the new approach for raising short-term interest rates was working well. since december 2015 we have raised the interest rate paid on excess reserves and the target range for the federal funds rate by 100 basis points and the effective federal funds rate has risen accordingly. in light of our recent decision to start reducing our securities holdings this month i would like to discuss a few aspects for a balanced strategy. the fomc anticipated in its decision to maintain the size of the federal reserve security holdings at an elevated level until sometime after the beginning of rate hikes would keep some downward pressure on longer-term interest rates well after the end of the asset purchase program. although estimates of the effect of our securities holdings on longer-term interest rates are subject to uncertainty a recent study reported that the federal reserve security holdings or reducing the term premium on the ten-year 10 year treasury yields by roughly one percentage point at the end of 2016. the guidance that the fomc would eventually start with grad

the new approach for raising short-term interest rates is working well. since december 2015, we have raise the interest rate paid on excess reserves the target range by 100 basis points in the effective federal funds rate has risen accordingly. in light of the recent decision to reduce the securities holdings this month, i like to discuss a few aspects of our balance sheet strategy. the fomc anticipated its decision to maintain the size of the federal reserve security holdings at an elevated level until sometime after the beginning of rate hikes. it would keep downward pressure on interest rates well after the end of the purchase program. although estimates of the effect of our security holdings on longer-term interest rates are subject to uncertainty, a recent study reported the federal reserve security holdings were reducing the term premium on the ten year treasury yield by roughly one percentage point at the end of 2016. the guidance they would eventually start a gradual unpredictable reduction of the federal reserve security holdings implied the downw

this is the first term. they've had some time to adjust the legal position heading towards the court including the cases today, the first term with the obama administration cited with employees and the administration switched the position. tell us more about that case. >> it is about whether the work can be prevented from rippingg together to file claims against an employer through arbitration agreements they have to sign when they become employees. if companies prevent them from making the claims, they make it harder to bring these claims come at least that's what the tc lawyers say. and with the court being the majority they would be likely to side with the companies in this case and the shrub administration's change in position could help with that. >> and that is just to get started. they usually take about 70 or so cases. they will still be adding some. they haven't taken them all aten but they've taken some pretty big ones they will be hearing over the next month. and the other is number nine. the justi

interest rate risk associated with longer-term securities. when the federal reserve buys longer-term securities in the open market, the remaining stock of securities available for purchase by the public declines, which purchase the prices of and thus,rities up, depresses their yields by lowering the term premiums in that it in those yields. found thatdies have our forward rate guidance and did appreciably reduce longer-term interest rates. was to help the u.s. economy recover from the recession and stem the dis-inflationary forces that emerged from it. some have suggested that the slow pace of the economic recovery proves that our unconventional policy tools were ineffective. however, once you recognize that the recovery could have been the absence of our unconventional tools, indeed, the evidence strongly suggests that forward rate iesdance and securit purchases by substantially lowering borrowing costs for american families and businesses, and making overall conditions more accommodative, did help spur spending, lower the unemployment rate, and stav

guest: this is the first supreme court term since the -- the first full term since the administration came in, in january. so they've had some time to adjust their legal positions in some of these big cases that hang towards the court, including one of the cases being argued today, the very first case of the term, a big employment case where the obama administration had sided with employees and the trump administration has now switched its position and is supporting the employers. host: tell us more. implingts this is a case whether guest: this is a case whether workers can group together to file class claims against their employer through oshtration agreements they have to sign when they become employees. this has big rep cushions for workers because if companies are allowed to prevent them from making these claims, it would make it hard erd for workers to bring these claims. -- and with the court being a conservative majority, people believe the court may decide to support the companies and the trump administration's change now supporting the companies could help with that. host: th

guest: this is the first supreme court term since the -- the first full term since the administration came in, in january. so they've had some time to adjust their legal positions in some of these big cases that hang towards the court, including one of the cases being argued today, the very first case of the term, a big employment case where the obama administration had sided with employees and the trump administration has now switched its position and is supporting the employers. host: tell us more. implingts this is a case whether guest: this is a case whether workers can group together to file class claims against their employer through oshtration agreements they have to sign when they become employees. this has big rep cushions for workers because if companies are allowed to prevent them from making these claims, it would make it hard erd for workers to bring these claims. -- and with the court being a conservative majority, people believe the court may decide to support the companies and the trump administration's change now supporting the companies could help with that. host: th

