tv Bloomberg Markets Balance of Power Bloomberg October 31, 2017 1:00pm-2:00pm EDT
intersection on politics and economy. charges against paul manafort yesterday could've been the opening act. papadopoulos could give robert mueller a way of focusing his investigation further. representatives of facebook, twitter, and google are facing tough questions. they will face questions on how pressure user networks to in fear in the 2017 election. congressman will hurd of texas will join us. president wants more attention on tax reform, shooting down the idea of gradually phasing in the corporate tax rate, days before the house is set to unveil their tax bill. tom perez will join us later to give us his take.
special counsel robert mueller appears rebuilding a case of the trunk campaign was in close touch with russian officials who wanted to defeat hillary clinton. hasreign-policy advisor plenty of the about lying to government officials about his operatives. and rick gates have also been charged with tax crimes and money laundering. here with the latest is justin. david has also been following the story here in new york. what we learned yesterday about what we have learned from bob mueller, the indictments that we saw yesterday, what does that tell us about the focus of where they are trading their investigation? from the indictment, paul manafort and his right-hand man rick gates, that they had been looking extensively at their work in ukraine, studying their private business dealings before they both worked on the trunk campaign last year. what was a big surprise, in the george papadopoulos guilty plea,
which was unsealed yesterday, the extent of efforts by the russians to contact the trunk campaign. we learn three month before the hillary clinton emails were released, papadopoulos was told by his contacts in russia that they had thousands of emails. that bobe now know is mueller, the special counsel, is making a concerted effort to establish whether there was, in fact, collusion. don'te also learned they appear to have any evidence that donald trump himself was involved, at least none that they have revealed. shery: the response from the white house has been pretty swift in terms of president trump tweeting and distancing himself from either papadopoulos or the indictment of manafort. >> we saw the president this morning tweet that george papadopoulos was just a junior
level volunteer, distancing his role in the campaign, which was different from what we heard from him during the campaign, during that board meeting with the washington post, praised him as a key advisor. paul manafort was the chairman of the campaign, but again, the white house looking for distance, saying this is somebody who came in, helped with the delegate count, got out. from what we can tell from the indictment, his alleged crimes happened well before he got involved with donald trump. but i think there is still concern within the white house that this is the first step in a case that will build and lots of these people who might be involved in things not directly related to the president, or not directly related to the president in russia, may start talking about things that they do now. david: how much does that distinction matter, painting a picture of somebody not on the payroll, tangentially involved? does that matter in the eyes of prosecutors?
>> i think what prosecutors want to determine is can they substantiate and corporate what papadopoulos said? if he is a junior person in what was clearly a chaotic campaign him a he may have been trying to throw around his influence. whether he had influence or not, they will try to minimize that influence. the documents show there is a half-dozen people involved in the campaign that he had contacts with. surely, they will be coming underscore he now. justin, talking about the white house, their response as well, we have heard from the press secretary yesterday that there were no plans to fire special counsel bob mueller. from the looks of it, president trump distancing himself from these people, it seems that he will not pardon anyone. what can the white house do at this point, what is the feeling in the office of how vulnerable they are? >> i think the white house knows
taking either of those steps, issuing a preemptive pardon, or trying to remove the special counsel would be seen really as a tacit admission of guilt that would politically hurt them more than taking the action probably helps. there is not a lot of conversation about that now. attorney and's sarah sanders have pushed that aside, at least for now. the white house, i think, is in a bunker mentality. paul manafort was already expected. papadopoulos less so. reachedar it has not the upper echelons of the current white house staff, or somebody like michael flynn, former national security advisor, who has been under a lot of scrutiny. they are hoping this is the extent of the investigation. of course, there are lots of hints in indictments that we
sought to indicate that they are just getting started. we will see as this progresses how confident the white house remains, how the investigation is going. shery: thank you, justin, david. we are seeing the markets rebounded slightly, gaining momentum in the afternoon session. julie hyman has the latest. seeing a little bit of a moment 10 being made although the dow is little changed, up 21 points. then we see bigger gains further better the s&p doing than the dow, nasdaq better still. doingl 2000 small caps the best among those averages we are tracking today. the russell outperforming. if you look at the s&p and dig into the group changes we are seeing, consumer staples in the top spot. double that of the next one, information technology, than real estate and health care are lagging in today's session.
