Buildings that have failed fire safety tests has grown to 60. Additional National Testing was ordered after an inferno engulfed londons grenville tower on june 14, killing at least 79 people. Fire officials believe the of the materials led to the rapid spread of the blaze. Macron met in paris with his ukrainian counterpart. He says a phone call between the leaders of france, germany, ukraine, and russia will be scheduled by the end of next week in an effort to make tangible progress. Global news 24 hours a day powered by more than 2700 journalists and analysts in more than 100 20 countries. Im am mark crumpton. This is bloomberg. Live from bloombergs World Headquarters in new york, im julia chatterley. Scarlett i am scarlet fu. Joe i am joe weisenthal. We are 30 minutes from the close of trading here in the u. S. What did you miss . Revised bill. Mitch mcconnell faces what is shaping up to be one of the yet as support for his Health Care Measure weightings and the cbo releases a score today. Es and the cbo releases a score today. Our interview with Board Members later this hour. Take a look at where the major averages a stand as we head toward the close. Abigail doolittle is standing by. Abigail very small moves. Dow and s p trading modestly, slightly higher. Nasdaq down nearly. 2 . That doesnt really tell the story though. All three averages had been a. 5 or more. The nasdaq is now down more than 5 , a one percent swing. We have intraday volatility. I reached out to people on the street. No one really knows what its going on. Sometimes, that volatility could be noise. We have intraday volatility. Relative to the nasdaq, one drag we reported on earlier could be bitcoins, down 13 . Since january 2015. One person told me that could have to do with Chinese Capital controls. The effect on the nasdaq has to do with chip stocks. Nvidia makes graphic chips thought to be working in the crypto currency. We see some weakness there. One of the bigger points, alphabet. It reached an agreement with avis for avis to manage its autonomous driving unit. That is dragging tesla. Tesla not getting that deal. Bloomberg intelligence analysts think the weakness in alphabet has less to do with the avis steel and more to do with a pending eu fine. Turning to the healthcare bill, we are awaiting the cbo report. Interesting trading action. Hospital stocks getting a boost. They stand to lose the most if obamacare is repealed. A Bloomberg Intelligence analysts said when you take a look at stocks, it suggests that the bill is unlikely to be passed any time soon. A Medicaid Company is down 2 at this point. He believes this has to do with and them pulling out of indiana. And humana is down 1. 4 . Repealed,re is not taxes stay in place and investors dont seem to like it. The stock down 1. 4 . Gop leaders issuing a revised Health Care Bill today as Mitch Mcconnell tries to cobble together enough votes to pass the measure. Lets bring in our Senate Reporter and health care reporter. Laura, starting with you, today, the revised bill is more of a tweak than anything. Its sort of an alternative to the individual mandate. Change anything with the fundamental political calculation Mitch Mcconnell faces right now . I dont think it does change the political calculation. The holdouts senators were not raising this as a serious issue. It gives an incentive to Healthy People to wait until the last minute to buy insurance if they get sick. Moderates feel the medicaid cuts are too severe. The subsidy is for people buying insurance on the obama exchanges conservatives want a loosening of consumer protections. And things like the ability to sell insurance across state lines. The real negotiating is still ahead. Julia i was going to say, we know at this stage there are six there he vocal holdouts. If present a new draft today this isnt about trying to address some of the different concerns from both moderates and conservatives . Negotiating been with the Congressional Budget Office every item they can in this bill to make sure that what comes out today looks better than the house bill. Says 23 million americans would lose insurance over a decade. People will be looking at that number. We may learn there is more for Mitch Mcconnell in negotiations later in the week. He has the ability to come back with something called the managers amendment, which could allow for significant changes before it comes to the floor for debate. Scarlet is there anyone out there, other republicans, waiting for the cbo score to make a decision . Or are the lines pretty clearly drawn in the sand . Are prettye lines clearly drawn as far as what the concerns are. Its unlikely the cbo score is going to change much of that. It might help a bit with some of. He messaging it depends on where that comes down. The number they will really be affectsat is how this premiums. Thats the number republicans. Eally want to see if they can get that out of this bill, that will be something that could be a positive for a lot of the other numbers from the house bill, including coverage, dont really look back great. Joe so it doesnt sound like the latest tweaks are going to make a difference on the politics side. It doesnt sound like the cbo is going to make much difference on the politics side. What will ultimately move the needle . How is mcconnell going to have to tweak this bill to maximize his odds of getting 51 