reflect bothoted, the term premium component and expectations of the future path of short-term interest rates. while the available evidence points to a strong reaction of longer-term yields to our asset purchases, it is conceivable that those yields will react much more modestly to our balance sheet reduction plan. consider for instance, a hypotheticals -- a hypothetical scenario in which the fmoc has decided not to rely on ellen sheet reduction to scale back accommodation. to continue tod reinvest in definitely all principal payments from the federal reserve security holdings. the financial market no changets perceived in the economic outlook and no intention on the part of the fmoc to alter the overall stance of monetary policy. to leaves inclination the size of the balance sheet taken as anuld be indication that the fmoc what instead rely more on increases in short-term interest rates to scale back accommodation. resulting in a faster pace of short-term interest rate hikes. on net, longer-term yields may be little affected by this hypothetical scenario. while a decreased emphasis on

many women of color today embrace the term feminism and seek to create their own definition of it. t is a challenge to any are verging middle-class base non-diverse definition out there. me personally, i love the umbrella of feminism. womanism works for me. as long as you call it, as long as you are bored with me, we are good. [applause] >> i think we will leave it at that. do we have any last words? >> there was a perfect last word. >> let's hear it again for robyn spencer. lots more great talks coming up. robyn spencer will be selling books, they are for sale in the back along with other things about the black panthers and other political movements in that vicinity. please check them out, grab robyn spencer's a book, get it signed over there. the next talk will be in five minutes, thanks a lot. [inaudible conversations] >> baltimore photographer devin allen is next, he discusses his photos which documented the protests and riots in the city following the death of freddie gray in 2015. >> let's get started. coming up next, i would like to welcome everyone to the pavilion at the bal

supreme court were today's the first day of the new term. lawrence hurley is at our table to tell us about it. he's a correspondent. thank you for being here. the trump administration is in the spotlight as the u.s. top chord return. >> this is the first full term since the administration came in january. they've had some time to adjust their legal positions and some of these big cases toward the t court including the very first case of the term, where the obama administration sided with employees in the trump administration switched. >> this is a case about whether workers could be prevented from grouping together from filing false claims with their employer. this has a big repercussions for workers. it would make it harder for workers to bring these claims, at least that's what the lawyers say. with the court being the court maybe likely to side with the company at this case the trump administration change could help with that. >> how many cases will the couru take up this term? >> usually 70 or so cases, they haven't taken more up yet but

we are trying to get the indians to be more active now in terms of the military but in terms of capacity building etc.. that again pushes hard against the pakistanis cooperation. so i think what we have done with the increased forces particularly with the -- we have been giving an opportunity to exert control over areas with the taliban but we still don't have a clear policy about what steps it will take in pakistan to get them to disengage from haqqani. i think long-term there are many more thought i'll students but long-term it's difficult when they have a safe haven and pakistan has been a safe haven for them for 16 years. a partial response to a very good question. >> senator thanks for your service to rhode island and you've been the voice of reason in the senate for so many years. the question that hasn't come up is the question of the allegations of russia's interference in the election and a variety of their moving in cyber. i'm curious to what you're rowland sent us to get to that issue and water per person on this or that problem? >> i think evidence is overwhelming that they d

the cold war. but we read into that in terms of the weakness of the soviet union. and some more reason that counts, the soviet union becomes an early date version of russia today. power on the outside of the international system and it's really been excluded, pushed to the edges which is an explanation in the framework that we don't agree with that the soviet union acted through the cold war for its own reasons . it was not a kind of foil for what was happening in american politics, it had its own significance, its own anti-capitalists lodging. x written for a very long period of time or for three generations worked well. the problem from the ideological perspective was shooting of course. but it's important that if we don't get into that kind of understanding of the other side , the whole idea about why this conflict was superior gets lost. >> let me talk a little bit about what i see as a turning point in the cold war. although there are many turning points but one i think that was particularly important and could be interesting today's so one of the very early i

