the treasury secretary's call to the banks. stocks will close at 1:00 and mnuchin will hold a call with a president's working group on financial markets includes the fed's board of governors, the sec, cftc and to assure normal market operations. >> this is what people are twitter are calling the plunge production team that will gathe to talk about the market look, the administration obviously wants the market to go up it's been the key barometer in many respects. certainly for the president. for his performance over the first two years. cited it all the time. when it's gone down, has blamed whether it's the fed or other factors for doing it interesting meeting and timing >> the whole idea of the team is kind of nonsense they don't get together and sort of manipulate the markets higher i don't think. i think that's kichbd stuff that happens in china where they have more direct market intervention. clearly, the treasury secretary is worried not sure how much should be communicated that's being debated today i wonder what the mark

paulson is the treasury secretary during the crisis. first they were going to bottle three quarter of a trillion dollars to buy toxic assets. that never materialized. morphed on the fly things could get messy i can't believe some of the nuneses though they haven't understand that anybody would be worried about liquidity. i'll tell you what go visit any major fc in this business and ask them how much hours a day they're putting in when markets are move like this or talk about margin and leverage or how many times treasury sec the tear mnuchin was concerned about market structure. tall articles in december. every nuance is the wrong one because the message isn't really any of these individual thoughts the issue is quite simple. the central banks of the world propped up the stock market to a point where it can't sustain itself during normalization. and only a few of the participants in the grand scheme of things. that's the main issue the markets have to contend with there's no fri str i that does that this president doesn't get the benefi

these new sanctions announced by the treasury department indicate that the treasury department is not yet finished punishing russia for its 2016 election interference. as i'm reading now the bloomberg piece, it appears that still subjectis to these sanctions. what has changed here? sanctions --en to assuage the treasury department? >> trying to figure out a way to punish the company without necessarily putting them fully out of business, there were some negotiations about whether mr. pasca would have to relinquish some of his ownership. trying to find tune the sanctions power they have without necessarily putting the company out of business. what we have seen from the announcements today, the treasury department still has some problems and issues with not only him but some of his associates. more information has come to light over the election meddling efforts that took place in 2016. that is part of the reason the treasury department has decided to put on new sanctions on some individuals while also trying to taylor and fine-tune the sanctions in place before this tailorcement today

in the treasury and the fed. >> can i throw one more? >> yes >> we are in the midst of a government shutdown and those folks are working. >> they're working somebody should have said to mr. secretary the markets don't need this statement you need to hold this in your pocket >> did his boss need this statement? >> that's the other thing. secretary mattis was forced to do something he didn't agree with and he resigned to the extent that mnuchin may or may not agreed with issuing this statement -- >> you think this was president mandating -- >> i think this is the secretary, you know, doing what the president wanted him to do >> the only thing i'll say with that analogy, a lot of times these cabinet members do things they don't agree with. >> wasn't mnuchin trying to -- let's speculate again here, trying to please or impress his boss it may not be the case that trump said to him i wanted you to call -- maybe the president said do something about this now mnuchin can say i did something. i called people. i put out a statement. the market hat

the treasury secretary take the lead. this comes in the context of the president criticizing jay powell and now he's walking back that discussion. it's unnerving and unsettling for the markets. unsettling. this is a group that was put together in 1987. and he's not done. >> exactly. the echoes of unnerving market here, and not great some of my contacts have said -- this is making a bad situation worse. markets are already rattled. why make it worse? >> let's talk about bad conditions for some, good conditions for others. blackrock and vanguard are on estimated $500he billion going into passive investment. we have been talking about this story a lot over the last year, some of that passive investing is going into these companies. pegida.g to. -- the on the buy side hedge funds that have made their worst year since 2011. you look at the downfall of the active managers and you see them struggling in these behemoths are gobbling up all of that. but i'm talking to someone who invests -- we love these stories, the more bad stor

