where the fed believes some laws and reg glazes can be changed to alleviate burden including the volcker rule, stress tests and resolution plans, among others. i look forward to working with the fed on these issues and welcome any additional color that you chair yellin can provide on areas where the fed and congress may act together to further reduce burden. with respect to housing reforming the housing finance system is one of my key priorities this congress. i've repeatedly stated the status quo is not a viable option. the current system is not in the best interest of consumers, taxpayers, investors, lenders or the broader economy. i was encouraged the federal reserve governor powell gave a speech last week in which he said that the status quo is unsustainable. he also noted that as memories of the crisis fade, the next few years may present our last best chance to finish these critical reforms. with respect to monetary policy the fed has raised interest rates four times since 2008. overall the fed maintains an accommodative monetary policy with a balance sheet that stands at $4.5 tril

but i won't break my version of the volcker rule. maria: i totally understand. let me ask you about those stress tests and the regulatory environments. as the president has been rolling back regulations through the the financial services sector, trying to redo versions of dodd-frank. what's your take in terms of rolling back the regulations and their impact. alan greenspan: i judge the fact that that's what the markets think. risk premiums have declined and there is a heavy overhang of dodd-frank that sits on the markets. and i think that has been lifted somewhat about -- by the expectn there will be significant deregulation. if that happens, and i think it likely will. that has a positive effect on asset expansion. and asset price expansion. as a consequence of that, i think the outlook is good in that particular area. if not have much anywhere else. maria: in terms of the behavior of the bank, if they have these regulations lifted, you would think they would have more wiggle room to invest. maybe more wiggle room to invest in cap x. more wiggle room to hire. d

can you elaborate on the fed's review of the volcker rule? >> we look forward to working with the other agencies that have a role in rule writing. it's a very complex rule, partly reflecting the legislation that i think we could find ways to reduce the burden and is shut be a multiagency effort. >> and many of us are aware that the multiagency effort has been slowed down, simply many of us believe because of the complexity of getting four or five agencies to all agree on the same thing. >> yes. >> what do you think about the idea of having a designated lead agency on this issue? >> well, i think that's something that congress could certainly consider if one agency has a larger regulatory role with respect to those institutions, might be natural for it to take the lead? >> all right. thank you. at our last hearing you told me we would like to balance our -- we would like our balance sheet to, again, be primarily treasury securities, whereas we have substantial holdings of mortgaged backed securities. however, the fomc's plans to reduce the bal

rule and incentive compensation. >> are you saying that you would eliminate the volcker rule for small community banks? >> wouldn't apply it for -- >> where would you make that cutoff something you would be interested in overall, eliminating the volcker rule, or where would you make that arbitrary decision on what makes a small bank >> we could does that. >> so you don't have an idea in mind where we could actually do that i would love to know honestly, i'm asking your -- >> i would prefer to get back on -- >> okay, so we don't have a specific cutoff. >> but i think there's a lot that banking regulators can do on their own we've finished in the grip review the banking regulators are committed to addressing concerns of community banks about the complexity of capital regulations to come out with the simplified capital regime. we have recently cut reporting requirements we're trying to tailor the work that we do so more of it is done off-site, in ways that are less burdensome to community banks and to refocus our supervision, so that we're focusing in our exams on the areas that are reall

for example, the volcker rule and compensation. >> you would eliminate the volcker rule for small community banks? where would you make the cut off? justll eliminating it or desk where would you make the arbitrary decision on what makes a small bank? chair yellen: we could discuss that. >> you do not have an idea in mind? i would love to know. chair yellen: i prefer to get back to you. >> ok, no specifics. chair yellen: there is a lot the banking regulators can do on the road. we finished a review. the banking regulators are committed to addressing concerns of community banks about the complexity of capital regulations to come out with a simplified capital regime. we have recently cut reporting banksements for community and are trying to extend exam tailor thetaylor -- work we do so more of it is done off-site in ways that are less burdensome to community banks and to risk focus our we aresion so that focusing in our exams on the greatest risk. we have a long list of suggestions coming out of the review. someu indicated there were an earlier said these ones would you support, what would do

