it has been replaced by the u.s. treasury, whose issuance has gone up dramatically, and also by corporations, who use issuance and low rate environment provided by the central banks to buy back their shares. this is not very productive activity. this is practiced by our friends in japan many decades ago. it's exactly the same. so when people say we're not japan, yes, we are. and i think it's very evident from the record bond issuance we've seen in the u.s. bond market over the past five years. spreads, this is the chart from our friends at the st. louis fed. you can see the big, big surge in high yield spreads during the crisis. the real object of monetary policy, and i think chairman bernanke understands this, was to get spreads down. because spreads, particularly high-yield spreads, is what tells you if the economy is working or not. today they are quite low, very tight. in fact, so tight that i would argue many banks, larger banks, have a hard time making money. when you think citi bank has a 1.6% growth spread on their co

but first, the chancellor philip hammond has been reassuring mps that the treasury is preparing for a of brexit scenarios, including no deal with the eu. he said £250 million had been allocated to government departments but he wasn't going to start spending taxpayers' cash until the very last moment. the prime minister's signal in her statement, or responses to her statement, on monday about the no—deal preparations and obviously the coverage in the newspapers today and your article in the times, and in your article you say that you need to assure that we are prepared for all outcomes, including a no—deal scenario. the government and the treasury are prepared, we are planning for every outcome and we will find any necessary funding and will only spend it when it's responsible to do so. i'd like to understand more about the treasury's preparations. i'd like to know how the treasury is preparing, how it considers it is prepared, and at what point it's going to disclose to the public and to this sovereign parliament how it's preparing for something like a no—deal scenario. well, first of

the fed is the alterego of the treasury. bob eisen, head of research at the atlanta fed laid it out. the congress doesn't make money from the fed. it's an expense, you know, they get back the treasury's money less the fed's operating costs. cfpb too, by the way. >> that's changed by mortgages, chris. >> 1.8 trillion of mortgages. >> yeah. >> we're subsidizing fanny and freddie. >> that's right. other points? about new chairman of the fed? relation between fed and treasury? any other part of the government. >> the current administration seems to be somewhat unorthodox, to put it nicely, so i mean, i don't know. it's hard to say. i mean, historically this notion of fed independence doesn't hold up. it just doesn't. yes, volcker comes along, does something different. okay. yes, there is sort of this aura of operational independence and a degree of operational independence. but, over the long haul, they're not independent. >> no. >> you remember what former fed chairman arthur burns said, which was we can't exercise our independe

i think the message the treasury gives is that may not the case. i don't think they will issue altra long treasuries at higher yield. mark: looking at the german ten-year yields of dropped since thursday. we know why. said, given the pathway of qa through september, what are you advising your clients in it comes to european sovereign debt? we have the understanding that there is an enormous tailwind with various qe programs. i think broadly we think valuations are fair. not a lot is cheap and the eurozone right now. we look across the globe for opportunities and i think europe is fairly valued. there are other opportunities elsewhere. vonnie: it's an exciting week, that's for sure. world biggest advertising company has cut its sales force. revenue growth is expected to be flat this year. shares are high today. joining us is the chief executive. thank you for joining us. said, this is the second cut in three months. what has changed? has visibility changed? said is we are looking at the revised forecast. we are looking at as you pointed out a flat ne

terry: we went from 47% of the u.s. treasurythe unites states at cme and now we are 87% of the trade on the u.s. treasury market. so, when you look at counterparts in europe, they are at 400% of the trade. so, we are really starting to move forward in that direction. and i'm not sure if that is because of the laws or the efficiencies in the pools of liquidity, but my point is, we should not have the banks eliminated from those pools of liquidity because even though we are not moving a lot right now because of the volatility, , stress will come into the marketplace and you want those people in there. nejra: let's talk bitcoin now. it's spiked above $5,000 for the first time. however, the ceo of ubs has said the world's wealthiest individuals are staying on the sidelines when it comes to cryptocurrencies. sergio made the comments in an exclusive interview with bloomberg. sergio: people are more curious then really willing to invest. i don't think there is any meaningful desire for high net worth individuals to take big bets on thi

