work -- back to work. the u.k. court says boris johnson's suspension of parliament is unlawful. soybeans to the rescue. china will start buying more beans from the u.s. pboc throws cold water on stimulus. china isn't in a rush to ease monetary policy massively, and must maintain a prudent policy stance. welcome to "bloomberg daybreak" on this tuesday, set number 24th. i'm alix steel -- this tuesday, september 24. i'm alix steel. the highlight in the last hour has to be what is happening in the u.k. a truly tremendous time for the country. that currency up by 0.1%. other than that, will we had new record highs in the s&p, and what will lead that? is the bond rally running out of steam? crude taking a leg lower just in the last hour or so.

can see global growth fears permeated throughout the market. time now for little exchange to bring you today's market moving news from all around the world. joining us from hong kong is bloomberg's enda curran, from k, and is seb sale bloomberg's david wehner is here in new york. we start with the latest trade of element. soy prices go nowhere even after the chinese government gave waivers to buy from u.s. companies without being hit by retaliatory tariffs. what is the significance? adds to thek it mood music that both sides are showing a bit of good will to get these talks make some progress. we are talking up to 3 million tons of soybeans that would be three of tariffs for chinese buying from u.s. sellers. this goes to the heart of

donald trump's constituency, and china has said to the state media they are willing to come to the table on that side of things. both sides are at least trying to make the talks work to get to the next level. that comes on october 10, would china's vice premier will travel to washington for talks with his u.s. counterparts. of course, that will be a theseal period to see if gestures are leading to some broader breakthrough, or whether we go back to where we started. alix: thank you very much. we want to turn now to london. in a unanimous ruling, the u.k. supreme court says prime minister boris johnson's decision to suspend parliament was unlawful. >> the court is bound to conclude, therefore, that the decision to advise her majesty to prorogue parliament was unlawful. salek joins me from

outside the supreme court. what does this mean? the practicalities are what we are still trying to work out here. the mp who brought this case said the same in her speech. we've got the labor conference -- the labour conference going on. boris johnson is in new york at the u.n. general assembly, so very far from westminster, but the thrust of it is that power has been given back to parliament. boris johnson has lost control. what is parliament going to do with that? so far, they've not been very good at coming up with any concrete decisions. alix: the question for me is will boris johnson be pushed to resign, or will he stay? what does that do to his brexit negotiation power? any normalin

political times, this would be a fine opportunity for a prime minister to tender the resignation. it would almost be expected. but you will not fail to have noticed that these are not normal political times here in the u.k. really, the jury is out on that one, but boris johnson is tenacious. he's been waiting his whole life to get to this position. he has promised to deliver brexit by october 31. i think we can expect he will stay in the job for a little longer, push for that deal, and see whether he carries the u.k. out by the end of october, despite we got the law parliament passed earlier in the month that forces him to rest to use hises him resignation. alix: thank you very much. we want to turn now to shares of

volkswagen, falling after the company's top leaders were charged with market manipulation in germany. then at a camel -- benedikt kammel has more. reporter: we heard from prosecutors in germany that they have charged herbert diess, the ceo of volkswagen come alongside -ex-ceo.rman and ex the question is, did management inform markets and investors early enough when they found out about this, or did they delay this? they didation is that come to the market too late, investors lost a lot of money because of this, and they should have been quicker to come out with this ruling. volkswagen themselves said today we did nothing wrong. the company acted lawfully, as quickly as they could. it will be interesting to see when and if this goes to trial,

and how volkswagen and the ceo get out of this. as you mentioned, the stock is under pressure now. asestors have liked diess the head of this company must've it will be interesting to see how he can navigate through this. alix: thank you very much. here in new york, world leaders and it will mets are gathering for the u.n. general assembly, .ith plenty of intrigue in play bloomberg's u.n. reporter david wainer joins us on the phone. theses through behind-the-scenes convocations. -- the behind-the-scenes conversations. david: clearly one of the key issues on the sidelines's european countries are in talks with iran. met rouhani

yesterday. others have come close to the u.s. position of blaming iran for the attacks on how the -- on saudi oil facilities. statement yesterday, kind of hinted that there needs to be a new deal with iran, that the moment has come for a to accept its securityall in and ballistic missiles. the europeans have for a long time stuck to the argument that you need to stick to jcpoa, the nuclear deal that donald trump withdrew from, but now they are starting to move towards the u.s. position a little bit. we need to watch that more closely and see where it goes, but that is certainly something everybody is watching here. alix: thank you so much. here's another thing i am watching this morning, the second-biggest ipo of the year. ab inbev raising around $5

billion by listing its asian unit, but could the real lynn or -- could the real winner be the city of hong kong? it is a bright spot as protests continue to rock the market. it is still the world's number three market for ipo's this year, despite those protests. coming up, more on your morning trade and analysis on the markets in today's first take. this is bloomberg. ♪

pres. trump: well, they are starting to buy a lot of our ag product. [indiscernible] >> we didn't want there to be any confusion. buying everyrted culture. they will schedule that as a different time. but that was at our request. pres. trump: but i want them to buy farm products. alix: there's no confusion, but there appears to be some confusion between u.s. secretary of the treasury and president trump on what happened with the farm visit with china. we are going to dig deeper into

that and buying of soybeans for china in the bloomberg first take. me, romainening ,ostick and vincent cignarella and joining us, julian emanuel, btig chief equity and derivatives strategist. we are going to start with brexit. i had dreams of being able to start with soybean buying, but brexit instead. the speaker of the house now saying we will see parliament reconvene at 11:30 a.m. would you be trading this right now? vincent: it's not like you can walk away from this and sit back. what does happen is the tail risk moves out. from a trader standpoint, you've seen the better chances of a delay by law. johnson is now supposed to advocate for an extension, which is probably going to be about three months. whether the eu responds

positively, they probably will come of their hope is to a second referendum, all this goes away, and we are back where we started, and the last three and a half years are magically gone. [laughter] alix: basically how i feel every time we talk about brexit. romaine: there's no clarity for these last three years, and if you look at the u.k. equity market, the volumes have diminished, the valuation has diminished. people feel it is reasonably untreatable, and we are still of the view that if you get a little bit of clarity at some point, and at some point you are going to have to get some timety, it is a matter of that it could be an interesting investment prospect. romaine: in theory come about the same time, when you look at thebusiness sentiment,

