mark: let's bring in kevin cirilli. of the actingg attorney general make the confirmation of jeff sessions more troubling? kevin: the republicans i'm speaking with on capitol hill suggests that gates was an ideologue and as they move forward, they would like to have someone in there who is able to carry out president trump's agenda. this has rallied republicans to push forward the notion that this is another reason why this confirmation needs to continue. democrats, despite their opposition, simply don't have the numbers to block these nominations. however, they have consistently risen concerns about them and they do continue to make their case. mark: it adds a new dimension as president trump, tonight, announces his nomination for the supreme court position. it definitely adds a new dimension and definitely, it raises concerns amongst republicans, including the top level staffers i'm speaking with, who tells me the executive action over the weekend potentially used to much political capital from the white house in orde

let's go to the white house where kevin cirilli and guy johnson are standing by.n studio is michael mckee. , let me start with you. the first press opportunity to see donald trump meeting with a leader, but theresa may has been in power for a while and has met with other foreign leaders. what will be different about this meeting? we want to know whether or not it will get hijacked by a completely separate issue. the british, i would suspect, are actually nervous about what is about to happen. has faced certain criticism about this trip, how quickly she has embraced donald trump, how quickly she has come here, the first foreign leader to visit the new president. it needs to go well. to be honest, this is different in terms of the other press conferences she has faced. i would say the risk is a little bit higher judging by the last 48 hours. david: we have used the term trade war over the last week. what are we looking at, what could happen here with mexico? basically talking about one country imposing trade sanctions on another and then the second country retaliati

we are joined by kevin cirilli.e talked about this morning is that there are two prominent buildings on pennsylvania avenue. one is the white house and the other is the capital. what are the issues with the affordable care act? what are the issues between the white house and congress? kevin: republicans would argue they need to repeal and replace is acare that where there vehement different is on the timeline for replacement. i have been speaking over the past several weeks with different offices here in washington, republican members. and there is a vision of some folks who would like to see an immediate replacement package implemented as soon as obama care is withdrawn. and there are others who would like to see a more piecemeal approach. thatspeaking with aids and is in paul ryan's office and what they tell me is that they anticipate there to be the next piecemeal approach sometime in mid february. they recognize that an entire repeal could prove politically toxic for midterm elections, especially in districts wh

tom: kevin cirilli and kevin logan with us during this hour.k," an important conversation with congresswoman waters from california. maxine waters, on the new president. this is bloomberg. ♪ francine: this is "bloomberg surveillance." let's get straight to turkey. turkey's central bank is raising its lending rate. they did not change interest rates. fromuest joins us istanbul. the problem is that the turkish central bank came saying -- the central bank keeps saying -- when will they hike interest rates? >> the central bank said that inflation expectation and other factors impacting inflation will be closely monitored, and it needed -- and if needed, further tightening will be done. as you just said, they have raised the overnight rate and the liquidity rates. for the liquidity rate, it went up from 10% to 11%, and almost 40% of the bank's funding comes from there. that was all expected. but it made interest rates unchanged. thank you so much. simin demokan. interest to be higher. coming up, we speak with a u.k. member of parliament. just a remi

vonnie: kevin cirilli will be live all day long from that gop retreat in philadelphia.ad, a look at the biggest market movers in the early u.s. session, including airline stocks taking off on positive earnings news. this is bloomberg. ♪ mark: live from london and new york. i am mark barton. vonnie: i am vonnie quinn. this is "bloomberg markets." it is time for the bloomberg business flash. crossing agroup says be 6% in the fourth quarter beat analyst estimates. -- crossing 86% in the fourth quarter, beating analyst estimates. up from one year ago. barclays has settled on dublin post-brexit. the bank plans to add about 150 staff there it you cave-based finance companies have access to the trading. they will strike a deal preserving london's access within the two-year negotiation period. the u.s. mortgage probe forays on the world bank of [indiscernible] point $8ake a three billion charge and fourth-quarter results as it moves to resolve the probe into sales of mortgage securities before the financial crisis. rbs has taken more than 7 billion dollars of provisions related

