powell: i did. i was one of about 15 people who would serve one year in washington in one of the offices of the cabinet. in my case i worked in the office of management and budget. and i learned a lot about government in that year. david: after your white house fellowship you did what? mr. powell: i went to korea to command an infantry battalion in korea. that is a year i considered one of the most rewarding years i've had in the army. just starting out in the volunteer army and it was my opportunity not only to train these young people but to give them a g.e.d. education and english as a second language. david: you eventually went to europe. mr. powell: i was in europe as a young lieutenant for two years. and then the periods you're talking about as i worked for cap weinberger. the secretary of defense. and i was his military assistant, senior military assistant. and we became ex-he seppingsly close. we became exceptionally close. after two years it was time for me to move on and get back in the ar

chairman powell: the u.s. federal budget is not a sustainable path, that is widely understood and accepted. we need to do think the put it on a sustainable path and this is a good time to do that because the economy is a strong, government revenue is strong and this is a good time to do that. that is a longer run problem, that is a problem associated with health care costs and the aging of the population. what the fed does is much more at a business cycle frequency, so that unsustainability is not an issue for us as we think monetary to conduct policy or financial supervision in the near term. it is more of a long run thing. we do not have a voice in fiscal beyond what i said. >> does it affect your growth expectations? chairman powell: only at the margin. when we talk about potential growth, we are talking about the next 5-10 years and if you look at the chart, the u.s. debt to gdp, in the high 70's right now and it will move to 100% over the next couple decades, so it is further out. ands not today affect us

powell: hello, general powell? this is ronald reagan. exsm xx >> would you fix your tie please? david: people wouldn't recognize me if my tie was fixed. ust leave it this way. i don't consider myself a journalist. i began to take on the life of being an interview though i have day job of running a private equity firm. ow do you define leadership?

is it possible for jay powell to provide the confidence investors are looking for? >> i think it's difficult to give guidance with conviction. everything could go pear-shaped if there was a significant escalation in any of these risks. >> let's say syria, if there was to be a response from the allies what would that do for the rate scenario >> there's so many different scenarios that could unfold in terms of a conflict in syria if there was a full-on war and conflict between russia and the united states playing out in syria, where you talk about

>> rick, you think they're testing powell, like tim was saying >> i really like jay powell up know how i feel about most fed officials. i don't think what we're seeing in the market can be contributed to him as a matter of fact, i've never seen so much confidence in a new fed chairperson even though we haven't had all that many over the last 30 years, most traders on the floor really like jay powell >> chris, banks have been weak but one financial stock you like >> sure. i like prudential. having it being released from the significant financial institutions list, that's just going to help it grow long term. i think it's selling at a great price. >> no worries about the accounting issues and pension checks unpaid and -- >> every company's going to have some hiccups the long-term fundamentals of prudential, i think it's good. >> thank you all very much sn

which is what will drive -- >> hang on because jay powell speaking this hour >> headlines crossing right now. jay powell the federal reserve chairman speaking at the economic club of chicago and said further gradual rate hikes are best to promote the fed goal and balance sheet reduction and he said so far is going smoothly and has a patient approach to fed rates and the risk -- even handedly about raising rates too quickly or slowly, so you don't hear powell forwarding and he said he seeds steady income gains and rising wealth and an elevated confidence and the market will expect inflation to pick up in a couple of months a comment on the job market, sees the strong job market drawing people back into the work force that is what he's focused a lot on he sees only moderate wage growth and it has picked up. the absence of strong wage gains is the labor market not too tight. so he is not looking at this

adam clayton powell jr. adam clayton powell jr. will inherit the church and this is a very interesting thing, churches and religion become -- a number of religion become the family business so if i'm the son or daughter of a rabbi, i might become a rabbi, if i'm the son or daughter of a baptist minister, i might become a baptist minister, and i will learn even if i don't become that, i will learn politics at the foot of my father or grand father or whoever it was. adam clayton powell was this sort of social gospel. he had all kinds -- like father divine, running roughly contemporary, he has all kinds of social operations coming out of abyssinian baptist church, to serve the needs of people who are in desperate, who are looking for jobs, looking for the good life. so black preachers have to serve spirituality, but at the level of jobs. the church functions as a social service unit. this is his son. adam clayton powell jr. playboy, baptist minister, married to jazz and the stage actresses and in 1941 he was el

