Best performers in the s p 500 or if perhaps because Elizabeth Warren is walking back her proposal for medicare for all, interimhere would be an and the fact that Pete Buttigieg is pulling so well. Down about 2. 7 . Guy . Guy european stocks low but not down by much. Volume is like. We seem to have people trading on trade headlines that are risk off. We have yields lower and bonds are better. By half of 1 p against the u. S. Dollar. The reason for that is better polling for the conservative party. We will talk british politics shortly with joe swinson of the liberal democrats. Vonnie lets get to hong kong. Raging fires, tear gas, flaming vehicles have all gripped hong kong in battles between protesters and police. Of a are growing on a crackdown on protesters as police around a university. In the u. S. The senate is preparing for passage of a bill that shows support for protesters supporting democracy in hong kong. When do we expect that vote . We are expecting it at some point this week. Lawmakers are still getting back to washington so the calendar for the week is not set area the senate will have that this week. The legislation needs to be reconciled with the house version but that is something that could take less than a day. We could be on the cusp shortly of that legislation passing and going on to President Trumps desk. Is there any indication this will impact trade negotiations . In the past some of these issues, political issues have come up and not sidetracked the trade talks that have been ongoing. Any criticism of hong kong will be something the Chinese Government is very sensitive on. It comes after the weekend report in the New York Times about the internment camps so there is a lot of International Condemnation and pressure coming on china and it remains to dean whether that will bleed into trade talks. An eye oneping everything Hong Kong Related for us out of our washington, d. C. Bureau. A special guest now, he is a legend in the value and investing space and redefined Value Investing. He owns hundreds of longs and shorts and has made a fortune for his investors. I am joined by joel greenblatt. Welcome and thank you for joining me. You are obviously known for your index strategy, i different style of Value Investing. We have talked a lot about Value Investing. Im curious as to your metrics where are we now . Thisere anything about market that makes it special or overvalued according to your metrics or expensive . Joel that is an interesting question. If you take a look at the s p 500 we value each stock within the s p 500 the way we value companies. We call Value Investing figure out what something is worth and pay less. Time, backack over to 1990 and value the s p 500 every day for the last 29 years and contextualize where we stand now relative to those 29 years. We are in the 14th percentile towards expensive, meaning the market has been cheaper 86 of the time. That does not indicate negative returns. We are not making predictions but we can go back in time and see what happened from the 14th percentile in the past, what has happened is the market has been up three to 5 over the next 10 over the next year. The second part of your question is the russell 2000, stock number 1000 three 3000, the smallcap stocks. That is in the first percentile, it has been cheaper 99 of the at thiswhen it is point we may see negative returns. Vonnie we may see something for the russell we have never seen that we are not seeing that for the s p 500. If we are in the 14th percentile there could be a way to go . Joel it is hard to make predictions. One way you could get back to 10 annualized returns as if the market would fall 20 tomorrow, then forward returns from there would get closer to the 10 we have been used to over the last 29 years. Markets continue up and get returns over the next four to five years of 45 . If earnings continue up of four to 5 . Vonnie you have many different strategies but im curious on how you think about time. Do you have time horizons or do you rebalance on a daily basis . Byl we value businesses ranking them according to their discount of our assessment of value. We buy the cheapest ones we can longand if we are in a short strategy we will short the most expensive ones. The value of a business does not change daily but prices do. We rerank daily because prices are changing and we compare them to how we value the business which is like a private equity firm would. Stocks are not these of paper that you put fancy of ratios on, they are ownership shares of businesses. [no audio] joel that is the way we tend to look at it. To compare expected returns between outside the u. S. And inside is more difficult area of difficult. Guy what kind of data do you see from the bond market if any there is a relationship between bond yields and what happens with Value Investing. How much attention do you pay their . There . Joel we dont adjust for Interest Rates. If you look at the 29 year period, rates are lower than they were so the competition for stocks is much lower. Theoretically you could pay more for stocks if you thought low rates were permanent. If you make some of those assumptions you could get more aggressive returns. We are value investors, we are quite conservative. If you have 1 yields it is hard to say you should a 100 or 200 times earnings for something just because yields are 1 . There are risks in stocks that are not just as a we dont adjust for them and our data does not show that is effective in making predictions though i understand the logic of your question. If you want to make the assumption that rates are permanently low then stocks are more attractive than i indicate. Vonnie you say you dont really this, it is not high on your ratings list but you do rate cash flows. What kind of cash flow yields would you say from a 1. 