Transcripts For BLOOMBERG Whatd You Miss 20180109 : comparem

Informationrovided that has stopped several dozen major terrorist attacks. Beenof these could have massive tax of the worst kind attacks of the worst kind. Mark the Prime Minister claimed that israels actions help save many european lives. Nian lawmaker says Security Forces arrested about 3700 people during widespread protests over the past two weeks, a much higher number than authority is previously released. The demonstrations were the 62,009 seen in iran president ial election. Some protesters called for the overthrow of government. At least 21 people were killed. Global news, 24 hours a day, powered by more than 2700 journalists and analysts in over 120 countries. I am Mark Crumpton. This is bloomberg. Julia live from bloombergs World Headquarters in new york. I am julia chatterley. Scarlet i am scarlet fu. Joe i am joe weisenthal. Julia the s p 500 index is adding to its winning streak, up for a six to straight day. Joe whatd you miss . Stepet china takes a toward opening its financial markets. Step toward opening its financial markets. Should investors be concerned . The Healthcare Industry navigates the aftermath of the tax overhaul, including a repeal of the obamacare individual mandate. Insightins us with his from the Jpmorgan Health care conference. And Prime Minister theresa may is looking to hit the restart thisn in the new year, but is backfiring, which is, locating the next stage of brexit talks. Julia whatd you miss . The peoples bank of china surprised the market today, by trump by removing a hurdle to the influence of market forces. The Central Bank Governor is approaching its end. Longterm reforms are looking to get back on track. Joining us is bloombergs chief economist. Great to have you on the show. Is this progressing with reforms, or is this an opportunistic move, based on Market Conditions . It is removing a hurdle, instituting back in the days when the central bank devised different instruments to support the market. But now the market has calmed and there has been an appreciation pressure. The central bank is looking to unwind those measures, which is helping to trade in a more free fashion. This is the second time this that the 50 level has been approached versus the dollar. Happened, thethis central bank moved a requirement to forward trading. The central bank is thinking 50 might be a level that is too strong and may not wanted to go to much beyond that. Could also say 6. 5 is the line in the sand. Mike mcdonough, of these red lines . Mike if you have the currency appreciate too much, that is a problem. That, there isnd also a wine on the other end. Where that line is could be around 6. 8 . That is what we are expecting. We are expecting some gradual depreciation, less to do with china, and more to do with what the fed is going to do. to what extent would we characterize this move as technical . To what extent is this a bigger policy shift . I am still trying to wrap my head around the significance. Brees instituted during more volatile times, and they are now ere necessary w these instituted during more violent volatile times, and now they are not necessary . Ge china has been successful in terms of managing the depreciation in 2015, when they went from 6. 2 to 6. 8 or 6. 9 versus the dollar. Calmed, the market has they might be more confident in terms of pushing the u. N. To a more marketoriented direction. This is just the first step. Julia the benefit here has been a weaker dollar. That is seeing some relative strengthening. We are also seeing a complete lack of volatility in developed markets with equities. This is giving a level of stability to the chinese markets. Mike the Chinese Government officials are probably looking at what is happening in the United States. There is some concern, if the fed has to go to quickly, there could be more rate hikes from the fed them the market is expecting. They could start putting some pressure on capital outflows, which they do not want. They dont want the currency to be too strong or two week. Or too weak. Julia dont you want to continue to have the controls you have, especially if you have an increasing rate for the United States . From what i have read, they have not used the controls to temper. Iny really stopped back september. They announced it and there is a lot of meaning in that. Is the message china wants investors to take away . What is the message china wants investors to take away . George stability. Hopefully there will be trading in that range for a while. Scarlet i thought for a wild china was targeting its rate on the back of currencies, and less u. N. Ted on dollar george it is still well in range. The market shifts from time to time. Sometimes rates are more. Would stillbank rather fix to that basket. Joe what are the ripple affects . Effects . George if you look at other currencies across east asia, a lot of the currencies are at a threeyear or fouryear high. These are economies with the decent growth. With low volatility. They are benefiting from the inflows into emerging markets. Other east Asian Central banks might be following suit and at we have limited tolerance for currency appreciation. Mike if you are a country competing with china for xports, you might be concerned this could start more depreciation, potentially a bad thing for your country. Scarlet Mike Mcdonough and george lei, thank you. Up, how the Health Insurance startups expansion in new markets is paying off, even as the environment has changed quite a bit. This is bloomberg. Scarlet whatd you miss . Ask your health is expected to roll a quarter of a million under the 2018 Affordable Care act, despite the repeal of the individual mandate last month. Will go to the Jpmorgan Health care conference in San Francisco for more. Eric i am here with mario schlosser, the ceo of oscar health. I dont think enough people understand what your company is, what it does, and how it is different from other insurers. Mario we thought our elf Care Care Health care, we want to engage members. We want to engage the customer before Health Care History happens, which makes it much easier to get health care. We want to treat at a much higher click than any other Insurance Company. Eric doctors on the other end phone . The chat or the mario all of the above. With a fourract team, with one nurse and three helpedides, which you put the question you might have. That tell you what to do next. That is when we engage with you. Optimistic,ve been or at least confident, about what oscar can do in 2018. We mentioned generating a billion dollars, 250,000 members, in spite of the elimination of the individual mandate. As though thel Nations Health exchanges are being disrupted by this development . Why will this affect you in a negative way . Wont this affect you in a negative way . Eric it is a wild ride. Mario it is a wild ride. Ealth care will work better as to whatell Insurance Company you want at this point. Are applying our vision to 260,000 members. Towent from 100,000 in 2015 a quarter of a million in 2018. Expectations. Bove all the noise of the market is athstanding, there demand for a better chosen company. People have been telling friends and family, go to oscar, it is better. Eric you are anticipating higher prices in 2018. The consumer is not excited. Is this a matter of him or her having no choice . We have a general issue with the u. S. Health care country in thely world that spends a fifth of gdp on health care. What you see, even with our premiums, they have to do with the Underlying Health care costs. A number of Health Care Systems want to work with us directly, and want to make sure the cost come down. Plan with 11,000 members already, twice what we thought it would have. I havent seen a better approach. C how do you price new markets without the individual mandate . Mario we look at the next 45 years. The numbers will probably not be all that different. Insurance, get subsidies for the increases