Steelmaker. Very damaging for japans managing sector. The i. M. F. Puts out a sunny growth forecast. Christine sheds light on the support. We see the sun shining but we also are seeing the clouds on the horizon. Fed president s add inside insight. Really nervous expectations are low. Were not trying to address the relative price changes that occur in the economy, were trying to get the underlying rate. Plus, economists consider the conundrums of tax reform. Has to be basebroadening as well. Growth will pay for part of it but not all of it. Might as well assume unicorns will come and deliver packages of money. Theres no reason to believe this. There are miracles and sometimes productivity growth picks up and for reasons we dont understand but it happens. All straight ahead on bloomberg best. Michael hello and welcome, im michael mckey, this is bloomberg best your weekly review of Business News and interviews from Bloomberg Television around the world. Now, president Donald Trumps legislative agenda was going to be a big story this week no matter what. Monday donned with unexpected political fireworks. President trump made an interesting choice over the weekend. He can afford to lose only two republican senators if he wants to get tax reform done and he decided to pick a fight with one of those senators. The president blamed bob corker of tennessee for the iran deal, that he was running for reelection only because he failed to get the president to endorse him and that he wanted the secretary of state job but didnt get it. For his job he compared the Trump Administration to a reality show and said the white house was an Adult Daycare Center and the president s threats against other countries could put the country on the path to world war 3. If you play it forward in terms of tax reform, every vote counts and senator corker, while not the most physically conservative in the upper chamber, his raising the fiscal issue is really in line with what some members of the far right and senate have also been saying and that poses significant risk for tax reform by the end of the year. President trump reminding Congress Funding for his border wall, and it will be changed for letting dreamers stay in the country. How much more of a distraction will this be . It will be another distraction. Chuck schumer and nancy pelosi said its a nonstarter. When you look at the polling of the vast majority of american support, a clean daca bill that provides protection will be laid at the feet of the republicans if it doesnt happen. A crucial moment in the crisis in cat loan yeah. The president is set to address lawmakers in barcelona just moments from now. A lot of anticipation in that chamber. Were not sure of the wording hell use or the format the parliament might take place. Were not sure the opposition will get a say here. We do know, however, they have a majority in the Cabinet Parliament and if they wanted to enact this law to create an independent republic, they have a majority to do it and can get it done. The question is whether the word unilateral will be used or back out. The government is proposing the government shall suspend the effectiveness of this declaration of independence in such a way in forthcoming weeks we can undertake a dialogue without which there can be no agreement. We need to open up a time period to have a dialogue with the state of spain. Thats Something Else that shall be done today out of responsibility. Spain maintaining its ready to seize control of catalonia if push for independence continues. Its been said their efforts to break away from the rest of spain are fraudulent and fruitless. It was a fraudulent referendum in the first of october and cannot go ahead by that amount of people. The catalonia president made the move and said im ready to upset the mandate and for 10 second it was a independent republic and then said ill suspend this for talks. He made it Crystal Clear theres nothing to talk about, this is a complete fairy tale and his signal now, im ready to implement article 155 and time is running out and the president is running out of options. Is it a backtrack and his division will implode . But he will implement this article when hes out of government. The fed released minutes from the september meeting and showed growing concern in the central bank low inflation is just more than a passing fancy. Policymakers said another rate hike would depend on the strength of the Economic Data the next few months. I think the minutes show the policymakers are taking the inflation backslide a bit more seriously than they were earlier this year when they were quick to write it off as transitory and i hadeo sin creatic and theyre pondering whether part of that weakness may be due to broader global trend and means theyre now hinging their decisions to hike by year end in the next couple months of economics data but also acknowledge that the hurricanes are going to muddle those reports. So theyre in a bit of a complicated position. As i look at the roster who will be at that december eeting, there are four or five doves im not sure yellen will have a vote at the rate hike. Jason morgan and citigroup kicked off third earnings season revenue from ficc jp ing plunged 27 at morgan and citigroup saw draining revenue. You had top line Revenue Growth this quarter but when you balance out the top line Revenue Growth with a weak capital markets, particularly trading, Investment Banking was healthy, youre getting no Revenue Growth, maybe 1 or 2 Revenue Growth. If you look at loan growth year over year the past 52 weeks its dropped to maybe 1. 