Every day and we agree there must be the highest level of coordination between our diplomatic efforts and our military efforts. You cannot have a stronger partner then he secretary of defense who embraces diplomacy. I hope he feels he has the partners he needs the state department. The beginning of the partners and friends who are working for the american people. And wes much to be done are just getting started. To address a few specifics that have been erroneously reported this morning. The Vice President has never had to persuade me to remain as secretary of state because ive never considered leaving this post. Andlue the friendship counsel the Vice President and i admire his leadership within president Trumps Administration to address the many important agendas of President Trump, from a foreignpolicy perspective and a diplomatic domestic objective. Let me tell you what i have learned about this president , whom i did not know before taking this office. He loves this country. He puts americans and america first. Resultsart, he demands wherever he goes and he holds those around him accountable for whether theyve done the job he do. Actually send them to accountability is one of the bedrock values the president and i share. , ile i am new to washington have learned there are some who try to sow dissension to invest their own agenda by tearing others apart. In an effort to undermine President Trumps own agenda. I do not and i will not operate that way. The same applies to everyone on my team at the state department. In the morning, my first thoughts are about the safety of our citizens at home and abroad. There is no more important responsibility i care with me than ensuring americans are safe. Providing for the security of the United States must be the number one goal of our american foreignpolicy. President trump and his administration will keep moving forward as one team with one mission, doing great things for the United States of america to make America Great again. Thank you. I think it is the most important in the articles to reaffirm my commitment to this role that President Trump has asked me to serve and to dispel with this notion that i have ever considered leaving. I have answered that question repeatedly, for some reason it continues to be misreported. There has never been a consideration in my mind to leave. I server the appointment of the president and im here because i feel im useful to achieve his objectives. Do you agree with secretary mattis that the u. S. Should stay in . We will give the president a couple of options to move forward to advance the important policy towards iran. Itp l. A. Represents represents a small part of the issues we need to deal with when it comes to the iranian relationship. It is an important part, but not the only part. We cannot let the iranian relationship be defined solely by that nuclear agreement. Can you address the main headline of the story that you call the president a moron . Where do you think these reports came from . This is what i dont understand about washington. Im not from this place, but the places i come from, we dont deal with that petty nonsense. It is intended to do nothing but divide people and im not going to be part of this effort to divide this administration. Did you speak with the president about the report . Spoken to the president this morning. I believe he is on his way to las vegas. Do you have a reliable partner in pakistan now . I believe we do. I think the pakistan relationship is extraordinarily important. As we rolled out the southeast strategy, we spoke about it in a regional context. It is not just about afghanistan, its the importance of pakistan. And pakistans longterm stability as well. We have concerns about the future of pakistans government in terms of we want their government to be stable and peaceful. Many of the same issues they are struggling with our our issues. We think there is an opportunity to strengthen that relationship. We will work very hard at all , the state department, defense department, our intelligence communities as well as economic commerce opportunities as well. It is a regional approach. Pakistan is critical in the longterm stability of the region. Thank you very much. You have been watching u. S. Secretary of state Rex Tillerson speaking at the state department. Some of what he said includes that he remains committed to President Trump and the foreignpolicy agenda. He enumerated many of the pillars of that agenda, including creating an International Unity around the socalled peaceful pressure we are bringing on north korea. s caliphateisis being on the brink of extinction. Then he got to the meat of it saying he will address reports that he had been about to resign , they came to a peak last summer and he said he wasnt going to deal with petty stuff like that. That he never thought about resigning. That the Vice President never had to deter him from leaving his role. Lets bring in Kevin Cirilli at the white house and bloomberg Senior Executive editor of freire ws john fraher. Let me ask you about the meat of what the secretary of state said. Did we learn anything new or was this whole statement for the purpose of showing unity . John i would be interested to hear what kevin has to say. Sitting here in moscow after , it just sounds pretty remarkable we are in the state of affairs where the secretary of state of the u. S. Has to make a Statement Like this. It underscores just how extraordinary a state of affairs we have in washington right now where someone like tillerson is to come out and say that. Its interesting when you compare whats going on in the rest of the world. Using president putin and other youes were very fixed have president putin and other countries who