With the most important fed meeting in decades. No one thinks a quarterpoint move will affect the economy. Neither do they know the psychological impact will input the change in direction. Effectivelyte is zero. With unemployment, Consumer Spending, and business the chinese equity bubble has collapsed. Another big drop in oil prices convinces many investors it will be better to hold off. That would give the fed an opportunity to assess the prospects of growth ahead. No matter what they decide, the announcement will be complicated. They will release an Economic Forecast and a new plot. What do they say . Within hours of press conference in october . If they go, why and how will be a strategy be . And everybody wants the answer to the next question what do they do next question mark Michael Mckee what do they do next . What are the applications, the u. S. Close yesterday, relatively benign compared to the magnitude would be happening. We saw a positive session yesterday, at the moment, we are at a 33 chance that the fed hikes rates. Anna we did the survey of economists, almost an even split between those who think they will move and those who think they will stay. A few people going for smaller than 25 basis points, u. S. Markets have been propped up by the Falling Oil Prices yesterday. Also spilling over from europe yesterday. Guy you may have or that still to come, talking about that more later. Lets find out what the story is in asia. Shery ahn standing by ahead of the fed. Shery stocks are rising across the board in asia ahead of that fed decision. Nursing japan and australia leading the gains. Japan rising 1. 3 , of course we had the trade deadline earlier this morning showing that export growth has slowed for a second consecutive month. But we are seeing lower volumes in the and that is surprising that investors are saying on the sidelines ahead of that decision. Rising 1. 3 , were hearing that is halted due to a Technical Glitch in investors unable to trade futures. The shanghai composite rising half a percent, we have seen wide price swings in the morning stocks. Gains, we are seeing incredible volatility chinese stocks the highest since 1997. Gaining 8 10 of 1 . Rising more than 2 from a gained at one point it gained at one point more than it hasnt two years. We saw a surge in oil prices, malaysia being asias largest exporter, they have seen the benefit of those arriving prices. Threenggit again for consecutive sessions, we are seeing it weakening slightly. Down for tenths of a percent down 4 10s of a percent. These two currencies have the most ahead of that fed rate hike. We are seeing Morgan Stanley saying though the ringgit is the most attractive emerging market currency. Back to you guys. Guy that you very much, indeed. With a story out of asia. Anna sticking with asia, we have a Rate Decision from indonesia. Later on in this morning, sometime after 2 p. M. Local time. We will get a Rate Decision there. A good illustration really of the decisionmaking that is going on around the world by central bankers in countries where the currency boost has been moved around considerably, partly by what is happened in china as of late. Well get a Rate Decision from them, that comes before the feds. The most of economists are not expected to change. Time. 30 a. M. U. K. We watched that decision later on, we will break in on that, and of course 7 00 p. M. U. K. Time it is the fed. Jugglingking about the the emerging markets are having to do in Interest Rates, the World Economy is about to be stress tested. Are we about see the first tightening of the u. S. Monetary policy and was a decade . It was a challenge for a Global Economy already affected by slowing chinese demand and volatility in financial markets. Our chief agent economics correspondent joins us live now from hong kong. Given talking about this for months, it seems. The emerging market impact, what is the impact in asia . What is quite mean what is this going to mean . Debates. E are two on the one side, people say the asian economy is very different now to the last tightening cycle a decade ago. It is decoupled to some extent from the u. S. What is happening in China Matters more. It is the view that what happens in america is much more important. At least on the same scale a decade ago. There is also the contrarian view that no one will matter, because it will drive up the cost of borrowing asia. It will most likely draw it down, the local currency. In the cost could Spark Capital outflows. It is a mark of volatility, and while that cap does not quite call it a crisis, there will be turmoil. We will not know for sure. Guy in terms of breaking it down, clearly, you can look at key metrics current account, metrics, etc. On a sliding scale, who was on the top or bottom when it comes to countries . Has been thing that most volatile are indonesia in asia. This comes back to original sin. What these two countries have been doing for example is borrowing significantly amounts of hard currency u. S. Dollars. When you do that, you allow the currency to depreciate. You are faced with rising borrowing costs, and its hard to service the debt. Ofse countries are seeing our ability, it could trigger capital outflows from malaysia, as well. Those are two to watch asia. Anna where does this leave china . Enda china is a curious one. It is far and away the biggest economy, but analysts say it is in good order. A federate hike for sure, that is because with the pressure on and aan, they have three half trillion in reserves. And there is the issue of local currency denominated debt. China did have a significant volume on the debt. But there is a feeling that they can manage that, it is not on the same scale in terms of malaysia. The overall sense is that china can handle a fed tightening. Anna thank you, joining us there from hong kong. Guy as the fed prepares to move an expert says he does not see the argument for a hike. He spoke