I would not run the institution on formulas and rules for going to more from Dr Fisher throughout the program we're also going to get analysis of what he had to say from Chris Rock and m u f g Union Bank and shared Bernstein in just a moment he's with the Center for Budget and Policy Priorities Bloomberg Surveillance brought to you by Invesco Invesco is dedicated to delivering investment experience that can help you get more out of life learn more at Invesco dot com slash more out of life to a quick check the data on this Wednesday morning futures lower if only slightly this morning s. And p. Futures down 2 down futures down 14 The Dow closing yesterday $22641.00 Vix right now at $97.00 yen at $11237.00 your yen at $13232.00 euro down at $1776.00 the yield on the 2 year 1.45 percent The yield on the 10 year at 2.3 percent so much talk about we cared Bernstein former economic adviser to Vice President Joe Biden now a senior fellow at the Center on Budget and Policy Priorities he joins Tom in our Bloomberg 991 news from down in Washington d.c. And Tom a great interview Stan Fischer still a believer still believes we're going to have higher inflation really does it injured walked in the door and says So what do you think all of this is always and really this goes as Jared knows that the history of Stan Fischer through the seventy's and eighty's is someone always erring towards a normalization of rates in the time of accommodation and I'll be honest between the lines it's always that kind of interview with the Fed official David it was that kind of interview we were all too accommodative and we're less ultra accommodative right now thank you to the many people listening of sent in some were these sent in kind notes they were listening to really David a time of transition which means that Jared Bernstein is absolutely the perfect person to speak to now for those of you that don't know Jared Bernstein as I've said for years as a Liberal Conservatives must listen to a force of the Economic Policy Institute for years as public service to vice president by yes he's a liberal economist Oh my word. Don't mention it on air or now at the center of. Ministration. You're in how far is the divide between liberal and conservative economists I was just it's not as why does the media puts And I mean this is going to sound a little annoying to people but you know Paul Krugman says the facts have a liberal bias so I really do try to go by the numbers so when I when I look at take the Federal Reserve for example when I look at inflation I form a view there that inflation obviously very quick since so normalization campaign should move very very slowly in my view when I look at tax policy I look at I look at the numbers and that's how we make our call I think too often economics we have ideology trumping data and I just try to avoid that part to help us mark this moment to mention the transition we're seeing at the Fed Stan Fischer here with just days left in that role before he moves on to whatever's next there's a lot of transition happening here I mention the vacancies at the top of the show how transformative a moment is this. I think it's potentially quite transformative and I actually think this is a somewhat difficult time to be going through so many transitions the Federal Reserve is involved in a very delicate task right now obviously I'm talking about unwinding the the very large balance sheet but also the kind of data driven normalization campaign you know you've got essential Janet Yellen at the wheel communicating I think very clearly to markets giving I think it extraordinary useful forward guidance talking about the data talking about the models and at a time like this to be replacing Saudi or starting team with with unknown's I think it creates a lead potentially create a level of uncertainty that is potentially damaging it's one of the reasons by the way that I've really been stressing the importance of Donald Trump reappointing Janet Yellen that might sound like an outside the box idea but as we all know she still is a front runner What do you make is as you want to call it a parlor game as you watch all of this play out the reports of Kevin warship into the White House to meet with the president or Jay Powell having a conversation with him and with the treasury secretary as well what are you looking for how do you how do you try to figure out how do you try to piece together what their perspective on monetary policy is well look I mean we eat parlor game is the right word and we do in Washington have this unfortunate tendency of kind of you know going through the end trails of anything having to do with the Federal Reserve I think the best advice when it comes to all of this is to ignore it all for the most part because Donald Trump is completely unpredictable and you can't figure out what he's going to do based on a meeting he's had with someone else the better idea is to kind of think through the substance of what would make most sense and for those of us with some sort of a public voice to to put that forth and that's what I've been trying to do in this reappoint Yellin campaign there's so many things to talk about and we you and with your true expertise and fiscal dynamics how. Do you feel Jared to get a score on a 9 page tax reform bill or is it just a media frenzy can we wait till sometime next year you know it is urgent in the following sense I mean we are. In fiscal our fiscal constraints we are a country that simply based on our aging demographics alone we're going to need more revenues down the road not less so when I hear the Republicans putting forth a bill that threatens to lose at least 2 trillion over 10 years based on pretty conventional scorekeeping on based on the details we know so far that strikes me as extremely problematic so yes we definitely need to pay attention to those numbers and I mean with the numbers and I've seen 1.5 trillion and it goes up to 2.4 trillion is maybe the hiding point I've seen in different punditry explain to our audience what that number actually is I mean I guess it's a test of our fiscal budget but what's it mean to approach like you well I mean in terms of you really should scale those numbers by g.d.p. And you know over a 10 year