Of course, two days before the floor vote, if we get there. Could the dont get stuck in committee today . Josh we will find out if the tax bill will move forward in the senate. There are two key senators that are uncommitted to the bill. Either one of whom could stall the bill if theyve dont vote in favor. The most important is senator ron johnson of wisconsin, who has a lot of concerns about the passthrough rate. Johnson himself was the owner of the passthrough business. He says if he is not satisfied with the changes that Mitch Mcconnell is going to make, he will not vote for the bill. The problem is, if mcconnell were to offer more generous pass benefits, it may have the effect of increasing the deficit, which may recognize the vote of tennessee senator bob corker, who is yet to be committed because he has concerns about the deficit. It is not clear whether Mitch Mcconnell will be empty square the circle by 2 30. David lets bring in our colleagues from washington. Pur, ron johnson i
Overheating economy or a tight labor market. Wage increases are modest. We dont see wages signaling tightness. It has been below the 2 objective the last 25 years. Is a transitory or are there more fundamental things that work . I think were watching carefully to see. We think it is important to gradually move our policy rate to a neutral level. The economy is strong, unemployment is low, growth is strong, it appears to have picked up. It is time to be normalizing Interest Rates. Jonathan joining me is cohead of Global Portfolio management at Goldman Sachs asset management. And coming to us from london, 16 fixed Income Portfolio manager at j. P. Morgan asset management. It is great to have you guys with us. I want to begin with you, what will change at the fed given the two individuals sound precisely the same . Not a lot, but i think over time there are subtle differences. First on the similar side, i think theyre both consensus builders. I do think youre not going to see anything ext
Who has repeatedly preyed on young girls campaigns for the senate with the full support of his party. Note, franken to said he will resign in the coming weeks. It makes you think what else he may say pending the outcome of next weeks senate race. Mark david will pick frankens successor. Barbara comstock calling for protection of accusers. I believe this is a watershed moment and we need to take this opportunity to fundamentally asnge how we address this congress and beyond. Rolemstock will play a big in Sexual Harassment training on the hill which has passed and is fighting for an end to nondisclosure agreements when it comes to settling harassment cases. Can you believe this video . Wildfires roaring. Absolutely outofcontrol in southern california. It is literally exploding. The level of concern is at an all time high this afternoon. Arehree of the fires between 10 and 20 containment. North of your the biggest fire burning is still glowing. Coastm the smoke lined inland the firefight
Low. And its projected as the population continues to age in the baby boomers retire that that ratio will continue to rise in an unsustainable fashion. So, the addition to the debt taking what is already a significant problem and making it worse is it is of concern to me, and i think it does suggest that in some future downturn, which could occur just for whatever reason, the amount of fiscal space that would exist for fiscal policy to play an active role it will be limited, it may well be limited. Sam fleming with the financial times. Couple of longer term questions, first of all, midway through the year, hot weather inflation targets might need to be raised. Obviously been a lot more debate and have had systems since then about this it may not be an imminent issue, it may be something the feds may be discussing over the coming years. Some sort of change to the inflation target second of all, the amount of stimulus tools that the fed may have at its expo sal are fairly limited. One of
Holding in europe. Yes they are the dax, chief amongst the leaders with quite a significant gain this morning. 10year note yield, been hanging around the 2. 4 level there we are, 2. 378. You can see wti up 32 cents. Lets get to our road map this morning. It does start with that market rally you just saw the futures are pointing to new records on growingconfidence that republicans in the senate and house are going to pass that historic tax cut plan this week. Plus, well have more on csx, investors are worried given the turnaround strategy may be in doubt after the sudden death of Hunter Harrison. Surging in the premarket after an upgrade from jp morgan. And weve got plenty of deals to talk about this morning. Geez, we sure do. Well get to those and talk p g. Lets get to stocks first. They are on track to open sharply higher, this on optimism on passage of the tax reform legislation. The house is slated to vote on the bill tomorrow followed by the senate with republicans hoping to get it