u.s. economy now all dollars sadly the economy is going strong more americans working and the unemployment rate at four point one percent the jobless numbers decreased stably trumps pretty sesar barak obama last year the u.s. economy grew by two point two percent but it was even higher in four out of obama's eight years in office many believe trumps biggest legislative achievement is tax reform but critics say it most it benefits the rich and the business world. or at least bringing in school to all correspondent on wall street hey yes so it seems that your u.s. economy is doing great is breaking one record high after another so is trump a better president than he gets credit for after all. the u.s. economy is still going well but most changes most economic changes and we shouldn't forget it was the tax reform that will leave a huge debt burden for the u.s. economy but if we look at wall street investors are happy but what happens on wall street is not what did happen what investors believe will happen and obviously wall street believes that there is more to come just within the first year

u.s. economy. so far ahead about eighteen shutdowns of the past of forty years that mostly the economic impact has been limited to for sure a lot depends for how long of possible the shuttle would drag on and we also should . remember that this is not a complete but a partial shutdown but yes a lot will depend how long this shutdown. drag on and if we look at the stock market overall the last big shutdown happened in twenty thirty in dragging on for about two weeks and during that time span and wall street actually even gained three percent so at least the investors do not seem to be too varied about this possible shutdown yet let's go there thank you so much for your analysis. coca-cola is going green very slowly by twenty eight thirty eight a soda giant wants to recycle a used fossil or can for everyone itself the company behind over five hundred brands of soda juices and water is committing making all of its packaging recyclable worldwide this would be a step to decreasing the amount of plastic

u.s. economy and good for u.s.xports how significant do you think it is that he again is saying that, it's something that we know president trump is aware of as well do you think it's having an influence on the forex markets at the moment? >> i have not seen that comment firsthand and sort of verified it out here in davos, you know, quite a number of things to do other than look at screen. a bit -- i take a bit of a pass f that is the case, that secretary mnuchin made that comment, it's a bit of a shift from the past where the rhetoric was always consistently a strong dollar is more of a positive thing, which is really almost saying a strong u.s. economy is a good thing if we hear that on a more consistent basis, that's shift in tone. >> elsewhere, do you think the dollar is due a turn if we look at interest rate cycle or is the fundamental growth justifying the significant weakness we've seen in the dollar so far this year and last year >> i think -- i don't read too much myself into the short-term movements in th

u.s. economy. so, to conclude, my main point is, is that claims that automation primarily cause the relative and absolute decline in manufacturing employment are just simply at this point in time not supported by the evidence. i'm not saying that automation played no role, right? certainly automations have. but there's no prima facie evidence, nor is there evidence for the 2000s surge in automation was the primary cause of what we've been seeing. studies do find they played a significant role in manufacturing employment declines in the 2000s. but i want to emphasize the research is incomplete. there's big holes in the data. foreign competition does spur investments in automation and that causality is a.mbiguous. in the precipa tus decline in the 2000s has had any large affect on work and the economy. i'm not going to talk about trade policy, but this raises questions about policies that may have triggered the sudden shift in global structure of production. i am guessing that carolyn and josh will w

u.s. economy was already growing very very strongly and it's group growing at three percent annualized in the second quarter in the third quarter going to fourth quarter u.s. g.d.p. numbers next friday and that's for going to be another three percent growth rate we think we're going to get more than three percent growth this year so having tax cuts in addition to that is just more fuel on the fire so it's a very positive u.s. growth story we think for the next year or two but also i'm very encouraged about the global growth prospects for so long it's just been a u.s. growth story in the global economy but now you've got the european story really firing up you've got asia firing up your start to get some positive news coming out of latin america as well so what was just a global growth u.s. growth story is becoming much more global and i think that offers some real positive news flow for employments and economic prospects for the next year year and a half or so or you mention latin america those are let's talk we have to talk about immigration don't we how as stance on immigration thus far

