the revenue generated from these public resources goes to the federal treasury to help to pay for medicare, medicaid, education, our defense department. it helps to pay for everything, including reducing our federal deficit. however, in 2006, the four gulf states -- louisiana, alabama, mississippi and texas -- succeeded in passing a law that is going to direct an ever-increasing share of these offshore drilling revenues away from the federal treasury to just those four states. by redirecting this revenue, that 2006 law is going to take money that should benefit taxpayers in all 50 states and send it instead to just four states. and so how much money are we talking about? well, in that 2006 law, over the next 60 years, it is projected to send $190 billion away from the treasury, away from the 46 other states other than the four that are texas, louisiana, mississippi and alabama. that's the problem. those are the numbers from the interior department, $190 billion. but now, the gulf states are coming back for more. the legislation that we will vote on today would divert an additional $5.4 bil

significantly slower rate since obamacare was passed than they did before which is saved the federal treasury hundreds of billions of dollars. people who have health insurance are benefiting in all sorts of way. anything from no longer having lifetime limits on the claims that they can make so seniors getting prescription drug discounts under medicare to free mammograms. now, that's one thing to characterize this thing is not working to an abstraction. okay, now you are going to repeal it, okay, what happens to those 20 millions people who have insurance? are you going to just kick them off and suddenly they don't have health insurance? better because of that? are you going to repeal the provision that ensures that if you do have health insurance on your job and you lose your job or change jobs or -- start a small business that you are not discriminating against. that's pretty popular. how are you going to replace it? >> are you going to change the policy that kids can stay on their parents' health insurance plans until they are how are you going to approach all these issues? now, my view is

generally have slower rate since obamacare was passed than they did before which is saved the federal treasury hundreds of billions of dollars. people who have health insurance are benefiting in all sorts of way. anything from no longer having lifetime limits on the claims that they can make so seniors getting prescription discounts under medicare to free mammograms. now, that's one thing to characterize this thing is not working to an abstraction. okay, now you are going to repeal it, okay, what happens to those 20 millions people who have insurance? are you going to just kick them off and suddenly they don't have health insurance? in what ways are their lives are you going to repeal the provision that ensures that if you do have health insurance on your job and you lose your job or change jobs or -- start a small business that you are not discriminating against. that's pretty popular. how are you going to replace it? >> are you going to change the policy that kids can stay on their parents' health insurance plans until they are 26? how are you going all these issues? now, my view is if they

significantly slower rate since obamacare was passed than they did before, which has saved the federal treasury hundreds of billions of dollars, people who have health insurance are benefitting in all sorts of ways that they may not be aware of, everything from no longer having lifetime limits on the claims that they can make to seniors discounts under medicare to free mammograms. now, it's one thing to characterize this thing as not working when it's just an abstraction. now suddenly you are in charge and you are going to repeal it. okay. well, what happens to those 20 million people who have health insurance? are you going to just kick them off and suddenly they don't have are you going to repeal the provision that ensures that if you do have health insurance on your job and you lose your job or you change jobs or you start a small business that you're not discriminated against because you have a preexisting condition? that's really popular. how are you going to replace it? are you going to change the policy that kids can stay on their parents' health insurance plan until how are you going to

slower rate since obamacare was passed than they did before which is saved the federal treasury hundreds of billions of dollars. people who have health insurance are benefiting in all sorts of way. anything from no longer having lifetime limits on the claims that they can make so seniors discounts under medicare to free mammograms. now, that's one thing to characterize this thing is not working to an abstraction. okay, now you are going to repeal it, okay, what happens to those 20 millions people who have insurance? are you going to just kick them off and suddenly they don't have health insurance? are you going to repeal the provision that ensures that if you do have health insurance on your job and you lose your job or change jobs or -- start a small business that you are not discriminating against. that's pretty popular. how are you going to replace it? >> are you going to change the policy that kids can stay on their parents' health insurance plans until they are 26? all these issues? now, my view is if they can come up with something better that actually works and a year or two after

significantly slower rate since obamacare was passed than they did before, which has saved the federal treasury hundreds of billions of dollars. people who have health insurance are benefiting in all sorts of ways they may not be aware of, everything from no longer having lifetime limits on the claims that they can make to seniors getting prescription drug discounts under medicare, to free mammograms. now, it's one thing to characterize this thing as not working when it's an abstraction. suddenly you're going to repeal it. what happens to those 20 million who have health insurance? are you going to kick them off and suddenly they don't have health insurance? in what ways are their lives better because of that? are you going to repeal the provision that ensures that if you do have health insurance on your job and you lose your job or you change jobs or you start a small business that you're not discriminated against because of a predisposition? how are you going to replace it? are you going to change policy that kids can stay on their parents' health insurance plan until they're 26? how are you

