do you look at the technicals and treasury? talk a lot about the fundamentals, the economic fundamentals that are going to drive yields, hopefully. but there is something else going on in the technicals of that market space. we do know there is $600 billion of maturities coming off of the fed balance sheet the next couple years. the fed has indicated they are looking to reduce the size of their balance sheet. once the rate goes above 1%, which is not so unbelievable. that is something to keep in mind. when you look at the largest holders of treasuries, the fed being the largest, the next to being china and japan, both of them have reduced their holdings due to the economic picture in their countries. but they are reducing the holdings of treasuries. finally, when you look at what the banks have done because of regulatory requirements, they have doubled their high quality assets. because they are required to. if the current administration starts to reduce some of the regulatory pressure and change some of the regulatory guidelin

stocks racing ahead of my interview with the treasury secretary. confident this will roll out. i'm not trying to be a crepe hanger for him or be a denier but everything has to fall exactly into place to go to the administration's fruition here. i'm not so sure about but markets are buying now and presumably ask questions later. do you see problems with this, in that, the further it potentially could get pushed back, there might be some disappointment here? what do you think? >> you make promises to your constituents and he made promises and you have to worry about overpromising. if your constituents feel like you went in one direction, with the tax cut, which many republicans might be happy with as well, what happened to the infrastructure? that brings us jobs and dignity, a sense of family moving forward. those are will have to be difficult choices that he has to make. it is interesting when he talked about lincoln, he talked about lincoln in terms of tariff protection, but he could have used lincoln, lincoln was huge infrastructure guy, huge as m

one of the richest treasury secretaries that we've had. the number includes a lot of goldman sachs representatives, yourself included. walking down the hall, a picture of hang paulson. do you feel given that background when you hear the likes of elizabeth warren criticize the role of bankers and goldman sachs types in this administration to be extra careful about that association? how do you feel about that? >> let me first say there's no greater honor for me than being in this job. being the 77th treasury secretary. in my office, i have a picture of alexander hamilton. he looks down on me every day. there's a lot of history. when you walk down the halls and you see the portraits of all of these people, you realize thef d you realize that the treasury has such an important function. many of which is nonpolitical. many of inch is operating the u.s. government and focusing on the economy and the growth and opportunities. and i'm honored to follow a great tradition not of only goldman sachs people. i work very closely with secretary paulson. i

just before the democratic press conference, we were showing a conversation with treasury secretary steven mnuchin who spoke yesterday. >> we are going to do tax reform as absolute. we are reforming the personal and the corporate side. we are not cutting this up and doing little pieces at a time. >> so this will be comprehensive. >> absolutely. >> that is the objective. >> you are optimistic about passing that. >> i am. >> as you plunged in, what is the most egregious tax break in the u.s. tax code? >> i've never even thought of it that way. even the word egregious, we have a tax code that is very complicated and creates different rules for different people. the concept of deferral, we have a worldwide tax system with high corporate taxes and the deferral system. the rest of the world has low corporate taxes and a territorial system. it's not a surprise our companies are using and keeping trillions of dollars offshore. that's one of the big priorities we want to fix and think trillions of dollars will come back and be invested in this country. >> you say you wouldn't take the word egregiou

the treasury argument on this is that it the treasury argument on this is thatitis the treasury argumentr of fairness that it isn't fair that those who are self—employed don't pay as much in tax as those who are employed, so that will be the argument, but it will be a pretty tough sell to some conservative mps. will be a pretty tough sell to some conservative mp5. i don't will be a pretty tough sell to some conservative mps. i don't think we should go out of our way to tax effort, enterprise and success. i know you need to do some in order to pay for public services, but i think the tax on those things is quite high and. it is important to make sure we don't disadvantage self—employed people. on this side, this has been and always has been the party that supports white van man. and on this particular day, also white van woman. i'm not sure that making a minor change at the edges is the right way to go about changing the relationship of taxation between the self—employed and the ordinarily employed. let's discuss the budget a little more. i amjoint by discuss the budget a little more. i a