3 rate of growth. If you look at activity in the trading markets, it continues to be fairly anemic. One positive thing we did get in this quarter is cost control. Both citi and jp morgan coming in very big, and is important because as the revenue environment becomes uncertain you want to know the banks are doing what they can in terms of protecting the profitability of the firm and the fact you can bring down costs and become more efficient, obviously that provides more upside as the revenue picture improves. Bank of america posting its best profit in six years, higher rates helping there. Wells fargo takes a surprise 1 million charge for a precrisis mortgage probe. Many of the metrics we monitor for these large banks came in positive for bank of america and the net inches margin, for example. We point out the expense control at bank of america is quite strong and they continue to focus on reducing expenses to a 53 billion number for next year. The wells numbers on the other hand obviously have the onetime charge which we take out and came in line with expectations on the bottom line. The Revenue Growth was not as strong as some of the other banks as they continue to work their way through the scandal that theyve been dealing with. President trump has disavowed the Iran Nuclear Deal without yet quitting the multinational accord. Thats very important. Hes refused to recertify iran which he must do every 90 days and he hasnt yet quit the accord. President trump as ive said many times, the iran deal was one of the worst and most onesided transactions the United States has ever entered into. We are in limb woe now limbo now essentially and if you look at the broader situation, its adding more uncertainty into the mix we have right now. For business this is not really what people wanted to hear. Certainly they wanted a sense that this massive market with all of its potential will be opened up again and it looks like this probably will continue for the next few years. Still ahead as we review the week on bloomberg best conversations with i. M. F. Managing director christine le guard and Sergio Armatti and fed president evans and rosengrid. Up next more business headlines. Richard thaler is happy to win the nobel prize but not upbeat about the markets. I dont know about you, but im nervous. Michael this is bloomberg. Michael this is bloomberg best, im michael mckey. Lets check our top business stories. In japan where a scandal engulfed the nations Top Manufacturing company. Shares of japans Third Largest steelmaker continue to fall, being absolutely battered, kobe steel is down 20 over two days. This comes off after kobe steel admitted they falsified data about the strength and durability of some of its products. This is very damaging for japan and the integrity of the japans Manufacturing Sector and manufacturing and exports are the bloodline of japans economy, the worlds Third Largest and comes in the back of standards lately such as take caughta takata air bags. Kobe is one of the Oldest Companies and supplies some of the biggest automakers like nissan and toyota. And it will severely backlash japans integrity and have consequences down the road. Shares of kobe steel falling for a second day, down about. 7 as of now as the scandal widens and admitted falsifying information about another of its products but insists safety has not been compromised. Iron ore data was falsified and shipped to one customer. Iron ore pouder is used in a lot of Machine Tools and auto parts, everything from exhaust and power Steering Systems to camshafts. Were still trying to pin down which customer it was but so far the company has confirmed. One of the problems for kobe steel, over the last few years the Steel Industry has seen a lot of consolidation and mergers which put more pressure on kobe steel to compete with these big, huge rivals, so it branched out in lots of other businesses. One of the things were looking to see is a selloff of assets not only to raise money to deal with liability but also to help it sharpen its focus on its core businesses. The fourth round of nafta renegotiations begins today in washington. President trump says the u. S. Will walk away if a deal doesnt meet his expectations and hes repeated that. President trump well see what happens. Its possible we wont be able to make a deal and its possible that we will. There are a number of priorities of the Trump Administration in these talks that canada and mexico may regard as being poison pills. Real deal breakers related to country of origin rules and things like that. Do people have to rep for the real possibility in your view nafta could go away . Yeah, joe, theres increasing chatter it looks like some of these proposals are so far off the limit, so politically impossible in canada and mexico it looks almost like a strategy the Trump Administration has to put a kibosh to these talks and this concern is bubbling through the u. S. Business community and it looks like these proposals are trying to make the talks doomed really