lowest since right before the financial crisis, you talk about pushing the tail risk further out. effect of the matter is we have no idea what is going to happen by the end of the year or by the end of october. the bets are on some sort of deal with regard to brexit, but at the end of the day, no one knows. we are no closer to knowing what is going to happen tomorrow than we were three years ago. vincent: it is most likely the can will be kicked three-month stunned the road. alix: this is what is challenging the premise, and i think it is the same conversation with trade. at some point we will get some clarity. what if that is not true? you can have can kicking for a while. the same for trade. you get soybean buying. what's two to 3 million tons? it's nothing. things have to get really, really bad for them to actually do something. julian: things are already bed in the manufacturing sector --

already bad in the manufacturing sector. the spread between the nonmanufacturing sector and the manufacturing sector is very wide. 70% of the german economy is not great, but it is not awful. the fact is, when you can about how this is coming on shore to the u.s. and the drop in ceo confidence, something is going to have to give. the lessons of 1992 for an incumbent president walking into election year with a weak economy are not forgotten, and our view. vincent: i wasvincent: going to say, it's about the economy, stupid. that was the comment. it is also starting to bleed into the services sector. you talk to people in the u.k., one of the lively discussions is london real estate becoming very attractive for foreign investors. given where the pound is and where real estate prices have gone, it is really starting to look like a real frisky opportunity for foreign investors to step into that

space because when you look at the european economy, the numbers this morning were mixed, not terrible, like pmi's yesterday. overall, the german economy seems to be slowing even more so on a trajectory than the u.k. economy, and once brexit is set aside, things are going to return to some sort of normalcy, even if you go back to wto rules. trade will be trade. romaine: when you look at what's happened over the last couple of the 2016 u.s.into election, we are undergoing a fundamental shift in how policymakers view trade in the u.s. and certain parts of europe. at the end of the day, while we have this drop in sentiment and contraction in certain areas of the economy, we don't know what it is going to look like. are we going to go back to where we were three to five years ago? possibly, but right now that's a roll of the dice. vincent: big time. you look at what the trade deal with japan.

we want to make a trade deal. we are not taking autos off the table. we are back to square one. raising twok it is sides of the coin. one is the markets can be priced in some ways for so much pessimism. it is not going to take a lot of pushing back on brexit to have a boost. on the flipside, if things get really bad, you don't have monetary policy to be that support. this chart is from bloomberg economics. the range is baseline tariffs plus uncertainty with more monetary policy. 0% global gdp. does not help at all. julian: this is all about whether europe in particular and germany specifically can adopt hasmindset that the u.s. had it essentially since the reagan years, deficit spending. if there is a potential for

fiscal stimulus, and granted, we've actually started to see in another lens, hints of it. france's budging -- budget is expanding. but if you think about it, it is particularly in these places were nationalism is percolating. germany is sort of interesting in that the nationalist sentiment is actually anti-spend for the most part because of the green emphasis come about at some point, you're going to have and madameon where, lagarde is probably going to help in this matter given her background. we think germany is going to open the pursestrings at some point. romaine: germany really needs to be shown the way, and it is going to take some of the other nations to move ahead in terms of growth antigrowth percentages, as well as a little bit of nudging from the new ecb

president, to sort of show them that this is going to have to be done, are you are going to be left behind. vincent: the problem is the hardliners waiting for the jobs data to rollover. they're feeling is as long as jobs continue to perform, they see that as economic growth, which it should be. jobs are a lagging indicator, so by the time jobs do rollover and start to decline, maybe way too late for germany to come to the table. i'm not sure that they have the appetite. , yet major people are continuing to talk. deutsche bank talking about helicopter money. this is no longer a fringe idea. you can laugh all you want. [laughter] alix: they had a longer-term study and basically said the big difference between now and the last decade is you have to see governments spending all the

free money that central banks have served up. that's basically what they are talking about. julian: that is essentially it in a nutshell. mmt is a little bit too out there in general, certainly with regards to the united states. it is difficult to be able to know when it is time to increase taxes to defend against inflation. that is not going to happen. but you don't have that problem in europe. romaine: do we get helicopter money with a different name? you look at -- it different name? you look at what europe is doing with the tltro's. the money is coming. it is just a matter of how they're going to sell it. vincent: they've been doing it for 30 years and it's accomplished nothing. alix: you could argue they are in a better spot than we are. some are more bullish on japan because pockets are good. vincent: some. [laughter] alix: guys, thanks a lot. julian emanuel of btig will be

sticking with me. you can find all of the charts we use and more. go to gtv under terminal. browse the features -- under terminal. browse the features and check it out. we just saw ab inbev put up one of the biggest ipo's of the year. .ater this week we have peloton this is bloomberg. ♪

♪ viviana: you are watching "bloomberg daybreak." in germany, prosecutors charging volkswagen ceo herbert diess, as well as the chairman and former ceo, of informing capital markets to late about expected fallout from the diesel emissions scandal. the charges from german prosecutors are related to market manipulation. the u.s. sec finding nissan and

former chairman carlos ghosn a combined $16 million after they failed to disclose 100 $40 million -- disclose $140 million in compensation. the sec says the automaker granted ghosn authority over pay decisions and was able to set. compensation for himself. set compensation for himself. -- that is your bloomberg business flash. alix: thank you so much. after ab inbev, we are going to watch peloton's ipo later this week. btig's julian emanuel is still with me. what is your big take away? julian: the take away is

actually the market is acting rationally. and 2000.t 1999 there have been some winners, spectacular winners, and there have been some losers. that the message is move toward private investment over the last seven and nine years is showing you there's perhaps some froth within that, i know we are getting to the price to for every point. there are going to be losses, but it is an efficient market working efficiently. alix: if you go inside to bloomberg, this is quarterly volume for ipo's being announced. how is what you just said translating into the private and ipo market. les ipo's, or they come to a fullbefore they have valuation? julian: you've got a lot of unicorns out there still who are

certainly hoping to go public before the cycle ends. a lot of this has been brought forth because of fears of recession, which we don't think happens prior to the election. essentially, there's no real way to categorize how it's going to happen. it really is company specific. alix: more importantly, do you have a peloton? [laughter] julian: i'm a very dedicated jogger, all weather come around the neighborhood. alix: julian emanuel is sticking with me. we will take a look at contrarian calls next. this is bloomberg. ♪ devices are like doorways