the treasury goes and plays a big role there. unclear whether nominee for undersecretary of international affairs will be able to go. just the rules and the laws around people with security clearances and an ok from the white house. so far come it's unclear who is actually going to go. we hope the communication advisors will be on the plane. steve mnuchin is definitely going. besides that, we don't really know. >> you've got work on tax reform , the white house once a part of that. talks of scaling back financial reform. how much of that centers on not having enough people in place? >> until you have an undersecretary, steve mnuchin will be hard-pressed to get his domestic agenda moving forward. that includes debt management, the debt limit that is expiring soon. that also includes the tax reform package. he has little time to actually start pushing policy agenda on the hill. david: thank you very much. --uick programming note francine lacqua will have an exclusive interview with jamie dimon tomorrow at 7:45 eastern time. that co

what did we hear from the treasury secretary today? ael mckee: basically he said listen to president trump, which reassuring to his colleagues, since he has been all over the lot on currency policy, but then mnuchin went on to note the u.s. is interested in a stable currency, and long-term strengthening of the dollar is not a bad thing at all. part of his goal here was to reas the germans, perhaps his biggest critics, the u.s. has an administration they can work with, that it isn't necessarily going to be all at the serio. -- adversarial. mnuchin and went out of his way to say we don't want a trade war and he will make that clear to all other 19 members of the g-20 when they meet in baden-baden tomorrow. he might have accomplished his goal. soothing words from wolfgang schaeuble about open and constructive dialogue. that is ordinarily boilerplate, but given heated rhetoric from the trump administration, that might indicate progress was made. david: michael mckee joining us. i want to bring in nathan sheets, former undersecretary for int

the secret service was started under the treasury to combat counterfeiting. at one point the counterfeiting was as higher as one third of the u.s. currency. the great thing today is counterfeiting is not anything that is significant secret is anything significant. the secret service does a wonderful job. if you look at the hundred dollar bill but has the security feature, the blue stripe, there are many things that you have no idea are built into the currency to prevent counterfeiting. i am more focused on the safety of the currency than i am the pretty pictures on it at the moment. >> a reader first question, as a former producer, what is your favorite movie? secretary mnuchin: no question, avatar. largest grossing film ever. >> heavy sequence of wall street? secretary mnuchin: i have come a complete misrepresentation. seen the big short? secretary mnuchin: complete misrepresentation. >> what is a movie we should see? secretary mnuchin: i'm not allowed to promote anything i'm involved in, so legal disclosure, you have asked me to question, and i am not promot

so, very, very quickly some very difficult questions being asked of the treasury. yes. ghlighted the technical difference there about the different classes of ni, but that's going to lea p classes of ni, but that's going to leap out nonetheless as a headline, isn't it as a break in a manifesto commitment and one wonders whether the numbers have been crunched and whether it is going to bring in enough money to mitigate against those bad headlines? yes, i can say from what my colleagues in the press we re from what my colleagues in the press were saying that clearly that will be the headline, the treasury were getting a tough time on this and the numbers, the other thing they're trying to do, there was a cut in national insurance for the self—employed announced previously, due to come in at the same time as this rise and what really the treasury are doing are putting the figure together and saying it is 1.6 million who will be affected. but that's a lot of people and it is people tory mps would consider to be entrepreneurs, but at this time of brexit, of course, which was

after a week of fed speech shakes of the treasury market. french presidential candidate gains ground in the poll has issuance. . is said toche bank be reviewing options to raise capital. what he is getting out of that sector. we start with a big issue, the potential move in march. the march meeting live. >> there will be a wage hike -- a rate hike in march. >> i think the fed has been itching to raise rates for some time. >> i don't think there is going to be a hike, but i understand the odds from where they were. >> i think they want to move early. >> feta seek has been front and center. official seemed to be leaning toward a hike, even if the fed's chief staff said it will likely be appropriate soon to remove additional combinations. a guess now for the next 30 minutes, chief investment income. a fixed in terms strategist. the journey before the federal reserve is going to get a bit earlier in 2017. the ultimate endgame, has that changed at all? >> the fed is in a period of trantion. the janet yellen bloomberg dovish fed has got vacancies.

straight afterwards the treasury to agree to —— a briefing, lots of questions from journalists about ying there will be no rises in the main taxes such as vat, income tax and national insurance, anyone reading the tory ma nifesto insurance, anyone reading the tory manifesto would not have expected what happened today. the treasury argued that when they did the legislation, locking those taxes on making sure it was written into law, they made it clear which bit of national insurance they were talking about, but that is not the point. the manifesto that people might have voted on seems to be a pretty clear reach. then you have the policy itself, the argument from the treasury is that this is about fairness, why should one set of people who work pay differently to another when their pensions are now the same, most of the benefits are the same, most of the benefits are the same, most of the benefits are the same part, crucially, of course, from maternity and paternity leave, and they will have a review into all of that. but the headlines tomorrow could be pretty brutalfor philip hammond.

