. >> >> federal reserve chairman will testify before the house financial services committee on monetary policy and the state of the u.s. economy live wednesday at 10:00 a.m. eastern. then live thursday at :30 a.m. eastern, the nomination of mark millie for chair of the joint chiefs of staff. watch live on c-span3, c-span.org or listen with the free c-span radio app. and we take you live now to the u.s. house of representatives on the legislative agenda day, several bills dealing with financial regulation. the speaker pro tempore: the house will be in order. the chair lays before the house a communication from the speaker. the clerk: the speaker's rooms, washington, d.c. july 9, 2019. i hereby appoint the honorable william lacy clay to act as speaker pro tempore on this day . signed, nancy pelosi, speaker of the house of representatives. the speaker pro tempore: the prayer will be offered by our chaplain, father conroy. chaplain conroy:: let us pray. loving and gracious god, we give you thanks for giving us another day. as the members of this assembly return from days away celebrating ou

to your role in the house financial services committee.amar you be asking questions about facebook plans for libra. what you going to that hearing wanting to find out question mark what you want to know from mr. marcus? rep. davidson: a lot of people have concerns about facebook's filtering of content. at the core of that is they've have a lot of your data and a lot of privacy concerns. -- the they are proposed way they have proposed libra is they have a central authority on top of this in the form of a nonprofit. but can that entity or the wallet they have proposed filter transactions in a way that facebook is already shown to filter content. that makes people uneasy. what will they do with this data? how they safeguard it? because they proposed evaluation of a coin called a stable point, they inherently have to have a central authority. will it ever be really decentralized? in a stableit is point that is a synthetic currency comprised of five currencies truly be stable. you have variances among the currencies. of this ismuch cryptocurren

to outltline the negatives of the u economy beforee thehe house financial services committee saying trade tensions. and the strength of the global economy continue to weigh on economic outlook sam and fat piece of reports. the rain pelteted not mince his words in testimony to the house financial services committee in washington where he delivered a speech to congressman. it appears that uncertainties around trade tensions and concerns about the strength of the global economy. continued to weigh on the u. s. economic outlook. one of the us job market is performing well for the moment powell also pointed to brexit and aggressive trade policies with china as threats to the us economy. many investors have interpreted pals comments as a sure sign of future cuts to interest rates. such a move would fully weeks of intense criticism of the federal reserve from president donald trump who accuses the central bank of slowing down growth. we had a fad that would lower interest rate. would be like a rocket yeah. but what a lot of a dress that it's unnecessary but we don't have the fed that knows what

i've got to get to fed chair powell, testifying before the house financial services committee later thisng. congressman wriggleman, a member of that committee, is with us now. congressman, i think you are going to see an explosion from the left. aoc, rashida tlaib, maxine waters, they are all going to be questioning him on climate change and socialism and the evils of capitalism. you've just got to sit there and take it all in, right? >> i think he's probably going to fire back. i think vice-chairman quarles already said the fed's job is to regulate banks. my question for people, first i want to tell you i love clean water as a republican. i love clean air. i think, though, if we try to use rules and regulations, you know, for climate change or the fed to become sort of the climate change sort of power broker, i think it's going to put us behind other countries like china and russia. why would we do this? let's do what we are supposed to do. there's three ss. it's really about staafety, soundness and systemic risk. climate change is not part of what the fed does. i think it's ridiculous

on the index, but of course, and narrative today was all about testifying with the house financial services committeeinvestors pretty much focused there, but we are not done just yet. chairman tomorrow, powell testifying in the senate. not to mention that we get ecb minutes and u.s. inflation numbers. we are seeing u.s. futures unchanged. let's see how we are setting up for the markets in asia. sophie: asian stocks are set to broadly track wall street gains, they areigher even as one of her broad trade battle with japan. the benchmark edges closer to a fresh all-time high. checking in on currencies with the u.s. dollar on the back foot. the one holding on to overnight gains and the kiwi dollar is steady. it was one of the top performers overnight. check out the aussie loonie pair, holding that a nine-year low. all: thanks very much. let's check in on the first word news now. >> the european commission is cutting its eurozone growth and inflation projections for next year strengthening the ecb's case for further stimulus, releasing its latest quarterly forecast, the eu's executive arm trims 2020 expec