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and if someone trys we'll let you know. xfi advanced security. if it's connected, it's protected. call, click, or visit a store today. alix: this is "bloomberg daybreak." we've got a couple of things going on. there's some brexit conversations. the supreme court had a historic

ruling against boris johnson suspending parliament. equities move higher. maybe it is trade optimism. if you change of the board, you can see the reverberation of potentially having a soft brexit. cable rate jumping by 0.3%. you also have it stronger against the euro as well. the spread in the u.s., twos-tens a little flatter. if you wind up having a deal with china and the u.s. to buy soybeans, maybe that is supposed to be good for crude. no one really believes saudi arabia oil production will be up and running in a couple of weeks. that's a question mark for me. what we are watching later is the appetite for treasuries for u.s. investors. we have the two-year auction today, tomorrow the five-year, and seven year. part of the issue with issuance is that it's going to affect the repo rate, which is what we saw

last week. will there really be the demand? still with me is julian emanuel of btig. we are going to start off with someone who says yes, and that on -- harnett of -- hold absolute strategy, there we go. he's a bond bull for sure. this is what he had to say about a week ago. >> in the past when you seen recessionary environments, yields have fallen 200 basis points from the previous peak. that will take you to 1.25 percent, maybe 1% on the 10 recy environments, yields have year. alix: what do you think? julian: not going to happen. in the last year, we have been >>a bit of a bond bubble when you see -- bond bubble. when you see the kind of activity you saw in august andged from 2.05 to 1.45, this massive snap back in

september driven by better than ,xpected economy in the u.s. is printing at 10 year highs, and in our view, this was the popping of what we think is going to be looked at as a negativity bubble, and that type of environment, bond yields are going higher. less, to us, you can have all of the -- plus, to us, you can have all of the negative yields you want. we just don't think they are sustainable. it just doesn't make sense in an environment where positive yield is still under flippancy. where positive yield is still under latency. alix: the cliche is a search for

yield. if we go back to why we wouldn't see a rush of money into the u.s. bond market -- julian: because in our view, germany is likely to undertake fiscal stimulus. message part of the certainly of the flat yield curve in the u.s. is that if anyone thought the fed in particular was not a global central bank, they are wrong. this is a global phenomenon, but in essence, it is sort of a bursting of this negativity , and what wetively are finding out is that central banks openly have a limited amount of ability. to do that. . it is now taking the government. . ability to do that. it is now taking the government. argue you want to remain defensive.

working basically been as growth continues to slow because the leading indicators and the fundamental story on trade tells you that growth is going to continue slow. alix: yeah? julian: again, it all comes back to the bond yield. alix: if you go to do percent, you don't want to be in defense of bond proxies. you absolutely need to be in cyclicals. julian: yes. a large proportion of that is trade, but we go back to the dynamics. if you think about it, you look at the downturn in ceo confidence, clearly ceos feel as if there needs to be, should be a deal. you can argue what the scope is going to be. china is probably looking at the political polls and seeing senator warren rise in the polls, who arguably may be tougher on china because of her r and the both labo

environment than the president is. we think the president is very incentivized to see a stronger economy next year. alix: does your call have variations based on what that deal is? it feels like what you're saying makes sense. something that can seem really good, but if it is 2 a soybeans, materially that is in much. whole thing.s the a lot of this is psychology. i go back to the week after labor day, where every cfo in the country, it seems, came in and said rates are unsustainably low, let's do issuance. .ou're seeing it alix: right, all in the same week. julian: in the government did it as well. this turmoil in the repo market actually may end up being an opportunity for the fed.

if the fed does this in the right way, you can gently steepen the yield curve. alix: how come up because they expand their balance sheet? even if they don't do qe? julian: right. buying short-term paper. alix: your third call that is a little contrarian's liking small caps. we spoke to christopher wolf. here's what he had to say. >> small-cap companies typically have more leverage to the rates story, and yet they are underperforming. this is much more about what is working in a trading environment and who has the ability to keep their profit margins high. that is typically the big companies. alix: so how do you look at small versus large? >> if you look at the relative performance of small versus large and plotted against the 10 year yield, the underperformance of small caps has literally moved tick for take with the 10 year yield.

you have to believe in our call that this bond bubble bursts in september. if that is the case, given how far we've come in small underperformance and the seasonality, everyone has this recency bias. it is a massive anomaly. typical fourth quarter's tend to be the most positive time of the year and tend to benefit small caps. aix: your thesis hinges on trade deal, fiscal stimulus, and a steepening yield curve in the u.s.. the elements,are but the most important one and the one that could actually isnge due to issuance alone the transmission mechanism of greater confidence through higher long-term yields. alix: when do you see that happening? in the next year you see that moving? julian: no question.

if nothing more, the fact we are going to have $1 trillion deficit, which, going into election year, there's going to be plenty of spending, that's the type of impetus. it is going to pin longer-term rates. to shift, that starts what kind of volatility do you expect with that? what's the implications? julian: inherent is what we think is the next stage of this shift toward the more cyclical areas like financials and energy, and away from utilities, consumer staples and the like. essentially, what you've had in september is lots and lots of dramatic movements between sectors come about the next level, not so much. that could continue. alix: great stuff. julian emanuel of btig sticking with us. now we want to get an update on what is making headlines outside

the business world. viviana hurtado is he was first word news. viviana: in new york, the united nations general assembly is in today. yesterday, teenage activist greta thunberg admonishing leaders for ignoring clement change at great expense. >> people are suffering -- ignoring climate change at great expense. >> people are suffering. people are dying. entire ecosystems are collapsing. we are in the beginning of a mass extinction, and all you can talk about is the money and fairy of eternal economic growth. how dare you. taylor: mr. trump will also meet with you cape -- with u.k. prime minister boris johnson after that historic ruling. president donald trump delayed his acting chief of staff to delay military aid to ukraine at least a week before he spoke to that country's president.

democrats are investigating if mr. trump's use of withholding was to probe democratic rival joe biden. the u.k. supreme court has ruled that boris johnson's prorogation of parliament was unlawful. the supreme court says parliament should meet as soon as possible. opposition leader jeremy corbyn is calling on johnson to resign. cow saysaker ber parliamentary business resumes wednesday. global news 24 hours a day, on air and at tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm the via or totter. this is bloomberg. -- i'm viviana hurtado. this is bloomberg. alix: we talked a little about brexit before. where do you see the opportunity? julian: again, the u.k. market in general is trading at a substantial discount relative to

its peers and history. that certainly requires a leap of faith that most people are not ready for. but ultimately, if you believe in the story that global rates are going higher, the least loves trade of all time, the one that has been basically abandoned for not just 5, 10 years, 20 or 30 years, european financials. no one lives there anymore. us, it is all about interest rates. it could happen alix: jaw-dropping -- it could happen. alix: jaw-dropping call. julian will be sticking with me. what do you do when you have tons of money and you see a recession coming? ubs looked at what the world's wealthiest are doing. we will break that down next in today's wall street beat. if you have a bloomberg terminal, you can check out tv . click on our charts and graphics and interact with us directly. this is bloomberg.