curt volcker is a former u.s. ambassador to nato, executive director for international leadership. general wesley clark, four-star army general. previously serving as nato's supreme ally commander. currently a senior fellow at ucla's center. gentlemen, thank you both for your time. general, let me start with you, sir. general clark, military strike at this point. is it off the table? >> i think it's off the table in korea. there is no good military option. don't have enough intelligence to be 100% confident you know everything you want to hit. and we will never have 100% confidence that you can hit it, even if you know where it is. so i don't think there is a good military option here for the united states to make this problem go away. it's not going to happen >> so if it's not a military option, general, then what is the solution? >> well, i think you have to relook what deterrents means in the outside elements that comprise the korean situation. what is it we're trying to deter, how do we best do that? and you have to put a lot of different factors on to the table. the economic f

i don't think the volcker rule is what created the financial crisis, or the lack of it. we are very focused on how to fix it. these are active discussions at are talking to regulators about what we can get consensus to fix. >> we would like to work with you on that and encourage you -- again as we know, legislative fixes are challenging to get to but these are regulatory agencies that have immediate ability to flip the switch. we are hoping to do that. i want to moments touch on one other thing that chairman bar had talked about -- the iranian situation with aircraft exports. the former chair of that committee and the last term, i'm curious, have there been any other financial institutions be at u.s. or foreign institutions that have been in contact with treasury with respect to aircraft exports to iran? mr. mnuchin: again, i cannot comment on the specifics that are confidential but i can assure you that we are on top of this. i my time has expired but look forward to continuing the conversation. thank you. >> time is expired. now recognizing the gentleman from californi

them particular interest finding bipartisan solutions to change of threshold and stress test fix the volcker rule and simplified small bank capital rules these are just a few of the issues raised in recent months in with those systemic firms with institutions that are not systemic have real-world the implications i regularly hillary hear from businessmen and women who are concerned about access to promote a healthy economy the $50 billion threshold is an area we should address there are different ways enhanced standard could be applied and if that threshold is appropriate care yellen -- terry allen and acting director former federal reserve governor and former comptroller express support for changing that $50 billion threshold. in addition federal reserve governor paul shared areas where some laws and regulations could be changed to alleviate burdens including resolution plans eyelet for to working with the fed with these issues that chair yellen can provide with a back together to further reduce the burden in retrospect to a finance system i repeatedly stated the status quo is not a viable

appointed -- and you have seen the announcement -- a special representative for ukraine, ambassador kurt volcker, who will drop on his experience as a representative of nato and his time as a permanent political appointment. the two leaders also acknowledged the challenges of cyber threats and interference in the democratic processes of the united states and other to explorend agreed creating a framework around which the two countries can work together to better understand how to deal with these cyber threats, both in terms of how these tools were used to interfere with the internal affairs of countries, but how the tools are used to threaten infrastructure, how these tools are used from a terrorism standpoint as well. the president opened the meeting with president putin by raising the concerns of the american people regarding russian interference in the 2016 collection. they had a very robust and lengthy exchange on the subject. the president pressed president putin for more than one occasion regarding russian involvement. president putin denied such involvement, as i think he has in the past.

ambassador volcker will draw on his decades of experience in the u.s.matic core, both as a representative to nato and also his time as a permanent political appointment. the two leaders also acknowledged the challenges of cyber threats and interference in the democratic processes of the united states and other countries. and agreed to explore creating a framework around which the two countries can work together to better understand how to deal with these cyber threats. both in terms of how these tools are used to interfere with the internal affairs of our countries, but also how these tools are used to threaten infrastructure, how these tools are used from a terrorism standpoint, as well. the president opened the meeting with president putin by raising the concerns of the american people regarding russian 2016 election. they had a very robust and lengthy exchange on the subject. the president pressed president putin on more than one occasion regarding russian involvement. president putin denied such involvement, as i think he has in the past. the two le

i know you touched on a little bit the volcker rule. i want to go a little bit more into that. venture funds and capital companies are the job creation engines of our innovation. page 77 recommends changes to the volcker rule as covered funds provisions to assist in the formation of venture and other capital that's critical to fund economic growth opportunities. wondered, mr. secretary, have you discussed this specific provision of the volcker rule with agencies that have authority the make amendments? if so, what feedback have you received? and then a follow-up on that,en how does the treasury department plan to pursue amendments that could conform to existing laws? how would you encorning the regulators with rulemaking authority to undertake this important work?it >> again, there's a two-part process we're going through. one part is working with the regulators where we can clarifyi the regulatory issues, make clear definitions so, again, people can follow the volcker rule but follow it appropriatela and understand it. and then also we'd be more than happy to work with you and

