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tv   Bloomberg Markets Americas  Bloomberg  April 6, 2017 10:00am-11:01am EDT

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we will take you from new york to london and beijing. chineseics, the resident is due to touch down in florida and just about an hour for a critical meeting with resident donald trump. we will outline what they could discuss and their first ever meeting. vonnie: and finance, gary cohn says he breeze supports
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restoring a version of glass-steagall act and we will look at how it could impact the banks. breaking news -- paul ryan is giving a news conference today, speaking about health care. they will introduce an amendment to the health care act and the committee will meet to day to bring them closer to the goal of repealing obama care and replacing with something better. called thent will be palmer-schweikert amendment and is a high risk pool environment creating a new risksharing fund for seriously ill. let's get back to that news conference. i actually think the divide is narrowing quite quickly. what this idea represents is a goal that everyone from the freedom caucus to every other group that is represented here
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we lowerg -- how do premiums, how do we lower premiums and continue the protections for people with pre-existing conditions. iss idea does that so this one of those ideas that narrows differences and brings people closer to consensus. there are other ideas we still working on and talking about, trying to build consensus on, to continue to do just that, lower premiums further, give states more flexibility so they can address the needs of their insurance markets while still protecting and making sure we keep the protections with pre-existing conditions. this is ideally gets us closer to consensus. there are more ideas we're working on it and that's why we will keep working in the days and weeks ahead to find that consensus. inback in philadelphia february, [indiscernible] >> still on it. >> you talk recently about [indiscernible]
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i'm wondering to what extent [indiscernible] never stop, i will believing in charts. i'm a big believer in project management. in our timeline, we have lots of flexibility built in because we have to work with united states senate. the senate was a little more slowly on every given -- on any given time than the house doesn't we have plenty of cushion built into the plan and where well with them that timeline we envisioned on dealing with the obamacare legislation. >> [indiscernible] things are still on the same timeline that we set out. nunes has steps aside -- has stepped aside from the probe into russia and the meddling in the elections. do you have faith that he did not do anything wrong?
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did he disseminate classified information? >> i just put out a statement on this. as earned my trust over many years for his integrity and dedication to the critical work of the keepligence community to the market people safe and he is eager to demo straight to the ethics committee that he has followed all proper guidelines and laws. in the meantime, it is clear this process would be a distraction to the house intelligence committee's investigation into russian interference in our election. has offered to step aside in this particular probe and i fully support his decision. representative mike conaway, a senior member of the committee will now leave the investigation with respect to house republicans the intelligence committee. i am confident he will seek the answers and follow the fact wherever they may lead. >> did he make some mistakes here? >> i don't think that's the case but he wants to make sure this is not a distraction to a very
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important investigation. he wants to clear himself while this investigation continues without any distractions. fact be clear, given the that you say he has your support , you have reiterated your trust in him but the fact that this has been a distraction, does he still have -- do you still have confidence on him to lead the committee overall? >> i do, i do. >> [indiscernible] couldn't the states charge more? >> i want get into the details of the conversations but we believe there are additional reforms and ideas that can do both sayings, protect people with pre-existing conditions and continue to lower premiums and give states more flexibility so more players can come in to the marketplace. insurers are leaving left and right and people are down to one
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choice and some cases no choices. that is not good. having a monopoly is not a choice. we are trying to find the kinds of provisions that bring more insurers into the marketplace so that people have more choices and with more choices, more competition and with more cuppa to, lower prices and we are all dedicated to making sure that people with pre-existing conditions get the kind of coverage they need and it's affordable and we want to find a way to do that in such a way that everyone else in the insurance market can also get lower premiums, for choices, and more competition. that's what this is all about but i will not go into the particulars. those are the kind of debates we are having and that's why this is a step in the right direction. it's closer to the final goal and we are working on will keep working on it to we get it right. >> [indiscernible] watchingou have been paul ryan's weekly news conference on capitol hill. a couple of big eases of news
