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tv   Bloomberg Markets Americas  Bloomberg  January 20, 2017 10:00am-11:01am EST

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gura and this is special coverage of the inauguration of donald trump. mr. trump is set to take the oath of office and less than two hours time. we will bring you live coverage. we will look at how mr. trump's policies will impact the business world. you are looking at footage of the national mall in washington d.c. people have been securing seats. it got underway in earnest at 8:00. at blairump stayed house. he will stay in the white house tonight. we are seeing members of congress -- mark sanford of south carolina at the capital making their way to those seats on the west front of the capital overlooking the mall and the washington monument and the lincoln memorial as well. market.ok at the u.s. trading continues on inauguration day.
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julie hyman? julie: the markets continue a pace with this big backdrop of political events. markets are moving higher. the stock market are moving higher. we have seen a more sideways movement after the initial push upward following the election of donald trump, we saw a sideways move heading into 2017. seeing all three major averages up .5% each. let's take a look back at the rally and compare it to some of the other recent presidents between a first election and their inauguration day. in modern history, the trump rally has been the best with the s&p 500 gaining 6% followed by president clinton with a 4% gain. president obama saw a 15% drop following his election. and president george w. bush for a 6% drop. clinton performing the best over the balance of his two terms followed by president obama. those first couple of months
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were not necessarily an indication of falling performance. politics aside, we got a lot a big earnings to report yet to talk about as well. general electric shares are lower. fourth-quarter revenue trailing analyst's estimates. procter and gamble relying more on it premium products. revenue beating estimates. american express spending a record amount on marketing after losing its cost go lucidity tcotract -- losing its cost exclusivity contract. also, was mentioning is oil which has been surging. saudi arabia saying opec another nation's on the way to promise cuts. david: we just saw kellyanne
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conway going to the west front of the capital where she will take in the proceedings going forward. it is an observation date in the u.s. mark barton is standing by in london with the markets there. change for the stoxx 600. on track for the first week we drop. look at the ftse 100, the white line. the blue line is sterling. interesting, the ftse game like it will come to an end. the pound is gaining. we had six weeks of gains for the ftse. best winning run since july 2012. this week's 1.8% drop. a because go, the ftse was sitting on 14 days of gains. it is no longer overbought. the rsi is down to 57 last friday. we had a run that lasted from
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december the 28th through january the 17th. it has risen 5% since trump's election victory. that is a gain of 4.7%. this is sterling heading for the biggest weekly gain against the dollar since december 2 banks to theresa may's brexit speech which sent its soaring 3%. the most sense 1993 -- the most since 1993. a key piece of data -- this is why sterling is falling. retail sales falling at the fastest pace since five years. consumerices seeing seeing less of everything from household goods to clothes and food. the volume of food sold in stores fell in december. it was the biggest drop since april 2012. david: thank you very much, mark. shares inn looking at
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london. dignitaries and members of congress, donors, friends making their way to the capital right now. we will continue our coverage of the inauguration day with joseph below -- with joe. can you describe the mood at the capital? there is a lot of hurry up and wait. members and guests have been there for several hours. ast are they saying to you you navigate the halls of congress? just like thousands of people outside on the mall are watching this, there are lawmakers trying to get in place of president-elect donald trump. i just ran into senator rob portman from ohio, scrambling to get in place. clearly, there is going to be a
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bevy of activity and executive orders within the first several hours of trump coming president. look for a range of action from defense spending to health care. you will see a new administration trying to set the bar, and trying to hit the in order to take advantage of what they do as an opportunity with the republican-controlled congress. david: the camera panning over the national mall seeing crowd stretching from the national gallery. a gray day. trump gave a speech last night at union station. what did he have to say about the speech he is going to give today? last night's remarks at union station, a few people were hauled off? from thewe expect speech today? >> the sources i have talked to