within consumer staples, a lot of the gains have to do with earnings, mainly from kellogg and monta lea's emma both reported numbers that benefited from the stronger dollar -- weaker dollar, excuse me, as well as in the case of kellogg's, it bought a package food maker in brazil. mondo lee's and a strong performance in europe and also benefited from good to man from chocolate. rising, madealso an $850 million acquisition of a manufacturing company in chicago. those shares up as well. on the downside, consumer discretionary companies not doing so well. they are being led by under armour after the company came up with a forecast much lower than analyst and anticipated. it is suffering on a number of fronts. the waning demand for athletic apparel and footwear generally. also specifically for its products that have been misfired. it announced it is delaying the latest release of the steph
curry shoe. then you see the ripple effect among dick's, foot locker, dsw. recently about nike, also not doing great in this environment. on a relative basis, they have been doing better than under armour over the last several years. you can see both of them rallying strongly at the end of 2015, early 2016, but nike has gone sideways and slightly lower ff inreas the drop of under armour has been a little more dramatic. adidas has outperformed both of them, and that is one of the issues as well. competition doing better. david: julie, thank you. capitol hill, well they play tomorrow?ft expected
shery: welcome back. this is "bloomberg markets: balance of power." i'm shery ahn. david: i'm david gura. let's get a check on the first word news. >> president trump are new to his twitter attack on the fake news is working overtime. robert mueller appears to be building a case that the trump campaign was in close touch with russian officials, who wanted to defeat hillary clinton. he revealed that george papadopoulos pleaded guilty to lying to the fbi about his
contacts with russian operatives. he is now cooperating with prosecutors. president trump says the resignation of high-profile democratic lobbyist tony podesta is a bigger story. podesta, the older brother of john podesta, announced that he was deaf aside from the podesta group after coming under investigation by robert mueller. in brussels, the ousted president of catalonia is portraying himself as a leader in exile. he is going to press catalonia's claim of independence to european leaders. he faces up to 30 years in prison on charges that include -- power is slowly being restored to hundreds of thousands of homes in new england after a severe storm down numerous trees and power lines and flooded roads. the lack of power forced dozens of districts to cancel classes
for a second consecutive day while many towns -- the storm left more than one of a half-million customers without electricity. global news 24 hours a day powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. david: tax reform is at the top of the list of a lot of people's wish lists. president trump is promising to deliver just in time for christmas. >> i want the house to pass a bill by thanksgiving, i want all the people standing by my side when we get ready to sign by christmas, hopefully before christmas. david: congress is running out of days to get that done. how realistic is the goal the president outlined? we are joined by laura davidson. let's start with a timetable, expecting the release of legislation tomorrow. where do things go from there, give us your sense of the timetable and how difficult it will be for lawmakers? tomorrow,l comes out
friday, a revised bill comes up, and then they go into markup, which is when the house ways and means committee goes through amendments. that will take all of next week. then the week before things giving they will move to the house floor. the senate also looking to have action and perhaps pass a bill this month, if not next month. shery: president trump this morning that some people in attacks industry, anything significant we should know about? >> one thing he said is, hopefully, the corporate rate reductions will not be phased in, that we will immediately get to the 20% rate. that is very difficult and i know members of congress also want that, but it is very expensive, so they need to have trade-offs in other places. maybe the right monday as low, or they will have to give up the child tax credit. when you look at this legislation tomorrow, when you
see what chairman brady and the others have decided, for instance, not doing anything with the state and local tax distention debt deduction. tuesday to that timetable, do you have to stick to the legislation as of tomorrow? changes that be lawmakers will be making over the next few days, recognition among lobbyist that all of this is really just an opening bid and there are opportunities to shift it. if you don't like something in the bill tomorrow, it is not for not. the senate is also working on their totally separate plan, so lots of changes, things added, taken away. don't rest on your laurels if you don't like what you see tomorrow. shery: laura, thank you. for more on the countdown to tax reform, let's bring in terry haines, managing director and senior political analyst at evercore isi. he joins us now from washington. terry, great to have you on the show. kevin brady coming out, saying the for a one k tax difference
-- 401(k) tax difference would stay the same or increase. as we just heard, things could get tweaked, so will the committee be re-encouraged to visit this retirement tax benefit later? they will might, that is a possibility. the answer to many of these questions, it depends on the revenue. there is clearly a desire not to engage in what is being called roth-ification. at the same time, i would not rule it out. if only because there will be a desire for revenue. scale,e a real sliding balancing act going on here. on the one hand, they want as aggressive a text change as they can possibly get for the biggest economic bang for the buck. at the same time, they understand they will need phase a lot of this stuff in over a