and this week at the treasury? concern was that the wasn't fulfilling its mandate and there were moves to there to governance, that was spending control increased, the reassurances that are ,ypically given to investors the immediate concern is going to be how much can anyone trust that that continues? following that, there are questions around the validity of the ministerial experiences, their track records with their previous portfolios, what that suggests in terms of being able to put up any kind of resistance to the idea of state capture. i guess those concerns and questions that you highlighted there will be at the forefront for rating agencies when trying to work out what rating to attach to south african debt. what are your expectations about the rating? john: we know this issue is significant to the rating agencies. over the last year, rating agencies have mentioned without fail the politics and the impact that that has on the appetite and the operational aspects of structural reform. do we see growth enhanci

the treasury do not want to back down. was seen as an attack on people who we re was seen as an attack on people who were working hard, maybe not earning much, but going out and doing a decent day's work and they risked losing tax credits. what happened? george osborne had to beat a retreat. could the same happen? we know there is almost certainly going to bea know there is almost certainly going to be a vote on it. labour will try to be a vote on it. labour will try to force a vote and it may be, i don't know that there has to be legislation to bring about the changes anyway. it looks like a parliamentary showdown on this is unavoidable. thank you. keep your thoughts coming in. all of the usual ways of getting in touch. still to come... a man in australia is charged with over 900 child sex offences after allegedly posing online as popstarjustin bieber. we're live in brisbane with the latest. cancer experts have issued a warning that children in the uk could be missing out on potentially life—saving drugs. currently, eu re

at the treasury.ave people came with me to europe who had been there 20, 25 years working at the treasury, they have been studying these things forever. the resources are huge. is an area i didn't have a lot of experience in. i spend a lot learning about the sanctions and what we do to combat terrorism and illicit financing. i don't know if you remember, but my first day in office, i went to a press conference at the white house and announced that the vice president of venezuela was to be labeled under the king connect. these are some of the most important tools we have been ,overnments to combat terrorism and we are to continue to use them very aggressively. mike: we will finish with a reader first question. your family has a longtime interest in art. piece of currency would you most like to spruce up? [laughter] sec. mnuchin: i think we should look at putting president trump on the $1000 bill. [laughter] mike: who's that no? sec. mnuchin: we don't have a $1000 bill. [laughter] mike: of the ones that

the tax is now almost seven years old and generated less than 6$600 million for the treasury, less than a third of what was projected. according to the omb data from february of last year the tax collected for 2015 was $85 million, similar forecast for this year, for '16 and for '17. on top of that, mr. chairman, i find this really ironic. an article from 2011 suggested the irs also needed to hire an additional personnel to oversee the collection of this tax at a reported cost of $11 million, further raising the cost of the tax, lessening the net revenue to the treasury. mr. chairman, the tax on indoor tanning much like other punitive taxes on obamacare, i think need to go. i wanted to clarify a few things and hope that i have done so and i am urging my colleagues to support this provision of the bill. >> we're going to leave the house, ways and means committee now, as they continue to mark up the republican plan to replace the affordable care act. you can watch the rest of it on c-span2 or online at c-span.org. this is one of two marathon mark-ups for the healthcare law replacement tod

the ecb follows suit? racking up and ugly week for treasury bulls -- u.s. bonds continue the lowest slide to slide 12 -- longest license 2012. and corporate issuance surges. how much longer is the window open to lock in low rates? we start with a big issue, the federal reserve almost guaranteed to hike after a goldilocks jobs report. overall, especially good for wall street because it has a goldilocks element in the context of a fed hike cycle. >> to think these types of create will000 jobs continue, is a stretch to my way of thinking. >> we think there is enormous demand filledo the system just from what we see from ceos coming to the white house, and that will grow demand for workers. >> this is another report today showing economic momentum is broadening, improving, and more importantly, i think, with it, confidence is starting to increase in a way we have not really seeing in this recovery yet. jonathan: to some extent, the jobs report managed to arrest and ugly week in treasuries. to discuss, let's bring in the guests -- here with me on set, joe higgins

