tv Bloomberg Markets Balance of Power Bloomberg December 20, 2017 1:00pm-2:00pm EST
will clearly potentially evolve over the next month in particular as president trump looks to move forward with his economic plan. markets,ore bloomberg next. news, the taxthat code rewrite being secured. i will send it over to david westin. david: it is official, the house has passed the tax bill for a second time. now it is on its way to the president. they will do some work on the bill before he signs it. now it is time to figure it how they can make the bill popular to the american people. there is not that much support. mitch mcconnell has set of they cannot sell this tax overhaul bill to the american people, they should look for more jobs, new jobs. they may have to.
for a first look at what the republican sales pitch will look like, we welcome kevin cirilli. he has been reporting right through this. now to how they will sell this to the american people. what do we know? ago, i was moments speaking with some senior republican aides who tell me that at 5:00 tonight, they will have this house conference meeting behind closed doors, and they will have to hash out the details of the continuing resolution. they will have to rebrand their pitch to the american people. polled say they think their taxes are going to go up as a result of this plan. republicans are pushing back against that vehemently, the democrats are making the case that they feel this will only benefit the wealthy. know that and i both they are blaming it on the
media, pretty standard move, saying it is all our fault and we are mis-selling this thing. at the cabinet meeting, the president said it is fake news, fake news. thewill they make sure american people know what they got and what they do not get? the real sense is that it benefits the wealthier, rather than the middle class. kevin: right, and it is not just the lowering of the corporate tax rate from 35% to 21%, but the pass-through rate to 20%. make no mistake, the president also declaring political victory by saying obamacare has essentially been repealed as a result of the repealing of that individual mandate. he has not talked about the cautionary reduction payments or the cfr's -- the cost sharing reduction payments. that puts centrist republicans at odds with the deficit hawks.
that will be a clear marked down in terms of where the party is headed. end of this at the week on the vote to keep the government-funded. but president trump doubling down, saying this is a bill for the middle class, saying this is making good on a campaign strong andis despite vocal democratic opposition. and talk a little bit about the spending bill coming up later this week. friday would be good deadline. ast are we expecting to see everybody tries to add these extras onto the funding bill? kevin: senator collins made a deal with mitch mcconnell to keep funding for the obamacare subsidies. remember, president trump vowed to get rid of them back in october. to removeally said that from a long-term fans to monthly funding. they have allocated $7 billion
in calendar year 2017 for these cost sharing reductions. 6 million enrollees have access to these subsidies, and that is why this is such a big deal for people like senator susan collins. republicans i talked with in the house say that while senator collins may have made a deal with the senate, no such deal exists in the house of , especially with the house freedom caucus and republican leadership. so this showdown could bubble over at the end of this week. it is suggested that they are trying to get a one-month extension to january 20. regardless, tensions will start to bubble over in 2018. david: megan murphy is the editor of "bloomberg businessweek." how much pressure is going to be on susan collins now?
she thinks she has a deal. megan: we saw senator collins' anger bubble over a little bit, calling reporting of the issue sexist. one thing we want to emphasize ve families, real life and there is an issue with obamacare and funding the chip program. these are meaningful issues to these families, and this is what senator collins in several centrist republicans know. there are these stories about people unable to get health care, unable to get at the pin -- epipens, unable to get basics that a family relies on. it is an ethical point of view and a moral point of view. she feels like she struck a deal to support these changes and make sure we can come forward with a new deal in the new year. it is not clear right now.
the house freedom caucus looks nowhere close to a deal. i was interested in the president's comments that essentially he killed obamacare. again, whether they are playing the politics right on that, i do not think it is clear right now. but this is going to be rebuilt and replaced by any -- repeal and replace by any other name. there is no meaningful substitute or replacement. the news commentary, which he is known for, that can come back to hurt him. shery: he said it will be replaced by something better. i wonder if there is such an incentive to do that now that they have the tax cuts done. megan: they had eight years to come up with something better and did not come over the line then. this is a big win for them. but we have talked about whether or not this is a true political win, that will filter through in
the coming months and years ahead as the tax cuts filter down and we see the trajectory of the american economy. will usenably, they this as a launchpad for a new legislative agenda. they will be looking at infrastructure and entitlement. we will see if there is enough political strength to get some of this done. to do something controversial and divisive is hard to do. credit to paul ryan and kevin brady, but there is a lot of light left to come. david: sure. thank you for being here. now let's check on where markets stand with julie hyman. reactiont seeing any to the confirmed passage of this tax bill. we have seen stocks rallying in recent days. they close to unchanged today, bouncing slightly between gains and losses. the interesting action has been in the bond market.
