peter cook is back from the labor department. ork our economics editor, peter crawleyoy. peter c: not very many people thought we would go into recession, but when we had the decline in gdp in the first quarter, some people cannot entirely discount. now -- erik: because it is this a strong? peter c: it is a good number, at the above the pace of the last 12 months be at we had rising pay. we can say now that the fed is on track to go ahead and raise interest rates under this year because they do not need to worry that we are headed for a recession. erik: so christine lagarde is wrong? stephanie: not in terms of she is in a bad situation and europe needs help, but janet yellen can stick to her guns. peter coy: i am not saying with the fed should do, but i am saying whether they will do. janet yellen versus christine lagarde -- lagarde is more dovish which is funny coming from the imf, but that seems to be the perspective. stephanie: maybe she is more dumbest because -- maybe she's more dovish because she has more problems that janet

let's talk to peter cook. ter: the federal reserve moved closer to its first interest rate increase since 2006, the exact timing remains in play. janet yellen says progress has been made. they are confident that inflation is moving back to its 2% target. >> no decision has been made by the committee about what the right timing is of an increase. it will depend on unfolding data in the months ahead. certainly an increase this year is possible. we could certainly see data that could justify that. peter: the economic projections reveal that policymakers anticipate an increase this year. yellen stressed that the for -- focus on the first move is misplaced, what matters is that the fed plans to raise rates gradually. she also said that fed tightening would threaten finance shall stability. yelling: we cannot -- >> we cannot promise there will not be volatility, we can do our very best to communicate clearly about our policy and expectations to avoid needless misunderstanding of our policy that this could create vola

had to peter cook for the details. peter: this may beige book could provide jenny ellen and her colleagues at some reassurance the u.s. economy rebounded after that dismal first quarter. the anecdotal survey was compiled by the dallas fed and finds that overall economic activity expanded from early able to late may, five of the 12 ad districts reporting moderate pace of growth, the rest are reporting more modest growth. the outlook among respondents was "generally optimistic. a manufacturing activity increased. most districts reported in uptake in retail spending. overall, vehicle sales rose. the strong dollar delivering a hit to the steel industry. travel and tourism increased everywhere except new york and kansas city. staffing firms reporting steady hiring activity. the reports on other transportation services were generally mixed. rain helped deal with the drought in some parts of the country, that helped the agricultural sector. the avian flu outbreak hit poultry producers. most districts said residential and comme

peter cook saying if they do. he will be a lame-duck president we moved the discussion to jack dorsey and the future of the beleaguered company. then we look at t-mobile and dish and some of the rumors there. and then we go on to who the fittest man on wall street is. exclusive -- it is not me. brendan: that's it. forget what you have seen so far. the campaign has begun. two candidates who have been clearly running for president for a while are about to admit that they are in fact running for president. hillary clinton and jeb bush will stage their set pieces this weekend. phil mattingly is going to be a theater critic. no way that none of these will be an accident. where are they now say and what does it mean? phil: you are campaign dream asking this question. hillary clinton is announcing on roosevelt island. eleanor roosevelt has often been pointed to by clinton as one of her idols. is a little bit of a shout out to that. that is more fully clinton told him roosevelt to -- that is more franklin delano roosevelt

i will bring in peter cook with more. peter?is is something that should not be too surprising with hillary clinton on the campaign trail. she -- one of the risks is the fact that her close ties to wall street will be an issue for bernie sanders to raise. he already has, as well as martin o'malley, her new challenger, the former governor of maryland. she is talking tough not only about hedge funds but wall street in general, even if that means risking campaign contributions from that very substantial area for her going forward. it is a way to deflect challenges from her left lane and it should not be a total surprise. i would not expect a lot of republicans to be rushing to hedge fund defense, but i would not be surprised if they did. you have the financial community services community for a lot of their campaign cash. pimm: what about around the dinner table inasmuch as hillary clinton's son-in-law mark he runs a hedge fund. formally, he was employed by goldman sachs. peter: it will be fascinating to find out if hillary were tak

betty: thank you so much, peter cook.ark: one of the nation's biggest drugstore chains is buying up targets, pharmacies, and cbs will pay $1.9 billion for more than 1600 target pharmacies, which it will operate as a store within a store and brand as a cvs pharmacy. they will also have other locations that will be rebranded as minute clinics. southern california home edly team upl report . it will also establish a corporate presence on the east coast. standard pacific stockholders will own about 59% of the combined company after a shares swap. confidence among u.s. homebuilders regarded in june to a nine-month high. -- rebounded in june to a nine-month high. the national association of homebuilders, wells fargo builders sentiment gauge rose to 59 this month, the strongest september. betty: and there was in an expected drop in factory production last month. induction fell 2/10 of 1% may. the data signals that the stronger dollar and decrease in fuel prices is holding back american factories. that is a look at the top storie

