janet yellen, ben bernanke, you know the drill, #fedduet. ben: the recent volatility is nothing exceptional on a historical basis. as the veterans here are quite aware. the purpose of fed communication is not to a limit or suppress volatility. the purpose is to eat eliminate unnecessary -- is to eliminate unnecessary problems that lead to extra volatility that otherwise would be coming from the fundamental economy. i think communication has come a very long way. it has only been a quarter-century since the fed began issuing a statement after its meetings, and now we have far more information provided about the outlook for the economy, even about what the fed thinks of the fomc members think will be the path of interest rates. obviously it is a work in progress. i would compare janet's handling of the balance sheet with my handling of the balance sheet as an example about technological process exists, even in central banking. [laughter] ben: so i think there is still a lot to be learned. i think transparency and communication have been very p

ramy: first up, janet yellen says u.s. stocks and commercial real estate prices are high, but she stopped short of saying they are in a bubble. she says the financial system is much better capitalized in the banking system more resilient than they were before the financial crisis 10 years ago. she stepped down as fed chair on saturday and said that she is disappointed president trump opted to replace her with jerome powell. a confidential yuan report says north korea made almost $200 million between january and september of last year from banned exports of steel, coal and other commodities. shipments to malaysia, china and vietnam were used with ships using deceptive navigation patterns. is saying it is doing its part to enforce sanctions. .y. lee is back in -- j is back in court. prosecutors want him behind bars for a longer term. a final appeal to the supreme court may follow cute and -- may follow. playmakers have never had it so good in asia. mainland chinese carriers have met -- have meant good business for boeing and

janet yellen and what a great job she did really. yes, and looking back she took over a fairly damaged economy from bernanke. we have seen three or four interest—rate rises, and we are starting to see the market reaction to that, but obviously the us economy continuing to run high. the jobs numbers we saw on friday were a good news. the markets welcomed the fa ct good news. the markets welcomed the fact thatjerome powell would replace janet yellen, because we figured she would be replaced, and he is seen has a similar pair of hands to hers, no big changes. yet markets have gone through a rough patch in the last 48 hours. he is a centrist, as monetary policy goes. he is not actually an economist. that is a little controversial, but there were more controversial economic geeks who donald trump had mooted forjerome powell got the nod. the market reaction seems to be asa nod. the market reaction seems to be as a result of markets starting to get their head around the fact that the us economy is growing a little bit faster than expected

yellen and the future is a bit uncertain because not just janet yellen but also two other senior members of the federal reserve will leave the fed and the new team actually will be the least experienced probably in decades so the next meeting the first time under might be a bit more exciting than what we saw here on wednesday all right now all eyes only is wrong the state of the union address it was the fed longest in history question as to animate the markets open for them. grows grows grows jobs jobs jobs that was one of the key messages from the u.s. president and overall wall street likes what it's seeing so far and we couldn't even have seen an impact of the big tax reform that donald trump got through congress. last year but also he was not too specific how he tries to achieve his goals he did talk about an infrastructure program in the amount of one point five trillion dollars how he's going to finance that precisely is rather unclear and we did see a pretty mixed session here on wall street and one sector was under pressure and that was the pharmaceutical industry because donald

manus: even janet yellen talking about that. these markets were in public territory, but she had warnings about stocks and buying commercial property. breaking news. top life flow on samsung. up y'all of j wiley is critical in terms of the length of jail term he is given. a couple of lines coming through. the court does not accept there was a succession issue for solicitation. there was no bribery in support them. smaller lines coming through. not guilty of hiding assets overseas. and the money sent is not actually hiding assets overseas. we will wait to see what they have the say about the duration of any incarceration. keep an eye on top live , following the verdict as we speak. terms ofthe stage in the global equity market continuation of what had happened. volatility is the key. the vix moves by 34%. volatility is coming back. the biggest weekly jumps and august of last year. 3192 is a chart on this. all 11 sectors of the s&p 500 declined, so what actually happened next? when you have a week like this than vol rises by m

