we could be agnostic about where we deploy will make use investment and more competitive. >> as c.e.o. johnsonohnson deploy ou decide how to that increased cash? we are redeploying it in research and development and the ost important thing something to innovate and have the next treatment that will help through and we do that r& r&d. invested $10.5 billion in $35 million in m. and a. better flexibility, better ability to move that capital around now i think is only good for johnson & johnson but good for the united states. > is that including possible acquisitions. we have a chinese one involving biotech. looking for other deals to expand your scope? 50% of the time we stexternally.tion there is a lot of great ideas, hang veryd technology fast and there is no you can do of that in-house. by building connections and having the expertise and with academic institutions and other communities, start-ups and source it and access great regulatory elopment capabilities of is condition ike johnson & johnson you take a product and contact lens that be a few million dollars and create billion dollars pla

he had already stepped down as crowe last year and gave the way to -- i should say paved the way for kevin johnson to become c.e.ostepping down at chairman of the board and michael formerly of jcpenney will take over as chairman of the board. you can see starbucks shares down on this announcement. no word on what he's doing next. >> "what'd you miss?" -- it didn't take long for the 10-year yield to deep dip back. our next, for more i want to work george magnus who joins us by phone from oxford. george, thanks for joining us. you have a new piece you think long-term rates are headed back up. what are the underlying forces that will push yields higher? george: well, a couple things here, joe. good to be here again. i mean, i think first of all, as everybody knows, the u.s. economy has some pretty decent forward momentum anyway. got some good numbers coming through really on capital spending which is encouraging. the tax cuts are a late cycle fiscal boost which are going to -- should give the economy i think a bit of momentum. i mean, it's been very kind of twoish for a long time. i think it will pick up some speed

as well is very important. david: what is your approach to the relation of johnson & johnson and federal government. early on, after president trump was elected he brought c.e.oin it felt like every morning in "the west wing" and you were one of them. there was a lot of hope on the part of the business community it would be a different president to work closely with the business community. did it work? alex: it is important for industry to be talking to the government and i think that having a relationship, understanding how important they are as a customer and stakeholder is critical. i had the opportunity to work with many presidents in my role in different administrations and it is only by sharing those ideas of developing an understanding and appropriate partnerships that i think we can work collaboratively to solve some of these big issues that we have been talking about during the interview today. i would expect that to continue. with this administration there's a lot of outreach early on and there have been issues we had to manage along the way but i think it will be incumbent on all busisseaders to try engage in a positive way to bring about positive