treasury. the statute estimates that approximately $5 billion would be designated to the treasury through this program. with $20 billion going to insherrers. on march 11, 2014, cms issued a rule that spelled out how to divide the fund between treasury, insurance companies and administrative costs. cms wrote the treasury would receive about 25% of the fund in 2015. but while ensurers have received billions of dollars from program, the treasury has still received nothing. that is because cms changed its mind ten days later after issuing its final rule. ten days later cms published a rule completely reversing its policy position. in the new rule, cms prioritized page payments and treasury gets payment until insurers are paid in full. cms finalized this rule in may of 2014. why did cms dramatically reverse its own policy to favor insurance companies? we look forward to getting a straight answer from cms today. we do know there say cozy relationship between insurance companies and this administratio

treasury. approximately $5 billion would be designated to the treasury with 20 million going to insurers. march 112014 cms issued a role that spelled out how to divide the fund between treasury, insurance companies, and administrative costs. treasury would receive 25 percent of the fund, but while insurers have received billions of the treasury has received nothing. that is because cms changed its mind ten days later. ten days later the rule was published completely reversing policy position. in the new rule cms prioritized payments to insurers overpayment to the treasury. cms finalized this rule in may of 2014. why did cms dramatically reverse its own policy to favor insurance companies? we look forward to getting a straight answer and do know there is a causal relationship, and the administration has worked to incentivize insurers to stick with the exchanges. i have emailedhave e-mailed top white house officials begging for more money for lower premiums. i expect there will be an attempt to j

you're talking to the secretary of the treasury. i'm giving you -- >> have you directed anyone at treasury not to comply with our document request. >> i'm sorry, i couldn't hear you. >> have you directed anyone at treasury not to comply to our document request? >> no, quite the contrary, at my direction, our staff has reached out -- >> told to comply with us -- >> seeking to have the conversations that would enable us to reach accommodation. >> you've told your staff to comply with the document requests? >> the practice -- >> yes? >> i've told them to -- reach an accommodation with the committee. which requires give and take. >> we have a subpoena that's almost a year old. the document requests, when we try to do it nicely with you, goes back two and a half years. and you have failed to comply with those document requests. i think anyone sitting in this room listens to the responses you gave the chairman, you gave mr. garrett and you give me, you're not compliant. we asked very simple questions and you say -- i'm not going to answer

but i wanted to make sure that we highlighted the importance of treasury's action and why it did what it did. this directly goes at what's called corporate inversions. they are not new. simply put, in layman's terms, it's when big corporations acquire small companies and change their address to another country on paper in order to get out of paying their fair share of taxes here at home. as a practical matter, they keep most of the actual business here in the united states because they benefit from american infrastructure and technology and rule of law. they benefit from our research and our development and our patents. they benefit from american workers who are the best in the world. but they effectively renounce their citizenship. they declare that they are based somewhere else thereby getting all the rewards of being an american company without fulfilling the responsibilities to pay their taxes the way everybody else is supposed to pay them. when companies exploit loopholes like this, it makes it harder to invest in the things that are going to keep america's economy going strong f

is there a way to amplify what treasury is doing? is there a way -- i'm not saying you have to have 192 treasury attaches in every country around the globe but certainly there are problem areas we can use more help. and treasuries, people, the office of foreign asset control, the technical people, ota, the office of technical assistance, they have been great on this stuff. they can educate not only the foreign central banks but also they do a great job in forming our embassies at large in terms of what role they could be playing to shut off the financial system to these terrorists groups. >> congressman, i couldn't be more proud of the work that our offices from ofac to the treasury attaches do. they are legally the leaders of the world on this. what they need is well-equipped partners around the world. i think the financial attaches are our eyes and ears around the world and we could use more of them. but what we really need to do is get people into country to provide the technical assistance. that's more of an ota function than a t

