Uncertainty including the delay havee tax reform bill, we stocks. The bull is marching on. Btv 287,e a look at this represents the monthly gain for the dow. The dow has had its best months since february. The same thing for the nasdaq going to july. A strong october. Look at october of 2016. Big decline. October was a strong month. We have been having a strong thirdquarter earnings season. Oil tradingave higher after a bullish api report come a helping big names trade higher. Nearly 55 a barrel, pretty amazing. Above the 50 mark, psychologically important. In the best longest winning streak since july, we have some big earnings movers. Lets take a look at what some of the top stocks were. Including estee lauder and concorde resources. Earnings by put up 25 25 . Resources, clorox, their view is the midpoint trails estimate, but lots of strength here for these companies. Fueling those records, breaking news on the middle east. Its alliess asked for financial assistance, trying to replenish his foreignexchange reserves and devaluation,ncy that has reverberations across the region, according to people with knowledge of the talks. It has been boehner will slumping oil prices and regional instability than some of its richer neighbors. This request was made to the united arab emirates. Kuwait was also asked for assistance. Those countries responded by requesting bar rain bring its finances under control in exchange for getting this funding. The talks are at an early stage. The bar rain index is still higher for the day. The ball rain index is still higher for the day. Index is still higher for the day. Lets go to our chief washington correspondent who is on capitol hill. It has been a difficult 24 hours with the attack in new york. Mines have been there. We got this news, it seemed to be unrelated to the attack in new york, we have a oneday delay. Yes, a oneday delay for the release of that tax proposal. Avin brady putting out statement saying this will now be released tomorrow, on thursday, after much anticipation of it being released today. 9 00 a. M. We will get this proposal. Behind the scenes there are divisions on a host of issues. Lots of Asset Managers dont like that. Even the phasing in of some of the tax cuts. If the markup, that is the Big Committee hearing, that is still on for next week. If you are outside of washington trying to figure out if this delay means this will be pushing it back from the end of the year , or if it is going to kill tax reform chances, look for next week. If the markup moves ahead of planned, that is a good indicator they could still get this done by the end of the year or first month of next calendar year. Julie moving to the other issues of the day, we are going to hear another hearing in which we will see representatives from the big social Media Companies asked about russian advertisers on their platforms. What are the highlights you are looking for . Kevin we were just in that hearing. Senators going into that hearing, such as mark warner, telling us essentially what he is going to be looking for. He wants to hear how these facebook, google and twitter are going to prevent this from happening again. This has grown into bipartisan concern. From a host of folks including senators season collins. She raised the point that how these ads were purchased should have been an indicator this was going on. Vonnie for the moment, our thanks to kevin. Julie speaking about that from thative pictures committee on intelligence, day two of these tech hearings. These executives giving influenceon russian on the election. Lets get perspective on what we heard yesterday and what we might expect today from david kirkpatrick. It is great to see you. David good to be here. Julie what can these companies do . Listened to the Opening Statement of facebooks counsel. He enumerated seven Different Things they are going to do or are already doing. Hiring more people to review ads, tightening ad requirements. But frankly, will it be enough . Almost certainly not. One thing he did not mention is further efforts to ensure authenticity in the identity of facebook users. There are many millions of fake accounts on facebook. Facebook has to do a better job ensuring you are who you say you are. That would help this problem. It would improve something he did talk about, authenticity on the platform. Vonnie when will we get the first test of what they have put into place . Will everything be done by then . David this is happening in every country in the world. This is not confined to the United States. It is one of the things that how manye, given languages facebook operates in. It is a most inconceivable that they could show the vigilance they need to show to effectively deal with it in every country they operate. That is why they want to rely on artificial intelligence. Which is a great thing. These companies have grown to a scale that i worry are truly unmanageable when it comes to public debate. Julie it sounds like there is thiseally an answer to problem. They can rely more and artificial intelligence, but that only goes so far. At some point are they going to need to spend more money . David yes. Julie what happens next . David these companies are so wealthy except for twitter, unsustainably expensive is inconceivable for companies raking in the dough the way they are. Affect their earnings . Probably. That in the near term, almost certainly not. I think they should sent ceos to these hearings. I dont think they are showing sufficient attentiveness to their impact and there is a lot of things about it that i am critical of. We have two or member these services are hugely beneficial to society, also. There are genuine dilemmas here for us, and the companies. Vonnie they have plenty of money to spend on lobbying. They would like to be less regulated. David they would like to be completely unregulated. Vonnie as long as they put in their own failsafe. David they want to do it themselves. Vonnie who has the money to spend