what is the us treasury saying about how they believe he may have acted as a front man?g a list of 21 mexicans sanctioned by the us treasury for having allegedly links with drug cartels here in the country. in the case of rafah marquez, the authorities said he was using nine of his companies, like his footballer cammy day, —— his football academy, this foundation, to hold funds for an alleged drug trafficker. someone who according to the us has been working independently and for different drug cartels for three decades in mexico. the us said that this is the largest action of this kind against a mexican drug cartel network and in total, 42 organisations in mexico we re total, 42 organisations in mexico were sanctioned. we have only got a minute left on the programme. but this must be stirring up a lot of debate in mexico? of course, this has been a massive shock in a country or to these drug related stories. but this is the first time that such a high—profile personality is directly linked with a drug cartel and many people are seeing this as just another dismal proof of

rafael marquez was one of 21 people named by the us treasury department.

investors are also rushing to the safety of us treasuries, pushing down the ten month yield to a two—monthare also looking to how donald trump will react to north korea and to his push of reforms after hurricane harvey. a lot of developments that investors are digesting today. thank you for that, rico hizon. let's talk about australia and what is happening there. australia is — according to some companies — in the grips of a national orange shortage. some drinks manufacturers are having to import from abroad because there isn't enough home—grown fruit. huge demand for australian oranges in china is one reason being given for the short fall. 0ur correspondent, hywel griffith, has been to find out more. groan under the south australian sun, these trees may look leaden with oranges, but however fast they are picked, there isjust not enough to go around. shoppers are being warned that they cannot expect that used to be made with australia and oranges, which is confusing, when they seem to be plenty in the shops. —— grown under. when was the last time you saw one of these? this morning. you don

rafa marquez is one of 21 people named by the us treasury. won't be able to travel to the us and his american bank accounts and assets will be frozen. it's time now for click. this week, the sun's the star as it defeats ice cream, powers roads and dazzles geeks. take them off guys, you're indoors. they're ugly, huge and they ruin the landscape, but we do kind of need them to get from a to b. but sometimes a road can be more than just a road. and that's the idea behind a french government backed initiative using the massive space given over to the transport network to also capture the sun through solar roads. i mean, look at this road, what's it doing right now, it's looking straight up the sky. and it's estimated that even busy roads can see the sky for 70—90% of the time. but it's not all plain... sunning. the problem with putting photovoltaic cells into roads is the slightest bit of pressure, the slightest bend, and... so the cells are stuck onto slabs and covered with crushed glass and a translucent resin. at the facility near versailles,

rafa marquez is one of 21 people named by the us treasury. won't be able to travel to the us and his american bank accounts and assets will be frozen. now on bbc news, hardtalk. welcome to hardtalk, i'm stephen sackur. venezuela's political and economic crisis is precariously poised. the maduro regime is determined to rewrite the constitution to strengthen its grip on power. the opposition is intent on using mass protest to bring the government down. the current stand—off is not sustainable, but which side will prevail? my guest is isaias medina, until last month the venezuelan diplomat at the un. now an anti—maduro dissident. can maduro outlast his enemies? isaias medina, welcome to hardtalk. thank you. thank you so much, stephen. i would like to express my gratitude not only to you personally but to hardtalk and the bbc for representing objectively the hardships that the venezuelan people are living in right now in my country. well, let's examine the situation in your country in some detail. let's start with a simple explanation, if you lik

rhetoric and you know china is an interesting player in that they bought over forty billion of us treasury securities in june japan sold twenty billion me the china is once again the number one holder of u.s. debt that's one point five trillion worth of u.s. debt isn't this a sort of damocles held over america can china dump these at any moment especially if they've got this incredible diversity globally economically they don't need necessarily to sell stuff in america wal-mart outlets as much anymore dan your thoughts knowledge that's true so again we were talking the one go one road project it mentions specifically clint connecting china to asia africa and europe there's no mention of north america so this is all about growing their economy outside the united states the united states is only about fifteen to twenty percent now of their exports. you know china is becoming less and less dependent on the united states more dependent on their domestic market and also other global export markets . terms of panicking about the india china situation i mean the these are the types of situations