in price. Exercise,art of that because of the business you have developed already, it requires you to take a narrower approach in order to build a probable enterprise. Doesi am trying to say, the loss of the individual mandate force you to be even narrower in order to preserve response ability . Responsibility . Mario response and quality are not correlated. Cleveland is a great example. There is a high quality system, with highquality doctors. And can put it in the market at a good price. We see that across the board. If more Insurance Companies and hospitals were interested in tearing down barriers to pay the provider, more of these markets would be working. You are doing stuff outside the Affordable Care act markets. Oscar for business. Mario exactly. Insurers markets will individualize more over the next 10 years. Everybody in Health Care Needs to get closer to the end user. We have been going into the individual markets first. Companies are around 50 people or so. Oscar is better. We are now approaching 10,000 plan. S in a youre going to be launching in a couple of states this year over the next few months. Eric you are a pretty thoughtful individual. You mentioned what things in one aspect of the Insurance Market might look like 10 years from now. Probably speaking, what does the industry look like 10 years from now . Mario the shift to more realtime engagements. We can tell in real time if you are in an emergency room across the country. People will our reach out proactively when you are in the emergency room and will help you. If there is aus, condition we might suspect you have but have not been diagnosed, we help you in realtime. This is an incredibly powerful thing. By using potentially more devices over time, the health realtimem can become responsive to your needs. About 60 70 of care that goes to Emergency Rooms shouldnt even be there. You want to see where else it can go with that point in time. Time. That point in you will see the enabling of people voting as to what health care they want. To do with employees across the country, who have seen deductibles rising to now , the fable increasingly my, i will go buy ioscar and and investment benefits in something else. Invest my benefits in something else. The regulatory conversation is pointing in that direction. Eric mario, thank you. Mario shallots, the ceo of oscar health, a startup and Health Insurance. Scarlet thank you. Oprahs oval office ambitions is having halved with investors. We will look at Weight Watchers and are stocks of the hour. From new york, this is bloomberg. Julia uphares Weight Watchers were as high as 9 yesterday. All of this is due to the possibility of a president ial run for oprah winfrey. All her fans wild with rumors on speculation she might run for president. That was when she accepted an award at the golden globes. That sent Weight Watchers crazy. Of Weight Watchers. I have the etf function. She is the Third Largest owner of Weight Watchers stock. She sits on the board and is featured in their advertisements. Le she told bloomberg on sunday that she wasnt planning to run for president , the rumors have trickled into today. Isends have said she intrigued and the president has said it would be fun to run against her. Interestingretty the stock surged yesterday, then it surges again. Have investors articulated a theory explaining why a t is thetial run wha relationship between the running for president and Weight Watchers coming alive . Emma i havent seen a specific thing, other than this is a little bit of a frenzy. This is good publicity. She is in the advertisements. She has been with Weight Watchers since 2015. Stock, it ist the up 846 . Weight watchers performance is not just about the president ial bid. Since she has taken over, she has introduced a number of different changes. Joe we talked about that last week. Mma a social media ambassador, dj khaled, that was announced last week. This is to stop Weight Watchers looking like an oldfashioned form of weight loss, to contend with the digital things that happened in the past few years. It has been trying to reach out to younger people, not only aiming at the middleaged or older. Scarlet a proxy for celebrity endorsers. Joe exactly. Scarlet thank you. The market closes next. Gains and record highs. Gains and record highs. [applause] julia whatd you miss . On this tuesday session. Record highs across the board with the u. S. Markets. I am julia chatterley. Scarlet i am scarlet fu. Joe i am joe weisenthal. We want to welcome you to our closing bell coverage, every week day from 4 p. M. To 5 p. M. Eastern. Scarlet u. S. Stocks adding to their alltime highs. A perfect six days of trading for the s p 500 index. The nasdaq as well. Little change for the dow. It has come back up 104 points. Oe we have not had a down day for the s p 500 index all year. We were talking about how these analysts have laid out there 2018 forecast. Many of them have already been met. Lets take a look at individual names. Retailers are in focus. After a profit focus forecast, thanks to a 3. 4 holiday period in sales. 20 afterown by cutting its fourth quarter, for your outlook. They said it was a challenging december in its stores. Up 2 , under pressure from elliott management, said to be working with Morgan Stanley on exploring alternatives that sales. Nclude central kodak, up 120 in the intraday. At one point up 135 . After the former camera and film giant says it will launch koda , coin, empowering photographers and agencies to have greater control with a photographic coin. A bottom photographers have trouble getting paid. This would be a solution in one way for that problem. Can share you photographs, store the data, with watching technology. Blockchain technology. Joe i am very skeptical. Government bonds is where the action is. Ield, 2. 555 . Yeild there is steepening. Something has been uncorcked. Market people have been calling for forever is here. Scarlet it has happened. Joe we will see. This is the longerterm chart of the tenyear. We are back to where we were in the spring of 2016. Still roughly in this range we have seen. Scarlet many false starts. Joe the bond bear market will be here one day. Chart. Lets go to the we are looking at the threeday chart of the confluence of factors here. Feverish speculation that the south african president has gone missing or down, the reason spacexthe space asks launch was called missions you mission zumaay yesterday. Zuma has gone down. The president didnt. The rockets did. President notcan loved by investors. Rand strengthened after the south African National congress was taken over. This gives us perspective, the strengthening we saw in the rand today, in hopes that the president has stepped down. The currency a rallying on hopes of a president ial switch to levels we have not seen for more than two years. Commodities, lets look at oil and gold. All about oil. Up to near 63 a barrel. Gold is not doing much. We can see the progress we have made with a fiveyear chart of oil. All about the dwindling supplies. That is a key story, that stockpiles seem to be going down. This might affect the story. We are really on a tear now. One of the big winners in 2018, so far. Isrlet steve bannon stepping down from breitbart. This is according to the new york times. This is another sign his influence slowly stretches so far. He has had a rough couple of days after he angered the white house with his cooperation with withfire and fury book, his disparaging remarks regarding the family of the president , and he lost his benefactors, the Mercer Family, who have chosen to side with the president. Julia there were concerns about what this meant for breitbart. Do they want this . And the financial backing. Joe once he got that nickname, sloppy steve, he was finished. You cant go from being the master strategist to sloppy steve and survive. Carlet i cant think of anyone right now who is with him, especially after senator moore was so defeated. Whatd you miss . President trump is closing in on his choice for fed vice chairman. Play a he chooses will Critical Role in the debates on rate hikes and inflation. Here to discuss this is the executive director and u. S. Economist at ubs. Ob, i want to ask you about the bond bear market. 