5 or 1. 75 environment . Joel the s p is pretty close to 4. 5 pretax yield the way we look at it. That is our proprietary number. If i compared it to the cheaper stocks they are at 7. 5 . Getting 30 or 40 discount to the market for some of the cheapest stocks we can find. That is how we look at it. We are always buying the cheapest we can find and shorting the most expensive. It is not a question of guessing which way the market will go. Vonnie how are you measuring the trade war into this . This willime impact all the factors that you look at. Joel it is not our area of expertise but if you ask for my guess the market has factored in that we will have some kind of solution to the trade war in the nearterm for election reasons and other reasons and not much will be accomplished through that deal but there will be a deal and the trade war will be called off. If that does not happen it will be a negative for the market but i think that the market is priced as if that is the logical thing that is going to happen. Curious on the data that goes into your thinking and how you are thinking on what you are getting out of the models. The credit market, the amount of debt going out to the door is eyepopping. Companies are gearing up and the market is taking in. In terms of the way you screen companies, how does that factor into your thinking . You are obviously looking carefully at cash flow and that is something the debt market is paying attention to. What are you seeing in the debt market, the credit market and what clues do you take away from that . Joel its a big picture question. The example i usually use for investing is if you are buying a house and they are asking for 1 million your job is to figure out if that is cheap. Rented outsk if i the house how much rent when i get . If you could get enough in rent for a 5 million house that might help you justify paying those millions of dollars. The next question you would probably ask is what are the other houses on the block going for . We say how cheap is this relative to other similar businesses. It is measures of absolute relative value that we are looking at. One of the things we would look at with Interest Rates are the lower rates. That Million Dollar house and how you finance that house, whether you put up 500,000 or borrow 500,000 we tend to include both. When you buy a stock you are taking on the debt the company has. And Million Dollar house is a milliondollar house whether you by cash or half cash. A lot of the companies that we are short not only have high valuations and are trading at 100 or 200 times earnings, they have a lot of the debt relative to that valuation and that is how we measure how much debt the company has. Elative to its market cap if you have an elevated market cap and a lot of the debt and the market stops funding you in the equity market that can get scary. We are pretty optimistic that if we are not buying the index if we are shorting the index we are shorting the most expensive stocks in an index we have opportunity on that side of the market. Guy are you getting more interest from investors that you were six months ago . Joel i would say about the same. Move to still a big indexing and passive investing and active investing is challenged. There are a lot of good reasons for that. I gave a talk a couple years ago at google and i started this way Warren Buffett said most people should just index. Him, but id with also said that Warren Buffett doesnt index and neither should we. I think there are plenty of opportunities for active investors and there are many problems that explain why active investors have not been as successful. If you are disciplined there is a great opportunity in the active space. Vonnie we have been looking at the returns for your mutual fund. You10 consecutive years returned more than 50 a year before you close your original hedge fund. History howve to short versus how long are you right now . Dont quite work it that way. I can tell you where im. We buy cheap stocks and short expensive ones. There are a lot of ways to express the ability to do that and one would be to stay neutral. Funds that go 50 or 60 net long and funds that are 100 net long. We buy . 90 more of our favorite stocks and short 90 of our least favorites. We have an overlay on the index in a way to take advantage. There is a different place in everyones portfolio for what we know how to do and what we can bring to the table which is buy cheap and short expensive, they have to fill in their particular piece of the portfolio and how they want to use us. Vonnie im interested in your talks on private markets. Joel greenblatt from Gotham Asset Management and cochief investment officer. Guy still ahead, the u. K. Liberal democrat leader joins us with her perspective on the upcoming general election, brexit, and plans for the Business Community. Vonnie live from new york i am vonnie quinn. Guy from london i am guy johnson. Lets get an update on markets. This point we are looking at a mildly risk off tone around the world. Take a look at the nasdaq in the u. S. Down 3 10 of 1 . The dow slipping slightly positive but the german dax down 6 10 of 1 , on pace for its worst day in a month despite some strength we had in the Asian Session the hang seng bouncing back up 1. 4 but not helping european or u. S. Markets. It will be interesting to see if the risk on flow can come through. We have a bit of a rally for bonds. That is influencing the sector composition for the s p 500. I will show you what im taking a look at. Lessp the s p 500 down than the nasdaq, down to tenths of 1 , but more sectors are lower. Though are the three defensive sectors. When rates go lower those stocks look more attractive, energy down 1. 