one issue affecting investors this week will be fed chair jay powell seeing strength in the u.s. labor market to keep raising rates gradually this year, but could the current trade battles change his mind and his colleagues' in the fed? kathleen hays here with more. we saw jobs growth weaker in march but it is wages that piqued our interest. both of those things happened, you are right. winter weather, people still see a report that to a certain extent could have been impacted. the federal reserve will put that to one side as jay powell signals more rate hikes. let's look at some of the details of the report. the nonparstart with zeros. they rose 300,000. bad weather, construction workers, all kinds of things can hurt that. february we had unseasonably warm february whether. then you got the job report of a surge of over 300,000 workers. unemployment steady at 4.1%,

we're awaiting fed chair jerome powell's q&a, and we'll bring it powell's q&a, and we'll bring it to you live when it happens. but to us, it's the pace of tomorrow. with ingenuity, technologies, and markets expertise we create the possible. you set it. nasdaq. rewrite tomorrow. >>> welcome to the second hour of "power lunch. a big day on washington and on wall street. we have team coverage of the stories moving your money. plus, bob pisani watching the markets which are taking a big hit today. also, fed chair jerome powell is about to take questions. we'll take you there live as soon as it begins because it appears his comments did move the markets moments ago. let's get to bob pisani. what are the traders saying? >> melissa, we did indeed take a leg lower at 1:30. let me show you the s&p 500. we had mr. mnuchin on at the same time, he talked about the potential for a trade war. not his preferred outcome. mr. powell's written testimony came out, much more important is the q&a. we'll keep an eye on that. all throughout the day, two sectors, financials, industrials, have been underperf

jerome powell said it and the data show it. to the floor show along with traders, welcome economist and professor at syracuse. carl, the markets are throwing a conipgz threat. but you as the author of burn the business plan, how do you see it? isn't that what trump is doing? burning the trade plan for long-term gains? >> he is, and people who do international trade, international affairs, their hair is on fire, and i think what the president's really doing here is signaling that we have to change the way we deal with china in particular and really is over ideas? it's innovation. and my view is one of the things that's dragging down the long-term prospects for the economy is we are not innovating fast enough. liz: okay, innovating fast enough, well the market is tumbling fast enough, teddy. give me a sense in the final 51 minutes of trade, why we are still down 700 points? >> i think, liz, i think it's just the increase in the tariff, 100 billion overnight, you know, you would have thought that perhaps the markets would have acc

and jay powell will have to basically find out. he can do it with his team. in europe, it is different. the finish line is much further out. the speed is not quite as strong as the u.s., so it will be trying to adjust. the important message is it will be contingent and i cannot tell you today and jay powell and mario draghi cannot tell you. i can tell you as a function of the numbers, this is what we will do. both of them are extremely good with good teams. it is impossible to do. if they fail one way or the other, but they learn. tom: i must have you comment on this thing, mr. macron of france. it is a new france, isn't it? olivier: mr. macron is the new france but you still see that there is a lot of the old france still there with occupy

jay powell giving big speech in chicago on friday. after the jobs report, saying looking at employment and he seesn, tax cuts, economy strong enough to have more rate hikes this year but gradual because he doesn't see any signs of a wage acceleration. any kind of spike that could concern. to get more let's look at gtv chart on your bloomberg now. the yellowow you in line and employment down to 4.1. line.t the blue look how flat and steady that is. much. a bit but not that underscoring what he said about that. board.seem to be on even if inflation getting close to 2% in junker he's ready -- june, he's ready for more rate hikes. rish: what about the trade battles. of that?on >> let's listen to what jay powell said. he's been cautious. here's what he said on friday

the powell put the fed price outside. joe: we were talking about the fact that there seems to be a pattern with trump. it starts the aggressive line on trade and then backs down. the fact that there was a quick escalation throws into the playbook that has been modeled for this white house. >> it is tough. if you the -- apparently believe what they read, they were surprised china retaliated rather than backing down. >> they should have listened to every guest we had on this show. >> eichinger. i suppose if you view the world through such a narrow prism, the other viewpoints don't come into