she may be 70, but paul volcker is 90.ea rs potentially at least another 20 years and given the build up of debt over the last ten years, i am sceptical about that. what we are seeing in bond markets over the last two weeks, a significant increase in yields in the us, germany and the uk as central banks slightly changed tack as to what they can do with future monetary policy. if that gets out of control, we could see further pressure on emerging market economies but also over leveraged companies with respect to debt costs. thank you. how do you take your coffee? i like a, not —— i like a latte, but not three a day! all of the boys like lattes. and in the last hour marks and spencer has revealed its first quarter trading statement. the second largest womenswear retailer in uk has had a challenging time of late. andrew walkerjoins us from the business newsroom with the details. it's an update on the progress of the chief executive steve rose' effo rts the chief executive steve rose' efforts at turning around the company. if

paul volcker has been worried that the trump administration will undermine the rules that bear his namefind a morehey can efficient way, god bless them. the treasury secretary has proposed the rules be simplified. attorney general jeff sessions is visiting guantanamo bay prison today. sessions has long been a vocal supporter of continued use of guantanamo, calling it a fine place for holding these kind of dangerous criminals. three years after a russian missile brought down a flight, passengers and crew killed, they are still waiting for justice. russia continues efforts to block an international tribunal. powered by more than 2700 journalists and analysts than 120 countries. more insight into that meeting you just mentioned. it president trump sitting with russia to talk about that and the g-20 summit. book, beyond a new nato. they join us on massachusetts venue in washington, d.c. we're waiting to hear from the secretary of state what was discussed at the meeting. what do you hope that those leaders discuss? expect a lot. i thought president trump would do well if he established a bit

ronald reagan renominated paul volcker. bill clinton renominated alan greenspan. and president obama renated -- renominated ben bernanke. my question is are you up to serving another four years as fed chair if president trump decides he wants to renominate you? chairman yellen: what i previously said is that i absolutely intend to serve out my term. i'm very focused on trying to achieve our congressionally mandated objectives and i really haven't had to give further thought at this point to this question. mrs. maloney: when the fed does start the process of balance sheet normalization, are you less likely to raise interest rates at the same time? or do you view these two actions as being on separate tracks? chairman yellen: the path for the federal funds rate is a . cision for the committee that has made no decision about whether or not both things could occur at the same time. i would note that in june at our most recent meeting we produced the summary of economic projections which appear in the monetary policy report. most of my colleagues or at least the median

it would do things like have the volcker rule lined up.doesn't want to see banks broken up, doesn't like the resolution authority they have put in place to wind down banks if they are failing. he thinks capital standards are too high. he does think there are some good things about dodd-frank. he is not going to take a meet asked everything -- meet acts -- meat axe to everything. >> they are considering selling seeking international partners as the producer of the most crude and the united arab emirates tries to expand operations. >> this is hot on the heels of planned flotation. it does not intend to sell a slice of the entire company at the holding level. it is going to sell minority stakes. this is still a big deal for a company that was basically synonymous with the abu dhabi government. economiess many gulf are trying to reconsider their strategies. saudi arabia isn't the only one. we have seen oman. lady is speculation of a energy -- kuwaiti energy companies as well. >> abercrombie & fitch, dashing hopes. doesn't have many stores left

a third is a legislative remedy to the overly complex volcker rules. the fourth is statutory changes to make the consumer protection bureau more accountable. working together we can implement benefit for the community banks and mid sized institutions. housing finance reform is also a priority of the treasury and the administration. the current system in which gse's remain in perpetual federal housing finance agency conservatorship is not sustainable and leaves taxpayers at risk. our housing finance policies should be clear and should be designed to provide financing for home owners and owners of multi-family units. additionally, such policies should increase private sector participation and protect taxpayers. the other critical component is comprehensive tax reform. we have gone too long without addressing our tax system. our business rate is one of the highest and most complicated in the world. it makes our businesses less competitive and we are commit today changing that. lowering the rate and bringing back trillions of dollars that are sitting overs

