verlander has thrown a no it's a means he prevented the opposing team this instance the toronto blue jays from of holding a single hit during an entire game around this effort helping the houston astros to a 2 nothing win now when one holds the major league record with 7 career no it's. ok that is how sport is looking for now let's get back to marion in london thank you very much andy well that wraps up the news hour but i will be back with a full bulletin for you a round up of the top stories of course there's also our web site and get all the latest news comment and analysis there and also watch us on live streaming out there. around the world palatal and it is a way to manipulate and influence us trolls thoughts take us to algorithms that athene developed and designed to push content that says click me every click we make is valued and sought after but what and in the throes of a 5 part series i did raise in mexico examining how propaganda and proper shape convert all failed the algorithm on the jersey of. tibetan culture and downs thrives here every day generations of tibetans continu

there were clashes at a high school and the airport there is now closed i'd also in the capital of jai a poor of several people were killed there including an indonesian military officer this was during a protest at the university now various pictures are being shed on social media which al-jazeera has not been able to independently verify but the team did speak to a pastor hartley in woman who said that it was so chaotic that he was not able to leave has challenged you to the fact that people were destroying the buildings outside now the region has seen unrest since mid august of accusations of racial and ethnic discrimination in the some of the protesters are calling for a referendum on independence now the indonesian government and the possible also try to curb these protests by bringing a crackdown on internet access i would believe that that is that blackout has now been enforced once again and the president has said that social media is to blame for some of the fake messages that have been shed online around some of the violence that occurred earlier in the day and he's people to

the data that has been slightly better than expected and in light of the march up in bond yields, did jay powell's job next week get harder or easier? on one hand things are looking better. on the other hand maybe what was an obvious move weeks ago is a little more dicey. how is he thinking about his job right now? >> i agree, i think it has gotten harder. investors want to see two things. first, a rate cut. but the thing worth paying attention to is the language of the press conference and the blue dots to come out with a forecast. people want to hear news that more rate cuts will be coming. i'm not so sure that is going to happen. look at the core cpi data over the last seven years. fke the four strongest months or core cpi, the last three have been in the top four. g difficultybi for cal because that is what fed chairmen do, they look out for inflation. we are getting this contradiction between the desire for more rate cuts and what the data is pointing towards. scarlet: you know what has been a nice change, we don't spend as much time talking about how president trump's tweets about l

jay inslee dropped out of the race and he staked his claim on the climate change issue. is there any appreciable difference among the major candidates for the nomination among climate change positions? >> not too much. people in these industries can rest assure that people -- that if a democrat is a letter to the white house, there will be some form of a new green deal, some ra the drill, baby, drill ea will be over. there is a difference, the price tag. it ranges from a public price of $1.7joe biden plan trillion with another 2 trillion coming from the private sector, up to bernie sanders, who wants $16.3 trillion in tax dollars going to climate change. david: that is a lot of money. >> we are talking real money now. biden wants to get rid of the law, tax law -- trump tax as they call it, to pay for it. david: how does this appeal to voters in the general election? >> i think it appeals to younger voters who are concerned about climate change. they really think that those that came before them are messing up the planet, and they want us to take it seriously and do somet

kathleen: as we heard tom and jonathan saying, bill dudley said it, jay powell talking about this in the last press conference call. we will hear more about this. the fed is in a brave new world of a giant balance sheet. it is a new way of operating. they will not be making it up as they go but definitely taking it step-by-step and figuring out exactly how they have to do what they are going to do. paul: a brave new world of the giant balance sheet. a mashup, a terrifying one at that. still to come, we will discuss u.s.-china relations. the university of california san diego. we will have the dire consequences. this is bloomberg. ♪ kathleen: on october 1, china will celebrate 70 years of the people's republic. this week, we are taking a closer look at a transformation during that time and the challenges it faces today. we bring in our next guest, susan shirk, chair of the 21st century china center at u.scsd, university of california san diego, and a former deputy secretary of state in the clinton administration. so, susan, when you look over this span of time and the tremendous cha

expectations, 25 basis point cut is seen as a done deal and is something investors are watching with jay powell said to andront donald trump ineffective monetary policies. of a $576 billion bond market is at risk. we will take what credit cards have to do with it. >> let's look at the major averages. ahead of the anticipated cut from the fed, the s&p 500 is in the tightest range and about six months. we have utilities moving higher. everything else is weak. energy is leading us lower. we are seeing financials right behind it. techs are providing much support and that is as we are seeing bonds rally globally. for the u.s. 10 year which we have been following, there is huge volatility and the jump in the yield last week, we're getting back half of the increase. that a look at this, we have been talking about technical difficulties in the retail market. the fed has intervened. we expect to hear more about this from the fed today. the effective rate is above the upper range and this paints the picture of why the fed needed to act. it raises the question of whether they did so quickly enough.

