And jack lew. Brendan it is like the president and harry reid. They are all members of the same party. It is more who is responsible for the party. Tom i want to know about the german parliament. As move on to top headlines. He was vonnie quinn. Vonnie good morning for you later today the Federal Reserve is releasing minutes from last month policy makers meeting. Investors are waiting to see whether there is a consensus that september is the right time for the first Interest Rate increase in nine years. More than 75 of the economists surveyed say the fed will raise race will raise rates. The annan has devalued vietnam has devalued its currency for the third time this year. The government wants to make sure that exports continue to grow. Biggest trade its partner for at least eight years. Lawmakers in germany appear ready to back a third greek bailout. Angela merkel lobbied members of the lower house of the german parliament, trying to keep members from voting against the 95 billion aid package. A test votes showed it may pass by a wide margin. Hillary clinton says she has no idea whether she deleted data from her private email server. The democratic president ial candidate was campaigning in las vegas when a reporter asked her if she tried to wipe clean the server she used while secretary of state. Hillary clinton with a cloth or something . We have turned over the server. They can do whatever they want to determine what is there and what is not there. That is for the people investigating it to try to figure out. But we turned over everything that was work related. Every single thing. Vonnie the fbi now has the server. Agents are investigating whether any of the data erased on the server can be recovered. In pro football, the showdown between the nfl and Quarterback Tom Brady resumes today. Lawyers for both sides will be in federal court in new york. The judge has urged a settlement over bradys fourgame suspension. American comps were down 3 . They have to confront back to school. Lets do a data check right now. Equities, bonds, currencies, commodities. I had to rip this up with the currencies actions. Oil trying to get a bid after a good day yesterday. 42. 42 for oil. Onto the next screen, please. I do not believe we have ever done this. The vietnamese dong, 22,360. The machine gives us four decimal points. That is life with bloomberg. That is 22,360 per dollar. Dollar having canada stronger. Some expected it to be weaker. This was 15year is trending toward a negative yield. Lets go over to the bloomberg terminal. This is something we can do for our asia market. The vietnamese currency, 20 years back not back to the vietnam war, the back 20 years has been a steady here, a small country. Untagged,ere china and then you have weakness. Brendan there are two things going on, that basically this is basically this is getting ahead of the fed. Victor, come on over here. Heres the fta with a one trillion number on emerging markets rocked. Brendan the first rule of a global currency crisis is that you start to be able to name the currencies of small countries. Wasuse asked on a tank he also the kazakhstani currency was also devalued. Me weclueless, like turn to Michael Mckee for tea leaf wisdom. And we will talk about hedge fund carnage within the hour. Mike, we have to rip up the script. We are in the midst of the dong. Tell us the story of how we ended up with 10,000 vietnam dong, worth 44. 7 cents. Mike i cannot even buy you a cup of coffee with this. Brought back some you can keep it as a souvenir. This is an example tom this is an example of what you and i have done. Will we see more of vietnams devaluing . Mike probably. You make a good point that they are joined at the hip to china. The annans largest single trading vietnams largest single trading partner is the United States, and the vietnam dong does not mean much. With asia appeared we see malaysias currency fall by 12 this year, and we have seen rhodesia posterity down by 4 , 7 . Vietnam only down 4 . To remain competitive with the region, they have to weaken the currency. Tom lets move on. I know Stanley Fischer has binders full of dongs. Does janet yellen care about the vietnam dong . Or the context and currency . Brendan vonnie quinn new it offhand in the meeting. Off the top of her head. In terms of Monetary Policy, they are going to do what is best for the United States. The fallout from a fed rate increase is that the dollar is going to get stronger, and that is going to hurt emerging markets, and to a certain extent that is what is playing out. Maybe if it is done by september, if we have seen most of the major moves, maybe that even takes the pressure off them. Brendan when you look country by country, which is more important, particularly to emerging economies in asia . Is it what happens in september with the fed, or is it what happened in august with china . Mike let me bring you back to kazakhstan. It is an oilexporting country. The drop in oil is what is putting most of the pressure on these countries, and in anticipation of the fed. Arguably today, the cpi numbers will be more important to the markets than the minutes are, because the fed has got to be concerned about inflation. Tom we have seen the fiveyearfiveyear forward come back. Zentnere case of ellen later this morning. State the Goldman Stanley case that stanley is wrong, it is not september. Mike their feeling is you do not have to move because inflation is so low. Ofyou have the possibility harm to the United States economy from raising rates, why not wait. You do not have to move right now. Point. That is the from the New York Times, very unusual that an oped would appear at the same time the fomc minutes are out. Biggest threat to the American Economy is Monetary Policy. Mike and he has been dovish for almost