. >> federal reserve chairman jerome powell will testify before the house financial services committeeonetary policy and the state of the u.s. economy. by wednesday at 10:00 a.m. eastern and live at 2:30 p.m. house subcommittee hearing on the treatment of immigrant children at the u.s. mexico border. witnesses include and asylum-seekers from guatemala and live on thursday morning at 9:30 a.m. eastern the senator armed service committee will consider the nomination of army general mark millie for chairman of the joint chiefs of staff. watch all three hearings live on c-span 3 online at c-span.org or listen with the free c-span radio app. >> this is bill hoagland, the bipartisan policy center here to talk about the effect of debt on the federal budget in the next many years. thank you for giving us your time. >> glad to be here. >> looking out 30 years, what is the potential when it comes to the debt in united states? >> the total amount of debt

on c-span3 at 10:00 a.m., the house financial services committee see hears from jerome powell -- on monetary policy. at 2:30 p.m., house oversight subcommittee examines the conditions of migrant children in federal facilities and of the u.s. mexico border. next, the oral argument in a case challenging the affordable care act. specifically the legality of the individual mandate, which requires all americans to have health concerns. the

on c-span three at 10:00, the house financial services committee hears from federal reserve chair jerome powell, on monetary policy. p.m., the house oversight subcommittee examines the conditions of u.s. migrant facilities near the mex go border. faller,vy admiral craig the united states other drugnd, testifies and interdiction

emily: coming up, the chair of the house financial services committee maxine waters says facebook ceok zuckerberg should testify to congress on the crypto play libra. we hear from her next. we are live streaming on twitter. check us out there. this is bloomberg. ♪ emily: welcome back to "the best of bloomberg technology." i am emily chang. earlier, we heard from senator john warner of virginia on his questions to david marcus. the cryptocurrency plan was also the focus of a house committee meeting wednesday, chaired by democrat maxine waters. kevin cirilli caught up with her after that hearing. congresswoman waters: marcus came here today at our request to tell us what libra is and what colibra is, and what they are planning and all those questions we asked them. i think he skirted some of the most significant questions. we knew nothing about what they were doing and how they were doing it, and so he did not answer the question. he tried to skirt that i talking about how they were going to take time. how they were going to give consideration to all the questions, et cetera, and ensure

on c-span3 at 10:00, the house financial services committee years from federal reserve chairman jerome powell on monetary policy. later at 2:30 p.m., the house oversight subcommittee examines the conditions of migrant children in facilities at the u.s./mexico border. "q&a," formert on new york city police deputy inspector corey put these talks about his book "once a cop." >> when i was young, i grew up on welfare, a family of 6, five girls and myself. my father left after the third grade. in my book, i have a picture of me in the fifth grade. i'm sitting indian style in the front holding my feet, because i had holes in the bottom of my shoes. i had cardboard so my socks would not get what. i had a rough upbringing. i got involved in the streets. i met some friends and they were selling drugs. >> sunday night at 8:00 p.m. announcer: next, the oral argument in a case challenging the affordable care act. pacifically, the legality of the individual mandate, which requires all americans to have health insurance. the fifth circuit court of appeals in new orleans heard from lawyers on opposin

heads to capitol hill today later this morning he's going to be testifying before the house financial services committees is the first day of two days of testimony so what do investors want to hear joining me now is dan beru, chief investment officer at palisade capital management. dan, it seems like everyone is expecting that we are going to get a quarter of a point drop in interest rates when the federal reserve meets at the end of the month. is there anything that jay powell can say today to sort of change investor sentiment? >> i think that if he -- well, he's got to do a quarter point because it's so, so much expected i actually think he's got a good indication that there's a further quarter of a point drop in rates on a going forward basis as more of an insurance measure against what's likely a continuing weakening backdrop on a global basis and i think that's what he's got to contend with. you have german bunds now with a negative 30 basis point yield. i think everything is relative from an interest rate standpoint the united states looks like a deal. >>> slowing economic growth tends to be somet

