if she were not in that position, is gary cohen someone he would like to see in that position? >> on the first question, we don't get ahead of the president's conversations. we'll certainly provide a readout and you'll have a chance to ask the president himself and hear joint statements from the president himself after the meeting. in terms of janet yellen and gary cohen, i think gary has made it clear that he loves his job and he's happy what he's doing. >> i know he said in his suite, i only have time to watch tv. do you think he had the chance to watch the hearing of chris wray? >> i don't know if he saw that. i know he was doing quite a few meetings this morning, so i don't know if he saw any of it. >> i just want to give you a chance to respond. democratic congressman brad sherman today entered a bill of impeachme impeachment. any response? >> i think that is utterly and

president trump tells wall street he is considering janet yellen and gary cohen to lead the u.s.ank. anna: aussie low. the rba governor says he does not have to follow his global partners if inflation distant points -- disappoints and currency slumped. manus: the automaker and its german auto part -- counterpart face charges over diesel technology. tous: you're welcome "bloomberg daybreak: europe." anna: we are getting breaking news. from themard recently. off, adjusted pretax , 381 million in pounds. beating estimates, an estimate of 6.9 pence, the first-half revenue 1.46 billion. the three estimates we carried on the bloomberg, this is a business that -- the outgoing ceo has [inaudible] the commercial that castor is in the midst of a management changeover. he has seen that reorientation of the business away from at sales and more toward production. itv studios production. interesting to see where carolyn mccall takes the company especially with brexit looming and many people including group m talking about tv advertising to drop in the u.k. this year partly because of the brexi

does gary cohen report to the president or john kelly? ultimately, that's going to be the test of whether did john kelly get those assurances going in? can he bring his own stafferers wi with him? that's also another thing we don't know. on paper this is the right potential call for him in order to turn the page but it will only work if he empowers him. >> i hate to boil it down too much. when you look at this week, did reince priebus lose or did anthony scaramucci win? >> i never figured out how reince priebus was ever going to win this any of these situations. the president was almost, my gosh there's, i'm sure you have been discussing this but there's been one source, the wall street journal was reporting that the president was disappointed that reince didn't fight back with scaramucci during this public feud. it's something that we know this president, he respects somebody and willing the fight back more than somebody who wants to sweep stuff under the rug. i guess you could say scaramucci won, but did he? i think he wanted to be chie

maybe it is not gary cohen. >> i thought the more gary cohen talk comes to fruition the more people areea that he is not an economist. the idea that he wouldn't be sophisticated enough, he understands why we have very little inflation. he has given the best talk i heard on the notion of the apple world, the iphone world which loses a lot of jobs. gary cohen would be unbelievable as fed chair. st. uld just quit my job is go lien >> thanks, jim. squawk box will be right back. >>> our guest host this morning, final thought. economists were invented to make astrologists look good. would it be good to not have not an economist running the federal reserve? >> i can handle that. someone with more of a business background. i could go with that. >> how much of a fall can the market stomach >> on the dollar i think it would be a biggest risk initially for bonds and ultimately at some rate level for the ten year i think it would take stocks. i think that is higher. maybe as much as a percent higher. >> you have been talking about commodity inflation for years. this is finally happening for you. >>

hearing from these meetings that have been going on behind the scenes, the treasury secretary, gary cohene top congressional leaders on the republican side is they're sort of starting to talk about potentially trimming the sales and not doing a massive tax reform but instead of tax cut, not necessarily getting down all the way to 15% but maybe drifting up more towards 20% or higher. even the prospect are very much in doubt. there is a lot of uncertainty about whether they're even going to be able to get that this year. >> that would be a huge set back. tick to being goes the clock. molly ball? >> a bipartisan couple of senators, dick durbin and lindsey graham reintroduced the dream act this week. this is the proposed legislation that would grant a form of amnesty to young illegal immigrants that have been in the country for a long time and meet certain requirements and may seem like a strange time to be doing that. but this administration sent very conflicting signals about a similar but executive program that exists. there are some state attorneys general that imposed a deadline on admin