more of my interview with secretary of the treasury stephen mnuchin. and we have the crown prince of saudi arabia. we'll be right back. >> announcer: innovation in saudi arabia. his royal highness is taking his country further into the future with a mega city. and it's putting billions of dollars to work in the u.s. through a black stone infrastructure fund. all of that and more when "wall all of that and more when "wall street week" returns. by listening to an thiaudiobook on audible.ame and this guy is just trying to get through the day. this guy feels like he can take on anything. this guy isn't sure he can take it anymore. unwavering self-confidence. stuck in a 4-door sedan of sadness. upgrade your commute. ride with audible. dial star star audible on your smartphone to start listening today. maria: welcome back to "wall street week." i'm coming to you from the future investment initiative in riyadh, saudi arabia. the youth is teaming up with the saudis to combat terrorism it's one of stephen mnuchin's biggest priorities. >> we opened the terrorist

one of congress' core powers is the authority to authorize and appropriate money from the treasury. in order to properly exercise this power, congress needs to know how the bill it has appropriated is being spent. this bill will allow congress to better scrutinize and understand where federal taxpayer dollars are going. only through the transparency this bill provides can congress make the executive and the judiciary more accountable for the money that comes out of the judgment fund. the final bill in the package, the article 1 amicus and intervention act, makes clear congress' ability to defend and assert its institutional interests in litigation that puts the powers and responsibilities of congress into question. currently, when the executive branch declines to pursue litigation in defense of an act of congress, it is not required to give congress sufficient notice -- notice sufficient to allow the house or senate to defend the lawsuit before court filing deadlines have expired. in addition, the house of representatives, unlike the senate, does not have a statutory right to interve

more of my interview with secretary of the treasury stephen mnuchin. and we have the crown prince of saudi arabia. we'll be right back. >> announcer: innovation in saudi arabia. his royal highness is taking his country further into the future with a mega city. and it's putting billions of dollars to work in the u.s. through a black stone infrastructure fund. all of that and more when "wall street week" returns. ♪ can i kick it? ♪ yes you can ♪ can i kick it? ♪ yes you can ♪ can i kick it? ♪ yes you can ♪ well i'm gone ♪ can i kick it? ♪ to all the people who can quest like a tribe does... ♪ money managers are pretty much the same. all but while some push high commission investment products, fisher investments avoids them. some advisers have hidden and layered fees. fisher investments never does. and while some advisers are happy to earn commissions from you whether you do well or not, fisher investments fees are structured so we do better when you do better. maybe that's why most of our clients come from other money managers. fisher investments. clearly

that is how you bring money to the treasury. not by cutting it in order to give tax cuts to the wealthiest people in our country. is it a statement of values to cut that education so that you have a tax cut that benefits 80% -- i know you don't want the public to hear this. and i can understand why. the chair: the gentleman's correct. the house is not in order. the gentlewoman is recognized. ms. pelosi: how could it be a statement of the values of the american people to cut education of our children in order to have a tax cut, 80% of it benefits the top 1% of people in our country? it's just not right. and as they do that, the deficit hawks which seem to be an engdange -- endangered species on the republican side of the aisle these days, are adding over $2 trillion, close to 2ds.4 trillion, to the deaf -- $2.4 trillion, to the deficit. not counting debt service, interest on that national debt. then they say, oh, that's ok we need to increase the national debt by trillions of dollars so that we can give tax cuts. where do the tax

the one on that letter from the department of the treasury. they said they had no idea why fema wanted the money back. and sent us to something called the fema recoupment hotline. it's a special hotline set up for people who have questions about why fema is taking back aide money. at the time, hurricane harvey had just hit. and so we expected to be put on hold, but as time dragged on, alan's patience already tested more thin. and so did mine. >> this is painful. >> yeah. >> calling to get information about why they want their money back. >> yeah, yeah. [indiscernible]. >> two hours and nine minutes al an first called, the elevator music stopped and the line went dead. alan never even talked to a real person. we weren't giving up. we spent weeks calling and e-mailing fema on alan's behalf. so many messages back and forth. they filled up my in box. fema told us if we sat by the phone on a friday night, they would called. so we waited again. this time two and a half hours passed before the phone rang. the big explanation from weren't supposed to h

