Alan Bryant Belsky is chief investment strategist at the mo capital market we're crisis rates now we've only just begun to feel the cue the carpenters music to come up from these crisis levels in terms of Fed funds rate is still very early so the mechanisms of of how the Fed is working is still very much at a low low for longer crisis type management So again I think it's she's probably better equipped than a hawk because at this point from our view because maybe hawk might be a little bit too aggressive the 10 year up 930 seconds the old now 2.31 percent gold is up $690.00 the islands are by 5 tenths of one percent a pullback for crude oil down one percent down $0.54 a barrel to $5150.00 Brant crude is that $5735.00 stocks lower s. And p. Down 722554 down 3 tenths of one percent the Dow down 57 down 2 tenths of one percent Nasdaq down 48 a drop of 7 tenth's of one percent I'm Charlie public that's a Bloomberg Business flash Thanks Charlie I'll take it from here this is Dave Wilson with your market drivers report looking at the s. And p. 500 industry groups you see at the moment that only 4 of them are higher at today's trading technology stocks and makers of consumer staples food beverage tobacco have the biggest decline in terms of individual shares he have 3 stocks down in the s. And p. 500 for every 2 that are up the s. And p. $500.00 steepest decline belongs to a stock you mentioned earlier Charlie United Continental down a Levon percent concerned about their 3rd quarter results results and 4th quarter forecasts driving the decline other airlines lower as well notably American down 4.3 percent at the moment genuine part has dropped 9.2 percent the auto parts retail the report of Turk order earnings that trailed analysts lowest estimate in a Bloomberg survey genuine parts cut its full year profit forecast yes. By the hundreds because again belongs to Adobe Systems up 11 percent the maker of design software gave earnings forecast for next year that exceeded estimates Adobe plans to increase prices in March and in vision health care is gained 7.8 percent the activist investor starboard value suggest that the surgery center owner may be sold Star but c.e.o. Jeff Smith also disclosed at a conference that his firm has a stake in vision Charlie thank you very much Dave Wilson again worth repeating what's going on with us parent of United it is down 11 percent right now plunging the most in 18 months airlines profit outlook disappointing investors recapping stocks lower s. And p. Down 7 to 2554 pulling back from records down 3 tenths of one percent I'm Charlie Politan that Amy and Peter is a Bloomberg Business flash Guy thank you Charlaine Now Spain's prime minister Mariano Rajoy has invoked Article $155.00 of the Spanish constitution and what that effectively does is revokes Catalonia has autonomy the prime minister trying to deal a decisive blow to the Catalan separatist movement now Luxembourg's Prime Minister's a.v.r. Badler says the Spanish constitution matters. There is still a little to be respected there is a constitution if you like I think that's enough to move. To give it a feeling that they don't care about anyone overnight singer from them was right idea now Bloomberg News Madrid Bureau Chief Charles Petty in Madrid now watching all of this unfold and joining us now by phone Charles thank you so much for taking the time with us and I'm wondering about Article 155 if that is the final blow is there anything beyond did this that he could do. Well it's you know what people have been calling here the nuclear option you know for a whole it's the most powerful tool that he has under the Spanish constitution to intervene in counseling in Catalonia and you know he's taken his option you know he's decided to act after. A response by the Catalan president Connors pushed him on today you know really didn't in the government's opinion. You know. Meet their requirements to to. To clarify whether or not they Catalonia had declared until the Catholic woman had declared independence last week so this is you know this is his big. Big Gun that he's pulled out and he's kind of laid on the table and I guess we'll we'll find out in the next few days how they intend to use it Charles so far the impact on financial markets seems to be isolated to Spanish financial markets is there any risk here if the situation gets worse or is or becomes more uncertain that any risk of contagion. And financially when as you say you know we have seen not just today but in previous days you know the financial markets were you know taking notice of this problem you know an interest in relation to Spanish assets we had a bond sale today in Spain where we saw you know certainly a yield rising for Spanish that we've seen the stock market affected to. It say it hasn't as you say you know spread you know we haven't seen as contagion in the wider markets yet but you know just remind ourselves I guess of. You know what's underway here you know it's an attempt by a region which accounts for you know a 5th of the Spanish economy to you know to break away and you know there are some people would say that you know it might add well given current you know Joe Other parts of Europe where you know there are you know similar. Fishnets movements in May May Give it may give them a card which of those in that sense you know if they did it is a wider because a wider issue for York even though at the moment we haven't seen that reflected so much in the markets beyond Spain and I wonder and I'm all about looking forward in trying to figure out exactly where just maybe going what people should be buckling up for so what would the next move be the ball is in who's court now and is the u.s. Just sort of being quiet and kind of watching this unfold Well the bull by case is you know in some ways isn't going both culturally because I mean you know both sides can respond you know we're waiting for a Cabinet meeting on Saturday where we expect to learn more about how the government intends to. Intenser an anxious article 155 to have a lot you know it's a it's a loosely would it calls in a constitution or it's a tools of command interpreted widely or acted widely so we're waiting to see how that plays out but also you know the Kaplan There is a common response you know could be made to. You know in his letter today a call is Putin. The Catalan president you know he did. Use this language sort of saying that he may suspend you know you know he may