Abigail . Another roller coaster ride, earlier up more than 1 , and then down more than 1 . Right now we are down about 1 . The volatility we have seen all we continue. This started last week, major averages put in their worst Weekly Performance since january 2016, extending into this week. Lets see this fiveday chart of the doubt. This is monday, where stocks were holding in, and then all of a sudden at the lows, down 1600 points. Buy the did action, frenzied buying, resulting in wednesday being flat. Now we are whipsawed, but we just put in a lower low. That tells us the sellers are in control. Year, we had that big rally for the major averages, climbing , climbing, a slow melt up. We have seen lots of small swings on an intraday basis. February, look at these massive moves for the doubt. That continues to build. Volatility breeds volatility, so this suggests we are likely to see more of the same. In terms of the big names dragging, we are looking at highquality companies, boeing, 3m, walmart. It is interesting to note, we have investors selling these highquality companies. Fixed to the idea that the selling is indiscriminate which suggests it is more about a loss in confidence. Nothing has really changed over the last two weeks but we have the stock market on a sports worst performance in two weeks at the doubt. If we look at small cap, technicals, it suggests it may get a bit worse for large cap as well. This is the russell 2000 in relation to the 51, 100, and 200day moving averages. Slicing below the 50day moving average in orange, today below the 200day moving average. Nearterm, mediumterm, and longterm buyers have disappeared. It is also worth noting that 50 day average is looking to the downside which means sellers are taking control of the nearterm. Not that it is surprising but an important piece of information. Suggests the pullback could continue. Not surprisingly, we are seeing a haven dead in bonds, trading higher, in green with the 10year on down to basis point. The yen also getting a bid against the dollar. The vix up on the day. Certainly, another continued day of volatility and uncertainty and stocks selling off. David and it is not over yet. The markets have spent the weekend with that volatile correction. Washington spent its week coming to terms with a new approach to the budget, one that could add 2 trillion to the deficit over the next 10 years. To figure out if they are related, or if they just happened to come along at the same time, we have Marty Shanker. Before we get to them, we are listening into the president at the white house. We certainly wish him well. It is obviously a tough time for him. He did a very good job when he was in the white house. We hope he has a wonderful career. Hopefully, he will have a great career ahead of him. It was very sad when we heard about it. Certainly, he is also very sad. He also, as you probably know, says he is innocent. I think you have to remember that. He said very strongly yesterday that he is innocent. So you will have to talk to him about that. We absolutely wish him well. Did a good job at the white house. Thank you very much, everybody. Thank you. Anything about the memo . It will be released soon. David we have been listening to the president. This was unexpected, he called in the press pool. Apparently it was to talk about rob porter, the staff secretary who was dismissed earlier, who left the white house under some clout because of past dealings with his exwives. The president defending him saying he did a good job, was a good guy, and said that he was innocent. Talking about the democratic version of the memo talking out of the house intelligence committee. Last week, we had the republican version. Now he has the democratic version in front of him for review. Back to Marty Shanker and peter coy. The cover story of Bloomberg Businessweek about how jay powell will be reacting to the markets. A pretty eventful day in washington. Lets not start with rob porter. Bipartisan budget deal that increases spending by 300 billion over the next two years without any fiscal discipline whatsoever as they extended the fiscal cliff for a year. They have a home equity line on the countrys credit with no limit. Julie at what point does it become a problem, does it . Are looking at that for this coming weeks issue of the magazine and at first he would think, all the people who worry about budget deficits are going to be quite concerned that the Republican Party seems to have given up on audited facility. I think it is more likely, if you look at the polls, Pew Research Center had a poll last month asking people about the importance of budget deficits. Both parties show a decline in the concern of budget deficits since the obama years. Interestingly, deficits are more problem now than they were five or six years ago when the economy needed fiscal stimulus to pull out of the recession. Now we have a confluence of events, bigger budget deficits sitting at a time when we have a stronger economy. Should be exactly the opposite. Yet, does not look like voters are going to punish the politicians at the polls in november. Mean there isat no constituency left in washington for any constraint on the deficit . It feels like there is not. The tea party is in sunset mode. In a perverse way, the better economy is probably one of the reasons why voters are less concerned about deficits. Are tough economic times, they are looking to blame someone and it is always washington and their deficits. Now that the economy is doing well, economy employment at a record low, they are less worried about deficits, which is dangerous. Duke economist care about these deficits, will there be a real economic consequence of these deficits, will it exacerbate and inflation problem . Looked at the notes this morning from Goldman Sachs and jpmorgan. They agree this deal will at about a third of a percent to gdp growth in 2018 and 2019. Jpmorgan is looking for the Unemployment Rate to hit 3. 