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said it will be a speech in which he speaks tonight the country, similar to the speech he gave at the republican convention in cleveland. it is also going to be somewhat of a shorter speech that is not going to be as long as president obama's in his 2008 address for his reelect address. a key theme of this speech is going to be "american first." it is a twist on the slogan -- "make america great again." he will look to reassert america's presents -- presence. david: the peaceful transfer of soon.begins elect and resident obama and their wives are having a coffee. the former president will be
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going on vacation in california. you have covered inaugurations before. what happened after the emerging the white house? wall, to be a fly on the two political enemies now engaging in one of the great american traditions -- the peaceful transition of power. their respective wives joining them prior to that meeting -- their respective wives joining them. prior to that meeting, they were joined by house speaker paul ryan and mitch mcconnell -- key lawmakers who were engaging in this tradition. after that, president-elect trump heads to the white house. and president obama heads to california on vacation. so, again, he will be joined by members of his family. we have seen the images of his
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family members, his children, already getting to the capital, already trying to get in place. clearly, all of this going on as we speak, a key american tradition. david: there is a old home week quality. speakers of the house coming into the house. john boehner here for the inauguration as well. the ceremony scheduled to get underway in about an hour as more dignitaries and members of congress make their way to capitol hill. the president-elect and his wife and family went to st. john's a fiscal church this morning. it is known as the president's church across from the white house in washington d.c. home of the president's pew. they sat there for a prayer service and maid were back -- for a prayer service and made their way back to the white
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house. we are respecting the smiling and to take place before noon eastern time. john roberts, chief justice, will be officiating. the vice president-elect will take the oath of office administered by clarence thomas, associate justice of the supreme court. we are checking with joe throughout the day. here is the latest from washington looking at pictures from the west front, adorned with flags and all kinds of pageantry. we will be reporting live right here on bloomberg. ♪
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♪ david: i am david gura. this is special coverage of the inauguration of donald trump. you are looking at a live picture of the u.s. capitol. terry's making their way in. we saw over speakers of the house, john boehner and newt gingrich, making it to their seats. we expect the ceremony to get underway and 45 minutes time -- in 45 minutes time. turning to a pressing issue facing the incoming trump administration could puerto rico's debt crisis. they're looking to end the crisis. today, i sat down with the governor. >> my role as governor is to do several things. the top priority is fighting for well-being of our people. retirees have the bare minimum to survive. keep what they
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are getting. otherwise, a reduction in that would essentially put them on the poverty line. of course, there are a wider variety of things we can do. we have a two-model system that is combined. we aim to separate it are in we aim -- we came to separate it. we aim to make it more effective. we aimed to implement a private partnership strategy that will yield capital flows into the pension system as well. as a matter of fact, i just signed a bill five days ago that of privateast array partnerships. we are looking forward to bringing cash into the system and reforming it as well. david: let me ask you about the
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dead. what are you going to pay next month? are you still prioritizing? we recently, yesterday, i signed a bill where we empowered our fiscal agent to start doing a few things. number one, to control the actual cost of government. we have a big public in puerto rico in doing so. number two, i have given an order to establish clear priority protocols for our debt so that there is clarity in the market in the ways that it is perceived, and how we will move forward. is ahird element philosophical shift of what we have right now in puerto rico. we have a local moratorium law, whose aim was to not -- what we are shifting is a willingness to pay act. it has some of the components,
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but what we want to show creditors is listen, there is this amount of money. you will put it in a lockbox. it will be accessible to the creditors, but also understanding what our baseline, what we have inherited. so that we can show goodwill. and the willingness to pay as opposed to just shutting everybody down and not paying. david: last question -- you have been on the job for less than three weeks. how has your perspective changed now that you have seen the concourse of the debt and what you have to deal with. has a change your perspective? >> it has given me insights that were not available to me, or quite friendly, the vast majority of the people. stakeholders and bondholders and even puerto ricans. there was a clear lack of transparency previous to our administration. we aim to change that. what thei have and