votes . Really indicated to senators that he wants people to come forward and my people know what kind of changes they want to see. Let people know what kind of changes they want to see. There is funding for the Opioid Epidemic. To senators, from virginia and expressed they want a fund set up to deal with that. The indication i am getting is placeholder, an example of something leadership once to give if senators want ask for it. Enators then they can go home and look like heroes. Scarlet i just want to interrupt for a moment to say that the president and first lady are getting ready to greet the Prime Minister of india. They are likely to address several issues, including lobbying on visas for technology workers. The h one b visa is certainly going to be a topic here. Getting back to what you were talking about on health care, what is worse for the administration, forcing something through that is substandard that has to go to the house again, or not actually managing to do something they promised . Theres the option of coming back in august and trying to do something, but thats going to be very tough for republicans to go home during the july 4 recess. People are planning citizens. Planning sit ins outside their offices. When they come back in august, it gets tougher. At some point, the republicans want to move on with their agenda. If they cant do this, they want to move on to tax cuts. Thanks to laura lid van, bloomberg congressional reporter and an agni thanks to laura and anna. The indian Prime Minister just arriving at the white house, greeting the president. They will beginning a News Conference later this afternoon, i believe at 5 15 p. M. Thats sure to be on the topic sure to be on the agenda will visas. And the president wants to discuss the opportunity for the u. S. To sell military equipment in india. This is bloomberg. Scarlet a big day for Central Banks coming up tomorrow. Bank of Englands Mark Carney due to unveil the Financial Stability report, and janet yellen will be answering questions in london as well on monetary policy. Joins usand adviser now to analyze how the fed is normalizets quest to Interest Rates. Inflation data is not convincing enough for the market s liking. A hard question. We will find out in due time, but what we have is a decision that got made on financial positions, credit spreads tightening, not on traditional Economic Data, accelerating growth, labor cost. Credit spreads tightening. What would you expect if you have all this extra liquidity . Scarlet is there precedent for the Federal Reserve to be looking at rate conditions based on financial conditions rather than gdp or inflation . They always look at financial conditions, but they look all kinds of things. Now, to emphasize financial conditions when they dont have other economic indicators, is kind of neo, just like we have this new introduction of a pause between rate trading and financial conditions. If we are going to find out the fed made a policy mistake. Where would the results of that show up . Would it be in economics or something you would watch in the market . You see a curve and theres a big debate over why. We dont know why, when you have this liquidity and you bring down credit spreads, you change the distribution of Interest Rates. At the same time, you are talking about other Central Banks on the radar screen. Europeat happening in and the ecb. We just did a report on italy saying we didnt violate any rules. We got a bailout, a bell up. We dont know what we are bailing. An impact on the United States from this negative Interest Rate policy of the European Central bank, which is now probably in place for another couple years. Looking at financial conditions is it wrong, is it . If financial conditions are going in the wrong direction and you are trying to reduce or retract some of that policy, isnt there an argument for tightening and giving yourself the powder if you needed in future . Youre right. Thats why they are trying to normalize. A causality. What the direction of causality . If you create a lot of excess liquidity, you improve financial conditions. Excess liquidity sloshing is just the thing. They raise rates without tightening financial conditions . What is it doing to the real economy and Inflation Expectations if, at this stage, financial conditions arent tightening despite hype . Been anything, they have moderating at the same time the robustly. Not growing my guess is the feds took a free shot because the markets price to down. If they get another quarter point built into the rhetoric, they will try it again. Financial conditions are loose. That raises Financial Stability risks and bubble assets. How does that resolve itself . Maybe it doesnt for a while still. Growth and low inflation. At this rate, we have one of the , and we see it. Eflected in asset prices inflation,under 2 gradual withdrawal of fiscal liquidity. The stock market will absorb it and everybody will wring their hands, but it will keep going. Scarlet we are going to come back on that point and talk about asset prices. Coming up, Cumberland Advisors david cutoff. From new york, this is bloomberg. Julia time for a look at some of the biggest business stories in the news right now. Filed an ipo in the u. S. The fcc says its initial offering could change. Alibaba owns a 23 stake in its biggest shareholder. Estate of Bernie Madoff will