even as stocks have rallied going into this vote, we have not seen much action in the bond market until about a week ago. if you look of the five-day chart of the 10-year yield, it is up 14 basis points in that time, now at 2.48%, around the highest since march. now we are seeing a little bit more of the prospects for growth or the assumptions for growth being intertwined with this bill. it is priced a little bit more to the bond market. that has implications for the stock market. while many corporations are seen as benefiting from the tax cut and other measures within the bill, interest rates and so -- interest rate sensitive stocks are being punished. real estate is down. utilities is down. some strength and financials but not as much as you might guess, especially considering that might mayo of wells fargo raised estimates on 18 banks today, and
part because of the bill and that rise in rates. interesting that we are not seeing as much reaction to all of that in today's session, just sort of the negative of higher rates. something else outside of texas, let's look at bitcoin -- something else that side of taxes, let's look at bitcoin. a bit of a selloff in the cryptocurrency, even though trading is up and running. we have seen an 11% decline over the past few days. it is back the low 17,000. we have been watching the bitcoin proxy stocks. over the past couple of weeks, they are still solidly in the green. microcap companies that have associated themselves with cryptocurrency here. a furniture company now says it
good to have you here. first, congratulations. you wanted this done and got it done. there seems to be a sense that there is something of a confusion or misunderstanding on the part of the american people about what this really does, that americans do not appreciate how good this is spirit do you agree, and what is the cause of the confusion? the goodam: here is news, that tax policy itself is good. it will offer middle income tax relief and tax relief up and down the spectrum. it will create a better business environment. in 1986, when the last landmark tax reform under ronald reagan was completed, that was polling at 18% when it was passed and ultimately became very popular. what we have to do now is communicate the nature of what this does and ways that people can relate to. there are two popular areas where it will come to fruition quickly. early next year, workers will be getting paychecks and the
withholdings will change. they will have more money. and as they are seeing a better business environment in the short run an intermediate run, they will see that it is related to tax policy. i am very upbeat about where we are and where we need to be going. shery: people will not be happy if their taxes go up next year. we know deductions have been capped at 10,000 -- at $10,000. can you sure everyone in your district their taxes will not go up? rep. roskam: we have to talk in terms of brackets and averages, obviously. in my constituency, every tax bracket will be getting tax relief. criticism about the state and of theax deductions, one reasons i fought hard to make sure there was a deduction up to $2000 for property taxes, which was expanded to include income tax and sales tax, the larger point is to say that is one element of tax change.
if that is the only tax change made, criticism would be valid. but the rates are being greatly reduced. the child tax credit is essentially being doubled. the elimination of the alternative middle income tax are incredibly significant. even as we have been talking, we received a statement from the president, partly directed to you. he said i promised the american people a big, beautiful tax cut for christmas, and that is exactly what they are getting. i want to thank the members of congress, that includes you, who supported this historic will. it is extraordinary for american families, workers, and businesses. families, workers, and businesses -- that is not the perception. this is different from reagan. in the reagan situation, there
individuals. there is a perception this will benefit corporations more than individuals. rep. roskam: it is a fair point, but the proof is, looking at where the tax rates come -- we made a threshold position to make a better business environment. we have heard that the u.s. has the highest statutory rate and we're losing on the international site. let's not stand for that anymore. let's make it more competitive. there are a lot of things the business community came to the table on in terms of closing loopholes, but they were willing to do it because they got the rate lower and got full expensing for five years, which is incredible. -- movingward, forward, the more people learn what is in the bill, the more they are saying, oh, that is good. threshold decision, democratic colleagues, but there was an error. rather than engaging
substantively, they used the same playbook they played on health care. as a result, the language of the democratic criticism was hyperbolic. it was armageddon, worst bill ever. completely ridiculous. when it comes to fruition, people will say, oh, this is not armageddon. i like it when my taxes go down and i have more money in my paycheck. shery: it could be armageddon for some -- for some who see premiums go up or they lose coverage. senator collins has a commitment to help stabilize the insurance market. mitch mcconnell wants to put that into the spending bill. are you ok with that? rep. roskam: i do not buy the premise that people are losing under this bill. the repeal of the individual mandate says he will not be taxed by the federal government if you do not by a product that
the federal government requires you to buy. i do not buy that this means loss of coverage. shery: you do not want those legislations in the spending bill? rep. roskam: there is more to it than that. issues related to the commitments or discussions that were made over in the senate. i want to have a clear understanding of what is in that end of the year built and make sure it is what it purports to be and that there's not something new in it. i have an open mind, but i want to make sure it makes sense for my constituents. david: congressman peter roskam, republican of illinois. thanks for joining us today. let's go to mark crumpton. mark: as we have been reported, president trump is claiming what he calls a historically or he following congressional passage of the republican tax bill.