joining us now is kevin cirilli. what we looking for in that hearing today? kevin: i would imagine he is going to face questions about the reports that came out last night. tillerson will discuss russia and he will say that should russia behave inappropriately on issues like cyber meddling, the u.s. should hold them accountable. i spoke with transition sources inside this transition team last night as the story was breaking regarding the russia intel briefing and what they potentially have on trump. the mood inside trump world is that all these rumors were going on during the campaign and they are pushing back against the notion that trump could be blackmailed, simply arguing that there were plenty of harsh media reports and accounts throughout the campaign. how much more salacious could this quite really get for the president-elect? prepared. tillerson's testimony, which we looked at, does deal with the russian issues straight up. what does it say? kevin: that they need to be held accountable. what you will notice i

david: covering the inauguration are bloomberg's kevin cirilli, and michael mckee. want to go to you first. take us through the day -- what do we have to look forward to. how traditional is the ceremony? kevin: so far, so good, in terms of tradition. later this morning, president-elect trump will meet with president obama at the white house, where they, along with their respective wives, will have coffee. they will be joined by several leaders of congress, including house speaker paul ryan, senator mitch mcconnell, as well as vice president-elect pence. those people will break apart from the white house and head over here, and behind me on that podium, they will begin to make their way in, all leading up, of course, to when president-elect will take his oath of office, his swearing-in, and address the nation and the world. david: i see some slickers there. what is the weather like? is it raining? it is cold, and it is beginning to rain, but that is not stopped the thousands of people from around the country from being careful what they say is 18 or 19 months in the

our kevin cirilli on capitol hill. most different government, a most different administration. yet he needs to get bodies transitioned, if you will, quickly. what will mr. trump be doing not so much today but over the weekend to get ready for monday morning? kevin: executive orders, executive orders, executive orders. for weeks behind the scenes, the top transition officials have been working with people here in congress, in leadership offices, to craft the right message and political optics to how to get their agenda in motion. take a look at obamacare, repealing the affordable care act. how is he going to navigate that? --ping up the transportation ripping up the trans-pacific partnership. and then with regards to international foreign policy, look for him to make a big splash on issues with the iran deal as well as dealing with isis. that he will get upset democrats, including senator schumer of new york. how much will he upset republicans on the hill with this set of executive orders? i think on the issue of trade,

kevin cirilli will be from washington in our next hour.hina. let's get to the bloomberg first word news. taylor: obamacare is one step closer to repeal. senate appealed a budget resolution instructing congressional committees to start work on legislation for repealing the biggest portions of the affordable care act. republicans have not announced what they will replace it with. choice forp's secretary of china should be denied access to islands it built in the south china sea. chinese --ailure to the number two leader in hong kong has resigned. she will leave her position as chief secretary tomorrow, and there is speculation she may run for the top leadership post. hong kong is wracked by political turmoil. haspular tv executive decided not to run for a second term. in south korea, prosecutors are questioning the samsung vice chairman as a suspect in the big influence headline scandal that has led to the impeachment of the president. the focus could hurt his chances to succeed his father as head of the company. global news 24 hours a day,

tom: kevin cirilli, thank you so much.ings ,orrespondent is brian belski was again disappointed by the lowly vikings. can we just have a talk without politics? is it possible? ryan: i am -- : i am taking a deep breath because you completely -- i think that the issue he was just speaking about, in terms of are you fired , you're fired is the new mantra, the key thing is, who is the first cabinet member that leaves after they have been put in place? tom: let me cut to the chase. with the immense blur that we are dealing with, have you changed your investment view because of the cacophony we are dealing with? brian: that is an awesome word. no, because at the end of the day i am an investment strategist, not a policy strategist. take a look at where earnings are, where the economy is going to be, we continue to believe that we are in this massive market that is massively underground by the retail investor the last eight years. this has been all about institutional driving prices higher. we have the best companies in the world

let's go to bloomberg news reported kevin cirilli on capitol hill monitoring the report. kevin, what is the significance of the vote, and what happens now? kevin: this paves the way for republicans to take additional steps in order to continue to repeal obama care. procedurald a hurdle, similar to what the senate did earlier this week. this is where it gets interesting. there is disagreement among systolic and amongst -- about the timeline and how to offer an obamacare alternative. and the bight, issue is summoned publicans feel they should be a replacement already in place before we go ahead and repeal. how does that play into what happens next? kevin: i talked to some republicans like senator rand paul who argues there should be a full repeal with an immediate full replacement, but then i talk to other republicans, such as the vice chairman of the public and conference, represented doug collins, who argue there should be a full repeal, but wait a little bit, and implement portions of an alternative, because you look at polling amongst her publicans and amongst all americ

