them this divine right and who are the ordinary person particularly with timothy geitner at the new york fed too enabled much of what we see blackstone doing not only with the interest rates but all the free money that the new york fed was giving them and then he went to the treasury and he concocted all these basically dodgy plans to allow these private equity to buy up huge sleaze that home and ordered to rescue the housing markets remember it was some sort of fudge with the tarp funds and all these like weird. you know these weird programs that were gifted to a select few and sold to the american public if it was even talked about at all on the news but sold to the american public as somehow helping them but in fact when what happened would turn what happened actually is that you became you know a serf to these. glasses was a controlled demolition right because the housing crisis was a result of securitizing mortgages that were resold to dozens of times and then like goldman sachs was betting answer on clients and they were engaged in massive fraud again bailed out by timothy geithner and

very important, you know, there was a time in the fed, i started my career a long time ago at the new york fed in those days, you had farmers on the board, business men and women on the board, small bankers. it wasn't all economists. okay. so that's one point. second point, specifically, herman ca n for many years was on the board of the kansas city federal reserve bank. >> brennan: in more of a civic role. and sairnlgt allegations derailed his presidential campaign. >> he was chairman of the kansas city fed. he is there for intimately acquainted with fed operations and awant to make this generic point, people say this is political. i don't think it's political. there may be a boll si difference. we believe, the president believes, you can have low unemployment and a strong economy as we are having. the numbers came out great on friday, without inflation, without inflation. >> brennan: is he going the pass as background check? >> look, he's being vettedÑnp @. he'll be going through the hearings in the senate banking committee. i'm not hear to comment or litigate any of that. there are allegati

he was a class a director at the new york fed board. he was head of jpmorgan chase, jamie dimon. he happened to be in the height of the financial crisis when it first occurred, also director at the new york fed which is the wall street located fed of the 12 member reserve system but he was one of the people along with hank paulson who at that time was treasury secretary, but who had been, when i came into goldman, ceo and chairman of goldman sachs. you have tim geithner ultimately came in. he was new york fed president at the time and then became treasury secretary under obama at the turn of the year after that crisis. so you have all these individuals who effectively have the ability to direct policy and money coming out of washington to their own institutions, which are public institutions. these are banks that trade on stock exchanges, they are monitored supposedly by the federal reserve because one of their day jobs is to be the regulatory sort of answer, oversight body, to these banks. they are monitored and yet their individuals have such a tight relationship with the centra

to change the level of short-term rates the new york fed treasury securities to alter the quantity of reserves available to banks. almost every day in new york fed intervenes in the markets to keep interest rates near target. after the financial crisis the fed was granted power to pay interest on the reserves that banks hold on their fed accounts. when the fed began raising its targets for short rates at the end of 2015 it relied on this tool, mainly it raise the interest paid on the reserves to push up money market rates generally. this tool has been used throughout the recent tightening cycle and this operating regime is working quite well so the fmoc has now decided that it will remain in place and last the fed to avoid day-to-day intervention in the money markets and is compatible with large reserve holdings by banks of the federal reserve, something that banks now want to sasatisfying liquidity requirements. from a financial stability standpoint the regime is also much safer. when the fmoc seizes the runoff in october the feds asset holdings will have declined to around $3.7 tril

i was 13 when i was in omb, i was at the new york fed in 1973. i have a long history with the fed. it's well known that the president did not agree with the last couple of rate hikes. i agree with the president on this. i thought they were unnecessary. that doesn't mean we cannot express our opinions. we all have views. as i have said before when the fed is ready, i would not mind seeing them lower the target rate 50 basis points or so in line with the low inflation rate. having said that with regard to powell who is a friend, he's a good person and will turn into a good fed chairman. rich -- is a vice-chairman, and old friend of mine a great guy and i think they will work well. i notice from the various reports and so forth they had changed their view. i don't in the foreseeable future, maybe never again in my lifetime, but i wouldn't mind them falling. the fed is independent. along -- >> i'm not sure the differences between the fed world of you -- view is not as portrayed. you say that herman cain cannot get the votes to serve on the fed >> we are having discussions. he is in the

