we would be able to see that if it showed up at some point in the future. i don't think she is lying about that. one point i wasn't satisfied about. i asked if if the fed would center raising rates before the election. i think november is off the table. if they are going to move rates, it will be in december. charles: it was george h.w. bush to blamed the feds, and specifically allen greenspan for not lowering rates during

, janet yellen, are possible supporters. two fed governors, brainard and dan at your you'llo unknown. it likely they will side with the chair once she makes up her mind as it's rare for governors to dissent, as opposed to bank presidents who dissent more often. it depends on janet yellen who said in august that the case was strengthening for a rate hike. there had been some luke warm data since then. we'll find out next wednesday if she has changed her mind. for "nightly business report," i'm steve liesm. >>> professional trader who has to come in every day and put money on the line. they are obsessed about what the fed is doing because interest rates at such extreme lows, there has to be some move in stocks and bonds and the dollar if and when the fed moves again. but the last two trading days has not helped them understand the situation at all. traders went from complacent on friday morning to a mild panic midday friday, from not caring to suddenly shorting the market. and then on monday, the traders had reversed their positions. this is all in two trading days. how could you make mone

nation's capital. it is a fed day, a rate decision set to drop followed by fed chair janet yellen's news conference in just under 90 minutes from now. this is our brangelina. melissa? >> thank you, tyler. i'm melissa lee. we're looking live at capitol hill. tyler mentioned epicenter, d.c. is today, where the ceo of pharma giant mylan son to be grilled about the controversial pricing of the epipen. heather brush set to face members of the house. we'll take you there live. >> i'll brian sullivan. as tyler and melissa noted, must see tv for your money. we begin with what else, the countdown to the federal reserve decision, a clock. if you're on the radio, picture a clock. there is 58 minutes and 39, excuse me, 37 seconds until that decision. let's get right now to steve liesman live in washington with the setup on arguably maybe one of most interesting fed meetings that we have had in a long time, steve. >> most definitely, brian. fed expected to keep rates unchanged. there is some concern, some market murmurs about maybe a surprise by bill grows. he fanned those flames suggesting the chanc

. let's check with our bloomberg team. with what is next with janet yellen. the fight of his life after the sec accuses omega advisors of trading. alix: we have to start with the fed, no hike about three members that descended. that is only the fourth time that has happened since 1992. michael joining us now, overall you heard inflation was the key point in janet yellen's testimony take a listen. janet yellen: we agree we are undershooting our inflation goal and want to make sure we stay on the course that raises that to 2%. we are struggling with the different issues with the new normal in this economy and the global economy or generally. that explains why we keep revising down the rate path. the dissent was the headline but janet yellen trying to paper over that a little bit. how confusing the economy is right now. three dissents are rare. the last time was a fight over language. you can ask them about this. involved in all of those dissents will be on the programmable to the letter. you have to go back to the 1990's to find any time there were three descents and how where is it there

. but, janet yellen, the fed chair was asked in a press conference afterwards, about the politics around all of this. one of these meetings coming up is just a week before election day. she was asked whether or not because of politics and the upcoming election, that that might have an influence on fed decisions. here is what she said. >> well i think congress very wisely established the federal reserve as an independent agency in order to insulate monetary policy from short-term political pressures. and i can say emphatically that partisan politics plays no role in our decisions about the appropriate stance of monetary policy. >> but, yellen said that in the debate today the discussion was not about whether or not the economy is getting strong enough to handle a rate increase but really about the timing of that increase. melissa? melissa: not before the election. they were never going to do it, peter. all right, thank you. david: lori, if anybody had any questions about whether the markets were hanging on this news, whether they respond postively to know rate change, they got it t

bresch. we start with the biggest story of the day and that was the federal reserve. janet yellen standing pat, keeping rates unchange's, sending stocks surging. straight to steve liesman with the full details. >> yeah, melissa. the federal reserve painting the generally up beat view of the economy, saying household spending is growing strongly and job gains solid. it held off from hiking rates, quote, for the time being. noting that inflation remains below its 2% target and trying to give the job market more room to run before hiking rates. but the statement and fed chair janet yellen in her press conference later on suggested that rates will likely rise at least once this year. >> most participants do expect that one increase in the federal funds rate will be appropriate this year. and i would expect to see that if we continue on the current course of labor market improvement and there are no major new risks that develop. and we simply stay on the current course. >> so there's this new metric now, where you can think about for deciding whether or not the fed is going to raise rates. whet

