Talks and rising inflation are two thorny issues. Have a look at where european equities are trading, under 30 minutes until the end of the session. Greece is up 1. 5 . Italy is lower, 1. 3 lower. Ost markets trading down we are awaiting the outcome of the fomc meeting in three hours. Fx sovereign bonds, commodities, and cbs are your final columns. One of the movers of the day, shares up 2 , the biggest clothing retail stegner signaling growth is slowing this the owner ascating having a good start to the Christmas Holiday season. Revenue advancing 13 to the start of the fourth quarter, excluding currency shifts. Third quarter earnings in line with expectations. Lets talk about italy. The ftse still looking cheap compared with european peers. The benchmark is poised to close as europes best performing major market, on call for its best annual performance since 2009 when it rose 19 . Analysts expect the trend to continue next year. A general election and possibility of political gridlock could put a brake on the rally. The mid valuation trails other european benchmarks. The cac 40 is the one with the highest valuation. He ftse med is the white line the ftse 100 is the purple line. We had some inflation data out ,f germany today, headline 1. 8 call 1. 1 after flirting with negative readings. It reached a peak of 2. 2 in yearoveryear terms in february and the rate has fallen back since then, still below the ecbs preferred target. We have some breaking news. Vonnie breaking news, al franken has been replaced. Lieutenant governor tina smith is taking his place in the senate. This was anticipated. We have pictures of the swearing in happening. Tina smith appointed to replace al franken in the senate after he steps down following sexualharassment allegations. We are going to go to Abigail Doolittle to see how the markets are faring. Abigail bullish action for the major averages in the u. S. , more recorder highs for the dow and s p 500. This is impressive, considering that investors are waiting to see what comes out of the fed meeting. 98 of economists believe the basisll hike by 25 points, and they are waiting to see if Congress Gets a tax bill to the president before the holiday break. Lets take a look at some of the winners on the day. 2. 2 N International up after the Utility Company was cleared and one of the california fires, although probes continue on a higher lace. Honeywell trading higher, despite the fact that their outlook is a little below consensus. The ceo is narrowing the focus and it is less bad from a sentiment standpoint than what investors are looking for. Western digital up nearly 3 after the 2018 is bigger and more bullish than the settlement from toshiba. These are some of the winners on the trading day. The fed will be putting out there fed policy decision, and we have the chart of the 10 year yield in the bloomberg. 7106, the at g btv 10 year yield has been climbing because haven bonds are selling off him a consistent with the fact that the fed has been in a hiking mode. We also see for a good part of the year, we have the 10 year yield stuck in a range that is narrowing, suggesting we could see the 10 year yield dropped to the bottom of the range, closer to 2. 2 , or perhaps a true breakout. Either way, it suggests the trading range is likely to break in the relatively near future. Hats the fed will give more guidance. As we have rates rising, that has pushed gold down 2. 3 , below its 200 day moving average, suggesting it could have more weakness. Look at bitcoin, bitcoin is another influence. As gold has basically dropped about 2 on the month, bitcoin up 160 as it made its debut on the sea boat in chicago cbo in chicago. Vonnie it is fomc day in the United States. A 25 basis point increase is coming, but what else can we expect from Janet Yellens last news briefing . Lets bring in Richard Clarida of pimco. Thank you for joining me. We have a few hours left before the fomc meeting. Legacyll Janet Yellens be as we head toward potential fiscal reform and a rate increase . Navigateshe has had to the end of crisis monetary policy, again a rate normalization process, shrink the Balance Sheet here at things couldve gone wrong that did not. Historians may look back that inflation has been below the fed target under yellen and bernanke , and there may be some monday morning quarterbacks who say why hike at all . Yellen has a strong legacy. Vonnie curious to what the dots will say. Longer returned, there is a level of neutral. Does that increase and thats at what point . Richard we think we may get an adjustment in the dots in 2019, but what we have called the new neutral at pimco says the terminal funds rate will be somewhere in this twos. The dots are currently at two point 75 and we do not think they will move. As inflation moves toward the 2 target or sticks to where it is now, stubbornly below it where it has been for the best part of five years. Richard our baseline view is that inflation will edge up toward the target. You leave out a third possibility that inflation overshoots the target. I agree, for six years inflation has been below two, but the economy according to the feds numbers is at or through full employment. We are about to get a tax cut in the economy and the ninth year of an expansion, until there is a scenario that inflation moves above the 2 target. Mark if inflation speeds up, what happens to the yield curve . Inching towards inverting, some say. Richard that is an excellent point, because an inverted yield curve is a pretty reliable measure that the economy is near the end of the expansion. It is not inverted now. If inflation moves up to target of around two, i expect we will not get an inversion. The scenario where that comes into play is if inflation moves above target and the fed needs to hike rates above neutral we saw that in 2006 and the late 1990s so i do not think under a baseline case we get it but under an inflation overshoot, we get it. Vonnie the data was very soft for cpi,. 