is the bund market anchoring treasuries? >> treasuries are the anchor for the world.on't believe that the ecb would want to raise rates while doing qe by any means. they have learned their lesson over recent years. they have tightened too soon in the past. there are still a lot of output gaps there. i think things are in control in europe and the states, in that the power of an individual rate increase a quarter-point relative to where 10 year yields are now is very significant, so i have a concern that the supply element, labor and whatnot, keeps up and keeps inflation -- a true goldilocks scenario would be wages continue to move slly. jonathan: what is the potential for nd >> mario draghi and the bankers are under no obligation to telegraph what they would do. their job is to analyze the situation and do what they are supposed to. they don't have to tell us. jonathan: if you are a bond investor, you are at the mercy of the ecb. you see the chart. you completely rolled over. the average maturities come all the way looking at the chart. if you are an investor, how do

the u.s. department of treasury. and in 2008 he was confirmed as assistant secretary of the treasury and oversaw the troubled assets relief program, or t.a.r.p., during the financial crisis. and he received the alexander hamilton award, which is the treasure xwri department's highest honor, for distinguished service. following his tenure in washington he returned to california in 2009 and joined pimco as managing director and a member of the executive office. he left the firm in twthd to explore returning to public service, and he found that outlet as a gubernatorial candidate in his state of california. president kashkari earned his bachelor and is master's degrees in mechanical engineering at the university of illinois at urbana champaign and an mba from the wharton school at the university of pennsylvania. so again, i want to extend a warm nabe welcome to neel kashkari. [ applause [ applause ] >> thank you, emily, for the kind introduction and thank you to nabe for inviting me to be here today. i want to talk abou

looking across the treasury curve at various other treasuries, we now have the 10 year yield and 30 yearghest price all year. as for the two-year yield at 1.37%, it is at its highest, going back to 2009. also moving forward is oil, falling below $50 a barrel, at $49.25.nt at a lot of people weighing the supply against the cuts opec has been doing. exxon mobil, interestingly, has turned higher in the last little bit, but energy still a drag on the averages. finally, we are looking ahead to tomorrow's jobs report, especially after the edp number we got earlier in the week. we have seen -- there did not used to be much of a correlation. adp was not much of a predictor. there has been a tighter co-relation across the past few reports, so we will see indeed if adp predicted the strengths that we might see in that report tomorrow. oliver: julie, thank you for the update. scarlet: let's get your check of the headlines. mark crumpton has more. mark: british prime minister theresa may says "it is time to get on with leaving the european union." she was speaking with reporters at a summit in bruss

the other issues we talked about, which couldn't be more important, about within treasury and within miscounterparts, the fight against terrorism, money laundering, illicit activities. so, we spent a lot of time talking about other things. on trade, the point i made to me counterparts, the president wants to have free trade. we are the largest trading market in the world. we're the most open trading market in the world, but he wants to have fair and balanced trade, and we're going to renegotiate agreements that are not advantageous to the american worker. people understood that. there was a lot of press around the issue that we took out the language that we won't be protectists and the issue there was, as long as we can prenegotiate deed that are good for us we won't be protectionists. otherwise we will. >> you did have a role in the language that came out of -- the way that reuters put its, the g-20 ministers in berlin, gave you space to define the trump trade agenda. how did that good down with countries that aren't going to be benefiting from the changes? >> let me put is this way.

here, the treasury in the briefing afterwards seemed to be on safer territory because the argument ishave people paying paye, why should they pay more than people who are self—employed? they pay more than people who are self—employed 7 they are they pay more than people who are self—employed? they are looking at paternity and maternity rights come about when it comes to things like pensions, there have been significant changes which mean that self—employed people are entitled to that too. there were questions raised at the meeting tonight by senior conservatives to philip hammond, but i didn't get the sense afterwards that there will be a huge rebellion on all of this, but they have, quite publicly about it, and i think the treasury will have a tough selling job when it comes to tory backbenchers. is there a sense overall that the conservatives feel they did a pretty good job with the public finances and how they're going to move forward with brexit looming? i'm sure they feel this is a safe budget. conservative mps are happy with what philip hammond is doing, but it is worth saying t