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fiscal oversight board is a baseline. debt only a crude total about $7.5 billion. it means on a yearly basis, that we are going to have to make those ends meet somehow. now there is a number and a baseline. we can fit with creditors and other stakeholders and talk, you know, in a fashion where we are based on reality. what is the path forward? how can we make this work for everybody? how can we get creative and look for better solutions? but there is a reality. and we need to tackle it. mindset ofged in the now we have a number. i would like to base my results on evidence. but my view stays the same. i want to look for consensual negotiation and be open for business and have a very
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transparent government. i want to have the access of information flowing and promote public policy at the local level. and hopefully push for federal assistance that will help us deal with the fiscal crisis. and push the economic growth agenda. i think a fiscal plan needs to be developed. and allow us to renegotiate the debt in better terms. lastly, have some collaboration from the federal government. david: have you met with the creditors yet? >> i met previous to my swearing in, established a protocol for that. ,s we speak, our fiscal agent that is now in power to do so, is meeting with the creditors so they can start those first discussions. you know, this is going to take several steps. the first up was identifying the baseline. and now, we need -- we have more
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time. i think the discussions will flow nicely once we get the baseline. we will have good vehicles to renegotiate. it is in the best interest of all the stakeholders. again, that is my job. i need to find the best solutions for all the stakeholders, but keep in the priority of my job is to safeguard the people of puerto rico. david: i was my interview with the new governor of puerto rico. you are seeing pictures of inauguration proceedings as they unfold. former president bill clinton and his wife, hillary clinton, donald trump's opponent. earlier, we saw george w. bush and his wife laura. bob dole there as well. and bill frist, former senator as well at the capital. our coverage of the inauguration continues on bloomberg
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television. this is bloomberg. ♪
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♪ number's special coverage of the inoculation of donald trump. i'm david gora. moments ago, donald trump, the president-elect and his wife, melania, arrived at the white house greeted on that red carpet by president obama and his wife, michelle. melania presenting michelle obama with a box wearing that tiffany blue color. they are inside having tea and coffee. after that conversation ends, they will make their way down to the -- make their way down pennsylvania avenue, and the proceedings will be underway at the u.s. capitol. you have a shot of pennsylvania avenue, and we are watching dignitaries arrive just moments ago. former president bill clinton
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arrived with hillary clinton. will be aconway senior counselor to him in the white house. she spoke at a ceremony at a donor meeting. moments ago, talking about what donald trump looks to accomplish in his first few days of the presidency. what does he have to tackle and how difficult will it be? >> will be very difficult. donald trump is about to run into the problem in translating his rhetoric into reality on capitol hill. it costs money to do a lot of things he wants to do. it let me take you inside the bloomberg and show you a chart of the federal budget deficit. on the right-hand side, a big dip down. that was the additional fiscal spending that the administration did during the 2009 financial crisis. since then, the budget deficit
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has narrowed quite a bit, but it started to roll over again. we will see that more and more as the baby boomers retire and take up more social services we have in place. donald trump's plan would make the budget deficit, his taxcutting plans would make the deficit worse than the bottom of the worst part of that graph. according to the right wing tax foundation, on a static basis, his cuts would cost the economy $6 trillion over 10 years. they believe in dynamic scoring, the idea -- even doing that would cost the economy $6.6 trillion. he has promised to cut spending, but he has not said what. he says to social security. it is going to be a very interesting dilemma translating what he wants to do, and what he told people he would do come into actual policy. david: we are looking at footage, live shot at pennsylvania avenue.
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past the trump international hotel, the old post office where the trump international hotel is quartered. you mentioned tax reform. that is what steve mnuchin was asking about during the finance committee. mike, give us the status of that? kevin brady says he intends to have a piece of text legislation on the president desk -- president's desk in the first 100 days. cheney, the former vice president and his wife taking their seats on the capital. mike: they have talked about it, but they are not making huge progress yet. corporate tax reform -- you have to question the border tax adjustment lending exports be tax-free for companies, but taxing imports. that is something that importers, companies like walmart, they are very much against. there will be a lot of lobbying on that issue.