conference, mr marquez said he would co—operate with investigations, after he was singled out by the us treasuryhe is one of 21 people under investigation for alleged drug trafficking ties. a new installation near the summit of two rock in the dublin mountains is causing a bit of a stir. the group responsible for the so called wind phone say it's designed to be a private space to meditate on life and loss. sarah corker reports. nestled in the mountains, high above the city of dublin, this is the wind phone. it is made from recycled materials, from an old door to salvaged floorboards. but it is no ordinary phone. you can't actually make any calls. and who put it here is something of a mystery. this mountain biker saw it being installed. we came over and saw what appeared to be a telephone box. and there were three lads working away, drilling the foundations of the telephone box. so we went down and said goodbye, and they explained to us all about the project. the group behind the installation wishes to remain anonymous. according to a note inside, it is a private space to meditate on life and los

traditional safe haven stocks like gold and the us treasury have been rising. the danger from europe's contaminated egg crisis is dying down with most effective products thought to have been destroyed. the blame game between eu member states is just getting started. belgium has it been accused of waiting too long to alert its neighbors about the possible problem. now it's agriculture ministers who authorities in the netherlands were aware of the problem last year. alexander hurst has the details. i. four days belsen has faced criticism and that it waited too long before warning its european neighbors about contaminated eggs. now it's pointing the finger back at the netherlands. the belgian agriculture minister says that the dutch knew about the. twenty sixteen. and that requests for information made in june went unanswered for nearly a month. golf. when a country like the netherlands one of the biggest exporters of eggs in the world. does not share this type of information because we've got santa's a real issue. suppose the mobile. the heart of the scandal is a

rafa marquez was one of 21 people and over a0 organisations named by the us treasury department.ng financial ties with alleged drug trafficker, raul flores hernandez. and there's good news for the botswana sprinter, isaac makwala. he was allowed to run alone against the clock at the world athletic championships here in london after earlier being controversially barred during an outbreak of the norovirus. after making the qualifying time, a few hours later he finished second in his semi—final to make the 200m final on thursday. let's return to our top story now, and the rising tension between the us and north korea. yogita limaye has the latest from south korea's capital, seoul. well, what north korea has done is now given the details of this attack that it now given the details of this attack thatitis now given the details of this attack that it is planning on guam. yesterday it said it was carefully examining this plan and said it would present it to kim jong—un. todayit would present it to kim jong—un. today it said this plan involves firing for rockets, which will fly overjapa

rafa marquez was one of 21 people and a0 organisations named by the us treasury department.ancial ties with an alleged drug trafficker. kenya's electoral commission has denied opposition claims its it system was hacked in order to manipulate tuesday's election results. raila 0dinga, the main opposition candidate, had rejected the provisional results which indicated a strong lead for president uhuru kenyatta. the former us secretary of statejohn kerry, a foreign election observer, asked all sides to be patient. sarah corker reports. there have been calls for calm in kenya after the opposition alleged the electoral results had been hacked. veteran opposition leader raila 0dinga called the results fake. he believes they've been altered on the electoral commission's it system. he said the hackers used the identity of a top it official to gain access. he was murdered last week. over 12 hours this attack on our democracy affected the presidential elections in all the 47 counties. what the iebc has posted on the results of the presidential elections is a complete fraud. provisional

us treasury secretary steven mnuchin has said the government won't be able to pay all of its bills afteriling is raised. that is the limit on the amount the government can borrow. credit ratings agency fitch has warned that america's triple—a rating was at risk if the debt ceiling isn't raised in eight timely manner. joining us is chief market a nalyst manner. joining us is chief market analyst at cmc markets. this is extraordinary, give me my wall or i am going to close down the government. it seems to be upsetting the markets and it is making waves. are you worried? i think he was talking to his support base, but with president trump you have to understand that what you see is what you get. he came to power on the basis that he wanted to build this war, however ridiculous it may sound, and we have been here before with the us and the debt ceiling. we we re with the us and the debt ceiling. we were here in 2011 and 2013. the question is, how far is president trump going to push this? the republicans have control of both houses. this is manageable, unlike 2011 and 2013 when president 0ba

