tv Whatd You Miss Bloomberg February 28, 2018 3:30pm-5:00pm EST
arrested in 18-year-old in montana because he said he was going to shoot up the school. the share of the sheriff arrested that young man, and prevented another mass shooting. that is what we need. president trump: thank you. >> we have been listening to a discussion between lawmakers and schoolsident discussing community safety. what restrictions could and should be put in place as far as gun control in the united states, a wide-ranging discussion, bipartisan. we have had democratic senators. republicans weighing in, both sides of the debate on what next. the president clearly passionate. i want to give you a look at the performance of the broad markets. the dow down by 8/10 of 1%. showing you the session chart to
give you a sense of the weakness we have seen towards the backend of the session. i weakness across the indices. we did see them ending the session in the red. let's get back to this discussion and take a further look at this bipartisan discussion at the white house. back at a potential match shooter is the answer, i don't inc. it is. arese also know that there -- the majority of people in this country understand there are limitations on the second amendment. you cannot own and automatic weapon, a bazooka. continueno reason to to sell to people a weapon of war like this. i know there are differences of opinion. i just hope we can act, and show the american people and the kids and their grieving families in my district with presidential
leadership it doesn't matter what congress says that we will consider everything. >> i like that. that.eciate a lot is up to the states. that is good. the states are going to feel differently. have notvery much, you had -- >> six more. we have another six or seven considering. have a be different and good idea for your state. i don't think the states have to be the same. what does have to be the same, all of the data. that has to be very much the same. you have to be able to share with localities and all of that. some states are different. some states are going to do what texas is. some don't want that program.
i think it is a good program but some don't want it. the reason i like it, i really believe it is going to prevent it from happening. they are cowards and they are not going in and they know they are going to come out dead. they are not going into a school where they know they're going to come out dead. this guy in florida walked out with everybody like it was a fire drill. a policeman did a fantastic job to towns away. he found him. he looked like the description and he got him. that was a great job. we have to give them some credit. this was not the finest day. they did not do their job very well. thank you for calling us together. i come from a proud hunting state. . also have law-enforcement
i got involved in this issue from police coming to me read one of the issues they raise was the fact that there was this gun show loophole and issues with commercial purchases that did not allow them to get information they need to make sure people were safe. been a why i have supporter of the mansion to me bill. it is not going to fix everything but it is a good thing to start with. >> it is the best we have done. >> i want to make one more case. , i support diane's bill and other things. but the state that has these background checks, they have a 38% lower domestic homicide rate. this is domestic violence. for those cases especially in makes a major difference. keepnumber, for you to with you. 6000 women in 10 years were killed by a partner. a spouse, a boyfriend.
that is more than we lost in iraq and afghanistan. just doing something on this background check issue, using that as a base him would like to add these other things. i think it would make a major difference. >> if you could add that to this bill it would be great. >> >> can you do that? can you add some of this. >> if you help. >> i will help. i know you can add. >> this is about dating partners. number of dates. >> we are going to get it passed. if you can add domestic violence paragraphs, pages into this, i am all for it. i think it is terrific if you can do it.
>> a key role in all this, he has had a personal near tragedy with one of his mass shootings himself. >> i appreciate you convening everybody. my counterpart, the house did witha bill dealing problems with background check systems. thatso combined a bill advanced concealed carry reciprocity. people who have concealed carry permits in one state being able to have that same ability in another state. before that is immediately discounted, when we passed our bill there was -- i did have two with that bill. it was not a bill that automatically passed. want to close these problems and fix these problems. we came together and passed a bill.
we also felt if you look at the concealed carry population, these are people helping us stop crimes. they are well trained, who helped prevent crimes. i would hope that is not immediately dismissed. there is talk of putting that on the side. >> i'm your biggest fan. that billat may be will someday pass but it should pass separate. if you're going to put concealed carry into this bill you are talking about a whole new ballgame. i am with you, but let it be a separate bill. you will never get this passed if you add that. i don't think -- you will never get it passed. we want to get something done. brees -- please look at the data. they do actually increase safety.
i understand your point. i appreciate the other points you brought up. we talked about health problems. congress came together in a bipartisan way as part of the 21st and eric cures act and passed a major overhaul. it was very bipartisan. you just appointed that theet's make sure assistant secretary of mental health has the tools they need with finding these loopholes. howard people slipping through the crack's? manyyou see so governmental institutions allow this kid to slip through the crack's. it wasn't just students. students were saying we think he is a shooter. he said he was going to be a professional school shooter. the people that protected me and
my other colleagues, law-enforcement did their job. you gave them the medal of freedom. .> you would not be here 25 other people would not be here. >> when you see those breakdowns that is why you see so many millions of americans that want firearms to defend themselves. that is one of the balances we have. the house did take action. the senate may have some issues. let's not just discard that. let's have a broader conversation and we will continue this. >> that is fine. someone? >> first of all i want to say thank you for saying let's go to the source of the problem. so many times we react -- with said on what the with the new assistant secretary of mental health, this is somewhere that we need to be looking at the tools they have.