this comes after the treasury's announcement to make inversions less financially appealing. alix: stocks falling around the world as safety trades rally. and an exclusive bloomberg interview. imf managing director christine lagarde paints an uncertain picture for global growth. alix: we are half way into the u.s. trading day. we need to get a snapshot of today's action with julie hyman. julie: we haven't had big pullbacks recently. there has not been that much movement either way in u.s. averages. the fact that we are seeing a pullback that is good -- getting there are these concerns about growth. the strategist over at goldman sachs says today that the recovery we have seen in the united states in the stock market is likely to falter before gets a second wind. -- there arere was two big issues. a slowdown in the buyback activity. he thinks the other reason is going to be the drop in profits for the s&p 500. take a look at the bloomberg. we are seeing the s&p 500 -- strategists are still pessimistic. the median forecast is 2150. and i'm going to send it back to you. belowthe

treasury says it has that authority. i'm not sure it would matter to any of the companies who are in the cross-hairs here because that process could take a long time and these deals as you know are time-sensitive. also, we have seen treasury argue that overall we need a broad sweeping legislative change from capitol hill that. could happen next year. not likely to happen at all this year. but because you see hillary clinton out there and because you see donald trump out there who are the front-runners in both their parties as of right now, both arguing that inversions are a bad idea, you can see a new congress next year taking this on four-square in a way they have been reluctant to do until now. >> eamon javers, thanks so much. you are an owner of pfizer, pete. you liked this stock for a long time. the market today is clearly acting as though the deal ison both sides by virtue of how both stocks are trading. what do you do? >> the concern you would have in terms of allergan right now, i actually have seen a little bit o

>> that will be $500 million to the treasury. >> you did give $500 million to treasury? >> we will. we will. >> you will or you did? >> we will. yes. >> okay. then what were the aggregate insurance company payments for that fiscal year? for that calendar year? >> they have not been made yet. >> no payments. so you're sitting on $6.5 billion from 2015 and $1.7 billion for 2016. what have you collected and what do you estimate full year collections to be? >> don't have an estimation yet. >> i'm sorry? >> i don't have an estimation yet. >> okay. what do you anticipate collecting for the treasury for this year? >> don't yet have an estimation. >> okay. i understand you made early payments. cms made early payments to insurance companies for 2016. what is that number? >> that was $2.7 billion. >> $2.7 billion for early payments to the insurance companies. okay. moving back to the underlying issue, cms [ inaudible ] between march 11 and march 21st as my colleague from oklahoma said a few minutes ago. in light of a crs memo which contradicts the position of cms with regard to compliance wit

people buying treasuries.ery interesting move, especially if you thought that the interest-rate increase was coming forward. that is what you see there. take a look at the dollar. the currency reaction has been interesting. it a gain of 3.5% right now. this suggests there is an interest-rate hike being brought forward. across currency, take a look at the order of pairs here. euro weakness. pound weakness. a little bit of yen strength against the u.s. dollar. let's take a look at gold. gold has been in a bull market at the beginning of the year. it is been fairly strong on central-bank action come on volatility, -- on volatility. it seems like this jobs report may remove some of the tin hats. does that make sense to you? everybody that is screaming that it is a horrible, it is all bad, under limit is skyrocketing. those people have been proved wrong to some extent by this jobs report. everything you say make sense to us, matt. >> i grasp and what you were saying earlier. we don't have access to saudi aramco's f

arguably, the treasury analysis is more thorough.-to be set you have to put it the context of a political argument. francine: so do we know -- let's say that we understand we'll hit a recession if brexit happens. how much do we know about how the u.k. can do for five years from now? is there any chance they can thrive, and is 4300 get reduced? >> i always think about in three stages. the first is the uncertainty and lead up, and that can arguably have a short-term impact on gdp. then you have the fallout for brexit. i think it is quite hard to make a case that there won't be quite a large amount of uncertainty, shock to confidence, and we have done some analysis on that. it's really been the case, in the long-term, of what happens. this is productivity growth. whether the benefits can be replicated. arguably, they can, but it is a big assumption, and that is what the leaf campaign is resting their argument on. there will the eu, be a big short-term impact. francine: thank you so much. dan hansen with bloomberg intelligence. before we

