still with us, mara abbott el-erian, chief economic advisor bloomberg viewnd columnist -- mohamed el-eriand press it that hard. what this deal did is it pushed back for three months concern about the debt ceiling, concern about funding the government. lot morextrapolate a than that? i don't think so. ok? there are concerns about divisions within the republican party. i saw it as a short-term deal, but it does not solve the longer-term issues. alix: well, no, but the idea that you have president trump willing to cross the aisle and democrats happy to work with president trump. you would think that does set it up for a better conversation on tax reform. why don't you believe that? mohamed: you would, and i certainly hope so. but remember the context. , pressingt was work people to compromise. what they have found out the last few years, when there is no pressure on congress to act, congress does not act. alix: is there anything left in the markets for trump's agenda? mohamed: the market continues to look to deregulation and you see this in different sectors and that is moving along. it conti

. >> mohamed el-erian on whether geopolitical concerns could get worse and whether the fed could put any further rate hikes on hold as a result. >> oh, boy. >> right that's on the table right now as well. >> let's begin with seema mody here on the floor of what's driving the selloff on wall street today seema? >> kelly and bill, the calendar may say it's summer, but it certainly feels like fall, a lot of traders reminding me historically september is the worst performing month as traders return to their desk goldman sachs, one of the most heavily traded names, surpassing its 30 day volume average, about 4.3 million shares have exchanged hands. it's down just about 3.5%, the second worth of we are forming stock and shading off 25 point on the day and the selloff is not confined to goldman sachs. many of the names, morgan stanley, bank of america, down 2% 203%. many pegging this to the flattening yield curve on the back of the north korean geopolitical risk and peter boockvar says this has much to do about monetary policy and tightening ahead of the central bank meeting on thursday whe

that was mohamed el-erian.as cleared bipartisan legislation to extend the budget and raise the debt ceiling through december. the measure now goes to president trump for his signature. let's go to kevin cirilli on capitol hill. we are hearing the president will hold a cabinet meeting this weekend at camp david. what could be on the agenda? kevin: he could actually sign that bill that just advanced and passed out of congress on a 31 - 6-90 vote out of the house of representatives earlier this morning. he will obviously address the hurricane irma situation as it unfolds as it makes landfall in florida over the next couple of days. $15.25 billion in that bill that the president is expected to sign going to be directed not only to hurricane harvey relief but also for assistance for hurricane irma and other potential disasters, not just hurricanes, wild fires as well. mark: how much discontent is there within the republican leadership under house speaker paul ryan? is there growing frustration at failing toshing or

our guest host this hour is mohammed el-erian from allianz great to see you >> thanks for having me.> great to have you here. >> wonderful to be here. >> ready to go >> i'm ready to go >> what is there to talk about sofrnlts mu >> so much between the delivering alpha conference, the central banks. >> see, he knows >>> look at the u.s. equity futures. markets were up once again yesterday. you had the dow, s&p 500 and the nasdaq all closing at record levels this is the first time they've seen those concurrent record closes since july 26th this morning futures are ever so slightly lower dow is down by less than one point below the fair value the s&p 500 futures down by 3 5 3 1/2 and nasdaq down by 8 the ten-year up to 12.160% in terms of the dollar, dollar is down against the euro and yen. looks like it's at 1.1972, dollar/yen is at 110.04. and if you wanted to check out crude oil prices, slightly higher yesterday wti closing at 48.73 this morning up 50 cents >>> a couple stories we're watching, nordstrom's founding family selecting leonard green and partners to help take it private. a

one of the world's greatest money mind worked with fisher mohammed el-erian.? janet yellen still in the job. it is ridiculous that gary gets it. is there anything you can say about gary cohn running the fed? >> i don't have any intel. gary has a ton of market experience. he is a very good leader. he once again demonstrated to the white house he can put a good team around him. he has really good feel and sound judgment. i see him as credible candidate. i understand why the markets get nervous when they hear that his future in the white house may not be certain. liz: because he is a substantive person with great knowledge in the administration, is that what imhearing you say? >> yes. because he is very involved in the design of tax reform. he haas been doing so in constructive manner with congress. markets really want to see tax reform. liz: i know. lloyd blankfein, his former ceo at goldman is still there. he is nervous. he is unnerved by the fact that corporate bond yields are lower than dividends coming from stocks. are you worried? >> that is one of the many

our guest host this hour is mohammed el-erian from allianz great to see you >> thanks for having me.great to have you here. >> wonderful to be here. >> ready to go >> i'm ready to go >> what is there to talk about sofrnlts mu >> so much between the delivering alpha conference, the central banks. >> see, he knows >>> look at the u.s. equity futures. markets were up once again yesterday. you had the dow, s&p 500 and the nasdaq all closing at record levels this is the first time they've seen those concurren

it is always good to speak with mohamed el-erian.im country ofrshipful fishmongers abode, down the it a important speech, today? it was an important speech, but it also noted the challenges that remain. it was a balanced speech and one that speaks to the content of the conference. let me bring up an essay here, mid-september essay from project syndicate that cuts to the chase of the pressures that governor carney has. no other country or group of countries anywhere close to being in a position to carry the gton, the emergence a bit zero era becomes a lot more probable year after year top government officials at the world bank annual meetings failed to address it." what must be the theme to make things easier for chair yellen, mario draghi, and -- list.d: it is a long there's a lot of things we don't understand. we don't understand the mystery lowflation, we don't understand wage determinations. we have a host of national issues that we as a economists need to understand better. then we have systemic issues. you just mentioned the add