,ooking at these young adults individuals who have crossed that 18-year-old threshold and within their family, they have access to mental health records, how law-enforcement has the ability to get that information from children's services. so many have records through their teenage years. they have been on a scheduled to. >> that is part of what we are doing. that.need to have the house has wanted to fix that . another thing that has come up from some moms, i was a room mother when my kids were in school. i ams a grandmother talking to a lot of young moms. they have said one of the things we need to do as we review these issues is look at entertainment.
the video games, the rating system, the movies, how things are approved, and what children are being exposed to, especially children that have some of these mental health issues, they feel that has a role to play. some of my shares. president trump: the videogames, the movies, the internet stuff, it is so violent. i see it. i get to see things that you would not -- you would be amazed. i look at the things he is watching. i say how is that possible. this is what kids are watching. you may be have to take a look at it. to writeer -- you have them for terror and what they are all about. for ahard to believe percentage of children this doesn't have a negative impact.
but these things are really violent. quite some young moms have mentioned this. they are concerned about that exposure. they would like that. , in putnamheriffs county, he said as we talk about havening the schools, we -- what about protect me programs, to take the lead on. as they volunteer help protect those while we work through this issue of how your local state and federal agencies are going to work together and find solutions for this? that mye are things constituents are saying and would like to have raised. they want solutions to them. >> i appreciate it.
>> you are right or you can lead on this and a way nobody else can because for all of those americans out there that the second amendment is so critically important to them, they believe you are not going to go into their home and take their firearms. you have a credibility no one else can bring to this. .hat is why you can >> we are all going to lead. we are going to get this done in a bipartisan matter. 60%,lly believe 60 votes, it should be so easy. it should be 100%. >> you underestimate the power of the gun lobby. >> the reason i had lunch with the nra sunday, i said you have to come over. you have to do something. they do have great power over you people. they have less power over me. what do i need?
but they are well-meaning. i said we have to do something. we can't keep restricting, we can't keep -- we have to do what is right. when it comes to mental health, we have to do what is right. they are going to do what is right. i really believe that area lacks perspective from years of law enforcement. of the things i learned, security is always a multilayered approach. as we talk about background checks, who can buy a gun, who cannot, all of those things are in portland. all of those are a piece of the
security we can create for our country. it, all ofyou said that can break down, someone going in a gun free zone and just kill at will. defenseless people. >> they are defenseless. >> number one, you have to have -- it sounds cliché because it is true. the only thing that stops a bad guy with a gun is a good guy with a gun. you have to have those officers or some armed security at our schools. aboutsue is, we talk those areas where there are no guns. the reason i carry a concealed firearm everywhere i go is because i don't know where those gun free zones are.
i may be walking through at the ,all, or at the doughnut shop or whatever i might be. i carry concealed. so i can protect myself my can protect my family who might be with me and protect all of those around me who choose not to carry a firearm. >> you are not allowed concealed in a gun free zone. what do you do? >> you can't carry in those areas. that is -- >> they are the most dangerous places. gun free zones. >> going back to the concealed carry issue, national reciprocity. once you are not going to get concealed carry approved. , and a lot of other people, people may consider it but they are not going to consider this bill.
i'm looking to get rid of gun free zones in the military. soldiers,e incredible three of whom were championship shooters, nowhere near their gun and this whack job whacked in and killed all of them. >> every time i walk into some a gun free zone. a restaurant, -- let me close with this. the mental health thing for law enforcement, we actually take folks who are a danger to themselves or others, we baker act them. they are there for three days. 72 hours.
we give them their guns back. i tried not to do that and got sued and lost a case. had to give the guns back. so, the state of florida has this bill mentioned earlier that the senate just past that has risk protection orders built in. there are some states already have that. i think those are going to be critical for law-enforcement to help take the guns out of the know of individuals who we should not be carrying. then we need to make sure those individuals get placed into the national background check. state of indiana has done a good job. >> you spoke about gun violence restraining orders. california has a version of this. in your meeting with governors earlier this week, individually
and as a group we spoke about states taking steps. the focus is to literally give families and local law enforcement additional tools if an individual is reported to be a potential danger to themselves or others. allow due process. to court,ility to go obtain an order and collect firearms and any weapons in the position. president trump: take the firearms first. by the time you go to court it take so long, to get the due process procedures, i like taking the guns early. crazy man's case that just took place in florida. he had a lot of firearms. to go to court would have taken a long time. take the guns first. go through due process. >> we think about the tragedy in sandy hook. , who spokes mother
to law-enforcement, spoke to local officials. she was concerned over and over again. our colleague from connecticut lived this. to literally give families and tools law-enforcement tools, to take action to remove those weapons for either a set time or longer, to make sure that person can't be a threat. >> that is a state law provision. some people are working on what we can do the federal allow -- level. hopefully florida will do that shortly. has alludedsident to it. there are people that try to do something. they call the fbi, they called the sheriff's office. legally they had no recourse to get ahead of this.
