we explore why e-commerce remains strong in the region. story, teslatop shares have plummeted after the electric carmaker announced it has reduced the number of hours it is producing model three sedans and model x crossovers. the move has added to concerns about demands that tesla's higher price and more profitable vehicles. tesla has gotten rid of the option for customers to order the vehicles equipped with entry-level batteries. break down for us what exactly this means and what you have been hearing for your sources -- from your sources. reporter: workers at the tesla factory last week were concerned that layoffs were in the works, because they had heard concerns that productions would be laying off. there was any mail that there would be 7% losses from the workforce. this is the first time that layoffs are hitting production workers, not just salaried workers like a sales and hr, but people actually in the factory. now we are hearing that the production has been cut back. we don't know how much. it's not that surprising because they di

the ranking member of the subcommittee, on energy and commerce. as well as the speakers on the democratic side. h.r. 251 was introduced by democratic and republican leadership of the homeland security committee and the energy and commerce committee. this bill would allow the department of homeland security to continue working with high-risk chemical facility owners and operators throughout the u.s. to guard dangerous chemical -- against malicious actors. for proof of how grave this threat is, one need only to look no further than west texas where in 2013 a perpetrator set fire to a fertilizer plant, causing an explosion that leveled an entire town. more than a dozen first responders and civilians lost their lives in the blast. allowing authority to lapse would throw away the progress that has been made since 2014. and needlessly make our communities less secure. i urge my colleagues in the house to support h.r. 251 and call on the senate to join us in maintaining this important security program. with that, mr. speaker, i yield back the balance of

and that means big demand for warehouse space.it especially the growth of e commerce. dianal o ilk explains. >> reporter: as plentiful as the gifts were delivered to our doorsteps close to 100 billibe worth wil returned. and most will end up in warehouses like thisne in nashville. >> what's going on behind me is the hangover from the buying season during the holidays when reverse logistics kicks in. >> reverse logistics is a fancy term for dealingll with the returns. while store shoppers return about% what have they buy online shoppers send back close to 30%. and most items have to be brought to warehouses, checked for damage, repackaged and either sent back to retailers, liquid daters or thrown away. reverse logistics is now the number one new user of warehouse space in the u.s. according to cbre. taking 700 million square feet nationally. >> demand for space is only going to increase in warehousesl unless and u we find a better solution to either return me the store or better incentives for con not to return the goods. >> that demand boosts theto b line of warehouse

ofthis is a big driver e-commerce growth, alexa, i want to buy xyz. everything you see coming out of , it is all to drive e-commerce traffic. is, an what amazon prime incentive to drive traffic to the e-commerce platform. amazon prime customers spend more than the average customer. it is all about that. >> i interested in the dominance of aws holding steady 46% growth overall. how much will this damage the overall chip system? the protecting about intel and the challenges ahead. amazon will start making its own chips. how much will this disrupt retail businesses but the entire supply chain when it comes to data and the chip? >> there is a difference between aws. they are able to take its capacity and a serve other companies versus trying to get into businesses to compete against intel and qualcomm. those are businesses far apart from their core confidence. they may create chips for their own devices but competing against the largest chip making companies, i would be worried about a business pitting against the upper limits of growth and their ability

not as far as e-commerce, as far as i know. ms. mees, micro and medium and small enterprises is really about how to make everything work better. my guess is that's what it is. you look at all the codes and you say, like i said to the international standards organizations, make sure that a small business can gain access to the standards that are there so that they can actually trade. standards are a 100 percent block on trade as opposed any tariff. for the percent tariff, you decide whether you can afford to get through it. standard, you may be dead on arrival, you know meeting the standard is very tough. in our family, my daughter-in- law gave up a business that she had because, it was shadow puppets sold online on platform of some sort. and it was not designed for children. it was designed to be shown to children. how do you know that the alligator clips that hold the puppet to a stick is made out of minerals that are conflict free, you know? how do you know whether the sticks will be subject to testing and not break in certain ci

a big fourth quarter for e-commerce. to black friday and thinks giving weekend, some great numbers. that will bode well for amazon. specifically on facebook, it will be interesting quarter because they had a tough year, the stock down more than 20%. the company has come back of a lot of this quarter as people prepare to put that behind them. think about how the stock market emotionally reacts to some of these things, sometimes there is a overreaction. if you ask me what i think will happen, i think facebook will have a pretty good response as people say all that bad stuff looks like it is behind us. emily: facebook analysts are expected something like $1 billion more profit in this quarter than in any quarter ever. i suppose the bigger question over the longer term, do you think users can emotionally get over some of the distrust of the company and will we see an impact on engagement? gerrit: you have this sort of user concern and the advertiser concern. the advertisers are the ones who decide whether or not facebook get