period which we're talking about the percent maybe less than a percent of g.d.p. But what we're what we're talking about from my perspective is the fact that the Congressional Budget Office tells us that on this point I don't think there's really any argumentation all that over the next 10 years we're going to need 2 and a half percent of g.d.p. More revenue to meet our obligations to be Social Security Medicare other some of these larger government programs the social insurance programs if you will so the idea that we can somehow meet our promises at the same time that we cut taxes. That severely It just it's just not a risk to take it's just it's just a fantasy and then when you start talking about how how growth effects are going to make up the difference you know nobody who's not being paid to believe that believes that let me bring things full circle we're going to come back with you for another block as well but Tom asked about the difference between liberal economic some conservative economics let me ask about the state of nonpartisan economic analysis in Washington d.c. We. All struck by this story about a paper being pulled from the Treasury Department website recently a tax analysis paper that the conclusions of which ran contrary to what the treasury secretary thinks about tax reform I'm struck by what's been said about the Tax Policy Center his analysis of this proposal that was released last week Kevin Brady saying the analysis a work of fiction that Stephen King would have been proud of were to Hatch the chairman of the Senate Finance Committee saying here that no respectable academic or researcher was willing to have their name associated with something so apt as certainly cobbled together I think Donald Marron former head of c.b.s. Might take exception to that what's the state of nonpartisan analysis in Washington d.c. How imperiled is it you know that litany you just ran through I got to say it's just downright depressing to me because Eve seen attacks on the Congressional Budget Office on the nonpartisan Tax Policy Center by the way I recently found out that the 3 top directors of the of the t.p.c. The Tax Policy Center all used to work for Republicans and so these these are by the numbers folks and they don't have a thumb on the scale now Washington is filled with partisan economics you know I think it was mooching the other day said Treasury Secretary Mineta and said I can get lots of economists on t.v. To endorse my plan and to tell you that it will pay for itself that's true but that doesn't mean that the plan will pay for itself that just means that they can cherry pick the opinions they want I was I did I was just very quickly are jerkin will come back wonderful to have you with us for this half hour to get started in Washington I would suggest you would hold so you can around maybe modestly different pages but there's Douglas holds he can the other day saying the vector on deficit to g.d.p. Is 56 and he was the 1st one who said 7 percent of g.d.p. Do you share the same concern that that the vector that we're seeing now could continue out to something newsworthy Yeah Doug and I share this you know Doug is in a he's a good example of an economist on the other side of the aisle who I very much respect and he's like myself and like by the way lots of economists on from from a more conservative perspective to whom I have this. About this we are all worried about the impact of this tax plan on deficits and debt and it just shows you that these alleged deficit hawks they're chicken hawks when it comes to the real deal this is what we love to do blue or surveillance folks David Gergen New York on time key to the 991 f.m. News Bureau in Washington to have the vice chairman of the Fed with us and then to follow up with one of the great analysts of monetary and fiscal You cannot mix in Washington Jared Bernstein of the Center on Budget and Policy. Priorities as well thrilled to have him with us this morning we're going to come back with Jared Bernstein much much more on economics finance investment and yes on the president's trip to Las Vegas. Coming here let's get a check of national headlines now from our colleague Michael bought morning Michael good morning David good morning to the Australian based sisters of laws Vegas government Stephen batiks girlfriend say they believe products that are always so she would not interfere with his plans to go on a shooting spree Mary Lou Danley sisters interviewed by Australia's Channel 7 t.v. Said that they believed and they didn't know anything about Patrick's plans Danley return to the us last night from the Philippines Meanwhile President Trump will visit Las Vegas today President drop a send out a morning tweet about yesterday's visit to Puerto Rico Trump tweeted a great day in Puerto Rico yesterday while some of the news coverage is fake most shows great warmth and friendship Global News 24 hours a day powered by more than 2700 journalist and analyst in more than 120 countries and Michael Barr this is Bloomberg David Michael thank you very much more detail on the president's trip today he's going to start a business with patients and medical professionals at the Las Vegas hospital he's then going to meet with some of the 1st responders who arrived on the scene on Sunday evening as that attack we said was under way more in the present he said throughout the show this is politically surveillance on Bloomberg Radio David Gura in New York Tom Kean in Washington d.c. 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Futures are lower pointing to a lower open on Wall Street this morning as the major indexes are coming off record highs again markets are mixed in Europe and Asia crude oil is barely above $50.00 a barrel right now Pepsi Co is out with mixed results for the quarter this morning but it's selling more Fredo lay snacks in North America profit was up more than 7 percent shares are higher in pre-market trading President Trump spent 4 hours in Puerto Rico yesterday after the hurricane and noted that the u.s. Territories debt will have to be wiped out the president heads to Las Vegas today where the wind hotel has started wanding guests with handheld metal detectors Yahoo's data breach 4 years ago was bigger than 1st revealed a few ever had any account with Yahoo at any point your information may have been exposed today is National taco day Taco Bell has $5.00 taco gift sets for tacos in there it's also 10 for a day where we celebrate truckers Jessica Edinger see n.b.c. Be i.r.s. 