let's find out more from peter cook. he has the latest. what is the next move? r: republicans are debating whether or not it makes sense to move forward with another vote soon as tomorrow. we heard from kevin mccarthy earlier this morning telling reporters they are weighing their options, confident they can move forward but the timetable remains in question somewhat. this would be, as you said, a do over of the vote that happened on friday when the democrats abandoned their president in droves. republicans want the president to push forward and convince democrats to reconsider their embarrassing vote. here is paul ryan from fox news sunday. paul: the president has a lot of work to do with his own party. i'm optimistic because i think people will realize just how big the consequences are for american leadership. peter: i have no news that democrats are reassessing. scarlet saw nancy pelosi leaving washington on friday. she had a hop in her step and a smile on her face. scarlet: she was fairly quiet about how she was going to vote. hillary clinton finally spoke out

olivia: peter cook, thank you so much.er cook, our washington correspondent joining us from washington, d.c. and now here are the top stories terminal.loomberg it is being called the biggest medicare fraud. the total amount involved is more than $700 million. almost four dozen of the suspects are doctors, nurses, and other medical professionals. more than 240 three were charged in the fraud bust. -- 243 were charged in the fraud bust. and the supreme court rules that a child's statements to a teacher or a therapist can be used in courtbe without the child testifying. and the state department announced that the u.n. it will have its next meeting at the palace hotel is that of the waldorf astoria hotel. a called for a major renovation that sparks fears of chinese eavesdropping and espionage. these are your top stories this hour. pimm: just to pick up on your last story there, about the u.s. state department exiting the state- the u.s. department exiting the waldorf-astoria. the palace hotel was recently purchased by a south

peter cook is standing by on the hill. tell us the latest on her remarks.asically, the president's staunchest defender among house democrats for years as just abandon him on the issue of trade. nancy pelosi in the house a short time ago, telling everyone that she will vote no on a related trade bill and that will effectively blow up the president's fast track trade authority to execute a trade deal and one perhaps later in the administration with europe. this is a major blow to a present who was counting on these initiatives to be his biggest economic initiatives of his second term. here is some of what nancy pelosi said short time ago, making the case for effectively delaying the trade agenda. >> i was hopeful from the start of the discussions that we could find a path to yes for the fast-track legislation that was being put forth. some bumps in the road along the way, some potholes along the way . unfortunately, i think sinkholes as well. but that doesn't mean that road cannot be repaired. i just believe that it must be lengthened. she says she thinks the

that means a conversation with peter cook who has familiarized himself. do you hope to get out of the press conference that we will see? guest: i think janet yellen will be pressed on whether or not she feels they need to hold their fire. maybe december and maybe 2016. the thing i am most interested in is what she has to say about the outside rusher from madame lagarde and others suggesting the fed needs to hold the fire in 2016. what weight is she giving to those calls, giving her close relation -- given her close relationship with christine lagarde. tom: mr. wu was with us earlier talking about the asia slowdown. you wonder how the international economies will hold into the fed debate. guest: they are not supposed to, directly but you know that greece will be part of the conversation today. you have to touch on it in some form or fashion. not just the situation, but as we said, what is happening in emerging economies, the pressure she feels outside the economy to be very careful. she has been hearing it from abroad, and washington did she will have to t

peter cook -- what he is really focused on is the jobs report today. peter, what do we look for? peter: we look for janet yellen and christine lagarde to be talking about the u.s. economy. they may not be on the same page. it could happen. they were up on stage together a short time ago, a couple days ago. it is an interesting moment. the jobs report is always important, but this one perhaps even more so because it could verify whether or not the slowdown we saw in the first quarter is hanging with us here in the u.s., or whether just maybe we are starting to rebound. the 2026 -- the 2000 2600 jobs -- the 2600 jobs would show that things are back on track and the jobs hold. tom: what if we get a 250,000, 260,000? brendan: you mean what is it if we get exactly what everyone is predicting? peter, what is the number that is high enough that people on the hill notice and start issuing press releases one way or the other? peter: they have already written the press releases. they have written one if it is bad and one if it is good, and they just hit send depending on what the number is

peter cook is standing by with one democrat. peter: that's right, i'm joined with john delaney. he just heard what the president had to say to his colleagues. how effective was the president today? did he's way anyone? of said delaney -- representative delaney: i think he did. i thought he did a very good job. i thought it was balance. he talked about like trade is good for the american people, and i thought he made his case very well. he also played his credibility on the line. he said, why would anyone think that he would hurt workers, hurt our efforts to fight climate change. those points were very important. i think he also called at the misrepresentations that was said about these things come about what is in the deal. he challenged people on that, which i think is important. he concluded by telling the cop is to play it straight. this has always been a caucus that has worked well with the administration. they had to take the hard road that they did. defines us as the caucus. i thought it was in a plus speech. peter: the fact that the president had to come on the hill the s