but it would probably do things like have the volcker rule lightened up.t want to see banks broken up, and doesn't like the resolution authority that they have put in place to wind down banks if they are failing. he thinks capital standards are too high. he says that causes banks to raise interest rates to increase profits. he does think there are some good things about dodd-frank must've is not going to take a meet ask to everything -- a meat axe to everything. one thing would be to light up on stress test regulation. >> i would. these -- apple dobby -- abu dhabi's state-owned oil company -- >> this is hot on the heels of saudi aramco's plan. is thatdifference here adnoc says it does not intend to sell a slice of the entire company. instead it is going to sell some minority stakes in its services business. this is still a big deal for a company that for many years was basically synonymous with the abu dhabi government and ruling elite. it comes as many gulf economies and energy companies are trying to reconsider their strategies in the face of lower oil p

on what they think the regulators can do to hip the ba4e7 help the banke there will be talk on the volckerhow there could be relief on thehorizon. so that will be beneficial to the banks. >> thanks very much for joining us 6:45 a.m. is jpmorgan. 8:00 a.m. wells fargo and citi so we'll have comments before the official analyst call begins we'll also get cpi data. >> in-234r5igs is suflation is story. thks." that is it for "worldwide exanan for joining us. "squawk box" is next the future isn't silver suits and houses on mars, it's right now. think about it. we can push buttons and make cars appear out of thin air. find love anywhere. he's cute. and buy things from, well, everywhere. how? because our phones have evolved. so isn't it time our networks did too? introducing america's largest, most reliable 4g lte combined with the most wifi hotspots. it's a new kind of network. xfinity mobile. >>> the rally is on which i could have said any morning the last six, seven months a full market rundown straight ahead. earnings season is here jpmorgan set to report and also citigroup and wells fargo be

volcker roth also speaking in washington yesterday saying china needs to take steps to open its growingonsumer market. >> they remain serious imbalance is, which we must work to rectify. it is time to rebalance our trade and investment relationship any more fair, equitable and reciprocal direction. trade to the meeting after the proposal to renegotiate the north american free trade agreement seeks to guard against countries manipulating currency. he gave an unfair competitive advantage. something president trump has repeatedly accused china of doing. lea: for $.2 billion acquisition. tracee carrascas joins us more with aamodt another headline this morning. reporter: good morning, ladies. it acquired poc's food division whose brands include french's mustard, frank's red hot hot sauce entitlements barbecue sauce or for $.2 billion. mccormick is her and includes lowry's expects combined annual net sales to be $5 billion. mccormick also said it expects the transaction which requires regulatory approval to be completed in the fiscal third or fourth quarter of this year. lea: leader discovery

>> the volcker rule was designed to stop proprietary trading in banking organizations, the goal with which i agree and it was intended to permit market making. the implementation of it has been very complex and burdensome. we've suggested community banks be exempt from it entirely. >> should we get rid of it? >> i wouldn't get rid of it. i think the -- and i believe the treasury report suggests maintaining through restriction on proprietary trading in depository institutions so i wouldn't get rid of it, but i would look for ways to simplify it. >> okay. last question quickly, would you accept reappointment? >> excuse me? >> would you accept reappointment? >> so it's something that i really don't have anything to say about at this time. i'm really focused on carrying out the responsibilities that congress has assigned to us and haven't really decided that issue. >> thank you for your service, madam chair no thank you. >> thank you. and chair yellen, we are approaching 11:30 which was the stop time. i hope we would be able to meet. senator brown has asked for one more question and -- >

. >> governor powell said the federal reserve is reviewing the volcker rule.xing aspects of implementation regulation that don't directly bear on the volcker rule's main policy goals. can you elaborate on the fe d review? chair yellen: we look forward to working with other agencies. it is a complex rule reflecting the legislation, but i think we could find ways to reduce the burden and it should be a multiagency effort. >> many of us are aware the multiagency effort has been slowed down. many of us believe it is because of the complexity of dealing with four or five agencies and getting them to agree on the same thing. what do you think about the idea of having a designated lead agency on this issue? chair yellen: i think that is something congress could consider if one agency has a larger regulatory role with respect to those institutions. it might be natural for it to take the lead. >> at the last here and you told me we would like to balance -- we would like our balance sheet to again be primarily treasury securities, whereas we has substantial holdings of

