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tv   Bloomberg Markets Balance of Power  Bloomberg  February 14, 2018 1:00pm-2:00pm EST

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welcome to "balance of power". david: republicans and democrats n immigration.o president trump speaks again on unfair trade and sections and some manufacturers say, not so fast. and coming to blows in syria. a united states strike leaves hundreds dead, and some of them russian fighters, but the kremlin denies it has anything to do with it. ♪ shery: equity markets rising in the afternoon session. i was checking the numbers and the winning streak extended for major averages. was the largest gain for the
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nasdaq going back to july of 2016, and this demurrage and continuing between the dow and the nasdaq with the magnitude of the nasdaq gain much larger. you see large technology outperforming today. and you see the bond market 9%, a yield at two point seven basis point increase their following this morning's cpi data that was closely watched that came in hotter than estimated. we also saw retail sales to worse than estimated. some extent,et to and we saw futures fall in the wake of that, but now stocks are turning around and rallying here. i we watch the bond market, want to point to you real yields. technology issaid hurting american businesses and where are seeing some signs of inflation -- and it is on a
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relative basis lower, and here are real yields with germany and blue and the u.k. and yellow. we see on a relative basis some could beain in u.s. yields attractive as well versus some of these other countries which might keep them in check. we might see a point of the line to some extent. in today's session the financials are the best performing group yields on the rise, ensures an particular which have been falling on andlations of a new any -- you any exposure, and large banks rising 10 to gain -- tend to gain. one of the interesting phenomenon's here is that we have seen volatility and the short-term be higher in the longer dated options and futures. changing to some extent, and this is the spot vix index.
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see, there is a wide gap where people are looking at volatility and it is higher in the longer term, and that is coming down, normalizing a little bit. we keep watching that curve on the vix. david: within the last hour we learned that a group of senators have watched -- reached a bipartisan deal on dreamers. reportedly it would give a pass to citizenship to the 1.8 million people involved and allocate $25 billion towards border security but not address chain migration with a visa lottery program. republican senator mike brown's from south dakota comes to us from the capital. first of all, can you confirm that outlines? i think you have included
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several pieces to it, but there is more to it as well. it is rock solid yet, but we are looking at it as an alternative. on the republican side many of us would like to see the president's proposal to have the opportunity to be voted on, and we're not successful there, he indicates an interest in having border security improved, and he wants to address the issue of daca, and there are issues in chain migration might be able to address, although it is more limited at this stage. we think we pillars could address solidly, two of the three, and perhaps a little bit in the third. in regards to the lottery, we're had good discussions on it and haven't been able to come to a conclusion that would be solid
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for both sides to get as many votes as needed to have a bipartisan approach. for many of us on the conservative side we prefer to have german grassley's proposal succeed, but we also recognize in reality the senate you require 60 votes in order to succeed and we not sure that is going to happen. to thatou need to get magic 60 number and it is difficult to get there with the president's approach from but million, maybe not everything the president will like, but some change, and we might have to put up the lottery issue for some time. is that a fair summary of what you said? there might be some other modifications to be included, but what we are trying to do is to find common ground and one that can move forward to work the president can take a good hard look and say that this is what we are considering in the house and perhaps have a copper mice between the house and
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senate, like has been done over the last 200 years. senate,es not pass the we want get results, and one the president will feel good about. we need him to field comfortable about it in order to succeed. shery: give us details on your proposal on chain migration, because this seems to be the key issue. legal immigration seems to be somewhere senators cannot agree on although you agree on border security at the past to pass tohip -- citizenship. mike: i would rather not get into detail at this time, but we have a number of different cosponsors -- in this case the end result is more important than coming out publicly with everything in the bill at this point. shery: how many senators are on board with this proposal you are biking right now and you believe
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that even if you get a pass in the senate that would pass the house? don't know if it would pass in the house but we want this to be a strong bipartisan attempt on both the republican and democrat side. there are going to be some members who said that this is not what i want, but on the other side there is going to be a group that says we have to really get past this impasse, so we need a good, solid support offered by both republicans and democrats in order to get anyplace in the house and to get the approval of the president. the president clearly wants to see something that would be considered a conservatives as being what he is talking about. are going to do the best to get what the president wants. david: you have been quite clear that this is important to be something, as he said, the president feels good about. as you understand it better than i do, do you need to get the