>> janet yellen is gone. literally, the day her successor, jerome powell was sworn in, volatility surged. one of the characteristics of the janet yellen fed was that volatility collapsed from her predecessors, ben bernanke, alan greenspan. even paul volcker. what does that mean? janet was a very effective communicator. her fed was good at giving people very clear direction about where the economy was headed. as a result, the markets were much more subdued or behaved, even as they appreciated. the difference now is that jerome powell is an unknown, even if he was at the fed for quite a while. before that. that makes all the difference. that is why we see uncertainty. vonnie: we will show viewers a chart of the vix of the years -- over the years. this is high but not like what happened in 2015. 2008 is the other previous high. the janet yellen time was calm. this as the new fed chair released a video. -- woulde a priority it be a priority to have the vix down? >> he is not an economist. that will not go unchall

yellen on our last day did actually do something worthwhile and she. of course had to do it on our last day because otherwise warren buffett would have had removed anyway from the fed exactly the quid pro quo on the last say but lipstick on a pig purely for cosmetics window dressing and the overturn it quickly because the . these people have enormous sway in government and they run the legislative process and they will be unwound any penalties for wells fargo and i'll be back committing serial fraud by the second quarter of twenty eight inc we're going to get into part of the reason why she did this is because you know they've committed these frauds against their customers the fake client accounts and the fake insurance products but they still haven't offered restitution for anybody who is owed less than one hundred dollars so they still like thousands hundreds of thousands of americans that they owe restitution to but i do want to say something about honey badger that we have a friend steve beauregard who we saw down in cannes koonin at the such as sh

oh so you know before janet yellen another honey badger left the federal reserve bank she did basically force them to replace three of their directors because they themselves were unwilling to basically get a better attitude about all the fraud they had committed you know they had set up all these fake accounts for their clients in order to basically meet some targets and get better bonuses but they had also been found in this kind of got overlooked because it happened in the summer when a lot of fake russia great stories were happening but also between started to take off the back of more press but they had also been found to have basically forced auto loans auto insurance onto those who had auto loans from them and it was fraudulent that basically these people didn't need this product and they didn't realize that they had this product and so they ended up getting their cars repossessed so basically janet yellen forced them to that was on the very last day she forced them to replace their directors and now charlie monger is all upset that as the largest shareholder of wells fargo he's

outgoing chair janet yellen admitted that the punishment was unique and more stringent than other banks in the past. the bank will face a review on the 30th of september before the sanctions can be lifted. concurrently, wells fargo is also replacing four board members following three changes in 2016. and three just last month. and that share price down sharply in the premarket, some 7% or so >> but $400 million doesn't seem like that much there has to be a bigger cost here >> so $400 million is really interesting. the limit on total assets what they're saying the $400 million is, in order to sell off other parts of the balance sheet and restructure the balance sheet so that they can still write loans within the terms of this restriction is what they're saying will cost them an limited $400 mm. if we just look at this decline. 7.5% decline would be 23.6 billion in market cap wiped off. now, if you apply the current multiple 16% to the 400 million in earnings this year, that would be 4.5% of market cap. clearly, we're selling off three or four times that amount. investors are looking at t

jerome powell takes over from janet yellen as chair of the fed. it is the first time in nearly a0 years the head of the us central bank has served just one term in office. lift—off for ryanair. the world's busiest international airline is expecting to announce a jump in sales following the collapse of some of its european rivals. and on the markets, asia follows wall street's lead with heavy losses. shares across the region on course for the biggest drop for m months. today, jerome powell will be sworn in as the new chair of the us central bank. most american presidents have chosen to reappoint the existing head of the federal reserve, nominated by their predecessor, but donald trump has broken a ao—year tradition by replacing the former chair, janet yellen. yogita limaye reports from new york. president trump's pick for the job, jerome powell, is the new chair of the us federal reserve. but why is is such an importantjob, and why should it matter to you and i? well, the federal reserve makes decisions, about interest rates, keeps inflation in

the fact is that janet yellen was refreshing. she brings a candor to it. she is an economist with a human passion for economic justice. i mean, she doesn't talk in abstractions and she's got a hell of a resume as she leaves. it's been impressive. i think david's right about her leadership and the fact that she was the firstce womanainly as a pioneer she's a pretty strong exale for more. >> woodruff: that we will see. i mean, she's succeeded by jay powell. he starts on monday. but let's go back now to o lead story, david, and that is that memo, that long-awaited memo finally released today by the house of representatives, republicans in the house. we see it. what do we make of it? is it the blockbuster we thought itould be? >> no, it's a minibuster. you know, it's not great that the f.b.i. apparently didn't tell the courts where their information came from, that it came from the steele dossier and thed was fundy the democrats. you would like to think as a part of a normal process, we have this information, this is how we got it, that seems how the system sh