u.s. economy. are you worried we are seeing currency wars research? >> i hope not. e softness of the dollar is helping u.s. exports, u.s. manufacturers reassert their position. to the extent that helps to answer some of the questions in the u.s. about the global trading system, make americans feel the system is fairer to them and ease the pressure around the trade system. i think that is a good thing for all of us. >> the pound has been depreciating. would a weaker pound help u.k. exports? >> the u.k. is a very open economy. a weak pound has two effects, it helps our exports by raises the our imports. one of the challenges we have had has been a weaker pound has led to higher inflation and a stagnant real wages. that is driving some of the challenges that we face a home. getting that inflation rate down and a rising pound will help to do that. it helps to drive increases in real wages. that is good for our economy and good for us. >> you have committed something like $20 billion in china's growth. why has china become a strategic market for you? >> we have committed

u.s. economy over five years. this includes plans to invest 0 $30 billion and create 20,000 new jobs investors reacted positively to the news sending apple shares around 1.6% higher arjun joins me on the set for more of this that's a lot of money being brought back to the u.s. where is it going to go? in the past apple has come under a lot of scrutiny from manufacturing iphones abroad can we expect them to start manufacturing iphones in the u.s. again >> you're right, there's a lot of political pressure on apple to bring mrafrerri ermanufacture u.s. the most obvious place to spend cash is in special dividends, buybacks, those are the clearest places apple also said it will spend about $10 billion on that on new data centers so relying less on amazon and microsoft for their cloud services and build their own infrastructure, which could help it have more control and boost some services. the likes of apple music for example that rely on these cloud services there's some of the obvious areas. also they said they would

u.s. economy let's check the u.s. dollar, which has been trading around a three-year low it continues to trade at that level. it is weaker against the swrap the japanese yen >> it was a fascinating move yesterday the broader dollar index, more than a 1% move for the broader index. a huge individual thing. >> absolutely. looking back at the currency board, the pound moving over 1% higher close to 1.43 again. extraordinary moves. continuing today that dollar weakness the euro, pound, yen, all higher against the dollar today as well as steven mnuchin that we will bring you live sitting down with geoff cutmore of cnbc, we'll be focusing on the ecb as well. the data out of europe continues to be strong people are expecting therefore that we might get some comments on whether tapering can end earlier than expected. whether a first rate hike could come earlier than expected i just don't see why mario draghi would be anything but dovish given the strength in the euro we'll see if there's a correction >> that's the burning que

u.s. economy should be pushing the dollar up instead it is tumbling since mid december the dollar has fallen six percent against the euro falling to around eighty cents the lowest level since the end of twenty fourteen you can see it right there and that is raising eyebrows among currency experts the president of the european central bank mario draghi saying the recent volatility in exchange rates represents a source of uncertainty which requires monitoring earlier i asked karsten unionist chief economist at sapphire sarrasin bank if he thought u.s. officials apparently talking down the value of the dollar was a break of tradition. absolutely it would be a break from tradition and it's not encouraging what they what they do they soften with this administration i have the impression that they're not really aware of what they're commonly cation is doing they seem to believe that they can make statesman to lie the us finance and finance minister did and reserve reversing them the other day that is not how we used to communicate it in these markets all what we expect from central bankers and gov

u.s. economy in the next five years. the announcement came as the stock market soared again to new record highs.>> reporter: it is good news. many people were glad to see the bump in their 401(k) and the news about apple hiring new people. one question is while the bill seems to be having an effect on the economy it is not clear what the effect will be in the long-term.>> i have a 401(k) and have investments. stock market going up is a good thing. >> reporter: optimism about the economy and growing consumer confidence in the u.s. seems to be taking hold.>> i'm still waiting to see what happens. hopefully it looks good for me.>> reporter: wednesday's record highs on wall street so the door -- dow jones saur up to 26,000. with last month's tax bill cutting u.s. corporate taxes from 35% down to 21%.>> the u.s. economy is on solid footing right now. business earnings are very high. the tax rate cuts we have had recently enacted are going to make those after-tax profits even higher.>> reporter: a professor at uc berkeley -- a

