lighthizer has said that in >> are you in favor of government contractors who were furloughed also getting back a? -- getting back pay? relatednk the defense ones will, i'm not sure. i would have to take a look at the scope of it. i honestly don't know. >> i want to get back to the cbo because they look at concessions over the next decade, they say that deficit for 2019 will be roughly $900 billion with $22 trillion year-over-year after that. they say it is simply unsustainable, the path we are on. does the white house of great with that, and if it is not sustainable, is the white house planning to do anything to change it? fundamental

disagreement with that agency regarding the growth outlook. economic growth is the single biggest factor in compiling these numbers. they have had a very low growth estimate in response to trump policies on taxes and deregulation and we have had a much higher one. about a one percentage point differential more or less. 10 yearsrential over is very significant. it could be as much as three $.5 trillion in deficit reduction if we are right. that in theng is first two years of the trump administration, our view has essentially been correct, and there pessimistic view has essentially not been correct. i'm not here to rail against cbo, they have a different point of view. but that is the single biggest difference. i would say one other matter, we anticipate a very strong, tough

budget coming out to hold down spending. the president has talked about reduction int 5% the nondefense accounts across the board and i think that's going to help. finally, my own view has always isn, economic growth absolutely essential to reducing the deficit share of gdp, which is the burden on the economy. if you look at our numbers, which are moving up but not enormously, we anticipate a slower deficit share of gdp, and that is probably another reason we disagree. andoday both caterpillar nvidia said slowdown in demand in china has affected their businesses. is administration worried that putting too much pressure on the chinese economy will negatively impact the u.s. economy? openingsnd of trade

that we are talking about, and other structural factors are all progrowth. every one of them. if the trade negotiations turn lowersitively, insofar as their ears, let's say, and much better treatment of private property rights, and is steve mnuchin said earlier, ending the force transfer of technology, things like that. i believe this strongly, the united states, give our people the chance to sell to china and we will export time. more, and sales will it will be much greater if they open their markets. it's going to help the chinese economy and our economy. i've always believed that. it is also a matter of economic growth. barriers, the united

states, in my judgment, is the most competitive economy in the world today. we are the hottest and most competitive economy. the davos survey just was just back to the number one spot, and i am proud of that. the china talks, what is at stake here, the possibility of spreading prosperity in both countries, along with the need to make legal reforms and reciprocal reforms. we have time for one more. >> you talked a moment ago about hardship. if there is no deal, will you counsel the president not to shut the government down again? >> i just want to make any comment on that. we will see what happens. as i said before, there is a process. we will see if it works.

thank you. appreciate it very much. follow, butroup to i will give it a shot. is the president really willing to go through another shutdown if he can't get any money from the democrats for the border wall? >> the president doesn't want to go through another shutdown. that is not the goal. the goal is for security and protecting the american people. ideally, the democrats for take the next three weeks and negotiate in good faith, as they indicated they would, and come up with a deal that makes sense, that fixes the problem so we don't have to go through that process. those who say the shutdown should be taken off the table and should never be an option in the future? with the president support that? i haven't seen a piece of

legislation for us to consider at this point that would make that a reality. what i do know is that the president committed to fixing the problem. it's pretty simple, we have three weeks to work with democrats. they could get this done in 15 minutes. we agree on the fundamentals where security is a problem. time over thee next three weeks, let's get it done. the president opened the government on the basis that democrats have signaled to us they are willing to actually get serious about a real deal and get serious about fixing the problem at the border, including funding for a border wall. protectingosals for the dreamers, are those still on the table? not going toi'm negotiate here, that's why they have the conferences, to work through and come back with the deal. the president has laid out

things in the past that he is willing to do. we will see what they come back with. what i do know is if they don't come back with a deal, that means the democrats get virtually nothing. that will make the president have to come back that's the table has been perfectly set by the president in order for a good deal to come together where everybody gets a little bit of something they are looking for. >> illegal immigration has been described as a threat and taking american workers jobs. explain what a president hard so many undocumented workers in his clubs over the years? i cannot get into specifics about the presidents organization outside of the white house. i'm only allowed to speak on behalf of the president in his official capacity. i do know the trump organization has put out a statement addressing that issue and i would refer you to that end to them for further information.