1 , not even. Richard the old line, my story and i am sticking to it, these are transitory factors. That is the feds story. Minutes, we the fed will probably see from the press conference that chair yellen will announce that some members of the committee are concerned, and perhaps some of this is not transitory. I should also mention for your viewers, this is likely chair yellens last meeting. There is a january meeting, but she has indicated that when Jerome Powell is through his confirmation process, that she will resign so this could well be her last fed meeting. Vonnie the temperament of the fed is bound to change dramatically next year. At what point do markets start looking for a fourth rate increase next year . Is that on the cards . Richard the dots are at three. Market pricing is at two hikes. As recently as september, one height. My baseline view would be two to three hikes. We could get four hikes if the growth in the economy is stronger because of the tax cuts, but also you need some indication that inflation is moving up too quickly for the feds taste. It would be tough to see four hikes, but under a booming economy with rising inflation it could happen. Mark there is a story on the bloomberg, the headline is outlier economists see ecb raising rates as early as next year. It is a small group, but the argument is by at least six banks that the ecb will raise rates next year because of faster than expected inflation, which will force the ecbs hand. Do you see the rationale . Richard i do see the rationale, but our view is that next year we likely see an end to the qa program. Qe program. Our view is that they will do qe , stop it, and reinvest. At some point in 2019 they will think about hiking rates. Would be surprised, because core inflation in the eurozone is well below their desired level. It is around 1. 2 i believe. They are a long stretch away on a core measure from their target. Mario draghis term is up in november 2019, so the ecb focus within about a year or so will start to focus on his successor and rates under his successor. Mark on inflation as it seems to be our topic of the day, the bank of england has a different problem. Inflation yesterday showing a year on year again a 3. 1 . Giving real wages as we saw today are still negative, what sort of position does that put the bank of england in the coming months and years . Richard on bloomberg several months ago, i used the term that the bank of england felt their policy was being hijacked by brexit and it put them in a tough spot. Get the adverse effect of the depreciation of the pound on inflation, what economists call stagflation. T creates tough choices they decided to hike in november and take away some of the easing. We do not think that carney and company are in any rush to hike rates a lot, but we could get a rate hike out of the bank of england next year. Vonnie what about the bank of japan . Does it target a steeper curve, and when . Richard they had problems when they did their version of qe so they pivoted to yield curve control, trying to cap yield on the 10 year bond. Esther kuroda has indicated mr. Kuroda has indicated they may need to rethink that or nudge up the yield curve. They basically say, when we do qe, it is bad for banks for financial intermediation, and that is always a factor. Vonnie we have not talked about the china bond market, and i am eager to hear your thoughts. It is emerging but has been very turbulent. Some are saying there is a chance it is a good place to get in. Richard we think on a secular basis, a fiveyear basis, we think you can go into the chinese bond market. There are still capital controls , but it is a huge market and obviously may well be entering into some of the end access. Have a respect of the nature of regulatory in capital control environment, and issues by the sovereign and state owned enterprises and the like. It will be an increasingly important factor in global bonds in the years ahead. Vonnie Richard Clarida, managing director at pimco. Janet yellens last user of her term. Uick death date update Rod Rosenstein grilled by gop lawmakers in the house. He sees no cause to fire special counsel robert mueller. Republicans have been hinting at what they say is an antitrump bias at the fbi and justice department. We will keep you posted. This is bloomberg. York, i am vonnie quinn. Mark live from bloombergs new European Headquarters in london, i am mark barton with the european close 13 minutes away. European Bank Employees may be looking at u. S. Counterparts with envy. They have cut bonuses and may soon be handing out doughnuts or zero payout. Lets bring