2 by the end of 2019, extraordinarily low. You cannot have an Unemployment Rate that low without getting strong upward pressure on wages. It becomes inflationary. That is what i think the Federal Reserve would be concerned about , they would start to raise Interest Rates to keep the economy from overheating, so you could have a collision between the fiscal side of the economy which is stimulative and the monetary side which will have to be more pulling back, coolingoff. Julie as your piece pointed out, that sets a possible showdown between the fiscal side and the monetary side, represented by the guys in charge. Jay powell and donald trump. What will that look like . Speculateis hard to gave an interview with bloomberg when he was in davos, where he said it would be easy for him to imagine trump tweeting in the middle of the night about his new fed pick jay powell. The question is, how powell would react. Inhave had chairs of the fed the past that have caved to pressure from the white house. I dont think that will happen. There is a long, established tradition out of the fed being independent of the white house, doing what is right for the economy. David monday, the white house is he will release an infrastructure plan which will be potentially even more money. Is that dead in the water . Marty by all accounts, it seems there is a complete division in the way the republicans and democrats want to approach this. We will see how the white house wants to approach this. They want a publicprivate partnership. Most economists say that just does not worked in the past. The other side is how they are going to deal with the budget. They say they can show some discipline. It is hard to see when you have 300 billion worth of spending added into the chilean dollars already from the tax cut. Julie one bird we have not mentioned in this is immigration, which was what was holding it up in the first place. All of this good feeling between republicans and public democrats were out to window on monday. Julie it will be a tough one. Thank you. We appreciate it, marty schenker, and peter coy. You can check out the cover story of this weeks issue. Jay . G your first day go, awaiting those middle of the night tweets, perhaps. We are watching what is going on in the markets. Stocks heading back toward the lows of the session with the dow now 350 points. The s p down 1. 2 . ,he nasdaq down 1. 5 as well capping of what has been a deeply ugly week for market bulls. From new york, this is bloomberg. Julie this is Bloomberg Markets balance of power. Im julie hyman. David im david westin. For first word news, we now turn to mark crumpton. Mark pressure is mounting on john kelly as question surface about his defense of the white house staff secretary rob porter. Kelly thought to keep order on the job despite accusations of spousal abuse from two exwives. Porter resigned this week. A number of lawmakers have criticize kelly and the National Organization on women have called for him to resign. A Democratic Group backed by former president obama will invest millions in elections in 11 states this year with its heaviest focus on ohio. The National DemocraticRedistricting Committee says this years election cycle is critical to affecting the Congressional Redistricting process. There has been growing concern that political gerrymandering, the process of drawing maps that benefit one party over another, has led to partisanship and gridlock in washington. Citing deep divisions, the eu chief negotiator warned today that talks over a transition period would fail, could fail, and that both sides are running out of time to agree on terms for the twoyear grace period. Agreements persist, the transition is not a given. [translated] time is short and we do not have a minute to lose if we want to succeed. We want to succeed in this orderly withdrawal. Mark the transition is crucial for business. A future trade deal between the two sides almost certainly will not be complete when the u. K. Leaves the eu next march. Global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. I mark crumpton. Julie we have more breaking news, stocks are heading back towards a lows of the session. Lets get back to digging into what is going on this week, today. Price. Us now is kamman watching the markets closely. How do you make sense of what has happened this week, what continues to happen today as we see these big swings . The dichotomy between the fundamentals, taking acai the impact of higher Interest Rates, in terms of growth and earnings, fundamentals