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out of that news conference -- chair of thethe house intelligence committee that was overseeing an investigation into dealings with to electd the campaign donald trump, the chairman, devin nunes has now recused himself,. the next is the amendment to the health care act with paul ryan was saying would bring insurers back into the marketplace. it's the palmer schweikert amendment and the commerce committee will meet to add that amendment. let's go to kevin cerilli and today he joins us from palm beach, florida because there is a lot happening. we have more to discuss before we get there. amendment thate speaker ryan talked about, will this be enough to appease the
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base for donald trump and wedge the gop together on health care and get them through the next six months or one year? senior aideby a that house speaker paul ryan that there will be a markup of this bill on the rules committee of an amendment to the health care policy proposal put forth by representative gary palmer and david schweikert of alabama and arizona respectively. this would create a new risk sharing fun. they will meet today to later markup this bill. breakfast for them earlier this morning, some members of the house freedom representativeg jim jordan and house freedom caucus chairman mark meadows and representative justin amash, signaled that they would be able to support the risk sharing fund. however, they are advocating for
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other tweaks to the health care proposal bill. it is not clear right now whether a comprehensive deal has been met. i am told that the whipping operation continues amongst republicans including house caucus members, the conservative wing of the republican party, to see if the votes are there. there was that devastating policy debate for speaker ryan and president trump in trying to craft a health care policy proposal. , there haso this aid been significant progress this week. they are looking to head into next week's easter recess with some type of progress being made which looks like what's bigger i was just talking about in his weekly press conference. vonnie: he said there was broad consensus within the gop. does this mean that obamacare repeal or a replacement is dead for this congress? i think the conversations are
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ongoing and we have seen vice president mike hans continued to meet with lawmakers on this particular issue. even yesterday, paul ryan took a visit to the white house to meet with senior administration officials including a brief conversation with president trump himself to discuss health care. this is a key part of president trump's campaign strategy to repeal parts of the affordable care act. the news is breaking over night and this morning that it looks like there have been some developments. hasie: chairman nunes recused himself from the probe and he said he's temporarily handing it over to mike conaway of texas. what does this mean for the investigation into russia going forward? on this issue is breaking quickly as we speak. house oversight committee
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es recusingin nun himself from the investigation and paul ryan saying that he believes that the former ,hairman -- that chairman nune ' if he did not recuse himself, it would have been a distraction. what's not clear is why exactly the representative has had to recuse himself. the person in charge will be another senior member of the committee, representative mike conaway, a republican from texas. you have to remember that this committee is interviewing folks both former administration officials from the obama administration as well as senior trump campaign officials including people like former trump campaign manager paul manafort and president trump's son-in-law, jared kushner. it suggests that most americans want an answer to what happened with russia and whether the
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unesblicans -- devin n facing pressure that maybe he over politicized this investigation. nejra: let me ask you about the reason you're at palm beach. we have been building up to a big meeting between president trump and president xi. a lot of speculation that this could be more about consensusbuilding but how much is the focus likely to shift from current seamen of elation and trade to north korea? >> first and foremost, north korea will dominate these discussions of these two world leaders. these are the largest global economies. president trump is scheduled to depart andrews air force base at 12:30 p.m. and arrive at west palm beach at about 2:30 p.m. and they will have a series of meetings privately before they have dinner with their respective wives.