outgoing fed chair janet yellen joins us to discuss the nation's economy. and, much more. >> woodruff: we return now to the memo released today by the u.s. house intelligence spmmittee. e earlier with two of the members of that committee. we start with republican will hurd of texas. i asked what informaas so explosive to warrant releasing bye document, despite call the intelligence community to keep it assified. well, i don't know if i'd describe it with the adjective explosive, but what the information in the memo questioned askeduis sd federal law enforcement be ullowed to use unverified information, cirr reporting and rumors in a title 3 court to request arequest request a.l f. this is about providing good oversigh lof feder enforcement. this is not, in my opinion, about the mueller investigative. i belieob mueller should be allowed to turn over every rock, pursue ery lead to make sure we know what the russians are trying to do in our elections. but this is congress' responsibility to the american people to provide oversight and ensure that our civil lib

so you know before janet yellen another honey badger left the federal reserve bank she did basically force them to replace three of their directors because they themselves were unwilling to basically get a better attitude about all the fraud they had committed you know they had set up all this fake accounts for their clients in order to basically meet some targets and get better bonuses but they had also been found in this kind of got overlooked because it happened in the summer when a lot of fake russia great stories were happening but also between started to take off the back more press but they had also been found to have basically forced auto loans auto insurance onto those who had auto loans from them and it was fraudulent that basically these people didn't need this product and they didn't realize that they had this product and so they ended up getting their cars repossessed so basically janet yellen forced them to that was on the very last day she forced them to replace their directors and now charlie monger is all upset that as the largest shareholder of wells fargo he's usin

yellen and the future is a bit uncertain because not just janet yellen but also two other senior members of the federal reserve will leave the fed and the new team actually will be the least experience probably in decades the next meeting the first time under might be a bit more exciting than what we saw here on wednesday all right now all eyes only is wrong the state of the union address it was the third longest in history question as to animate the markets open for them. grows grows grows jobs jobs jobs that was one of the key messages from the u.s. president and overall wall street likes what it's seeing so far and we couldn't even have seen an impact of the big tax reform that donald trump got through congress. last year but also he was not too specific how he tries to achieve his goals he did talk about an infrastructure program in the amount of one point five trillion dollars how he's going to finance that precisely is rather unclear and we did see a pretty mixed session here on wall street and one sector was under pressure and that was the pharmaceutical industry because donald tr

julie: janet yellen leads her final meeting at the fed, and a cryptocurrencies shed, a trio of business legends launch a venture that could transform health care. >> they are teaming up and saying they will do something in health care, something big. julie: nafta talks continue. canada's minister of foreign affairs sees cautious optimism. >> i think a win-win-win outcome can be achieved. julie: some of the world's most valuable companies report earnings. >> we have not done a deal in 3.5 years, but this one was too good to pass up. >> we have shown we have what it takes. >> i think there has probably not been as good a time to be in banking in the three main economic blocks. julie: it is all straight ahead on "bloomberg best." ♪

federal reserve janet yellen is due to step down when her term expires at the end of this week yet it was the first woman to head the federal reserve took up that post in february twenty fourth teen legacy includes slowing down the quantity of easing regime which her previous has to ben bernanke introduced in twenty fifteen she also raised interest rates for the first time in seven years jerome powell will succeed yellen and he's not expected to rock the boat to march with his views aligning closely with yemen's. well let's bring in our man on a wall street now yes quarter is standing by for us as ever and always nice gains we've also had that meeting all of the fed today what came out of it. the federal reserve knowledge that the u.s. economy is continuing the past of grows and they did change the tone slightly from moderates to solid solid growth when it comes to the job market when it comes to overall growth when it comes to consumer spending and old so business investment still no changes in interest rates but that was expected we might see the next interest rate increase at the n

yellen and off with the interest rate. well let's see during the last meeting just a few days before she was leaving office she didn't want higher interest rates but we know mr powell will be sworn into office today as the new hat off the fact he has been working there already for quite some time in the board of governors and he was mostly in favor of janet yellen decisions and we know that she was also in favor of higher interest rates maybe three or four times this year so yeah we might see those interest drop interest rate hikes happening this year. it was a real slump we saw her on markets in new york on friday. the market sliding in asia and in europe as well but not to the extent we saw in new york why is that. yeah a major correction you mention it i mean the biggest correction that we have seen in two years and actually because of surprising reasons because on friday we got those unemployment reports from the united states very good numbers also the report that wages were going up so you might be thinking well that