[applause] chairman of the fed, jerome powell. ashley: you heard him, fed chairman jerome powell speaking to the economic club of chicago. the moderator was mellody hobson. interesting stuff. i don't think anything earth shattering. we have heather zumarriaga and kingsview asset management cio scott martin. let's get right to it. heather what are your thoughts fed chair had to say? more of the same what i got out of it? >> i agree. more of the same, more expected and i tell my boss that i need more reading and thinking in my job description. there are true academics in the fed. i love the point there is no current drama in the fed unlike president trump tweets or tariff situations or immigration. nice to have no drama in the federal reserve. ashley: at least one place in washington where there isn't. >> yes. ashley: scott what is your take in all of that? he mentioned the tariffs but wasn't really forthcoming. look we don't know what extent this will be. we heard from business leaders that this could pose a risk but he was very no

a programming note, jay powell will speak at the economic club of chicago at 1:30 eastern time. we will bring you those remarks to live on bloomberg tv. markets are falling today, here is abigail doolittle with more. >> we do have declined for the major averages on this friday. dow, s&p 500, nasdaq off roughly lower with the s&p 500 and the dow down 1% or more. the nasdaq is outperforming a little bit but still with a decline. lots of fears around the possibility of a trade war as rhetoric steps up between president trump and china. a disappointing jobs report, not helping the picture. on the week, looking at weekly declines for the s&p 500 and the nasdaq, the dow is on pace for a small weekly gain. a few more hours of trading. p, s&p 500,the ima all 11 sectors are lower and industrials, not surprisingly, some of the days -- industrial names, biggest, boeing, down, caterpillar, down. financials are lower as rates are falling. health care, utilities benefiting from the fact that rates are falling. the dividends look more attractive when yields are falling. the kleins for all of t

because, now, this is mike powell and a citizen talking, not as an advocate. our society creates priorities for pay all over the place for good, positive reasons. we let ambulances go faster, break the speed limit to get a patient dying to the hospital. we let people with 15 items or less go through a faster grocery line. liberal politicians employ hov and fast lanes and toll lanes to manage congestion on interstate highways. fedex charges you more to get a package there tomorrow instead of thursday. amazon prime builds an enormously popular business over things coming in one day, two days instead of a week. these are all examples of things society enjoys enormous consumer benefit because of something you should call paid prioritization. yet we come over to the virtual world, and we act like it's the most evil concept that has ever, you know, ever hit the world. and what i worry about as a citizen is do we really believe the internet has erased the need or the values of those things in the tangible world? here people talk about telehealth or national security

and 50 years on, the bbc plans to broadcast enoch powell's rivers of blood speech. good evening. do not adjust your sets. the chemical attack on innocent civilians in syria, was — russian officials told us today — staged by the british. the statement would be laughable were it not a stark reminder that — with or without air attacks — the war is already being fought. russia has blocked the un from investigating the use of chemical weapons in the country further. a choice made, we must presume, to prevent other nations taking further action against bashar al—assad. tonight, the un secretary general, antonio guterres, said the cold war was back with a vengeance. so how should all of this affect what britain's government does next? and where does it leave the opposition? here's david grossman. it's a week now since the headlines started pointing towards more western military involvement in the syrian conflict, a week since the alleged chemical weapons attack on the syrian town of douma. during that time, the diplomatic temperature has ranged from freezing hostility to fiery