more of my interview with secretary of the treasury stephen mnuchin. and we have the crown prince of saudi arabia. we'll be right back. >> announcer: innovation in saudi arabia. his royal highness is taking his country further into the future with a mega city. and it's putting billions of dollars to work in the u.s. through a black stone infrastructure fund. all of that and more when "wall street week" returns. here's to the heroes -- america's small business owners. and here's to the heroes behind the heroes, who use their expertise to keep those businesses covered. and here's to the heroes behind the heroes behind the heroes, who brought us delicious gyros. actually, the gyro hero owns vero's gyros, so he should have been with those first heroes. ha ha! that's better. so, to recap -- small business owners are heroes, and our heroes help heroes be heroes when they're not eating gyros delivered by -- ah, you know what i mean. chevy, chevy, chevy trucks. we think it's because chevrolets are the most dependable dependable dependable trucks. built to last

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increasing gdp from private-sector growth can provide additional dollars to the treasury. let me repeat that. better tax policy will boost the value of every we produce and this will mean more revenue for the federal government. according to the congressional budget office, one 10th of a percentage point increase in productivity could increase revenue in the treasury by $273 billion over the ten year period. one 10th of 1% increase, producing $273 billion, a return of historic average growth would decrease projected spending deficits by $2 trillion in a ten year window, more than enough to pay for decrease in revenue assumed under static scoring conventions that don't account for economic growth. that is what we operate under. in addition to the senate's the role in reforming the tax code it is a serious fiscal plan. of congress and the administration can adhere to this blueprint we will take steps to get our fiscal house in order with a combination of restraint spending, reduced tax burden and a growing economy. the senate budget committee has put together a responsible bu

we went from 47% of the u.s. treasurythe united states, now we are at 87% of the trade on the u.s. treasury market. when you look at counterparts in europe, they are at 400% of the trade. so we are really starting to move forward in that direction. i'm not sure if that is because of the laws or the efficiencies in the pools of liquidity, but my my point is, we should not have the banks eliminated from those pools of liquidity because even though we are not moving a lot right now because of the stuff you mentioned, stress will come to the marketplace and you want those people in there. nejra: let's talk bitcoin as it spiked above $5,000 for the first time. the ceo of ubs has said the world's wealthiest individuals are staying on the sideline when it comes to cryptocurrencies. the comments were made in an exclusive interview with bloomberg. >> people are curious that they are willing to invest. i don't think there is any meaningful desire for high net worth individuals to take big bets on this phenomenon. nejra: let's keep

more of my interview with secretary of the treasury stephen mnuchin. and we have the crown prince of saudi arabia. we'll be right back. >> announcer: innovation in saudi arabia. his royal highness is taking his country further into the future with a mega city. and it's putting billions of dollars to work in the u.s. through a black stone infrastructure fund. all of that and more when "wall street week" returns. om the mart when it might be time to buy or sell? with fidelity's real-time analytics, you'll get clear, actionable alerts about potential investment opportunities in real time. fidelity. open an account today. fidelity. ♪ ca♪ yes you can ♪ can i kick it? ♪ yes you can ♪ can i kick it? ♪ yes you can ♪ well i'm gone ♪ can i kick it? ♪ to all the people who can quest like a tribe does... ♪ our recent online sales success seems a little... strange?nk na. ever since we switched to fedex ground business has been great. they're affordable and fast... maybe "too affordable and fast." what if... "people" aren't buying these books online, but "they" are b

and i get a letter from the department of treasury. >> this letter. it said, 12 years after the hurricane, the government wanted its relief money back. the letter said allen owed fema $12,203. that's the $10,000 the agency originally gave him, plus a 28% penalty assessed by the treasury for having to the money. you see, fema said it had been trying to track down allen since 2013 and that they sent letters to two addresses and a former employer trying to locate him. allen says he was moving around from place to place, changing careers, and didn't know that fema wanted its money back until that letter from the treasury showed up earlier this year. it said the government was going to start garnishing his wages and force him to make restitution. >> fema decided that the funds that they gave me, i was ineligible for. i lived through hurricane katrina, but i lost everything. i have ptsd, but i'm ineligible for these funds. i don't even understand how they arbitrarily chose it. >> reporter: allen called and couldn't get anyone to explain why he was ineligible