2. 5 being that key level he is looking at. Hishave been through t before. Rob we have seen a few false starts. Were int the levels we march with that 10year chart. This is a mid flattening we continue to expect in the bond market. The front is up higher than the long end. Surprised we havent seen more movement in the tenure space since we had tax reform done. Year space since we had tax reform done. 10sa where do you see the ending up . Where is reasonable, and at what point do we see a backup back up . Rob how high do the yield have to get before they start having a meaningful impact on activity . Saw 275. If you Start Talking about 10 year yields, they are creeping a matter for it is mortgages. You can combine it with less deductibility of mortgage interests. And it will start to impact the market, potentially. The world bank is raising Global Growth estimates to 3. 1 . The fastest level since 2011. Said, this Prime Minister<\/a> claimed that israels actions help save many european lives. Nian lawmaker says Security Forces<\/a> arrested about 3700 people during widespread protests over the past two weeks, a much higher number than authority is previously released. The demonstrations were the 62,009 seen in iran president ial election. Some protesters called for the overthrow of government. At least 21 people were killed. Global news, 24 hours a day, powered by more than 2700 journalists and analysts in over 120 countries. I am Mark Crumpton<\/a>. This is bloomberg. Julia live from bloombergs World Headquarters<\/a> in new york. I am julia chatterley. Scarlet i am scarlet fu. Joe i am joe weisenthal. Julia the s p 500 index is adding to its winning streak, up for a six to straight day. Joe whatd you miss . Stepet china takes a toward opening its financial markets. Step toward opening its financial markets. Should investors be concerned . The Healthcare Industry<\/a> navigates the aftermath of the tax overhaul, including a repeal of the obamacare individual mandate. Insightins us with his from the Jpmorgan Health<\/a> care conference. And Prime Minister<\/a> theresa may is looking to hit the restart thisn in the new year, but is backfiring, which is, locating the next stage of brexit talks. Julia whatd you miss . The peoples bank of china surprised the market today, by trump by removing a hurdle to the influence of market forces. The Central Bank Governor<\/a> is approaching its end. Longterm reforms are looking to get back on track. Joining us is bloombergs chief economist. Great to have you on the show. Is this progressing with reforms, or is this an opportunistic move, based on Market Conditions<\/a> . It is removing a hurdle, instituting back in the days when the central bank devised different instruments to support the market. But now the market has calmed and there has been an appreciation pressure. The central bank is looking to unwind those measures, which is helping to trade in a more free fashion. This is the second time this that the 50 level has been approached versus the dollar. Happened, thethis central bank moved a requirement to forward trading. The central bank is thinking 50 might be a level that is too strong and may not wanted to go to much beyond that. Could also say 6. 5 is the line in the sand. Mike mcdonough, of these red lines . Mike if you have the currency appreciate too much, that is a problem. That, there isnd also a wine on the other end. Where that line is could be around 6. 8 . That is what we are expecting. We are expecting some gradual depreciation, less to do with china, and more to do with what the fed is going to do. to what extent would we characterize this move as technical . To what extent is this a bigger policy shift . I am still trying to wrap my head around the significance. Brees instituted during more volatile times, and they are now ere necessary w these instituted during more violent volatile times, and now they are not necessary . Ge china has been successful in terms of managing the depreciation in 2015, when they went from 6. 2 to 6. 8 or 6. 9 versus the dollar. Calmed, the market has they might be more confident in terms of pushing the u. N. To a more marketoriented direction. This is just the first step. Julia the benefit here has been a weaker dollar. That is seeing some relative strengthening. We are also seeing a complete lack of volatility in developed markets with equities. This is giving a level of stability to the chinese markets. Mike the Chinese Government<\/a> officials are probably looking at what is happening in the United States<\/a>. There is some concern, if the fed has to go to quickly, there could be more rate hikes from the fed them the market is expecting. They could start putting some pressure on capital outflows, which they do not want. They dont want the currency to be too strong or two week. Or too weak. Julia dont you want to continue to have the controls you have, especially if you have an increasing rate for the United States<\/a> . From what i have read, they have not used the controls to temper. Iny really stopped back september. They announced it and there is a lot of meaning in that. Is the message china wants investors to take away . What is the message china wants investors to take away . George stability. Hopefully there will be trading in that range for a while. Scarlet i thought for a wild china was targeting its rate on the back of currencies, and less u. N. Ted on dollar george it is still well in range. The market shifts from time to time. Sometimes rates are more. Would stillbank rather fix to that basket. Joe what are the ripple affects . Effects . George if you look at other currencies across east asia, a lot of the currencies are at a threeyear or fouryear high. These are economies with the decent growth. With low volatility. They are benefiting from the inflows into emerging markets. Other east Asian Central<\/a> banks might be following suit and at we have limited tolerance for currency appreciation. Mike if you are a country competing with china for xports, you might be concerned this could start more depreciation, potentially a bad thing for your country. Scarlet Mike Mcdonough<\/a> and george lei, thank you. Up, how the Health Insurance<\/a> startups expansion in new markets is paying off, even as the environment has changed quite a bit. This is bloomberg. Scarlet whatd you miss . Ask your health is expected to roll a quarter of a million under the 2018 Affordable Care<\/a> act, despite the repeal of the individual mandate last month. Will go to the Jpmorgan Health<\/a> care conference in San Francisco<\/a> for more. Eric i am here with mario schlosser, the ceo of oscar health. I dont think enough people understand what your company is, what it does, and how it is different from other insurers. Mario we thought our elf Care Care Health<\/a> care, we want to engage members. We want to engage the customer before Health Care History<\/a> happens, which makes it much easier to get health care. We want to treat at a much higher click than any other Insurance Company<\/a>. Eric doctors on the other end phone . The chat or the mario all of the above. With a fourract team, with one nurse and three helpedides, which you put the question you might have. That tell you what to do next. That is when we engage with you. Optimistic,ve been or at least confident, about what oscar can do in 2018. We mentioned generating a billion dollars, 250,000 members, in spite of the elimination of the individual mandate. As though thel Nations Health<\/a> exchanges are being disrupted by this development . Why will this affect you in a negative way . Wont this affect you in a negative way . Eric it is a wild ride. Mario it is a wild ride. Ealth care will work