u.s. economy is doing great. but it turns out the rest of the world is actually growing at a paster face. it is a sell rating at a faster pace and that tends to be dollar negative. >> before we let you go, what this means to our viewsers out there, typically a lower dollar means higher inflation eventually. is that where we are headed? >> the way i would look at this is for stocks there is not direct relationships here in the u.s. but if you are looking at what opportunities that might present itself is international stocks do have a strong relationship, meaning when the dollar is weakening and you are a u.s. investor, you are buying stuff abroad in which the currency is appreciating. that's something to keep in mind. yes, you are right arc weaker dollar does tend to have an inflationary pressure to the economy, which if it's starting from very low levels is not a bad thing. >> andres garcia maya with zpoey financial, good to see you tonight. >> thank for having me. >> time to look at today's upgrades and beyond

u.s. . over the past ten years china's share of global output rose from eleven to eighteen percent other emerging markets are also grabbing larger shares of the global economy the trend is reversed in the u.s. which slipped from eighteen to fifteen percent. china's flourishing export market is one reason for its strong growth. the country's building boom has provided in additional boost and not only are chinese earning more money than in the past they're spending it. consumption is on the rise benefiting the retail sector and the real estate market. companies are investing in production to feed the growing demand for goods from china. but the biggest investor is the government especially in infrastructure nearly a trillion dollars have been earmarked for the one build one road initiative and ambitious project to develop trade corridors to central asia the middle east and europe. so impressive numbers there certainly and for more i'm joined by maximillian counterfeited economic analyst at the macarthur institute for china studies good to have you with us and i'd like to first of all pick up on the very last point that we had in this report's namely that publ

u.s. economy. th europe recovering and the emerging world doing so well, maybe the dollar will continue to soften. the dollar itterm probably should strengthen because interest rates are much higher in the u.s.. >> rishaad: isn't it extraordinary do? the pound is 5.7% up. the mexican peso is the best performer, 6.9% higher. mark: certainly one of the surprises this year have been -- has been surprisingly week. it, one of thef positives, is that it is good for risk assets, including u.s. stocks. cap of s&p company revenues come from overseas. a weak dollar actually good for the stock markets. mark, the combination of a weaker dollar environment continuing in the short or medium term plus the trade -- is this tensions going to be more inflationary than we are expecting for the u.s.? mark: this is the million-dollar question. growth last year was 3.8%, and this year will probably see another 3.8%. that is about 70% higher than the average over the last 20 years. if we don't start to see inflation now,

u.s. economy. keep that in mind you feel that protectionism. if the u.s.olicymakers want more investment to come in, they will have to be pragmatic. it makes me optimistic. since the beginning of the year, we have had a rare combination of markets going up, volatility going up. we have a scenario where everything goes up. this is a very good conjunction of volatility increasing a little bit and market going up. but you cannot draw too many conclusions from 2017? host: you've had a few weeks now to evaluate the tax bill. this is where i am going to start. how it affects your business, how it affects the competitive environment. what conclusions have you drawn? guest: relative to the place of american business in the world, our competitive business has improved. i think we have caught up to the rest of the world, and i think it is what we need to do to make american businesses competitive with other businesses in the developed markets. host: does it change the competitive environment for your industry? guest: our industry was a relatively high tax-paying ind

u.s. economy and u.s. treasury secretary steven minucci and one of six cabinet members traveling with the president provided another boost potentially to the u.s. economy speaking about the recent plunge in the u.s. dollar said a weak dollar is good for us is good for the united states thereby offering a broad offensive in trade as part of the america first idea and of course is something that the head of the i.m.f. christine lagarde wanted to dig deeper about when it's in meant that briefly who is he going to meet donald trump in doubles. there'll be a dinner that the president is hosting for business leaders we talked about wing investors then he's going to meet the israeli prime minister the u.k. prime minister and there's a meeting with the head of the african union the rwandan president paul kagame if that comes after the reported vulgar language donald trump used when talking about african countries it is it will be a challenging visit for donald trump who was never here invited to davos as a busines

