. -- we are getting the bank of headlines across from the swiss national bank.s policy rate decision and leaving its deposit rate at minus zero point 75%. they are firmly entrenched in negative territory. 0ey will leave that rate at .75%. we will bring you moves in the swiss franc you need to see. the snb saying the frank remains highly valued. we will bring you an interview with the swiss national bank president later today. let's get to the first word news with sebastian. sebastian: president trump has reversed course on his controversial policy separating it immigrants from their children coming across the u.s. border illegally. trump has been under intense criticism from congress, the public, and business leaders, which saw around 2000 children placed in federal custody. families being separated is a problem that has gone on for many years, with many administrations. we are working hard on immigration. it has been left out in the cold. we are dealing with it. reiterated it is fully prepared to respond to any new u.s. tariffs on its exports. the nation will u

street journal rhes swiss voters rejected the vogue elde initiative which would have put the swiss national bank in charge of all money creation pending the banking system so it would have ended basically fractional reserve banking it was something like seventy percent voted against this so it did not succeed at all but we're going to talk a little bit more about that so it's interesting that they would even consider this so they understand that the central bank of switzerland is acting malevolent undercut commercial banks that they've they said the commercial banks should not be able to print money by issuing loans. they create money so they wanted to take that power away from them that said that commercial banks like j.p. morgan deutsche bank goldman sachs that they could not create money they could only lend against their reserves one hundred percent reserves that only the central bank of switzerland was going to be allowed to print money just like in the case of america would be the u.s. federal reserve would be allowed to create money for the treasury. exactly so they voted it down but they

street journal rees swiss voters rejected the vogue elde initiative which would have put the swiss national bank in charge of.

european bond market we talk about the yield gaps all the time does that mean if you look at the swiss national bankthe bank of england, the bank of japan, european central bank and the fed, does it mean the interest rate and economic environment in the u.s. despite all of this trade rhetoric, does it mean the u.s. is still the safe haven, the choice for people to go to? >> it will be on a relative basis, but that doesn't mean we're immune to what goes on we know how the world is so intertwined. we know what goes on in china will affect us in europe and everything so we're all in this together, particularly getting back to the bond markets where the german ten-year yield is highly influential on where u.s. yields go if the german ten-year yield goes from 40 basis points to 1%, i'm confident the u.s. ten-year will be above 3% >> also influential the move in the currency market. what's your year-end target for the euro >> the euro, i think, rallies to the end of the year as the ecb gets closer to ending their policy i'm calling 1.25 by the end of the year >> wow peter, thank you for joining us. >> tha

street journal rees swiss voters rejected the vogue elde initiative which would have put the swiss national bank in charge of all money creation pending the banking system so it would have ended basically fractional reserve banking it was something like seventy percent voted against this so it did not succeed at all but we're going to talk a little bit more about that so it's interesting that they would even consider this so they understand that the central bank of switzerland is acting malevolent undercut commercial banks that they've they said the commercial banks should not be able to print money by issuing loans they create money so they wanted to take power away from them that said that commercial banks like j.p. morgan deutsche bank goldman sachs that they could not create money they could only lend against their reserves one hundred percent reserves that only the central bank of switzerland was going to be allowed to print money just like in the case of america would be the u.s. federal reserve would be allowed to create money for the treasury to jurors or. exactly so they voted it down b

street journal rhes swiss voters rejected the vogue elde initiative which would have put the swiss national bank in charge of all money creation appending the banking system so it would have ended basically fractional reserve banking it was something like seventy percent voted against this so it did not succeed at all but we're going to talk a little bit more about that so it's interesting that they would even consider this so they understand that the central bank of switzerland is acting malevolent undercut commercial banks that they've they said the commercial banks should not be able to print money by issuing loans. they create money so they wanted to take that power away from them that said that commercial banks like j.p. morgan deutsche bank goldman sachs that they could not create money they could only lend against their reserves one hundred percent reserves that only the central bank of switzerland was going to be allowed to print money just like in the case of america would be the u.s. federal reserve would be allowed to create money where the treasury is yeah exactly so they voted it do

. >>> the swiss national bank warned the exchange rate situation remains fragile and decided to keep its ultra easy monetary policies in place the swiss franc remains highly valued in the aftermath of the political crisis in italy. the central bank reiterated keeping rates in negative territory. later this morning, joumanna bercetche will be speaking to thomas jordan. on the agenda will be the monetary policy assessment and the annual financial stability report. >>> sterling has fallen to a seven-month low against the dollar ahead of the bank of england monetary decision later today. last month boe governor mark carney said the monetary policy committee will need more time to gauge the strength of the economy after a mixed set of first quarter data joined by daniel vanatta from unicredit. thanks for being with us what do you expect from the vote today? >> i think the vote will be 7-2 for the bank to remain on hold with the rate. the event should largely be a flaun-eve non-event today. most members of the committee are looking ahead to the august round where there will be the inflatio

this is on the swiss national bank and whether it should have full authority of money.any are saying you are saying you're not pricing in the very small chance that it could get through. the swiss franc down by 7/10 of a percent. julie: not what you would normally expect from the safety trade. thank you for that perspective. president trump is set to arrive in quebec any moment now for the .7 summit the president spoke about the expected war of words with this counterparts over trade policies. >> we are going to deal with the unfair trade practices. if you look at what canada and mexico, the european union, all of them have been doing to us for many, many decades, we have to change it. they understand it's going to happen. julie: we are joined now by republican representative tom reed from new york. house waysber of the and means committee and joins us now from capitol hill. thank you for your time and thank you for joining us. rep. reed: great to be here. julie: we know the president is looking to go into the g7 and what appears to be a hostile audience at least on the