that's bringing down ten-year treasury yields. it's bringing down the path of future rates, euro-dollar futures. you know, they've kept rates down for so long, people are starting to alter their behavior, and they believe that rates are going to stay down here. so we really need the fed to start going sequentially, like going june, september, december to wake the bond market up. otherwise, we're going to have very low yields. >> wouldn't that be a disaster for emerging markets? the dollar would shoot up. >> i know, but the dollar move somoves so far. the dollar has gone a long way. forget dollar-yen. it's going its own thing. i would be surprised if the euro goes to 90 cents. you look skeptical. >> the challenge i would have to you is next week alcoa reports. we're going into the third quarter of declining earnings. it's not just in the energy and materials sector. so we're in an earnings recession. the ten-year note is at 1.70. we're not getting all the clues that everything is okay in the economy. >> well, that's the disappointi

both sides reacting to a treasury move on monday that was, to say the least, unexpected when treasurythree-year lookback position that does seem to have been designed specifically to target this deal and would have had the effect of making it a far smaller company and therefore not allowed pfizer to become a foreign company, hence eliminating the tax advantages of the deal and the deal itself is now gone. this morning we had an opportunity to sit down and talk to allergan's ceo brent saunders about life as an pendant company and i did ask him whether in fact the regulations included specific regulation on something called earnings stripping, whether either one of these would have an impact on allergan strategy into the future. >> interestingly it has no impact on allergan as a stand alone company and, in fact, arguably it strengthens the stand alone company. it looks back if someone were to acquire allergan, if allergan were to go out and buy something else. we can use stock. we can use a lot of stock after october of this year because that's the three-year anniversary of it. >> he's

president on the economy , we are told by the white house specifically this following yesterday's big treasury department announcement about those corporate tax conversions. that sent shockwaves through wall street, possibly causing the end to multibillion-dollar deals . this is the practice of us-based companies, sometimes buying smaller foreign companies to relocate their ad taxes. that practice has come under harsh scrutiny by this administration and they announced a big crackdown on that yesterday so that announcement from the president we expect around 12:15 p.m. eastern time and we will bring it to you live. >> this is a fox news alert. it is decision day in wisconsin. voters are heading to the polls in primaries that could shake up the race for the white house.in both parties, this is outnumbered, i'm andrea cantona in here withus today harris faulkner, sandra smith , founder of thechris , soft foundation and author of the new york times bestseller, american life out today in paperback. and today's hashtag one lucky guy, we imported him from the great state of wisconsin. did you come th

that raises a broader question in terms of what treasury is doing and whether that will undermine treasuryn the future. by seemingly overstepping the boundaries of what people expected. >> which makes people wonder if that's one reason why we're weaker today. >> i think oil. this. i think there's -- i have to tell you, the disney news. entertainment has been rallying. i find allergan and pfizer thought they were playing by the rules. i hear them move the goalpost, but you really hear this is another deal that the hedge funds were in. allergan was worth so much. it was -- look. it had 10% revenue growth. that's hard to find, right? that's revenue growth. i'm not talking about inversion tax growth. so, it was one of the cheapest stocks. >> yep. >> last time saunders was on i said why you are giving up? he said it's two plus two equals five. >> the spread had been widening and widening. while this comes as a big shock to many hedge funds who will be suffering losses who were playing the deal, there was something -- the market knew something. even though many people never expected treasury go

in fact, according to the texas -- to treasury -- treasury inspector general for tax administration, the i.r.s. rehired 141 former employees who had been removed from service for issues ranging from falsification of official forms to abuse of i.r.s. leave and property policy. americans deserve better. they deserve to know their tax and personal information is protected and those handling it is held accountable. it's past time we hold the i.r.s. accountable. i want to thank chairman brady, congresswoman noem and meehan for their work in bringing these -- together these important reforms. with that i reserve the balance of my time. the speaker pro tempore: the gentleman reserves. the gentleman from massachusetts. mr. mcgovern: thank you. i want to thank the gentleman from georgia, mr. collins, for the customary 30 minutes. i ask unanimous consent to revise and extend my remarks and i yield myself such time as i may consume. the speaker pro tempore: without objection. . mr. mcgovern: i rise in very stropping opposition to this rule which provides for consideration of h.r. 4890 and h.r.

