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tv   Bloomberg Markets The Trump Economy  Bloomberg  June 7, 2017 1:00pm-2:01pm EDT

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not they will have no plans in kentucky in 2018. families, 93,650 think of that. paid $16.5lies million in penalties instead of purchasing unaffordable amare health plans that did not that didn't me to their needs obama cut --. is in a spiral. the problems will only get worse if congress fails to act. obamacare is dead. i've been saying that for a long time. everybody knows it, everybody that wants to report fairly about its nose. hashouse of representatives done its job. senateend a plan to the and the senate is working it's over. we spent a lot of time yesterday with mitch mcconnell, and a lot of the great senators that
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happen to be republicans because we are having no help. it is only obstruction from the democrats. the democrats are destroying health care in this country. we have had no help, we get no do, ifno matter what we we give you the greatest plan in the history of the world, you would have no democratic vote. it is all going to be republicans or bust. and the republicans are working very, very hard. very hard on granting -- getting a great health care plan. it is now the senate's turn to act, and, again, i hope they will act in a very positive manner. i can tell you, the republican senators are trying very hard, and the democrats are in our way. we want millions of americans to finally have the quality and affordable health care that they deserve. they have been unfairly penalized for too long a. of time.
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-- they have been penalized too long a period of time. i want to thank you very much, and to the two families, i want to think of her much. david: president trump is speaking in the tarmac at the airport talking about health care on a trip that was initially scheduled to be about infrastructure. expect that talk in just a few minutes as he makes his way to downtown cincinnati. president trump announcing today he is going to nominate former justice christopher wray to replace fired fbi director james comey. that comes on the eve of the highly anticipated testimony james comey tomorrow. we learned yesterday comey will discuss detailed conversations he had with the president, but it will stop short of saying whether or not the president had thele in disrupting election. anna who covers health care with us here, levy start with you. even what we just heard, in cincinnati, he was talking a day
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after they were pulling out of there could be no affordable care act plans in kentucky in 2018. last night, at the white house, he met with republican leadership telling him to continue on health care reform. where do things stand in the senate? >> mitch mcconnell, the majority leader said yesterday that he was -- they were close to getting legislation put together. something they could bring up in the near future. it was probably the most optimistic of any of the senators that i was able to speak to. at who is a senator key chairman mentioned that he didn't think they would have anything anytime soon. there are different views on how close this is. david: i want to ask you about what he said about obamacare being dead. he mentioned that in this beta
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couple of minutes ago. how much traction is that rhetoric in getting with all of the other things going on right now in washington? how much is that resonating through the capital? it is certainly something republicans have been thing over and over again in the capital. it is not something you are hearing from democrats. they have said there are fixes that need to be made, but they aren't going to get on board with any kind of repeal legislation. be it is continuing to rhetoric that the gop is using calling obamacare eight death spiral or saying it is dead, but it is not something that you are hearing in a bipartisan manner in any form. david: kevin cirilli let me turn to you next. themember the printable of accords were called upon to talk about other matters. mike rogers declining to talk about detailed conversations he had with the president of the united states. what did we learn todaynd how
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does it set the table for what is going to happen tomorrow in the same hearing room on capitol hill? david, i'm here outside of the senate intelligence committee and that hearing just wrapped. as you say, the head of the nsa and mike rogers saying they did not feel any pressure from the white house nor president trump directly in influencing the russia investigation. appetizer, so to speak, at of tomorrow's main event. james comey testifying for the first time publicly since the president fired him. women good story crossing on the bloomberg with jennifer jacobs. we are reporting that the white house, as well as the rnc and trump political orbit from super pac's are treating this as a presidential debate. they are ready for political battle mode. they want to put pressure on mr. comey for his ties to the obama