the treasury secretary feel that he needed to make this call and why did the treasury department feel as if they needed to put that out there. connell, a senior treasury official tells me the call was a preemptive step as it was described to me. the secretary, i'm told, thought it was the prudent thing to do after last week's volatility but as you have seen with the market today, this call raising a lot of eyebrows. lot of questions as to why it was needed in the first place, especially when you've got this administration saying that we're on solid footing here and growth is good and going to continue that way. connell: that's how investors took it, anyway. i didn't know we had that problem. that's the reaction, down 420. blake, thanks. blake burman at the white house. the dow, s&p 500 on pace for the worst december since 1931, as we have been telling you. so to talk a little more about this, especially in light of the mnuchin calls and presidential tweets about the fed, let's bring in kristina partsinevelos from the new york stock exchange. david made an interesting point before wrap

how rare is it for a the treasury secretary to get banks from the phone? >> it is rare for the types of meetings to happen on such a large scale. especially right before the holidays. it is rather that the treasury secretary would feel the need to put up these calls and to convene these working groups to make sure that they are all court in eating to make sure the market is operating in a normal fashion. it is rare that this is happening. it may indicate that the treasury secretary is seeing some information or some signals that the rest of us have not seen yet. that he is worried about. and wants to make sure that the government is showing that is is on the case. or it may just be an attempt to calm the markets, which have been very jittery over the past few weeks. concern over what is happening in washington and happening with the fed. it may be an attempt with the recent news that president trump was considering firing the fed chairman jay powell to calm the markets and let everyone know that everything is going to be fine. it is not yet having that imp

treasury building standing with the treasury boardroom standing behind the big windows where lord north signed the export license on august 17, 1774. from one point of view it's clear who is responsible is lord north. it's not quite as simple as that because there was a whole series that converged to produce the decision to send the tea. i'm just going to run through what those were. the book goes into it in some detail because the boston tea party viewed from a better perspective is right in the middle of the book, the central of the book but i'll try to summarize the points involved. the basic issue is the british empire in 1972, 1972 through 1975 were based on two empires superimposed on each other. there was a political empire which consisted of flags on the map, colonial governors, buildings like the old statehouse in boston coat in arms, flags, soldiers and so on. that was the political empire and encompassed the west indies as well as the continental american colonies. that was part of it. it also was a commercial empire and the commercial empire quite frankly from the british po

what are we hearing from the present -- the treasury secretary? kevin: a big shout out to print colleagues who landed this interview with treasury secretary steven mnuchin. says the-- mnuchin market structure of equity markets is going to be a key focus for next year. particular that they are going to study the issue of increased market volatility for next year. coming a big headline out of this interview with treasury secretary steven mnuchin that they will study the issue of increased market volatility for next year. we should also note he says that housing reform, something he is familiar with, is going to be another key focus for him with this new congress into the next form. type ofnd freddie, any attempt to get them out of that eludedatorship has congress on how to get bipartisan compromise through. and finally, he declined to comment on that policy, citing fomc meeting. the treasury secretary wants to be cautious with that fed meeting having. he also called the yield curve unreliable gauge of economic outlook. thebottom line is he said mark

treasury, and the president. what are they saying? >> for one thing, we have been talking about it all week, no bank ceo was happy to have a statement out there over the weekend that said that the treasury secretary called them about their liquidity. no one was worried about their liquidity. what stood out to me was the statementmnuchin's which said the treasury department is open during the shutdown. something that was supposed to lote even markets caused a of volatility. the volatility we are seeing at the end of the year is stopping people from trading in ways that are making the banks money. we are getting into this next quarter and even when the banks report their fourth-quarter earnings in january, we will see weak numbers compared to the last few months. kevin: i was struck by that report on christmas eve, no less. anyone who covers the treasury department or has for some time knows that the treasury secretary regardless of whether it is a democratic or republican administration, called bankers. i think wh