are very fixed in their foreignpolicy. Here you see confusion and chaos. Vonnie Kevin Cirilli at the white house. The secretary was asked if he is spoken to President Trump about this and he had not spoken to him this morning. Was this the secretarys urge to make the statement or is there something behind this . Kevin Rex Tillerson faced intense scrutiny not just within the past 24 hours about his professional relationship with President Trump, but has for quite some time including in the lead up to the u. N. General assembly meeting, including the with nikkishares haley. There has been intense scrutiny and speculation about the political future of secretary tillerson. Sometimes he has been quite removed from his role in washington, opting to spend time elsewhere. That said, a headline crossing the terminal as we speak the general john kelly, the president s chief of staff was supposed to accompany President Trump on the trip to las vegas and now has not gone on that. He is headed to washington. What you just saw was secretary tillerson reaffirming his commitment to the administration , denouncing these reports. Also saying he has never at any time suggested he would leave the administration. What johnared rate pointed out reiterate what john pointed out, the fact he had to do this illustrates the political reality between the state Department Officials and the administration. Mark can they start singing from the same hymn sheet . Tillerson often says one thing followed by comments from trump that seem to go against what he just said. Is it possible they will start out speaking from the same page . Kevin its a great question, its a great point, especially of the recent tweets from the past couple of days regarding north korea. Ive spoken with several sources who suggested to me that that is actually a part of a broader communicative strategy of good cop, bad cop so to speak mentality where the secretary of state and other state Department Administration officials are privately engaging in back channel discussions not as with north korea, but a host of other issues. On the flipside side of that, the president embracing that rhetoric of unpredictability. Critics suggest that is not the right strategy to take. But police from the administrations perspective, that they suggest the mentality in terms of keeping options open is exactly at the sites they would the president and the administration were looking to do all along. Were looking to do all along. John fraher spoke with Vladimir Putin today and you asked him about his relationship with President Trump. I want to listen to a soundbite of what he had to say. We saw each other just one time. We had a couple of telephone conversations on various issues , we also interests discuss the syria issue. On certain issues we are cooperating with the americans. Vonnie that was president putin and john fraher, u. S. The opportunity to speak to him for quite some time. What were your overall impressions of the relationship right now with donald trump . Whereent through a period they were great friends and a very much cool period. John he says he doesnt have much of a personal relationship, but there was another part where we were talking about north korea. He appeared to let something slip. He said President Trump listens to me. That was an interesting point. He listens to be on north korea. I try to follow up and i said if you look at his rhetoric on north korea, it doesnt necessarily sound like hes to bring downutin the noise and temperature. It was interesting, perhaps putin sees in front again whos here he has perhaps. Little tantalizing glimpse of what might be going on behind the scenes. You wouldnt expect them to downplay the relationship and well limit once in hamburg, but clearly there is a lot more going on behind the scenes. A fantastic interview and a long interview. Did it help your thoughts evolve on what president putin might be looking for in the world in terms of a geopolitical outcome . President putin is always a very difficult man to read. We spent a fair bit of time talking about the middle east and president putin has very skillfully inserted himself into the geopolitical game there. He was quite happy to talk about the middle east and clearly he is enjoying his new role as one of the masters of middle east politics. He is not the only one, there are also others. Mentioned his meeting tomorrow with the king of saudi arabia which was a must be in moscow. He is also underlined the fact that he is quite tight at the moment with saudi arabia on a range of issues. I think the middle east right now is an area where can sees a lot of where he sees a lot of traction. Washington is distracted by various political infighting and other issues. He sees a vacuum there and he is acting quickly to fill in and put russia in the heart of it. Mark you also asked to president putin about oil and further production cuts. Lets listen in to what he had to say. Im saying we dont know yet whether we are going to extend or not. The question is being asked until when. , thate decide to extend is when we are going to decide on the time frame. Overall speaking about the possible extension is a minimum towards the end of 2018. Mark it seems as if the president is playing the wait and see game until the current round of production cuts are close to expiring in march next year before coming to a solid decision on whether to extend them. Hand, president putin is a wily operator. He is were hard to pin down sometimes. When he was talking about opec and the production cuts, my take away from it was certainly that he is very open to extending these cuts. The way he was talking about it, he spoke about russias arrangement with the opec quite positively. He did not