printer of years and minimize the bite. you can balancing acts on issues like that. i would still think the roth- ification will not happen but i would not rule it out. david: who will be responsible for keeping the trains on time over the next few weeks? kevin brady has done a good job keeping this under wraps as it was hashed out. beyond his responsibility now, does this fall to the house speaker? terry: there is an old joke in washington that things are truly series in washington are secret. everything else is hashed out in the press. scheduleget with the is understanding -- the way i put it to everyone, this is aspirational. they want to move this through as quick as possible, but if they cannot finish a markup in a --k and end up taking a next
another couple of days, it will not be the worst thing. it makes things more difficult, but is not the end of the world. and they show a willingness to work right up until then skipping and christmas, and i think they can do that. see is an opportunity to keep up momentum and keep this thing rolling before special interests can actually get to it and terron apart. that is what they are trying to do. the impact will be on tax reform from these other distractions like the mueller indictments, the fed chair announcement, and president trump just a no way in asia? terry: today, i think none of those things matter very much. investigation, i have told markets, i don't think that has any immediate impact on tax reform. even if you get to a situation where the mueller investigation becomes serious and threatens the truck residency, the reaction from congressional republicans is they will want to double down and get some things
done to show voters in the midterms that they are just not sitting on their hands and doing nothing and are different cheating themselves from the president, if you will. on the president being gone for the next week or so, i don't think that is a bad thing. what congresshat needs at this point is some strategic push by the president and what they don't need is the president looking over their shoulder every day saying gotta, gotta, gotta. a strategiced is push, pushing lawmakers who are undecided, to get them on board. the president could do that from washington, could do that from asia, frankly. as for the rest of it, the fed chair and the like, obviously very important for the markets, but that will take some time to wind down. you'll end up with hearings, it will take lace distinct from tax reform. you'll get hearings over the
next couple of months and i get somebody installed. but it will not be a bad thing. haines, stick around, we want to come back to you. managing director and senior political analyst from evercore isi. we will be talking to him on the other side of the break. talking about the future leadership at the fed. this is bloomberg. ♪
david: president trump is expected to announce his pick to lead the federal reserve on thursday before he leaves for a trip to asia. he is said to favor a largely contrary and choice, james powell. terry haines is still with us from evercore isi. we have not seen the president using instagram to tee up the fed decision.
drama, ieated a bit of think he would like to say. is that engaging more people with the process? terry: on one level it engages more people, yes. on another level, it confuses people to some degree. i don't find the use of new technology by a president to be even a new thing. you can go back to franklin roosevelt using radio. but the way some of this stuff has rolled out has caused concerns in the markets in a way that we have not seen before. that has been an issue. shery: does it threaten the fed's independence? terry: good question. the answer is clearly no. , clearly, independent from the executive branch. sot i think is not quite understood is that the fed exercises congressional power --
constitutional congressional power. the constitution has always institution.ed's over the pastseen decade is bipartisan consensus on capitol hill that the fed's decision-making, independence knees to continue to be honored. that is continued. offeredn, the fed has more transparency over the last decade in order to honor its part of the bargain. david: what is your sense of what jay powell would mean for the markets if he is picked? continuity in the sense that you have the same policies in place, but u.s. i'll have continuity of personnel. he knows how the organization works. terry: i think so. my colleagues who do central bank strategy think that powell represents continuity, careful risk management.
where we would see the biggest difference from a yellen howrmanship is in financials are regulated. in that sense, what we have said is, there is a clear upside for financials in a powell chairmanship. shery: we are hearing reports of interest groups leading campaigns for and against certain candidates for the fed chair. how much drama should we expect from the senate confirmation? terry: goodness. i have even gotten these things on solicited twitter. they are fascinating. stop whoever. then't think that amps up dramatic factor here, though. what i think about the senate confirmation process is that -- the president will pick from a slate of candidates who are ready generally well known before, even better known now. i think some people forget that mr. taylor served with great
distinction in the bush 43 administration as well. all of these people are known. the real question going forward will be largely sizzle-free, and will focus on what that individual's own preferences and path is. haines, managing director, senior political analyst at evercore isi. coming up next, we will speak with texas congressman will hurd. his thought on big tech's responsibility in combating fake news, ahead of today's senate judiciary committee hearings. those details are next. this is bloomberg. ♪ is this a phone?
