tv Bloomberg Markets Middle East Bloomberg October 22, 2017 12:00am-1:00am EDT
♪ yousef: middle east mission, u.s. secretary of state arrives in saudi arabia to begin a tour of the region. that includes iraq, syria and iran. catalonia crisis. the prime minister said he will dismiss the regional president and his government. that an attack on democracy and thousand to fightt on. stay with geopolitics in japan's snap election. are live in tokyo with the very latest.
all options are open. opec and its allies say nothing is off the table when it comes to rebalancing the oil market. a.m. in dubai. midday in hong kong. this is "bloomberg markets: middle east." been, weekend has especially in the united states with the equity benchmarked indices hitting records. it is not so much that they are hitting records, but the pace it is being done. these are your friday closings for the s&p 500. 7% for the dow jones. the nasdaq was up 4/10 of 1%. it was not all positive because general electric tumbling after slashing the 2017 profit forecast. this goes to the story of optimism around what donald trump is doing in terms of possible tax reform and tax cut. u.s. dollar reaching a three-month high. up 6/10 of 1%. in terms of other asset classes,
we are carefully watching -- 10 year treasury yield approaching 2.4%. the president was moving closer to selecting the next fed chief. we are getting more commentary of around john jerome powell and janet yellen. a couple of key currencies. you have the euro dollar one spot 17 84. -- 1.1784 1.1784. of 1%.rude up 9/10 quite a narrow trading range for brent crude. in the meantime, jump into the bloomberg with me for the equity polls across the middle east. gcc index. we have broken this down on in mrr basis. beautiful function on the
bloomberg. somatic lee we are looking at qatari spot -- qatari stocks being under pressure. somatic's we are looking at qatari stocks being under pressure. there is a five day rise. and doha bankk down 5.5%. saudi stocks did well in comparison. saudi up a percent. riyadh bank reporting earnings that beat expectations. we are still waiting for more corporate earnings to give us a better picture of where the economy stand. let's look at the first word headlines from around the world. spain will dismiss catalonian president and his government and take control of the regional police force and public tv and radio channels. those are some of the measures that the spanish prime minister
said could be ratified within a week. he has about -- despite prosecutors warning that he could face up to 30 years in jail if he refuses to back down. the spanish government, with the support of the socialist and citizens party has undertaken the worst attack on the institutions of the people of catalonia. since the decrees of the military did hader, abolishing abolishing the act. desley: more than 100 million voters in japan have begin casting ballots in a snap election. it could be the longest-serving leader. polling stations open at 7:00 a.m. local time. low turnout could be termed advantageous for abe. voting ends at 8:00 p.m. local time.
at least 54 policemen have been killed during a clash with militants in egypt. security forces were shot at during a raid on a suspected hideout in a province. egypt claims 15 militants were claimed -- were killed or injured. there will be an investigation as to whether the police counterterrorism agent failed. in a u.k., the opposition labor party is prepared to unite with conservative rebels to force theresa may into giving pms the vote in the final european deal. spokesperson has warned that they will support the rebels unless she accepts changes to the eu withdrawal bill. president says he is considering john taylor and jerome powell for the fed. he indicated janet yellen is still in the running for renomination to a second term.
he told business news his decision will come shortly. the white house has already said he will make the choice before he leaves for his trip to asia in november. it is being reported that the chairman of the china banking regulatory commission is to be named the next central bank governor. he has moreims that support than other candidates and that his of may could be confirmed in the coming weeks. speculation has grown since the aboutt governor hinted his retirement coming soon. news, 24 hours a day, powered by more than 20 700 journalists and analysts in more than 120 countries. this is bloomberg. yousef: let's talk about one of our top stories. secretary of state has arrived in saudi arabia to be in a diplomatic mission in the middle east,'s asia -- middle
east and asia. in riyadh, he will explore ways to improve relations by participating in the first meeting. let's get more perspective on the story. i am looking at the front page of the newspaper and they are leading with a story saying, this is not just about iraq, this is also about the gulf crisis with qatar in particular. what are the hopes for quick resolution in some of these key disputes? moreu don't need to go in in our interview with secretary tillerson on nbc when he said that, when he faulted the saudi block and not finding resolution. to engagetar is ready in talks, but not the other party. from what we have been hearing, yes we will talk about iraq and syria, but qatar will beat a up
of the agenda because the u.s. wants to try and find a solution for this. he is not optimistic that the resolution would come quickly. money: spark -- smart suggest a solution would be around the corner. is lower thanal crisis level. we will see another official in this part of the world. we have the treasury secretary, which adds more fuel to a possible resolution. at least to get the ball rolling in the right direction. thing here -- since the beginning we have been talking to participants and analysts. is, for the saudi a to fill that tillerson and secretary mnuchin are speaking for the white house -- from the beginning we have seen two voices. we have seen the secretary of state being a bit more vocal and out there and saying what he thinks. thepresident support if
saudi led alliance, then said, i want to find a solution. again, left it there when his last attempt fell apart with the phone call that we all remember just with that phone call we all remember. maybe we will see something -- with that phone call we all remember. yousef: donald trump describes what he calls a breakthrough. there is strong rhetoric from this administration that we are used to, but the -- but is there in actual breakthrough? >> raqqa has fallen less week to the forces. they have been defeated almost in iraq and almost in syria, but the end is in sight, they say there is a lot a to clearause they want all the pockets.