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years. this is just the beginning. they knew this is an opportunity. they think if they can get there tomorrow, health reform, and muster eight legislative victory, that's a they will be able to move forward. david: kevin cirilli talking but flipping the script. the president we did this morning, i will be nominating christopher wray, a man of impeccable credentials to the new director of the fbi. details to follow. let's walk through some of those details. yell law school, head of a destroying used -- head of a distinguished career. why did the president pick him instead of somebody like joe lieberman? >> he is not a politician. it is also reasonable to say some people with true from the process. this is someone who was interested in the job. he overlapped with mueller, which i think is an interesting point in his career. he spent a few very formative
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years after 9/11. he was very involved in all the terrorism aftermath. it is very supportive of the patriot act. he ran the criminal division to 2005. he is done a lot for white-collar crime. although he has a legitimate esteemed career, he is not quite the same stature as mueller. he is the counterbalance to that. mueller is the person who is independent, going after all the russia stuff without anyone at the head of the fbi, there was sort of a vacuum. night have someone stepping in there. republican, part of that world, most notable is that he was chris christie's lawyer. and he gets into trouble, it blew up on him, he went to this person to defend them and they did it successfully. controversial are the hearings going to be? david: i'm can elect kevin --
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>> on kevin cirilli ndle that part. but he is on work for president trump and that will be a matter of great question. after 9/11, his responses to terrorism and the links that our government -- lengths that our government went to his going to be one of great question. david: what is the reaction to the attention to nominate him as the fbi director? asked a democrat in california before she entered into the area, she said she is going to review the nomination, but she also said that she just did that he could be fined. her words. that would signal that republican unification behind this nominee is solidifying, but that also means they could not have this type of democratic blasting or onslaught that they have received with previous nominations. all of this again, very early to
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suggest, but from senator dianne, it looks like that could be a possibility. i also spoke with john mccain, a republican from arizona, a frequent critic of the white house, and he said that he believes mr. ray has potentially the right foreign-policy experience. nothing too critical, as he will still review, to take the temperature of the lawmakers. david: kevin, thank you very much. ,loomberg health care reporter winnie, thank you as well. 'll ve complete coverage of the hearing with james co starting at 9:40 a.m. wall street time across our broom blurred platforms -- bloomberg platforms. julie hyman is here with the latest. julie: they are just the standing, that is an appropriate word today. the dow, s&p, nasdaq, all little changes. and we areis up .2%
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seeing a remarkably narrow trading range. that has been the trend over the past couple sessions. it means we have gone nowhere since stocks close a record on friday. take a look at the bloomberg care. this is the intraday chart of the s&p over the last couple days. we saw the s&p 500 climbed to a record and come down from there. .01% justn 1/10 -- not a lot of movement over the last several days. into today's session, one of the groups that is doing well, relatively, is the banks. citigroup, jpmorgan, bank of america are all trading higher. they appear to be reacting to what is going on in the bond take mucht it doesn't movement in the bond market to create this ripple affect. the 10 year yield today is seeing an increase, but it is only two basis points. 2.16%. any increase, seemingly in the
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yield, has been leading to gains in the financials. however, look at the big picture. 9118. look at the g #btv we look at the yield spread. the fact that it has been narrowing so much would seem to be bad news for treasury. yes, there is a bounce today, but the trend has been lower. prize index.nomic that too has been trending lower. that measures how many of the economic reports beating economists ask students -- economists estimates. may in particular. this is all contributing to the discussion about whether the fed is still going to raise rates, multiple more times over the course of the year, david. david: julie, thank you very much. president to speak on an protector push later this hour. we will bring you those remarks to live in full, as soon as they
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begin. this is bloomberg. ♪
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♪ david: this is bloomberg markets, the trump economy. i'm david. let's check in with mark crumpton. mark: david, thank you. the senate intelligence committee opened up two days of role in about russia's the 2016 presidential election. one focus is whether president trump had influence on the fbi's investigation. lawmakers got no help from the director of national intelligence rate >> -- national intelligence. >> i do not feel it is important to me in the public session in which confidential conversation between the president myself is to be addressed in a public session.