tomorrow facebook will face another round of questioning over libra, this time from the house financial services committee. >> the day that turned all of america into science and space nerds is being celebrateed today. >> the day we launch add rocket whose mission was to put a man on the moon. >> liftoff, we have a liftoff. today crowds gathered at the kennedy space sent tore relive history, 50 years ago cheering at the exact moment apollo 11 left the launch pad, launch pad president a. a saturn five rocket carried neil armstrong, buzz aldrin and michael collins. it is one of mankind's greatest achievements. when it returned to earth the bay area's uss hornet played an important role plucking them from the ocean. >> it was exciting to watch the fireball and have the rocket coming down next to us. we had the best seats in the world. >> we have a section on our website including photo gallery, timeline, interviews key players, kpix.com/apollo 11. tonight norah o'donnell with anchor a primetime special, man on the moon, beginning at 10:00 p.m. on kpix5. >> up next, our original report. >> it is possible to g

ncicap.org] >> and the house coming in, getting down to legislative work after the fourth of july recess, taking up seven bills this afternoon. all from the financial services committee, including a whistleblower protection bill. also, the house has announced they'll vote friday on the 9/11 victim compensation fund bill which passed by the judiciary committee unanimously last month by voice vote. and tomorrow, the house will -- $733 k on the $7 3 defense appropriations bill. the senate passed their version. $750 billion measure. votes in the house this evening at 6:30 eastern. they'll be here shortly. live coverage on c-span.

capitol hill, it's day number 24 facebook's david marcus in front of lawmakers, the house financial services committeend chairman seen waters. partners too enlist expand its reach, like mastercard, paypal, visa, uber, lift, and spot a five. facebook is apparently trying to create a new global financial system that is intended to rival the u.s. dollar. this venture is slated to be based in switzerland, which has a history of being a monetary haven for criminals and shady corporations. facebook's plans raise serious and securityng monetary policy concerns, not over 2 billion users who will have immediate access to these products, but also for consumers, investors, and the global economy. in addition, facebook has libre tokens being backed by government currencies and government guaranteed securities, holding them in a so-called libre reserve to be governed by facebook and its partners. ownership of government assets on such a massive scale, without proper oversight, threatens to concentrate government influence in the hands of a few elites. if facebook's plans come to fruition, the company and its partn

right to edward lawrence the embargoed news. >> federal reserve chairman will tell the house financial services committeevestment slowed second quarter kwa will tell committee since last fed meeting interceptor over trade and concerns about the slowing global economy weighs on u.s. economy that inflation pressures will look muted going forward, now the fed estimates that inflation is running about 1.5% for pce about 1.6% core pce he says the fed will carefully monitor inflation, and outside risk to the u.s. economy powell morningsed specifically trade development federal debt ceiling he brexit has possible issues that need to be resolved to fix uncertainty in this market many acknowledge several members fomc case for more accommodative monetary policy forward testimony focuses on inflation crosscurrents in the economy you can being see walking a line in testimony where there is the case, to keep the rates, exactly where it is also a case to see that the rate could be cut, the federal reserve chairman is clearly walking that line maneuvering very divided federal reserve. maria: edward we are parsing throu

you are watching the house financial services committee hearing. david markets in the hot seat. -- david marcus in the hot seat. you can keep watching using the bloomberg function alive go and follow around for analysis on our live blog. we will return to the hearing shortly. first we want to check in on how europe is faring. a couple of seconds left in the days trading. it is red across the board. indices and all of the european countries are lower. .3%, the cac 40 down .8% and the ftse 100 down .6% as well. plenty of reasons for this drop. we are seeing yields drop as well. let's get the some of the individual stocks moving markets. the maker of dialysis machines is one of the biggest drivers on the dax. trying out one of its new dialysis machines. dialysis is a massive industry in the united states. if cvs were able to provide these machines, that would adversely affect the other companies. one of the luxury stocks higher after burberry reported -- most analysts, the luxury stocks are doing well. 100,ial brands in the ftse even though the index

. >>> coming up the representative and house financial services committee chair maxine waters will join me live just after this break also ahead >>> coming up, iac chairman barry diller on the streaming wars regulating big tech what media merges could be coming >>> plus, with all the streaming services being launched, a look at who's best positioned to survive. >>> and the trump administration plans to overhaul kidney care. who is bound to benefit the you most most this is "the exchange" on cnbc to improve short-term memory. prevagen. healthier brain. better life. ...or trips to mars. $4.95. delivery drones or the latest phones. $4.95. no matter what you trade, at fidelity it's just $4.95 per online u.s. equity trade. no matter what you trade, at fidelity wanna take your xfi now you can with xfi advantage. giving you enhanced performance and protection. when devices are connected to your home's wifi, they're protected. helping keep outsiders from getting inside. and if someone tries, we'll let you know. so you can stream, surf and game all you want, with confidence you can get coverage