peter cook, bloomberg, washington. guy: peter cook talking about the fed. there are two factors this morning purchasing one of what is happening with the fed and the other is what's happening with athens. to be honest, the greek story is dominating. let's take a look at the stoxx 600 and show you what is going on here. the 600 is down by around .50% this morning. the athens stock exchange is up but sharply down over the last few days. this is as you can see that is the athens market. over the last week, down by 17%. today just picking up a touch as you can see to the right hand side of that screen. in term turnovers norwegian decision, let me give you a quick heads up there. cutting rate business 25 basis points. that is the reaction. the norwegian kronor -- krona dipping further. as you can see now, we're at 105. quite a significant depreciation in the norwegian economy leading to swiss, leading to the norwegians having to cut rates and the norwegian krona dipping further. we'll continue to monitor that story. it is very much related to what's happening wi

peter cook joins us now. strange bedfellows. this will require legislative maneuvering. ter: some trust involved as well. here is what is going to happen. today around noon, the house of representatives will vote to give the president fast-track trade authority. we assume this vote wills court -- will pass with the majority of republicans and a handful of democrats. it will go back to the senate where the senate will have to vote and the same thing will happen. the president is counting on a handful of democrats to back it. he is banking on the republican leadership agreeing to bring the woulda separate bill that give aid to american workers displaced by trade deals. he is trusting them to bring that deal to the floor and counting on democrats to stand coons.m, including chris spoke with him a short time ago. he's not sure about the strategy. sen. coons:without some guaranty , some path forward for all of those to get done, it is difficult for me to take another vote on tpa. peter: senator coons acknowledges he has faced heat in his home state form has first -- his first

peter cook has the key take away from janet yellen's address.est today policy meeting in washington, the federal reserve moved a big step closer to the interest rate increase since 2006. the timing remains in play. fed chair janet yellen says further has been made, improvement on the labor market and more confidence in inflation is moving back to the 2% target. but not enough progress to pull the trigger on a rate increase right now. byno decision has been made the committee about what the right timing is of an increase. it will depend on unfolding data in the months ahead. certainly, an increase this year is possible. we could certainly see data that would justify that. latest projections reveal 15 out of 17 policy makers anticipate increases. the funds for christ implies to rate increases by the end of 2015. yellen strip -- stresses a focus is not good, he wants to raise them gradually. promise there will not be volatility when we make a decision to raise rates. what we can do is to do our very best to communicate clearly about our policy, and

scarlet: joining us now for more on the story is peter cook our chief washington correspondent, and joehal. peter, while the president issued a firm denial, he did not tell the line of saying we prefer a strong dollar, which had been a typical practice of , not just this one, but in the past as well. one thing is clear, world leaders are better off not talking about currencies altogether, and that includes barack obama. he did not want to talk about it , you could tell from his body language, an issue that he did not expect to come up during the course of the conversation, but he did not offer the standard past statement that we get from u.s. presidents and treasury secretaries, that they believe in a strong dollar. i would not read too much into it. certainly, currency probably came up in the course of the conversation with world leaders, but this probably has more to do with lost in translation moment than anything else. u.s. officials are willing to concede the dollar has been causing headwinds for the u.s. economy but are not about to change policy at this point in time. scarlet: ce

thank you so much peter cook. those are your top stories at noon. turning to politics -- look out for low-flying hat. hillary tossed hers into the presidential rank. later today, jeb bush is expected to do the same. clinton, in her speech, she channeled president obama in her wall street pay. >> you see ceos making record day but your paychecks have barely budged. while many of you are working multiple jobs to make ends meet, you see the top 25 hedge fund managers making more than all of america's kindergarten teachers combined, and often paying a lower tax rate. pimm: with us now to look at what hillary clinton has to prove, out of the gate is a frequent guest, former congressman martin frost of texas. i am wondering if you could describe, based on your hearing of hillary clinton's speech, who is she running against? martin: she is running against the republicans. she has to hold as much of the base as possible. she cannot just rerun obama's campaign in 2008 and 2012 because it is not realistic she would get as large a turnout in the black communit

much, ourk you very chief washington correspondent peter cook. thanks.ad on the bloomberg market day -- luxury is looking to make a move online. we give you details, coming up. ♪ pimm: luxury goods. they are in high demand. well over $250 billion last year. now they are trying to bring their brick and more in her's success to the world of e-commerce. olivia sterns, my colleague, joins me now. do you like this idea of a team can prized of -- comprised of gucci and the company that runs cartier all online? olivia: i think it means something that they took the time to reach out to the to see if theyh could do something online. it's almost like the head of coke called beheaded of pepsi to see how they could sell soda better online. called the head of pepsi to see how they could sell soda better online. vmh, the website itself gets a hundred million visitors -- pimm: i'm assuming that the good thing. olivia: it's a great thing. that's 1% of their total sales. people still want that experience, they want to go in the store and touch and feel the product they w

