the world is moving very, very glacially towards normalizing policy, but until you get other centralanks to start to move, our tenure rates are going to stay low. jonathan: are we going to see the two-year yield doing all the lifting? >> possibly. there's a lot of focus on the fed, but the point he was just making is that it's part of the global market environment. it is not just the u.s. yield curve flattening. global yield curves are flattening. while we are very interested in the shift in the language and the future balance sheet runoff, the rest of the world is still far behind and the pace of that change will be very glacial. we can anticipate at this some point. right now, for the short-term, the term premium is under incredible pressure because of the combination of negative interest rates and ongoing aggressive qe between the boj and the fed, which is going to be less and start unwind it. the effect of that is a huge dampening on that term premium. jonathan: can you get a treasury market that decouples from the global bond market? >> there's two things happening. we live in a

the pace of that change will be glacial.e can anticipate that at some point this should be about bringing term premium back into the market. for now the term premium is under incredible pressure because of the combination of negative interest rates and ongoing, aggressive qe in the ecb at boj -- and boj. you are still in an environment where the effect of that is a huge dampening on the term premium. jonathan: can you get -- >> no. we live in a global world. we live in this demographic where the rest of the world is aging faster. , everybody in the marketplace are going to the place where you get the best risk-adjusted yield. rate is of risk free the u.s. >> we need to reconcile two more things, the dollar, what happens if we get a flat yield curve? what will happen with the dollar? in europe they will be removing accommodation in the long and, but not anything on the front-end. we used to use as the slope of the yield curve in the u.s. and make an assumption about the state of the economy. how will the fed, and will the mar

but it is a glacial pace.y will taper down and probably start announcing it somewhere closer to september. then you start reducing, tapering again in the beginning of the year and then wait and do the deposit rate after that. it is going to be super slow. people don't really appreciate even if you taper down, $60 billion a month out of the market is huge. maybe you move at $40 billion a month in the beginning of the year, depending on where that core inflation number get to. jonathan: is it the ecb moving? rick: >> for a number of reasons, the fed has edible window to move. absolutely. if you said to me, there is a lot of talk about issuing long debt the u.s. what is more important today is where these other central banks go. jonathan: to wrap it up and answer some short, sharp questions. behind the curve, or too far ahead? for the federal reserve. >> behind the curve. jonathan: behind the curve european high-yield or u.s. , high-yield? rick: u.s. high-yield. jonathan: long europe or south africa? tableau long

retreat and glacial national park same glacial start melting glacial parkway and after the end of thelast ice age. that is true, but you continued, it has been a consistent melt. in fact data released last month by the u.s. geological survey scientist to work for you show that glaciers in the park have shrunk by 40% in the past 50 years. we are not seen a consistent melt. were melting is dramatically accelerated. concerned that the secretary of the interior and charge of our nation's publicly is unclear. we had this in your confirmation hearing. i'm concerned about whether you are clear about the magnitude of forming that is occurring in the backing out of the paris agreement. i know money not a time. can you tell me how much warming government scientists predict for the end of this century under business as usual scenario? >> will the paris record, and the president my's judgment wasn't about climate change it's not a bad deal. we spent $3 billion, 1 billion in cash. >> i know were out of time, can you just answer my question. can you tell me how much warming government scientists pr

that could create a glacial pace of work in the senate in a body that's already pretty slow. among the techniques they may employ, preventing committees from conducting routine business, and even stopping committees from extending their hearings when the senate is in session. the goal here would be to force republicans to open the debate on the health care bill which at this point's been doing behind closed doors. all democrats and quite a few republicans have yet to see what is in this bill despite the fact that republican leadership has promised a vote before the fourth of july holiday. on sunday on "state of the union," senator bernie sanders, an independent but who caucuses with the democrats, endorsed this move. >> i am in favor of the american people and members of congress doing everything that we can to defeat that horrific piece of legislation that will hurt tens and tens of millions of people in our country. what kind of process is it that when you deal with an issue that impacts tens of millions of people any country republicans don't even have the guts to allow it