the big week in terms of the ecb story. what are we going to hear in terms of bond buying? he bond story in europe. what the ecb is going to do, are we going to see them/their monthly bond purchasing -- going to flash their monthly bond purchasing? manus: will be referred -- will he prefer interest rates not remain low? will that be the trigger for the penultimate dish for the benevolent -- for the benevolent bank? >> the spanish leader announced measures to step his authority on the region. is set to bemont is set to be ousted within days. [no audio] iran.anctions on he is wanting that countries doing business with tehran do so at their own risk. fostering a new reliance -- a new alliance. tillerson said saudi arabian leaders would rebuff his request to in the isolation of qatar. the opposition leader party eclipse the small victory cheap brought home from a summit of european leaders. theresa may's fragility was on the line yesterday when she was issued an ultimatum, expect major changes or risk defeat. in the u.k., lack of clarity around brexit is undermining confidence a

the terms of national rejuvenation. national rejuvenation is something that can be pushed very hard by a concentrated party elite. you heard him talk, about the economy moving toward a more conservative one. that is a mix. we have had revenue growth in manufacturing grow every order and in some cases accelerate since it bottoms out in 2015. is it rebalancing? the other thing is real averaging. there's a lot to say about the country not deleveraging at all. some people are borrowing more. when we saw credit slowing down, we saw it accelerate once again. how much storage we put into these words? david: you may have seen the term in the last few days debalancing suggesting by some the actual game plan. been moved off the previous reform objective of market guidance, of transferring guiding authority to the market. we have seen quite an explosion of party-controlled devices, which if they are innovations. under xi, we have seen the use of inspection teams. these have been used in the first place for anticorruption. but now,

seems to be an opposite place in the long-term but i think there is growing consensus that in the short term, we need stability in the market. we achieve stability if this agreement becomes law. put in some very significant and i sabotage provisions. the president has been sabotaging this bill and this agreement would undo much of that sabotage. withll, we are very freeze -- very pleased with the agreement. there are a few more details that need to be worked out but we think it is a very good step forward. i, speaking for myself hope that better mcconnell will it on the floor under senator murray's leadership to read i hope the house will take it up and the president will sign it. , all of it quickly as possible what it will do is protect people. from premium increases, assure has a future, a long-term future, and prevent us of attachment we have seen thrown at it in the last several

>> a few interesting cases will be argued in the forthcoming term. one of them was just recently granted. the janice case involves this issue that was before the supreme court before justice scalia's death and deals with the ability to collect union dues from state employees without their willingness to do so, against their will. and it should be an interesting issue, an issue that was left pen. deadlocked 4-4. and the masterpiece cake shop involving a bakery owner charged by the colorado civil rights commission for refusing to decorate a specialty cake for a same-sex couple in connection with their wedding. both of those should be interesting as well as will b. whitford a wisconsin case dealing with restricting. justice, rked for a what intercontinental action will justice sew lito -- justice elito have. ? >> i think neil core such will be a coalition builder by virtue of the fact he is very smart and not afraid to express his opinions and very much in the mold of justice scalia in the sense his focus is on the text, the text of a statute being const

i also and by the way a newcomer to this term. for a break but when we return the president starts a new front in his >> before watching a football game you want to see the players be part of their country. respect our country. respect our flag. and respect our national anthem. we think they will.we certainly hope they will. >> the president using his weekly address to go after nfl players kneeling during the playing of the national anthem. this is a day after repealing to his evangelical base at the values voters senate promoting a return to traditional american values. we are back now for some bonus time with our panel. gerald seib, this week so the first sitting president to visit the summit here let's listen. >> the american founders engulfed our creator four times in the declaration of independence. four times. how times have changed, but you know what? now they are changing back again. just remember that. >> so are the times changing back again? or do we see it as we look around us in america that is more progressive? >> yes

so that we are more familiar with the in terms of that. hese are people's that were prominent in the area of georgia in the carolinas on the other hand how many of you have heard of muskogee's or creeks. cherokees. these are all people actually can federations that rose from the fragments in the aftermath and it's in that process for the shattering have occurred in the slave are being taken and then you have the plantation economy. that you see them coming to be in coming to be in a way that would be absolutely unrecognizable to the predecessor cultures that have come up spontaneously over a. of time learning how to live in balance and harmony. not like they were all best friends. they maintained the balance. they have a way of interrelating with one another that kept things moving in a construction -- constructive direction. the societies are a byproduct or whatever you want to call it. came in to being they were getting too powerful and they were threatening what it was that those in charge of the enterprise wanted to accomplish. and so s

