mark: i am mark crumpton.s released gop memo raises serious concerns about the department of justice and the fbi' handling of the russia investigations. a former fbi director james comey is not impressed. comey asks on twitter "that is it?". he called the memo dishonest, misleading, and not worth the damage it has done. the memo was declassified by president trump released friday by house republicans. the president says his immigration plan is necessary to protect you an u.s. borders. it offers a plan for citizenship for people brought into the country as miners. the president -- minors. with the future of nafta in doubt, rex tillerson is in mexico at the start of a five-nation trip to latin america. it comes at a time attention of a president trump's insistence that mexico pay for the border wall. the flu outbreak continues to grip the u.s.. one o

i am mark crumpton. this is bloomberg. julia: let's bring the conversation back to today's trading session. the dow swinging more than 900 points in just a 25 minute period earlier. that is the yellow bar. joining us from san francisco, ben emons. great to have you on the show. talk to us about today's price action. ben: thank you for having me. clearly, we are having a volatility shock. this concludes three things -- we knew this was coming, but we didn't know when. now, we have to get prepared for the next shock. conditions tightening is quite meaningful. what will central banks do here? the ecb is trying to figure out what's happening. all of that combined together, there is a balance in the market at the moment. julia: a lot to digest. how our user jesting protectors -- how are you suggesting investors protect themselves? they do that -- how best to do they do that? in: you would think about case of high volatility, normally what does best is cash. that would be a simple way of doing that. volatility,ots of the likelih

crumpton. this is bloomberg.id: rebuilding america's roads and bridges. the bipartisan goal, but a partisan split on how we pay for it. we welcome sean patrick maloney, the democratic congressman from new york and a member of the house transportation and infrastructure committee. is there an agreement on what is to be done? is there disagreement on how to pay for it, or what needs to be done on infrastructure. the big question is whether the president is going to lead on this. the plan they put forward is not worth the paper it is written on. tois not a serious effort lead on infrastructure. it is opening the conversation, but this comes after the tax bill and spending bill. that makes the job harder. are you going to invest federal dollars, or leverage private capital in smart ways? theyou going to bring parties together to do this, or are we not getting anything done? the president is long on rhetoric and short on substance. david: what keeps this from becoming a serious effort? you read the outline. is it a ma

let's get a check on the first word news with mark crumpton. mark: house republican say they don't plan on pursuing new legislation to ban on assault weapons or to expand background checks for gun sales. speaker paul ryan said he is more interested in protecting the rights of "law-abiding while majority with

i am mark crumpton. this is bloomberg.are going to stay on the subject of gun control. it was five years ago that 20 young children and six adults elementary were murdered, and it is tragic how many times since and there have been mass shootings in the united states. welcome the governor at the time, dan malloy joins us from washington. it is great to have you come up i wish it was under different circumstances. in the aftermath of the tragic the worst effort to control laws passed in your state of connecticut, you limited the number of bullets and you added weapons to be banned, but did make a difference? is connected safer today? gov. malloy: it is substantially safer, and connecticut has seen the largest drop in violent crime of any 50 states in the nation. there is a reality and connection between guns and death. clear as evidenced in schools, churches, movie theaters, campuses. reality.a w if you live in connecticut you are less likely to die of a gunshot that many other states. we are one of the five lowest death rat

crumpton in new york. "bloomberg technology" is next. ♪ >> i am cory johnson in for emily chang and this is "bloomberg technology." coming up, a volatile week in global equity markets come to a close. finally and thank god u.s. stocks gaining on the day. the big tech names were the leaders on the downside and on the upside. we will take a look. plus, uber settles. and amazon is stepping up its o create deliver -- tw its own delivery business, leaving ups and fedex behind. first, what a day on wall street. stocks finishing higher ultimately. down in the last hour. more than 1% across the board. tech companies leading some of the gains. anyone's guess for what can happen. friday with so much volatility, it is turning out more than 1000 points today. amazing to watch. a massive decline earlier this week. this is the biggest weekly losses of the year and going back quite a ways. let us go to abigail doolittle with a look at it. on bloomberg radio, we were all watching the crazy swing in the last hour when the

david: let's get to the headlines with mark crumpton.inority leader undressingi it is after yesterday's eight hour marathon speech on the house floor. at a press conference today with fellow democratic lawmakers, she reiterated her party's commitment to passing immigration reform. she explained her nearly eight and a half hour-long address. >> i didn't go out there to be in their eight hours. when i asked members for their statements from their dreamers, we were flooded with them. what it accomplished was, it again reminded the american people, our commitment to our values. mark: when asked about the bipartisan spending bill currently under consideration in it senate, she said "i think is a good bill, but added that she will not supported unless demands on immigration policy are met." president trump has nominated charles redding to lead the internal revenue service as the republican tax overhaul. the jeb -- the job comes with a sensitive tax, overseeing the audit of the president's tax returns. president departed from 40 years of tradit