crews are being careful handling containers filled with glacial acid. >> primary hazardous flammable.>> they say the liquid is used to clean machinery. they evacuated a cal tran yard when the liquid spilled on that on ramp. they quickly blocked storm drains, preventing the acid from roadways. >> one tote is completely empty. so we're estimating about 500 gallons, 300 of which we estimate went into the soil where the container landed. the rest remarijuained inside t shipping container. >> reporter: the chp says the driver was taken to the hospital with minorer injuries. the cause of the incident is under investigation. while crews work to transport a liquid from unstable totes to a more secure vessel. nearly 5,000 gallons of acid, along with the contaminated soil will be taken away before the on ramps can be reopened? the chp is hoping to have the on ramp open and it may continue into the morning commute. one lane may be closed in the morning so crews can come in and remove contaminated soil along the roadway. >>> looks like a long night ahead. we have new video in this evening. candle

when they could create that capacity and opera glacial lies it really depends on what the requirements north korea imposes on their systems, how reliable does it need to be, 50%, 75%, 99% like u.s. and chinese systems, or russian systems. that's an open question and that's why it's difficult to project a timeline within real fidelity but assuming they want something that is at least as reliable as successful most of the time you can define most as you wish, but i think you'd see at least a dozen flight tests with 75% of them being support successful then they would be operationally viable in my view, granted it would be under a more relaxed criteria. that could occur in 2020 at the very earliest, 2021 is more likely date, assuming everything went well for them. it could stretch out even further but it might be good for emergency use, say if they are being attacked by 2020. the third option they have was to use this to solid propellant technology. it's one thing to make solid rocket motors the size that you see in the k and 11 and kagan 15. but it's quite another thing to build a 25, 30

you talked about glacial retreating. quote, glacials started meting right after the end of the last ice age. that is true, but you continue it has been a consistent melt. in fact data released last month by the u.s. geological survey scientists who work for you, show that glaciers in parks have shrunk by 40% in the last 50 years. so we are not seeing a consistent melt. our melting is dramatically accelerating. i'm concerned that our secretary of the interior who's in charge of our nation's public lands is unclear. and we had this in your confirmation hearing. i'm concerned about whether you are clear about the magnitude of warming that is occurring and the backing out of the paris agreement -- i know i'm running out of time. can you tell me how much warming government scientists predict in a business as usual scenario? >> well, the paris accord and the president in my judgment, it wasn't about climate change. it was about a bad deal. we spent $3 billion, $1 billion in cash -- >> i know we're out of time, so can you just

that would create a glacial pace of work in the senate in a body that is actually already pretty slowo force republicans to open debate on the health care bill which at this point has been done behind closed doors. all democrats, even some republicans have yet to see what is in this new bill, despite the fact that republican leadership is promised to vote before the july 4th holiday. this morning on "state of the union" senator bernie sanders, an independent but caucuses with the testimodemocrats endorsed t move. take a listen. >> we have an insane process, insane. here you have legislation which deals with one-sixth of the american economy, that's the health care situation, and there are republicans who haven't even seen this legislation, and certainly no member in the democratic caucus has. what kind of process is it that when you deal with an issue that impacts tens of millions of people in this country, republicans don't even have the guts to allow it to go to a committee, where we can have an open hearing, where questions could be asked. >> this is by no means a done keel though.