the ten-year treasury yield back near the lows seen in early february. the japanese yen is at a 17-month high. all of these are sort of the risk factors flaring up again. they're bringing us back a little bit to the beginning of the year when it was those correlations and moves in other assets like china, like the yen that we were seeing that were bringing us down. it's only been two days of a decline. we're going to have to monitor that. we are heading into an earnings season where expectations are lowered. but keep an eye on those moves. another 3% decline in the price of oil yesterday. more selling on top of that, that could be key. we've also got a pair of economic reports on today's agenda in the u.s. february trade deficit numbers out at 8:30 a.m. eastern time. the trade gap is expected to have widened slightly from the month of january. i'll be watching the 10:00 a.m. march ism services index. of course, this is key. it has stayed in expansion territory, but there were some concerns that services momentum is slowing down. it's the biggest part of

buying treasuries and yen and buying of gold. nasdaq is down 1.6%. >> when we come back, an important issue, does the u.s. risk losing its competitive edge internationally thanks to a growing chorus of anti-business sentiment coming out of washington? three business leaders will give us their take when we come back. >>> also ahead, under armour founder kevin plank discussing the fierce battle to sign up all-star athletes like steph curry and jordan spieth. don't miss it. it's coming up on "closing bell." mary buys a little lamb. one of millions of orders on this company's servers. accessible by thousands of suppliers and employees globally. but with cyber threats on the rise, mary's data could be under attack. with the help of the at&t network, a network that senses and mitigates cyber threats, their critical data is safer than ever. giving them the agility to be open & secure. because no one knows & like at&t. doing small gigs,side gigs...gig gigs. quickbooks self-employed helps me get ready for tax time. to separate expenses,i

she spoke exclusively with treasury secretary jack lew. sara, good morning to you. >> reporter: good morning, karl, david and jim. jack lew is playing host this week to finance ministers and central bankers from around the world. he wants to project u.s. leadership, engagement in the global economy, contrary to what we're hearing a little bit on the campaign trail, but of course, we had to start the conversation with his recent clamp-down rules on inversion. so, i asked point blank, was it your goal to kill this more than $150 billion merger between pfizer and allergan? here's what he said. >> let me be clear, the goal of what we've been doing here has been to deal with inversions as a matter of policy. i said several years ago, the right way, the best way to do it is for legislation to be passed that would do serious comprehensive business tax reform and shut down inversions once and for all. i also said we'll use whatever administrative authority we have, and it's a complicated matter because you don't have infinite flexibility. we have

in fact, treasury did this after offering the rules it tossed aside. let's start with the notion of what the pfizer allergan tie-up was about. in a legal way take advantage of lower tax rate they have because it is down overseas . this is there is no law that says they can't do it. the lack of laws let them do it. i thought that was ridiculous, frankly and the treasury secretary could and should issue rules to block ib version ifs he wanted to. when i got to interview the treasury secretary two years ago i pressed him about why they didn't do something. rule making given that the invert ed companies were still u.s. based, not based overseas. it seems silly he didn't just change the regs to make the inversions almost impossible to do. take a listen. why can't you say we are looking at the substantial interest provision? every one of the companies thinking about invert ing now is a mail drop in either switzerland or dublin. >> there are obscure provisions in the tax code. we don't believe we have the authority to address this question through administrat

now the treasury obviously is playing hardball. is understandable, there is a bit of a shale healing. they pointed out that the treasury changed the rules after the game was played. there was nothing illegal there and the rules changed. now the company's had to end this multibillion-dollar merger. >> thank you very much. the leaked panama papers have caused outrage across the world and showed how the rich and powerful sends money overseas to avoid or evade taxes. the law firm is under pressure and is fighting back. >> the name has become synonymous with creation of shell companies that many of the clients used to avoid paying taxes in their home countries. >> new news would be who is investigating the hack? nobody said a crime has been committed here. but the media is gunning for high-profile tax dodgers in dead. the scandal has aered people in france as well. the country's finance minister says he is taking action against hannah montana at they decided to put hannah montana, list with all the consequences it might have for those t