janet yellen in the first of three presidential debates. doingump: the fed is political by keeping the interest rates at this level. and believe me, the day obama goes off, and he leaves and goes out to the golf worse for the rest of his life to play golf -- when they raise interest rates, you are going to see some very bad things happen, because the fed is not doing their job. the fed is being more political than secretary clinton. jonathan: joining us now is donna peterson, citigroup managing director and economist. i'm also joined by a global head of rates and affect strategy. this reference to the federal reserve -- do we really face the prospect of fed chair janet yellen not getting a second term as the chair? has indicatedmp that potentially janet yellen would not experience a second term. do we think he would try to oust her in the first year of his term in the last year of her term? most likely not. but we would expect that he would most likely choose a federal chairperson who might potentially handle monetary policy a little bit differently. less usage of unconventional policy

morning as we await janet yellen on the hill at no fewer than four of her colleagues set to speak today as well. europe's positive as deutsche's ceo tries to reassure investors in a german newspaper interview. durables just ahead of estimates and still looking for definitive headlines out of opec. inventories at 10:30. yellen back on the hill answering lawmakers questions about the banks, what she's expected to say about the troubled sector. >>> and speaking of banks, wells fargo ceo john stumpf is forfeiting $41 million ahead of his next appearance on capitol hill tomorrow. and what should you expect as an investor? >> shares of nike falling in the premarket on yesterday's earnings numbers. what's dragging that dow component down? >>> but first, a lot of news involving the banks today. wells fargo's john stumpf to forfeit $41 million in equity awards while the company's board investigates the bank's sales practices. deutsche's john crion saying the bank did not need increase or capital interest. about an hour from now fed chair yellen will testify on bank supervision and regulati

: janet yellen is talking about banking regulation. it could not come at a more sensitive time, the deutsche bank trouble for example. what did janet yellen say? jose: well it seems like yellen and the federal reserve taking a comprehensive look at the biggest banks after what she described a disturbing pattern of recent violations. obviously wells fargo was the elephant in the room, but she refused to respond to the heated questions about the bank and whether the fed should consider breaking it up. she refused to address wells fargo specifically, she told legislators it is important to hold senior management accountable. he is giving up a lot of celery and bond -- salary and bond during this. fanny: thank you so much. european central bank chief mario draghi has perfect -- rejected german criticism of his super loose monetary policy. people say it is hurting their savings and the banks. he is pointing out germans benefit from the ecb's moves. subzero rates are vital, and he is accusing berlin of not doing its bit. reporter: meyer draghi in the lion's den, he has big opponents in be

rate hike. it all depends on fed chair janet yellen who said the case was strengthening for a rate hike. there has been lukewarm data since she made remarks. we will find out next wednesday if she changed her mind. >> it appears they are going into this meeting divided. there is no -- doesn't feel like there is an overarching theme. wanted to get your opinion and comments from the republican presidential nominee donald trump. during an interview he talked about janet yellen and interest rates. here is what he said. >> staying at zero because she is political and she is doing what obama wants her to do. she is keeping them artificially low to get obama retired. watch what will happen afterwards. i think it is very political. i think she is very political and to a certain extent i think she should be ashamed of herself. >> i come from a time and a period where one would not make such charges without evidence of it. the question i have for donald trump would be where would you put rates? what evidence is there that the fed is keeping it lower for political reasons. would he want to ra

comingished but now back, let's see what janet yellen does and that will probably be the biggest driver for the yen. examining whaten matters more for fx? is it the fed or the boj? david: we will find out because the fed goes next. we will be joined by carlriccadonna. what does the fed have to do to get away from next signals and can it without doing anything? signals from bank of japan but you can see the market reaction which despite their efforts, it was not effective but the day is not over because the hawkish leaning fed could be the perfect antidote for the japanese central bank. i think that's what we will here today. i don't think they will move on interest rates but they will to thehawkish tilt assessment in the policy statement and the janet yellen press conference thereby leaning toward a rate increase later this year. is it possible we are focused too much on december and not the coming years? >> the up session in the markets is when the fed will go next. that's why there is so much focus on the december meeting where odds are hovering around 50% for a rate increase. they will b

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