prior to the cabinet meeting, the president told reporters that thanks to paul ryan ryan and mitch mcconnell, the legislation was done before christmas. the president said the tax bill essentially repeals obamacare by eliminating the tax penalty for americans who do not carry health insurance. congress will go straight from the tax bill to a fight over a must-pass spending bill. they need to pass the measure by friday to keep the government operating. they are trying to avoid a shutdown. republicans may have to make some concessions to democrats, but they cannot afford to alienate conservative republicans. the agencies that owns the track were an amtrak train derailed monday said radical speed -- criticalnology speed control technology was not in place. they said work to install the sophisticated gps-based technology is not expected to be completed until next spring on
the newly opened 15 mile span outside of seattle. officials say the train was going 80 miles an hour and a 30 mile an hour zone. three people were killed and dozens injured. the finance minister of denmark leaves this round of brexit the gershenson and -- negotiations will drag on past the deadline. there is a desire for both sides to show flexibility. important that we take the time to negotiate a fair deal for the u.k. and for europe. i believe it will take much longer than the time we have. i think there will be some sort of intermediate agreement on how to trade with each other until there is a final agreement. mark: meanwhile, the european union's chief brexit negotiator
said today that once the u.k. officially leaves the bloc, the transition will end on the last day of 2020. global news 24 hours a day powered by more than 2700 , journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg. shery: many on wall street are having a change of heart on the gop's tax overhaul. what is topping the list of concerns? that is next. this is bloomberg. ♪
were: wall street traders waiting for the republican overhaul of the u.s. tax code. now that the moment is here, many are coming to the conclusion that the real gains will go to billionaires and captains of the industry, leaving them in the trenches. joining us is bloomberg's laura keller. what is topping their concerns? laura: i think the biggest thing
is deductions. they are worried about having less ability to a deduction mortgage interest, state and local taxes. they have concerns over the pass-through arrangements, where they are not going to be like smaller businesses. david: but they will not be distributed like now. laura: it will be better. david: they will just not get the breaks. laura: exactly. smaller businesses, like they greece even, if you are a small business owner, you will have a bigger right -- like bakeries. shery: will more people go independent? laura: i think so. when you talk about financial advisors who get paid with a corporation, they may take this opportunity to go out on their own.
if they are a smaller business, getting the credits would be better for them. david: these are not poor people. they are making a fair amount of money on wall street. there are ways around it. they will find some fancy way, some offshore partnership or something. is there a way around this? laura: i do not know if there is a way fully around these issues, but people are already combing through this with their accountants and tax lawyers. hedge funds are structuring themselves so they can take advantage of what we may not know quite yet, what may come through the bill. shery: what about moving? laura: some people are talking about, but it is harder to do than you might understand. david: if you are working for bank of america or jpmorgan, will they move the bank for you? laura: there are some cases. they are trying to be creative in how to deal with this.
david: there is pressure on new york state, connecticut, new jersey to not spend so much money. shery: one thing they cannot dispute is that the rate has come down for homeowners. laura: there are certainly benefits. these are people who supported a lot of republicans, gave donations to them, wanted a tax break, but this tax bill is not what they wanted. david: laura keller, thank you for joining us. more "bloomberg markets: balance of power" is coming up. this is bloomberg. ♪
republican tax legislation, claiming it fulfills his campaign from us to repeal the affordable care law. the package was passed in a revote i the house today. the senate approved the legislation early this morning. a federal judge has ruled -- ruled that a former congresswoman be jailed during her appeal of a recent fraud conviction. wasuro career brown sentenced to prison for fraud and lying on her tax returns about eight purported charity for poor students that she used as a personal slush fund. fire crews in california are bracing for the return of a potentially dangerous wind gust that they fear could revive the flames. firefighters have been calming the conditions in the containment line. the blaze has burned for two weeks northwest of los angeles and the5% contained second largest in california history. officials say that the new wins could cause it to grow into the
state las vegas fire ever. the disgraced former archbishop of boston whose failures to stop child molesters in the priesthood triggered the worst crisis in american catholicism has died. he was 86. he was months one of the most prominent figures in the u.s. in one of theg most visible and historic posts in 1984 until he resigned under pressure 18 years later. with 1.8 million catholics. global news, powered by 2700 journalists and analysts in 100 20 countries, i'm not mark crumpton. this is bloomberg. thanks so much, mark. a plume of white smoke was seen on the outskirts of the capital of riyadh. firing of successful a missile by yemeni rebels.