the treasury briefing afterwards, they were getting a hard time. ection pledging not to raise taxes. they called it a tax lock, not raising them but to date that is exactly what they've done, putting up national insurance for the self—employed. so they are in trouble over that. i think most people would see it as a breach of the manifesto commitment. then you have the policy itself, the argument is about fairness, why should people who are employees pay a higher rate than those who are self—employed when they said things like pensions now have been equalised. clearly it is going to be a very tough selling job especially to conservative mps. listen to this. i do not think we should be going out of our way to tax work and enterprise and success. i know you must do some of it because you need a lot of revenue for a range of public services that we offer. but i think taxes on those things are high enough. it is important to ensure we do not disadvantage self—employed people. this party on this site has been always the party that supports white van man.

the treasury says the chancellor of the exchequer will use his first budget to help prepare britain for a "new chapter" after brexit. phillip hammond is expected to find extra money for social care in england and to help firms facing steep business rate rises across england and wales. but with public services under pressure are there any surprises in store and will some money be kept back for a rainy day? this hour we'll be looking at what might be contained in the budget and throughout the day we'll have reaction to all it holds. good morning — we're live at westminster where the chancellor, philip hammond, will use his first budget — at half past twelve today — to deliver what the treasury has said will be an "upbeat" assessment of britain's economic prospects, while recognising more austerity lies ahead. with public finances in better shape than predicted, some economists say mr hammond's room for manoeuvre is greater than when he delivered the autumn statement four months ago. but he is expected to say that government won't shirk difficult decisions on tax and spending to address th

the march 16th the treasury department says we'll hit the ceiling. i always say to you guys, the debt ceiling you have to decide whether to raise it, it is the card which the government keeps running. we're watching this very closely. it is long been told they don't have to tangle with the debt limit until summer. now the cbo is saying march 16th. steven mnuchin the treasury secretary, is faced with the exact same conundrum and jack lew and timothy geithner and everybody else before him is faced with. whether to raise the debt ceiling. we'll see what happens. >>> speaking of spending and needing credit cards, well, how much will the new health care act that the republicans have been put forth, how much is it going to cost? well the cbo hasn't scored it yet but let me bring in republican congressman tim fur my. he is in from pennsylvania, serve on republican doctors caucus. we are glad to have your perspective. will this pass? many voice, one of them, representative david bratt of michigan republican, said doa, not going to happen? >> there is still a

you have seen that in the treasury note throughout the week. easury market, excuse me, throughout the week. ten-year treasury note, the yield is slightly lower. down to 2.48%. but again, solid moves this week. the biggest story, perhaps, has been the two-year treasury and the fact we have seen yields there highest since 2009. >> exactly. about a seven-year peak. a flattening of the curve, but expectations of a hike have moved significantly. it's the best case expectation for march. we will hear from both stanley fischer and janet yellen today in and around lunchtime. will they stick with the rhetoric of the last two weeks to suggest march is possible or change the tone? let's look at data out of asia overnight. japan's core consumer prices rose for the first time in more than a year. january core cpi at 0.1%. forecasters expecting the number to be flat. japanese household spending did drop more than expected. asian equities ending on a soft note. not been a great week in asia. hasn't taken part in the wall street and european gains. you can see

as the first ever director of the national economic asncil, the nec and then 70th secretary of the treasury. ladies and gentlemen, please welcome robert ruben. [applause] mr. rubin: thank you. for those of you frightened by the notion that i am going to be keynote speaker, i'm not going to be a keynote speaker. i had about 30 minutes of comments and i thought everybody would find them fascinating but he did not seem to think so. we're going to pass on that.

in theory this means more tax revenue for the treasury and more money flowing in to the government'sdespite this, economists are not expecting a spending spree from mr hammond. instead, he's expected to put the additional funds to one side in a brexit war chest as britain prepares for its divorce settlement with brussels. nevertheless, one area which may receive some immediate attention are the so—called "business rates" paid on commercial property. despite the government's reassurances that britain remains open for business, some companies will see more than a 40% rise in their property rates. to help cushion the blow, the treasury has already announced that corporation tax will fall to i7% by the end of the decade. with me is victoria waldersee, commissioning editor for economy. what are you expecting from the budget? i think from everything we think so far we are seeing two main messages. one is to be this idea that this is a time for so—called fiscal discipline and that we are entering an era of what philip hammond calls economic turbulence. the main reason for that he says his b

a private-sector career to serve as the director of the nec and then as the 70th secretary of the treasury please join me in welcoming robert rubin. [applause] >> thank you. for those of you who were frightened that i am in the keynote speaker, i am not the keynote speaker.