joe: kevin cirilli, thank you very much.mmittee vote on the bloomberg at live go. scarlet: the slow death of the shopping mall is hitting certain areas harder than others. what this means for the rust belt. this is bloomberg. ♪ ♪ joe: -- inrlet: the twists and turns the johnson & johnson takeover soccer, and recent u.s. political developments have put the health care industry and focus. i had of the earnings, let's take a look at the company. johnson & johnson is set to tentatively agree on a price to acquire a biotech company. a potential takeover of a tally on would allow -- the biotech company would allow cash flow for fiscal 2016. johnson & johnson's drug unit is one of the strongest among its peers. the white light as pharmaceuticals, which leads revenue growth. drove -- new drugs drove growth. pharmaceuticals are the largest business unit, making up 47% of sales. that is the orange pie. the medical devices division is being restructured. one third.ted momentum is building in the company's consumer health and devices un

that is kevin's a really -- kevin cirilli and eric martin.by president trump to washington -- this is bloomberg. ♪ ♪ david: this is "bloomberg markets." i am david gura. vonnie: i am vonnie quinn. presidentchs former gary cohn has just had a major payday. on cohn pay package is anders mcmillan. it sounds like a nice payday to us, but there is no saying that if he hadn't hung around a little longer at goldman sachs it wouldn't be longer when he did leave. >> exactly. this is not necessarily new money, these are awards that were outstanding that he was likely to earn if he stayed on and he is getting it up front instead. david: break it down, what are the component parts of this unprecedented -- did we see something similar back in 2006? anders: it is certainly not unprecedented. as an executive going into the administration you cannot hold these securities. there was about the vicinity of $60 million or $70 million of restricted shares that he had earned, but they had not yet invested or they infested, -- invested, but there were selling restr

kevin cirilli was talking about the festivities at 1600 pennsylvania avenue. must-read." great economic historians -- tom: he goes on to say -- sweeney with us from credit squeeze. we are talking about other things in the regression equation of trade. germany has done a great job at that, haven't they? james: yes. manufacturing productivity in all of the rich countries has been strong for many decades, so you need fewer workers to make more stuff. kind of simple. tom: here is germany up here at 70% of jobs in manufacturing. it used to between 7%. germany up at 17% of jobs in manufacturing. 27%.ed to be between we have to do something, don't we? james: we need to invest in more capital and more physical machines and factories, which may be good policy. i think the dollar can be a problem. at times when the dollar is too strong, we are not going to be investing. is it like industrial policy with japan coming out of the 1950's? james: there have been strong arguments for that. thatuestion is, in industrial policy, how far are you willing to go? are you doing prot

vonnie: our thanks to guy johnson and kevin cirilli. michael mckee in studio will be sticking around all day. david: fond traders got there first pay bump since 2012. we will discuss bankers' bonus bumps, next. this is bloomberg. ♪ vonnie: this is "bloomberg markets." david: a good time to be a rates trader on wall street, boosting the 2016 bonus pool by 20%. bank of america traders got increases of 10%. lydia beyoud. >> it is all connected to what's happening in trading. fixed income trading is great, doing wonderful. their revenues are rising, especially with u.s. banks seeing a better rate than european banks. we did talk about looking at the numbers at the end of the year, fixed income trading, revit is 20% for bank of america -- 20% for jpmorgan and 10% for bank of america. vonnie: are traders at jpmorgan better? >> who knows why one gets better revenues than the others. are a market leader and they have been expanding their market share. it is now 70% or 18% of the market. -- 70% or 18% of the market. -- 17% or 18% of the market.

tom: kevin cirilli, thank you so much.tors are now trading out the rhythms to track trump's tweets. he mentions a company and they sell. what if he says something nice about them? it is complicated. tom: it is, located to say the least, which means it is a good time to speak with richard haass with the council on foreign relations, who has been working diligently on a wonderful new ook, "a world in disarray." congratulations on a world on disarray, looking at the crisis of the old order. when you finish up this book, were you rewriting -- were you writing a new book? richard: when i have people read the first draft of the book, several people said you are awfully negative. by the time the book came out, no one was saying that anymore. tom: i want to go to a quote in the back of your book which is absolutely fabulous. it is amazing, ambassador, how you got out front of the great american debate. i am going to butcher my latin here. is that the ultimate risk here, that we have an executive branch that will do its own thing?