yes, in the short term, i think i can be bearish. usef: coming up on "the best of bloomberg markets: middle east," the race to be the next fed chair heats up this week with a dark course candidate making headlines after his meeting with president trump. details on the front runners, next. this is bloomberg. ♪ ♪ yousef: welcome back to "the best of bloomberg markets: middle east," the race to be the next fed asir heated up this week john taylor was said to have left president trump gushing after they met. he is known to have a more hawkish stance. we asked an analyst what investors should make of it all. >> he is the author of the taylor rule, the theory that interest rates at the moment should be north of 3%, maybe 3.25%. obviously if that eventuates, it will be a game changer. it will be more hawkish than anyone talking about -- anyone is talking about at the moment. the fed is talking about one more rate hike for 2017, and three 42018. 3.75%,re talking about there really is some question about whether the economy would be able to su

country's last standing rebel group has begun the national liberation army or air land agreed to the terms after negotiations that failed several times it's hoped that the agreement will stand while talks for a longer term deal continue in ecuador. reports now from. it's the first ever ceasefire declared by the national liberation army or. the last active rebel group in colombia and the first concrete step after seven months of peace talks to end its five decade conflict with the state a historic truce but one temporary at least for now. the new this doesn't completely end the conflict with the e.l.o. this is temporary it is not a cease fire weapons are surrendered or where demilitarisation takes place the truce will run through january twelfth and may be extended if respected they. start kidnapping greek routine minors tacking on oil routes and pipelines in exchange the colombian military will avoid confronting the rebels yet the group stepped up attacks ahead of the deal. since talks began with some sources government we have insisted on the urgency of this ceasefire because it stops off

i also and by the way a newcomer to this term. break but when we return the president when we return the president starts a new front in his jardiance is the only type 2 diabetes pill proven to both significantly reduce the chance of dying from a cardiovascular event in adults who have type 2 diabetes and heart disease... ...and lower your a1c. wow. jardiance can cause serious side effects including dehydration. this may cause you to feel dizzy, faint, or lightheaded, or weak upon standing. ketoacidosis is a serious side effect that may be fatal. symptoms include nausea, vomiting, stomach pain, tiredness, and trouble breathing. stop taking jardiance and call your doctor right away if you have symptoms of ketoacidosis or an allergic reaction. symptoms of an allergic reaction include rash, swelling, and difficulty breathing or swallowing. do not take jardiance if you are on dialysis or have severe kidney problems. other side effects are sudden kidney problems, genital yeast infections, increased bad cholesterol, and urinary tract inf

even the u.s. termtructure, what is interesting, if you look at the 30 year maturities, the spread with yields, that is the lowest it has been since 2007. yousef: up next, the rising tensions between trump and says it could walk away from the nuclear best of welcome back to " bloomberg markets: middle east." with drawtened to from the nuclear agreement after president trump accused iran of failing to live up to the spirit of the agreement. still, the u.s. stopped short of a certifying. we got more from a fellow at the atlantic council. >> it is not entirely clear this is going to be successful. president trump's own national security team, the defense department, lobbied him not to do this. this deal was in the national security interest of the u.s. it is not clear -- he may get the votes in the house to pass a tougher and stringent sanctions bill, but once it gets to the senate, he is not going to get the 60 votes because the democratic caucus is going to remain united because this is a signature forei

so term premium should be writing, we think it drives the curve, at least in the medium-term. are going to see that you tested in the coming weeks. tom: jargon alert. so you get two minutes, minor penalties -- what is the term premium? that is massive jargon. what is it? george: you go first. nejra: you explain. tom: explain it. george: it is the composition that you want to receiver lending long. the idea for lending out longer on the juncker, you want to be compensated for the risk. that is what it boils down to. in layman's terms. nejra: are you getting enough confrontation at the moment? i am guessing not. george: there are a lot of factors that drive the premiums. the demand side, which has been driving things. it could be broken down with inflation and will confrontation, if the tax policy gets put in place and you are getting compensation. tom: george, thank you so much. andnt to go back to nejra what we will see on thursday. i feel strongly that we are focused in the u.s. on the jobs day, the fed meeting, greenspan will be joining us, and we have the whole derby with t