. >> the taxes are coming along and the heal and we have gary cohen, the president of goldman sachs, who loves goldman sachs on a slightly higher salary. where's gary? he's around here some place and he's working on some incredible plans. not only tax, but we're going to be rebuilding our country. we're going to be doing things in terms of infrastructure that we need. >> but with a president and republican congress deliver? speaker paul ryan is eager to take up tax reform next, but trump's infrastructure plan relying op tax breaks will have trouble drawing the democratic support the president needs, nor will tax reform be easy because of disagreements within the republican party. congress can't get to tax reform until lawmakers pass a new budget. budget is also critical to avoiding a new shutdown and raising the , h over everything is robert mueller's special counsel investigation and if you think that makes the entire second half of the year a giant question mark, you're right. for"nightly business report", i'm john harwood in washington. >>> some of the most powerful executives in c

is staking out the most hard line position knowing it's going to be overwhelmed by people like gary cohen steve mnuchin i will .1 thing out. last week we reported this there was a big meeting in the roosevelt room at the white house on monday over steel tariffs. very hot, contentious meeting. now donald trump's entire cabinet with the exception of wilbur ross, the commerce secretary, think that's it is not a good idea to have impose steel tariffs imports. but donald trump himself is very much inclined to do. this unless something changes, you would say he's poised based on our conversations with sources inside the room that he's poised to put tariffs somewhere in the 20% range on steel. now that is a minority position push by steve bannon, wilbur ross, peter navarro and stephen sm miller you do see that minority get some wins. we saw them get a big win on withdrawing from the paris climate accord so i think it's deaf nuttily based on the issue i don't think you can make sweeping generalizations about the influence of any one staffer in the white house >> all right one last thing, jonathan

four people close to the process said national economic director gary cohen is now the leading candidateo succeed yellen is the world's most important central maker. that is from politico this morning. i want to remind you that janet yellen begins two days of testimony on capitol hill today, her semiannual report to congress before the house financial services committee. we will also cover her testimony coming up on thursday. she will be testifying before the senate banking committee. we will have live coverage of that thursday, 10:00 a.m. eastern. that will be on c-span3, also online at c-span.org and free on the c-span radio app. let's go back to your call on the russian investigation. ralph, virginia, republican line. caller: good morning. thank you for c-span and thank you for taking my call. i agree totally with hundred percent -- totally, 100% the said they are trying to destroy trump and the democratic party. i just listened to cia director pompeo speak. they are working together to keep this country secure, and what is the problem of the emails that were not even sent by trump ju

i'm not saying gary cohen could not run it but many have acquitted themselves quite well. >> actually was not criticizing them earlier i was making it a distinction. jim had made it more substantially between the academics and what mr. cohen would represent if, in fact, he became the fed chair. >> my apologies. i was listening on the radio my apologieapologies. the question still out there how would a guy on wall street have operated differently? at one point he may be thing about this took them a little bit of time to begin acting, something bernanke eventually acknowledged you remember jim's famous they know nothing, they know nothing, and it took a while, and they indeed took into gear. >> what was your take on the political story regarding cohen, that it's virtually an uncertainty? >> i think it's interesting. there were problems in the white house. there was the finding of people, getting them approved, and i think you have a person who has already been approve, a person who has been inside the white house, which is very significant. if you look at the past several fed chair, the

let me also introduce gary cohen. gary is the vice president of public affairs at blue shield of california where he leaves for government affairs community in advancing the public policy initiatives such as reducing the uninsured rate, stabilizing individual health insurance market topics we look forward to hearing more about from him today. i think it was you gary, who said in your testimony that stabilizing the insurance market is a pocketbook issue. they have business and regulatory insurance in california. he served as vice president of enterprise regulatory strategies at kaiser permanente. director also the center for consumer information and insurance oversight at the center for medicare and medicaid services which was instrumental in implementing the affordable care act and the private insurance market. we will start with you mr. elmendorf. [inaudible] >> i'm very pleased to be here today. you're taking of the critical subject of how to stabilize the market places in which millions of americans buy private heal

stocks that aren't worth throwing away we had rumors that the president's chief economic adviser gary cohen might be named the new fed chief. some people say whoa, that job belongs to an economist. i say he's essentially a non-classically trained economist who has offered the best, most thoughtful insights about wages and why they haven't gone up that i've heard. and who could be a better fed chair right now than a trader by back ground who knows how to trade and place the several trillion dollars in bond that the federal reserve owns and needs to unload? maybe cohen, who is so shrewd, and we know this from his time at goldman sachs, would recognize that the fed should sell its bonds first before a slew of rate hikes these are strange times. the economists who run the fed in the past made some huge mistakes that never would have happened with someone under wall street i understand why some are uncomfortable that he used to be the number two at goldman sachs. they did some things wrong during the great recession, we know that. but i would rather that him running things than some ph.d. who do

he had gary cohen and steve mnuchin.this is how the president deals with stuff, we wait to get the tweets to see what he thinks happened, or what he wants us to think he thinks happened. >> how much of an impact will the tweets have as opposed to if he got on the stage and gave a press briefing or spoke with reporters on air force one coming home. >> it would have been more impactful if he came out and took questions, but you know this is kind of the new normal. he communicates through tweets and you wait for the tweets to see exactly where he stands at the moment. i think this is what is to be expected. >> to that end, the president tweeted that the g 20 summit was a great success for the u.s., and plaining that we must fix many of the bad trade deals and it will get done. now i want to listen to what they said about the meetings at the g 20, here it is. >> i think a major focus was not just participating in the g 20, there was very, very substantive conversations. economic issues, trade issues, security issues, north k