on most fronts, he is on the same track as janet yellen. she lives with the economy in pretty good shape. it is growing steadily and employment and consumer confidence in the best they have beenin confidence in the best they have been in about 17 years. what we expect from drawn powers more of the same. the markets are expecting a minimum of two rate hikes this year. i think we might even see three, because we are starting to see an acceleration in employment and wage growth, which are starting to pick up. inflation will eventually pick up. inflation will eventually pick up. soi up. inflation will eventually pick up. so i do think that you will see three. but jerome powell how to navigate through uncertainties caused by the tax bill, and america's latest train announcements, to ensure that the index stays in the green, and people here remain happy. you get an lie, bbc news, new york. —— yogita limaye. i am joined bbc news, new york. —— yogita limaye. iamjoined by bbc news, new york. —— yogita limaye. i am joined by my colleague

yellen on what jay powell first day of work was which witnessed a sixteen hundred point decline in the dow it ended up closing down twelve hundred any of his three predecessors would have come out and hit the panic button and said the federal reserve stands ready to act. you know what we heard from jay powell nothing not one word so i think he's already starting to command a presence and he's also announced to the market that even if there is a major slide and stocks between now and march twenty first that statement being released he's still going to hike interest rates in march probably also in june to help ok well and you know we're we're taking notes every time we have you on danielle and we we call your answer well we know we were there with courtney i was going to say as we remember your jay powell was not janet yellen clone and so that goes to what you're saying now we'll see more of that in the testimony coming up and we'll we'll see the poem see meeting in march danielle de martino both founder of money strong thank you so much for joining us again we sure appreciate it thank y

but janet yellen, this has been janet's show for the last four years. and people knew what they were getting. i think markets are looking around and they're seeing so many higher inflation data and they're really wondering how is this fed going to react to maybe a little tickup in inflation, tickup in growth, and would they be more grieaggressive than a m dovish fed we had before. the typical line for the administration is think about them as being a little less dovish and the market wakes up and goes, wait a minute, let's see what these guys are made of. i think i wrote a -- i did write a piece today. i was thinking about this all over the weekend. it reminds me of the movie "training day" with denzel washington and ethan hawke, you know, you come on the job, it's your first day and, you know, it's time to get trained. i think jay's got some training to do and the market's going to give him a little training and we're going to see what he's made of. >> can i jump in here? i just want to make one point. if this is strictly a central bank reaction, right

janet yellen didn't speak very often ended and take strong positions on what monetary didn'tshould do -- and take strong positions on what monetary policy should do. we were at 2.5% last week. we should be looking more closely at the 30 year yield. s.read your piece 2.4%, you said, was the key. >> the one to really watch is two-year. point, the key was the 30 year because it had risen closer to the inflection point. it is down 10 points or more from there. the three factors i highlighted, the bank of japan comments from the advisor to the bank of japan -- supply is out of the way now. zones.awe off the danger at the moment, it looks like 2.25% is where the two-year is settling. that keeps on rising to 2.5%, the fed is getting ahead of itself. vonnie: we will be keeping an eye on the markets throughout the morning. we are expecting three hours of testimony and then the question and answer period. i want to thank michael mckee and marcus ashworth. testimony get to the of jerome powell, testifying before the house. this is his first time doing so. let's listen in. >> you are going to hav

will he deviate from fed chair janet yellen >> deviate he'll be a bit different i've known jay for a long time very bright, very thoughtful guy. i think he has shown on the fed that he has a tendency to kind of go along and be dovish, but this is a courageous guy if he sees the whites of inflation's eyes, he'll take the necessary action i expect a balanced jay powell pragmatic guy. >> thank you very much for joining us >> thanks. >>> a quick look at futures, pointing higher. not anymore. the dow is a bit lower the s&p and nasdaq pointing lower. see sea,ha y vy chorem tnkouermu f joining us that's it for "worldwide exchange." "squawk box" is next down to the very server. it keeps your insights from prying eyes, so they're used by no one else but you. it is... the cloud. the ibm cloud. the cloud that's designed for your data. ai ready. secure to the core. the ibm cloud is the cloud for smarter business. you know what's not awesome? gig-speed internet. when only certain people can get it. let's fix that. let's give this guy gig- really? and these kids, and these guys, him, ah. oh hello.

