Transcripts For BLOOMBERG Bloomberg Markets Balance Of Power 20171120

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be ironed out. behind closed doors, negotiations are underway to get to 50 votes. for more on the latest, we are joined from washington. welcome back to the program. give us a sense of what is going on right now. we heard over the weekend that senator collins of maine was expressing concerns. >> the real action is going on behind closed doors. a lot of the debates you see to they as it relates tax bill is mostly theater. the real negotiations are between republican leaders in the house need to keep 218 votes. in the sen. --s the senate need to have 51 votes. that didn't work when they try to repeal the affordable care act. they want to succeed here. they are going over various senators whoding are worried about the individual mandate repeal and high premiums. others have concerns about red ink in the deficit. that is not sitting well with people like senator corker. as stop the senate returns on november 27. sherry: give us a sense of what happens when the senate returns on november 27. be thursday before they like to break for weekends. i would keep a close eye on wednesday, wednesday evening, and thursday morning. there will be a voter process for the minority parties. democrats will offer many to try to make a statement about this bill to try to point out that they were left out of the negotiations and make it uncomfortable for republicans. david: could change what they hear with their views? >> they will be hearing a lot about that. it is making a lot of waves here. holes have shown of the tax plan is unpopular overall. ity 25% of americans support according to the polls. most americans, according to that poll, seem to think that this is a tax break for the wealthy and they don't support eliminating the deductions. david: bloomberg's national reporter, thank you from joint -- for joining us. sherry: we are now john -- formerby judd gregg, a senator of new hampshire. thank you for joining us. could cost the economy $1.5 trillion. how prudent isn't to get the tax cuts when the economy is booming and the jobless rate are so low? judd: first off, that is not the real number. that is a static based number. it's probably closer to $2 trillion. if you accept the fact that secretary mnuchin and makes is that the activity of a tax cut will generate revenue, then it will be something less than that , probably in the trillion dollar range. that is on 50 trillion dollar spending. over 10 years in the federal government. it is probably less than 10% over that. -- period. the question is whether the economic growth generated by a tax cut is worth the price of the deficit. my view is you should do tax reform in a revenue neutral basis. this congress does not want to do that because it a sickly means cutting more deductions and eliminating exemptions, and those are politically hard decisions. as a practical matter, with the cuts and deductions come out of corporations every bit of individuals -- every bit as much as individuals? judd: it is on the individual side. are four major deductions on the individual side. the first is state local being impacted. the second is health care deductibility, which is not impacted. the 30 is real estate that is not being impacted. the fourth is charitable, which is not being deducted. if you're going to have effective tax reform, which means you get the rates down in exchange for a eliminating deductions and exemptions, you have to step on a lot of toes to do it. this congress and president is not inclined to step on many toes. sherry: more items seem to be recategorized in this. how accurately does the budget deficit represent the fiscal situation in the u.s.? judd: the budget deficit is a serious problem, and it will get worse. we passed the rubicon where basically there is a generally accepted believe that it is very hard to pay back your debt. that is when you get to gdp ratio of over 60%. range.at 72% to 73% we are headed toward 90% range. there is nothing that looks good in the area of reducing debt. it is almost totally driven by the health care needs of the baby boom generation as it retires. that generation, which im not a member of, is just starting to draw down on the accounts. there is no good news on the horizon relative to the deficit unless this congress and president want to step up and do something constructive, which they are willing to do. the president took medicare and social security off the table a long time ago. in fairness, neither candidate for president in this last election made an issue out of cutting entitlements. so it is a bipartisan problem. it is pretty don't expect it from my liberal colleagues across the aisle. they have never been concerned about the deficit. under the obama administration, they more than doubled the deficit and put us up to $20 trillion in debt and push does .f 270% debt to gdp there was once an attempt to do this in a bipartisan way, and that was the simpson bowles bill. it had liberal democrats and bipartisan views. it also had conservative republicans. you can reach an agreement if you have leadership on the issue . right now, there is no leadership on the issue. sherry: when it comes down to the numbers, it is straining the budget. we have the administration asking for another aid package. they want to offset that with cuts elsewhere appeared health this galena necessary is this when you risk delaying disaster youef efforts -- this when risk delaying disaster relief efforts? judd: national defense is the number one priority. distress, like with florida and houston and puerto rico, it is the obligation of government to step up. i do not