significantly slower rate since obamacare was passed than they did before, which has saved the federal treasury hundreds of billions of dollars, people who have health insurance are benefitting in all sorts of ways that they may not be aware of, everything from no longer having lifetime limits on the claims that they can make to seniors getting prescription drug discounts under medicare to free mammograms. now, it's one thing to characterize this thing as not working when it's just an abstraction. now suddenly you are in charge and you are going to repeal it. okay. well, what happens to those 20 million people who have health insurance? are you going to just kick them off and suddenly they don't have health insurance? are you going to repeal the provision that ensures that if you do have health insurance on your job and you lose your job or you change jobs or you start a small business that you're not discriminated against because you have a preexisting condition? that's really popular. how are you going to replace it? are you going to change the policy that kids can stay on their parents' heal

gone up at a slower rate since obamacare was passed than they did before which has saved the federal treasury hundreds of billions of dollars. people who have health insurance are benefiting in all sorts of ways they may not be aware of from no longer having lifetime limits on the claims that they can make to seniors getting prescription drug discounts under medicare. to free mammograms. suddenly you are in charge and are going to repeal it. okay, well, what happens to the 2o million people who have health insurance? are you going to just kick them off and suddenly they don't have health insurance? in what ways are their lives better because of that? are you going to repeal the provision that ensures that if you do have health insurance on your job and you lose your job or change jobs or you start a small business that you are not discriminated against because you have a preexisting condition? that's popular. how are you going to replace it? are you going to change the policy that kids can stay on their parents's health insurance plan until they are 26? how are you going to approach all these

significantly slower rate since obamacare was passed than they did before, which has saved the federal treasury hundreds of billions of dollars. people who have health insurance are benefiting in all sorts of ways that they may not be aware of everything from no longer having lifetime limits on the claims that they can make to seniors getting prescription drug discounts under medicare, to free mammograms. now, it's one thing to characterize this thing as not working when it's just an abtraction. now suddenly you're in charge and you're going to repeal it. what happens to those 20 million people who have health insurance? are you going to just kick them off and suddenly they don't have health insurance? in what ways are their lives better because of that? are you going repeal the provision that ensures that if you do have health insurance on your job and you lose your job our change jobs or you start a small business that you're not discriminated against because you have a preexisting condition? that's really popular. how are you going to replace it? are you going to change the policy that kids

significantly slower rate since obamacare was passed than they did before, which has saved the federal treasury hundreds of billions of dollars. people who have health insurance are benefiting in all sorts of ways that they may not be aware of. everything from no longer having lifetime limits on the claims that they can make, to seniors getting prescription drug discounts under medicare, to free mammograms. now it is one thing to characterize this thing as not working, when it is just an abstraction. now suddenly you're in charge and you are going to repeal it. okay, what happens to those 20 million people who have health insurance? are you going to just kick them off and suddenly they don't have health insurance? and, in what ways are their lives better because of that? are you going to repeal the provision that insures you have health insurance on the job or you lose your job or you changed jobs or you start a small business you're not discriminated against because you have a preexisting condition? that is really popular. how are you going to replace it? are you going to change the policies t

significantly slower rate since obamacare was passed than they did before, which has saved the federal treasury hundreds of billions of dollas.s people who have health insurance are benefiting in all sorts of ways that they may not be aware of. everything from no longer having lifetime limits on the claims that they can make to seniors getting preription drug discounts under medicare, to free mammograms. now, it's one thing to characterize this thing as not working when it's just an abstraction. now, suddenly you're in charge and you're going to repeal it, okay, well, what happens to those 20 million people who have health insurance? are you going to just kick them off and suddenly they don't have health insurance? in what ways are their lives better because of that? are you going to repeal the provision that insures that if you do have health insurance on your job and you lose your job or you change jobs or you start a small business that you're not discriminated against because you have a pre-existing condition. that's really popular. how are you going to replace it? are you going to change t

costs have gone up at a waser rate since obamacare passed, which has saved the federal treasury hundreds billions of dollars. people who have health insurance are benefiting in all sorts of ways that they may not be aware of, no more lifetime limits on claims they can make, to seniors getting prescription drug discount under medicare, to free mammograms. it is wanting to say this bank -- it is one thing to say it is not working, but suddenly you are in charge and you are going to repeal it, but what happens to those 20 million people? will you just kick them off and assimilate they do not have health -- and suddenly they do not have health insurance? will you repeal the provision that ensures if you have health insurance on your job and you change jobs or lose your job and how will you replace it? are you going to change the policy that kids can stay on their parents plan until they are 26 years old? how would you approach all of these issues? they caniew is, if come up with something better and a yearly works or two after they replace the affordable care act with their plan and 25 milli

you saw that tim geithner was the federal reserve, treasury secretary and then became the ap. there are bed together. it's a revolving door. there should be allowed to teach you can't win in private disembark anywhere near the client that you had from government. it's a tough one. [inaudible] >> you can ask my team has here tonight. yes emily did have a problem. i'm a determined individual and thank goodness i have the proceeds to be able to self publish. in another publishing house that i use in austin, texas, and they were very nervous about mentioning names of americans turned about having documentation that was beyond documentation. my literary attorney was very good and protect you and my interests. when you're the whistleblower, you feel determined to have century strolled. you'll do almost anything to make it told. for those people who think they're not going to be outed, i found a way to out to people, that i will do it. i don't feel threatened. i don't feel intimidated. what are you going to do? put me in jail, did all of that. and out of exposing doj for their corrup