. -- seemschin steams very committed, and gary cohen was before him, to getting tax reform done. it is getting less and less realistic. fact that health care is being pushed into july, when -- it's less likely. the senate health care bill does not have a clear endgame. from everything i can see, republican senators are moving further apart. there are three weeks before an august recess is scheduled. after that, republicans have more deadlines staring them in the face, that are not going to be easy to get done. i think it was always ambitious to get something as far reaching as number hints of tax reform done in 2017, since republicans got986 was the last time it done, it took 2.5 years. they have to get this out of the way before they can address tax reform? they think they're going to save money on repealing and replacing obamacare. do they have to deal with health care first? sahil: putting aside substances -- substantive arguments, they have to pass it or dispense with it before they moved to tax reform, procedurally. they are using a reconciliation bill for health care. they

the president says his economic advisor gary cohen is another top contender for the post. cheryl: the federal reserve is going to announce the decision on interest rates. no rate hike is expected that investors will be looking for more detailed on when the fed is to start telling off their massive on holdings. we are told that could be september. they try to really pull the balance sheet back. lauren: we have to see how the markets react to that of course. major media giants in the works. cheryl: tracee carrascas joining us with that. reporter: good morning, ladies. we tell you about a deal between discovery communications and script networks. viacom is competing for scripps and told reuters viacom is willing to pay cash for the network operator. owning the food network and could have a $24.9 billion cable network that brings together non-scripted and unscripted programming including children shows. networks have been looking for ways to stay competitive with seaweed services like netflix and amazon. cheryl: i won a sound technology. a lot of news breaking out of her. >> w

are we to believe you'll get a radical shift if gary cohen sits in janet yellen's seat? chairs havest two been policy-centric. policy-centricry . the possibility of someone outside that extreme focus, to the nextg it level in terms of model-driven and academically focused is a big change. more towards a greenspan where there will be more balance to policymaking to financial market conditions and economic outsidens from inputs of just the academic perspective. david: fascinating. they will both be staying with us. chair janet yellen begins her second day of testimony and 9:30 eastern time. we will be joined by the former acting administrator of medicare and medicaid and the former cbo director as we look forward to a new health care bill and the scoring of the president's budget coming out later today. live from new york, this is bloomberg. ♪ jonathan: from new york city you are watching bloomberg with a focus on u.k. politics for the moment. addressing the house of commons as the united kingdom unveils the withdrawal bill, the repeal bill. the formal title is the europea

is he gets distracted easily and while he has great ideas, he's not an executer in the same way gary cohen some of the other aids and he's losing some of these battles over the way the policy should be moving forward. he has five people. he has two deputy assistants. a body man, two other assist ntsz. he has five people underneath him. he has a war room. next people magazine cover. it comes out tomorrow. this is heartland magazine. celebrity magazine. and the banner that says trump family secrets and lies. so it's another example of the tornt of negative press about don jr., about erick, about ivan ivanka. there's a quote from a sars saying he's miserable and after the last 10 days all the speculation about the russia meeting, can't blame him. >> think about it all of you, if you were a very wealthy family, the family business, you could basically do whatever you want, fly around your private plane. nobody dug into your personal business and life, why would your want to be the president of the united states or the first family? >> or to be the first family. right? >> that's why they're so

scaramucci, steve bannon, gary cohen, deena pow, are ayou surprised by the long list of goldman sachscal he was of that company during the campaign and tying hillary clinton to wall street? >> repeatedly dispointed in the fact that the president doesn't actually stick to any of the things he promised the american people in terms of actually standing up for people, big corporations. but i'm not surprised by it. it's what is the larger issue here which if new guy comes in and just crushes it, he is incredible that job, that will improve the life of one american, president trump and look at how much time they spend on what are they going to do about communications? maybe if they put that kind energy into improving the lives of the american people, instead of just trying to make the president look good all the time, then maybe people would like what they're doing a little bit better. >> scott. >> i'll keep going. >> what do you want to see from him? >> there's no qualifications for this job except one. clearly he likes his style. his combative nature on the television camera. i think we'r