are still very good. But this price action has gotten to the point where it is quite literally shocking. It is kind of a cliche, people of a certain vintage like myself, these trading desks are staffed by these young kids who have never seen a crisis. If you are 30 julie there are enough people of your vintage who were working cameron it is a cliche. But what is interesting, the reversal we have seen over the last couple of weeks is basically unprecedented in the sense that we were so in the latter stages of january where the markets seem to go up every day and that we have pulled back. We have a chart here with the a popular indicator of momentum for financial instruments. This shows the twoweek change for the s p 500 going back to 1928. Not only have we never seen a loss of momentum of this magnitude over a twoweek span, we have never come close. Of 1929, 1987,h the nasdaq top, equity market top, none of them have approached the loss of momentum that we have today. What i donts understand, person after person today comes in and says there is no fundamental underlying change in the economy, no real evidence that would trigger this reaction. At the same time, everyone was saying buy the dip. What happened to that . People the risk is that got tired of waiting for the dip and ended up paying the top. , asitcoin investors say january, ifund in you put too much in at the top, it can be very painful. This is essentially the equity market equivalent of that. David thanks for being with us, cameron. Chris van hollen of maryland next. How concern is he about the budget agreement and what it does to the deficit . This is bloomberg. Julie this is Bloomberg Markets balance of power. Im julie hyman. David im david westin. We are continuing to follow that selloff in the market today as they are down 320 points now on the dow will follow that through the close. Put behindress has it that budget impasse, agreeing to a bipartisan approach to spending for the next two years but at a cost of 300 billion. Chris van hollen of maryland is the Ranking Member of the Budget Senate committee and is charged with figure out whats happening at the deficit. He joins us from washington. Chris good to be with you. David as the Ranking Member on the Budget Committee in the senate, as you look at things like this, to what extent do you take into account this deficit spending and in what may due to the economy and the markets . Chris i served as the Ranking Member of the Budget Committee in the house, now on the Budget Committee in the senate. Look, there are a number of things going on. First, it was good that we got a budget agreement that will provide more stability and certainty when it comes to funding our defense, funding domestic priorities. Am i worried about the deficits and the debt . Yes, i am. I was very worried when we saw last december a taxcut bill passed that the Nonpartisan Congressional Budget Office said would cost 1. 5 trillion. Essentially we borrowed 1. 5 trillion, and gave it away primarily to big corporations and very wealthy individuals. We need to get a handle on the longterm budget deficit both from the revenue side. We also need to look at ways to, for example, reduce the cost we pay in the Medicare Program for Prescription Drugs. One of the proposals many of us have worked on is to reduce the cost of purchase restriction drugs over all here that would save money for the medication program. There are things we can do to reduce the deficit. The tax bill, that put a lot of gas out there. Understand, you voted against the tax cuts, or the budget. Im assuming there are wellintentioned people on both sides of the aisle who see good reason to spend money, and legitimate reasons, but the problem is, when you both do it, there is no cutting at all. It feels like a ratchet to those of us outside of washington. Healthd in the military, care, infrastructure, maybe tax cuts. From your perspective, what could actually turn this around and give us some cuts . Chris i mentioned one of them, which is cutting the amount that we decide to spend when it comes to things like Prescription Drug cost. We should make sure the federal government can negotiate drug prices, just like we do in the veterans administration. The Obama Administration had a number of proposals that would reduce the cost in the area of health care in a smart way. Health care, of course, is rising at a rapid rate, the rate has gone down somewhat as a result of the Affordable Care act, but that still continues to rise. And we have always called for a balanced approach which includes increasing revenue by closing tax breaks. I remember President Trump on the campaign trail when he was asked what is the big tex the point you want to close . He said carried interest for hedge fund guys. Well, they just passed a tax bill and never closed that tax break. This has to be done smartly on the revenue side and also smartly when it comes to these other programs. I should say with respect to defense spending, nondefense discretionary spending, these things about research, our kids education, that was subject to these request or cuts. Both parties agreed that those cuts were harmful both to our defense and economy. Undressed those issues, but to your point, people need to come together and figure out a smart way to address this. The tax cut at 1. 