Have on the Auto Industry. Wherelets have a look at are right now. The fomc, the end of the two meeting. If you are janet yellen, you are looking at this function and you would think yes, investors have penciled it in and they are calm about the outcome of the meeting. Stocks are rising and all of these currencies are rising against the dollar today. Yields are declining and commodities are up. That is your market snapshot. I want to show you sterling, though. The pounde level of today. Sterling is rising. What is fascinating about this chart is what happened at 6 00 a. M. Yesterday and today. Because that is when the move took place on both days. Anderday, it went downwards today, upwards. Yesterdays decline no big news today, though. Poll for the times showing a 57 of scottish voters want to remain inside the u. K. Compared to 53 to seek independence. And now we are waiting the triggering of article 50 and theresa may says that will happen by the end of the month. And we are waiting when the actual brexit talks will begin. They could happen on june 20 which is three months to wait. A long time when you only have two years to discuss the brexit. Jobless rates here. Check it out, lowest level since 1975, quite astonishing. The lowest since 1975. Britain is seeing wages go nowhere. Unemployment unexpectedly dropping to 4. 7 . The number rising by 92,000. What is important is that basic wage growth is slowing to 2. 3 . That is the key there. A fascinating chart going back to 1970, quite near when i was born. Vonnie yes. Julie what is your exact birthday . Is on this chart. My exact birthday is on this chart in this area, right here. Julie that is as precise as we are going to get. Lets take a look at u. S. Stocks today. We do have an upward bias although we are still somewhat in a Holding Pattern ahead of the fed. Running 16 are below the 20 day average on the s p 500. So it looks like some traders are waiting until after the fed to place their bets. You want to update you on the oil prices after we got the inventory numbers. Inventory is dropping for the first time this year on a weekly basis. To enter 37,000 barrels was the drop. Distillates fell. And our chief Energy Officer brought up an interesting point that we saw crude imports fall because of the opec production cuts. That might mean that u. S. Production needs to ramp up working down inventory here. Also, today, we have watching airline stocks. We did have a couple of days of losses for the airline. I will pull up a chart here of the airlines on the bloomberg because we are having problems with our graphics but the bloomberg is working. Days of declines. A 5 pullback. But we see a bounce today as a couple of these companies are presenting at a jpmorgan conference. And i want to look at the Balance Sheet of various Central Banks here as we go into meetings this week. The fed is in white and the Balance Sheet has showed here. Some investors have argued that it is the ballooning of the Balance Sheet that is one of the things that has helped to fuel Risk Appetite for global assets here. And the bank of japan is here in red and the ecb is in lieu. Vonnie pretty phenomenal. Different charts with those assets as time goes on. Im sure you will be coming down to see how that looks. Julie hyman, thank you. Less than two hours from now, we get the fed decision. A wrap up the twoday meeting. Markets are fully expecting a rate increase according to futures but the bigger question is, how many times this year will be centralbank hike . Our next guest says three. Talk about that and so much more. We have the chief Investment Officer of wilmington trust. Have a lawsay, you degree from harvard and a masters degree in french and International Tax law. Whats that all about . Right . Does it help in the u. S. . It doesnt help in the u. S. Vonnie lets get back to the u. S. Situation. Are your clients calling you and saying theyre reluctant to get out of the stocks is a donut with the tax situation will be in the next 12 months . The contrary. We have clients call up expressing concern because of the political situation in washington being so unconventional. So our clients are reacting to that and they say, how can we, is anything but we have so much difficulty in the style and manner of the current administration. And we are actually quite constructive on the economic environment and market environment. Spending a lot of time calling our clients and reassuring them that we think there is a lot of upside from the current equity levels. Vonnie so you are advising them to stay in the positions which are best for them which includes what . In u. S. Re overweight and nonus equities. We think that will take us through the french election. We dont believe Marine Le Pen is going to win. We think emerging markets look strong. Anything outside of duration and bond portfolios, we like that right now. Mark does the dutch election have any potential to move markets . Wilders wins or if there are a few more seats than expected . Tony right now, going into the election, it looks like the polls are evenly split. And there is nothing within the never lends itself that would have a direct impact. However, the situation in france is concerning. Theiven the inaccuracy of polls going through brexit and into the you cast and into the u. S. Election, one does need to be circumspect of the french election. Marine le pen is probably going to lose toone but we would geert to see if wilders is able to beat mark rutte, it would really change the dimension of the trajectory that Marine Le Pen is on right now. Developedin your europe call, overweight u. S. And develop europe, what do you buy . What should investors be looking at right now . Iny the