jay powell was asked about this. he said it is too early to see what the impact of tariffs will be on the economic outlook. you don't know how long they will be or expensive. charlie evans said the impact is relatively small for the national economy. neel kashkari, of minneapolis, spoke on saturday and i believe he was on fox news. he said yes, paying attention to the dispute, it could be a trade war. interesting comments on friday, , fromn by roberto perley the fed board of governors. he has a fairly high position. he said it is hard to think more bad news on tariffs will not slow the fed down. bill gross called it a week job report. he is looking for one or two rate hikes this year. haidi: and keeps so much for that, the global economics policy editor kathleen hays. a lot to think about going into the fomc minutes throughout this week. she also has an exclusive interview you won't want to miss tomorrow on daybreak asia speaking to the dallas fed president robert kaplan live out of beijing. that is 10:30 sydney, 8:3

jerome powell. fed chair powell: it is great to be here this afternoon. chicago has provided a valued um to discuss for our city and nation, so it is a terrific opportunity and honor to be here to speak with you. we seekederal reserve, to foster a strong economy for the benefit of individuals, families, and businesses throughout the country. objective,g the congress has assigned us the goals of maximum employment and stable prices, known as a dual mandate. today i will review recent economic developments and folks on the labor market and inflation, and then briefly touch on our longer-term growth prospects. out will finish the discussion with monetary policy and will refer to a series of slides that you will see you can find those on our website, if you are prone to that sort of thing. [laughter] fed chair powell: starting with the economy, a slow recovery from the financial crisis and recession, growth has picked up and unemployment has fallen 10% at its people in october 2009 24%, the lowest level in nearly two decades. 70 million jobs have been created

powell, not payrolls. markets look ahead to a key speech by jay powell in chicago. will the point towards three or four rate hikes this year, and is that more important than a jobs number? plus, the future of deutsche bank. recruiters are said to be eyeing matt james to be replacing the ceo. will he be the man to fix germany's largest bank? good morning. i'm matt miller in berlin alongside guy johnson. guy: we have only four trading days this week in europe for the stoxx 600. it is up. today, it is softer, but nevertheless, on the weeks, trading higher. the two stocks leading this morning. we show you what is going on on the downside. it is largely that story that is dominating. , that is why we are seeing what we are seeing. the take away this morning is that the european stocks this week are higher, not lower, despite what we are seeing on the trade front. let's get a bloomberg first word news update. >> donald trump has said a deal in ae reached soon revamped nafta while playing down that the announcement of me take place next week. -- the announcement may take p

colin powell who was the chairman at the time had the wherewithal to exercise that power. because as you may know, he had been a national security adviser, had been military aide to secretary of defense weinberger, served on the budget committee somewhere. and he had been a force com kmanld commander. he was one of the ideal people to have in that position. everything changed between my previous position at the pentagon and where i was going here. the other major thing is i got to the pentagon two days after saddam hussein invaded kuwait. my immediate reaction to that was i called to see how i could get back in the field. the answer was look, we have about a thousand colonels just like you making that request. you're staying where you are. so the position i walked into that i didn't know i was going to be there, i guess it was the reason i was chosen by this general officer who was deputy j-5 at the time was to help general powell devise a military strategy for the future. all of the soviet union, how are we going to revamp national military strategy and national security

powell's await jay update on the economy. sheryl sandberg, the coo of the embattled social network, talks to bloomberg about regaining confidence of the 2 billion users. good morning and welcome to bloomberg surveillance. i am francine lacqua. we have a great lineup of guests. mark barton in london. mark: a good day to you. investors once again waking up in europe to the threat of an escalating trade spat in china and the united states, the stocks of hundred down by 0.5%, falling for the third day. yesterday we saw the biggest 600 sincethe stoxx june of 2016. we are back to escalating tensions once again, on track for the second weekly gain for the benchmark. when in comes to currencies, yes, the dollar is rising against the yen. but when you look at the dollar and the yen against the 16 pee rs, the main trading partners of those two currencies, they are the two currencies ascending today. the dollar marginally rising against the end. the 10 year yield, 2.8%. these tradet tension started has principally been witnessed in equi