what about a business that does not use systems to check -- he is one of the people who has identified the fact that we have a problem and we should fix our immigration system. if democrats want to get serious about fixing that, they have a president that is more than happy to sit down with them and do exactly that. >> center joe manchin said yesterday that if the president were to move further on daca and afer at least status if not path to citizenship, he would likely get more democrats to come to his idea. the president has been resistant to going resistant to offering more than three year protections. what is the reason why the president doesn't believe that

daca recipients should -- theou are watching presidential press briefing. we heard from treasury secretary steve mnuchin and nsa advisor john bolton, talking about sanctioning state on oil companies and putting more pressure to bear on nicolas maduro. it won't be allowed to remit any money to the maduro regime. be held ins need to locked u.s. accounts. we also heard from the national economic adviser larry kudlow who said he believes the u.s. economy is in a 3% trend line growth rate and he does not agree with cbo estimates about the cost of the government shutdown. you can check out live for more on the press briefing. i want to bring in joe rosenthal

because the market has closed. questions that chinese growth. joe: obviously that's been the big concern. how many guests have we talked to this year saying the big thing we are watching is chinese growth. it's clear from nvidia earnings earnings, china is decelerating rapidly and perhaps investors have not fully appreciated that. for as much as we talk about it, obviously investors are still being taken by surprise to some degree by the amount of weakness in that country. we heard them speak about the upcoming chinese talks. fromll get more analysis our guest. we saw many of those in the white house discussing the importance of china, the trade talks to calm. how important was the micro data

that china is perhaps worse than we anticipated? >> china is slowing. i don't think that is a huge surprise. at valuations of chinese stocks or global stocks doing business in china. they have never been lower. i'm not sure we are necessarily learning much here. our view is that china has the policy flexibility that will keep putting it on the table to stabilize growth. the economy is absolutely slowing. joe: we are at the start of a massive week for earnings. what did we learn today? data and u.s. economic what we've gotten on earnings suggest that the u.s. economy is a lot better than we had feared it was in q4, but the rest of

the world is probably just as bad as we saw in q4. when we saw a regional bank outperforming a big way, i think it affirms the picture that everywhere else is the worry rather than here. wherethat's the case, does that put us in terms of how to position your portfolio? you mentioned violations are low in china. you are overweight in emerging markets. what about the united states? ben: i think there has been a growth scare everywhere and part of the bounce back we've had over the last couple of weeks is recognition that growth is slowing everywhere, even in the u.s.. maybe we have priced in a great collapse. i think we are seeing that in the fourth quarter numbers and we will see that in the pmi's and labor report on wednesday. expectations, as we

worry less about growth multiples expanding, and if you look at investor sentiment, it is incredibly bearish still. those are the ingredients we're looking at for the meltdown rally to continue. caroline: how do you ride out that sort of volatility? >> there are great opportunities. which sector has the lowest earnings growth expectations of any? it is tech and energy. price for a fantastic energy companies that have slashed their cash flow. you're getting double-digit freak cash flow yields of these companies. i think tech is cyclical. it's becoming one of the cheapest sectors in the market.

if you think global growth is ok, i think it is an opportunity. >> those estimates are still coming out. thank you both for being so patient. that does it for the closing bell. next is "what'd you miss?" where we will look at slowing demand in china. a deeper discussion on that. this is bloomberg. ♪

>> i'm caroline hyde. and i'm joe weisenthal. >> here is how stocks closed down the day.

joe: the question is, "what'd you miss?" a slowdown in the world's second-largest economy. caterpillar missed earnings estimates for the first time in almost two years after an unexpected decline in china. and a crackdown in the works, u.s. is planning to announce criminal charges related to while away. -- we were bring you results. chip stocks dragged the s&p 500 lower after nvidia cut its fourth-quarter revenue outlook citing deteriorating conditions inclined. what was the key driver for this underwhelming set of pre-announcements? >> thanks for having me on. there were two main factors, one was the graphics card business

as well as the data center. if you think about the graphics card, it was an issue going into the quarter to begin with and then they had some inventory issues. it doesn't seem as if those have been resolved as quickly as they had hoped. joe: what is the read through? obviously with intel, people perceive that to be slightly isolated. it didn't have a big effect on other chip stocks. what is it about nvidia and the weakness it demonstrated that gets people a little more broadly nervous? woo: if you look at the last we had theeeks, texas instruments reports as well as intel reports. given the timing of when the report, their fiscal year in or quarter end was december 31. they are calling for a bottoming in the first half and possibly an improvement in the second half. year ends oniscal