even as law-enforcement had gone to see them they would have been limited. this is an idea states can do. there may be something we can do to incentivize it. we have been talking but states can do that now. >> in the 21st century cures bill, senator murphy and i worked on, we were involved in additional grants to jurisdictions that use assisted outpatient treatment, a variation on what the vice president talked about. adam lanza's mother, if he was not complying, she needed help them a go to court, a civil court and forced him to take him -- take his medications. many people with mental illness can function productively in
society they take medication. that are a variety of tools. john, are you better off having a one-off hill or can you merge it into joe and pats bill? bill. a comprehensive i like the word comprehensive. say that is a bad word. i like the word comprehensive. can you merge yours into this or would you rather have a separate bill. what's the most important thing you have said is that we act. >> it would be really nice to create something that is beautiful. me, -- ist surprise to have been here for a little more
than a year, what surprises me is that nothing has been done for all these years. i hear a lot of common ground. i am so surprised. i'm sitting here and saying there is a lot of commonality here. a lot of people agreeing with what you are writing. i do understand why this has not happened for the last 20 years. anythingk we can add to fix nics that has 60 votes. background checks can be added to this if it has your support. i hope we follow the data. the data is going to tell you america has a gun violence rate that is 20 times that of every other industrialized country in the world. we don't have a higher mental illness rate. our schools are not less safe. what is different is we have the loosest gun laws in the nation. we should fix the mental illness
system. not because we think it is going to say i've gun violence. the data tells us the one thing that is different is our unbelievably loose gun laws. >> i think they work together. to fix mental illness. if someone is mentally ill they can go out and buy a gun. you are going to fix it. i like a merger. i think the merger works better. >> your strong leadership through this leading -- meeting, about the instability of our society and the culture of our society, the thought came to my mind that maybe you could show leadership about the violence out of hollywood and these videos. news, every fox night you see these films about everybody being blown up.
think of the impact that makes our young people. get them in here and preach to them. >> fox news does a good job. it is violent. the movies are violent. the videos are violent. >> you had a governor telling you that the culture of society has to change. >> i agree. >> thank you. i have been wearing a bracelet like this for five years. with new member training what i got a call about a school shooting. 26 and seven-year-olds and educators. i have not had a day i don't think about this. that has been our nightmare for our people will represent. >> why did they do something when that happened?
, whyyou look at columbine didn't they do something about it? why did this group of people plus others. >> we tried. addedoint is this, we are to the point. we are a tipping point. why we are, i don't know. i think it is the students. week will go by. another week. all of a sudden people will go on to other things. >> we have the power to change that. you know that is what has happened. >> there are two things we can do now. would pass in me the house. you only need to 18 to pass. that is ready to go. >> if we can come up with something that is very strong the heavy with mental illness,
background checks are so important, people are afraid to do background checks because you are afraid of somebody. more popular to be if you do background checks. i don't care who is endorsing you or not. you're going to be more popular. i am not into popularity. i'm into getting something done. let's get something good that is done. getet me talk about how to guns out of the hands of good -- bad folks. one of the issues is the gun show loophole that everyone talks about, but also guns stolen out of cars, gun owners are not storing properly. stolen guns kill more people than guns bought legally. one way to prevent that is through a background check at the point of sale of every gun, ff l dealers do it.
i can buy a gun off the street from an individual i never met before. a purchaser's permit at the point-of-sale of every gun in this country. at the point-of-sale you have to have a buyer's permit. the way you get a buyer's permit, if i want to buy a gun from senator rubio, i go to a dealer, have my background check run, i get my buyer's permit, i take it to him and he sells me his gun. permit, if ive my don't have my permit, it it is against the law for him to sell it to me and for me to buy it. now, everybody is thinking nobody's going to do that. who is going to know? law enforcement has the opportunity to go into the streets and buy and sell guns from people buying and selling guns now. we could make arrests and get those guys off the streets
selling guns illegally. they are not illegal sales. >> you have a real black market. they don't worry about anything. a gun. sell the buyer doesn't care. that is one of the problems. you have that problem with drugs. you make the drugs illegal. you've never had a problem like that. problem withsame guns. you have a lot of great people that register and do all sorts of things. we woulda black market never even think about registering. they could not care less about the bill. we have to be strong on that. you can have provisions on that. big penalties. john, you are going to finish up. >> the purchaser's permit.
>> you are currently watching president trump hosting a meeting with congressional leaders. they have been negotiating gun laws and background checks. wanted to let you know that the stock market is closing and we have u.s. equities falling into the close, ending at session lows, with the dow off by almost 400 points. the s&p 500, 11 industry groups all declining. let's go back now, to washington, to listen to this bipartisan meeting. bill toe a bipartisan remove the so-called sticky amendment, which has prevented over the last couple of decades the cdc and other federal agencies from researching gun violence. i think that your secretary of hhs has said that we should be .ble to research gun violence
having facts and scientific data is a key piece of helping us address this national public health issue. , would hope that, you know, we as lawmakers, can have opinions about policies. but we should all have good sets of facts. it's an easy fix. get the research with the money needed. >> thank you. summing up quickly, want to go really quickly? >> i do. only because the congresswoman theght this up, this is bracelet that marjorie stoneman douglas has been selling back home. i want to give it to you. because i want this to be the last one of these that we ever have to have. universaldo background checks, increasing the age to 21, get rid of the dickey amendment and do it now,
showing the american people and my constituents that we are ready to act, they will feel better and you can get this done, mr. president. >> thank you very much, thanks. so, if i could just sum up, chris and john, pat, maybe you could get together and start from that standpoint. everybody,, i think fellows, if we could get together and put in one great piece of legislation, chuck, i think you will have an amazing result. the votes are hard to get in congress. it will be an amazing result. people will be shocked to see the numbers. it will be way above 60. maybe a number that nobody would even believe. people want to see something happen. not just another piece of -- you
didn't pass anything, let alone something great. to me, something great has to be where you stop it from happening. again, if you feel not to have that, i understand, i want a strong counterpunch. if you have a strong counterpunch, you are not going in and you are not having this problem anymore. -- remember,, 98 98% of these prod -- attacks happen in gun free zones. if you four can get together and do something, maybe set the foundation, where great things are said, we would have -- we are going to have a bill, it's fan.hard to add, i'm a we will consider it for a separate bill.