i followed parts of your testimony before the house financial services committee yesterday, and notedhat you are asked whether you intend to serve out the entirety of your term, and you said that you definitely are intending to do that. i for 1 am glad to hear that that is your conclusion, in part because i think it is important the fed remain insulated from political pressure, but i also want to say or the record that i think you've done an outstanding job. i would remind my colleagues on the date you were sworn in, the fed funds rate was still on a real basis very close to zero. we had an enormous balance sheet. we had not yet exited the extremely abnormal monetary policy we had pursued for about a decade. i think that was a very dangerous experiment, and the unwind of that had no roadmap. there was no precedent. we had never experienced this before. the central banks in other parts of the world were not in the process of normalizing. so you had to figure out a way to do that because i think you believed that it was important to normalize. about doing that, and we went about doing s

powell will be testifying before the house financial services committee, and we get the minutes of the's latest meeting. well.ppi and cpi data as thursday, the ecb publishing the account of its june meeting. iain stealey, looking out to next week, chairman powell taking center stage. what do you want to hear? the big question is what he makes of the jobs report and what he thinks that does for the fed later in july. will it to turn the fed from easing policy? i don't think they will. they have been clear this is the way they are going, seeing a slowdown in growth momentum, easing policy. that he is sign looking to walk some of that that will be picked up on quickly by the bond market. noelle: powell in the june meeting, the market thought he was dovish, despite the hard data not being that bad. she mentioned that we will see how the data plays out. it has been mixed too surprising to the upside, especially after today. inflation will be based on his commentary in the meeting , what we will be watching for next week. inflation will be more of a focus. growth not so much, just like it wa

ncicap.org] >> and the house coming in, getting down to legislative work after the fourth of july recess, taking up seven bills this afternoon. all from the financial services committee, including a whistleblower protection bill. also, the house has announced they'll vote friday on the 9/11 victim compensation fund bill which passed by the judiciary committee unanimously last month by voice vote. and tomorrow, the house will -- $733 k on the $7 3 defense appropriations bill. the senate passed their version. $750 billion measure. votes in the house this evening at 6:30 eastern. they'll be here shortly. live coverage on c-span. the speaker pro tempore: the chair will postponefurther proceedings today on motions to suspend the rules on which a recorded vote and the the yeas and nays are ordered are ordered or votes object jeggetted to under clause 6 of rule 20. the house will resume proceedings on postponed questions at a later time. for what purpose does the gentlewoman from california seek recognition? ms. waters: mr. speaker, i move the house suspend the rules and pass the bill h.r. 1988, the protect affordable mortgages for veterans act of 2019 as amended. the speak

including the president, the fed chairman and the house of the house financial services committee. here is senator brown from ohio asking an official from facebook, given your company's record, why should we trust you? >> your biggest problem is that people don't trust you so what am i to take from this? >> that we need to continue working very hard to ensure that we are deserving of trust. >> david marcus will run the libra project for facebook. he said the company will take time to get it right. but many in congress and indeed all over america don't trust facebook's ability to protect customers and private. facebook will face another hearing tomorrow. >>> today marks 50 years since the apollo 11 launch. >> on july 16th, 1969, nasa rocketed three men from the surface of the earth toward the moon. but it wasn't as easy as nasa simply building a rocket and heading into space. astronaut michael collins found himself sitting on top of one million gallons of rocket fuel next to neil armstrong and buzz aldrin. >> i get nervous easily and i seem like a suitable occasion to be nervous. >>

. >> the house financial services committee working on a seven year reauthorization the administration has not made their own proposal but is that a better climate? i understand there is more certainty but is that a better climate for companies to use xm financing quick. >> i heard loud and clear the world is looking for certainty so the longer reauthorization is a good thing. >> the house is looking at a charter for the trade rep secretary of commerce with temporary voting board members. i would assume you don't want those proposals but would you agree if the bank maintained that quorum then xm could have supported an additional 30000 jobs each year. >> a quorum is very important. >> that's not my question do you think we would've had that over the last four years we would have seen at least 130,000 jobs each of those years quick. >> given what is in the pipeline i assume of what has been approved supporting jobs i also know we lost $1 billion of applications over the past four years because the bank is not fully functional. >> is that multiple billions dollars would have been tens of