the mpc will assess the balance of risk. governor, in terms to understand politicalhe uncertainty can weigh on the economic outlook. how much of it can weigh on the economy? i cannot quite comment on what is happening in the anc. thatis crucial for us is the political uncertainty we currently have in south africa impacts on the policy environment. it will be difficult when you have political uncertainty to drive policy reform. at the moment, south africa does to theructural reform potential growth rate. with respect to the environment that we find ourselves in, we find that uncertainty with respect to policy impacts the business environment and that impacts on business confidence. the political environment also has a impact on consumer confidence. if we are to restore consumer confidence, you will see significant growth picked up, but more importantly, what you will have is that you will have investments to take off and that is crucial. jonathan: one big part of it is what is happening, worldwide. you've got this synchronized growth story that

so the adjusted ebitda rises, that's a miss for anheuser busch. in terms of hyundai. we have some breaking news, third-quarter operating profits comes in at 1.2 trillion one, the market had penciled in 1.4 trillion won. third-quarter bring profit beat estimates. 5%. uncertainty in the business environment, perhaps which will hold them back. -- the rede them headline comes in at 828 million euros. 844market had penciled in million. and abss for nordea inveb. mario draghi, what will he do today? what is his mission? his mission is to deliver a soft landing, but of course the fx market has to be primed for perhaps something more aggressive. have the euro just coming off a two-year high. barnstormingtely the ratio, calls outnumber puts by 2 to 1. lower than last+++ went into the decision-making mode. reinvestment will be the key issue for the markets. don't forget the european central bank needs to reinvest about a billion euros through 2018. that could be the softening part for the ecb story. let's show you what's going on with the risk radar, s&p rang a bell and moved by

but there is so much in the near term. ere is so much uncertainty right now when you look at catalonia, the ongoing eu negotiations. but the agenda has been on china. everybody wants to find out over the next five years of the leadership, will we see a liberal? we could say china is moving forward with progress, liberalisation and prospects over the longer term look very good. liberalisation and prospects over the longer term look very goodm japan it is a winning situation for investors. by week yen which benefits exporters and of course, we are seeing more than two highs for the japanese stock market. is it sustainable? we have seen weakness in the japanese yen because of the strength of the us dollar. the japanese yen remained negative over the near—term and it depends on whether investors look at the yen as a safe haven asset. par from the us dollar, which other currencies do you favour? there is strength in the emerging markets. the expectations will probably put interest rates up in december. by the end of this year we

the two party system in protestantism, the terms now used most often are evangelical and ecumenical. the earlier would be fundamentalist and modernist. earlier, liberal verses conservatist. >> how would you define those? >> an ecumenical protestant is somebody who takes a less literal outlook on skip scripture. evangelical is more literal and talk about the bible says what it means and means what it says. liberals, ecumenicals are more inclined to see room for interpretation, see growth of protestantism, christianity over time as reflecting new wisdom for how to apply it. the evangelicals are firmer on what they would call orthodoxy, want to stick with something that's tried and true, the face of the fathers and all of that. there is a greater flexibility and openness. the ecumenicals, which is where the term comes from, ecumenicals are big on cooperating with other people, with other protestants, other christians, buddhists, muslims, hindus. the ecumenical approach is more copacious whereas evangelicals stay with the old faith, stick with the home truth. i might also mention that a v

>> that's not the way i am using the term ratification. that's not the way the supreme court has used ratification in terms of communities and laurel lard v. ponds. the way i am using the term -- it's the principle i am focusing on -- is when there is a judicial consensus on an issue and congress amends the statute and leaves that consensus undisturbed, that's a ratification of that position. that's what the court held in laurel lard and that's what they held in inclusive communities. >> there is a difference in inclusive community, didn't you have nine court's rulings and in the cases you're mentioning with respect to the 1991 act, congressional act, you have three courts that have acted in that area at that time. >> no. well, two points. first of all, i think technically it's four and arguably five which we cited in our brief but more importantly, laurel lard had more than that. they cited 1/5 circuit opinion and one district court opinion and two that cited a handful of other district court pinions. four is more than one, your honor. i w

in the short-term, i tend to be a bit bearish. with everybody else it's the price of a barrel of oil at four and five dollars. anybody watching inflation, watch those numbers. conservatives have down to the campaign to urge president trump not to read point janet yellen. they're expected to meet with the president later today. manus: warren davidson said he circulating a letter from against janetsign yellen's reappointment. this campaign, the conservatives are rallying their calls against janet yellen. they're shifting sands in who we think might make it to the top. john taylor seems to have made quite an impression. were trying to define what influence the individual has over the group. cycle,e we are in the the fed rates are not going to matter too much of the dollar anymore. it's not a huge deal. if taylor were to get the appointment, the rate market and -- from what i've seen, they want us trade badly. year were priced a little over one, but less than the fed. the risk is that it kind of gets , it could mean 2% on the dollar in