that's a more stringent structure required by treasury rules to allow pfizer to invert. the new provisions would change that prompting many to assert treasury specifically targeted this deal. the rules are complicated but they come down to how big the foreign company is compared with the american company. the new guidelines would exclude acquisitions. this could mean two megadeals completed in 2014 and '15 wouldn't count. putting it back under the thresholds that would allow pfizer to invert. >> it makes the action less valuable. i would expect they would walk away without the benefits of the tax minimumization strategy. >> reporter: in a joint statement they are reviewing the treasury's action. most analysts see bright prospects for both. pfizer could split itself into two smaller companies. allergan is close to closing its generic business. both are expected to remain buyers if they remain independent from others. president obama said today the only way to stop inversions completely is for congress to enact tax reform. lowering the corporate tax rate in the u.s. appear

and the 10 year treasury is in blue.the japanese make, they get less and less traction each time. you also see u.s. yields tracking. >> i think that is a sign of a lot of inflows, right? it would look quite similar if we had for example, the german boom as well. a lot of those investors are looking at their very low yields and choosing to move over to our shores, to the u.s., to look for a little bit more yield. of 1.7 istreasury horrible. but for them, that is very appealing. those are the moves we will continue to see. there is a lot of opportunity still if you are a u.s. fixed income investor. income am a u.s. fixed investor, where is the number one place for me to be right now if i want the best deal and a some liquidity? >> the liquidity part is an issue, but the u.s. high-yield is an area where we see a lot of opportunities. we're not talking about wading into the energy high-yield, but i think high-yields are still so high that they are not justified by the continued growth in the u.s. that is an area where you ca

late yesterday, i sat down with treasury secretary jack lew to talk about u.s. leadership in the global economy, but we also have to discuss the big issues at treasury, his leadership right now, including the recent clamp down on inversions, killing that more than $150 billion deal between pfizer an allergan. the. >> i said several years ago the right way, the best way to do it is for legislation to be passed that would do serious, comprehensive tax reform and shut down inversions once and for all. i also said we'll use whatever administrative authority we have, and it's a complicated matter. you don't have infinite flexibility. we have worked and worked on it. this is the third action we've taken. each time we've slowed down the pipeline. each time i've said congress needs to act because we want to make sure that inversions are stopped. i think it should have been no surprise to anyone that we were working on this because we've been working on it for a long time. >> should not have come as a surprise. lew says there was a lot more discussion on inversions, on t

here's what treasury says is actually happening. they will try to limit inversions by disregarding foreign parent stock attributable to recent inversions or acquisitions of companies and they will try to address earnings stripping by targeting transactions that generate large interest deductions allowing the irs on audit to have debt instruments and debt equity and requiring certain implementations of debt instrumentation of what is debt and not deal in one of the tax inversion deals. treasury has done this two times before and on a conference call with reporters that happened a few minutes ago they declined to say whether the two previous actions the treasury has taken actually had any effect in limiting the tax inversion transactions. mel sla? >> eamon, from your reporting do these new efforts seem onerous to the companies looking to do inversions? >> reporter: we're going to have to take a look at that. i would think based on what they are able to do, just regulatory, in terms of the regulatory process as opposed to what congress

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secretary treasury announced former slave harriet tubman will replaits andrew jackson on the $20 bill. she escaped slavery in the south to become an abolitionist leader. she helped in what became known as the underground railroad. we stopped by a bay area museum where the historic change was welcomed with applause. >> i thought what a great historical step this is for the entire country. >> michael moore with the museum in san francisco says the u.s. treasury secretary had plenty of historical figures to choose from but abolitionist harriet tubman is a perfect fit for the $20 bill. >> so many school children hear about her at a very early stage of her life. also it's connected to freedom and the whole idea of correcting a wrong in our history is also very important. so she encompasses so much. >> the u.s. treasury secretary says it's unclear how soon her face will appear on the bill but adds it will get off the ground quickly. president andrew jackson won't disappear entirely rather his photo will be moved to the back. >>> the treasury secretary announce it had back of the $10 bill wi