the european stocks broadly waiting to see what jay powell delivers at 2:00. vonnie: an interesting market event today. after the initial reaction, we are not seeing any movement and that is obviously in fomc function. percent, even after inventories were staying allowed -- staying around that level. we did see a building inventories. aroundyear yield staying 1.75. the dollar index just above 98. when it comes to the individual stop names, fedex is the barometer for global growth. u.s. growth down 14%. a dire outlook according to some analysts. fedex did not classify it that way. some analysts are pointing to management changes and how management has mismanaged steps. a whole not down amount, but looking into its generic zantac drug on pressure from regulators. carcinogens potentially in their. we have seen that in a few cases of drugmakers. alexi on pharmaceuticals down 5%. adobe down on its outlook. one of the better stories is lenar, up 1.4%. those stories are few and far between. whatwe were just seeing was happening with the european auto sector. european

jay powell says he may resume bond buying sooner than expected. saudi arabia says it has id

michael: it is a little bit more complicated, but jay powell and the rest of the fed -- jay powell is just one vote -- they have to look at the policy, and dudley's argument was the policy is bad because the policy is hurting the economy and the fed has to react to that. maybe if they push back, the president might change policy. they will look at larry kudlow and safety he is just defending the president. that is his job, that is just politics. both sides have politicized the issue, not jay powell, but dudley in his commentary. it is left outside the fed's decision room. when they get together, they will not be talking about that. they will be talking about what the data are telling them to do. you look at today's jobs report and it is telling them to cut 25 basis points if you want insurance because there is a slow down, but do not go too far because we are seeing wages rise. have seen larry kudlow argue 590 thousand new jobs were created in the household there, a little bit of a cherry pick, and wages were up .4%, so under those circumstances the fed should be raising rates. this i

reporter: we start with fed chairman jay powell who reiterated his view of a strong u.s. economy as he cut rates and said "moderate policy moves should be sufficient to sustain expansion." the fed lowered its benchmark rate by 25 basis points while admitted there is weakness in global growth and u.s. trade policy weighing on the economy. he says he may have to resume bond buying sooner than expected. thewhile, the fallout from ongoing protests in hong kong is widening. new research says visitor numbers continue to decline, and hotel workers are paying the price. a survey by an industry association says more than three quarters of people working in hotels have been asked to take unpaid leave. meanwhile, almost half expect their pay to be cut and for hotels to cut staff if the situation continues to worsen. a new report says asian economies will increasingly lead the pack. boosting their collective share of business, while becoming less reliant on the rest of the world. mckenzie global institute says the region will have a growing impact on trade and capital as well as on p

stephanie: we are looking at how much jay powell manages to walk this line. he's had difficulty communicating over the last few press conferences. it is a pretty difficult message to put across. he has a lot of differences on the fomc. he doesn't want to be seen to be just saying i'm going to underwrite any trade war that donald trump wants to create. that is a dangerous place to be. equally, if he disappoints the market that we have seen already in the situation with the repos, the money markets are in a sensitive spot. carl riccadonna talked about him needing to be vague, but directional. that is a tough sell. you need to be clear about the direction, but vague about the details. romaine: everyone that we spoken to over the past couple of days is busily saying the market has already priced for disappointment here. there's no way he can guide with the aggressiveness the market seems to want out of the fed right now. i guess he could come abut it is unlikely he will be able to get the consensus to really come out on stage and do that. so you have a market tha

on twitter, he called " andymakers "boneheads said jay powell is naive. he urged the fed to take rates down to zero or less, the level typically reserved for recession. china is keeping the pressure on u.s. farmers. beijing has announced a range of products exempt from 25% extra tariffs. major agricultural products such as soybeans and pork are not exempted. talk to the editor of china's most prominent state-run newspaper. >> let's not think of it as a concession. it is a goodwill gesture that shows china is confident. it is different from a contest -- from a concession. tradeey: top chinese negotiators will travel to washington for talks in the coming weeks. in california, the state passed a bill that could transform the gig economy. it would force companies such as uber and lyft to reclassified their workers as employees, which would make them eligible for minimum wage and overtime pay. the california state legislature still needs to pass that measure. global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and a

and we could actually see a self prophecy recession, it is something the fed is concerned, certainly jay powell and other members are willing to wait until they see more of the whites of the eyes of the recession. david: we are not an economy that operates on its own, to what extent does the fed has to take into account the other central banks? you can tighten financial position standing where you are, but also loosening. diane: it's an interesting question and one of the best questions at the press conference, what about this divergence in rates between the u.s. and divergence in economic growth between the u.s. and the rest of the world. powell says the weakness can come back to haunt us and is very explicit, the discrepancy in rates -- what's happening is other central banks are running out of the way to stimulate and are turning to currencies, which makes a stronger dollar at a time when more contracts and debt is priced in dollars. and when you owe money in dollars that makes it harder to pay it back. the fear that gap between what the fed is doing out of sync with the rest of the w