♪

viviana: this is "bloomberg daybreak." coming up later today on "balance of power," former council of economic advisers chairman. now to your bloomberg business flash. pg&e cutting power to more than 27,000 customers in northern california. the company says the move is to stop electrical equipment from spiking wildfires -- equipment from sparking wildfires. as impact could affect many as 20,000 customers.

bloomberg exclusively reports areeholders in qatar -- softbank executives are against taking on large personal loans to buy into the japanese group portfolios technology group. the fun has faced intense scrutiny after the collapse and value of wework. that is your bloomberg business flash. alix: thanks so much. that is weird. just weird, forcing your workers to take out loans. we turned out to wall street beat, where we cover three things wall street is buzzing about this morning. first up, ken griffin's windfall

from his hedge fund's unusual bond sale. and then you've got family offices around the world stockpiling cash as recession fears loom. leading lossests this year. drawing ms. sonali basak. -- joining me is sonali basak. talk about weird pay structure. what it tells me is ken griffin loves leverage. here, $500 million raised and he has done this before. it was a really landmark transaction when. he did it right before the crisis. ken griffin has also been spending a lot of money this year. owns this central part -- owns this

central part of the house. you will see a dividend recap'withs underlying -- recap with the company's better underlying, but why not a hedge fund? julian: we brought this back the entire hour. this would not have happened if the 10 year yield was above 2%. alix: also very true. julian: it is dead issuance. certainly unconventional, no question, but returns have been asset based. journal alsohe notes that spreads are a little tighter, so investors kind of like it. alix: let's get to the second-story because it kind of dovetails. wealthy families are actually stockpiling cash on recession fears. this comes from a ubs survey. sonali: something interesting is that ubs has seen this for some

time now, not to mention this last time we checked them on this, their chief investment officer went negative on stocks. the negative interest rates in europe also became a much bigger issue, certainly for ubs charging their clients. and then you have others like bill gates that say no, in fact, we equities -- we invest in equities. alix: when you hear that rich people are keeping money in cash, what you think? julian: is it a positive for equities. if you look at money market assets, they've absolutely skyrocketed. it's the last two and a half years. this goes back to the psychology of rates moving higher. we think at some point, that money goes into equities, likely next year sometime. sonali: a lot of the money they see moving into real estate and private equity in the next year or so. one would think they were

undervalued right now. julian: it is a function of interest rates. there is a lot of liquidity still in the system. you had haircuts in private equity. you had haircuts in deals coming to the public. the market is still reasonably reactionary in our view. alix: let's get to the penultimate for yields going higher thesis, and that his job cuts across banks. are in european banks. sonali: 90% of them, according to this bloomberg story. i guess that is no surprise, but i got to say, the u.s. banks, the only sweeping job cut number we've seen is citigroup. are seeing a lot of retirements on wall street this year also. off a little that bit. alix: there you go. bye-bye.

so there arenali: a lot of jobs in aggregates lost. annmarie: -- alix: so you have .ates that are going lower julian: for the most part, obviously, managing directors of a certain age or what have you are going to retire, as a matter of course, but this is really very specific to the fact that europe realizes it needs to play structural ketchup. -- structural catch-up. alix: if you can't grow, you can't compete. sonali: after commerzbank and bank'so -- and deutsche

merger fall through, they both amounts to -- they both announced massive job cuts. alix: there you go. sonali: big numbers. alix: do you have a favorite area or is it universal? julian: evaluations are so ofressed, arguably because the dynamics of interest rates, but you really could look at just about anywhere across europe. alix: there's one take away from the last 40 minutes. julian thinks rates are going higher. sonali vasek, thank you very much nationally b -- sonali basak, thank you very much. julian emanuel, always great to see you. president trump addresses the u.n. general assembly in about two hours. if you are heading out and jumping into your car, this into bloomberg radio, heard across the u.s. on sirius xm channel

119 and on the bloomberg business app. this is bloomberg. ♪

alix: president trump will address the u.n. general assembly in the 10:00 a.m. h our. joining me now is vincent cignarella. i was surprised he wanted to talk about this. vincent: the reason why is this is going to upset trades across the board. it? do you do going into it? do you do coming out of there are going to be so many opportunities to trade this, and so many head fakes as well. are going to have a field day. i would stick to what you know. we were talking about this yesterday. the dark strategy looks good. if you like the dollar to buy on

whatever trump says. pressure on iran is probably going to ratchet up, not necessarily today. he may be a little conciliatory not to brace some angles, but we know he is going to, and we know that is going to happen. i, we collected trade. ?lix: to which country [laughter] vincent: we are in the midst of a bit of a detente with china on trade. you would expect that to last until at least when the premier comes next week. you basically have to game the next seven to 10 days and then use that to build our ours position -- to build position based on what happens. vincent: the dollar is probably going to stay firmly bid. equities are just going to be volatile.

it is going to be relatively firm. you're going to see that go to haven trade sometime over the next two weeks happen again. alix: we had such a big move in the last few days to the bond market. if you want the instant analysis, check out vincent cignarella. . coming up, we are joined by colin moore, colombia threadneedle investments local cio. this is bloomberg -- investments global cio. this is bloomberg. ♪