to hold the a way numbers i have received. treasuryretary of puerto rico, thank you for your time. marty: let's get to some other headlines. mark crumpton has more. mark: tropical storm nate could add $1 billion to the record hurricane bill already tallied to the season. the storm has caused widespread damage in central america. when it hits the gulf coast this weekend as expected and hurricane force, it could oilroy crops, impact drilling, and damage property. the united states will airlift and drop supplies to puerto rico where hurricane maria knocked out power for 90% of homes and businesses. the first thing a supplies is expected to leave this week. the puerto rican governor also welcomed the tweet of elon musk suggesting a rebuild of the island's grid with solar panels and solar batteries. president trump offered cryptic remarks last night before dining with senior military leaders and the spouses. his comments came as the group posed for a picture. : you know what this represents. this is the calm before the storm. mark: when the

the story on the board is where treasuries have been this yield. e have not seen since march of this year earlier this week. we tried it 294. -- we traded at 294. still ahead, the final spread. the u.k.'s unreliable boyfriend, the bank of england's mark carney. this is bloomberg real yield. ♪ ♪ i am jonathan ferro. this is bloomberg real yield. coming up over the next week, a trio of central bank decisions from the bank of japan, england and the fed. the u.s. jobs report and president trump's trip to asia. it is expected his fed chair decision will be known by then. kathleen gaffney, joern wasmund and jack flaherty. jack, you mentioned the u.k. the bank of england did focus the first rate hike it over a decade. i looked at some u.k. retail sales figures that came out and they dropped off a cliff. likeked at gdp, it was 0.4% better than expected but not compatible with what i would call a time for a rate hike. jack: inflation has scared them a little bit. the weaker pound inflation has come through. it is a very open economy and i think that is what

we went from 47% of the u.s. treasurythe united states, now we are at 87% of the trade on the u.s. treasury market. when you look at counterparts in europe, they are at 400% of the trade. so we are really starting to move forward in that direction. i'm not sure if that is because of the laws or the efficiencies in the pools of liquidity, but my my point is, we should not have the banks eliminated from those pools of liquidity because even though we are not moving a lot right now because of the stuff you mentioned, stress will come to the marketplace and you want those people in there. nejra: let's talk bitcoin as it spiked above $5,000 for the first time. the ceo of ubs has said the world's wealthiest individuals are staying on the sideline when it comes to cryptocurrencies. the comments were made in an exclusive interview with bloomberg. >> people are curious that they are willing to invest. i don't think there is any meaningful desire for high net worth individuals to take big bets on this phenomenon. nejra: let's keep

the move index. this is treasury volatility, just starting to tick up. should bething we paying attention to. how asymmetric could the response be to this number? mark: very much so on the dollar. certainly bad data will be dismissed because of the hurricane impact, whereas if we get good data it is in line with expectations. proves,et will go, this this is enhanced because the short-term market, the speculators, the position is very skewed. we've made a technical break of the moving average. these are really fragile. you have to assume the dollar bears are hoping for a shock because of the hurricane. if they don't get it, people will be chasing to cover their positions. if we were to see a number that gets close to beating expectations, on orders of magnitude, what could it mean for the dollar? talking about is the dollar being on a tear. in the context of low volatility, this has been a reasonably sustained move. you could get a 1% move, but it will follow through next week. goingill set the momentum into next week. there will be a narrative that the u.

let me ask you about the revolutionary guard. treasuryary steven mnuchin has a big job to understand what he can do in terms of the revolutionary guard how important is it to put sanctions against the revolutionary guard, talk to us about who they are and what they control in iran? >> senator: okay this is one of the really important things that president trump did on friday and friday was an important day. some say oh, he kicked it over to congress. no he took what had been statements before, made it official american policy, and said fix this or i'm going to withdraw it and he has an absolute right in my opinion as commander-in-chief to withdraw from the iran nuclear agreement, because it's not even an agreement. it wasn't a contract both parties signed. it wasn't a treaty that congress the senate ratified. it was sort of simultaneous diplomatic promises. irgc was started out as a private military force created by the iranian revolution because it didn't trust the army and it has grown into one a massive military force with tens of thou