think those types of expenditures should be all set. other things should be conditioned on offsetting. things like that should not be. david: judd gregg, former senator of new hampshire joining us. thank you for joining us. sherry: we are seeing a rebound across markets in the u.s.. let's get a check of the markets. nasdaq is now almost unchanged, but the dow is consistently the best performing index of the session. let's take a look of -- at the individual movers. verizon is one general motors is also an barclays. have increased comfort around the company's 2018 outlook. also, there is a november 30 investor meeting coming up that is focused on the company's vision for an autonomous future. and market up performance. analysts say much of the bad news is behind the stock in terms of its wireless service revenues. the u.s. shares of barclays are on the rise, updated over bank of america merrill lynch to buy underperforming. it says 2017 should mark the trough for the wii's numbers. numbers.y's the council of economic advisers theed the cost relating to opioid epidemic in the united sayingto $504 billion, that was in 2015. that is higher than previous estimates. bloomberg intelligence has pointed out that opioid drug makers and distributors could see a flood of suits and probes that could make it like a was.co-related a quick check on the u.s. dollar, which has been trending higher, particularly against the euro and concerns against angela merkel's: us and -- coalition in germany. sherry: julie hyman, thank you. coming up, the head of the house democratic caucus, joseph crowley will sit down with us to detect -- discuss the tax overhaul. this is bloomberg. ♪ ♪ sherry: welcome back. this is "bloomberg markets: balance of power." david: i'm david westin. let's check bloomberg first word news with david crumpton. --k: president trump will during a cabinet meeting, the president said the move should have happened a long time ago. pres. trump: this designation will impose further sanctions and penalties on north korea and related persons and supports our maximum pressure campaign to isolate the murders -- murderous regime. accused north korea of supporting acts of international terrorism, including assassinations on foreign soil. targetedaircraft produces in afghanistan for the first time. the top u.s. general in the country said air raids involving an f-22 bomber are part of the new strategy aimed at cutting off taliban funding. an estimatednerate $200 million a year from poppy cultivation and opium production. iran's supreme leader visited the border of iraq today. reliefded the rescue and efforts and said they should double the efforts to get aid to people who need it. killed andwere injured thousands in an attack. the mass murdering cult leader charles manson is dead. manson's followers killed actress sharon tate and six others in los angeles. they hoped the debts -- deaths would read to a race war. he was serving a live -- life sentence in california. he was 83 years old. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i'm mark crumpton. this is bloomberg. sherry: state and local deductions have been a sticking point between the senate and house plans. 12 of the 13 house republicans who voted against the tax plan say those would be hit with artist repeal. we are joined by congressman joe crowley. thank you so much for joining us. the house bill has passed and only a memos were accepted to how are the democrats trying to weigh in on the process? joe: we are reminding americans how bad this bill is, that it will raise taxes on 36 million middle-class americans. over 25% of my constituency will see a tax increase on the average of $1200. this is a bad bill. it said it would not raise taxes on any american and give tax cuts to everyone, and that is not truth. sherry: they really couldn't promise that, could they? joe: it was a bad promise. it isn't remotely close to everyone getting a tax break when a quarter of working men and women will see a tax increase. you see the deductions that have been a limited -- eliminated. it would reduce the eligibility for mortgage deductions. that directly and a squarely hits people in my district in queens, where the average price of a home is well over in excess of $500,000. david: is it resonating with your constituents russian mark we have seen polls that said people are paying much attention one way or the other. joe: the closer they get to the reality, as it passed in the house and moved quickly, there wasn't much time to let it sink in what the repercussions would be for the average it american. from our vantage point, special interest corporate bill and a wealthy interest given bill. they will see the overwhelming reduction in taxes. corporate alone will see a 50% drop in taxes and the mega-wealthy were see a drop in taxes. that is obscene i think. what we need to be doing is focusing on job development and job growth and wage increase per we don't believe this bill will do that. sherry: how confident are you that your republican colleagues will vote against the final bill? joe: they are nervous about having a second vote on this in the house. spell theow what college of california are under. for the most part, they supported this bill and i think it has counter to the in -- interest of their constituents. i can't figure it out. david: the house version has a $10,000 infusion, does that help? joe: i don't think it did, where they have much higher home prices. california andn in new york think folks in new jersey who voted for this will have to explain to the voters. sherry: are you speaking to them? i am. people say don't take it so personally. this is a very personal issue. there is nothing more