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mark: the star witness, james comey, is scheduled to testify tomorrow. president trump has picked up former admiral prosecutor to replace mr. comey. and a tweet today, the president said he will nominate christopher wray who ran the justice department's criminal division under george w. bush. the president calls ray a man of impeccable financials. the former wife of one of the legend bridge attackers said she , saddened,shocked and numbed by her ex-husband's actions." us they went was released saying they had a daughter together and split up about six months ago. the role was condemned on the attacks and she said she did not support his beliefs. the attackers killed eight people. ther'sdiplomat says " nothing to negotiate with cutter over a growing diplomatic dispute over the energy rich nation's alledge fundings of terror groups." the minister of foreign affairs
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told the associated press that chosen tos "-- has " rise the tiger of terrorism in now has to pay the price." saudi officials plan to concede nothing to cutter. global news, 24 hour does -- 24 hours a day, part by over 2700 journalists and analysts in over 120 countries, this is bloomberg. i'm mark crumpton. david? david: james comey testimony tomorrow, as backs -- has president trump's tax plan taken a seat to it? we here have tom barrick. tax is a low hanging fruit for everyone. encouraged by a usable tax bill as i am for everything. everything wins. everybody wins.
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health care is much more complicated. i'm optimistic about the workable tax bill. it will be as great as people hope, what be as bad as the naysayers think, but mnuchin and gary cohn, together with the budgetary confinement and a congress who have to get there, this congress has got to do something. i think on a business sense, boldness.hope, when you look at transparency in the world, wise our? stockmarket doing what it's doing. what we have to do right now is investing google, amazon, that is the market cap of the entire world. , capital,cy, optimism at the time with the rest of the world is in southern wealth, central warfare. the only thing that is getting better is that central banks
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have now become the governor's dish you are -- 10 years ago, nobody cared. nobody cared who was the central banker in all of these countries. it was a boring job. right? now to dictate the pace. when you look and say, we are almost in the tent here, we have what have all been wrong. everybody wants to fix interest rates. they asked, have interest rates started to drip? everybody says i'm going to lock. i'm just going to lock my interest rates and go fixed. if you did on that in the last 15 years, you would have been wrong. it is an amazing phenomenon. everything is getting cheaper, this intermediate it -- disintermediated. the effect on the world will change dramatically. office buildings are becoming
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unnecessary. you have amazon was put shopping centers out of business and turned them into entertainment centers. you have netflix, which was a flash in the plan, blockbuster video, which was worth 5 billion and netflix which is zero, and blockbuster video is bankrupt and netflix is worth the market cap of all the major studios combined. who can figure out where the world is going? best spotca is in the in the world for preservation of capital from everywhere. i think this protectionist notion that the president has is the best global elixir that we could have. what he is doing by saying, i only care about america i'm a is a saying he is driving global growth in a meaningful way. that is his rhetoric. david: let's go east of
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cincinnati, in ohio. president trump has started speaking. >> spending money all over the world except here. we spend all over, not here. we will do it doing american that's using american labor, energy, iron, aluminum, and a steel. [applause] we believe in the dignity of work, and in the greatness of the american worker. no worker like our american worker. i want to thank secrety purdue , secretary ziggy, and administrative prewitt for joining us today. oursaw what we did with great administrator. you saw what happened last week with the so-called "paris accord." greatl keep our nation so , and so strong, and we will never have outside forces telling us what to do and how to
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do it. believe me. [applause] [cheers] that would been a huge anger on our country. i'm also grateful that governor matt bevan, his wife, and his family could be here along with lieutenant governor janine hampton from kentucky. great place. [applause] and lieutenant mary taylor from ohio. thank you, mary. thank you very much. [applause] we also very excited to be joined by top labor leaders in the united states. i've negotiated with these people for so long. --, but tough but they they get the job done. together, we will put our skilled trades people back to work. today,re with us
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president of the north american holding trade union. shauna took part in one of our very first meetings at the white house worried that was a great meeting, sean. he was there with us when we issue the long-awaited approval for the keystone, xl pipeline, which has started. [applause] after years and years of stagnation. they said that is never going to happen, and we got it started. it is a big job. that is just the beginning. we have many other things happening, including the dakota pipeline. also moving along and very rapidly. eric, theso welcome president of the united ironworkers and terry o'sullivan of the laborers international union of north america. i will proudly say to you all today what i told you and told our labor unions two months ago in washington, as long as i am