all of his career at the fed, but the problem the fed faces is what happens if coutu another round of qe is not going to do a lot, and that is a risk. They would like to get started on moving rates higher so they have a little bit of a cushion in order to protect the economy in the future. Just publishing on Hillary Clinton she is called feisty and defiant yuriko troy gayeski and defiant. Troy gayeski is this good or bad for hedge funds . The vast majority of hedge funds that profit from currency moves fall in trends. We want to be shortlived we on ando be short the w the long on the tom is anybody making money, or troy some of the discretionary there was more expected pain and commodity currencies, so they protected their bets from being short the yen and short the euro. To places like not vietnam in particular but south the annan but brendan i want to bring it back to what vonnie was quoting from. That there is no reason yet to make a move. Is just a basic inpatien it is just a basic impatience. Do you feel like the markets are just impatient . Troy they would like to see the game they would like to see them get going. Whether they move in september or december, it does not matter that much at the end of the day. T is not like qe this we do not see as being substantial. Troywe will continue with gayeski and Michael Mckee annexed our. News out of germany i guess no surprise here, right . German lawmakers get it done. Vonnie they approved the third greek bailout vote. Brendan what we do not have yet is how many defections. Tom i feel like nouri rue beanie i feel like nouriel roubini. Is there going to be a fourth greek bailout . Thisan whether or not debt is sustainable is what we will figure out. I would argue that the next question is whether or not and the unanswered question is whether the imf is going to participate. Vonnie you may not have an answer on that until october. Tom Michael Mckee would have a greek drachma in his wallet the next time he appears with us. Gentlemen, thank you for joining us. The trump question was record input. Forget about trump today. Who will join the currency or a next who will join the currency war next . Stay with us worldwide. Bloomberg surveillance. Tom good morning, everyone. Bloomberg surveillance. Lets get right to our top headline this morning. Here is vonnie quinn. Now 30,000re are firefighters and support staff battling the wildfires in the west. They will be assisted by 200 soldiers. Five states are fighting 10 large wildfires each. The Forest Services wildfires will consume over half its budget this year. Data fromo stole Ashley Madison our naming names our naming names online. Said the posting includes user identities, addresses, phone numbers, and payment ownedation this site is by avid life media. The hackers want the company to shut down Ashley Madison and a related site. In baseball, a shakeup for the boston red sox, who are stuck in last place in the American League east. The red sox have named Dave Dombrowski as the head of baseball operations. He turned the florida marlins into world series champions. What is your prognosis, tom . Tom my prognosis this is a classic american franchise. People are thunderstruck at the rate of decline, that they just were so good and they got rapidly i do not think there is a soccer equivalent. Brendan they should have been relegated to the second league. Since they are is since there is no second league, they were not regulated. Tom lets move on to target and retail. Vonnie target Security Breach issues out of the way, now they can get back to business retailing with the new ceo, John Mulligan, overseeing the stores and the supply chain. How is the School Shopping season shaping up . Oliver chen joins us now. We will get to reported earnings, but tell us what we will see from target. Oliver we are excited about target. Walmart reported yesterday. Their traffic was up. Like brianet we cornell, the new ceo, and we like their categories. And bricks and clicks is important. At two point 3 cop, they are guiding between 2. 3 and 2. 5. Vonnie are all these stores battling a weakened consumer, or are they battling their own internal structural problems . Oliver the consumer is better. They were also pretty happy with the top line. Vonnie but 1. 5 growth for walmart . Better than forecast, but it is still pretty anemic. Yeah, it is better than forecast, but it is a sequential improvement. , but it isgrowing modest. It is a question mark as the stores get more mature. Tom their performance has been great. They have done great versus walmart. They have done well over the last 10 years. Who is their audience . Oliver target consumers have a slightly higher household income. Target is a little more lean and versus 1800 stores 12,000. Brendan you settled the argument we had in the meeting this morning. Whether any members of our audience would go to target. We all said yes, tom said no. Tom tell me about what you follow religiously with a vengeance, which is all these places Closing Stores. Are we over retailed in america . Speaking, thelly answer is yes, just because of the rise of mobile and the overdevelopment of malls and so if you think about macys, particularly apparel retailing, there is a process from which most are Closing Stores or pruning. Vonnie what are we going to see from John Mulligan . Coo. Unusual for a oliver you have to really think about the competitive advantage of using your stores, click and collect and samethey pick up. That is a big deal. I also think mobile is a huge theme for holiday impact. About half of all traffic is mobile, and 30 of all sales online is mobile, so there are a lot of initiatives. Brendan which retailer has gotten this best, the idea of using stores as a warehouse. Oliver we like what nordstrom has been doing online. They