Absolute confidence that everything that could be in any way connected to work is now in the possession of the state department. Olivia clinton says she is already turned over more than 30,000 emails and deleted another 32,000 as she says were personal. Senate republicans are defending the controversial letter they sent to the government of iran warning her many leaders in the nuclear deal they make with president obama could be overturned as soon as he leaves office. Which mcconnell says republicans simply fear the president will make a bad deal. To make a deal of this magnitude with one of the worst regimes in the World Without any congressional input leads you to believe he is going to make a deal with all fear hes going to make. Olivia Hillary Clinton also weighed in on the controversy at her tuesday press conference. Shes of the letter was out of step with the best traditions of american leadership. Iraqi troops are reported in their offensive against Islamic State forces and have captured large parts of the city of tikrit and the reports isis fighters have begun retreating. They lost without the help of the usled coalition. American officials are not happy that shiite militias in Iranian Military officers are also taking part. The dollar has not been a strong against the euro in more than 12 years. Overnight, the euro fell below 1. 07. 22 since last summer. All this seems the dollar will be the next check on inflation. Consumers will eventually see lower prices for imported products. Airlines in the u. S. Are expecting to have a bumpers bring break. A trade group says the march to april spring travel period will be the best for domestic carrier since 2007, calling for the number of Airline Travelers to rise by 2 . As a whole, the u. S. Airline industry has posted a profit for five straight years. It is time for singers pharrell and robin thicke to give it up. A jury found her big hit blurred lines fringed on a song by marvin gaye. They will have to take pay 7. 4 million. The decision sets a verbal president s day safer music. Tom Huge Division on what this means. Im not going to give my opinion other than to say there is a massive divide over sanctity of copyright versus a vibe or gro ove. Olivia i definitely heard the tom petty. Tom i purposefully have not compare this to the two. Do you have an opinion . Olivia you just said im not supposed to have an opinion. Tom no, i am not supposed to. Olivia this one was less obvious. Tom the euro forget about that, lets do a data check. We just got an update. Lets interrupted data check. Deutsche bank out with an Important Research note. Olivia a huge call. Specifically, the euro call really caught my eye. There saying the euro dollar could fall to 0. 85 tom back to where it was. Olivia by the end of 2016 easily parity in 2015. Deutsche bank so we could see a correction and equities in the near term. Tom i miss that. Bring up that screen again. Lets get started. Heres the second screen, german yield. Euroyen shows the strong yen. Dollardollar, 99 handle on dxy. For those keeping score, that is a big number to go through 100 on dxy would be important. Lets do graceful stop we have not talked about old. Heres your basic gold chart. Every Cocktail Party, people were talking about robin thicke at pharrell, talking about gold. We come up and here is huge gold inflation. U. S. Dollars. Gartman has brilliantly said, dont look at golden dollars, buy it in yen. This is stunning. It has barely gone down because of all of that yen depreciation. You are making me work way too hard. I am paid by the click. Olivia also saying we could see 1400 now in gold by the end of this year. Tom gartman buying gold in yen. Look where 1980 is. Starkly different chart. Looking at deflation there is gold. Thank you, dennis gartman. The check is in the mail. You can donate it to n. C. State. Lets get started with the excitement in the markets. Europe is in full alert to the ramifications of draghi qe. Yields climbed grind ever lower. Cautious on Economic Growth. Suggesting what we are witnessing is original and decidedly not in the textbooks. For draghi and yellen, this is original territory. There is no textbook basis for what the fed has been doing since 2008 but when you have such low Interest Rates and the economies in the price is low we go from the 1930s, Monetary Policy doesnt work. Tom outlast that with scathing comments on the fed that theyre trying to do too much and cant get it done. You agree and do you reaffirm a cautious view and the idea that yields can drive ever lower even in the United States . I am looking for. Ive said the 10year is headed toward 1. 50 acting today were back. I think we have a way to go before you hit 1. 50. I think if yields are headed lower because of the Global Economy is very weak tom you mentioned Deutsche Bank with her view on a twoyear, what are you thinking and 90 days . Where are we going to be by the fourth of july . And guys like srikumar are out two years and three years and four years out. That is how i get to 150. But i think you can reach it before the end of 2015. On the Exchange Rate that you have talked about, i think the 1. 05 handle you have on the euro today is headed toward parity. Her only two things that can stop it. One, the European Central bank says it wont buy paper at a yield less than 0. 2 . Olivia you think they cant find the paper . There wont be enough paper. The second is, the fed gets frightened, as you said, libya, if the euro were to go to . 85 and we start not only not increasing Interest Rates but start one more quantitative easing olivia but the . 