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the idea of bringing down tax rates for corporations is not very controversial, but the question becomes how do you pay for the border adjustment tax? it is supposed to bring in $1 trillion of revenue to offset that. if they do not do that, they will have a problem. donald trump want big cuts that will cost money. there is also the question, do you reform the entire system? david: thank you very much, michael mckee. we will be checking with him throughout the morning here on bloomberg television. we look at the west front of the capitol with dignitaries taking their seat for the inauguration of donald trump. this is bloomberg. ♪
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♪ this is bloomberg special coverage of the inauguration of donald trump. 70 minutes away from mr. trump taking to the platform. the north portico of the white house right now.
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president obama and his wife michelle having coffee and tea with the president-elect, donald trump and his wife melania. they are expectedly shortly and make their way down pennsylvania avenue up to capitol hill. they will walk through the capitol complex to the west front of the capital were just before noon donald trump will take the oath of office. it will be administered by the chief justice of the supreme court. sheldon adelson and his wife. former mayor of new york and now advisor to president-elect donald trump. he will be advising him that he takes over the presidency. dignitaries, members of congress, donors, advisers all making their way to the west side of the capital. individual movers as we head towards the inauguration. let's start with tech. julie: we have some earnings to look at, not from apple but one of its suppliers. apple not getting much of a lift. up to tens of 1%. a lot more action in the
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company, specifically the chipmakers that supply apple for its components. they are led by skyworks solutions. they came over their first-quarter earnings that beat estimates in the physical -- fiscal first-quarter. it is lifting other suppliers. broadcom is now avago. it could reassure concerns over apple orders. apple not up that much. jpmorgan expects most chip companies to be estimates this quarter. we are watching drugmakers today. bristol meyer said it will not be seeking accelerated approval for a combination of two of its approved drugs to treat newly diagnosed lung cancers. it has been a competition with merck in this particular field. field in the minds of investors. merck shares gaining 4%. a quick check on herbalife.
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the supplement company coming out saying it reported fourth-quarter pulmonary volume. that was towards the low end of its november 1 forecast. down 1.5% to a growth of 2.5%. in spite ofstimated strong currency headwinds. shares fall by more than 3%. david: thank you, julie. we look at debbie wasserman schultz making her way to the west front of the capital. other members of the house of representatives. there is a hierarchy to this. members of the house making their way now. a few months ago we saw senator elizabeth dole, senator bob dole the former senate majority leader. dole who threw his support behind donald trump in the election, they are making their way. is nominated to
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be secretary of state making his way into the capital now. his pick for cabinet secretaries making their way to the west front of the capital. tom price, his pick for health and human services secretary as well. he had his confirmation hearings earlier this week. let's check on the european markets. mark barton is in london. mark: investors sitting on their hands ahead of the trump inauguration. separate -- margin, separates third weekly drop. here it is, the best winning streak since march of 2014. he rebounded 2.7% since falling to the almost four year low in december. this is a big piece of data on china. lots of new data out of china today. the economy accelerating for the first time in two years. and outflows turning to a trickle. $900 million worth of yuan left
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china in december. that is less than 2% of the record amount in september compared to the average of 25.8 billion last year. haven demand still high. look at gold rising for the fourth consecutive week. bigrise to highs after that slump in the last quarter where we saw old fall by the most since 2013. gold has averaged gains of almost 15% marking the inauguration of a new president since the 1970's. advancing in five of those seven years. in contrast, the s&p falling for an average loss of .9%. what a wonderful stat. gold is up for the fourth consecutive week. david: thank you very much, mark barton in london. peering down the hallway we saw the senate majority leader mitch mcconnell and his wife.