government in the short term. reagan tax plan, they lost $2 billion of revenues in over 4 -- in the first four years. gary cohn: we are putting incentives to bring jobs, businesses back to the united states. yes, this is going to cost them money in the beginning. like every company that's ever been built in this country, you greaterpfront to create returns in the long-term. we as a country have to invest in ourselves. we are creating a tax plan that encourages you to invest in this country, invest in the future of our country. >> let's talk about how you are going to get this through congress. one of the things you are proposing is curtailing reductions for state and local taxes. we have the man responsible for tax policy in the house and -- house ways and means committee , his own district taking three billion dollars and reductions. are you going to have to modify that? gary cohn: you've seen our blueprints, our plan. our plan does not allow for deductions of state and local taxes. we set out to achieve a couple

the region and their behavior in the equipment with a walked up the line, have crossed the line several times. in terms of restrictions. but this is not a trustworthy regime.much more offensive monitoring is in order. >> booklets to see the iranians being able to revisit? >> enslavement revisit. it is just implement the agreement by going to sites. to fully implement inspections and monitoring. >> the thing you find most objectionable are that iranians are not going to revisit anything willingly.are they? >> they have to because otherwise what you do is you just give the iranians the opportunity to develop a nuclear capability. their programs can advance and then they can go to industrial scale enrichment of uranium in a short period of time and break into a weapon. that is an unacceptable risk to the world. >> is not precisely what they can do if you walk away from the deal? >> the president is not working with the deal yet. he sees real change, apcs the ability of the congress within us law to address some of the problems associated with the deal. in our legislation the domestic law. about the deal w

so if we continue on the short-term, have the flexibility to lower those costs and then do something graham-cassidy to correct things long term i think that's a good direction. >> james: in the absence of the congressional action that you advise the president now ordering the federal government to stop payments for these reimbursements, is that going to help or hurt that family around the table? >> senator cassidy: if you take the totality of what the president did i think it actually helps the family. those who are income, the payments -- the subsidies will sold go to insurance companies for them to buy their coverage and someone told me that the cbo said they might pay a little bit less. if you speak about that family just above federal poverty level, according to a website of him of three making 82,000 a year, according to the affordable care act definition cannot afford the current policy on the exchange. if making 82,000 a year and so 30000-$40,000 is beyond their reach. the president also allowed flexibility for their employer to expand together for short-term insurance to be s

it's taken for granted even among the most advocates of indian rights in the term of praise it was quite common. federal indian policy evolved in fits and starts when the civil war ended it was an absolute pattern they were able to fashion a coherent policy which left things as it was put to. another great problem of corruption that ran through the bureau. this slide here from harper's weekly showing a quite satisfied. there's a popular story told of a chief but described his agent general sherman who said our agent when he comes he brings everything in a little bag and when he goes it takes three steamboats to carry away his things. things changed in 1869 with the newly elected ulysses grant it became known as the peace policy he replaced the agents with churchmen and army officers and also established independent oversight. they get them started on the road of civilization, unquote. and above all to treat them with kindness and patience. but the principles that were officially guiding the indian policy during the 25 years of the indian wars of the american west. the question that natur

to the terms of the. baghdad has denied accusations that it is planning an attack on the autonomous kurdish region of iraq kurdish authorities even night saying they received a warning from the iraqi military of a planned attack on kurdish controlled areas. that is in. northern iraq. this is the last kurdish peshmerga checkpoint on the bill mostly road. the kurdish authorities closed it and another route into nineveh province for a few hours overnight saying they had received messages from the iraqi military that it was planning attacks in kurdish control. pressure is mounting from baghdad on the kurdish regional government ok argy following the recent referendum on secession from iraq many people say they feel punished and afraid the iraqi government is trying to fight the chaos economically wanted to close its land borders they have already closed the international airspace they have cut the federal budget to the k. are cheap it's all coming from a bad government this is not right civilians should not b