president trump dialing up the pressure on fed chairman jay powell what investors are saying. that's next. you've heard of fake twitter accounts, what about fake streaming accounts why one media giant could be in hot water this morning a busy hour when we return after this y creating the future. so, every day, we put our latest technology and unrivaled network to work. the united states postal service makes more e-commerce deliveries to homes than anyone else in the country. doprevagen is the number oneild mempharmacist-recommendeding? memory support brand. you can find it in the vitamin aisle in stores everywhere. prevagen. healthier brain. better life. . >>> welcome back to the show futures pointing to the every so slight drop. down about 17 points if these losses hold into equity cash trading. we are about one day away from a big trading. the policy meeting likely culminating in another 25-basis point rate cut the president's pressure to cut raids adding to the global economy. joining me, chief over at avalon investment advisory. >> yes, i think markets already have that we

let's get the companies out there, ten years sitting there, private venture backed is enough jay clayton made a point this week, he said we have to figure out how to get companies to go public faster and find a way for individual investors to potentially invest more in private equity both sides of that point. >> one initiation of peloton look, it is a tech company to large extent it is also to an entertainment company. it is carefully integrated with the experience of being on the bike here's a company, we make fun of what they claim to be, long list of things they claim to be, there are elements of that at heart, it is a fitness and ability to create a community. if you can do that, lululemon said who will wear that at those prices, turned out it was a huge community of people wanted to do that there's a community of people that want that intense workout that's out there i think it is terrific. >> every day seems there's another question, another ipo to talk about bob pisani, thanks for joining us >>> shares of oracle are lower this morning after reporting earnings a day early and annou

job has gotten a lot more difficult >> i think there's a ton of value in financial a ton of value in jai jantic companies that big investors can move in and out of the problem is, it's been that for a long time absent a catalyst so you've got companies selling a at one times book or less. jpmorgan is an exception this week making a new record high. you have a lot of trapped value in u.s. large cap pharmaceutical but again, a lot of these stocks haven't done anything for so long and thai been cheap so it's not just a lack of value it's what is going to change the dynamic and push these stocks out into a new trading range i don't know >> i think investors are rationalizing what is considered value in this market because it makes it easy for them to point to a balance sheet or potential you know undervaluation relative to other companies or historically that aawe lou them to feel like they're not allowed to participate in the entire trade but they're buying good companies to the long-term >> if you want to describe the environment, look at the stock performance of kkr it's approaching 30. t

number could dial back expectations and that's not it because markets get a chance to react again when jay powell speaks in switzerland at 12:30 p.m. eastern time. >> so in terms of the gap between services an man f manufacturing, you said you found 13 times where the gap was larger, but only to of those times led to a recession >> one episode of the gap. >> and one growth. >> right >> so two out of 13. >> no, no. the 13 -- the 13 is sort of bulked together. there were four, five big numbers together when the gap opened up essentially. you can see it opening up there. like ten, 11, 12 a bunch together that came before 2000. it was a good recession indicator then not in 2015. could have been an oil related ning 15 and 16 we have a piece of that in here. a lot going on for manufacturing. not affecting the services sector that badly. some of the stuff nsds the services number not that great today. but 56 is a good and solid number >> it is and steve stay right there with those markets on rally mode is wall street just falling for false hope once again? let's bring in hugh johnson. and ceo wit

. >> melissa, thanks jay powell speaking moments ago in switzerland this will be the last time we hear from him or any other fed official before the next decision the markets almost guaranteeing a quarter point cut. did powell give any hints? what do you think, steve >> we're going to let you and viewers be the judge he was in switzerland, asked directly, asked directly by a member of the audience whether he would be cutting rates in the months ahead you tell me what this tells us >> we're watching all of these developments the geo political risks, breck it, incoming data. and really looking at financial conditions and we'll be assessing those in future meetings and we've said that we're going to act as appropriate to sustain the expansion. >> so that act as appropriate has kind of been the code word for we're going to cut rates given the market thinks we are powell's comments came after the jobs report which he said showed a healthy jobs market and scored an upbeat view of the economy from the chairman. let's take a look. i've divided it up rising wages a really strong house for se se

be managing expectations and i'm quite sure that algorithms will i did second every single word that jay powell says and markets will react accordingly. i think tomorrow is important for investors just to be patient and sit through and don't try to trade around the words of the algorithms will instantly do because that's how investors get whip sawed. >> the words that steve liesman is paying close attention to as we said, he's with us where are we heading into tomorrow's decision? overplaying our hand a bit >> how >> the market expecting a lot? will they get it all i mean, they want rate cut they want signals you're going to get more. >> if the market's expectations are aligned with what i think the fed told us they're going to do, i don't think anybody has a reason to be disappointed, scott. i mean, if you're sitting they're going to bring the rate down to 0 or 1%, you're going to be disappointed tomorrow that's not the guidance you'll get. pretty sure one of the questions is going to be, mr. chairman, is this still a mixed cycle adjustment somebody might ask that question it might be a