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white house to go along in order to get the boat in the house? let's assume you get the 60 votes in the senate -- as a practical matter, does the president have to say it is ok for me to vote on the proposal? mike: i think that at a huge opportunity for success. if the president is not on board, they don't want the president being critical of a vote that they would take, so we are recognizing that and honestly, a number of democrat colleagues have recognized that as well. that is why we have been able to put resources aside on a continuing basis for the wall, with some really good protections to make sure the money use their for building border security system that is critical to the president. hasalso this president shown a real interest in trying to resolve the issue with these children impacted through no fault of their own. if we can hit those and give the president that opportunity, and
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in the meantime do the best we can with mark to chain migration -- with regard to chain migration, then we have taken the next step. if we can take the steps to take these serious issues out, maybe there's an opportunity for real immigration reform with regular order. chairman from different committees can jump in and actually make some changes to immigration without all of the emotion involved in the particular issues. shery: we are now hearing more judges locking president trump's move to daca. you believe you have more time or are you trying to get a bill by this week? mike: we think it is best if we resolve this issue this week. members have taken the time to come up to speed on the issues. you have worked hard to work with one another to make it -- make themselves more knowledgeable on it.
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this is our best shot of getting something out of the senate. the president could seriously consider and hopefully declare victory with. shery: thank you so much, joining us from capitol hill. house up, the white disaster consequences for the economy. this is bloomberg. ♪
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shery: this is balance of power. david: for first world news we turn it over to mark crumpton. are: several people
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hospitalized after a shooting at the nsa. authorities say a vehicle attempted to enter the secure campus without authorization and weapons were fired. the associated press reported that a suspect is in custody and a black suv was stopped at a barrier outside of the nsa campus. theassociated press site to people with knowledge say former republican nominee mitt romney will announce tomorrow that he is running for the utah senate held by the retiring orrin hatch. the center moved to utah after losing the 2012 presidential election. nato secretary-general says that the green light to a training mission in iraq. speaking in brussels, he said it is the latest effort to fight terrorism and to stabilize the country. >> this will put our presence and firm footing with established procedures of
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generating forces and funding. this will help make you rock q safer and more secure. mark: the turkish government has legitimate security concerns but is urging restraint. south african president to consume us as it is unfair that his ruling party is pushing him to resign. and african national congress is it will hold a vote of no-confidence tomorrow and elect a new president. zuma's nine years in office have been mired by scandal, but he says he has done nothing wrong. global news, 24 hours a day, powered by more than 2,700 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg. the trump administration is considering levying additional tariffs, this time on imported steel and aluminum.
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the president addressed this in a bipartisan meeting on trade. my administration is reviewing reports and considering all options. part of the options will be tariffs coming in as they don't steal -- substantial tariffs, which means the united states will make a lot of money. and our steel and aluminum industry will come back to our country. right now it is decimated. now alums are being raised on what could be disastrous consequences. joining us now from washington, thank you so much for your time. quantify for us what exactly disastrous means for the industry. >> the problem with steel iniffs on the upstream part the steel industry is that there
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are tens of millions of jobs downstream of basic steel. there's 80,000 jobs in the steel industry, so you are putting at risk all of the downstream steel buyers and users if you put tariffs on the upstream products. for our bloomberg audience, a chart showing steel imports into the u.s. have been teadily falling. what actions have been put in place to restrict imports? 160erly: that are already on 25umping duties different products that the steel industry has been successful with. duty casesdumping impose tariffs on those products, so the steel industry has been successful in using trade cases that they have. section 232, if the president imposes tariffs, will be on top of the tariffs that already exist for the steel
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industry. sense because a you know this industry well, how many people employed in your industry, and how sensitive are s in prices to increase tariffs and steel? the coalition i represent, the 16 associations, are the tip of the iceberg, and we represent over a million jobs. if we havef facts restrictions on raw materials are phenomenal. the number of jobs in danger downstream are tens of millions more than what is in the steel industry. david: what are the constraints on your producers passing on costs to consumers? why can't they raise prices? that doesn't happen
