this comes from the general treasury. we are funded by the federal government, it's a federal facility. we produce power. we sell water contracts to agriculture and we have obligations to them and we have obligations to power we try to meet as well and as those things to solved, that goes back the treasury and we as a specific entity go back to the treasury and say we need this much money to operate shasta dam in the year and generate far more money than we need to operate shasta. in studying the top auger fee of the area, they are looking for a big basin, something that will be able to hold a lot of water. to look where the water is. we are situated here at shasta where we get about 75% of the states precipitation right to the north of us. here, they the dam are providing flood control to the city of reading which is the largest city in shasta county all the way to the bay area. you want to look for an area where the water is and look for that natural basin. thatfound three sites would be potentially good sites for a dam

. >> this is what comes from the general treasury. we are funded by the federal government. the way this works is we produce power. we sell water contracts and have obligations to them. we also have obligations for power that we try to meet as well. as those things are sold, that money goes back to the treasury, and then we go back to the treasury and say we need this much money to operate shasta dam. we generate more money than we need to operate shasta. in studying the topography for a dam they are looking for a big , basin, something that would be able to hold a lot of water, so a natural valley is important. you also want to look where the water is flowing. we are situated here at shasta where we get about 75% of the state's precipitation right to the north of us. by building the dam here we are also providing flood control to the city of redding. you want to look for an area where the water is, the natural basin. here are ways three sites that would be good sites for a dam. this was chosen for its proximity north of reading -- north of redding. this is the lobby north o

>> the last highway bill that withaid for generally general treasury funds through various programs to help shoring up. stillghway trust fund is in the position where it is insolvent. it's eventually going to run out of money because the gas tax has not been adjusted for inflation. issues thatof the congressman defazio has wanted to address. politically not tolerable for many members. it remains to be seen if they are going to deal with it. >> it doesn't sound like from his answer that pain more tolls on federal highways is a nonstarter. >> for many members of congress, it's a nonstarter. >> thanks to both of you for your questions this week.

was paidhighway bill for generally with general treasury funds, finding money through various programs to help shore it up. the crux of the issue is the trust fund is still in a position where it is insolvent. it will eventually run out of money because the gas tax has not been raised for inflation. that is one of the issues that congressman defazio has wanted to address. and many other congress members as well. the gas tax is politically not tolerable for many members. it remains to be seen if they are going to deal with it. >> it sounds like paying more tolls on federal highways is a nonce darter. >> for many members of congress, it's a nonstarter. >> thanks to both of you for your questions this week. >> nevada representative jacky rosen that down with these band for a freshman to file interview. prior to being elected, she was a systems analyst

the last highway bill was paid for with general treasury funds, and finding money through various programs to shore it up. fund is stillust in an issue where it is insolvent. eventually it will run out of money because the gas tax has not been raised or adjusted for inflation. that is something that the congressman and many others want to address. the gas tax is politically not palatable. it remains to be seen. does it sound like from his answer that paying more tolls is a nonstarter? >> for many members of congress it is a non starter, particularly on already existing highways. >> that is it for our time. thank you both. q&a," on then " bribery scandal involving leonard glenn francis. >> completely embarrassed the united states navy. it the culture that people were withpted to provide him most of his information about ship movements in exchange for not that much money, but fairly lavish lifestyles. >> tonight at 8:00 p.m. et on "q&a." fulfilling,ence a purposeful life, one thing you have to do is this -- live a large life. >> you are your own stories and therefore free to imagine and expe

thought they were on high ground but whether the tax would go to the separate fund or into the general treasury and that has to do with people not paying enough attention to the measure in the first place. >> so at this point, what is it that city lead koeers could do reconcile. >> there is a way out. city is supposed to have a advisory committee that would recommend uses for the new funds. now the mayor and the city council, they are still trying to figure out the process for organizing the committee but if one step takes place, there should be a better connection from where the money comes in and where it goes. in the meantime, this is a lesson for all of us. a measure requiring two-thirds vote will provide better accountability. no question. but a measure requiring a simple imagine art will usually have a better chance of passing. so if you take that second route, the super majority, your chances for success aren't as high. because the likelihood is that implementation wouldn't happen the way you wanted. if you take the higher road, the two-thirds, then you have a better shot of seeing what