janet yellen says she is disappointed to leave. the samsung era returns to court. prosecutors want the prison sentence doubled. we are live on this in seoul. ♪ ♪ >> what started from bonds, you can see both of these falling in tandem here. it is remarkable what we have in terms of the breadth of the market. take a look at my chart here. this is the first time we've seen this selloff when it comes to u.s. stocks and selloffs since 2009. it we have seen the pervasiveness of this has been remarkable, 11 sectors declining. we haven't seen that underperformance since the month of the election, and that certainly is trickling through when it comes to where asia is set up. it looks like a sea of red when it comes to equities. well, asn the red, as we look ahead to other markets. >> it strikes me that after such a big run inequities, that has to be a lot of the reason for the severity and breadth of this selloff so far. a lot of people have been looking over their shoulder going?, how looking overast -- their shoulder going, how long can it last? yvonne: i don't know.

it is a new fed with jay powell taking over, these are the last minutes from janet yellen's time as chair. crazy market moves since this meeting took place, and we have seen budget deals that is going to be stimulative. i think it is going to change the game for the fed going forward, and i think -- david: pick up the second point of budget deal, they're going to take on more deficit than we thought there were going to have come up at the same time these indicateons -- does it that they are showing up yet. but there has been a lot of focus here and elsewhere on the auctions this week. what is important to realize is that this is not going to go away, the auctions will get bigger from here on out because you have to cover widening budget deficits. this auction mania we have been experiencing this week's getting started. can we expect investors to get more comfortable as we see these larger auctions? >> that is going to be the question of how much appetite there is, taking $2.5 billion of notes -- time after time as this keeps coming, the bond vigilantes, the question is how much higher yie

his predecessor janet yellen joins cbs sunday morning over the weekend to comment on the

janet yellen delivered a blow to one of america's largest banks. wells fargo has been banned from taking any action to boost total assets beyond their level at the end of 2017 without the fed permission. it follows consumer abuses and compliance lapses at the lender. wells fargo said after-tax profit in 2018 will be produced from $400 million to $300 million. yousef: the u.s. justice department has offered to settle its lawsuit with chrysler. chrysler has paid unspecified fines. the offer includes steps the company must take to lower pollution as well as internal changes to prevent future violations. tracy: apple shares plunged on friday after the first earnings report since the thousand dollar in at showed sales coming lower than expected. the company cfo forecasted a decline in the average selling price of iphones in the current quarter, suggesting the current models aren't as popular. this is your bloomberg business flash. yousef: let's talk about the property market. the property market in dubai is seemingly in a state of flux. let's put 2020 o

charles: shelby brings up janet yellen. she goes on cbs, she is talking about the economy and the market. does she kneecap president trump? was it okay for her to come out in her parting shot or opening salvo? that might have played a role in this. >> she has an epiphany on her last day that wells fargo isness behaving and she hits wells fargo on the wrist as she is walk out the door and says the market is overvalued. i thought it was reckless for her to be so silent about her views after being so silent for four years. remember back on october 19, 1987, allen greenspan just land in dallas, texas. he was in washington, d.c. the next day assuring the financial markets that he would put a back stop to the economy. what have we heard from jay powell? to his credit, we have not heard a people from him. it's not the fed's job to listen to markets. charles: i would also say this much, danielle, i hope we do hear from powell really soon, not necessarily in a panicked way, but we are going through some bumps in the road. thanks, la

rishaad: the end of an era as janet yellen chairs are last meeting. hold but signals there may be hikes in march. later, a $400 million charge in the u.s., analysts predicting a profit. and copy that -- xerox concedes defeat after more than 100 years , fujifilm taking control macron an $18 billion deal. i am rishaad salama in hong kong. haidi: i am haidi lun in sydney. also coming up, budget day in india. the government is walking a fiscal tight rope, maintain prudence or offer giveaways to garner votes? this is bloomberg "markets: asia ." it is india budget day. really facing this choice, populist measures or fiscal prudence? a lot of focus on that over the next couple of hours. all of this happening as the backdrop of china looking at the smaller, private sector. a look at how they are going and growth so far. in terms of equities, looks like the start of february is better than the end of january at least. rishaad: absolutely. the end of january did not quite materialize as many predicted. looking at long-term rates, alan --enspan suggesting we rem