he's planning to talk about the treasury department's brachbd new steps to crack down on businesses that move their addresses overseas. why is that big news i? because it cost money, folks. they do it so they can cut down on what they pay in taxes. how can that change? and it is a big topic on the campaign trail now. big news out of the briefing room. we will bring it to you as soon as the president begins his live address. stay tuned for that. once again, a state that may not get much attention in a normal election year is about to get to quote the republican front runner interesting. speak of wisconsin where voters are deciding how to divvy up the 42 republican delegates and 86 democratic ones and thereby raise or lower the odds of contested conventions for both of these political parties. donald trump needs some good news after his awful week. he'd prefer least one fewer rival left at the contest tonight. like wise, hillary clinton who lost five of the last six democratic contests, she'd prefer to have a win in the column, too. trump and clinton want to have their nominations clinched

and something i actually talked to treasury secretary lou about.s in washington and he got a kick about it. he thinks it is so funny that all of america was so engaged and enthusiastic. >> thank god for the timing of this play. if it had been many years ago probably there wouldn't have been the same level of enthusiasm for it. >> it forced the treasury to completely change their plans and now they have appeased everyone. plenty of social media reaction. i was surprised. so many op eds coming out and applauding the treasury secretary. >> got me reading more about british bank notes because i didn't know exactly what was on all of them. the queen is on all of them. and different people like charles darwin are on the 10 pound o note. james watt, the steam engine -- >> all your notes are the same size so day all feel the same if you are quick trying to find the right one. whereas british notes get bigger as they are worth more so you always know. and so they are different colors and you get them at the glance. >> i do like going to other countries and

and buying treasuries?im: when we look at interest rate between europe and the 1.7% looks like a huge high-yield in this apartment, we forget that is a currency trade. -- huge high-yield in this environment, we forget that is a currency trade. , but then youit are back to the same yield you are investing in europe. you are taking a currency risk in an environment where you're making a dollar bet and that is a whole different dynamic than just trying to pick up extra yield. it is not as easy as people make it out to be. just go find the highest yield in the world and by that -- buy that. abby was asked about the prospect of this happening here in the u.s. >> the fed made the decision to stay away from negative rates here because they thought it would be very disruptive. they were concerned about the impact on money market mutual funds and so on. one of the things we are watching carefully is whether the move to negative interest rates in europe and japan has been effective. david: we've heard janet yellen sa

treasury did. you it that way? >> i'm not in that -- >> you might be. >> i'm not going. >> treasury secretary. you can never say never. >> can we move on? >> i'm just wondering. >> the merits of -- >> i believe -- i believe we should have been -- i think i was against how surprising it was done. i think there should have been an open dialogue, a narrative to the businesses. i would have much rather had a dialogue treasury to the company and said, you know, before you consider this you need to think about it, we are going to attack this. so i wasn't surprised at what the u.s. treasury did. and i do believe we should be o focusing on turns. >> you western surprised but said you thought there should be a dialogue. >> the company was surprised or maybe the company -- i don't know what -- >> maybe they didn't think it would be retroactive. >> i actually believe that u.s. treasury made it very clear that they will do things to change -- >> sounds like they did exactly what you wanted. >> i didn't say wha

what does that mean for stocks and treasuries?t from the feds, the stronger oil prices, the weaker dollar, the counterpart of a stronger yen, those are starting to help out the markets a bit. to watch, we are seeing stronger wages. that is a positive. what we are not seeing is pricing power come through. continues, you will not get multiple expansion at this point and it will be a short-lived rally. stephanie: one of my favorites, a warning that a so-called end tocould bring ian the european union. take a look. rexit on one side and grexit on the other, the beginning of the end of the european union and the eurozone. brexit would be bad for europe and britain. the only thing you could hope for is rational and reasonable preva over emotion. il if the brexit happens, i can't help but think this is a significant negative for europe as a whole. you have a negotiation period of at least two years to figure out what would happen. week of time could be a positive. uncertainty is bad. will still come away thinking it is a negative. this w