scarlet: kevin cirilli, thank you.ks forward to meeting theresa may in washington in the spring. still ahead, the commodities close. a look at oil prices down 3.4%. that is dragging energy shares lower as well. coming up, david hunt. this is bloomberg. ♪ >> from bloomberg world headquarters in midtown manhattan, i am scarlet fu. markets are closing in new york. abigail: a lot of action for the market. the lco global commodities, we see all of the action. redenergy, we see a lot of metals. pretty mixed, overall, the bloomberg commodity indexes down 1%. more of a drag as opposed to a boost from various commodities. winners, wef the look at gold. hitting levels last seen six weeks ago. the red we saw, oil is down sharply at session lows, down about percent right now after the count did show it rose for the 10th week in a row, all of us happening around the opec supply cut, suggesting production is rising. that dynamic certainly weighing in the price of oil and oil is weighing in on some companies including exxon, chevron,

kevin cirilli is joining us from bloomberg politics in washington.ted moments ago -- i do not know what that top tweet says. before that it was won by his "great job, ig, want them to be themselves." "i want them to be themselves and express their own thoughts, not mine." kevin cirilli, help me with what we will see on january 28. i am not a clue. -- i have not a clue. you are the inside guy. will it be mr. tillerson or mr. trump? kevin: it will start at the top with mr. trump. you saw some wiggle room on key , whether key positions it is the trans-pacific partnership. rex tillerson, in terms of his global economic policy, indicated that he was supportive of tpp, unlike president-elect trump. and then on other issues, we heard from a wide ranging cabinet of appointees, like senator jeff sessions. record, heok at his is more aligned with supporting specific mergers and acquisitions. with at&t and time warner in the pipeline, that is another signal of a different approach from trump. tom: help me with the sunday talk shows. -- dohey look back to the we

the following statement -- joining us from outside trump tower with the latest is bloomberg's kevin cirillis very harsh in his criticism, as the meeting, and then sobers up a little bit. what was your take on this? kevin: this was a somber statement, saying he had " constructive" meeting. he also doubled down that there was no impact on the election results as a result of russian meddling in the political system. i would also note in the statement he did not place blame on anyone particular country, while he did mention both russia and china specifically. he did not assign blame for a scribe a motivation to either of those actors. of course, in his statement, he also noted he will be creating a cyber security task force designed with creating a prescription to combat cyber attacks within the first 90 days after he takes office on january 20. when we look at the statement, that it did not have a material outcome on the election -- is that his assessment of the information, or is he communicating to us what intelligence officials told him? his tophat is what advisers and his spokesperson have

vonnie: kevin cirilli reporting from the white house, thank you.we saw, resident trump tweeted last night that they would be a big day on national security. among many other things, we will build the wall. for more on trump's plans, let's handed over to david gura. david: thank you. we are joined by michael mccaul, representing the 10th district in congress. great to have you. we see the emphasis with the exclamation mark on building the wall from the present of the united states. to share his enthusiasm,, smith? jarvis min: we have tried to get the border secure for the 12 years i have been in congress -- congressman: we have try to get the border secure for the top years i have been in congress and the question is, what will it look like and how will it be paid for? the executive order, as i understand it, basically calls upon the congress to authorize dnd find the implement -- fun the implementation of the wall. i had conversations with homeland security and it will involve many things, in addition to him brick-and-mortar wall, it would include

scarlet: that was bob menendez speaking with kevin cirilli. kevin, as a confirmation hearing has gathered steam and continued through the day, what is the number one lesson we learned from steven mnuchin on his economic policy views? we learned friendly, his views are much more in line with traditional center-right business conservative orthodoxy than i think many in the new k street business community here in washington were looking to see. henceforth, i think this is a positive sign if you are, again, in that center-right thoughts -- thought process. he interprets president-elect donald trump's positions to be much more in line with what we have seen in the past, whether it is on issues like tax reform, repealing portions of dodd-frank, or looking to tweak title ii of dodd-frank, in terms of not codifying what he argues is too big to fail. what we saw here is on domestic issues he will work with the congress, and already has behind closed doors in looking to crack that agenda. internationally, when you take a step back, he is going to look to

or the latest details, let's go to the white house where kevin cirilli and guy johnson are standing byio is michael mckee. say, the first question will probably be about mexico. the prime minister wanted it to be about them, but this news