again, we also want things to be approved. you have to look at the age of 21. the certain types of weapons. some people aren't going to like that, but you have to look at it seriously. i think we will have a very successful vote, and i will sign it. i like what you are doing already. you could add to it. you have to be very, very powerful on background checks. don't be shy. very strong on mentally ill. .on't worry about bump stock we are getting rid of it. don't complicate the bill by adding another two paragraphs. we are getting rid of it. i will do that myself. fortunately, we are able to do that without going through congress. so, if the four of you to come together and put it for a vote? get it done, that's what we have to do.
>> what do we do about weapons of war easily accessible on the streets? >> you will have to discuss it with everybody. it's a complex solution. you have weapons on the street, that is what we are talking about with black markets, black-market weapons. the problem we have is that this is where somebody hands you a gun -- >> if you go into a store, you can buy an ar-15. you can buy a tech nine. you can buy all of these weapons. >> this is what you might have to discuss. >> joe, pat, you will have to discuss that with diane and everyone else. i really think it has to be very strong. i would rather have you come down on the strong side. i would rather have you come up with a strong, strong bill. really strong on background checks. i just want to thank everybody.
i really think we are on the road to something terrific. thank you all very much. thank you. thank you all very much. >> president trump, president trump there, wrapping up a bipartisan congressional meeting . as you can see, questions are still being asked of the president, there. no, he's just saying goodbye. wide ranging discussion about what to do in the united states. he seems passionate about this subject. adamant that he believes that lawmakers can pass something here. he threw it open to democrats and republicans. they discussed the prospect of people the age at which can get access to guns in the united states. they talked about the ultimate prospect of what it would take to get those 60 votes back in 2013. he was very adamant.
joining us now to discuss, anna edger can, from capitol hill. let's get your take at this moment. anna: he talked about something comprehensive. congress and senators here said they wanted something where they could get 60 votes in the senate . it has to be focused. the president saying he wants something comprehensive, something strong. you see him want to put these pieces together on mental health, domestic violence, age limits for assault rifles. banning certain types of weapons. it could be hard to put something together in the senate and the house. thatthe bipartisan meeting we just saw, very reminiscent of a meeting that was held during the daca debate, where they got input from all different senators.
there were cameras, similarly. we know that that led to nothing and it immediately fell off. all the words meant nothing and they never came together. is there any reason to think that this would be any different? anna: i don't think so. you are exactly right, it's exactly like the daca meeting. might not be popular, i will do it anyway, he said that about the daca administration. then he pushed back on the proposal. there is no guarantee that what congress can cobble together is something that the president will end up supporting or something that will have what it needs to become law. >> one thing that came up a few times was the nra and its role. saying that the nra has a lot of power over all of you. he asked why they were not able to get anything done in the years passed. he said that the nra has a lot
of veto power. he said they had no power over him. anna: that was a remarkable thing that he said. saying that they have power over you, les over them. he mentioned the lunch that he had with the head of the nra on sunday, seeming to imply that he had spoken with him and managed to convince the nra to be on his side. they do have very strong allies here in congress. especially members of the house representatives, you see how they are not really wanting to take the lead on this issue, because they have such strong connections to the gun lobby. julia: polly, we talked to you about this on numerous occasions. this is similar to what we saw with the wide ranging discussion over daca and the dreamers. you noticed a difference in the reaction of gun stocks. and there is greater caution? gun stocks were down and
dick's sporting goods is actually up. we should keep that in mind. the long chart, back to february 14, before the attack, we will see a downward trajectory. joe: you know the work on this very well. but one thing that he specifically wanted to leave out with something that republicans would like to see on reciprocity of concealed carry, moving from one state and theoretically traveling to another state. other than that, are there any other obvious poison pills there? there any other things in there that would seem equivalent to that question mark -- that? concealed care carriecity -- reciprocity has been called the most important piece of legislation to the nra. it's hard to compare anything
else to that caliber. scarlet: where does the nra stand on background checks? the president kept saying he wanted to get more background checks. he made the comment that i would rather have you come down on the strong side than the weak side of. does the nra have a point of position on that? congressmen, senators? polly: people in the firearms community have pointed to mental health over and over. i think they would be open to background checks that move those with mental health issues to be screened more carefully. talking about universal system, something that is a big overhaul, that will be a big issue for the nra and lobbyists. julia: the president talked about taking guns away from people, irrespective of whether or not the right to do so is there. he talked about taking them away from mentally stable -- mentally unstable people and going to court afterwards. due process? polly: that is something that
would be litigated, if they tried to move forward with it, for a good, long while. joe: i want to go back to the legislative process. there was an interesting moment where john cornyn was put on the spot, the president asking him if he would be willing to merge his background check bill, which is considered to be fairly modest, with the more aggressive mansion to me approach. omey approach. could they bend more on this? to reachwill become that calculation in the senate. whatever gets 60 votes, it would have to be agreeable to enough democrats, would then have to go and pass the house. house speaker paul ryan is not going to put anything on the floor proposed by the majority of his members. he's been very clear, you saw that on immigration.