obviously be attention now focuses on the post conflict. they turn against each other. we saw that in iraq. there was concerned this could happen. that is actually where we are headed. yousef: great having you on the program and helping us through messy politics. our middle east economy and politics editor. it's get you a preview of what is still to come on "bloomberg markets: middle east." itsill talk about opec and allies. they are complying 120% with the protection curves -- production curves. the statetalk about of the dubai economy and the business plan that the president and ceo of the dubai chamber has. this is bloomberg. ♪
of the british people, it is the issue of the remaining 27 members of the european union as well. phaseing on to the second is not for me to do. it depends on whether we believe in dealing with the topics of phase one. >> there has to be detailed works on those commitments. we are going through them line by line and we will continue to do that. >> we are following the deal. i hope we will be able to move to the second phase of our talks in december. that was various european officials weighing in on brexit. eu leaders the summit in brussels. let's jump into the broom -- into the bloomberg. 3035, the performance of the cable trade since the brexit vote. we added the 50 day, 100 day and 200 moving day average.
there is key metrics here. imported -- it- can to point out that, it is not so much what theresa may said in her speech, it is what came out of russell that gave them optimism about the directions. let's get news from the bloomberg business with deathly -- desley. fund managerge said he talked with more than 150 potential investors with a goal of raising one billion francs for his campaign. there is .2% of the swiss lender is urging the bank to be split into three. saying it would double its market value. he said he spoke to the ceo about his plan. >> they were very friendly. he is a great guy. i think he is very smart. i think the really good thing not a private
banker so he does not have a attachment to leave aside. desley: chief operating officer said that securing a mate in for that sees series jet by building another assembly line in alabama would cost only a few hundred million dollars. the new facility is crucial to the strategy for increasing u.s. sales of the canadian plane while avoiding trade penalties imposed by the trump administration. that the passenger jet carrying between 100 and one hundred 50 passengers will generate 6000 orders over the next 20 years. puerto rico officials have taken time away from hurricane recovery efforts to bid for amazon second headquarters. the island has submitted a proposal to establish an amazon office known as hq to -- hq2.
the vulnerability of the energy grid could be a dealbreaker. most of the island has been without electricity since maria came through a month ago. businessour bloomberg flash. it back to a bring bit of a local story. dubai is an example of a gulf economy but does not rely on oil revenues to fund expansion. gdp has been growing around 3.2%. that is forecasted to continue. is the me now here president and ceo of the dubai chamber of commerce. thank you for coming on the program. exciting times for dubai. i want to kick off with your sense as to where dubai economic growth goes from here. shrunki of course has fundamentals in this part of the world. we are based, as you said.