no inflation it's only the naivety of jay powell and the federal reserve that doesn't allow us to do what other countries are doing, once in a lifetime opportunity we are missing bous of boneheads. joining us to discuss, former senior adviser, head of england, and morgan stanley as well thanks for joining us. is this a case of be careful of what you wish for, mr. president? >> thanks, wilfred my focus has been very much looking at europe, japan ahead of what's a really huge day in europe with the ecbs and mario draghi's last day. at what point we're cutting interest rates in europe potentially do more harm than good that's a hunl ll lly hugely difl debate they're weighing. the challenge for many of your listeners in the states there's not really good academic work in this area because we've not gone through this looking glass type territory before. >> your take of your recent op-ed was that further cuts for the ecb from here started to do more harm than good. is that right? >> yeah. no, very much, wilfred my bottom line is i'm beginning to worry about what the impact is we can learn

to a tax on the fed from president trump he said the fed's independence is paramount and he called jay powell a, quote, quality human being, though he did say that the fed needs to perhaps communicate less and reduce the number of governors and fed presidents who speak and give their opinion. on a recession going forward, jamie dimon said that he does not believe one is imminent because he feels the consumer is still strong, even though ceo optimism is waning and on china trade talks, he said that he has spoken with president trump about the harmful impact of tariffs and the trade tensions on businesses on their supply chains, but he said that he is skeptical of reaching a deal before 2020. guys, back to you. >> ylan, he covered so much ground he even got to negative rates, right? >> reporter: that's right. he said he's not really a fan of negative rates we don't understand the long-term consequences of them but he said that right now 25 basis points is not going to move the needle on the economy >> pretty comprehensive pen and paper with dimon ylan, thank you very much for that >>> up

for the bull's sake that they will be weaker, weaker than expected because on wednesday, fed chief jay powell gives his latest pronouncement and he needs as many weak numbers as he can muster if he's going to justify a rate cut i don't envy powell here on the one hand, he has the president calling him a bone head for raising interest rates too quickly last year which slowed the economy to stable off the phantom of nonexisting inflation. you know i thought powell did a bad job on this. i wouldn't call him a bone job well, i did and now it's the president, and he has a bigger office than me if powell eases he'll temporarily satisfy the president and look like he's selling out the fed, which is supposed to be independent unless he has less than robust numbers to back up the move. if powell doesn't bust, something that's still very very possible, then the slow down thesis becomes a lot more credible and palpable. i know earnings reports will be a side show because it's all about the fed. general mills has been one of the hottest food stocks this year, and it's an astounding 38% and that's

> the state of washington is hoping to place a ban on the sale of flavored vaping products governor jay inslee signing an executive order asking his state's department of health to issue an emergency rule to ban the products >> i am confident this executive order will save lives. i am confident it will save children from a lifetime of nicotine addiction i am confident it will reduce this epidemic of youthful vaping that today is driving parents and grandparents crazy across the state of washington. >>> you are up to date, that's the news update this hour. guys, i will send it back downtown to you. wilf >> sue, thank you, as always have a lovely weekend. >> you too >>> now charlie scharf will become the most senior of jpmorgan chase chairman and ceo, jamie dimon's former protege, when he takes up the role as ceo of wells fargo earlier today, dimon told me, quote, charlie is an excellent choice for this important role he has great experience, high character, and is a first-class leader his name is one of many high-profile leaders who have learned their trade at jpmorgan under jimon. the i

first up is our very own andrew ross sorkin in a sit-down interview with sec chairman jay clayton. they will be taking stage ina moment talking about regulation, big tech and everything in between. we will bring you that live in stk ou 3send icarnd about investment decisions? rigorous fundamental research. with portfolio managers focused on the long term. who look beyond the spreadsheets to understand companies, from breakroom to boardroom. who know the only way to get a 360 view is to go around the world to get it. can i rely on deep research to help make quality investment decisions? with capital group, i can. talk to your advisor or consultant for investment risks and information. >>> welcome back to "squawk box," everybody. we are looking at the delivering alpha conference we are live in new york city at the pierre, and we're just getting ready to see the stage being taken by tyler mathisen. he's introducing everyone, including our first interview, which is andrew sitting down with sec chairman jay clayton. again, this is an all-day conference this is the ninth annual deliverin

. >> is it the new guy again jay powell and the federal reserve that doesn't allow us to do what we're doing. a once in a lifetime opportunity that we are missing because of boneheads. we'll get to richard in a second because you've probably called them boneheads but probably for not raising quick enough years ago. >> being called a bonehead by the president of the united states is quite an honor. >> not back then this is the current -- >> exactly. >> but he probably would have. you still think that we don't necessarily need a cut >> yeah. >> we'll get to you in a second. the president tweeted something earlier. china suspects tariffs on some u.s. products. it's being hit very hard supply chains breaking up many companies. the country is much more expensive, china, than they thought. the reason i've given up on twitter is because my name is there. no comments to me. millions and millions have followed you laugh at that and i don't think you're laughing necessarily because it's so ridiculous. >> raised the tariff >> yes how much sovereign debt is below zero right now >> 17, 18 trillion.