u.s. economy than just 20,000 apple hires directly. >> could say apple created uber. charlie, what were you going to say? >> they are bringing $200 billion back they are paying $38 billion in taxes. the estimates the cbo put out for the cost of the tax bill prove way pessimistic. they were static commitmeestima. >> redeemed repatriation, every company, no matter what they do, it's baked into the revenue assumptions urn this law >> absolutely not. absolutely not the -- >> charlie - >> if people -- the total estimate for this bill was 1.5 trillion dollars of costs -- >> on -- >> underestimated the effect of the inflows. they did not have, i bet you 38 billion coming from apple in those estimates. >> check them. >> we're going to have the -- always happens this way, with the kennedy tax cuts, with the reagan tax cuts, we are going to end up with more economic growth than what was included, and the growth will produce higher taxes than people estimated. >> that's a fair point if you think growth exceeds what's in the bill, that's to the benefit of the government and econo

u.s. economy.t the same time, you have the administration talking trade wars. trade wars are protectionist and eventually creates a scenario where growth slows because people avoided dealing with you and at the same time you get inflation. make them stop giving money back to the united states until they get a better picture. it creates more uncertainty. scarlet: it should create a wash at the veneto of the day. vince: suppose you think the dollar will depreciate over the next two years. what good is a 10% tax benefit going to get you if the assets you are going to get back will depreciate by 20%? minus molly huddle the time is right when you think the move is over and waning and then you can andthe best of both worlds get the dollar -- forget currencies back when they are strongest against the dollar. joe: is there any reason to think that corporations making those decisions are good market timers or traders? vince: they are usually pretty lousy at it. earnings-per-share would have been 5% or five

u.s. economy -- the european economy compared to the u.s. economy? is not very different in the two economies. europe if anything is growing a little more quickly relative to the potential. the labor force is growing more slowly than in the u.s. the big difference is that europe is maybe four years behind the u.s. output trough in the u.s. in early 2009, output trough in europe in 2013, that is a simple way of dating it, but i think it gives you the right sense of europe being on the same broad macroeconomic path but just with a four-year delay. matt: thanks for your time. looking forward to this conference. chief economist at goldman sachs. anna: thank you very much. matt miller with the chief economist at goldman sachs. fascinating conversation about what is driving u.s. growth. we will bring you more from the conference later in the day. jeff curry will be joining the bloomberg team at 11:30 a.m. u.k. time. a bit of breaking news. we got emmanuel macron, the french president, in china at the moment. a lot of focus on the airbus story and whether th

u.s. economy. so to conclude, my main point is claims of automation cause this in manufacturing employment is not supported by the evidence. i'm not saying it played no role. certainly automation does, but no prima fascia evidence nor is there evidence for 2000s big surge in automation was the primary cause of what we've been seeing. studies do find, they played a significant role, in manufacturing employment declines in the 2000s but again i want to emphasize research is incomplete. big holes in the data. foreign competition does spur some investments in automation, and here the direction of cast allstate causality is ambiguous. and it has been decline in u.s. manufacturing employment in 2000s has had adverse effect. but this raises questions about policies that may have triggered the sudden shift in global structure of production. i am guessing that carolyn and josh will weigh in on it, but thank you very much. [ applause ] >> thank you so much to dr. susan houseman from up john institute. now we

u.s. economy is great for the rest of the world. ia: we are watching currencies this morning, secretary mnuchin's comments basically saying that a weaker dollar is good for trade, that weight on the greenback yesterday, fell to 3-year low. here is the situation this morning with the dollar down against major currencies, one of the top issues for the president is trade, lg is responding to the president's tariffs, will be raising prices following decision, i spoke with commerce secretary wilmer ross about the move and what he expects of other commodities, aluminum and steel. >> we kind of allow the companies can be destroyed by unfair competition. it's a level playing field and they can make a better product and a cheaper product, then they should win, they shouldn't win because they are subsidizing and dumping. maria: stocks hit yet odd report high yesterday, a new high when i will the nasdaq and sibile marcellus dropped as they declined in technology stock, led those indices. as you see the market was up 41 points on the dow, s&p an