personal to the american people than taxes. if they see their taxes go up, they are going to want to know why and who to blame. david: for the clock is in the house, is your best shot -- for the caucus in the house, is your best shot now or next november? joe: we will blowout the 1.5 trillion by dollars. it is $2.2 trillion to $2.3 trillion when you add the interest in. you have to see in norman's growth in order to negate that growth in- enormous order to negate that increase. the instability of our president right now will drive people and that vision for jobs that democrats will set forth for the american people. sherry: you said there will be blame, do you expect them across to take back the house if it gets passed russian mark joe: i think that will be a -- past? joe: i think that will be a continuing factor. to offer a jobs agenda and a growth agenda for the american people, and democrats will do that. sherry: thank you so much for joining us. congressman joe crowley, democrat of new york and head of the democratic caucus. we will have more coming up. this is bloomberg. ♪ ♪ sherry: welcome back. this is "bloomberg markets: balance of power." i'm shery ahn. we will go up to news that angela merkel's attempts to put to get a coalition government has failed when the three democrats walked out over immigration and other issues. germany's president has called to the parties to return to the table and try again. for the latest details, let's bring in bloombergs matt miller in religion. matt, now we are hearing angela merkel is not planning a minority government? she has said she would rather face new elections then go in a minority government. this is in an interview with the state television channel. it will air in about five minutes. we got a look at it first. she really would refer to form a coalition government. she has asked the president to .ut pressure on the spd he is a member of the spd party, although he is supposed to think about the party first before his party and role as president. fpd hasd -- the rejected going into a coalition. sherry: is this because it would be so difficult to roll with shifting alliances? because int is just the last election, the spd is in a coalition. the biggest parties and germany got clobbered by that the fpd is a grand coalition as a real problem. resultgotten its worst in an election since the war. it does not want to go in to this again. the last attempted to make a coalition, when they were in power with her cdu, they lost the election so badly that they weren't in parliament anymore. it seems that none of the parties are interested are working with her again. sherry: what are the key overions and differences which these politicians and groups are fighting over? the biggest problem in germany is the migration issue. in 2015, angela merkel open the floodgates and let over one million refugees into the country. germany has integrated those refugees seemingly well, but there are some demands from the oft to bring the families those refugees over, even if they are not given asylum status , and there is a really strong campaign on the right against this migration issue that is really putting pressure on the center. that is where and: traditionally been so powerful. hass -- where angela merkel traditionally been so powerful. sherry: thank you for breaking it down for us. matt miller joining us from berlin. billionaire tom steyer is continuing his anti-trump spending millions of dollars as he calls for donald trump's impeachment. bloomberg.ome to let's talk about the campaign. i have seen you on one of the ads, your increasing from $10 million to $29, why? the we have been shocked at response for the american people. we were hoping to get one million signatures or somewhere around 2.6 million signatures. i think that we have struck a nerve with the american people. they are basically saying to us that we agree with you that this president is unfit and dangerous and we need to get rid of him. david: donald trump has had a limit to how much popularity he has. it is somewhere around 30%. it has never gone above that. you have always had 65% of the company against him. is it different now or what we have seen throughout the entire campaign? tom: he has met the criteria for .mpeachment constitutional scholars will go into that. second, we have seen a chance that he is a danger to the health and safety of the american people. before entering the campaign it was theoretical. now we can see his action and the market people are at risk. david: let's talk about that impeachment process. there is a political component and a legal component appeared talk about the legal one. when he has committed the acts, what are you saying russian mark -- saying?go back tom: let's go back. you get impeachment when you violate your trust with the american people. traditionally, that has meant things like obstructing justice, firing the head of the fbi because he is examining your ties with russia. he is definitely obstructing justice. taking payments from foreign countries is absolutely for been under the constitution. this president has definitely taken payments from foreign countries for his business. directing the justice department publicly to go after your political adversaries on a criminal basis is of struck think justice. these are clear violations. the fact of the matter is he has heavily met the historical standards for impeachment and more. it is about the urgency. it is about what he is doing that is threatening the safety of the american people. that is why we are going to americans in saying ray short voices. david: you just made a number of very serious factual allegations. there will be people who will question