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on the issue of north korea, yesterday president trump came out again and said this would be something they discuss, saying that on the issue of trade, i'm told that the white house and president trump's political orbit, this is the first in a series of meetings. back on the campaign trail, chinaent trump hammered as a currency minute you later. since becoming president, he has walked off a bit on some of that rhetoric but he did issue executive orders last week calling for his administration to take a look at trade deficits with countries including china to see what could be done to renegotiate deals. this is the first in a series of meetings that they will have on trade. vonnie: our thanks to kevin cirilli, reporting from palm beach florida. stay tuned to bloomberg tv and radio for the latest news and analysis of what's at stake when
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president trump and president xi meet for the first time ever. nejra: coming up, the dollar is talk of shrinking its balance sheets at the fed and we will talk about that in futures and focus. this is bloomberg. ♪
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nejra: live from london and vonnie: live from new york, this is bloomberg markets. are weighing growing stockpiles of oil and the dollar is up as the fed effect dams and we have an sp tomorrow. chief market strategist at bullseye option is with us. typically before nonfarm payrolls, we get a quiet session
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but we got minutes yesterday rolling off of treasuries and mbs securities. >> that was a look out below. we found the markets unwound and filled in with that big gap from the adp private numbers. it's interesting to see what happens with the numbers tomorrow. i don't think the market is focus that much on that anymore. the unwinding catalyst was the allusion to the self rate hike for the fed will start to sell some of its bond portfolio. they had bought those bonds to lower interest rates and are now selling hans would raise interest rates. there is a 5% chance in the main meeting that there will be a hike in a 70% chance in june. that is what has the markets attention yesterday. the5/30today with spread, where does that go in how long does it take for the
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effect to be priced in? or earlyer in the year next year, the fed may start doing that. >> we have seen so many examples that the market ignores news and fundamental but i think this is another one. rates have relaxed over the last couple of weeks and the dollar made for month lows recently. inhad a fake out breakout the euro currency last week but it has come back. it looked like it was on its way to $1.12. the market reaction to this has been muted. is moving above the nifty 50 with a 5% push last week and is trying to get back inside where it traded between $52.50 and $57.50. oil is not dead and the dollar not strengthening which it has not this year, made its highs the beginning of the year, can be the catalyst for another leg
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higher in the crude market. vonnie: thank you so much, something tells me it will be another busy couple of days. top ranking democrat on the house intelligence ismittee, adam schiff, speaking following the news that house intelligence chairman devin nunes is stepping down from the committee's rush investigation. he sees a fresh start for the committee now. aswill bring you more news it comes through. this is bloomberg. ♪
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vonnie: this is bloomberg markets. i am in london and in central bank news, ec president mario draghi says inflation in the euro area is not yet strong enough to justify changing the outlook for monetary policy. he spoke earlier today in frankfurt. >> from today's standpoint, i
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deviatee a choice to from the choices we have been providing in the introductory statement to our press conference. we saw the euro take a dip following his dovish comments but it has since recovered and joining us from paris is the head of investment e which manages 60 billion euros. thank you for your time. dovisha little bit of a which wasmario draghi countered. what does this mean for european bonds? you see german yields going even lower? yeah, what we can say is that inflation is showing no signs of
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rising. mario draghi has just confirmed that monetary policy for the ecb on the level of short-term rates. said, you're not particularly positive on european bonds generally. why is that? are they too expensive? >> yes, of course. when you look at the german 4 and 30, it's very low. between theead french bond and the german bund is quite low, close to 75 due to political stress in france. nejra: talking about that political risk in france, i
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wonder how that is affecting your asset allocations. talk to me in terms of equities. yes, if you look at the markets since the beginning of notice thatou may have made akets long policy way and now we are close to plus 5%. it is pretty much the same increase in u.s. equity markets and the same for the world indices which are close to the same. we don't currently have significant risk premium. we think it's something which has to be taken care of.
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nejra: what does that mean for you in terms of investing in european equities? do you see more opportunity there than the u.s. for example? regarding the performance of last year at this time, you still have a risk premium on currently,uities but if you consider mainly the level of growth and synchronization of growth worldwide, we invested in equities with a preference on europe because of the situation in the u.s. do the -- due to the political risk in europe and the emerging markets. currently, before the french election, we have a more considerposture as we
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their chu directory of the european equity market which is strong regarding the political risk in france. thank you so much for joining us on the program. ahead, banks could be in for a major surprise of the trump administration reboots glass-steagall. we will look into which company's are most affected. this is bloomberg. ♪
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advisere house economic want to take things back to the old days. he told lawmakers he would like banks consumer lending businesses from investment banking, effectively bringing back the depression era glass-steagall act. joining us with the locket -- with a look at what this could who wrote anel great article on this in which you argue that the logic here is not necessarily what you would think. >> the bloomberg news stories as everyone was surprised to hear him suggest this proposal. i would argue that he has had a long career as a traitor and a history of goldman sachs was mostly as an investment bank and its history as a full bank holding company is relatively short, since 2008. if you imagine the trade mentality and splitting up banks
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would have an advantage given the large exposure to investment banking, it might not be so crazy to see why he would not be opposed to the idea. nejra: what he is suggesting means an overhaul of banks? know yet whatally glass-steagall in the 21st century as the republicans love to call it would look like. we don't know whether it would be a radical overhaul or a more restrictive separation that we have seen in europe. analyst or banker today and looking at the system, you think it will cost a lot of money and you need a lot of capital and it could have systemic issues if it is put in place. sense, how are investors likely to respond to this? >> for now, it's not clear whether this is more of a signal to the markets rather than anything concrete.