they are going to look at what can get through to actually become law. john cornyn is going to hold up his nose and he's not going to make is members take tough votes on something that will get passed on the floor of the house . it's a tough calculation there. something comprehensive will be hard to do, much harder than the narrow bill sponsored by john cornyn. given the enthusiasm of the president here, everything that you just said, what can pass, however limited? it depends on how they can salt and who is willing to push back against the nra. you saw a freshman congressman from florida, a republican, who came out in a strong op-ed, saying that i'm the good guy with a gun. he's an army veteran, and he said that he can't do anything against a sniper. for anything meaningful or
strong to get done, you will need more republicans to come out and take a stand like he did. that it might have the nra turn against him, but it is what he thinks needs to get done. scarlet: the president made it clear, also, that if the lawmakers can get together and put together a comprehensive will through the different chambers, he will sign it. polly, over to you. he mentioned something on bump stocks, specifically, saying he can take care of that specifically. talk us through what they are and whether that is possible, if it is something the president action on.rally take >> it's a device that makes the rate of fire on a semi automatic machine gun for comparable to a fully automatic machine gun. i a lot more rounds, a lot more quickly. it came into infamy during the vegas attack. so, before that, bump stocks were not something that people
talked about. even in the firearms community. the largest company that made them was a small company. they are not generally sold in big stores. they are more something you have to seek out. won't be upsetting to the vast majority of gun owners. they may not have heard of these things before the vegas attack. scarlet: interesting. the president said he could do it through executive order. it is something that we will continue to monitor and follow to see if there is any followthrough from the congressional leaders. ar-15, a rifle with firepower used by infantry troops. i was reading a study by -- study, according to "the new york times," about the number of people who have been killed using ar-15's. that is why we are so focused on that. ,nna edgerton, polly mosendz make you so much for joining us. scarlet: let's switch gears.
u.s. markets closed at session lows, pretty much. the dow falling 380 points, to be exact. of course, we are now looking at the worst monthly decline in u.s. equities since 2016. i want to bring in jim caron:, portfolio manager at morgan stanley investment management. we have seen the yields come down, with prices rising. there is a risk off at the end of this month. jim, walk us through what's going on in the markets. was this a reaction to what we saw politically, today? or is there more volatility we are coming to grips with? jim: i don't think it has anything to do with today. it's more volatility and the adjustment within the markets erie it -- markets. the equity markets, they have to reconcile with that risk premium starting to rise in the marketplace. as it rises, bond yields are going up.
what multiple are you willing to pay for equities in this environment? pe or 16 pe? it 17 clearly, there has been equity in volatility products that have exacerbated the move. u.s. economylobal is in good shape and yields are going up for the right reasons. probably speaking, i think earnings will be good. i see a lot of this as more noise and repositioning. this is our second meaningful selloff in a row, coming in the week of -- the wake of that jay powell testimony. wasre that, the term continuation. 3, that sortnanke of thing. anything to say that we will get anything new? jim: nothing strikingly new. he's not an economist. yellen was a well schooled economist.
he's a banker. i think the market reacted to powell not being as dovish as people thought. many people thought that this was a political appointee, he will be dovish, trump's guy. equities rose and they took it as good. suddenly, he comes out and he makes this guest between three hikes and four hikes this year. it wasn't that he was hawkish, he just disappointed the markets by not being as dovish, in my view. extent would he allow inflation overshoot? we have had sensitivity on what degree, compared to, he would accept inflation before taking action. jim: that's a great question. at is what the markets are trying to figure out, parsing his words as much as we can. when he talked about a 2% inflation target, he also suggested that we could go, possibly, about 2%.
if that's the target, you could overshoot for some time. be above itu should if we are under. point new range 2% to two 5%, over the near-term? if that's the case, that will cause bond yields to rise. the equity market will look side i'd at that. at that.yed right now we are seeing good inflation. are slow to rise. the fed has imprinted on their rise, the phillips curve. why aren't wages going up? but it's not a bad type of inflation, where it's suggestive of an overheating market. because we are getting better growth. we have good jobs numbers, productivity numbers are starting to rise a bit. by the way, that's healthy for
the economy. that is what economies are supposed to do. the job of the fed is to make sure that it doesn't overheat. that 2%, the target, is a bad level. in the markets, we just have to internalize what that is and price it across other asset classes julia:. a bit of digestion issues -- classes. julia: a bit of they gesture and issues, in the interim. jim caron:, thank you --jim caron, thank you. scarlet: while the president was hosting his bipartisan meeting, his administration's agenda was released. the president warned that the u.s. would use all available tools to prevent china's economic model from undermining global competition. this is the latest warning to beijing, as washington gets ready for a host of trade actions.