conference, mr marquez said he would co—operate with investigations, after he was singled out by the us treasuryassets that fall under usjurisdiction. he is one of 21 people under investigation for alleged drug trafficking ties. translation: i categorically deny any type of relationship with this organisation and the activities referred to in the media stories. i understand the legal situation i find myself in and i will immediately focus my energy on the clarification of the fact with my tea m clarification of the fact with my team of lawyers. —— facts. taylor swift has said she was groped bya dj. the music superstar claims david mueller put his hand up her skirt and grabbed her backstage at a concert in denver four years ago. the dj was sacked when the singer's management complained. he denies the claims and is now suing herfor slander. police in london have arrested a man on suspicion of pushing a woman into the path of a bus. the cctv footage showed a malejogger knocking a pedestrian onto the road as she walked across a bridge on the river thames. the 33—year—old women only escaped serious i

he's been singled out by the us treasury for sanctions, freezing any of his assets that fall under americantion for alleged ties to drug trafficking. translation: i categorically deny any type of relationship with this organisation and the activities referred to in the media stories. i understand the legal situation i find myself in and i will immediately focus my energy on the clarification of the facts with my team of lawyers. a new installation near the summit of two rock in the dublin mountains is causing a bit of a stir. the group responsible for the so—called "wind phone" say it's designed to be a private space to meditate on life and loss. sarah corker reports. nestled in the mountains, high above the city of dublin, this is the wind phone. it is made from recycled materials, from an old door to salvaged floorboards. but it is no ordinary phone. you can't actually make any calls. and who put it here is something of a mystery. this mountain biker saw it being installed. we came over and saw what appeared to be a telephone box. and there were three lads working away, drilling the found

burned on paying eight hundred million dollars it is fact that complies and his money going into the us treasury and hope is coming into the pockets of the great big accounting firms law firms people like this this is the biggest corporate welfare boondoggle the world has ever seen gimme the human aspect of this story of how i mean obviously with taxes in the laws it's hard but what is the human aspect here who is affected well and you know it i think one way or another it effects a lot of people as i mentioned the people especially people living abroad americans living abroad and as you pointed out in the opening it's not just americans it's spouses of it's americans it's a resident alien or maybe somebody's mother was born in america they're people they call accidental americans some cases that you know they work because under a u.s. law because their mother had been born in the united states or something like that and suddenly find themselves saying well you haven't been paying filing taxes for the last forty years and even though you don't know any taxes we're going to smack you with penalti

301, unilateral action to apply open the market of major trading partners, the united states, the us treasury department, trading partners and analysis, trading partner, put on the analysis, if they enjoy significant bilateral trade surplus, $20 billion, they do not fit this, it is $9 billion, it is at least 3% of gdp, coming back to this in a moment and persistent 1-sided intervention occurs when net purchases of foreign currency are conducted repeatedly in total over 2% of gdp. of the three criteria the treasury scrutinized, it is the trading nation, i will argue people say that, you are suspicious and they are suspicious you have a very high trade surplus, currency is undervalued, taiwan has extenuating circumstances, taiwan's fiscal policy historically, taiwan has actually seen a rising external debt, last year taiwan's external debt was $159 million making taiwan's for and at the 37th largest in the world. taiwan is not a member of the international monetary fund, has no recourse for so long, fiscal policy -- trying -- taiwan trying to see as much as possible and after democratization th