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president, america's labor leaders will always find an open door at the white house. we had a great day. [applause] we love our workers. we are also pleased to be joined by executives from marathon , bungee north america, cf industries, peabody energy, alliance coal, ak steel, nucor steel, [applause] oh you like the company i guess? [lr] buildmany others readyo our roads, the bridges, the tunnels, and the waterways of tomorrow. they are currently working very hard, in fact i brought a couple of the greatest buildings in f lefrack.ichard o
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,." steve. did appear, richard. here, richard. come here richard. [applause] >> i have to do this. talkersare not big unless they are behind a desk. go ahead, richard. we are all fortunate to have the greatest builder in america, .trump j sitting behind in infrastructure program, which america sorely needs and is ready to implement. donald, president trump, thank you.
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>> these are great builders, we are watching and they are looking over our shoulders. they don't need the money. they are not doing it for that. i said, make sure it is going to come in on time, under but it, budget.der they're going to be looking over some of the big jobs that we have planned. not these jobs that take 14 years to build when they are supposed to be completed in 19 months. you have been hurting about them, right? that is not going to be happening, in this ministration. the american people deserve the best infrastructure anywhere in the world. we are a nation that created the panama canal. we created the transcontinental -- if youand the think about this, the great highway system, the interstate
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highway system. we don't do that anymore. we don't even fix the old highways anymore. we will take even fixing them, but we will get them going again like they have never been before. these projects, not only open new lanes of commerce, but inspire the immigration and the dreams of millions, of millions of people. we crafted monuments to the american spirit. it is time to recapture our legacy, as a nation of builders, and create new lanes of travel, commerce, and the discovery. we are going to see all the way in the future, and it will be beautiful, and it will be bright. and my campaign for president, i traveled all across the nation. i saw the crumbling infrastructure, met with communities that were desperate .or new roads and bridges bridges were so dangerous, they
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couldn't use them. they were worried that they would fall down. you have seen that happen. theve heard the pleas from voters on why we could build foreign countries, spend trillions and trillions of dollars outside of our nation, but we can't build a road, a unnel in ouro nation. we watch everything falling into disrepair. it is time to read tilde our country -- it is time to rebuild our country. it is time to put america first. that is what i have been doing, if you haven't noticed. [applause] while, it is very early in the administration, i think everyone has noticed. right? we have noticed. the people are noticing like they have never noticed before.
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we are already making historic progress. right now, thank you. [applause] right now, more small businesses .re planning to hire last week, the stock markets soared to record highs. highest ever. that boosted the pensions and retirement accounts, and those of hard-working americans. i've just returned from a trip overseas, that signature -- secured more than $350 billion of economic investments into the united states. that means millions of jobs. [applause] i want to thank the king of saudi arabia, king solomon. together, lot of time and they are doing a great job. they are going to be doing something very special.
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, theee it with terrorism funding of terrorism, it will stop. it's going to stop the funding of radical islamic terrorism. and they will stop. [applause] hosted over 50, all muslim countries. they said there was never anything like it in the history of this world. never been like anything that took place two weeks ago in saudi arabia. i'm very proud to be a part of it. hopefully, that can be the beginning of the end to this horrible, horrible situation that the world is suffering right now called terrorism. i it going to put and we have to be very tough, smart, very vigilant, and we're going to end it. [applause] in my meetings, with foreign
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leaders, i sent a clear message that america expects their trade . a level playing field. so many other things that we are to many for our workers and companies. every other country looks out for their interests. it is time that we finally look out for our interests in the united states. [applause] no longer will we sacrifice american jobs, factories, and wealth. the theft of american prosperity has come to a screeching halt, folks. american greatness is about to begin. you see it. it is about -- it is already beginning. we will restore the industrial as theand i look here captain asks me to say please wave so i say, hello captain.