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his wife is nominated to be the secretary -- transportation secretary in the trump administration. dignitaries taking their seats on the west front of the capital. we will continue to monitor images as we await the arrival of president obama and his wife michelle and the president-elect donald trump and his wife melania at the north portico of the white house. i'm joined by andrew, credit suisse' strategist from london. let's start with the speech itself. uncertainty has been the word of the month since the election. what you expected here today and what would you like to hear today with his team saying we will not hear much in the way of policy proposal. i would like to hear protectionist rhetoric being toned down. not too much mention of nafta, and clearly we would like to hear something to do with cuts
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in corporate taxes and deregulation. but nothing really to aggressive in terms of protectionist rhetoric. david: i imagine you land an ear or listened about the confirmation hearings over the last week. steven mnuchin testifying yesterday, donald trump's picked to be the treasury secretary. did anything he say a lay concerns you have about trade policy, about the strong dollar policy? what did you hear what he testified on capitol hill? in terms of the issue of protectionism, i suppose i end up being slightly more sanguine than most because essentially the top officials of donald trump have 17 times more business experience than those of obama. i believe businessman are more
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pragmatic than perhaps politicians. aboutssmen realize interconnectedness of global supply chains and global markets. for example, the u.s. has five times more direct investment in china than china has in the u.s., who suffers if there is a 45% tariff. in terms of a dollar policy, we have heard a comment earlier this week from donald trump which is being contradicted yesterday. the dollar policy sounds somewhat confused. we watch stake in to arrive at the u.s. capitol. familyushner and his making their way to their seats in front of the capital. andrew, let me ask you about how your positioning has changed amid all this uncertainty. to what degree is there a wait and see approach? we have heard what congress may or may not do. andrew: the very obvious
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conclusion on election day, which remains, is the bond yields go higher. even before the election occurred there was clearly a global and u.s. cyclical take-up. -- pick up. now we have factors that continue to stretch higher bond yields. a significant degree of fiscal easing potentially boosting growth increase and supply. most of trump's policy are inflationary. this is an environment where bonds are clearly over-owned relative to the inflation hedge on equities. remains at the house that bond yields could end up going to 3%. on the back of that we remain financials, an position we had on election day
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and a position we have remained with. david: you were optimistic it will be intelligent regulatory reform in the new administration? andrew: not so much on intelligent regulatory reform, but it is an environment where yields continue to head up and the correlation between banks and bond yields is not only the highest of any sector, but it is higher than it has ever been before. the correlation of interest rates across the curve go up. that is good for banks to put it incredibly simply. david: thank you for your time today. we cover the inauguration of president-elect donald trump. members of the supreme court led by the chief justice john roberts entering the capitol complex moments ago. justices ginsburg, alito, sotomayor. you see trent lott at the capital.
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there are military bands providing music. our chief economic and correspondent is that the capital watching the dignitaries arrive. michael mckee, you have covered a couple of these before. elizabeth warren and bernie sanders, one-time presidential candidate. debbie stabenow of michigan as well. how does this one differ? how is the mood of the capital? michael: it does differ because this is a much more subdued crowd. a lot of enthusiastic trump supporters but in general the town is much quieter than i have seen it in past inaugurations. when we have seen previous presidents come in with big transfers of power between the parties there was always a feeling of anticipation. what is the new guy going to do and the feeling it will be some sort of greatly. meere are so many -- so
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sort of great leaps. there is trepidation about how this might all play out. there is a lot of focus on his speech today because of those reasons. people want to hear if he is the bombastic donald trump of his twitter feed or if he is someone who will step forward and offer healing remarks to try to bring people back together. at pictures of john roberts and other members of the supreme court. they prepare to take their seats at the west front of the capital. john roberts will administer the oath of office to donald trump. vice president-elect mike pence will take the of office administered by clarence thomas, associate justice clarence thomas. there are few moments when you have both houses of congress together, all of these washington dignitaries together. we see a lot of conversation, a lot of them greeting each other on the capital. only time you see