. >> on a separate lnote, pow was asked by maxine waters, chair of the house financial services committee he thought president trump could fire him. >> mr. chairman, if you got a all from the president today or today and tomorro he said, i'm firing you, pack up, it is time to go, what would you do? >> well, of course i would not do that. >> i can't hear you. >> well, my answer would beo. >> and you would not pack up and you would not leave? >> no, ma'am. >> because you think the wesident doesn't have the authority, is tha you would not leave? >> i have -- i've kind of said what i -- what i've intended to say on the subject, and what have said is that the law clearly gives me a four-year term and i fully tntend serve it. >> stocks and bonds both liked the message from powell on thet k for interest rates. we will see if it continues that message in testimony before the senate tomorrow. for "nightly business report", i'm steve liesman. >>> and as sue mentioned, investors did indeed like the fed chief's message, especially early in the trading day when all three major iexes hit intraday highs

tomorrow, he will go before the house financial services committee. republicans and democrats alike have questioned whether it's good idea for facebook to have its own currency. >>> a california court on monday slashed a damages award in a case involving monsanto roundup weed killer. the judge said the $75 million in punitive damages exceeded federal guidelines and reduced it to a $20 million. 07-year-old plaintiff will receive an additional $5 million for emotional distress and pain and suffering. in march a jury said it was likely he developed nonhodgekins lymphoma because of the weed killer. that's the cbs money watch report. for more head to cbs money watch.com i am marc liverman. >>> all right. it's 4:45. as we check our forecast. foggy he to start. >> a big difference. the fog is back across the bay as well as the coast. patchy drizzle. let's show you a live look with the sales force tower camera. it's cool site. this is looking west. see the almost full moon as well as fog. temperatrein the 50s to low 60s. 63 for you in concord. oakland 59 as w

pushes markets higher around the world let's 1st take a listen to what he told the house financial services committee on wednesday it appears that uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the u.s. economic outlook. fed watchers took that expression of concern as a clear and long anticipated signal in fed speak that the u.s. central bank will cut interest rates when the board of governors meets later this month u.s. stock markets rose on reports of powles testimony with the s. and p. an expert king $500.00 index breaking $3000.00 during its delivery before falling back in other markets gold jumped by as much as $15.00 an ounce in london while in the oil sector both brant and rose by 3 percent in early trading on wednesday. we are now fortunate to be joining for a deep dive into this market moving development and its meaning for the global economy by peter c.e.o. of euro pacific capital and richard wolffe professor emeritus of economics at the university of massachusetts amherst 1st let's just get each of your to your takes on the ne

the house financial services committee grilling the head of the project on wednesday most expressingshould be allowed to create their own currency. >> my question is, why should we trust facebook to do these activities? >> i think trust is essential and it's clear we've made mistakes, i believe we're owning the mistakes. >> some are pushing back on more regulations claiming the free market should decide. >> some politicians want us to live in a permission based society. you have to come to government before you can think about innovating. >> facebook seidlin practice won't launch into a framework is in place but it is based in switzerland and would have to win approval there. >> everyone is talking about libra. we have concerns. >> maxine waters is working on a deal banning companies from their own currency. >>> an east bay swim coach accused of child pornography. >> we're encouraging the public if they believe they have been a victim to contact the police. >> the young man has been fired at the wave water park in dublin. good evening. neighbors saw police swarm the suspect's home an

. >> federal reserve chairman jerome powell will testify before the house financial services committee on monetarily policy and the state of the u.s. economy live wednesday at 10:00 a.m. eastern. and live at 2:30 p.m., a house subcommittee hearing on the treatment of immigrant children at the u.s.-mexico border. witnesses include an asylum seeker from guatemala. and live at 9:30 eastern. the senate armed services committee will consider the nomination of mark milly for chairman of the joint chiefs of staff. watch all three hearings live on scrmbings span 3, online at -- c-span 3, online at c-span.org r listen with the c-span app >> there's been discussion of an appearance before congress. any testimony from this office would not go beyond our report. it contains our findings and analysis and the reasons for the decisions we made. we chose those words carefully and the work speaks for itself. and the report is my testimony. i would not provide information beyond that which is already public in any appearance before congress. >> former special counsel robert mueller is set to appear befo