the secretary of state, secretary of treasury, secretary of war, and the attorney general that enough having apartment -- that did not have a department at the time. secretarie the firsts meet collectively -- secretaries first meet and why? ms. chervinsky: george washington was leaving philadelphia at the time and was going on a tour of the southern states. he was planning to be gone for a couple months. possibilitye was a something might need an immediate response and he cannot get an immediate answer because the post took a long time. he gave them the power to meet a s a group and he would ratify that decision. >> what president did washington set? ms. chervinsky: he set so many precedents. he established the title of president, how to nominate supreme court justices. in terms of the cabinet, that is one of the most important precedents. washington established that each president would have the opportunity to decide who his advisers would be. the department secretaries would always exist. but how closely they would work with the president or if they , ord be intimate advisors if the

treasury department. we are just learning that the ceos of jcpenney, dollar general, and others are going to the treasury meet and talk about their opposition to the border adjustment tax. that throughout the day, of course tomorrow on bloomberg. much more to come. this is bloomberg. ♪ ♪ david: this is "bloomberg markets," the trump economy. the chinese president calls it the project of the century. world leaders have been in beijing to hear about the initiative, a plan to connect china with europe, asia, and africa. tom mackenzie reports now from beijing. tom: china has been fleshing out details to reshape globalization .nd its image announcing plans for additional funding for the initiative. credit suisse says that in the next five years they could commit up to 500 billion u.s. dollars for the scheme. we also saw development banks, private banks, coming together to form a framework amount -- around financing. and then there was indonesia, securing finance and credit from the chinese on a whale line. all because the oil and gas producer had deals worth $20 billion in the last few days. there are concern

it is the role of the director general of the national treasury, the incumbents will be leaving -- incomen will be leaving -- incumbent will be leaving one year early. you said you will have that killed by the end of april. how close to tickling that post? -- you said that you will have that filled by the end of the april month. how close are you to filling that post? finance minister gigaba: the shortlisting is going to be undertaken. andll set up the interview take the recommended candidates to. hopefully by the second on a cabinet, we should be toward the end and i will make a recommendation to and they will the candidates and make the necessary announcements. we are committed to ensuring that we get the replacement. country needs a new treasurer. thank you for joining us today on bloomberg television. this is bloomberg. ♪ live from bloomberg world headquarters in london and new york, i am mark artan. vonnie: i am vonnie quinn. this is bloomberg markets. -- mark: i am mark barton. vonnie: i am vonnie quinn. a forecast calling for a drawdown and another in crude to be exact, but a gain

is as high as i understand 22 to one of economic benefits and 71 in revenues that are generated with u.s. treasury. it's a good investment -- seven to one. i want to get to the point that secretary rahn made, and that is that because of the backlog of projects and limited amount of monies that are appropriated, there is delays. delays could very well cause projects that a previous event authorized not to be funny within the time restrictions and could jeopardize those projects being done at all. i take it what we're facing in barrel is not an typical as to what is happening around the rest of the country? >> that's right. i think though it is more important to make sure to understand the national ramifications of some of these projects that don't get done. i'll talk about this particular one, midway island. it it was a division command in new york who championed midday as went through the process back in 0 '07 and only. there's great potential. the challenge is that if we don't find a place to put dredge material, a strategic long-term plan, these harbors a portal continue more and more challenges

timothy camus, the deputy inspector general for investigations, treasury inspector general for the tax administration. we welcome all of you and thank you for being here this morning. pursuant to committee rules, all witnesses will be sworn in before they testify. would you please raiise and rai your right hand? do you solemnly swear or affirm the testimony you are about to give will be the truth, the whole truth and nothing but the truth? thank you. please be seated. let the record reflect that the witnesses answered in the affirmative. in order to allow time for discussion, we would appreciate it if you would please limit your oral testimony to five minutes each. your entire written statement will be made a part of the record. and with that, i'm pleased to recognize mr. runcie for five minutes. >> thank you, chairman russell, ranking member cummings and members of the committee for the opportunity to join you today. i'll discuss the events that led to the data retrivial tool disabled, the plan to restore the tool and the actions we have taken to assist students, parents, borrowers an