what do you make of this? will we see a new, lower low? jonathan: a couple of things to keep in mind, we came off of 15 consecutive monthly gains for a total return basis. bigfact that february was a down month, yes, but we are well overdue for a down month. the recent action, down 1%, following to back -- two back-to-back 1% up days. big picture, we are still fairly constructive. do we need to retest the lows of february? .e don't think you have to we think that you could, but it's a less likely scenario despite volatility. abigail: your chart, take us through this. jonathan: this is one of the reasons we are fairly constructive here, talking about volume, or lack thereof. on the bottom is what is called
on balance volume. if the day is an update, take the volume and add it. if it is a down day, you subtract it. gives you a good measure of how the volume is tracking. you can see that that made a new high, recently, even though the s&p has not. the volume profile is rather good. if you go back to that august 14 balance the -- on volume it was a much lower high and a much weaker profile, so we think the volume picture bodes well. abigail: you think that the. of congestion is likely to break, ultimately? jonathan: we think there are good odds that we could see new highs. and there have only been two years in history where january has made the all-time high for the year. at least you could see a higher high, later in the year. abigail: another good fact. what about momentum?
jonathan: we like to look at the longer-term momentum indicators. what we like about this, it tends to be very slow moving and doesn't give you very many false signals. when you see a flip, you want to take notice. the last time that we got a monthly signal was november of 2016, right around the election. we have been on that monthly signal since then. thehave to go back to spring, april and may of 2015, to see the last time we saw a sell signal. it proceeded the august 2015 drawdown. abigail: what about the yields? rising yields, you have a great chart here. take us through it. jonathan: ultimately, i think we break above that. -- area that has been the focus for so many. that is probably a breakout that happens down the road.
let's say the next two months to four months. in the near term, what is giving us pause for a breakout is positioning. we can look at the treasury futures, that's the bottom panel. the large speculator net position. they are about as net short treasury bonds as they have been going back the last five or six years. the circles tend to be where the betting on lower bond prices, higher yields, and you tend to see consolidation or pullback. we think that that is where we are at. ultimately, breaking through later in the year. abigail: thank you, jonathan krinsky, m km partners. scarlet: coming up next, 118 the u.k. prime minister says she will never agree to.
i'm mark crumpton, with first word news. president trump says he wants congress to put a number of gun safety measures into a senate bill that would increase background checks. he's urging lawmakers to add their best hard -- best ideas to the proposal pushed by john cornyn. mr. trump members of congress that "you have a different president now," pointing to the failure of previous administrations to address gun violence. >> they have great power, i agree. they have great power over you people. they have less power over me. you, they are well-meaning. i said, fellas, we have to do something. the president, making
reference to the nra. in florida, students returned to class at marjory stoneman douglas high school. they were greeted by police office -- officers, carrying military style rifles, with counselors and therapy dogs. two weeks ago today, 17 people were shot to death at the school. armed rebel groups in syria have agreed to implement a cease-fire . as per the government of president shar al-assad, there has been no similar -- but shar al-assad,- bashar there has been no similar overture. needless to say, is a complete violation. mark: russia has ordered a five hour daily humanitarian clause to allow civilians to exit the region.
reports from the. say that no humanitarian aid has gone in and no civilians have left. president trump, the house speaker, and the senate majority leader were among those paying respects today to the reverend billy graham. his casket is at the u.s. capitol for a rare salute by the nation's political leaders. reverend graham died last week at the age of 99. global -- global news, 24 hours a day, powered by 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. scarlet: we have breaking news, hope hicks is resigning as white house communications director. this is according to "the new york times." she is 29 years old and became the communications director after previously serving as one of his advisers in general. according to the report, she had been considering leaving for several months, saying that she had felt she accomplished what she could.
julia: the timing, no surprise, after testifying earlier this week. eight hours before the house intelligence committee, telling white lies. admittedly, she was not connected to the russian interference in the election. scarlet: hope hex, resigning as white house communications director. we will keep you posted on details as they cross. let's just remind you of what happened in equities. u.s. stocks falling into the close at session lows. this is the second day that the dow has tumbled quite a bit. joe: two solid down days, both ugly into the close. very redolent. people might blame things like month and slows. -- end slows. it will be interesting to see if powell homes, breaks it.
calibrates it. scarlet: this may have accelerated momentum to the downside. nervousness out there, everyone saying that it will take a bit of time with the volatility that they are seeing play through. i believe that we are joined now by kevin cirilli. scarlet: yes, kevin, we have you on to talk about the breaking news that according to "the new york times," hope hicks has resigned your you was after she testified for eight hours in front of the house intelligence committee. do we connect the dots here? kevin: no question, the timing of this report comes at the time that hope hits, the twentysomething senior advisor to president trump, who has been by candidate trump, businessman trump's side for several years,
one of, really, essentially a member of his extended family, now saying that she is going to be out. i can't stress this enough, she is someone who has really been by the president's side on the campaign trail, largely seen as a gatekeeper to the trump political, trump business universe. someone with deep ties to trump world. virtually not separated at all on the campaign trail. someone who had a rapid ascent into the seniormost global and political circles. kevin: the white house has now confirmed her departure. explain a little bit further, her role, but she did on a day to day basis. she was truly on the inner sanctum at a level that very few are. but she was not very visible.