what you have said. we have a special counsel in robert mueller, who is assigned to look into any number of things you mentioned. why isn't that the proper mechanism? we have been through this with richard nixon, and it worked. tom: there is a special prosecutor. -- investigator. he has told us these things. -- the president has told us these things. he had the fbi director fired because of the russian investigation. he publicly said he doesn't understand why they aren't looking at hillary clinton on a criminal basis. he is doing it in broad daylight . the fact of the matter is we don't need mr. mueller to come back with the facts, because the president has committed these acts in broad daylight for everybody to see. david: and fairness, because we need to be fair to the president , at the time he had been told by mr. comey he was not the subject of an investigation. so insofar as you who work with me that the head of the fbi works for the president, he has the right to fire him legally. he was saying i am firing him because he is wasting his time. that is what the president would say if he were here. he is wasting his time would be a theory. ofis doing an investigation my campaign and closest to me which would inevitably lead to me. i feel that is actually a waste of the fbi heads time, really? we also know that what we are asking the american people to to stand up once their hind legs and talk about justice and ask for impeachment. impeachment is that political process of laying it all out. that is the impeachment process. that is what we think should happen, and we don't think it needs to wait for mr. mueller. the fact is, we have seen all the facts. he has more than met the standards. the fact is, he is a threat to the american people. for everyone who says let's do nothing and let's wait for whatever reason they have, the fact of the matter is we can't wait. that is what we are asking the american people to. david: let's assume the american people agree with you, the house of representatives is the one who rings impeachment? that is how it works. have you seen a republican controlled house and any indication that the representatives are inclined to go along with this? tom: there was a bill introduced people asthat had six cosponsors. the effect of the matter is, i understand the point you are making about the process. a process making point. we are making a moral point with the american people that yes, you are talking about the steps and how exactly will it go russian mark -- go? tore is something important be done on behalf of the american people. rather than saying this is how it is going to go, we are saying something else. we need to raise this point and we need be american people to make this point. we need to put elected officials to take a stand. however many people want to bury it, whether they want to use process to bury it or say it is not the right time, the fact is, this is the question in front of the united states. we need to deal with this now. david: a very large important question, and that is the keystone pipeline. today, the grass cutter authorities of group -- approved it. we'll take it built? tom: that was the final approval, i believe. we think this is a dangerous pipeline from the standpoint of leaks. we just saw 200,000 barrel leak in the keystone pipeline that is week.y built last the idea that every time they tell us these pipelines are safe and then it turns out we have a week, of course they are not safe. the question in front of the united states is, we are going to rebuild the united states. we have to rebuild the united states. we should be rebuilding it in a green, sustainable fashion where we create jobs all over the country, creating at the structure that will last for 50 to 100 years. what we are doing instead is building the wrong things in the wrong places because they are there to be done. we don't need that energy. that energy will prove to be disastrous. that will turn out to be an incredibly stupid decision, where we should be spending our time creating good paying jobs all across america and in every area. rural and it is incredibly shortsighted and plain dumb. support,ll you personally, litigation to stop it? conditional a question based on some suppositions as in, is there a leg to stand on. i would have to look and see. i think this is a tragic stake. .- mistake this is the wrong way to think about the united states. one of the problems i have with the trump administration is not only are they doing these bad things, they are missing the chance to do all the good things. they are missing the chance to invest in the american people. every time i see them cut education and health and training and food for poor kids, they are missing the point. every time i see them build something that is a perfect decision for 1950, i say we are not in 2015 -- 1950. we should be building infrastructure that will take us in the smartest way. crazy to see them miss opportunity after opportunity to improve the lives of americans. david: many thanks to tom steyer. sherry: let's get to the bloomberg first word news with mark crumpton. al franken is accused the second time for touching her inappropriately. placeld them that it took at the minnesota state fair two years after he was elected to the senate. franken says he does not remember it, but feels badly that the woman feels disrespected. that theis reporting national security adviser h.r. mcmaster mocked president trump's intelligence. sources tell buzzfeed that at a dinner, mcmaster dismissed the president as an idiot with the intelligence of a kindergartner. as feed reports the trump administration denied the comment, the cats later recounted. tz later recounted. rights organization said it wasn't right with the law. reforms had not been made it was said. the european union's chief negotiation has a warning for eu u.k., saying leaving the leaving will pay a heavy price. >> the legal consequence of u.k.t is that the financial service providers lose their passport. this passport allows them to services to 500 million consumers and 22 million businesses. up tohe also said it is the u.k. and not the eu to settle its border with ireland. