Bloomberg's Campbell on WFC; Olorunnipa on VP Debate (Audio)

are declining. Investor c a sixty chance of the February reserve raising interest rate in December, and that's up ten percentage points from a week earlier. So shares favored for their higher dividends are selling off along with companies sensitive

to arising dollar, while banks are gaining. We check the markets every fifteen minutes throughout the trading DAYWN Bloomberg Radio down Industrial Average is down one hundred five points six tenths of a percent, trading at eighteen thousand, one hundred forty eight. SMP five founded down thirteen points two thirds of a percent at seven. The Nazzack is down twenty points four tents of a percent and trading at eighty one.

West Texas Intermediate Crude oil down nineteen cents of barrel for tens of a percent at forty eight sixty two. Spot gold is down three point one percent right now, that's a loss of forty dollars sixty cents announced trading at twelve seventy two ten ten. Your treasury down fifteen thirty seconds, yield at one point sixty seven forty two. And that's a Bloomberg business flash. This is taking stock

with pin Box and Kathleen Hayes on Bloomberg Radio. The shares of Wells Fargo have lost a little bit more than one and a half percent so far this week. The stock currently trades at forty three dollars and seventy two cents, and the treasurer of the State Treasurer of Illinois said the bank would no longer be a broker dealer for about thirty billion dollars of state investment funds annually, and he said that it would cost Wells Fargo millions

of dollars in fees. Wells Fargo disputed that figure. Here to tell us more out the woes of Wells Fargo, and they also happened to take place in the city of Chicago. Elizabeth Campbell, our municipal bonds reporter for Bloomberg News, and she joins us from Chicago. Elizabeth, this is a

story that just keeps rolling on. Tell us more. Yeah, and right here in Chicago, we're just yesterday our city treasure Kurt Summers told Bloomberg exclusively actually that he plans to the invest about twenty five million that the city has invested with Wells Fargo after um after the scandal

came out. Basically, well Fargo is admitted to opening potentially millions of bogus client accounts, and Treasure Summers here in Chicago has said Chicago deserves better, and so his office, which manages the city seven billion dollar invest in portfolio, is planning to unwind these twenty five million of assets is as quickly as possible in a way that would be you know, protect taxpayers, according to Treasure Summers, and in a way that's prudent. So and that that's the

news here, Elizabeth. Uh, you're The story also says that he wrote that Illinois won't be using Wells Fargo on any new bond sales until further notice. So is is a temporary unwinding if Wells Fargo makes amends, well commenced again. What we're you supposed to take away from this? Well, Yeah, Governor Rouners office told us that the Wells Fargo won't be on any new bond sales until further notice. They're not part of the deal that Illinois expected to price

next week. Technically, Governor Rounders administration hasn't done any bond business with the bank. Um, we'll see if this spreads beyond just the state of Illinois. Chicago actually maybe be taking you further steps to several relations with falls Fargo.

That the chair of the City's Finance Committee, UM, the City Council's Finance Committee, Alderman Edward Edward Burke Um, he actually introduced a measure on Friday that would bar Chicago from doing any business of Falls Fargo, including bond deals. And so that plan is going to be taken up tomorrow in the m City Council Finance Committee, meaning this Wednesday. Elizabeth, do you believe that any of this is the result of seeing John Stunt, that chief executive a Wells Fargo,

appear before congressional leaders, You know, I do. It seems like this pullback from these state and city treasures is coming as the pressure is building on the bank. I mean, like you mentioned, CEO Strump just testified there's more pressure on him and perhaps even the bank's board to resign because of this fake account tobaccle. You know, and while he told lawmakers and patal Congress that the bank was working to help customers, they were deeply sorry that they

broke their trust. You know, it seems like these treasures, including those here from the city of Chicago and for the state of Illinois, aren't waiting around um for any amens. Elizabeth Campbell, thank you so very much for joining us terrific story. She's our municipal bonds reporter for Bloomberg News in Chicago. Her breaking news story out about the Chicago Treasury investing twenty five million dollars of investments from Wells