lift a suspension on cattle an independence or Declaration of Independence you know if Spain continued with its in his words aggression. Or his you know you know this kind of what they consider to be an aggressive attitude from French or so we could expect you know movements about science. Any signs of any in a last 20 seconds or the police clashes civil disobedience any protests anything like that going on. Any protest I'm sure we'll see more of the weekend they have so far been peaceful and disciplined and. We will be monitoring events closely is are going to recount All right Charles Pente the Madrid bureau chief for Bloomberg News Now coming up on Bloomberg politics policy in power Congress marching toward a December shutdown deadline lawmakers still divided on some key issues but 1st we check the latest world the national headlines and the Lions in our Bloomberg 99 when newsroom in Washington thanks Amy The Senate is poised to take a final budget vote today Republican Senator Pat Toomey of Pennsylvania believes they have the votes for passage but he tells Bloomberg even with approval today they will still need to reconcile their budget plan with the House version before they can look at doing anything with taxes this is an absolutely necessary pretty condition to tax reform because the budget resolution. A while's subsequent tax reform to pass the Senate with a simple majority vote and we have to assume that we will need that 50 both threshold in order to get this done so big day today. Certainly not the end of the process but a really important milestone the Senate Armed Services Committee has been hearing testimony on defending the nation from cyber attacks has Senator John McCain asked Department of Homeland Security under Secretary Christopher Krebs about our current cyber security program are we winning or losing sir this is a battle that is going to be going on for many years we're still put trying to get our arms around it this is not resolve it my question Are we winning or losing sir it's hard to assess whether we're winning or losing I would say that we are fighting this battle every day working with the private sector it is a complex environment and I enjoy I look forward to working with the Congress senators say they want to learn more about how Russia use cyber tactics in an attempt to influence the u.s. Election British prime minister Theresa May is issuing a message of urgency as she rides at an e.u. Summit she says as brags that negotiations continue she wants some sort of agreement on rights for each new citizens in Britain Global News 24 hours a day powered by more than 2700 journalists an analyst in more than 120 countries. Thank you Nancy from the Bloomberg 960 News Room I'm Charlie palate and once again good morning in this update is brought to you by sector spider e.t.f. So why buy a single stock when you can invest in the entire sector visit sector s.p.d. Or a stock column or call 1806 sector the t f while Northern California continues to burn lawyers are already calling through the destruction to make a case that p.g. And e. Is to blame they are not waiting for state regulators to investigate as they hunt for proof that power lines down by a strong gust of wind or a malfunction of utility owned equipment set off the worst fire storms in California history what's more the attorneys may not even have to show p.g. And e. Acted negligently to seek billions of dollars for property damage if you can get your hands on a bottle of Napa Valley 20 $7001.00 you are likely to be in for a treat that is hard to find Carol Moscow explains since wildfires broke out this month in Northern California as iconic wine country $47.00 members of the Napa Valley vintners and wine makers group have reported direct damage that means that the region's premium lines which already make up a tiny fraction of the state's production but I count for an even smaller slice this year while scarce The group says the quality of 27000 winds will be excellent the association represents 530 winemakers it's still unclear how much of volume will be lost from this year's vintage but inventories from previous years are said to be mostly unharmed Karen Moscow Bloomberg $960.00 and $1.00 of $3.00 f.m. . Vast majority of those who died in the wildfires were in their seventy's and eighty's including several couples who died together many couldn't move fast enough to escape the speeding flames some likely never heard the frantic calls of friends or honking of neighbors cars possibly their only warnings of danger Bay Area business time is 913 time to focus on what is moving markets in. And around the Bay Area Apple shares lower this morning after a report that the company cut orders to its Asian suppliers for the i Phone 8 the Economic Daily News in Taipei says Apple slashed orders to some suppliers by more than 50 percent over the past over the year we've got Apple lower now by 2.6 percent even a shares lower after last night's earnings report a down 2 percent Bay Area business time at 913 traffic and weather coming up next. The business of sports where the money is flowing inside sports from the fund I'm Scott Simon the nominee has gone to the World Series champion New York minutes a night 6 now he's on the t.v. With broadcaster Keith Hernandez about the world of baseball a state of the game today for business of sports tomorrow at 5 pm on Bloomberg 961 on 3.7 of m h t to the Bloomberg Radio blogs and Bloomberg Radio dot com. Podcast. If you are looking for global futures contract with cutting edge trading technology for sophisticated risk management systems and low cost per trade Interactive Brokers is careers. Bay Area business time 915 it is time for the Bay Area's best traffic and we do have it every 15 minutes right here on Bloomberg la 960 let's get the latest back we go because once again here is Laurie Olson new accident clearing out Pittsburgh Charly west bound for oral road Ave couple of cars mixed it up there in the 2nd lane from the left westbound 4 was already pretty thick from railroad over to the 242 interchange around the way and one a creek 600 out that South Main Street one of my favorite off ramps it's a 2 car crash in the left lane traffic heavy from the 242 let's close up the slowing on 60 south it's going to be heavy down and doubling from $588.00 to the $84.00 West Calaveras exit westbound a little heavy from Richmond Park way over the Bay Bridge where the lights are on it Bloomberg 