lobbying for regulation . , anding congress for laws everything that will be necessary . What are they asking for . David that is a good question. No one is asking for much in particular because it is hard to figure out what the proper response should be. If you step back, it is easy to see why. No entity has ever existed in society like these entities. They are quite as i governmental quasi governmental. Congress, with the exception of senator warner and others, they dont even know how these systems work. Every Congress Person based at a fulltime text tech expert in their office. We are going we are initiating a debate that is going to last indefinitely. This is just one of a series of similar issues, relating to privacy, are going to be in our radar on our radar. Zuckerberg, larry page, they will be testifying in the not so distant future, i am certain. Julie we are going to continue to talk about this. Not at the moment. Throughout the coming weeks. David kilpatrick, thank you. Author of the facebook effect your co effect. Vonnie time to check on the first word news. The suspect in the terrorist attack into the country through the diversity visa program. He referred to Chuck Schumer support for the program. Eight people were killed, a dozen injured when a man drove a speeding truck along a bike path in manhattan, tuesday. He is described as an immigrant from it is pakistan uzbekistan. American Companies Added more workers than expected last month according to the adp research. Government comes back with the october jobs report this friday. And the president of catalonia has to choose between a prison term or a life in exile as Spanish Court has summoned the rebel leader to appear tomorrow to face charges of sedition. He fled to brussels after spain seized control of his regional government. His lawyers say he will not go to madrid, at least in the next few weeks. This is bloomberg. Theie still ahead, interview on adp and much more at 12 30 p. M. This is bloomberg. Live from new york, im julie hyman. This is bloomberg markets. Time for futures in focus. Oil and gold are higher. The highest level since july 2015. ,tockpiles, in 15 minutes expected to drop. To discuss, tim evans, the chief strategist at longleaf trading group. This has been a significant move we have in oil. What has been fueling it, mainly . Do you think that is going to stay in place and continue to fuel it . Tim there has clearly been a large psychological shift in the market. Level helped the market. The fundamentals of shifted in favor of the bull camp. Opec discussed there is going to be a decline in output this month. Iraqi outputs have declined. On balance, the fundamentals have improved to support the market. The edge is with the bulls. It is going to require bearishness to break the momentum we currently have. Julie what are you looking for in the inventory numbers . Im high think we are think we are going to see a slight decline. That number historically is very inconsistent with what we get from the deal we doe on the next day. Julie lets switch to gold. We have gold futures rising today, but we have had more rocking this as of late rocking this as of late. How much is the fed outlook playing into that . Far, theys trade so expectation that the fed seems to be supporting the market, that negative correlation that we have been saying with the dollar and gold has been in play. The dollar is higher this morning. Indices are at new alltime highs. I think the expectation of the fed is to drive the fed. Julie thank you, tim evans. Tim thank you. D, the focusl ahea will be on a bad decision today. It is elsewhere. This is after the break. This is bloomberg. Vonnie this is bloomberg markets. Im vonnie quinn. Julie im julie hyman. Vonnie countdown to the fomc meeting, which could be one of Janet Yellens last at the helm. The drama of who will lead the central bank, few surprises are expected today. Expecting ae message of see you in december. Oining us now, Austan Goolsbee you,time we spoke to predictions were saying Something Different than it is now. Who do you think will be the next fed chair . It seems like powell is going to be the next fed chair. I thought it would be unlikely donald trump will choose janet yellen, to reappoint janet yellen for another term. It doesnt feel like he is going to do that. Vonnie if it is powell, how do path wille the hiking progress the hiking path will progress next year . Still an expectation fourth three rate hikes . Austan i have been skeptical that it would support the rapid rises to Interest Rates. It hasnt supported it. Are growing a we little faster, but for the year 2017, it is not going to look over all that much faster growth and it has for the last five years. I would be more circumspect above how fast they will be able to raise. Julie i want to switch on the subject of growth, onto the. Opic of taxes we hear the republicans are pushing back a day there revelation of what is in there at in their tax proposal. There is going to there is talk about whether it will be phased in or not. What do you think the benefit could be. Could be . Austan i have been a fan of trying to rate lower the u. S. Corporate rate. That is not what this is. This is not a gauge or base just a nakedhis is handout. The thing about that is, especially if you phase it in, you dont pay for it. It runs up the deficit. The growth impacts of a change like that are formal far more modest than something that would be permanent or a comprehensive tax reform. Vonnie we are going to get bigger deficits if this plan comes to fruition this year, any plan that could emanate from the administration and gop. Does it crowd out things like investment hiring and so on . Austan they can. It is important to try to think that through. If you dont pay for tax cuts, you have if you believe in dynamic scoring, you have to think on the other side, if it is not paid for, dont we have to think of the deficit or debt increases, and what impact those would have on growth or crowding out. I think this is the oldest story in the book when it comes to washington, the advocates for a policy are grasping to find any rationale to pass the policy they were already for before they heard the rationale. Their problem is, Donald Trumps framework is 5 trillion of tax cuts. Cuts. Re tax they are only authorized to have 1. 