this is the cftc data.tty clear that we now have a whole bunch of the shorts that were put in place as a result of what is happening with brexit coming on. 129-130.ading sort of what is your sense of what the market is trying to signal, or what the market is trying not to signal, i guess is more to the point? scott: this is a very tricky point. we have had a very big recovery where we spend a lot of time post-brexit and recall, at the moment that makes it was announced, the pound went from 150 basically down one and fluctuated around the 120 level for a good level of time, and many market analyst expected the u.k. to move into recession. some people were talking about -4% economic growth. really big numbers. , and it is a big negative number. the market moved the pound .ccordingly down sharply add on the uncertainty of this process. since then, we recovered quite a bit. some of that is a trivia vrable to the fact that the economy has done much better than people would have expected, coming off a little bit

ats uses cftc data to look dollar speculative long. if you go back to last september, august, we see the interest in that time. other extrapolations from this proposal, if you look at yesterday,ocks since because there are cuts to medicaid proposed, we are seeing some weakness, not as much as yesterday in these medicaid dependent insurers. centene not taking that much of a hit. we are seeing discount retailers and dollar stores as we see proposed cuts to the food stamp program and other programs that help low income individuals. they are all down today. vonnie: thank you for that. the islamic state is claiming responsibility for the bombing that has killed at least 22 people at a concert in manchester. the group says the attack was carried out by one of their followers who detonated an improvised explosive device. theresa may vowed to combat the ideology behind britain's worst terrorist attack in 12 years. ms. may: at terrible moments like these, it is customary to condemn the arbitrators and declared that the terrorists will not win.

also a wonderful chart showing hedge funds may still be short based on the cftc data. there is a net long position by institutional investors, which the top line shows, has increased to a record. historically, institutional investors have not been active .n the futures market in the old days, their interest was about 20,000 to 40,000 contracts. since then, the long euro position has been surging. 269,000 last week. big move in sterling today. is polls are showing the get between the conservative party and the labour party has narrowed to five percentage points. a week ago, it was nine percentage points. some polls have put the lead at 27 percentage points in the wake of the manchester bombings and also in the wake of a flip-flop by the conservative party on a social care policy, something investors are concerned about, sending sterling down by 1%. vonnie: getting interesting, that is for sure. back in the u.s., president trump, he is in italy, we are here, but he is wrapping up his first foreign trip. today, he is making his g-7 debut after some tough talks. the summit

cftc had good leadership i think under gary ginsler but disappointment elsewhere. ftc, fcc, all these regulatory agencies that require three votes come from the -- they have the same resumes and that means you were very smart. if you went to harvard law school and did well you probably have a high iq but you don't necessarily see the world through the eyes of anything other than the environment you have lived. >> my last comment very quickly at the end here is if you turn out to be right, if we are going to turn our back on a whole host of investor and consumer protection, we can expect to see more corporate scandals and an erosion of public confidence in the markets. >> thank you on behalf of the panel. thank the audience, too. [applause]

cftc shows -- duration weighted basis that speculators have no gun long across the treasury's futuretrade this despite the fact that still seems hawkish. the opportunities for investors? let's bring cameron price. christ -- - cameron does this mean we can finally say that trump and a reflation trade is dead? that's the signal, right? it may be arbitrary, but we can say. >> maybe it's necessary but not sufficient. [laughter] criterion. when talking with us before. in equities if you look at relative performance, certainly looks like the trump hope trade -- died a while ago. maybe you can say, fixed income was the last vestige of it. joe: tells what we're looking at. manyis is, as i'm sure viewers know, there are different futures on treasury bonds, depending on the maturity of the bond. of bond's istic duration, which is how much of the risk you are taking. the longer the maturity of the bond company more interest rate risk you are taking. this is an indicator that looks across the treasury curve and puts it into the equivalent of 10 year bond -- future which is the benchmark bond fut