treasury will pick up the phone to call the banks? >> this is pretty rare this would happen. we are in a holiday time before christmas so for these calls to go out to six big lenders over the weekend, it shows there is some concern within the trump administration of what we have seen in the stock market over the past few weeks especially in the last week and continuing on a to today where we have seen large drops in the stock market, multiple days of drops of more than 500 point on the dow and a lot of volatility. i had an opportunity to ask the treasury secretary about this last week when he came to our washington office for an interview. he said he believed the volatility in the stock market have a lot to do with fast traders and algorithms and high-speed trading happening. the call that he made yesterday, he is trying to take a more of a proactive effort to make sure the markets are calm. it does not appear that is working because we have seen the markets continue to fall today. caroline: the dow jones is currently offered 1.6%. ac

but what is actually in the treasury. don't trust the state it's mostly made up of liturgical objects objects made in the middle ages that the field of function in the church. during services for example or things that were perhaps used display normal aerated during mass and given that it can toggle in today the treasures are displayed in a cabinet seen in the for viewing purposes only in the google isn't the treasure is comprised of a range of smaller and larger items is there perhaps one thing that stands out companies on the not really because even some of the smaller objects have a great history lesson that was abusive to the most important items are made from very different things that have been put together the diligence to go. as it still isn't so much the samwell gospel for example it isn't a limited work and that later received the cover of gold the hudspeth and good and i'm glad that cover also had materials worked into it and dignified than it will and used to give money. away to troll and. in the open the book

secretary that there was no intent on the part of the treasury to increase the imf quota. is that true? >> that is correct. >> all right, well, beyond the question of the imf quota increase or review, there is roughly $40 billion in us commitment to imf's new arrangements to borrow or the emergency backstop of the imf fund to be into the event of a major financial crisis. that is going to expire in 2022 unless treasury votes to renew its commitment. to the new arrangement by november of 2021. so, given that you are not going to increase the imf quota, what is the administration's position on the renewal of the us commitment to the nam, and you know that, i'm looking at the charts here, that would be almost $40 billion. but then how do you think other countries will respond? that is 250 for billion dollars that, to be unresponsive if we withdrew from that and of course if the nab were to shut down, how would such a reduction undermine its capable excess capacity and ability to deal with inevitable future crises? take you for being patient and listening to my question. >> th

i think the unprecedented press release that we saw from the treasury where the treasury secretary steve mnuchin is calling around to banks, essentially checking in to say hey, is everything okay, is a reflection of the fact that people inside the government, if not trump himself, understand how serious a threat that is. i think that's woken up a lot of people who might not have been quite as public in their criticism before. now they are willing to speak up and say, hey, this is not something that we can live with. >> which will be fascinating to see how much we see and hear from them because, jonathan, there's reporting from "the new york times" and the washington post about how this president is increasingly isolated, tweeting 23 times since the shutdown. holed up in the white house, watching a lot of tv. we know he has said multiple times, as recently as less than a month ago, he goes with his gut because his gut often times knows more than a lot of other people. >> yeah. i was in the capital on friday, guys, talking to members of congress. i can't recall a time where in the first tw

on the treasury side of things, a slight uptick to yields on the ten-year treasury note 2.89%, the last trade there. still below 2.9. the two-year treasury note yield, 2.76% >>> we are counting down to the big jobs report. that number hits in less than three hours from now let's bring in danielle dimartino-booth. it's the front page of the "wall street journal," fed may slow interest rate hike pace. is that right? should they be slowing things down in an economy that's growing apparently at 2% to 4% with an unemployment rate at the lowest levels since 1969 >> we have stories being planted in the "wall street journal" that turn markets around the fed should be considering a pause. today's unemployment report, today's jobs, non-farm payroll number will be the most backward looking lag of all economic data that's something you learn your fist day at a central bank the most lagging of all indicators is that jobs report we've seen in jobless claims, they've came off their lows of 2001,000 201,000. we were supposed to see a bounce back yesterday we didn't. we've seen the average layoffs of 35