let's get a check on the first word news with mark crumpton. mark: house republican say they don't plan on pursuing new legislation to ban on assault weapons or to expand background checks for gun sales. speaker paul ryan said he is more interested in protecting the rights of "law-abiding while majority with steve scalise, himself a victim of gun violence, focused on the lack of preemptive action on the alleged florida shooter nikolas cruz. >> i think the most important thing we can look at is what about all the laws already on the books that were not enforced , that were not properly implemented? what angers me the most is when i see britain downs with law enforcement. the fbi had this guys name on a silver platter. house previously passed legislation making modest fixes to the gun purchase and background check systems but the package installed in the senate because it also expands other gun owner rights. in the days following that shooting at the florida high school, administrators turned to someone who knows all too well what they are going

i am mark crumpton. this is bloomberg. fed chairman jerome powell is moving to reassure the volatile markets, saying "we will remain alert to any developing risks to financial stability. we are in the process of gradually normalizing interest rate policy and our balance sheet with a view to extending the recovery." join us now with more on the markets, cameron price. whichever way it is right now for markets, it seems we are more sensitive to the fundamentals, be it data, be it earnings. >> yes and no, right? parade ofirtual analysts and strategists bloomberg has trotted out have said, the fundamentals have not changed. the price has. to some extent, it has been working over bought conditions. julia: you could say the rates market wasn't pricing appropriately. cameron: that is probably fair, but in terms of what powell said, what do you expecting them today -- we will fall asleep as financial risks emerge? of course his goal is to be on top of it. scarlet: his goal is to not make waves. is that a good job doing so. he has

julia: let's check on the bloomberg first word news with mark crumpton. three people were in a vehicle that tried to make an unauthorized entry onto the maryland cap of the national security agency this morning. the incident led to gunfire and left three people injured. those hurt include the driver, and nsa police officer, and a civilian. believe there is no indication that this is anything more than an isolated incident. and we also have no reason to believe there is any connections to terrorism at this point. mark: the nsa has said that although there was gunfire, it does not appear anyone was shot. congressional investigators want to know more about the controversy over former white house staff secretary rob porter. trey gowdy tells cnn his panel is looking into the matter. ,ccording to people familiar the fbi gave the white house a report last summer that included allegations of domestic abuse against porter. he resigned under pressure last week. vice president pence offering john kelly a vote of confidence, saying the retired met -- the retired mari

i'm mark crumpton. this is bloomberg. ♪ live from bloomberg's world headquarters in new york. and we are 30 minutes from the close of trading here in the u.s.. stocks trading in the green with the dollar slumping for a third day ahead of crucial cpi data. joe: the question is, what'd you miss? scarlet: a big business is helping develop small businesses. our exclusive interview with lloyd blankfein in just a few minutes from the goldman sachs 10,000 small businesses summit. inflation takes on new importance after last week's roller coaster ride. why investors are looking to tomorrow's cpi report for answers on recent jitters. and president trump's plan to upgrade public works is running into partisan roadblocks right out of the gate. bill shuster, chairman of the infrastructure committee joins us in the next hour. last week am a record outflows of $31 billion from etf's. it may be the active funds should be more worried than those guys. and eric,ing scarlet's partner in crime. etf analyst from princeton,

with markthe news crumpton. mark: thank you.nt trump suggested a crackdown on extreme content in the united states could help prevent school shootings. he spoke at the white house during a meeting with state and local officials in florida. >> more and more people say the level of violence in video games is really shaping young people's thoughts. the further step, movies. mark: the israeli -- one reality which will have dire consequences for israel in the long-term. the un security council, in the statement, mr. carter said the two-statetwo-state solution -- a delegation from the u.s. group civil society in new york, as -- let the palestinian center for survey research -- research in the west bank. and the representatives group was on an unofficial visit . tensions have been high since december 1 president trump the united states recognizes truce alum as the capital of israel and the u.s. embassy will be relocated there from tel aviv. of the late reverend billy graham will be brought to the u.s. capitol stay where it will lie in

mark crumpton has more.k: top intelligence officials told the senate intelligence committee that russia is intent on meddling in the upcoming u.s. midterm elections, particularly through the use of cyberattacks. national intelligence director dan coats said that the threat to the integrity of the elections needs to be addressed. >> there should be no doubt that its pastrceives efforts as successful and views the 20 u.s. midterm elections as a potential target for russian influence operations. that director coates added no single agency is in charge of dealing with potential russian meddling and that efforts to utilize cyberattacks will likely continue because they are considered low cost and low risk. hackers hit the winter olympics in what appears to have been an attempt to embarrass its organizers. cyberattack. live internet networks at the opening ceremonies in south korea last friday. whoever was behind the attack new usernames and passwords. investigators said that we can -- that theussian weekend crash