company defacto sponsoring the labor party conference we speak to chief secretary to the treasury doubt about how the british labor party is welcoming lobbyists into the tent. labor's national executive committee explains the ins and outs of throwing people out and generally corbin's not just socialist party in western europe all the civil coming of a days going underground at first when britain's chancellor all finance minister phil hammond speaks today he'll be speaking for a government that has borrowed more than any british government apparently in the street where household debt is at a record one point eight trillion pounds or two and a half trillion dollars and yet this is how and who has foreign secretary arguably said there was british money to burn to give. cover to al qaeda linked rebels in syria it's no secret that we would like to be able to extend our strike operations into syria and this was a chance low suggested a new cold war with russia russia. ignores the norms of international conduct and breaks the rules of the rules based international system and that represents a

department of the treasury's office of foreign assets control. designated the islamic guard core pursuant to the global terrorism executive order. they said that the activities of the irgc, the islamic revolutionary guard corps for providing support for a number of terrorist groups as well as the taliban, they provided material support including training, peshl, military equipment. it does sound as if the trump ads min station is designating the islamic guard corps as a terrorist organization even though the administration would shop short of that. >> it's hard not to read the statement in so many ways. it is designating it. that has been interpreted and granted the bluster. asserted as a declaration of war from iran's perspective. it is significant and just to be clear, the revolutionary guard core has a military function and enormous function in iran. these sanctions have enormous consequences. >> you were the deputy secretary of state. how are the iranians going to react? >> there is going to be blow back. that's why the bush and obama administ

when a collection letter from the treasury showed up at his current address. . >> you know, like why did you give me this money if you're like oh it's an accident and you don't deserve it. it was sopainful i cried so much. icalled the suicide hotline because i didn't want to live any more. >> in a statement fema told us earlier this year they implemented new internal review guidance to ensure that applicants who may owe a debt to fema are notified in a timely manner. that may help hurricanevictims in texas and florida and puerto rico, but not allen. fema says now that his debt has been transferred to the treasury for collection they cannot take any further action to review his case. fema did tell us in rare instances the treasury may agree to re we'reevieand we're going to stay on this case and let you know what happens. . >> now, the federal oversight office said after katrina the amount of aid handed out [audio difficulty] brought the numbers way down since then. >>> now, first alert weather rated d.c.'s most accurate forecast. . >> okay. i just want to gothrough the track of nate

in addition to the extent you put in place some of the treasury recommendations to rollback financialation. we think that would help not only the banks, to help the banks' trading partners putting capital to work more efficiently which can help as well. the biggest impact is the fact that you have tax cuts and regulatory reduction aiding economic growth. you see better economic growth and a lot of fiscal measures take hold. that will be the biggest driver of increased market activity, which is beneficial to the bank. vonnie: we are going to play a sound they -- soundbite from brian moynihan on the point we are talking about right now. brian moynihan: if there was a silver bullet you could shoot, we would shoot it already. this is hard work. vonnie: you reaction? jason: it is a lot of hard work. this administration has been added since beginning of the year. these bank stocks are running up the day after the the election on the hope a lot of things would be further along than they are. that is not to say we are not going to get tax reductions. i do think we look at the regulatory reduc

are talking about is a committee within the treasury department that is the focus on whether national security is being violated in any way with these sort of agreements. we have two questions, one, was the committee informed of possible information about money-laundering in the bribery sort of approach. and secondly, if they weren't informed, why didn't the justice department so inform them? >> martha: jeff flake today announced that he will not run for reelection. it's getting a lot of attention and he said some very strong things against the president, what is your response to that? >> i think my response basically is that he's a very good senator, i wish people like him stay in the united states senate. i believe that he would be in a better position to fight the problems that he brings up being within the congress then being outside of the congress.

and it is reckless, it is reckless for the treasury secretary to have this warning like that. you better get this done or you're going to see the stock market is going to have a significant downfall. can we please point out only 52% of the american population even owns stocks. so the stock market is not a one-to-one reflection on the economy. >> right. >>> so president trump tweeted about how well the market has done and he picked a very interesting graphic. this is it. showing you from election day, inauguration day where the market is. it shows the market was basically doing nothing until donald trump became president. so what we did is we recreated the graph in this tweet. there you go. from 2015 to 2017, it looks like the market didn't gain much and then look what happened on election day and inauguration day. but we do what we like to do around here, stephanie, we pulled that graph out to the length that you should see it from, starting from march 9th, 2009, a day i like to remind people of, and that is what the stock market actually looks like. >> it has been a steady cli