the fed is also raising short-term rates. rates are rising overall. think that as the fed's balance sheet unwinds and ecb tapers, it will go away. jonathan: concentration. you touched on it. i will allow you to elaborate. how much of a problem there may well be in the coming years? oksana: concentration is a really significant problem when you look at the concentration of interest rate risk and portfolios generally and how , that concentration is achieved. because in the retail market, for example -- not only in the retail market, you do achieve it through ecs. they are meant to be liquid, but in the case of fixed income it's tied to an inherently illiquid instruments, a bond. when you look at the largest etf's across all the sectors, the general aggregate, corporate, high yield, you have etf's with 1000 different holders. when you look at the top 10, they control 30% to 50% of each one of those etf's. that should give everyone a pause when you consider the top five corporate bond etf's , for example account for more , than double the inventory the st

in fact, the very first time he ever tweeted the term was after the election all the way in december. and using it as an attack on actual journalism. it's not a sophisticated strategy, but it can work. trump took a criticism that was sticking to him and he threw it at other people. republican strategist karl rove known for that strategy, projecting your own weaknesses on to opponents. we don't know if trump's bastardization of fake news even is a strategy. subjection can also be subconscious, when you deny your own guilt or culpability and subscribe to it others. i was just watching this new documentary about steven spielberg and he says people's subconscious choices are so revealing because they're so revealing. subconsciously maybe deep down he feels his own appeal is fake and he can't believe he made hit the far. >> hey, i'm president. hey, i'm president! can you believe it? >> can you? that does it for me. thanks for watching "the beat." i'll see you back here tomorrow night 6:00 p.m. eastern. "hardball with chris mathews" hard starts now. >>> whistle-blower. let's play "hardball.

or the short-term and the short-term yeah, it's comfortable. they have business ties with iran and so on that are developing but in a very few years, iran will be this huge power. we declared this is iran that says death to america, death to israel you're the great state and we're the little and i suppose europe in between is middle side i hope they're not offended but we're all under the guns they're developing ballistic missiles not to fire against us we already have that is to threaten europe and threaten the united states, so either people come around and think about it or they say we really don't want this bad deal to go through. we really should act now to correct it. >> maria: the president also said look, their favorite term is death to america, death to israel. the president actually said that in this speech. are you expecting iran to take retall yeah tori action as a result of this move? >> against who? >> maria: against the u.s. , israel or anybody? are you expecting a reaction from the iran revolution architecture it guard? >> well,

so in the short term, at the same time in the longer-term bsa we must not rely on the world market.see if countries like the philippines which is a very crowded country. it is not a particularly good place grain and food. i've seen rice farms and it is a very inefficient and expensive way to grow rice. nonetheless, that is with self-sufficiency and they also untrusting of the world market that they say, we would rather take the inefficiency. we would rather pay a lot more for us as well as we can guarantee it. and that was within the unfortunate outcomes. >> i was going to ask you how did you how would you evaluate that? it seems like did the wto and it is international organizations, i can see the world food program that played an important role in ameliorating that crisis for some of the countries that were hit the hardest. the rise to the occasion? or was there some development that would look badly for the future? one of the things i get the impression that the crisis ended mostly because of the class and commodity prices that occurred when the credit crisis sets in and the rest

there is the gdp number coming through in terms of the data. beingsee a discount applied because of politics? the cac is down by 1/10. the standout story is what is happening in catalonia this morning. what else are we watching? manus: how a civil servants going to react to that declaration? the european growth story is a story of amazing growth. -- an amazing growth. growth.azing a 14% premium. out with exalted. -- axalta. after axalta to cr to million beast. italian news the on friday, that is adding to that sentiment. this is sterling. is will mark carney deliver in terms of a rate hike? we have a guest say he was a major surprise if the bank did not hike this week given the recent signals. if there is one central bank that is not bothered about the concern, it is the bank of england. what kind of rate hike is priced and seems to be one and done. we can calculate the battery that sterling has taken. the brexit secretary, the complexion of the cabinets, what is going to happen in terms of the political benches in parliament. these are decembe

the second thing is twice you have used the term vigilantes, which is the official excuse. a few people just acting randomly on their own do not surround hundreds of villages and shoot people in a coordinated action. i think use of that term gives cover to the military in a way that's totally unacceptable. >> thank you. thank you. thank you very much for your testimony and service of the country. we're going to leave the record open until the close of business thursday. if you could answer them fairly promptly, we'd appreciate it. again, we appreciate if you have been here and i know this committee will stay on top of this. we look forward to the report when he's back. with that the meeting is adjourned. >>> yesterday officials from two united nations announced that 340 million there are commitment to help more than 600,000 rohingya muslim refugees. here's more about that now. this is 20