5 . Industrials,s and investors selling the growth the your spec schuurs growthier sectors. Bw down sharply, down 4. 3 after they cut targets for next year citing a slump in big markets around the world including china. That is weighing on ferrari and fiat chrysler. A week weekend for autos. Vonnie that is Abigail Doolittle. Coming up, the u. K. Democrat liberal leader Joanne Swenson joins us. Talking about lib dems plans for the Business Community and much more. This is bloomberg. Bloomberg. Guy from london i am guy johnson. Vonnie from new york i am vonnie quinn. Guy the u. K. General election is less than a month away. Leading political of pictures for more we have joined by joe swinson, the u. K. Liberal democrat leader joining us from the confederation of british industry conference. Really wantness certainty. I often hear people talking about the liberal democrats and what they want is certainty from you. If you were to hold the balance of power, host the general why wanton the 12th, to tell us how you would exercise that our . Will you be clear on that why wont you be clearer on that . Jo we are not going to support Boris Johnson or Jeremy Corbyn. Neither of them are fit to lead our country and liberal democrats will not support either of them. For every liberal democrat mp we stop brexit work to and pursue the other priorities we are outlining in our plans for the future. Whether that is more free childcare, tackling the climate emergency, and agreeing to focus on mental health. You talk about Boris Johnson and Jeremy Corbyn. Do you have an issue with those two people or do you have an issue with their parties . Minded tobe potentially do a deal with a labour party if it was not led by Jeremy Corbyn . I certainly do feel that those individuals are not fit to lead. In Boris Johnson we have someone who has no regard for the rule tolaw, was prepared to lie the queen, parliament, and the country. In Jeremy Corbyn we have somebody who not only wants to take the country back to the 1970s in economic terms that has fundamentally refused to deal with the scourge of antisemitism within his party and not standing up to that fundamental value of equality. Both of those is parties has moved to the extreme under this leadership area it is not clear that even if the leader changed that the direction of travel would be any less extreme. I do have an issue with Boris Johnson and Jeremy Corbyn in terms of their fitness for leading our country. Partyve the conservative in step with nigel farage and that brexit party and you have a labour party on the far left of british politics. It is likely that is where those parties will stay for the foreseeable future. Liberal democrats are absolutely going to try to stop brexit and use our greater strength, and we are being very ambitious in this election, to bring more reason to british politics at a time where it is heading off to the extremes. Somewhat argue that you have taken your party to the extreme and are now suffering for it in the polls. Many people would argue the way to reverse brexit is via the routes of a second referendum. You have said you will not go down that road, that you would simply reverse brexit. Do you think that is an extreme position that has cost you in the polls . Jo lets be accurate about our policy. There saying very clearly, liberal democrats want to stop brexit. If we get a liberal democrat majority government we will invoke revoke article 50. If we do not win a majority we will push for a vote on a brexit deal to give the public the final say with the option to remain. We have let that campaign from the beginning when it was a lovely thing to argue for and now it is a much more mainstream idea. In the last parliament we tried to make that happen. We took down 17 amendments to try to make that happen. Unfortunately the labour party refused to back that in sufficient numbers and we were not able to secure it. Guy do you think that the labour party would be the most likely party that you could do some sort of a deal with to get that second referendum to happen . Hunge event of a Parliament People are trying to understand what is going to happen, the markets are trying to price that. Any clarity would be welcomed. Do you see the labour party as your best route to achieving that . Corbyn is not going to be put into number 10 by a liberal democrat vote. We have worked constructively with people of all different this issue one brexit has split the conservatives and the labour partys. We have worked with people in the labor and conservatives as well as the green mps and the Scottish National party where we have agreed to try to push for a peoples vote. We have succeeded in stopping brexit twice in the past year. Liberal democrats will work constructively with those mps where we share those goals, whatever party they are written. We are not in the business of putting into number 10 somebody who is so obviously unfit to do the job of a Jeremy Corbyn or a Boris Johnson. Can i ask how you anticipate attracting more mps . You have 20 mps, where will they come from . Jo we are fighting a campaign that is ambitious. There areteresting is so many constituencies were liberal democrats have not one or been in contention that are now absolutely in play. There are polls over the weekend showing constituencies in london that were previously conservative labor marginals. Now showed liberal democrats as the main challenger to the conservatives. We were able to win in other still people parties, in the labor and conservative parties who are very unhappy with the direction of those parties. Thoseinue to have conversations with those individuals and it may be that there are more defections because liberal democrats have received an unprecedented number of mps from other parties joining the liberal democrats in recent months. That is part of our general