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he put up that beautiful flag. creating infrastructure all over our country. that is what is happening. to achieve our boy economic strength, we must repeal and replace obamacare. [applause] implementation' began, premiums have increased by an average of 75% in kentucky and 86% in a while -- in ohio. yesterday we learned that the last statewide insurer in ohio is leaving. have you heard about that? they said, bye-bye. what a mess. that could mean another 20 counties and 19,000 people will have no plans. hashouse of representatives been working, i will tell you, very, very hard. it has done his job and passing along and obamacare replacement
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-- it has done its job in passing along an obamacare replacement. to save americans from this catastrophic event am a because obamacare is dead. obamacare was one of the biggest, broken promises in the history of politics. remember, you can keep your doctor, you can keep your plan, didn't work out that way. you end up paying not to have insurance because it was cheaper. there is another major promise that washington has revealed -- repeatedly broken, and that is the one that we are here today. onis a promise that is going unheated. it is called restoring our country. ,he promise of a safe, reliable and modern infrastructure. it hasn't been capped, but we
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will keep it. american lives and livelihoods depend on our action, together. that is why i am calling on all democrats who honestly have really been obstructionists. boy have they tried. [laughter] every single thing. on health care, i won't get one vote. obamacare is crashing, it is dead, it is in a death spiral is one of the biggest insurance companies said, it is in a death spiral. we are coming out to do good, not bad. we want to get one democrats vote. think of it. they are just obstructionists. everything is obstruction. if i't think -- honestly were in that party, i wouldn't be doing it that way. i would be doing positive things. that is why they lost the house, senate, the white house. people don't want to see what is going on. they want to see us all come together, but i don't see them coming together. they are obstructionists.
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i'm calling on all democrats and republicans to join together, if that is possible, and the great rebuilding of america. american jobs depend on rivers, runways, rails, that are in desperate condition. millions of american families rely on their waters, pipes, pumps that are on the verge of total failure and collapse. we are pleased to be joined today by representatives from many, many industries that depend on a truly critical component of our nation's infrastructure. the 12,000 miles of inland waterways. ,e have farmers, coal miners and by the way, those coal miners are happy. [applause] coal miners, they li trump.:zx trump.ke
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same with steelworkers and oil workers. we have taken those restrictions and horrible regulations off of your companies. we'll have clean, beautiful air, water, but you can have your jobs also. you can have your jobs. [applause] maybe more than ever before. i want to salute each of you for the work that you have done and, maybe more and fortunately, the work you are about to do, because it will be a beautiful thing. you watch. the citizens know firsthand that these rivers, like the bread -- beautiful ohio river carry the lifeblood of our beautiful hartline. behind us today, are those 12 barges. look it this. west virginia, do we love west virginia? west virginia. [applause] .est virginia coal
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next week, we are opening a big coal mine. you know about that. one in pennsylvania, a new mine that hasn't happened in a long time. we're putting people, the miners back to work. the contents of 1, 9 a barge towboat like the one behind me carries the equivalent of 1007 tractor-trailers. able don't realize it. people don't realize it. but they donow. [applae] roughly 60% of united states grain exports travel down these waterways to the gulf. more than half of the american milesproduced within 250 of where we are seeing right now, and its production depends on the inland waterway system, and wait until you see what i'm going to do for steel and for your steel company. we are going to stop the dumping
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wonderfulll of these other countries from coming in and killing our companies and our workers. [applause] you will be seeing that very soon. will be veryks happy. cargo 25% of the nation's relies on the channels and the refineries along the shores. dependsitical commerces on lock and dam's more than half a century old, and their condition, you know better than anybody, is in very bad shape. it continues to decay. capital improvements of the system, which is so important, have been massively underfunded. there is an $8.7 billion maintenance backlog that is only getting bigger, and getting worse.