in a bloomberg reporter. What is going on . We are saying that for the European Investment banks, it will be one of the worst years in terms of bonuses, especially for the fixed income traders. They will see a reduction of 10 on their balances, mainly because of the lack of liquidity and the slump in trading revenues. So for fixed income and currencies, we are seeing almost 20 for most of the major european banks. This is reflecting on their performance. There are bright spots in europe. Givethey are going to natural positive bonuses this year and rbs has been reporting about the bonds for the first time in 10 years will not be reduced. Mark m a is a bright spot. This year, the activity in europe has been quite big and intense, so they are expecting to see a 10 increase in the bond issuance. Compared to the u. S. Ks as well, where probably it is not going to be a successful year for them either. It is likely positive. , did he offerney an olive branch to the bonus put a caphe suggested on bonuses . A removal of the cap on bonuses, but first the bank needs to start paying again and then we will talk about bigger bonuses. Mark one step at a time. Bonuses, europeans in second class to u. S. Rivals. Vonnie what can i say . Apologize, or not. Buying grocery delivery start up are stepping up efforts to challenge amazon in ecommerce orders. Target hopes to roll out its same day delivery across the United States, shares higher 1. 5 today. This is bloomberg. Doubledigit earnings are expected through 2020, but it has been a tough year for the firm. We have a 12 Earnings Growth this year, and last year is 15 and 15. This year it was particularly driven by a revenue increase of almost 12 . More customers booked holidays with us, so it is really a good development. Mark how are the winter and summer booking seasons looking . Very strong. 3 and alsore up the summer bookings are very good. I think interestingly enough, we see strong developments as in the past with the caribbean, but also turkey seems to come big with summer bookings up 70 year over year. I think that is encouraging. Mark that is interesting, because we have had increasing Political Tension between germany and turkey, which led some to believe that could lead to an upheaval in tourism between germany and turkey. You are not seeing that . Know, we are not seeing that to the contrary, we see turkey coming back. Last year we had a lot of russians booking in turkey, but this year it is also Central Europe coming back. We had made a decision a couple quarters ago to pull out our contracts. And we are nowy, happy because we believe that goodquality stock will be scarce in turkey soon. Mark lets talk about the u. K. To what extent is the weaker pound squeezing holiday budgets . It is a development. You know that after the announcement of brexit, the pound to euro and dollar ratio weekend 20 . Our costs are predominantly driven by dollar and euro, and our revenue in the u. K. Is driven by the pound, it was a increase. We could prevent the margin increased by increasing our prices, and customers booked it is they wanted to have their vacation. We have more customers in the u. K. Than the year before. One thing which is very assuring , customers in the u. K. On average in the last years have paid around 1000 pounds for their vacation. Market research and early bookings indicate that this will stay stable. That indicates that actually we have to react on the replanning of this. Destination for u. K. Customers is actually croatia and bulgaria. Destinations where a cost structure is more competitive. Mark you are shifting capacity to more affordable locations. What is happening in spain . Our hotel prices in spain on the rise . They have been on the rise, and they were pretty high last year. With our spanish hotels, we renovate the hotels and invest in order to justify higher prices. Now as turkey is coming back, i could imagine that you know the rise of the spanish prices is coming to an end, and it will. Lateau or going back slightly it remains to be seen. It is very early days for summer booking next year. Executive ofef travel operated to a, which reported earnings earlier. Is this a phone . Or a little internet machine . [ phone rings ] it makes you wonder. Shouldnt we get our phones and internet from the same company . Thats why Xfinity Mobile comes with your internet. You get up to 5 lines of talk and text at no extra cost. So all you pay for is data. Choose by the gig or unlimited. And ask how to get a 200 prepaid card when you buy any new samsung device with Xfinity Mobile. A new kind of network designed to save you money. Click, call or visit today. Mark live from bloombergs new European Headquarters in london, this is the european close. I am mark barton with vonnie quinn. Investors are awaiting the culmination of the latest fomc meeting in a couple of hours. Basic resources rising, utilities a little bit lower, down for the second day in three. The big data piece in the u. K. Was jobs, shedding jobs at the passes paste fastest pace pay growth did accelerate. Did lag inflation, meaning a fall in real terms is forecast to continue to 2018. The jobless rate at a 42 year low. That is because people left the labor force. That was data out of the u. K. We talked about the Energy Markets and i thought we