so all you pay for is data. see how much you can save. choose by the gig or unlimited. xfinity mobile. a new kind of network designed to save you money. call, visit, or go to xfinitymobile.com. shery: welcome back. this is bloomberg markets balance of power. i'm shery ahn. david: i'm david gura. >> the head of the federal
emergency -- says the u.s. is spending more than $200 million each day on the response to three major hurricanes and wildfires. fema administrator brock long said the challenges presented by hurricanes irma harvey and maria are unprecedented in history of his agency. he also mentioned costs from the recent wildfires in california which he labeled the worst of a station he has ever seen. french president emmanuel macron is defending his new counterterrorism law against infringes onay it individual freedoms. hastened the law protects citizens and human rights. the law went into effect today. it replaces the state of emergency that has been in place terrorhe november 2015 attacks. it gives increased power to restrict the movements of people
suspected of extremist ties. leveraging a judge has dismissed charges against nine protesters arrested during a kkk rally in charlottesville. 50 members of the group were met by more than 1000 protesters when they came to charlottesville on july 8. a month later white nationalists returned and violence directed. one counter protester was murdered and to state troopers died when their helicopter crashed. the trump administration is shaking up the environmental protection agency's expert panels that interpret research regarding pollution. the apa is giving industry a stronger voice started today with the appointment of new members and is making it harder for some scientists to take part. global news 24 hours a day powered by more than 2700 journalists and analysts in over 120 countries. shery: big tex is under the microscope today.
-- big tech is under the microscope today. -- the rings comes just one day after robert mueller's criminal investigation disclosed the guilty plea. sarah frier is here. let me start with this chart that just shows how google and facebook made up 64% of advertising revenue games and the biggest chunk would be in blue. we know the social media platform most affected by russian meddling was facebook. how far did the interference extend and what are we expecting to hear from tech giants today? we have previewed their testimony. we were able to obtain it last night. they disclosed that 126 million americans were exposed to
propaganda that came out of the internet research agency the russian group. bigger than we thought it was. previously we had just been talking about the ads. this looks like something that widespread attempt to manipulate u.s. voters ahead of the election. they were trying to stir around positions like gun control and immigration and lgbt rights. things that cause americans to disagree. so tensions around the country. they did that using fake accounts on twitter, youtube channels. we are hearing about it all today. in a huge hearing room on capitol hill. let me ask you about what kind
of fireworks we are going to see today. your sense of how adversarial it's going to be between members of the panel and the lawyers who are going to be testifying on behalf of these companies? was just talking to senators as they were passing from building to building. feel like this might be the tip of the iceberg. what is being revealed every time is bigger than what they have said the time before. they want to be sure that there isn't more to uncover here. we are going to hear a lot of questions like that. educational hear questions. people who want to and stand better how these systems work and how it was so easy for this russian group to take advantage the u.s. this way. the answer to that is that these self-service advertising platforms that anyone can buy ads from if they have a credit card.
it is something the company say proactiveoing to be about and collaborative on the intelligence side. we will see if they can convince senators they are going to be forthcoming on all their information and make sure this doesn't happen again. david: thank you, sarah frier on capitol hill. for more on those hearings i want to bring in republican compass and will hurd -- .ongressman will hurd the house committee on intelligence will hold a hearing with the same witnesses tomorrow. us a sense of what you want to hear from them when they gather before your committee tomorrow. you eager to hear what steps take to going to prevent this from happening again? >> i want to hear what they learned from their own research. take to prevent this from happening again? things they learned that the russians were doing in our election. help lock tensto of thousands of social media
german and the french elections. i want to see when they saw ande things being blocked started blocking the attempts in france and germany how did we see the russians respond to that. that is what we need to learn and understand in order to protect ourselves when it comes to our elections in 2018. shery: we are expecting the senate to focus on any overlap between trump's campaign and the russian interference. is that something you will be asking about as well? yearspent nine and a half undercover in the cia. wasreason this activity done by the russians was they were trying to erode trust in the democratic institutions. that's why when you see some of the ad they were sowing discontent. this is a disinformation operation by the russians. i am focused on how do we create a strategy to counter