i was 13 at o to mb, so i was at the new york fed at 19, freshly minted princeton grad student person. so i have a long history with the fed. look, it's obviously well known that the president did not agree, does not agree with the last couple of rate hikes. i agree with the president on this. i thought that they were unnecessary. now, i, again, the fed is an independent central bank, and we aim to keep it that way. all right? that doesn't mean we can't express our opinions periodically. the president himself is a very well-informed investor and businessman. i have views, we all have views. so as i've said before, when the fed is ready, i wouldn't mind seeing them lower the target rate 50 basis points or so, in line with the falling inflation rate, by the way. now, having said that, with regard to jay powell who's a friend, he's a fine person. i think he's going to turn into a good fed chairman. speaking personally, he has my confidence, and we have some great -- rich claire da is the vice chairman. he's a very old friend of mine. i think he's a brilliant, brilliant guy, and i think t

bill dudley, the former president of the new york fed, has a byline column for bloomberg that is prettyistic as well, and he says, look, the stock market is way up, which is both an indicator of people's beliefs, but itself a positive. the fed is backing off. they are optimistic that they don't have a recession. caroline: we know who else likes market as a benchmark. a quick check of what is happening in the u.k. we know that members of parliament are voting on the plan b's of brexit. we know they are voting on pen and paper. the results, soon. this is bloomberg. ♪ mark: as we've been reporting, lawmakers have finished voting forour alternative options leaving the european union. house of commons speaker john bercow select of the options, all of which would either keep closer ties to the eu that prime minister theresa may's plans have entailed or scrapped brings it all together. votes last week failed to produce a majority for any outcome. ton fein president traveled -- negotiator michel barnier. speaking after the meeting, mcdonald said the negotiations are now at what they call a key

new york bedboard class a director at the new york bedboard. >> host: head of goldman sachs today connect. >> guest: no, head of j.p. morgan and a director at the new york red with the wall street located fedthe 12 member reserve system but also one of the people along with hank paulson for the time treasury secretary who had when i came in to goldman ceo had to embroider a lot of relationships ultimately came in but new york fed president at the time and came to treasury secretary under obama at the turn of the year after that crisis to have individuals who effectively have the ability to direct policy and money coming out of washington to their own institutions but the public institutions and the trade on stock exchanges and monitor federal reserve because of the job is to be the regulatory answer oversight body to these banks and their monitored and yet there individuals have such a tight relationship with the central political powers of the country that they are able to get money effectively to themselves when they need it in far greater figures than individuals are able to galvanize to do that and as a result money goes from taxpayers to edit them and not just when there's a crisis bu

i started my career at the new york fed many years ago. i get along well with the fed officials. saying we have two open seats on the board. the president has every right in the world to nominate people who share his economic philosophy. that is more people working is a good thing, not a bad thing. >> you didn't answer the question necessarily about those allegations troubling you or not. let me ask you about steven moore. he was a contributor here at cnn, clearly qualified to talk about the economy on cable television. >> thank you. you're the first guy to talk to that. you're so even handed. >> take a listen to what he said about his qualifications to serve on the fed board. >> i'm kind of new to this game, frankly. i'm going to be on a steep learning curve myself about how the fed operates, how the federal reserve makes its decisions. >> he's going to be on a steve learning curve about how the fed operates and how the federal reserve makes its decisions? this is one of the most qualified candidates in the country? >> yes, he's a smart guy, a very smart guy. nothing wrong with

. >>> up ahead as promised, michael cohen is tonight still working with the new york feds.t does mueller think about the mueller report and the findings discussed all week and personal redactions that affect cohen. i can tell you his legal adviser lanny davis here to answer all next. adviser lanny davis here to answer all next congestion and pressure? you won't find relief here. go to the pharmacy counter for powerful claritin-d. while the leading allergy spray only relieves 6 symptoms. claritin-d relieves 8, including sinus congestion and pressure. ♪ claritin-d relieves more. why go with anybody else? we know their rates are good, we know that they're always going to take care of us. it was an instant savings and i should have changed a long time ago. we're the tenney's and we're usaa members for life. call usaa to start saving on insurance today. [horn honks] man this is what i feel like when i wear regular shoes, cramped and uncomfortable. we can arrange a little upgrade. which is why i wear skechers... wide fit shoes. they have extra room throughout. they're like a luxu