to bloombergs mike mckee. I dont care whether they raise 25 basis points, or they lose among the curve. I dont see the reason for, friendly. I was watching the incredible bubble happened. It was an asset bubble. It was financed on a lot of debt. It was an obvious bubble. But they just gave attention to the gdp gap and missed the entire bubble. We had an economic collapse. And now we have a situation where he are in the midpart of the cycle, and they are trying to identify where the inflation is. Theyre worried about, and we have a lot of liquidity around. When i look at this, there are little glimmers here and there. There are always glimmers of something. But basically, i think they are worried too much about the shortterm debt cycle and not the longterm. I do not get it. Given those asymmetrical risks, look at the world. Where should we be were in a World Economy. Tony the countries outside the should be tightening Monetary Policy. Ray does not care if the fed raises or does not. That is our twitter question of the day. We are all getting very excited about this. If they deliver the rate hike today. Anna that is where you find us on twitter, if you want to get in touch with us. Talk to a man who cares. I dont know if he cares because he is paid to care, or because he deeply cares. Good morning to you. What are you expecting from the fed, remind us. I think it probably will raise rates. It is a tortuous decision at this point. The two camps, the arguments in favor or against do not meet in the middle. If you are waiting for inflation going up, then we have to raise rates. We will be waiting for years. And if you think that the economy does not need zero Interest Rate as we approach full employment, Economic Growth sort of trembling along. Then of course they should raise rates. And i think that everyone draws a line. Whether they go this month or next month or december, i think they have decided that they would like to go if everything is ok. And, you know, what about going now. Please. Anna save me. Guy we ought to do this again in december. The markets are not ready. Kit and they never will be. In a sense, preparing the market started in 2013. And we prepare them, to some degree of repair them. He is right in the sense that, i dont know, the gap between twoyear Interest Rates and overnight Interest Rates is smaller than it has been before the start of a rate cycle, i think definitely since i started doing this. Guy not very long ago. Kit not at all. That is where you see the rate cycle not disclose, which make you nervous. I dont know that we will be more prepared next time, if we delay again now. Anna if you dont go because the markets, they said theyre not ready, does it raise questions about guessing the policy . Of course the fed needs to be cognizant of not creating turmoil in the market. But on the other hand, they have to make moves based on the data. The markets have to look after themselves. Kit im not sure the fed worries about that. There is an argument that says we decided to wait because there is turmoil in china. We do not want financial volatility. We want to send a message were going soon. Ane, but there is inflationary problem to worry about. So why not . The issue is what you going to do . Whether we gain by waiting, in that sense. Anna kit, regular much. Guy two into Bloomberg Anna never tune out. Uy yes, she mexico point. She makes a good point. We look for to the coverage. Anna it will take a short break here on drcountdonw. Wn. . What does that mean for the future of broadband cable, the full story coming. Guy the president of the base got a little personal as the top 11 candidates 11 candidates yes. Celebrity real estate mobile and current front runner getting a bit of a hike, donald trump found himself centerstage. And the uproar that went around it. We do not need an apprentice in the white house. We have one right now. He told us all the things you want to hear back in 2008. We do not know who you are or where youre going. Need someone who can actually get the job done. I do believe that the fed is not going to hike Interest Rates in september. But there will be a rate hike in september. They will not wait for next year. They are getting the best possible solution. The matter what they do, no one is saying they will discover something entirely new. I have a lot of trouble with this idea, lets do it now and hold our breath and leave everyone behind. If you really do not know that you have room to raise it for a while, why are you starting up . Is a domestic case for raising rates is solid. It has been for a while. They should have moved when both domestic and International Elements were aligned. The question is, are the conditions in the u. S. Economy, in terms of the objective of inflation and unemployment, such that an increase make sense. That is the only criteria the matters. There is going to be high opinions of why, above the unit is its getting much bigger. Is about getting started, if they think there is would be a series of hikes. The u. S. Economy is anything in normal shape, 25 basis points one way or the other should not matter much. Is more likely they raise rates by 25 basis points. If they do not, then the narrative is important. Addressing the to do a trickle out narrative because they want to start raising them. It would be poor judgment. If things go badly the rest of the world, they wanted to buy here. In that case, i think that would be a reason to push it into 2016. Guy that is our coverage coming up. If you take anything away from those people talking, it is that nobody really has a clue what is going on. Even if one of them doesnt clue, we do not know which one it is yet. Anna i think people feel internally conflicted. That is bring you let us bring you other stories we are watching today. Guy in fact, lets go back to the fed. We are of course awaiting the federal Rate Decision thereon. Some would say it is the most important decision and years. Race chance that they will race later today. Stay with bloomberg. Janet yellen takes the podium a half hour after that. Carney signals theres a chance the bank of england may raise rates in early 2016. If the economy continues to grow and inflation pressures continue. My view is that if the economy is consistent with his forecast, the decision for me is that it will come into sharp relief by the end of the year. Anna those comments came in an address to lawmakers in london. Guyl three people are known to have died in 8. 