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because steel is less expensive from foreign competitors make the same products we do. with less expensive and put, they have lower-cost product that they can ship to the united states, and we buy larger and more expensive priced steel can't compete with the importance of our products and our customers products. you aren't talking about just what happens in the wire industry or other industries that are coalition represents, but customers who buy those parts from us would stop buying from us and by imports. ofid: this is instructive the complexity of trade agreements, from what i understand you are saying, there's competition from overseas and imports from overseas, and if it affects one part of the deal it will impact another part of the deal. in the wire industry in particular, it is devastating. cases in some discrete sectors, but wire is
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everywhere. there is no way as an industry we can use anti-dumping duty loss to the same effect that the big steel industry does. imports flood and particularly from china. with has been devastating from this whole conversation is that a couple of summers ago we sat side-by-side with the big steel industry and trade associations involved and we all agreed that the problem is overcapacity of steel in a global basis. that the pay attention to the supply chain and not what is just happening in one sector. shery: how do you deal with the overcapacity situation around the world? overcapacity around the world is a difficult subject but there are international organizations -- the u.s. has negotiations directly with china on the overcapacity of steel and china. those are the avenues i think mr. trump would like to do a
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deal. he should do a deal with china on limiting their capacity. david: kimberly, thank you so much for joining us. still ahead, if you wonder what makes jeff bezos and amazon standout, a new report shows how much emphasis the company is putting work counts, and that is in washington. this is bloomberg. ♪
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shery: this is balance of power. david: there has been a lot of talk of tech companies in washington and not all of it has been favorable. it seems one company, amazon, is stepping up its game to make sure it has friends in the capital. that increased spending on lobbying more than 400%, far more than rivals, but are they see a return on that investment?
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we welcome ben brody, and i have one quote here from a former george w. bush official, saying that from chihuahua to great dane just a few years. describe it. >> what you see with this company is that it mirrors its expands itsit business lines as a looks into health care or food delivery or antitrust concerns. it is moving out to agencies here in the sea and what you have essentially is a company that is lobbying act more agencies are in the capital that there were else. it is something i have not seen before. amry: how many issues is azon lobbying now? pick, health care, drones, aviation, all of those
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is looking at at more, and the department of agriculture because of the food stamp program and grocery delivery. there's few agencies it isn't looking at. it goes to nasa and both houses of congress, and it is just amazing how many places it is reaching into. boss, jeff bezos, owns a newspaper called the washington post, and they have to say that it struck me that thathree of the places amazon is looking at for new headquarters is in washington dc. they are surrounding the place, aren't they? trafficf you deal with in the mornings and evenings, new york city, my hometown, i love it, but bc, the small-town -- despite the capital, essentially has three places here. tech museumas that
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in the same neighborhood as the obama's. depressants is clear, and that little paper, the washington post that i sometimes read when nothing else is available, he owns that now. that is part of the threat he faces in washington dc. the post has been very critical thinking in deep on the white house and the president donald trump has been tweeting at jeff bezos and suggesting that the post should come down. it makes it tough in some ways. shery: this surge and lobbying comes at a time work that companies seem immune to criticism from the public -- from the government. >> absolutely, we have been lashng it the tech/this this year. it seems there is criticism of apple, amazon, uber.
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there's concern that we are addicted to technology right now, but there is a lot of antitrust concern. there's a lot going on that dc.s it tough for tech in shery: thank you so much for joining us. coming up next, the crisis in syria with mercenaries tight to russia wounded in u.s. airstrikes. could the situation be to further strengthen relationships between the u.s. and the kremlin? this is bloomberg. ♪
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retail. under pressure like never before. and its connected technology that's moving companies forward fast. e-commerce. real time inventory. virtual changing rooms. that's why retailers rely on comcast business to deliver consistent network speed across multiple locations. every corporate office, warehouse and store near or far covered. leaving every competitor, threat and challenge outmaneuvered. comcast business outmaneuver. david: this is "balance of power." let's get a quick check of major averages as a seat u.s. stocks continue to gain momentum in the afternoon session.