i worked at the new york fed in open market operations. i was his secretary for six or eight months handling his speeches, which he seldom listened to me. we remained friends through the years and he is a wise man. he is the one who argued, when he became chairman, that low inflation is a precursor to economic growth. he continues to make that case. so did alan greenspan. we lost a little of that. i think it is coming back now, so i think it is perfectly consistent. what was the question you asked me? i just went off on a rant. >> i asked you if president trump was aware of a dual mandate. dir. kudlow: yeah. and president trump is key on a -- keen on a low inflation rate. i hear him talk about that all the time. because the inflation rate is disinflating, that is part of the reason why he think the target rate could be lower. it is a fairly good model he has, so with respect -- and the answer to janet yellin, he gets it. he is a smart guy. very well-informed. trust me. dir.m going to move on -- kudlow: go into the oval office. let me tell

it is interesting the new york fed have had a recession probability indicator based on the treasury spreadncrease the probability of the recession. something like 27%. it is typically around 40% on their indicator that you get a recession. we looked distant from that. we are seeing slower jobs growth, but not to any degree yet that would signal any major concerns about this stage in the american economy. matt: which sovereign bond market is most vulnerable to a reversal? neil: all the sovereign bond markets are pretty much in sync. what is interesting is what is happening with the eurozone and japanese bond markets. we've got ecb policy meeting tomorrow. the data has been uniformly bad, given that core cpi inflation is edging further away from the target. also more bank liquidity, maybe relaunching the qe program at some point but we will have to see. we know german bund yields are on the floor, as our japanese bond yields. it is difficult to see any major reversal. i think the major fundamental story is one of low inflation, disinflation. don't think you overcome that this year and until

. >> the staff at the new york fed cut it to 2% citing noticeable loss momentum, u.s.he end of last year and start of this year does that sound reasonable to you. >> i've had that number for quite a while. i was an outlier with 2% that's a reasonable growth rate. that's above our potential as david pointed out. it's still enough to whittle down the unemployment rate and continue to get wage gains and as david pointed out accurately we're running out of workers. so that will put upward pressure that's better for workers. we've seen an uptick in prices at the pumps workers seeing wage gains at the entry level are more sensitive to higher prices at the pump and we've seen lousy retail sales out there and i'm concerned about what that means for spending for those workers going forward. >> david, really quick your take on adequacy line up 50 scents fr cents from the lows of the year. >> i don't think the picture is that bad there were some anomalies in the retail numbers retail numbers have slowed down. i don't think there's any reason to panic we're settling down to 2% gro

because we have a dovish fed, this chart showing that perhaps, we could be easing on the new york fedas a spread for the 10 year and three-month u.s. treasury's to generate the probability of recession to 12 months from now. can we say that these recession odds are being pushed back when it comes to the timeline there? avid: talking about having u.s. recession over the next year, it is very clear that we will see weaker growth out of the u.s. over the next year, and certainly 2020 will be well below 2% growth. to call for a recession, to have a bust in our view, you need to of had a boom. while we have had various indicators that over a long-term. period, it has been good at predicting recessions, i would argue that in this environment we are in now, where we are going to the treatment -- weaker trend run rate for growth, these indicators are better at telling us in foot -- expected inflation is remaining low, arguably too low. if you get weaker growth, you get even weaker inflation, so it is even more reason for the fed to be doing what they decided to do, which is turned more dovish

the data has come in a little bit better >> well, it's actually, if you look at the new york fed's estimatefirst quarter, it still has the 1 handle. and there's a very big range on the estimates for the first quarter. but the data have been mixed you had a good new home sale number today we just came off a horrendous existing home sale number. are you going to sit there and tell me that housing starts that we got in march was a good number industrial production, was that a good number? no >> it's not all good but definitely there's been an improvement. and what we're getting from earnings, yes, they always beat expectations on the bottom line. but digging through the results, you don't see a top of recession scares in terms of consumer behavior i cover coke and p & g they tell you the consumer in the u.s. is doing just fine. >> well, like i said, there's more to the economy than the s&p 500. the s&p 500 maybe represents a third of the economy how is it therefore that real retail sales as i said previously was negative .6% in two one. on top of negative .5 in q4. so it doesn't all come down