treasuries? oksana: the market is still massively long, this kind of risk generally. traditional, interest rate driven. let's get that very clear. any amount of open short interest out there that fluctuates is meaningful and important to follow. if you look at individual institutional portfolios and the risk parity funds, think about the amount of leverage they are probably amassing. they are probably at or about max leverage and any kind of high frequency trading portfolio is probably low. i think talking about investors being short is way too premature until we actually see rates move up and see how portfolios react. jonathan: greg davis, you are a privilege -- are in a privileged decision to see the flows coming across the desk. as you look at fixed income, talk about the amount of money going into something like treasuries over the last five or six months? we have been seeing it coming across the complex in a variety of areas. there has still been a lot of interest in short and -- investment products where you are getting additional yield and you are picking that

that generation of revenue which the treasury department had record amounts of last year. david: they're getting all of our money. we're not getting stuff in return. the point, david, they keep getting huge increases from anybody's perspective and yetdid states is actually gone down during the obama administration, from january 2009 until december 2016, we saw an inflation adjusted decrease in median income at home. the individual folks are losing money while the government keeps getting our money. >> you know what, i think numbers could be skewed. that is my first gut reaction. our economy transformed from manufacturing into services. obviously trump wants to swing the pendulum to a more balanced equalibrium of manufacturing. people doing more service oriented jobs. they're renting more. different distribution b the wealth eect is real. david: why should the government get more money individuals are getting less? >> who seas individuals are getting less? if you invested one share in the stock market since the crash you've done extraordinarily well, i do not buy the idea i

that money goes back to the treasury, and then we go back to the treasury and say we need this much money to operate shasta dam. we generate more money than we need to operate shasta. they are looking for a big basin, something that would be able to hold a lot of water, so a natural valley is important. we are situated here at shasta where we get about 75% of the state's precipitation right to the north of us. by building the dam here we are also providing flood control to the city of redding. you want to look for an area where the water is, the natural basin. here are ways three sites that would be good sites for a dam. this was chosen for its proximity north of reading -- north of redding. this is the lobby north of the power plant. public. open to the you may drive down, come in here and use this as a central place to start visiting shasta dam. after 9/11 it was closed down. theere not able to bring public into this area. back in 2008 we were able to open back up again to the public . when we redid this room we maintain the vermont marble. the furniture you see is early 1950's lobby furniture, and we kept it just becaus

general. when i was at the treasury department and then white house. and he was a seminole figure.as a man of integrity but someone who could articulate what the administration was trying to achieve with great balance and great nuance. and he certainly had ambition. no doubt about that. but he was a man of great intellect and integrity. and so to see him caught in the middle of all this. not only difficult to watch in terms of his arc and history, but no doubt he is in shock now. and this is not where he wanted to be. i imagine he imagined serving the full ten years and being able to do important things. on the counter terrorism side. the counter espionage side. major crimes and issues affecting the country. he is not able to do that now and obviously, his reputation is now stained in a way by this whole episode, like it or not. >> i want to go back to you one more time with. this remember pat fitzgerald? i reached out to someone who was a friend of his. they came up in the same legal circles at the same time. he prosecuted the valerie plame investigation. i said, compare their arc

george served as treasury inspector general for tax administration he served as inspector general fororporation of national an community service in addition to work as thpt tore general he served as member of the integrity committee of the inspector general for integrity inefficiency. mr. george. >> thank you chairman johnson mccaskill and members of the committee, i appreciate the opportunity to testify on tax related and proper payment. since conducted number of reviewing that evaluate irs erroneous and improper refundable tax credit payments. my comment today will highlight our ongoing work. refundable credits are designed to help low income individuals reduce their tax burden or to provide incentives for other afnghts. because these tax credits are refundable they have vulnerable to unscrupulous veiling who file frawngt claims. to date earned income tax credit remains only refundable credit the irs has designated as high risk for improper payments. however they report with additional tax credit and american opportunity tax credit also known as the education credit substantially un