3 day weather forecast Cloudy With a Chance of rain today rain's going to stick around overnight Sunday and reason i'm are mostly sunny Saturday but the Bay Area's best traffic and Larry Olsen Bloomberg got 63.7 f.m. H.d. To Charlie Ok thank you very much Laurie Olsen We'll see you in about 15 with the latest right here on Bloomberg 960 stocks lower across the board volatility back we've got our Bay Area index down 7 tenths of one percent Apple is down 2 and a half percent alphabet is lower by one percent Twitter down 1.3 percent and Yelp tumbling by 1.3 percent we'll have a check of the markets next to this is Bloomberg 960 or 103.7 f.m. H.d. To. Move business news 24 hours a day at work on the radio plus mobile on your radio. Business Plan Bloomberg world headquarters signed Charlie stocks are off their session lows it is a down day stocks retreating from records Apple is lower after a report that it is dialing back its borders reversing the sentiment that has sent benchmark gauges to records only yesterday right now Apple is down 2 and a half. Sent s. And p. Down 522-5558 drop of 2 tenths of one percent the Dow down $39.00 also down 2 tenths of one percent the Nasdaq down $43.00 a drop of 7 tenth's of one percent 10 year up 930 seconds the yield 2.31 percent gold is up 5 tenths of one percent to 1287 the ounce West Texas Intermediate crude down 1.3 percent to 5136 a barrel Brant is at 5719 I'm Charlie pellets and that's a Bloomberg Business flash and I thank you Charlie Bloomberg politics policy and valor brought to you by New Jersey Institute of Technology generating $1700000000.00 in economic activity annually as the states premier public technological research university learn more at n j i t dot edu u.s. Lawmakers are just a few weeks away from a potential government shutdown as they remain divided on several key partisan fights in particular funding for the president's border wall and the future of the Affordable Care Act speaking to A.B.C.'s this week this past Sunday House Minority Leader Nancy Pelosi criticized lawmakers brinksmanship they say unless I get a wall I'm going to shut down the government is totally irresponsible for a president of the United States and it's part of his war on the middle class Joining us now for more on the story is Kevin Whitelaw Bloomberg News Congress Senator from our Bloomberg 991 studios in Washington and Kevin the president is just on the on the Bloomberg just this headline just crossing quote I think will be successful tonight and pass the budget in the Senate the president telling reporters Is he right. Well whether it's tonight or the early hours of tomorrow morning I think everyone is expecting the Republicans will manage to take this 1st necessary early step to try to with and get to their tax bill so yeah that this should go through as expected with Vice President pence sitting in the chair in the in the. At the Senate Yeah that about right still be necessary we're not quite sure but but now that this is short of too important for that for the party and this isn't the place where it's going to get bogged down where is it going to get well I mean eventually in the details of the tax bill is where it would get bogged down so it's some point they still have to actually agree on a plan and get 50 votes to search for a final tax plan we haven't seen that house has to agree etc etc But they're not going to this is a procedural step that sort of unlocks their ability to pass it without Democratic votes in the Senate and that's that that was never were where this was going to going to fall apart now this is through budget reconciliation right tool and that's why it's so it's a nonbinding resolution but it doesn't lock this key tool they need and it has I believe what one and a half trillion dollars in it for a decade allows for a while it allows for a wanted to have trillion dollar tax cut it doesn't mean that the plan will necessarily result in that the House version actually is would have a revenue neutral tax plan so they still have to reconcile the House and Senate versions of the budget resolution and vote again on that so you know this is this is one step aside again there's a there's more steps here well we've seen this movie that well and we've always seen this laundry list of brinksmanship issues that are never going they're never going to see eye to eye on some of these things there have to be some sort of compromises when it comes to the budget because December is closer than you think well this is the you know the what they're talking about right now is just the budget resolution and so this is really a partisan exercise this is just a straight on partisan exercise among Republicans to get on the same page and it's not binding what really is going to be complicated is the spending bill debate which is actually bizarrely enough entirely separate from this and that's where all of these other issues are going to collide into just a giant mess so you've got troubles border wall you also probably have health care with the sort of questions of of the insurance subsidies for the Obamacare exchanges aimed at low and. People you've got several other issues all potentially colliding in December December 8th as when sort of government funding runs out under the current bill so Trungpa said he's not going to sign that without a border wall funding Democrats are opposed there's going to be the health care stuff you've got questions about Planned Parenthood the effort to defund Planned Parenthood which is going to come back since they didn't get the Obamacare repeal bill done which defunded Planned Parenthood you've got the question of additional hurricane relief hanging out there because there's going to be a need for more hurricane and wildfire relief funding and on top of that there's the debt ceiling which probably doesn't need to be dealt with until early next year but could still get wrapped into year end discussion so you've got that plus of course the actual funding levels for the federal government so Ok let's flash flash forward to December and right now you know what's running through my head. A little Christmas tune it's beginning to look a lot like Christmas right. You know the way they way they they try to resolve this is such a laundry list of stuff they have to do do they just package it up and do a Christmas tree bill and and try and you know give everybody what they want and so that's well there's not just no way in the end