i am mark crumpton. this is bloomberg.that story you begin with, our coverage on a particular -- r obert mueller's indictment. read through this 37 page indictment. what did it show? this graphic detail ingenious plot by a group of russians to use social media to basically drive momentous discord and activate people in favor of trump and against hillary clinton. also for marco rubio and bernie sanders. they were trying to defeat hillary but also so discord among the populace -- sew discord among the populace. paul ryan is saying it underscores why we need to follow the facts and protects the -- and protect the integrity of future elections. what is anyone going to do about it? we still have not heard from president trump. he is at andrews air force base. he will then depart for florida, where he will spend the holiday weekend. type of white house statement within the next couple of hours. no word from president trump himself as he left aboard the helicopter to travel to florida. the hearings have gone on, we have seen the

isark crumpton, this bloomberg.oftbankeaking news, is in talks to buy over a third of --, according to the wall street journal. this could be up to $10 billion or more, that recording to the report. and we actually heard from masayoshi son, saying the company had all sorts of tract to invest $20 billion in tech overnight. the acquisition trail of softbank continues potentially. scarlet: and just a bit of color. we heard that swiss repo the management has travel to tokyo to meet with muggier she some -- masayoshi son. meanwhile, bill dudley weighing in on the selloff that an event in new york this morning. he said that big downturn is not a story for central bankers, and is not impact the economy much either. >> of the stock market were to go down precipitously and stay down, that would feed into the economic outlook. that would affect my view in terms of the applications for monetary policy. this is the big story in the press, a big story for financial market participants. i do not think it is a big story at all at

i mark crumpton.ulie: we have more breaking news, stocks are heading back towards a lows of the session. let's get back to digging into what is going on this week, today. price. us now is kamman watching the markets closely. how do you make sense of what has happened this week, what continues to happen today as we see these big swings? >> the dichotomy between the fundamentals, taking acai the impact of higher interest rates, in terms of growth and earnings, fundamentals are still very good. but this price action has gotten to the point where it is quite literally shocking. it is kind of a cliche, people of a certain vintage like myself, these trading desks are staffed by these young kids who have never seen a crisis. if you are 30 -- julie: there are enough people of your vintage who were working -- cameron: it is a cliche. but what is interesting, the reversal we have seen over the last couple of weeks is basically unprecedented in the sense that we were so in the latter stages of january where the

crumpton. this is bloomberg.ian prime minister is on his way to the united states for a four-day visit with president trump and what that australian associated press is calling the significant delegation australia has said washington. the president is expected to roll out the red carpet for prime minister turnbull for a wide-ranging agenda. we welcome joe hockey who joins us from washington. ambassador, great to have you, thank you so much for joining us. what concrete actions doesn't prime minister hope to achieve as a result of this visit. yourwe can build on a 100 relationship we have the with united states. the u.s. is the biggest investor in australia, but china is our biggest trading partner, and we are in a crucial point in the region with a relationship with the united states is crucial for both the united states and australia in that region. let's talk about some issues that may come up, we recently saw several republican senators sent a letter to president trump urging him to reengage on the transpacifi

david: let's go to mark crumpton.ongress has yet to agree on how to keep the federal government open past thursday. speaker paul ryan blamed partisan politics for the said he was armed he was forces were being put at risk as a result. >> the only reason we do not have a full budget agreement is because democrats continue to hold government funding hostage on an unrelated issue. they must to stop using troops as ponds in a game of politics. -- pawns in a game of politics. leaders of both parties expect optimism this morning an agreement is within reach. mitch mcconnell said budget talks are per -- progressing. the two sidessaid are closer to an agreement that may have ever been. a 6.4 earthquake has struck near the coast of taiwan. people may be trapped inside buildings. in theicial news agency country reports the ground floor of the marshall hotel on the islands east coast has caved in. a 6.1 magnitude quake struck the island on sunday. the vice president says he hasn't ruled out the possibility of meeting with north

i am mark crumpton. this is bloomberg.id: since the tragic shooting at a florida high school left 17 dead last week, the question of guns has been the top of the national agenda. i will beent tweeted, strongly pushing a background checks with an emphasis on mental health. congress is in a mood to finally do something on this issue - i h ope! to talk about the politics on this issue and other issues weing the republican party, talk to the former communication strategist before marco rubio 2016 presidential campaign. rubio's 2016 presidential campaign. give us some insight into the politics facing the president. he is really moving on this issue. alex: republicans want to do something on this issue. we are the governing party right now and it is unacceptable to have all these mass shootings we are experiencing. what happened in orlando last week was completely unacceptable in a free country. republicans want to do something on this. inthe same time, we believe the second amendment and that law-abiding, healthy americans have