to continue to obey the terms of the deal. and to essentially continue working with the other partners. that is what i believe the president's advisers hope and expect might occur. >> the president has said when he was campaigning that this -- he didn't think it was a good deal that the obama administration struck with iran and these other countries because they believe the deal should also include human rights violations and the proxy wars that iran wages with hezbollah and yemen and other areas around the world. is there something congress can do to pressure iran on those issues? >> yes. and we have repeatedly. the deal was never about the nonnuclear issues. and the negotiators will tell you if they had brought those other issues in, and there is plenty of bad behavior on iran's part to worry about, but if they had brought those other issues in, the ballistic missile testing, the hezbollah support and so on, then they would have had to give on the nuclear points. in other words, that's the way a negotiation works. you don't

in the short-term, but also the long-term? would you agree, is that your big unanswered question? is on unanswered questions. from a procedure perspective, the senate approved the $1.5 trillion shortfall over 10 years. the house narrowly passed this same budget. that does not mean it is what will happen in reality. revenue neutrality is what everyone strives for. there was a lot of budget cutting. we have not figured out the cost side of the equation. the plan is to be stimulative to the economy, and that is how it gets a form. the debate will be between tomorrow and thanksgiving if they can take something to the floor of the house. yvonne: does that include the slow rolling of the rate? do think phasing in these tax cuts would be better than having temporary tax cuts? the noise in the past 36 thereabout the phase-in, is a lot of pushback from the business community. we saw the market selloff on monday as a result because the goal is to reduce corporate rates to be stimulative. so the companies reinvest so they can distribute more to labor and drive wages up. if it stays between n

something that should continue over the longer term. allenge is when we get past the physical the elements of the month, how do we see the legacy being built to the president and what does it mean for policy? that means we will see some fine-tuning trying to continue to reduce the debt intensive area of the economy, while keeping the economy chugging along, so it is a balancing act they need to pull off and i think the moves this week are indicative to that challenge. rishaad: what is the advice you are giving to clients when they want to invest in the region? steve: obviously we generally prefer a more broad-based approach win investing -- when investing, so we are looking at equities and stuff, and one of the preferred markets with equities -- but for those that want to stay focused, or maybe a bit more of the satellite investing, china remains the number one market followed by korea. korea has the overhang of the geopolitical aspect, but from a valuation perspective it is extremely cheap. corporate warnings -- corporate earnings growt

the presidential term is finally four years. and they eliminate the term limit of the 7 year term. plus, it's election by the electoral college. that was the compromise wilson wasn't able to get popular election. so electoral clenl was considered a group of wise delegates who because they would know the best candidate would be able to exercise independent judgment and choose the finest candidate in the land. that hope was soon ovuated by the growth of the party system. after the election of 1,800. this draft is signed by jay jacob broom. it's really tliing isn't it? ladies and gentlemen. to read article 1 section 8 with the powers of congress. and this draft says congress made by joint ballot appointed treasure. is scratched out. and says the congress shall have power to lay and collect taxes. which is the draft we know. it's amazing september 12th and just cutting and pasting and scratching words out. let's go back to the interactive and look at a couple of the other crucial textural changes. here we are at the text of the document we just saw. and my goodness, let's read the pream

but the landscape changes in terms of the law, right? gay marriage is different now. >> i'll do 20 years, your honor. after price waterhouse. >> why can't the same be said about sexual orientation? the landscape has changed. >> because even after price waterhouse and even after on cali, on cali is in 1996, every court for another 20 years said that, including the eeoc. the eeoc had cases explaining that oncollie. those eeoc opinions are not any differently reasoned than the court opinions that from 1979 that we cited that we say congress ratified. these are -- there is a fairly common sense intuitive difference between sex discrimination and sexual orientation discrimination. >> i thought you just said that you could see as a logical matter that sexual orientation could be a subset of sex? >> as a logical matter there is a difference between whether you can as a theoretical matter come up with a hypothetical but for construct. circumstances it t >> is it the government's position that the plain text of the statute clearly exclude sexual