. >> this is one heck of a last move from janet yellen they also excoriated sanger. i wonder if changes the entire investment dynamic about limiting their growth. this is pretty damning what the fed has done we have jon najarian and pete najarian. >> great to be here. >> this is a friday night surprise we thought wells fargo was not only clean slated but had become many people's stock to own the net margin is up it had become the way to play the tightening cycle, is it still? >> i love this name. it has had an incredible run not just this year but going into the end of last year one of those names that when everybody beat it down, you had to look at the company s with is it going it seemed to me only up. and because of that limitation that is going to keep them back a little bit i own the stock. i got it at good level but this concerns me and i think it will concern a lot of investors in terms of future growth. >> what i am most concerned here about wells is that it had been a place to run one of the things i wanted to talk about tonight was hey listen, if the econom

a new future for the federal reserve, the janet yellen era is coming to an end. jay powell is preparing for his first day as chairman. the drought is over, th the eags get their first ever super bowl victory last night. back in minnesota, justin timberlake painted the town purple for a minneapolis legend. ♪ i would die for you ♪ darling if you want me to ♪ i would die for you >>> the touching tribute to prince and the excitement from the big game including the ads coming up right here. plus, tesla charging into the final pron fear. frontier. ththere will be a historic event tomorrow. tess la itesla is down 1.5% thi. great to see you. >> dagen: great to be here. >> congrats, figure delve ya. philadelphia. it was a great touch to have the empire states building lit up green. >> i like that the giants won the super bowl. >> i liked the ads. >> men who dance and who can make fun of themselves, what can be better? >> maria: there's the puppy bowl as well. >> oh, the puppy bowl. there were rescue dogs and i just think the entire country was rooting for the loss o

janet yellen and then give their perspectives on the economy. >> we will hear from senate minority leader chuck schumer, florida senator bill nelson and utah's orrin hatch. >> mr. president, in the wake of the horrific shootings at stoneman douglas high school, the deadliest school shooting since sandy hook, there has been a broad national conversation about the epidemic of gun violence in this country. it's being led by a group of ,rave high school students friends and classmates of the fallen who i will be sitting down with tomorrow. their passion and

. >>> no rate moves right now, but expect changes down the line that was the message from janet yellen's final reserve meeting ♪ (nadia white) the moment a fish is pulled out from the water, it's a race against time. and keeping it in the right conditions is the best way to get that fish to your plate safely. (dane chauvel) sometimes the product arrives, and the cold chain has been interrupted, and we need to be able to identify where in the cold chain that occurred. (tom villa) we took our world class network, and we developed devices to track environmental conditions. this device allows people to understand what's happening with the location, but also if it's too hot, if it's too cold, if it's been dropped... it's completely unique. (dennis woloshuck) if you have a sensor that can keep track of your product, it keeps everybody kind of honest that way. who knew a tiny sensor could help keep the food chain safe? ♪ you know what's not awesome? gig-speed internet. when only certain people can get it. let's fix that. let's give this guy gig- really? and these kids, and these guys, him,

janet yellen leaves him a solid economy but a difficult situation to navigate. steve liesman, hi, is here and he joins us right now with a look at powell's -- what he's inheriting. >> calling it owell's predicament right now, and powell enters office with significant questions on the table about the outlook for rates and inflation and how strong is the economy relative to potential that's really the inflation game a tax cut now working its way through the economy promises substantial near term risk there is more government borrowing in the months ahead before any supply side kicks in. it raises concern that long awaited inflation may finally have arrived add to that high market valuations that raise questions about whether the fed ought to respond with higher rates. fed chair janet yellen addressed the market valuations in a series of exit interviews over the weekend. >> so the stock market, the ratio of price to earnings, which is a measure of valuation, is near the high end of its historical range, and if we look at, for example, commercial real estate and oth

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he takes over for janet yellen. on cbs sunday morning, janet yellen said she was disappointed trump didn't offer her a second term. she was the first woman to lead the fed. she's joining the think tank at the brookings institute. >>> google faces off with uber in court. waymo accuses uber of stealing a key piece of its self-driving technology. at the center of the investigation, anthony levandowski. waymo says he stole trade secrets before defecting to uber. uber denies the allegations. >>> meantime for the first time since the 1998 disaster flick, ""titanic,"" a december release tops the box office. jumanji topped the box office celebrating $11 million. in tickets over the weekend. it was the fourth weekend that jumanji took the top spot. "maze runner" took second followed by the horror film "winchester." >>> and a super bowl blunder is making headlines this morning. this is what viewers saw for 30 seconds in the second quarter. dead air. each super bowl ad cost $5 million for 30 seconds. the ad block was apparentl