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Voters there in Boulder 3 or 3 or 4376 they would have been going elsewhere that ever going elsewhere they have been going to Europe which has been really popular they have been like traveling a lot of the consumers from top to cities hoping to Hong Kong many times so I think that was a little bit of challenge to Hong Kong to hear more interviews like this one on Bloomberg Television streaming Monod on bloomberg dot com I am a Bloomberg or check your local cable listings. Business news 24 hours a day are going to come from radio plays mobile to your radio. Business but I don't care and Moscow 717 on Wall Street on Bloomberg daybreak is out on customer terminals bringing you all the news you need to start your day let's get a check of the latest headlines from Maggie day at the Bloomberg good daybreak desk Good morning Maggie Good morning Karen the president is getting closer to naming the next head of the Federal Reserve that's according to people familiar with the matter still there's no front runner Janet Yellen Gary Conan Kevin warsh and your room Powell are under consideration September's a.d.p. Jobs number will be hit by hurricanes Harvey and Irma consensus sees 135000 new positions but Bloomberg intelligence says there's potential for a negative surprise it looks like was street can say goodbye to billions of dollars owed by Puerto Rico president trying to suggest a Fox News that the island's debt could have to be wiped out to help it recover from Maria and e.t.f. May win big when misfit 2 rolls out next year the rules effectively stop money managers from taking kickbacks tilting the playing field in favor of e.t.s. Which are already commission free for all the news you need to start your day check out daybreak on your mobile phone on the Bloomberg anywhere out Karen. Right Maggie de Fein Q And shares were watching this morning at the tablet says pharmaceuticals so is up almost 64 percent this morning after data from a mid stage study show that it's. Repeat for division muscular dystrophy slowed progression of the disease we're also watching shares of Pepsico they were up earlier after it reported earnings that beat analyst estimates 3rd quarter revenue though it missed and it shares are now down to one per cent in early trading futures this morning that will change to lower s. And p. Futures down one and a half pointed out futures down 11 now as they futures down 6 the Dax in Germany is that all changed 10 year treasury up for 30 seconds 2.30 percent 9 makes her Doyle down for 10 percent or $0.21 to $50.21 a barrel schooled up 6 tense percent or $7.00 to $128017.00 to get out and the euro at a $1.17 the yen $112.00 that's of Bloomberg Business flashed on the David thanks very much David Gura here in a Bloomberg 11 through our studios in New York Tom Kean in our Bloomberg 991 newsroom in Washington d.c. Today he just sat down with the outgoing vice chairman of the Federal Reserve Stanley Fischer for an interview and playing excerpts of that throughout the morning here on Bloomberg Surveillance He's joined by Jared Bernstein senior fellow at the Center on Budget and Policy Priorities we've talked a lot about monetary policy Jared let me ask you about the debate over tax reform that we've seen one page go to 2 pages go to 9 pages we've seen the framework sent up to Capitol Hill Senator Orrin Hatch saying the Senate Finance Committee is where this thing is going to be written what are you going to be watching for as you as you look for points of agreement and disagreement among the Republican ranks particularly Actually there's a very important thing to be watching for this very day Republicans are suggesting now that they're going to give up on their repeal of the state and local tax deduction that is they were going to repeal this deduction and in order to help pay for their for their tax cut now they're either cutting that back or they're going to leave it in place so the thing to watch for is will they do now cut their ask in terms of the magnitude of the tax cut because they're cutting a pay for as they lose part of the pay for the arithmetic would suggest they have to cut back what they're asking for in tax cuts if they don't. And it's a signal that they're really completely detached from any concerns about the deficit or debt implications of this plan even if they do those implication already quite negative who are the leaders you're watching here I mentioned Senator Hatch chairman Kevin Brady the chairman of the House Ways and Means Committee obviously working on this issue. Very much to tighten detail is as well are you looking to them Are you looking to task speaker Paul Ryan are you even casting your eyes a little less looking at the White House as well I'm not so much looking at the White House because they're kind of distracted with a bunch of other things and I'm not so much looking at the quote Big 6 the architects of the plan what I'm looking at is the Republican caucus remember it was the Republican caucus that brought down their attempt to repeal the Affordable Care Act And it's not a slam dunk that they're going to have their be able to muster their troops behind them on the tax cut either so that's where I think you want to look if you're trying to figure out where this is is going I mean within all of this and I guess I'm touching back to the sixty's because I've been watching the Ken Burns the Vietnam war effort which folks are spectacular if you like Tri-X. Film from Eastman Kodak you'll love the black and white photos are just breathtaking what they've done in the restoration of another time and place the arch fear of your world Jared Bernstein is oh no we're going to have the Walter Heller sixty's runaway inflation remember that phrase we've been Flay should now we're miles from that are Right yeah we're miles from the arch Republican fear we Yeah I think we are and it's interesting gets back to our where we started our discussion