i am mark crumpton. this is bloomberg. markets bounce, and investors get a reprieve as equities advanced around the world and volatility subsides, they this week, all flights -- all eyes on inflation joining us with more his senior intelligence chief and bloomberg intelligence strategist. you with us,o have for all the volatility we have seen over the last several sessions, we have seen in a present -- an impressive bounce back, we are gone back to valuation levels. suddenly erased all of the box, supposedly. goes through all of the, and we forgot in 2017 it could happen, but when you look at the long-term history of vix, you every fiverrection months, and a 10% correction every year. we have technical corrections that are relatively contained to the equity market, we don't see it spread over to high-yield or spread to the commodity complex, so it is contained the stocks and volatility measures. volatility as opportunities, and it shows in the valuation levels. julia: earning season goes on and earning costs go up, and goi

with mark crumpton.el robert mueller filed new charges in a case against president trump's campaign chairman paul managed and his deputy, former deputy rick gates. in washington, the federal court does not specify the charges. were indicted in october for money laundering and failing to register or political consulting work performed in the ukraine. in tallahassee, a call for action on docking gun violence. , bantudent's biggest wish assault type weapons such as the ar-15 paired the weapons police say was taken off the table the previous day in the state house. >> the people who deny this, if they want to claim only the god-given right of their second amendment, we are trying to take away all of your guns p just the ones being used to kill innocent children. attempted to get a bill to ban assault rifles in march, and florida tuesday. republicans dominated the chamber just missed it. u.s. lawmakers are urging the state department to restore embassies to hold last year in response to mysterious ailments am

crumpton. an this is bloomberg. julia: 10 year yields are chairng and the fed testimony before congress tomorrow, joining us more is bloomberg chief economist. we know when we talked endlessly about the hawkish shift as a result of chairman powell -- the bottom line is inflation is giving them flexibility that they need. inflation or the lack thereof gives them a free pass to really move gradually and to test out and observed the implications both short run and long-run with respect to the tax changes reside end of last year. we know this provides short-term fiscal stimulus whether it is having a longer run is yet to be determined. it is a wait and see. scarlet: you are looking at the chart which is what the fed looks at. be inlling will the fed tolerating and inflation overshoot? some people are saying to .5% re.l be the upper limit thei carl: you could afford to have a but 2.5, overshooting, bill be taking away the punch fall slowly, but the key to understanding the dynamics behind that is looking at labor pressur

mark crumpton is with us now.ark: the suspect in yesterday's 's south florida school shooting reportedly had ties to a white nationalist group. a member of a militia group called the republic of florida told the associated press nikolas cruz the 19-year-old previously took -- 19-year-old nikolas cruz took part in paramilitary drills with the organization. the ar-15ly purchased rifle believed to have been used in the assault. he is being arraigned in court at this hour. president trump discussed yesterday's shooting in florida. the president described "a scene of terrible violence, hatred and evil." he saw to reassure victims' families. to every trump: parent, teacher and child hurting so badly, we are here for you, whenever you need, whatever we can do to ease your pain. together asoined one american family. carnage wasday's the nation's's deadliest school shooting since a gunman attacked in elementary school in newtown, connecticut more than five years ago. veterans affairs secretary david chilton says he will re

i'm mark crumpton, this is bloomberg. you miss?nomist at the milton institute is still with us. bill, we were talking earlier about investment flows and you were time that to the inflation outlook and how ultimately, one of two things will connect. talk about investment in light of what we have in terms of the tax overhaul. that. behind with the trump administration has been trying to do with the tax package is not so much stimulate the economy -- it is the most ill-timed stimulus in the world. stimulating investment and incentivizing investment to reshape investments so that we can have a longer-based that is productivity enhancing. it will hold down inflation and be able to give us the kind of cycle that we want in terms of faster growth, higher wages, and no inflation. the key to that is to be able to invest in more productive equipment and technologies. up until now, incentives have into use debt financing. and right now, by having the tax equity,emphasize more they are saying that we should be more long-term oriented. think th

i am mark crumpton. this is bloomberg.president trump is meeting with trade union officials at the white house this hour. we welcome kevin cirilli, our chief washington correspondent. trump is big on supporting organized labor. kevin: they are supporters of the workers. some of the top leaders in the country are gathered at the white house right now, including cio,leader of the afl- teamsters, workers of america, orkers --elw steel workers of america. infrastructure is one of the key issues expected to come up, also environmental protections. we don't have a readout as of now, but president trump is as a signs meeting that top labor bosses are not in agreement with this administration, but they are representing their members. what is the chance that president trump could be looking for support on some of his trade actions? i put that question to this very same source, who told me that on the issue of nafta, which appears to be ending its , as well as the united states not withdrawing from it, another potential topic to com

i am mark crumpton. this is bloomberg.ing you up to speed with tesla's fourth-quarter earnings. we are seeing stocks gain, but some of the critical issues investors care about are speaking to their model three reaction, but they are doing it and are on track for 2500 per week. cash burn also a critical issue for investors, way less than the street anticipated at $277 million, and estimated $900 million. let's dive a bit more to fourth-quarter earnings, and joining us from princeton is bloomberg intelligence analyst lineskevin, some positive from tesla versus expectations. >> you have to like that cash burn number, you probably have been tried in deeper and see what that number includes or does it include, but that is a positive. i also think on the other hand that in its growth phase where it is now, it is important to be investing, and the cash burn has to be there, it has to be happening if they continue to grow and get model two production work needs to be. it ang back and making better number is not necessarily a good