pay 23 million to victims of the ponzi scheme. This follows an eight year legal battle. Mark madoff committed suicide in 2010. His younger brother died of cancer four years later. Neither were ever accused of a crime. Theld trump has proposed largest tax credit in history, reducing the Corporate Tax to 15 . Ken griffin has said this is not our deficits are stunning. Comment fascinating from ken griffin and we will get to that momentarily. We get to that statement, when we talk about the president s agenda and how much of it he has enacted and how much there is no less there is still left to do, you moving forwardnt with financial deregulation. I see the ability without congress to ease the burdens on banks and banks had headwinds on the financial crisis until from the financial crisis until the trump election. Now they have tailwinds. The capital need is being relaxed. The test is being rescinded or ratcheted back. This is a big deal and its going to go on for the rest of the decade. I think the single best sector of the for the rest decade is the banks and Banking System of the United States. Thats quite a statement. The financialt sector etf the tracks that sector. Thats the yellow line. Orange line is the portfolio etf. You are saying this is where you want to be for the entire decade. Full disclosure, we own kay re and we do not own xl left xlfwn kre and we do not own. The two etfs are the big banks and the regional banks. They have the ability to gather dollars at very low cost. Thisedeploy them in environment of relaxing regulations and more profit margin, and thats going to go on for several years. Thea this is one area of government is making headway in deregulation. Tax policy is another. Taxgriffin suggesting a 15 rate is unrealistic. What is realistic . I agree with ken griffin. We have chaos in washington. The Business Community has been operating under a notion that we are going to get tax reform. We didnt get it in 100 days, 200 days, who knows when we are going to get it or what its going to look like . There is a time coming when them a short he when the republican majority gets threatened by failure to deliver a tax bill. That will drive them to do some type of tax bill. What the rates will be, i dont know. About the 10 years, country6, the borrowed 10 trillion and the interest on that in the u. S. Budget was unchanged. Thats a wonderful thing, borrow and spend 10 trillion and no additional interest cost. Thats over. Joe do you think we are actually going to get tax reform rates somewhere. Some rates somewhere will be cut. Do away withbably carried interest. Everybody knows what a game that is. That major tax reform . I dont think so. And thats a shame, because thats a reform that could really help the country, especially people who make 100,000 a year or less. ,ica is the biggest tax heard and there is probably no relief coming. Julia great to get your advice. Close isthe market next. We have major averages to go. A little bit of everything here with the dow up by 23 points, the nasdaq losing 16. From new york, this is bloomberg. What did you miss . Cks and a subdued to with tech underwater. Tuning in live on twitter, we welcome you to our closing bell coverage, every weekday from 4 005 00 eastern. We begin with our market minute. The nasdaq moving in a different direction than the dow and s p 500. Fairly subdued. We were down. We came back. In the end, the moves were not much to write home about. Tech continuing some of the weakness we saw last week. Other than that, not much equitywise. Scarlet tech down. 6 . Utilities down. , financials. David just talked about liking financials because of deregulation prospects without the aid of congress. What i wanted to focus on were a couple of companies. Alphabet down 1 . Double digit percentage gains for avis as Different Companies are striking deals with Car Rental Companies for autonomous vehicles. A lot of big moves for Car Rental Companies that had seen a lot of pressure over the last couple of months because they continue to buy vehicles from carmakers but are not getting much in the way back in renting revenue. Look ats take a quick the bond market. Day. S are lower in the andble goods coming out adding to the impression that q2 data is not going to be anything special. The dollar scrabbling looking for moves, as you can see. A quick note on sterling. The u. K. Government reached an agreement. We want to give you a sense of some of the broader strength we are seeing despite the lack of anything else going on in the g7 space. Joe looking for moves, as you can see. A quick note on sterling. The u. K. Finally, a quick look t commodities. Oil and gold up 1 , over 43 a barrel. Gold getting hit pretty hard today, down a percent. But lets take a look at the gold intraday because that really tells the story. You could see early in the morning, there was kind of a flash crash. There was a huge rush of orders. Ats interesting that gold is that level. Its not like we saw a big bounce back. In fact, it went lower later in the day. Some ugly fast moves for gold. Thats todays marketplace. To wrap up some of todays market moves, lets bring a strategist and our stock reporter in. We keep pointing out how tech leads the way either to the upside or the downside. It seems like we havent figured from a fewtech rest weeks ago is done with. There may be something with the visas