knock down at all the idea these cuts might be extended. He talked about russia deepening ties with saudi arabia on a range of issues. He did not say it outright. Certainly the read between the lines and look at the body language in that segment of the panel discussion, he seemed very open to cuts. Whether it happens or not, we dont know. It he definitely seems open to it. Mark great job. Next on the oh , cataloniase Regional Government may decide on whether to declare independence from spain. Theresa mayinister is interrupted by a protester who walks right up to her onstage as she was giving a speech of the conservative Party Congress conference. This is bloomberg. Live from bloomberg World Headquarters, im vonnie quinn. Mark counting you down to the european close in roughly 12 minutes. Lets get to the spanish story. Spanish bonds stocks slumping. Continuing to reverberate around markets. Yields on the 10year note rising to the highest level little more three months. The nation stocks falling the most in europe. On the news catalonia would release a statement. The leadership dismissing the condemnation of king felipe a, asserting nothing will disrupt them from setting up a republic. Maria is in the heart of catalonia. Its a countdown for the atalanta president s speech. What will he say . Maria we are waiting for this statement because he was meant to release a statement at midday. Essentially replicating what the king did yesterday night when he said the administration has gone broke, we need to stand united. Hear fromre going to the regional catalonia leader . Eightt think it will be unilateral declaration of independence but we will get a sense of the steps that will be triggered. The catalan parliament. Parliament will meet monday. They have the power to enact measures that would turn catalonia into a republic. This is all based on a referendum which was deemed a legal that nobody outside of catalonia recognizes and the Spanish Government does not recognize. A declarationwas of independence, there is a question as to who would vonnie what about the Companies Based in catalonia . Are they thinking about relocating because of uncertainty . That is a question here. The Business Community here is seriously concerned. Listing are public taking a big head. They are making other money in spain when you look at their figures. When you look at the Pharmaceutical Company just they moved to madrid. A lot of pressure on these companies because they may be based here but their business is in spain. Mark great job, thanks a lot. We will see you later. Lets get to u. K. Politics. The conservative Party Conference in manchester, Prime Minister theresa was giving a speech when she was interrupted by a protester. Made their life in this country. I know you will feel unsettled and nervous. We value clear that the contribution you make to the lives of our country. You are welcome here. Mark the protester was identified as a comedian. The piece of paper was an unemployment form this gives people who are laid off. The office says there will be a thorough investigation of how he was able to get into the highsecurity venue. Joining us, bloombergs managing editor. , could this speech of gone any worse given what went wrong . It could have gone worse, but not much worse when you are a politician or a Prime Minister like theresa may, when the two choices outcomes are either you are pitied or laughed about, not really where you want to be and not only that, you will be having on social media, replayed , you mightvetv seen behind are the letters, the f selloff and the second he fell off. Mark she had coughing fits and wasnt able to properly give the speech. Jim thats correct. She was able to make light of , the chancellor gave her a cough drop. She was able to make something of that. She had one mission in this whole conference which was to establish herself as the paramount leader of the conservative party, especially as she went in with Boris Johnson nipping at her heels. Standing ovations yesterday. He seems to be able to reach out to the conservative party, at least given the reaction. Can she . You saw the telegraph would just seen to pick sides in the debate. They compared Boris Johnson to churchill the other day on the banner frontpage and today they have they are questioning theresa mays standing as Prime Minister. Mark a couple of interesting things were announced. Social housing. Will they even reach the first two paragraphs . Jim the tricky thing about the Energy Policy is that you will thatl that was a policy was introduced two years ago by the labour party and it was by the tories were interfering in the free market and she will have a big problem selling the Energy Policy. She said she doesnt want to interfere with the free market, but she is interfering. Mark will she be leader of the next tory Party Conference . Jim the good news for her is that none of the other possible challengers really rose up above. Mark there is resentment towards johnson within the party. Jim i think the view of those is that he is only out for himself, he is a bit of a self promoter. The others, based on a reporting othersich was of the really impressed. We know they are planning for the worstcase scenario with brexit. We are planning for the worst. Jim every day there is a new message on brexit and there has been no progress because for the u. K. , theyve been negotiating with each other and europe is waiting by the sidelines waiting for them to come up with something behind which they are united. We have a tweet from the president. Vonnie President Trump just waiting moments ago the following. Secretary of state vowing to stay. Refuted news story is by secretary tillerson and Vice President pence. It is fake news, they should issue an apology to america. Mark live from london and new closethis is the european. I am mark barton with vonnie quinn. Something of significance happened in europe. The best run seems to have come to an end, the stoxx 600 down 1 5 of 1 . The dax has risen to a new record high. This is the threeday chart for spains ibex, the benchmark index down 4 over the last three days, the biggest threeday drop since august. Todays drop, 2. 