i am mark crumpton. this is bloomberg. trump administration is considering levying additional tariffs, this time on imported steel and aluminum. the president addressed this in a bipartisan meeting on trade. my administration is reviewing reports and considering all options. part of the options will be tariffs coming in as they don't steal -- substantial tariffs, which means the united states will make a lot of money. and our steel and aluminum industry will come back to our country. right now it is decimated. now alums are being raised on what could be disastrous consequences. joining us now from washington, thank you so much for your time. quantify for us what exactly disastrous means for the industry. >> the problem with steel iniffs on the upstream part the steel industry is that there are tens of millions of jobs downstream of basic steel. there's 80,000 jobs in the steel industry, so you are putting at risk all of the downstream steel buyers and users if you put tariffs on the upstream products. for our bloomberg aud

let's go to mark crumpton.resident trump asked the justice department to band rapid fire bump stock devices like those used in last year's massacres in las vegas. the federal bureau of alcohol, tobacco and firearms is reviewing whether it has the power to regulate bump stocks. rposing any ban is likely to draw the aft -- to the atf into a legal battle with gun vendors. comments were made today at the annual cpac conference in maryland by lapierre. >> we share a goal of safe schools, safe neighborhoods, and a safe country. opportunist wasted not one second to exploit tragedy for political game. presidentnra vice said expanding guns in american schools would make children safer. the international red cross says it is shocked by the level of violence and the syrian capital of damascus. says its convoys of food, medicines, and other supplies are waiting to be delivered. government has been bombarding the city for weeks. obama era will be -- obama era net neutrality rules will be officially pulled back in the federa

let's get to the first word news with mark crumpton.nt trump says faith is central to american life and liberty. the president made his comments during the annual national prayer breakfast. able tocans who are live by their convictions, to speak openly of their face, and to teach their children what is right. families thrive, communities flourish, and our nation can achieve anything. aboutthe president spoke "the power of god's love" in americans, particularly during the response to recent hurricanes and mass shootings. secretaryhouse staff has his last day on the job. he said he would resign after reports surfaced that he had emotionally and physically abused his ex-wives. senior white house aides knew about the domestic violence allegations. he had denied the claims. construction workers on the israeli side of the country's border with women were seen setting up cement blocks near a border village. lebanon has been saying the ball wouldn't encroach on its territory. it is in contact with the united nations and to some unnamed countrie

i am mark crumpton, this is bloomberg. julia? julia: thank you, mark. let's get back to the disputed memo. the house intelligence committee has released the memo, alleging surveillance abuses by the fbi. president trump declassify the poor page document, despite "grave concerns from the fbi and the justice department." joining us from washington is bloomberg's national political reporter. we heard from james comey saying that is it? the president has said this is effectively proof of the politicalization of the rest of investigation -- russia investigation. what is actually in the memo? >> the memo centers around what is known as the steel dossier, the collection of information that was provided by a former british intelligence agent. that seems to be the first indication that u.s. intelligence agencies got that russia was trying to meddle in the united states election and potentially swing the outcome with potential of electing donald trump. white house republicans are alleging -- and they wrote this objections of the democrats -- that there was an ove

crumpton. this is bloomberg.hat'd you miss? a wild week for u.s. equities, including the fact they managed to plot a positive friday close. let us get some context here on the price action. want to bring in the chief strategist of alpine macro joining us from montreal. you point out that most are assuming at some point this will be a buy on dips opportunity. you whenever you are not so sure. why? the think this is part of were normalization process. i do not think this process is over. if you think about it over the last couple of years, the world economy has been lukewarm, anemic, when everyone a call it. we have had a great stock market. i think we are in a medium economic boom and that means interest rates will have to adjust tire as a result. earings have fallen. this is part of the adjustment process you would expect because when you move interest rates from very low levels to higher levels, you will see a massive adjustments in terms of ratio and asset prices. i think the volume will go to 3.5% or eventuall

news fromst world mark crumpton.fort has pleaded not guilty to charges against him in the rush of investigation. he was accused of laundering $30 million to support a lavish lifestyle. has at theler pressure by getting his deputy rick gates to plead guilty and agreed to cooperate. is attacking his own attorney general again and is unhappy jeff sessions asked inspector general to investigate the use of foreign surveillance acts. in its russia problem. the president tweeted it is disgraceful. palestinian officials are urging international diplomats to push israel to drop a plan that would impose taxes on church properties in the holy city. chief palestinian negotiator said palestinian authority president voiced concerns during a meeting with european union representatives. against -- the israeli government orders to apply property taxes on the charges and property of churches. that is absolutely unacceptable. benjamin netanyahu says a team is being set up to negotiate with church officials to reach a resolution. govern