know, when he proposed raising the statutory rate by one point, he asked the treasury economists well where is -- generally where are they at right now? >> okay. >> and so he didn't want to do any damage. so he was making that argument that we have to drop it, you know, and do at least the mid to high 20s. and i think if we can't get into a decent range there, we'll not complete the job. obviously, the lower we can get the better. infective rates matter. and there some division between the parties on how aggressive that effective rate and where the infective rates in sectors matter. i think most people are convinced that that needs to -- needs to come down. a lot of this, too, is a sense of hor zonlt alec it with. so my economists are always reminding me that don't create these big divots and the big distortion onz effective rates whether using debt or equity or whether you're in this sector or whether you're income is inbound or out bound or whatever. i think you're seal all that. so, i mean, look, i don't think we had a member that didn't have 15% wasn't a noble goal. but like you said, i think folks are

have to assume and then we do take the benefits ofw dynamic growth and 3% in order to generate revenues to the treasury. >> but, the actual policy that will put in place, the way that you put the budget together was that the tax reform package would be static. >> it would be deficit neutral. >> and that seems to beseems to consistent with the white house official yesterday, i don't knoe who it was that said that it sounds like the tax policy they're planning to put in place would be revenue neutral and every year over the next tenou years and that's consistent with what you have put in the budget. >> we have to make, in fact i didn't realize this until i started looking at the job, we will start the 2019 budget now, that's how much lead time you need there's a great amount ofam leadtime. when we started to make assumptions about the tax police we had was a single piece of paper. the ultimate bill probably can and should look different thanlb that. the assumptions we made along the lines of what you make laid out. >> it sounds like the budget proposal you had to work on have you started way back when yo

. >> in general, what is the view of the treasury department on the restrictions and regulations that saudi arabia has established to curb the flow of money to these organizations and the extent of the cooperation with the united states and other countries? >> so it's improved dramatically over the last i'd say seven years. the level of cooperation is very high. there's a far greater level of understanding by the treasure about middle east issues, the treasu treasury holds conferences where he invites middle east banks to attend. there's a very high level of dialogue, much better than it's been in the past. so i don't worry that there will be mistakes made because either side hasn't really understood the other side in terms of what they're trying to achieve. the communication is very good at this point. so i'm optimistic about that side. >> do you want to comment on that? >> all right. there are a number of questions about the relationship that saudi arabia will have with the united states under the new trump administration, but before i get to that, more specifically on the question

on our economy in an effective way right now, that would also add to the generation of economic growth and revenue to the treasury with which we could deal with our national debt, correct? >> if you gave me a choice of eliminating the obama era regulatory burden or adopting the trump tax reform, i would take eliminating the regulatory burden. >> i understand. >> i cannot over emphasize the fact that people can't do business when they don't know what the rules are. that financial institutions are being shaken down in this country every day. on trumped up violations, you've got a government bureaucrat sitting in the boardroom of every major financial company in america like the old commissar from the soviet union was in the factory and submarine. dominates everything in america. >> i want to give back 20 seconds of my time because we're running out for those who haven't had a chance yet. that's a critical additional issue. >> you're doing both, we're going to get america back. >> that's right. >> people can ask -- put questions in writing, which i'm sure senator gramm would be happy to answer. we have three minutes

if we were to address that would also add to the generation of economic growth and revenue to the treasury with which we could deal with our national debt, kregt? >> if you gave me a choice of eliminating the obama era regulatory burden, or adopting the trump tax. people can't do business when they don't know what the rules are. that financial institutions are being shaken down. you've got a government bureaucrat sitting in the board room of every major financial company in america like the old co comisar from the soviet union. dominates everything in america. do them both, we're going to get america back. >> that's right and people can. >> we can put questions in writing. three minutes left. senator boseman. >> thank you for being here. we really appreciate your work on this. you mentioned historically averages and things. the historical average is 5.6%. this is something that we can figure out easily. where is the tipping point there? i don't know about a tipping point, but if the economy started to grow, and interest rates rose, which they have in every recovery in the post war period e