chief washington correspondent peter cook is on capitol hill as well. -- we also have greg kelly a gregpresident is doing last-minute lobbying. have you seen him making rounds? peter: you can see i am a little out of breath. i'm just running out of breath from a meeting where the president just enter the room. congressional democrats are going to hear him make his final pitch as to why they need to support him on this fast-track trade bill. this is a last-ditch effort by president who sees his fellow party members standing in his way of arguably the most important economic initiative of his second term. i heard from several pro-trade feel, or that they about chances today. we also heard from a whole host of democrats who oppose this legislation. they also feel just as confident that they are going to be able to kill it today or at least and in the way temporarily. erik: peter, we caught up with you earlier this morning and talking about some of the trading that has been going on. is there anything of substance going on behind the scenes that could tip the scales either way in this debat

mark: peter cook is joining us now. st a week ago, democrats staged what i guess can politely be called a rebellion. they almost killed the proposal. what has changed in a week? peter: politely is probably right. what has changed is not necessarily the votes, but the employed by a house and senate republican leaders to get this bill passed. they had originally linked the to providetrade will assistance to american workers displaced by trade deals. now they have separated those passed they have trade bill for a second time, sending it back to the senate. the catch here is it is going to require a handful of democrats, many of whom remain opposed to the fast-track trade authority. asrequires them to sign up well and a sense we get from talking to some of the senate democrats is they have real questions about whether they can support it, unless they are convinced republican leaders will consider the assistance part of the trade package. one of those is a pro-trade, crack that i spoke with earlier. guest: what many democrats

mark: peter cook is still with us. giving us that breaking news about today's fed statement. talk to me about the policy -- what have lawmakers been expecting from the fed? peter: the fed has been hearing it from both sides for some time. some lawmakers urging them to raise rates, a refrain we've heard from republicans. -- a lot ofts democrats saying you can raise rates -- they've been hearing it from both sides. it has not been that loud recently. to some extent, congress is leaving the fed alone at this point to make these decisions, using the data in front of janet yellen and her colleagues because congress does not have a good sense of what it should do anyway. they should leave it to the professionals. those professionals are here at the fed and they're waiting to see what the fed will do. janet yellen and her colleagues will be open to criticism if they start to move and people don't feel like the economy can handle it. that's one of the things they have to weigh. janet yellen has to testify not too long from now. she will have to articulate that two members of congress.

so with us, peter cook. ous question, does the kerry have any chance, and if he does not, why is he doing it again? peter: a much bigger hill for him to climb. he ran in 2012 and did not do all that well. the famous moment on the age and downhill from there. at one point he was the front runner. 28% in the polls. 14 years as texas governor, the story he could tell there. there is still a chance for rick harry to distinguish himself this time around. much more difficult than last time around. an opportunity to question it. can he somehow show he is a more polished, more ready candidate they wrote atty: story about what does rick harry have and what does he lack? what he is got they noted, among many things, strong job creation in texas, a social conservative, true governing experience, governing texas for so long, but what does he lack? --t is his guest week point is his biggest weak point? weakthink his biggest point, how will he distinguish himself. how does he break through the pack and say notwithstanding

pimm: thank you, peter cook, our chief washington correspondent. sawi was shocked when the headline roll across. a massive surprise. pimm: more on what treasuries are doing, rising for the first time in four days investors may be reevaluating whether. it has gone too far. -- thepoint the yields yield on the 10 year german almost half a percentage point to the highest level since october. pimco's chief investment officer for global fixed income explained what is driving the market earlier on "market makers." >> you have the ecb and qe, which tends to push yields down, and then you have fundamentals and value. value the fundamentals have been reasserting themselves. yesterday ecb president, mario draghi, warned that market should be prepared for higher volatility. figures of the economic came out today before the may jobs report tomorrow. last week you were americans applied for unemployment benefits. the total number of getting jobless insurance payments was a small list in more than 14 years. meanwhile, the bloomberg consumer comfort index fell las

mark: peter cook joining us this afternoon, thank you. more to we want to get the outcome of the aig bailout suit. i am joined in boston by josh stirling. give us your interpretation of this ruling. is this good for aig? this is an excellent outcome for aig's current shareholders. obviously, the star litigation was a big overhang on the stock. the possibility of headlines emerging from this was something that was keeping people on the sidelines. obviously, the judge had a difficult path to walk. he had to write a thoughtful opinion that would survive appeal and navigate the challenge of facts which argued for practicality and, if you remember what september 2008 was like, a lot of decisions made very quickly. in hindsight, legitimate questions about whether it was or was not legal. he found a practical balance, bull on aig we are happy about, but as a practical observer, he has done a good job. mark: matt miller told us the breaking news at the top of the hour that the judge said the crisis was legal and effective. could we get your react