I think you have to be very careful if you're administering monetary policy to not be fighting really old wars and you actually Cherry Ellen was quite articulate about this in a speech she gave last week to the to the Navy which people said was an important speech I found it to a very important cause she really was scratching her head about the underlying model and I think saying quite clear. Really we really have to think the fundamental forces driving inflation so to the extent that you're pulling monetary policy based on memories of runaway sixty's and seventy's I would recommend that you do a pretty serious rethink on that I want to tilt here in the final minute that we've got with you 2 Democratic. Eco politics used to public service with Vice President Biden Some say that Joe will take another run at it do we need to see democratic economic theory move from a progressive east coast Left Coast mentality to something more Scoop Jackson something more mainstream something more Joe Biden do you see any evidence of that I do in the following sense I think that you know Joe Biden in particular had a way of connecting with a lot of a set of voters who turned out to be decisive and in the last election. Kind of center left folks from both the Democrat and the Republican Party had ignored those concerns particularly around globalization for really decades on and so putting policy aside because I think it's a different discussion you definitely someone who can connect with with with blue collar voters you see any evidence of that. In terms of I mean it's too early is it I mean yeah it's too early right but I mean for the midterms Yeah I think anything we have to wait for that I think the policy question is actually very interesting as well which is that you know should Democrats tack to the center show a tack to the left and I tend to think that there are a lot of folks asking Democrats really what have you got to answer for the fact that even as we close in on full employment there are a lot of folks who are being left behind and that's a really tough question I got about 14 more questions we'll do it again with Jared Bernstein of The Center Budget and Policy Priorities as well let me do day to check a little way to the tape after this day that day the next day of record highs reminding where the Dow is 22641 as to be 52534 in the Vix a stunning 9.69 Chairman Greenspan would call that quite s. And. From New York from Washington State with us this is Bloomberg. All money managers may seem pretty much the same. But while some money managers may recommend High Commission investment products. Fisher Investments avoids them. Some money managers may have hidden and layered fees. Fisher Investments never does . And while some money managers are happy to earn commissions from you whether you do well or not. Fisher Investments fees are structured so we do better when you do better in other words were structured to be on your side. Maybe that's why most of our clients come to us from other money managers talk with us and find out why so many experienced investors are switching to and staying with Fisher Investments Fisher Investments clearly better money management investments in securities involve the risk of long visit us at Fisher Investments dot com to find out what we can do for you. How can Chris be so relaxed when his big interview is today because he searched jobs on Glassdoor dot com out of millions of listings he filtered by distance and salary to find the job that was right for him to research the company on Glassdoor to be ready to deploy he reveals he knows they have great medical even free donuts frightens So he has nothing to worry about and everything to look forward to Glassdoor find a job that fits your life go to Glassdoor dot com or download the Today I have some auditing and forecasting for you to robo accounts and you haven't done Friday we never sleep like take breaks or sick days it's official robots a vendor in the world of accounting and certified management accountants have mastered the 11 most critical practice areas in business which means they'll be the ones calling the shots so then you'll have a done ones but no Friday we need a couple of days to get in the zone right at the c.m.a. Certification you've got to earn it as it c.m.a. 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Am Hi this is Dave Anthony tune into the retirement income planning show Saturday at 8 am to learn about how you can create any fission and optimize retirement income plan to look at your investments taxes health care Social Security Medicare home equity and estate planning needs to learn about the math and science that goes into creating a truly comprehensive retirement income plan that could save you hundreds of thousands of dollars in retirement call 88689585 Again that's 808689585 or online at the retirement income Show dot com This is Dan camp a wise person once told me if you don't have a seat at the table you are going to end up on the menu I think that applies directly to personal injury and wrongful death cases if you're not represented by a highly accomplished law firm the insurance company is probably going to each you for lunch and you'll never even know it so if you want to make sure that you in your claim are treated with the respect you deserve give me a call we are serious firm for serious cases and for 30 years we have proven our ability to go up against the best the other side has to offer and to win our personal injury clients include everyone from the poorest of the poor to C.E.O.'s teachers farmers police officers doctors lawyers and professional athletes we are able to make the vast resources of our firm available to good people from all walks of life by taking righteous cases on a percentage fee basis you can reach me at 303-770-5551 at Syria 37705551 or Dan caplets Law dot com that stain caplets Law dot com message and data rates may apply sick of hair loss thinning hair bald spots ever thought about hair restoration it's a life changing decision Thankfully the 1st step is incredibly easy and absolutely free because Bosley America's number one hair restoration expert is giving everyone who checks to 85850 an absolutely free information kit that reveals just how easy and affordable their permanent solution to air loss really is you'll see for free just how great your hair. 