♪ alix: welcome to "bloomberg daybreak" on this tuesday,

september 24. here's everything you need to know this morning. the chinese government has given new waivers to several companies to buy u.s. soybeans without being subject to retaliatory tariffs. this comes after top seizures -- before top negotiators meet next month. the u. supreme court says boris medasse -- the u.k. supreme court says boris johnson's suspension of parliament was unlawful, and that the prorogation is null and void. >> the court is bound to conclude, therefore, that the decision to advise her majesty to prorogue parliament was unlawful. because it had the effect of frustrating or preventing the to carryf parliament out its constitutional function without reasonable justification. alix: opposition leader jeremy corbyn calling on johnson to resign. u.k. speaker john bercow says

parliamentary business will resume wednesday. asian unit,ts its the second-biggest ipo of the year. the real winner could be the city of hong kong as protests continue directing market. it has become the world's number three market this year. the u.n. general assembly is underway, where issues like climate change and brexit take center stage. brazil,president from bolsonaro, president erdogan and turkey are speaking today. president trump will speak and meet with u.k. prime minister boris johnson. if you are in new york, don't take a cab. just don't do it. just take the subway or walk. it is ok. in the markets, s&p futures up by 0.3%. one might say that makes sense because of trade optimism.

there less trade market? i want to highlight the cable rate, up 0.4%. how much more upside could there be? are we looking at another delay of brexit? we will break that down throughout the show. staying with trade, could soybeans be the latest sign of trade progress? gave the opening for several companies to purchase u.s. soybeans without waivers. boston is colin moore, colombia threadneedle investments global cio. peggy? when you get this kind of noise, is it news or a real. ? any movement around

agricultural purchases is something to pay attention to, about what we've seen is there's all of jockeying over the last few weeks as we head into these meetings in early october with liu he, mnuchin and lighthizer. last week we did not have a lot of news in terms of where we're going, but this could be a sign come of the agricultural purchases are still on the table. ? mark is where we go huawei. romaine: we are talking about whether the trade gets was alt overall, or whether the escalation stops. , thatou see and purchases is just a sign we will not get

these to the next level. alix: to me it is immaterial. to purchase multiple tons of soybeans. it is not going to take that much good news at all to put that money off to the sidelines and bring it into the market. that to me is one of the bigger takeaways. market strategist have been pounding the table on this for some time. you have this wildcard of a u.s. president who clearly think that his strategy in dealing with china is the right way to go. it is not really clear to a lot of investors. we are heading into election , so that could abuse the electorate that he needs to get reelected. if some of those issues get resolved, great, but that could be a year from now. colin: i think the progress on

trade is good. with all seen over the last few months, we think we are making progress, then we step back. i wouldn't get too excited, but i definitely agree it is better they are talking. as we look around the world and think of the impact on korea and japan and china, germany, we are seeing that there is at least hesitation going on because of this uncertainty about trade. as someone just said, anything that shows some progress they are still talking and reduce that uncertainty is a good thing. i don't believe companies will start to invest again. in the think competence markets will improve until -- i don't think confidence in the markets will improve until something more positive comes out. alix: great point. we had german business confidence today, expectations plunge. so what this brings up is what is the backstop. bloomberg economics, there were a lot of date data crunching, and found out we were going to

with trade plus uncertainty plus monetary stimulus. you are still looking at significant damage, and they cannot offset any change to global growth. gina: that's right in the sense that we may need fiscal policy. a lot of central banks are talking about that to juice backup economy set of been hit by trade uncertainty. the business investment part of it, it is so hard to measure when people are stopping doing something, but business are uncertain, and when they are, they put things on hold. investment is a long-term project, investment into hiring. at the same time we see consumer spending holding up and jobs numbers really slow, we are seeing business is put things on hold, which will potentially into the economy. cyclee: it is a late economic environment that has

been largely fueled by central bank money, by monetary policy, for the last decade since the financial crisis. when you look at fiscal policy, that fiscal spending come on a percentage growth basis, it is not really there. u.s. is probably best of all the countries, but not that great, and not on the global level. at the end of this economic cycle, the fiscal and political diamonds -- political dynamics aren't really supportive. agree with that. fiscal policy i think is absolutely essential. i think we've expired the lifespan of monetary policy in the camp that monetary policy is ased at the boarding markets opposed -- at supporting markets as opposed to the economy. i really do feel it is absolutely time to try something else, and there will be

due toed monetary policy the backing system. alix: this is what deutsche bank wrote earlier. "financial repression and aggressive central-bank purchases might still be in the early stages, but the differences to last decade will be the money will start sending the government freeing up some -- governments start spending?" colin: i feel we are going for short-term fixes rather than the correct structural answer that

will make corporations, for example, the case we talked about just a minute ago, a ceo wanting to invest over a project over 10 to 20 years is not going to be based on short-term fixes. they need to see structural improvement. alix: what is the political will? gina: that is the issue. we saw an amazingly large encumbrance of tax reform bill at the start of the trump administration in terms of corporate tax rates, but now you're looking at a political standstill in washington. to get something through like that would be incredibly difficult at this point, especially going into 2020. what can they do on the margins that they wouldn't have to push through congress? not a lot. candidates on the road are putting out their philosophies, their policies, and how to get to 2020. what happens between now and then is a question mark. alix: thank you really muck. colin moore of columbia threadneedle -- thank you very

much. colin moore of columbia threadneedle will be sticking with us. daimler is getting an 870 million euro fine over supervisory duties in the vehicle certifications. -- all ofoccurred this comes on the news earlier from the day, that volkswagen's ceo and former chairman are going to be charged with market manipulation when it comes to emissions. so not a good day if you are a german carmaker. coming up, prime minister boris johnson rebukes that the suspension of parliament -- prime minister burroughs johnson rebuked. the u.k. court decides that the

suspension of parliament is unlawful. this is bloomberg. ♪ berg. ♪

alix: the pound jumping around the highs of the session. the cable rate at 1.24 after the u.k. supreme court rules prime minister boris johnson's suspension of parliament was unlawful. joining us outside the court with the latest is bloomberg's seb salerk. what exactly happened today? essentially, it is as if probation never happened. heard fromwe the court's they went in with the order, and it is a blank piece of the paper. .hey will resume tomorrow

johnson is in new york and jeremy corbyn is in brighton by the seaside for his party's annual conference. but his big speech was due to fall in the middle of that. that's been moved to today. there's no indication whether johnson will travel home early, but some mps already in are looking for news ways to tie the prime minister's hands. alix: some of what we are seeing is that of course, parliament welcome come back, but strongly disagrees with the decision of the supreme court. he reiterates, the government is going to take the u.k. out of the eu on october 31, but that he will hopefully have a lot of time, or will give the government enough time to talk about it. he says a lot of people want to

