jordan rochester is here with us this morning.n is that we have a sigh of relief in europe. we turn our attention, potentially a tax headline on wednesday from trump. there's a risk of a government shutdown. the dollar has dropped overnight. what does wednesday potentially due to the dollar if there is a headline on tax of the middle class in the u.s.? >> we>> have been talking about diminishing returns to the power of donald trump's tweeting here it.this could be another example. we could find out not much detail on wednesday. economists are actually thinking the actual tax reform will be about roughly one third the size of what the house originally put forward. get stucki wouldn't on the dollar. i think the market is still underpricing the fed. i think can basis points more for the end of this year, pricing should kick in. it may be changing this morning with the relief rally. anna: we will come back to some of that. question, mick mulvaney said we will get some of the principles on wednesday and some of the rates. bloomberg was

yianos kontopoulos and jordan rochester. great to see you guys. to interact with us directly. very helpful when we break citi and wells fargo in a few moments. this is bloomberg. ♪ alix: thanks front and center. jpmorgan up .7%. the revolving question on loan growth. on set my charles peabody. you had an hour to look through the numbers. where are we in terms of loan growth and credit charge-offs? where's the biggest weakness you found? charles: in the first quarter, it was across the board. the weakness we are trying to find out is what is happening to see ancni. the cni weakness has been persistent. peaked at growth high single-digit rates and is now running at low to mid single-digit rates. something more than just a trump affect or energy. there is concern. small business optimism is good. job hiring is picking up. that doesn't square with the negativity you are finding. charles: the hard data is not following the soft data. alix: these are both hard data points. charles: 9% loan growth is not bad. that is pretty good loan growth. it's out

joining us from london is jordan rochester with nomura international. right interpretation of what happened today? jordan: probably not overall but it is what i expected. air, thelection in the market said there could be a turnaround and what has happened zero,t brexit went from a a nonexistent proposition, to a five. that is a big powerful move in markets. the question since this election announcement, what is the chance of a revival and a pro-remain party getting more seats? if you calculate the numbers, 51.9% brexit in the popular vote in the constituencies, it is more like 69% in terms of brexit . i do not think we get the brexit turnarounds but sterling will continue higher because the market was short going into this. don't break at 1.27, maybe the market has already done the math. david: what does that mean to the volatility of the pound and 8 when the june election will happen? jordan: i think the foreign exchange market will be the lightning rod and the gilt will be the second part. how this election will impact fiscal policy and military polic