being bolstered by high ticket purchases and e-commerce.i think the reverse is happening here in china. >> for the longest time, it feels like these behemoths like alibaba have had a head scratching moment when it comes to international expansion and how to replicate a structurally, domestically chinese phenomenon elsewhere in the world. but i want to bring up this graphic chinese internet users more than doubling the entire u.s. population. if you look at statistics like this, do these companies need overseas markets? >> they can certainly grow to be huge. in fact, we are forecasting that alibaba's gross merchandise value in 2019 is going to surpass $1 trillion, which is really incredible to think about. obviously, that is not all fall into revenue but a huge amount of volume. do they need the other markets, no, but if they want continued growth and expansion, these companies can expand somewhat into other parts of asia, but it gets harder and harder as you start thinking about other markets in europe and north america. >> andrew, the data

, but regulated by congress through the interstate commerce commission.ongress and only congress has the power to declare war, even though the president may call for a declaration of war. and when the united states is involved in international agreements, the senate is all-important. for example, the signature of our secretary of state to the united nations charter had to be approved by a two thirds majority of the senate. a clause in the constitution states that treaties are made by the president that only with the advice and consent of the senate. bill: we went down pennsylvania avenue for a look at the white house, that's where the president lives. the white house represents the executive branch of the government. before we got through, i could understand why uncle jim said the president has the biggest and toughest job in the world. uncle jim: yes, the white house is both the home and office of the president. the president is chosen either -- by the people through the electoral college. some of the president's duties are set by the constitution. other

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. >> good afternoon. the charges unsealed today are the result of years of investigative work by the fbi and our law enforcement partners. both sets of charges expose huawei's brazen and persistent actions to exploit american companies and financial institutions, and to threaten the free and fair global marketplace. as you can tell from the number and magnitude of the charges, huawei and its senior executives repeatedly refuse to respect u.s. law and standard international business practices. huawei also intentionally and systematically sought to steal valuable intellectual property from an american company. so we could circumvent hard-earned, time-consuming research and gain an unfair market advantage. in pursuit of their commercial ambitions, huawei relied on dishonest business practices that contradict the very economic principles that have allow

the company says it is evaluating the impact of new e-commerce rules in india.se are the top global tech stories of the day. >> president trump met with china's vice trade premiere in the oval office on thursday saying he received a beautiful letter from chinese president xi supposedly says he hopes the leaders keep in close contact. president trump said there is no meeting date set as of yet. the u.s. is also dispatching to of its top trade negotiators to china. joining us from hong kong to discuss is bloomberg's chief north asia correspondent. we are hearing from the ambassador saying the chip to china with secretary mnuchin may around mid-february. what is interesting is what shape a trade deal could take. president trump has talked about no deal if it is not a big deal and that it could actually get postponed. what do we know so far? >> that is right. it was interesting to hear from that ovalhthizer in office in prompt a press conference where he said they really focused on structural issues. buying soybeans and buying lng, buying more commodities from the u

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. >> good afternoon. the charges unsealed today are the result of years of investigative work by the fbi and our law enforcement partners. both sets of --rges expose one way to threaten the free and fair global marketplace. as you can tell in the number and magnitude of the charges, huawei refused to respect and/s. law international business/ practices. they also intentionally and thought to steal valuable intellectual property from an american company. so it could circumvent hard-earned time-consuming research and gain an unfair market advantage. in pursuit of their commercial ambitions, huawei relied on dishonest practices, contradict the principles that have allowed american companies and the united states to thrive. none, foro place, this kind of criminal behavior in our country or any other committed to the rule of law. the prosperity that driv

