terry haines will join usk from pangaea. also, -- will join us from pangaea. also, speaking to the folks at goldman sachs. this is bloomberg. ♪ ♪ >> the agreement we have found now really opens a new chapter in our relationship because we move from litigation to cooperation on aircraft, and that after almost 20 years of dispute. tom: ursula von der leyen and, the european commission president. right now in geneva is the president of the united states and the president of the russian federation, vladimir putin. they are meeting privately with their foreign ministers. the president will get on the plane in geneva, air force one, and he will leave on a jet plane and come back. always a president returns. we thought we would take time with terry haines of pangaea policy. what is the level of gridlock that will greet the president when he gets inside the beltway? terry: i think the level of gridlock is about the same as it always is, and frankly, less than most people think. my view of washington, simply and shortly, is that there aren't two political parties. ther

tom: terry haines of pangaea is with us, and he will stay with us right now.ess the president of the united states as he begins his first trip abroad. this is the g7 meeting and course wall -- meeting in cornwall, southwest of london. the president leaving from the white house with mrs. biden, and they will leave on air force one. for those of you worldwide, the east coast and out to ohio of the united states invaded by cicadas this summer, and the press plane had a mere seven hour delay, according to the associated press come out of dulles, west of washington. the president is moving east towards the atlantic ocean at enders air force base -- at andrews air force base. the president going to a g7 meeting, and as we heard earlier , this is someone very familiar with g7 politics. lisa abramowicz, ian bremmer making clear we could not have a vice president more understanding of this approach. lisa: the question is how much weight that will carry based on the actions of the united states , based on president trump administration, and frankly, that began several p

terry haines, pangaea policy founder down in washington, d.c.'s a lot more conviction at the beginning of the year about what we would get from d.c., and a lot of that has faded. lisa: if terry haines is correct and it is only 500 to $9 billion of new spending, still you can say the headline is $1 trillion, and is this -- and it does not come with tax hike, is it a wash if they can't pay for it? for market participants, how much does it matter if you don't have it offset? jonathan: right now i think the market is speaking for itself. just nothing. tumbleweed in treasuries after a repricing over the last week back to 1.48%. comfortably below 1.50%, in and around that level now we have settled down. taylor: unbelievable, a 15 handle on the vix and a settling down in the bond market. it was an average five-year auction yesterday or today's ago. very calm, even as we are thinking about how you get through a five-year rate cycle hike with higher in place in her pressures, and there is still demand for some of that debt out there. jonathan: jobless cl