4 , the most for 14 months. All sort of events happening in spain. Abalone and leadership dismissing the condemnation of the kang and says nothing will of the king and say nothing becomingent them from and dependent. The king last night seeking to impose his authority, he condemned the unacceptable disloyalty of cattle on. Catalan this is the equivalent for the 10 year yield of the spanish benchmark, rising 18 points 18 basis points. Since march. Officials in catalonia continue to strike what can only be called, as the president of catalonia makes a speech. We had services data, surprising to the upside in spain, failing to prevent yields from rising. Pmi to the u. K. , services unexpectedly accelerating in september. Price pressure is increasing. They also show that growth in new business fell to the weakest and more than a year. A measure of executive confidence declining. Some firm said clients were holding off on major decisions because of brexit negotiations. The buildup of inflation repression is raising concern at the bank of england. The report combined with weaker manufacturing, construction surveys earlier this week suggest the economy according to ihs market group,. 3 in the third quarter, in line with the second quarter. Vonnie we continue to be in a waitandsee mode. Bloomberg exclusive story which pinpointed five names being in contention for the federal reserve, and the idea that we will get the actual tic very shortly, i think that has the markets waiting. At 112. 8. Ee the yen we are not getting that 49 handle that was promised earlier wti. 0. 44 for a barrel of no real movements in the 10 year yield or the yield curve. The mexican peso is one of the more interesting currencies, still the best performer at 18. 73 versus the u. S. You talked a little bit about europe so we will move on from there. When it comes to commodities, alumina bouncing back and natural gas having a good day aluminum bouncing back and natural gas having a good day. Leaders in the catalonia region say they will declare independence from spain in a matter of days, the government claiming to have counted more than 2 million votes for separation in an illegal referendum that lacked certified ballots. How all this is affecting markets, investors, and the euro , lets talk to clot tom clark from William Blair macro association. Thank you for joining us today. What do you make of what is happening in spain . Spanish stocks have some for three days, spanish yields are rising. The spread between spain and germany as widening. The euro is inching upwards today. , lets call itng this spanish crisis . Reminder as it is a germanys election, but the forces of populism around the world have not gone away. They have appeared to recede since the start of the year, but they have not gone away. It takes years of ok growth in the economy to extinguish that surge. With respect to spain and the lan nationalists, i think they will have their moment. It is not the time to immediately rich rate, we are not going to do retreat, we are not going to do anything further. I think the declaration of independence was supposed to be promised immediately or within 48 hours of the vote, which it wasnt. That was a little bit of a backtrack. Overall process is likely to eventually see deescalation rather than escalation in my view. Mark is it a buying opportunity then . Is this a buying opportunity when you look at a spanish stock market which, to be fair, in the last month has underperformed europe year to date ahead of the election. It was outperforming the european stock market. Tom yes, i would agree with that. This should not distract investors from the underlying broadly publicized growth picture in spain. What about italy . It feels like italian banks are still not out of the woods yet. Tom it is a deep, quite dense woods that takes a while to get out of it. We have seen some progress along that front over the last few months. Italy, also there is going to be an election some point in the ,uture and the populous threat if you can call it that, that the fivestar movement is significantly closer to gaining substantial political influence than say was the case in germany. That is a risk on the horizon. Not theme of populism has gone away and will continue to remind investors. Vonnie doesnt get Even Stronger in the sense of more and more regions wanting to break away . Referendumsng these for regions that want to take on more sovereignty. That,rted, if you can say it started a long time ago but most recently we have catalonia and the basque region and eastern europe. It comes from the same driver of other forms of protectionism come a nationalism, what have you. What is interesting is the support it gets from the political left. The right to decide and declarations of professional independence are not that compatible with the idea of a welfare state, because everyone could do this, not just regions of a country but towns, sections of towns, and ultimately it does not seem like it is a viable way for europe to go. There are these pockets of discontentment, unrest, and motivation to pursue this but really a rise from the same forces that have driven the actionnstances of voter with the status quo we have seen all over the world. Mark lets talk currencies. You are short dollar, euro, swiss