-commerce paves the way to happiness there are still signs of poverty but it's disappearing. only five years ago the village was a quiet backwater it has since the merged as a booming center for online trade that development has brought traffic jams because now many villages. in cars shops have opened even banks because suddenly the people here are making money. the new industrial center built from government subsidies the village once had a few tailors who made customs e-commerce open the door to the world's biggest online market and farmers like grand king shang discovered their entrepreneurial spirit. these women taught themselves to so now they earn a good three hundred euros a month more than tripling what they made as farm workers when king shen already has fifty employees for him low cost labor makes the countryside an attractive place to do business. but that only i think e-commerce makes effective use of all local resources you can sell products made locally on the on line platform and make the most of all the regional advantages i need to. have a modern soup our cus

qianqian show is also powered by e-commerce kitchen appliances food and other products he talks about can be placed in the viewer shopping cart and delivered to their home via an app an industry worth billions has been created in the space of just a few years successful life streamers are in six thousand euro's and more per month some top stars are self-made millionaires but most only just managed to make ends meet limbs performance is monitored by her agent who gives her tips while she's on air the agencies are in a cut from every digital gift and have a vested interest in helping their life's dream or sell themselves. pressure and. you know fodder for a career in live streaming women need to look good and any communication skills on the home. or the water for men should also look good but above all their shows need to be fun but your images sense of humor. you know you wonder. how the agent tells us there are tools to help people meet beauty ideals a digital filter can narrow the lower jaw smooth skin and enlarge in the eyes again a. little and looks a little different on screen. th

david: we are speaking with secretary commerce wilbur ross.orward chinese negotiations next week, what is a realistic expectation for something to come out? how do we have a sense of yes you made progress, no you did not? sec. ross: there will be statements after the meetings expressing the views of both sides as to where we are. there has been a lot of work done at working level in preparation for the talks. these are propagated issues. they are serious issues. and every semi colon, every comma, becomes quite important. we shall see what is the outcome. we would like to make a deal. the very good personal relationship between president trump and president xi is really the glue that is binding all of this together. and that will facilitate whatever good outcome we are able to get to. david: let me ask about a different trade matter that involves you. 232 investigation with respect to automobiles. where does that stand? does the president have your recommendation and when can we expect a decision? sec. ross: the report is due on or before febru

we also saw a big bump in commerce bank in terms of that reaction, and deutsche bank, no doubt. some short covering going on yesterday in a knee jerk reaction to the news, and now this morning we're seeing some of those gains come off. i want to get out to aneta who joins us in frankfurt who has more on the deutsche story deutsche at the moment is facing record low it share price. they've also got a number of things going on internally christian, the ceo of deutsche bank, has a lot to do to get their house in order before thinking about a merger. how much appetite is there within deutsche bank to do a deal aneta. >> well, actually, there is not much appetite currently inside deutsche bank to do a deal, but it's probably not what they wanted it's more or less the question whether they can afford not to do a deal. not just looking at the equity side, the equity story is miserable, but the bond story is even worse financing costs are on the rise, and when i recently spoke to the cfo, he was utterly concerned about those rising costs when it comes to financing the bank on the bond s

so from my left and your willia editor at the journal of commerce. we have petty officer lumina stewart. she is public affairs specialist for the u.s. coast guard. we have vago miradian, editor of defense and aerospace report. we have lieutenant commander justin smith, military aide to the commandant of the u.s. coast guard. coming from my right, we have chuck porcari, member of the national press club headliners team. tom young is the second vice-commander of the national press club's american legion post 20. we have master chief jason vaderhaden, master chief petty officer of the u.s. coast guard. we have john donnelly, senior writer at cq roll call, chairman of the national press club press freedom committee, and president of the military reporters and editors association. skipping over our guest, just for a moment, we have kevin lensing, retired navy captain and the national press club headliners member who arranged today's event. thank you all for being here and thank you all for being here. [ applause ] i would also like to acknowledge some add

commerce secretary ross questioned why federal workers would be showing up to a food bank.ve you an idea, there are 755 families that showed up this last monday here at the regional food bank of oklahoma that are federal workers. and i want to introduce you to one of them, craig. alee alida young is an instructor at the faa academy, teaching potential future air traffic control specialists electronics. i asked her that very question, and what ultimately led her here. to note, she is also a volunteer, she was the volunteer of the quarter last year. she volunteers tuesday nights, wednesdays, saturdays, and now she's one of the individuals using the services. this is what she told us. >> i haven't had a paycheck since four weeks. it's been four weeks. and i'm waiting for my unemployment to kick in. my home paradigm has changed. i was on top of the world, working hard, being able to help my daughter when she needed it. and now i need help. now i need services. and that's the hardest thing to have to stand in a soup line. it's tough. it's difficult. >> reporter: i asked alida wh