guest: yeah, i do not envy that area janet yellen -- that. janet yellen locked down in a way, not that it was easy, but she did not have a crash on her watch. she was not crisis tested the weight ben bernanke was. to hand the keys to jerome powell while the market is falling in thousand point increments is interesting. host: from indiana, good morning. caller: good morning on a sunday. holy christian sunday. i wanted to get your thoughts on compatibility of christianity and capitalism. luke 16-13, you cannot serve god and money, for if you stand for the love of money is the root of all evil. the military industrial complex that eisenhower warned against, will bankrupt america, with united technologies, uh christian values, we cannot pray on it today for america first and send it, probably something we should have done a long time ago. , ist: i was bar mitzvahed need some help on this. compatibility is always the question. i brought to mind another business week feature, the mormon church in the united states, the church of latter day saints,

yellen's final set of fed minutes caused confusion. policymakers noted a stronger outlook for economic growth raised the likelihood that further gradual policy firming would be appropriate however a lengthy discussion gave a more dovish impression of the minutes on the trade kayla tausche has a full run down. >> reporter: the january meeting was the first since tax reform passed that's one big reason the fed pointed to a stronger yoet gr e outlook than before. companies are still deciding how to ail gate thellocate savings. kevin hassett, the white house chief economist, doesn't expect the economy to overheat. >> we have a supply side stimulus which will allow us to grow without getting inflation out of control >> reporter: the federal reserves plans to raise interest rates gradually for this year and next the markets treating the minutes from this fed meeting, the first of eight this year, as tea leaves for the new fed's direction. investors will get more information next week. jay powell will be testifying in front of congress twice.

that was the fomc under janet yellen. we are focused on the humphrey hawkins testimony, next week. -- givel give us into us insight into jay powell, and interpreting data. keep in mind that janet yellen has been very focused on the data and interpreting it. what we saw from the 2012 transcripts that were just released in early january of the fomc deliberations, we saw a very different jay powell. i know he has been viewed as janet yellen's ideological twin, but he is his own walking beige book. he is talking about anecdotal and -- anecdotal information where is she is going through the information and trying to understand that. two different approaches that will put disco different takes on monetary approaches. -- two different takes on monetary approaches. david: she would've had a lot more deficit spending. we have both a new fed chair and a new fiscal regime. kristina: absolutely. all the data released that shows inflationary pressure was done after that fomc meeting. alix: the fed staff prepared a lot of slides on inf

yellen on what jay powell first day of work was which witnessed a sixteen hundred point decline in the dow it ended up closing down twelve hundred any of his three predecessors would have come out and hit the panic button and said the federal reserve stands ready to act. you know we heard from jay powell nothing not one word so i think he's already starting to command a presence and he's also announced to the market that even if there is a major slide and stocks between now and march the twenty first that f m c statement being released he's still going to hike interest rates and march probably also in june ok well and you know we're we're taking notes every time we have you on danielle and we we don't call your answer will we know we were reporting i was going to say is we remember you're jay powell is not a janet yellen clone and so that goes to what you're saying now we'll see more of that in the testimony coming up and we'll we'll see of the poem see meeting in march danielle de martino both founder of money strong thank you so much for joining us again we sure appreciate it. thank

janet yellen is being replaced by jerome powell. in the story of the controversial congressional memo about how the f dei investigated russian meddling in the presidential election. democrats charge that house republicans secretly altered the memo and never told them while the white house is reviewing the document to determine whether it will be released, the fbi says the memo is not accurate. theresa may has reopened the brexit fight over the rights of eu citizens, vowing to fight a sense to extend protection for 2021,iates until after she says the eu should stick to the original cut off date of march 2019. india has hit apple and other mobile phone makers with other terrorist, duties will rise from 15% to 20% and that may hurt apples ability to compete. apple is negotiating with india on terrace for several components -- tariffs for several components. global news 24 hours a day, powered by more than 2700 journalist and analysts in more than 120 countries. i am taylor riggs to this is bloomberg. michael: forgive brexit and the u.s

to see not be surprised the fed altar janet yellen's plans. we just saw a transcript released that shows jay powell .as fairly reluctant janet yellen was a big proponent but he was not as thrilled about it and certainly worried about the size of the fed balance sheet. moreuld see it target balance sheet normalization. that would be more bonds in the marketplace, more supply with the same level of demand. this could be complicated by protectionism. we would have tariffs on to goods from china. the response might not be tariffs. it might be we are not going to buy as many of your bonds. situationcomplicated where there are potentially a ,ariety of different sources forces that could drive up yields. vonnie: thank you for joining us. chief global market strategist at invesco. mark: let's check in with taylor riggs with more on -- from new york. >> new-home construction rose to the highest level since october 2016. to almostarts were up 3 million. the big boon was in apartment buildings. there is a report donald trump had a next her marital affair