disinformation. i want to also here from these companies what other information in order like to know to help them further refine how they catch people from using fake accounts to propagate messages. i do believe there can be some synergy between the federal government and these companies in order to continue to protect our society from disinformation from the russians. how satisfied are you with the companies taking the lead on this? trouble causedhe by the outside groups is less acute than it was in the u.s. does the government need to take on a bigger role? >> i explored this question last week. i cherish subcommittee on information technology and we looked at political advertising in traditional and new media. we had experts in online
advertising and broadcast advertising and advertising in print. we already have a number of rules and laws govern political ads in our country. elections act.l those rules should apply to all medium. regardless of whether it is new or not. for example having a public file. when you do a commercial on television the broadcaster has to keep track of the information and how much was spent, who bought the ad. things like that. we are seeing facebook and twitter change their policies on that to publish that kind of information. i believe one of the areas we need to be more focused on is on the foreign agents registration act. i think that is something we are going to be learning a lot about over the next couple of months considering what happened to paul manafort yesterday. governs a foreign entity or an agent of a
foreigner to do things in the united states. the question i have asked in the last hearing was if vladimir putin wanted to buy a tv ad that said call your member of congress and tell them not to sell weapons to the ukrainians, could he do that. could he not do that. what are the rules that govern that. and the foreign agent registration act as one of the things that govern that. shery: you mentioned paul manafort. the house committee is carrying out its own investigation. we know another trump adviser is scheduled to appear at the house intelligence committee on thursday. what are you expecting from this interview? is to have a thorough bipartisan review of all the information we have and take leads wherever they may or may not go. one of the issues with the on paul manafort is i'm always concerned when any american is working with a
against ourregime allies like the ukrainians. we have a lot more work to be done on the committee and we are going to do it in a thoughtful and dispassionate way. david: your colleague was on the chris his show last night and he talked about george papadopoulos and said the committee was surprised at the news yesterday. not onpapadopoulos was his or the committee's radar. adam schiff said he hopes that george papadopoulos will cooperate with the house committee going forward. how surprised were you by the news that you got yesterday? you asked about this advisor to the campaign who was impugned and pleaded guilty to misleading investigators in the investigation. >> we have to remember these are very different investigations. what robert mueller is doing is a criminal investigation. what we are doing is an oversight investigation.
all of these things are not going to overlap. i think what we learned from the revelations from mr. papadopoulos was that the bureau is doing their job and the special investigator is pursuing every lead. was news tot this many folks is an indication that mueller and his team are being serious and thoughtful about this investigation. david: it was news to you as well? >> it was. i have heard the name before. something that figured prominently in any of the parts of the investigation i have been involved in. thank you, representative will hurd of texas. coming up, milan could be running into trouble with the law. the drugmakers president is byng targeted in a probe
david: welcome back to bloomberg markets. i'm david gura. shery: i'm shery ahn. the shares of our stock of the hour falling the most in 18 months. mylan taking a hit after an executive was named in a federal investigation into price collusion. julie: he is the president and executive director at mylan and he is definitely the highest ranking executive who has been named in one of these probes that have been ongoing. a number of different states. 45 of them and the district of columbia have been involved in
this investigation where they have been looking at generic drugs, pricing of those drugs and whether there is collusion among the various drugmakers that occurred at meetings allegedly between various salespeople and now allegedly among executives as well. connecticut attorney general's office has brought these particular suits or are going to sue. it looks like it hasn't actually happened yet. they said they are seeking to sue. we see the tumble in the shares. a timee this overhang at when generic drug pricing is already under pressure. there's a lot of pressure on these various companies from congress but also within the industry. if you look at branded drug prices versus generic drug prices. this comes to us from bloomberg intelligence. declining.een generic drug prices have been declining at a quicker rate.
similarly this looks at branded sales versus generic sales. one is pricing, the other is sales. anyway you slice it, they are going down. you are seeing a steeper drop for generic sales. heavilys that rely on -- heavily on generics like mylan there is already a tough backdrop and then you put this on top of that. david: are we seeing the probe widens to involve other countries. about they had talked some being involved. if you look at reactions among the other drugmakers it's a mixed picture. reddy's that are higher. some of these companies have reported earnings that beat estimates today. looking at the various analyst notes there is some mixed opinion on this.