the commerce secretary said the charges against huawei or separaterom the laer trade dispute. i asked one of our correspondence about the potential impact of the indictment on the talks. sides continued to say on the record they are optimistic about the outcome of these talks. they think they can work it out. the commerce secretary wilbur ross explained that these separate issues or separate but wilbur ross the commerce secretary as well as the homeland securit secretary were bothresent at e announcement of those indictments on monday. possiblyshow this is wider than just the u.s. justice department. there was oncomment by the president trump in 2018 where he explained and ggested journalists that he would be willing to use the arrest and eitradition oer of the huaw chief financial officer that is under house arrest in canada to use her arrest and exhibition order as a bargaining chip in area this will make negotiations quite hard. a time when both countries are really seeking to find some sort of deal because china is facing an economic slowdown. the united states is n doing

we worked and collaborated with the department of commerce. i've spoken with grant schneider who's with the office of management and budget and the nationals could counsel and most recently with chris krebs who is now running the new soon-to-be entity within dhs on collaborating with the partnership and outreach efforts. that specifically focus on small business. we do want to work within the existing structures that exist. as we've said all along because with our partners and our champions we don't want to compete in the space because everybody needs as much up as they can get. part of the effort of our champion initiative is to collaborate with those other entities that are helping small businesses in the hopes we all come together and create efficiencies for small businesses to do with the need to do. >> i'd like to ask a question. i'm a member of the national press club. also work at business wire. my question for kiersten is, first about what you all are doing is so important but talk about the institute and what is going to be doing in t

commerce sec.eighing in on what we are finding out from washington, d.c., day 33 of the government shutdown. sighresolution in t? jon: this is "bloomberg surveillance," live from the world economic forum in davos, switzerland. day 2. date 33 -- day 33 of the government shutdown. tom: hello to all of you worldwide. this is a really interesting conversation. who started on third base or second base, whatever -- the pritzker family of chicago, they were the same, but they weren't. penny pritzker grew up very advantaged and then there were .eaths in the family she's had an exceptional career in business and serving as the former u.s. commerce secretary. you met president obama and family at a ymca in chicago. what was it like the first time there was this guy who could play basketball surrounded by people who couldn't bounce a ball? sec. pritzker: he was surrounded by children, they were all playing kids basketball, he was just like every other uncle, loving all the kids, enjoying the fact he could --

chamber of commerce which is not a chamber of the u.s. government it's a business organization that. mostly goes to how they sort of play this game of trying to be like we're just for the little guy but the truth is you can see they're at the top and one of the things that they were big and pushing in the last quarter of last in the fourth quarter of last year was the focus on getting steel and aluminum tariffs taken off men were put out by the truck administration now the u.s. chamber of commerce has almost exclusively tended to push republicans that were for less regulation and less interference in the business but it's ok for them to jump in and so you know if if big corporations haven't gotten you know there's also big big real estate which is what was responsible for a last big crash of the national association of realtors law levered pretty hard. with a whole realtor friendly legislation or mortgage tax and mortgage reform so they can sort of keep it going and once they put in they actually were a little higher than the u.s. chamber

as you see the rise of e-commerce happening, and retail feeling much more in personal, a lot of these are reacting by going in the direction. they are trying to establish connections between the store associates you so theyh every day, and might send you a personal message. that as the internet makes things feel impersonal, retails are going the opposite direction and using technology to make it feel very intimate. >> does this require associates to get proper training, or is it more intuitive than that? >> that is the cool thing that tulip had to learn the last five years. as we were deploying the software, associates were inheriting the software all of a sudden. we had to figure out, how do we get them to use application and learned? one of the things we have done is focus on user interface. we codesigned the application in cupertino with apple. a lot of the work we did to make the application kill native and like every other app on your like youes you feel know how to use it. >> glad you mentioned that partnership with apple to bash with apple. coming up, amazon's facial recognitio

deliveries to homes than anyone else in the country. makes more e-commerce deliveries to homes i am techie dad.n. i believe the best technology should feel effortless. like magic. at comcast, it's my job to develop, apps and tools that simplify your experience. my name is mike, i'm in product development at comcast. we're working to make things simple, easy and awesome. >>> our other top stories tonight, and the one the president will be addressing the nation about tonight is significant. think about it like this. we are at the second longest government shutdown in american history. 18 days with no end in sight. just under three hours, president trump will deliver his address followed by a democratic response from nancy pelosi and chuck schumer. democrats have already said they reject any case trump would make to justify the border wall, that the country is facing a national security crisis at the border. a major open question, would trump try to use that claim to declare a national emergency, which some advisers believe could create a legal path to use military funds to build the w