and the trump travel ban being reinstated. Health care is another industry where you have a lot of Foreign Workers as well. Things cracked open in the Tech Foundation two weeks ago, basically. This comes down to looking at Economic Data and thinking about growth. Goes into lot that estimates for corporate earnings. That asget more signals that rules over, perhaps companies will be able to meet that position. Joe the dollar has been sliding. We continue to see underwhelming Economic Data to put it nicely. Is this going to be the story with the dollar until something changes . What needs to change is the on raisinglbent rates and interest traders are buying into that. The dollar is kind of waffling. Decline because there is less of a believe that this rate hike cycle is going to continue aggressively. Julia there is movement going on with some of the dollar crosses. Dollar had some commentary from the central bank , bearish diamond. The Canadian Dollars really picking up some pace. There were hawkish comments from the governor of the bank of canada suggesting the softening Interest Rate cycle in canada may be nearing an end and we have had really good retail sales. And theaway from oil bad cpi number last week, if we see a bounce in oil, which looks it may becoming, the Canadian Dollar has some good potential. Scarlet its going to be a big central bank week. We have janet yellen and mark carney speaking tomorrow. What are traders or investors saying they are holding off on doing because they are waiting for Central Banks to set the tone . Its an interesting in because different its an interesting environment. There is a new element now where they are looking at specific Economic Data. I have a chart i want to dive into. Case, theis is the type of numbers we want to hear from the fed. The top panel is looking at ppi finished goods. Thats in the white. , thats what not wages look like, too. In blue is flat. If it catches up to output and wage growth, that could potentially have a negative effect on corporate margins. There is not a lot more room to stretch. If things start to get more expensive and wages take up, there could be adverse things to deal with. Or maybe they will have to invest in productivity enhancing investments. You would think. Upyou think rates are going and i know you have to deal tech situation and thats a big part of your interest infrastructure, you would think they would be its justin cap and not happening. Its nowhere to be found. The treasuries of the world are telling guys the same thing fixed income guys are saying, we dont believe you. Julia you dont think there will be any more tax relief from this government. If we get it, its going to be a minor patch but not the real tax reform people are hoping for. Its not going to spark the investment we are looking for. You. 2 now . At what the politics or so at odds, its extremely difficult for the market to get their arms around republicans and democrats coming together in anything. Scarlet janet yellen will be speaking tomorrow and we will be taking her comments live in the afternoon. Thank you so much. Up, a massive Financing Deal from the Italian Government for the purchase of two failing banks. The good parts, lets be clear. This has italy weakening the eu Banking Union. Our guest spoke exclusively to bloomberg in defense of the move. This is bloomberg. Mark i am mark crumpton. It is time for first word news. President trump welcomes indias Prime Minister to the white house this afternoon. The leaders of the worlds two largest democracies are expected to discuss a range of issues, from trade, climate change, security, and partnership on issues. They are expected to make a joint statement in the rose garden following their meeting. You can watch that live on bloomberg and at bloomberg. Com. The attorney general says the Justice Department looks forward to defending the trump travel ban when the Supreme Court hears arguments in october. Allowedhe Supreme Court enforcement of most of the ban. To federal courts blocked the. Olicy attorney general sessions said todays decision is an important step to restoring the separation of powers between the branches of the federal government. Intoigh court is stepping the fight between gay rights and religious freedoms. They have agreed to hear arguments from a colorado baker who said he should not have to bake cakes for samesex weddings. Ruled thats have vendors must comply with state laws that require equal treatment for samesex couples. This is the first time the Supreme Court will weigh in on the subject. Brazils president still leads in the president ial race despite a Court Decision that could ban him from running. According to a new poll, he receives about 30 of first round voter intention. He has been accused of receiving benefits from a Construction Company in exchange for granting favors. Accusation. E i am mark crumpton. This is bloomberg. The Italian Government is willing to provide as much as 19 billion to clean up two failing banks. The finance ministers spoke exclusively to bloomberg earlier today, addressing the deal. Its not a bailout and everything was done by the rules. Its a liquidation of banks declared failing or likely to fail by the ecb. What you dont say is that what do you say to those who claim this unwind will undermine confidence in the banking European Union project . There is competition, as