peter cook was at the news conference with chair janet yellen., what was the feeling the room, how was the communication? interesting to be in there. janet yellen looked comfortable today and she clearly anticipated where the press would be going with questions. we tried many ways to get her to say if a rate hike would happen in september, december, she wouldn't bite. she did not move the ball all that much. think in that sense, she achieved her goal. the extent to which she wanted to press upon to the press and the markets overall, the force, that's what matters, not when we raise the rates, but the path or trajectory over the long term. the message and she delivered, listen, we will not raise that much, we will raise it and see where things stand. it will not be that measured pace we saw in earlier titans -- tightened periods. she had prepared a immense that she referred to, she knew the questions that were coming. alix: did he get a sense that there was a unanimous vote, or that there was discontent? peter: you have to look at the outcome, it

thanks to peter cook, joining us from washington. erik: coming up, my exclusive interview with john watson, ceo of chevron. we talk about the paec of oil projects and lyrical conditions critical to a big oil company like chevron and the shale business in america. ♪ olivia: good morning, and welcome back. i'm olivia sterns. erik: i'm erik schatzker. what's happening, julie? julie: three days of losses for the major averages. not just games, but games that are relatively substantial. -- gains that are relatively substantial. one of the things we have to thank, ironically, for the gains in stocks, oil prices. we are seeing the oil prices rise to a one-month high. we are seeing them their rising 201-month high. a couple of things that work here -- we will get the inventory data in about 20 minutes time that could show u.s. oil inventories fell for a sixth straight week. that would be the longest stretch of decline since august. inventory data -- we have had a huge bill in inventories because of the production. you see the declines we hav

peter cook is only not. overe big debate surveillance programs coming to an end at capitol hill.he senate has just passed the house bill that deals with these issues. it would allow provisions to be reinstated and most importantly, collecting american phone hands ofs now in the the private sector. the government can try to access those through court order. the debate is effectively over now. the president indicate he will sign it. alix: much more coming up. ♪ ♪ welcome back to bloomberg market day. economistchs asked an whether we have reason to worry about potential stock market -- a potential stock market bubble? some are confident that the bull market will run on. that the ratio is higher than the historical average, but i think that a higher pe ratio is fully justified in a world of record low interest rates. even when the fed raises them, they will remain low on the historical standard. in my estimation and my colleagues at wharton, a lower discount rate means a higher average valuation for the stock market, so i certainly don't believe that this is overvalued at current lev

peter cook joins us with the latest.he administration says it does not mark a change in strategy but and it action of the existing strategy, what this will do. this will bring the true total up 230 500 u.s. troops in iraq. it will allow for the opening of this facility to train iraqi forces. the big focus of the new group securityo train iraqi bhar.s in and specifically, this will allow for more training of sunni tribal forces and that's part of iraq, which a lot of people say could be critical to defeating the islamic's eight in that part of the country. -- state and that part of the country. u.s. whenever we hear troops are going to a foreign land in advisory capacity there is always nervousness. any chance they could do more than train, advise and let the iraqis? peter: the reality is they will be surrounded by threats around them. right now the word from the administration is these folk will only be training, equipping and advising. they will not the for example playing any role in targeting airstrikes. presidente if

pimm: let me bring in peter cook.begin to to begin to analyze some of the, well, multiple references that donald trump made to a variety of topics. it was sometimes a little hard to follow the connections. what do you take away from this announcement? peter: that he is a wildcard in this race. for all the reasons that we saw up on the stage. he is flamboyant and says whatever is on his mind. he talks about a range of different items, whether it is isis, whether it is whether it is the president playing golf on one of his golf courses. he is going to bring a factor to this field that is hard to gauge at this point. one thing that he brings to the table is name recognition. if you are going to be on the , you're going to have to be in the top 10% of the polling. and donald trump for better or worse has better name recognition than a whole host of republicans running for this office. he is going to be up on the stage simply because of his name recognition, i bet you. and that is something that those other candidates will

thank you so much, peter cook, chief ashington correspondent. mark: all right, i am out of here. fantastic to hear from the former president. we are getting comments on our twitter site and bloomberg.com. if you missed it, trust me, you'll see it again. scarlet: go to bloomberg.com. he was comfortable talking to her and pivoting from subject to subject. mark: one of our producers had the best light -- "i will be almost fully grown by then," referring to what he will do in the future with mrs. clinton as president. scarlet: we have much more coming up to me go inside chevron. an exclusive interview with ceo john watson about the shale business in the u.s. alix steel can't contain herself, she is so excited. ♪ welcome back to the bloomberg market day. i have alix steel with me here, which means it is time to check on commodities and how they settled in trading. let's start with soft commodities for a change. the usda crop report came out. how often does this come out? alix: i think it is once a month. don't quote me. this is what was really cool about the wheat market. the expectat