i am authorizing the treasury department to further sanction the entire islamic revolutionary guard corps, to apply sanctions to its officials, agents, and affiliates. i urge our allies to join us in taking strong actions to curb iran's continued dangerous and destabilizing behavior, including thorough sanctions outside the iran deal that target the regimes ballistic missile program in support for terrorism and all of its destructive activities. of which there are many. finally, on the matter of iran's nuclear program, since the signing of the nuclear agreement, the regimes dangerous aggression has only escalated. at the same time, it has received massive sanctions relief while continuing to develop its missiles program. iran has also entered into a lucrative business contract with other parties to the agreement. when the agreement was finalized in 2015, congress passed the iran nuclear agreement review action to ensure congresses voice would be heard on the dea deal. among other conditions, this law requires the president to certify that the sanctions under the deal is appropriate and pr

contact in the current treasury that we couldn't gbut wecouldn't go to k until after so we have to d hade invasion first and then reconstruction. this is the kind of relationship in the treasury and the world bank that enabled the united states to use the institutions for the tools of american foreign policy. it doesn't happen unless you know how to do it. in the book makes a point of the world bank has the two big businesses one is lending to countries that basically can borrow on their own. brazil, india and china. they make money on that which they used to finance their operations into the other is the loans to the very poor countries, the so-called programs, some of the loans never get feedback and some people think that they are declared grants in the first place, so it is a very delicate balance and requires a good credit rating to borrow money to lend to china. the second requires the largest of the parliaments around the world. if this is a sustainable model is under attack? >> there are two sources of threats to this model. they've been able to lend to those countries becaus

i'm authorizing the treasury department to further sanction the entire islamic revolutionary guard corps for its support for terrorism and to apply sanctions to its officials, agents and affiliates. i urge our allies to join us in taking strong actions to curb iran's continued dangerous and destabilizing behavior, including thorough sanctions outside the iran deal that target the regime's ballistic missile program in support for terrorism and all of its destructive activities of which there are many. finally, on the grave matter of iran's nuclear program, since the signing of the nuke agreement, the regime's dangerous aggression has only

in addition to instructions given to the treasury and health and human services departments, the president will task the department of labor with considering ways to deliver quality, affordable health care to the american work force. i'd now like to call upon senator rand paul to say a few brief words. thank you. senator paul: thank you. today is a big day. president trump is doing what i believe is the biggest free market reform of health care in a generation. this reform, if it works and goes as planned, will allow millions of people to get insurance across state lines at an inexpensive price. 28 million people were left behind by obamacare. do not have insurance today. this specifically targets and will help people who don't have insurance or people for whom insurance is too expensive. i'm very glad to be part of this and i really want to commend the president for having the boldness and the leadership and the foresight to get this done and i'd like to introduce the vice president of the united states. vice president pence: well, good morning. secretary costa, senator paul, secretary mn

i think the secretary of the treasury said it will decrease the deficit by $1 trillion. that was laughable. oh, it will go to the middle class, not the wealthy. when they lowered the top rate, raised the bottom rate, get rid of the estate tax and allow pass-throughs which will mainly go to wealthy, very wealthy individuals to reduce their tax rate to 15%, that's in the outline. so today we begin the process of shining light on this awful proposal, of telling the truth. that's what the amendment process will be today. today we're going to vote on a democratic amendment to strike the $1 trillion of cuts in medicaid. if our colleagues don't want to cut medicaid, they have -- they should vote for this. if our colleagues are okay with $1 trillion of cuts in medicaid, let them vote against the amendment. but believe me, the american people will know exactly how each member of this chamber feels when it comes to cutting medicaid dramatically. we'll also propose an amendment to strike medicare. in the health care bill, in one of the reiterations, we debated cutting medicaid. we

the treasury sold 3.2 billion euros worth of five-year bonds. -called bid to cover rising, seen in the previous sale on september 2. the average yield did double from 0.21%. we had some interesting comments in the last 24 hours from the head of the u.k.'s financial conduct authority, issuing a new warning on levels of consumer indebtedness, calling for fresh thinking on how lending is run. with borrowing surging, chief executive andrew bailey highlighted his growing concern about payday lenders, excessive rates, overdone accounts, and it occurred debt. they'll he said firms may not be doing enough to protect lackmers, saying they incentives to tackle credit card customers are profitable. that is the u.k. household consumer credit level. it is just off the peaks of earlier this year. this is a wonderful chart. may benefit from expectations of a move by the central bank to tighten policy after lagging bets in rate markets. maintainedbank negative rates with a dovish start reaffirmed by the reappointment of the governor. to verge from lack of swedis