kevin cirilli, can the trump white house make the new cycle today about the u.k. ? kevin: i think that is the goal, but when you look at it in terms that presidentek trump has had come it has been rocked by a series of communication missteps. yesterday in philadelphia, it really should have been a home run in terms of messaging. everything was overshadowed by pain and the a tell -- by president nieto's cancellation of the meeting. he had to insert a line into the speech to cancel -- to address the cancellation. so a lot of moving parts. as a result of the delayed schedule, he had to back executive orders that were signed. the question comes, will he have to sign those executive orders this morning or later today. so many moving parts in the president's first week in office. guy: what does he need out of the meeting today? what is success for donald trump's meeting with the british prime minister? kevin: he needs it to go smoothly without any political hiccups. the global stage to look at this, for market leaders to look at this, to say that he had this meeting, it

kevin cirilli, thank you. on the real estate of a transitional washington.ks his farewell address. he will do that in his chicago. look for that speech at 9:00 p.m. new york time. this is bloomberg. ♪ tom: "bloomberg surveillance." good morning, everyone. francine lacqua in london. i am tom keene, joining her as well. marvin barth with some dollar dynamics right now he is with barclays. bring up the chart in new york, if you would. this is the bloomberg dxy index, which is pretty elegant. without brutal move 18 months ago and that new leg up right now. is this about weaker currencies, or is it simply about a trump reflation with a stronger dollar? marvin: it is more of the latter, but you cannot discount the former part of it. the key issue seems to have been yields driving this. you can see that particularly versus thepanese yen euro, and there is this -- tom: the history is shock comes out of nowhere. we never see it coming. we have been talking about butterflies come of, that, and the other thing. where is your butterfly out there right now? marvin: i thi

washington correspondent, kevin cirilli. tony dwyer, do you care about any of this?n bay packers, new york giants analysis. what it creates, and this is what iron people to look at. when you get a dislocation in the market, volatility in the market associate with a tweet, that offers an opportunity until the yield curve inverts and credit shuts down. any meaningful weakness that comes from an event, a tweet, you want to use it not to accumulate stocks. when we talk about the upper-class versus the middle and lower classes, the consumer confidence numbers have been off the charts lately. the biggest uptake is happening to $50,00024,000 earners. we have to not forget that capitalism is creating capital. if you do not create capital -- to make the case that you do not want a friendly wall street guy means that you do not want capitalism. what has been so bad about the last eight years in terms of economic growth is that regulatory backdrop and the fighting of capitalism has really hurt creating jobs for the middle class. tom: tony dwyer with us here. we will get back to

kevin cirilli, bloomberg, washington. us, alexis.is going to be a long couple of weeks of confirmation hearings. the democrats plan to make a real show out of it, they cannot stop any of the confirmations. they don't have the numbers. is it a distraction for wall street? the global wall street? i'm not sure it is a distraction. i think people are not questioning the fact that donald trump will start on the 20th of june. a review is on the fact that we are a little more cautious on u.s. equities for other reasons because we think a lot of good news is pricing in the markets. we think protectionism is probably the major risk that not many people talk about, more than the political risk currently. we keep bumping up against doubt 20,000, not quite crossing the line. do you think the trunk euphoria that we saw -- is that stimulus money already priced in an protectionism, angola is what is holding us back? alexis: definitely in some sectors. if you look at infrastructure linked sectors like trucking, steel, you see huge rallies coming bac

. >>> jonathan capehart, kevin cirilli reporter for bloomberg politics. jonathan, your take on the news we're reporting conif irming that jared cushner will become a senior adviser to the president serving basically side by side with steve ban nononbannon, and priebus the chief of staff. what do you make of the news? >> the best way to understand the role that jared cushner will play in president trump's white house is to look at his area in the obama administration, if it's the same in the obama administration as it is in the trump administration, then jared cushner can look to valerie jarrett, who is the senior adviser to the president, she has been with president obama from the very beginning of the first term, in fact, she is also the best friend of both the president and the first lady being the person who has known the two of them since before barack obama even got into politics. so now you fast forward and look at the role that jared cushner could play in the trump administration. you have a person who will become the president's son-in-law, someon

following one of our top stories, for more on capitol hill, we are joined by kevin cirilli. sessions does not get confirmed? kevin: no, i don't think there is a chance the democrats can block them. they're going to try to characterize him and bring up some of the previous racially charged statements he made. sessions is going to drive home the point that he is going to be able to unify the country from the law and order perspective. we did see in his opening statements and i'm interested in what anthony has to say on this, anything about the potential mergers about trump has come out with. at&t and time warner being the big one about front. well behind the scenes as over in washington, and a meeting with paul ryan and his guys and the representatives from trumps team last night, who was there and what did they discuss? kevin: top advisers from trump world huddle together, including steven mnuchin and gary cohn and steve bannon. they huddled with folks like other topas well as republican lawmakers to talk tax reform. i spoke with one of the sources directly in the room, who t