so i get the act aspect that is brought $48 billion back into the federal treasury.and economic security. because national security is the number one responsibility of the federal government, to keep iowans a safe from isis and terrorism. and also economic security, the failed policies of the last eight years of no growth have to be supplemented with pro-growth policy. and that's what i've been doing over the last few years, these three things. i intend to continue if i'm reelected and i would very much appreciate your vote. >> thank you, senator. now question solar panels to each candidate will have one minute to answer each question. each candidate will get 30 seconds of a bottle time. that battles have an option to ask a follow-up if they choose. in that case the candidate gets 30 seconds a piece to inspect the first question will first be answered by senator chuck grassley. the nomination of judge merrick garland. senator grassley, does his nomination you for posting been confirmation hearing of just last month you said you would consider hearings during a lame-d

reduce down payments and moderate monthly payments but that doesn't cost anymore as far as the federal treasury is concerned. we believe that we can do a better job in the area of crime but that requires a tougher sentencing, mandatory certain prison sentences for those who violate our criminal laws. we believe that you can revise the federal criminal code which has not been revised in a good many years. that doesn't cost any more money. we believe that you can do something more effectively with a moderate increase in money in the drug abuse program. we feel in education we can have a slight increase, not a major increase. it's my understanding that governor carter has indicated that he approved of a $30 billion expenditure by the federal government as far as education is concerned. at the present time, we're spending roughly 3,500,000, 000. we feel that as we move forward with a healthier economy, we can absorb this small necessary cost that will be required. >> sir, in the next few years, would you try to reduce the deficit? would you spend money for these programs that you have just outlined

. $48 billion back in the federal treasury. that was in 2006 for helping on medicaid for middle income people have high-cost children's care, special-needs cap red senator kennedy and i got the family opportunity act passed. congress had exempt itself from lots of legislation from 1938 and 1995. democrats and i got the congressional accountability act so those laws cover us now. then title part d of medicare was worked out that senior citizens could get prescription drugs because they had never had it under medicare. those are just some of the pieces of the legislation that i worked across party lines to do real things to help real people or to abide by a principal that congress isn't different than the rest of the people. >> thank you. >> how will you reassure that you will keep that promise. >> i believe we need to be having discussion, whether we all agree or we don't is immaterial but you have to be willing to listen. you have to appreciate your counterpart point of view and when you understand their point of view you can s

significantly slower rate since obamacare was passed than they did before which has saved the federal treasuryeds of billions of dollars. people who have health insurance are benefiting in all sorts of ways that they may not be aware of. everything from no longer having lifetime limits on the claims that they can make to seniors getting prescription drug discounts under medicare, to free mammograms. items o it's one thing to characterize it as not working when it's an an traction. but when you're going to repeal it, what happens to those 20 million people? are you going to just kick them off? in what ways are their lives better because of that? are you going to repeal the provision that ensures that if you do have health insurance on your job and you lose your job or you've changed jobs or you start a small business, that you're not discriminated against because you have a pre-existing condition? that's really popular. how are you going replace it? are you going to change the policy that kids can stay their parent's health issuensurance p until they're 26? how are you going approach all these

the treasury and federal reserve for a holy unknown celebrity. that's when the general principle comes behind the government but if the spanish government is backing the spanish banks, do you want to keep the money or put them in the german banks where it made a lot of sense people took money out of the spanish banks but what happens then? there's athere is an enormous cn of lending. the spanish economy gets weaker. what happens then the tax revenue gets weak, they can today about the banks so more money goes out in a vicious circle. the same thing with talented people. we decide as a system the rich get richer and the poor get poorer. this is the basic problem that needs to be done and it seems to me there's two ways there needs to be more your pointless euro europe. it has to integrate more with the place of disintegrating. if you think about the minimum necessary to place to begin is what makes it impossible. one of the things to migrate to a there's a fundamental difference between the united states and europe if everybody leaves south dakota

every treasury secretary in history has said strong dollar is in the interest of the united states. but then i see that sometimes i see that the federal reserve or even sometimes treasury -- everybody likes a cheaper currency for exports. what do we really want in this country? what will you press for? strong dollar or capital comes in? or every time we do that corporations squawk about currency headwinds. >> first of all, i think the united states is the greatest country in the world to invest in. and we see that. and we see that money is pouring into the united states for those reasons. so i think we're really going to be focused on economic growth and creating jobs. and that's really going to be the priority. >> china. currency. trump's wanted to call a manipulator. is that something you want to do? >> one of the things, wilbur and i are going to work closely together. as you look at both of us in the u.s. trade representative, this will be a coordinated aspect. there are aspects that are in commerce and acts in treasury. so if we determine that we need to label them as a currency manipulator, that's something the treasury would do