ronald reagan renominated volcker. president obama renominated ben bernanke. are you open to serving another fed a chair if president trump decides he wants to renominate you? chair yellen: i absolutely intend to serve out my term. i'm very focused on trying to achieve our congressionally indated objectives and haven't had to give further thought at this point to this question. >> when the fed does start the process of balance sheet normalization, are you less likely to raise interest rates at the same time or do you view these two actions as being on separate tracks? chair yellen: the path of the federal funds rate is a decision for the committee. they have made no decision about whether or not those things could occur at the same time. june, atote that in our most recent meeting, we produced a summary of economic projections which appear in the monetary policy report. att of my colleagues were least the median anticipated that one further increase in the federal funds rate would likely be appropriate this year. we constantly watch the economy, the evolution

it would do things like have the volcker rule lightened up.n't want to see banks broken up, doesn't like the resolution authority they have put in place to wind down banks if they are failing. he thinks capital standards are too high. he says that causes banks to raise interest rates to increase their profits. he says there are some good things about dodd-frank. he is not going to take a meat axe to everything. he does want to make some changes. another possible change would be to lighten stress test regulations. >> they are considering selling shares and seeking international partners as the producer of the most crude in the united arab emirates tries to expand operations. >> this is hot on the heels of the saudi aramco planned flotation. the big difference here is that adnoc does not intend to sell a slice of the entire company at the holding level. it is going to sell minority stakes in its services business. this is still a big deal for a company that for many, many years was basically synonymous with the abu dhabi government and the rulin

he thinks the volcker idea -- volcker rule is a that idea.ugh we would still have to get the rest of the fed to go along with much of it. tom: is he a chairman in waiting? michael: i doubt it. he is just being nominated for this. he would only take office in the fall once they get through the nomination process. and he is not known for monetary policy, he is known for banking. tom: this is important stuff to marketonfidence as action. are you please that we finally have a governor? >> i am more interested on whether janet yellen will be reappointed or not. i think she has done a solid job . there are many choices which could be far worse. tom: give us an example of who you would think would be appropriate for trump to consider as chairman? howard: i would reappoint janet yellen. tom: is that likely? michael: there is a chance, partly because no one knows what donald trump thinks. he is also praised her as a low interest rate person. as a real estate deal of oliver -- developer, you would have to think he likes low interest rates. by a lot of

. >> has the volcker rule worked? designed to stop proprietary trading in banking organizations. it's a goal with which i agree. it was intended to permit market making. the implementation of it has been very complex and burdensome. we have suggested that community banks be exempt from it entirely. >> should we get rid of it? >> i wouldn't get rid of it. i believe the treasury report restrictionntaining on proprietary trading and depository institutions. i wouldn't get rid of it but i would look for ways to simplify it. >> last question quickly. reappointment?t >> it is something that i really don't have anything to say about at this time. on carryingocused out the responsibilities that congress has assigned to us. decided thatlly issue. >> thank you for your service, madam chair. >> thank you. we are approaching the stop time i hoped we would be able to meet. senator brown has asked for one more question. >> this wasn't my intent. would were reappointed i be happy to join senator kennedy in supporting your reappointment. >> thank you, senator. >> i'm very mindful of the therman'

i think the recommendations pertaining to the volcker rule and looking for ways to reduce burdens are useful. there are a few points where we have a different view. a lot is very useful. >> i look forward to working with you because while our branch of the government is a check on the executive branch we want to work with you to try to improve the ability of our banks to do the job of helping the communities grow. i am glad you mentioned community banks because i have a quick story i like your response to. i have shared this with the committee in the past with regard to mid-america bank and trust, a small bank in my district has been caught and federal reserve purgatory for five years. the agency has blocked the merger and acquisition of this institution because of concerns over certain products. the same products that have been encouraged by the fdic and the state of missouri's division of finance. your staff has forced of this bank through the years to produce document after document which they have done. the bank has made several offers to remediate but the fed has rejected them. m

it would probably do things like have avolcker rule -- volcker rule lightnened. he thinks capital standards are too high, causing banks to raise interest rates to increase profits. he thinks there are good things about dodd-frank, but he does want to make some changes. one would be to lighten the stress test regulations. david: it is not as clear to the world what donald trumps monetary policy is, but it is clear he wants less relation of the banks --regulation of the banks. michael: d'angelo was the point man forgetting new regulation -- for getting new regulations into the banking system. from what does he want monetary policy, is he going to care about financial conditions? he mentioned that a little bit talking to bloomberg tv. >> dodd-frank repeal is politically difficult at this point. you could see significant changes at this point. in some ways it was not ambitious enough, and in other ways it was overly ambitious. i think there are a lot of ways to refine dodd-frank and other regulatory policy. alix: that was also about dodd-frank. nonetheless, we are ta