to give everybody what they want you know what I mean I have but it's going to be a really really complicated tradeoff it's got the potential for brinksmanship that could result in a government shutdown heading into the Christmas season so you know for the voters will not like they go no one is going to like that and it's going to disrupt you know disrupt the economy it's going to disrupt the operations of government and it's going to disrupt you know just Congress's ability to actually go home and let everyone have a holiday so for those of us who have to pay attention to this it's a mess. I can't tell you there's going to be a government shutdown but all of the ingredients are there Trump has said that he once said maybe we need to have a good government. Tony said that several times decided not to do that back in September at the last sort of interval of this so it's really shaping up like this might be the time and trying to be very well getting to a point at the end of November early December if they are not ready to do taxes Obamacare appeals failed he could be looking at ending his 1st year in office without a single major legislative accomplishment and so border wall funding might be the last thing he's got going which could well prompt him to say that this is the time to take a stand on this issue that in fact I was going to ask you that very thing who has to blink 1st to avoid a government shutdown it sounds like it would have to be the Democrats because the border wall is really going to be the biggest sticking point well there are potential deals here right so the other issue that's flying out there which we haven't mentioned yet is dock which is the ability of the subject of protection for the dreamers there has been talked about doing a border wall for Dr kind of deal. You know who knows at this point the Democrats have said that they don't accept a border wall in Dhaka needs to happen trump a city as a border wall and he's willing to talk about DACA you know who knows at some point this is Republican control of government so it's kind of hard to blame the Democrats can't control both chambers of Congress and the White House the politicians are getting their holiday wrapping paper out I feel all right Kevin Whitelaw Bloomberg News Congress editor thank you for that update coming up on Bloomberg politics policy in power amid threats of a government shutdown lawmakers push forward with new legislation on political ads . And we are brought to you by your Bay Area Mercedes-Benz dealers on the 28th was a competitive marketplace learn more that I see come see change one. 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Dot com slash family are you looking to enhance your own trading or investing experience with investment or other 3rd party services or perhaps you offer an investment or 3rd party service that you'd like to expand to investors worldwide do both at Interactive Brokers investors marketplace and online service where traders investors and institutions can meet and do business together enhanced your trading experience or expand your business visit the marketplace at ib k.-r. Dot com slash services. Cast targeted threat protection to office 365. Day Please transfer 50 k. a Cell phone read c.f.o. We yours Joan we signed her emails true yours as business move to the cloud to traditional security measures aren't enough the f.b.i. Estimates that c.e.o. Fraud e-mail scams cause more than 2300000000 dollars in losses see why over 26000 companies worldwide add mind cast integrated Cloud Suite to make email safer for business at mine dot com. Bay Area business time 929 it is time for the bear is best traffic we do have it every 15 minutes right here on Bloomberg 960 back we go for the latest once again here is. Our. Charlie Trebek is brought to his by the new 680 eggs suppressed Lane still having the Bay Bridge lights a rod were backed up into the maze a little touchy on 80 north from the top of the rabbit he travel over to the maze 20 minute delay getting to the Richmond Samara fail bridge 5 to as the clock at it from cutting over to the toll plaza long the top of the bay still about a 15 minute ride west 37 from Mare Island over the 2 to one lane merge this fall the I 680 Contra Costa express lanes are opening between wanna creek and San Ramon you could carpool toll free with a fast track flex toll tag or pay a toll with fast track to drive alone for a more reliable trip get fast tracked today visit 511 dot org for more information with the Bay Area's best traffic and Larry Olsen Bloomberg 613.7 f.m. H.d. 2 Charlie Ok thank you very much Larry Olsen will see what about 15 with the latest right here on the Bloomberg 960 the Dow The s. And p. Nasdaq all declining right now with the Bay Area index down 7 tenths of one percent apple a big mover today down 2.6 percent we'll have more on the Apple story in a moment even a after last night's earnings lower by 1.9 percent this is Bloomberg 960 and 103.7 f.m. H.d. 2. Broadcasting live to New York where you live and breathe go to Washington d.c. 991 to Boston Globe or one of those days one to San Francisco Bloomberg News 62 the country Sirius x.m. 2119 and around the globe Bloomberg Radio and Bloomberg radio these days politics policy and power by Peter Barnes in the Bloomberg one of $61.00 studios in Boston along with Amy Morris in the Bloomberg $9091.00 studios in Washington d.c. Still to come as Janet Yellen meets with the president House conservatives mount a new effort to prevent her re appointment as Fed chair but 1st we check the markets and go to Bloomberg Charlie Fallon and I thank you very much Amy Morris thank you Peter we've got the Dow The s. And p. Nasdaq all declining volatility bubbling up but we are off our session lows for us equities here is where we stand s. And p. Down for a drop there of 2 tenths of one percent the Dow down 27 points now down 110th of one percent Nasdaq also pulling back from yesterday's records down 43 a drop of 7 tenth's of one percent stocks Oloron a report that Apple is dialing back its orders reversing the settlement that sent benchmark gauges to records yesterday Apple shares down 2.6 percent another prominent declining stock to date you parent of United Airlines down 11.8 percent plunging the most in 18 months after the airlines profit outlook disappointed investors the u.s. Labor market is starting to recover from the outbreak of hurricanes and with more here's Bloomberg Savina the