no, gary cohen, don't do an end run. will that happen? that's the open question. he had three campaign managers, this is now a second chief of staff. history says he's not capable of seeding that kind of authority to run an authorization to somebody else, but we'll see. he pays more deference to those that wore the uniform. >> that's true. tough to see a world where ivanka and jared can't pick up the phone and reach out to the president of the united states. i want to ask you, chuck, in light of the failure of the skinny repeal, john mccain, susan collins, lisa murkowski, six months in there was deference, they gave him benefit of the doubt. is the fear down? i want to read something that peggy noonan wrote in "the wall street journal." she's a conservative columnist, called the president week and sniffling. her point is that all the thing he touts, strength and deal making haven't been borne out in the first six months. >> look at this week alone, republicans on capitol hill spoke with their actions, they're starting to rebuke with their actions. chuck grassly sa

we have to worry about a new fed chairman do you think wow, wouldn't be something gary cohen came in here anybody you want to be fed chair? >> we try and stay in the middle on all this. so janet's been terrific president trump cited that we know gary, know gary well he's a very smart guy. so both capable. we'll let the process pick who that is. but in terms of policy out there, we've talked about, we see a fed rate hike along the way. by the way, higher rates are a better thing for us. and so we actually perform bet we are a bit higher rates than where we are provided those rates are coming up for the right reason, maybe a little wage inflation there, that's a good thing for the u.s. economy. >> one last question -- do you feel with this -- you're on tv this is a profile raise. you have been low profiled, that this is the right thing, it's time for people to know that citi is not some bank that was teetering, but a bank at the top of the regulatoregulators, and better business model and should be valued much higher than a traditional bank >> we came out and talked about a bank that's

also reporting overnight, politico reporting that gary cohen is the top candidate to replace yellen.> a lot going on today. let's start with markets and how they reacted yesterday. to the news of donald trump jr. and his e-mail conversations with some russians. well, it didn't know what to do. it was an sluts roller coaster ride. it ended up with equity initially selling off quite drastically but then recovering throughout the day to finish after that drama more or less flat. it finished at the high left level for eye dollar for a year. gold which mass had say tough time did better and closed up. looking at the markets today, europe is green across the world. all of the majors are trading higher. but all eyes are really on yellen's testimony today from the fed chair. now, speaks of the fed chair, there has been news out from politico overnight. now, let's just be very clear, there are reports at this stage, but politico is reporting that the president is increasingly you unlikely to dominate janet yell will be to a second term as fed claire. they say it's gore kohn who is in the driv

scaramucci, steve bannon, gary cohen, deena pow, are ayou surprised by the long list of goldman sachsonsidering how critical he was of that company during the campaign and tying hillary clinton to wall street? >> repeatedly dispointed in the fact that the president doesn't actually stick to any of the things he promised the american people in terms of actually standing up for people, big corporations. but i'm not surprised by it. it's what is the larger issue here which if new guy comes in and just crushes it, he is incredible that job, that will improve the life of one american, president trump and look at how much time they spend on what are they going to do about communications? maybe if they put that kind energy into improving the lives of the american people, instead of just trying to make the president look good all the time, then maybe people would like what they're doing a little bit better. >> scott. >> i'll keep going. >> what do you want to see from him? >> there's no qualifications for this job except one. clearly he likes his style. his combative nature on the television

the second most likely candidate according to the survey was national economic council director gary cohenith 13.7% probability, a former goldman sachs president. he manages the white house search for a nominee to take the helm when janet yellen's term in center early february. jim calling in from west virginia, over 50. what do you think of the economy? caller: the economy for me really does not matter at my age. i am doing ok. i worry about younger people, my family, 25-35 years old. i am from west virginia. probably the only person that voted for clinton in the whole state. i would like to go back to what the man from florida said. about the reagan years. i got a job before that. the job was good. it was good to me. family.ood for my those jobs do not exist anymore. certainly not in west virginia. host: what kind of jobs are you talking about? caller: industrial jobs, straight out of high school into maintenance programs. a plan was taught. by the company. know, thatow, you that exists at all anymore, straight out of high school. i am very fortunate to have lived when i did. i worry abo

it is an op-ed that hr mcmaster and gary cohen did in the wall street journal on may 31st right after the president returned to europe, and if you were to layout, if he does early to talk about a trump doctrine read this op-ed because it lays out the trump doctrine in a way that is very specifically relevant to trade. it is entitled america first doesn't mean america alone. meeting with european leaders, the president reiterated his concern about trade deficits with many european nations. simply put america will treat others as they treat us. they lay out the president's organizing vision. they said the president had a, quote, clear looks at the world is not a global community but in an arena, businesses that engage and compete for advantage. he does not approach these discussions with allies as community discussions, an arena where we are competing and then go on. we, the united states, bring to this forum unmatched military, political and moral strength rather than deny the elemental nature of international affairs, we embrace it. the world is an arena, we are the biggest guy in the