. >> federal reserve chairman jerome powell will testify before the house financial services committee on monetarily policy and the state of the u.s. committee. live today at 10:00 a.m. eastern. and live at 2:30 p.m., a house subcommittee hearing on the treatment of immigrant children at the u.s.-mexico border. witnesses include an asylum seeker from guatemala. and live on thursday morning, the senate armed services committee will considering the nomination of mark millie for chairman of the joint chiefs of staff. watch all three hearings live on c-span 3. online on c-span.org or listen with the c-span radio app. >> next, a discussion with oscar munoz, c.e.o. of united airlines. mr. munoz was a guest at the bipartisan policy center where he talk about his leadership style and how united views his global role. he also talks about the heart attack he suffered shortly after starting with united. this is 45 minutes. >> welcome, everyone to what i was just informed the 1th installment of our series on leadership. some of you have been with us before and as you've seen from some of these ses

at: 30 eastern time. 10:00 this one in front of the house financial services committee. kansas city fair president -- fed president esther george. at 2:00 -- after the belt, ibm releases its quarter earnings. earnings, they reported their second-quarter earnings and joining us is a bank of america shareholder walter, the greenwood capital cio and allison williams, bloomberg intelligent senior analyst. let's come back to that interest thing. the chief financial officer said it is up year-over-year in the recent downturn was in the long end of the curve. that's what's been hurting but they think that stabilized. >> that is similar to some pressure at wells fargo in terms of looking at reinvestment yields, some of the bigger portfolios these banks have. i think like everyone we are waiting to hear what the guidance will be on the analyst call. that management deferred to answer on the media call that may signal it's going to be negative. it may signal there will be complexity there. what we've seen with the other just thet, not guidance, but what you baking and. how much wi

. >>> our live couverage continue tomorrow when jerome powell testifies before the house financial services committee. he'll answer questions about u.s. monetary policy and the state of the economy. watch live wednesday morning at 10:00 eastern. >>> and on thursday, the senate armed services committee will hold a hearing on the nomination of general mark millie to be the next chair of the joint chiefs of staff. the committee will also -- reappoint him to the grade of general. that's live thursday 9:30 eastern on c-span3. all our live coverage is also available online at c-span.org or listen live on the free c-span radio app. >>> there has been discussion about an appearance before congress. any testimony from this office would not go beyond our report. it contains our findings and analysis and the reasons for the decisions we made. we chose those words carefully and the work speaks for itself. and the report is my testimony. i would not provide information beyond that which is already public in any appearance before congress. >> former special counsel robert mueller is set to appear before two commit

the house oversight ashley house intelligence committee and the house financial services committee -- house intelligence committee and the house initial services committee one that case, but it is going through the appeals process. we should get a ruling in the next couple of months. it is unlikely the challenge would go to the supreme court, but as of now, the president will lose that case. there is a separate one for maize are partial usa -- maizar 's usa. they also won that case and it is going through the appeals process. it looks like house democrats are on solid legal ground in requesting this information, but right now, we are waiting for it to go through the court system. host: the caller talked about who he hopes will testify before the house judiciary and intelligence committee. here is a running list of who has testified on the russia investigation. on the judiciary committee, since 20, we have heard from ,eff sessions, rod rosenstein christopher wray and rod rosenstein testified together, matt whitaker testified in february of 2019. hope picks testified behind closed doors

powell's released testimony to the house financial services committee.t is the bond market worth watching. you have yields backing up over in germany seven basis points. the curve steeper in the u.s. by two basis points. currency markets go nowhere. michael mckee joins us from washington with the latest. no promises, but a strong hint of a rate cut in the testimony. chairman powell will tell house members that many of his foreagues saw the case somewhat more accommodative monetary policy at their june , based and "since then on incoming data and other developments, it appears uncertainties around trade tensions and concerns about the strength of the global economy continue to weigh on the u.s. global economic outlook. inflation pressures remain muted." it is a short statement. " we areds, prepared to adjust any of the details for completing balance sheet normalization." inflation is running below the best symmetric 2% target and the economy is stealing with trade tensions and slowing global growth with the debt ceiling and brexit on the horizon. tradent