better as to whatell Insurance Company<\/a> you want at this point. Are applying our vision to 260,000 members. Towent from 100,000 in 2015 a quarter of a million in 2018. Expectations. Bove all the noise of the market is athstanding, there demand for a better chosen company. People have been telling friends and family, go to oscar, it is better. Eric you are anticipating higher prices in 2018. The consumer is not excited. Is this a matter of him or her having no choice . We have a general issue with the u. S. Health care country in thely world that spends a fifth of gdp on health care. What you see, even with our premiums, they have to do with the Underlying Health<\/a> care costs. A number of Health Care Systems<\/a> want to work with us directly, and want to make sure the cost come down. Plan with 11,000 members already, twice what we thought it would have. I havent seen a better approach. C how do you price new markets without the individual mandate . Mario we look at the next 45 years. The numbers will probably not be all that different. Insurance, get subsidies for the increases in price. Exercise,art of that because of the business you have developed already, it requires you to take a narrower approach in order to build a probable enterprise. Doesi am trying to say, the loss of the individual mandate force you to be even narrower in order to preserve response ability . Responsibility . Mario response and quality are not correlated. Cleveland is a great example. There is a high quality system, with highquality doctors. And can put it in the market at a good price. We see that across the board. If more Insurance Companies<\/a> and hospitals were interested in tearing down barriers to pay the provider, more of these markets would be working. You are doing stuff outside the Affordable Care<\/a> act markets. Oscar for business. Mario exactly. Insurers markets will individualize more over the next 10 years. Everybody in Health Care Needs<\/a> to get closer to the end user. We have been going into the individual markets first. Companies are around 50 people or so. Oscar is better. We are now approaching 10,000 plan. S in a youre going to be launching in a couple of states this year over the next few months. Eric you are a pretty thoughtful individual. You mentioned what things in one aspect of the Insurance Market<\/a> might look like 10 years from now. Probably speaking, what does the industry look like 10 years from now . Mario the shift to more realtime engagements. We can tell in real time if you are in an emergency room across the country. People will our reach out proactively when you are in the emergency room and will help you. If there is aus, condition we might suspect you have but have not been diagnosed, we help you in realtime. This is an incredibly powerful thing. By using potentially more devices over time, the health realtimem can become responsive to your needs. About 60 70 of care that goes to Emergency Rooms<\/a> shouldnt even be there. You want to see where else it can go with that point in time. Time. That point in you will see the enabling of people voting as to what health care they want. To do with employees across the country, who have seen deductibles rising to now , the fable increasingly my, i will go buy ioscar and and investment benefits in something else. Invest my benefits in something else. The regulatory conversation is pointing in that direction. Eric mario, thank you. Mario shallots, the ceo of oscar health, a startup and Health Insurance<\/a>. Scarlet thank you. Oprahs oval office ambitions is having halved with investors. We will look at Weight Watchers<\/a> and are stocks of the hour. From new york, this is bloomberg. Julia uphares Weight Watchers<\/a> were as high as 9 yesterday. All of this is due to the possibility of a president ial run for oprah winfrey. All her fans wild with rumors on speculation she might run for president. That was when she accepted an award at the golden globes. That sent Weight Watchers<\/a> crazy. Of Weight Watchers<\/a>. I have the etf function. She is the Third Largest<\/a> owner of Weight Watchers<\/a> stock. She sits on the board and is featured in their advertisements. Le she told bloomberg on sunday that she wasnt planning to run for president , the rumors have trickled into today. Isends have said she intrigued and the president has said it would be fun to run against her. Interestingretty the stock surged yesterday, then it surges again. Have investors articulated a theory explaining why a t is thetial run wha relationship between the running for president and Weight Watchers<\/a> coming alive . Emma i havent seen a specific thing, other than this is a little bit of a frenzy. This is good publicity. She is in the advertisements. She has been with Weight Watchers<\/a> since 2015. Stock, it ist the up 846 . Weight watchers performance is not just about the president ial bid. Since she has taken over, she has introduced a number of different changes. Joe we talked about that last week. Mma a social media ambassador, dj khaled, that was announced last week. This is to stop Weight Watchers<\/a> looking like an oldfashioned form of weight loss, to contend with the digital things that happened in the past few years. It has been trying to reach out to younger people, not only aiming at the middleaged or older. Scarlet a proxy for celebrity endorsers. Joe exactly. Scarlet thank you. The market closes next. Gains and record highs. Gains and record highs. [applause] julia whatd you miss . On this tuesday session. Record highs across the board with the u. S. Markets. I am julia chatterley. Scarlet i am scarlet fu. Joe i am joe weisenthal. We want to welcome you to our closing bell coverage, every week day from 4 p. M. To 5 p. M. Eastern. Scarlet u. S. Stocks adding to their alltime highs. A perfect six days of trading for the s p 500 index. The nasdaq as well. Little change for the dow. It has come back up 104 points. Oe we have not had a down day for the s p 500 index all year. We were talking about how these analysts have laid out there 2018 forecast. Many of them have already been met. Lets take a look at individual names. Retailers are in focus. After a profit focus forecast, thanks to a 3. 4 holiday period in sales. 20 afterown by cutting its fourth quarter, for your outlook. They said it was a challenging december in its stores. Up 2 , under pressure from elliott management, said to be working with Morgan Stanley<\/a> on exploring alternatives that sales. Nclude central kodak, up 120 in the intraday. At one point up 135 . After the former camera and film giant says it will launch koda , coin, empowering photographers and agencies to have greater control with a photographic coin. A bottom photographers have trouble getting paid. This would be a solution in one way for that problem. Can share you photographs, store the data, with watching technology. Blockchain technology. Joe i am very skeptical. Government bonds is where the action is. Ield, 2. 