. >> juan: i guess people like us treasury secretary who was speaking to them now in a harsh tones, rexiller's and say you speak for yourself on this. if >> greg: you're saying he is hitler. you're validating everything he said. those aren't real facts, those are feelings. >> juan: charlottesville is not a fact? >> greg: your interpretation of what he did is a feeling? >> juan: transgender in the military? >> greg: you are prescribing your emotion into it. >> juan: let's stay rational here. obviously this is ridiculous, they lose credibility when they make these kinds of statements and when they condone violence in general. i agree with you that they could be a very powerful important movement if they behaved in the right way. and didn't condone violence and what's happening in ferguson and other places and bombastic statements like this that have no reason whatsoever with the truth that what's going on and what the president is trying to do. it doesn't help them at all. it alienates everybody from them. there is no credibility. >> juan: i think it's such a major moment in our country w

mcconnell, clearly this points to perhaps some negotiations aheadm other news, we're seeing us treasuryk leaders getting together to talk. what do we expect to come out of the meeting tomorrow? this is the big hoopla of the year. the annual shindig injackson hoopla of the year. the annual shindig in jackson hole. hoopla of the year. the annual shindig injackson hole. we have seenin shindig injackson hole. we have seen in past years during the financial crisis when central banks around the world started unveiling extraordinary measures to prop up the global economy, often some of the global economy, often some of the ideas were floated at this specific event. this year, the expectation is perhaps it might be quite subdued. there are a couple of reasons. if you look at the united states, janet yellen, her term at the central bank ends next year, and it is now clear at —— there are no thoughts as to whether she will stay on or be invited to say on. many people think she will not say too much under the circumstances, not wanting to pre—empt events next year. yes, janet yellen and another sp

it came into the year, in march, the debt limit extension ended and the treasury started using the casht had and other resources to make its payments to all the folks that get payments from the government. but the point is that by the end of september and according to the treasury secretary, i believe it by september 29, they run out of those financing options. they have no cash left. if that's the case then they have no choice but to spend what comes in in tax revenue because a deficit. somebody is not going to get paid on time. that is breaching of the down limit. if we also really called to sit and they pass a piece of legislation to raise or suspend again, the treasury will start issuing bonds in a normal way to finance itself and it should not have any significant impact. it's not like we get a flood of bond issuance and out of an impact -- and have an impact on interest rates. that is a great question. with cnbc, they are smart guys, both of them. you have to respect them. they have different perspectives than you do and as you can tell probably made. but you have to respect them

bloomberg's treasury reporter joining us on the phone from louisville, kentucky, where the treasury tech- treasury secretary spoke earlier today. coming up tonight, live coverage of president trump's presidential address. look for that at 9:00 p.m. in new york, 2:00 a.m. in london. ♪ joe: you are looking at a tweet from goldman sachs ceo lloyd blankfein. he says, which the moon was not the only thing casting a shadow across the country. we got through one. we will get to the other. what is he talking about? he does not say. maybe he is talking about the fed rate hike. we don't know. you basically stunned us into speechlessness. it is pretty clear. it is time to get you caught up on the bloomberg business flash, a look at some of the biggest is the stories in the news. activist investor bill ackman is calling adp "insular" after the his threejected nominees, including himself, for the board of directors. ackman said he could double the stock price by 2021. adp said the move would not improve the board, and will nominate its 10 existing directors for reelection later this year. u.s. homes

us. you met with treasury secretary steve mnuchin yesterday to talk tax reform.ed by what you heard? >> absolutely. we had an extremely productive meeting with the secretary and members of his team. he was very engaged talking about, you know, the process and things moving forward on tax reform. we hope that the president and congress can get together and really move this forward. we need a level playing field out there -- especially on the global basis when it comes to tax rates, so we can compete against china, the european union, and other countries. ashley: also very important for someone like yourself that would be deregulation. we know big banks complain about it. but on the credit union level, it must be absolutely smothering to be dealing with all of these regulations. >> you're exactly correct. since dodd-frank passed in 2010, we've lost 1,500 credit unions. so community-based financial institutions, the regulatory burden has been absolutely tremendous. and the cost associated with it has continued to climb and go up. every time new regulatory rules. it'