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some investors have cold feet about the trump trade and what is the actual delivery of his campaign promises of deregulation. it's all a bit up in the air. will pourine this cold water on the idea that banks will have more capital. nejra: what about other heavyweights in the business like jamie dimon? what has he said? >> i think he is not likely to be as enthusiastic as gary cohn. he came out before on the record in said breaking up banks would .e bad for america his on benefits dishes on bank benefits a lot from these numbers. if he had to, he would probably have to do it but i think he would be less excited about it and maybe goldman sachs or mr. cohen. there is still a lot of
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uncertainty about how this would look but also how easy it would be to push through. if you are an investor looking at banks in the u.s. and perhaps in europe, how do you position yourself? >> i think u.s. tax still have an advantage on the europeans whatever happens. youink also in the u.s., it have a globalizing economy with interest rates going up and that banks and evenhe if you wanted to bring back glass-steagall, this will take years. i don't see it as a short-term concern just yet. nejra: thank you so much. you can read his column on the bloomberg. canmore commentary, you find all our top stories every day. tomorrow, gary cohn will be joining bloomberg day rick -- daybreak at 930 a.m. eastern
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time and 2:30 p.m. in london. vonnie: thank you. let's check in with first word news. news out off washington -- house intelligence committee chairman devin nunes is recusing himself from the investigation into russia and the 2016 election. he has been criticized by calix for sharing information with president trump before he showed it to the rest of the committee. the senate is set for a showdown today on supreme court nominee neil gorsuch. democrats will try to block a vote with a filibuster and republican say that would force them to use the so-called nuclear option which would change senate rules and make it possible to confirm them with a simple majority. president trump begins two days of talks with the present of china. it's happening at mar-a-lago, florida. president trump is proud to deliver an ultimatum to rein in
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north korea and will also talk trade and he blames china for the loss of american jobs. in europe, british prime minister theresa may a european council president have agreed to stay in contact throughout the brexit talk. they met today for the first the since they formally had trade negotiation's. trade agreement can only be finalized after the u.k. leaves the eu. global news, 24 hours a day, powered by 2600 journalists and analysts in more than 100 20 countries. this is bloomberg. vonnie: thank you, coming up at willp.m., our david gura have an expose of interview with the former treasury secretary jack lew since he left the treasury. that's that on television and radio. this is bloomberg. ♪
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vonnie: from bloomberg world headquarters in new york, i am vonnie quinn. nejra: and i'm him in london. this is bloomberg markets. vonnie: schneider national has begun trading on the new york stock exchange. sharesnearly 59 million at $19 apiece and shares are up 2%. alex is on the floor of the nyse with more. >> i am here with the chief executive officer of schneider. chris, the shares sold in the market range, trading just up a little bit so how are you feeling about how this deal went? the whole process, we had great advisors, the associates of the company did great. andid at the schneider way
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this seems to be what's happening. it's slow and steady. >> you have been a family-run company for a while and it seems like an opportune time to list the company. what do you think is driving the company being up over the last year. we move the nation's economy with trucking and everyone is hopeful we will start to see growth. i think that's part of it. also the regulations will cause theye to have to decide if are in or out. i think that will be good for the industry. i think that's what it's there is people are hopeful. the national economy has been front and center post election. we have seen a lot of rhetoric from the trump administration around trucking whether it's folkstructure and meeting in the industry. what are the biggest changes that will be under this new
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administration? as truckers, we run on the roads in their condition is vital to us. therevestment going back will be great in that regard. it will also put jobs to work because we will move stuff to build these rows but there will be more income and people will consume more and we will get back to be a stronger economy and that's always good for us. >> when it comes to some of the trump policies, some of it has not gone through. what is your confidence level that we will see an increase in investment in investor -- in infrastructure from the federal government? >> not just with this president but if every administration understands that what separates us and drives our economy and what makes us the country we are is mobility. people understand what is happening to the roads and they know there has to be reinvestment. i think that is going to happen