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Today in our Bloomberg 991 newsroom he sent them of the outgoing vice chair of the Federal Reserve Stan Fisher just a few moments ago and we're going to hear some of that interview in a few moments here on Bloomberg Surveillance Bloomberg also sitting down today with the president of Russia Vladimir Putin will play some of that interview as well 1st 2 hours away from the opening bell here in New York let's get to up to speed on the news you need to know Pepsico posted 3rd quarter earnings that beat estimates the beverage and snack food company also raised its forecast for the here one soft spot for the company the North American beverage business which shrank 5 percent the European Union has ordered Amazon to pay $294000000.00 in back taxes to Luxemburg the e.u. Ruled the company received an unfair subsidy Meanwhile the e.u. Also rebuked Ireland for failing to collect a record $15000000000.00 tax bill from Apple and some big changes are on the way at Ford c.e.o. Jim Hackett will cut $14000000000.00 in costs and he's going to try. Some car models from the company's lineup Let's get a check now of national and world headlines our colleague Michael Barr Michael good morning David good morning Tom President Donald Trump will visit Las Vegas today in the aftermath of the deadly mass shooting he is promising to offer personal respects and condolences to everybody in the time of grief Sunday a gunman opened fire on a country music festival killing at least 48 people and injuring 527 people the gunman also died some big u.s. Cities are planning big outdoor events in the coming days and police are trying to assure residents of some of the precautions that they're taking to prevent a tragedy like the Los Vegas mass shooting Chicago Mayor Rahm Emanuel says emergency officials have been getting ready for Sunday's annual marathon by holding a dozen workshops 3 researchers based in the u.s. U.k. And Switzerland have won the Nobel Prize in Chemistry they won for their method called cryo electron microscopy it allows researchers to freeze biomolecules mid movement of visualize processes they have never previously seen Global News 24 hours a day powered by more than 2700 journalists nationalist in more than 120 countries and Michael by this is Bloomberg David Michael thank you very much as only time now for the Bloomberg n.b.c. Sports support brought to by investors bank with John stash our point John. David you know the wild card game be a little while in the 1st inning lasted 45 minutes the twins scored 3 times it into home runs of Yankee start a long way Severino he was gone after a time only one of the 6 batters he faced but Chad Green came in struck out 2 to prevent further damage and in the bottom of the 1st it was the Yankees turn a playoff spot. That. Heard her say the very worst of the right thing was. Never u.f.a. And the Co Yankees would never trail again they beat the Twins 8 the 4 the bullpen outstanding allowing only one run over $8.00 and $2.00 thirds David Robertson agree right 3 and a 3rd for the victories of the Yanks advance to play Cleveland in the d.s.n. a Wildcard game is tonight Colorado and Arizona preseason n.b.a. At the garden the Nets beat the Knicks with the Bloomberg n.b.c. Sports update on John's dishes David John thank you very much David Gray here in New York Tom Kean in Washington d.c. Today thanks to Michael Barr for flagging the winners the Nobel Prize in Chemistry looking at the Nobel Prize website tomorrow we expect the announcement of the Nobel Prize in Literature of course the prize in economics science is a member of Alpha Nobel has a fuzzier we don't we don't know exactly what is going to be announced as early as Monday of next week of course we will have coverage of that announcement when it comes down and people are handicapping it as they always too might be can you bet on this I'm sure that you can I'm sure that sure that inflates the outside of the u.s. There is some healthy betting going on about who might win that prize coverage of it of course next week here on Bloomberg Surveillance on Bloomberg Radio. Well 74 and Wall Street time for the Bloomberg. Bloomberg Surveillance Bronte by New Jersey Institute of Technology generating 1700000000 dollars in economic activity annually as the state's premier public technological research university you can learn more at n.j. Dot edu this 10 report this morning with one John Tucker and money John and let's see what's making news in science technology engineering and math Yahoo the Internet company acquired by Verizon Communications those 3 are now believes a 2013 security breach exposed all 3000000000 of its users at the time the assessment based on new intelligence obtained after the 4 and a half $1000000000.00 acquisition compares with Yahoo's initial estimate that $1000000000.00 accounts were compromised Best Buy is branching out it's a fledgling unit called assured living is now open for business in Denver and the Twin Cities area it's a business of sensor based seniors' services Best Buy one of a number of consumer and tech companies jockeying for position in a race for likely $50000000000.00 market to remotely monitor the elderly and cage shoveler head assistant professor of alibi Oh Sciences at the University of gulp in Canada says she's done research on nutrition and animals have been conducting experiments and publishing a newly controversial topic feeding veggies to domestic dogs despite recent documentaries and marketing trends Labrador retrievers cocker spaniels and the rest of the nearly 70000000 dogs living in homes in the us do not need to be fed like wild beasts dogs are not wolves after all she says there are of wars adding that they do quite well on a vegetable based or lower protein diets. Biskit when I get home brewed a tape for you but it is today's Bloomberg and reports it's a when the sacred day for the. Good John Tucker thank you very much for the book we're going to taste of a part time now for the 5 things you need to know to start your day brought to you by Interactive Brokers offering direct market access to products in more than $100.00 markets in $24.00 countries with transparent low commissions low margin loan rates and best price execution they said I'd be k.