franc come along sterling. Does the fact that you were short dollar tell us this rally we witnessed in the back end of august, Early September is not sustainable . Tom yes. That is notllar, including the pound. The dollar has been very strong for quite a number of years, not this year, the 2016 and several years before that. From a longterm perspective, the dollar looks quite expensive across the board, if not the most overvalued currency in the world. It is near the top of that list. Disregarding the ebbs and flows of a fairly shortterm, i am not completely constructed on the dollar and i would expect it to depreciate going forward. Many currencies in the emerging world rather than other g7. Vonnie if you go to wcrs on the bloomberg, we look at emerging markets year to date and you are going to see a very different picture. Yes, they are all up against the u. S. Dollar except the hong kong dollar. Which ones do you anticipate might see more games . Gains . Tom the ones that really have not had them yet. Quite possibly the philippine peso which is not much of its lows against the dollar. It has been one of the weakest this year. Vonnie down three quarters of 1 . Tom for good reason. Riskver there is political , the turkish lira is another one. Those might be the outliers but it still shows up as being a large to mediumterm opportunity. Even currencies like the mexican peso, i do not believe they are done yet. ,onnie that is tom clarke manager of William Blair allocation fund. Here is courtney donohoe. Courtney u. S. Secretary of state Rex Tillerson is vowing to stay on the job. The successment to of our president and country is as strong as it was the day i accepted his offer to serve as secretary of state. Thetney over the weekend, president said tillerson was wasting his time trying to negotiate directly with north korea. Tillerson denied a report that he considered resigning over the summer, and referred to the president as a more on. The girlfriend of the shooter in the Las Vegas Massacre has returned to the United States. Marilou danley was met by fbi agents. There are pictures showing guns inside stephen Paddocks Hotel room. He set up small cameras so he could watch security approach. President trump needs with First Responders and survivors in las vegas today. Cia director mike pompeo says they are sending more agents into the field as they look to be faster and more agile. In a speech today at George Washington university, he said the essence of speed and agility at the cia is a price the United States cannot afford to pay as global tensions rise. Two air force jets were scrambled. Lithuanian authorities received what is now being called a suspected hoax security alert. Global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. Donohoe. Tney this is bloomberg. Go coming up, test track. S on we will hear from the ceo, alan stewart. This is bloomberg. Mark live from london and new york, i am mark barton. Vonnie i am vonnie quinn. This is the european close. Our stock of the hour is citron researchs rate is target. The shortterm Research Firm is criticizing shopify. Shopify shares tumbling today. Julie hyman is here to explain. What the shopify do . Julie this is not a household name, but it is a big name for bigger retailers and sort of momandpop online retailers. It is an Online Business that allows merchants to place their products on multiple different channels. It is a platform provider, essentially. The company gets its revenue from a couple of different a subscription solution where people pay a fee to be able to you shopify, and then Merchant Solutions, which is a percentage of their revenue that is made over these platforms that then goes to shopify. The growth in this has been pretty rapid. If you take a look at the bloomberg, this shows the yearoveryear quarterly growth in each of these revenue streams. The total growth is in blue, Subscription Solutions in orange and Merchant Solutions in white. That is kind of the backdrop for what we are talking about. Vonnie we use shopify quite frequently without even realizing. Julie so what said john is saying in their criticism is that it has an enormous number of customers it has talked about, as many as 500,000, and many of those have just signed on as part of get rich quick schemes. He said, much like with herbalife, there are a bunch of different bloggers and promoters who tout shopify online, make promises of millions, of getting rich quick, something they cannot necessarily deliver. Shopifyerbalife come a itself herbalife was very careful to have their promoters do this for them and kept a line , whereas he alleges shopify itself makes some of these claims on its own facebook page. He says that is really the making here, they are promises they cannot deliver on and the customers are not real. We reached out to shopify for comment and have not yet heard back from the company. Vonnie we will bring you any comments as soon as they come. We do have and your list from citroen andrew list from citroen to discuss his stance on shopify as the stock tumbles. Thats that at 12 00 p. M. Eastern, 5 00 p. M. London time. Mark tesco showing signs of Slower Growth in the latest quarter due to the effects of brexit. The hard line on prices conflicted with an inflationary squeeze from the weak pound. The company restored its dividend for the first time in three years. Officials remain confident they can meet a 3. 