hi, michelle. >> starts in 23 minutes, saw top of the hour. treasury secretary steve mnuchin, you heard, said the stock market would see a big drop if tax reform doesn't pass, and is he right? nba season under way the former commissioner david stern will be on, anthem protests and team valuations and much more, plus an exclusive interview with wells fargo ceo tim sloan. one year since he took over the bank is the worst over when it comes to their fake account scandal? scott, back to you. >> look forward to all of that the trade is on, abbott labs, cbs, allergen, anthem, all in the blitz and all just minutes away on "halftime. it can detect a threat using ai, and respond 60 times faster. it lets you know where your data lives, down to the very server. it keeps your insights from prying eyes, so they're used by no one else but you. it. is. the cloud. the ibm cloud. the cloud that's designed for your data. ai ready. secure to the core. the ibm cloud is the cloud for business. yours. >>> we're back with the blitz. abbott labs at an all-time high after beat

in view of the fact that seven years ago this month, i raised these objections with the treasury secretary, who said they were being fully investigated, and obviously will want to see what happens to that inquiry, what they knew then, why they act or did not act, and in the context of what has come out since then. this will go forward, and we d to working with mr. desantis, who is an outstanding member of congress. rep. nunes: we would take questions if you have them. --what evidence is there [inaudible] rep. nunes: let me first say our committee has been looking into this for a while now. we have been in touch with different individuals who have brought us information. i think as mr. to santos at -- mr. desantis has stated, there is concern over the nondisclosure agreement. we don't think that is a concern. we think any american, if they have information, even if it is top secret, they can come to the house intelligence committee and provide that information as a whistleblower if they would like. we are very interested in talking to any individuals and agencies that might have this inform

in addition to instructions given to the treasury and health and human services departments, the president will task the department of labor with considering ways to deliver quality, affordable health care to the american workforce. i would i like to call upon senator randy hall to say a few brief words. thank you. secretaryou, acosta. today's a big day. president trump is doing what i believe is the biggest free market reform of health care in a generation. this reform, if it works and goes as planned, will allow millions of people to get insurance across state lines at an inexpensive price. 28 million people were left behind by obamacare. do not have insurance today. this specifically targets and will help people who don't have insurance or people for whom insurance is too expensive. i'm very glad to be part of this and i really want to commend the president for having the boldness and the leadership and the foresight to get this done . i would like to introduce the vice president of the united to. -- the united states. hence:. good morning. secretary acosta senator paul, , secretary mnu

you see high in the treasury contract. is is not about asia overreacting, this is a genuine market move. so features the u.s. session -- the whole reflationary trade, the whole idea is getting another boost. we are seeing the yield higher, commodities doing well, equity markets doing well. there are stories, but this is the dominant story, very much at risk positive one. -- a risk positive one. guy: do you buy the dip in treasury here surely you don't believe? they will pass real tax reform. mark: my outcome remains quite cynical about the prospects of tax reform coming soon ultimately, but whatever your view is, this has more momentum in the short term. yields can go higher in the short term. somebody doesn't believe in this sustainably, but at the moment, you have upward momentum in yields. if got upward momentum in this got upwardand you've momentum in this as well. up therk, matt brings dips.of buying the we saw that yesterday in the s and p. i've got the chart. dip yesterday. -- cashitions are low positions are low. we

we have heard these reports about these conversations going on, arguments, debates within the treasuryd it was meant to be iain duncan smith's baby, he was passionate about welfare reform, but what i heard was that the money was simply not forthcoming from the treasury, which ended up in something massively problematic in the way it was finally delivered, and i think that is one of the reasons iain duncan smith cited as the reason for him to leave that post, but it is unacceptable that you have this six—week wait, these are the most vulnerable people you are dealing with, and i cannot see how there cannot be a turnaround needed. with, and i cannot see how there cannot be a turnaround neededm with, and i cannot see how there cannot be a turnaround needed. it is a warning from the chief executive of virgin money on the financial times, saying that sexism is prevalent in the financial services industry. i missed this, iwas in the house of commons today but i missed this evidence. it looks interesting, and achieve executive of virgin money says that sexism is a real problem in city firms,