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and it's just the rate and pace but everyone is getting to where the time is now. >> when it comes to investment, you already to $550 million in this ipo. where are you looking to put the money internally? some will pay down debt but are there other opportunities? isone of the opportunities we run on the railroads for a big part of our business and we will buy chassis that move the boxes. million investment we will make their so that will help fuel that as well. >> a lot of talk in the mobility industry has been around autonomous driving. we have seen automobiles out on the road but some folks say autonomous trucks are happening and how are you handling that? work is going into the truck today in making them safer and more easy to operate. our driversat for
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and great for our companies so we applaud that. there will be a point in time where that will be a reality. i think it will show up and specialty applications to begin with. there's nothing like a driver to deal with the volatility of what that life on the road looks like. we think there will be drivers for quite a while. >> there has been the issue of driver shortage lately. are you increasing wages or other creative ways to pull people in to drive your truck's? > >> they are a key part of our company and want the best and brightest them in the market gives us the opportunity to get paid more, we make sure they get a piece of it. we do lots of things in terms of reaching out to get them. we think we are the place they want to be. lofgren, chief executive officer of schneider, trading at $19.12 per share. thanks for joining us today. vonnie: great stuff, thank you.
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nejra: it's time for the bloomberg business flash with a look at some of the business -- biggest business stories in the news now. unilever's taking steps to ensure its independence after fighting off a takeover bid from kraft heinz. it will buy back more than $5 billion of stock and unilever is also selling a business of slope growing brands -- of slow-growing brands. they business may seek a $2 billion ipo in london by june. has held meetings with investors. it may look for evaluation of as much as $7 billion and they own several large mining energy rustics in siberia. warns that ifceo europe does not push ahead with plans to harmonize capital markets and regulations, it will
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lose out to american competitors. he spoke at a german banking conference in berlin. >> i have been a strong advocate of the capital markets union for many years. i think it's important from a global perspective that europe build a counterpoint to the american capital markets machine. nejra: he says the failed merger between deutsche bank and the london stock exchange with another example of fragmentation that would hurt european banks. and that is your business flash. vonnie: time for our bloomberg quick take where we get background on issues of interest. we are looking at climate change today which could be a key issue as president trump and chinese president xi meet in florida. 2000 the hottest year on record. in the previous 17 years, they
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have been are 16 most scorching and scientists overwhelmingly agree that culver warming is the culprit and the carnage is just going started. extreme weather, wildfires, drought and the hits keep coming . what are we doing about it? in 2015, the world took its oldest -- its boldest step yet with the historic accord in paris. now comes the hard part, nations must change energy policy and invest huge amounts of money. they may be doing it without the united states. it's the world's richest nation in second biggest polluter. >> i am taking historic steps to lift restrictions on american energy to reverse government intrusion and cancel job killing regulations. >> 68 days into his new administration, president trump signed an executive order that stopped short of withdrawing from the paris agreement. making, the paris agreement united the u.s.,
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china, and more than 100 90 other nations in a push to limit fossil fuel pollution. the un-sponsored plant secured pledges to cut greenhouse gases, the emissions that trap heat in the atmosphere in an effort to avoid the rising sea and other environmental disasters. even if all pledges are met, the globe is expected to warm buy as much as four degrees celsius this century, more than the human target of below two degrees. governments will have to offer more incentives for clean energy and rail back support for fossil fuels and reduce deforestation. that the deal will require $13.5 trillion of spending through 2030. the argument is that unlike past climate pact like the kyoto protocol come each country set its own target and then promised to revisit and approve them. the u.s. was primed to play a lead role in climate change but trump's energy independence executive order reverses obama
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your roles and encourages increased production of coal, the dirtiest fossil fuel. > my administration is putting an end to the war on coal, clean coal, really clean coal. >> the resulting policies make it hard for the u.s. to keep its commitment to mission reductions. even if he decides to pull out of the accord, the paris agreement would live on. businesses, cities and u.s. states like california are already investing in wind and solar and taking other steps to make it work. >> i have actually been called an environmentalist of you can believe that. you can read more about climate change and the quick takes on the bloomberg. talk more about this topic at 1:30 p.m. eastern. m with ernestuniz the former energy secretary in the obama administration. the czech republic ends the cap on its currency and that has the corona jumping against -- that