. >> the treasury secretary used to work for goldman sachs.ave a lot of money on their own. >> at least when it comes to your social media page, maybe it's best she make it private. >> appearances are everything. yeah. >> thank you. >>> coming up, we'll show you jay gee zooe and beyonce's 8 [$}millionhome. plus, how does the world's against his female competition. so find a venus smooth that contours to curves, flexes for comfort, and has a disposable made for you. skin smoothing venus razors. wmade fresh with two eggs,les. cheese and sausage. and ready in seconds. [ blinds opening ] now you can enjoy the taste of a saturday morning breakfast... ted? ...even on a wednesday. new jimmy dean simple scrambles. find it by the bacon. ♪ ouch! new band-aid® brand skin-flex™ bandages. our best bandage yet! it dries almost instantly. better? yeah. good thing because stopping never crosses your mind. band-aid® brand. stick with it™ one laugh, and hello so i tried always

us. secretary of treasury steve mnuchin. secretary of commerce wilbur ross.usiness administrator, which is a very large business, linda mcmahon. and from the purely political world, a really great friend that did such an incredible job with his beautiful wife at the inauguration, senator roy blunt, thank you. thank you. where is he at? thank you, roy. the governor is here, who is doing some job, thank you, special. lieutenant governor parson. thank you. and our great members of commerce. i want to thank you all for coming. so many, i was ask iing who els representative sam graves. representative vicky hartsler who has been terrific. my friend for a long time who liked me from the beginning and i liked him, billy long. right billie? right from the beginning. . representative jason smith. thank you for everything, jason. representative ann wagner. hi, ann. good job. and i don't know, we have so many more. anyone i forgot? right? everything okay. good i got it. you remember more than anybody. thank you, i appreciate it. and to the congressmen and women, we appre

thanks very much for joining us tonight. the treasury secretary's wife is apologizing tonight after an outburst on instagram flaunting her wealth. and an imposter posing as steve bannon punks breitbart. a shocking campaign aimed at bringing down ivanka trump and her husband. david. what's going on? oh hey! ♪ that's it? yeah. ♪ everybody two seconds! ♪ "dear sebastian, after careful consideration of your application, it is with great pleasure that we offer our congratulations on your acceptance..." through the tuition assistance program, every day mcdonald's helps more people go to college. it's part of our commitment to being america's best first job. ♪ and in this swe see.veryday act, when we give, we receive. ♪ heritage and innovation have made gillette the #1 shave in america. now get gillette quality at lower prices -- every day. brought to you by 1200 workers in boston -- we're proud of giving you our best. gillette. the best a man can get. looking for a hotel that fits... whoooo. ...your budget? tripadvisor now searches over... ...

deductions when you eliminate delu deductions taxes go up on those usi using reforms but because of the new generated revenue knot treasury you use that revenue to cut tax rates so that most taxpayers are better off or paying the same. i may lose my deduction but because my income tax rate goes down i may pay the same or less in the end. when the dust clears the treasury is supposed to be left with the same amount of revenue. that's what tax reform is. a tax cut is when you don't eliminate any deductions and you just cut taxes. and the treasury just loses money. and that is what the republicans have always done thaents what they're planning to do this time. and because mitch mcconnell knows that democrats will refuse to cut taxes on the top 1% of income earnings, he knows he's going to have to do this with only republican votes. because like all republican tax cuts, mitch mcconnell will make sure that most of that money goes to the very, very rich. and in his interview with the wall street journal donald trump made life all the more difficult for mitch mcconnell once again. the president said, you know, i was with bob cra

i want to thank all of our distinguished guests with us today including treasury secretary, steven manchinne chao, our transportation secretary. thank you all for doing a really incredible and creative job on what we are going to be discussing today, which is infrastructure. we've just had a great set of briefings upstairs on our infrastructure agenda. my administration is working every day to deliver the world class infrastructure our people deserve and frankly our country deserves. i just signed a new executive order to dramatically reform the nation's badly broken infrastructure permitting process. just blocks away is the empire state building. it took 11 months to build the empire state building. but today it can take as long as a decade and much more than that. many, many stories where it takes 20, 25 years just to get approvals to start construction of a fairly routine highway. highway builders must get up to 16 different approvals involving nine different federal agencies governed by 29 different statues. one agency alone can stall a project for many, many years and even decades. no