civil war andthe how it has embroiled the kingdom, we welcome michael singh. george w. bushe administration and as an aid to secretaries of state condoleezza rice and colin powell. he joins us today from washington. good to have you here. you have followed this closely. you just came back from the region. give us a sense of how important a step up this dispute is. michael: sure, david. this missile strike, or attempted strike, seemed to target the saudi leadership and the attempted strike a few weeks ago seemed to target the international airport. together these things mark a real escalation of this conflict and it represents the yemeni conflict spilling over the borders and potentially becoming much more dangerous for the entire region. shery: how well-positioned are the rebels to cause real damage
to critical infrastructure? michael: they have these so-called work on missiles that have a 900 kilometer range that puts into range most of the gulf , including oil and nuclear energy infrastructure, civilian targets, and boards and so forth . more important they have now shown a willingness to target those kinds of targets area and david: when saudi arabia went into this civil war they had predicted success fairly soon. now it's been over three years. who is winning? michael: i'm not sure that anybody is winning, frankly. what you have here is an in yemen who is increasingly supplied by iran, pretty well entrenched in the areas that they control. therefore more than anything you have a bit of a seizure going on there. of course that kind of situation is inevitably going to cause a lot of civilian harm. the hunger that we see, the disease, we see all sorts of
other problems in yemen. we have the saudi ambassador commenting saying that iran keeps providing the withease with -- huthis weapons and that 85% of yemen is under legitimate forces. this is basically putting the blame on iran. how difficult is it right now play a roleabia to in the power dynamics in the middle east when you have iran trying to gain dominance of the region but you also have a closer relationship between the u.s. and saudi arabia? there's no doubt that those of us who study the regency iran as more aggressive than they have been in decades. they are quite active not just in yemen, but lebanon, syria, and across the region. there is no doubt that this conflict has been an opportunity for iran to step up its
relationship with the rebels. of course, the u.s. ambassador to the u.n. nikki haley went over this in great detail. the provision of missiles has created his regional dynamic to this conflict that didn't exist before. earlier today we spoke with the former british foreign minister. workers in lot of yemen. he talked about the reaction of the people on the ground, suggesting that saudi arabia may be losing the battle for the hearts and minds. this is what he had to say. it's not just a moral strategy. strategically, for the winners? it's not -- it's the iranians. the coalition is winning. the yemeni people are losing hand over fist. look, we are is -- an independent and humanitarian organization, but compared to where the local people are
going, they are being bombed from the air and the iranians are saying we are your defenders. you can guess which side they are on. michael, does that fit with your analysis? how big of a problem is that for the saudi's? problem ands a big there is a lot of truth to what he's saying. the convocation is that there is no easy way to end the conflict. they have threatened to fire into the uae. you have these incursions into saudi arabia. it's not as though they feel as though they can safely stop and then somehow the conflict will end. there has to be a yemeni solution to the problem with the warring parties sitting around a table and negotiating. unfortunately it seems as though the sides just haven't been ready for that yet. the real risk in terms of international interests is that the regionalization of this conflict could provide more direct retaliation against iran
itself given the perception of the role in the conflict. shery: we are now hearing from set -- saudiests ambassador to yemen the 80 million missiles were fired. continuing this conversation on the war going on there, it was the prince who launched saudi arabia into the yemeni civil war . is there a perception in saudi arabia -- you have been in the region earlier this month. there a perception that the prince maybe in over his head? michael: look, they are sort of involved not just in yemen, but there has obviously been some involvement in lebanon. emirates body's -- have been involved with the iraqis. this is in a sense a reflection of the state of the region and from the u.s. perspective, we want to see our allies step up and try to amongst themselves address these regional conflicts. that said, i think that what we are seeing in yemen is not a
great success for anyone but i think there is some sympathy on the american side that the saudi's don't have an easy sort of choice here. there are no easy options available to them to bring this conflict to a resolution. finally, we seem to be seeing a proxy war. what is the danger that saudi arabia might turn to us, the united states, and say wait a second, we don't want these missiles going into yemen to be fired by the rebels and that we might actually get involved? the united states is already involved in many ways. we provide logistical support and that has been true since the obama administration. there's a good chance that the united states will become more involved. not necessarily in the fighting itself, but you saw that in the presentation. the united states is going to want to lead an international effort to prevent that iranian support from getting there. it endangers not just the saudi's, but there is that risk