i think gary cohen is looking to position himself to go to the fed to be chairman of the fed to not havewitly tarnished by the donald trump white house. >> did you want to weigh in on that? >> i think there are a lot of people almost embarrassed to have it on their resume, meaning they work for somebody who seems to be involved in scandal all the time. you have to go back to warren hearting and when early scandals and nixon was in for a long time before those kind of scandals really kicked in. but with this scandal a day going on, it's a white house in disarray. you have a kind of mauf yoeso, the families in charge only and we keep it in our clan together and some people find that honorable but when it starts damaging the united states at home and abroad and having somebody like jared kuchner over and over again mislead people, spending taxpayer's money, people are trying to understand what's going on about our election hacking and kuchner is supposed to be coming to negotiate peace in the middle east acording to donald trump when he's taking meetings with rogue russians in such a fashio

with what they call the democrats, you know, the more moderate people in the white house, like gary cohennuchin and all that. so, i think that they have to get that under control if they're going to get this white house under control, and that's a policy thing which general flynn -- you know, general kelly also has to organize. >> he's got a tough job ahead of him. we're going to be watching him closely. >>> just ahead we'll have more on the breaking news. there's breaking news on russia. the president's response to an aggressive diplomatic slap by vladimir putin. done.rs. super-cool notebooks. done. that's mom taking care of business. but who takes care of mom? office depot/office max. this week, filler paper just one cent with five dollar minimum purchase. ♪taking care of business. every day we hear from families who partnered with a senior living advisor from a place for mom to help find the perfect place for their mom or dad thank you so much for your assistance in helping us find a place. mom feels safe and comfortable and has met many wonderful residence and staffers. thank you for

i can, you know, i can text keith hernandez when he and gary cohen are talk going batman and. >> must be nice. >> it is fun, it gives me back some of my life. during the super bowl i was talking to my bank about getting rid of some bogus charges. during the winning drive, i'm on the phone with my bank. so it's a pleasure to have a more normal life. i loved what i did. i love what i do now. >> richard sandomir the book is called the pride of the yankees, lou gehrig, gary cooper and the making of a classic. thank you for being here. >> thank you, jeff, pleasure. >> for more about this program and earlier episodes visit us online at pbs.org and charlie rose.com. captioning sponsored by rose communications captioned by media access group at wgbh access.wgbh.org >> rose: funding for "charlie rose" has been provided by: of america, life better connected. >> and by bloomberg, a provider of multimedia news and information services worldwide. >> you're watching pbs. ♪ -today on "america's test kitchen," julia makes bridget the best shrimp and vegetable kebabs on the grill, jack challenges brid

members of the big six, including steve mnuchin, economic council director gary cohen, mitch mcconnellsenate finance chairman orrin hatch, house speaker paul ryan and aside they are to set back tax in order to advance the tax reform efforts. our bloomberg national political reporter on capitol hill. the problem with abandoning this is how they raised revenues and they want to cut taxes. they saw the line in the statements that they want a lot to be permanent. how are they going to do it? >> they don't know yet. after months and months of them kicking around this border adjustment tax which has been pushed primarily by speaker ryan as a way to create a system where u.s. companies do not have to incentivize the move overseas -- they have had an enormous onck of support capitol hill that they would not put it in the tax bill. what they will do remains a question. the result clarity on what the alternative would be or if the bill would be revenue neutral or permanent. they say they want to do that, it is a priority for them, but how they get there is less clear. joe: let's talk about the i

manus: let's see what they deliver and gary cohen could be on the table, janet yellen could be on forn extended term if we go by what the president has been saying. mliv blog macro strategist. the whole team will be there. one red headline coming in across the bloomberg terminal. this is on artemis, they are agreeing to sell them a -- to sell. coming in, you have artemis agreeing to sell -- fmac.fma see the u.s. senate has rejected a majority -- the majority leader's proposal. that came at the start of several days of debate with no the obamacaret replacement plan is. the house has voted to strengthen sanctions against russia and rebuked president donald trump whose campaign is being investigated for possible ties to moscow. preventing him from ultimately lifting penalties. halter here. in terms of mccain's return to the senate floor, it was an emotional moment. how do think it went, where do we stand on repeal of obamacare today? catherine: with mccain coming back one of the big things we saw was the pageantry and the tradition to the senate. mccain is someone who has stature among h