joining us with more perspective, treasury reporter saleha mohsin and craig gordon.re speaking with the former director about the difficulties of filling the spots. is it going to get even more difficult? there were members to exit that offers of mid-level positions at different federal agencies including treasury who are now having second thoughts, where the president, the boss does make such comments. juste: steve bannon has spoken to the daily mail in the wake of this controversial issue. been in telling the daily mail that the article was a positive for the white house and the slow down the media's momentum and covering president trump's remarks about the weekend violence in virginia. he says the remarks drew fire away and change the narrative. there is nothing that cannot be spun positively in steve bannon's world, is there? craig: he is a master at it. he is half right and half wrong. it is helpful to donald trump to have steve bannon who a lot of people -- former publisher of breitbart news, has fought to be a channeler of that so-called alt-right coming out a

pat collins on the story for us, thank you, pat. >>> treasury secretary steve wants to talk about taxes, but it's his wife's rant about lifestyle and wealth that's got everyone's attention. still ahead, what she's now saying about a controversial instagram post. >>> news through your health this evening, sudden cardiac death is the biggest killer of adults over 40. when we're come right back, the widely used device that could >>> she's apologizing for social media compliments. she shared this on instagram, getting off a government jet for an official visit in louisville, kentucky in her caption, she used hashtags to tout her high-end designer duds. a woman criticized her in the comments writing, "glad we're could pay for your little get before calling it out of touch. the optics aren't great since she had been in kentucky to talk about tax reform, which will likely include major cuts for the wealthy. after the post went viral, she reportedly deleted it and made her account private. a treasury official also told bloomberg that he and his wife reimbursed the government any time she travel

investing in infrastructure, technology skills, to develop strong growth, that's just come to us from the treasuryvels that match the needs. wages are down and public sector wages down and clamp on. productivity remains brigitte graham. virtually the worst of all the six major economy. —— remains pretty grim. it is not a record to be proud of. thanks forjoining us. president trump has accused the us congress of damaging relations with russia. he took to twitter to say... that comes a day after he reluctantly signed into law new sanctions against russia; they were overwhelmingly passed by both the house and the senate. earlier the russian prime minister, dmitry medvedev, said the measures demonstrated the complete impotence of the us president. our correspondent laura bicker is in washington. the war of words, the war of twitter, it is entering a rather dangerous phase isn't it? when you look at donald trump, former ceo of a company, he thinks he is taking the highest office in the land but because he is not experienced politics or in the machinations of american democracy, he is having to put up w

i want to thank all of our distinguished guest with us today, including members of our cabinet. treasury secretary steven mnuchin. omb director mick mulvaney. and of course, our transportation secretary who is doing a fabulous job, alain. -- elaine chao. thank you all for doing a creative job on what we will be discussing today, which is infrastructure. set of had a great briefings upstairs on our infrastructure agenda. my administration is working every day to deliver the world-class infrastructure that our people deserve. and frankly, that our country deserves. that is why i signed an executive order to dramatically reform the nation's badly broken infrastructure permitting process. just blocks away at the empire state building. but today it could take a decade or longer than that. just to get approvals to start construction of a fairly routine highway. highway builders must get up to 16 different approvals involving nine and federal agencies, governed by 29 different statutes. one agency alone can stall a project for many years or even decades. not only does this cost our , butmy bill