85 call is a long way off. But even parity is going to affect washington and frighten congress. Olivia humans in a presentation. I was struck by the fact he said of the fed raises rates as many think janet yellen will do they will reverse it because the weakness will become apparent. T this is for you. We have no chance of cashing in a bond out to 2068. You can enjoy this. United team yield. Longterm paper am a bring up the chart. This is the United Kingdom of 2068. This is a 53year peace. Oh, im doing it on my mac monitor. Im sara. Im so excited that i completely messed this up. Here we are at parity, 100. This is a new low yield in your driving a 3. 5 coupon ever lower. Sri would you explain why governments fuel feel compelled to go up . Because the yield is so low tom, this is a great time for corporations to borrow at lower rates. The expectation is inflation sometimes is not going to pick up definitely within the next 50 years. If that were the case, these companies and the sovereigns will benefit. Tom bolivia, i feel like a dickens tower something. Olivia you should. Sri, why are you so convinced qe is not going to work . Because it hasnt worked in the United States. Olivia gdp is back unemployment is back to 5. 5 . Youre going to have a sub 2 Economic Growth rate in the First Quarter olivia combined with 5. 5 unemployment. And the youth unemployment rate, which i think is the true measure, still in double digits. After six years of quantitative easing. Second, this has is caused by the fact money is available in plenty and Interest Rates are zero. How can you say things are working when you have zero Interest Rate and we dont know how the markets are going to behave if the rates are normalized . That is my big fear that is why think the fed wont. It is nice to get addicted to drugs and stay that way. It is very difficult to win oneself from it. Olivia very true. Thank you for staying with us for the hour. We will continue the conversation about the stress test. Bracing for round two. Should Bank Investors be worried . We will discuss. We are on your tablet, your phone and bloomberg. Com. Basically, anywhere you get internet, because it is 2015. Tom good morning. The euro quite weaker this morning. Lets get to our top headlines on a wednesday. Olivia the controversy over Hillary Clintons use of a private account to do government business. Likely 2016 president ial contender says in hindsight, it would have been wiser to use a government phone while secretary of state. She says she is turned over more than 30,000 messages and deleted another 32,000 that she says were personal. Senate republicans are defending that letter they sent to the government of iran running iranian leaders any nuclear deal they make with president obama could be overturned as soon as he leaves office. Mitch mcconnell says republicans fear the president will make a bad deal. Also seven marines and four soldiers are missing after a Helicopter Crash in the Florida Panhandle overnight. There on a night Training Exercise at a remote beach. Rescue crews reached the scene early this morning. The names of those on board are being withheld. The cia reportedly played a key role in government spying on u. S. Cell phones. Wall street journal says the agency opted to does help to develop helped to develop the system which uses an airborne device i can locate specific cell phones. Duke Energy Agrees to pay shareholders 146 money dollars in settling allegations 146 billion in settling allegations. Those plans included a boardroom coup that up in a leadership plans for the combined utility giant. Duke and several dirigibles were accused of conspiring to replace bill johnson as head of the new company. In pro football, checkcashing season. A frenzy of moves open up the 2015 Nfl Free Agency season and one of the biggest was defensive back that is leaving the super bowl champion patriots and returning to the new york giants on a fiveyear deal worth 70 million. Tom the guarantee is 30 million. Absolutely stunning. I dont know much about it but i know that is a big number. 32 seconds on a chart ive never seen my life. We were talking about gold. This is gold at South African rand. The Nation Associated with goldmining. It is stunning. I have never seen this chart. It is so very just a amazing how gold looks in different currencies. Olivia it is a stressful day for lloyd blankfein. The boss of Goldman Sachs will find out how much money the fed will let him return to shareholders. That is when we will learn the results of round two of the banks stress test. Macklemore covers that and joins us on set Michael Moore covers that and joins us on set. As tom keene might put it, what is the sweat factor today . There is definitely a sweat factor because they were the closest to minimums in last weeks test. Theres a big debate going on right now about what it means if you are your internal tests differ from the fed. Goldman says we will be fine 12 ratio. The fed said it is more like 6 . A huge gap. The question is, are the banks supposed to end up with numbers that are close to the fed or does the fed just want to see a reasonable process that goes through and even if they disagree, it is ok . That will be the question whether the fed will qualitatively fail people who ended up with different tom they may not lose their job. The distinction today is, this is about Dividend Growth. Is janet yellen to manage the Dividend Growth of jpmorgan . The fed is managing growth of all of the banks. They are so focused on the capital ratios that they want them to hold as much capital as possible and banks