appreciate you phoning in always great to hear your analysis, jim vandehei, axios co-founder i mean, gary cohen came out today, said trump is committed to getting tax reform done by the end of the year, with general kelly in maybe that's more likely. >> not his 100% we're worried about. we're worried about the division in the republican party. >> this doesn't help, though. >> i wish i shared jim's optimism. >> other than clearing the slate, what does it do >> well, to the extent that some of the theatrics going on have made some of the republicans really uncomfortable -- >> you think that's why -- some think the repeal and replace didn't go far enough some want to answer to their constituents i don't think it has anything to do with theatrics. >> priebus certainly had a fair amount of support within the rnc, obviously, right? so if you think about how people are very concerned about how he was being treated, whether that was right or wrong, to say that having -- speaking with one voice, staying within the family, showing law and order, i mean, this is exactly what the mo white house -- >> your

this is a comfort zone for the president, for secretary mnuchin, gary cohen at the white house. are individuals who understand what needs to be done to boost our economy, to ensure we have more jobs and more investment in america. i do believe you're going to find that common ground quicker. also third party groups like america action net work spending $5 million pushing out a tkpaeu campaign. you're seeing more of a unified voice in pushing forward on the tax reform. >> harris: there are a lot of people who want to see a big win. this is breaking news. on "the new york times" and nbc right now are reporting that president trump has removed anthony scaramuchi as his communication director. we are working to confirm that. i hear you laughing. earlier, mercedes, we were talking on a topic we have been. general john kelly coming over from the department of homeland security. he would want to have control of his staff. we don't know if this has anything to do to play with anthony scaramuchi. we know he made it very clear last week he would report only to the president. >> well, harr

gary cohen is a straight shooter that might not agree with donald trump junior. think about what we're facing. jared, don jr., and paul manafort might be sitting down next week to tell their stories, he would rather have a scaramucci that compared jared to alexander hamilton, speaking on his behalf, than a sean spicer. it's true. i hear jonathan laughing, but it's true. >> i am laughing but i agree with you. >> this might be a win for the originals with the donald trump faction, those with him in the beginning -- >> but not the honky originals -- >> not the honky tonk, but the let trump be trump. those with more experience than someone like coreyli lewendowsk had. but they had reince prebiebus a sean spicer in the white house. they still have reince pre bieb now, but who knows how long he will stay and if his influence will matter alonger. hugh hewitt, i got a long message from someone well respected in the republican party, is very important in the republican party, important to get republicans elected in swing states, and they texted me that trump as abandoned

looks like gary cohen is in charge of policy. this may empower mcmaster more.eral kelly has a deep respect for general mcmaster. are you concerned that there isn't enough republicans? >> i think there are a number of concerns here. the chief of staff has been somebody who either as ann was saying had close ties to the president or had some legislative or political experience, had good ties with members on capitol hill. this is the second chief of staff in a row who doesn't have any one of those characteristics, any of those traditional qualifications. then there's the question of what's the management flow. what is the structure of command in this white house. does scaramucci still report directly to the president or is he going to report through the chief of staff. >> how about jared kushner? it's trickier than scaramuccsca. >> everyone in the white house has that problem. who are you to kushner? who is kushner to you? that isn't going to be different for kelly. their portfolios might overlap less in some ways than before. >> quite a -- just another friday in

bannon and reince priebus' stock has gone down a bit over time, to another cohort or faction of the gary cohen and sort of the "new yorker" cabal in the west wing. scaramucci is closer to that faction than the reince and bannon faction. it is very possible that that faction becomes more weakened and scaramucci is able to leverage the political power he has right now to really help clean house in the west wing in the way that will make it a more effective west wing for donald trump. >> you said he set off what? >> a nuclear grenade. >> so, that being said, this is -- maybe it's a nuclear grenade to change the messaging, or to change the subject. i don't think they want to change the subject. i think they would love to change the -- >> that suggested this is a -- >> but to change it about jeff sessions, because jeff sessions, that's not a good narrative for the white house. jeff sessions has a lot of political capital, especially with the people donald trump needs. >> i don't think it doesn't occur to me that anthony scaramucci was considering any of the other political issues facing the white h

then you have the manhattan gary cohen, chief economic adviser, jared kushner son-in-law, ambassador with broad portfolio, daughter ivanka trump representing more of the manhattan wing and truth told some in the past democrats and much more moderate when it comes to republican policy. does it tell us anything beyond the president thinking somebody can communicate better for him or sean spice sir not communicating enough? does this move, dramatic resignation of the white house press secretary, tell us something about a shift inside this white house towards a different governing philosophy, management, communications philosophy? >> john, i think it does signify a shift that it donald trump, president trump, is taking all matters into his own hands and he increasingly everything is being run directly out of the oval office. not the chief of staff's office, just down the hallway, which is the normal course of business in a white house. that the president and the president alone is taking matters into his own hands here and as you all said earlier, so telling reince priebus, chief of staf