555 . Yeild there is steepening. Something has been uncorcked. Market people have been calling for forever is here. Scarlet it has happened. Joe we will see. This is the longerterm chart of the tenyear. We are back to where we were in the spring of 2016. Still roughly in this range we have seen. Scarlet many false starts. Joe the bond bear market will be here one day. Chart. Lets go to the we are looking at the threeday chart of the confluence of factors here. Feverish speculation that the south african president has gone missing or down, the reason spacexthe space asks launch was called missions you mission zumaay yesterday. Zuma has gone down. The president didnt. The rockets did. President notcan loved by investors. Rand strengthened after the south African National<\/a> congress was taken over. This gives us perspective, the strengthening we saw in the rand today, in hopes that the president has stepped down. The currency a rallying on hopes of a president ial switch to levels we have not seen for more than two years. Commodities, lets look at oil and gold. All about oil. Up to near 63 a barrel. Gold is not doing much. We can see the progress we have made with a fiveyear chart of oil. All about the dwindling supplies. That is a key story, that stockpiles seem to be going down. This might affect the story. We are really on a tear now. One of the big winners in 2018, so far. Isrlet steve bannon stepping down from breitbart. This is according to the new york times. This is another sign his influence slowly stretches so far. He has had a rough couple of days after he angered the white house with his cooperation with withfire and fury book, his disparaging remarks regarding the family of the president , and he lost his benefactors, the Mercer Family<\/a>, who have chosen to side with the president. Julia there were concerns about what this meant for breitbart. Do they want this . And the financial backing. Joe once he got that nickname, sloppy steve, he was finished. You cant go from being the master strategist to sloppy steve and survive. Carlet i cant think of anyone right now who is with him, especially after senator moore was so defeated. Whatd you miss . President trump is closing in on his choice for fed vice chairman. Play a he chooses will Critical Role<\/a> in the debates on rate hikes and inflation. Here to discuss this is the executive director and u. S. Economist at ubs. Ob, i want to ask you about the bond bear market. 2. 5 being that key level he is looking at. Hishave been through t before. Rob we have seen a few false starts. Were int the levels we march with that 10year chart. This is a mid flattening we continue to expect in the bond market. The front is up higher than the long end. Surprised we havent seen more movement in the tenure space since we had tax reform done. Year space since we had tax reform done. 10sa where do you see the ending up . Where is reasonable, and at what point do we see a backup back up . Rob how high do the yield have to get before they start having a meaningful impact on activity . Saw 275. If you Start Talking<\/a> about 10 year yields, they are creeping a matter for it is mortgages. You can combine it with less deductibility of mortgage interests. And it will start to impact the market, potentially. The world bank is raising Global Growth<\/a> estimates to 3. 1 . The fastest level since 2011. Said, this Global Growth<\/a> story, do you see it having more room to run . Rob were seeing for the first everyones kind of moving up together, since 2000 and 11 2011. We dont have extra growth forecast for the United States<\/a> this year. Happy if emerging markets are coming along. Easier for the United States<\/a> to take up a little bit. We have been watching the energy story over the last year. Started tol prices come back, we saw a surge in u. S. Energy investment. All of the acceleration we have seen over the last year in energy was related. Last year was related in energy. Scarlet if oil prices go up, where there still be inflation will there still be inflation . Rob yes. Positiveng to have a effect on inflation. Wasof the main reasons coal soft, was the decline in energy prices. To stay onp the fed contract on their hiking cycle if we can get some of that back. About the warning of the approach tightening of finance conditions or the spike in volatility . We talked about financial conditions are the best since 2000. You aboutned are that, and that the fed is getting ahead of themselves . Ob it is what you do. You fret about the outcome, but things look good. This is not an acceleration. Carlet i didnt want to get back to that idea. Does it matter in this scaenari . The fed has a path for what it plans to do. Does the vice chair matter that much . Ob you could have a wide range of candidates that would all be fantastic. I havent heard amy mentioned name mentioned that make the shutter. Made me shudder. Pricing tochange nominal gdp targeting. Be onee chair could only of 18, whoever else is on there. Julia thank you for joining us. Breitbart is confirming steve bannon has stepped down. The company will work on a smooth transition, and orderly smooth transition together. Whatd you miss . Mixed messages about the future of the democratic party. On whaty remains split sort of candidate to support and platforms to run on. Who should they be looking for going into the midterms, or even 2020 . Formerjoined by the housing and Development Secretary<\/a> who served under president obama. Great to have you with us. One of the interesting criticisms of the democrats is that they are so busy being the antitrump party, that they dont have a unified message. How do they fix that . I believe the democrats have a message that is right there in front of us. Is thatary message democrats stands for a standing opportunity for everybody. President is picking and choosing opportunities. Salvador here el as legal residents temporarily are being sent back after 15 years. There are picking and choosing who gets opportunities in this country. Democrats stand for opportunity for everybody. Folks are watching all of the news coming out of watching deese washington dc in scratching their heads. And scratching their heads. Number one way to get accountability in washington dc is put democrats back in charge of congress so we have some balance after 2018. Opportunity and accountability are to be the message going into the midterms. Oe there is ongoing debate about whether the proper strategy should be to increase the turnout of people who are already predisposed to agree toh the democrats, or try reach out to some of the people who may have voted for trump and are disappointed, and say, come to the democratic side. There is disagreement about which one is more plausible in the healthiest. And the healthiest. How do you see the opportunity to expand the democratic votes . Ulian the best thing to do is both of those. Up the base and excite folks to get out and vote. You also have to bring new folks into the fold. Is that this president , because of how even erratic and divisive he is, because he is picking and choosing who gets opportunities, he has left a bottom the Playing Field<\/a> open. A lot of the Playing Field<\/a> open. There are a lot of folks in smalltown or suburban america who may not have thought in past years about voting democratic that are hoping to vote for the democrat for congress or for state representative or senate 2018. It is up to us to have that message of opportunity, that and to go outs, there and fire up the base and expand in those places where we can. Carlet the president subscribes to a zerosum view of the world. For every winter, there is a loser. He wants the United States<\/a> to win, which means there will be losses for everyone else. Win, that youne have a scenario where everyone gets opportunity, where many people did not see an opportunity, did not get that advantage during the obama era . How do you fix that . Julian i disagree. What president obama did was extraordinary. Even fox news and knowledge most of his administration, acknowledged that there were more jobs created under president obama on an average monthly basis than we saw under President Trump<\/a> in 2017. Republicans drew with the Obama Administration<\/a> was somewhat successful, that he didnt move things along. Of his term, he was averaging more than 200,000 jobs in the positive every month. Folks that might feel in order for us to win, others have to lose. We have risen as a country most quickly when both of those things are true. When the rest of the world is also prospering and with the United States<\/a> ensures that our folks prosper as well. We can continue to do that. Julia can we will you out in 2020 . Out in 2020 . After the 2018 cycle is done, i will think about 2020. Castro, thankn you. Lets get you to Mark Crumpton<\/a> with the first word news. Ark President Trump<\/a> held a meeting on Immigration Reform<\/a> at the white house today. The president pressed