kept commodity futures trading commission at $250 million, making it increasingly difficult for the cftc to carry out its core mission as well as its responsibilities under dodd-frank. . to i'm looking forward begin f.y. 2018 to close the remaining gaps left with the 2017 omnibus. despite those concerns, i think this is a good bill and as a proud represent activity and the number one peanut and pecan producer in the country, i urge my colleagues to support it so we can get started on f.y. 2018 and complete it in a timely manner for the benefit of our americans. i want to thank the chairman for getting this ball to the floor and my particularly staff who worked so hard. i yield back the balance of my time. the speaker pro tempore: the gentleman's time has expired. the chair now recognizes the gentleman from new jersey. mr. frelinghuysen: i yield two minutes to the gentleman from idaho. . the gentleman is recognized. mr. simpson: i want to thank the ranking member and chairman full committee for their hard work and i would like to thank my ranking member, ms. kaptur for her hard work on dr

kept commodity futures trading commission at $250 million, making it increasingly difficult for the cftc to carry out its core mission as well as its responsibilities under dodd-frank. . to i'm looking forward begin f.y. 2018 to close the remaining gaps left with the 2017 omnibus. despite those concerns, i think this is a good bill and as a proud represent activity and the number one peanut and pecan producer in the country, i urge my colleagues to support it so we can get started on f.y. 2018 and complete it in a timely manner for the benefit of our americans. i want to thank the chairman for getting this ball to the floor and my particularly staff who worked so hard. i yield back the balance of my time. the speaker pro tempore: the gentleman's time has expired. the chair now recognizes the gentleman from new jersey. mr. frelinghuysen: i yield two minutes to the gentleman from idaho. . the gentleman is recognized. mr. simpson: i want to thank the ranking member and chairman full committee for their hard work and i would like to thank my ranking member, ms. kaptur for her hard work on dr

. >> so on the cftc i am concerned i am concerned it is completely unaccountable cellhouse financial services committee had to take extraordinary steps to even discover the process despite the statute. inhibits them to provide auto lending they failed to produce a timeline that we requested to explain their involvement in the discovery of the wells fargo abuses that the cfpb jumped in to take credit what others have done in the director has yet to respond to questions i submitted over one year ago so this lack of accountability is the consequence of an entity even the court has determined unconstitutionally hope you agree to work with us to change the government's to make is subject to appropriations and congressional oversight. >> yes. i will work with you on that >> secretary the president spent a great deal of time on the campaign trail highlighting those communities every putt the benefits of the extension bin in response to questions for the record after confirmation hearing you said i share your commitment to bring back jobs that have been so greatly affected by economic condit

at this point, going forward to your point looking ahead, from supply standpoint when you look at cftc is saying, u.s. production is going to be well north 9.5 million barrels day by end this have year we added 700,000 barrel of oil back to the market, a lot of that mitigating what opec has done and as you said to your point about efficiencies greater margins u.s. production is strong and only getting stronger, that is half the equation. look at the other side the demand picture at this point. now, anyone who looks at market we all know, tesla is probably the greatest keerpt welfare out there but they are onto something substitutes are big out there this market greater supply not great demand leads to kind of muted prices going looking in long term. >> good stuff thanks very much joining us there another look at the demand side of the economy in just a few minutes, retail sales number out in three minutes, president trump is set to address students at liberty university, the protests ahead of his commencement speech we tell you about it stay with us. ♪ ooh ♪ ♪ sea-doo has the most affo

conflict next few months concerning who is going to be put on federal reserve who is going to -- sec, cftcond thing that is going to happen, there i be a desire to change the structure, by changing the regulatory powerings federal reserve over banking industry, getting the consumer financial protection bureau out of federal reserve changing sfrushg oversight counsel then going to be conversation about what should happen with fannie mae and freddie mac because that is, you know particularly unknown at the present time. and yet these companies are likely to be in deficit if we have a tax cut by the end of this year would result in the treasury having to give them more money then there will be arguments over the rule durbin amount all sorts of stiff this credibility needs to be discussed this morning. >> dick, one of the things you mentioned, al by the supall agencies, and putting new people in charge of them really changing the referees not the rules, do you think that is able to happen or is all noise no capital hill going to slow down the confirmation process, we're not able to deregulatin