i'm mark crumpton, this is bloomberg.avid? david: turning back to the president's budget, congress worked its way through a menu of military domestic spending and came to a bipartisan agreement by simply saying all of the above. investors are trying to sort out what it will mean for the markets. , formerme steve bell advisor to the bipartisan center. welcome to the program, good to have you here. >> glad you have me. david: to me, what is the president's budget? does it have a binding effect? why should we pay attention to it? stephen: it has no binding effect at all. i hate to say it, but it's a relevant, as the office of management and budget has said, as it does not incorporate the agreement of the president signed into law just last week. they will have to come up with random numbers in the next four or five weeks as they interact with congress. the third thing is that very, very little of this will ever see the light of day, except for defense increases. david: for those of us more from a business association rather

in new york, i am mark crumpton. this is bloomberg.head, the diplomatic dance on the sidelines of the 2018 winter olympics. kathleen: the clock is ticking on another u.s. government shutdown as lawmakers face a senate roadblock. it has to happen by the strike of midnight or the government may be shut down for another few hours. this is bloomberg. ♪ ♪ counting down to the open of trading here in sydney. will -- sydney futures are already down by over 2.25%. we have the quarterly monetary to date looking at revisions in growth and inflation forecasting. last night in sydney, the governor says he does not feel obliged to follow the path when it comes to global central bank tightening. overall though, even though we had some modest gains, when it comes to the asian session yesterday, we are seeing some signs of recovery no doubt as a result of the s&p 500. over 1000unging points and that will weigh on sentiment here in asia on friday. kathleen: i am kathleen hays in new york. vote on anate spending bill to upper another u.s. government shu

news, i'm mark crumpton, this is bloomberg. julia: live from bloomberg world headquarters in new york, i'm julia chesley. joe: i'm joe weisenthal. julia: stocks rallying, all three major indexes up. >> the question is what you miss? rick gates has changed his plea to guilty and is cooperating with robert mueller. donald trump has held a joint news conference with the australian prime minister malcolm term ball. -- turn ball. -- turnbull. and shareholders go hunting for clues, the annual letter could offer clues on a succession plan. what'd you miss? an overall upbeat view of the economy and monetary policy, the report said the u.s. labor market is near or beyond full employment. asset valuations. this comes ahead of fed chair powell's testimony beginning with the house on tuesday. with us to discuss, the chief macro strategist -- more to discuss coming up, but can you describe the sentiment now for fixed income investors? challenge the bearish narrative? david: i think we could be going through a small change now, which is a re

crumpton, this is bloomberg. julia? julia: coming up, we will get from theet inside chief investment strategist at charles schwab. what she says is driving this market selloff. scarlet: and speaking of the selloff, we have a little change in the dow. you can see the swings it has taken today. peak tooints from trough, compared to monday, when points -- it swung 1296 points. julia: some price action. we will discuss. this is bloomberg. julia: this is bloomberg markets. i'm julia chatterley. scarlet: and i'm scarlet fu. let's get more insight on today's price action. the dow on track for its worst .eek since october of 2008 joining us now is within saunders, chief investment strategist at charles schwab you are this comes after an incredible run over the past couple of years. you came into 2018 with the perspective that it was coming into the late and part of the market cycle. the -- does this marked the beginning of the end of the cycle, or can we extend it longer? liz: i do not think simply a correction in the market wo

let's get a check now with mark crumpton. mark: we are getting a goods of what happened with hothouse -- white house investigations and according to those were there, hicks ethnologist of the house committee that she has occasionally told which he called white lies for president trump the has not lied about anything relevant to the pressure probe. the panel is investigating russian interference in the 2016 elections. british prime minister theresa may has delivered her harshest criticism yet of the opposition labor party sprint -- plan to keep the u.k. in the european union. >> we will bring back control of our border and money and that is in contrast with the labour party position was to be in a customs union, happy movement and pay whatever it takes to the eu. that would mean giving away androl of our laws, orders, money, and would be a betrayal to the british people. corbyn argued this week the u.k. should stick to the customs union and a proposal supported by the u.k. business community. newly released footage from shows

i'm mark crumpton, this is bloomberg. mark, thank you.nt trump is said to make remarks at the republican retreat in rest virginia in a few minutes. we are taking a look at the podium right there. this is an annual retreat, mark. president trump is said to make remarks at the republican where more than 30 gop senators and 180 representatives will be planning their strategy for 2018. we will bring you those comments from president trump when we get them. ray dalio's bridgewater associates are strengthening his -- against italian banks. have boosted that to $3 million in 18 firms. this comes as the italian election looms in early march. joining us now to discuss is brandin cooks on an. thank you for being with us. investors are not too happy with the state of politics in italy? brandon: this is a three-pronged .et on bridgewater's part we know they are famous as being a rules-based approach. last year, ray dalio published his memo about the state of populism around the world. he called it "potentially the biggest moving force in global polit