colin powell who was the chairman at the time had the wherewithal to exercise that power. because as you may know, he had been a national security adviser, had been military aide to secretary of defense weinberger, served on the budget committee somewhere. and he had been a force com commander for the army. he was one of the ideal people to be in that position. everything changed between my previous experience at the pentagon and where i was going here. the other major thing is i got to the pentagon two days after saddam hussein invaded kuwait. my immediate reaction to that was i called to see how i could get back into -- back in the field. the answer was look, we have about a thousand colonels just like you making that request. you're staying where you are. so the position i walked into that i didn't know i was going to be there, i guess it was the reason i was chosen by this general officer who was deputy j-5 at the time was to help general powell devise a military strategy for the future. all of the soviet union, how are we going to revamp national military strategy and

what did powell say about trade? this speech, long waited, closely watched in chicago, u.s.wing jobs report the jobs report on friday. he was asked some questions that onwhat really drew him out this question. his speech was largely confined and inflation and he speaks. issue h he said you really can't gauge yet.mpact of a tariff let's listen to the what he told audience. >> the discussion about tariff relatively early stage. about this couple of weeks ago. don't see yet implications for them in the near term if the outlook. we don't know the extent which tariffs will actually come into effect. affecthow big would that be and timing will be. towe don't know what's going happen with tariffs. how can you gauge their impact. getquestion we didn't answer to is okay. marketu have more volatility and something that trade war.all out he saided tariff impact relatively small for the economy. not big deal. it is paying attention to trade. think jay powell didn't acknowledge that as well. is sticking to something that could ha

>> the march minutes open a window to jay powell's first fed meeting. and axis

jay powell's inner circle starts to take shape. -- y: the manus: the tadawul closing high. the treasurer is also hitting a

juliette: the march minutes open a window onto jay powell's first fed meeting. and an exclusive conversation with robert kaplan shares more

juliette: the march minutes open a window onto jay powell's first fed meeting. and an exclusive conversation with robert kaplan shares more light on the path of policy.

let's talk about powell. despite this volatility we have seen no change in rhetoric. >> jay powell, i think he was at the economy. we have seen a few months ago and his press conference, he had a solid outlook. he use the word strength. that is the baseline outlook. things can go wrong. he has not talked about the financial market volatility. that is the baseline outlook that is solid. the financial market of fed.ility could impact the , more pronounced stock market they look at overall financial conditions. they are still pretty benign. beforeed more volatility the fed starts to think difficult -- thinks differently. julia: perhaps the drag in the on in and what is going the united states with china, you disagreed with the idea china can't match now with the latest 100 billion offer from the united states. >> the basis in china cannot match with the bases in the u.s. because the u.s. imports more from china and china imports from the u.s.. but nobody says they have to stick with a 25% tariff it nobody says t

that is what jay powell thanks. if you look at what jamie dimon is saying, we do not know how this will finish. never a situation before where we have had an egregious quantitive easing followed by reversal of policy. it is an unknown commodity. my feeling is uncertainty and volatility are here tuesday. vonnie: -- here tuesday. -- here to stay. vonnie: what will you tell them following a visit? >> we are looking for niche strategies, areas of the economy, music royalties, insurance securities, where the underlying cash flow and collateral are relatively new. to economic activity. buyouts, we do not like passive strategies. they will be very difficult to replicate. vonnie: will you be able to find new niches, or will you ignore the macro and stick with what you have in your portfolio? i would one description uses, we are moving back to the old norm, the new normal was low volatility, steady, but genuine long-term returns. i think the old normal means, not necessarily a complete out and out there market collapse, the

shery: and a special programming ine, jay powell speaking half an hour and will bring you the remarks live. this is bloomberg. ♪

juliette: march minutes open a window onto jay powell's first fed meeting. and an exclusive conversation with robert kaplan.

