Good afternoon, everyone. To begin, id like to say a few words about paul volker who as you know passed away earlier this week. Paul volker served as Federal Reserve chair from 1979 to 1987. He accomplished many things during his long and distinguished career at the fed and elsewhere. Hes best known for leading the fight to tame the doubledigit inflation he inherited, laying the prosperity we enjoy today. But what is perhaps most admirable about him more than his accomplishments was his character. He believed that there was no higher calling than Public Service and he dedicated the lions share of his life to it. With courage, tenacity and integrity he pursued the policies he believed would benefit all americans. My colleagues and i continue to draw inspiration from his example. Turning to todays meeting, my colleagues and i decided to leave our rate unchanged after lowering it a total of 0. 75 . We based our decisions on judgment of how best to achieve the goals congress has given us,
Tens of thousands of protesters took to the streets in lebanon today to mark independence day. The unprecedented wave of National Protests erupted five weeks ago, leading to the resignation of the Prime Minister on october 29. Protesters waving lebanese flags packed central beirut where music blasted into the night. Deeply divided politicians have yet to agree on a new government the United Nations envoy for yemen says the momentum to end the countrys war is building. Aircraft its points to a nearly 80 drop in airstrikes nationwide in the last two weeks. And a ceasefire in a key port city as reason for optimism. Griffiths told Un Security Council members today that the slowing pet tempo of fighting could signal a move toward peace of the arab worlds poorest country. Global news 24 hours a day, onair, and tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. Live from bloomberg world headquarters, im vonnie quin
World cut rates. China weakening the currency again overnight. A perfect guest to discussion the swings in the market, former treasury secretary jack lew joining us thats coming up on closing bell. First right to the market action, joining us for the hour is josh brown. Whats turning things around here oh, my god, this is like what we live for, right it was pretty dire this morning. In the last five days, i have shift fred bearish back to bullish, then bearish, then superbearish. I was lutheran for a minute now i know youre joking. I am personally highly susceptible. I know this about myself, and every investor should think about their own behaviors. Im hidely susceptible to the lines i see in front of me not that i will react to all of them, but if youre not going through that, maybe check your pulse, that is what markets are designed to do, and i think the people that radically shift their views based on price act are the people who end up paying the volatility tax what led the comeb
Thank you for watching bloomberg surveillance. The stocks europe 600 down a touch. A lot of the focus is on the jay powell. You can see the u. S. 10 year yield at 2. 10. And we are looking at the pound. Boris johnson is the person who will probably become the Prime Minister and keep saying no deal brexit should still be on the table. We seeing Market Movement with the pound extending. You can see cable at 1. 2458. Coming up, we talk commodities with blackrock at 10 30 a. M. London time. But first, lets get straight to bloomberg first word news. China are. And holding the first highlevel talks since a truce was called in the trade war. Top trade officials are speaking on the phone. Larry kudlow says the initial talks were positive. There was headway last winter and spring, then it stopped. Hopefully, we can pick up where we left off. Ambassador lighthizer and secretary mnuchin are exploring all that. Discussions today went constructively. But its too soon for details. Factories and bare
Thatdominated yesterdays action, that along with chinas currency move. Overnight Chinas Central Bank setting the yuan mid point firmer than many expected. That happened at 9 00. We saw a turnaround in u. S. Equity futures which were down overnight as much as 600 points at the lows. Right now a positive open across the board. S p looking to be up by 11 points dow jones up by 102. The nasdaq looking to recoup 44 points as for u. S. Treasury yields, we saw a 2016 low also. We had the tenyear note at 1. 758 overnight we breached that 1. 7 level. A key level here. We have cnbc reporters everywhere this morning covering the Market Reaction to this escalating trade war willem marx is in london well get to him in a moment, but across the world to china. Eunice yoon is on the ground in beijing. Reporter china strongly opposes being labeled a currency manipulator. The central bank, which manages a floating currentry cy exchang rate called the move unilateral protectionist behavior that violates