. >>> and jay powell over in switzerland. >> thanks for watching "power lunch. >> nice to be back with you all, everybody. "closing bell" starts right now. >>> welcome to "the closing bell." we have a post fed speech and post jobs number rally on our hands. just 2% or 3% from all-time highs with just 59 minutes left in trade. >>> welcome, i'm sara eisen. let's look at what's driving the action higher right now. the federal reserve, as chair jay powell says trade policy is weighing on investment decisions but doesn't see a recession coming. >>> jobs come in light but wages and participation rise and the unemployment rate stays at 3.7%. >>> and china trade talks do appear on track for october. both sides claiming progress joining us for the entire hour, karen finerman, ceo of metropolitan capital welcome. >> thanks for having me. >> this looks like a strong way to end what has been a strong week for stocks. what stood out to you in the rally? >> to me it's the volatility that stands out to me. volatility both up and down. i'm always long bias, no matter what, which is a blessing and a cu

, can you imagine almost ayer year ago si we had this conversation where does the time go >> i know jay. he's a good guy. >> jerome. president doesn't seem to actually say he really knows him. refers to him, where did i get this guy jerome? you liked him because you liked his gray hair apparently speaking of johnson, when he took over -- >> lbj >> yeah. >> first budget in '64, do you know how big the united states budget was in 1964, what the battle was to keep it below $100 billion, $99 billion, can you imagine? can you imagine? >> johnson is worth studying right now worth studying we are at the same -- everyone keeps comparing when we were at these levels, when we were at these levels that was a bad time in the country at these levels. this is, i think, a better time, because we're actually playing with one hand tied behind our back the chinese versus powell. >> all right take it back to the stock market for me in terms of what your expectations are, with this number, with the moves in the bond market, we have seen -- we were starting to see the ten-year creep up in yields until this

none of it was as nasty and personal as what president trump has been doing to jay powell he's calling him names like a child on a playground and i don't think you find any precedence for that. >> and a bonehead and a traitor. >> bonehead, traitor, yeah, all kinds of things. i don't think you can find that in past history. >> what do you think of jay powell's response to this? he says, look, i'm not going to take the bait. >> i think he's treating it with exactly the backbone and the dignity that he should i mean, it's a real contrast to the president who rants and raves and powell calmly says, i have a job to do the law gives me independence from politics. we are independent from politics and i'm not going to engage in a tit-for-tat with -- he usually says politicians in general. he means, of course, the president who's the one who's giving him -- >> you're right, mr. president, when i said we were a long way from neutral on the low side, i was wrong. everything you've said is right and i've now cut rates twice >> i wouldn't put it that way. >> all right >> i think the fed realized at

plus, we'll hear from sec chairman, jay clayton and joe kernen will sit down for a liriala.m. with vice president devengphco the halftime report is back in two minutes. oh, wow. you two are going to have such a great trip. thanks to you, we will. this is why voya helps reach today's goals... ...all while helping you to and through retirement. can you help with these? we're more of the plan, invest and protect kind of help... voya. helping you to and through retirement. >>> roku shares are sliding. comcast unveiling a similar service, however the stock still up over 200% and googheim saying it's going higher. they keep the buy rating we've made it our call of the day. man, this thing has been a bonanza. up 355% year to date >> this volatility today is is not the first day. look, it's clearly been momentum stock. it's overcome fund mamentals and valuation. momentum in the fundamentals has been very strong, but b i don't believe this is the kind of market to go into for overvalued equities that are momentum trades so let it come back down to earth. i don't think it is yet then ge

they need to apply the best economic analysis possible to achieve legislative mandates that's what jay powell has been saying and i completely agree with him and lean against whatever else might be asking the economy. whatever the source that might be driving the economy away from the dual mandate, they need to lean against it and pursue those. that's what congress told them to do, that's what they should do and i think what's harmful to the federal reserve, because i think it fed submissions that the federal reserve that by not lowering interest rates enough now might be motivated by political -- political things. and similarly, say by lowering interest rates, you saw some of this in a "wall street journal" editorial a couple of days ago, that throwing doubt on what they did during the obama administration so i think it -- if anything, if there were suspicions out there that the federal reserve was shaping its policy to influence elections, it would lose its independence i think it was a very dangerous thing to do. >> donald, thanks for joining us today. >> nice to be on thank you. >>