january 31. that kind of he races some of the positive sentiment of a watering. i think that is what has been tracking down the stock. remember we have the bulk of semiconductor earnings to go over the next couple of weeks. romaine: semiconductors have always been a cyclical industry. at any of the company's talked publicly about trying to insulate themselves a little more from the cyclicality through mergers or some sort of expansion into other parts of the tech sector? question,lly good tough to do, to be frank. given how integrated the supply chains may be, you can't insulate china when a lot of the manufacturing and a simile happens in china, so you will sell into china. if you think about it from china as an economy, as one of the fastest growth economies, one of the week sectors we've heard so

far is consumer goods. you're going to see chipmakers, texas instruments for one, curtail their spending. you're going to slow down your server spending to build out the cloud and that's one of the reasons why intel and nvidia may have been pulled back. analyst, we versus do see a return to growth in the second half of 2019. caroline: what would drive that from your perspective? do you buy that coming from rbc? woo: there are still a couple of uncertainties out there. we were still looking for resolution of the u.s.-china trade war. if the disputes go longer than we anticipate, the call for second-half recovery maybe a little bit premature. smartphones space, people

are looking for the next iphone or the next smartphone to help recover on the second half. reportsn some of the coming of the next iphone. it doesn't really excite me. perspective, you are not going to see much earnings growth in the second half. wooine: thank you, that is jin ho. coming up, caterpillar also ringing the alarm on china. more on that ahead. this is bloomberg. ♪

romaine: breaking news, whirlpool reporting earnings, coming in above estimates. four q neting on

sales. the estimate was for $5.8 billion. their fiscal year forecast for the current fiscal year coming in at about $14-$15 per share. the estimate was for about $16 a share so the stock moving down almost 5% right now. now we turn to another company that is also blaming china for some of it's disappointing results, that is caterpillar. posted its biggest earnings miss in 10 years. joe, caterpillar is basically three companies in one. you have construction, mining, and oil. when you construction would be bad. what about the other two second -- segments? talk, if you the saw good movement in resource industries, like mining

equipment, it would offset some of the troubles in constructions. , ase big mining machines pretty nice margin for them and that would help offset some of the problems were seeing in asia and other places. it just wasn't enough. thing, once you get into the details, it's really about the outlook. unfortunately, the outlook said, china is growing, we are expecting maybe a flat year. this comes after year where we were expecting in my come but surprisingly it has not. now is starting to put bigger questions in the minds of investors. was the last quarter when that guy said about the high water mark, and he ended up being exactly right. basically everything has fallen off a cliff. people took that pretty seriously. the new cfo told me back in october, it cannot be that good forever.

caterpillar is a company that knows how much people are paying attention to it and they know they have to be honest with how they are forecasting outward. we saw this today, the cap saying modest growth. we are not going to see a slowdown in 2019. i think what they are trying to get across is those 2017 and 2018 numbers are behind us now and we may be entering new territory in terms of the economic cycle. caroline: why have analysts and investors not been listening? there have been warnings. that is fair, there are analyst and then investors. they dropped 15% in the final quarter of 2018. said there isday still a lot to like about this company. it's almost a proxy for the global economic outlook. romaine: we know there are

issues on the sales side, but what about input costs? feel like the rising input costs will be offset for the next quarter because they have raised prices. there's about a two quarter lag in terms of them raising prices and starting to see it flow through in the balance sheet and they will offset that. input, thatt versus is one they really try to push, but people really are not buying much of anything today with caterpillar. caroline: a great explanation, we always thank you. the u.s. is playing to bring criminal charges against the chinese telecom giant. how will that way on this week's round of trade talks? we will discuss that next. this is bloomberg. ♪

mark: i'm mark crumpton with first word news. president trump sanction venezuela state owned oil company and its central bank, the latest u.s. move intends to raise pressure on the regime of president nicolas maduro. it also buys fuels be a citgo, owner of three refineries in the united states. >> citgo assets in the united states will be able to continue to operate, provided that any funds that would otherwise -- will go to a blocked account in the united states. mark: secretary mnuchin added that houston-based citgo on the allowed to remit money to the .aduro regime

and the political upheaval continues in venezuela. the international community is faced with trying to determine who is in charge there. aday at the united nations, spokesman for antonio guterres said the secretary-general does not have the authority to recognize our brand recognition of member states. >> we've obviously taken note of the respective positions by member states, the recognition of a head of state of the country is a matter for member states. we have not received any information there has been any changes. the u.s. refugee agency has expressed concern about the safety of people fleeing venezuela. six days of marathon talks between the taliban and u.s. representatives have pushed the parties close to it framework of a deal aimed at ending the war