5 trillion just made matters worse. We borrowed money for tax cuts. That is what happened. Julie i want to bring up another issue, immigration. What is the democrats strategy on this issue at this point . Chris we hope to find a bipartisan solution. We know there are more than 50 votes in the senate for a bipartisan agreement along the lines that Lindsey Graham and dick durbin put together, the dreamers legislation. In the senate, you need 60 votes to clear the hurdle. We are working very hard to have a bipartisan agreement that deals with the dreamers, that also deals with border security. We will keep working until we get there. Julie we are out of time unfortunately. Thank you for your time. Chris van hollen, democrat of maryland. We are following markets as they continue to sell off. This is bloomberg. David this is Bloomberg Markets balance of power. Im david westin. David im julie hyman. Julie im julie hyman. Evenelloff accelerating more into the close of trading with the dow jones now down more than 400 points, the s p off by nearly one point 5 , the nasdaq falling 1. 3 one point 75 as we see a continuation of selling pressure. Heavy volume as well. On the s p, about 45 above the 20 day moving average. Still holding onto the worst week since november 21, 2008. It has been quite a while since we had a week like this. David that was not a good time. Until hope that that is not what this is. We returned to mark crumpton. Has signeddent trump a twoyear budget deal that ended a partial Government Shutdown but is not completely happy about it. The bill adds 300 billion in government spend the. The president says that will make the military stronger than before, but democrats he says democrats forced republicans to increase spending on things he does not want. Partyafrican ruling officials are planning to press ahead with negotiations over the weekend to bring an end to jacob zumas presidency. The African National congress is trying to wrap up the deal for thatto resign so another can restore public support for the anc as it gears up for elections next year. Catholic cardinal says it is likely many Rohingya Muslim refugees in bangladesh would never go home and that the elements of the cleansing that drove them out are now apparent. Two months after pope francis visited, the cardinal says even though the myanmar government was making plans to receive were in japan that, many would opt to go elsewhere. Of course, the government now is trying to prepare repatriation for the return of these people. We believe that they would not have been so easily because of seeinguma and because of that they would still be discriminated by the majority of the buddhist community. Continued, weinal still have to give time to say that definitely whether it is at the cleansing, or just the direction of the military. Eiffel tower is closed and authorities are telling drivers in paris to stay home as snow and freezing rain hit the region. The company that manages the most visited monument in france says it will be closed all day today and tomorrow. Workers are using hand shovels to clear the snow but cannot use salt because it could corrode the metal and damage the elevators. Global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. I am mark crumpton. This is bloomberg. Julie lets get back to the markets as we continue to see the selloff accelerating. We have been watching the s p 500, all the major averages fall to the lows of the session. Ive been watching the 200 day moving average. Right at that level for the s p. Right now at 2541. Lets dig into what is going on. With us is brian nick, chief investment strategist at new being. As we see these enormous point swings, the selloff seems to resume every time. What does that tell you about when we might see some sort of stability here . Regardless of what the spark was, whether it was average hourly earnings, or the fact that rates have, there is still a lot of Algorithmic Trading selling into this market. Whether you have people covering short positions on derivatives or you have balanced funds trying to sell higher vol assets. That is still a factor, what you are seeing these relatively big intraday moves and why you tend to see messi closes. That is one thing we are looking at, how the close looks today and next week, before we get a sense of when this may be coming to a bottom. Julie a lot of folks like yourself i assume you are more of a buy and hold, longerterm strategy shop. Are people like you not participating in all at whats going on, are you sitting back watching it happen . If we are managing a multias a fun, we dont need to be extremely tactical buyers here, we dont need to be falling another 5 . But we are talking about this, increasing tactical risk in portfolios. Not talking about reducing risk at this point. You look across other markets, fundamentals, this doesnt seem like a wellfounded correction. Julie to be clear, you are not selling into this. Brian we are talking about the right time to increase risk positions. David what are you looking at to figure out whether this is really a technical issue within the equity markets or if there is a more fundamental paradigm shift where