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last december, uthe ohio river near pittsburgh, one lock built more than 50 years ago had to be shut down for five days, due to hydraulic failure. you know what that means. five days means everything comes to a halt. we simply cannot tolerate a five area ofdown on a major american oil, coal, and seal. it will get more and bigger. the best,s to have fastest, and most reliable infrastructure anywhere in the world. we cannot accept the conditions any longer. a few years ago, a gate broke .rom its engines -- hinges it took nearly five months to repair. any of you know of us that? it wasn't a pretty picture, right? david: president trump talking there on the banks of the ohio
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river. we will continue to monitor his speech, his remarks centering on infrastructure. there was a long windup about environmental issues, the paris agreement, affordable care act, the election back in november as well. he then began speaking about infrastructure and broad. i'm new to talk about what the president was discussing in cincinnati. joins me from an capitol hill. compared to what we have heard over the last few minutes, this is if researcher week according to the white house. we were perhaps waiting on more detail about private partnerships. he was mentioned -- mentioning locks on beale ohio river. he talked to more -- a lot more about other things. kevin: not a lot of detail on the empress pressure plan. house billswhite
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this is infrastructure week, there's a lot happening this weekend. it was a throwback to the campaign. he talked about ohio and his efforts there. sahil:the predictions that he was probably not supposed to win the state. he loves to revel in these things. he talked about health care. the senate begin the process on putting the house on the counter. mitch mcconnell put it up for a potential fast-track consideration. things are moving in a secretive manner. no public details, hearings, or markups, but republicans are working behind the scenes on this. you couldn't get any democrats to work on this. a variety of things on trade and trade protection. kevin, too far to go for me to say this is a wish list of what the president hopes people talk about? we talked about the hearing this morning and the highly anticipated one tomorrow. this is a laundry list of things the president wishes to have more politicians talking -- more
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politicians talking about. kevin: i think the reality is all of tomorrow's news flow will be james comey. in fact, we should note that it is tomorrow when the house of representatives will vote on a bill to dismantle dodd-frank. i spoke in the hallway earlier with senate banking committee chairman that the committee chairman, that said this would be a long road before the senate will be able to take off dodd-frank. the first thing that the banking committee is likely going to do is whether or not to inject russia's sanctions in the iran bill we think is russia probe ongoing, the president tried to stay focused on this. there is no question that the white house is very quickly mobilizing on how to defend the president ahead of what is supposed to be a remarkably contentious. tomorrow. and theen james comey
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senate democrats and republicans. david: they give up sticking with us. the president is continuing to give his speech and you can check that out on the bloomberg a few would like to continue watching from speaking. these of them read outside of the city. a quick programming note, we have special coverage of the james comey testimony on bloomberg television. bloomberg radio is beginning at 9:40 a.m. eastern time. coverage will be streamed live on twitter, so check it out there, if you like. this is bloomberg. ♪
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david: this is bloomberg markets , the trump ecomy. i'm david. let's get a check in with juli man. julie: i want to focus on infrastructure in particular. that is what the president is talking about on what he has dubbed infrastructure week.
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many of the companies we track in the united states did well following the election am a but since then, they have underperformed. here are several of them. terry stotts of construction companies, like jacobs engineering. thenlection, bump ups, post-inauguration, another leg up. before then, coming back to earth is what we are seeing. that is a trend for many of the stocks that service proxies for the administration's agenda. if you look at something outside of infrastructure, the various metals and other ways of judging sentiment. that is the gold to copper ratio on top. gold has been trending upwards versus copper. it is seen more of a proxy for economic growth, infrastructure spending, etc.. we have the 10 year yield here which has been trending down. finally, another way to look at it is globally, there, things have been going better.