-r. Dot com slash save more looking at the top stories in the Bloomberg today Tom let's start with the one here it's it's this fair shortlist a lot of speculation we've been talking about shared Bernstein you mentioned it with the at going vice chair as well a lot of people wondering who might be helming the Fed come February of next year you never know when the shift is made but I was he just you know you dive into October to today was a day where the whole conversation got silly and then you know there's all sorts of theories everybody's got a single nobody has a clue where this is going I don't think anybody has any understanding David of what the theme is the set of the decisions forward you have Mr Good luck saying that the president many apples are hugely controversial could be a good chairman and then you've got a number of people. Saying Just keep your Yellin Well all I want to know is what Donald Trump thinks and you know with great respect for the burdens of the office the president is that distracted today with his trip to Las Vegas Yeah absolutely this is not on his radar Bloomberg reporting it that you know Kevin warsh Jay Powell have made their way into our you know my list I'm not on the list and neither apparently has led if you're going to try to maybe biscuits. This is a she has no economic training and no be a she wants to be part of it is it out for the job well yeah I mean you go back to America Mariner Eccles I was saying this morning yeah he was a banker from. Me with Freddie history was just this is really important this is not a new idea warsh cetera and that there's a tradition at the Fed to have a business person involved in you know to drool over here David to the fish or interview him. The vice chairman was suitably delicate delicate about not mentioning names but talking about the value in shock of understanding the dynamic The 2nd thing is now you're talking about history in the Fed to stand Fischer have announced his retirement last month good to leave here in these next few days you began your interview with the with a beautiful elegant chart I don't consider I'd tell you about is it art I showed it to him he smiled and it was a chart from 1989 out of his 80 page These are what other whatever with among others Professor Samson and he turned to me off the mike you know if we were to live in you go swimming that Churchill in your nose she said your wife made it Mrs Mrs Fisher made the chart wooden when he was I believe 26 flowers all handy with a protractor 3rd thing you know President Vladimir Putin sitting down with John Ferrer senior executive editor in Moscow Moscow energy week Russia energy week I will play some excerpt from this conversation in a little bit but this is you know a huge forum with a lot of fanfare John fair deal means we're trying to moderate a lot of big voices there what we heard from from the Russian president of the what we heard from him is he's going to greet the Saudis next week Francine the quote was brilliant and this is the value of surveillance folks as you drag in our European counterparts who know a lot more than we do on too many topics and for it seems just admin of the turmoil in the royal family in Saudi Arabia and Mr Putin has to deal with that I believe it's next week let's get to the 4th and 5th ones here pretty quickly you've got the Calgary Flames Oh this is good news for all of you feeling a little old this morning finally in the National Hockey League folks old people are revered Good morning Detroit to Chris Chelios of years ago played forever year Yagur is 45 which in hockey terms is like in God lives it's like 85 maybe 75 and he was signed today for a nice piece of change by the Calgary Flames to provide leadership but he's going to go out there and he's huge He's 6 foot. In these huge He invented the huge hierarchy and more to joy to see somebody pick up Mr younger age 45 good news 5th thing you need to know Karen Buchanan setting up Tom's for screen terminal in his hotel room in Washington d.c. Adding a 5th screen so you could watch the Yankees play out there like. Aaron judge coming through for the Yankees again we start a series here with a Cleveland is slavery motto I think top of the 1st I mean come on and they came back I just wanted the Yankees to meet the Red Sox I don't even know yet how that math works David Gura But you know Yankees Red Sox would be just killed for the American League pennant that would break down here now if you don't want to film studios David take us out I do get slivered surveillance on Bloomberg Radio David Gura in New York Tom Kean in Washington today this is Bloomberg. 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Some restrictions apply for complete details we set up them Hey everybody it's airplanes with the experience brings radio show home of positive business talk give us a couple hours and we'll find out that negativity out of your life but positive time give us 20 minutes and we'll give you a reason to tune in tomorrow positive business side weekday afternoons right here on the experience present the experience pros Eric Rayner and Angel to see weekday afternoons from $2.00 to $4.00 on Katie Mt Denver's money to UK $1690.00 am this is Dan campus her firm is dedicated to always being on the leading edge of the practice of personal injury law that includes game changing next generation technology nationally respected experts and innovative visual tools that help us bring our client's case to life for the purposes of settlement or if necessary trial we only accept a limited number of cases so we're able to devote to each client our full arsenal of technology skilled attorneys and staff we are serious firm for serious cases and we make the vast resources of our firm available to. 