you have to change our longerterm investments . Brian my concern is in the near term this become self fulfilling. One of the things the Federal Reserve would be looking at is financial conditions. If you have a meltdown, that would impact some of their decisionmaking or meetings in 2018. If we are still sitting here in early march, i think there is in reason to think the market will have priced at the chance of a march rate hike. This may become somewhat self fulfilling in the way that has not been because you have not seen bond yields come down that much given we have had a 10 fall. David is that because it could affect gdp growth if you have tightened financial conditions expended . Brian it could still over to credit spreads, you have difficulty in Companies Getting loans, individuals getting loads, mortgages resetting. Those can have economic spillover effects that will take time to understand. The fed may say that we are in tightening mode, but we will not at this meeting. I think if the fed have to do it right now, they would still be hiking. Julie and the market is still pressing that in. Volatility has been a big topic of discussion because of the short trade blowup we saw. If you look at the bloomberg, we have equity volatility here, in the white on the right side of the screen. Nothing else is close. We are not seeing the bond volatility rise to the same ,egree, or Oil Volatility currency volatility. Is that because those are lacking, or because what is happening is so equity specific . Brian i would not have expected equities to lead the charge on volatility. You are having traders, algorithmic programs it up the price of volatility, which is having a cyclical effect. Once you bid up volatility, that tends to spook the markets, and it becomes a death spiral. What is not happening in other markets, because you dont have these types of products for selling currencies or commodities or bonds, at this point. Across the market, you are in volatilityup but it is really only in the u. S. Market where we have seen this ground zero for this reaction. Julie how big an issue are higher Interest Rates, presumably higher inflation coming . How big of a challenge will that be corporate profits and stocks . Brian i would be much more worried if we saw Interest Rates fall back aggressively. This is not 1978 where Interest Rates are at 18 . That is really choking up Economic Growth. What we are seeing is the normalization that has been going on for a relatively long period of time. We have seen Interest Rates gradually melt up as there is more confidence. This thing that resembles normal. The Federal Reserve is observing the same thing. They are not at the point where they are tightening policy. Financial conditions with the equity Market Correction accepted, are still relatively loose. If we start seeing a more pronounced spike in rates that lasts over the next several quarters and then we are in the midthrees, inching toward four, thats a different story. Nobody has planned for that in terms of borrowing. Risk is there that we are seeing a normalization into a different world . You have mentioned algorithms two or three times, huge etfs, have we had a normalization in this environment, is it possible that that is exacerbating the problem . Tend tohese periods reveal that maybe there was trading going on that we did not fully understand. It happened in the highyield market a few years ago. The tide goes out and you figure out who has been swimming naked. I dont think were at the point where that is a concern, a systemic concern. Certainly not in the way the equity markets were during the Wa Technology bubble. David brian nick, thank you for being here. Coming up, where all the deficit hawks . He will talk with a longtime republican advisor and strategists about whether the grand old party still has a policy of fiscal restraint. This is bloomberg. David this is Bloomberg Markets balance of power. Im david westin. Julie im julie hyman. Lets get a check on major averages as we see stocks hover close to their lows of the session. All three major averages, the dow now falling 450 points. Around 500 was hovering its 200 day moving average. I have seen a lot of different strategists address that in the past couple of sessions, saying if the s p falls below it, not a good sign for further selling. That is what we are seeing today. Energy, consumer discretionary, staples selling off the most in the s p 500. I want to talk about whats happening in the bond market. We are seeing some buying of treasuries today that is now pushing yields lower. That is a reversal. Earlier, we had the yield on the 10year rising to 2. 86 , now reversing. Now we are seeing some swings in the bond market, not as wide as in the stock market, but they are there. 2. 