would come back to the u. K. Natural gas market, flows resuming overnight in europe after an explosion as it threatens supply. Snap taking place across the continent. Natural gas prices little changed, a little bit lower after rising as much as 23 yesterday, the most in a years. Brenttruggling crude futures rising above 65 for the First Time Since june 2015. Lets talk cyclical stocks. European stickel stocks are holding on to this years gains, even as they u. S. Yield curve continues to decline, raising concerns about an economic slowdown ahead. A flattening curve is not yet a problem for stocks. They are decoupling from bond yields. Valuations are expensive. The words of strategists at j. P. Morgan chase who recently downgraded the group. Vonnie lets start with the dollar, seeing more softness today. Down 7 year to date. At 113. 08. Yen the yield curve is flattening to 55 basis points. This is before the yellen news conference. I do want to point out the mexican peso trading well above 19, although it is off of its high. Crude oil futures, a surprising drawdown of inventories. It was the second week in a row for 5 million drawdown and a huge build in gasoline distillates, so you can see the effects. Opec will not rebalance until the end of next year. The oil market is getting interesting. G20 movers, mexico. Weaker with the mexican peso. He ruble up 6 10 of 1 we are anticipating a Central Bank Decision out of russia as well. Lets eat an eye on the rand. About. 2 1351, up today. Take lets get investors on action from neil mackinnon, global macro strategist at vtb capital. Better start with them. The dots, any changes . What could be potentially the big surprise . Neil the big surprise for markets would be if at the press forerence, janet yellen whatever reason turns more hawkish. She has been on the dovish side of things. We see much more progress in terms of creating jobs, and that has happened under her watch. As we saw last friday, white solid jobs growth. Quite solid jobs growth. It is widely discounted that we will get the third rate hike this year. Watch one ends her where the u. S. Economy has done quite well and has probably exceeded the expectations of economists. We have president trumps tax plans that may be signed off. We will start the year on a good note. One of the key concerns for investors, traders, economists, what she thinks about financial conditions and risks. Mark which ties into your note. S, thentioned the di paradox that the dollar is looser. Neil the paradox is that despite three rate hikes this year, however we mention measure financial conditions, whether it is baskets of equities, essentially telling us financial conditions are very loose. One of the measures is a 24 year low. U. S. Equities are at record highs and asset prices generally keep pushing higher. We have a positive correlation againstll Asset Classes the backdrop of super low volatility, so that investors are getting a doublebarreled gain from lowball and high returns. Whether it is bitcoin or cryptocurrencies, or the markets themselves, the concern is that things could be bubbling up a little bit. That is taking risks with financial stability. She will want to end her term as fed chair by saying, i do recognize that these are concerns. I think i am right in saying she will be the only fed chairman where there has not been a crisis. Is imminent and Jerome Powell has the pleasure of handling the next crisis, we shall see. Vonnie there was that taper tantrum and i am not sure she would fully agree that some of her time was not crisis filled. I wonder what might catalyze the next one. These things can turn on a dime, so what are you most closely watching . What is a key concern is probably a very obvious concern given the low levels of volatility, is that we see an unexpected surprise in inflation. Inflation is low as we saw in the u. S. Cpi member numbers. If we get an unexpected surge in would be, the markets led to the possibility that Interest Rate increases would be jacked up beyond the current term trajectory. That is an obvious risk. Crashes,t is flash which have typically been short and sweet, or something more sustained and dramatic, sometimes it can be something that is not very obvious and is out of the blue, and when it does happen we are scratching our heads in trying to figure it out. There is always the risk that as the Banking System is a lot stronger and more resilient, it will not be the banks this time in the crises. There has been commentary written that very low levels of volatility, the socalled big short and volatility positions could easily snap back and create a broader bond and fixed income credit, a broader unwind which could be quite nasty. Vonnie what is your outlook for the dollar . We have seen 7 weakness this year. Does it get weaker . Neil what is interesting about the dollar, and every year currency strategists get called , we mostly started the year expecting the dollar to go up for obvious reasons in that the fed stopped qe in 2014, there were expectations that the fed would raise rates, which we saw them doing and starting to normalize Interest Rates. In october they started to mind their Balance Sheet so just when a socalled of urgent voluntary divergentdollar monetary theme, the dollar would go up. Say to the current account surface in the eurozone, or maybe the cyclical recovery has surprised on the upside although the u. S. Economy has done well. Personally, i think it has a lot to do with Chinese Foreign exchange reserve policy. The eighth of september, we saw the dollar Renminbi Exchange rate and on the same day the low in the 10 year treasury yield. It has a lot to do with the Chinese Central Bank rebalancing the euro portion in its fx reserves, and that was a key reason why we had this runup to a high this year of just over 1. 