u.s. economy starts slowing down. the case that michael is making, the u.s. omy is not slowing down, global economy continues to do well and we will go further in the path to normalization. we do not expects recession, we believe this will be the longest cycle that all of us have ever experienced. having said that, if his views come about, that is what you should worry about. repatriation,e the difference between this time in the last time as last time you only got tacked on money you brought home. this time he get taxed whether or not. why would you just bring it home? on growth, the only thing that will stop the fed this year is, if we get massive movement in credit spreads, that will knock a rate hike out of the picture. that is the break on the fed. we do think we will see some periodic pressure, but a massive gap wider in risk assets. wrap thingswant to up. a few believe this could be the longest cycle ever, but you think spreads are too tight, then answer this, where did you take credit risks that will generate considerable capital returns? you cannot be

u.s. economy in the world economy. of course, how inflation is playing out, how the dollar's doing.spect, we are in a transition phase. from here, the narrative will be reset to some extent. it is not that mr. powell is expected to be drastically different to miss yellen, but given the backdrop of what is happening on tax policies and the strength of the economy, it will be interesting to see if he turns out to be more hawkish than anticipated. we will get indications are they coming weeks as he starts speaking more publicly. tracy: thank you so much for joining us. let's bring in ray ferriss, head of asia-pacific fixed income research and economics. he joins us from singapore. good morning to you. i'm curious, maybe to begin, give us your take on the federal reserve, the fomc minutes from yesterday, a couple of your competitors interpreting those minutes as more of a hawkish tilt for u.s. monetary policy. ray: i think they are more of the same. there was not really a lot of tremendously new information. as was mentioned, it is very clear the majority think that at least three hikes

u.s. economy, much less the european economy.k this is one we will have to watch closely in the coming months because it is not certain. vonnie: richard, thank you. mark: thank you, richard jones, bloomberg fx strategist. vonnie: coming up, hedge funds rebounding after years of mediocre returns. the hedge fund industry on the come back, the winners and losers next. this is bloomberg. ♪ ♪ vonnie: live from bloomberg world headquarters in new york, i am vonnie quinn vonnie: live -- mark: live from london i am mark barton. european close is minutes away in time for the business flash. deutsche bank will take $1.8 billion charge in the fourth quarter, they say the new u.s. tax corporate overhaul, it is to account for the decreased value of its deferred tax assets in the u.s. a tax credit that deutsche bank can use to lower future tax payments. the u.s. trade deficit is at the highest level in almost six years, it rose 3.2% to $50.5 billion and exports climbed to an all-time high, more than offset by imports, mostly of consumer goods

u.s. economy. it's thursday january 18, 2018 "worldwide exchange" begins right now. ♪ >>> good morning warm welcome to "worldwide exchange" on cnbc. i'm wilfred frost. let's check in on the global markets. futures pointing slightly lower as we look at things down a couple points 0.6 points for the dow the nasdaq down 5 points it comes off a day of big gains. up 1.25% for the dow yesterday the nasdaq was up over a percent as well. the s&p up just less than 1% let's look at in terms of where we're going next coming up is the bond market nope bond market next ten-year treasury note coming up a yield of 2.55% this morning. 2.6%, we have crossed over that important milestone on the ten-year treasury note amazing to see the five-year is around 2.4 that level we took so long to get past on the ten-year we got data out of china fourth quarter gdp at 6.8% slightly above the 6.7% consensus. that leads the full 2017 growth rite at 6.9% retail sales were softer japan is lower the other markets are higher europ

u.s. economy is growing at its potential. that could be problematic later on. e wage gains. this tax cut is certainly going to provide a spark for the economy and somewhere down the road, we're going to get some inflation, but there is also some barriers to inflation, and they would be the heavy debt loads in the economy. the lack of savings and the demographics. so there's some headwinds for inflation as well. but i don't think inflation is going to take off to any great extent to hurt the markets. liz: okay, the headline here is we passed it, about to close on it. dow 26,000, up 318 points. charlie gasparino in the chair and phil flynn on the floor of the cme. tell me what the sense is why we suddenly saw the spike in the last couple of hours and a great day for the bulls in the history books. >> it is a great day for the bulls, and i think a lot had to do in the fed minutes, they were very upbeat about the different areas that the job market is getting better, wages starting to go up, and that's the perfect environment for a raging bull market. and the other

