guy: is the mci sticking north of 60? guest: i think so.coming down with refinery demand. even the flooding on the mississippi river and so forth. spreads blew out the 20. with opec holding the line, i think all looks good. big targete next date when we see those sanction waivers come due. the saudis didn't seem but they are in any hurry to cut production. they got fooled in november. goodnk things look pretty for the next several weeks. guy: tim, thank you very much indeed. limitedolland from tjm joining us from the cme. power," "balance of followed by "the european close." this is bloomberg. >> from bloomberg world headquarters, i am david westin, welcome to balance of power. today, from washington on president trump's visit with top ceos. and e.u. summit and prime minister may's plea for more time. and greg farrell on bob mueller's expectation. let us start in washington. the president is going to the business roundtable to sit with the ceos. they said they do not think it is going the right direction. kevin: president trump when he deli

i know a little about it because i was in the private sector back then and then i represented mci which was kind of the wild west trying to get in the market at the time. so now, you fast forward to today, where you're not seeing that kind of vigorous enforcement and mostly, a lot of the cases that are brought, including the recent at&t time warner case, a little bit in the news yesterday. [laughter] >> we can maybe get to in a moment, but you see courts striking things down, not just that, but more and more conservative justices who are not upholding, in my mind, the tradition of the anti-trust laws. so, what you see then, for consumers, is you don't see the kind of lower prices you'd see if you had competition. you also don't see innovation and that is something that people don't always think about, but, in fact, it was adam smith, when you go back to the founding of this country, when he talked about american capitalism, right, the father of capitalism, he always talked about monopolies and how dangerous monopolies were and why you needed a counter balance to monopolies and as you go

target allocation, current allocation, and 70/30 allocation, which is 70% equity and represented by mci and 30% bond represented by barclay's ag. we represented the distribution using what's called vox technique, using five numbers. so we look in the top, you see the fifth percentile, then the first quarter, then you see the median number, third quartile, and then bottom 5% or 9th percentile, so gives you an idea of the dispersion, not just the mean expectations, because this is just one number we wanted to represent the distribution of expected returns or forecasted returns for each asset class. so if you look at the rows, these are the expected distributions with medians that are divided by napc and also the volatility. you will see the largest dispersion is around private equity, lodged dispersion, lodged variability of returns. also the median is fairly high. you will see the medians are low, but aspersion is also much lower for treasuries and absolute return. so the core takeaway here is you will see the dispersion of our portfolio, the target portfolio, and current portfolio, pret

snap back tariffs if mcis seen not to comply and the chiepz are reluctant to get into a mechanism liket. >> you know, neal we have no time but i have to ask you, brexit, okay what is -- what's the neal ferguson thinking as this plays out as you can help ourp viewers understand what you think the most likely outcome is now. >> well you saw monty python and holy great deal. theresa may is like the black night insisting 80s flesh wund another go, another vote another meaningless vote because she will lose. with every passing day of every passing week, the further this gets kicked down the road, the lower the chance of brexit actually happening i believe that the brexiters are very close to blowing this and if they do blow it and if brexit ends up not happening they will only have themselves to blame. >> neal, thank you. >> jim thank you as well process wish we had more time neal ferguson and jim karen appreciate it very much. >>> data out today showing new home sales slumped in jarp coming up we talk to bank of america ceo brian moynihan about the housing mechanic, the state of the u.s. e

mcis using a variety of thords including per initials lending schemes like the one belt one road and promising loans for grants to extend diplomatic and political reach by gaining leverage against the borrowers sofrpt. this is happening in the pacific islands with the south, south initiative as well as closer to home here in the united states where in just poefr a year 17 -- 17 latin american countries have signed on to one belt one road. the pc military activities expanded last year with the placement of anti-ship cruise missiles. surface to air missiles and radar jammers on disputed militarized features in the south china sea in 2018. and today they continue testing and developments of fifth generation aircraft. hypersonic. aircraft carriers and counterspace technologies. i'm also concerned about the growing malign influence of russia throughout the range. moscow regularly plays the role of spoiler seeking to undermine u.s. interests and oppose -- and impose additional costs on the united states and our allies whenever and wherever possible. terrorism and other non-state actors pos

. >> if mcis the biggest threat and they spend according to this -- according to wikipedia -- if they spend 146 billion in 2016 on their defense spending and we are spending 750 billion, why do we need to spend so much if they're the biggest threat and they're only spending 146 billion. >> they're not the only threats. when we think about the efforts in places to address radical terrorist groups like al qaeda and isis. by the way, isis k. is growing in afghanistan. that's one of the unspoken stories out of afghanistan today, a threat much like the threat of al qaeda, dating back to 15 to 20 years ago. these are threats we have to address as well. and threats that pose an imminent danger to the homeland which is the initial reason that we went into afghanistan to begin with. as we address that, as we address the growing threats of china ---en a china doesn't just pose a military threat. they pose an economic threat to the united states that is the impetus of the president's ongoing trade negotiations, which by the way he has made some great progress in that area as well. we have to tal

sprint and mci lay fiber-optic close to close. at&t followed them. she noted that there was no question that the speed of building the infrastructure for the nationwide internet was years and years ahead of where it would've been. when coupled with the , consumers reforms and small businesses saved billions of dollars each year while maverick competitors were incentivized to enter the market. fromargely to a retreat enforcement over the past several decades, there are only four national carriers today. which rink this market to just three national ineless carriers, resulting the combined company controlling nearly one third of the wireless market. consolidation is the way forward in unleashing competition. the competition that has been triggered by sprint and t-mobile has occurred in the absence of consolidation, not because of it. the pressure of competition is critical to building up the nation's internet infrastructure and improving quality for consumers. is evidence that additional consolidation would likely give the combined companies incentive

had copper wires across the country until competition entered that market and when it did, sprint and mci laid fiber-optic and at&t, spurred by competition, followed. there was no question that the speed of building the infrastructure for the internet was years and years ahead of where it would have been in the absence of the breakup of at&t. when coupled with some of the pro-competitive reforms, such as phone number portability, consumers and small businesses saves billions of dollars each year while competitors were incentivized to enter the market to offer better services and more choice. due to a retreat from aggressive antitrust enforcement over the past several decades, there are only four national carriers today. the proposed merger of t-mobile and sprint would shrink this to three, resulting in the combined company controlling nearly a third of the wireless market. they claim it's necessary to deploy the next generation of broadband internet across the country and to compete with the two largest carriers, at&t and verizon. to their credit, sprint and t-mobile have competed with a