the new york fed came out with a report that said starting salaries over the last four months have gonemericans who do you believe, us or your wallets. maria: the democrats are saying, though, that a big portion of the population does not have any money for an emergency. they can't come up with $400 if they had an emergency. so what do you think the answer is to lift people out of poverty, to lift the lower end of the income scale? >> look, there's only one way to reduce income inequality and make sure people at the bottom end of the income scale have more money. and that's to increase wages. and the only time wages go up is if you have economic growth, you have employers competing for employees, driving wages up. we've seen that. we've seen that in this economy. amazon, target, costco, have all gone to $15, major banks have gone. bank of america is going to $17, they say they're going to go to $20. that's going to drive wages up. it will reduce income inequality. maria: well, wages are up, tom, 3 and a quarter percent year over year. >> this is tom bevin. >> hey, tom. >> good to see yo

are separate from another case here in new york city. the feds say avenatti tried to shake down nike in that case. prosecutors say avenatti and an unnamed associate threatened to hold a news conference that nike had misconduct if they didn't pay him $25 million. avenatti's lawyers say he's not guilty. jeff paul reporting live in our west coast news hub. jeff? >> yeah, shep. investigators say instead of giving that paraplegic client his money, avenatti spent it on himself. the indictment says when the client filed documents, avenatti ignored the settlement information to the government knowing it could show the alleged embezzlement. as a result, the client stopped receiving his disability checks. in another case, avenatti received millions in a settlement for his client. the next day he bought a private jet, the same jet that was seized yet. in addition to the wire fraud case, they accuse him of bank, tax and wire fraud. >> these four areas of criminal conduct are all linked to one another because money generated from one set of crimes was used to

new. york goes for the feds because there's also the defense have to figure out there is no evidence of the sons of b.b. to nuke. the few to cool the fools. who volunteered for their part commision to these join in defaults to stop. all the defense at the moment you know. if you're all zones of you kids it is will to p.q. for the us to traduce you are still listening to him there and for some he was speaking french we were hoping he would speak english like donald tusk adjusted to the european council president we have our correspondents of course back with us alex and barbara who've been listening into this. well we've been waiting alex and barbara for a statement after the news was announced that the twenty seven leaders decided to grant an extension to bragg's it barbara i want to start with you since you're there in brussels that we heard donald fehr say please do not waste this time the next six months what did you make of his words. yeah i mean that is the plea to britain to sort of now come up with something useful either being to sort of push the brakes a deal over the line get it p

> it is the final hour of trade, ipo's in focus as pinterest kicks off its road show in new york >>> plus, two fedions, the president planning to nominate herman cain and steven moore, art lapper is here to weigh-in >>> boeing shares sliding after cutting production of its 737 max planes, why wall street is getting concerned, and retail investors are buying in. closing bell starts right now.

gain politically and professionally should regime change happen very cool of the new york times not to mention you know the fed to john houseman's dad is an economic advisor folk might know that the folks who handle ethics of the new york times have a special section dedicated to possible conflicts of interest from contributors stuff members must be sensitive that perfectly proper political activity by their spouses family or companions may nevertheless create conflicts of interest or the appearance of conflict but in the end the new york times didn't really care they presented her as just another voice we were aware of her for this biography before publication but miss housman is an independent adult woman has built a popular following on her own by producing a portfolio of argued videos about venezuela. and it wasn't just the new york times she made her rounds to buzz feed c.n.n. and the four freedoms forum none of them bothered her blatant family ties to one grade zero were of any concern. and not presenting the full picture is not all that uncommon in american media there was a lot of outrage recently when

putting up a chart here, this shows that atlanta, new york, and the st. louis fedthe white number that is atlanta, which has shot way up. new york is the blue one. st. louis sort of only does it every month and it's a bit more flat. why do we have such a wide dispersion on what people are expecting? for this think particular quarter we have a structural problem and a data problem. the structural problem is that .1 is notoriously low so, if the fed has been working on different data collection strategies, this quarter we may not actually have apples to apples comparison with the year before. the second thing is that the data has been all over the place. we had horrible retail sales numbers in january and february, bouncing back pretty genetically in march, making it very hard to calculate, because you may not be sure the numbers are correct. think we are between 1.5% to 2% for the quarter. having said that, there are some data measurement problems that we don't know about a priori. question, youmy put together some data problems, and in the meantime the markets , lo