u.s. economy. washington must empower the american people to create prosperity through sound policy that gets the government out of the way of workers and job creators. jay powell is up to the task. i was proud to confirm him yesterday. the senate advanced the nomination of another highly call fied nomee, alex -- qualified nominee, alex azar. mr. azar discussed his intention to confront head-on the opioid crisis that is hurting so many families across the country, including in my home state of kentucky. he made clear that he will place an important priority on education and enforcement to halt the advance of the scourge. but he recognizes that we need effective, compassionate treatment options for those seeking recovery. for all americans he will work to expand access to high-quality affordable health care options. his distinguished record including prior h.h.s. service and private sector work shows he is the right man for the job. it is vital that this department be headed by a leader with mr. aza

u.s. economy. our goods from the farm stage ship at low cost to international markets because of the inland marine system which goes down principally the mississippi river. and now that they're making the vessels that are going to go through the bigger canal, we need that mississippi dredge to 50 feet not just the 45 because bigger oceanliners are going up that river. this is important not just for louisiana, it is important for entire economy. i do think, i agree with you, that our water infrastructure is critical for continued economic prosperity for the entire nation. liz: it's been too long, and we need to fix that after the big breach during katrina. senator, thank you for joining us. >> thank you. liz: is barbie doll getting ready for a visit from g.i. joe? what does that mean? mattel and hasbro are seeing a spike in both price and volume. do we have takeover tuesday vibes, nicole? reporter: going on for decades, as long as you and i have been covering business news, a talk of a deal with mat

u.s. economy that attracts more investment and creates more homegrown jobs. it's no surprise that historically tax cuts have enjoyed bipartisan support. this time, unfortunately, none of our democratic colleagues chose to vote for this once-in-a-generation tax relief, not one in the house or the senate. i'm proud that majorities in congress were able to pass this bill so the president could sign it into law. a million americans, and soon to be many more, will be grateful.

u.s. economy.e trump administration is making the economy better than does the president arrives there, he'll be joining seven other heads of state and trade accent will face resistance from people like germany's angela merkel who basically takes issue with the presidents america first first agenda calling that right-wing populism. >> this generation was born after the second world war will have to prove that we have truly learned. we think that checking ourselves against the rest of the world, isolating ourselves will not lead us into ourselves. reductionism is not the answer. >> or loss of face president machrone. he joked about the president during a meeting yesterday at trend six. >> and for sure with davos. >> when you click outside it could be heard to believe in global warming. obviously important thing we didn't fight anybody skeptical of global warming this year. >> all joking aside, president trump will have some supporters they are with davos. he will meet with prime minister benjamin ne

u.s. economy and we are growing. his policies have led to a rising stock market, low unemployment and strong gdp growth. the administration's commitment to the regulation and are passing of comprehensive tax reform have helped level the playing field for our businesses and our workers. as a direct result, president and taxe tax reform cuts will create jobs, benefit our workers and grow our economy. this story will only get better as we continue to invest and rebuild america's infrastructure. at the world economic forum, we will reiterate america's commitment to domestic and economic growth and prosperity, strength and close ties with other world leaders and catalyze international is the support for the president's agenda. president trump will reiterate that a pot -- a prosperous america benefits the world. when united states grows, so does the world. the president will continue to promote their economic competition and will make it clear that there cannot be free trade if the countries are not held accountable to the

u.s. economy has remained strong under trump. u.s. stock markets have reached record highs and unemployment is at a 17-year low. although the president's behavior has been a daily flashpoint, and many people feel left behind in the economy, mainstream conservatives have a lot to be happy about. sarah: what a year it has been. a political consultant and strategist who worked on obama's first campaign -- wow, what a roller coaster ride. we and the entire country have been on, really. the pieces of conference of review, the highs, the lows -- one thing it did not touch on was the overturned in trump's inner circle. when you look at these pictures, flynn's gone, spicer is gone, preibus is gone. do you expect this trend to continue? >> if it continues at this rate in this case, there was all nobody left -- there is a must nobody left. this has been an incredible year for trump and his team. we have seen steve bannon and the last couple of weeks in the "fire and fury" book, very explicit things that steve bannon has said about trump. a lot o