are trying to push back a little bit tom jamie dimon made 32 million in operating income line. Why is komar srikumar were others telling jamie dimon what to do . Im lost. The fed once more and more capital. Tom why dont they just settle up . They have been slowly upping the level. Rather than being like the swiss bank and setting a higher level we have been more gradual. I think the objectives of major bank and the Federal Reserve are very different. For the Federal Reserve, it is all about stability. If your member 2007 and 2008 and how 2008 crept up on us so suddenly that this is not something the fed wants to see happen. In a sense, it makes you can understand why theyre being extremely cautious over all in terms of the Capital Requirements. Olivia were actually going to get comments on what the fed thinks the banks are doing and how they match up. What are the chances janet yellen will fall the attorney eternal planning . Michael a couple of years, it was telling banks, you passed but we do to fix some things. Last year, it was failing some banks based on the planning processes, including citigroup. This year, we may see more. Based on last weeks tests, it is unlikely we will get anyone failing on the numbers. It is all going to be about their process. Tom i am fascinated by this. Wendy we see this, 4 00 p. M. . Michael 4 30 p. M. Tom where is this tie from, 1950 . Michael going back to mad men. Tom Jeffrey Rosenberg will go cross asset. We need that with the tumult we see in the markets. Stay with us. Futures up 10 in the euro 105. 87. Bolivia, paris. We will be back with more surveillance. Tom good morning, bloomberg surveillance. Markets on the move. The euro plunges. Im having trouble seeing on the screen the numbers, there are so new. There is no bid this morning at this time on euro. Lets get to morning mustread. Olivia it comes from a man that is anonymous, a doctor running from syria about the carnage of barrel bombs. He says even the United Nations estimates 220,000 people have now died in syria and 11 Million People are refugees. He thinks the number could be double that in terms of casualties. It is a stark reminder of the fact while Islamic State is putting out there carnage on youtube and celebrating it, we have sort of turned a blind eye. Were forgetting about the things going on to civilians in syria. Tom the council on foreign relations, with mr. Assad question of stability. Not my opinion, but experts are wondering the legitimacy and stability of this regime. Olivia the western party has become too fight Islamic State looks like alassad is going to stay in place. That was my take away from the conversation with jonathan from foreign affairs. Tom this does folded to oil, which has been a bit out of the picture. You could of instabilities of oil. Sri you clearly can. One of the things that could push up the oil in the shortterm otherwise, headed down in the next two months, but if you have a destruction of Production Centers in the middle east, that is one thing that can help. Olivia, going to what you said about isis and the other problems you have in syria, the United States faces a conundrum. Bashar alassad as well as the u. S. A administration, both opposed to isis. By supporting his efforts, are you really hurting and increasing the problems . Olivia a similar question on whether or not the u. S. Should be supporting the shia militias jeffrey taken tikrit because theyre being backed by iran. Sri there is no easy solution. Olivia certainly not. Coming up, we will talk about the tpp. We will be back in a moment. Tom good morning, bloomberg surveillance. Futures up 10. Zero cannot find a bid well under 106. Dxy in touch with 100 level. That would take a back to 2003. We are there with our top headlines. Olivia Hillary Clinton is trying to call the furor over her private email account. In a press conference, she told reporters she has turned over every work related email to the state department. She and her husband president clinton set up their own. Personal to medications from my husband and me communications from a husband and me. I believe i have met all of my responsibilities and the server will remain private. And i think the state department will be able over time to release all of the records that were provided. Olivia clinton says she already turned over paper copies of more than 30,000 workrelated emails and deleted 32 other thousand she says were personal. Said republicans are not backing away from the letter they sent to iranian leaders. It warns iran any Nuclear Deal Reached with president obama could be reversed by the next president. Mitch mcconnell says the negotiations dont have to result in an agreement. If there is not a deal, we have had some of our democratic friends say the choice is between this deal anwar. And war. No. We finally discovered one thing that works here. One thing. Sanctions. That is what brought them to the table. Olivia democrats are blasting the room republican letter. More fallout from the fraternity controversy at the university of oklahoma. The school has expelled two students seen in a video leading Fraternity Brothers in a racist chant. One has apologized in an email saying the incident was probably fueled by out the hole. The parents of another said her son made a horrible mistake he will have to live with forever. The Justice Department report on ferguson, missouri has led to the city manager quitting. It has blamed john shot for overseeing policies that led to widespread discrimination by the police and courts. The Justice Department investigators compile the report after