of targeting international shifting and the ceiling on the critical infrastructure in the middle east and it is not something that we can ignore. david: many thanks thereto senior singh, the former director for middle eastern affairs at the national security council. shery: as the u.s. approaches the end of the first year of donald trump as president, one point on which the country can agree on is that it has been a year like no other in the nation's history. we will have a look at what president trump has accomplished so far. this is bloomberg. ♪
after reports of illness at a store in l.a.. abigail is joining us to discuss . i've never had chipotle. david: neither have i, i'm embarrassed. would but after this, why i go to chipotle? abigail: you are right, why would you with all of these reports? 2014 hundreds of people across the country were sickened by e. coli. a store ins year virginia closed. there was a report of mice falling out of the ceiling in dallas. let's take a look at the stores across the country. at this map, 32, we can see all of these stores back in 2015, multiple stores were affected in california, illinois, minnesota, new york. right now we're looking at one of the stores in los angeles with business insiders reporting
that there is a possible illness outbreak. that's a map of the stores. yes.il: if it was not they would be shut down for sure. the company says they are aware with -- aware of the issue with the california store and they have "heightened preventative procedures," which she would have to think would be in place after 2015, but it seems to keep coming out, reports of this nature. we get it, we aren't top of it and getting it fixed. but it doesn't appear to have been. why? abigail: the cynic in me -- david: no, a syndicate question mark [laughter] abigail: -- cynic question mark [laughter] -- cynic? a small cynic. these shares have perhaps supplanted these illnesses.
from july.hat story mice falling from the ceiling, you can't make it up. let's take a look at what it has done to the stock. this is 1704. in white we are looking at the share price and in blue we have the short interest. backupthat it is ticking after the outbreak from july. in a way, the shorts are winning. it really interesting to see if the truth of that possibility ever comes out. it would be difficult to prove, i think. it seems to be the story that simply won't go away. to your point, i used to love it and i stopped going before everything broke out. the salad quality seemed less than. shery: there's a store next to my house and i don't think i will be going. at least until we see some sort of change. abigail: agreed. shery: abigail doolittle, thank
you. david: republicans about the tax bill.legislative as the curtain falls on 2017, let's take stock of what else the president and his administration have gotten done. ,e welcome jonathan bernstein bloomberg view columnist. coming to us by skype from san antonio. out about whate the trump track record looks like. what's your conclusion? hasn't donell, he very much. a lot has happened, but attributing things to the president is tricky. for example, one of his biggest the competences getting some supreme court justice through. but that's more mitch mcconnell. ask.: i was going to although there are parts of what president trump done that we need to focus on -- for example, he has had an impact on the judicial system, at least. jonathan: absolutely.
he has nominated and confirmed judges,cuit court appellate judges, than any other president in his first year. that's a real accomplishment, but it's in a competent he shares with mitch mcconnell, who kept those seats open during the obama years. why doesn't it work the other way around? did get done, i could, deregulation. that was on my watch so i should get credit for it? jonathan: he does. there's no question, something seven happened. anytime you have a new president , things happen. george w. bush, even aged of you bush republican president. one question you say, on what scale is the denominator? yes, there has been deregulation. but a lot of that is sort of automatic stuff that happens
following a democratic administration. there has been some bloomberg reporting that a lot of the deregulation being written about really is less than meets the eye. some of them are counting items that happened during the obama years. regulations that were proposed but never took affect. there has definitely been some effect. anytime you have a new administration, a lot of things happen. but compared to other first-year presidents, really not very much. what about his campaign promises question marking it many of them. has he been able to fulfill some of them? jonathan: again, was mostly happen is things that -- happened are things that typical republicans would do. cutting taxes for wealthy people and corporations. the things that were specifically trump mostly haven't happened. for things that short example, the mexico wall, hasn't happened
so far. pulling out a trade agreements. goshenthere is some rina -- renegotiation going on. he's changed other trade agreements. the things that were specifically trump about trump really haven't happened. david: let me try to to that -- turn that around. did only so well with deregulation. let's try a different tact. if i'm donald trump, if i'm in his administration i say wait a second, we are trying to change the whole place. college raining the song -- draining the swamp, turn it around, that takes time. you can't expect us to turn around the battleship in one short year. it's going to take longer given the nature of what we are trying to do. it's more radical. jonathan: we will see. i can only say what he's done so far in year one. another one, infrastructure, that's one that he was talking about that was different from what republicans typically run on.