have to assume and then we do take the benefits of the dynamic growth in order to generate new revenue to the treasury. >> but the actual policy that will be put in place the way you put the budget together is that the tax reform package would be static. >> it would be deficit natural. >> and that seems to be consistent. it sounds like the tax policy they are planning to put in place would be revenue neutral every year over the next ten years and is consistent with what you put in the budget. we will start the 2019 budget now. that's how much time you have in the budget so there's a great amount you have to make certain assumptions and when we start to make assumptions about the tax policy all we had to go off of was a single piece of paper and lay out principles so that they'll probably can and will look different than that of the assumptions were along the lines of what he laid out. >> it sounds like the budget proposal that you have to work on that started when you came back to office it sounds quick that is consistent with what white house officials are saying the actual tax reform bill is going t

have to assume and then we do take the benefits of the dynamic growth in order to generate new revenue to the treasury. >> but the actual policy that will be put in place the way you put the budget together is that the tax reform package would be static. >> it would be deficit natural. >> and that seems to be consistent. it sounds like the tax policy they are planning to put in place would be revenue neutral every year over the next ten years and is consistent with what you put in the budget. we will start the 2019 budget now. that's how much time you have in the budget so there's a great amount you have to make certain assumptions and when we start to make assumptions about the tax policy all we had to go off of was a single piece of paper and lay out principles so that they'll probably can and will look different than that of the assumptions were along the lines of what he laid out. >> it sounds like the budget proposal that you have to work on that started when you came back to office it sounds quick that is consistent with what white house officials are saying the actual tax reform bill is going t

had to assume and then we do take the benefits of dynamic growth with 3% in order to generate new revenues to the treasury>> but the actual policy that will be put place, meaning the way you put the budget together was that the tax reform package would be static -- >> correct. >> on a static scoring. >> deficit neutral. >> and that seems to be consistent with a white house official, i don't know who it was that said that. the tax policy they're planning to put in place would be revenue neutral and every year over the next ten years and that's consistent, actually, with what you've put in the budget, is that correct? >> we have to make -- we start -- i didn't even realize this until i started looking at the job. we'll start the 2019 budget now. that's how much lead time you have to do when you're writing a budget. the agency is already starting. there's a great amount of lead time, you have to make certain assumptions. when we started to make assumptions about the tax policy. we had to go off this single piece of paper that laid out our principles. the ultimate bill can and will look different than that. b

general. what is the view of the treasury department on the restrictions and regulations that saudi arabia have established to curve the flow of money to these organizations and the extent of the cooperation with the united states and other choices. >> it is improved dramatically over the last seven years. the level of cooperation is very high. it was a far greater level of understanding of treasury of middle east issues and the treasury under secretary responsible for terrorist financing holds a series of mediums and conferences where invites of middle east banks to attempt. it is a high level of dialogue and much, much better than it is been in the past. communication is very good at this point. i am optimistic on that side of offense. >> do you want to comment on that? >> all right. all right, there are a number of questions about the relationship that saudi arabia will have with the united states under the new trump administration. before i get to that. spevgly on the question of counter terrorism, there were really three, by the way, with those of you who have not seen this saudi arabia em

furthermore, that wonderful general officer and great he had aspirations for the presidency as did the secretary of treasury, salmon chase. both wrangling from the republican nomination. these were difficult times for lincoln. as early's columns approached washington, officials functioned as if they were in a fog. they had no good intelligence on the size of early's column and little understanding of what to do. according to the secretary of the navy, wells, stanton "exhibits none of the alarm and fright i have seen in him on former occasions." stanton had no clue how to react. varies bureau choose were "alarmed and ignorant," noted wells and the chief of staff, hallock, the man whom grant supplanted is "a perfect maze, bewildered without intelligence decision or self-reliance." ethan allen hitchcock, a former retired general who was brought back to advise lincoln and stanton on military matters felt uneasy about early's raid, operating under the belief earlier had 30,000 troops with him, he feared the capture of washington. injuly 4, he visited consecutive order hallock, stanton m lincoln. he found hallock