Labor Department reports jobless claims dropped last week to 222000 that's a 44 year low and a rapid turnaround from the hurricanes jobless claims neared to 300000 mark in late August and early September separately the Conference Board reports the end except leading economic indicators dropped in September for the 1st time since August 26th seen last month surge in jobless claims affected the alley I. Bloomberg Radio gold up 5 tenths of one percent to 1286 West Texas Intermediate crude oil down 1.3 percent to 5139 a barrel Brant is at 5723 I'm Charlie that's a Bloomberg Business flash All right thank you Charlie and after months of investigation several investigations into Russian interference in the Us elections lawmakers are finally putting together some legislation that would impose new disclosure requirements for political advertising on Facebook or Twitter Google and other social media now Virginia Senator Mark Warner who is the top Democrat on the Senate Intelligence Committee just last month says election interference continues to be a threat the threat posed by foreign entities to try to sow chaos in our political system to disrupt our democratic processes did not end with Election Day in 2016 if continues Bloomberg News Congress reporter Billy House joining us now by phone from Capitol Hill to bring us up to speed on this bill yet really doesn't sound like a partisan issue nobody really wants foreign interference in our elections so what was the hold up why does take so long well nobody wants to say they want or need of hers that's for sure but the hold up is because some of the larger social media companies have been opposed to these disclosure requirements that of course are in place for television ads and I'm sort of crank and there's a lot of lobbying and there's been lot of rhetoric regard to why these new platforms are more democratic and should be weighed now and where regulation and that sort of thing. But the truth is lawmakers simply don't know much about robo calls or e-mail address communications on this platform and even the tech companies are having trouble tracking down some of the origins of some of their ads so is is that the problem is that one of the reasons why the social media companies. Might be but wary of this legislation and I'm not trying to be naive about this because you know I know that they make money off of this is it that they're in if it's about money does this mean that all this disclosure might you know chase away some of these political advertisers in a day in addition to getting rid of you know the unwanted Russian ads. That certainly crosses you know I have no independent evidence and say Twitter doesn't really want to delve into who's buying an ad or paying for disclosing a communication. You know money is money and sometimes you don't buy their gift horse in the manner. You crash if your business is struggling you just want to get better get which can without delving too much in the source of it and these companies were also trying to put together their own plan so that they could avoid the lawmakers telling them what they had to do next especially since they're going to be on Capitol Hill in just a couple weeks. Absolutely officials from Twitter Google and Facebook will all be at a hearing on 2 hearings actually on the same day November 11 and tore the House Intelligence Committee one for the Senate intelligence they've been scrambling to in the last weeks meet with lawmakers discuss what they're doing and it's all is sort of a p.r. Gambit to say hey we were trying to handle this internally Let's don't make this a new regulatory scheme that doesn't exist. Well you know we've been talking to Kendo about what the Federal Election Commission is doing and I thought that the federal election already had the power to impose disclosure regulations on social media companies so so sort that out for is what does it and if it doesn't I guess that means that we need to see this legislation. There is some disagreement at Facebook in particular is lobbying for years to prevent disclosure requirements . For online media so. There is certainly a lot of gray area. And I think disagreement and potential litigation should the avenue that avenue proceed a much safer one for agreement perhaps in the long run is negotiation with lawmakers over some general rules to see how it plays out again this is like. A new territory new horizon for a lot of these lawmakers who don't even understand some of the basic. Social media concepts and yet they're being asked to consider legislation in some regards to kind of rein in those wild west Ok so as this law is beginning to catch up with the technology who is on board with this legislation it is bipartisan Now where does it go from here. When the bill that's going to be unveiled in just about 8 minutes officially by any quote Senator. Which are and and Mark Warner. They have bipartisan support John McCain has weighed in here of the long history of campaign finance reform and he's joined in with them and now the Republicans are expected to save ensured back parts or if not all this bill there's also at least one by camel bill that means House and Senate bill that's already being reduced and that would be a reports outside entities outside the country of foreign entities to take responsibility for ads in the social media and that's that's that's corded that's sponsored by David Price of North Carolina representative and New Mexico Center Tom mode. But so don't buy Carol and bipartisan legislation starting to gurgle up. And we'll see after the hearing November 1 where there are even more support from both sides might emerge but in 10 seconds this is legislation that's going to need 60 votes in the Senate right. Absolutely Ok all right I was less than 10 seconds Thank you Billy Billy House covering Congress for Bloomberg News we're going to follow that legislation as it makes its way through and coming up on Bloomberg politics policy in power president tried meeting with Janet Yellen today but do internal party pressures aim to keep her out of the Fed after February we're going to find out about that but 1st we check on the latest national headlines Bloomberg stance the alliance's in our Bloomberg News Room in Washington thanks Amy President Trump is meeting with pressure Rico's governor Ricardo Rowe seo right now in the Oval Office they are discussing ongoing relief efforts following Hurricane Maria most of the residents of