for ways to fund enhanced Border Security<\/a> and how to address the thousands of young people brought to the u. S. As children who are now living here illegally. Lawmakers from both parties need to help avoid a government shutdown, the president says. Having the democrats in with us is vital. It should be bipartisan. It should be a bill of love. President expects the House Judiciary Committee<\/a> to have a bill drafted later this week. The state Department Says<\/a> the theed states is considering attacks that harmed american diplomatic personnel in cuba. Officials are testifying before the Senate Foreign<\/a> Relations Committee<\/a> about the unexplained incidents in havana. The possibility that someone deliberately infected people with a virus has not been ruled out. Says socialwray media is a little more on his radar. Wray did not directly reference his recentrump or criticism at the Justice Department<\/a> on twitter related to the ongoing russian meddling investigation. Went on to say, if we start trying about wearing if we start worrying about who we are going to make happy or unhappy, we start heading down a downward spiral. A message of peace was delivered peru. People of chile and this is ahead of the trip by pope francis. His 22nd foreign visit and effect to his home continent. And the fifth to his home continent. Global news, 24 hours a day, powered by more than 2700 journalists and analysts in over 120 countries. I am Mark Crumpton<\/a>. This is bloomberg. With about one in 15 American Children<\/a> afflicted by autism, treatment of forex a huge opportunity. We talk. This is bloomberg. Scarlet lets dive into breaking news that crossed moments ago. Formerrt confirming that white house strategist steve bannon has left his job as executive chairman. Joining us is bloombergs job josh green. , what is steve bannon without breitbart . He is certainly diminished if he doesnt have the platform. He was in a very difficult position once trump turned on him. Dan and at one time had been an equity holder of breitbart, bannon had at one time been an equity holder of breitbart, but he gave that up to join the white house. Site that is really site that is really devoted to propping up trumps conservative base, it did not make sense to have someone who had been publicly excommunicated by trump to the degree that bannon had to stay on as chairman. Joe who is funding breitbart . Are they making money . Where does it go next . Osh breitbart has come under a lot of of pressure from an advertiser boycott called the organized bynt the sleeping giant. Screenshots of advertisements running on breitbart and started a twitter pressure campaign. A story now on about the list of 3700 advertisers that have agreed not to advertise on breitbart as a result. Dent in theuge Balance Sheet<\/a> of breitbart news. Site,f you are only a new it is tough to get by and make a profit. It is that much harder when you have these controversial politics, ties to White Supremacy<\/a> and antisemitism, all of the things that breitbart has been mixed up in. That problem had been patched over from investments with private donors, like the Mercer Family<\/a>. Brokee family publicly with brandon last week bannon last week. This may have been breitbarts only path forward. Julia what about steve bannon in particular . To wouldnt expect anyone support him at this stage and risk the fallout. What does he do from here . Does he apologize behind the scenes to the president and enter the fold come back to the fold in some manner . Josh when steve bannon left the white house, his primary focus was trying to extend the Political Movement<\/a> beyond donald trump. Believed the recent president ial election was a referendum on a set of ideas, where trump believed it was a referendum on him. Wasp was right, bannon wrong, in hindsight. Lack the political infrastructure and money of the Mercer Family<\/a> and be support of President Trump<\/a>, and the supp dont President Trump<\/a>, i see how bannon can have the voice in politics that he had it before wolffs book was published. Ago, stevel months bannon was the dark, evil genius. Now he is like, sloppy steve. Is that whole impression of him was that whole impression of him overblown to begin with . He was very shrewd in manipulating the media and how he went about targeting hillary clinton. The problem wasnt that he was smart or he was wrong. But at the end of the day, he thought that he, not trump, was the real leader of this movement. Trump has demonstrated that is not the case. Scarlet you spoke with steve bannon in the past. What was the last time you spoke with him . Josh steve bannon is always in touch with people in the media, which i think was one of the things that led to his downfall. He knows that he shouldnt really be out in the public spotlight right now. He half apologized for what he said in the wolff book. He has beencenes, trying to spin reporters and maintain some sort of input. Green, on the phone from washington. Mark im Mark Crumpton<\/a> with first word news. We have been reporting that right martinuzzi has announced that steve bannon is stepping down as chairman. He has been criticized by President Trump<\/a> since a recently published book quoted. Isparaging remarks by bannon the top democrat on the senate to Judiciary Committee<\/a> has released a transcript from an interview with the founder of President Trump<\/a>s ties to russia. Transcriptased the feinstein released the transcript. It was initially paid for why a conservative website and later by democrats. The european news chief brexit negotiator is reiterating that any Free Trade Agreement<\/a> with all thewill not carry benefits remaining in the Customs Union<\/a> or single market. Speaking out in brussels, michel nornier added there was advantage, no punishment and the eu frexit negotiating position. Once it says everything went right even though the rocket is now missing. It landed back at Cape Canaveral<\/a> following liftoff, but the portion cap link the carrying the satellite seems to have crashed into the sea. Global news 24 hours a day, powered by more than 2700 journalists and analysts in over 120 countries. m Mark Crumpton<\/a> this is bloomberg. Lets get a recap of todays market action. Inck has gained every day new year, every trading day and set records every day. Ae dow also climbing to record after yesterday, stumbling a little bit. Treasury yields climbed. Thats pretty much the story. And oil. 63 a barrel. Scarlet i thought in relations between north korea and south korea. They met for the first time in two year. North korea says it will bring two olympics. They agree to hold military talks and further dialogue. During his now is senior director on the Korea Society<\/a> and advises u. N. On issues related to the korean peninsula. How meaningful is sustainable is this thaw . There is trust at least to a small degree, because these south korean and administration really one to see a step up in talks. By jong and surprised them saying lets have talk. Julia to what extent is this necessity from the north korean side as a result of sanctions and initially what it felt like was the with koreans despite the u. S. President , but now he. S taking credit of it how are these factors interrelated and give us a ranking how important these are . The white house was originally cool to it, but trump warmed up to it and actually took credit for his foreignpolicy leading to where they could take place. North korea leads with sanctions taking a bite with concerns now turning from weapons to economic building under kim jonguns strategy for opening. Ae Olympic Games<\/a> presents Good Opportunity<\/a> to get to the table. any efforts at slowing down Nuclear Developments<\/a> in north korea seem pretty difficult, how much more awkward does that get if there at the point where theres a decent relationship between the two koreas and the Nuclear Weapons<\/a> Program Continues<\/a> to be developed . We are far from a decent