frustrate brexit. throwing some blame. he still sticking to that october 31 deadline. if the restprocess of parliament wants to remove him or impeach him. how does that work in the u.k.? to losen: he would have a confidence motion, but remember, he tried to call an election due to due times. alliance of the opposition is to get no deal out of the way first, to avoid britain crashing out of the european on october 31. after that, they are itching to go to the polls, which will be a fascinating story in his own right. it will be interesting to see exactly how much action the opposition pursues to do that. now we seeing what you were just talking about, standard for boris johnson. on message as usual. we are going to get out before

october 31 because this is what you stake his whole political reputation on, now we have the opportunity for even more from those opposed to him. , he's got to do this somewhere another. was willing to try to extreme measures, so don't expect we heard the end from the government side. alix: i definitely did not think that. thanks so much for joining us. still with me from boston is colin moore of columbia threadneedle. there was a great op-ed at bloomberg that said boris johnson has all the ideas and no power. parliament has all the power and no ideas. what do you do with the u.k.? investor,a u.s.-based i don't think there is much we have to do. i just don't see the point in taking too much risk in the u.k. at the moment. given the current account deficit, whatever the form of brexit we do eventually have, it

seems to me the pound has to sort ofecause they have skipped over the u.k. we have a sig. get sister company based in the u.k., and it is clearly a major issue for those u.k. and european-based investors. we've tried to take a defensive position. clearly when you want to go back to basics about balance sheet strength and cash flow. also remember the u.k. ftse has a tremendous amount of earnings from outside the u.k. last time we had the vote in 2016, the ftse actually rose. you may lose currency, but as a , a lot of that happened when the vote occurred. alix: how much of this is the broader theme of trade wars and isolation around the world?

how do you take a global view of equities when that is the problem? colin: we divide geopolitical risk into three areas. two areas, but one has three distinctions within it. most of them are just noise. the analysis we used is a pebble dropping in the pond. you get a big splash initially, and then it dissipates quite quickly. there are three exceptions, one that involves a, one that the superpowers. i would say come up you should be worried about saudi arabia and iran because that involves oil and you have superpowers looking on the fringes of that disagreement. that carries much more of my attention at the moment of the global investor than i would suggest that people in the u.s. for the u.k. about and europe. alix: you are looking also at

some playback of boris johnson speaking in hudson yard. some of what he said, he strongly disagrees with the decision of the supreme court. he says the u.k. government will respect the court ruling, even though he strongly disagrees with it. keeps blaming every -- he keeps blaming ever went else on the course of brexit, saying they want to frustrate brexit, but they are still leaving the eu on october 31. the larger question also for me is that the rhetoric is that things have to get a lot worse for any of this kind of things to get done. if you get a trade deal with china and the u.s., things have to get really bad. thesis?gree with that if that is true, what is really bad for you? colin: we are definitely having more brinksmanship and just reflecting on the commentary you just made, i feel very grateful

that we have independent institutions like the supreme court in various developed countries and independent central banks. i think that helps balance the political brinksmanship, but we get people saying to us, there's always been political disagreement in the u.s. or the u.k. but we have lots of examples in the past were earlier in the process, people were able to come together and find some sort of solution. analysis from folks in washington is that that polarization is getting worse. as you say, you have to push situations to the brink before it appears you can get any form of settlement. so what is worse? it appears to be it has to be a threat of potential military .ction to get people involved it has to be a threat of disastrous economic consequences. it can't be that we end is

baited and moved ahead of time, and i am quite worried about that. alix: does it have to come externally, like a shock? can it come from monetary and fiscal not doing anything? or does it have to be something so extreme? extreme? colin: i still think it has to be a shock. i agree with what you said earlier. i still think monetary policy boosting the economy has become ineffective. i really do think it needs other actions that at least require makeical will to exceptions, and i think it has to come to something more dramatic because the other side is that slow drifting away, the realization that the etaryordinary mon

tools are having to effect. alix: colin moore of columbia threadneedle will be sticking with me. i want to update you on what is happening with the repo market. the new york fed takes about $30 billion of securities in their repo operation. oversubscribed. they've been in the market since tuesday at. they announced a long-term operation to get us through the end of the quarter, and it was two times oversubscribed about putting more pressure on the fed to deliver a longer-term solution and expand that balance sheet. more on that as we get more details, but again, the repo operation was two times oversubscribed. this is bloomberg. ♪

viviana: you're watching "bloomberg daybreak." a $4.6d martin won

billion contract to build at least six orion spacecraft to carry astronauts to the moon. the first is assigned to be ready by 2024. google won the latest fight in the battle on where to draw the line between privacy and freedom of speech. a european union court ruling in the favor of the tech giant in the so-called right to be forgotten case. it said that search engines should remove results on its versions of websites, but not required to act globally. the eu general court failing to show the netherlands rented an unfair tax deal to the coffee giant, but judges throughout a similar challenge by fiat in luxembourg. each ruling is coming before apple's appeal of the eu tax bill. that is your bloomberg business flash. alix: thanks so much.

check this one out, regulators. controlling your computer with your mind. facebook is looking into it. the tech giant has agreed to buy startups, a technology letting people controlling digital avatar using only their mind. bloomberg has learned facebook is paying about $500 million and $1 billion for the technology. i can't tell you how much i don't want an alix avatar roaming about the digital universe. president trump will address the u.n. general. later this morning one topic. he will bring up is around -- general assimilate later this morning. one topic he will bring up is around. this is bloomberg -- is iran. this is bloomberg. ♪

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there's not a lot of movement for china and the u.s. more soy going to buy beans. oil is down as well. it's all about what's happening in the u.k. as well as here in the u.s. said he would cut trip short -- his after the supreme court said his suspension of parliament was unlawful. he is still standing firm that he will leave the eu on october 31. iran's key european partners are siding with u.s. employment tehran for the strikes on saudi oil facilities. france, germany and the u.k. have said no other explanation is possible.