growing membership with tens of thousands of members of the public joining us. A sign that we are on the up. Guy on that note we will leave it. Jo swinson, u. K. Liberal democrats leader joining us, thank you. Lets check in with the bloomberg first word news. Hong kong has been transfixed by a siege at the university. It has raised fears of a bloody crackdown on hundreds of protesters that have been trapped on the campus by police. Battles between police and demonstrators have included tear gas petrol bombs and flaming vehicles. At odds after a key deadline approaches. President urged kim to act quickly to get a nuclear deal done. He suggested the two leaders could meet again soon. Kim has given the u. S. Until the end of the year to ease sanctions. If that does not happen kim warns he might take a new path. President trump reportedly is backing off the flavored vaping ban he wants back. The president is once backed. The president is afraid it could hurt his reelection chances. The president wife and daughter wanted him to impose the band. Tomorrow california kicks off a 2 billion bond sale part of a plan to fight homelessness. The state will provide permanent housing and assistance to those who are mentally ill. It is estimated there are hundreds of thousands of homeless in california that suffer from severe mental illness. Global news, 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. This is bloomberg. We are back with joel greenblatt. Principalsset manager manager and coach even investment officer. We have been talking about yours code chief asking you about certain sectors or certain traditional happy value places. Can curious on whether you tell me about if there are clusters of stocks popping up on your screen like health care, we have heard of a runup, or financials. Joel both of those do crop up but we end up generally owning the cheapest within a particular industry. Ones can find expensive within the same industry we are attracted to those the balance our portfolios. Historically we have studied if we have a cluster of companies in a particular industry and we bought an etf within that industry group, would we have excess returns . The answer turned out to be no, most of our provinces are idiosyncratic stockpicking. Based on the individual characteristics of that company. Had a cluster of any particular industry there is not a lot of insight we can get from that. Vonnie a bit of breaking news. The Federal Reserve is telling bloomberg best fed chair powell met with President Trump and the treasury secretary at the white house today. We will bring you more information when we get it. The Federal Reserve is saying the fed chair powell met with President Trump and Steven Mnuchin at the white house. Has beenhe fed chair subject to criticism from the president who would like negative Interest Rates. How much do you keep an eye on rhetoric like that to anticipate a move in stocks if there were to be an emergency cut or another 25 basis point rate cut or the higher possibility of one . Joel we ignore it completely. We dont know how to predict what is going to happen next in markets or with Interest Rates. That is a difficult back and forth. I am not rooting for negative Interest Rates. I am hoping because i have not found anyone who could explain it to me satisfactorily why that is a good thing and why anyone should accept a negative Interest Rate. I am hoping that is a bubble with Foreign Government bonds and i hope we never get there in the u. S. It would not be a good sign. Guy to pick up on that, what do you make of everexpanding deficits . Government spending going on and on. Toppreciate this has nothing do with individual stockpicking but i am curious as to your views. Joel i think it depends what we spend our money on. If we spend our money on things Like Fighting poverty that is a longterm investment. Whether we run a deficit helping people on that, longterm i think there is a great payoff for that. I would have to look at each spending item to decide how to calculate whether that is a good thing for us or not. Generally discipline would be helpful. Big deficits,th even if you can afford them when Interest Rates are low, if you dont know Interest Rates are permanent it will be expensive when things come back. The problem with getting into a negative Interest Rate environment would be people start spending money like drunk sailors because you get the money for free. When Interest Rates go up you might not be able to afford to pay those payments if there are positive Interest Rates. Fed orextent that the controls in other rates, ifmanipulate they are powerful enough to manipulate rates down and set unrealistic shortterm rates that could affect how much we borrow. We think we can borrow the money and afford it, then all of a sudden rates go up for whatever reason and we wont be able to afford those. They will crowd out other important spending. There are a lot of bad things about negative Interest Rates or superlow Interest Rates. It puts us in a trap to keep them there because we all want them to go up. Dont want them to go up. Guy are you in an environment where asset prices are not reflective of reality . This goes to the core of what you try to do which is try to find anomalies within the broader Asset Management pool of assets. You think affect affective Monetary Policy and superlow Interest Rates, whether they are positive or negative, have distorted the price of assets . Joel a great question that is way above my pay grade. If they are distorting them and keeping them artificially low that would be pretty bad. I am not convinced the fed can control it best long and short rates over the longer term. Having said that, if they can and they keep them artificially with low making us spend money on things or invest in