the treasury has to fund to meet meet the deficit, so the crowding out is a real issue. it is not going to manifest itself in terms of higher treasury yields, but it is going to manifest itself in terms of less liquidity elsewhere in the bond market. scott: i have to agree with that. the data behind treasury supply, what that means for u.s. nominal treasury rates is murky, but it i would -- but i would have to agree that it is occupying space that could otherwise be making its way into other risk assets. jonathan: at the turn of the year, we had all of the conditions to fuel demand for leverage loans, and we had the supply that came with it. we end the year with a lot of people in fixed income questioning that universe. brian, big outflows from etf's that track leverage loans, the cash is flowing out. typically, when we talk about flows, we talk about them confirming a trend. something we have seen already. is there any signal in this for you? brian: we have seen several periods where high-yield spreads essentially have widened out throughout this cycle. i think the ques

both of the federal's office balance sheet and the treasury has to fund to meet meet the deficit, so the crowding out is a real issue. it is not going to manifest itself in terms of higher treasury yields, but it is going to manifest itself in terms of less liquidity elsewhere in the bond market. scott: i have to agree with that. the data behind treasury supply, what that means for u.s. nominal treasury rates is murky, but it -- but i would have to agree that it is occupying space that could otherwise be making its way into other risk assets. jonathan: at the turn of the year, we had all of the conditions to fuel demand for leverage loans, and we had the supply that came with it. we end the year with a lot of people in fixed income seriously questioning that universe. brian, big outflows from etf's that track leverage loans, the cash is flowing out. typically, when we talk about flows, we talk about them confirming a trend. something we have seen already. is there any signal in this for you? brian: we have seen several periods where high-yield spreads essentially have widened out thr

at the department of the treasury, justin muzinich. this nomination was reported favorably by our colleagues on the finance committee earlier this year. chairman hatch has characterized the nominee as, quote, qualified, competent and ready to get to work. mr. muzinich is already serving as senior counsel to secretary mnuchin and putting experience to work through public service. he holds an m.b.a. from harvard business schedule and a j.d. from yale. he has a distinguished record in the private sector, and as an instructor at columbia business school. as the treasury department continues its work implementing the new tax code, developing foreign sanctions and a variety of other important areas, it's more important than ever that the deputy secretary position be filled. therefore, i would urge each of my colleagues to join me in filling that vacancy with this well-qualified nominee as we advance his nomination later today. i suggest the absence of a quorum. the presiding officer: the clerk will call the roll. quorum call: quorum call: mr

treasury did say it was going to the options inng the beginning of the year. they will have to offset anything with t-bills. you also have the debt ceiling is going to be reinstated come march. they are cutting the amount of treasury bills into that deadline and it gets reinstated. you get a bit of an increase to cover tax season and then you are cutting again because you have to worry about the debt ceiling drop dead date because that is where all that treasuries accounting falls out of bed. caroline: can't believe we are talking about debt ceilings once again. talk to us about our mild obsession which is of course the yield curve. >> that's being led by the drop in yields. volume very light. liquidity very light. with the selloff in equities i think this is just where the momentum is taking us right now. i don't think we're going to see much flattening into the end of the year. romaine: talk about the returns investors have gotten out of the treasury side this year and the potential for that extending into next year. >> if you invest in treasury bills you're

but was it the treasury secretary's phone calls that sparked the slide? >>> welcome to a special holiday edition of "the lead" i'm jim sciutto in for jake tapper. we begin with a not so merry christmas eve. here in the nation's capital, federal government is in the third day of a partial shutdown with lawmakers home for the holidays and the threat of political paralysis stretching well into the new year and the next congress. nearly 1 million federal employees are impacted by the shutdown. some, including tsa and border patrol agents forced to work without pay. meanwhile, president trump is holed up at 1600 pennsylvania, instead of in his mar-a-lago club in florida, stewing and tweeting up a storm. quote, i am all alone. poor me in the white house, waiting for the democrats to come back and make a deal on desperately needed border security. cnn's abby phillip joins us from the white house. at this point, the president, republicans, democrats, on the hill, they don't seem to be talking, let alone budging. >> reporter: no, not at all. and there doesn't seem