peter cook will be talking to him and the nations capital. -- in the nations capital ♪. ♪ announcer:omberg headquarters in new york. this is "market makers," with erik schatzker and stephanie ruhle. matt: good morning i matt miller. olivia: i'm olivia sterns. it is my lucky day to be here with matt miller. matt: i look at top stories. the fbi has joined the hunt for the man who opened fire in a black church in trust in carolina -- in charleston, north south carolina. the suspect has been identified as a white man in his 20's. police released the surveillance camera photos. they say he attended a prayer meeting at the church for almost an hour before opening fire. authorities are calling it a hate crime. >> this is an unspeakable act. somebody filled with hate and with a deranged mind. matt: authorities say they thought they tracked the suspect but he then got away. another sign that inflation may take time to reach the fed target, the cost of leaving -- the cost of living rose 1/10 of 1% in may, the smallest gain this year. the consumer price index rose 4/10 of a percent thanks to hi

had to peter cook for the details. could provide jenny ellen and her colleagues at some reassurance the u.s. economy rebounded after that dismal first quarter. the anecdotal r

peter cook has the latest on the effort to get trade back on track. speaker boehner, is he trying to buy time? that is right. the speaker is trying right now to extend the time period within which the house can consider the president's trade agenda once again after the disastrous vote last friday that saw democrats abandoning their own president in droves in opposition to his fast-track trade authority. even as we speak, the house is casting a vote that would effectively delay, create a new deadline, for considering the until july.ll the speaker would like to move sooner than that. the white house has expressed the same desire. they do not see a roadmap to success if they move too quickly . votewould have been a today. democrats have not moved at all. we heard earlier from a group of house democrats insisting it is the president and house republicans who need to come their way. levin: we want to be not in the back seat. we want to be a partner with this administration and how these issues are resolved, and at this point, it is not true and that is wha

peter cook is joining the pentagon. become a spokesman for the secretary at the pentagon. is it lima, ohio you have a tank plant. what do they do -- they are making tanks, that's all technology right? -- old technology, right? rep. turner: absolutely not. you can see what is happening here at having heavy equipment is important. for the safety and also to advance. what the plant does is not only creates tanks, it also upgrades then. the upgrades is important. tom: that is old technology. brendan: we are running out of time. can your house and senate reach an agreement? do you think there is an agreement possible? rep. turner: the president needs to accept yes. if you have the house and senate providing spending, he should accept yes. he believes that the epa and irs are not being funded sufficiently. brendan: mike turner of ohio is staying with us. lawmakers in iran are threatening the potential nuclear deal. live in tehran when we come back. this is bloomberg "surveillance," streaming live on bloomberg.com. for our twi

brendan: peter cook in washington, thank you. we will come back to you on that.rd haass and i both read this morning a piece in "the financial times" by larry summers. he writes -- brendan: i really like this because it says something new on trade. do you buy that? ambassador haass: not completely. the united states should support changes to the imf mechanisms and all that, but it is wrong to underestimate the importance of trade. strategically, this is big for the u.s. and asia. brendan: his other point is that the era of easy wins by dropping obvious tariffs is over. intellectual property, things that are culturally important like japanese rice -- is it as clear that the gains from those dropping those barriers to entry, are the same as getting rid of tariffs? ambassador haass: it is very much a new trade agenda. we saw that with people a few years ago wanting to insert environment, labor. now it is issues like cyber intellectual property. the old agenda has essentially been satisfied. you can do a little more with services and agriculture, but larry summers is

president is getting help from an unlikely ally -- congressman paul ryan who will be talking with peter cookt hour. peter joins us from the hill. is this an unlikely team and are they any closer to victory? peter: it is an unlikely team and they are getting there. members of the administration spoke with agriculture secretary tom the fact and expressed confidence that they will get the votes they need in the house of representatives. but they are not there yet and that's why we have not had this vote scheduled in house. we will press paul ryan on when the vote will happen in the house and where he stands in terms of vote count. he has been horse in the voice making the rounds on radio and tv pushing for trade promotion authority, but he has been doing arm-twisting behind the scenes with his fellow republicans, but it is democrats oppose the biggest problem. only 20 have committed to back the president and house and he may need more than that to get him over the finish line. mark: who could make the difference in the trade debate? peter: nancy pelosi is clearly the most important democrat and

peter cook joins us with more. decisione president's is getting a mixed reaction on capitol hill.some democrats worrying that it goes too far and puts too many americans in harms way. you have republicans saying the president should take a more aggressive approach. i spoke with the top democrat on the armed services committee, adam smith. i think it is the right approach to train partners in the region to fight isis. it cannot be the u.s. military leading this fight. that part of the world does not take kindly to large u.s. military presence coming in and leading the fight. it has to be driven by the local population wanting to defeat isis. do we get,e is, how what has become a very shia-terry and government in baghdad to change its governments of that the sunnis will fight for them. dothat does not work, who the sunnis fight for to oppose isis and where do they get their support? that is the part of the strategy i'm concerned about. said hepeaker boehner supported this step, but he questioned whether there was a larger comprehensive strategy? >> i think one of the cornerstones of