kevin cirilli joins us from washington. the most troublesome nominees -- which ones are that? n: you have to start off by talking about rex tillerson, the secretary of state. of course, a lot of democrats are uneasy about his previous ties to russia, and of course the backdrop meaning what happened on friday with the intel report. he is also facing tough questions from certain republicans, most notably senator john mccain and senator lindsey graham. they have a lot of questions about his ties to russia. look for that. another one is steven mnuchin. he will face a lot of criticism from democrats for his previous dealings with one west bank several years ago. the democrats are going to try to paint him as someone who is out of touch with the more progressive, populist politics, someone who is more in line with big financial institutions rather than the middle class. the bottom line is that democrats face a really tough, tough battle. the folks i am talking with on capitol hill think all these appointees will go through. jon: there is the division between republicans and democrats

kevin cirilli, help me here. why was everyone so surprised? this is something that president trump talked about as a candidate. kevin: just hours before president trump announced the executive orders, he signaled that perhaps he would rely on on core policy issues. no one saw this coming. the top republican members in congress tell me that there was a tepid response at best in this, andupport for clearly it is going to dramatically shape the legislative agenda and their ability to pass other reforms here in congress in conjunction with president trump's agenda, and that is what everyone is talking about this morning. david: one cabinet member, the head of the department of homeland security, general kelly, reportedly was on an airplane and saw a video, and backed off with the green card revision. is this a retrenchment on the order? kevin: there is no other way to look at this as a retrenchment. nor is there another way to look response hashe been fast not only from democrats but also business leaders in silicon valley. virtually every democrat

scarlet: joining us is bloomberg politics reporter kevin cirilli.eric martin. an executiveas order unlike the action taken yesterday, which was a memorandum in which the president ordered the construction of the mexican wall. what needs to be done by congress to move this forward? kevin: this was campaign rhetoric repackaged in the executive branch, and now the ball moves to congress, where top republican leadership including paul ryan are already meeting with advisers on how to move the president's agenda into a budget. of course, the bottom line is there is no agreement in terms of what exactly this bolstering of border security will look like, how big exactly the wall will be and how high, or whether it will take various iterations with fencing and drone items. the bottom line is this -- there are several different ways according to officials that this could be crafted, including as part of an economic stimulus plan that the president has been pushing, particularly on infrastructure. a lot underway and a lot that will continue. legislative agenda

we need to make sure that we -- vonnie: that was congresswoman maxine waters with kevin cirilli per hel. kevin, thank you for that. let's move to something that donald trump, the president, i announced this morning, that he would be talking about his supreme court pick next week. we are going to know who it is next week. kevin: yes, and of course he is going to have to pick several names. he put out during the campaign trail a list of conservative picks that he could potentially pick. obviously a lot of conservatives are going to be watching to see whether or not he sticks with that list of some of the picks on the supreme court. it again, fulfilling a campaign promise that he espoused during the campaign season. wonder the degree to which this is going to be collaborative. the senate majority leader earlier today saying that he has been asked to come to the white house, that the chair of the senate judiciary committee will be meeting with the president as well. to the democrats hold out optimism? kevin: they are not. i believe the democrats will do everything they can to block the --i

kevin cirilli in washington giving us some important context. ceo john thain will join us from the consumer electronics show in las vegas. they will discuss their newly announced joint venture. and more on breaking breaking news, meredith expressing interest of urging with time inc.. 4%,es of time inc. jumping meredith also reacting as well. this is bloomberg. this is bloomberg. ♪ scarlet: this is "bloomberg markets." i'm scarlet fu. oliver: i'm oliver renick. merited it is said to have expressed interest in merging with time inc. the board is expected to meet later this month to discuss options. alex sherman just broke the story and he joins us. moving markets with that story. why the reaction? the stock has moved up quite a bit on the speculation but people are getting excited about this. bethe time board will meeting this month to discuss what it wants to do. bit was background, a already in place at the time and rejected. that was a couple months ago. and $20.between $18 now the time the board has to decide, do we want to sell the company or