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we have an smp municipal bond infrastructure index. that is in white. the bloomberg berkeley aggregate bond index. bonds overall were outperforming the infrastructure unabomber. that has changed in the past week or so. it seemed that put over. the red dotted line is the difference between losses and gains. both of them has slipped into the green. on the bottom, the s&p global index in yellow uses the all caps or world index in purple. we see every structure underperforming here, even though, among the bonds, it has been outperforming to some degree. a couple of ways to look at not just the trump agenda but every structure around the globe. the president continues to speak in cincinnati are. david: the uncertainty surrounding trump's policies is making investors cautious. bloomberg that they
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are treating beijing as an ilife but stance good -- as an ally but the stance good change at any time. >> china was the bogeyman and 2016 in the campaign. following one visit to and xiago, the president jinping seemed to be best buddies. think, one of the things that has caused most of us that are watching, geopolitics, and we are stuck, guys are not the macro people. -- guys. we are not macro people. this could change tomorrow. i think that is something that has a lot of people uncertain. you had this currency manipulator, trade problems, and this is administration -- this
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is an administration focused on trade. now, all of a sudden, china is our best friend in the western pacific. clearly, people are focused on north korea, as they should be. is still china sea being developed militarily by china. you have the chinese currency stabilizing, post mar-a-lago. i think that is a good thing. we will have to see. this is an administration who seems to make it up as you go along. what the apostle -- policy will be six fro months from now, i wl not know? scarlet: so we can't say the trade war with china is removed? >> i think anything that will bring tariffs is a dumb idea. i'm a free-trade guy. that will stem well beyond china. that will extend to our partners in north america, europe, and we seem to be picking a lot of
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fights these days. china seems to be one we're not picking. concerning a lot of trade partners everywhere else in the world. and aral rise in tariffs drop in global trade would have to be bad news i think. david: those jim, the founder of the associates in the summit of new york. the senate intelligence committee is releasing the statement that james comey will be giving tomorrow. i have it up on the bloomberg. it iabout seven pages ng. these ofoken it down each briefing he had with the president. he said he met first on the sixth in a conference room on trump towers in new york. he was there with other leaders to brief him and his new national security team on the findings of an icy access meant -- assessment. this is particularly relevant of the news that we have got of the last 24 hours.
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he said, i remain alone with him to brief him on some sensitive aspects of the information assembled during that assessment. the icy leadership thought it icld be important -- the leadership thought it would be important even though it was salacious and unverified. i'm writing this from james comey. this is going to be given tomorrow. he continues, among the reasons why he briefed him, given the information, we knew the media was about to publicly report the information and we thought that the committee should not give knowledge from the president-elect. there was some extent to compromise an incoming president and we could blunt any such effort for a defensive breathing. i bring kevin whitelaw from our d.c. bureau. he joins us now. we woered when the statement look a lot today. what e we expecting in light of what we are seeing?
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this just posted. you and i are both ratings thread as we go. what were we expecting from james comey in light of what we have seen reported over the last couple of days? thoroughis is a statement in terms of talking about their tip before it started. some of his encounters, and it reads like a novel -- not like a novel but there's a real narrative quality. he seems to be laying out the facts of the quality before coming to too many judgments. there seems to be enough in here that you can draw conclusions about some of these incidents which he thought emerged on being an appropriate and seemed to make him a little uncomfortable. david: i continue to read from this. i would like a response from you, he says, prior to the meeting, i discussed with the fbi leadership team whether or not i should be prepared to assure trump that we were not investigating him personally. he continues, that was true. we did not have an open
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counterintelligence case on him. we agreed i should do so if circumstances warranted. during our one-on-one meeting, based on trump's reaction to the briefing, without him asking the question, i offered that assurance. that is news here. the president has said repeatedly that james comey did assure him that he was not under investigation. i will continue reading here. that's a piece of news that is unsolicited. he offer that information to the president of the united states. kevin: yes, obviously that is something that will make the president's people very happy to hear. that is something you can read into the statement. i measured you will hear the president himself and certainly a lot of surrogates -- a lot of his surrogates out there. at the same time, it is very clear that there were a number of other passages talking about conversations and moments that comey felt were uncomfortable when it mes to
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some of the types of conversations. particularly, asking for loyalty. as it soundsmuch, like from his discretion, much as it has been reported in media reports from a few weeks ago. david: explain what we're doing here, the senate intelligence committee posted the statement that james comey will give tomorrow in the of his voting tomorrow. been made about his statement. he says, after the meeting on i felt compelled to document my first conversation with the president-elect in a memo to ensure accuracy." i began to type it in a laptop and an fbi vehicle outside of trump towers the moment i walked out of the meeting. greeting written records neatly after one-on-one conversations with trump. that was my practice from that point forward. jim thome he says, i can recall 91-on-one conversations with trump in four months, three in person, six on the phone.