emerging threats subcommittee has jurisdiction over the fbi's counter intelligence efforts, also the treasury department. it fits in uniquely here. again, in view of the fact that soechb years ago, in fact, seven years ago this month i raised these objections with the treasury secretary who said they were being fully investigated and obviously we want to see what happened with that inquiry, what they knew then, why they acted or didn't act and put it in context with what's come out since then. again, this will go forward and we look forward to working with ron desantos who is an outstanding member of congress. >> thank you. with that we'll take a couple of questions. >> we'll drop out of that event. the chairman devin nunes announcing investigations into one particular case, the uranium deal back in the obama administration. this has been a focus of president trump as well. he tweeted the other day, why isn't congress looking into this? it involves hillary clinton, the state department, bill clinton took a big money for a speaking fee. they want to know how that works out. with me cnn's dana

jobs and some new developments coming out of the u.s. treasury which could see a change on the wall street standby starts right now. european airlines are in trouble last month britain's fifth largest carrier monarch airlines came to a screeching halt much to the consternation of. passengers literally about to board their flights at airports around the world flight three seventy five from tel aviv landed in manchester at three twenty nine am on monday october second by four a monarch and now the airline was insolvent minutes later the government proclaimed the u.k.'s biggest ever peacetime repatriation was underway to fly one hundred ten thousand passengers home within hours the first had returned with a cost to taxpayers of around five hundred forty five pounds per ticket and now bankrupt airline air berlin says it is preparing to end flights at the end of october and a letter to employees the airline germany's second largest air carrier said that flights under the airline code will no longer be possible after oct twenty eighth at the latest air

the guardian says the treasury is being accused of anti—brexit gloom. e prime minister is getting a grip on our position as leader. the daily telegraph says thousands of shops and businesses will ignore warnings to stop accepting old pound coins. we will begin with the daily express. theresa may warns eu the ball is in your court. they will say the same back to her. exactly. this is the sort of story we can expect to see every week for the next couple of years. this stand—off between the british position and the eu position. what is striking about this is she is saying to brussels the uk will not offer anything else until they give them the nod to stop talking about the trade and the future relationship. the problem is the eu negotiating team has a defined mandate which will not allow them to talk about some of these things without getting the nod from the european parliament and other european leaders. what this does look like is that in this crucial october summit on the 19th, where it is decided if britain gets the nod to talk about future trade, the

i think the treasury's behaviour, both in the run—up to 23 june last year and subsequently, has beennt and bordering on the dishonest. it is certainly no secret many of her backbenchers are suspicious of her next—door neighbour. and the prime minister was oh—so—subtly given the chance by a prominent brexiteer to give her view. could she confirm then that all money necessary will be allocated, as and when required, to this project? we are preparing for every eventuality. we are committing money to prepare for brexit, including a no deal scenario. in some cases, departments will need to spend money before the relevant legislation has gone through the house. where money needs to be spent, it will be spent. he nodded along, but to brexiteers' ears, that sounded like a slap on the wrist for philip hammond. but for labour, another sign of tory wars. everywhere you look, it's a government in chaos. she's afraid of the most right—wing, rabid elements in her own party. she was having none of that. the honourable lady could not be more wrong. the chancellor's team believe hisjob is to be reali

spend before the relevant legislation has gone through the house, and i can tell the house that the treasurypublic accou nts were rated apartments and the public accounts committee explaining the process shortly. —— will write to departments and the public accounts committee. where money needs to be spent, will be. this is outside source, we are live in the bbc newsroom. the harvey weinstein scandal is deepening. mr weinstein's wife georgina chapman says his behaviour is unforgivable. and all the time, more and more allegations are made. some of the main stories from bbc world service. 13 people have been killed in a riot at a jail in a northern state of mexico. tensions then rose outside the prison as prisoners' friends and relatives clashed with police. that's on bbc mundo. police in kenya have fired tear gas at protesters in the city of kisumu. you can see this playing out. they turned out in support the opposition leader raila odinga, who's dropped out of the rerun of the presidential election. we explained that yesterday. and this woman in sydney was been filmed rescuing a shark that wa