stated yesterday. Disruption of the rules whatsoever. Ok, its legal, but a week or spain went down a different route. How are the italian lenders different from the spanish bank . I think the difference is not the italian banks have decided to come in and acquire the good assets. Will be keptatio unchanged by the operation. , their bank hand had to raise as much as 7 billion euros to raise capital to leave the ratios unchanged. So, you dont accept the accusation some have leveled today that this unwind leads to a nonlevel Playing Field in europe . Absolutely not. This is capital neutral. He position has not changed given that this is a liquidation and totally legal from the point of view of the state, exactly because it is not changing the. Laying field we had that assessment. There are concerns in germany. Further hinder euro integration as some have suggested today . I disagree with that statement as well. We have strengthened euro integration and the Banking Union to make it stronger. Talk to me about the cost. Euros. Arly 20 billion darrel what would it have cost you two have done the same a year ago . Its not 20 billion euro. The outflow of money from the state budget is going to be around 5 billion. Tot there is a guarantee up 17 billion. The initial 5 billion is most likely to be recovered by the state over time. Cracks that was the italian finance ministers speaking exclusively to bloomberg earlier today. For more, lets bring in our columnist from rome. This mean they have a model to solve big picture banking problems or is this a narrow solution and there are still big problems out there . That is the question many are asking at the moment. There are small, regional lenders and theres the issue of which mayorate banks encounter many problems over the next few months because of nonperforming loans, which has been affecting the italian Banking System for quite some time. This was quite a brutal decision when you think about it. You have a bank coming in, scooping up all the good assets and leaving the bad assets with the government. It doesnt strike me as a solution the government wants to repeat. , if there ishand no bailing of senior creditors in italy, there are not many options left. Julia they changed the rules, didnt they, to allow senior bond holders to avoid being bailed in. Six or seven months ago, we had the former Prime Minister talking about this. He suggested it would be around the tune of 4050,000,000,000 euros to bail out the banks or bankinge issues, but if we are talking about 19 billion, that figure seems really small. There are two points. I think ill european institutions have been very lenient. All european institutions have been very lenient. They have followed domestic procedure and the European Commission was very generous, i , in granting state aid. They are getting a really good deal and we saw share prices climbing today while paying very little, in fact im is nothing at all at the moment. On the bigger question of the amount of money, yes, it is a um, and i think we were all surprised. The minister will say its only 5 million on the table and the rest is guaranteed. The real question is will they be able to an edge a stock of nonperforming loans. Pointk thats the broader i think thats the big question. , it solvesder point one of the big problems. Ofre are issues in terms regional banks, a broad issue with nonperforming loans, but we are in a better position than we were at the start of the year. News. T we have breaking the cbo scoring of the healthcare bill has just crossed. According to the associated press, 22 million more uninsured by 2026 under the Senate Version of the bill. Again, 20 2 million more uninsured americans by 2026. The scoring of the Health Care Bill that some senators said they were waiting for before deciding if they would be willing to take a second look at it. This is one million less uninsured than under the house are those whoe would argue thats not the right comparison. You should go back to current law and decide what an improvement. As you point out in the snapshot , this is better than the house bill. Joe as our first guest pointed out, its unlikely anything in the cbo score specifically is going to change the votes in the senate. Conservative senators were very conservative. Aboute very concerned conservative aspects. And moderates were concerned about cuts to medicaid. Julia and can they bring the spike in premiums down . That would be an argument for some of the holdouts. So far, we have not gotten that information. Howlet we have seen politicized cbo scoring has become. When it bolsters someones case, everyone comes out and supports it. When it doesnt, everyone says s the cbo anyway. Nevertheless, according to the associated press, the cbo has found there will be 22 more million americans uninsured by 2026 under the Senate Version of the Health Care Bill. This is bloomberg. Scarlet breaking news. We have gotten a cost estimate from the Congressional Budget Office. They estimate that 22 Million People would lose coverage under the senate Health Care Bill. There is a cost savings as well. By enacting the senate legislation, according to the cbo, it would reduce the federal by 2026. Y 321 billion thats 226 billion dollars more than the bill passed by the house. Lets get your take on this snapshot from the cbo. Better than the house bill we got, but as you