Puerto Rico still do not have power former President George w. Bush in New York to address the Bush Institute says the political climate these days seems more vulnerable to conspiracy theories and outright fabrication right now one of our worst national problems is a deficit of confidence but the cause of freedom justifies our faith an effort if still inspires me. And women in the darkest corners of the world it will inspire our generation Bush also noted bigotry seems to be emboldened while a valid white nationalist Richard Spencer will be giving a controversial speech today at the University of Florida it is a rescheduled visit university president can't Fox says the show must go on but can't bend him forever and that is indeed why after negotiations we are allowing him to come with no the appropriate security we believe to keep her campus safe to come and speak his horrific values and his her if acclaimed which that we all now know about thousands are expected to protest lower income children spend more time in front of television and electronic devices than kids in more affluent homes that's the finding of a study by the nonprofit group Common Sense Media researchers found less of fluent cleared spent nearly 3 and a half hours a day watching t.v. And using things like smartphones tablets laptops and video game players while they are more affluent counterparts spend just under 2 hours on such activities the study did not however look at the impact of global news 24 hours a day powered by more than 2700 journalist and analyst in more than 120 countries I may have seen I. Think you know as he from the Bloomberg 960 Newsroom I'm Charlie Patton once again good morning time now 941 we're looking at a down day for stocks with the Bay Area index floor by 7 tenths of one percent the number of people missing in the deadliest and most destructive series of wildfires in California history peaked at more than 2000 in the hardest hit county but now stands at 50 with authorities believing nearly all of them will be found alive the overall death toll now stands at 42 after another victim was found Tuesday the number could have been much worse after residents have little or no warning last week and entire neighborhoods were wiped out by fast moving late night flames President Trump has made 4 visits to hurricane zones in recent weeks but he is not . Rushing to survey the damage from California's wildfires the White House says the president has no plans to visit parts of northern California that have been damaged by the most destructive wildfires in state history a San Francisco police officer remains in critical condition after he was run down while on bicycle patrol police say shortly before 1230 yesterday officers in the Tenderloin station investigated a possible gun violation they spotted a man they thought may have a weapon the man was in a Lexus as u.v. And drove off police say about 3 blocks from City Hall the s.u.v. Hit the bike officer and kept going the driver later arrested his name has not been released and they area business time $942.00 time to focus on what's moving markets in and around the Bay Area Gilliard science is based in Foster City wanting approval from regulators for a personalized blood cancer treatment a month earlier than expected With more here's Bloomberg scare in Moscow it's a key 1st step as the company tries to shift its business into the oncology field that there are be called the s. Card does made via a complicated process that involves extracting a patient's immune system cells and modifying them to attack blood cancers yes Carter will cost $373000.00 a list price that doesn't include related care and is in line with what most analysts anticipated it's only the 2nd drug in a breakthrough patent Gauri known as card t 2 have gained approval Gelly ad which made its name with Blockbuster antiviral treatments for HIV and hepatitis c. Is now attempting to build an oncology business and acquired Yes cartel with its recent $11900000000.00 takeover of pharma and that's Carol Moscow reporting traffic and weather next to this is Bloomberg d.c. Sports radio start. Counting down to kickoff for Thursday night football chiefs and Raiders from Oakland tonight with Kansas City looking to improve to 6 in one with a 6 straight win over the Raiders who are 2 and 4 having lost. You were in a row don't forget you can hear Thursday Night Football exclusively on Westwood One there's one college game tonight as well number 25 Memphis is at Houston baseball the end l.c.s. Could end tonight at Wrigley with the Dodgers looking to clinch the pennant for the 1st time since 1988 with a winning game 5 over the Cubs they will have their ace on the mound Clayton Kershaw who will face Jose content to n.b.a. Tonight the debut for the new big 3 an Ok see as Russell Westbrook Paul George Carmelo Anthony and the thunder post mellows former team the Knicks Also tonight the debut for Lakers number 2 pick 10 ball as the Lakers host the Clippers n.b.c. Sports radio. In Advance Auto Parts we offer you the quality parts you want and Knowledge You Need and we're always looking for ways to help you save get 5 quarts of Castor edge tools and that are high mileage motor oil and it can and will filter for just $2999.00 Freebirds members also get a $5.00 e-mail before going to advance or participating Carquest auto parts stores to take advantage of this great offer while it lasts and fans out of parts. Or oil is priced like it should be. Want to know my favorite word simple it's how I run my life where the same work boots every day Simple have the same lunch simple take the same route to work simple but sometimes my job gets complicated that's why I use Granger no matter what issues the job throws at me Granger keeps things simple ordering simple managing my am and Torrie simple and of something pops up Granger's got my back to 247 Customer Support simple as that. Dot com or stop by Granger for the ones who get it done. Bay Area business time 945 it is time for the Bay Area's best traffic and we do have a day every 15 minutes right here on Bloomberg 960 back we go for the latest once again here is Larry Olsen as service 3 problem in San Francisco Charlie Highway one south of ocean it was a stalled big rig looks like it just might have wrapped up lets the ball down to Palo Alto North Point to one a one in Barca Dero s.u.v. Acted to get up the right lane also over on the shoulder northbound what I want is just for