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i'm mark crumpton. sherry: president trump says it will talk about north korea. this is bloomberg. ♪ ♪ david: this is bloomberg balance -- "bloomberg markets: balance of power." sherry: shares are rising within 6% after two experimental medicine succeeded in patient trials. 5.9% gain. more isus now with taylor riggs. what are we talking about? taylor: the two trials were for hemophilia and lung cancer. investors are excited that roche can continue to grow the face of competition after the biggest one-day move going back a month. investors will take it. about hemophilia, that was a trial of a larger group of patients. that was a success or lung cancer is where it gets interesting. it slowed the growth of lung tumors when you pair it with chemotherapy. was inting drug also there. analysts were saying it is a double whammy for roche. they come out with a potential new drug, but also might boost the sales of their existing drugs, and those drugs were expected to slow. as recently as this clear 2015. avastin was can to be team to 40% of total revenue. going forward, you can see that declines to less than 12%. it is kind of a double bloom for roche investors. david: it is a difficult disease to fight. why are the competitors down? theor: because of competitors entering the market. we are looking at merck, bristol-myers and astrazeneca. that speaks to the pricing pressure that comes with it. with hemophilia, the main competitor is shire. sherry: taylor riggs, thank you so much. president trump said today he will designate north korea a space sponsor of terrorism suggesting the regime to additional sanctions. more about the strategy in the region is gordon chang. he is the author of nuclear showdown. thank for coming into the studio. now that north korea will be sponsor of state terrorism, would this be more of a symbolic move or can we see some real tangible effects and repercussions? gordon: it is mostly symbolic. if you go back to test it pronk's -- president trump's a real sanction. there are things that come with this designation. there have artie been sanctions. we cannot sell them weapons on a terrorism -- of state sponsor of terrorism. there are some things, but this is mostly symbolic. david: are we seeing anything work with north korea in the sense of changing their behavior? gordon: no, we haven't. we have to cross on north korea and its sponsors. the u.s. has overwhelming leverage as against -- over china and we choose not to express it. china has leverage over north korea. the president has designated a small chinese bank as a primary money laundering concern under the patriot act. he has not gone after the big banks that have been laundering money for the north koreans. what he is trying to do is move china in the right direction in small steps. that has not been working. china: what role has played in north korea's development of nuclear weapons, whether it is helping or hurting their efforts? gordon: there has been a continuous flow of components and materials for north korea's nuclear efforts, including uranium hexafluoride. those launchers that the north koreans used -- sherry: that is against their interests. gordon: maybe, maybe not. if you look at what they have been doing, they have not been stopping the north koreans. the launchers that the north koreans use for missiles are chinese. the technology for the advanced missiles is probably chinese as well. we may think that it is not in china's interest to do that but the chinese calculate their interest differently. every time the north koreans do something provocative, reread to beijing and plea for china's cooperation, and china gets concessions for us. david: you are an expert in this area. are saying they cannot afford to destabilize north korea on the border. we can't afford refugees coming across and cannot afford a unified korea where we have forces on our border. doesn't that make some sense? they have some sense, not the refugees, because refugees will move south. the chinese talk about refugees to convince us. destabilize neighbor, it is in their interest to have a destabilize neighbor. they have been doing inks to destabilize the nation are north korea has been doing horrific things over the course of the years. maybe not terrorism, but horrific and heinous acts. it wouldn't be doing this exhibit wanted stability. sherry: before the nuclear talks collapse, is a multilateral approach dead now? think it is. we have talked to various countries in the region. the only thing that will work is just overwhelming pressure. the north koreans have no choice to do what president trump wants, to disarm. sherry: how would drop achieve that one others haven't been able to? gordon: by saying if you do business with north korea to china that we will designate the back of china a primary money-laundering concern. we will destabilize your financial system and send your economy over the edge. your political system will crumble. the united states could do them. we have decided not to. we have the power to do it. it is a question of how serious do we believe north korea is. david: gordon chang is the offer -- author of nuclear showdown, north korea takes