i am mark crumpton. this is bloomberg.gress continues to work against the deadline of midnight tomorrow to fund the government, and the house passed its bill last night and now the senate has announced its bipartisan deal. but some republicans say they have a problem with the senate approach. by scott joined now perry and as a member of the house freedom congress and joins us from capitol hill. welcome representative, it is good to have you here. this news is new, have you had a chance to look at it and what is your reaction? got the briefing, and my initial reaction is that i don't think the american people elected the party of fiscal fiscal conservatism or responsibility to increase spending by 13% at the federal level. we just did tax cuts which is great, but it doesn't give us a license to spend like there's no tomorrow. i want to remind everybody we have a $20 trillion deficit and more. am concerned with what i am hearing right now. we also have eight or 10 democrats dictating what we do across the country, two weeks

i'm mark crumpton. this is bloomberg.fta negotiations are resuming with much it stake for exporters across the country, including farmers, rancor -- farmers and ranchers. it's no surprise that the nebraskan governor has come out strongly advocating for nafta. we welcome him now, coming to us from washington. good to have you here, governor. gov. ricketts: i appreciate you having me on. david: we have heard, from time to time, from the president, saying he's willing to do away with nafta. we have heard from republicans and democrats like yourself, saying that really the people in ohio cannot do without it. is that true for nebraska? we certainly: think that there are opportunities to improve nafta, but i have to tell you, it has been a hugely successful program for the state of nebraska. we do hundreds of millions of dollars in trade between canada and mexico. i went on a trade mission last year to canada. i was the first governor to go there on a trade mission and it was to highlight the great relationship that we have wi

i'm mark crumpton, this is bloomberg. vonnie: a record bet on i.t.t could shake up the defense industry. general dynamics has agreed to billion dollars. that's the largest ever acquisition for the defense contractor, who is looking to expand its i.t. offerings. making them the second-largest provider of federal i.t. services. levinsohn joins us from washington, d.c.. are there any anti-trump concerns here? anything to worry about, given that this company will now be supplierssive, massive of all kinds of services to the federal government question mark -- government? i suppose they will look at this to see if they are afraid of competition, but there has been so much churn in the i.t. , mergers, defense spinoffs and things like that, at the end of the day i don't think that the government will seek to block this. how big is this for general dynamics question mark what does this acquisition do? is it a matter of negotiating power? is it cost-cutting? all of the above? rob: it does two important things. of -- see sralot is a lot of spaces that general

i am mark crumpton. this is bloomberg. ♪ >> live from bloomberg's world headquarters in new york -- >> we are 30 minutes from the close of trading. major averages for the moment are in the grain. is7 what'd you miss? scarlet: special counsel robert mueller unveiled a sweeping and coordinated campaign by russian to interfere in the 2016 election. russian actors manipulated the 2016 election through social media. sports media and technology, are they taking over beverly hills? us live fromins the tech summit in los angeles. what'd you miss? an indictment disclosed to washington, special counsel robert mueller charged 13 russian nationals and three russian entities with defrauding the u.s. government by interfering with the political process. insident trump has responded a tweet and in an official statement. n a tweet, he said -- the white house statement is saying something similar. said it is more important than ever before to come together as americans and not allow those who are seeking to sew rancor to

i am mark crumpton. this is bloomberg. the wrapped in cryptocurrency is rolling on.--et regulators testified before the senate banking committee today. one of the regulators gave his thoughts on the necessity of regulation. investors look at these virtual currency trading platforms and assume they are regulated in the same way a stock exchange is regulated. we should address that. shery: here to discuss is bloomberg's rob berman. i think it's interesting the regulators are asking congress to give them authority over cryptocurrency. we talked about the spot market and exchanges, which are currently regulated state-by-state. there is a a lot of concern about small investors and retail investors putting their money into things they don't understand. cftc are dealing with the reality that these are global markets, people should buy their bitcoin anywhere. shery: the current administration is not inclined toward more regulation. rob: it is striking. this seems to be a department where the regulators are asking for more regulation. i understand what mr. clayton is saying,

crumpton. this is bloomberg.makers returned to capitol hill today and were forced to join the national conversation that has been sparked since the school shooting that 17 people dead. the activism of teenage survivors about the issue of gun control front and center and there is a growing list of companies cutting ties of the nra with calls of boycotts. great to have you here, polly, you have been doing great work on this. putting pressure on the national rifle association, cutting ties, taking back incentives. talk about where we are. >> we saw towards the end of last week and the weekend, companies have been called to no longer work with the nra for their member benefits. discounts andn 50% off, and there was an nra branded credit card, and companies are saying we no longer are going to offer these things and have these discounts and that is what has been going on the last few days. joe: why? we have had mass shootings in the past and it often faded after a few days, so why is there a need to change their stanc