in afghanistan. travel totary-general the pentagon for a briefing on afghanistan. he said any discussion about the withdrawal of nato forces from afghanistan would be premature. i'm mark crumpton. leave before we have a situation which enables us to leave or reduce the number of troops without jeopardizing .he main goal of our presence mark: global news, 24 hours a day, on-air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm mark crumpton. this is bloomberg. we understand we will be going to press conference for shortly where acting attorney

general matthew whitaker and ahers -- we expect to hold press conference at the department's justice. we understand there will be an announcement of criminal charges against huawei. whitakerw see matthew taking to the podium. we will listen in. >> a good-looking through -- crew. good afternoon and thank you all for being here. i want to thank everyone on the stage from the department of homeland security, department of commerce, the fbi, and from our u.s. attorney's offices both in the western district of washington and the eastern district of new york. before i get into today's announcements, i want to remind defend --hat the

defendants in these cases are innocent until proven guilty and they deserve the due process of law. first, i am announcing that a grand jury in seattle has returned an indictment that alleges 10 federal crimes by two affiliates of telecommunications corporation huawei technologies. according to the indictment, in a concerted began effort to steal information about a robot that t-mobile used to test mobile phones. in an effort to build their own engineerswei's violated nondisclosure agreements by secretly taking photos of the robot, measuring it, and even stealing it, stealing a piece of it. i am also announcing today a grand jury in new york has returned an indictment alleging 13 additional crimes committed by huawei, it's cfo, its affiliate in iran, and one of its subsidiaries here in the

united states. criminal activity alleged in this -- indictment goes back at least 10 years and does all the way to the top of the company. as early as 2007, huawei employees allegedly began to misrepresent the company's relationship with its iranian affiliate. huawei employees allegedly told banking partners that huawei had sold its interest in sky,, but these claims were false. soldality, huawei had skycom to itself. by claiming it was a separate company and not an affiliate of huawei, which it actually control, huawei allegedly asserted that it was in compliance with american sanctions. the false claims led businesses -- to do business with the company and therefore unknowingly by late over laws.

one bank facilitated more than $100 million worth of skycom transactions through the united states in just four years. about allegedly lied other relationships. the company allegedly told other banks that huawei was distancing itself from the bank, not the other way around. huawei allegedly did this in an attempt to manipulate those other banks into expanding and maintaining their banking relationships with huawei. there are additional troubling allegations in the indictment as well, including that huawei lied to the federal government and attempted to obstruct justice by concealing and destroying evidence and by moving potential government witnesses back to china. reported, itidely is in the 2018, canadian authorities arrested the huawei

cfo in vancouver. in compliance with our request for her provisional arrest pursuant to our expedition treaty with canada, united states is currently seeking her extradition. we are deeply grateful to the government of canada for its assistance and steadfast commitment to the rule of law. i want to repeat that these charges in today's indictments are only allegations, and the defendants are presumed innocent until proven guilty. i want to thank everyone who made these indictments possible, especially the agencies represented behind me and to all of the new york, dallas, and seattle law enforcement agents who investigated these cases. they are continuing their work to investigate these matters. i also want to thank our attorneys in the criminal division, money laundering and asset recovery section, the national security divisions export control section and our office of international affairs

and those in the eastern district in new york and the western district of washington. the cases we are announcing today have truly been a team effort across multiple u.s. cabinet agencies and across multiple divisions and u.s. attorneys offices. for more than a year the agencies represented behind me follow the evidence wherever it led. they have done great work already, and i am confident this team is going to finish the job and bring these cases to a successful conclusion. in a few moments, u.s. attorney donahue and first assistant hayes will provide more details on today's indictments. that we just say two more things. bank's customers like to it about their sanctions related business, that exposes banks to the risk of violating the law, especially when they access those bad actors to our u.s. financial system.