janet yellen and -- outgoing fed chair janet yellen and fred powell can you see janet yellen addressing the collective employees at the federal reserve. i'm told she was greeted with sustained applaud by incoming fed chair powell who will take office february 3rd. there's jay powell addressing the group. we're told they said nice things about each other nice remarks made on both sides. some employees, we're told, put their collars up in a show of support for janet yellen then i'm told, guys, at the end of his speech fed chairman -- incoming fed chairman jay powell also put his collar up as a show of support for outgoing chair janet yellen and the style she has come to be known by, guys. >> steve, one question i don't know why this popped to my mind. but what's the salary for a fed chair? >> i don't know. >> is it public or not >> i think it's a little bit -- it's somewhere below the fed -- below the president. i think in the 200 range i have to double-check i don't know off the top of my head. >> but with huge prestige as well steve, thank you for that. nice pictures. >> and the ability

taylor: janet yellen says u.s. stocks and commercial real estate prices are high, but she stopped short of saying those markets are in a bubble. the former fed chair also told cbs news she's disappointed president trump didn't nominate her for a second term. safety investigators in south carolina say a fatal passenger train crash could have been prevented. two people were killed and more than 100 injured when an amtrak train crashed into a freight train. a switch was locked in the wrong position, sending the amtrak train on the wrong track. economic momentum in the euro area rose in january to the fastest pace in almost 12 years. that led companies to add the most workers since the turn of the century. europe's expansion has been helped by a pickup in global trade and ultralow borrowing costs. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries, i'm taylor. this is bloomberg. francine: thank you so much. the prime minister of georgia attended davos this year wit

moving ahead to our big story, the minutes from janet yellen's last fed meeting showing policymakers increasingly positive on the u.s. economy. neel kashkari spoke exclusively to bloomberg earlier. each word change in the statement. intended to say continuing the current path we are on. that is the debate we have been having. in our bloomberg fed reporter to break down these minutes for us. there was some confusion when they first came out. we did get clarity when it comes to the word further reflecting strong growth, but it did not seem like it moved the dollar, so why have the markets turned? >> if you look at the pricing for fed tightening over the next year, after the minutes came out, that went to the most since 2010. they are now handicapping the most hawkish fed in the last eight years. this chart shows you that. have a situation where almost three rate hikes are fully priced over the next year, so that implies there is some probability of going more than three times. if you go back to december 2015 when the fed started raising rates, the plan was to raise rates once a quarter

. >> >> janet yellen staked out a very different territory. for her main speech in chicago she appeared at a conference of neighborhood revitalization organizations and said, quote, although we work through financial markets our goal is to help main street and not wall street. more than five years after the financial crisis she spoke mainly about unemployment and told the stories of three that lost their jobs in the recession. it became quickly clear that this was a fed chairman well suited for the time in which we live. however not everyone recognized that or her. not long after she took office somebody came up to her in the airport and said you look just like janet yellen. the second most powerful person in the world. the most powerful woman in the world after angela merkel. a figure that measured in at 5'3". as the fed's leader she leaves with roughly 4% unemployment. 1.5% inflation. she successfully raised interest rates off and engineered a policy frame work for reworking the size of the fed balance sheet and overseeing substantial increa

david: thank you, janet yellen and ben bernanke. thank you all for coming. [applause] if you want to relive this experience, the video will be posted online. you can could -- you can critique the answers or the questions. please, if there are papers or coffee cups at your feet, take them with you and put them in the trash. thank you again. [indiscernable] journal,'s washington love every date with news and policy issues that impact you. coming up this morning, we will talk about the legacy of the late billy graham. will talk to the president of the family research company. where live in san jose, new mexico for the next stop on the 50 capitals tour. also, new mexico speaker of the house will be on it to discuss national issues and how they are playing out in front of the state legislature. be sure to watch washington journal live at 7:00 eastern this morning. join the discussion. the supreme court ruled 5-3 that immigrants being detained are not entitled to a timely bond hearing. the ruling pertained to the jennings versus rodriguez case. here is the october