jay powell says the economic outlook supports gradual rate hikes. the labor market is not yet overly tight. that is the gradual part of it. seeing good business investment that could help them move ahead. let's jump into the bloomberg and look at a gtb chart. the subject jay powell is talking about, you make up your mind, but unemployment is down to 4.1%. average hourly earnings, you see the blue line, they are up am a but not a lot of acceleration even with the low unemployment rate. this is the rate of not moving very quickly. we are left with this inclusion that the fed is looking at a forecast for this, eventually causing inflation to rise. john williams, of san francisco, about to become head of the new york fed, still on board with three or four rate hikes. he gave a speech. charlie evans of chicago who has been dovish, he is saying he will be on board with another rate hike. he is referring to june. if inflation is that 2%, getting close to 2%, the board, the core opinion in the fed is move ahead and figure inflation will catch up. and everyt

juliette: the march minutes open a window onto jay powell's first fed meeting. and an exclusive conversation with robert kaplan shares more light on the path of policy.

>> the market is concerned about what jay powell is concerned about. the market perceived that to be wage inflation if we see that 0.3% number, a big rebound from february, you could see jitters that show up in the stock market and the bond market all eyes will be focused on wages. there's clearly a lot of noise in the numbers will we get another 161,000 construction jobs in march probably not another 50,000 retail jobs created? absolutely not consensus should be where we come in. but the focus will be on wages >> do you agree with that, david? >> that's where the focus probably is going to be. the question i would ask is whether or not it makes sense. there's so much emphases on wages leading prices actually, when you do the analysis and look at past periods of stagflation starting in the '60s, '70s, early '80s, prices led wages

a programming note, jay powell will speak at the economic club of chicago at 1:30 eastern time. we will bring you those remarks to live on bloomberg tv. markets are falling today, here is abigail doolittle with more. >> we do have declined for the major averages on this friday. dow, s&p 500, nasdaq off roughly lower with the s&p 500 and the dow down 1% or more. the nasdaq is outperforming a little bit but still with a decline. lots of fears around the possibility of a trade war as rhetoric steps up between president trump and china. a disappointing jobs report, not helping the picture. on the week, looking at weekly declines for the s&p 500 and the nasdaq, the dow is on pace for a small weekly gain. a few more hours of trading. p, s&p 500,the ima

making some bold statements today what did he have to say well all unknowns are wrong powell has an optimistic sounding feature and highlighted the strength of the united states economy and its recovery and he also answered questions about the potential of a trade war he said it was too early to say how tariffs imposed by the united states and china might affect growth and inflation but he also stated a potential trade route would have no immediate effect on the fed's plans to continue gradually raising interest rates is here so fishermans q. will keep following those developments with you thank you very much from the new york stock exchange. now the u.s. might be seeking a trade war but international cooperation is still up and running take the german american skills initiative for example the program is trying to introduce germany's well established system of dual education to the united states the concept combines classroom learning with hands on vocational training the german american chambres of commerce started the cooperation with the u.s. and german governments three years a

a move undoubtedly endorsed by jay powell, decreed by others, as it moves away from much-needed diversity at the fed. kathleen hays here with more. it will be john williams. here's johnny, that is what people are putting on their emails they. john williams were placing bill dudley, retiring. the new york fed has come through with its selection. let's remember why the new york fed is so important, why there is so much focus on this appointment. new york fed, first among equals. the new york fed is a permanent voter on policy, the others alternate vote on the fomc. vice chairman of fomc, much closer as advisor to the chair, which bill dudley certainly was to janet yellen. overseas big wall street banks and conducts open market operations.