80 . David maybe a little flight to safety. We will keep an eye on those markets. In the meantime, talking about the budget deal. Senator rand paul took his own party to task last night. How come you were against president obamas deficits but you are for republican deficits . Isnt that the very definition of intellectual dishonesty . If you were against president obamas deficit and now you are for the republican deficit, isnt that the very definition of hypocrisy . We welcome from washington someone who has been a Senior Advisor to the and outans both went in of power, including serving as press secretary to john boehner when he was speaker of the house. Michael steel is now a managing director at hamilton place. Here, your senator paul isnt that the very definition of hypocrisy . Michael there are two things happening here. President trump in his business dealings and Campaign Never emphasize reducing the debt. He has built his Business Empire on debt. He won the election, and that has consequences. The second thing thats happening, senator rand paul needs to buy a mirror. The problem is people who claim the mantle of fiscal responsibility, claim to be deficit hawks but refused to work with their leadership to make reasonable compromises. The result is congressional leadership has to get votes from democrats. Moderate democrats have been defeated in the polls in the house. There are no more blue dogs. You cannot move slightly to the left. You have to move a lot to the left and get a large number of democratic votes. That is only necessary because republicans like rand paul refused to make reasonable compromises to keep spending down. David its fair to say that rand paul is not the most popular republican in washington today. Your first point about President Trump and what his base and policy is. Is he changing the policy of the Republican Party . I have thought of republicans as being more toward fiscal restraint, worry about the deficit, but i dont hear about any of that on capitol hill these days. Michael a couple of things going on, republicans are andsing to promote emphasize one of the other key elements of their agenda, which is Economic Growth and prosperity, rather than deficit and debt reduction. That goes directly to the platform that donald trump ran on, the way his background informs his decisionmaking in the white house. We have to remember the president is not, by conventional definitions, prior to representing the party, a republican. In his relationships, you see a tugofwar between his own freespending instincts and the traditional fiscal conservatism of many in the party. Could argue the president has already changed the Republican Party in some pretty fundamental ways. How then does this affect the identity of what the Republican Party is, if traditional you are talking about traditional conservatism, small government . What is happening right now is not small government. No question that President Trump is changing both parties, changing the debate in washington, the national debate. I dont think we will know his longterm impact until we know the results. Does the economy improve . Do we see a damaging correction . Do we see him succeed, be reelected . Who is his successor in the Republican Party if not . Are the democrat successful in 20 18 midterms, 2020 president ial elections . We will not know the real legacy until we see how the story and is. Julie of course, it matters what voters think. We talked about voters apparently dont care about deficits, but if you are a traditional republican voter, do you care about that traditional identity of the Republican Party as being small government . Is that, as you say, swept away by Economic Prosperity . Michael i think the question is what the balance will look like. There is no doubt there is a huge portion of our party that believes greater liberty comes from Smaller Government and Economic Prosperity comes from having Smaller Government. At the same time, you have real concerns about our armed forces. This allows the investments they need to fight around the world. The additional domestic spending , concessions to democrats forced by the recalcitrant conservatives who cannot argue for reasonable compromises, that is the cost of doing business. Michael, i understand rand paul is not your favorite spokesperson for fiscal restraint at this point, but who is . Is there any leader in the republicans who really is making the case in a compelling way, trying to get it done these days . Michael i think the congressional leadership on both sides of capitol hill are doing the best they can with a difficult situation. Both senator mcconnell and speaker ryan are genuinely dedicated to fiscal discipline, they are just trying to navigate these complicated waters created by the folks on the left and the right. Michael steel, managing director at hamilton place, thank you. Stocks are just off the lows now although we are still seeing the selloff, all three major averages down by at least 1 . Taylor riggs has more. Notor the good news it is 2 anymore, major averages down about 1. 5 . I am watching the nasdaq, off 2 , now off 1. 5 . There is a lot of earnings going on behind the scene that could explain some of the fundamental reasons behind some of these individual stock movers and why they are selling off. Lets begin with expedia, off 19. 