from the start. Congress failed to Pass Health Care reform. President donald trump has now taken his own action. Today signing an executive order which he says will promote choice and competition. President trump my administration will explore how we can expand something called short term, limited duration insurance. The outlines the president has announced are important in terms of signaling his intention and kind of a tertiary effect which could be immediate which has potential to have a Chilling Effect on signups for the Affordable Care act heading into the Enrollment Period and the prospect of pulling Healthy People out of the existing system. The Trump Administration is taking the most drastic step yet to roll back some of the provisions of the Affordable Care act, saying it would stop making subsidy payments to insurers. In a statement, the white house said, quote, the bailout of Insurance Companies through these unlawful payment is yet another example of how the Previous Administration abused taxpayer dollars and skirted the law to prop up a broken system. And lets be clear about whats happening here. There is a slow but systematic attempt to remove the nuts and bolts of the Affordable Care act in order to foster uncertainty in the market. And i think catalyze some degree of legislative action. Brexit talks have hit a wall, the Sticking Point money, specifically how much the u. K. S the e. U. Basically theres no deal. A no deal will be a very bad deal. U. K. Is planning for all outcomes. Its not what we seek but were planning for everything. The progress thats been made is teresa mays speech in florence when she said the u. K. Would meet its obligations broadly and continue to plan the budget for two years after brexit. What vonny said today was that there has been a new momentum he mentioned mays speech in florence and said but, the negotiators here today havent put flesh on the bones of what she said in florence with 15 months to go, the u. K. Wants a deal and how realistic that is is up for debate. This deal has to be approved. There are months of approval process once the deal is aagreed so its looking pretty tight. Now the Trump Administration has formally proposed to repeal the obama era clean power plan. It was a legislation aimed at cushing green regulations and today the federal Administration Agency scott pruett said were committed to write righting the wrongs by cleaning the regulatory slate. Any replacement rule will be done carefully and with humility by listening to those affected by the rules. Theyre arguing the obama e. P. A. Over estimated the potential Climate Change and Health Benefits from this rule while kind of downplaying the potential costs for customers, electric customers and utilities and theyre arguing the e. P. A. Under obama overstepped its authority, that this rule was way too broad and it flouted decade of practice of regulating emissions at individual power plants because the obama approach basically required broad changes to the electricity sector. The attorney general of new york and other state leaders indicated theyre going to challenge this plan and one of the ways theyll do that is by focusing on how the Trump Administration is justifying this change if they have adequately justified basically 180degree pivot and policy. Deutsche bank chief president john cry is increasing pressure to perform at investment. The Deutsche Bank shares lost and they raised billions from investors. Now april there are rumbling if he doesnt deliver on key parts. His job may be at stake. Is he on borrowed time . He has been for a while, as soon as he announced his strategic shift in march we had investors saying that he doesnt have that much time to show this is going to work. And the numbers in the Second Quarter are somewhat disappointing and the news hasnt gotten any better since and what hes been described as is a fireman and hes come in and put out the fires and now its back to rebuilding the bank. And i think this is where investors are getting a little nervous that that rebuild is taking longer than they might have liked. Hsbc naming john flint as the next chief executive officer after new chairman mark tucker broke off from tradition and tapped a long serving insider to run the largest bank. Would hsbc been better off going down the barclays route and opting for an outsider here . I dont think so and i think because there wasnt that much pressure at this particular time to choose an outsider. I think now were seeing, because u. S. Rates are normalizing and emerging markets are holding up, because growth is there, that they actually want more of the same which is more loan issuance, more cost cuts and a steady hand at the tiller and thats what mr. Flint represents. Richard thaler won the nobel prize for economics in his work in studying the role of human biases in decisionmaking and their effect on markets. The university of chicago professor coauthored the bestseller nudge. And this is the badge of authenticity placed now on behavior economics if it wasnt already. Thaler most of all more than any particular research he did, he was the guy that did all the blocking and tackling and the Organizational Work to make behave i cant recall economics possible and to make it possible for grad students to get money for research in