fed does. quest that was our policy editor, kathleen hays in new york. >> that was our policy editor, kathleen ys in new york. how did we get here, selena? going from talking about hikes to cuts? lena: the fed has been trying to manage expectations. we are looking at a hike in 2020 and possibly something beyond that as well. talkings have been about the possibility of being on pause for now. i think if you look at the global prospects, they have softened quite significantly. going forward, inflation is not picking up. although everyone is waiting for the numbers to come out, i don't get the sense that we will see a very strong, commencing pickup in which there is inflation. at the, if you look whole macro picture, the system will have feted by then. everybody is probably leaning toward mutual instead of accommodative. there is a lot of pressure on the fed. -- of this talk from the fed about the fed from trump and all of his nominations from the -- for the vacancy alluding to this. >> i have a chart on my terminal. we had that yield curve inversion. at the same time, you have equities continuing

new york. job, she wask this the chief economist at the oecd. she started her career at the fed.he taught at brandeis university. we were just talking about the fed minutes. we know they are talking about global uncertainty. right now, one of the biggest ones is brexit. the possibility of a hard brexit. we just heard our reporter talking about this. risk is brexit particularly a hard brexit to the european economy? and to the world? >> we have to keep in mind that the european economy and of the u.k. economy have been tightly related to global value chains and cross-border services and financial services. even though the u.k. seems like it is small, it is a very important partner linked up to europe. a hard brexit would be damaging for all of those relationships. though they are breaking apart over the last two years, businesses have moved some of their activities. a hard brexit would be jarring. it would lead to financial market implications. europe does not need any more shocks right now. presidentthe french being so tough on this question of extending this brexit talk? the eu

if you'll buy the big banks and the new york banks and that's controlled by the fed and th annually on and another place where you'll get a dividend pay, if you just look pay, and it's technology. they actually paid the most in dividend of anyto s the difficulty here is that you don't usuly buy a technology issue such as apple because of he yield and it's very volatile. again, dividend investors typically look for stability, utilities and financials give them that, if you wanted to go for a longer game and more risk and energy which has them beaten wn and oil is back to over 60. >> indeed. hord silver blatt with s&p dow jones indices. thanks for joining us tonight. >> thank you. >> and coming up, a football pro who is also ass profeor. his goal, to make people smarter about their money. ♪ ♪ >> when it comes to making plays, nfl linebacker copeland is no stranger to success on the field and it's how he plays it safe with his money off the fiisd that may surpr you. sharon epperson has this great story for us tonight. >> on the field, brandon copeland plays to win. t >> o field he's chang

> it is the final hour of trade, ipo's in focus as pinterest kicks off its road show in new york >>> plus, two fed recommendations, the president planning to nominate herman cain and steven moore, art lapper is here to weigh-in >>> boeing shares sliding after cutting production of its 737 max planes, why wall street is getting concerned, and retail investors are buying in. closing bell starts right now. >>> welcome to "the closing bell." just under an hour left to trade, let's check in on the markets, a steady recovery, the low was down 12 points, about 15 minutes after the open, and steady improvement to take us back to flat on the session, the nasdaq just higher the nasdaq lacks 0.4%. russell is down 0.4% many. >> we may not break that winning streak after all 7 days in a row, which is pretty rare, we saw in 2017, let's see where we settle. >> down a couple basis points. >> coming up on the show michael avenatti, claiming he has evidence nike bribed players to attend nike colleges. he'll join us in a first on a cnbc interview >> let's begin with today's ipo action the good and bad of the ipo bli

york -- with new speaking in new york with stephen moore, canada to be on the fed.he interview of the day . she is the governor of the federal reserve system affiliated with democratic politics. more than anything, it is a sterling academic achievement at wesleyan and harvard and onto a career in economics and harvard. what an interesting time. president trump going after the trading partners in europe and all of that. i want you to tell global audience and an american audience where you were the day the berlin wall fell. what was the moment like for you? for me it was huge. i grew up in poland and germany and at cross the wall several times. the world changed dramatically. and positively for me. we have seen europe strengthen since then dramatically. tom: within the economics we have today, there is social discussion as well. should we assume there is a potential of a permanently dampened gdp. -- ave a long long cheek long run gdp under 3%. and sayve to give it up it is a new run rate for the american economy. lael: potential growth is straightforward. it is the gr

taylor: tomorrow, the fed decides. from new york, this is bloomberg. ♪ ♪ mark: i am mark crumpton with bloomberg's first word news. opposition leader juan guaido took the streets with a small contingent of heavily armed troops today in a bold and risky attempt to lead a military uprising and remove socialist leader link list maduro. rebellion seems to have only limited military support. at one point, the venezuela national guard troops who joined the opposition were forced to take cover when shots rang out. also called on venezuela to take to the streets and called on the military to join them. president maduro tried to project an image of strength, saying he spoke to several regional military commanders who reaffirmed their loyalty to his socialist revolution. democratic congressional leaders say they reached an agreement with president trump to spend $2 trillion on infrastructure. senate minority leader chuck schumer called the figure a very good thing that says the president pushed off of questions about where the money will come