on the world. sherry: coming up, former u.s. secretary is joining an equity firm. will tell you which one and discussed the trended. that is next. this is bloomberg. ♪ ♪ sherry: this is "bloomberg markets: balance of power." i'm shery ahn. david: and i'm david west. sherry: canada and mexico are standing firm on the resistance of some of the demand from the u.s.. meanwhile, american officials are waiting for the two other countries to bring alternatives to the negotiating table. joining us is bloomberg international economic policy editor mike mckee. the latest round of nafta negotiations are not making many headlines. it is something they probably didn't want anyways. wanted this to be a lower key negotiation to make progress on the lesser issues they felt to be moved forward. it does not appear they are getting very far. the u.s. demands for the rules of contents for auto, dispute settle, it and where nafta would end after five years unless the parties agree to continue it, those proposals from the last round really major sticking points. the canadians and mexicans have said we cannot move forward because it appears the u.s. wants to schedule these talks. until we haven't certainty, it is very difficult reach agreements. david: the pits bulls weren't there. the principles weren't there. what did they talk about? are chapters that they are working on, -- mike: they are working on many chapters. they are things they can make progress on. they have closed three or four chapters. there working on digital commerce. it doesn't look like they will get anything closed. this is a meeting of all the negotiators and the professionals of the trade offices who hammer out the details. they can come up with language that is signed off on by all three sides. they have not been able to make progress great sherry: do we have a date for the next round of negotiations? date, buto not have a it has been once a month. it will probably be sometime in december. round to try the sixth see if they can make progress. the next up the canadians say the u.s. will have to change offers to make progress. sherry: mike mckee, thank you for that on the latest round of the nafta negotiation's. david: we want to turn to washington and finance. jack lew is joining a private equity, adding his name to a list of government officials in buyouts. jason kelly has covered private equity. this is not unique to this secretary. jason: there have been a few. there is always a game when a secretary-treasurer leaves and become, what finance will he go to. there are meetings and they go to lunch is. jack lew is a fairly understated treasury secretary. he is going to lindsay goldberg. this is not one of the mega buyout shops. all of them have hired former big government officials. privatea mainline equity that does family owned businesses. sherry: what will his job be there? very, --vary,s it and we will see where they go. it is a private equity firm. we don't know whether he will role oroperating whether he will be something of a rainmaker. this has been the something where private equity firms lean on these guys. david: time will tell. the background of tim geithner and jack lew are different. jack is an inside the beltway guy. he knows his way around capitol hill. he is not a deal guy. jason: that is exactly right. when we go back to the 90's, part of it is just opening doors. it is easier to get a meeting when you have a former treasury secretary who is playing your wingmen. david rubenstein did that effectively with jim baker who was the former secretary of state. early times, carlucci was another one who worked in the defense department . it is a lot of door opening, and what these guys will do is make a lot of money. sherry: aside from door openings, is there anything relevant in the experience that will go for these firms? jason: it depends on what the firms are necessarily up to. they get into regulatory issues and when they get into deals that involve other financial institutions. these guys can lend expertise beyond picking up a phone. they can help navigate this. how to do this and as private equity gets bigger and they come under more scrutiny over time i capitol hill and with various administrations, he may be called upon to do that. goldberg, youy said it is a smaller firm compared to the other places that government officials have gone too. what we expect from them? held: they are privately and a family owned businesses. private equity firms are well known for taking his misses on and growing them get -- take businesses on and growing them. david: bloomberg new york euro chief, thankeau you for joining us. sherry: get the latest on global politics in your inbox. coming up later, on what did you miss, paul friedman will discuss his claim that the senate tax bill would cause millions of manufacturing jobs to be lost. that is at 3:30 p.m. new york. of ouryou can catch all interviews on the bloomberg with the function tv . you'll find breaking news, charts him and functionality discussed on our program. live from new york, this is bloomberg. ♪ julia: it is 2:00 in new york. i am julia chatterly. abigail: and i am abigail doolittle. welcome to "bloomberg markets." ♪ julia: we are live and bloomberg world headquarters in new york over the next hour. care of the top stories we are covering on the bloomberg and around the world. the president called north korea a responder for terror and hit the country with more sanctions. we will start with some breaking news. janet yellen will step down upon powell's confirmation. let us discuss the details. >> it is not an expected, but it is an open question. her term on the fed as a

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