relationship, this is a tell in the water. Nuclear weapons arrangements would be a long way beyond. Scarlet can we presume that north korea will attempt any missile launches during the olympics . We dont know for certain, because two years ago and at the anniversary of his late fathers birthday they tested. They tested nuclear and a long range missile. The sign of success will be them being quiet. Kim claims he wants them to solve their own problems without u. S. Interference. Is that feasible . Of the matter is you need the United States<\/a>, you need china and you need russia and japan on board. It is going to take a process, but this is an important one in the korea relations. What they ultimately want is negotiations with americans. How does everyone save face here . Even if we take the u. S. Out of it, without things some disarmament, which im sure kim jongun would be reluctant to do, how do both sides claim that greek . Claim victory. Thats the question. At the real question is what happens in april, may, and june, do exercises pick up . Does north korea choose to launch then . We arent asking those questions now, but we need to in terms of longer perspectives. Thank you very much. A former analyst at the state department. There may be a market in treating autism. The jpmorganr at Health Conference<\/a> in San Francisco<\/a> erik there has been tremendous on that unmet needs, a lot of patients that could benefit from better treatment. It is a space where diagnosis has improved in increased. This disorder is out there. There is a massive dislocation between supply and demand in practitioners that can treat autism. We think its an area where you could solve the that need by telling up a professional organization. Blues blues sprig . Upthats something we set with someone who comes from a passionate space for autism and a business where we take what is the best of what is out there in terms of whats out there for treatment, such as ada applied disorder analysis. It will not be a onesizefitsall, but we will severity andhe needs different patients have and take the best of what is out there and build a platform around it. Out of that will be organic. We have centers we have acquired and are ramping up. Part of that will be acquiring businesses and rounding out the structures we have. For you to unusual be starting in on company . It is, snp are at think these are going to become more common. The pieces are simple, if you dont see a platform out there ready made has the attributes we want, then lets go build that. We can also buy elements. Its a great combination of building and aggregating through acquisition. The optics may be a bit difficult, entering one of the most emotionally charged markets and health care, how do you address that . I think our basis has always been what the need is, going our. E its about delivering very good care and you can see that in our investments. I dont think we shy away from the provider space at all. In order for this to be a good investment we have to be mindful of the patients and families, our providers, and then the hader community that is going to ultimately pay for a lot of these services. I think if you get that combination correctly you will be delivering great care while arnie a return. While earning a return. How do you change the way people think about you and think about your firm, you want them to think about you as white nights and not as vikings. Sure. We spent months looking at the space and a lot of those months or spent talking to families, patients, what is missing, what do you need. I think the care we deliver is quality centric and patient first. I think that will go a long way making people feel we are doing the right thing. How big is the market and how much money is ready to invest in it . Isis a very large market, it a market that is underserved and underdiagnosed for a long time. One in 58 children are somewhere on the autism spectrum. Thesands of patients in u. S. Alone, we have made a large commitment from our Health Care Growth<\/a> fund and thats a firm that has invested checks as much as 100 million. We continue to draw down as we see opportunity in the space. Why clinics and not schools . So much of the treatment happens in an educational environment. Sure. I think it is a holistic view. We started with clinics. Texas was the one that made the most sense for that market. I think over time the idea we can be in patients homes and also looking at the educational spectrum, all three of those i think are part of holistic offering. This is a growth equity. Growth equity has a shorter time horizon. What is the equity after years . We are not in a rush. I think the great thing about this space is there is a lot of white space to go. We can grow a lot of different ways. The way we make good returns for investors is compound equity at attractive rates of return. If we can continue doing that, theres no way to truncate no reason to truncate. It could go 5, 10 years . It could absolutely go longer. Satvat that was ali speaking with Erik Schatzker<\/a> at the Jpmorgan Health<\/a> conference in San Francisco<\/a>. Defying government orders, a refresh of theresa mays cabinet looking more like disarray with senior members refusing to follow the script. ,e are joined by nina schick rasmus global, director of dating and pulling. It has been fascinating to watch , those who were going to lose their jobs, ended up with your jobs as well, but how much did this mean where those in the main positions in the cabinet seemed to stay . Nina it matters a lot. The entire purpose of this reshuffle was trailed with theresa may could really show her power, show the government going into 2018. We have been dominated by brexit in this political sphere, but the government also had a domestic agenda. That did not go to plan. It was in complete shambles. There was a social media mess up where they announced somebody as the party chairman, where he wasnt. Ministers were removed from her post, one person removed, was indeed sacked. That real purpose of the reshuffle to show that theresa may was strong in an charge, queue. Id not go to foras not a good day theresa may yesterday. The other issue of junior ministers having to be shoveled into new positions having to take on the ambit in the middle of brexit negotiations, there isnt much continuity and some departments. Joe two julias question, in terms of so many bad moments speechresa may, that where she coughed a lot and everyone is like this is so embarrassing. Scarlet and the letter fell off. Joe are there ramifications from this or is it just another bad moment . Nina i think she was have more sticking power. Earlier last year we thought she might be gone by december for the failure to deliver on terms which is brexit. Was not forget that the cabinet still has not decided what it once from the e. U. There is a lot of white noise going on, some of the important brexit ministers remain in post. There is continuity to bear. Does not forget that the most difficult task the government has, to negotiate brexit, remains just as difficult in the cabinet remains divided on that. Mayare right, joe, theresa has a difficult job and nobody wants to have that job, that might be the only reason she continues staying. In any wayhe to get through the brexit talks . There is no one else who wants her job. Practicalr as a matter, is she being held back in any way . Nina i think the irony of the situation is that the new 27 are willing her on. If you look at the notes or the public statements made in december, you heard of lot of lip service being paid to theresa may what a tough negotiator she was and really pushed hard for the u. K. s possessions, but of course that was optics. They dont want to have a situation where theres no leadership from the eu side they are trying to push her over the finish line that the e. U. Is very aware of how precarious her political situation is, but i position from the the difficulty, she has a difficult