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kevin whitelaw, this will be incredibly important going forward here. , investigators, lawmakers, rely on this documentation that james comey created almost in real time after his interactions with the president. kevin: we're not expecting those memos to be in the position of the intelligence committee when tommy appears tomorrow. they might be handed over at a later time. i think there will be a lot of questions about those meetings, a lot of interest in those the car care tips of what happened. we don't kn what -- how much comey willbe on the deils of what he is offered in the statement to their questions. senators who will question other intelligence officials in an unrelated hearing today, obviously a lot of russia stuff came up, and they get frustrated not getting a lot of answers. it'll be interesting tomorrow to see other comey does indeed go beyond an offer details in addition to what is in the statement out now. or, whether he says, this is
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what i'm comfortable saying and i won't say anything more. that is why the things we will be looking for tomorrow. david: let's move on with the time left on this document. this section pertaining to the january point seventh dinner with the president. details on how he had been invited to the white house, intended to invite his whole but, then he decided just to have him at this time. that is according to james comey. it turned out to be just the two of us. we were seated at a small oval table in the center of a greener and at the white house. the president began by asking me whether i wanted to stay on as fbi director. and i'm rating from the statement. i found that strange because he tommy tyson earlier conversations that he hoped i would say. the dinner continues. you to reflectsk on this. a few minutes later the resident said "i need loyalty, i expect loyalty." , ordn't move or speak
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change my facial expression. we looked at ea oer in silence. an incredibly dramatic moment details in this. just abo 30 seconds le. we will be hearing a lot about that tomorrow, what did he take from that, how to call me interpret that, and how did he interpret some of the subsequent conversations. i have a feeling he will not into that but let it speak for itself. there's a decent amount of mustard in there. david: kevin, thanks for speaking with us. the testament that james comey is expected to give this tomorrow, is what we have. he said, the phone call on april 11, that was the last time i spoke with president trump. the coverage of that begins at 9:40 a.m.. this is bloomberg. ♪
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which is why comcast business delivers consistent network performance and speed across all your locations. hello, mr. deets. everbranch rning like headquart that's how you outmaneuver. tthat's why at comcast,t to be connected 24/7. we're always working to make our services more reliable. with technology that can update itself. and advanced fiber network infrastructure. new, more reliable equipment for your home. and a new culture built around customer service. it all adds up to our most reliable network ever. one that keeps you connected to what matters most. 2:00 p.m. and -- 2:00 in new york, 7 p.m. in san francisco i'm scarlet fu. julia: i'm julia chatterley,
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welcome to bloomberg markets. scarlet: yvonne: -- atrlet: live in new york bloomberg world headquarters overnight hour. breaking news the last hour, the opening remarks from fired at the our director james comey have been released ahead of tomorrow's hearing. we will break it all down for you in a few minutes. moving to market, pimco director dan ivascyn the u.s.- ways in at struggling to compete against i like exxon. julia? julia: let's get to the latest remarks from fbi director james comey.

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