5 million trillion in tax cuts. Cuts. They are delaying this for a day and they might delay it more. They are going to go round and round figuring out how to square that. Julie your background is in policy, not so much politicking, but you are talking what the political process here. Do you think that we will see a repeat of the attempt to reform the Health Care Legislation . Nothing will ultimately get done . What is realistic that will end up getting through . Comparison,s a nice comparing it to what happened with health care. They tried multiple times and have failed. Here, the difference is unlike health care, there are not millions of people who are going to be out in the street saying your bill will take away my insurance and threatened to kill me. They are not facing the same kind of headwinds. If republicans can limit their ambition to Something Like a 1 trillion tax cut, i think they can do it. That is my most likely scenario here. If bypassing one trillion it leaves other parts of the Republican Party to say why should they get a trillion, i think it will fall apart. Vonnie how much of an extra deficit or debt increase can the u. S. Take without causing effects . Austan on the market side, the debt capacity of the government is in excess of where we are now. I dont think any numbers they are talking about would create a fiscal crisis in the short run. It is more of a political crisis , there are a lot of republicans who staked out the position about obamas stimulus, that it was too big, and they cant go higher on the politics. Vonnie Austan Goolsbee, this is bloomberg. Im done. Done with figuring it out for myself. Im done with surprises. Im done with complicated. If youre on medicare, and ready to be done with complicated, turn to unitedhealthcare and our Medicare Advantage plans. Like aarp medicarecomplete. These plans can combine your hospital and doctor coverage, with Prescription Drug coverage and more, all in one plan for a low, or even no, monthly premium. So call now. Lan for a low, or even no, monthly premium. So call now. We can answer your questions, even help you enroll. I deserve to get the most out of my plan. Well make sure your doctors are all connected, you know what your copays are. And you can save on prescriptions; plan members saved an average of over 5000 dollars last year. Medicare open enrollment ends december 7th. If youre done with complicated, if youre doso done. Complicated, so done. Call now to enroll in a plan from unitedhealthcare, like aarp medicarecomplete. [sfx mnemonic] World Headquarters in new york, im vonnie quinn. Julie im julie hyman. We are awaiting Oil Inventories. Oil is pushing to its highest in years, in advance of these numbers. We will see a drop in crude Oil Inventories of 877,000 barrels. Oil is bouncing near the highs of the session awaiting these numbers. We are seeing a larger than estimated drop, 2. 4 million barrels. Or than double what was estimated here. Drop in gasoline inventories as well of 4 million barrels. It looks on the face of it here that the numbers would in theory be bullish for oil prices. Oil is ticking down from the high slide your slightly. Of oil trading for we are going to keep looking at these numbers and see what the followup remains. If you have a bloomberg and you want to follow along, tliv is the live numbers. Vonnie lets check in with emma. Emma the president says the suspect came to the u. S. On the diversity visa lottery program, something he calls a Chuck Schumer beauty. Schumer responded saying the president should rescind his proposed cuts to antiterrorism funding. A people were killed when a man drove a truck down a bike path tuesday. House republicans delayed todays scheduled release of the tax bill by a day. There are unresolved questions about the timing of a Corporate Tax rate cut. Republicans disagree over whether to repeal federal tax breaks for state and local taxes. The former tripadvisor who pleaded guilty to lying to the fbi made a significant claim in the campaign. Say trumpadopoulos officials agreed to a meeting with the positives of russias vladimir putin. It is unclear whether george was simplys boasting. Manufacturing activity rose last month. Measures of pricing and capacity indicated inflation pressures are building. That comes a day before the bank will increase Interest Rates for the third time in a decade. This is bloomberg. Vonnie thank you. As i mentioned, developments in the Robert Mueller investigation with George Papadopoulos claiming officials did agree to a meeting with representatives of the russian government. No indication yet if the meeting occurred. It could be another headache for the white house. We are joined by tim obrien. On gadflycess those go. If there is reason to believe Campaign Officials agreed to the meeting, why is that a problem . Tim i dont think collusion itself is a problem for the president. It is not a crime to cooperate with a Foreign Government to a certain extent. The issue is whether or not they tried to cover up their tracts once they were asked about it. That becomes obstruction of justice. Background narrative that they were not colluding, you now have someone within the campaign who said lets take this meeting but lets keep it said rosa. Sub rosa. The other reason george ,apadopoulos is unnerving he has apparently been cooperating with Robert Mueller. He could have had a number of conversations. Vonnie if he is a former campaign advisor, they have been distancing themselves from him. Would calls be accepted . Tim who knows. I dont think it is hard to get donald trump on the phone. It was easy for people to approach t