administration as first ever director of national economic council and then as 70th secretary of the treasury. please join me in welcoming robert reuben. >> i ham going to make a few

a private-sector career to serve as the director of the nec and then as the 70th secretary of the treasury please join me in welcoming robert rubin. [applause] >> thank you. for those of you who were frightened that i am in the keynote speaker, i am not the keynote speaker. i promise you. we had about 30 minutes of comments and i thought everybody would find it fascinating but he didn't think so, so we will pass on that. i will make a few comments. first let me welcome you.

alix: what happens in the treasury market? >> given that it's coming so close after they just hiked in december it will be very odd for them to come out hawkish. we do think the market is in the right place here. fair value on the 10 year. we could rally five to 10 basis points if they have a dovish kind of response. alix: what happens in the five-year? we are so short on the five-year. is that going to mean lower yields no matter what they do because they are just positioning taking into effect? >> that has been out there for a while. if they hike today and deliver, they monetize some of those gains. people that are short are running up against carrying. you will see some short covering which will trigger some of the rally we are expecting. alix: when you look at the fed do you expect the fed that is still data dependent or that is responding to a broader economic shift and if so what triggered the shift for them? >> i don't think it's a big change. people talk about them going in march as such a big change in policy. they nev

the 10 year u.s. treasury yield down half of 1%. 2.5%. the losses in the treasuries were led this year after maturity drew higher than expected yields. still very close to the level. helpingke in chile bolster that metal. keep an eye out for sterling. -- events out of the u.k., driven by weaker economic data. and the ongoing negotiations. the s&p 500 currently lower. shery: it seems the commodity markets are facing a bit of risk of sentiment turning bearish. let's hear more on that from a strategist. what are you seeing in the commodities market? over the last few weeks we started to see all the commodity market slowly turned lower, one by one. it has been on focus in the metal markets, despite their despite -- disruptive news. we have seen iron and agricultural commodities trader lower. hong kong looking weaker. what about the global equity markets? we know valuations are getting stretched in the u.s. analysts keep winning that out. give us some context on that. >> today we're seeing, we're in the middle of the largest peak to trough draw

the u.s. department of treasury and in 2008 he was confirmed as assistant secretary of the treasury. and oversaw the troubled assets relief program or t.a.r.p. during the financial crisis. and he received the alexander hamilton reward, the highest honor for distinguished service. following his tenure in washington, he returned to call and joined pinco and member of the executive office. he left the firm in 2013 to explore returning to public service and found that outlet as a gubernatorial candidate in his state of california. he earned his bachelor and master's degrees in mechanical engineers at the university of illinois and mba from the university of pennsylvania, i want to extend a warm welcome to neil kashkari. [ applause ] thank you for the kind introduction, i want to talk about too big to fail. as soon as i joined the minneapolis fed i started asking our economists and our policy regular tri and supervision experts about the problem of too big to fail. i lived it firsthand as the guy who bailed out the banks during 20082009 running the t.a.r.p. program. have we addressed too

not least of course is the rally in u.s. treasuries. of the fed interest rate decision last week. we will talk about that more with the cio of an asset management company in london. thank you for joining us. let's get straight to it. we have had that rally in new york treasuries post the height, what is driving that? how much further could treasuries go? the fed raised its rate last week. we believe the fed will continue to normalize. it will put more pressure on the u.s. treasury. we should take this opportunity to lighten our duration on u.s. treasury. affects.ome inflation it is linked to the job market. environmentve an is using fed cautiousness with the u.s. treasury. reporter: you mentioned inflation. where do you see the reflation trade now? is that still in progress even though we have weakness in oil prices? >> we believe oil will go higher. we are or casting oil price between 55-60 at the end of 2017. it will put inflation pressure. the reflation trade -- they are that.sting it higher than it will be linked to the job market a