5 to 4 marketing target by 2025. I sat down with alan stewart. In the u. K. E seen and number of different Competitive Forces over the last years. At tesco, theyre very wellplaced whether it is an online we are very wellplaced whether it is online or a german discounter. From that perspective, however the market evolves i think we are well placed. A check out Free Grocery Store which might be in the offing from amazon. Alan what customers want is what we will seek to give mark . Mark well prices go down because of amazons entry . That in have not seen the u. K. , but i think the amazon whole foods is much more important at this point in the u. S. Market, but we will see how it develops in the u. K. Mark you are facing a probe after the cme expressed concern it could leave shoppers worse off. Are you ready to abide by conditions to complete this deal . Alan in terms of the transaction, we are exactly where we thought we would be at this time in the process. The cma are investigating it, looking at theories of potential harm to consumers. We will see what their findings show when they come out with that. They publish later this month. Ideas unease in the board room and by the investor. What are you hearing . Alan we have seen some Public Comment on that. When we get to know exactly what the transaction is going through the cma process, that is when we will put it through. Mark what sort of message is the dividend setting out . 4 n in terms of the 3. 5 to margin, the increase in free cash and the reduce reduction in indebtedness, it is a good move. Dividend reinstate the instead of going Investment Grade . Alan we see a clear path towards investmentgrade. We have been reducing indebtedness. We have bought back 5 Million Pounds of bonds in the last year. We have repaid one Million Pounds of indebtedness so we are focused. Happensw soon before it do you regain Investment Grade . Alan that is for the rating agencies to decide. As for the metrics, you can see a clear path toward the quantitative metrics. Mark lets talk about international. Are you still committed to overseas tesco or not . Lan we are we have two very strong regions where we have changed the leadership. This time around we have a Central European region and an agent region. Both have shown good in asian region. Both have shown good increase in profitability. Mark what do you think is challenged at tesco as we approach the end of 2017 . Alan we are focused on improving the competitive offer and giving our customers what they want. Little by little, we are on track for delivering that 3. 5 to 4 operating margin by 2020. You thees it trouble way we are progressing on brexit negotiations, the unstable government, or do you get on with it . Alan we are focused on our clients and we deal with all things externally as they happen. Was my conversation with the tesco cfo alan stewart. Now, a look at some of the biggest business stories in the news right now. Shares of mylan surging. U. S. Regulations regulators have approved a generic of a multiple sclerosis drug. They sold 3 billion of the drug in the past year. Bruce richards is getting ready for the next recession. Richards is planning a new Distressed Fund to take opportunities to take at advantage of opportunities of another global slump which he believes may be two years away and he may start raising capital next year. That is the latest Bloomberg Business flash. Time. We aretc talking hurricanes and the crisis in catalonia. This is bloomberg. Time for our global battle of the charts, where we take a look at some of the most telling charts of the day and what they mean for investors. You can access these charts on the bloomberg i running the function at the bottom of the screen. Chart this week has been all about spain and how markets are reacting to the crisis in catalonia. My chart shows that it is been pretty quiet in spanish markets. This goes back to 2014 and compares swings in spain to italy. The two markets are quite correlated. You can see below this blue line , it means spanish stocks are calmer than italian and above it means they are not. Usually spain is a bit of a more quiet market for investors. I have completely flipped around and this past week. Obviously with this crisis in catalonia, it is 1 5 of spains biggest spains gdc. You can access this chart. Mark vonnie, what have you got . Vonnie since we did not get to spend much time on it yesterday or the day before, the many fracturing pmis have been fascinating. Manufacturing pmis have been fascinating. This is the factory index rebounding as we saw the other day. It did after katrina too. It is rebounding faster and better and it helps things like stocks and so forth. What is obvious is that the insurers are paying out faster, so my interest is how the insurers will be responding when we come to earning season. Chart at 3510at in the bloomberg library. Mark today, geographic bias on the side of the pond, it is all about spain. Two fantastic charts. Vonnie i stand united. Will bedrew lett joining us, sharing his views on shopify. He called it a get rich quick scheme. Vonnie from bloomberg World Headquarters in new york, here is the top stories. This scoop just in from bloomberg news, President Trumps advisers are said to have given him a final list of people they are recommending as candidates to lead the federal reserve. They have ended the search according to seven people familiar. Stanley fischer speaks in an exclusive interview on the search to replace fed chair janet yellen. On capitol hill, we are awaiting a key press conference of Senate Intelligence committee leaders. The latest on the inquiry into russian interference in the 2016 elections. John fx network ceo landgraf sits down for an exclusive interview on why networks are losing the battle against the likes of netflix, amazon, and many more. First, julie hyman is with us and we are halfway into the trading day. Julie i was just glancing at the bloomberg to see if there had been any reaction to the fed headline you mentioned in the bond market and it does not look like as of yet