been that anyone who covers the treasury department, the treasury secretary calls frequent folks up on wall street and financial sectors across the industry. the just part of the job question becomes why that report raised such turmoil in the last 72 hours. this morning it seems the administration is much more back to speaking on the same page with regard to the market. seems they are breathing a sigh of relief from a lot of questions on christmas eve. taylor: certainly a sigh of relief. thank you kevin cirilli. mainstay welcome capital management chief investment strategist david coul. we are talking about the noise coming out of d.c. we also want to look at fundamentals. fundamentals seem good. how much of the market volatility really is just coming out of d.c.? there's been a couple of things. as far as d.c. is concerned we've had mixed messages and confusing messages. call to ceos and the note from treasury secretary steve mnuchin left a lot of people scratching their head. why did the markets need to be reassured about liquidity? i don't think anyone was wondering about that. p

but what is actually in the treasury. don't fence the students mostly made up of liturgical objects objects made in the middle ages that the field of function in the church. during services for example or things that were perhaps used displayed or miss rated during mass given that. i wouldn't today the treasures are displayed on cabinets seen in the first viewing purposes only in the google isn't the treasure is comprised of a range of smaller and larger items is there perhaps one thing that stands out. that really because even some of the smaller objects have a great history lisa was abusive to the most important items are made from very different things that have been put together to do it and. is it still is and some of the samwell gospel for example is an elimination work and that later received the cover of gold the hudspeth and good and i'm glad that cover also had materials worked into it and dignified than it will induce for. twelve years and as an eagle not a book like this has a history stretching back hundreds

as i solicit views on lots of things the whole purpose of the treasury borrowing committee is to give feedback to the treasury they do a terrific job i think it's unfortunate that people feel compelled to walk out of rooms with private conversations and speak to the press. >> don't you love the way people write things, mr. treasury secretary? it does give us something to talk about though. that the president sort of gauges the stock market as a report card on how he's doing as president. he doesn't like it when it goes down do you at some point actually have to hear from him what the heck are you doing stock market is going down does he blame you when the market doesn't go up have you heard anything like that i read that that happened. >> let me just say that's absolutely not the case. i speak to the president almost every day. we speak on different issues theed. understands. he was a great businessman before this. of course he understands z these stock market volatility ppz now, the z faktz that z these market is u -- is up since the election, of course the president understands the

the yield curve, the treasury dynamic playing out. how important is that trading dynamic to the overall markets should traders and investors be as concerned about what's happening with the flattening and in some cases the inversion of certain parts of that yield curve? >> i think it is sending a message. you basically have the front end of the curve going up 10 basis points in the last 30 days you have the long end of the curve falling 10 that's a tough signal to send to the market we're seeing that play out across u.s. markets. qui quite frankly last year's trade was overweight u.s., large, and growth. that trade is coming to an end we're seeing a shift into value. and there are more opportunities offshore than in the u.s i would even look towards emerging markets as a possibility for next year. >> some of those really hard-hit parts of the market globally are on investor shopping lists tell us about what it is you will be watching today in terms of trading dynamic, in terms of signs and signals that will give you some indication for

earlier in the day, treasury secretary mnuchin convened a special meeting of the president's working group on capital markets described as a check-in to discuss coordinating government functioning during the shutdowns but meetings only happen during serious blowups. on sunday, the treasury secretary said he talked to the heads of the six biggest banks and they assured him there's ample liquidity, but no one asked if there was a liquidity r reports that the president was asking if he could fire powell, something that the president does not believe he has the authority to do. but never deny t question. >> i think there are people in sort of communicating that the president is interested in getting rid of powl is not productive strategy. >> and on asaturday,t the stroke of midnight the government entered the third partial shutdown of e year. fears of a weakening economy are real and that there will b cons christmas eve, the focus with us on the treasury and the white house, not on a white christmas' steve liesman. >>> our next guest says now is e and growth names to yourfo poo. nancy ti