us on cnbc. >> thank you. >> sarah, back to you from the diplomatic room in the treasury department >> all right great stuff. lot to chew on there for us. thank you, steve liesman our thanks to treasury secretary steve mnuchin as well. first on taxes, still on track there say package, he says it is being socialized through we're focused on the energy sector gasoline and oil spike traders are zeroing in on several names. we'll share them with you. bite yoe tech breakout several key stocks jumping again today. how do you play that sector which just hit almost a two year high and the legislation that may soon hit activist investors like a ton of bricks. all that is on the halftime report at the top of the hour. we'll see you then >>> we're on a track to get this done by the end of the year. you're going to see the details come out later this movement it's going to go through a committee process. and we expect the house and senate will get this to the president to sign this year. we couldn't be more excited about prot grthe progress we've. >> stephen mnuchin joining steve liesman discussing the president's new t

is expected to talk about the need to simplify the tax code and make the us corporate system more globally competitive. treasurysaid in the past he hopes to get tax reform done by the end of the year. that was a tall order, even before attention shifted to tropical storm harvey. sceptics warn that while the white house and republicans generally agree on a lower tax rate, they still have yet to figure out specifically what they want to do and how to proceed. meanwhile ahead of friday's jobs report, investors will be looking at hiring figures from private employers to see if there were any signs that the jobs market was cooling down in august. and the us commerce department will provide an update on the economic expansion in the second quarter. gdp growth likely came in at 2.7%, that's instead of the 2.6% estimated earlier. james hughes is here, he's chief market analyst at gkfx. we will come onto the us stuff in a minute. but first of all the pound and europe. all the attention has been on the pound and dollar relationship. but the euro is really interesting right now. it's interesting right now. it's interestin

in president is very focused directing me to use all the powers of the department of the treasury toake sure we put sanctions and stop illicit activities. whether it be north korea, iran, or venezuela, we are determined to stop the flow of funds. that, we look forward to taking a few questions. and again, thank you for having me here today. [applause] vonnie: treasury secretary steven mnuchin speaking in louisville, kentucky along with house -- senate majority leader mitch mcconnell. he talked about the tax reform efforts and how he had been meeting once a week with the leader on tax reform and was determined to have a combined between the house-senate an administration which would kick off this month, at least the process. for some perspective, let's bring in our bloomberg political reporter who is in washington. he has set a few things he has said before. the thing that stood out the most was this idea of getting rid of deferral, repatriating money for businesses. it did not go into too much detail into anything else. >> right, not a lot of detail on that. back is to the concept of

of ourto thank all distinguished guests who are with us today, including members of our cabinet, treasury secretary steven mnuchin, director mick mulvaney, and our transportation secretary doing a fabulous job. thank you all for doing a really incredible and creative job on what we are going to be discussing today, which is infrastructure. ofjust had a great set briefings upstairs on our infrastructure agenda. my ministration is working everyday day to deliver the world-class infrastructure that our people deserve, and frankly, that our country deserves. a news why at just sign executive order to dramatically reform the nation's badly broken infrastructure permitting process. just blocks away is the empire state building. it's up 11 months to build the empire state building. longoday, it can take as as a decade, and much more than that. many, many stories where it takes 20 and 25 years, just to get approvals to start of a fairly routine highway. highway builders must get up to 16 different approvals involving nine different federal agencies govern by 29 different statute's . one agency al

treasury market. steven: i wonder whether the weaker dollar is telling us the same thing, that the treasuries have beenelling us for a while. the facts are that yields have been falling. since the start of the year. expectations of a more -- move towards 3% never happen and the treasury market and the dollar are both reflecting a weaker economy. and the fact that the fed is getting very close to the end of the tightening phrase -- phase. the other thing to watch, the rate differentials are the cyclical isolation but there is a political angle perhaps and a more structural story that all supports the trade in the dollar going down. alix: walk me through what does it mean for the fed. if i remember correctly, someone from morgan stanley sees for somehikes in 2018 and holdingts outlook are up well in terms of hikes, what are you seeing as different? >> i wish them luck with the forecast but i doubt it will happen, we are not forecasting much more from here, perhaps more next year. the fact that the fed has been clear about their intentions to start testing the runoff, which i guess is a third quarter even