for eliminating or relaxing aspects of implementation regulation that don't directly bear on the volckerals can you elaborate on the volcker rule >> we look forward to working with the other agencies that have a role in rule writing. it's a very complex rule, partly reflecting the legislation, but i think we could find ways to reduce the burden and it should be a multi-agency effort >> and many of us are aware that the multi-agency effort has been slowed down, simply, many of us believe, because of the complexity of getting five agents, four or five agencies -- >> i think that's true >> to all dpragree on the same thing. >> yes >> what do you think about the idea of having a designated lead agency on this issue quality. >> i think that's something that congress could certainly consider if one agency has a larger regulatory role with respect to those institutions, mich natural for it to take the lead >> thank you at our last hearing, you told me, we would like our balance sheet to again be primarily treasury securities, whereas we had substantial holdings of mortgage-backed securities how

is talking about is a company very dependent on trading revenues, and given what happened with the volcker rule, et cetera, they had to change their business model as a result, you don't have some of those blow-out quarters in fixed income, commodities and currencies that you used to have lloyd blankfein is to be commended for changing, from morphing that company, as well as he did, without losing major profitability. >> there is a couple of points you are making there one is that there has been a structural and secular change in the trading of securities of every type, and anybody on that desk, as well as anybody in the business, is well aware of it. and therefore, goldman sachs should have changed with it. it didn't. second -- >> that's not true but go ahead >> the term "partners" was just mentioned. that's one of the key problems it is not a partnership. it is a shareholder-owned company and the people who work for it are employees of the company and the shareholders they are not partners. they run it as if it is a partner-owned company. they run it as if it was a private organization i

ambassador to nato kurt volcker and he is accompanying tillerson on this visit to kiev which will only actually last a few hours. >> i'm curious to ask you what has been the response there in russia, in russian a media, with regard to the g-20 summit, this meeting between the two presidents and what are we hearing from president putin himself about meeting president donald trump? >> reporter: i think the russians were delighted by this meeting. senior lawmakers called it a breakthrough. russian state media arguing that the face-to-face meeting between trump and putin eclipsed the entire g-20. and president putin himself looked pretty pleased when he gave his lengthy press conference in front of cameras on saturday in about front of the international media. and he heralded this meeting as well. you haven't had a u.s. and russian president meet face-to-face in nearly two years and president trump -- putin rather when speaking to journ up journalists, he shared unusual observations about what he thought of his american counterpart. that a listen. >> translator: tv trump is different from

we can assume that he'll want to make changes to the volcker rule, which is highly unpopular amongsttment banks as well so, really, there are a bunch of areas which are -- where there is discretion for the fed and where he could make changes. i mean, the only other point is the fed has to work with a bunch of other regulators as well, so changing regulatory practice in the u.s. is not straightforward. it requires cooperation with the other regulators and also requires consensus on the federal reserve board itself >> sam, quickly, time frame of him getting confirmed? >> well, that could take a while, and we're just seeing at the moment with all the appointments by the trump administration, it's just taking a long time to get things through the senate, so i wouldn't hold your breath. we could be talking about months. >> sam, thanks very much for joining us sam fleming of "financial times." >> and another name, the economist from carnegie mellon rumored to be filling a spot on the fed board. so we're waiting to see that appointment. and of course, the big one everyone's already speculat

paul volcker isn't worried that the trump administration will undermine the financial ruled that bearss if they can find a more them."l way, "god bless treasury secretary steven mnuchin has proposed the rule be simplified. global news 24 hours a day powered by more than 2600 journalists and analysts in over 120 countries. i am jessica summers. this is bloomberg. julia: thanks so much, jessica. will the june jobs report sway the fed's decision-making? bill gross gives his take next. from new york, this is bloomberg. ♪ scarlet: this is "bloomberg markets." i am scarlet fu. julia: i am julia chatterley good time for the biggest business stories in the news right now. $300 million is being invested in 111 capital. the former head of propriety trading at societe generale, the sole investor in the fun come which will focus on stocks and derivatives. elon musk's tesla has won a contract to supply what he calls the world's largest battery, backing up australia's power grid. the electric carmaker promises to provide the 100-megawatt storage by december 1. a bank plans to sell half of its $20 bi