we can us through what expect is kevin cirilli at trump tower. great happy with us.t is on the agenda? willat we expect is trump meet with top u.s. intelligence officials. it comes following yesterday's capitol hill briefing in which some within trump's party questioned the russian meddling in the u.s. government response to it in the election. trump tweeting he was disappointed that president obama received a copy of the intelligence briefing regarding russia that trump is said to not only received today at gover with top intelligence officials. this is the first meeting with fbi director james comey, who of course played a central role in the u.s. election. jonathan: i will let you go. freezing. david: it looks cold. donald trump may be the most active president-elect in u.s. history and still with us is the man in charge of keeping up with him. tom barrack is also in charge of organizing the trump inauguration. tell us what we will see. tom barrack: you will feature the to america. this president-elect said simple thections, this is for people and by the people an

picking up the pieces in washington, kevin cirilli.was over on nbc talking about how we run out of we run out of be nouns, verbs, adjectives. what is the language senator mcconnell of kentucky will do to instruct mr. trump on washington? >> i think this is the new normal. the communication strategy we saw over the weekend on the sunday shows and with the press and what we will see later this afternoon is going to be a continuation of the same combative press strategy against the media we saw on the campaign trail. tom: what about the legislature? forget about the media. i don't feel sorry for you. you are only working for hours a day. tell me about the reaction from leaders in the house and leadership in the senate, guys like senator mcconnell. how do they adapt and adjust? >> at 9:00 this morning, the white house will be meeting with economico talk about trade policy in manufacturing. he will end the day meeting with paul ryan. when you look at early legislative actions, which as i said last week are just political photo opportunities

kevin cirilli. joins us tannenbaum from ceo of 5th street. in 107 countries, all of them domestic.ave the dollar at a one-year low. in the truck rally or reversal -- trump rally or reversal? savings will not be stable. he says the dollar may be a certain way if savings are stable, that is not possible. you have had zero interest rates a you could get money in your savings account. you could on money. ameritrade can earn because they can charge a fee. financials are doing better. savings and investment get stronger and people put money in the bank, things change. economy slows. we traded little bit better are investing and saving rather than spending so much. you have an offset to a lot of the things he talked about. interest rates will go up. rents are rising. it is reported about consistently. i think 2.9%. they are a major component of inflation. what else is happening? you have costs raising above the 2% target. about there rising, 2% target, as it happens, what happens? interest rates go up. savings happen. and things change, especially for our sector, financials. alix: how do

abigail: joining me today for options insights is kevin cirilli. ons. kevin: you have seen a lot of this happening with volatility being so low and muted. why would you not hedge the books for the limited upside without the downside? more interesting is that the hedging is happening in this sector. look at the industrials etf, we saw three point six times the amount of puts being traded in calls, which is telling, because the up -- implied volatility of the sector and the overall market is about 11.5 and people are starting to protect themselves because that sector is fairly highly valued right now relative to the other sectors in valuation. interesting. what about the financials? i know you are talking about seeing dispersion there. what's interesting about that is that people are playing it through the xls and that's not a great way to play it. berkshire hathaway is the largest holding in it, 11% versus goldman sachs, which is about 3%. you don't want that, you want to pure play the trades. the best way to tell? look at what has happened since the

vonnie: let me go to kevin cirilli on capitol hill. we are getting word from the department of homeland security, the chiefs saying that the trump ."der is "not a ban on muslims john kelly saying foreign partners will have 60 days to cooperate. those are fighting words. in congress, the fight has escalated on the part of democrats because of donald trump's firing the acting ag. what is the latest on that? >> in terms of the immigration temporary travel ban, of course, republicans are consistently staying behind president trump but they are privately voicing concerns for the rollout. earlier today, house speaker paul ryan is admitting that there was a botched rollout regarding the temporary ban. in terms of the nomination fights, there has been quite a moment of surprise percent republicans on the senate finance committee when democrats boycotted the committee approval of both tom price as well as steven mnuchin. this caused finance committee chairman orrin hatch, a republican, off guard. he referred to his colleagues in colorful words.

