we are back with paul donovan and viraj patel.not so much of an impact when it comes to economics in geopolitics? thomas onlyorea tensions with russia. paul: for the most part until something dissolves -- disastrous happens, markets do not pay attention. markets in the short term tend to be concentrating on do people have a job, are they spending money? that's what grows the market in the near term. bearing again on longer-term trends and if you get that tail event happening then it becomes potentially a lot more significant. for the most part, look at the oil prices. they barely reacted to this. look at the israeli shekel over the years. if any contest currency was going to be vulnerable, the that. we are getting these huge shifts coming through. francine: is there danger that at some point the market turns quickly? viraj: it's an uncomfortable market backdrop. were is cautious optimism are seeing for emerging-market currencies and risky assets. when you're global tightening around the corner, all these sort of negatives that are

do think it was interesting that it actually did enter wall street research note overnight ubs, paul donovanrote the combination of the infighting at the executive branch with this rhetoric on top of legislative failure could be interpreted negatively by the markets. he was pointing to currencies. >> she always nerds out on this. i love it. >> of course always a currency connection >> you spoke to the mooch earlier in the week. >> i did i talked to him on monday. >> was he polite did he use expletives? >> how much profanity? >> not too much. >> even for a calm conversation, there was a little, was there? >> i'm sure there was probably a little bit the most interesting part is how much he truly -- it's not a put on he loves the president it's -- his loyal -- he does have that sense of loyalty when he says he is willing to subvert his own views for the president, he means that >> that's fine, the question is how he communicates that now as director of communications for the white house. looking forward to it. >> you bet. >>> at dramatic vote in washington the senate rejecting a bill to repeal

reading the ubs note from paul donovan this morning he said the president cannot fire the chair oncehe chair is in office. so precommitting to a quantitative policy tightening path would give the fed some insurance against an inappropriate choice of chair. >> that's interesting. but there really is no precommitment. the fed can come back and redo it usually the fed has shied away from that precommitment idea i remember maybe even bernanke saying you can't tell a future fed what it's going to do. you can't tie a future fed's hands. but i will say this, you know, he may say that yellen is still in the running i personally find it hard to think that president trump would pass up on the opportunity to put his own person in there. >> because is that true, steve, that he can't fire that person during their term? >> right that is correct. i believe they can be impeached but i'm not really sure about that i've never really considered that but they come in, and it's a -- >> is there a risk, then, steve, if this is the president's one opportunity to make sure he gets somebody dovish in place t

donovan jr. to act as speaker pro tempore on this day. signed, july paul d. ryan, speaker of the house of representatives. the speaker pro tempore: pursuant to the order of the house of january 3, 2017, the chair will now recognize members from lists submitted by the majority and minority leaders for morning hour debate. the chair will alternate recognition between the

donovan jr. to act as speaker pro tempore on this day. signed, july paul d. ryan, speaker of the house of representatives. the speaker pro tempore: pursuant to the order of the house of january 3, 2017, the chair will now recognize members from lists submitted by the majority and minority leaders for morning hour debate. the chair will alternate recognition between the parties. all time shall be equally allocated between the parties and in no event shall debate continue beyond 11:50 a.m. each member other than the majority and minority leaders and minority whip shall be limited to five minutes. the chair recognizes the gentleman from illinois, mr. gutierrez, for five minutes. mr. gutierrez: mr. speaker, yesterday, secretary of homeland security john kelly met with members of the congressional hispanic caucus. who ked him about veterans are being deported. we asked him why american citizens were increasingly having their families broken up by deportation. why 800,000 young people who signed up for daca and hundreds of thousands of long-term residents of u.s. w