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Business book and I'm Karen Moscow they said they brought to you by us c.f. Invest in what's real visit us c.f. Investments dot com as he was c.f. Investments a dot com that Mayer who says Russia may agree to extend the OPEC deal to curb oil output through the end of 2018 the Russian president made the remarks in response to questions from Bloomberg John Freyer of the Russian energy week conference in Moscow today here is Mr Putin through an interpreter that we should use once we decide to extend or not to extend the doctors when we're going to decide on the time frame but overall speaking about the possible extension as it will towards the end of trying to change the oil is on the decline this morning near $50.00 a barrel currently down 3 tenths percent or $0.15 is it $50.27 a barrel that's West Texas Intermediate Brant is down about a 3rd of a percent or $0.20 to $55.80. Futures are lower s. And p. Futures down 2 points the Dow futures down 15 Nasdaq futures down 9 decks in Germany up less than a 10th of a percent 10 year treasury up 630 seconds to point 30 percent comics go that 7 tenth's percent or $8.80 to $128340.00 announce a euro a $1.77 the yen $112.00 Federal Reserve vice chairman Stanley Fischer who leaves office later this month continues to expect a tightening u.s. Labor market to lift a wages and prices even though the process can take longer than anticipated and he made the comments in an interview heard right here on Bloomberg Radio and it's a balloon business flashed on a David Jaron thing someone's term keynote in one half in Washington David Gura Bloomberg 1130 in New York we welcome all of you coast to coast worldwide Well David I guess the one thing in common is is in Washington they wait for Nationals baseball on Friday that's right because now the Yankees await for Friday I believe it is it was well a lot of the way that it's in our future is Nathan Hager ecstatic he might static existed they had to be medicated a few days ago and he's using good shape but he thought the Capitals the Washington Capitals hockey team maybe would pick up your Miyagi but that did not work let's move on if we begin to think about the comments let us move on as we begin to think about the comments from the vice chairman here is vice chairman Fisher. I think rules or a good guy go into the basic policy of taking where you're trying to go but I wouldn't run monetary policy on the basis of rules where you strictly go down look at this equation and say that's it and let's get rid of the Central Bank really interesting statement nudging over to a belief of many Republicans we can parse this theory was co-written done in a Bloomberg economics we're going Teligent synchro you're the perfect person to talk to about we're taught this in the classrooms rules based in discretion inform our audience one of those 2 schools of monetary thought Sure well rules based is very formulaic approach to monetary policy and for those of us who have seen Superman 3 we remember what happens when the super computer is in charge artificial intelligence is not yet of the of the caliber necessary to be at the throttle of a 17 trillion dollar economy so rules based policy provides some guidance as to where interest rate should be however the human element of discretion is absolutely critical and so the example that vice chair Fisher made was that 3 hurricanes hitting the hitting the u.s. During the last 2 months how does a supercomputer or a rules based methodology deal with that and the answer is that it's not sophisticated death sufficiently sophisticated to do that so it requires a human element to look at for instance inflation and gasoline prices and say well this is a transitory passing phenomenon and we should therefore disregard it how much is Stan Fisher's views on on monetary policy evolve since he was hit in the Club Passim with Jared with the with the doctors take a look at the rest back in Cambridge. Has evolved in his thinking Tom asked him a lot of questions about about that about what he might teach students today and how that might be different from the past All right so at the very onset of the interview he noted that the the forces have changed but the rules have not this is it was very evident from the interview that he is not viewing the world as having a dramatically changed in a context that we have to throw out the economics rule book or the over the textbook of what she authored but rather we just maybe need to consider that the coefficients have changed so the Phillips Curve still works he was very clear about that but he noted that. Particular globalization has significantly changed how the economy responds to various inflationary forces and importantly he noted that that shift towards global globalization is far from being complete when I look at the economics in a look at all this mumbo jumbo for audience how far apart in economics and thought going back to your Princeton is Alan Blinder from Stanley Fischer Fischer is the seventy's eighty's hawkish tone if you will blinder I would respectfully suggest can go the other way there's other names we could use but they're really there's a lot of common ground here just to trumpet ministration understand the crewmen and John Taylor have a lot of common ground. I think that the administration does understand that to some degree but Viva la difference as they say and you know certainly they are going to work within that this spectrum and as we look at the spectrum of you know doves to hocks I think that the trumpet ministration is leaning definitely towards a low interest rate candidate which brings you know which raises the notion which I believe the litmus test is being applied to the candidates and that's whether or. There's a hawk or a double if they're a low rates candidate and more specifically that boils down to you a Fed chair or potential Fed chair who is going to jump in front of my economic agenda as President More specifically if I'm going to cut taxes and stimulate the economy are you going to say well that benefit by simply a ratcheting up interest rates Curnow do you know how to be honest folks when you do an interview like this you don't remember what happened because you're so busy doing you know you don't even know her you listen to the interview I wasn't there the basic idea I believe the vice chiro alluded to the idea that we need a monetary theory is up front and center I hear that wrong you heard that correctly he you know he did not offer names on the short list but he did