with 60 members of the house financial services committee we could be looking at three hours when you testimony and q&a so whoever is watching, pull up a chair and put up your feet and get a coffee and get ready to hear what he has to say. paul: that will fly by. thanks for joining us. be pouring over data as they wait for jerome powell. highlighting a full slate. let's bring in garfield reynolds. garfield: the china numbers are going to be front and center. a lot of words out there about china's economy. all the arsenal indicators that have been there for june and before have signals we could get a pretty ugly gdp print that is coming next week and if you think about the story that was highlighted earlier, talking about china's factories, so many foreigners want to get production out of china. i think the particulars, we have a chart here that brings that starker focus. the ppi is going to be very much in everybody's mind. that has been trending down sta. the ppi is going to be very and what is more, it has been breaking away from cpi. has partly been inflated by the swine flu epidem

again to be in the hot seat for the second day on capitol hill as many birds of the house financial services committee. that is after they face some tough questions yesterday. for members of the senate banking committee. good morning edward. >> very skeptical senators grilled ahead of culebra. both republican and democratic senators. and how it could launch this project with all of the problems the company has been having. >> the fake news extremism which one had you fixed? >> for instance senator the issue that happened there. >> have you fixed any of those? >> i think all of them will always require a great deal of work. their neck and use the expletive that they did. he went on to make the point that facebook cannot police itself so he has trouble trusting the company running on global currency. >> they only spent a hundred thousand dollars and they only ran 3,000 ads. that was a lie was in it? >> i'm sorry senator, i don't believe it was. later facebook admitted that actually the russian ad had reached 126 million people. >> i believe senator, the people who answer that question at that time answe

michael: wednesday the chairman sits down before the house and financial services committee -- before house financial services committee. for the last year, the president has been attacking the fed chair on twitter very often for raising interest rates, even though the rest of the fed is raising rates along with jay powell. a lot of people think this is because president wants a straw man to attack if the economy doesn't look good on election day. on december 24, 2018, donald trump tweeted, "the only problem our economy has is the fed. they don't have a feel for the market. they don't understand necessary trade wars were strong dollars or even democrat shutdowns for more borders." here's a chart that shows what's been happening with the economy if you talk to ceos. they stopped investing because of trade wars and uncertainty. you can see how ceo confidence and they since investment in blue have tracked each other very well. as companies got more worried about what would happen, they stopped spending. broughtthe one where he in the europeans on june 19. are you draghi just announced mo

on wednesday, fed chair jay powell testifying before the house financial services committee, and we gett minutes of the fed meeting. romaine: economic data next week includes germany, china cpi and ppi data. that is all for "what'd you miss?" bloomberg technology is coming up next in the u.s. joe: have a great evening. romaine: this is bloomberg. ♪ taylor: i'm taylor riggs in for emily chang. this is "bloomberg technology." americaob surprise as celebrates its birthday. we will tell you how the tech sector is faring. plus, the global demand slowdown hits samsung. the biggest producer of smartphones. what

. >> marcus will testify before the house financial services committee tomorrow. >>> huber and left areoing everything they can to fight the bill that will force them to treat their drivers as employees instead of contractors. the rideshare company pay their employees up to $100 to protest the bill in the rallying sacramento just last week. despite their efforts, state senate committees move the legislation forward, it's meant to improve wages and benefits for uber and lyft . they are willing to give workers a base wage and create a drivers organization. >>> the president is once again defending his racist tweets regarding for representatives, president trump spoke about the issue at the art of his cabinet meeting. >> it's up to them. whatever they want, they can stay. they should love our country. >> the house of representatives is vote today whether to condemn his comments and to one he told for representatives to go back to the countries where they came from, a bogen reports and the reactions. >>reporter: president trump defending his himself on twitter this morning being as direct a

don't miss live coverage later this morning of jay powell testifying in front of the house financial services committee all the developments right here on cnbc. are there questions? i hope some of those new people in the house -- >> i hope they ask se om questions. i love that. >> "squawk box" will be right back >>> final check on the markets now, after the comments were released, we turn from maybe down 30 or 40, now up 95 on the dow. solid on the s&p, up 11 or so. and the nasdaq indicated up 53 points or so not a whole lot of movement. we moved from 210 on the ten year 210 to below 2.05. quick look at the dollar maybe trade deficit today, it did fall off a level make sure you join us tomorrow, same crew will be here "squawk on the street" is next >>> it is what investors around the globe have been waiting for, fed chair jay powell set to testify on the hill today. the watch is on for more hints about future rate moves. that begins in about an hour good wednesday morning welcome to "squawk on the street." i'm carl quintanilla with jim cramer, david faber. futures got a bounce and yields did drop, seem