and kurt volcker to handle the ongoing crimea and ukrainian issues.g list of deliverables that came out of this. one of them that did, really was just far sick al from the beginning. i bet not only the republicans but people within his administration, personally in the natural security apparatus, were shocked with this revelation. >> here's one that i think is serious. another weird question out of the trump-putin meeting. there were six people in the meeting, two of whom were translators. president trump tweeted, sanctions were not discussed at my meeting with president putin. that directly contradicts secretary of state tillerson who said that sanctions were in fact discussed. listen to this. >> i think the president took note of actions that have been discussed by the congress, most recently additional sanctions that have been voted out of the senate, to make it clear as to the seriousness of the issue. >> okay. so steve, there were two translators and four government officials in the meeting. president trump, president putin, sergey lavrov and rex

like tor banks would see some tweaking of the volcker rule to make it a little more clear what is ablehink they want clarity on the timeline of the deregulation. at the beginning of the year, people were more optimistic. there are some doubts that anything would even get done this year. some better visibility on the timeline might help. >> management has been a huge theme. what has been the hiring trend over at the big banks? they are no longer firing and hiring and huge waves like they once were. but what part of the business is attracting talent? >> i think you have seen a lot of the cyclical moves happen. trading has been down. i think it is more of a secular move. some areas are getting automated. you see that on the retail side, the liquid products. you have a lot of hiring on the tech front. you also have to write that code. compliance hiring which was strong for a few years has kind of leveled out. it kind of depends on what area you are in. scarlet: finance team leader for bloomberg news and allison williams, head of global financial sector. of course, it that jpmorgan reports

paul volcker and alan greenspan are two. they were professional economists. they knew their stuff.e very familiar with federal reserve and monetary policy and other aspect of the federal reserve, and a both made very good fed chairmen. was fabulous. greenspan great on monetary policy but not too good on regulatory policy. are worriedeople about that going forward with the trump administration. gary cohn is a smart guy, a market guy. he has a view of the fed and a monetary policy, i present, that is dominant on markets, which is a different view from, say, the ben bernanke-janet yellen view, which comes more from the macroeconomic side. does not think the first or second digit of the unemployment -- one take in the and of limit rate on a friday is a cataclysmic event that you should go crazy about. scarlet: michael mckee will stick with us from the fed. we are watching the white house press briefing. secretary sarah huckabee sanders speaking, restating that president trump remains disappointed in his attorney general jeff sessions, adding that the president has likely not spoken wit

ambassador kirk volcker, who will draw on his decades of experience in the u.s. diplomatic core both as a representative to nate ea-- nat and his time as a political appointment. the two leaders also acknowledge the challenges of cyber threats and interference in the democratic processes of the united states and other countries, and agreed to explore creating a framework around which the two countries can work together to better understand how to deal with these cyber threats. both in terms of how these tools are used to interfere with the internal affairs of countries, but also how the tools are used to threaten infrastructure, how these tools are used from a terrorism standpoint as well. the president opened the meeting with president putin by raising the concerns of the american people regarding russian interference in the 2016 election. they had a very robust and lengthy exchange on the subject. the president pressed president putin on more than one occasion regarding russian involvement. president putin denied such involvement. as i think he has in the past.

ambassador curt volcker, a very experienced hand.to settle one lit of issues but the list is long. >> you mentioned syria on the agenda, where do we stand? >> there's been evidently negotiation going on for some time between united states with the russians and jordanians also working about getting a cease-fire in southwest syria next to the jordanian border. this is for syria one of the easier places to get a cease-fire going, which is not easy. it's been in negotiations for some time. the announcement was made yesterday in coordination with the bilat and there's hope that this could provide something, an initial cease-fire that could turn into something larger. >> quickly, let's move to north korea, doug. i just want to ask you. president putin said while he doesn't want to see north korea acquire nuclear weapons, he's also not in favor of stepping up the so-called economic consequences when it comes to north korea. any common ground between the united states and russia that you can detect? >> there's very little ground between us a