Fargo can atulations. Elizabeth, Well, let's move on to the big event tonight, the vice presidential debates Democrat Tim Kaine Republican Mike Pence. To politicians and their late fifties, each with subernatorial and congressional experience, set to face off for ninety minutes at Longwood University in Farmville, Virginia. Very happy now to welcome us a government reporter for Bloomberg News to lou Olarudnipa to tell us about the debate and what these two face so to Uh, how much is

at stake? How much device presidents ever make when it comes to who gets elected to be president United States? Yeah, that's a that's a great question. And historically we haven't seen a very big impact by vice presidential debates on polls in presidential races. But this is a race that's unlike any of the race that we've seen in in recent history. So there are going to be a lot of eyeballs on this on this debate, and the goal for each candidate is to sort support and boost their

their running mate. And this is a time where Donald Trump has had a pretty tough week after last week's debate, He's kind of struggled in the news. Headlines have not been in his favor, everything from uh, negative news about Trump University too, about negative news about his taxes tax returns that it were leaked to the New York Times, to his ongoing fight with the Miss Universe from twenty

years ago. So it's the goal of my tens is going to be to change that narrative and to boost Trump at a time when a lot of his supporters are are worrying about the outcome of this election. So, Lou, you're in Farmville, Virginia, right, That's right, Okay, And maybe just tell people a little bit about Farmville. It's near the Appomattox River, and um the sort of formats for the debate because you know where their hell can have an effect on how their hell can have an effect

on the debate itself. That's true. Farmville is a relatively small town. It's about an hour away from Richmond, in about three arch from Washington, d C. It's in UH Governor Tim Kaine, now Senator Tim Kaine's backyard. This is his home state. And UH it's the debate's gonna be held at a university UH school here, and it's going to be a traditional style debate. As a moderator, UH and UH they're both going to be asked questions and they're going to have uh plenty of time to answer.

It's going to be a ninety minute debate only to UH two candidates answering, So they'll have a lot of time to delve into policy issues and really dig deep into the plans that their running mates have for the country, Um, and it's going to be an opportunity for both candidates to really introduce themselves to the world stage because, uh, a lot of people don't know these vice president vice

presidential candidates. So totally one of our Booberg news stories UM does lays out six things we need to know before the showdown. Let's femail how many we can get through. First of all, who faces the bigger test and why in these debates tonight? I would say the bigger test

is probably for Pence. He has to change the narrative for his his running mate, Donald Trump, who's behind in the polls, and the narrative right now is that he's losing and he's struggling, and he's been a little bit erratic. So if he needs to have a steady hand and really changed the narrative. And that's a very really difficult test for Kane. He just kind of has to keep things going the way they are and and boost his candidate, which is Hillary Clinton, who seems to be doing pretty

well in the polls right now. Go ahead, preparation. Uh yeah, we famously saw last week that Donald Trump didn't do a lot of preparation, So I assume that his running mate is going to do a lot more. It's going to have done a lot more preparation for this debate, and they're both very well versed in policy, as you know, governors and uh, people with congressional experience. So I don't think that either will have trouble being prepared at this

debate tonight. Nice guys, canna finish last. Yeah, they're both seen as as nice, nice people, as a very very cordial and we're not expecting them to be calling each other names or interrupting each other the way that Donald Trump and Hillary Clinton did uh last week. So it'll be interesting to see how they country response to that type of cordial debate. Very different from what we've seen

this year in a very wild presidential season. According to a recent Fox News poll, nearly one third of likely voters have no opinion of either Kane or Pence. Is that unusual? It's a been unusual. These are two vice presidential candidates that did not run for presidents, so a lot of people don't know who they are. Often you see presidential picks choosing their their picks based on people they ran again, so people who have a national following

and that's something that these two candidates don't have. And this is probably gonna be the biggest political state that either has ever been on. So that's that's gonna be an opportunity for people to reach a conclusion about how they feel about each candidate. Were already talked about how the four that will encourage the actual debate, but tell us about how much the records of these two vice

presidential candidates will be scrutinized. Uh Yeah, this will be an opportunity to really dig into their records because there are places where uh, their their records differ from their running mates. Uh. We can think about Governor Pence and the fact that he voted for the Iraq War, something that Donald Trump says that he was against him that he says with a disastrous vote by all who are in Congress. We can look at Kane and the fact that he had somewhat different views on abortion uh as

as Secretary Clinton. So this will be an opportunity for them to explain their own uh political records and defend their their running mate on issues where they have some differences. I want to thank you very much to lou on A Upita. He is our US government reporter for Bloomberg News. So joining us from the site of tonight's debate between the vice presidential candidates and to take place in Longwood University in Farmville, Virginia. That's about three hours outside of Washington,

d C. You're listening to Taking Stock. I'm PIM Fox my co host Kathleen Hayes. This is Bloomberg