boris johnson said the 2015 iran nuclear accord was a bad deal. >> it's not something that will necessarily help the situation. i think actually there was logic and having some kind of deal with the iranians that stop them getting nuclear weapons in exchange for some participation in the wider economy. >> would we be here today had the u.s. not withdrawn from that agreement? >> that's a difficult question was ae the reality is it bad deal. alix: joining me is a former middle east advisor for the u.s. treasury. you also were a spokesperson for the u.n. >> diplomatic speed dating. alix: where are we with european leaders and the u.s. when it

comes to iran? >> it's been an interesting shift. for the last few months of the europeans have not been pleased with us. once president trump abdicated from the deal they were not pleased with that. they tended to point the finger to the united states. they tried numerous steps to give economic concessions to the iranians as recently as a few days ago when the french offered a $15 billion line of credit. there has been a shift ever since they confirmed the attacks hit on saudi oil refineries came from tehran. alix: when you have the u.s. talking about further sanctions -- here's what he had to say about that. >> we would like to see the council renew the arms embargo and travel ban. we would like to see the european union imposed sanctions on those individuals and entities that are facilitating iran's missile program and its

drone program. alix: is it that close? >> it is inching forward. good opportunity for the europeans and the u.s. to get on the same page about this. has been boris johnson vocal and marked his shift asking for president trump to come with a deal. that is certainly new and that is a milestone. the unitede know states is going to be calling for the re-imposition of sanctions at the u.n. iranght of the fact that is now in violation of the iran deal. did not expect the europeans to move forward with the united states in those kind of calls. i'm not sure how much headway will be made in terms of the reimposition of those sanctions but the ice is certainly following -- following --

thawing. was a black swan. a war with iran was the thing people have been scared about for a decade. do you think the geopolitical risk is priced in at this point? >> i don't think sufficiently. we are expecting limited to earnings growth for the next few quarters so it seems there's not enough of a discount being applied for events like this. this is at the epicenter of geopolitical risks that can spread. it affects world oil supplies eitherlikely to drag in proven superpowers like the u.s. or want to be superpowers like the soviets. this one is at the epicenter of what's going on. he also asked me about what makes people come together. on aok a drone attack saudi oil refinery to create

dialogue between the eu and the u.s. again. it's just an example of how we need these exaggerated situations to get things going. there's two ways this goes. orget more conciliatory tone it's not as bad as we thought rhetoric from europe and the u.s. or at some point we are going to have some kind of saudi response. which is it? >> at the end of the day all the players are going to be forced to the table. alix: in terms of a conflict or talking about it? >> talking about it. i believe they will. aesident trump has signaled willingness to meet with the iranian leadership. that's not surprising. we know that he and treasury secretary mnuchin had been discussing the possibility of sanctions relief. that's not unprecedented. certain sections on

hold as a measure of good faith while negotiations were underway so that's not unprecedented. it will probably go down that path. on the iranian side when they say they are not meeting with the united states unless they see sanctions relief before a meeting even takes place i find that hard to believe and the reason is the oil sanctions really hit them hard. the sanctions that have inflicted the greatest amount of pain are the ones that the waivers that were allowed to be expired under president trump prohibiting other countries from importing iranian oil. sot's going to hurt them badly that eventually they will come to the table. alix: then there's the story of if that's part of the issue then why the drone strike? >> on the first question about

the drone strikes and other provocative measures, it's not unsurprising for the iranians to behave this way. at the end of the day they are trying to gain leverage. look at all the bad behavior that i'm not afraid to do until we sit at the table and at that point i will have more power. coming out ofions the white house have been muddy on what exactly the red line would be to cause a u.s. military strike so the iranians are testing that line. in terms of how decisions are made in the space between the hardliners and the other side there not a lot of daylight right now. i was at treasury we argued there was some daylight. we certainly didn't want to empower the hardliners. event, theblack swan markets not pricing it in but how do you hedge it when on the

margin you might have a talk. it won't be this dramatic event that we are looking for. >> we've been trying to take a little of the beta out of our exposure to equities. say taken truth people money out of equities. the other things are not particularly attractive either. so i prefer to stay in the equity market but we've been reducing the beta exposure of how we invest and at least that gives us a little bit of downside protection so if you invest in some of these strategies it just protects you think if youand i worry too much about completely --ying in line with market alix: do you want to look for value or keep some of that cash on the sidelines? >> not cash on the sidelines.

it's also interesting how we now have to think about what traditional value means which is pretty much an exposure to heavy cyclical activity. you are trying to buy at a discount to what the peak in the cycle will be. you know have to look at more consistent cash flow. that's not particularly cheap at the moment. i would stick with it for the time being because those higher cash flow better dividend playing securities tend to have that lower beta attached to it and even if you don't meet the income i would recommend people go for the lower beta because there is the possibility of the events we are talking about in the middle east. alix: do rouhani and trump meet? >> eventually, but not this week. alix: do the sides meet?

>> i spoke with brian hook from the state department. i saw a panel discussion with a number of government officials. i don't think that's where this is headed at the moment. there is aht now stately pressure campaign. they see that's working. they see those flows being tightened. i think they are going to talk to the allies. that's the greatest deliverable we are going to see out of this week. alix: thank you both very much. great to have you with me. now i want to get an update on what's making headlines out of the business world. trumpsident donald ordered his acting chief of staff to delay sending $400 million in military aid to ukraine. at least a week before he spoke to that country's president. democrats are investigating if mr. trump used the withholding as leverage to probe the family of joe biden.

u.k. prime minister boris johnson says he strongly disagrees with the supreme court's unanimous an historic ruling calling his suspension of parliament unlawful. a verdictly this is that we will respect and we respect the judicial process but i have to say i strongly disagree with what the justices have found. rightt think that it's but we will go ahead and come back. >> the prime minister was speaking in new york city where he was attending the united nations general assembly but will fly back to london after his speech. he is bound to take the u.k. out of the on october 31. parliamentary business resumes on wednesday. the united nations general assembly we've been talking about all morning is underway in new york. president trump is expected to address the assembly this morning.

yesterday teenage activist greta thunberg admonishing leaders for ignoring the issue. >> people are suffering. people are dying. entire ecosystem are collapsing. we are in the beginning of a mass extinction and all you can talk about is money and fairy tales eternal economic growth. how dare you? >> mr. trump is expected to meet with boris johnson as the premise faces heat back over today's historic brexit ruling. global news 24 hours a day on air and at tictoc on twitter powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. alix: coming up, more on the troubled we work ipo. boris johnson had been speaking. he will return to the u.k. earlier than expected from new york. still pushing through his plan.