david gauke, the chief secretary to the treasury. elieve some of the pressure after that revaluation. as part of that, a £1000 business rate discount for pubs with a rateable value of under £100,000, which is the vast majority of pubs in england. and the national savings bond for savers, as interest rates are very low, this will pay 2.2% on deposit up to £3000 from april. lots of other measures, too, but we have condensed that to half a dozen at this point. let's go straight out to the green outside parliament and join jane. some of the issues with my guess you have joined some of the issues with my guess you havejoined me. ishould some of the issues with my guess you havejoined me. i should explain there's a very noisy pensions protest behind me. douglas carswell of ukip and tim farron of the liberal democrats, i hope we can just about he read other thing! douglas carswell, you have said quite a few times that you hoped phillip hammond would be more fiscally responsible than his predecessor. do you think he has been? i'm a bit worrie

you heard the president say one thing and the treasury secretary say another. ere is the fracture? like --rump looks looks at this like a businessperson. ryan and brady have more ambitious ideas about how to deal with the structural problems of taxation. that is not trump's agenda. thehe steve mnuchin, treasury secretary has promised publicly there will be no absolute tax cuts for the upper class. talks aboutme trump this he talks about lowering the tax rates in the highest brackets. it is just about impossible to do that without giving a tax-cut to the rich. david: peter, great to speak with you. you can read his story in the next edition of bloomberg businessweek and hear more from the magazine's reporters and editors on bloomberg television and bloomberg radio. emma chandra w recently spoke with terry haines. she asked him about the failure of the health care bill and washington's dividend tax reform. terry: i think it is way too early to think the trump agenda is dead and nothing will happen. i think plenty will happen. recently because both trump and republ

different roles for the imf in resolving the grook economic pros he is. >> let me refer to you the treasury department at imf. i think the readout that we provided on the chancellor's visit speaks for it self. they spoke at length as far as what they discussed and what they meant. i'm not going to step on that. francesca? >> thank you. are you aware of any white house officials that are under investigation by the fbi? >> no. >> okay. and you mentioned the hangers on in the campaign earlier. and carter page. but there was also a question about roger stone. was he also in that category? is he someone that the president is still in frequent contact with? he is also called an informal adviser to the president and a confidant of him? >> mr. stone is somebody the president has known for a long time. he worked briefly on the campaign, i think until august of 2015, from recollection. but they -- they have talked from time to time, but i don't think any time recently. but they had a long relationship going back years where he would provide counsel. again, he played a role early on in his campaign bu

the u.s. treasury is still there. it is still the agency that sells debt and pays off debt and taxes and all that. treasury hasn't gone anywhere. is hybrid fed system. he board of governors supposed to be seven members, only five sitting right now, that may be is on theur soon, one way out, this will give a chance for president trump to make new and when he if chooses. they do sit in washington. they are the most powerful within that system. they are appointed by the president and confirmed by the there is a process similar to that for say supreme there.udges in place then there are 12 regional banks, sort of artifact of discussions long, long ago about regional wer versus power and federal interest versus interest of farmers in kansas or something like that. are in fact anks privately held, you are right. there has been debate over of her too much influence bankers on the boards of that oversee those institutions. keep in mind, only five of those 12 regional bankers any given time are sitting on the committee that set

. >> less than a year ago, the treasury estimated that leaving the european union on world trade organizationms would lead to a 7.5 fuall in our gdp and 45 billion loss of tax receipts. has the treasury updated those figures or do they still stand in it . if updated, can it be published? >> what deal can be worth of consequences of no deal. it would be a national failure of historic proportions in the prime minister comes back from brussels without having secure of jobs and legislatiiving stan. we'll use every opportunity to make sure of every stage of negotiations. mr. speaker, we all have an interest in ensuring the prime minister to get the best deal for this country. living standards, we do need full access to the single market. the sector state for exiting the eu seems to be agreed on this. he stated on this house of the 24th of january. the government plan is and i quote "a comprehensive agreement agreement that'll deliver the exact same benefits as we have." that's what we pledged. will the prime minister confirm today that she intends to deliver a trade in discucustom agreement with t

matt: how do you expect the u.s. treasury react if you do get more isolationist, protectionist policies? marilyn: at the moment, we are not expecting to see much more .n terms of policy the treasury market as the moment is focusing on growth, on the labor market in particular, on potential domestic policy such as fiscal stimulus. at the moment, we are not expecting anything in terms of news or an impact on the treasury market. of what has we make been coming out of not necessarily donald trump but his navarro,ers, like ana about the relationship between germany and the united states? marilyn: there has been a huge talk about the devaluing of the euro and all of that. frankly, germany is one country in the eurozone. and while it plays a large part in the economy, it is not the only one driving the value of the currency. it is a freely floating currency. i think those comments are slightly different, in that germany may have benefited when it joined the euro, with its other members, and joined it at one level, but the value of