this is a scheme concocted by the british treasury. the rest of the government knew nothing about it. even this did not necessarily have to lead to disaster. -- extra next to twist twist. in boston, the governor was governor hutchinson. family alsoon dealt nt -- in tea. , the familyarlier had intermarried with a british family named the palmers. they were landed gentry. hutchinsons, thomas went to england on a diplomatic mission. withcame very friendly the palmers of leicstershire. they became commercially involved with each other. they worked with the palmers who had become wholesale dealers. the representative of the palmer family in london was william. a young man. only about 30 years old. he went on to be extremely successful. he built a wonderful country house. and he was a very avid and dynamic tea dealer. he thought the scheme was a good idea. he wanted to appoint the hutchinson family as the agents in america who will sell the two -- tea. this is what palmer came up with. at that point, the scene was set for the boston tea part

the treasury has to fund to meet the deficit, so the crowding out is a real issue. it is not going to manifest itself in terms of higher treasury yields, but it is going to manifest itself in terms of less liquidity elsewhere in the bond market. scott: i have to agree with that. the data behind treasury supply, what that means for u.s. nominal treasury rates is murky, but it is occupying space that could otherwise be making its way into other risk assets. jon: at the turn of the year, we had all of the conditions to fuel demand for leverage loans, and we had the supply that came with it. we end the year with a lot of people in fixed income questioning that universe. brian, big outflows from etf's that track leverage loans, the cash is flowing out. typically, when we talk about flows, we talk about them confirming a trend. is there any signal in this? brian: we have seen several periods where high-yield spreads have lightened out. throughout this cycle. i think the question is, does this spread remain in the energy names and lower credit quality, we are seeing retail

after the trade secretary that treasury secretary called the banks. the head of global macro strategy at ubs at night -- to :00 a.m. london time. let's get to the bloomberg first word news. we start with treasury secretary steve mnuchin. house tries tote calm the markets after the recent steep losses. the message to the banks as they have ample liquidity for lending to consumers in other operations. and jay powell is safe at the fed after reports that president trump had discussed firing him. the shutdown in washington is expected to drag into the new year. acting white house chief of staff mick mulvaney says the administration is awaiting a counter offer to the presence demand of $5 billion. no move is expected before the end of the week and talked democrats say they have no intentions of paying up. >> $5 billion is a lot of money. that's 650,000 children attending headstart. 2 million meals a day for a year for seniors. to spend it on a fourth century strategy is so silly that improves border security is the were not going to do. francine: for more,

secretary, that there was no intent on the part of the treasury to increase the imf quota. that true? >> that's correct. >> beyond the question of the imf quota increase and review, there's roughly $40 billion in u.s. commitment to imf's new arrangements to borrow or the emergency backstop that the imf fund has to be tapped into in the event of a major financial crisis. that's going to expire in 2022 unless treasury votes to renew its commitment to the new arrangements, this emergency bank stuff by november of 2021. so given that you aren't going to increase the imf quota, what is the administration's position on the renewal of the u.s. commitment to the nab and, you know, that, i'm looking at the charts here, that would be almost $40 billion but then how do you think other countries will respond? that's $254 billion. if we were to be unresponsive, if we withdrew from that and of course, if the nab were to shut down, how would such a reduction undermine its capacity and ability to deal with inevitable future crises? so thank you for being patient and listening to my questio

treasury isto that, the third in line. collectively those three agencies make up 75% of spending authority and permanent appropriations. rep. grothman: i take it by the treasury you mean interest on the government debt? ms. nguyen: yes. rep. grothman: do not know if i should be asking or if you're prepared for this. obviously the last two years have been bad years. people do not want to see an increase in government spending. backdoor spending gone up quicker, or discretionary spending gone up quicker? i guess what i am saying is -- first of all, how much is discretionary or what we will refer to -- how much has backdoor spending on up the past couple years? ms. nguyen: as i mentioned earlier, backdoor spending is a general term that is referring to appropriations that occur outside of the annual appropriations process. our definition of spending authority is the authority of that is made available outside the annual appropriations process. rep. grothman: how much has that gone up per year? ms. nguyen: the increase collect