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the doubt is positive, up 2/10 of 1%, but the s&p is gaining ground or a fourth consecutive session. we tell stocks have taken a hit in the morning session after we curse sales data, but now they are gaining ground in data momentum as well. volatility also coming down in the markets, the vix is lower for the fourth consecutive session and is below the 20 mark for the first time since february five. volatility, the 10-year gilts is soaring after exhilarated inflation and generate with the tenure now about 2.9%. is now time for first world headlines. mark: white house is voicing opposition to immigration proposal from center john mccain has chris coons. is a walter says the plan will increase illegal immigration,
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searching migration, continue catch and release, and give a pathway to citizenship to convicted alien felons. the department of home and security also says the amendment ignores recommendations of its frontline operators. a french court has acquitted a man charged with harboring islamic extremists after they carried out attacks in paris in november of 2015. he denied knowing the identity of the two men he was renting to, and one of the two men he had was the suspected ringleader of the paris attacks. kuwait says a total of $30 billion in pledges has been made at a summit on rebuilding iraq. today's announcement at the conference in kuwait city fall short of the more than 88 billion that iraq asked for, but much higher than the amount the participants originally pledged.
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benjamin netanyahu continue to shrug off recommendations that he be charged with corruption. speaking at a local government meeting at tel aviv, the prime minister called the allegations biased, extreme, and full of holes like swiss cheese and he says he will remain in office. the police recommendation will now go to the attorney general to decide whether to file charges. global news, 24 hours a day, powered by more than 2,700 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg. market forcesek, forces in syria, but the kremlin denies there is links. ,elcome former u.s. ambassador marc grossman, and he is the u.s. special zenit for
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afghanistan and pakistan and is the vice-chairman for the cowen group. ambassador, good to have you here. give us what you think and what you know about the ties between the russian government and the so-called mercenaries. as i understand it, some of the wounded were sent back to military hospitals in st. petersburg and moscow. this is a confusing situation. the secretary of state said that this is perplexing, and this is what happens in conflict. you never know what is out there and is one of the reasons people need to stay focused on trying to bring an end to this conflict. this kind of clash between russians, whether there were official are not official, where they were, forces we are in favor of or train, or perhaps american forces as well -- it shows you conflict is serious
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and dangerous and has implications all through the area. david: you know this area terribly well. what are the dangers of this escalating? there thatces over can come up against one another. marc: that is exactly right. so far both governments have tried their best to deescalate that come up as he said, if you think about the implications here, what is going on in syria. yet turkish forces and american forces who can come into conflict. you have you run ian's who stir up this mess -- iranians who stir up this mess. we have israelis knocking down a they lose ana, f-16, and this all goes back to the challenge of trying to end this conflict in syria. and if you add to that, the terrible humanitarian costs is
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something people should be taking a hard look at because everyday there is conflict out there. you can never tell what is going to happen. u.s.: how committed is the in backing the kurds in syria and how confident can israel be that the white house will be be that the white house will be there to rein in iran's influence in the region? marc: both the questions. the american government has been pretty clear that they are interested in fighting isis, that is the main issue for them. if they have to be a life of these cards in syria and iraq, that is what they're going to do. as you know, that makes it very hard for the united states and turkey and secretary tillerson will be in turkey and has a lot to talk about their. as long as the united states stays focused on defeating isis, what are they going to do? they are going to keep an alliance with the kurds.
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this is the big question for the whole region. israel, i question of think the israeli government feels confident about washington's backing. it has been our policy for many years and for many frustrations and i think there is a general feeling that even if people are in favor of nuclear deal with iran, you have to recognize that -- iranian influence influence. shery: does the fact that benjamin netanyahu think accused of corruption affect the geopolitical dynamic in any way? marc: i don't know, will have to see. these are state interest and in the interest of the united states and israel and the area, but i can say at this point. david: as you described, you have syria, turkey, the united
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states, russia, iran, russia, the list goes on and on -- recloser to resolving the conflict in syria? is there a path forward that can bring peace to the country? the answer to your question of if we are closer is no, you're probably in worse shape than we were a year or two ago. is that a path forward? perhaps. they are trying to bring people together to try to solve this problem, but it seems to me that if you look at this last week, people in moscow and people in washington, people in israel and people through the area after take a hard second look at this and say that we have an enormous amount of priorities in the united states. the conflict in syria has to be high up there, and the hundreds of thousands of people who have been killed and the millions of refugees all over the middle east.