treasury for federal managementd jp investment analyzers and also has a new book. a very timely book. is this a global shock for markets? .> i think it has the potential it is the closest i could come for you to ronald reagan's election and that have major impacts, many good puts him on for same. i think the same will be true for terms policy. some of them -- terms policy. some will like the change but i don't think -- i think what they will anticipate is big buffet -- big bucket deficits and a strong dollar. vonnie: we saw that charge of the dollar. do we continue to see that dollar like in the reagan administration? for economists, yes. two reasons, even before trump, the federal reserve was on the cusp of raising interest rates and we will find out how many more next year. whereas europe and japan have been in quantitative easing mode . second reason is the prospect of large deficits under trump -- i do not know if it is inflationary. that hinges on the fed rate in the reagan era, we saw high, real interest rates. your book isa of to essentially growth through t

let me go back to what i said in my opening statement. $48 billion back in the federal treasury.helping on medicaid for middle income people with high cost children's care. special needs kids. senator kennedy and i got the family opportunity act passed. congress had exempted itself from lots of legislation from 1938 to 1995. a senator from connecticut, a democrat and i got the congressional accountability act so those laws cover us now. part d of medicare was a bill that senator baucus, a democrat from montana and i worked on so senior citizens could get prescription drugs because they had never had it under medicare. those are just some of the pieces of legislation i have worked across party lines to do real things to help real people were abide by a principal that congress is not different than the rest of the people. >> how will you reassure iowans you will keep that promise? ms. judge: i believe that we need to be having discussion, whether we all agree or we do not is immaterial. but you have to be willing to listen. you have to appreciate your counterpart's point of view. a

up at a significantly slower rate since obamacare was passed then they did which has saved federal treasuries hundreds of billions of dollars. people who have health insurance are benefiting in all sorts of ways that they may not be aware of, everything from no longer having lifetime limits on the claims that they can make to seniors getting prescription drugs discounts under medicare. to free mammograms. now, it's one thing to characterize this thing is not working and it's just an abstraction.now suddenly you are incharge and you're going to repeal it . well, what happens to those 20 million people who have health insurance? are you going to just kick them off and say they don't have health insurance? then in what ways are there lives better because of that? are you going to repeal the provision that ensures that if you do have health insurance on your job and you lose your job or you change jobs or you start a small business that you are not discriminated against as you have a pre-existing condition that popular, are you going to replace it? are you going to change the policy that kids can

and i worked vigorously with consultants and regulators and including the federal reserve, and the treasury and the occ and the credit rating agencies during that time. i was the founder of the management business that advises 8 million of client investments. we have that firm made investments in the revenue bonds and i was the member of the committee that steered tho s decisions and did the planning and the modelling for our investments. and i was able to help our clients and individuals generate a return. >> and i'm a chartered financial analyst, and i'm a member of the san francisco charter financial analyst society. and my skill set in that process, which is a multi year process of training was centered around the financial analysis and planning. and you know, simply put, i have always been a bond geek. and so the opportunity to the oversight of the bonds that we issue is appealing to me. i became interested in this issue two years ago, it was at the time that i had a small business, where it was located at 18th and fulsom and it was actually the victim of flooding during the rains of 2

treasury secretary? obviously we'll follow federal reserve picks. president trump will likely nominate a new fed chair sometime in 2018. so we'll be following that closely. >> gus, were you surprised we got a market reaction yesterday from janet yellen? essentially confirming what was priced in? that december is very much on the table in terms of rate hikes? >> no, there's still a lot of uncertainty out there. we have not heard directly from chair janet yellen about how she viewed the implications of the presidential election. it confirmed the general sense out there. nothing particularly new, but reinforced the story that everyone already thought was in place. >> to what expect is this already priced in to where the dollar has moved? the bank of japan committing to loose policy and buying bonds earlier in the week. mario draghi saying they stand by to do what it takes to improve loose policy. does that mean we have a long way further for the strong dollar to go or do the recent moves price that in? >> i think the recent moves price that in but ther

as for the ten-year treasury note yield this morning, post federal reserve, a pretty boring fed, as far as fed meetings and statements go. 180 is your yield on the ten-year. they're still waiting for some evidence before raising rates. they're getting a little bit closer. the probability goes near 80% for december. we'll see what happens with the election. >> yeah, so some relief there on the ten-year note. we were down to 1.77 at one point yesterday, seeing some buying in light of political fears. and whilst we see equity sell-off and the dollar sell-off, we had seen bonds go up and the yields come down. just move the other direction today. let's have a look at european equities. the selling there this week has been more pronounced than what we've seen in the u.s. in fact, the broader stock, 600, was down about 3% for the week as a whole. it's probably not moved much, we're pretty much flat across europe. germany, just negative. france and the ftse 100, just positive. in asia, japan was closed for a holiday today. china, a private survey showed growth in the country's services sector p