we have mark crumpton. >> i felt left out.sident trump has decided to allow publication of a memo that argues the fbi abuse surveillance powers in the rush investigation. judiciary house commission said the fbi is a premier law-enforcement agency but added there is a problem with several people in some of the highest levels in the bureau. >> the document has been carefully work, based on thousands of pages of source documents, which i have had access to those and have read them, as have other key people that have top security clearance. i think it is important to the american people understand the nature of this. the chief of the los angeles school police department says preliminary information indicates the female suspect in a middle school shouting today the shooting today is 12 years old. that shooting happened at salvador castro middle school just west of downtown los angeles. asking arabns were nations for money after the trump administration cut tens of millions in aid. the head of the wind relief said -- spoke to the me

i am mark crumpton. this is bloomberg.otatoes, that is dudley characterized the market turbulence and his press conference this morning. the bank of england governor said he may have to raise rates faster than he thought. where are joined now by the head of td securities -- good to have you with us. there is a repressing going on in the united states saying we may have to raise rates and a repressing going on as far as europe is concerned. areof these things connected, it is not just about the united states here, surely? you look at interest rate rises, this is the second time we have had global repricing, and the booms have kept up with treasuries. and iormally lag, actually think inflation is overplayed, you don't see them break even or dip. it wasn't a big deal because the boj was buying, but that is unwinding and the entire market is realizing that this decline is stepping away and we have to be ready. joe: are you surprised that in a day like today, the big macro fundamentals aside, where rates should go, we are not s

i am mark crumpton. this is bloomberg. shery: i am shery ahn. vonnie: and i am vonnie quinn, welcome to bloomberg markets. ♪ shery: from bloomberg world headquarters, here are the top stories that we are following. equities continue to bounce back as u.s. stocks look to extend the global rally and the 10 year yield hovers around 2.9%. ewing proposals to protect dreamers. ceo is calling the recent volatility in the market, part of our conversation with them at this hour. at the markets, we are midway into the session and their gaining momentum. after earlier we saw stocks go in the negative, now they have turned higher, and that is energy stocks. down byhe sector still 1.5% yuan as we see other sectors gaining in the session. crude oil has turned higher, declining by more than 1% earlier in the session and made a dramatic comeback as you can see. lower, gas remains having a rough couple of weeks, and chevron and philips among the stocks that are limiting the gains that we might otherwise see an overall averages. if we do ga

i am mark crumpton. this is bloomberg. ♪ julia: live from bloomberg headquarters in new york, i am julia chatterley. tradingre 30 minutes on -- into the close, and big volatility index retreating from yesterday size. -- yesterday's highs. scarlet: why the demise of to vixindexes normalized -- indexes. get immediateo company to report first quarterly results. what to expect, coming up. turmoil of thee recent days, markets are trading. abigail. abigail: we have a huge rebound rally from that s&p, dow, and ondaq, opening much lower the opening, gyrating between gains and losses on the day, and now we are looking at the gains for the major averages. the best they since november of 2016, the s&p with the best they since march of 2017, so a big rebound rally. if you look at the today chart, it speaks to the volatility. yesterday we had the worst day since 2011, opening lower than yesterday's low, and now this range appears to be breaking to the upside right now. we still have the dow and s&p 500 down since the

i'm mark crumpton, this is bloomberg. julia: what'd you miss?scuss the big earnings we got from the tech sector. still with us paul sweeney. over get back and pour the out of the earnings. weaker than analysts were expecting. what has happened? we are discussing this raining in cost, would be make of this quarter? >> i think they are going to get on call and say we are investing in our business. relative to street expectations, expenses are coming in higher on the operating side. google,often hear from as we do from these other high-tech -- high-growth tech companies that are spending money for returns down the road. for google, it is usually talent. they going to buy engineers, and hire talent. 85% of the revenue generated at this company is advertising. the other 50% is evident house. talk to me about the cloud -- the other 50% -- >> when you talk about the cloud business, three big players, led by amazon, google, and mark soft. -- and microsoft. is the leading player. a lot of people in the marketplace will tell you they prefer the google pro

i am mark crumpton. this is bloomberg.d, the former director of a protection bureau on the future of the embattled agency. this is bloomberg. ♪ shery: this is balance of power. agency, the young protection bureau has had its share of controversy, if i did, various attempts to shut it down, and the challenge of its constitutionality. map it is being run by mick mulvaney, when of the people question to shut it down and decided it is a need money from the federal government to operate. before becoming president of the cfpb, he is the treasurer of the state of ohio and this going to run for the governor of the state of ohio, welcome richard, good to have you here. cfpb.talk about the who would run it, and he had a different idea from the president, how is the rank-and-file doing their? arehe people at the bureau standing at the side of consumers to make sure they are treated fairly. have built a steady agency devoted to that mission, and i think many people there remain committed and on track. david: there was a legal dispute