pointed out earlier, the critical details come down to premiums expected to spike. Thats true. Premiums are what they are going after here. They are concerned that people have insurance, but their main concern is that the cost of insurance go down, not as much with how many people have coverage. They dont 20 force people to have coverage. Thats a big difference they dont want to force people to have coverage. Thats a big difference from obamacare that required coverage. These numbers do look better than the house bill. Course, and of decreasing the federal deficit is a huge concern for republicans. Does this move the needle for them . Its a great point. There are senators who really want to get at the bottom line here. They want to be able to save money. It. Is just a piece of it might not move the needle in terms of changing a note to a yes or and unsure to a guess, as they try tolp negotiate some of the changes others are seeking in the bill before the vote. Scarlet thank you for that analysis. Just to recap our headlines, the cbo has indicated that the senate bill would increase the number of people without by 2026, by 22 million slightly lower than what the house bill would create. Been reporting, the Congressional Budget Office has released its report, which sees 22 million more uninsured americans by 2026 under the new Health Care Bill. This comes as Senate Republicans released a slightly revised version of their bill. The most significant changes the inclusion of a new provision to encourage americans to maintain Continuous Health care coverage. The provision would impose a beforeth waiting period new insurance goes into effect for anyone who had a break of 60 days or longer in the prior year. It would take effect in 2019. British Prime Minister theresa may today reached the governing deal with Northern Irelands democratic unionists. Key voteseed their after conservatives lost a majority in parliament. The two sides agreed on funding for Northern Ireland and winter the elderly. For we have done this on the basis of the security of our nation, building prosperity for supporting an exit from the European Union that benefits all parts of the united kingdom. Mark details of the agreement between the two parties will be polished. A tourist boat packed with 100 60 passengers capsized in columbia. Officials say at least six people are dead and 30 others missing after the accident. Officials are trying to figure out what caused the boat to capsize. Were removedels from more buildings across england today. Officials say the list of highrise apartment buildings that have failed fire safety to 60. As grown National Testing was ordered after an inferno on june 14 that killed at least 79 people. Fire officials leave combustibility led to the rapid spread of the plays. Global news 24 hours a day powered by more than 2700 journalists and analysts in over 120 countries. Ofia lets get a recap todays market action. In equities, little change. Dow ending relatively unchanged. The s p relatively unchanged. Tech stocks weighed today. Down 18 . Down 18. Technological innovation is a driving force behind falling prices. Take a look at this advertisement from charles an investor at Charles Schwab dug up and tweeted last week. Remember, smart phones can be as cheap as 150. To get a computer, alarm clock, cell phone, video camera. Joe and you can Program Music and have a keyboard. So many pieces of hardware are now reduced to software. Software is eating the world. Having said that, i had a lot of those things even though my phone does its job. I do have several of those. At some point, the millennials wont necessarily have as many. Julia maybe i am old. Older, as my kids get they are not going to have some of those things. For more on deflationary influence, lets bring in the wells fargo manager of research and a u. S. Senior economist. Jennifer, let me start with you, because one thing everyone is pointing out is that wireless carriers are now offering unlimited data. They are kind of undercutting each other by offering free plans. They basically say to the customer, you can have service for free for one year if you stick with us. They want to the of undercutting each other by offering free plans. They basically say customers attention, britain being one example. Ofsprint is the only example this, and i think there is more than meets the eye here. There is a lot of red tape in the offer. Users have to do an even bill and auto pay. You have to bring your own phone. Sprint wont pay it off. You could make the case that the lifetime value compared to other deals is better other examples, where tmobile is paying off the device, verizon and at t have had similar promotions. What you are seeing sprint do is experiment with an all Digital Store less sale, saving of bricks and mortar, which is a huge cost savings. Joe a counter argument would be that if you are saving on your wireless plan, you can spend elsewhere like going out to eat. This incredible deflation we are seeing in this specific area having a macro impact . Tothe point he was trying make was that if you see ,eclines in wireless prices that has a lingering impact on prices overall. It might take a year before that effect disappears. If prices continue to decline, that probably means it will stay here for longer. The problem is its not only that wireless prices are falling, but as the