On nightly siness for wednesday, september 2 good evening, everyone. And welcome. Im sue herera. Tyler mathisen is on assignment tonight. The Federal Reserve did not budge. Though there was some disagreement, policymakers decided not to raise interest but the central bank did say a few iortant things. That nearterm risks to the economy were more balanced, it signalled a possible rate hike this year and lowered its outlike for longterm Interest Rates and with that, stocks took off. The Dow Jones Industrial average grew to 18,293. The nasd added 53. Harpton pearson has more on what janet yellen signalled to investors. Policy makers say its not yet time to raise key Interest Rates. Inflation is too low and there is still room for further improvement in th most of us judge that the case for an immediate increase in the federal funds rate is stronger, but it would be sensible, given the finding of a bit more running room to wait to see some continued progress, evidence we continue to progress toward our objectives. The fed is lowering its forecast for growth for the next three years. Just 2 for 2017 and 2018, falling to 1. 8 by 2019. But Esther George of kansas city, loretta messter from cleveland and eric rosen green of boston all wanted to raise rates today. And the majority of the Central Bank Officials now expect a rate hike before the end of the year most participants do expect that one increase in the federal funds rate will be appropriate th and i would expect to see that if we continue on the current course of labor market improvement, and there are no mainly new risks that develop and we simply stay on the current course. The feds next meeting comes just one week before the november elections, with the fed chair dismissing statements from republican president ialnominee, donald trump, that policy makers are playing politics with Interest Rate decisions. I can say emphatically that partisan politics plays no role in our decisions about the appropriate stance of monetary policy. We are trying to decide what the best policy is to foster price stability, and maximum employment. And to manage the variety of risks that we see as affecting the outlook. When asked specifically about the possibility of a november increase, just one week before the election, the fed chair repeated her standard response. That every fed meeting is live. For nightly business rep im Hampton Pearson in washington the feds refusal to raise Interest Rates is creating a confidence. The fomc delivered almost exactly the statement the stock market was anticipating, no rate hike, a hawkish statement, saying the case for an increase in the federal fund rate had strengthened and they modestly upgraded the economic outlook. The s p rose initially, dropped, then rose again. Banks which move up on perceptions of a steeper yield curve declined. Reitz and utilities rose. The feds strange refusal to pull the trigger on a rate hike is the main topic on trading desks. A santial minority believe its creating a crisis of confidence. Yellen apparently does not share this concern during the president conference she said there was little risk the fed would fall behind the curve. She said one rate hike this year would be appropriate, and we iterated that every meeting is live. Yellen seems to have accomplished her goal of maintaining as much flexibility as possible for the fomc. For nightly business report,m. We have more analysis on the fed and economy. Global chief Investment Officer at guggenheim participan. You correctly said the last time you were on with us the fed was not going to move on rates this time around. So kudos on that front. But the reasons why they didnt move. What did you make of what ms. Yellen said . I think that what janet yellen picked up on some of the things that governor brainard had said in her statement a couple weeks ago. Basically she indicated that our policy tools or the feds policy tools are better at fighting inflation than they are of getting us out of low inflation or deflation. And so there was sort of a hypothetical of a willingness to let employment run for a while, maybe let inflation pick up a little bit more befor the fed started to act. But, of course, three of the desended and that was quite a statement. I think shell feel some pressure to act in december. But i dont think theyre going to be in any hurry to raise rates in 2017. And 17. Do you agree with what some are saying, that it is causing a crisis of confidence . Maybe not with longterm investors, but maybe with those that have a shorter time horizon . Sue, ive talked about this credibility gap the fed has created. They indicated they want to raise rates and all of a sudden point to a set of circumstances they cant raise rates. So i think the market i think the fed is trying to say, you know, when they make the statement that everyth is dateindependent. K they want to keep their options open. But i think its also something confusion into the marketplace, because peopl cant figure out which data matte from meeting to meeting. And so a lot of people, you know, thought they should move ats meeting. But then, you know, was pretty apparent to me fromome of the comments that got made and then lyle brainards statement that, no, they were going to wait and let the economy expand a little faster. So whats your best guess about when they will raise . Well, i think they will do something in december. Because i think they would like to get some kind of action in this year. Even if just to maintain their credibility. Bu what was interesting today was in the dot plot, which where the fed predicts future Interest Rates. They only indicated two rate increases for 2017. So i think were on a pretty slow, gradual trajectory in terms of rates. And thats causing some concern, because we are starting to see overheating in some portions of the economy, like commercial real