of it.er size the arrangements between the federal reserve and treasury make me very nervous when you have intergovernmental organizations moving this much money and they are not accountable. the pentagon. i have a lot of concerns over the way the pentagon does spend and account for its money. military folks, they say there is waste, fraud, and abuse. it is not systemic but any agency can take a look in their books and find ways to better use their resources. when it comes to trade in the comment about using american steel for the infrastructure isjects, i believe mr. trump very serious about renegotiating a lot of these trade deals however we have to remember that we also want to sell our goods to foreign governments and we want to be in an equal trading field. if the american government is going to be able to buy foreign goods, we want to make sure that foreign companies are buying our goods as well. in terms of inside information. it is stunning the problems here in d.c. and that is why i am all in for draining the swamp. andhave to simplify things make clear the regulations and ta

assistant secretary othe treasury who today is retiring after 31 years of federal service and undersecretary of intelligence. thank you to the lieders who are remainingeyond january 20 and thank you to the men and women of the intelligence community on who protect our country day and night through their crucial work. we appreciate everythg you do. and you have our continued support. i want to thank not only the hpsci members and the including staff. obert, lda, amanda, wells, reand, thomas, patrick, kristen, brandon and kimberly for their valuable service and i yield back. the speaker pro tempore: the gentleman yields back the balance of his time. the gentleman from california, mr. nunes. mr. nunes: i yield myself the rest of the time. we have four retiring members from our committee, mr. murphy, who was spoken about earlier, who did a great job attending a lot of the committee hearings or almost all of the committee hearings. we also have jeff miller, who served on this committee for a ver long time, who is chairman of the veterans affairs committee and representative westmoreland andr. joe

the dollar doing the job of the federal reserve, moving treasuries higher. the smart money is expecting the u.s. to lose control of its fiscal policy. a lot of the fiscal commitments on the spin side and the tax cut side just add to what has been a very poorly managed fiscal budget for the last 15 years. therefore, treasuries really have to react to the fact that they are going it alone in terms of an expectation of growth. it will have to be with inflation coming through. francine: and if you are going to make america great again, his words, not mine, then you are going to struggle to do it if the dollar is too high. simon: it is not serving his core vote, who really need not just the policy protectionism that really was dominating the primary and the election campaign, but also he needs a weak dollar to have the bottom equityrcing corporate back into the u.s. he needs both levers working to maximize the benefit. francine: is there any doubt in your mind that the fed will hike in december? do they even care about the jobs report? simon: when we last spoke w

the problem that the ecb was not backstopping, the same the bank of england was for the federal reserve in the treasurye ecb has cut that link. it was not the regulation that did that. to need to rethink -- do we need to rethink once again? elke: i do not think we need to rethink in this area because clearly, the european central bank has an amateur of dealing with topics as last resort. the difference between the bank of england and the fed and ecb is that the ecb is the central bank of the system, so there are national central banks beyond. in addition, when you go for the sovereign, there is the [indiscernible] which has been established in the crisis. i think there is a sufficient amount of instruments to be used. once more, or me, the most important part is to make banks safer, which is the job that is basically the supervisors and has happened quite a lot. for us to have resolution plans so if something goes wrong, you have options to deal with, and for us, keep in mind, there is a single resolution fund at the end, which could be used to make a resolution happen after there have been sufficient

to see this president have a traditional federal reserve with slow interest rates as we currently see them. >> i think we can borrow -- that is what the treasury does. that is different than bringing money which is what the federal reserve does. the federal reserve exists to control the money supply. the treasury exists to finance the u.s. government. you can finance through borrowing money. i think that is a much more economically rational way than by printing money. you have to separate the role of treasury which is to finance projects and the fed which is to print money. those are different roles. i don't think we are going to a gold standard. you have to discipline central banks and that is why i think there is a rule for money supply. >> before we let you go just for the record because it is the question that should be asked, if you are asked to be treasury secretary would you say yes? >> i would have to think about it. it is a very exciting job. i'm in a very nice place in my career. i hadn't planned to take on such a big job. i would certainly consider it. >> sounds like you are thinking about it already. >> i'm sure he is. >> thank you

it's a treasury department that sets dollar policy. not the federal reserve.o think it in a real fight. the fed always loses. >> very ambitious agenda. much has been promised. do you have an opinion on who you want to see and who you want to see them pick and had up this chicken. the top talk of jamie diamond. the people he puts in or others will follow the agenda that's why he's gonna put them in there. he wants to move on taxes big-time because he knows from ronald reagan's years that's how you get an economy moving. it gives you a lot of political capital. on healthcare same thing. they will get rid of obama care and keep a couple of features for political and social reasons but they will move on that. one of the things he will do it from date run them as repeal a lot of price controls and other regulations that are hampering the economy. he is ask for a list of things he can sign on day one. but he will have the time to do it. charles: i think the regulation that obama added to the economy was about $850 billion worth. you were a little bit, you want to se