provide some degree of guidance of what the qualities of the next Fed chair Rush should be and he talked about the capacity to lead the institution which means you have to understand monetary economic theory and that kind of leans against an outsider type of candidate maybe coming from the banking sector he favors and academic who is been brought up in these school of the of the Fed And that would point to folks like Chair Yellen or maybe Governor Powell or someone who's more on the inside he doesn't look for a maverick because he doesn't think the rules have changed so you need someone who understands the basic principles and is willing to maybe recalculate the coefficients as I mentioned so the rules may have bent but the rule book still applies contrast for us if you would Jay Powell and Kevin warsh 2 men who sat on the board of governors who have some Fed experience what's what's the chief difference between these 2 men I think Jay Powell is a very close ally of Chair Yellen and so I think that if the president for some reason does not like chair yet. And he may be willing to take a yell and substitute which would be Jay Powell who Jay Powell may have slightly more right relaxed approach to rolling back some of the post-crisis said regulation which would be the main difference between him and Yellen whereas on the other hand Governor war sure former governor warsh has been more hawkish on inflation so he has been very dismissive of the recent backsliding in inflation he says we're effectively hitting the target and he's been more concerned about financial stability risks so if we read between the lines that's telling us that our ship is more candidate and I think that's the major factor right leaning against him is that the Hoover Institute is favored by a lot of traditional Republicans his maverick esque quality will be somewhat appealing to trump but I also think that he is one who wants higher interest rates and therefore he does not pass the litmus test I will be impartial here I am fond of Stan Fisher's dry wit his ability to explain this stuff and I think it's safe to say Karl it's going to be a loss not having that in the Fed having somebody who can explain things lucidly sometimes with humor but effectively I think yes definitely there's some of it when you begin to think about replacing them well it's going to be a big challenge but you know we're looking for a major personality change at the Fed if it's if the chair is not Yellen or or pseudo Yellen Powell then we're looking for a major change at the top and of course the vice chair is a strong ally of the chair so you know that that's going to be a critical change in leadership and you know we really talked about I mean do you guys want to know the folks would you like you know the Off mike I don't understand why Sam Fleming of the f t gets to go to lunch with your sister and his crowd encourage him and I'm going to . Quality half a cup of black coffee and 7 minutes of it are you know I said to the vice chairman I don't think it's a glazed donut this is fear he said the famous Washington glazed donuts and they're not Dunkin Donuts I might point out in the same Fleming is getting like Cornish and . Try Chambliss good morning is implementing a work in getting rid of keeper the m. Exciting or bungalow because it is to fuel your inquiry you know you could get it but I can't wait but I can see Stanley Fischer at the Palm restaurant in Washington interrogation a happy futures negative 2 Dow futures negative 14 from our studios in Washington or studios in New York coast to coast this is Gilmer. Katie emptied Denver's money talk 6090 8 am. Now here's Tim Frye the movie guy with the Denver moving the Kingsmen the Golden Circle is the sequel to the 2014 spy action film that reinvigorated the genre the original was an instant classic for its classy suits and witty banter mixed with its brutal action violence unfortunately the soft more slump seems to have taken its toll the star studded cast acts it well with Mark Strong as Merlin being a standout and calling for its confused Harry being a mixed bag so it's hard to pin down one thing that hurts the Golden Circle it could be the cheeky ham fisted references to the 1st film it could be the confusing attempt to comment on u.s. Drug policy but whatever it is it turns what could have been a fun r. Rated action spy follow up into a disappointing sequel it just has too many writing problems for me to love it and I give it 2 and a half out of 5 stars it's playing in theaters everywhere I'm Tim fry the movie guy and this is been the Denver movie meant to. Be Done Right years of baz when his adored call us right now in jazz up your rooms in. It's the season. Floors of you can replacement windows and doors you have. It Done right 803637 What if I could tell you when the tornado was going to strike. Course I can't but shouldn't you be ready anyway good ready dunk of slash communicate and make your emergency plan today don't wait communicate. On the council. Members only business radio station 6090 a. I'm Jessica Edinger see n.b.c. Futures are lower pointing to a lower open on Wall Street this morning as the major indexes are coming off record highs from yesterday President Trump heads to Las Vegas today after looking at hurricane damage in Puerto Rico yesterday he said there it's time to wipe out the island's Wall Street debt Pepsico reported higher quarterly profit on Friedel a snack sales but had lower North American beverage sales Amazon's been fined nearly 3 $100000000.00 for cutting a side tax deal with Luxemburg that the e.u. Says was unfair homeowners may be forced to choose between 2 popular tax deductions in a compromise tax reform plan lawmakers are talking about either take a local property tax deduction on your federal return or a mortgage interest deduction and Yahoo says all 3000000000 of its accounts worldwide were hacked in a data data breach 4 years ago change a password if you ever had any account with Yahoo Jessica having her see n.b.c. b I.r.s. Doesn't mess around if they want your money they'll take it they can take your paycheck and bank accounts to even threaten your home or business and it's about to get worse the i.r.s. Just hired an army of new Texan forcers.