but as long as the process is alive, very glacial progress, i think the markets could live with that.> all right. >> greg valliere appreciate you joining us extra early here on a monday. >> thanks for joining us. i'm christine romans. >> i'm dave briggs. "new day" starts right now. [ sirens ] >> there was sirens everywhere. people screaming, the glasses smashing. >> it's time to say enough is enough. when it comes to taking on extremism and terrorism, things need to change. >> people just kept running down the street. like this one girl saying that they're stabbing everyone. >> we will never let them win, nor will we allow them to cower our city or londoners. >> this bloodshed must end. this bloodshed will end. >> i don't think that the major terrorist attack like this is a time to criticize a mayor. >> don't continue to call for this travel ban, which in many ways might actually incite more incidents. >> i will do what is necessary to prevent this threat from spreading to our shores. >> this is "new day," with chris cuomo and alisyn camerota. >> good morning. welcome to your "new day

that would create a glacial pace of work in this senate and that's a body that doesn't work very fastes they may employ, stopping committees from meeting or extending their hearings when the senate is in session. and the goal here would be to force republicans to open the debate on the health care bill which at this point, as you pointed out, has been done mainly lined clomain ly behind closed doors. all democrats, even some republicans, have yet to see what's in this bill. despite that, the democratic leadership has vowed to vote before the july 4th holiday. caucuses for the democrats endorse this morpve. >> we have an insane process. insane. here you have legislation which deals with one-sixth of the american economy. that's the health care situation. and there are republicans who haven't even seen this legislation, and certainly no member in the democratic caucus has. what kind of process is it that when you deal with an issue that affects tens of millions of people in this country, republicans don't even have the guts to allow it to go to a committee where we can have an open hear

that could keep nominees from the trump administration getting confirmed and confirm a glacial pace oflow. among the techniques, preventing committees from conducting routine business, even stopping committees from having extended hearings when the senate is in session. the goal would be to force republicans to open debate on the health care bill which at this point is done behind closed doors. all democrats and some republicans have yet to see what is in the new bill despite republican leadership promised a vote before the july 4th holiday. this morning on "state of the union" senator bernie sanders, an independent, but caucuses with the democrats enforced this move. >> jake, i think that the democrats of the congress can do everything possible, a, to defeat that legislation, which is, again, to my mind unspeakable. how do you throw 23 million people off of health insurance and the same piece of legislation give tax breaks to the wealthiest folks in this country? that has got to be defeated but second of all as you indicated we have an insane process, insane. here you have legislation

if he stood on the same spot 20,000 years earlier, he would have been buried under 2,000 feet of glacial ice. the first ipcc report in 1990 sounding the alarm over global warning gives us practical experience with its climate odeling. actual global temperatures are now well below the lowest of the forecasts that the ipcc made 27 years actual global temperatures are . 20 years before that the and census warned pollution was about to trigger another ice age. the fact is the current state of science is a long way from understanding the intricate natural forces and interrelationships in global let -- climate ology. as perhaps why many prominent and restricted climatologists continue to challenge and debate claims that despite 97% of the scientists agree and despite calls to silence them as heretics. as a fable of the emperor's new clothes illustrates, nothing is more menacing to a flawed consensus than a single dissenter. thanks to our politically incorrect president, the united states has just stepped forward from the crowd and pointed out the obvious. the paris accord points the way to a f

spaeth calls "glacial." he declined to be interviewed on camera, but he shared email exchanges with us detailing his efforts to get the fda to act. spaeth says he suspected contamination, but his first inquiry went unanswered. when he emailed again asking if the lack of response was a lack of interest, he was referred to the fda's hotline for adverse reactions called medwatch. spaeth had tried the line, been transferred and put on hold before being disconnected, twice. five weeks later he was still frustrated. "will you tell me what your plans are?," he wrote. "i have 20 very worried patients and little to offer them." among the officials spaeth was writing to was daniel fabricant, then head of the fda's division of dietary supplements. >> we took that information. while it was helpful, it didn't make the whole case. we had to make the case at fda and we did, and removed the product successfully. >> narrator: one of his biggest complaints is the amount of time it took just to get somebody to call him back. h