it was rare to hear an interview with her. what was her operational role? trump confidant. the closest parallel i would make, to people who don't understand the way the trump political orbit works, would be to huma abedin, from the clinton world. someone who was also rarely heard from. look, here in washington, she did not serve as the traditional communications director, as washington, or even to some extent, corporate world is used to. but her role was invaluable. those who have worked with her, those who know her, have been praiseworthy. she is someone who understood president trump's ursa now muddy, understood the apparatus trump'se went about -- personality, understood the
apparatus of how he went about inking. surprising,e is number one, to many in the media , myself included. also, it really begs, as a reporter you have to pause. she was someone who, when candidate trump launched a longshot candidacy several years , she was the one setting up meetings. she was the one working with members of the first family. working with every a duration this campaign and of this administration. -- every iteration of this campaign and this administration . everyone knew that they needed a positive relationship with her to get in the good graces of the president. that included paul manafort, that included kellyanne conway, that included reince priebus, that includes general john kelly. i mean, all of them have publicly praised her.
sean spicer, going through the names here, they all praised her at various times. kevin, you are walking the path. i am going to take you further down there. after testifying earlier this heck0 said that we bannon'd.in -- tha how dangerous is she to the administration, with the severe amount of knowledge that she has? kevin: my phone, right now, the text messages, already the speculation is mounting. speculation is and facts, but i think that the -- isn't facts, but i think the question you raised is one that many have right now, the timing of this. she has emphasized, reportedly -- i mean, she is still
going to be questioned. she is in the middls political firestorm. but her loyalty to president trump has been unquestioned. literally unquestioned by any senior member or member of the first family. you know, as of now, that has not been subject to change. this departure, the timing of it, clearly raising questions that are already being asked by political watchers, pundits, strategist. -- strategists. julia: she's been involved with this scandal involving rob , the white house aide accused of domestic abuse. that's another element here. question, now, is who replaces her, given how unique her position was. kevin: no one. look, if you are watching this
outside following politics, gatekeeper, body man, that's a term a lot of people use. who accompanies the principle around the world. travels with them, collects the business cards, follows up with the interactions. observes the comings and goings inside the principal orbit. that's the role that she really served, which i think would be familiar to many and our audience, including prominent ceo's. everyone has that person that follows them around, that was her role. culture,edge of trump the way that trump conducted business, political business, is unmatched. it will be difficult for the president to find someone who he considers to be an extended member of his family, another child, really. so, you know, yeah. aarlet: the president making
comment here, "hope is outstanding, i am sure that we will work together again in the future." we should add that hope hicks' exact departure has yet to be determined. it will be revealed in the next few weeks. given the john kelly's chief of staff role was to make sure that no one got to the president without him knowing about it, whether this means that he has a firmer grip on his position as well? there's a lot of speculation that he would be the next to the part. scarlet, it's interesting, what you are picking up on. she got her start first i working for the ivanka trump. -- four ivanka trump. ivanka trump. she had a close, personal relationship with her. that is how she ascended.
through jerod, and other members of the first family. and other members of the first family. that was part of how she was able to gain trust in the innermost first circle. in terms of where this goes and the various shakeups, i think that she definitely, should she want it, she could still have a role within the president's advising community. look, a lot has been written and said about her. collegiatemer athlete. she is someone who graduated the top of her class, before joining the trump organization. be verys will surprising to many folks here, inside the beltway. i'm trying to the give a way to ask this without engaging in rank speculation. i will put it this way, you mentioned her closeness with ivanka.