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i think this is a core question that people have to stop and say, we can't let this chaos go on because it leads us down too many pets we can predict --too many paths we can't predict. you also have to blow mad at and political desire to come to the table and sold it because i'm sure you're a great that a military solution is not always going to work. is there any player who can step up and say we need to come together and resolve this? who would be good leaders? marc: i hope that would be the united states. that does it mean to put more military forces by any stretch of the imagination, but the united states has diplomatic power and we hope we can use it. is in combination with russia, it doesn't matter to me, i think this is a dangerous situation that should be moved up on the priority scale because
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as you say, would hate to be here a year from now and be in the same place or in worship. -- worse shape. david: ambassador marc grossman, thank you. might interview with goldman sachs ceo, and we talk about the deficit spending in washington and what it could mean for interest rates. this is bloomberg. ♪
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david: this is "balance of power." now for the stock of the hour. extending record highs. joined us now with more is
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taylor. for disclosure, i have used the app, not hinder or match. -- >> it is all about who can start the conversation, on tinder women are able to make the first move, so i can start the conversation and initiate if i am comfortable. if i am not, i don't have to opt in, but the ceo of match said giving people the option in choosing how we want to interact versus telling me how i have to interact for the first time is really beneficial. especially in this time of thinking will pay, equal women, women want more control of the situation. shery: yes, why can't we make the first move? [laughter] let's take a look, they have returned 32% this year, and up
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again, another almost 30% so far this year. --ending goes record highs those record highs. how does it translate the revenue? numbers thatwith already beat expectations, so this year they are looking at $1.6 billion, that would be 20% growth year over year. since they went public, that would be the highest growth rate. yet the company growing and bringing on people on the same page in terms of giving women the option. david: that sadie hawkins day are women can ask men out? [laughter] back in the olden times we didn't have these apps, how do we know it works?
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how do they judge success? people are saying 19% of who are getting married met online. report i make my spouse online on, so they are saying 30% of relationships that boost forne is a them. there is a spike in south korea as people gather for the olympics and are flipping through. [laughter] they had a similar thing in sochi and brazil going through this. we have some statistics, 40 million people in america use dating services, and i did use one, not successful, but a good learning experience. [laughter] have and andi
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uncles who met online -- aunts and uncles who met online. >> the ceo did also say despite geography you don't want to meet someone 50 miles away. wonder whyhave to they are doing that in the olympics at south korea. anyhow. [laughter] david: i had the chance to sit with white blankfein -- lloyd blankfein, and what borrowing money from the government could mean for interest rates. higherthe likelihood of interest rates is going to be problematic, but what is driving higher interest rates is a better economy. in the near term, the shock of higher interest rates will be a immediate negative and the success of the economy will be a long-term success, but you have to take up both of those things
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together. and been critical of some aspects at the national level, but i give credit, the move towards lower regulation. the elements of the tax bill that lower taxes for people who are in this group -- small business group, things like the pass-through, they have been very helpful. on the red tape and regulatory side, a lot of the burden among people here, some a correct the national level but more at the local level. and also the inconsistency of red tape, which is regulation, which occurs across different rules. licensing requirements from jurisdiction to jurisdiction very not only by state, city, village, town. it is very complex. i have thousands of people who help me with this, if you are a small business, you have -- you don'tpeople
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have thousands of people. david: people said they spent a third of their time on compliance. is right, just like the time you spent of having a simple fight tax because you don't want to spend more hours on your tax bill. -- etc.,ut the form and we know that as time goes on, things get more complex and get layered. if we are lucky someone comes along and cuts through that ildup.buildup -- wax bu david: you have access to a lot of information, and as you look at it from in the moment, is it more because of anticipation of growth that could be a good thing as opposed to a concern of supply and demand? lloyd: i think it is both of those, and a related thought is
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inflation which can reflect supply and demand but it is a separate think and that of itself. is our growth in the united 2% and 3%,the high and global growth at 4%, and they said quick, tell me, or are the interest rates? you wouldn't say that long-term interest rates are 20 quarters percent. you would say they are substantially higher, and there's a reason to straight seven low, and it has to do with monetary policy, which i don't knock anybody for. i think it has kept us out of a crisis for a long period of time. but maybe people don't know what people think it is a new normal, but i don't think the new normal is radically different in the old normal. a very smart man, but he is also very thoughtful and at the same time in the interview he admitted how when it comes to tax cuts, he is larger if he had
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done that given full employment. shery: given deficit and how much it will balloon to adapt, even budget director mick mulvaney is saying this could lead to spike in interest rates. speak of the tax package, we could also say -- we have the latest from steven mnuchin sank guidance will be coming shortly on how to stop hedge fund managers from dodging the new tax from interest rates profits. during testimony, secretary mnuchin is asked about a bloomberg news article that reported hedge fund managers have started created numerous shell companies and corporate tax haven, delaware. irs thiset with the morning as a result of that article. the irs and tax policy tends to send out within the next two weeks guidance that we do believe will -- taxpayers will not be able to get that loophole by going through some tariffs.