either trade or amazon is it jay powell and the federal reserve or something we have not talked about yet >> it's something we have not talked about i believe the fact that the market has been so complacent and that complacency found its way into derivative books playing volatility on the short side that's the hidden fear to me i think you'll see continued heightened volatility and i think there's a derivatives book out there, in my opinion, that is on the verge of blowing up. i don't think you have to look much further than a large bank in germany, sort of looking foreground zero. deutsche bank has not traded well now for the last few years. i really think there's something going on there that might be the canary in the coal mine. if i'm hearing you right, guy -- >> you are hearing me right. >> with these ears i don't miss much two months ago we talked about the vix, the crazy options, volatility trades. i know you, tim seymour, i an others disagreed on how

markets look forward to a speech by jay powell later today. will he point towards three or four hikes this year. the future of deutsche bank. recruiters are eyeing former j.p. morgan executive zames. will he be the man to fix germany's largest bank? we are less than a half hour away from the european open. look at what we have going on in equity index futures after the big gains we saw yesterday in the cash trade. massive, really. almost 3% up on the dax index. futures are pointing down, maybe not that much. even if you did not know donald trump had threatened $100 billion tariffs of imports from china. you might expect a little bit of a drop today after the massive rise we saw yesterday. take a look at treasuries. you did see the u.s. 10 year 2.8d will back up above percent in yesterday's trade.

jay powell praised john williams for his insight and wise guidance. janet yellen strongly supports him in this position for his advice in the crisis. it's been controversial, though. so many people are criticizing the fed for a lack of diversity. a woman?ut why not a person of color? and a pool ofttee 60 candidates, 30 of them were not white male economists. another part of the controversy is that wells fargo that had a problem is part of the san francisco fed district. the fed has oversight over wells fargo. people point out it is very complicated. there was some fraud involved, people did not know what was going on.

have been a few weeks since we heard jay powell and his assessment on the economy, so plainly -- plenty to look out for. there are concerns about trade tensions, inflation, but there is a revival on equities. what are analysts saying? is certainly are significant amount of flows back into mutual funds, and this chart in your gtb library shows you, we have had $5.6 trillion worth of fresh cash has been prompt into mutual funds. a lot of that finding its way into equity funds. what this is doing is painting the picture there is kind of that the suggest mentality is waning in any significant way. it continues to be at a point where any selloff is met with instrumental buyers coming back -- incremental buyers coming back. if the u.s. equity market trades up higher today, indications are this morning that it will do. we can get back to the mid-march levels for a four or five week

jay powell sees strengthening in the labor markets to keep raising rates gradually, but what about the specter of a trade war? does that affect the fed? here with more. let's start with the jobs report friday, undershooting estimates. kathleen: maybe one of the measures looking stronger. bottom line what happened was we expected pretty much. the march jobs report was hit by unseasonably winter weather, very harsh on the east coast, compared to february with unseasonably warm weather boosting numbers. let me give you details to show you what i am talking about. 103,000 inre up march. the forecast was 185,000. that was down from 326,000 in february, averaging 200,000 a month. unemployment was steady. it was supposed to drop. now basically holding steady.

it strikes me we have jay powell, a non-economist, randy quarles, a non-economist, and this man is an economist was incredible. does it mean he has an outsized influence within the fed? experiencehink this less to having a good voice on the committee. he is well respected internally and externally. his body of research is very strong. the san francisco has put out good pieces on the neutral rate and other sorts of topical comments. i think the new york fed president has a big influence on that fomc. hemp being an economist is good for balance of opinions. why they become more important, and it does it change the characters around the table but bill dudley will not be there anymore because williams has been a member, but now he will be at every meeting. selectiont does the

i think that's what i took away from chair powell's speech today. >> now, trade. is that a lot of noise as well? i mean thet mar seems to act -- you know, the u.s. officials say that these are negotiating tactics that we are witnessing right now with the threat of tariffs but the seems to be take it more real. what do you think? >> well, i think the first time it happened we indeed saw these market get because this was different. but then the negotiating tatoics, the market bought that. and the second time, that also happened. thre stimes -- it'srting to get a little bit tougher to say this is just a negotiating tactic and the question here is it three strikes, you are out? i don't think so but we are getting closer to that. i think the market is getting closer t a point where i really going to reabt. >> meaning what? do you see this as an opportunity t invest on those stocks that have been beaten down over fears of tariffs o j o yot stand aside for a while. >> i think at this point you need to take a sp back of it's not to say that anybody needs to panic. it's ce