behavioral economics and was the Institution Builder who didnt want to destroy mainstream economics but wanted people to pay more attention to the weird ways we think. So less volatility in the stock market but yet stocks seem to be going higher. Do you have behavioral explanation for this . I dont know about you but im nervous and it seems like when investors are nervous, theyre prone to being spooked and nothing seems to spook the market. If its all based on the expectation of some big tax cut, surely investors shouldnt have lost confidence that that was going to happen. Given whats happened so far out of congress. Michael welcome back to bloomberg best im michael mckee, they raised Global Growth this week as they kicked off meetings in washington, d. C. Despite a Stronger Base line outlook, inflation and global monetary tightening remain points of concern. Managing director christine le guard flushed out the i. M. S. Report in an exclusive conversation with bloombergs tom kean. Tom have we reached escape velocity of the agony of the last 10 years. Christine lets hope so but its not guaranteed. While we have certainly better growth and better growth forecast, 3. this year and 3. 7 this year, its not shared across the world. You still have 25 of the world measured in g. D. P. Which is not envoying that stronger recovery. While we see the sun shining, were also seeing the clouds on the horizon and countries and people not having the benefit of it. Tom how does the i. M. F. Link constructive tax reform with the worldwide idea of getting our debt house in order . Christine well, you know, what is to look at the evidence, the data of the numbers and then determine policies on that basis, within mind, two things. The revenue, the spending and political objective to being pro growth, of wanting to improve the situation of the middle class and of ultimately reducing excessive inequalities if that is the case in that country. So thats what needs to happen. But clearly in those country with a heavy debt burden and those that have entitlements coming to fruition that will probably increase the spending, it is necessary to take into account that medium term and to make sure that any tax reform is revenuegenerating. Tom what is so important here is the tone of the inch m. F. Of a more optimistic world, obviously the United Kingdom is off their game with a battle over brexit and all that and there are other serious issues with emerging markets. But you also mark down the u. S. Because, am i right, the i. M. F. Is outful on successful tax reform legislation in the short term . Christine weve actually marked up the u. S. Economy compared with our july numbers, and then weve marked up a few other countries, including advanced economies. What we hope to see is implementation of the reforms that we have called for for many years, a good solid tax reform that will be simpler, where rates, particularly corporate rates, will be lower with a base thats much more solid and clear. Thats what we hope to see. And you know, the sooner it goes through, the better. Michael still to come on bloomberg best more headlines from a busy week in business, including the latest bad news for uber, and fighting words on trade from a british m. P. And straight ahead, another dive into the weeks top interviews, the g. O. P. Tax plan doesnt have much detail yet but some highly respected economists weigh in on its all important assumption. Theres very little risk to think that tax cuts matter much one way or the other for underlying growth. Michael this is bloomberg. I think what is good for the market is that you dont limit participants to the marketplace. Liquidity is important and when you limit participation in times of stress, when things are like they are right now with low volatility, but also in times of stress, you want to make sure everybody is in the marketplace. Act the waybalker it was written was illadvised at best. The banks should not be allowed to prop trade. There is nothing wrong with it if they are regulated like everybody else. Michael that was terry duffy discussing Market Participation with johntion mickelthwait. We had another exclusive conversation with ubs chief executive sergio ermotti. Julia chatterley and joel webber asked where investors are focusing their interest and whether he is worried about complacency. Toacross all Asset Classes be honest. In corporate credits, across the junk, it has been great. I see a lot of complacency in level of risk that investors are taking. Julia enough to cause alarm . Not alarm because trends seem to last longer than we expect and, therefore, it is too early to say that this is alarming or not. Of course, we have to Pay Attention to that. What are you hearing from clients right now . We see a little bit more of a willingness to deploy cash, but that hasnt changed from the beginning of the year. We measure a little bit. Our indicator is the cash balance with the bank. We were drowning in the last four or five years and the high 20s, now we are going down to the mid20s. That is good news. A little bit more willingness to deploy money and invest money in equities than in bonds or any other Asset Classes. Still looking for that diversification. The conviction level is not that high to be honest. Will the proposed tax cuts in president