about 45 minutes all the way back to Alum Rock Bay Bridge toll plaza lights are on we are stacked into the maze if you're traveling on West 80 are going to be slow from San Pablo Dam Road as you travel to the Bay Bridge your Bloomberg 3 day whether forecast mostly cloudy with a Chance of rain later on this afternoon as it pursues these today sunny and breezy that are mostly sunny Saturday with a Bay Area's best traffic and Larry Olsen Bloomberg and 6813.7 f.m. H.d. . You Charlie Ok thank you very much Larry Olsen We'll see you in about 15 minutes with the latest right here on Bloomberg 960 the Dow The s. And p. Nasdaq they are all trading lower we will have more on the markets for you coming up in just a moment right now the Bay Area index it is down by 7 tenths of one percent Apple is down 2.7 percent alfabet down by 1 point one percent this is Bloomberg $961.00 of $3.00 f.m. H.d. 2. Movie Business News 24 hours a day at work on the radio global to hear radio. Business World Headquarters I'm Charlie about stocks lower of volatility and gold higher the 10 year up 930 seconds the yield 2.31 percent gold of 5 tenths of one percent at $1287.00 the ounce West Texas Intermediate crude down $0.64 a barrel to $5141.00 lower by 1.2 percent s. And p. Down 5 pulling back from yesterday's record of $2555.00 a drop there of 2 tenths of one percent down Industrials down 37 down 2 tenths of one percent the Nasdaq down 46 down 7 tenths of one percent u.a.l. The parent of United Airlines plunging 11.6 percent apple down 2.8 percent I'm Charlie product that's a Bloomberg Business flash All right Charlie thank you Janet Yellen is expected to meet with President Trump today as he prepares for that to decide on the next chair of the Federal Reserve speaking with Bloomberg earlier this week o.m.b. Director Mick Mick Mulvaney said Yellen wasn't his 1st choice for the role John Taylor will be a tremendous candidate as to war she'd get a tremendous candidate that Gary comes up every now and then so I think it's a lot of good names on the list I don't think with that list of names even with Mrs Yellen who would not be my 1st choice I don't think the president can make a bad choice for more on the horse race for the Fed chair Carl record on a chief u.s. Economist for Bloomberg intelligence joins us now from the Bloomberg 1130 studios in New York are and Carl. Who is your pick right now well I'm going to kind of reverse that list that we just heard from Nick Milvain me because I think Yellen has a very strong track record at the Fed continuity is incredibly important to us so I do think that despite the fact she's a Democrat I think she is still the front runner and if it's not her then I think that if you want a Republican verb. Everything that's Janet Yellen for the most part do you go with Jay Powell governor Powell at the Fed I think much further back in the pack would be John Taylor who is hawkish Kevin wash who is hawkish to individuals who would basically impede trumpet nomics by having a more aggressive hand on the interest rate lever and then if we're talking about Gary Cohn he's got a pretty big job to work on right now with the comprehensive tax reform so what if you're taking him off of that job then I would look for even more diminished chances that we get a meaningful tax deal before next year's midterm elections you mentioned continuity right off the bat there and I'm glad you did that because I wondered if continuity is more important or more significant than having change put in place this president likes to change things up he likes to shake things up and maybe create some uncertainty and then use that as leverage in some ways I mean that's how he negotiates in some ways well he has also been touting the continued record highs in the Dow over his term so if he wants to add uncertainty to the market the market does not like uncertainty and he may be giving up some of those though those gains as a as a payback for for introducing that occur the markets some traders seem to be placing bets on John Taylor as the pick there's this story on the terminal about the tailor put tell us about that well I again I not so sure that John Taylor is the front runner he's a very smart economist of course he has his policy rule which this does not mean a hard and fast rule where you just let the the robot run the Federal Reserve Bank but this provides your policy guidance and if we look at various iterations of the Taylor rule over the past several years it would have called for. A less accommodative monetary policy now we are in a very long expansion it's the 3rd longest in post World War 2 history had we had a more aggressive Fed policy this sluggish economic growth that we've all been complaining about over the last years last 8 years that would have been even more sluggish so I think some traders are concerned if you have a more hawkish or more aggressive hand at the Fed then you will drive a flattening of the Treasury yield curve because they'll be less room for inflation to boost the long end of the curve in a more aggressive Fed lifting the short end of the curve and a flat yield curve is not very good for the financial sector so there's all kinds of ramifications here and I can see why policymakers are concerned about that type of individual being at the helm of the Federal Reserve Bank we certainly have been served well by a dove being at the at the threat at the control panel of the economy over the last 8 years and yet we have a story on the Bloomberg terminal about a campaign against Yellen being reappointed and it's a campaign among conservatives urging the president to nominate an outsider Well fiscal conservatives in Congress have generally favored a more aggressive approach to monetary policy so it's not surprising that Republican candidates would have looked for someone not with the characteristics of Janet Yellen That being said President Trump is no conventional Republican to be sure whether we look at his attitudes towards the budget deficit door right trade policy so what just because there's a conservative initiative I don't know that necessarily that will dictate his opinion interestingly enough President Trump is a low interest rate guy as he likes to say of course any real estate developer understands the linkages I tween interest rates debt levels and. And you're a business model Janet Yellen has been a low interest rate person but for very different reasons so they have kind of an aligned