we will drive the conversation forward later this morning on radio, on television, mohamed el-erian willrnor at the fed? that is an original idea. this is bloomberg. ♪ tom: "bloomberg surveillance." nejra cehic in a quiet, calm london. york, serious disasters as a major earthquake off the shores of mexico, down by guatemala. know that the tandem of posing in purple, lavender, and irma. great coverage. do some custom church. katrina, katia? the little blue one. sorry, i missed that. when it to talk to someone, a real grizzled for, and that would be james reimer. a really interesting guy within the cta environment as well. jim, wonderful to have you today. let me get to the obvious question -- what does it mean or orange juice in florida? jim: we have seen citrus greening in the last 10 years. this is going to wipe out many industries in florida. the everglades coming you know, which is important for ecosystems, will probably be hurt. tom: jim, you always melt in your history of hurricanes. great interview with bloomberg intelligence, the lessons we learn from andrew. this drives north, wh

[closing bell rings] liz: mohammed el-erian says it will be temporary. the dow off the lows. david and melissa here for "after the bell." melissa: stocks back in the red with the dow falling 21 points. s&p is slightly lower. the nasdaq is fighting for gains in the final moments of trading. david: considering all that is going on that ain't so bad. i'm david asman. this is "after the bell." more on the big market movers but here what else we're covering for you in a very busy hour. the most powerful hurricane recorded in the atlantic killing at least 10 people as it leaves a path of destruction all over the caribbean. we're tracking hurricane irma as it barrels towards florida. >>> the senate just passing the bill to provide aid to victims of hurricane harvey, along with the destruck for a three-month extension for the debt ceiling to clear the decks for tax reform. what will happen when it heads to the house where conservatives are crying foul? we have a great line up. among our guests, congressman andy biggs. he of the conservative freedom caucus. he doesn't like the deal. k

jonathan: here is what mohamed el-erian had to say today.wrote about bitcoin, we should expect continued price volatility as loud differences continue over the long-term. it will supplement but not replace the traditional system managed by central banks. that is where the value is to enthusiasts, that it replaces, but it is not supplementing the traditional system. how does that play out? >> i am trying to think of the bitcoin yield curve, that doesn't exist. jonathan: people are struggling with this from a central bank position as well. ,weden, largely cashless negative interest rates may work there better than elsewhere. is this some thing central banks will work with? >> it might. anything that sounds like currency or were looks like -- orcy, they have to looks like currency, they have to work with. you.han: thank from new york, you're watching bloomberg. ♪ so new touch screens... and biometrics. in 574 branches. all done by... yesterday. ♪ ♪ banks aren't just undergoing a face lift. they're undergoing a transformation. a data fueled, sec

. >> fun chief economic advisory mohamed el-erian here ceo resources grant here, jeff green talking aboutk as well as a tax reform package next week as well. and this, the senate can vote next week on latest bill to repeal and replace obamacare, the outlook in that chamber far from certain blake burman covering the story from white house with very latest once again all rise on the senate. >> they are jeed maria mr. connell said his tension to, at least bring the graham-cassidy bill to senate floor next week president trump o fully behind this measure urging senate republicans to fall in line. >> a very good chance support from republicans -- >> every -- 47, 48 already senators a lot of others -- looking at it positively. >> short of the 50 votes republicans need to advance this out of senate and footing that magic number unclear rand paul is already a "no." john mccain susan collins complaints about the process. lisa murkowski has not tipped her hand. >> why not? >> because, i am doing a due diligence that i committed to doing yesterday. i am going to wait till cbo analysis comes down bef

mohamed el-erian who is watching. ofments on the finance politics we see.litics and bring it into your world, is there less angst about populism? >> there has been some temporary relief. a lot of that was centered on the french election. that has pushed the euro rally. gone?s the macron effect is the populism and revolution gone? francine: let's remember 25% of the people voted for extreme right or extreme left parties. to think he could unite the country in three months is a little wishful thinking. we will get back to that end talking about politics. a great interview coming up. let's get to bloomberg daybreak with david westin, alix steel, jonathan ferro. you have a former prime minister to talk to. jonathan: we do. we are going to lean on him for the inner workings of the un's security council and how best to deal with nuclear north korea and how to deal with an unruly cabinet member. tony blair famously refused to sack mr. brown. whether theresa may should sack boris johnson is a discussion for us as we navigate brexit. tom: thank you. greatly apprecia

next week, we will have a lineup of guest including mohamed el-erian.york, is bloomberg. ♪ : tyson foods say they top the previous forecast. the largest u.s. meat producer is planning to cut 450 jobs. theon house prices have biggest decline since the financial crisis. .6% year on year drop was the worst performance since 2009. the capital housing market has suffered them uncertainty after brexit area. read all about it online. the wall street journal is closing down its print editions in europe and asia. the final print edition in europe is today's. alix: thank you so much. i am surprised by that headline. we've been talking about the death of print for a while. there was a good reaction in the brick bond market. they are telling us more about what traders are expecting. take a look at this chart. it shows the volume in trading of bonds yesterday was the highest it's february. with us are andrew balls and mike ryan. andrew, who are the winners? i think it will be supportive for the u.s. economy for debt. some strategy the bank will have to benefit that.