u.s. economy can't grow the way that it used to. i think we're seeing lately that it can.se we just got a historic -- i know we've talked about mr. trump overstating things, but he did not overstate, this is the biggest corporate rate cut ever. we're going back to the corporate income tax rate of roughly 80 years ago. so this is a huge -- paul: that's before you were born. >> a little bit, yes. huge pro-growth stimulus for the economy, and it's, and it's really the change -- to get back to answering your question, we went through a decade where we tried government of intervention in the economy whether it's through the fed and interest rates or it's government spending. every year when obama first came into office, his white houseç overstated, overestimated how the economy would grow. now we're getting back to real economics with people creating jobs. paul: kim, what about the risks going forward? i guess the one i would put at the top of the list is trade policy. if the president pulls out of nafta, if he decides to pick a trade fight with china and it escalates out of c

u.s. economy starts slowing down. if it's the case that michael is making, the u.s. y is not slowing down. the global economy overall continues to do well and we go further in the path to normalization. again, we don't expect a soon.ion anytime we continue to believe this will be the longest business and credit cycle that all of us have ever experienced. views said that, if his come about, that's an issue. jonathan: weigh in. michael: the defensive team this time last time as the last time you'll got taxed on the money brought home. this time you get taxed whether you bring it home or not, so why would you bring it home? the only thing that will stop the fed is if we get massive movement and credit spreads. that will knock a rate hike out of the picture. that's the break on the fed. we do think these will see some periodic pressure on things, but a massive gap wider in risk assets. jonathan: i want to wrap things up. if you believe this could be the longest cycle ever, but you think spreads are too tight, then after this, where do you take credit risks that will gener

u.s. economy is good for the world economy and vice versa the u.s. of course being the biggest economy of the world but speaking or judging from the harsh rhetoric of donald trump it's not really clear whether the u.s. sees a sell of part of the same game as gary cohn put it and if we look at the things that stephen newton the u.s. secretary of treasury said speaking about world trade he said about the recent slump in the u.s. dollar he said a weak dollar is good for us cared because of a davos for us thank you. not just the world's most powerful politicians a leading figures from the business world who are gathering in davos and recent years more and more young people have also joined the global elite as participants young people under the under the age of thirty so called global shapers are invited to take part in discussions on a large variety of topics we've met up with some of them. a brief moment to enjoy the view and then off she goes to the next appointment twenty four year old italian clara latina isn't dabbles to take part in discussions as

economy and our country? the economic impact of removing nearly 700,000rs workers from te u.s. workforce would be staggering. it would cost our economy nearly half a trillion dollars in gdp loss over the next decade. passing the d.r.e.a.m. act would add an estimated $281 billion to the u.s. economy over the next 10 years. that sounds to l me like putting america first. i stand with these dreamers and i always have. one of my first actions when i was in the house of representatives was to sign on as an original co-sponsor of the d.r.e.a.m. act which would create a pathway to two legal status and citizenship for dreamers who pursue higher education or serve in uniform. this commonsense compassionate and responsible policy is long overdue for a generation of young americans. it's president trump made the heartless decision to end daca i have held the administration accountable for their mishandling of renewal applications for daca recipients. my office has assisted dreamers and new mexico through the daca renewal process and is actively participated in meetings with community and l

u.s. economy. on tuesday gallup announced at the close of 2017 americans optimism about the job market set a new record. the same day the s&p 500 hit an all-time high. last week "the new york times" ran a story about a, quote, wave of optimism that swept over american business leaders. this optimism is beginning to translate into the sort of investments in new plants, equipment, and factory upgrades that bolsters economic growth, spurs job creation, and may finally raise wages significantly. raise wages significantly. markets are optimistic, manufacturers are optimistic, and workers are optimistic. investment is ramping up, wages are growing, unemployment is low, by all accounts 2018 is off to a very bright start. of course washington is not the source of all of this. the engine of american free enterprise is not here in the nation's capital, it's in the ingenuity, talent and work ethic of workers and entrepreneurs all across our country. government does not create prosperity, the american people d