kevin cirilli reporting from the white house.g that won't happen next week is a meeting of the president of the united states and mexico and the 20% tariff is the reality and not anyone is sure of that. let's bring out the two-day chart. the dollar is mixed. so the peso selling off and then rolled over and essentially what you've ended up is dollar peso the last couple days is dead flat with a weaker peso on the market. the market has already adjusted. the high for this was 22. the intraday high on january 11. the move has been 15% since the election. we've had an aggressive move. is that enough? let's bring in our london analyst. if you look at the situation with the peso, how do you look at it, have you had the adjustment, and these conversations are just kind of on the margin? guest: i think for sure we had a sizable adjustment. but i'm not sure however we have actually seen the worse of it. let's don't forget about aside from these discussions and meetings and the potential building of the wall, we also have the potential ren

joining us now is kevin cirilli. nding the nomination of mike pompeo as there was around some of the other nominees for cabinets? kevin: he did face tough questions about russia's meddling into the u.s. election, but by all accounts, mike pompeo is said to be confirmed later tonight by the senate. here he one of the first of a few appointees who are scheduled to be appointed. the other is rex tillerson, the former exxon ceo, picking up key support from republican senators who democrats hoped to flip. most notably, senator marco rubio and senator lindsey graham, a florida and south carolina respectively. scarlet: does this mean that marco rubio will be backing trumps other picks, or was this specific to rex tillerson? do we have any sense of that? tell you there are a lot of republicans within the trump administration who are breathing a collective sigh of relief. they viewed tillerson's nomination as one of the most contentious, if you will, particularly because of his business ties with russia, and as a result, peopl

kevin cirilli is in philadelphia today and michael mckee joins us on set in new york. awaiting the arrival of president trump in philadelphia. what will he say to his colleagues? kevin: president trump is going to try to put together an image of unity within the republican party, arguing he has the political clout to get through the key agenda items that he would like to see pass through this congress on a variety of issues ranging from trade to the regulatory policy on the economy as well as the environment, immigration policy, all of which are busy getting allocated on the calendar. before -- this all comes when he will talk tomorrow in a press conference with theresa may. and ill address lawmakers am told she will also give a leadership senior regarding her speech on trade agreement with the u.s. and the latest development on brexit. vonnie: it seems like we are picking up steam when it comes to negotiation said talks. we are -- expecting an executive order sometime in the afternoon. an executivect order on voter fraud. the allegations the president has made that the

he has been there all day answering questions -- kevin cirilli is standing by with elizabeth warren. vin: thank you. i'm joined by senator elizabeth warren. thank you for being here. you've been talking a lot about conflict of interest, particularly with president-elect trump's cabinet appointees. ease any ofough to your concerns about potential conflict of interest between the drum -- the trump organization? senator warren: he did not. we need to have him divest. he needs to get rid of his business interests and put them in a blind trust. that means there will be someone independent who buys, sells, runs the business operation. not someone he sits down to dinner with come about someone he can look over their shoulder. not someone you can do a little elbow and wink. focusedhis attention 100% on what is good for the american people. kevin: you don't bite when his attorney just said it would be impractical to have a blind trust? senator warren: people do this all the time. they set it up because they have changed positions in this world. this is not a democrat versus republican -- this

scarlet: kevin cirilli joining us from capitol hill, and oliver, manage and would have interest in 43st 43 companies to avoid conflict. ♪ oliver: i'm oliver renick. scarlet: i'm scarlet fu. welcome to "bloomberg markets." ♪ oliver: we are live from bloomberg world headquarters in new york for the next hour straight we will become a stories in san francisco, chicago, and london. just one hour of trading left for the week, and u.s. stocks are bouncing around, almost unchanged, may be positive. the s&p heading for its second straight weekly decline, if we continue at this pace. is the trump rally about to run out of steam? the chief economic advisor tells us what the market needs to see details and needs to see them soon. wells fargo, have they turned the corner after their faulty accounts sacndcandal? the bank is also cutting costs. we are about one hour away from the close of trading, let's get a check on the markets. we are looking at mixed trading action for the major averages in the u.s. we are looking at the dow trading down slightly, s&p 500 is still moderately higher but well off

cirilli. do we have any details of what happened in that meeting echo ? kevinhis second meeting with donald trump since the election. they talk about renegotiating the price of air force one. he came down the elevator from trump tower and addressed reporters. mr. trump is doing a great job of engaging with business. together, we are working through simple find the requirements and streamlining the process and applying commercial best practices. that will reap financial cost reduction. i appreciate the teamwork approach on this. is again arly, this reader's asian from -- reader eiterate- reader -- it speaks to a broader issue which is the way the contracts are gold out in washington. -- doled out in washington. kevin: it's the battle between boeing and lockheed martin. trump has also battled with lockheed martin in particular for a 2001 contract for their fighter jet program. contract $379 billion to deliver 3000 jets. only 200 of those jets have been delivered as of january. trump and the sources i'm speaking with inside of the trump transition team feel they h