things that are not the best. I dont know that answer to your if they cant control Interest Rates and keep them artificially low that is bad. Vonnie extra information from the Federal Reserve. Releasing a statement on that meeting between President Trump, Steven Mnuchin and fed chair jay powell. The fed is stressing that policy is dependent on incoming data and that how will did not discuss his expectations for Monetary Policy powell did not discuss his expectations for Monetary Policy. The fed stressing that the policy is dependent on incoming data. Joel, i wanted to ask you about private markets. It seems like we have been waiting for this question to be asked. If Public Markets are as attractive anymore, if private companies decide to stay private for longer or forever what does that do to a businesslike years . S this market cap is higher and has grown faster over the past couple of years yet the number of Public Companies has in half. Half shrunk it is not a good thing because there are so many regulatory costs to being public. If it costs 2 million a year to be a Public Company and you have 10 million in profits that is 10 of your earnings that you cannot go public. What i think is hurt is Small Businesses raising money in the public market. I think that has been turned off because it is so expensive. There has been legislation to lower the cost but they have not been effective. Small companies have been precluded from raising money in the Public Markets and business formation is way down. D down. He the private markets only finance certain types of companies. Andflying Tech Companies certain Business Models that are attractive to private equity firms. Those are not mainstream businesses of any kind generally. I think they are being starved. Kind oflike to see some solution so companies can use Public Markets. Big advantageis a to them and private markets are limited. Vonnie this would not be your modus operandi us, that could you see the s p continuing to grind higher for a long time . Would not bebly that smart if i answer that question. Based on our data, the 14th percentile for the s p does not mean that because it is cheaper 86 of the time that what has happened from this valuation in the level in the past has been negative, it has been positive. A market where to go up three to 5 in each of the next three to four years, nothing terrible happens. Sub normal returns at three to 5 and earnings continue and cash flows continue to grow. Then we could expect higher returns after three to four years, we could get back to eight or 10 expected returns of earnings continue to rise. Those are all complicated questions. Stocks are often priced on emotion. If people get negative about maybe there are certain Government Policies that occur that make people more negative or higher taxes, whatever people would look at that might hurt businesses, i could see it going lower, i could see it going higher, i dont think anyone has a great answer to that question. We look at the valuation. Is there an opportunity, and we see one. Vonnie you stay cold and calculating. Joel greenblatt, Gotham Asset Management. Thank you for joining us. This is bloomberg. Vonnie the Federal Reserve has released a statement that says chairman powell met with President Trump and treasury secretary in today. Lets bring in michael. What did we learn about todays meeting . A regular meeting greek . Meet and greet . Methe fed chair has not with the president since they had that dinner back in february. No confirmation but the white house but the fed put out a statement that said the president invited jay powell to the white house to meet with him and treasury secretary Steven Mnuchin. Jay powell discussed the current state of the economy and unemployment, did not discuss his expectations for Monetary Policy. The fed with a pointed remark at the end of it statement saying that jay powell told the president that he and his colleagues will set Monetary Policy as required by law to support maximum employment and stable prices and will make those decisions based solely on careful, objective, and nonpolitical analysis. A shot at the president and his criticisms of powell and the fed. Guy can we assume that the president within this meeting would have asked the fed to lower rates. Can i extrapolate from that last line or do you think that is maybe a step too far . Michael it might be a step too far but i dont think it is unlikely that the president asked him to lower rates or suggested that lower rates would be better for the economy. I would not want to say that the president certainly did that but given his stance on Monetary Policy. Tweeted on the day of jay powells hearings that President Trump made it clear that he is a low Interest Rate person and would prefer lower rates. Vonnie i am looking forward to your interview later on. Michael mckee interviews the boston fed president later today. Our stock of the hour was already a case of something. Lets get straight to our stock of the hour. The board has unanimously rejected the bid from xerox as inadequate. They have not ruled out a combination of different terms. Here is Abigail Doolittle. We have talked about this before but when initially there was just speculation that xerox might make a bid for hp ink. They offered 22 a share in cash and stock. It was rejected by the hp board as inadequate but they are open to a deal. They want to look at the beencials since there has declining Revenue Growth for xerox they are concerned about. Worth noting is that xerox is the Smaller Company. Of 30has a market cap of 59 billion relative to xerox at 9. 3 billion. Very unusual that the Smaller Company will buy the larger company. One tie is a billionaire activist icon an investor. He has been successful in turning xerox around. He announced a 4. 