and volatility announcements from the bank of england and the swiss national bank.nty of gains continue in england. we will see what they can deliver. i read they are unburdened by low expectations. let's check in on the markets. >> a clear risk off tone in the markets when it comes to asian equities. china and hong kong close, but even without the markets in place -- down. losses in japan, down 1.5%. there are concerns china and the united states are on the brink of a trade war. this is where the exodus is from asian emerging markets in context. foreign investors have pulled out billions of dollars out of asian emerging markets when it comes to equities. this exodus is the worst since 2008. is that previous times when this has approached, we have seen some inflows coming through. at the moment, that is how we are looking at asian emerging markets. taiwan as well. switching to the next chart and continuing with the theme of the koreanons, currency is the worst performing against the greenback. in 2017, what we saw was a turnaround and the bulls t, you saw some resil

i would say if it would go the other way, the swiss national bank would surely take the lead and guidehe country through the change. but nobody is expecting it to happen. >> what would you say that the mood is of your clients right now, zeno? we had some rocky political developments obviously in italy over the last couple of weeks. but globally there is so much uncertainty due to the burgeoning trade war as we head to the g-6 plus one meeting in canada today. do you have clients who are seeking safe haven, or are you still looking at aggressive investors that are looking for return? >> it is a mixture, and clients have actually not heavily moved more towards the sidelines. so the current sentiment of investors and also the mainstream of our advice still go through looking through the political headline risks. we would neither expect the italian situation to escalate to a new version of the european crisis, nor do we expect that current trade war talks has a true meaningful impact yet on the global value chains or on corporate profitability. and we hear the same from the corporations we

against the dollar lowest level since november of 2017 bank of england meets on thursday, as does swiss national bankinally, the dollar index charts this one i'm starting since february you know, we settled at 92 and change and we hoovered just below 95. it doesn't sound like a huge move, does it? but we spent a lot of time in the 80s. the low for the year is right around that 87 and change. reasoni bring it up, the percentages we have moved from that level really do give you a better handle how the dollar is affected many things, including emerging markets carl, jim, david, back to you. >> rick, we'll talk to you in awhile >>> coming uptake you across the atlantic for an exclusive with evan spiegel the dow down 206 to start this week back in a minute whoooo. when it comes to travel, i sweat the details. late checkout... ...down-alternative pillows... ...and of course, price. tripadvisor helps you book a... ...hotel without breaking a sweat. because we now instantly... ...search over 200 booking sites ...to find you the lowest price... ...on the hotel you want. don't sweat your booking. tripadvisor.

engaged inclusion on the index, and later today, we speak to thomas jordan, president of the swiss national bank. first, let's get bloomberg first word news. >> donald trump is planning to meet with vladimir putin. bloomberg has learned that two possibilities for the meeting are either before the nato summit in brussels or after president trump's visit to britain. the white house declined to comment. trump has reversed course on his controversial policies separating immigrant children across the u.s. border. he signed an executive order, directing homeland security to contain families together. he has been under intense criticism over the separation which saw around 2000 prison placed in federal custody. it is a problem that has gone on for many years. we are working very hard on immigration. people having dealt with it, we are dealing with it. china has reiterated they are fully prepared to respond to any u.s. tariffs. ministers -- commerce has said they will hold a trade summit with the european union on monday. wilbur ross joins us after midday u.k.'s on. -- time. off aa may has fended rebell

the swiss national bank president cause to date -- called it a dangerous experiment.4 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in over 120 countries. riggs.ylor this is bloomberg. one of our most read stories, italian bonds and stocks surge after the country's new finance minister made assurance they were committed to a single currency. said there was no discussion of any proposal to leave the euro. the government is determined to block market conditions that would push toward an exit. david riley and luigi zingales are both still with us. luigi was also one of the names of a possible finance ministry. if you had been finance minister, i note it is a difficult thing to express yourself on, do you think this government will hold together? there is a function in the market, given the rally we saw today, that everything is fine. we have a finance minister that is not anti-euro, and so the government holds. very: italy is in a special situation given the level of debt. that italyy thinks is doing fine, rates would be l

interest rates, you know, we're never far from 290 the overnight news, of course, morning news, swiss national banko anything with rates. >> that is not shocking the bank of england monetary policy committee didn't do anything with rates in the ends, they're looking to raise rates before they even dribble off any of the balance sheet. so there is a lot of competing strategies, none of which are obviously as good as the fed which is removing. removing, removing is the good policy, joe, back to you >> thank you, rick yes. the removal. we got new guests here actually, and it's a hot button issue. i'm actually going to talk about it today in washington, sec chairman jay clayton will testify before the house financial services committee on crypto currency regulation, congressman warren davidson will be there he joins us first on "squawk box. what itself the bottom line here, congressman? what do you want to see happen what needs to happen >> well, good morning. i think the big thing is reneed a light touch regulatory framework for the marshall the sec started to weigh in. just last week bill hinman indi

street journal rhes swiss voters rejected the vogue elde initiative which would have put the swiss national bank in charge of all money creation appending the banking system so it would have ended basically fractional reserve banking it was something like seventy percent voted against this so it did not succeed at all but we're going to talk a little bit more about that so it's interesting that they would even consider this so they understand that the central bank of switzerland is acting malevolent undercut commercial banks that they've they said the commercial banks should not be able to print money by issuing loans. they create money so they wanted to take that power away from them that said that commercial banks like j.p. morgan deutsche bank goldman sachs that they could not create money they could only lend against their reserves one hundred percent reserves that only the central bank of switzerland was going to be allowed to print money just like in the case of america would be the u.s. federal reserve would be allowed to create money for the treasury. exactly so they voted it down but th