estate. And, you know, rosengreen pointed that out. But i think that the concern on the part of the doves is that if ey move too quickly, to derail the economy, that could bring us back into a recession. And given how low Interest Rates are, their tools are limited. Scot always good to see you. Thanks for coming back. Scott minor with Guggenheim Partners with us tonight. The other story to also centered in washington. Mylans ceo on capitol hill, defending her compa and the 500 hike of lifesaving epipens lawmakers on the committee were clearly very, very angry. And she offered no apologies. Meg terrell is covering the hearing from capitol hill. Hi, meg. Reporter hi, sue. Its been a very heated hearing, taking multiple hours here in washington. Th mylan ceo facing a lot of questions over the companys decision to raise the price of the epipen to more than 600 from less than 100 just a few years ago. A lot of questions swirling around why they raised the price, what went into that, how much profit theyre actually making. This isnt the first hearing we have seen into the price of drugs in the last year. And thats frustration were seeing expressed by some of the congress mmen here. Elijah cummings, heres what he told mylans ceo. After mylan takes our punches, they fly back to their mansions and in their private jets and laugh all the way to the bank. While our constituents suffer, file for bankruptcy, and watch their children get sicker or die. Reporter representative cummings referred to martin shkresh the ceo who raised a price by 5,000 , saying when he came in after he testified he called the congressmen i am by sills and he named the same for another company, valiant. He really calling on mylan to lower the price of the drug. And in another Heated Exchange he had with another congressman, they asked about that decision of the 600 price and mylans ceo said she thought it was fair. Listen to this. Were supposed to feel because youve taken a drug youre overcharging six times what its worth and youre going to drop the price to 300. Sir, we were receiving 274. Do you think youre overcharging at 600 . . Sir, we believed it was a fair price and we have lowered the price by half . Why did you lower it by half if you thought it was fair . If you thought it was fair, leave it where its at. Reporter clearly, the heat not coming off mylan any time soon. Back over to you. Thank you very much, meg tirrell on capitol hill. You just heard Heather Bresch defending the high cost of her companys epipen before a very Angry Congress today. But beyond that hearing, how much can Congress Really do about soaring drug prices . Eric gordon is professor at the universif michigans ross school of business and joins us now. Welcome, eric. Nice to have you here tonight. First of all, how do you think she did . How did Heather Bresch do on capitol hill . Well, i think she did as well as she could with the facts. Its just that the fabts facts are lousy. Her defense is pretty interesting. A defense that went Something Like this. This is a complex situation. None of you in th room understand it. So im going to repeat myself until you under it. I dont think she changed anybodys mind. Does congress have the ability, though, to perhaps use her testimony or use this hearing as leverage on drug pricing . I think they did get some leverage from it. Congress doesnt set prices, they dont have any authority to set prices. But heres how theyre going to use their leverage. We saw it in the hearing. Theyre going to put leverage pressure on the fda torove generic drugs more quickly. If there was a generic true generic epipen, the price would be much, much lower. The second thing that came out is that congress can authorize medicare and medicaid. Government agencies that buy drugs more than anybody else. They can authorize them to negotiate prices. They cant negotiate prices now. If they get that authority, they can really drive down prices. So what we saw in the hearings was some of the two anues congress can use, despite the fact that they cant order mylan to do anything. We should note, there was an fda representative sitting right next to ms. Bresch, and was also grilled by the congress people, so well see whether or not they do come up with more quicker approval, if you will, of the generic form. Medicare and medicaid. That i think is an interesting part of the conversation. Because the v. A. Already has the ability to negotiate prices with drug makers. And we have seen sizeable reductions in the prices of drugs that the v. A. Negotiates. How likely is it, though, well see some action on that particular issue . In this session of congress . Well, were not going to see anything in this session of congress. And thats the harder one. So the fda gets its budget from congress, they can put the leverage on the fda, and that going to change and the person from the fda girl who is involved with this has said, were doing better and will continue to do better. The Medicare Medicaid fight is going to be a political battle roya royale best yea out, if it ever. But we saw the battle lines, and what happened today was the people who want medicare, medicaid authority, they got some ammunition from her testimony today. Eric, always good to have you with us. Thank you for joining us. Hank you, sue. Eric gordon from the university of michigan. Another drug maker raised the price of an Acne Medication to nearly 10,000 a tube. According to a report in the financial times, the privately held Company Called novum i am increased the price by 128 . The two main ingredients arin expensive. One an antibiotic thats been around for decades, and the other is a form of aloe, a generic form of the same crime costs less than 30. The fed wasnt the only central bank to impact the markets today. Policy makers at the bank of japan decided to try something different. Instea