mcmaster and gary cohen did in 31 wall street journal may right after the president returned from his first trip to europe. isyou are going to think it a little early to talk about a trump doctrine, read this op-ed because i think it lays out the way that isne in a very specifically relevant to trade. firstentitled "america doesn't mean america alone." it says while meeting with european leaders, the president concerns about our trade deficits with many european nations. put, americans will treat others as they treat us. they lay out the president's organizing vision. president also had a clear outlook that the world is not a global community, but for nations, nongovernmental actors, and businesses engaging and competing for advantage. does not approach discussions with allies as community as partons, but rather of being an arena where we are competing. then they go on. we come the united states, bring to this for him unmatched military, political, cultural, and moral strength. rather than deny this elemental nature of international affairs, we embrace it. the world is an arena. we ar

gary cohen is one of those being suggested as the next fed governor.o you think he would make a good fed governor? sen. shelby: oh, i think you got the qualifications. look at his background and what he is doing now. he would make an excellent chairman of the fed. [coughs] sen. shelby: excuse me. scarlet: he would make an excellent chairman of the federal reserve, but as you know, he doesn't come from an economic background. yes concert on the federal -- he has not served on the federal reserve in any form. he comes from the banking side. what kind of balance would be needed from the federal reserve at the top so skill set would be complemented with what we have seen so far to ensure continuity? sen. shelby: i don't think you need to be an economist, and academic, to be head of the federal reserve -- excuse me. julia: sir, do you want to stop, because you are choking and i don't want you to continue if you are uncomfortable? sen. shelby: pollen -- thank you. scarlet: that's fine. pollen, allergy season. julia: senator richard shelby of alabama, thank y

gary cohen stays very careful within his lane. you don't see him putting himself out there to defend trump when he goes over the line. anthony scaramucci has already been willing to. he has compared jared kushner to a modern day alexander hamilton. >> trump has abandoned any reasonable approach to the presidency. he's doing rogue interviews with "the new york times." he throws his own appointees and congressional majorities under the bus. sean was the most active public defender, most lawyer person in the press shop and was replaced by a guy unqualified for the job. trump listens only to himself and protects only himself. gop needs to protect itself. focus on agenda. and winning in 2018. president needs them more than they need him. >> it depends on the definition of qualified. >> yeah, it depends on that definition. i think what i would keep an eye on going forward now is what happens with the white house lawyers. was kasowitz the last straw with what happens to the legal team. >> and hallie jackson is joining us on the phone, ou

gary cohen, similar to the capital, warmer deputy administrator for medicare and medicaid services. to our distinguished witnesses, your testimony today is very important to us because of stability of the market, in the marketplace is essential to the success and good health of the american people. it is my privilege to call to order our hearing, action now, updating and improving the affordable care act to lower costs and ensure options for families. the democrats take great pride in the success in the aca lowering costs and protecting families. ensuring previously uninsured america's are covered -- americans are covered just the start of it. but whatre important, is also important are the over 100 million people who have expanded benefits at lower cost and more access under the affordable care act feared quality for every american no matter where they get the coverage. health care cost growth has been slowed by the lowest on record. republicans have been working since day one of the trump administration to sabotage the marketplace as a pretext for re.sing trumpca i want to focus o

politico thinks that gary cohen could be the lead candidate to replace her.ore with bhanu baweja , ubs head. it comesher or, when to september, we start rolling the balance sheet off, and december, we start increasing rates? do i think of those two as a package, or do i think of them as separate events? >> they are a package, but there is a sequence.. more likelyey will go for a rate hike. lael brainard said yesterday they do want to get rates up to a certain level. so, there is a threshold. in case they need it to, if the economy were to unexpectedly tank, they would cut rates again. they want the policy before they start moving on the balance sheet. she is also quite clear on the difference between these policies. the shortened rates, the policy rate, has an impact on the dollar, which is why she does not want that to be pushed too far. she maintains her stance that the real, terminal rate for the fed is close to zero. can go.nce sheet the reason why her testimony was regarded as dovish is because she said the terminal interest rate is still zero, and that

well before trump's pressure but if you look at the trump administration with the exception of gary cohenust about everyone thinks the us should be pressuring china more. i'm hearing that from american ceos too, they don't have much access as they used to, chinese companies stronger. maria: there are certain industries that are deemed off-limits to foreigners. you can start a business and on the business in china if you are an american company, you will only get a joint venture. they know the potential power. >> look at the most exciting companies in america tech sector, facebook and amazon and google, they don't have a business model for china. that is a problem for our economy. if you talk to someone like steve bannon his perspective is confrontation is coming sooner or later. we are more powerful than they are now. that is the case, the fight should be we have the advantage, not when china is in a better position to do something so they are pushing hard to say let's it these guys with tariffs, raise the military and in the region, show them that they can't continue to walk on allies in