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some thing like business during the state of the union address for everybody gathers in the capital. there is always a question during the state of the union of which cabinet member stays away in case of emergency. in this case donald trump pagenaud cabinet members. two may be confirmed this afternoon, james mattis for defense and kelly from insecurity, but no one from the trump cabinet has been confirmed or sworn in yet which would raise the question of who is staying away. after that comes the secretary of state and john kerry says he will not be here. everyone saw that as a political insult the donald trump, but perhaps it was for safety sake. david: members of the trump family walking out to take their seats. jared kushner at the vanguard as they take their seats in front of the capital. a moment of bipartisanship when we saw republican senior senator from north carolina scanning the ground with the democratic
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senator from -- the senator from massachusetts taking a selfie. formers reince priebus, head of the republican party and now chief of staff to the president-elect heading to his seat out in front. we are awaiting the arrival of president obama and his wife michelle. president-elect donald trump and his wife melania are currently at the white house having coffee together. their day began shortly after 8:00 washington time with a church service across the street from the white house has st. john's episcopal church. he is in charge of all we are seeing today, named by donald trump to be in charge of the inauguration committee. donald trump in a speech last night at union station referred to tom barrick as his party planner. said he would be calling him and a couple of months to set up another party in washington, d.c. looking here at the west front of the white house. just about 15 minutes time to
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get underway. some breaking news about walgreens. walgreens set the face a u.s. antitrust concern for the right 8 -- rite aid fix. a diminishment in rite aid shares down about 6%. this is bloomberg. ♪
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♪ this is bloomberg special coverage of the inauguration of donald trump. looking at live pictures of the west front of the capital. the parade of politicians and policymakers continues. donors as well. we've seen sheldon adelson and his wife, newt gingrich and his
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wife taking their seats. members of the crowd had gathered on the national mall to take in the proceedings scheduled to get underway in about 15 minutes time. walgreens said the face antitrust concerns for its rite aid fix. they are said to be worried about the sale of stores. walgreens down about 2.25%. rite aid down about 5% as well. a quick look at the white house. we see the north portico and members of the vice mike pence and, his wife a few months ago. michelle obama and president obama meeting with the president-elect and his wife. we bring in the vice chair of kissinger associates. we look at president jimmy carter it was there. former president george w. bush will be in attendance as well. we were chatting during the break. what is the feeling like?
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what you taking in when you are waiting for this to happen? bob: the feeling is of one of elation. you see a peaceful democratic transition that we have had since george washington. that sense of continuity and the sense of the importance of a peaceful transition is really critical. david: we see michelle obama and melania trump emerging from the white house at the north portico. they will make their way to the motorcade they'll will travel of pennsylvania avenue to the u.s. capitol. we have all the principles but two getting into those cars. president obama beating the president-elect donald trump. they have had a number of conversations in recent days. president obama characterizing those conversations as productive. he said -- there is melania trump getting ready to go up to capitol hill at the north portico of the white house. bob, what are the heard this
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week in the confirmation hearings? it is a busy and intense time for the secretaries in the cabinet. bob: it is hard to pull together government. some people -- you can sort of pick them. trump looked around. it's a very eclectic group of people. they don't necessarily all agree with him, as we have seen in the hearings. i don't regard that as a bad thing. i think having diversification among your cabinet members and people strong enough to disagree with you on important issues that will serve him well. david: we are looking at the north portico of the white house. vice president-elect mike pence getting into a limousine with joe biden. joe biden and his wife jill will attend the inaugural festivities and as to union station a few hundred feet from the capital. they were born and amtrak train to travel back to wilmington, delaware. he will give a speech to his former constituents and delaware when he gets back to the first
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state. dignitaries making their way down. rex tillerson at the front. we see dr. ben carson, president-elect trump's pick for secretary of hud. the doors opening at the white house. outcomes president obama and donald trump, the president-elect. let's take a look. >> you have to go through security clearances.