. >> jim, what does the market reaction tell you about what we could hear from jay powell next week >> well, it depends. one of the things is going to happen is we're bouncing and this could be the start of a nasty rally. everybody including my mother is short the euro and he's 92 those market positions can cause a nasty rally. it takes a little trump pressure off but i think this could be the start of a corrective rally. even though the fundamental story is bad >> thank you and don't miss our live show at 1:00 eastern. what the fed needs to do next and what's next for stocks that's live. halftime report with final trades back after this i don't know what's going on. i've done all sorts of research, read earnings reports, looked at chart patterns. i've even built my own historic trading model. and you're still not sure if you want to make the trade? exactly. sounds like a case of analysis paralysis. is there a cure? td ameritrade's trade desk. they can help gut check your strategies and answer all your toughest questions. sounds perfect. see, your stress level was here and i got you d

if i were jay powell i might want to stick it to the president by saying, there's no need to cut interest rates we have plenty of job growth and the only possible slowdown is being caused by the trade war which is very much by design so why should the fed lift a finger to ameliorate the pain? >> the house of pain >> president trump is out there calling powell a bonehead day after day. and even an enemy of the united states, why would powell do the president any favors at all? i think you go either way. there is enough evidence to justify easing or doing nothing. if i were powell i would cut and discuss the comments federal express made after their quarterly report as the chairman acknowledged our performance is negatively impacted by a weakened global environment driven by trade tensions and policy uncertainty. >> boo >> the market isxing a quarter point cut. powell took rates too high too fast last year the bond market was low long-term rates and practically screaming for cuts irjust don't know if powell hears those screams. >> they know nothing. >> given the stock market remains overbou

we still worry about jay powell and the next move for the fed. does that still make sense, matt >> somewhat. the focus is on the foreign central banks and the ecb. jay powell and the fed very likely to cut in september and very likely to cut again this year but look for thursday for the ecb to actually disappoint in our opinion maybe a ten basis point cut. expectations are key we are probably too far ahead of ourselves in europe. maybe some central bank disappointment this week >> as far as the yield curve goes, what do we need to where you feel comfortable that the fed is on the same page with the yield curve and with central bankers around the world how many basis points? how many rate cuts would we need to get there. >> yeah, 30 basis points on the 2s, 10s curve would be comforting for us. that would imply that the market implies some of this rate cut to push through into economic growth inverted 2s, 10s is a concern. unfortunately the market is losing faith that aggressive rate cuts are enough expect fiscal commendation in europe to help to s

. >> fed chairman jay powell after delivering his second interest rate cut from the year, saying its insurance townside risks, facing the economy he mentioned, global growth slowdown, like brexit, inflation not meeting target minor sell-off welcome to closing bell. he did not say and left more optionality on the table the market, as sarah said. equities sell off. they bottomed and roughly the middle of jay powell's press conference there but have recovered if we look at the s&p intra-day. there it is. we did see yields rise following the decision only the short end like the two year and three and five year are higher on the day. the rest of the curb remains lower. slightening flattening but it hasn't, in fact, gone negative. >> one of the biggest surprises is the growing divide inside the federal reserve. as far as the projections, seven to ten seven members of the fed, and not everybody gets a vote here, want another cut ten of them hold steady or we raise interest rates by the end of the year. little confusing as to the path of policy from here and what jay powell is going to be lo

so the next slide, i asked jay if he had ever run analysis by under pricing. he said it is easy to do. this is ten years of data over 100 ipos per under writer. what you see is astonishing. what you see is that no one questions who the two best investment banks are. so it turns out that if you go with the best investment bank, you get the worst execution. you get the best. here if you choose to work with the top under writer, you get the worst execution. >> wouldn't it be nice for a company like slack to have that support at time of going public? >> from the under writers. >> the word under writer is a myth. they don't put capital up. the only capital available is the company's own capital. once it breaks, they make a profit on that m. >> i didn't realize you were that much of an evangelist. >> listen, when they were on -- you have to understand what happen happens they put it all in a file which makes you think there is a process here. then if you have any of them on, ask them what the target overallocation is for standard ipo. they will tell you 20 x. 20 x o

i think andrew asked jay clayton one question on crypto, other than that, didn't hear about bitcoin, crypto. people seem measured talking about big mac row things trade war was a big theme through the day yesterday. >> leslie, we're getting breaking news from the fed we're going to steve liesman >> thanks very much. two stories breaking first of all, new york fed announcing it will hold daily $75 billion repo operations through at least october 10th as a result of what's been happening in the overnight lending market, some disruption there. the fed moving in, going to regulate through october 10th. it will also offer at least three next week, 14 day repos, instead of supplying money overnight, it will extend out the term effort by the federal reserve to get ahead of this by new york fed and get on top of those, $30 billion operation. one of the dissenters, coming out with additional comments about dissent. he says first of all it is unusual for the fed to be so easy with the economy quite so robust looking for 2% growth, getting it says the expansion will continue so far trade is a r

what jay powell found was when he was raising rates, other central banks were willing to sit back and let the dollar appreciate when he got into the easing mode, other central banks eased with him so their currencies wouldn't appreciate. that actually lessened the financial accommodation powell provided so i don't think we're ever going to get into coordinating monetary policy. the best we can do is share information and try to get other central banks away from this fear of floating trust markets a little more. >> excellent vincent, always interesting to hear your opinions let's see what they do today david faber, back to you. >> thank you, rick rick santelli. let's send it over to jon fortt for a look at what's coming up on "squawk alley." >>> it's the new high school sport, video games there's a company that set up a league that's going nationwide called play vs just raised $50 million. we've got the founder and ceo coming up on "squawk alley." >>> presidential candidate elizabeth warren's economic advisers targeting charitable giving with new taxes. our robert frank joins us to exp