had a decent premarket going thanks to chips and the transports then the commerce secretary a few momentsgo said there are miles and miles to go in resolving china trade. futures went red europe's a bit sluggish. oil prices red as well our road map begins with recession fears. goldman's david sol man somon s there's a 50-50 chance of recession. the shutdown hit southwest airlines says it's cost the airline as much as $15 million this month on the heel's of yesterday's roller coaster session in which the dow out performed futures are off the highs of the morning on these renewed china trade concerns after the commerce secretary said thatthere's a ways to go before china is resolved take a listen. >> there's been a lot of anticipatory work done, but we're miles and miles from getting a resolution and frankly that shouldn't be too surprising trade is very complicated. there are lots and lots of issues not just how many soybeans and how much l and g but structural row forms th reforms that we really think are needed >> i can see for miles and miles. i think they definitely want a deal on our

when you think e-commerce, you think of amazon.aybe i want to buy something used or secondhand then i think of ebay. >> that is the big challenge. ebay has been growing. it is growing more slowly than e-commerce spending overall. marketear, it is losing share and its relevance is shrinking. it's not only losing market share to amazon, but walmart, target, these big retailers upping their e-commerce gain, but it is still big. it has 180 million customers worldwide, so there is still a lot of things there. emily: another activist shareholder has built up a big position in ebay. the shares are up on this news. what our next steps here? >> this is judgment time for ebay's ceo. he has been preaching the same .hilosophy we knew he would emerge as ceo post-split. , i amcan deliver results watching what the fourth quarter is like. some of the pressure might fade. if it is a disappointing fourth-quarter come you can expect investors to jump on the elliott management bandwagon. emily: thanks so much for that. following, there apple-qualcomm

one of the key questions to ask about this is, is it going to let the commerce department bans sales going to ban sales of telecom equivalent to countries that the u.s. deems unworthy or dangerous, like iran? will they be in trouble for trying to operate with iran and lying to banks around that? perspective, they have written the u.s. off as a market already, but they are huge in africa, they were huge across europe, they are huge across asia. if this order goes out and says he can't work with iran and all these other countries, that would be an extra major borrow. huaweiobviously, has pledged to take global leadership of 5g. meantime you have other countries pushing back over national security issues, not just the u.s. you have the cfo, the daughter of the founder, under house arrest in canada facing extradition in the middle of a trade war between the united states and china. where is most of the pressure coming from? is the administration aligned with the doj, aligned with what's happening in all these other countries in terms of this action being taken? things,the doj side of cer

the subcommittee on commerce, just t. and science, and related agencies which i was the ranking member in the 11th congress oversees a diverse range. it ranges from deep space exploration to federal law enforcement to supporting economic growth and international trade and much more. my friend and gentleman from new york, mr. serrano, has an abiding commitment to these parties as well. not to mention a well established record of bipartisanship work on this subcommittee. and i look forward to continue this collaborative and collegial spirit for the good of the nation which chairman serrano and this 116th congress. in light of that i appreciate the bill that is before us this afternoon includes many of the commerce, justice, science agreements that chairman serrano made last year with then chairman culberson. and i'm pleased that many of the funding levels included for federal law enforcement and sit zns to our state and local law enforcement partners and many nasa programs were included. however, as has already been said he

commerce secretary wilbur ross saying trade talks with china are close to resolution and of course that continuing government shutdown investors don't really seem bothered today what's going on. yeah that was really interesting to see because there would have been plenty of reasons to sell into the stock market miss you mentioned commerce secretary. was saying in an interview with that the u.s. is miles and miles away from reaching a deal with china we had quarterly results from ford to missing profit expectations and for the past year actually profit got caught by more than enough but still the stock traded to the upside we get reports that the big u.s. airlines could face some trouble with the ongoing shutdown but allan stocks rallied by a good six per cent with strong quarterly results from american airlines and south west but wall street could face a real test now on friday because one of the strong sectors on thursday were the chip makers having the best day in about a decade but then after hours we got the results from intel and they missed the revenue expectations and the stock d