and i am convinced that this program, where the tax incentives flowing out of the treasury department to business people, will cause people to invest money where before they saw risk, now they will see opportunity. and that combination of putting money into communities will allow for those communities to become vibrant, to become safe, to create ownership, and, most important, to contribute to the well-being of this country. i'm a fundamental believer that there are business solutions to social problems. the opportunity zone program is that and i applaud you and tim scott for taking the leadership on it. thank you. [applause] resident trump: appreciate it. thank you very much, bob. under my administration, we're fighting every day for all americans. african-americans and hispanic american poverty rates have reached their lowest levels ever recorded in the history of our country. african-american and hispanic american unemployment have recently achieved the lowest rates ever recorded. african-american youth unemployment has reached the lowest rate ever recorded. that's pretty good, bob

to the treasury and the chancery has found its way on the daily telegraph. there will be a leak inquiry. that is shocking. but a cabinet minister saying i'm trying to do the right thing and prepare for no deal and the possibility of civil unrest. mr brokenshire said his department did not have enough to prepare for brexit. it is the job of government departments to say, we don't have enough money and the treasury say, you do. now the independent and families being forced to beg online as universal credit leaves them destitute. it is another terrible story about universal credit. we normally get an individual story, in this is it is a general complaints that the latest fall in people's incomes will force in this case, kick start a fund campaigning, charities being forced to step in, but pit is a horror —— but pit is a horror show. families are going on to crowd —funding platforms horror show. families are going on to crowd—funding platforms to try and get money from people, because they don't have enough to get by. as i'm sure you know, universal cred

triple play is topping your top five the treasury secretary calling america's biggest bankers over the weekend. the question is why. >>> reports growing that president trump is looking into possibly firing fed chairman jay powell >>> parts of the u.s. government remain closed at this hour the third government shutdown of the year entering its third day. >>> wall street shrugging off the d.c. noise futures are higher. >>> and retail, a big focus this morning. the final dash begins before christmas. we'll have more on these big stories coming up on this monday, christmas eve. "worldwide exchange" begins right now. ♪ >>> good morning good afternoon good evening welcome from wherever in the world you may be watching. i'm brian sullivan thank you for being with us. here's how the money your markets and everything else is setting up we are seeing dow futures up a bit. it's an early close for the stock market today normally christmas eve or the last trading day before christmas, you won't get a lot of action. it's been anything but a normal year anything but a normal couple of months dow fu

these calls though that the treasury secretary made over the weekend to the top bank ceos on wall street, according to the treasury department he was just trying to be "preemptive and get out ahead of things after some volatility in the markets." obviously some investors saw it differently. how did you see it? >> it was like if you got a knock on your front door and of man in the white jumpsuit said he was from the cdc is saying, is everyone okay in there? is everyone not supposed to be okay? when i saw that tweet, i guess it was, last night, they are trying to find a problem that is not there yet. the economy is okay and there are some long lists of things to worry about but see that, you say, oh, my gosh. should i be worried? then the first thing you do, they go right in and sell. they say maybe there is something there. i'm not going to debate it right now, i will take my losses and by the end of the year i will sell. >> connell: especially on christmas eve. >> i've never seen anything like it in 30 odd years on the marke market. >> connell: knelt on that point, a lot of people read i

twos, tens, and 30 year yields in the treasury market. yields up just a single basis point on a two-year. yields down on a 10-year by a couple. really muted price action going into a big weekend. we look at the week ahead featuring chairman powell and the u.s. jobs report. this is "bloomberg real yield." ♪ ♪ jonathan: i am jonathan ferro. this is "bloomberg real yield." it is time for the final spread. in the next week, we have the g20 dinner between president trump and president xi. jay powell testifying before congress. not many people talking about that. a crucial opec meeting, and to wrap up the week, the u.s. jobs report. still with me, priya misra, krishna memani, and jim schaeffer. it is almost like the g20 has suffocated the whole agenda. there is a lot going on next week. priya: the uncertainty around trade is dwarfing it. the report should been a big deal, but we know the u.s. economy is doing ok. i don't even know if you see the slowing in the economy we are expecting showing up in payrolls. it has to be forward-looking exp