chart i prices today shows, excluding wireless are also decelerating. Its not only concentrated in the Wireless Services prices, but also elsewhere. So from airfare to physician services, they are all declining. Thats kind of a worrying signal. We are kind of overlooking trends. Absolutely. The fed is trying to understand what is happening right now. They believe that this is not broken and we are reaching full employment and that will push inflation higher. Is thatare seeing inflation is not trending high. Its trending low. , youver metric you look at see inflation. Scarlet clearly, its a great time to be a wireless customer. Julia just moved to the country and she had her pick of who to go with. There is talk of a sprinttmobile merger. What would that mean in terms of companies continuing to undercut each other with unlimited data plans . You are right. It is a great time to be a wireless consumer. We have seen that. Will bethe case that brought to the fcc and doj is the the devil lies, of investment and innovation will have to continue. Rural america is still very much a duopoly between those two players, where sprint and tmobile dont have as much presence. Joe from an industry perspective, what are the prospects for pricing . I think the pace of decline is going to moderate. I think the days of unlimited are here to stay, but you are going to see carriers differentiate with different products. A clear example is at ts move toward time warner and the need to own content. Thats a game changer. All eyes are on verizon to see what they do because they are the largest and in many cases the strongest wireless player. Scarlet thank you so much. Breaking news, President Trump speaking after meeting with his cabinet members. Mr. Trump we are making great the relationship with the United States. India is very strong and powerful. We agreed on most things. I would say by the end of the day, we will agree on everything, i have a feeling. I just want to tell you, mr. Prime minister, it is a great honor to have you in the United States. Thank you for being here. Scarlet there you saw the president concluding his meeting with his cabinet members and advisors. The Prime Minister of india visiting the United States. The president saying modi has done a great job economically in india and thanking india for buying equipment from the United States. Breaking news,r of course, is the cbo score on the latest draft from republicans in the senate. They suggest 22 Million People will be without health care by 2026. Thats a slight improvement on , which theyll suggested woodlief 23 Million People uninsured by 2026 leave 23 Million People uninsured by 2026. They also suggest cost savings. And that is what we are going to be talking about next, the cbo score of the senate bill and the politics barrels. From new york, this is bloomberg. Julia the Congressional Budget Office is that with its score on the senate Health Care Bill. By its estimation, 22 Million People would be uninsured by 2026. We are on capitol hill with the latest. And i mean 22 million more people would be uninsured, just to clarify. Talk us through, because the snapshot here, relative to the house bill, looks slightly better, but in terms of the premium rises people were complaining about, it is still expected to be a 20 hike by 2018, which is exactly the same as the house bill, as far as i can see. Its similar to the house bill in many ways. 22 Million People would be uninsured under the current law by 2026. The house bill had it at 23 million. The senate bill saves about 200 billion dollars more than the house bill. Thats what Mitch Mcconnell can use to try to win holdouts in states like ohio and West Virginia. They have an Opioid Epidemic and their senators want more money. Its an interesting tool Mitch Mcconnell has. That 50also estimates Million People would lose insurance right off the bat. The cost is an important one. Conservative senators have insisted that this bill reduces cost, and based on the cbo score, its not clear that it will. And senator caspi of louisiana has said that he is now even more concerned. The point you made about the 200 billion Mitch Mcconnell think work with, do you senatorss he can give something after the fact so they can go out and say we got a win . Ere he is very strategic, so i think he knows what he was doing here. House, there were republican holdouts right up until they were able to say they received something. Theseems to be and no on bill and it looks like the entire thing was dead. Then he got more money and he could say he procured something to help the content constituents in his state. And then he became the yes vote they needed. We were talking about what looked like a very mcconnell. Ote for wisconsins ron johnson put an oped in the New York Times detailing his concerns. Is he also looking like a difficult one . He is for now. On a conservative radio show this morning where he thety harshly critiqued Republican Leaders who wrote it. He said they dont have the cut the courage to say that regulations drive up costs. This is a Sticking Point for moderate republicans. A lot of them have said in election campaigns that they want to repeal the law but keep those provisions. Its a tough balancing act to win conservatives who want less regulation and moderates who want to keep that. At the moment, he has six only that our holdouts. He can