trumps new tax plan lead to huge deficits or generate Sustainable Growth to pay for themselves . Three economists addressed those comments on Bloomberg Television. Cuts in the corporate rate will increase investment and productivity and wages. The tax cut will not pay for itself though. Base broadening as well. Growth will pay for part, that but not all of it. The two sides are talking past each other, but the center of the debate needs to be growth and wages. Lower Corporate Tax, higher wages. If it is driven by capital investment, how can it be that corporations are waiting for tax cuts . It has been approaching zero for a long time. If they wanted to invest, they would be investing right now. I think a lot of companies are confused about the state of the future state of growth in the economy. When they ask about interest rates, tell me about growth and i can tell you everything. Businesses are afraid the economy is in a slow growth mode. This can change the expectation and climate for business investment. As well as the location of that investment inside the United States instead of abroad. Their message in d. C. Is that we can get up to 2. 9 over 10 years. Thats how they think it will pay for itself. You say it will not pay for gdplf, but that wages in can get to sustainably over 10 years, given the difficulty forecasting the next six months . It is possible gdp growth could get to that level, but it would require more than tax reform. You said that demography was destiny. I dont agree with that. The bureau of labor forecast in 2006 only a modest decline in Labor Participation in the next decade. They knew what demography was. We have seen a collapse in Labor Force Participation. Better policy can fix that, but that is more than the tax bill. The underlying growth rate seems to be lower than it was before the crisis, and we dont understand exactly why, but we are not going to get 3 growth anytime soon. The idea we cant get to the get back to 3 . You basically saying that is not possible, even with what you see in the tax plan . Nearly anything is always possible. It is not likely. The big issue in the u. S. And elsewhere in europe is that productivity growth is low, so you add aging to this and this gives you growth rates which are far below free. There are miracles, sometimes on activity which causes it to pick up for reasons we dont understand. It could happen. I dont believe that tax reform on the table would generate this, but it could happen for other reasons. But it is very unlikely. There is little reason to think tax cuts would matter one way or the other for underlying growth. If the base cut taxes, you cut tax collection. If you are arguing the financing will be provided by higher growth as a result of the tax cut you might as well assume unicorns will come and deliver packages of money. There is no reason to believe this. On the Corporate Tax side, are there ways you think it can be a way that is more efficient . More logical . The reform paul ryan floated this year, that destinationbased cash flow tax, which included the border tax adjustment, was a not stupid idea. In fact, it was one of the few things i have seen from paul ryan this is a big moment where paul krugman is praising something from paul ryan. It has bipartisan support among tax experts. People are saying that this is a good idea. It is the one thing i have seen from paul ryan that was not a terrible idea, but it died instantly in the political arena. Without that, without the border tax adjustment, there is no way to make a significant corporate cut in marginal tax rates that doesnt explode the deficit. Michael the minutes of the moc the fomc september meeting answered questions about the monetary policy, but further insight came from the oneonone interviews with fed officials. Lets start with manus crannys conversation in zurich. That was with chicago said chicago fed the president. Im thinking it will take longer to get to 2 and we might need a continued accommodative stance. From here on out, every rate increase will get closer to that line where we are not sure if it will lead to inflation moving up. Those are judgments we have to come to before the next rate increase. Manus from the data you have seen so far, where you stand on where do you stand on a december hike . It is too early to say. I think the inflation data has been disappointing. Ive read the arguments that it is likely due to transitory factors. There certainly have been a number of those in the u. S. Low inflation is a global environment, and the whole world is dealing with transitory effects. Im sure that some of that is true, too. Expectations are low and have been low for quite some time. Our fomc state back in october 2014, we have regularly been calling out that Market Measures are moving down. They continue to be moving low even though they bounced back after the election. Survey measures are weaker than we talk about. Is it like waiting for godot currently . Where is it going to come from . What we have seen is a lot of tightening of labor markets and that will put upward pressure on labor markets. We have done a bunch of research , and our analysis suggests that our Labor Force Participation rate are usually the last to come back in response to recession. They have started to pick up and we are at