second, as i told high-level chinese law enforcement officials in august when i visited their country, we need more law enforcement cooperation with china. china should be concerned about criminal activities by chinese companies, and china should take action. proud that the united states has the strongest economy in the world. small part it is due to our respect for the rule of law. criminals and bad actors can be certain that they will not get away with criminal activities. but those who do business in the united states can also be certain that the department of justice will protect them from criminals, no matter how powerful or influential they are. i think we have shown that today and we will show that as these cases move forward. i now want to introduce secretary nielsen to address you. >> good afternoon. thank you all for being here. i will keep my remarks quite short. i want to just mention that one

of the missions of the department of homeland security is to prevent malicious actors from manipulating our financial system to harm our nation's security. legitimateure that economic activity is not exploited by our adversaries. i would like to start by thanking our federal partners including those behind me today, for the work they put into this case and for their commitment to upholding u.s. law, something this administration continues to tirelessly do. special8 months ago, agents working as part of the el dorado task force in new york with our other federal partners were made aware of potential fraudulent activity by huawei and its subsidiaries. the alleged fraudulent financial schemes used by huawei and its chief financial officer were not just illegal, but detrimental to the security of the united states. they willfully conducted millions of dollars in transactions that were in direct relation of the iranian

transactions and sanctions regulations. we will not tolerate efforts to circumvent u.s. sanctions to support an odious regime that sponsors terror and threatens the united states and our allies. in spite of the intense on the part of the defendants to hide the criminal activity and impede the investigation once they became aware of it, hsi conducted an exhaustive investigation. they use techniques to follow the money that allowed them to document huawei's illegal conduct. the el dorado task force itself has over 25 years of experience in complex financial investigations. ensure no nation's laws are upheld takes the full force of all of our federal, state, and local partners. we greatly appreciate their partnership. i would also like to thank the great men and women of ice homeland security for their --

what they do every day to protect our homeland. but that our elected turn it over to secretary ross. thank you. ross: good afternoon. generalu attorney whitaker for hosting us and thank you to all of our interagency partners at justice, the fbi, and dhs for your outstanding work on this case. the trump administration continues to be tougher on those who violate our sanctions and our export control laws than any administration in history. as secretary, one of my very first actions was to punish zte for its violations, and we continue to monitor them more strictly than any other company in our history.

for years, chinese firms have anden our export laws undermined sanctions. often using u.s. financial systems to facilitate their illegal activities. this will in. the men and women of our bureau of industry and security have been at the forefront of our efforts, and i commend them again for their work. size, justir small 400 or so hard-working public jobants, they do an amazing helping to keep america safe from those who would do us harm. show whatctments also are united states government can do when we combine our authorities and bring them to bear against that actors. i'm very proud to stand side-by-side with our partners.

together we are once again putting the world on notice that we will do everything in our power to stop those that disregard u.s. law. too many companies pursue profits by whatever means andssary, lying, cheating, stealing are not suitable corporate growth strategies. to be clear, these indictments are law enforcement actions and are wholly separate from our trade negotiations with china. commerce will continue to work with our interagency partners to protect u.s. national security interests. we will ensure our sanctions and export control laws are enforced , and violators brought to justice. thank you. you've been listening

to commerce secretary wilbur ross, outlining some of the work that has been done by various areas of the department of justice to bring 13 counts of indictments in brooklyn, new york, and two of its affiliates of huawei. there have been charges in brooklyn with the cfo, who was accused of financial fraud. the company as a whole has been accused of conspiring to steal on testing technology, in particularly from t-mobile, and that the company offered bonuses to employees who stole intellectual property. they also accuse the founder of the company of false statements relating to iran. a multitude of indictments, 13 counts in new york and two of its affiliates faced 10 charges in washington state. we heard therefrom wilbur ross, the commerce sector -- secretary. now we have some other breaking

news, we've also had breaking news regarding nancy pelosi in fighting trump to deliver his state of the union address on february 5. remember it had been delayed surrounding the government shutdown. now he has been invited to deliver the state of the union on february 5. >> according to people familiar with the situation, pg&e could file for bankruptcy as early as tomorrow. this is according to people familiar, saying they expect to file chapter 11 as soon as tomorrow despite investors attempt to keep the company out of bankruptcy. they are facing about $30 billion in liability related to wildfires over the past two years. the story goes on to say that the board did consider other options including financing and secure debt arrangements but said that would not be sufficient to address some of the inverse, nation policies

with regard to potential liability related to those wildfires. caroline: plenty to be digesting across several sectors. let's return to the biggest technology and all of china, withi being charged various misdemeanors. 13 indictments, accusing the cfo of financial fraud and conspiring to steal ip, trying to steal phone testing technology and accusing the founder of false statements related to iran. charges?tant are these i'm not seeing futures market selloff that hard on the back of them. ,> there are two separate cases one involving stolen technology, which was brought out in washington which we had already heard a little bit about couple of weeks ago.