he has even bother to propose a bill so far. he did do something that was radical, the first budget he sent to congress. what congress did with that was basically throw it in the trashcan. they started over into their own thing. it's not as though nothing happened. certainly there has been a lot of change. justice,tivists in secretaries, whether you like what they are doing or not, people who know what they are doing, but overall not so much. to be fair, we hear the infrastructure plan could be coming in january, so we will wait on that. although the individual tax cuts there is aemporary, big expectation that a future congress will keep them permanent. wouldn't this be a huge overhaul for president trump to have achieved it in his first year?
it's exactly what republican presidents do when republicans take all control of the government. this is a significant tax bill, no question. this is not appreciably more impressive than what george w. bush did in his first year. and what ronald reagan did in his first year. much less helpful, less impressive, much less of a change than what reagan did in his first year. yes, things are happening, but again. david: thank you, jonathan. that was jonathan bernstein, with his version of what the trump first year looks like. 3:00 this afternoon, president trump giving his remarks of attack overhaul bill passage. shery: coming up next, a refugee crisis, humanitarian disaster with massive geopolitical
♪ david: the plight of refugees is one of the great crises in the world today, affecting 65 million people. after david miliband left his post, he became the head of the international refuge to midi. in his new book, he explains why he has taken on this daunting task. david joined to me earlier today and we talked about how larger problem this really is. david: 65 million people forced from their homes by conflict or are. not economic migrants, people choosing to go to another country, 25 million of that 65 million are refugees or asylum seekers. across the border from one state to another, syria would be a classic example. people fleeing into bangladesh.
40 million, internally displaced. 7 million syrians kick from their homes inside the country. it's not just those across borders. >> at think that there is some degree of apathy about this. there is a feeling that there is not a lot that you can do other than donate to an agency. what really profiting from creating more stability at home. a crisis of diplomacy. we live and work in new york. where was the on my session trying to figure out a solution to the yemen crisis? where was the all-night session on syria? >> what would they even do with an almighty session? you coulddavid: -- bring diplomacy to bear. civil wars running for 20 to 30 years, that's the crisis of diplomacy. but my argument is that this is a source of instability that can be managed. you are right that people are
apathetic. but i think they are more than dispirited about what can be done and that's the argument of the birth. david: part of the discouragement is about government. it is not just a positive run for government, it's a test for all of us, as businesses and private citizens. when governments fail to see the course they are on, it's up to other sectors, faith-based and the private sector. what can private business do? that's our audience. they can do david: their own job, hiring people. some of the most patriotic employees are refugees. richd the world, in not countries, higher people. starbucks said they would hire 10,000 refugees around the world. that's the kind of start. come on a lot of people the program and they say corporate social responsibility. i say corporate social results.
think about the check that you write, but what difference will you make? >> we will get into the social implications, but real quick, where are we? is the refugee crisis accelerating or slowing down? accelerating. the trend, the weak state, the international system, pointing in the direction of more displacement. this is a trend, not a blip. we've got to learn to manage it better or we will pay the price. stay tuned. coming up at 3:00, president trump gives remarks of the tax overhaul bill. live from new york, this is bloomberg. ♪
scarlet: we are live in new york over the next hour. here are the top stories we are covering from around the world and on the bloomberg. for the gop, lawmakers passing the most extensive rewrite of the tax code in decades, handing president trump his first major policy victory. we will discuss the impact of this new legislation on the commercial real estate industry with jason kearns. less, more of our exclusive interview with the new mexico central bank governor. that's just ahead. we have got you as the markets close in two hours. julie hyman is here to look at s&p.ounds we have in the julie: this is as a result of the run-up that we have been seeing and stocks coming into this tax bill. now that it is done and dusted, so to spea