they say if there are fines on these individual companies they should be able to pay them and it won't be huge materially for the company members. shery: julie hyman, thank you so much. coming up, the dnc chairman will be joining us next. he will weigh in on tax reform and the latest with special counsel robert mueller's investigation into russian meddling in last year's election. you don't want to miss that. this is bloomberg. ♪
shery: welcome back. this is bloomberg markets balance of power. i'm shery ahn. david: i'm david curve. shery: tomorrow gop leaders will unveil a bill the house hopes to pass out of its chamber in a matter of weeks. the kind of deadline would be challenging under any circumstances that it is especially so with a divided gop majority seeking to enact the first tax overhaul since 1986 without the other party. now with his thoughts into tom perez, chairman of the democratic national committee. us from dnc headquarters in washington. thank you so much for joining us today. going to pretend that you are not going to be appalled by what you are looking at. could be the tax overhaul plan. do you expect it to pass given what i mentioned in the gop divisions. >> this is a massive tax breaks
for wealthy people at the expense of virtually everybody else. in 2001 and bush did the same thing and it was about trickle-down economics. the benefits to wealthy people will trickle down to others. we have seen trickle-down economics failed time and time again. this is not reform. this is their second effort at providing a tax cuts for wealthy people. the first effort was the effort to repeal the affordable care act. which was really an effort designed to give a massive tax break to wealthy people. rule number one should be no tax cuts for the top 1%. they are doing just fine. this tax proposal -- i'm not going to call it reform because of anything but reform is going to violate that rule. are payingn people attention. they paid attention on health care. they are going to be paying attention on this because this
, a number of middle-class folks are going to be paying more. help us understand the democratic strategy going forward. is it to use the timetable as a forcing mechanism to get this done by thanksgiving or christmas to get closer to the election in 2018? what's the opportunity to express your opposition to what the republicans are trying to do? >> haste makes waste. we saw that in the debate on the affordable care act. they were ready, fire, aim. it was a terrible bill because it was a terrible process. behind closed doors, not consulting with experts, not building a broad table. i applaud what senator murray and senator alexander are trying stabilize the markets. we support those efforts. they are doing the same problem in this tax bill.
behind closed doors, no consultation. and try to ram it through. when you ram through something that provides a massive benefit for folks who are the 1% or's who don't need it and companies that frankly don't need it, when working together you could come up with something that might be workable for everyone. timeis a colossal waste of and it's not what we need. the problem across america right now isn't that wealthy people don't have enough wealth. manyroblem is that too working families are taking it on the chin. when you provide these tax cuts i can't back and say afford investments in meals on wheels, i can't afford public education investments. i can't afford the safety net because we don't have the money. we just gave it to people who didn't need it i can't at the top end of the spectrum. that's not who we are as a nation. about ourconversation
moral compass as a nation. shery: this all coming when the molar indictments are happening in the background. we know the investigation is wrapping and democrats as well. one of the companies cited in manafort and gates is the podesta group. how concerned are you about the reach of the probe into the democratic party? investigation i trust director mueller to take the facts where the facts lead him. here's what we know about the facts to this date. the dnc got hacked. the rnc didn't get hacked. the russians attacked the dnc. they hacked the dnc and others because they wanted to help donald trump get elected president. they then trafficked in that information, the emails and other information they got rid they went to the trump campaign and found a willing participant in these efforts. that's what we know is happening. what happened yesterday is truly
remarkable. we already have one member of the trump campaign team who has withguilty to colluding the russians. because he knew that if the truth came out it would be bad news. that's what we know. this is not only an attack on the dnc. this is an attack on our democracy. what troubles me as much as anything is the appalling silence of republican leaders. them.y of speaker ryan: leader mcconnell. they have a sock in their mouth on this. you have to put country over party. in watergate it took way too many republicans way too long to understand that this was an attack on our democracy and this culture of corruption is something we should never ever tolerate. tony: shery brings up podesta. what should we take away from
him recusing himself from leading his company? i leave that up to him to make that decision and i leave it up to director mueller to conduct whatever investigation he needs to do. what we do know and what donald trump continues to deny is that the russians and the trump campaign and now we know that iraq goes all the way to the top of their campaign with manafort and gates. shery: we will have to leave it there. perez, thank you so much for joining us. chairman of the dnc. david: coming up, general counsel for facebook, twitter and google will testify on capitol hill. we will bring that to you live at 2:30 p.m. this is bloomberg. ♪ retail.
under pressure like never before. and it's connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store
scarlet: we are live at bloomberg world headquarters in new york. here are the top stories we are covering around the world. we are just moments away from a major event on capitol hill. to it lawmakers get ready grill top lawyers representing facebook, twitter and google over the reach of russian ads in the lead up to the 2016 u.s. presidential election. we await president trump's decision on his choice to leave the federal reserve. we will get important insight from steven englander. plus we will ask about today's decision by japan's central bank to keep its massive monetary stimulus program unchanged while reducing its inflation forecast. close in two hours time. abigail doolittle is tracking thmo