treasury?if you look at what the show has done, it is very complementary to what we are doing in this whole undertaking. it has brought history back into common conversation. >> reporter: tubman is an american hero. life, helping countless escape through the underground railroad. and she isn't the only woman we'll see. take a look at what the other bills could look like. the back of the 10 will honor female leaders of the suffrage movement. while the back of the 5 will highlight historic events at the lincoln memorial. and tom, these old bills aren't going anywhere just yet. the treasury says it plans to design the new bills by 2020. the 100th anniversary of women's suffrage. tom? >> we look forward to those new bills. all right, mary, thank you. >>> there's still much more ahead on "world news tonight" this wednesday. the little league coaches in an all-out brawl, right on the field. kids on both teams stunned at the sight. police called in. >>> and women in america now living shorter lives, b

what's going on with treasuries today? >> i'll give you one answer. bunds. there was a lot of data that wasn't very good. and i think the imf might have been with that as sarge referenced. if you look at jgb in japan and german curve in europe, these are important and reminds me of the last time we were talking about these when bund yields moved down to 07. i think there's a lot of that going on today. we traded down the '08 basis points, nine basis points. i think the inversion conversation, we know how the aftermarket acted yesterday. i think sarge is right it kept equities down. cuba tries to keep their people inside cuba. now the united states is keeping business in the u.s. is it a good thing? tax selections will go up because the forcing companies to be less profitable? it's a travesty. that they can cherry pick within the corporate tax structure which is just a mass. it's a rubic mess and this is what they come up with and think it's good and try to embarrass companies to follow in the knuckle head rules that they created? i'm surprised that market is

. -- treasury limits the -- the pfizer deal is in jeopardy. aussie dollar dilemma. leavesia's central bank the rate unchanged but warns a stronger currency could complicate things. welcome to countdown. anna: we have some breaking news coming out. bill on the comments yesterday evening. charles evans said the feds have will depend on the economic outlook. channeling janet yellen carry too early to tell if inflation rebound is sustained. this is the chicago fed president evans who has said that two rate hike this year will be appropriate. duck killing what he said yesterday -- the market is very much mistaken if it thinks we are just going to get the one hike this year. this charles evans latest comment. anna: those concerned about whether inflation rebound is going to be sustained echoing what we have heard from some of the other more dovish comments we had last week. worried aboutas whether inflation would be sustained. compounded with retreating oil prices. where oil goes, stocks follow. we were wondering if that link would break down. it seems it has been reinsta

treasury rolls back then.d to pay shire want $6 billion back then. $106 billionhire back then. the big question, what is next for pfizer? i spoke to sam frizzell he from bloomberg radio. he was thing to me if you look at ashes etiquette shares, because it don't forget pfizer abandoned that 2014 deal with after zeneca after they rejected their offer. their shares have come down. sam says a better fit would be lack so -- would be glaxo. if we are talking about a tax and version. an investor in pfizer shares said to some extent, the era of consolidation among health care companies appears to be coming to an end. whether you believe that or not, one thing is for sure, if you -- specific pacific deal, it is a win for a barack obama's administration. francine: let's bring in valentin marinov for final thoughts good we went -- thoughts. we went to some of the commodities to if you look at opportunity worldwide, it is likely to increase. what is your take on yen? governor kuroda cannot do anything right at this point.

he became the first treasury secretary at age 34.created the treasury department, created the tax system, the first fiscal system, the first central-bank, the first coast guard, the first custom service, on and on. hamilton was the architect of the federal government. on the one hand, hamilton was very charming, witty, charismatic. it was easier like that side of him. he was also brash and dangerously self-destructive. admiration fors what hamilton had accomplished. i often say, the wonderful thing was that youory could admire him, but his flaws were so serious that we can all identify with him. human andnce very superhuman, depending on the moments. it is a fascinating story of someone who was as brilliant as hamilton was, flawed and fallible. when we were creating the show, there was this notion in broadway that the central character should be sympathetic. he should be rooting for the central character. hamilton, with the reynolds ,amphlet and other things hamilton is constantly testing the sympathy of the audience. it has been int