prohibiting more money to stoke inflation, it is targeting Interest Rates on government bonds. Akiko fujita has more fro tokyo. We saw the markets rally on initial reports of this decision, and the introduction of this yield curve controls. The ni gaining 300 points at the close. But a closer look at this policy fr and the comprehensive assessment shows this is really about tweaking an existing policy. E boj looking for a little more flexibility, looking to buy a little more time to reach that 2 inflation target. You can certainly argue, this is a letdown four the market. Investors looking for further rate cut into negative territory and you could also say this is in part an admission from the boj on defeat on its existing policies, although the governor in his press conference said this shift towards the yield control was really about bolstering the Foundation Laid by the policies boj has already put forth. Take a listen. Translator theres a new framework which centers around a yield curve control will be more flexible to prices and financial conditions compared to the original method of controlling the growth of Monetary Base and outstanding gover that curve control means the boj is abandoning their Monetary Base to buy longerterm government bonds to keep tenyear yields near zero. Boj also committing to overshootin inflation, essentially committing to continued expansion of its Monetary Base until they can reach core cpi at 2 target and stay above that target in a stable manner. We did see the yen weaken on the back of this decision, reaching that 102 level, but there is little confidence here in japan. It can maintain that level with so many external factors weighing on the currency. For nightly business report, im akiko fujita in tokyo. Still ahead, why the s. E. C. Is charging a wellknown highprofile Hedge Fund Manager with Insider Trading. A wellknown Hedge Fund Manager has been charged with Insider Trading by the securities and exchange commission. The s. E. C. Is accusing leon cooperman, head of omega advisers, of generating illicit profits from trading in atlas pipeline participants. According to the complaints, cooperman built a position. Cooperman was already a major shareholder in the company, and as the s. E. C. Alleges, had obtained confidentia informat about the sale. When the deal was announced, shares of atlas rose more than 30 . Cooperman said the s. E. C. Sought a settlement with him andis fund, which he called unacceptable. A statement to cnbc, cooperman said the charges are without merit and that he plans to fight the he grilling may not be over for the chairman and ceo of wells fargo. The House Financial Services committees has skjed a hearing for the banks fake account scandal. This comes one day after john stumpf came under intense krut knee. Jpmorgan downgraded because of continued fallout from the scandal. Shares came under pressure falling about 1. 5 . A retiring official from californias largest Public Employee pension fund said state and local governments should be required to pay more into the system. Allan mill gan, outgoing chief actuary of the retirement system also said the pension fund needs to recalibrate its longterm investment predictions since returns continue to come in lower than expect viacom cuts its dividend in half. And thats where we begin tonights market focus. The media giant ed its Quarterly Dividend to 20 cents a sre and plans to exploit debt markets in an attempt to improve lick witty. Its interim ceo would leave the company in november. And as for vis stake in para mount pictures, the company confirmed it would not seek an investor. Shar fell 11 cents to 36. 05. Target will buy back 5 million more of its own shares. The stock repurchases will begin once the retailers current 10 billion Share Buyback ends by the end of the year. Shares were up 1 o 69. 47. Carmax posted disappointing sales growth, citing a down turn in foot traffic. Samestore sales rose about 3 , coming in short of expectations. Th retailer also missed overall revenue expectations. Carmax shares fell 2 to 54. 60. And sales fall the fifth straight quarter at general mills. The food giant said weakness in its yogurt and cereal segments, along with a challenging macro environment, contributed to that drop. Profit also fell but those results topped estimates, so shares rose nearly 1 to 65. 26. Bed bath and beyond saw its profit and revenue fall, both metrics missed street targets. The home goods retailer also reported weaker than expected sales growth in the latest quarter. Shares rose slightly in after hours trading but ended up a fraction to 43. 11. Some new numbers tonight in the money behind the race for the whit democrat hillary easily outraised rival Republican Donald Trump last month, and also spent a lot more than he did. John harwood has more on the Campaign Cash from washington. Good to see you, as always, john. So what did the august totals look like . Well, for hillary clinton, she raised about 59 million. That was her best month so far. Donald trump raised 41 million. But even more significant, is a similar edge in the cash on hand, as we begin the last two months before the election. Hillary clin has got about 68 million in cash. Thats been fueling a much heavier battleground state Advertising Campaign by her. Donald trumps just got 50 million, which is a lot of money, but not necessarily by the standards of a general election fight. Absolutely. Theres a new poll out, what did the numbers show there . The nbc wall street journal poll out tonight shows that in a fourway race leads donald trump by 4337. That rebuts the idea that donald trump is essentially closed this. Gary johnson 10 . Jill stein, the green party nominee, 3 . If you put it at a twoway race between clinto and trump, she leads by 7 points, a substantial advantage, puts a lot of pressure on donald trump heading into