afford to lose to give lose two. Is 50 billion enough to convince senators to jump on board . It may be enough for moderate republican senators who one more money for their state. Particularly in ohio and West Virginia where they are dealing with a big Opioid Epidemic. They want that addressed in this bill. The four who initially came out against it want something different. They are not asking for more money. They are asking for more state flexibility and more dieter more deregulation of the insurance marketplace. Mcconnell a road for to get to 50, its more deregulation for conservatives and more money for moderate. Space. Watch this thank you for your insight. Coming up, bmw wants to create more jobs in the u. S. This is bloomberg. Joe bmw is investing 600 100,000 jobseating added South Carolina plant. Earlier today, we caught up with a board member. First of all, we made the decision to come to South Carolina 25 years ago, and that is what we are here today to celebrate, this anniversary. There were three main factors that brought us here. First of all, the workforce. It is highly qualified and motivated. That made the Success Story happen. D. C. Harbor in charleston, which has expanded. Have great support from the government. Last 25 years possible. You are now the biggest exporter of any car manufacturer n the u. S. How important is global trade and free trade to your job as head of production . When we talk about car production today, it is always a network. Network behind the is linked toan many countries. First tier supplies, secondtier suppliers, third tier suppliers. The network only works if we and clear regulations conditions for what is happening and free trade. Without free trade, this story in South Carolina would not of been possible. How do you see that developing . Lately, it has been a hot button issue for President Trump and the u. S. In brussels, they were talking about more protectionist measures. Protectionism is not new to this world. But ultimately, we have to have production facilities in each of countries, like the United States. This is protection against protectionism. We are in china and we have a big footprint in europe and south east asia, south america, and the best thing is to have an equal distribution of manufacturing capabilities. Let me ask you about the actual production technique. In body shopss and a lot of people here working handson. When people talk about the rise of automation, do you see that as a steep curve or a gradual rise . The actual automation began 40 years ago. This is nothing new. Technology, things are highly automated. There are not many people working on the cars. Its a little different on the Assembly Line because every car is a little different than the preceding one, so automation is not the right answer. We think the human influence into the assembly of the automation will be necessary in the future. Doeskind of information the work on the line get . How can we incorporate more automation . See a fullynot automated Assembly Line in the future. The case oft consumers . Obviously, suvs have been huge. They are getting a little smaller. At least, Consumers Want them a little smaller. And now you have troops that are that are coupes popular. Where do you see that going . All cars are popular with our customers. That is why spartanburg is growing and we are expanding the plant. We are also expanding in south africa. We are building in china. Building x one and x two models in germany. Demand and stuff growing. And we are responding. Joe that was a bmw board member. Up, what you need to know to guerra up for tomorrows trading day ahead. This is bloomberg. Scarlet a mix to day in equities, but tech ways on the nasdaq. Englandsthe bank of mark carney makes a statement on Financial Stability. Joe and i will be watching janet yellen speaking in london tomorrow afternoon at 1 00, where she is expected to answer questions about monetary policy. Thea and we get a gauge of health of a u. S. Economy with Economic Data. Scarlet that does it for us. Julia Bloomberg Technology is up next. Joe have a great evening. This is bloomberg. Whoooo. Youre searching for something. Like the perfect deal. On the perfect hotel. So wouldnt it be perfect if there was a single site where you could find the right hotel for you at the best price . There is. Because tripadvisor now compares prices from over 200 booking sites. To save you up to 30 . On the hotel you want. Trust this birds words. Tripadvisor. The latest reviews. The lowest prices. You are watching Bloomberg Technology. Lets start with the check of your first word news. Released aleaders revised version of the Health Care Bill today. It includes a provision to encourage maintaining Health Care Coverage by including a sixmonth waiting. Before their insurance comes into effect. Meanwhile, the Congressional Budget Office just released its report on the bill. It finds as many as 22 million more uninsured americans by 2026, slightly lower than the previous uninsured version for the u. S. House version. Is expected to declare china among the worlds worst offenders in human trafficking. The gun downgrade will be announced by Rex Tillerson tomorrow. It were ranks china in the same category as north korea, and bob way, in syria. And president is prepared to meet with Vladimir Putin next month
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