on c-span3 at 10:00 a.m., the house financial services committee see hears from jerome powell -- on monetary policy. at 2:30 p.m., house oversight subcommittee examines the conditions of migrant children in federal facilities and of the u.s. mexico border. next, the oral argument in a case challenging the affordable care act. specifically the legality of the individual mandate, which requires all americans to have health concerns. the fifth circuit court of appeals in new orleans heard from lawyers on opposing sides of the case. this is an hour and 45 minutes. you may proceed. thank your honor and may it please the court, i will be sharing my time with mr. letter from the house of representatives and dividing rebuttal time. to start with the issues raised in the court in the supplemental briefing order, we think the states were clearly injured by the judgment below and are aiming to appeal it. judge elrod: you might want to move the microphone. mr. siegel: after this supplement briefing all parts greed that this court has -- part parties have agreed that this court has appellate jurisdiction

marcus from facebook in front of the house financial services committee on the question of libra, the cryptocurrency being proposed by facebook. right from the beginning we had maxine waters say you are proposing something that would be a rival for the u.s. dollar, and what is worse, you are proposing it be put into switzerland, which has been a haven, she said, for criminals and risky corporations. it went on from there, with various congresspeople saying we are concerned about the power of the u.s. dollar, where you are busy lady getting around -- where you are basically getting around central bank control of monetary supply. how do we know that the privacy of the people using this will be protected given facebook's heritage and their track record with congress. you heard the congressman saying you promised me all of the information, you did not respond to me. how will you do with these issues? we heard we are concerned about the u.s. dollar and control, concern about who regulates this thing, and not at all sure we can trust facebook given its track record. i want to bring in bloom

facebook will face more questions about libra from the house financial services committee today. >>> abigail disney is on a mission. >> bob needs to understand he's an employee just the same as the people scrubbing gum off the sidewalk are employees, and they are entitled to all the same dignity and human rights that he is. >> the disney heiress calling out the ceo after going undercover at disneyland. the conditions she says made her livid. i didn't have to call 911.help. and i didn't have to come get you. because you didn't have another heart attack. not today. you took our conversation about your chronic coronary artery disease to heart. even with a stent procedure, your condition can get worse over time, and keep you at risk of blood clots. so you added xarelto®, to help keep you protected. xarelto®, when taken with low-dose aspirin, is proven to further reduce the risk of blood clots that can cause heart attack, stroke, or cardiovascular death in people with chronic cad. that's because while aspirin can help, it may not be enough to manage your risk of blood clots. in a clinical

as chairman of the house financial services committee as i was for three terms, my ipad was awash in reports saying are spending trajectory is unsustainable. it continues to be so. most policymakers agree, except they do not come together to do something about it. it is a fairly frightening come and ing-term think the chairman was wise to point it out because it has a huge impact upon their remit of full employment, in how they conduct monetary policy and every opportunity he has to bring it to the attention of those who are in control of fiscal policy, he ought to do it . it was a wise and smart thing to do. >> we haven't challenge on the debt. -- we have a challenge on the debt and a deficit cap. there could be severe ramifications. this is something chair powell revert to any said the fed cannot protect the economy if we start defaulting on debt. this is part of what he said. chair powell: we have always paid our bills and it must happen that congress raises the debt ceiling in time for that to happen. the consequences of failing to do so would be highly unpredictable and no one s

c-span2 senate continues work on judicial and executive nominations. 10:00, the house financial services committee hears from federal reserve chair jerome powell on monetary policy. 2:30 pm, the house oversight subcommittee examines the condition of migrant children in federal facilities near the u.s.-mexico border. an hour, former north dakota senator heidi heitkamp and jd shelton both board members of the one country project discussed the groups grassroots campaign to reinvigorate the democratic party's relationship with rural issues and voters. at 9:00 a.m., ohio congressman bill johnson, a member of the house budget committee, discusses federal spending and efforts to avoid another government shutdown. and at 9:30, emily martin of the national women's law discusses efforts to close the gender pay gap. ♪ host: political reporting that house speaker nancy pelosi will meet with steven mnuchin to discuss finding ways to avoid budget cuts and raise the debt limit as congress possibly faces another federal shutdown later this year if these issues are not resolved. this is the "washington journal" fo