5 today. Analysts were disappointed in the forecast for annual earnings growth. The companys spending plan as well, as a transition to cloudbased infrastructure. The one bright spot, fireeye, up 5 . Earnings beat on the multiple different metrics yesterday, giving it a few different price boosts from analysts. , theyng with tech, amazon are off today, even after announcing that they were working on increasing their shipping capacity, some delivery services. That is sending some of their competitors like fedex and ups lower. You have been talking about a lot this, julie, throughout the hour with the s p 100breaking through its 50, day moving average, now approaching the 200 day moving average. You said that if it dropped below that, a bearish simple. Miller taebaek says to keep the powder dry. , maybe you can put some cash to work, if we hit a bottom. David thank you. Maybe some investor advice. Maybe not. The white house is expected to release its infrastructure plan by monday. Can washington get bipartisan support . This is bloomberg. Julie this is Bloomberg Markets balance of power. Im julie hyman. David im david westin. President sign congresses 300 billion budget land this morning , raising the deficit once again. There may be some concerns about the growing deficit. This week, we will hear more about spending plan the white house has when they lay out their longawaited infrastructure plan on monday. We bring Kevin Cirilli with more. Take us into next week, what do we have to look forward to . Kevin at a time when deficit hawks coming to Republican Party, and even some in the Democratic Party are criticizing the administration for their deal to keep the government open and raise the debt limit, they are also on the cusp of launching an infrastructure plan that they say could cost up to 1. 3 trillion. How they land to pay for it is controversial. It is called asset recycling, first debuted in australia. This would allow private entities in the Public Sector to buy the debt, as well as public lands, even some public airports. That has drawn skepticism from outsidees, concern from consumer groups. Either way, big week in infrastructure, the white house working with the National Manufacturers which is also drumming up support next week. We should be getting those new details sometime early next week. Julie what is the indication that there is democratic support for infrastructure plan . Of course, there was the obama infrastructure plan that did not have republican support at the time. What does the picture look like at this time . Kevin the Congressional Black Caucus has been working behind the scenes with the Freedom Caucus on a potential plan. But sources eyes look to on both of those entities regarding the potential infrastructure plan noted they are nowhere near ready to launch any type of public front on this. We should also be getting, i hear from one official, new details on monday potentially about foreign aid coming in the pipeline, government spending, new programs. Needf this bubbling the surface, but a big week for outside private investment, not just a mystic investment, but Foreign Investment as well. David in the meantime, what happened on dreamers . Kevin very much alive. House Speaker Paul Ryan really signaling with his support not support, but praise of nancy pelosi, saying that he would bring up the issue of immigration, similarly to the way that Mitch Mcconnell said in the senate. The question becomes whether or not the border security, and the continuing resolution is enough in the immigration debate. That is up against march 5. Next week, all attention is on that. Know one thing with this white house, it is whenever they try to stay focused on one thing , a million other things pop up. Julie isnt there already and immigration debate of some sort . Mitch mcconnell created something called the immigration shell . Can you explain that . Kevin this would essentially create the framework of the type of debate around what they want to have. I just cannot stress enough even across the street from where we are at the u. S. Chamber of commerce building, across the street from the white house, there are all of these billboards and posters, signage calling on the administration to address the dreamers. We have been focusing on progressive groups and democrats but the Business Community is playing a key role, not just in that community, but also Silicon Valley as well. Julie thank you so much, Kevin Cirilli. We should mention, stocks are bouncing off the lows of the session at the moment. Average, itmoving looks like it was perhaps some support. David we will continue to follow the markets as we head to the close on friday. Live from new york, this is bloomberg. This is bloomberg. Scarlet its 2 00 p. M. In new york, 11 00 in san fransisco, and 7 00 p. M. In london on a very, very long week after a very, long week. Julia im julia chatterley. Welcome to Bloomberg Markets. Scarlet we are live and bloomberg World Headquarters in new york over the next hour. Here is the top story we are covering on the bloomberg and from around the world. A week of pain for investors. Falling stock prices, rising bond yields, and surging volatility. The chief investment strategist for Charles Schwab weighs in. We have u. S. Markets closing in two hours on the week. Abigail doolittle, we finished the week on a down note, but we have come off our lows. Abigail we have come off the while today,ther the major averages down less than 1 . But we had the dow down 2 , this morning, up more than 1 . Lots of jitters and uncertainty on the part of investors, not knowing what way to go as this selloff that