that's the word of the day today. >> i think he should have used sunshine or sparky i know jay i used chowder head when people confuse me with people -- i think dick fisher was on earlier, he's a genius negative rates, we don't want negative rates, that's a sign we're not a robust economy is bone head appropriate for a fed chief who actually -- he appointed by the way, he appointed. that was his appointee. >> it was. >> do you think bone head is -- >> as we well know, he tires of people quickly and in this case he can't fire him. >> right. >> one would think given the frequency of tweets, if he could, it would have happened a long time. >> i think that you got a keen eye for the obvious. >> keen sense for the obvious is what i made a career out of. >> this is just -- if you came home from school, and you -- and your mom heard that you called someone a bone head, i don't think it would go well i don't think it would go well you get that five fingers there, five days later, still see five fingers. >> we're seeing negative rates, back a bit in germany. >> minus 53. that sounds impressive

my crew and i, jay garcia, we actually came into a couple's apartment that has this amazing view and they're riding out the storm as well. in the middle of the night you could hear this incredibly loud sound. and let me show you this. this is something i've never really seen with a hurricane, because you usually can't be this close to the ocean. the ocean didn't look like that a couple days ago. it is much higher today and that doesn't make sense, except with a hurricane it pushes the water out-and-out and finally it sort of creates a bulge of water. but when the hurricane leaves, the danger won't be over. that water will have to go somehow. it most likely will rush here and will probably top the barrier between where we are and the beach. luckily we are on the third floor. but it would seem very likely that there would be extensive flooding here. the authorities said to expect up to 20 feet of storm surge once the hurricane leaves and that is, as you know, the most deadliest part of a hurricane. they say you hide from the wind and you run from the water. and in this case many, many

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the president's personal attorney jay sekulow confirmed to cnn he has filed legal action just this morning. silas manz demanded that trump turn over eight years of taxes. >>> the fed lowest interest rates are at a quarter point but stopped short of stating another cut in the near future. he says the president has no guts but he can keep his job. >> so you're worried he's putting sort of a wet blanket ahead of 2020? >> i think what he does is i don't think he knows how to play the game very well. >> is jerome powell's job safe? >> yaureah, it's safe. sure, why not? >> the president revealing very little on where he stands with possible gun legislation. this after hbill barr said they would be addressing the issue. the proposal received a tepid solution according to a source up the hill. the president says he's not endorsing that plan or anything else just yet. >> we're not moving on anything. we're going very slowly in one way because we want to make sure it's right. we want -- we're doing a very careful job. we're working with the democrats, we're working with republicans. our attorney gen

they can get free admission to watch the braves take on the blue jays. some of the proceeds from the games will go towards relief efforts. a thoughtful gesture for some of those impacted. >> nice gesture. they shouldn't have tickets available. they are in first place. they should be selling out games. could the on, atlanta. good to see you, thanks. >>> it looks quiet from space, but it's anything but peaceful. hurricane dorian at a stand still. officials in the u.s. warning people not to let their guard down. a brand-new update puts states in jeopardy. there are three words when you live with migraine... "i am here." aim to say that more with aimovig. a preventive treatment for migraine in adults that reduces the number of monthly migraine days. for some, that number can be cut in half or more. don't take aimovig if you're allergic to it. allergic reactions like rash or swelling can happen hours to days after use. common side effects include injection site reactions and constipation. aim to be there more. talk to your doctor about aimovig. woman 1: i had

saying "jay powell and the fed don't vat clue. where did i find this guy jerome? our fed calling it wrong too long. who is our bigger enemy? jay powell or the chinese president" president trump also saying powell had a "horrendous lack of vision." those in the business world placing most of the blame on president trump and his trade war with china and in a just released roundtable report, reporting a negative impact on sales from trade retaliation by foreign nations. cnn business and politics correspondent cristina alesci is here's along with a columnist at the "washington post." as we look at this and are waiting for the number, there is speculation we are going to see this cut? >> yes. just got the number, and in the cut, the cut was as expected a quarter percentage point. now the federal funds rate is within a range of 1.57% and 2%. what was expected. but it's not going to be low enough for donald trump. because he wants negative interest rates. he wants zero or negative interest rates and every time we hear the president call for lower or negative interest rat

my crew and i, jay garcia and jose armigo, we had this amazing view and they're riding out the storm as well. in the middle of the night you could hear this incredibly loud sound. let me show you this. this is something i've really never seen with a hurricane because you can't be this close to the ocean. you see the ocean out there. it didn't look like that a couple of days ago. it is much higher today. that doesn't make sense except with a hurricane it pushes the water out and out and out and finally sort of creates a bulge of water. but when the hurricane leaves, the danger won't be over. that water will have to go somewhere. it will rush in here and probably top the barrier between where we are and the beach. luckily we're on the third floor. but it would seem very likely that there could be extensive flooding here. the authorities said expect up to 20 feet of storm surge once the hurricane leaves and that is, as you know, the most deadliest part of a hurricane. they say you hide from the wind and you run from the water. in this case many, many people will not be able to run from