the end of any sign of slack in the marketplace. When you get inflation a few months after the thing that caused it, that is what you are suggesting . With that in mind, will the fed go in december . I dont know. One of the things we tried to do and i try to do, is let the data tell me what the marketplace is doing. Because of the storms that have racked a lot of my district, there is a lot of noise in the data coming out. One of the things im going to try to do is to go out into the field and talk to my business contacts and get a sense of how disruptive it has been and from there draw a conclusion about what i think we should do in terms of monetary policy. A year ago, eric said to Bloomberg News we will be close to our 2 inflation target by the end of 2017. I am not picking on you, but that is the kind of forecast that has drawn some questions on global wall street. Right. If you look back to march, we were still expecting 2 inflation, and one of the things that occurred at the time was the wireless pricing change which had an impact on the current numbers. We are trying to get the underlying trend on prices. There are relative prices which could change a lot. That is one reason we focus on core inflation rather than total inflation. Sometimes we get spikes in oil that are not predicted, and sometimes oil goes way down. That is not predicted as well. We are not trying to address the relative price changes in the economy. We are trying to get the underlying rate. The reported inflation is quite low, but i think it is a reflection of temporary factors. We are about to have more temporary factors. The hurricane is likely to have had temporary effects on inflation as well. That is not something we should react to either. We want to get the underlying inflation rate. My expectation is that we will get an underlying inflation rate relatively closer to 2 over the course of next year. Michael you are watching bloomberg best. Im michael mckee. Lets return to our roundup of storiess top business with a pledge from saudi arabia to cut back its output of oil. Saudi aramco is planning to make the deepest cut in oil supplies in november to reduce global inventories. They are cutting 516,000 barrels a day despite the fact demand is holding up pretty strong. I found this interesting at a time where exports are increasing, and they are getting market shares. I think they are trying to keep the rhetoric stable. What opec has tried to do is to have predictability for the demand side of it. They can control supply, but not demand. So they do this kind of action. It is about consolidating the trust they think they have built up with a market, and they are showing they can act when they want to, they are willing to act when they want to, and that is why the price today is justified. Tensions between the u. S. And turkey are rising, both sides suspending Visa Services to citizens. This comes after turkish president erdogan arrested a person who works at a national consulate. It is taking a toll on the lira and turkish stocks and bonds. Late sunday evening, the u. S. Announced it was suspending nonimmigrant u. S. Visa services across turkey effective immediately. Turkey released this similar statement. They announced they were doing the same for american citizens. The reason behind the move is because, last week, turkey arrested a Turkish National who worked for the u. S. Consul here in istanbul. Turkey says he is allegedly involved in the coup attempt last year. They gave a brief remarks in kiev and the most interesting parts of that remarks is that he laid the blame on the u. S. Ambassador and not on the administration which is his way of leaving the door open for some sort of reconciliation, direct president to president. A cofounder of two hedge funds is planning to start two new funds according to bloomberg sources. Why now . Investors are leaving hedge funds, but some of the traders who invested in the fund have a track record. If they market their performance, maybe there is a probability some of those investors invest in them and that can arrest the decline. They have now managed to lose about 12 billion which is down from 40 billion four years ago. What gives him the confidence to offer more products of the fund if they are not doing well . Macro is making a comeback, maybe a small comeback though. It seems things are turning positive for these macro managers. Billionaire activist investor bill ackerman spoke with number of topics with bloomberg today. It is his ongoing battle with adp that is front and center. He will not compromise with adp, because he wants a mandate for change. Not at this point. He said the board would have a change of heart to make a settlement. If they are willing to implement his plan and push to the changes he wants and maybe one would be then maybe one would be enough. But, as things stand now, he sees no room for compromise. General electric has a new ceo and now a new director. Ed garden joins the ge toward yesterday and nelson peltz has been pushing ge to get off its profits up since acquiring a stake in 2015. Mr. Garten said he is disappointed about the recent performance of the ge stock, but he believes in the attractive longterm investment opportunity. Is this basically conceding . At first, they said they have a good plan and we will