20. Briefly, i think expectations is still looking for some dollar. Irmness in 2018 a much stronger euro would be bad news for the euro economy. Mackinnon, global macro strategist at vtb capital. Vonnie Courtney Donohoe is with us. Senatey out frankens replacement is minnesota Lieutenant Governor tina smith. She will fill the seat when he formally resigns. Smith says she will be a fierce advocate for Economic Opportunity and fairness. Inflation in the u. S. Picked up, thanks to Higher Energy prices. It rose 4 10 of 1 , that when you take out food and fuel, inflation increased 1 10 of 1 , and that could factor into fed discussions on raising rates. In new york, Authorities Say the case against a wouldbe suicide. Omber is open and shut he will make his First Court Appearance today. A federal Prosecutor Says he made it clear he was on a mission to punish the u. S. For attacks against islamic state. Global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. I am Courtney Donohoe. This is bloomberg. Vonnie coming up, meet mexicos new finance minister. He joins live next from mexico city. This is bloomberg. Live from bloombergs new European Headquarters in london, i am mark barton. Vonnie i am vonnie quinn. This is the european close. Reigning in inflation trade rights from president on a slow burning economy, mexicos new finance minister has his work cut out for him. Lets bring in michael mckee, who joins us from washington dc washington, d. C. And joining me from mexico is is a Gonzalez Anaya as a antonio Gonzalez Anaya. Vonnie outlined some of the challenges facing mexico right now. As you go forward into 2018, how do you reassure the mexican people and investors about the course of the mexican economy . Simply,alez anaya very when the president gave me the honor of naming the finance minister, he gave me clear instructions that i can summon eyes summarize in one word continuity. We will continue with the policies we have been following in the last two years and i think that has served them well. We will continue to have solid public finances. We had a primary surplus last year and we will in 2018. We will continue to have prudent financial policies and conservative monetary policies. Primary you have a surplus but also had a contracting economy largely because of the earthquake. Doesnt that argue for spending more . Dont mexican governments spend more going into an Election Year . Mr. Gonzalez anaya to make it clear, we did have an earthquake , but we also have a good policy for dealing with natural disasters. Since the earthquake in 1985, texaco has been building what we call a several mexico has been building what we call a Civil Protection network. The laws are pretty clear. The budget decree has very specific outlines as to what can and cannot be done, and the electoral law is also very clear. Important it is very to signal and tell everyone that we will continue in our course with sound macro policies for the course of 2018, because those have shown that even in the face of uncertainty like in 2017 where there was a lot of uncertainty surrounding mexico, mexico did relatively well. We would like it to grow faster, but we still expected to grow 2. 2 , a reasonable number this year. Predecessorr suggested that mexico might be able to start cutting interest year,by the end of the but mexico expected to raise Interest Rates at its next meeting, and with the fed raising rates and the u. S. Cutting taxes, or you have to look at a central bank raising rates throughout 2018 . How does that affect your growth . Mr. Gonzalez anaya the central bank in mexico, touches and autonomous entity, dish which is an autonomous entity, which is a really good thing, has been looking at the numbers carefully. The issue is that the inflation rate is a bit higher than what we would like, mainly because there were two relative price relativets one time price adjustments, gasoline and the Exchange Rate. I hope that sooner rather than later the inflation will converge back down to the centralbank target between 3 and 4 . That will provide room, but we will have to see. Michael do you ask the new central bank had head to slow down, to be more careful in raising rates because it is an Election Year and because the economy is struggling . Mr. Gonzalez anaya lets say we have a very open dialogue. In the United States, there were the famous breakfast meetings between the fed and treasury. He is also a friend of mine. We have a very fluid dialogue and we talk about the economy, and what the best measures for it are. We will try to move forward and what we think is the best course of action for the economy. We have the same interest at heart. We have different points of view, admittedly. Primary interest is inflation and ours is the health of the economy, but they still can