and jay said no, they don't cause cancer, they cause jobs. there has to be an understanding that there has to be accountability and consequence. when we are looking at the behavior that's are possible, we know if we create incentives and have a president who understands the science, understands the nexus between bad behaviors and harmful effects, and understands how we can create -- >> so they're going to pay money. the big companies. >>> yes. and they're going to pay fines and fees. ? there will be a carbon fee. this is part of my environmental justice approach to the issue. part will be that i'm saying that the fees have to also go to empower those communities that for too long have been ignored. and i'm talking about the communities where children are going to school, drinking water out of lead pipes. i'm talking about where they have wells as their only source of water and the wells, because of the flooding that has taken place, have been infected with bacteria. so my plan includes putting $250 billion immediately into helping reestablish

elizabeth warren rolled out the details of her plan last night, announcing she would adopt governor jay inslee's proposal promising some $3 million in federal investments to tackle climate change. now warren's plan commitments to insley's ten-year plan to achieve 100% clean engineer for america and sets a goal of reaching zero emissions in a number of vehicles, trucks, and buses by 2030. climate change is a key issue in the democratic primary as the party wrestles with how to best combat climate change and how to pay for those initiatives and programs. we've seen a number of candidates including senator cory booker, secretary julian castro, and senator amy klobuchar all rolling out new policy proposals in the last few days in anticipation of tonight's town halls. and it all gets started again tonight at 5:00 p.m. eastern right here on cnn. christine and dave? >> all right, jessica dean. important information there. >>> and breaking overnight, admissions officials at the university of southern california considered how much wealthy parents could donate when deciding which students to acc

jay's a very solid guy. he's doing a good job of tuning out the noise and focusing on monetary policy. they made a mistake last december and the president was vocal about that. the fed should watch the data, learn what's going on, and adjust when necessary. so i support jay 100%. >> the fact that president trump keeps criticizing him, do you think that that's putting some pressure on him? >> no, not at all. i think if you go back and look, there was a time when lbj actually took the fed share and shoved him up against the wall. and it's part of the job description to tune that out and focus on getting policy right. and i think that, you know, for sure they made a mistake last december. they're not going to get everything right. but i think jay is doing the right thing. he's focusing on his job. >> i'm glad we haven't gotten to the job of physical assault. >> it did happen in the past though. >> that's an interesting anecdote. so the fact that this -- the fed, if it happens today as it looks likely and it wil

jay garcia and jose, we came into a couple's apartment that had an amazing view. we're squatting with them as they're riding out the storm. in the middle of the night, you could hear this loud sound. and let me show you this. this is something i've never seen with a hurricane because usually you can't be this close to the ocean. you see the ocean out there. it didn't look like that a couple of days ago. it is much higher today. and that doesn't make sense except with the hurricane it pushes the water out and out and out. and it finally sort of creates a bulge of water. but when the hurricane leaves, the danger won't be over. that water has to go somewhere. it will rush in here, it will probably top the barrier between where we are and the beach. luckily we're on the third floor. but it would seem very likely that there would be extensive flooding here. the bahamian authorities said to expect up to 20 feet of storm surge once the hurricane leaves tonight. as you know, the most deadliest part of a hurricane, they say you hide from the wind and you run from the water

the president tweeting, "jay powell and the federal reserve fail again. no guts, no sense, no vision. a terrible communicator." this despite the fact that the fed is cutting interest rates today, which is what trump had been demanding that the chairman do. even though the chairman should never be doing what the president tells him to do, anyway, that part is a mess. "outfront" now, markmp slamming chief again, what effect does that have as i emphasize that oncerting. supposed to be it is an assault on the fed's independence. and as you know, erin, the independence of the fed is a key strength of the american economy. you know, investors believe that the fed is going to do what's in the best interests of the economy, not is what is in the best interests or political interests of anybody else. and that's really important to keeping interest rates low, keeping stock markets high, keeping the financial markets operating well and making sure that we can go out and get mortgages to buy homes and businesses can get the loans they need to hire people. so this is,

host: we will go to our independent line next and hear from jay in omaha, arkansas. hi, jay. make sure you meet your television. go ahead with your comment or question. is, i hopecomment the women of the republican party stand up. this is not the republican party that we know. trump killed the republican party. it is now the party of trump. so i just hope that the women do their studies and men and women of our country, he has already committed so many impeachable offenses, it is ridiculous. he needs to be impeached now, and we need our republican party back. until then, me and i hope a lot of other women stand up to this man. host: julie koehler, we have not talked about the historical -- we talked about 2016, 2018, but looking back more recently, 2012, 2008, what were the percentage of women supporting the republican party in those elections? guest: women overall have trended democrats. that has largely began with women of caller. that has largely began with women of caller. -- women of color. white women have been voting republican for decades. as long as we are collecting