let's listen in. we will simultaneously refuse to be deterred from delivering on what i think you would all expect an exciting dynamic domestic agenda intended to make our country evermore attractive to live in and invest in. we will be pushing you on with infrastructure investment, investigating in our nhs and we queen's speech to sell out what we are going to do and i think frankly that is what the people of the country want to see. they want to see us getting on .ith a strong domestic agenda under any circumstances court lifts when- my heart

i come to new york. sky against the .eird and strange water there are many ways in which new york and london are not just similar but united. we obviously share a language kind of. freedom. basic idea of common are democracies and tradition. if you obey the law and do no harm to others you can come and live your life as he pleased without being judged or censured and i think it's the excitement of that freedom that brings people of talent to new york as it does to london and you get the flash of inspiration that

leads to innovation and prosperity and growth very often it will be a synthesis between american and british ideas like this thing outside which is absolutely fantastic. we invented for instance the underground train. safety breakthe elevator. you've got the recipe for a modern metropolis. you can see that fusion in every and the things that are million u.s.1.2 people employed by u.k. companies. trade going up the whole time. colossal investment. we now want to do so much more.

be more31 we intend to global, more outward looking and more committed to the rest of the world than ever before and we are going to take advantage of all the freedoms that brexit can give whether that's new tax allowances or speeding up public procurement contracts. creating enterprise zones. devising better regulation for sectors in which the u.k. leads the world. bioscience or financial service or whatever with more competitive tax rates and the best skilled workforce in the hemisphere. i say to everyone who's done me the honor of coming to this breakfast we will rule out -- roll out the red carpet and we are increasing the number of visas for scientists. we are ensuring that your brilliant students can stay on for two years so as to get real value from their studies and so that our economy in the u.k. benefits from their expertise.

we are even ensuring that u.s. visitors are able to use the electronic the passport system at heathrow. is that right? fantastic. i use it the whole time. and yes, we want to do the much .aunted free-trade i'm not saying it's going to be easy. we do not want our nhs to be on the table. i'm very glad that president trump has set up these special relationship economic working groups because it is absolutely absurd that there should be tariffs in the u.k. on californian wine. or british shoppers should pay over the odds for florida orange juice. it is also absurd and ended civil -- indefensible that the population has gone for decades without eating a morsel of

lamb orland or beef -- beef let alone haggis. i have discovered that anyone wanting to sell stocks to the united states, they at least face a tariff. tariff of 19%. i was told there are some fibers that have to be taken to a laboratory and set fire to twice. britainery industry in disputes this. there are others. only certain ports in the united states are licensed for the import of reddish colored flowers. can you believe that? s. british cauliflower' can you believe that?

is this really necessary? let us work together to break down these barriers that have devised by bureaucrats because free-trade is the best and fastest way to increase the prosperity of both our peoples. this year the united kingdom takes a giant step out into the world in keeping with our traditions but also with our new ambitions to build on our friendships and relationships. we do it with confidence to make britain the best place in the world to start, to build and run a business. the place people want to be in the place people want business to be and that's why i say to everyone here, come and join us. thank you very much. alix: you've been listening to boris johnson give a speech in midtown, manhattan.

talking about the brexit plan and he is still committed to leaving the eu on october 31. seems to be undeterred by what happened with the supreme court ruling against his decision to suspend parliament. he will be returning to the u.k. earlier than expected because of that ruling. cable still at the highs of the session. what were some of the highlights of the speech for you? >> this is all clearly trying to build goodwill with other countries. looking beyond europe and trying to create some sort of post-brexit existence for the u.k.. what really struck me was the level of humor. the laughs he was getting. a man who has charm. he's going to be on the television every day.

to get the majority he needs to be able to enact anything that he's talking about beyond brexit. he wants to be a prime minister who needs a legacy. that's why he's being so brazen. alix: what kind of traction does he get in parliament? it's great to say it and have the charisma. then what? >> at some point we need to get some substance and that's what we are really lacking from the u.k. side. we hear time and time again from ireland and the eu that they haven't heard what they need from britain. the deadline is october 17 at that crucial summit with the eu where he needs to be able to present something and we just haven't had that. they sound very firm in britain. they say it's the eu who needs

to compromise. there's a lot of parties that need to be satisfied. dup was recently propping up the government. the irish border, we've come to this so many times. mustis crucial riddle that be solved before there can be some sort of brexit that a majority could get behind. there are so many forms of brexit. you are never going to get a consensus. there really are so many hurdles to jump here. it's going to take substance as a starting point. we are looking at one company, one theme and that's ipo's from ab invev to we work. to we work.

we've seen not a lot of issuance this quarter. what does that tell you about the market? >> going at the low end of the better than smile direct club. the normal ipo market as opposed to the super mega cab ipo market is great. we saw dated dog and cloud flare and crowd strike and a long list goother technology companies public this year and they have done terrific. valuations have been good. the market for them has been strong. palatine will go fairly shortly. about hown argument many palatines can you really sell. it's a bifurcation between these large deals that are really hard whichlyze versus ipo work is as healthy as we've ever seen it. work when it comes to a we

and they are trying to fix it, is that a good thing that we are finally getting the corporate governance? do we not get these ginormous companies trying to go public? >> we work is its own little.com crash. if that was distributed across retail investors that would be a congressional hearing's disaster. it's terrific that this is getting sorted out in the private market rather than the public market. i think based on the experience yft and uber -- now that there is this new template for investing tens of tens of dollars into a private company before it decides to go public. funnymet levine is really -- matt levine is really funny

and super. if you want to invest ,n a state of consciousness newman is probably essential to the thesis. >> that is just a question of valuation. i confidently run non-state of consciousness office sharing company and the market seems to be saying no. alix: we will put up with you stated consciousness. >> the consciousness has to come for free as opposed to the alix:e multiple premium does that mean we are going to see smaller companies come public? >> it's going to get bigger.

there just aren't that many of them. airbnb is one of the only ones peft that is in this mega ca category. it's hard to get a $47 billion billions and generate of dollars of losses as a company. this founder is suddenly all of a sudden problematic little bit weird because look at the fundraising track record. super successful. we haven't seen anything like this. -- i will let him you go. alix: getting rid of him would be challenging. here ats it for me bloomberg daybreak: americas. this is bloomberg. ♪

thethan: i'm jonathan ferro countdown to the open starts right now.

-- i'm jonathan ferro. the countdown to the open starts right now. coming up, trade talks about talks. president trump taking center stage at the united nations general assembly in the next hour and the uk's top judges ruling prime minister johnson's suspension of parliament was unlawful. good morning. 30 minutes until the opening bell. here is your tuesday morning price action. futures up seven on the s&p 500. the dollar weaker going into the cash open for equities. down for basisng points on the 10 year to 169. let's begin with the big issue. trade talks about talks leading to more talks and more confusion between the president and the treasury secretary. >> they are starting to buy a ag of -- our