objective even though their philosophies are very different because she's a labor economist and she has long felt that the unemployment rate isn't fully capturing the amount of slack in the labor market and so by keeping the pedal to the metal if we can borrow that expression from a smoky in the band it by keeping the pedal to the metal allow the economy to overheat just a little bit and you can coax a lot of fence sitters into the labor market off of rolls of disability payments or unemployment payments or a just being outside of the labor market in general and that fixes a lot of having a bigger tax base fixes a lot of problems in the economy all right and so you're providing us with all these linkages and in our last 90 seconds here let me bring a linkage another linkage in election year politics we have midterm elections in 2018 the Republicans of course to keep control of Congress if they put a hawk in there who's going to you know take interest rates up faster that might cause some problems with the economy going into next year's elections well as the 1st George Bush said to Alan Greenspan jokingly after the fact but maybe only partially jokingly he said I reappointed you you didn't reappoint me because the Fed chair has tremendous sway over the economy and that Clinton adage from 1902 with the economy stupid certainly applies to politics now as much as it ever has in so Fed chair is depressing the economy that is going to hurt prospects for Republicans in the midterms that also President Trump's reelection prospects in 2020 as well so I think there's a key litmus test here as he's interviewing the big 5 for the Fed chair or a position in he's really sounding out. How graphs of They'll be in terms of dampening the positive impact for our positive impulse from company comics and thank you because because we do have to remember that there is a big element of politics in this the Senate does have to approve whoever is appointed for another term at the Fed So Carl will be watching not just the policy here but also the politics going forward Thank you so much collar guy pleasure or good on a chief u.s. Economist for Bloomberg intelligence Bloomberg Law with Gene Grasso and Greg story coming up right here on Bloomberg Radio in June what are you talking about next hour well a federal judge in New York is actually considering whether the lawsuit can go forward accusing President Trump of violating the Constitution through his business dealings with foreign governments that Emoluments Clause we've been talking about so much and we're also going to be talking about how non-disclosure agreements in sexual harassment settlements can contribute to the culture of silence around workplace harassment this rich this is now connected to the Harvey Weinstein case in the settlements there are a lot going on there and sell straight ahead on Bloomberg Radio for more government and national affairs news from Bloomberg visit to be gabbed dot com You guys also find political news analysis and commentary at Bloomberg Politics dot com Peter Barnes I may be Boris this is Bloomberg. Coming up we'll have a check of traffic and whether stocks are lower across the board the Dow The s. And p. Nasdaq all pulling back our Bay Area index down right now by 7 tenths of one percent this is Bloomberg. Earn a graduate degree in new expert Bentley University and gain the market tested skills today's employers create with our West Coast option you can master design prototyping and user experience all in the heart of Silicon Valley in the u.s. . Plan the most competitive position the best team earns in the world will you be one of them to see how a graduate degree news or experience conventionally can help upgrade your pay grade is it Bentley dot The Last Of Us kills today. From AAA bonds disease spread the fix is the place for the smartest thinking in fixed income with your insights streaming content interactive graphics and more. Data and expertise of Bloomberg go to the pics on bloomberg dot com Hartford funds human centric investing inside number 23 when a woman out earns her husband it's called the reverse breadwinner effect and it definitely changes the way couples talk about money to learn more go to human centered investing dot com Hartford funds distributors l.l.c. . Barry business time 958 it is time for the Bay Area is best for traffic and we do have a beverage 15 minutes right here on Bloomberg 960 let's get the latest back we go because once again here's Larry Olsen traffic is brought to his by Wholefoods new accident for Palo Alto northbound one at university it's a car in an s.u.v. Accident it's taken up the right lane traffic jam for about 40 minutes all the way back to the 85 interchange once again this crash northbound want to one and University in Palo Alto Bay Bridge toll plaza still pretty strong lights are on we are back to the maze 50 minute delay 5 of us from Richmond Parkway to the Richmond Samara fell bridge celebrate full fall savings that is at Whole Foods Market through October 24th get Animal Welfare rated Polish chuck roast or stew for 4 I did out a pound and get a dozen whole trade roses for 799 safe today at Whole Foods Market with the Bay Area's best traffic and Larry also Bloomberg at 63.7 f.m. 82 Charlie Ok thank you very much Laurie Olsen We'll see you in 15 with the latest right here on Bloomberg 960 stocks lower across the board I'll have a recap for you coming up in just a moment we do have Apple shares helping drag stocks down now at the low close to the low of the session Apple is down by 2.94 percent this is Bloomberg time $61.00 of the $3.00 f.m. H.d. 2. We heard from Berkeley University at Work dot com and on the radio plus is Cairney w. Over here as everyone over $3.00 f.m. H.t. To San Francisco. Endured long for this Thursday Oct 19th I'm drugstore in Washington a federal judge considers whether a lawsuit can go forward accusing President Trump of violating the Constitution through his business dealings with foreign governments and I'm June Grasso in New York Jeff Sessions faced tough questioning from former colleagues during his 1st appearance before the Senate Judiciary Committee since he became attorney general that's straight ahead but 1st let's get a check on the markets from Bloomberg Charlie palate Hey Charlie Hi there June Grasso and Hello Greg store we have got the Dow The s. And p. Nasdaq moving lower stocks dropped around the world disappointing corporate aren't .