then oils, trade, tourism, and seeing goodare growth numbers, even during these challenging times. of course the whole region is impacted with the low oil prices. indubai we focus a lot looking into new areas and new trends under the areas of innovations and businesses. growth was to cover percent in 2016. if you had to play number for 2017 and 2018, what would it be? around -- it is around 3%. building more in infrastructure and supporting more businesses, we can take that slightly higher up to 4% or 5%. yousef: dubai is no longer the problem child of the united arab emirates. you look at where they are trading for, dubai bonds versus abu dhabi has a spread that is
narrowing. in terms of where the road goes from here, just a brick down here on the bloomberg. if you want to jump in with me. this is the trade breakdown for as anited arab emirates whole. your key trading partners. india at the top, china, japan at number three. united states and switzerland rounded up at number five. where are your priorities for boosting trade for dubai? hamad: the model of dubai has froms been -- we import the world and export to the region. we talk about the emerging region. maybe we look in the middle east, we start focusing on africa this time. csi region has been one of our good markets. we continue growing with south asia. this kind of consumer market has been interesting for us. our diverseinue
markets. we do a lot of exports in these markets. this is why the numbers are continuing to change. if you look 10 years back in africa, that was around 3% for the total trade of dubai. today is around 10%, 55 billion u.s. dollars. despite the fact that commodity -- some african markers. the consumer growth is making the markets interesting for us. yousef: three countries. saudi arabia will continue to play a big part for us. india is one of the partners that we not only import from, but we export to. and i would say east africa. yousef: what extent has qatar disrupted your plans? is one of the gcc markets they used to be number two and our region. there is not a challenge that is short-term.
as a business,, as we continue to diversify, we hope the recent challenge will be sorted soon. growthin terms of the story in africa, you are trying to effectively position dubai as a link between the asian story and the african narrative. where is the growth going to come from in africa? which countries are you targeting their to do more business with in terms of trade and tourism? excellent bye has infrastructure when you look at africa. we are well-connected, especially with east africa. we have been building a lot of infrastructure with other sides of sub-saharan africa. i would say sub-saharan africa with more focus on the east side, these are areas of consumers, almost 400 million. half of them between the ages of 15-24. the middle class is growing quite well. we believe that we still can
service that market. as a majorabout asia connection, but we believe we can do more. to doing we are trying through dubai infrastructure and the proximity with africa is to allow africa to showcase and connect with the world, not only with asia. with changes in the economy, and there are more focus is in doing , that willerently open more opportunities for businesses and people. fed.f: it comes to the we're focusing on new possibilities when it comes to the fed. a more tighter policy going forward, how concerns -- how concerned are you about the liquidity given where interest banks are? hamad: we believe this will continue in the medium term. we expect that there will be
increase in the fed rate and this will back the increase of interest rate. inething we need to keep mind. inflation rates are low, interest rates are low right now. any increase in the coming three years, i think that should be manageable. yousef: it was great having you on the program. this is the president and ceo of the dubai chamber of commerce and industry. still to come, we have the latest from tokyo where japanese voters are headed to the polls. we discussed how the results will impact the future. this is bloomberg. ♪
yousef: this is "bloomberg markets: middle east." let's talk about what is going on in japan with more than 100 million voters there that have begun casting ballots in an election that could clear the way for prime minister shinzo abe to become the longest-serving leader for the country. let's get more on the story.
, the weather affecting turnout this morning? yvonne: not yet so far. japan bracing for a monster of a strong one. than 200ds up to more columnar's. here in tokyo we have only seen heavy rain. that has not deterred voters to come to polling stations like this one. we have the early number showing that the turnout is higher than we have seen in previous elections. it is looking to be an easy win for shinzo abe. the big question is, how big of a margin could this victory be? the polls that we have seen leading up to this election is still pretty unclear whether he can retain that majority. yousef: what about the mandate for reform? would it be strong enough and
how does it play with the foreign policy? that is right. it is pretty critical for him to keep that majority, that two thirds of a vote. pastrevising the constitution, many more structural reform. given the disarray we have seen within the opposition right now, the only has booted abe's chances. he only has the economic so far.d to prove consumption and wages are still stagnant, but we are seeing growth for japan. unemployment numbers were still a two decade lows. stock market was rallying at highs that we have not seen since 1996. he is campaigning on that stability, that continuity of ultra-loose monetary and fiscal policy. when it comes to north korea as well, it is the main reason he called for the staff of election more than a year early.