and so the treasury will lose another $158,400. the total cost to the united states treasury for having donald trump on the payroll as president will be higher. than the cost of the treasury of any other president in history on the payroll. it just -- it won't just be the $400,000 paycheck, it will be $158,400 deduction plus the $400,000 paycheck. and so it will cost $558,400. which is not at all what you heard him say up there on the campaign trail when he said he wasn't going to accept a salary. he said he was going to use it for big. that alone is enough to pay for health insurance for 10 families who need and it can't afford it. and they will need that help even more because donald trump is not going to do one thing, not a single thing he promised to do about health care on the campaign trail. listen to the very next thing donald trump said after he promised not to accept a salary. >> the first thing i'm going to do is tell you that if i'm elected president, i'm accepting no salary. okay? that's not a big deal for me but. >> i c

alix: that is what created what we are seeing in the treasury market, the stock market. will not impact anything? vincent: it is less important than their policy rate. for an official institutions hold more treasury securities than the federal reserve. i'm sorry -- david: i'm sorry, i'm interrupting you. go ahead. vincent: more than half of treasury securities are held in official accounts. and you add up the fed and foreign reserve managers. it is not a free market. it is a manipulated rate. part of the reason of the loan ownership.flects that it is more striking in german bunds. not so important how big the balance sheet is, and you would like it to be smaller, how they unwind it makes a difference? taper 10we saw the trumpian just the threat of slowing purchases had large dislocations -- the taper threat ofust the slowing purchases had large dislocations from the market. they said they would do it when rate normalization was well underway, it sounds like sometime in 2018. full disclosure, i wrote a couple of papers a dozen years ago on how to do unconventional policy.

i take that as a great compliment said the nominee to head the treasury department. he reiterated the rules multiple times. but here the problem. the numbers do not add up. you can see how the rule is broken given tax relief paid for by taking insurance coverage and tax cuts or health care away for working families. i am still waiting to see on the affordable care act to date what happens to those tax changes. but in the ul bill in 2015, the republicans took away the medicare tax change. the medicare tax change is particularly important because everybody in america pays a medicare tax with every paycheck. in 2015, the republicans said the medicare tax is going to be cut for only one group of people. one group. the most fortunate of america. so the one group that least needs relief would actually get the relief under the medicare tax exchange. of course, we all understand the demographi demographics. there is more to talk about it with the border adjustment proposal and what that could mean. what i want to do is chose with eye i continue to get up every day and say i w

less than a year ago the treasury estimated leaving the european union on wto terms would lead to a 7.5% fall in gdp. 45 billion lost of tax receipts. has the treasury updated those figures or do they still stand? if updated, can they be published? if not, what deal could be worse than those consequences of note deal, it would be a national failure of historic proportions if the prime minister comes back from brussels without having secured protection for jobs and living standards. we will use every parliamentary opportunity to assure this government is held to account at every stage of the negotiation. mister speaker, we all have an interest in ensuring the prime minister gets the best deal for this country, if they cut jobs, living standards, we do need full access to the single market. the states for exiting the eu agrees on this, stated in this house, the 24th of january the government plan is, quote, a comprehensive free-trade agreement and comprehensive customs agreement that will deliver the exact same benefit we have. that is what is in place. will the prime minister confirmed to

the house ways and means committee worked on a bill that would require the treasury department by the committee tax returns and other financial documents they developed -- he beginse well this committee meeting. >> good afternoon. the committee will consider resolution of inquiry offered by mr. paskrel related to president trump's tax and financial information. i'm going to keep my remarks short today because, frankly, this resolution is a procedural tool being utilized and i think abused, for obvious political purposes. >> abused? >> it does nothing to promote a substantive policy discussion on the real life challenges facing the people, families and job creators we are sent here to serve. with his resolution minority seeking to have the treasury department collect ten years of president trump's individual tax returns along with the potentially extensive amount of other confidential financial information and then turn that information over to congress. my knowledge and our committee's entire history no single individual has ever been targeted in such a manner. let me say that again.