have been a pioneer. And macys. But you are right about sales and cops. It has about sales and comps. Customers one value, so the themes for the consumer is getting brand names at a discount. Tom 10 seconds, single best buy right now. Oliver target. Tom i like it. He goes right on story and stays with us. Oliver chen, appreciate it. In our next hour, Michael Mckee will be with us. Be joined by bruce kasman of jpmorgan. Terrific research out of them. We will talk with bruce kasman about the new mediocre, the new lower terminal rate. Fed minutes out this afternoon. Stay with us. Worldwide and coasttocoast, it is bloomberg surveillance. Tom good morning, everyone. We welcome you. Bloomberg surveillance from new york city. Brendan greeley has a listen of the morning type. Brendan yes, we have manus cranny in oslo. He spoke to the ceo of the world possible largest Public Health fund. Loss ind its first three years. This is what he told manus cranny. It is Monetary Policy and china. Both of those have different variables there. Thingsthose as the key were spending the most time on. Brendan manus cranny joins us from oslo. I would argue that he missed a third thing, the very real possibility that in the next two years the norwegian government could take money out of the Sovereign Wealth Fund and start putting it into the general budget. That is a big issue. The inflows of foreign money into the Sovereign Wealth Fund are way below the norm here they picked up a little bit in this quarter, but that is a huge political issue. When you fly into oslo, you begin to understand that this is a heck of a wealthy country. Was, we are to me not going to make radical moves, we do not move radically. We are a Sovereign Wealth Fund, so we will make incremental changes, but no radical change when it comes to 50 oil. I love the line that he used, which is the transfer of risk. You have equity market volatility, and that has gone into Foreign Exchange market. The Foreign Exchange market volatility was front and center in the conversation, and he talked about emerging markets and china. Brendan in just a second we will get to troy gayeski, who runs not quite as much money as yngvie. Why is this a big deal . Why is the decision of this one guy affecting the rest of us . Manus the decisions that happen in china have transfer themselves into the Foreign Exchange markets, and that came through. We still have about 5. 5 minutes together, and you can pick up the whole of the interview. Is, will he continue and what shape will those Equity Investments have . Brendan manus cranny in oslo, thank you very much. Coming up, german lawmakers approve a third rate bailout. We go to berlin after the break to help understand what that means for Angela Merkel and her coalition. Spoiler alert, it is not in danger. This is bloomberg surveillance. Good morning. Tom good morning, everyone. Bloomberg surveillance. Here is the nonnews. The data screen is pretty quiet this morning. The headlines are not. Here is vonnie quinn. Vonnie later today we may get a better sense on whether the fed is ready to raise Interest Rates next month. At 2 00 p. M. Eastern, the fed will release minutes from last month posco policy makers meeting. Has hit aest rally roadblock. Oil prices fell after rising almost 2 yesterday. It is trading for a little more than 42 a barrel. There is speculation opec increased output and will make a global oil surplus bigger. First the pill will come with a number of warnings. Doctors will not be able to prescribe it until they take an online consultation program. Risks include nausea, drowsiness, and dizziness. We have targets Quarterly Earnings report. Yesterday the retailer settled over that giant hack attack over the 2013 holiday season. Bloomberg news reports target agreed to pay up to 67 million to banks that issued visa cards. The attack exposed the personal information of millions of target customers. Alex rodriguez broke out of a slump in a big way. His seventhinning grand slam wiped out a three run deficit and carried the new york win, 84. A he is the alltime leader in grand slams with 25. The New York Times this ning, randomly getting grand awakening. It would be a great september if the mets and the yankees went on a tear. It would be so much fun. Brendan you have just given up altogether, caring about the red sox . Vonnie a moment of silence. i set by the phone john, call me, please brendan Wolfgang Schauble has been the most vocal opponent this year of a new deal with greece. This morning he appeared before the bundestag and made the case. Minutes ago, that body approved its 86 billion euro bailout. 454 in favor, 113 against. Hans nichols did not abstain. He always votes yes for more drama on greece. Why did Angela Merkel not make the case to her own parliament this morning for her own deal . Schauble ended up making it. It was his baby. Procedurally, you could make the case that that was proper. Optically, schauble is at 70 approval rating, merkel is at 67. Schauble can maybe afford to take the hit. Why would merkel want to fully embrace this . With the second vote in 2008, opposition see the to the tarp vote, but you saw the analysis that it is something they needed to do. Brendan my sober analysis question is where is the imf . Isnt that a crucial proponent of this . They do not seem to be completely on board. Hans they are in purgatory. We do not know quite where they are. From brussels it seems more doubtful that they will join. We spoke to the vicechairman of the eu, the european commission, and he thinks there a he thinks they are in a gray area. The imf has said they will come aboard if you do something substantial on debt and is greece follows through with their programs. It does not seem like either of those are certain propositions. Schaublee speak of