yousef: we are 92 -- 90 minutes away from the market opening here and the emirates. selling up toing 30% of you more development. it is the unit of emaar .roperties we had reported earnings late thursday. that down 32% with a nine-month profit as apartment sales surge. that will be one to watch going into the trading day. the check in with the first word headlines from around the world. spain will dismiss catalonian president and his government and take control of the regional police force and public tv and radio channels. those are some of the things
that the spanish prime minister said could be ratified by the senate within a week. he has vowed to fight on despite prosecutors warning that he could face up to 30 years in till if he refuses to back down. the spanish government, with the support of the socialist and citizens party, has undertaken the worst attack on the institutions of the people of catalonia since the decrees of the military dictator francisco franco, abolishing catalonia. the 100 million voters in japan have begun casting ballots in the snap election, which could clear the way for prime minister shinzo abe to become the country's longest leader. open at 7:00ons a.m. local time. low turnout could prove advantageous for him. they will publish results of the att polls once voting ends
8:00 p.m. 54 policemen have been killed ining a crash with militants egypt. security forces were shot at during a raid on a suspected hideout in the province. the ministry claims 15 militants were killed or injured. officials say there will be an investigation as to whether the police counterterrorism agents failed to inform the military of the operation. in the u.k., the opposition labor party's is parity and night with conservative rebels to force theresa may into giving binding vote on the final european union deal. rising in today's sunday times newspaper, they have warmed the prime minister that labor will support the rebels with the eu withdrawal bills. president trump says he is considering john taylor and .erome taylor at the fed
he indicated janet yellen is still in the running for nominations for a second term. he told fox business news that his decision will come shortly. the white house has already said he will make the choice before he leaves to a trip to asia in november. it has been reported that the chairman of the china banking regulatory commission is to be named the next central bank governor. postouth china morning claimed that he has more support than other candidates and that his appointment could be confirmed in the coming weeks. speculation has grown as the current governor hinted to reporters that his retirement was coming soon. dayal news, 24 hours a powered by more than 27 hundred journalists and analysts in more than 120 countries. this is bloomberg. let's talk about opec.
they have announced that compliance with production curves has reached its highest level. 120%. producers have said they are leaving their options open when it comes to the next step in rebalancing your markets. here with us is bloomberg correspondent. i will get straight to some of these number. the opec, non-opec deal was always going to be a statement of credibility. that is why this is so important. what did the breakdown look like? who is doing well and who is still lagging? anthony: 120%, of course they are doing more it then everything they could do. have seen this throughout that some of the countries are cutting more than they need to cut to kickstart these cuts with saudi arabia. they have been ready aggressive with cutting. some of the countries were ladders, but as the deal to the cuts as an average over the cuts haveme of those been able to catch up.
we have seen countries like the uae, iraq who are not cutting at the beginning of the deal, they have not caught up and done similar cuts. we have seen the saudi minister making a lot of shovel diplomacy during this period. he has been going and pulling the ears of those members who were not cutting at the beginning to get the more on board. russia has been doing that with the non-opec members. that drive to improve compliance and credibility comes down to how you collect data. looking more at the exports versus their production, what else are they monitoring at this point? big thingxport was it because exported oil is going into stockpiles and that is bringing stop oil -- stockpiles above the five-year average. that is the main thing they are looking at. we see that in the u.s. because that is the market where we have so much data about the stockpiles. at the same time, and nothing is
static in the oil market. last week we were looking at a lot of geopolitical issues like iraq, like iran, and many analysts were saying what would happen if we lose production from iran? exports iftion and u.s. targets those? thead a million out of markets when sanctions were on that country. we saw fighting and conflict in northern iraq that has cut flows there. you can see in this high china, iraq is still very much the second largest oil producer within the opec group. saudi and their ministers, what is that about? anthony: there were discussing possible mechanisms to extend and some of the ways that they could move ahead with that. the iraqi minister said that they were increasing exports out of the south. it is that key to making sure