core countries europe. Germany, france that will have a lot of upside if Marine Le Pen is unsuccessful in her and making there is Good Opportunity in the u. K. The u. K. , from a currency standpoint, is a bit undervalued in terms of the cross of the u. S. Dollar and euro to sterling. So we see opportunity in all of those areas right now. Vonnie you mentioned you are and you spend a lot of time looking at fixed income curves. Is there anywhere that you would look for value . Maybe downing the Investment Grade . Now atf you look right the spread levels, they are tight. That is one of the reasons that we are confident around the Economic Situation from a canary in the coal mine perspective. We see spreads widen out conservatively and more flatness in the yield curve than we are seeing right now. So we think the stock market will continue to do well do to those indicators. In the fixed income market itself, senior bank loans even though they are pretty inexpensive right now, we are not seeing that there are credit robins this kind of paper. So we like veritable rate roots rate notes. In thelike shorter paper Municipal Market. The Municipal Market continues to have supply. Vonnie you mentioned the u. K. Why the u. K. And where . Now that it looks like article 50 could be triggered by the end of the month . Isy we think the currency in relatively good shape given the underlying Economic Situation. The economy is doing well and so when brexit occurred, there was a lot of concern. But trade has not been negatively impacted in the u. K. The u. K. Is doing perfectly fine. Economic activity is moving forward. There was just some information out on the u. K. Economy a few months ago a few moments ago regarding unemployment which does continue to go in the good direction. So we like the global, Multinational Companies that benefit from having a weaker currency right now. Translatedrofits get back into sterling terms at more attractive prices. E. M. My toare in avoid right now . Probably south america. Structurally, we always avoid russia. But south america is an area to avoid. And the countries in asia, the countries that are benefiting from this massive shift in demographics to a consumptionbased country, a significant rise in the Consumer Internet sector. So china and the surrounding companies. And we continue to like india, even though it is a bit more expensive. It is quite attractive. So all those countries, they are commodity consumers and they benefit from low Commodity Prices. And we have seen a big swoon in Commodity Prices over the last year. Last guestsof our mentioned a recession in the u. S. When do see the next recession here . Tony certainly within the next five years. I think we are in the later stages of the recovery. I would say that with each router three that the fed is on right now, which is fairly notual easing, we are seeing a debt induced recession for some time and this administration has made it clear that they are progrowth oriented. So whether it is a reduction in Government Spending at the level of the Affordable Care act, repeal and replace or tax return , despite all the difficulties that the administration is having to usher the agenda through congress, we do expect that a lot of will be accomplished. And that will push off the recession for another three years. Roche, we have to leave it there. Thank you for joining us. And today starting at 1 00 p. M. Eastern, we have coverage of the fed decision. Minutes away. Lets check in on the first word news with mark crumpton. Mark crumpton the republican and Democratic Leaders of the House Intelligence Committee say they have seen it no evidence supporting trumps claim that the Obama Administration wiretapped him last year. Speaking at a News Conference today, the chair of the House Intelligence Committee said he does not believe that trump tower was hacked. The issue with the president talking about tapping trump tower, that evidence remains the same. We dont have any evidence that it took place. Thatct, i dont believe the people we have talked to, i dont think there was an actual cap of trump tower. Crumpton chairman says he is waiting for the Justice Department to back up the wiretapping claims. Trump heads to detroit today, he will promise to reopen a review of the Auto Industry fuel economy standards. He said those rules cost jobs. Automakers have been pushing for the standards to be revoked. General motors says they will add 900 jobs in michigan over the next year. David westin will have an interview with the gm ceo later today. The European Union is ready to ratchet up the pressure on theresa may. According to two officials, they may stall the start of formal brexit talks until june which will cut into the time the Prime Minister has to come up with a deal. Once theresa may triggers the brexit and starts the clock on the twoyear negotiations, the power does shift to the eu. Prosecutors say they plan to ousted south korean president next week about the Corruption Scandal that removed her from office now that she no longer has president ial immunity. The government has announced that an election will be held on may 9 to pick her successor. Global news, 24 hours a day. Powered by our more than 2600 journalists and analysts, in more than 120 countries. Im mark crumpton. This is bloomberg. Mark thank you. Coming up, as regulators in europe get set, we will hear from the chief executive of one of polands largest banks. This is bloomberg. Vonnie from bloomberg World Headquarters in new york, i am vonnie quinn. Mark this is the european close on bloomberg markets. Lets focus on banking in europe and poland. The opportunity today to speak to the chief executive of one of the biggest banks. Regulation