new york studios. moving out to the fed and treasuries. a special guest with us in studio. we have been of loomis sayles joining us. we have the global growth forecast. extraordinarily disappointing this morning. not that we did not know, but growth is slowing down and in a big way. what can you see for u.s. treasuries in that environment? >> i think the fed obviously is not going to raise rates. the question is, do they maintain their current level? do they continue to shrink the balance sheet? they stopwer is shrinking the balance sheet fairly soon, and it is an open question whether or not they want to reduce rates by a quarter at the next meeting. prior to a few days ago, i would have said, no, they will probably hold. now i'm not so sure as the numbers keep coming in. they are in the same situation as the other major central banks. they have a special consideration. if they hold our rates up nelative to the other four, the all we do is pull in more money. that is fine for us for one view, but it is not good for other people around the world. 1998 when thef money fled s

new york city. romaine: thank you. don't miss this -- tamara, the fed announcing its rate decision. well will hold a news conference afterwards. tune into our special coverage. the u.s. attorney general william barr to testify before the senate tomorrow, expected to discuss russian interference. does offer "what'd you miss?" bloomberg technology is up next in the u.s.. joe: have a great evening. this is bloomberg. ♪ . i'm caroline hyde in new york. this is "bloomberg technology." bet on services seems to be paying off. facebook put its best foot forward. the social network shifts its emphasis to private communication. we will speak to the vice president of facebook messenger.

new york. sophie: welcome to daybreak asia. haidi: president trump renews his attack on the fed.he stock market would be much higher it was not for jay powell's policies. h a rare mauve he says

new york. we have two former feds at one table. welcome to you both. barb, you've been in another studio. first time that we've been able to see each other. you've kept reading i've noticed through this entire segment. what else have you found? >> i can't help but sort of reflect maybe more big picture, that the more i read this, the more i think that we need to just completely disregard all of the things william barr has told us about this letter. >> an unbelievable dynamic. >> it is. because i think he correctly gauged that he could set expectations by telling us what was in it and then we would read those things and believe what he told us was in it. but they are so contrary to what he told us is in it. certainly he was accurate about the conclusions that robert mueller reached. but at least with regard to the conclusion on obstruction of justice, the idea that he said in his letter something like so that leaves to the attorney general to decide and i decide no obstruction. i don't see anywhere here that robert mueller intended to leave to the attorney general. in fact it appears to me

reporter: congresswoman omar says her fellow freshman dan crenshaw went too far since the feds just arrested a new yorkd to kill her. crenshaw says he never incited violence against omar. shannon: congresswoman omar is no stranger to controversy. she made many comments many deemed anti-semitic. in 2017 she tweeted america was founded by genocide saying we maintain power through neocolonialism. let's bring in julian epstein, former counsel the house judiciary committee and guy benson, to debate this. welcome to you both. chad talked about the initial tweet by dan crenshaw. congresswoman omar added this is dangerous incitement given the death threats i face i hope leaders of both parties will join me in condemning it. my love and commitment to my country and that of my colleagues to never be in question. we are all americans. >> it is not incitement. what omar said about 9/11, i grew up in the new york area, my dad was lower manhattan. as i watched her describe it the way she did, there was another interview where she was laughing through a discussion of terrorism. it made me cringe. i wouldn't talk abou

she's been subpoenaed in a federal case in manhattan and spoke with the feds in new york since last fall. all of this, of course, tees off the investigation into michael cohen and in a moment we will be joined by new york congressman hakeem jeff reason who serves on the committee and works with nancy pelosi in leadership. we have a lot to get to. >>> i want to begin with our panelist jason johnson the root, ford ham, and staffer writer from the atlantic and msnbc contributor who also is joining, we should note, politico as a national security correspondent. congratulations. >> thanks, ari. you'll get the first question along with your apparent promotion. what does it mean that chairman nadler is not trying to preserve any perception of waiting or going slow or negotiating in that way? he's clearly trying to show the d.o.j. he means business. >> yeah, i think that it's very typical nadler, right. he's never been one to kind of beat around the bourbon thbush this. he wants to see the full report. he and the rest of the committee are perplexed as to why bill barr would have come out and wri