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has the krone jumping. 27 beforeker than that cap was removed. we are now at 26 620 and we will talk about why and similarities to the swiss franc cap and all that is to come. this is bloomberg. ♪
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vonnie: from new york, i am vonnie quinn. nejra: and i am live from london. this is bloomberg markets. now on capitolng hill, the senate is debating the nomination of neil gorsuch to be the next supreme court justice. we will get a vote on whether to end a filibuster locking his nomination. mitch mcconnell could trigger the so-called nuclear option which would end the filibuster for the supreme court nominees. you thel bring latest details as they roll in
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from capitol hill. isra: the check krona surging to its highest level after the central bank and that's more than three-year-old cap on the currency. what was behind today's decision and what is there to make of the market reaction? joining us with details is paul dobson. unexpectedt an decision but what was behind it? bank haveck central the cap in place to prevent excessive appreciation of the currency. from very lowd inflation. they wanted to stop the currency effect from preventing inflation coming back up to target. we have seen a pickup up over the last six months or so. the central bank was very clear that once they got back up to levels that were sustainable, it was going to be time topeg.
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so it was well telegraphed. we got a reaction as expected in the market? could say know, you it was a tame reaction. we saw a lot of inflows into the would and people said it be the same thing when the swiss removed there cap. i think it was because they're one way bets with some people expecting the currency to appreciate. we've got 1.5% or so stronger against the euro. no guarantee it will be stronger in the future. the two year yield is up 26 basis points. at what point will the cnb manage this are cannot let the
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market do its thing? >> what the governor has been it is happy to allow some volatility in the currency. it is content to see the price moving up and down around where it was before this. the economy is looking in reasonable shape but it's not terribly strong but it has low unemployment and it has a pickup in inflation and the possibility that the central bank will lift policy. maybe it will let the currency do some of the work for it so maybe it does not have to try so hard on the interest rate front. vonnie: at what point will we know it's working? imports and exports will be directed affect the immediately? >> yes but the companies needed this. they want to position themselves
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orordingly to give a hedge plan for where the currency was going to go. longer-term, the central bank will take a relaxed perspective on this and see how it rolls out. if today is in a benchmark for them, they should be pleased with a job reasonably well done. cnba: unicredit says the should have a wide tolerance of 25 euro so will this attract more foreign capital? >> as well as the low unemployment, the czech republic also has a modest current account which means there are flows into the country. over time, that's one of the things people find appealing or they need to explain the strength of the swiss franc and n and other
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currencies tend to appreciate overtime. on the other hand, there is no guarantee that the value we have for the currency against the euro is where it should be. put the to when they cap on a first place. briefly, what else has caught your eye in the markets today? >> we had a lot of excitement from the fed minutes yesterday. then late in the day, we had news from paul ryan that it would take longer to put the tax plan into effect and we were looking at how that would affect markets today and whether it be negative feedback but it does not seem so. things are looking brighter today so maybe we could put that one behind us. the fed balance sheet is still bey much out there and will reconciled with market positioning. nejra: that stocks 600 is in poverty territory.
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as always, thank you so much. coming up, we are following equities, about 35 minutes to the end of trading. the stoxx 600 is higher now and the ftse 100 is underperforming a little, off by 3/10 of 1%. this is bloomberg. ♪ .
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11:00 a.m. in new york and a fork vacuum in london. this is the european close. i am vonnie quinn here
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at world headquarters in new york. nejra: we are going to take you from new york to london and the next hour, plus covering stories out of beijing and progress. the top stories we are following on the bloomberg and from around the world. eyes are on florida as chinese president is due to land any moment for his meeting with president donald trump. renieesident trump political -- scoring political points on trade and currency manipulation? europe, ecb president mario draghi comes out against tightening anytime soon, but not all of his beauties may be on board. -- deputies may be on board. we explore. in u.s. politics from the senate to take a cr v


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