the second case they brought today is related to the cfo's detainment in canada. that is the one that from the look of it, looks pretty significant. essentially saying it was financial fraud involving banks, in which they essentially, huawei made it look like they were not doing business in iran in a way that would violate u.s. sanctions. it sounds like a case that has been going on for a decade. joe: what kind of penalties could the u.s. potential he impose on the company itself? >> we are familiar with financial penalties, but they can also put in any type of, look for ways to block the company from doing business in the united states. that was one of the big issues they hung out in front of zte a year ago. by bringing these cases and

calling the company out like this, they can do some significant damage to the company being able to do business in the united states. talk about the companies and the executive and the into the day, there is the perception that the company was acting at the behest of the chinese government. so are the charges really targeting huawei, or is it targeting the more broader trade issues going on between the u.s. and china? tom: for starters, the documents just came out a few minutes ago so i have not been never to go through them. the way the justice apartment is describing enforcement, looking for state actors from china that were coming into the u.s. or infiltrating u.s. businesses, and it is part of an initiative that the justice department announced late last year. it is hard not to see the direct

ties to the current trade negotiations with china. caroline: many saying this is a company that isn't listed but is a bellwether for the rest of china. we heard wilbur ross talking about how one of his first achievements was focusing on zte as well. could this spread across other companies in china or have you been able to look into that? be comevery well could in november the justice department announced their china initiative come in which all across the various u.s. attorney's offices, they were essentially ordered to look for ways to bring cases against any sort of chinese companies that may be breaking the law here in the united states. joe: what are you going to be watching next in this saga? tom: for starters i would like to take a look at the guts of today,wei case announced

specifically alleging bank fraud. there are other areas that the department -- i'm interested in finding out who is next, basically. we could look at it that way. caroline: we know you will be the person to speak to about it. we thank you for your time. from new york, this is bloomberg. ♪

>> i think the prospects of a second referendum are rising and the prospect of no brexit atoll arriving. the record shutdown is over, but it is still looms large over economic data. this week was supposed to be a big one for releases but it's been announced a number of reports have been delayed, including gdp and the december personal income report. our economist for bloomberg economics. it is all about the jobs report tried it. >> you are absolutely right.

caroline: we've got a slight technical issue. we will be coming to you in just a moment. interesting today as well, not only the data we are anticipating that the data we did get from the cbo and the fact that larry kudlow believes in some way that the cbo data is not entirely in line with the way the white house thinks. joe: i thought that was interesting, basically saying growth is what matters. in his view, it's a difference of opinion. romaine: we have not collected data other than the normal process. for people who don't understand how this works, is there a risk there is a distortion by collecting the data later than normal in the process, or does that not matter? do notuld worry that we get it in a timely fashion, so there is a chain reaction.

of mucks up the whole system but they will be careful about how they normally do their work. joe: larry kudlow also said the shutdown cost $8 billion. he said that is really not that much, it is not that big, is it? tim: it's not going to be that time a mess we get into a when we see extended shutdowns or extended political uncertainty. a bigly you would see shock when you had the shutdown and then rebound. if that doesn't happen, then we are in a more serious situation. statementshere are saying there will not be any cuts to interest rates. i think that's right. we have talked about this on the

show before. the talk around cutting rates is . little premature a strong jobs report is expected this friday. i think gdp in the fourth quarter will be solid. the talk around cuts is premature. a rate policyct until later this year -- a rate pause. romaine: are there other economic indicators we should be watching as the government cycles through this period? tim: there has been a lot of ,olatility around discussions the trade deal is one place to look. the jobs market and gdp data, and the stuff on the housing market will be interesting given where we were at the end of last year. caroline: so all of it, it seems. great to get your perspective. a reminder to tune into our special coverage of the rate

decision. that's at 2:00 p.m. eastern on wednesday. that's all for "what'd you miss?" joe: have a great evening. this is bloomberg. ♪

chang in sanily francisco and this is "bloomberg technology." the u.s. department of justice outlined its case against huawei with formal charges, accusing the smartphone maker of fraud and stealing trade secrets. corporate america is pointing the finger and china for disappointing zones. nvidia cutting its outlook. is it a bad sign for earnings to calm? -- to