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yesterday your financial records going back five years. then it gets vetted by various government agencies, including the agency in charge of compliance for a whole range of government rules. it is extremely important because when you are running a big cabinet or agency, especially with people who are new to government, they need the support of deputy secretaries, under secretaries, assistant secretaries. virtually none of them ever nominated or gone through the vetting process that is so important. they have to move on this step the government work. it's a big government and it needs a lot of people to work. i'm afraid it will take longer than they anticipated. for some people there are a lot of financial connections and deals, unwinding their holdings will take time. they have to get briefed on all the issues before they make statements. they have to have a strategy. they have to have a team that sits down, not just once or
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twice but several times to develop the strategy. david: we are looking here at former secretary of state hillary clinton and her husband, former president bill clinton. they are there for the inauguration. we saw secretary clinton take a deep breath before she walks up to the front of the capital. continuity is important here, the peaceful transfer of power. this is part and parcel of that, isn't it? bob: it shows you the constitution and the democratic process works. some don't like the outcome, some are ecstatic, but the democratic process works. it's incumbent upon americans and people watching -- in washington to provide as much help and assistance they can to the new president and you and ministries and. his success -- and his administration. he needs also to be willing to recognize the government process, the agencies are there
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to serve him. there are very talented people. i worked with a lot of talented people at the state department. these are people that have the country's best interest at heart and will serve him well. this is important because they have a lot of knowledge and a lot of background. the institutions of government are critically important to the success of the president and his recognition of their importance is important as well. the presidential motorcade going down the parade route after the inauguration euromoney's lead -- ceremony is complete. president-elect trump with president obama. we see the former president george w. bush and his wife laura. thatreleased a letter george w. bush wrote to barack obama when he became president. there is a history of continuity between the presidents that is hugely important. steven mnuchin, who testified
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yesterday on capitol hill. donald trump's take to be treasury secretary. he and his wife taking their seats in front of the capital. , over youk listening for? there have been some controversies about dollar policy on of the trump administration. city set things straight yesterday? >> there is been a lot of back and forth on what the policy on the dollar off to be. -- all to be. the -- ought to be. the administration can talk about the dollar but the market in the fed will have more impact on the dollar initially. over a period of time the fed is on the path of raising rates. the economy is strengthening. the vigor issue -- the bigger issue is what the deficit is going to be. if the deposition gets too far out of line, the government will have to borrow more money. interest rates will go up further. the dollar will go up even
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higher. of time willeriod slow growth because it weakens exports but it will attract more foreign money into the dollar and it will go stronger. david: we are watching the motorcade down pennsylvania avenue being saluted as the limousines drive-by. we see the flags. d.c. dresses up well for events like these. we await the arrival of president barack obama and his wife michelle obama, president-elect donald trump and his wife melania, jill biden and vice president joe biden making their way with mike pence and his wife to the capital has well. bob, we hasn't gdp figures out of china. china foreign policy will be a huge issue. what are the next after this president when it comes to china foreign policy? at: china's growth is now 6.7% range. that is very good for china and for the world because a weak
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chinese economy would be harmful to a lot of countries and hurt american exports. he has got to figure out what he wants to do on china. there was a lot of rhetoric but they have to sit down, take a deep breath, get their foreign policy and national security can together and develop a strategy. not make statements before they do that. david: we watch the motorcade proceed to the u.s. capitol for the inauguration of donald trump. about a mile and a half in the capital in the white house. we will bring you live coverage of the inauguration of donald trump as jimmy carter and his wife roslyn take their seats in front of the capital. this is bloomberg. ♪ ump's
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inauguration. i'm here with john that bloomberg headquarters in new york. this is an important day in what is meant an astonishing political journey for both the nation and for donald trump himself going in short order from being a real estate mogul and reality tv star, then a presidential candidate -- to
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presidential candidate, and to president-elect. today will put his hand on the bible and become the 45th president of the united states of america. guests are gathering on the west front of the u.s. capitol. bc president clinton and hillary clinton. other presidents are there a lot of supreme court justices. members of donald trump's family have been in place. president-elect trump and president obama are heading up to capitol hill. they had coffee this morning. 43 see bush 42 and -- bush and his wife laura in attendance. shortly we will see the announcement of melania trump, the soon-to-be first lady. karen pence, the vice president to be's wife. of americansring little leadership both parties on will be an extraordinary day of the ceremony and an important transition unlike the country has ever seen.

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