yvonne: perhaps, more in line with jay powell as well. thank you, kathleen hays. spotify made its debut on the new york stock exchange, skipping the traditional ipo process in favor of a direct listing. let's go to an analyst watching performance today. spot if i avoid a to malta was tumultuousvoid a debut. was it successful? may besupply of shares more than admitted. a big chunk of the company is held by strategic investors. on they still be sidelines. as far as the listing goes, more smooth, but the volatility anticipated and expected, will continue for a bit. betty: is there any sense others might follow suit with this? >> that is why we have to wait for the supply and demand balance to show what it leads to. compared to other ipos, the numbers look leser in terms of supply restrictions. as more sellers come to the marketplace and there is more normalization, that should be a bigger motivating factor. as far as what they have shown today is, if you're a big brand name, you are not raising money. or if you are, but want to go to direct listing, it is an option f

jerome powell's inner circle there, richard clarida being announced, this is what we have. let's have a look at the open for these markets. we have got the reserve bank of australia minutes coming up. to high number of shares among the best keep an eye on the space following the update we have got. in hong kong we are seeing a mixed bag. the hang seng gaining .2 of 1%. the currency markets, we are the $26 holding below level. that was on the back foot after trump blasted china for devaluations. the yuan has appreciated over 10% in the past 12 months against the dollar. this morning we saw the tv of sea breeze to the strongest in two weeks. the hong kong dollar is still near the weaker end of its trading. we're seeing financials, the biggest drag on the index so far today. we are seeing chinese banks extending monday's losses as a way of in two weeks. the hong kong dollar is still near the weaker end of its curing clarification on raise rent it will -- lending rate limits. cte was blocked from exporting u.s.ech to -- from the shares are suspended from trading in hong kong. i

looking at central bank reserves as we hear from jay powell, for example, watching the volatility in the market, there has been the discussion in reserves. cameron: this is, a lot of this is noise. i think if you look strategically into the future, one of the big concerns that investors may have is this unwinding of the balance sheet with the fed, the ecb, boj stopping their qe programs. essentially the markets have been set higher by the methadone of central bank asset purchases, there is certainly a reason for concern, but that only tells half the story because there are plenty of other central banks that buy assets as well, and a lot of them in asia, what we call the fx reserve managers, and really you need to add their assets to get a more holistic picture of the amount of liquidity that the

as the double agent powell and his daughter begin to recover after last month's attack in souls his niece from russia has refused a visa to britain. also this hour the speaks with the former head of the international organization for the prohibition of chemical weapons about the script case and also how he was pushed from his seat because he was against the u.s. invasion of iraq i got a phone call from john bolton from washington said that i had instructions to tell me that i should resign your management style is not agreeable to washington. and the u.s. blocks a u.n. security council move to investigate the deaths of protesters on the garza border after at least ten palestinians were killed in a fresh round of violence including a journalist plus also this hour washington will not feel free to military place in ghana the country's president makes the announcement following mass protests it does come as the u.s. and other countries to seek ways to become more entrenched in africa. so i welcome you watching r.t. international start this hour with breaking news today because casualties are

and he's told me personally that he is eaten up by guilt because he prepared colin powells brief that went in front of the u.n. . which persuaded vast numbers of people that the invasion was necessary and he is consumed by guilt so now his way of appeasing this is is to shout as loud as he can about the abuses so don't wait till you yourself are suffering from this. position this you know a malady of being mentally tortured by guilt if you know something if you think it is in the public interest to know please bring it forward and you are not alone because and the time that i blew the whistle you know now wasn't the trend of whistle blowing as it was and it was for me after i found it very isolating but now there's a community of people that has all kinds of organizations that will help support you and defend you and support your family and so on so it's it's growing. thank you. i hope you enjoyed that episode of going underground for my latest season we'll be back on the eleventh of april for a brand new season of going underground but you can still keep in touch with us while we're