general flynn. you're looking for financial documents from the treasury department on president trump's income investmentshat do you make of the fact that we had this letter this week from president trump's lawyers saying that he had no income, debtor equity investments from russians. is the committee investigating that or do you accept it at face value? >> george, that was as carefully crafted legalese that i have seen. the remarkable thing was, the letter was drafted and dated in march. he releases it now. to my mind, it raises more questions than it answers. the truth is, i haven't thought that trump has that many investments in russia. i think it's the converse. how much russian money has flooded into trump organizations, propped up mr. trump's organizations after the crisis? because, that, we don't have the answer to. and that's why we have asked the treasury department to provide that information to the committee. >> have you seen any evidence so far that president trump or his associates were colluding with russia during the campaign? >> i'm not going to talk about where we are. boy, oh, boy, there

general starting in 2011. post prior at the post office she also worked at both international revenue service spectra serviced and u.s. department of treasury inspector general for tax invitation. finally we have norman schenk with us. the vice president of global customs policy and public affairs for the united postal service. with gps he is spent the last 30 years working drug withitwi government leaders run the world on reducing trade barriers, sampling processes and mostnd recent was supply chain to good issues. he testified to congress and drug enforcement issues and he currently serves on advisory committees to the world customs organization of the us department of commerce. he currently chairsce international chamber of commerce commissions on customs and trade. again i appreciate everyone of her witnesses being here this morning and we look forward tond hearing your testimony. it's the custom of the subcommittee to swing the witnesses, but this time would ask you to please dan and racial right-hand. -- please stand and raise your right hand.th, th [witnesses were sworn in] >> thank you. please be seated. i would note that all of the

joe: we saw treasury buying at the end of the day. a general, dovish interpretation.saw hp, the printer and pc maker reporting second-quarter sales beat analysts's estimates. pvh,: a quick take on the one of the world's largest global companies. q1 revenues at $1.99 billion. eps, 165,the adjusted the estimate. no change in revenue. they slightly raised the adjusted eps target for the year. news, headlines from the congressional budget office ordering the american health care act for the first time. cbo releasing score of that just passed health care legislation. we are reading through it right now. we will be breaking the headlines as they cross. it appears first line enacting 628, would reduce by $119 billion. that amounts to $32 billion less than the net savings of the version posted on the website back in march. reading through this now, cbo estimates that enacting the american health care act would reduce federal budget by $119 billion over the coming decades and increase the number of people who are uninsured by 23 million in 2026, relative to current law. julia:

treasury yields higher. we've got a 12 month target of 3% on 10 year. we see the dollar generally stronger.theo has bounced washing out of political risk. mark: has sterling seen its highs or not? some say we have seen the worst of the brexit noise which means sterling could rise. some say it will continue. where do you live? will intensify from here. we're just getting into the debates. clearly the u.k. doesn't have a strong negotiating hand in this negotiation at least in my view. sterling is really the barometer of how these negotiations play out. it wouldn't surprise me to see sterling weaken significantly from here. thenecessarily back to lows. we could come off sharply from here. this is a negotiation dictated by the terms of the eu 27. join our special coverage of that said rate decision. 2:00 p.m. eastern. we will get the latest reaction from janus capital's bill gross. this is bloomberg. ♪ vonnie: live from new york, i'm vonnie quinn. with the mark barton european close just six minutes away. time for the bloomberg business flash. sprint offers the cheapest unlimited data plans in

as for the treasury secretary, his statement is out and it is the kind of generalities you would expect. he talks about currency manipulation. as a currency manipulator. they are working on trade deals, they want free and fair trade. he mentions tax reform. he says he has 100 people working to craft a plan. all of that may not happen this year, but the interesting things that might happen at the end of the month, we get a report on what principles should be in financial regulation. the treasury department was task to do that by the president and maybe they will get details on what he thinks a new dodd-frank version would look like and that might be of interest to financial markets today. also, he briefly mentioned reform. they said on the hill that they would let congress decide, so we will see the gets into specifics on that. vonnie: mark? mark: christine, further to michael's point, what do you think a new dodd-frank law might look like? whatever going to hear from treasury secretary today? christine: i would start i saying most of the people we have been speaking to today in the wall