and i worked vigorously with consultants and regulators and including the federal reserve, and the treasury and the occ and the credit rating agencies during that time. i was the founder of the management business that advises 8 million of client investments. we have that firm made investments in the revenue bonds and i was the member of the committee that steered tho s decisions and did the planning and the modelling for our investments. and i was able to help our clients and individuals generate a return. >> and i'm a chartered financial analyst, and i'm a member of the san francisco charter financial analyst society. and my skill set in that process, which is a multi year process of training was centered around the financial analysis and planning. and you know, simply put, i have always been a bond geek. and so the opportunity to the oversight of the bonds that we issue is appealing to me. i became interested in this issue two years ago, it was at the time that i had a small business, where it was located at 18th and fulsom and it was actually the victim of flooding during the rains of 2

investors are betting will start an inflation prompting the federal reserve to raise interest rates in the near future. this is driving u.s. treasury yield and strengthening the dollar and weakening the yen. the weak yen has provided a major boost for japanese exporters. closing at 17,672. that's the highest level in nine months. the broader topix rose 1.5%. the dollar continued it rise against the yen. the greenback rose to the 107-yen level, the highest level since january. a major focus, of course, exporters. jumped 5.6% and hitachi was up 4.2%. explanations of a rate hike in the u.s. also lifted the financial sector helping companies such as daiwa securities and nomura holdings. they will closely follow trump's actions as his actions take shape. >>> the picture looks bleaker in the emerging markets of the asian pacific. shares in the philippines extended their losses for a second day. the stronger dollar and higher u.s. bond yields. malaysia benchmark index fell to the lowest level since mid-june. it it sank to a ten-month low. 1616 for the closing number there. over in china the shanghai composit sank there and climbing up to

. >> i don't think the treasury and federal reserve are going to have that kind of hammer lock on thethey can do with their money. by the way they'd love to return more capital. government hasn't let them. that's what's going to change under trump. >> you mentioned crm. >> yes. >> selling more in terms of technologies to these banks. >> yes. >> look at shares of salesforce because it is up rather nicely actually this morning. >> well, it should be. that was a quarter -- talking about tony la rus about $10 billion, laid the road map, gave you a 2017 and a 2018 fiscal year number. why is this important, david? a lot of people felt marc benioff was dabbling with twitter because maybe it had run out of growth. growth accelerated this quarter rather amazing. maybe we should go visit their new headquarters that's in the old metlife building, have lunch next door. there's a fantastic cafe right there, or a chipotle i've never been able to get a table in because it's so jammed. chipotle, do you hear anything about ackman and chipotle? >> there's some reporting and this is by the way started a

dagen: the federal reserve and just generally if you watch the ten-year treasury, longer term interestk -- melissa: how do do you interpret that? talkingdagen: 2.1%. there was a trillion dollars drained out of the bond market worldwide just this week. the bigger concern is infrastructure spending, deficit spending, higher national debt, and that means inflation. and that means interest rates go up. that means longer term interest rates go up, and if there's inflation, then the federal reserve has to start raising shorter term interest rates -- melissa: they have to anyway. dagen: again, it's how much -- [inaudible conversations] say again? kennedy: before inauguration day? dagen: they'll definitely raise in december. melissa: i agree. dagen: but i think longer term interest rates, listen, we have a debt that has doubled under president obama. it is $20 trillion. our annual interest on our national debt in the next presidency under donald trump, president donald trump will top our defense spending as it -- kennedy: that's right. dagen: that's a concern. >> if interest rates go up there'

the current income you can get in as important if you think the 10 year treasury rate will rise and federalnment will raise interest rates. jonathan: we still have not discussed what has happened with credit and what it can mean for these players, and we have not discussed opec. opec has pretty much put a floor in crude available to go we got. -- we thought. not so much. libby: we need to get through the opec meeting. is probably fairly well priced into crude. demand is staying constant. price is going down. inventories are going down. we are going to get back into balance fairly soon. it is quicker if opec cuts. it is longer if they don't. the trend is already in place. david: i wonder about secondary effects. their other things the trump administration are proposing like trade restrictions and tax cuts. where is there a divergence here? robert: hopefully the economy grows and if it does, the demand for energy continues to grow across the world. the energy sector is really a of acal component, critical puzzle piece the matter what sector you are in. it connects technology, health care, con

federal reserve. we don't know who the treasury secretary is going to be. what happens in 2018 to janet yellen.c heats up and what they could be. gio politics, the list goes on, how do you factor that? >> it's a big long list. i think what people, clients i talk to are most concerned about is the trade. because it seemed very likely that mr. trump will do something. i think 34 investors think he bha something that's big and splashy, but will not have that much economic impact. if that conclusion is wrong, that means we're going see lower growth and higher prices. and that would be a dampener for the markets. i think that's the major uncertainty the investors around the world are worried about. in terms of the fed, well the fed's got his mandate, and so personnel may make little bit of difference before the election trump, the candidate, wanted high ore. but does trump the president want higher rates? some talk that he make the fed's personnel more hawkish. that's not necessarily true. and i think the fled say here's the forecast, here's our mandate, here's what we'll do. i don't think the chang