yields are going down as people buy treasuries.st look at equities but they are still worried. it is another way of showing that there is not a lot of confidence in the rally that we have had in the stocks from the lows of the year. david: you want to go both ways, right? what do you have for us? jonathan: you see abenomics in the news all the time. well, down, hedge fund managers are worried about nepotism and that is what i want to talk about now. more transparency and better governance -- what you saw in the last year with the corporate governance code in japan, this charts on the far right is basically the percentage of independent direction that is with japanese companies. you see an improvement to 11 .79% in 2014. that is a proportion of japanese companies that are incredibly low. lower then kenya, the netherlands. better, thatet number needs to improve. when people talk about a change, it this change is not good enough. this is the important part. you can go to the news function to figure out how i got here. fmgo on your blo

julianna goldman has the latest from the treasury department. >> reporter: treasury planned to announceuld be on the $10 bill by the end of last year. but it turned out to be more controversial than they expected. millions of people weighed in. and now that redesign is getting a redesign of its own. >> time for women to be back on paper currency. >> reporter: last june when jack lew announced a woman would join alexander hamilton on the redesigned $10 bill. he couldn't predicted the broadway musical would complicate his plans. the smashing success of hamilton brought new found fans of the founding father rallying around the first treasury secretary turned pop icon. and now, people familiar with the process tell cbs news, that lew is expected to announce hamilton will remain on the front of the $10 note and women throughout history will be added to the back. >> alexander hamilton -- is one of my heroes. he is not leaving our money. >> that's not all. he its expected to announce a woman who will be on the front of the $20 bill replacing andrew jackson. what some may consider a more presti

one of his concerns is a decline in demand for treasuries.ve a drop in demand from the biggest buyers, and that could push yields lower. traders, he says, are still voting in the long risk. in terms of the treasury call, give us some more background. the fed with connotative easing, china with foreign exchange reserves and then u.s. commercial banks needed to meet regulatory requirements. eventually, all of that will stop. the commercial banks no longer need to buy treasuries to meet liquidity requirements. those natural buyers are gone. if you have a situation in which consumers returns and start buying at a more aggressive pace, you could see a situation in which yields are back pretty aggressively on the long end. he is concerned about the dislocation is will create in the markets. if the fed were to raise rates even more aggressively, that is what he is concerned about. that is what he is concerned about, more severe market dislocation. >> he also sounded off on silicon valley. he is not so much paranoid. i am very interested -- i find it

lauren: the 10 year treasury standing up 1.3%. trade to thomas sachs is leaving the job made six as many wonder how that will affect what bob iger does. with no successor in place, the question is whether he will stay on past its intended retirement date of 2018. unless someone is hired to come the devil a lot of time to prepare to take over unless he postponed his own planned retirement. prepare for more battery life on your kindle. amazon to release a new candle with a rechargeable case. the cover will provide more battery life while also allowing the reader to be thinner than earlier devices. that is not all. amazon has a separate case under development that would charge the kindle using solar power. amazon ceo promised to reveal the details next week. we don't know the prices of new devices just yet. right now amazon's kindle voyages their most expensive model in just about 200 bucks. pretty affordable. nicole: a look at the headlines in today's edition of "the wall street journal." in: if it starts to sound the largest pensio

protested, the treasury department decided to leave him where he is.ritain's longest-serving monarch, queen elizabeth is marking her 90th birthday celebrations taking place nationwide. we are showing you a light image of the queen meeting and greeting officials in windsor before taking presence from the people to celebrate her birthday. well-wishers are lining the streets. have a listen to some of them speaking. generous to all of us with her time, her love, her passion for the country. i think she wants to share. i never get to -- i never get the feeling -- she never makes us feel as we are intruding. there is a warm. if you could send out some coffee, that would be nice -- if she could send out some coffee, that would be nice. [laughter] >> i got all the little pictures of her, showing her happy side and sat side. >> she takes something of a walkabout in windsor. for the latest on the celebrations happening nationwide, we have reports from london. >> celebrations are getting underway in the united kingdom. gun salutes will take place around the unite