. >> gary cohen you say may leave the white house, the moment he concludes the tax reform is dead orlot to get through. thanks so much. good to see you. >> happy holiday to you and yours. >> still ahead on "morning joe" -- [ inaudible ] >> didn't clog but go ahead. i didn't get any sun today. >> that sound bite hasn't aged particularly well. local newspaper gets photos of governor chris christie spending time on the beach sunday that was closed because of government shutdown. wait until you hear the explanation from his office. that's ahead on "morning joe". ♪ thank you is what we say. but we mean so much more. we mean how can we help? we mean what can we do? we mean it's our turn. to do our part. to serve you, for all you've done to serve us. ♪ the beswith neutrogena® beach? beach defense® sunscreen. helioplex™ powered, uva uvb strong. beach strength protection for the whole family. for the best day in the sun. neutrogena®. discover card. hooh, you're real?? you know i'm real! at discover, we're always here to talk. good, 'cause i don't have time for machines. some companies just do

state rex tillerson is going to be in the room with the national security advisor hr mcmaster, gary cohenl put pressure on its trading partner north korea. it hasn't done so on its way here. donald trump said the trade between those countries increased 40% over the first quarter. the chinese president -- if we don't do something about this, we likely will, likely in the form of more sanctions or something else donald trump doesn't like, to exercise what that will be. this morning donald trump had a friendlier meeting, teresa may. and a trade deal. and and we are headed to france next friday. >> you can hear the choppers going on here. >> you can see the protesters over there. >> when the uk had bilateral trade agreement at the eu, pretty important. as far as china is concerned the first go around donald trump gave a shot, we want to work, put pressure on north korea, hasn't worked so far. it is more -- and under obama how that wasn't as strong as it could be. and donald trump, a lot of tough talk, he likes to come out of these meetings, a dealmaker looks face-to-face. >> he understands th

we do not know what gary: would do -- cohen would do. it is a markets guy. alix: ok.oomberg international economic policy correspondents. for more on the outlook on the fed, we will go to david and his colleague, the number one research team in the bond market every year between 2006-2017, quite a track record. economisto have chief stephen stanley. you guys are old buddies. take it away. i wanted to but you two together because of a modest hawk and dove debate. back, youared it think we could have a balance sheet unwind as soon as today -- so was it the data? >> it was the data. the reason for moving in july is keeping the rate hike option open for september and i think it was something in my mind was still at least worth keeping open, until the last set of inflation data, which took it off the table. alix: what is your forecast for next year? we're looking at one rate hike right now. >> i think inflation will get back on track. a good part of the slowdown has been transitory, labor market is strong, and i think we will eventually get back to a gradual turn of inflat

international politics is indeed what national security adviser mcmaster and gary: said in their op-ed -- cohenin their op-ed, it is a competition and we have enemies and we have allies. the chump administration has that correct -- trump administers and has that correct. mr. isaacson: quickly. ambassador sherman: do have objectives? do you have policies? mr. doran: absolutely. ambassador sherman: do you have a strategy? a go to nato, to unveil and tol to 9/11 at nato, have had in your speech as we are told by reporters, a recommitment to article 5, and then pull it at the last minute. when in fact the only time article5, which is an attack on one is an attack on all, the only time it has ever been invoked ever by nato was for america after 9/11. so that nato troops went to and is still are in afghanistan for us. so yes, i want everybody to get to 2%. everybody pays their dues the nato, the 2% is a deepening of defense give abilities a want everyone to go to 2%. you are right, every administration has pressed every way they can to make it happen. the question is, do you begin your relationship b

i'm not sure that gary really wants it i think they like to talk about it i'm not sure the job he wants. if you were going cohen, is the that job you really, really want right. i don't want it. >> take your name out of the running. >> thanks, very kind. >> howard, we can talk for the whole hour, but we've got to move on. good see you >> great to see you. >>> when we come back, we'll talk ups and enis arngbeat the ceo's with us and the dow's up 69. experience uncompromising performance at the lexus golden opportunity sales event before it ends. choose from the is turbo, es 350 or nx turbo for $299 a month for 36 months if you lease now. experience amazing at your lexus dealer. >>> that's a good question >>> however the stock down this morning and down more than 5% for the year joining us with more as always, richard chief financial officer of ups and a member of the cfo council. it's good to see you again as always, thank you for joining us. >> good morning, good to be here >> quarter has everything, operating profit up 13, margin expansion. you talk about international revenue gains year on year we're a little