joining us now, mark reagan and -- mark reagan and marty schenker. i want to start with d.c. what do you make of the rhetoric with north korea and russia and trump saying we're going to work on a new health care plan? marty: i think he is in a little bit of a bubble at mar-a-lago. outside of washington things may seem rosy to him but he's coming back to a completely divisive political environment. not only between democrats and republicans but within the republican party and some major issues are going to stand in the way of any bipartisan effort on health care or anything else. alix: what's going to be the top of the issues? act forhe dreamers instant. donald trump has said he's going to take care of these people. the conservatives in the house especially don't want anything to do with anything that smacks to them as amnesty and the democrats this is a major issue for them and they are going to the democrats to get to the debt ceiling and some of the other things that will keep the government running. there has to be some sort of concession. donald trump is going to have to m

and we are also joined by marty schenker. give us a sense of what is going on in the chamber.. republicans feel they have enough votes to get this done. representatives police just sent out the alert to members that the vote -- representatives scalise just sent out the alert to members that the boat is going to start. shery: how close is it to what president trump wanted? marty: he wanted a lower corporate rate, he got that. not as low as the 50% he wanted, but ultimately he will have a legislative victory of significance. you can't take that away from him. this is a monumental achievement. it was given a 50-50 chance a month ago, and it is about to happen. we want to go back to kevin cirilli who is there with a representative, who is a hawkish deficit guy. congressman, you are concerned about the deficit. what to say to folks who are concerned that this will grow the debt? >> if you look at the effect of the tax bill, will it pay for itself? you can go either way. if you ask the realistic question is emma will the economy and economic growth that comes from the agenda pay for

joining us are marty schenker and luigi zingales.ead and do it. marty: i am one of those people. carol: what do we do? marty: you really have to consult with your financial advisor, and even then, it is a crapshoot. state and local governments are trying to establish the rules that would fit under those irs guidelines, but they are really not sure whether that is going to cut muster with the irs. even if you pay and the state says it is ok, it is possible the irs can say no, so it is a crapshoot. carol: why isn't the irs being more clear? marty: they do not even have a commissioner. they have been handed this massive tax overhaul with a staff that is about 40% of what it was 10 years ago, and they have promulgate these rules and put them out within the next month. that in a holiday season is a very difficult thing to do, even if they were fully staffed. carol: the whole process has been rushed, to say the least. nejra: another thing to throw in the mix, a story on the bloomberg talking about how the tax overhaul might punish foreign

i'm carol massar along with marty schenker. and we are taking a look at diverging central-bank policy. several lines indicating what we are seeing that central banks along the world. top line here at the far end of the chart is the federal reserve. they're certain to raise interest rates and expectations for that policy movement to continue in 2018. european central bank and the -- actually the bank of japan and the european central bank pretty much unchanged and keeping out a very low policy. we are seeing some changes although as marty pointed out to me in the break we are starting to see central-bank starting to think about moving up. marty: in europe especially the foris starting to prepare retrenchment of their stimulus. carol: backing off the easy monetary policy. diverging policy a little bit. >> that has been a theme for the years because the fed started hiking rates long before the others were even contemplating the idea. they accelerated their expansionary policies when the fed was hiking. the biggest divergence is al

michael holland and marty schenker are with us.r not infrastructure spending out of washington. what would be the investment payoff? michael: the first thing people would do is look for the machinery companies and the commodity related companies who would benefit from this. look at any major companies, one name was ge. you cannot say that today but would have in the past. marty: i think donald trump is key to this in terms of whether we get infrastructure bill. if he calls in the democrat and republican leadership into the white house and says, i want this, work together. some evidence that is an effective strategy. mitch mcconnell in the senate has said the -- there is only things democrats support that will only work in the senate with the thin majority they have. nejra: you mentioned commodity , talking, michael about whether we will see gains in commodities in 2018 and the possibility hinges on president trump. michael: yes, we were talking about a continuation of the trends year-end. in commodities. as you see in the ftse. , a

shery: marty schenker david:, bloomberg's chief content officer.et's get a check on where markets stand. julie hyman is here with the latest. julie: we have a reversal of yesterday's momentum here. both with the dow which was going up and is now going down and the nasdaq. overall, it feels like a pause day in the rotation that we had been seeing as it reverses to some extent. i want to switch to another topic. i have found someone who might .e happy that is oil bowls, at least potentially. there appears to be speculation that if that does cause an and i could have an effect on oil supplies. that appears to be what is causing this leg up in oil prices. we have not confirmed that but the timing coincides as oil pitches higher by a -- by .5% and gets closer to $58 a barrel. something else is china's appetite for american oil. china but the most crude and more than two decades in october. record u.s. production. you see a chart of that here. that demand in china for u.s. oil. that isne hand, something that could underpin prices but could also play into

marty schenker and ira jersey, great to have you here. the final time janet yellen will presser.the fomc more on what the investors will be watching for next. this is bloomberg. ♪ >> this is bloomberg daybreak. i am emma chandra. toshiba have ended a lengthy legal baddie just legal battle that ended a deal. to auld derail this -- group led by bain capital. in return, toshiba will and claims against west digital that could cut the company off from his supply of products. looks like airbus left to find a new chief executive. will not renew his contract in may of 2019. this comes as airbus is struggling with a bribery investigation and falling demand with biggest plane. --di aramco is asking banks for the world's biggest share sell. according to people familiar, the oil giant hasn't told banks where it plans to list this shares. that is your bloomberg business flash. alix: thank you so much, emma. if fed hike is seen as a done deal today the fed meets but the question will be what it means for 2018. here's the chart we are good to show you a