the market is supplied. for a lot of these opec countries, it is the key to making sure they get their oil out and money coming in. they will be talking about how to extend those cuts and what happens when the cuts end? that is something we will look at in the next year. how do they draw down and avoid flooding in the market with oil, and undoing all of the good work? yousef: it seems like a lot of problems we are familiar with wood central bank, in terms of how they unwind. it is great to have you on the show. this is bloomberg's anthony correspondent. we will talk about wall street. they are entering a new era. we are learning algorithms and other technology -- other technologies. the ceo aboute to the technological changes sweeping across. is havewe try to do
small people who are very dedicated to running many in a very professional way. asset management is a professional business. -- you people who are can do give it as -- we like people who would do this who see no money with doing this because it is their passion. we like people coming in like looking up models and quantitative takes. we don't mind what it is is unfair passionate. >> i believe you with a guy the have the rum contract but the royal navy, which is a good contract to have. if you are to dispense it out on the active passive -- passive debate, how much rum would they be taking? .t is bloody out there what do they have to do to rebut slot? >> having a monopoly is always a
very good business. stop, that is a surveillance from him, monopoly is a good business. the interesting thing on the active passive debate is, this year, with this low index volatility we have seen, i am talking about low fixes and low index volatility. actual index volatility has been normal. what you have is good dispersion going on in markets. that creates a big conversation for active management. morning, it is a challenge if you know what you are doing to make money. we have seen stocks were they have bad earnings getting really punish. active management this year has had a fantastic opportunity. you could get it right or you
could get it wrong. i am touching plastic, but we get a right more often than we get it filled. you're justifying the existence. if you don't make outperformance, active management has no place. >> the danger is that because the market is composed -- and because hedge funds are playing a much bigger role in it, it skews. when you get away with central-bank policy, you are left with a market that does not function properly or functions differently than what people think it does. a not really sure hedge funds or paint -- playing that much different a role. a big role in the daily volatility, the noise around the trend. it is like iran meeting the cios . they say they will increase
their allocations by 10 percent, that is much more important for --ity warrants -- markets for equity markets. what the hedge fund industry has for very important place their fair value. it happens relatively quickly today because they are the only people really putting up risk capital. obviously banks don't put risk capital up anymore. >> what is your concern about brexit? what will we know what this thing will look like? >> honestly, that exactly sums it up. a normal negotiation regarding the european union, they are used to deciding things at five till midnight. for something like this, we cannot run businesses on the ascension of businesses at five to midnight. we will get a decision at 3:00 in the morning on this one. i am very worried that once the organization of the fact that
you cannot find consensus in the u.k. on anything to get consensus in europe apart is not just the european union but 27 people to agree to a trade agreement. they have very different intentions. i think there is a very high chance that we pass march 19 and nothing is agreed. and for how many months it takes, the politicians have to do something. when you say you cannot run a business like this, do you believe the people in charge are planning for the worst? can they reversed the decision? >> i had a meeting with andrew you have toe said an act to your contingency plan because we cannot promise the outcome. >> contingency as in crashing out? >> you have to work out what your contingency plan is. that does not mean we move everybody out of london, clearly not. we do have to enact the rights
of the european union to be able to run on short products. they will move something there because they have to, because we do not know whether london will be able to trade euro products. yousef: that was luke ellis, the bloombergng on surveillance. let's get you a preview of what is to come. reaching for the stars. we speak to the ceo of the video screening service. this is bloomberg. ♪
matters and who the chair is does make a difference. >> there are a lot of good names on the list. i don't think with that list of names, even with mrs. yellen, i don't think the president can make a bad choice. politicalhe situations may outweigh the current economic situation. the new administration often
wants its own people on board. >> this discussion is coming at a time when there is a so-called mystery about the low level of inflation. the interpretation is important. >> i think they would view jay powell is someone to be more continuous on the policy we have been experiencing. >> we will have a very accomplished economist as ahead of the chair for the federal reserve for the foreseeable future. yousef: that was a host of bloomberg guests weighing in. president trump says he will announce his pick for the top job very shortly. dive into the bloomberg. it has been a fascinating week for the mighty dollar. in terms of the rhetoric coming around the fed and what we are hearing on possible tax cuts, this is what has been happening. the fear index, the fear green indicator.