i spent as much time as i do with the secretary of treasury and secretary of state as we try to sustain a policy going forward. general dunford: we haven't changed the prod guidance to our forces that are working with partners on the ground. they don't actually close with the enemy. specific case i mentioned was we in the past have been partnering and advising at the brigade level in iraq. because of the complex terrain inside the city of mosul, the commander felt it didn't allow them to provide the kind of advice and combined armed support necessary. we allowed them to support at the battalion level. it doesn't change that they would be at the last cover and conceal position and not one closing with the enemy. we conduct partnered operations. it is the partners who are closing with and destroying the enemy. reporter: in somalia, those were killed. the department publicly said that he and his teammates were along side the somali forces. >> when you are on patrol, you can't always be in a safe position. the lads know they aren't part of a life insurance corporation and they train for this and go out and do the best job

treasuries. are talking about can easily be seen in a general curve in terms of the yield.e november 8 until today. jump into my bloomberg, look at this index. the white area has been from november 8 until the peak of the yield, up 42.1%. then we see the decline. it is down 15%. no surprise in terms of people pushing into treasuries. especially with what is happening politically and in terms of policy with donald trump maybe not being able to get his way. republicans on capitol hill trying to push things, that repeal and replace for obamacare, do tax reform. but is the political capital all spent? yvonne: how was the fed going to respond to this? will they put a backstop on this like the boe had to do? with juney proceed rate hikes or pod for july? for july? ramy: things have been fluctuating. for the june meeting it had been down as much as 60%. they have gone back up, 94%. yvonne: 7:30 a.m. on this gloomy morning in hong kong. over here in new york it is 7:30 p.m. on a thursday. markets closed in the green. the s&p up for tenths of 1%. recovering from its worst fall of th

he's also served as assistant attorney general of the doj. also former treasuryo be here in studio. we're going to talk to him about road to tax reform, regulation rollbacks and later hillary clinton's former campaign manager robby mook, he weighs in on the firing of fbi director james comey at 8:40 a.m. eastern time. "squawk" returns in just a moment. tired of paying hundreds more a year in taxes and fees on your wireless bill? only t-mobile one gives you unlimited data with taxes and fees included. that'll save you hundreds. get two lines of unlimited data for a hundred dollars. that's right. two lines. a hundred bucks. all in. and now, the brand new samsung galaxy s8 is here. so what are you waiting for? get the new galaxy s8. plus get 2 lines of unlimted data for a hundred bucks. taxes and fees included. only at t-mobile. i count on my dell small for tech advice. with one phone call, i get products that suit my needs and i get back to business. ♪ ♪ >>> welcome back, everybody. today's top story, president trump abruptly firing fbi director james comey. the pr

project generate over $109 billion annually in economic benefits and generate over $34 billion in revenue to the united states treasury. unfortunately, like most of our infrastructure, our water resources are aging and in great need of repair and upgrades. recognizing this need, the last two congresses have worked to authorize new projects and create reforms to provide more funding, federal funding, and also private investing, something we could don't not too long ago. today's hearing will explain the benefits of our water resources provide to local and national economies and examine the continued needs that must be met so that the u.s. can remain globery competitive and provide jobs and other local benefits at home. in oklahoma, we know these benefits first handle. with ports along the mcclellan kerr arkansas 1/2 nation system connecting oklahoma with the mississippi rif and with the rest of the world, and over 220 army corps of engineers in our state, our citizens know the impact of our many water resource projects through cheaper goods, cheaper electricity, jobs, flood protection, and many recreational opportunitie

treasury notes. that's down recently as the prices have been dropping and the yields generally have been rising. there is also a vix for a lot of different commodities, even a gold vix which has been declining as gold has been rallying, although, recently, it's been up as gold has dropped a little bit. there is a crude oil vix which is at the high for the year. this is telling us, traders are expecting oil to bounce around in the next 30 days. i think that's an important one to watch. there is a volatility index for several currencies the eurodollar the dollar yen, a dollar a british pound. you can see the euro volatility index drop notably in april. that was on the french elections. by the way, in recent years, there have been volatility indexes for sing him stocks, not many, only five, amazon, apple, goldman sachs, google and ibm have their own vexs. believe it or not, it's quite volatile in march and moved up lately, in late march when it moved out of the trading range. remember something, you can move up or down when buying a lot of puts and calls as well. now, there is two points i want to