tomorrow, federal reserve wrap up the committee meeting and on thursday, our focus shifts to the bank of england. treasuryclimbing and expect the federal raise rates this year. joining us is co-portfolio to haveand it is great you. appreciate it. if w -- ifay cash wirp is raising, what should we expect tomorrow? >> as long as financial conditions are loose in december, and they raise interest rates by .25 of 1% and you will be more optimistic about 2017, but nonetheless, this meeting that they are having is a set up for december rate hike. david: no news conference but the statement. but they looking for in that? are there things will be keeping and i out for? chad: they will talk about financial conditions, they will mention the unemployment rate and potentially be inflation rate, and they will say that it is transitory and moving back to 2%, which is a hint and a wink and a nod that december is on the table. as long as we do not see him in hinging of the financial system postelection, we are ago. david: you think it will happen? chad: absolutely. we are notaid, terribly hawkish believing the federal res

federal law requires it be wrapped up by december 13. nbc news has confirmed president-elect trump is offering the treasury secretary position to former goldman sachs banker steve mnuchin for commerce secretary... billionaire investor, wilbur ross, the women in los angeles. in total --- sharper has now been convicted of raping nine women in l-a....nevada..... arizona and louisiana.but a federal judge said there are at least 16 other victims.sharper will serve time for the l-a cases-- at the same time as his other sentences around the country. more trouble for the tomah v-a this morning after putting hundreds of veterans at risk of hepatitis b... c... and h-i-v. e their dentist was using his own equipment, then cleaning it and reusing it, which violates the v-a's regulations. this went on for almost a year.... while he cared for nearly 600 veterans during that time. the pateints will recive health free screenings for thos viruses.. a warning this morning to those working on dairy farms. a strain of salmonella bacteria resistant to several drugs is linked to infected dairy bull calves purchased in wisconsin. right now state and investigating 12

for secretary of treasury expects interest rates to stay relatively low for the next couple of years. but eventually they will rise but he likes where they are now. the current federal reserve chair janet yellen announced the raise rates next month. >>> ecstasy is showing promising results of treating people with ptsd. doctors say ptsd can the hard to treat but they express concern about using this drug because it is a feel-good drug and potential of abuse. >>> your conversations on facebook are about to be more fun. facebook is updating the messenger app to include instant games like pac man, space invaders, words with friends is on there, too. the games are all free. >>> the weather is giving firefighters a hand fighting the big wildfires in tennessee but not before the death toll rises. >>> a crazy story out of new stealing a pot of gold on the back of the armored truck. >> who leaves a pot of gold sitting on the back of the truck? >>> there could be a change coming to the gas pump. >>> remains of fidel castro making their final journey i... i... i wanted those... no you didn't... hefty slider bags cost less than ziploc. you'll thank me later. oh... needed rain o

treasury secretary. we are hearing names like that. it has not been that supportive of the federal reserve nor has donald trump. i'm just wondering if you are hearing that at all. i think the larger point to make your is it's a very early. it was only about a week ago. we're talking about the election results. when they were stark of them stuck of them being secretary of state out there. that's why think we are seeing some of these names going about. the people in these positions. you don't see a cabinet forming. and in the end donald trump said he is the one to make the final decision. >> we have this breaking news. the senate unanimous pick. speaking out just moments ago. about what his conference feels it can get done with donald trump in the white house. listen. listen. it's a very busy year again. i think president obama should be commended for the way he handled himself. hillary clinton. two lower the tone. a man who shepherded with just seven months ago. it wasn't impossibly weak prospect. and as maintaining the senate majority. we are joined now. in this box business exclus

federal reserve yesterday. we are seeing a mixed picture, yield rising, and the two-year yield is down. even in the treasury market there is not a clear direction. u.s. dollar is seeing a more clear direction over the last couple of days. fifth straight down day for the bloomberg dollar. down another quarter of a percent today. what is interesting here is only as the dollar falls oil is falling as well. the two have been moving more commonly in tandem, which is a bit unusual. oil prices tumbled yesterday after that big climb in inventory. oil, although it had held steady, has now fallen. we are hearing from a number of different energy companies for their earnings. they are telling us how they are navigating this energy market. trio of like this energy companies is doing it fairly well. chesapeake energy pumping more oil. marathon oil raising the low end. and transocean cutting costs to whether the industry downturn. all of those eating estimates. mark: the -- beating estimates. mark: the prospect of a hard , look boosting u.k. banks at the banks index up by 1.5%. by atoxx 600 silvas up quarter of 1%. losin