domestic position as well. With the Domestic Legislation<\/a> she has to get through to make exit a legal possibility, she might find it difficult, because now you have new ministers imposed who dont have the skill and expertise of some removed from their post pushing to get some of that Domestic Legislation<\/a> through. With afrom a country dysfunctional government to country with no government at all. Where are we with Coalition Talks<\/a> in germany . Is unprecedented. Usually Coalition Building<\/a> takes a long time. This is an unprecedented situation, nonetheless, there is a characteristic government in place here in we are in plymouth talks to kickstart Coalition Talks<\/a> between Angela Merkel<\/a> and there, it not we get is going to take some time. The coalition rolled out ruled out with Angela Merkel<\/a> again. It is too early to say. If the Coalition Goes<\/a> forward, whatever the situation, where not going to have a new German Government<\/a> in place before easter. Germany is not going to be engaged for a few more months. Joe with the german Coalition Talks<\/a>, it seems like it is going on forever and every once in a while we check back in. Is there something deeper going on, does it Say Something<\/a> about germany that they havent gotten it together . Or should we not read too much into it . Nina of course there is something going on and you see splintering of the german political sphere, however, it is too easy to ascribe too much political value. A lot of the headlines were about the far right asd and how they want seats for the first time, nonetheless, if you look at the other parties, there are very centric parties and on many issues the big issue when it comes to the e. U. Or migration policy, they may vary intone, but not substantial differences. The majority of the election is going to be difficult because lets not forget that two years ago you had one million refugees and asylumseekers commented germany. Angela merkel has been in office for over a decade. It is clear her era is coming to an end. Were for example, there getting pains around who the next chancellor should be. I dont think germany is in crisis yet, but it is an unprecedented situation. Julia what are people saying about the Upcoming Elections<\/a> . In terms of what we get for the election result, but the investors in the ftse mitzie not worried at all. What are people saying about the prospects of this election result . Nina i have no doubt one we get closer thats when markets and investors start to react. You are starting to see a lot of populist and antie. U. Parties doing very well. Nonetheless, if the current opinion polls are to be believed in for the tally up, the party a coalitionting with linda norton, youre not going to have a situation whatever the makeup of the party is, where you see italy one to be part of the eu and the eurozone. Expect a strong showing from the populace and of course, this will tie into that narrative of europe under populist siege. Think the most important part you may see a divided and split parliament and the big question is, can any new government be stable, first of all, and second, will they be able to pass the necessary Economic Reforms<\/a> that italy needs. Joe we talk so much about whether they want the risks pulling out of the eurozone, that seems unlikely. The economy is doing decent, unemployment at its lowest since 2011, but is there a perception that there are heavy lifts to go . Nina i think there is, especially when it comes to cleaning up the banks and the Banking Union<\/a> in the eurozone, but i think what will end up happening is there will be some ,ind of extend and pretend some kind of crisis, but i dont think you will see with the italian election a real moment of crisis like we saw in the greek crisis where italy will be leaving the eurozones. I think investors fears will be allayed by that at least. Thank you very much. Nina schick, rasmus glue global rasmus global. Ford is partnering with post mates, teaming up on a Pilot Program<\/a> to explore how self experiences y joining us is executive Vice President<\/a> , marcy clayborn. My first question to you, on the heels of the presentation you gave, why is ford focusing on driverless delivery with self driving vehicles . Could you repeat the last part, please . Why are you focusing on driverless delivery when it comes to self driving vehicles . One of the reasons we are focusing on driverless delivery for the delivery of goods, we are hoping to solve congestion problems. 1 5 of all our been congestion is actually caused by the delivery of goods. Down the if you drive busy streets, there are cars lined on both sides dropping off goods or picking somebody up or somebody is getting out of the car and you not able to use all of the space in the streets to navigate. You think by using driverless cars, we can help cities with congestion issues and make it a better place for everybody. Joe how much is the focus of your research and the work that is being done on the technical the social side of how our lives will change when we are getting stuff out of cars where theres not necessarily a delivery person . Im glad you asked that. I think that is where ford is looking at things differently. When a lot of other groups talk about economy, they think about eliminating the human. We are thinking about how we actually work with the human and how the human will interact with the vehicle, and the city being all elements of the ecosystem. Pedestrians, shops, storms, infrastructure, not just vehicles. When we think about those things and how they can work together, there is a technical aspect as you mentioned, which we are working with our partners, irobot in the vehicle, we announced the Transportation Mobility<\/a> cloud, which is a cloudbased that form that exist outside the vehicle that we can connect all the different parts of the city ecosystem to share data and talk together. Then there is a human part. We have an organization, part of my team in palo alto, and they work on human centered designs and solutions. Only think about the new design, in the cities, autonomous world, deliveries, we are putting an emphasis on the human, he the customer is. To reflect on how cities work today and each of part of the city is optimized for itself. Bus routes are optimized for bus at how nobody is looking these things could be harmonized together to make it a better human experience. Maybe your favorite coffee stop, or maybe if the weather is good you want a different experience, by doing that and improves the flow of the city. Addressing the needs from a variety of angles. Julia thank you. Joe coming up, what you need to know for tomorrows trading day. This is bloomberg. Scarlet dont miss this, south koreas president will hold a News Conference<\/a> in the julia dont miss wholesale at 10 00 a. M. Eastern. Joe alisa at least six people have died in Santa Barbara<\/a> california as a result of mud flies. It swept homes and from ofndations after a part california had already been damaged by wildfires. Report news has announced that steve bannon is to stepping down. He has been criticized by President Trump<\/a> since a recently published book quoted disparaging remarks about the first family from bannon. The state department is considering whether attacks in cuba. Ericans a new fbi report says there is no evidence of a sonic weapon being used. Pope francis delivered a message of peace today to the people of chilly and peru. Chile and peru. Subjectsected to cover important to francis,","publisher":{"@type":"Organization","name":"archive.org","logo":{"@type":"ImageObject","width":"800","height":"600","url":"\/\/ia800108.us.archive.org\/32\/items\/BLOOMBERG_20180109_203000_Whatd_You_Miss\/BLOOMBERG_20180109_203000_Whatd_You_Miss.thumbs\/BLOOMBERG_20180109_203000_Whatd_You_Miss_000001.jpg"}},"autauthor":{"@type":"Organization"},"author":{"sameAs":"archive.org","name":"archive.org"}}],"coverageEndTime":"20240630T12:35:10+00:00"}