6 billion stake in hp. He told new sources it is a nobrainer so you have to think something will happen here. Will makests think hp the bid for xerox but that these companies will come together. Wonder whyes you they didnt but their printer businesses together. A lot happening in the Global Economy but this is an oldschool tech deal. What does it say about the m a environment and what is happening with the economy more broadly . Michael i think its joel we have had this whipsaw year, for the s p 500 recently breaking out of that. Lots of concerns around the fed and trade. Deal on the table suggest that the smart people behind this deal think it is relatively healthy. If we go into the bloomberg and use the function, you can see where we are at. On the year they are at a record high above 2. 2 billion. Out of the financial crisis going in the right direction. It suggests that these management teams think it is healthy enough to make this combination. There are still many folks saying that 2020 or 2021 could be difficult. Showed we are looking at a huge rampup in 2006 and 2008 than a huge dropoff in 2009. Some management teams want to get deals done while it is healthy out there ahead of the possibility that things could get tighter. Right now it looks pretty healthy. Especially the fact that you are seeing these kinds of deals happening. Vonnie that is Abigail Doolittle with our stock of the hour. Guy just to recap what we have been learning from the fed. We had this meeting taking place between treasury secretary mnuchin, chair powell, and the president of the u. S. Lets give some details on what we have been getting. Basically the president invited the chair to this meeting and the fed has indicated that there was no discussion about a future path of Monetary Policy although there was a line at the end that seemed to indicate the president s desire to push the fed around and get to lower Interest Rates, having no impact whatsoever. In terms of what we got out of it, powell stressing the policy independence the policy is dependent on incoming data. The president getting colder on trying to push the fed around but it is clearly on top of mind. This is bloomberg. Loomberg. Guy there has been a meeting between the president and the fed chair. Side of it the feds now we are getting the side of the president. According to the president negative Interest Rates were discussed and the dollar was discussed with chair powell. A fascinating meeting given the president s recent comments about negative rates. Lets talk about what is happening in the oil market. Ipo is notl giant what most people had in mind a couple of years ago. Saudi aramco will not be marketing its ipo to american, canadian, or japanese investors. The listing will take place on a local Saudi Exchange and it will incentivize locals to invest offering looser regulations. Lets bring in bloombergs stuart wallace. This will be in all saudi affair, so what is this going to achieve . Stuart there are a couple of things it could achieve and it might bring more transparency to aramco. There is that to be said. Thought sure everyone that aramco was a poorly managed company. Quite surprising for a National Oil Company that has always been held up as the best in show, up there with the likes of exxon and chevron. Struggling to understand why transparency is going to somehow change peoples perceptions of the company. Run out of steam when it comes to positive things to be said. The valuation is lower than they initially flagged, it will only be sold in saudi and that money will mostly come from saudi families and saudi banks lending to the families. It does look a bit like a carousel. We know and we knew that aramco had been courting more domestic and local investors. We have already had some changes in terms of the tax regime. We will have changes in terms of the way saudi arabia funds certain projects. The government is assuring investors that whenever aramco needs to do Engineering Work that it will be refunded for that. There are bits and pieces like that. Aramco has only been held up as an exceptionally wellmanaged company for many years. I would suspect that is not going to change. We ran out of steam on answers to that one. Guy we are going to leave you there. A lot of questions and not a lot of answers. Thank you very much. This is the communication from the president on the fed meeting. Finished a very good and cordial meeting at the white house with jay powell of the Federal Reserve. Everything was discussed including Interest Rates, negative Interest Rates, easing, dollar strength, manufacturing, trade on china and others etc. When it comes to using data, everyone is different. Which is why Xfinity Mobile is a different kind of Wireless Network that lets you design your own data. Choose unlimited, shared data, or mix lines of each and switch any line, anytime. Giving you more choice and control compared to other top wireless carriers. And now get 250 off when you buy a new Samsung Phone during Xfinity Mobile beyond black friday. Plus, you can save up to 400 a year. Click, call or visit a store today. Looking for an exit. You of the university sees in hong kong continues with police battling protesters. The negative rates debate. The president invites powell to the white house. Did the fed chair hear but not listen . Does greece need more Highend Hotels to get . The measure moving . Live in london, i am guy johnson, with vonnie quinn in new york. We are counting you down Bloomberg Markets to the close on Bloomberg Markets. We are counting you down to the close on Bloomberg Markets. Vonnie we improve but just a little bit. 500 at 31. 17. Looking at earnings coming in and analyst downgrade and up dates upgrades. Around it was about 3 earlier, people coming into the week following