fed. thick you so much. live from new york -- thank you so much. live from new york, this is bloomberg. ♪ david: you are watching balance. i'm david westin. time now for the stock of the hour. she of pfizer are getting a boost after the company beat estimates. kailey leinz joins us now to go into the quarterly figures. kailey: beat on both the top and bottom line. the topline line growth was about 2% and really driven by pricing. pfizer has been mired in a drug pricing controversy. president trump targeting the company, telling them to stop with price hikes. for some time, they did. in january, they ended up hiking prices on some. in $1d thinner, that goes billion in revenue and grew 32%. the arthritis drug grew more than 30% although it missed estimates as did an oncology drug. pricing is what is driving this. pfizer has not felt the political pressure. they are outperforming pharma and broader health care since president trump was elected, but the pricing hikes they are doing is making a difference. it is different than before trump was elected.

the feds seized that jet. in new york, michael avenatti is facing separate charges.ackmail nike for $20 million. he denied those accusations. jonathan hunt is live with more. >> shep, michael avenatti was taking to twitter 5:00 a.m., hours before he arrived at the courthouse, tweeting his anger the way his case is being handled, referenced to a presumption to a right of nuns. he says we don't convict someone in america based on a one-sided argument and a press conference, even when he's one of the biggest enemies of the president and his son. the reference there to the president a clear implication that avenatti believes he's only being pursued in the courts because of his frequent public clashes with president prior and his prior representation of stormy daniels who has claimed she had an affair with the president. avenatti, you might remember, once considered challenging president trump in 2020. if he's found guilty on any of these charges, he will be otherwise occupied next year and could spend the rest of his life in prison. >> shepard: this is dozens of charges.

dan crenshaw went too far, especially since the feds just arrested a new york man who wanted to kill>> shannon: chad pergram and on the hill, thank you very much congressman ill omar she has made many comments many deemed anti-semitic. back in 2017 she tweeted this america founded by, saying we maintain power through neocolonialism. that was pre-election. let's bring in julian, house judiciary committee and contributor guy benson to debate or discuss we will see how it goes, gentlemen, chad talked about the initial tweet by dan crenshaw and a republican freshman as well, saying this is unbelievable, so we tweeting his twee and another, at at this, this is dangerous incitement given the death threats i faced and an arrest on that front, i hope the leaders in both parties will condemn it. the love to my country and carly should never be in question. we are all americans, guy. >> guy: it is not an incitement. what omar said about 9/11 i grew up in new york area and my dad was in lower manhattan. as i watched her describe it the way she did, there was another interview she was awkwardly

, this march to new highs how dependent is it on the fed >> i think it has a lot to do with the fed the most attention on the december meeting powell had at the economic club of new york. i was there in person. clearly the focus was on his 180-degree shift that the fed funds rate was well below neutral to at that point just below neutral. but at that point the more important message at that meeting as it relates to what's going on now is it's important for the fed to distinguish between financial market volatility and financial system stability. we've talked about the fact the stock market is only a few percentage points from all-time high we're not at risk of financial system instability we don't even have stock market volatility which he was cautioning against as a trigger for the fed to do something. cutting here, especially twice as much as what would be expected, i think it's premature. i agree with the notion this pause mode the fed is in is probably the right place to be the next couple of months. >> our survey says that people expect them to be. liz ann, great having you on schwab's liz ann sonders >>> i think as ann said, if the administration is right and 3%

could lead to something like we've been finding out of people here in new york have noticed this trend i'm sure a lot of people are fed up with our current dysfunctional government people are fed up with their traditional politics over the last twenty thirty years just think because he's an outsider and he's against the system and he was like the year he was treated very badly during the two two thousand and sixteen election politics in the united states is taking an interesting turn seems that now a days voters are less concerned about what you stand for and what you represent as a candidate but rather about how loudly you speak up against an establishment with many detractors caleb mop and r.t. new york. after a year in the financial wilderness saudi arabia has been ushered back into the fold some of the world's biggest firms gave riyadh their seal of approval last week on investment for in their last year they boycotted this similar gathering over the brutal murder of journalist jamal khashoggi you're sarrasin your correspondent right because they've. the smell of money can be intoxicated or even a year since the g