it has not been enough to push the u.s. dollar and push the green of a -- above its 100 day moving average. it will be important to watch that. let's talk about netflix. shares hit a record high after the company reported its best quarter ever. showing the firm storming ahead in its drive to create global television network. is there room for another premium channel in this part of the world? this is the fastest-growing on-demand video service. they announced they had raised $125 million in funding. here is the company's founder and ceo. recentulations on your capital raising prayer at 100 by $5 million, not a small piece of change. what do you plan to do with the money? significanton is a funding -- is significant funding. our formula has been to prove ourselves in the middle east and
north africa market and look to other frontier high-growth markets beyond middle east and north africa. in terms of how you plan capital,te that raising capital for expansion, where would you put the money? will it be in hiring people in some of the key markets? it is primarily original content. it is primarily a acquiring more content, as well as technology and delivering the right customer experience to our consumers. yousef: taking on netflix, you to still very small compared netflix. netflix has a lot of muscle and they put that into production budgets. how are you going to be able to compete with them? what is the longer-term thinking? maaz: sure. global platforms like netflix and amazon's see problems and in the same areas
that give us opportunity and hope. where we excel is localizing our content. where we excel is localizing our methods of payment. for example, in this region, we are working with over 18 mobile carriers. netflix and amazon are not working with a single one. same thing and other areas of the service. for example, we carry more hollywood content -- bollywood content. we cater to specific markets. yousef: how are your revenues holding up and how are your profits? maaz: netflix isn't profitable and neither are we. to be aspiring profitable, but in terms of growth, we have had over 2.5 million app downloads since we started. we are doubling our paying subscribing usage every six
months. we double our revenues every six months. since we launch we have had over one point 6 million trial users that sign up for the service and about 850,000 that converted into paying subscribers. what has it been like doing business in this part of the world, especially when it comes to that kind of content? the region was slow to get into this space. what has your experience been, especially since you have to operate across the region where they are politically always on the same page? wez: debra: -- maaz: when first got started three years ago, a lot of outside investors from other parts of the world that we were crazy starting a streaming service in the middle east. the reality is, this region has been ready for a premium streaming service for a very long time. the pay television penetration has been low in this region primarily put -- primarily because of a high price points
on the service. we saw an opportunity to build affordable premium services for the masses. has all the key ingredients for success. including mobile broadband and a very internet savvy population. of luck with the story as it unfolds. he is the ceo and cofounder of starz play. we will be showing you an amazing function. you can watch the interview on tv . you can watch us live and also watch specific parts of earlier shows and dive into any of the securities of bloomberg functions that we talk about. or is more, you can become part of the conversation by sending us in instant message. there is a link at the bottom left of the page. that is for bloomberg subscribers only. that is tv . still plenty to cover. a key call ahead of a fresh trading week and day. this is bloomberg.
a roundupt's get you of what to look out for. here is the focus from later in the day. the have approved selling up to 30% of emaar development. and bye planning an ipo and has report of a 32% jump in nine-month profits on the back of surging apartment sales. reporting season rolls on. big names expected to come out it comesthe group when that consumer story in the kingdom. also saudi electricity as well. very interesting for those covering stop. from the uae we are expecting to hear from -- abu dhabi islamic bank and another thing. let's get some more details on scene. our middle east markets .eporting joins us now
>> you mentioned emaar, that is here intop it -- topic the uae. we have the board of directors meeting over the weekend to decide about the next steps for the ipo. now we have a lot of investors just looking forward to know what exactly will be the numbers of the ipo. be, whatvaluation will will be the dividends for the cap -- for the current shareholders in the properties. this will be the biggest ipo in the uae for a wild. we are expecting $2 billion to be raised in this operation. this is big news that could bring a lot of liquidity. qatari stocks have had a tough week. we saw foreign investors pickup what look like interesting valuations. what is in store for qatar this week? filipe: it is another interesting point. if we see any kind of
development on the diplomatic front, with tillerson's visit to the region, or anything that could come up bring up new or positive headlines, we could see a pickup in the foreign interest in qatar again. volume liquidity has been very low and the qatari market right now. we see very few stocks doing well. the index was down 2% last week. it fell close to 20% year to date. it is very hard to find any kind of positive sentiment towards stocks in qatar bring up. a busy it will be weekend in saudi. we heard of some of the names that will be reporting. what is likely to crystallize here? is it a concern over the impact that reforms are having on the corporate's? filipe: that is the main topic in saudi. people are watching earnings closely, especially for banks. one of the biggest concerns in saudi in the past few quarters, especially regarding what
revisions would be like, what would be the amount of money that would be separating for that. right now we know it is not on the front line, but any indications from the retail, and commerces -- and from from this week should be a big hit. it should end up with high liquidity or hydrate in the market. yousef: a name in israel you are watching? filipe: this is a name that has been very active in tel aviv recently. the company is going through a that itp investigation is quite complicated, but it is trading at good levels. yousef: good having you on the show. our middle east markets reporter. a reminder that we will be back at the same time tomorrow with more coverage. that is all we have for this edition of "bloomberg markets: middle east." onwill be live from riyadh
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♪ jonathan: from new york city, 30 minutes dedicated to fixed income. this is "bloomberg real yield." ♪ jonathan: coming up, in the race for yellen's chair, front runners. trump's tax-cut effort takes a step forward in the senate. the ecb prepares to unveil its next move. better data offset by ugly politics. we begin with the big issue, the race for the fed chair. >> leadership matters and who is in the chair does make a difference. >> i think there are a lot of