just this week, jared kushner having lost her top secret clearance, awkward moments , as whitem and ivanka house official and the president's daughter -- let's put it this way, how surprise would you be if jared kushner and the ivanka trump -- and you ivanka trump -- and i ivanka trump were to leave at some point in the near future as well? kevin: hope hicks testified before the congressional committee this week. jared kushner, not getting security clearance. now you have this departure of hope hicks. all of this would suggest that there are -- let's read the statement, "there are no words to express my gratitude to president trump. i wish him and his
administration the very best as he continues to lead our country." that's from hope hicks, announcing that she is set to leave the white house in the next couple of weeks. joe, back to your point, directly, shakeups in trump world, that's watercooler talk du jour here, inside the beltway. kushner's political orbit has made clear that he has no intention of backing off the roles he has been assigned. julia: three down, white house communications director, an unlucky title. three down in eight months. great work, kevin, as always. more ahead. this is bloomberg. ♪
sleeping on the so-called frontier markets. it's in areas that citigroup has a constructive view on. joining us now to discuss, andrew howell. andrew, before we get to the markets that you like, let's talk about the backdrop for why this is a good time to look at these kinds of markets. what does it say about the cycle? andrew: the main, defining accept -- aspects of frontier markets is they are less closely followed and they tend to lag behind in bull markets, economic recovery. however, as the bull market matures, that's the time for fronting markets to shine. this year is a very good opportunity for that to continue. investors in the developed market, consumed by investments in the fed, whether we will see
a change in the macro backdrop, does that change the picture at all? is there anything in this recent volatility? does it make you at all more cautious around allocating money? generally, the globalomic expa, with high bond yields and firmer commodity prices. what you do of course worry about is if it's true for all risk assets, tightening conditions would selloff equities. these would get hit by that. the type of environment we are looking for is that gradual extension of the expansion, which should be very good for these guys. romania, the fastest-growing country in europe last year, i read about the strength of the consumer segment, the strength relative to other countries, why the like romania? -- why do you like
romania? it has been a huge beneficiary of european convergence. they were hit very hard, like a lot of european countries, after the crisis, but now they have really started to gather a lot of strength. recovery was at 8% gdp in the fourth quarter. the fastest-growing country in europe. a lot of that is pent-up demand. some moving of jobs from western europe to the east, as well as pent-up consumption coming back. it's the bull market, but individual sectors as well. is another one, recovering from years of political instability, tell us what's going on there. hadew: currency devaluation been delayed for too long when it happened. it came last year to ease off. providing a huge opportunity for investors to come back in,
taking advantage of a lot of pent-up growth in the economy. whether you look at financials, consumers, it will be coming back. scarlet: you like vietnam, saying it has a sustainable debt profile. what is interesting about vietnam is that the equity market reforms have been significant. foreign ownership limits have come off. there's a lot of privatization happening, bolstering what is still a very strong economic backdrop to continue. at -- have to sit say that vietnam, i'm surprised frontiers into the category. what distinguishes it -- i mean, i would have thought it would have been em by now. andrew: vietnam is one of those
markets that is on the cusp of becoming em. some currency converted issues, the market was concentrated in a handful of issuers that started to expand a lot. volume on the exchange, increasing dramatically over the last couple of years. partially because of those ipo's . they will move in the next year, benefiting the market. julia: andrew howell, thank you for joining us and bearing with the news timing on here. to reiterate that news, hope hicks is resigning from the white house. we will go to the white house to discuss what this means going forward. from new york, this is bloomberg. ♪
"carlet: "what'd you miss? hope hicks, resigning as the white house communications director. she's one of the president's longest-serving advisors. the timing is interesting, it comes one day after she testified to congressional investigators on russian interference in the election. the white house put up this statement, responding to her impending departure -- scarlet: joining us now, from ae white house, is t correspondent. to what extent is this a result of the investigation into the
campaign's links with russia, versus something she had been looking into and considering and now seems like the right time? >> if you listen to the white house, they say that this is something that had been in the works, but basic common sense would draw the link between what happened yesterday, with hope hicks testifying behind closed hill, gettingal into it with members of congress who wanted her to provide more information. she wasn't exactly invoking executive privilege, but said she wouldn't answer questions about her time in the white house. that back and forth seemed to end in a stalemate. members of congress were not happy with how she handled that. today, we hear news that she's going to be resigning. it's difficult not to make that link. i'm sure more information will come out in the days ahead about what the rationale is behind one of trump's longest-serving aides
resigning in the middle of a very tense investigation. of, the person who initially broke the news said that the departure is not about yesterday's hearings, according to multiple sources. she had planned it before and had informed a small number of people prior to the hearing that she had planned to leave. the president's statement, "when she approached me about pursuing other opportunities, i totally understood." joe? joe: when an -- when a white house insider leaves, you often hear about whether or not the white house will be in chaos. but the white house is always in a kind of chaos. do we expect anything to change on the inside, with all of this turnover? this has been a very turbulent west wing, for the entire year the president has been in office. it's likely to continue that wave.
hope hicks was one of several communications directors who had been chosen and selected in the last year the president has been in office. we have seen a lot of turmoil, a lot of people leaving the west wing. a lot of them in the last months. i don't expect major changes in the amount of turbulence in the west wing. obviously, she is someone who was well-known in the white house and her absence will be significantly felt. scarlet: you wonder, who is going to fill her role? she played a role similar to that of huma abedin with hillary clinton. i wonder, kellyanne conway seems to be someone who has stuck by the president's side. will her role be upgraded, do you think? in light of this departure? toluse: it's difficult to play the game of thrones within this west wing, knowing who is on top and who is responsible for which portfolios. we are likely to see the people who are remaining and the people who have been with the president
for a long time, including kellyanne conway, continuing to expand their power in the issues that they cover. where so west wing many people don't have the authority to rein in the president or even put forward a coherent message, because there is so much chaos over the course of a day. it will be difficult to fill the role of trying to be communications director, having the white house on a single message for a day. the twitter account continues to -- julia: thank you so much, toluse, for that. scar
.ongest serving advisors she had reportedly been considering resigning for months. her resignation comes one day after she testified before a house handle, telling them her job required her to tell white lies. president trump wants a number of measures that would increase background checks, telling members of congress that, "you have a different president now," pointing to previous failures to address gun violence. president trump says the u.s. will use all available tools at its disposal to prevent china's state-driven economic model from undermining global competition. the remarks come as the u.s. weighs a series of potential trade actions against china. banking regulator has reportedly given deutsche bank and to know others until march 5 to provide clarity on their business relationships with president trump's son-i