federally illegal.")) ((patrick walker)) and as for whether or not nevada's marijuana industry will stay cash-only... stone says some 300 small banks nationwide are taking advantage of relaxed regulations by the u-s treasury to do business with cannabis-based businesses. ((george stone/ceo, kalyx development: "it's too small an industry for the big banks to worry about dealing to, but they have the mechanisms to do it.")) ((patrick walker)) patrick walker... 8 news now. >>> ((denise valdez)) >> recreational marijuana becomes legal in nevada january first. but sales won't begin right away. at least two state lawmakers say thu'll work on a temporary program allowing medical marijuana facilities to make recreational sales -- until full regulations are in place./// ((dave courvoisier)) >>> metro police are hitting the ground running... now that the county commission approved a sales tax increase to add oi the department's recruiters are already searching through applications to find the best candidates for las vegas. the added funding will not only bring the department up to the national staffing standard of 2.18 officers for every 1-thousand residents... it will allow them to test new recruits on a monthly b

larry levin, is this the start of a series of rate increases, not just from the federal reserve, but yield on the 10-year treasuryi'm saying if there's growth down the road. are we looking at higher and higher interest rates? >> almost no question about it. it will start in december. we've seen a touch of it as the 10-year continued to go higher and interest rates are getting higher and obviously costing people more money if they want to refinance or buy a house. we'll see more of that especially as donald trump gets there and the economy will stay flat or improve. as long as it doesn't get worse, interest rates higher. stuart: why isn't the stock market reacting more dramatically? we're down 10 points, that's it. >> i think it's what dr says. it's almost baked in. no question after the election we were going to get a rate hike, hillary clinton or donald trump and i believe that people are starting to hug donald trump and say he has a good chance of making the economy better and a reason we'll see that happening. ashley: there were questions what would donald trump do. the market is giving the answer, they like t

we are talking about the federal reserve points raising interest rates but we have had longer term interest rates, sell-off in treasuriesghs of the year of 2.33% even higher than that. so at what point does that get in the way of this market? >> i think so much of that is driven by expectations of stronger growth, more inflation, inflation as our target levels. i'm not worried about those interest rates so much. i think right now poem are focused on the possibility of growth, consumer spending, lower taxes, that is driving the markets in a good way. interest rates have go up a lot more before that starts to become -- >> how much more? what are we looking at? 4% or 5%? >> yeah. four times where we are now. a long way from the point where interest rates become a problem for this economy. >> gary, are you concerned at all about the run we've had in small cap stocks could again that russell 2000? people are betting on infrastructure spending and betting if there are any trade barriers thrown up. that would help smaller companies but also a double-digit return in less than two weeks since trump won the election. that's a lot

treasury yield. let's assume the data from the federal reserve meeting and the labor the park it -- department reportill get senate met up a few tense of a percent. it's not a big shift. yieldadual rise in u.s. is what's underpinning the dollar more than anything else. david: do you agree with the analysis about what's grinding the dollar higher? i think there is potential from here. of whatbe reminded happened last year. the fed was preparing us for a december rate hike. the market was reacting to that in a very different way. we had a significant u.s. rally. curve not the yield steepening in the u.s.. we did see yields in the united states went higher because of inflation expectations coming down. rates,the fed was hiking the market was providing disbelief. this, theook into interest is steepening. real yields are not going up. you see that inflation expectations are covering the fees. ist means that financial remarkably supportive. this is a major difference from last year. dollar has more legs to go. it's going to be a slower start, but it's going to last longer. that is a very important observat

positions of authority to force federal workers to violate the rules and regulations that congress, through law, direct agencies to implement. for example, at the treasury department, one of the agencies i have the great privilege of oversee, this would mean that federal workers could be forced to violate sanctions against russian for violation of ukraine's territorial integrity. many of those sanctions are enforced through the code of federal regulations pursuant to laws that are passed by this congress. so regardless of your opinion about rules and regulations, and if that was the conversation today i'm sure we'd have a far more vigorous debate that was far more disagreeable but that was in the the issue. no matter what you think about rules and regulations we should not leave exposed federal workers who want to follow those rules and regulations. so this bipartisan follow the rules act which again i introduced with my good friend from virginia, mr. connolly, will close the loophole created by the court. what we're doing is ensuring that federal employees aren't just protected under our whistleblower statute for violations of federal law, they'll also

would delay the federal reserve from raising interest rates, people are wondering how many times the rate will rise in 2017. investors from kimco to others see the surge in long-term treasuryat could force policymakers to act more quickly to raise rates costs. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. >> welcome back to bloomberg markets. i am manus cranny. here in am haidi>> lun hong kong. let's get latest from the market. we had a rebound, holding on to those gains. are up 3% markets from midday. it is interesting to see what happens to the fx, but the dollar still holding onto gains. today it is pulling back. we look at the offshore renminbi, 6.81%. still a little above the threshold. before i flushed the other things out, i want to talk about the other plot across markets, happening across the exchanges in china. shanghai.king about this is copper and iron ore, aluminum. we are seeing gains. these are not normal. iron ore, 6%. on top of that, gains are north of15% from the start october. that is one thing to watch closely. and the raised margin requirements, cole has been 1.sed 80% since october that seem