when i was chairman of the energy and commerce committee we got jurisdiction over the internet and we have an investigation, oversight he subcommittee of child porn in america and we had a number of witnesses in and number of hearings and the f.b.i. set up a special task force on child pornography and we asked if they could send someone, one of their agents who was involved in that task force to testify. and the f.b.i. said their policy was their agents didn't testify before congress. and we went back and forth, staff and f.b.i., staff and without any resolution. and then i saw that a particular individual from the f.b.i. that we wanted to testify, mr. speaker, did an interview on a national news show. and when i saw that, i said, well if that agent can testify -- not testify -- but appear on national tv, that agent ought to appear before congress and testify. i will picked up the phone on my desk and i put in a phone call to the f.b.i. director and was told the director was unavailable. so i called back and i said where is the director. the director is on travel and out west. and i s

amazon is pushing higher despite pushback on the e-commerce giant's plan to sell its facial recognition technology to the government. some vocal investors want amazon web technologies to halt the sale of recognition, citing civil and human rights risks. one company that clearly recognizes amazon's strength as both a fierce business competitor and partner is here. mongo db. have you heard of this? it works with and competes against amazon web services. how's that working out? you are about to meet the ceo whose stock is up 160% year over year. he's here exclusively on how much longer this david versus

it's owned by alibaba, one of the largest e-commerce companies on the planet.s alipay, the most used digital payment service in china. its chairman jack ma is now trying to reinvent brick and mortar retail by fully merging it with e-commerce. designing physical stores around our smartphones. he calls it new retail. the entire experience at these stores is based around their app. you can scan every single product that they have on the shelves, for instance, with this lettuce, you can find out which day it was delivered to the store, at what temperature, on which truck, and they even give you recipes for what you can make with it. >>> but these people will also do your shopping for you. online orders show up on workers' devices. they grab the goods off the shelves, and a conveyor belt then whisks the bags to the back of the store. the food is boxed up and rolled out to a delivery driver who then brings it directly to the customer's house. all in about 30 minutes. >> china's become the laboratory for creating new models of innovation for online to off line retail

chamber of commerce. i'm someone who has been fortunate to pursue and continue to fulfill my dreams. like so many others in our country, i come from modest means. my first big break was getting the opportunity to attend our nation's first private historically black college, that set me up for my first job which paved the way for me to start my first company in the business outsourcing arena. i started that business with the idea that i would grow it over time and have it be where it is that we could create jobs in the country. we grew that business substantially over the first number of years and then in 2015 we sold that company. i reassembled my team today and we have started our current company, chime solutions, which also provides outsourced customer service. my proudest business accomplishment has been the creation of more than 4,000 jobs between those two companies. [ applause ] >> as 4,000 individuals and families have depended upon me and my team, we have taken that responsibility very seriously.

this is on reports of a possible government brokered merger with commerce bank. on the table for six months or so but a report today suggesting that unless the results turn around very quickly that will be forced through and with the very depressed share prices for db and commerzbank it will solidify and of course they report tomorrow so again a really crucial set of numbers. ceo for about a year and got a couple quarters to prove he can turn it around before this might be taken out of his hands. >> is life easier or harder for european banks these days? looks like the ecb won't exit quickly. >> negative 0.4% as rick points out, exactly rates aren't going up. the economy -- italy in a recession this morning technical recession with did gdp numbers. not looking up. >> my mover today is mondelez. shares trading higher. up about 5% after earnings came in in line after the bell last night. i talked to the mondelez ceo today saying the company is not seeing an economic from the economic slowdown in china listen. >> online, e-commerce is big in china. growing over 70%

some of the data you get out of the commerce department you won't get. >> oh, yeah.orter: how do you get the full picture or don't get retail sales out of the commerce department? >> you are right, ed. a lot of important data comes from the commerce department and as long as the shutdown in place we'll not be getting that data. so we'll do the best that we can. obviously gdp data is very essential. we're looking at a wide range of other indicators. i think we're okay, ultimately important to get the data as soon as we can. reporter: will it limit you getting whole data picture? >> i don't think it will limit what we do, in essence the gdp data when it is released has some uncertainty about it, so the uncertainty now is little bit larger and we have alternative indicators so i think we're okay but we do want the data when we can get it. reporter: talk about the federal funds rate. there were four rate hikes in 2018. >> yeah. reporter: last one in december of 2018. the president said federal reserve is the biggest issue in terms of the slow down to the economy. how do