it is a glacial phenomenon but it is corrosive on the british economy.rlet: george magnus will be sticking with us and discussing china, whether the country is headed toward a banking crisis. from new york, this is bloomberg. ♪ scarlet: what did you miss yeah ? china risks harming its banking system. still with us is george magnus. china watchers have been warning about the dead burden for years -- the debt burden for years. you say china is that is funded. china's debt is funded. mr. magnus: can it get much bigger? or what level does gdp become critical? these things don't basically spell crisis. particularly not in a state owned banking system where bad loans can be extended. it they can be evergreen. the accounting regulations can be very opaque. so that bad debt doesn't necessarily have to be recognized or accounted for. so on and so forth. if you think back to the crisis that we had in the u.s. and u.k. 2008,rope in 2007 and basically, what precipitated the crisis wasn't necessarily the debt stock itself, but the banks suddenly dried up. we had leve

you talked about glacial retreat in glacier national park, -- saying the glacier started melting right after the end of the last ice age. that is true, but you continued, it has been a consistent melt. data released last month by the u.s. geological survey, who works for you, show glaciers in the park have reduced by 30% -- 40% in the last 50 years. we are not seeing a consistent melts, where melt is dramatically accelerating. our secretary of the interior who is in charge of our nation's public lands is unclear. i'm concerned about whether you are clear about the magnitude of warming that is occurring. backing-out of the paris agreement -- i know i'm running out of time -- can you tell me how much warming government scientists at it for the end of this century under a business as usual scenario? secretary zinke: the paris president andhe my judgment, it was about a bad deal. we spent three dollars billion -- $3 billion -- senator franken: can you tell me how much government scientists predict under a business as usual scenario question mark -- question mark -- ? you said we have to go

around and talk to people, individuals, business representatives and others, i find that actually the glacialajority of opinion here in the u.k. now the decision was taken, the public was given theire choice, they chose to leave theh european union. both have a government that gets on with it and delivers a gooddn deal. how i would respond for all those who voted to remain and i voted to remain in effect now we must make sure we get the negotiations right. we get the good free trade agreement, continued cooperation of a deep and special partnership with the e.u., but also take this opportunity ofcan brexit, new trade deals around the rest of the world, seeing how we can build a more prosperous, stronger and fairer. we can do that because i believa in britain and i believe in the british people. [applause] >> just over a year ago when you were a remain are an david cameron got this wrong and resigned.otd you got it wrong and remade to become prime minister. he said remaining in tied to european union makes us more prosperous. yesterday you said brexit makes us more prosperous. where you had on

appropriation hearing last week we had it exchange with my minnesota colleague and you talked about glacial retreating, glacier national park same quote glaciers start melting, glacier park right after the end of the last ice age. that is true, but you continued, it has been a consistent melts. in fact, data released last month by the us geological survey of scientists who work for you show glaciers in the park of shrunk by 40% in just the last 50 years, so we are not seeing a consistent melts. we are melting aster medically accelerated. i'm concerned that our secretary of the interior in charge of our nation's public land is unclear and we had this in your confirmation hearing. i'm concerned about whether you are clear about the magnitude of warming that is occurring and the backing out on the paris agreement. i know i'm running out of time. can you tell me how much warming government scientists predict for the end of this century under a business as usual scenario? .. given all, predict a range can you say we are to go the science. that's what you said during the early part of this hearin

the bond market a janet yellen fade are moving glacially slow everyone cut rates going into recision with the exception of australia. they then had to reverse after raising rates, then cut again because they went back into a double dip or slowdown the only three that different, the bank of england, federal receive and trcentral bank of hg kong the yellen fed is cognizant of that inflation expectations have come way in if you look at the gauge of inflation, it's at lowest level in a year and a half if you look at the ism, down 8 points month over month. so fed inflation expectations are low now. stock market is saying corporate earnings have been much better than expected. they continued to do well. pmi reports look fairly decent, healthy. so the economic back drop is constructive >> so you're saying both markets could be right at the same time. it's not that the bond market is signaling -- >> you are long equities at this point? >> i'm long equities >> steven? >> i always have equities in my portfolio. i'm a bit overweight bonds i've been grabbing yield, i think that's a good alterna