3 magnitude that struck the north of chilly overnight. That struck the north of chile overnight. The government is addressing the damage, warning of potential strong aftershock. Anna upping the ante in america, the cable operator has reached a deal to buy cablevision. One of the top u. S. Providers for nearly 18 billion. Let us get to caroline hyde. Caroline it could be announced as soon as today. The 52yearold billionaire, one of the wealthiest in the world, is going across the atlantic once again. , what they are paying up for cablevision a 22 premium. Theyre getting their hands on the top five cable providers in the United States. The value, including debt, a cool 70. 7 billion. No wonder the shares spiked after hours, and moved higher in terms of the share price. Coming along really rather nicely, up we go some 17. 7 or send. Let us have a look at why they are buying up cablevision. Why are they going across the atlantic . Million video subscribers, interestingly, back to may that is when we have the first foray into the United States. Users. Ht 1. 1 million that was a deal of 9 billion. These are small fish when you compare them to the juggernauts they are currently facing. Directv, 20 million users. Compared to the 3 million patrick drawdy will have. The matter how big you are, intimidation is the same. Why are they drawing together . Because of competition, because of netflix coming into the party. Tv, thisf amazon fire is all disrupting viewing habits. Driving the consolidation of the moment, because last quarter of the second quarter, cable and satellite tv had his worst subscriber loss ever. They are suddenly having the revenues and subscriber freeze under th reats. As we the secondbiggest media deal of the year, the 17. 7 million. Billion. Across the media section, the big deal is the tussle over time warner. Patrick was in that fray as well. Getting in the mix and stirring things up ans well, who johnson . Umps in . Also, he bought bright house the consolidation company. Patrick just stirring it up in the u. S. Anna thank you very much. Juckes, what would you ask janet yellen . Question is the very much what is the objective of Monetary Policy when you are 30 from here . Starting from here . I think it is not does the economy need a rate rise . Is it different when the economy is at zero . Rates up a bit, is at the same as raising it from 2 or 2. 25 . Had forquestions ive the last three years have been framed in my mind around that. The economy does not need rates this low. Once you solve that, what then . What is that mean . Anna whatever reason, we dont know what will happen between now and october. Ifhe next move is not a rate rise. It is some sort of quantitative easing . That they have to use just qe. Kit i can see it happening. I dont think we are there yet. That year the u. K. , we are probably closer to it. We are probably over the peak of the cycle. A lot of people would argue that, do not raise rates just to give yourself room to cut. You can miss a whole rate cycle, in terms of leading rates so low, it has caused bubbles in one form or another. The china bubble, the commodity bubble. If other terms you want to use describing. They inflate and deflate themselves. Deflate, you do not raise rates. But what happens on the other side . There is a point where you have missed the opportunity to raise rates . And that raises questions about what you did to the current answer of qe. And you have guests coming in talking about anna whether it will help as much as last time. Guy carney yesterday talking about the beginning of next year. How contingent are other Central Banks will happen today . And listening to carney, there are a lot of people who would argue that they do not want to go that far. While we debate the fed rate, the employment rate goes down 1 every year. And wage growth floats around 2 without growing anywhere without going anywhere. And frankly, we ought to get on with it and raise rates. Anna kit, thank you very much. He stays with us. Were talking about Central Banks. Guy we have other Central Banks to talk about today. Will it move . We will preview the decision, being overshadowed by the fed, i think they have a slightly prettier building. Well talk about that in a moment. The secret of Monetary Policy, the Federal Reserve officials keep saying it is important to keep Inflation Expectations will anchor. But if you ask them how do you measure inflation equitation, they will shrug their shoulders. We deftly have ample cash. I think what youre seeing right now is that when things get tough are gone is the for us. We have great strength, great Balance Sheets. And typically when there are challenges, we actually gain market share. While we do not want to see that, it tends to be good for us. As the violations may become more rational as we move on. The ship now needs to move. Toward the fiscal side. Government action, deregulation, tax reform, Infrastructure Investment these are big things in it happen that have not happened because everybody legally relied on the fed. Guy some of our guests weighing andn what they anticipate think should happen when it comes to the fed. Anna it is 6 31 in london. Here are the stories you need to know this morning. Guy twig a few hours away now from the most closely watched Federal Reserve decision years. A 33 chance they will raise rates when the meeting ends later today. St