lead you leave you alone. Now, i think they are forcing their hand. Also, another board member is leaving. The timing is terrible. Worked. Iming stocks are terrible. There was first euphoria, change of guard, then there was a billion dollar company. It will be multiple years to get this thing reached. It has been restructured, what to turn cash flow and other things around. The continuing saga of ubers legal troubles, they are facing two additional criminal investigations. There are now five ongoing probes in the worlds most valuable startup. Quickly, we first have bribery. The rest are fancy acronyms. There is the legal fight with alpha and their self driving car. Whether they legal fight with alphabet and their self driving cars. Whether they received proprietary information unlawfully. We also have some pricing disputes. Aside from brexit, Prime Minister theresa may is grappling with fallout over trade disputes across the atlantic. How will this end . This has turned ugly. The rope threatens jobs. What is the next threat . Boeing are the king of corporate welfare in america. They are subsidy junkies, and this is the most egregious hypocrisy i have seen in International Trade in many years, and they need to understand the way in which they are playing does not sit well with u. K. Parliamentarians. The way in which they sold and leased back the planes to Monarch Airlines is something i will be referring to the Eu Commission to look at whether there is an antidumping case there. Here is boeings response. They say the case in the u. S. Is about compliance. They say that boeing complies despite recent rhetoric. Regarding these proceedings, they focus on preserving a level Playing Field in the aerospace market. Ecb could be close to making a long awaited change. That centralng Bank Officials are considering cutting the monthly bond buying by at least half. Policymakers could reach an agreement on just how much debt that the Central Banks will buy at the ecb meeting. Is that causing some Division Within the ecb . It is clear a decision will be reached in october, and it is clear that no matter what the or doves it be, everybody is in agreement, it seems. They want to exit the program gradually and carefully. What the report has shown is that this compromise might lead to extend the program for nine months at the pace of 30 billion euros per month, which is the half the pace of how it has been happening so far. This is the splc function supply chain. You can see shinzo corporation at the top, mitsubishi, toyota, general motors, nissan, honda, these extended to vehicles on the road. There are about 30,000 functions on the bloomberg, and we enjoy showing you our favorites on Bloomberg Television. Maybe they will become your favorite . Here is another function you will find useful, quicgo. That will take you to our quick takes which can give you important insight into timely topics. Here is a quick insight from this week. From excellent protection, three inoculations. The second given not less than two weeks after the first. A minority of parents leave the leave the most lifesaving medical advancement in history is doing more harm than good. This group undermine progress against disease in europe and the u. S. And Health Officials worry about future setbacks. Two years old, two and a half years old, a child went to have the vaccine and came back, and, a week later, got a tremendous fever, got very sick, now is autistic. Here is the situation. The vaccine backlash took off in 1998 when a medical journal turned out to publish a fraudulent discussion linking it to autism. They retracted the study in 2010 and the authority stripped of his medical license, but the idea took hold. Preventable diseases are on the rise again in the u. S. And europe. The u. S. Was measles free in 2000. The number spiked to 667 and in 2014. However, it is worse in europe. Whooping cough has remained at sense 2012. Els 2012. Ce the choice not to vaccinate doesnt just affect individual children. Because kids live in clusters, groups can lose their collective community. The pathogen dies out in that area. If communities lose it, those who cant be vaccinated for medical reasons or are too young, become susceptible to infection. The u. S. Sets vaccine requirements for school exemption. Some Public Health specialist support eliminating these waivers, and, in some cases, the courts have agreed. In a striking down a religious exemption, mississippi cited Public Interest in keeping children healthy. Others worry making taxation making exemptions and vaccinations more compulsory would harden the opposition. Michael that was just one of the many quick takes you can find on the bloomberg. You can also find them at bloomberg. Com, along with all and businessws analysis 24 hours a day. It will be all for bloomberg best this week. Thanks for watching. Im michael mckee. This is bloomberg. David when you told people you would raise a 100 billion fund, did they tell you you were crazy . Did you suffer discrimination in japan . Masayoshi that made me stronger. David how did you feel losing 70 billion of net worth . Masayoshi i was so close to fall down from the cliff, we almost went bankrupt. Somehow, i survived. Your tie,ou fix please . David people would not recognize me if my tie was fixed. Just leave