move. There is a way to harmonize the view and i think we can move together in 2018 and forward. Michael the big issue hanging over the economy is nafta. What is the current thinking in the government about whether donald trump will withdraw . Mr. Gonzalez anaya our central scenario is that negotiations will continue. It is reassuring that there is a dialogue going on in this regard. This week, there is a technical round going on. In january, there will be a ministerial round, so the dialogue continues. I am a Firm Believer in trade. Trade is good for both parties, not just the one exporting or importing. This has been a fruitful relationship between mexico and the United States and canada. When i hope is that the minister of the economy will continue to well,hese negotiations and these will arrive at a reasonable and good result for all three countries and north america. Peso hasthe depreciated as the course of the negotiations has gone on. Do you think it is undervalued . How much . Mr. Gonzalez anaya it is hard. Somebody told me not to talk about the price of oil and i did not. The Exchange Rate, i also do not want to say whether it is undervalued or overvalued. The Exchange Rate is what it is, and we have to take the necessary course of action for the best measures for the economy, and that includes sound fiscal, financial, and monetary policies. The Exchange Rate will adjust to whatever the right level is, but i think this is important for us. Mexico for a long time had a fixed Income Exchange regime was not good results. It has served well as an adjustment mechanism for the mexican economy, and we are fully committed to that. Michael the Foreign Ministers said recently you are preparing a plan to reassure investors and stabilize markets should a nafta withdrawal take place. What do you say to investors . How do you keep the economy on an even keel . Mr. Gonzalez anaya we are always preparing for these things. I think the best way to prepare is to have very sound Macro Economic policies, as we did 2017. We are almost finishing 2017, and it looks like a reasonable year for mexico, but if we were to look back, it was a very difficult year, especially at the stop. We had a massive structural change. Then we had to transition and discussions on nafta, and then we had a natural disaster, so it has been a rough year. However, if we were to look back , we see that sound macro policies done by my predecessor and the predecessors before me served mexico well. We will continue to do that. Our stabilization funds are at a record high. The Central Bank Reserves are at a record high. We just got the flexible credit line renewed by the imf. Michael thank you very muchgr. Acias, senor, for joining us. We will send it back to you in new york. Vonnie thanks to bloombergs michael mckee. Coming up next week, we will be hearing from the new governor of mexicos central bank. You do not want to miss that interview. Breaking news now, the ap reporting the house and Senate Leaders have reached an agreement in principle on a sweeping tax package. Bloomberg has not independently confirmed that a deal has been reached. At 12 30a lunch between the president and some tax bill confer ease. We will continue to keep you updated. Vonnie it is time for our battle of the charts. For fomc date, we are kicking things off in the u. S. With joe weisenthal. Datawe have u. S. Inflation , cpi, but it is important to break it down to see if there are trends. Core Services Include excluding energy, core cpi in which, the cleveland fed lops off some of the outliers on the top or bottom, core excluding the effective rate. Here is the bottom line none of them are trending up. At best, they are trending sideways. Some are trending down. Still no signs of the broadbased inflation pressure that people are looking for. You can see this chart on the bloomberg at g btv 5229. Mark it could be inflation that forces the ecbs hand when it comes to raising rates. There are outlier views, but at least six banks could it mario draghi will raise rates next year, citing inflation and financial stability. This is a wonderful Morgan Stanley how many months to the first rate hike index. Just after brexit last year, we are at 60. Some suggesting the ecb could raise rates next year but the view is no rate hikes until the end of the current qa. Qe. Vonnie and the winner is drumroll joe weisenthal. Join us for the fed special today at 2 00 p. M. Eastern, 7 00 p. M. London time with all the aaction from the likes of former fed governor and many more. This is bloomberg. Vonnie it is noon in new york , 5 00 p. M. In london, and 1 00 a. M. In hong kong. I am vonnie quinn. Julie i am julie hyman in for shery ahn. Welcome to bloomberg markets. Vonnie here are the top stories on the bloomberg and around the world that we are following. Breaking news in the last few minutes, we have learned that house and Senate Negotiators have reached a tentative compromise on taxes, after the shocking shift in alabama politics. What it will mean for the tax overhaul. Finale, shes grand delivers her last press conference at about 2 30. Will it overshadowed be expected 25 basis point hike . We will take you to new yorks. Incoln center for an interview Abigail Doolittle is with us now as we arrived at the Halfway Point in the trading day