here is peter cook. kind of breakdown that number in a little more detail for us. e looking for a repeat of what we saw last month, 223,000, the report we got a month ago. that would again be consistent with an economy that is still expanding. maybe the economy doing better than what we heard from the imf. and from christine lagarde yesterday. this has become a much more important report than it was just a few days ago if you will but because there have been so many questions about the u.s. economy. 226,000 jobs would suggest again strengthening u.s. economy, not booming, but better than what we saw in the first quarter. guy: peter, people are buzzing in new york about that sort of disagreement. it's not a disagreement, but the conversation that exists with the imf and the fed. what are people in washington saying? peter: that perhaps the imf crossed the line. it is not the first time that the imf has had advance -- advice or guidance for the u.s. or other countries. but the fact that christine lagarde was so specific, that she said it's probably -- so publicly when

peter cook is on the hill with the latest. the president still looking for votes there. peter: still calling lawmakers. some of the fence sitting democrats are out there. the big problem for the president are members of his own party. expect a majority of house republicans to support this fast-track trade authority when the bill comes to the floor tomorrow. the question is, how made him a join? that could be as many as 20 publicly committed to support the president. he might need more to get to the magic number of 218. there are some fence-sitters web decided not to vote. -- web not decided how they will vote. >> i am leaning against it. on the one hand, i definitely want to lower the tariffs and i want to see us build partnerships and relationships in part of asia but will this do enough to help working people in the united states? fact he's leaning no is a one inside to the white house. the president has reason to be encouraged. the speaker of the house, john boehner himself, is encouraged by helping stand. aboutr boehner: this is china out there writing the rules and w

peter cook is on the hill now. this cannot be understated, this is a major blow for this resident and this administration. peter: absolutely. most arguably the important economic issue of his second term. onn i have more information what is playing out in the house of representatives because this is not yet over. what happened after the first defeat, was that they moved to still consider the bill even though it was only symbolic. prevailed on a symbolic vote, with 219 votes. toovedaker the house reconsider the taa vote, the original of votes that failed. leadershipepublican saying that vote is going to happen again on tuesday. president and republicans can win enough votes to pass it at that point, then all of a sudden, fast-track has cleared the house of representative. that symbolic vote becomes binding once again. ands still playing out, still some challenges for the president. the trade agenda remains alive because of the move by the house speaker john boehner and the republican leadership. the white house had h

chief washington correspondent peter cook tunes us from washington. ord "bipartisan," should i hear the word "the democrats are not there"? peter: brendan, if the democrats were there, if the president had made inroads with his own party we would be having a vote today to move his trade agenda forward, yet the reality is we are not having a vote. instead, houston public and leaders after talking to the white house, and speaker boehner spoke to the president yesterday afternoon, they have decided to basically extend the time period here, give themselves a new deadline of the end of the month to try to wrap things up to her, and that is going to give them they hope, time for the president to work on fellow democrats, to get them on board his trade agenda, and perhaps get a few more republicans than the fold as well, but it is not a good sign. it is not on its deathbed right now certainly. it is getting some important resuscitation's. this is a trade agenda that is very much in trouble. brendan: peter, translated language coming from the white house. they

peter cook bloomberg, washington.ay, seemingly transfixed by both greece and the situation around the fed and when interest rates will finally go upwards for the first time since 2006. let's return to the greek story because the action in that particular arena has moved to luxembourg. hans nichols is there in luxembourg with a preview of what we're going to get from today's meeting. would it be fair to say expectations are low for a deal to be done in luxembourg? hans: anna, that might be too optimistic to call them low. they are beyond low. when you look at all the comments from various finance ministers, indeed from mr. tsipras to a couple of german speaking newspapers, there is very little reason to be optimistic. let's run through the late freths mr. tsipras. he said it is a myth that germans are paying greek salaries. he is trying to combat this notion in germany which is pretty widespread that the greeks are a burn of loafers. he said that they would be waiting for yet another proposal from their creditors that

scarlet: that was peter cook speaking with congressman paul ryan ryan.e will be back after the break. ♪ mark: that is it for me. i will be watching as you interview victor espinoza. scarlet: he's gotten a lot of flak in the tabloids about his personal life, sought not going to press him on that, but there are plenty of questions to ask him about making history. we will be act with much more on bloomberg market day. ♪ scarlet: breaking news -- this was moments ago when the white house briefing room was being evacuated. they say they received a phone bomb threat and they are looking into reports of a suspicious package in the office building. they are clearing the third floor of the senate as well. on any be keeping an eye details and inform u.s. soon as the headlines across. in the meantime, let's get you some of the top stories at this hour -- former house speaker dennis asked her to has arrived in a chicago court to answer felony charges. he's accused of raking banking laws and lying to investigators. says theficial misconduct is sexual in nature and go