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that is something we believe we have the authority to do. shery: bloomberg has learned that llcs have been great by actually, 70 have been established under the starwood capital name. david: it is nice to hear the secretary say that. i am not a tax lower i know tax lawyers and it will figure out a way around anything. i'll be curious to see what the irs will do, but that is easier said than done. it is interesting that it was not included in the first place. david: the president said he hated carried interest. coming up, lawmakers on capitol hill are scrambling to reach an immigration deal before the end of this week. 's is a new bipartisan push that something that drop in recession can live with? this is bloomberg. ♪
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david: this is bloomberg markets, "balance of power." shery: a bipartisan group of senators averaged a bipartisan deal on daca, but here's what senator mike rounds, tolkien of south dakota told us earlier. i wouldn't say it is rock solid yet but we are looking at it as an alternative. many of us would like to see the president proposal is offered by chairman grassley to have the opportunity to be voted on. if we are not successful that we are not giving up on what the president was to have done. shery: for more we welcome kevin cirilli from the white house. it seems there are many proposals out there, some from mike rounds and also senators grassley, what does the president right now like and what does he need to see in order to get something approved?
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i think it shows the white house is not entirely on board with bipartisan consensus in the senate as regards to immigration. the bipartisan group of senators is working with outside groups in the business committee as well as wall street and silicon valley, but on the flip side, the white house is taking a conservative approach. there is a lot of competing factions right now. it is not entirely sure where the white house stands on this in terms of what specific policies they would like to get on board with. ,his is part of the trend whether it is the issue of health care or tax reform or even to some extent, infrastructure. where exactly in the weeks does white house stand come up at the end of the day to try to get some type of deal. right now we are at a standstill on this, but we will have to wait and see what where the battle lines come down on.
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david: the spies you can tell, is this within the president as far as you can tell, is this within the president? doesn'tther hand, he want to get an edge on what he calls chain migration or the lottery. we have an indication of which of these two the president is likely to prevail? i have asked that question to several agent republican party and folks work with the white house and outside of the white house and it really depends on which faction of republican you are speaking to. as you mentioned so rightly, the president has given comments you want to take care of those 800,000 gamers. -- dreamers. we also heard the like this they of union address when he said americans are dreamers too.
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there just isn't any clarity. shery: kevin cirilli, thank you so much. sign up for the balance of power newsletter at bloomberg get the latest on bloomberg politics in your inbox every day. sachs coming up, goldman tech conference in san francisco. a quick reminder that you can catch all of our interviews on the bloomberg with the flexion tv and five breaking news and charts and related functionality discussed on the program. this is bloomberg. ♪
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>> it is 2:00 p.m. in new york. i'm scarlet fu. julia: i'm julia chatterley. welcome to bloomberg markets. ♪
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scarlet: we are live in bloomberg world headquarters in new york. here are the top stories we are covering. price check. u.s. stocks chasing off inflation worries. what the latest data says about the strength of the u.s. economy. jeff bezos goes to washington. how amazon has the stop its lyrical influence machine. the rise of volatility rates. -- could not be more pleased with performance. let's get to u.s. markets. market opened, it was a cpi report that set the tone. it has been the opposite of the initial reaction. futures fell sharply after the cpi came in better than estimated. julie:


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