is set to meet to discuss a rebound. Lets go to matt miller in frankfurt at a conference organized by the institute of international finance. Matt thank you. And let me off about the regulation question. We have been talking about this in panels here. Do you feel like we have reached an Inflection Point . Have we gotten so much regulation that the pendulum is swinging back towards less regulation . Say i would , we havent been able to cope with. And i think that for Smaller Banks, this is very difficult and tough. Will i hope this will be the answer, to some extent. Matt do you have any feeling that this will level the Playing Field . This is difficult. There is a lot at stake with these negotiations. Historically, when you look back , it was to build an equal for the national banks. Invented by the top players in the world. Now, we are somewhere in between. So i believe that yes, they are ready to make things equal for different players. With less of a focus on the international. Matt you have 5 million clients but you are looking to grow organically, not through m a. Can you focus on that tragedy when you deal with regulators . Our last 15 years on the retail side was purely organic. We have been very successful at acquiring clients and giving them the best offered. This strategy has worked. Withoutously, this is the branch working and with very limited success. I may strong believer that this is the way that banking will evolve. It is more difficult to go internationally because of the still fragmented framework in europe. Matt you have the most technologically advanced mobile app that i have seen in the u. S. Or germany. Can you bring that business into europe or do the regulatory burdens stop you . I cant imagine that we are expanding past poland for two reasons. We are presently Czech Republic and it works. Obviously, you have to adjust but this is from the perspective among european countries. So we are technically overlooked by polish regulators. Different jurisdictions. This is not that popular yet. This, you have to have matt do you have to buy that tech from the startups . Cezary unfortunately, i was not asked these questions about corporations. Everything that we have, we are protected by intellectual property. Of a variety of outside players, not everything is ours, but we have been able to integrate. And the way we offer our products to clientele is very robust. ,n organization of payments management tools, prediction of the payments through a mobile device. So we are not talking about something being built last year. We are talking about something that is servicing 5 million accounts. Matt so you have build up this business over the last 15 years through the. Com bubble burst. Cezary that is important. At the time when we launch this operation, it was on the collapse of the. Com. And i think the competition has ignored us. They didnt believe it would work. And we had five years or seven that did only after people start to realize wow, this is serious. In the meantime, we have been lucky the we have been ramping up our Customer Base out of the postbaby boomer generation. Those eager to explore and experiment. And then we have been at the right time launching the mobile app and it is very strong. Do investors still penalize you for being a bank . We see them trading for far less. Cezary i think we are getting some kind of a premium for our different outlook and background. And different structure. So this is being reflected. And there are other aspects with the markets in general. But we are listed in the stock exchange. Thank you, very much. We appreciate it. That was Cezary Stypulkowski from mbank. Mark great interview. We are seven minutes away from the end of the wednesday session. This is bloomberg. Mark live from london, this is bloomberg markets. We are about five minutes away from the end of the wednesday session. We are sitting on her hands and twiddling our thumbs as we await the outcome of the fomc meeting. Will rates be raised . Not long to go. Stoxx 600 up like. 4 . And paris. Ankfurt sterling, currency is rising against the dollar today. Erasing some of the losses and almost all of the losses from yesterday. 122. 17 interesting job data today. Falling to the lowest rate since the mid1970s. Wage growth is slowing. That is the more pertinent part of todays jobs report. And as we await the outcome of the dutch election, yields are declining in london. Spain and italy. The close is a matter of minutes away. This is bloomberg. Mark live from london and new york, this is the european close with vonnie quinn. The day finishing the day in the grant. The fed is widely expected to announce another increase in Interest Rates up by. 4 , fifth day of gains in six led by basic resources, oil for banks, industrial goods and services. Stocks are back invoked vogue in europe after avoiding equities for much of last year. Investors cautiously adding to european funds inflows went up in six of the last seven weeks according to bank of America Merrill lynch data. Impaired with net reductions last year of 113 billion. The trend coincides with selfside research on chairs becoming increasingly positive. The gap between valuations on the white line, s p 500, and the blue line, stoxx 600, is narrowing, but jpmorgan, asset management, Goldman Sachs have all said returns may exceed those of 2017. The big election taking place in the netherlands this is the fiveyour spread between the dutch and the german. The spread has come down the last month, telling us investors are not too worried about the outcome. There are more worried about the ,utcome of the dutch election and as you see the centerright coalition of mark ricker 68ceed, you could see that expand. En