a hearing was just wrapped up on capitol hill and peter cook is live with congressman will hurd.d a key part in today's hearing. peter: i am joined by congressman will hurd, who has a unique perspective, given your time at the cia. how troubled are you that the office of personnel management was hacked in this way and so many employees now have information out there? isgressman hurd: it disappointing and scary. how can attackers use it? they can use it to penetrate our system and a lot of this could have been dealt with if some of andissues opm had identified by the og and identified by gao, if they were fixed years before. peter: the head of opm was making the case that some of it had to do with budget. we have not had the resources to build the structure that we need. congressman hurd: when you implement two factor authentication after a hack, that means you have the money to do it. you just had an done it. issues that ishe most frustrating with me. billess last year passed a to protect their networks better and one of the things i will be doing is ringing these agencies in and

that is bloomberg's peter cook from washington.have more of the "bloomberg market day" ahead. ♪ this is the "bloomberg market day." i am betty liu here with pimm fox. pimm: indeed. let's go to olivia sterns. olivia? tovia: yes, we are going soon go to the awesome interview with charlie ergen regarding the t-mobile merger with dish. charlie ergen thinks that t-mobile still could he a logical partner for charlie ergen and dish network's upstart he wille, so perhaps takeover speculation. right now it dish network is looking over the idea of taking over a merger, so it can stockpile some of its licenses to work for them. --toration hardware stair hardware shares are up in trading, this is after restoration hardware boosted outlook and beat analyst estimates. their top sales are up a whopping 15%. restoration hardware also saying create rolloutto of a new line. back to you. pimm: i just wonder if you could lift that restoration hardware catalog that is at your door. it is heavier than a book. i will leave it there. betty: we will be rig

peter cook will be in the room. what are the buzzwords we should listen for? we are listening for anything janet yellen could suggest liftoff or interest rates. is itw the expectation will not happen at this june meeting. we are looking toward the fall. any indication that she gives for the timing of the first rate increase will be important. we will be looking at the new economic and interest-rate projections from the feds, they have been four times the year. we will get those today. they'll give us a better sense of when the interest rate increase will happen, and at the pace of normalization. will beessive or dovish fed be going forward? we will be listening for anything about wildcard issues. of them. one issue worried about a crease exit from the eurozone and what it could mean for the u.s. economy? about thehe says outside pressures the fed may be feeling to hold off on raising interest rates. we heard from the imf manager to that effect earlier this morning. is that having any effect on the decision-making? pimm: thank you. joining us from washington. w

let's go to peter cook for the details. no major changes in the statement. no clear changes in the forward guidance with when the fed will start raising interest rates. we do see in the forecast, the fed calling for two rate increases this year. they are challenging recent improvements, but also downgrading their gdp forecast for the new year. the most significant changes deal with the most recent assessment of the u.s. economy. economic activity has been expanding moderately. the pace of job gains picked up

we take you to peter cook. peter: this is the big showdown ever has been waiting for.dents trade agenda. critics will stand in the way. that's why the president is coming to the hill on this surprise visit to make a final pitch to democrats not to blow up his most important economic initiative of his second term. they have the opportunity to stand in the way and he is try to convince enough of them to stand shoulder to shoulder with him on this issue and join a whole host of congressional republicans will vote in favor of the trade agenda. he knows how much is riding on this. that's what he's coming here to try to lobby this. olivia: a lobbying frenzy on capitol hill right now. peter: there is a lot at stake. you know how many major corporations have been in favor of these trade deals. the transpacific partnership would pave the way for the final negotiations for that deal. 40% of global gdp huge multinational and small businesses making the case that this is a deal in their best interest. major lobbying push by those business groups. you also have a major push by orga

we have chief washington correspondent peter cook in the bureau. d in the days since the announcement, what is the conversation like in d.c.? peter: the question is is this enough among congressional republicans come and the question among democrats is is this perhaps too much. there are concerns on both sides of the political fence. i've got some sound from john boehner, house speaker talking about the president's latest move. rep. boehner: it is a step in the right direction, but as the president admitted the other day, he has no strategy to win. this is another tactical move. peter: the response from the administration is that this is a move that will, for one, perhaps get the sunni tribes in an province more involved in the fight against the islamic state. that is a critical goal of the administration. it did not go as far as some of the president's critics would like but the administration pointed we want iraqis leading this fight. that is why they are not taking the steps "the wall street journal" outlined today. brendan: what approval does he

peter cook is standing by on services committee. peter.by adam smith, a top democrat on the armed services committee. thank you for joining us. your reaction to what we heard yesterday in the white house the president will raise the number to about 3500 in iraq right now to train the iraqis do not take a combat role. adam: i think that is the right approach pair what we need to do is train partners in the region to fight isis. it cannot be leading this fight. as we learned in iraq and afghanistan, that part of the world does not take on me to large military presence coming in and then leaving the fight. it has to be driven by the local population wanting to defeat isis. the struggle is, how do we get what has become a shia sectarian government in baghdad to change its policy so sunnis would fight for them? so people will be training so they feel they have a government fight for. if that does not work, who do the sunnis fight for to oppose isis? where do they get their support coming from baghdad? that is what i'm concerned about. peter: th