it didn't come from the treasury. why did he do that if he understood the difference between the high crime and low crime a crime as adultery which is a felony punishable by substantial prison terms. that was a crime bu that he didt acknowledge that he committed a high crime because he understood the difference between a high crime and ordinary crime and the framers understood that. >> we are getting a signal we should allow questions.ow >> i'm not sure i answered the question about marberry. i'm not agreeing that they don't have any of the luster when they sized marberry against madison they shouldn't be able to declare the law of the congress unconstitutional you can't have it both ways. on that we can agree. >> i heard your interview on npr and this question is for you. on your opinion for term limits for the supremee court and if o do you think there's something that citizens can do to start the ball rolling on that? >> term limits returne written e constitution probably made sense once upon a time in my view it m

twos, tens, and 30 year yields in the treasury market. yields up just a single basis point on a two-year. yields down on a 10-year by a couple. really muted price action going into a big weekend. we look at the week ahead featuring chairman powell and the u.s. jobs report. this is "bloomberg real yield." ♪ ♪ jonathan: i am jonathan ferro. this is "bloomberg real yield." it is time for the final spread. in the next week, we have the g20 dinner between president trump and president xi. jay powell testifying before congress. not many people talking about that. a crucial opec meeting, and to wrap up the week, the u.s. jobs report. still with me, priya misra and krishna memani and jim schaeffer. it is almost like the g20 has suffocated the whole agenda. there is a lot going on next week. priya: the uncertainty around trade is dwarfing it. the report should been a big deal, but we know the u.s. economy is doing ok. i don't even know if you see the slowing in the economy we are expecting showing up in payrolls. it has to be forward-looking e

to say nothing of the 30 some thousand post offices they run and retail centers out there. >> the treasury department report released and what we've been talking about here is entitled usps, a sustainable path forward. is there one? >> there is one. the postal service is the only entity in america that goes to everyone's home and goes to all these businesses. it has business what's called final mile capability that is unmatched anywhere else. the trick is to figure out how to use that capacity and to not spend a bunch of money on other aspects of the business. >> ken kosar is our guest the next half hour if you want to join the conversation with the r street institute for viewers that don't know, what is the r street institute. >> we work on a variety of issues including criminal justice, national security, technology, congressional reform, and, of course, postal. >> where did your interests in the postal service come from? >> back in 2003 i came to washington, d.c., to work at the congressional research service, a nonpartisan unit inside the library of congress that helps members of congr

move by the treasury secretary to try to calm the markets seems to have frayed nerves even further. errol barnett begins our coverage. >> reporter: the closing bell on wall street today triggered alarm bells in washington. after the stock market saw its worst christmas eve performance in history. the dow hit its lowest point of e ar. while the s&p 500 is on track for its worst december ever. trade wars and the government shutdown are deepening investor uncertainty, as are president trump's swipes at the independent federal reserve bank. the president tweeting today, quote, the only problem our economy has is the fed. they don't have a feel for the market. likening it to a powerful golfer who can't putt. >> nothing will deter us from doing what we think is, is the right thing to do. >> reporter: after announcing another rate hike last week, fed chair jerome powell underscored the importance of being free from government influence. >> we have the independence which we think is essential to be able to do our jobs in a nonpolitical way. >> reporter: economist diane swonk says the presid

where treasuries have been this week. twos, tens, and 30 year yields in the treasury market. yields up just a single basis point on a two-year, to yields 2.81. down on a 10-year by a couple. really muted price action going into a big weekend. from chairmank powell, we look ahead to the week. and the u.s. jobs report. this is "bloomberg real yield." ♪ ♪ jonathan: i am jonathan ferro. this is "bloomberg real yield." it is time for the final spread. coming up next week, we have the g20 dinner between president trump and president xi. chair jay powell testifying before congress. not many people talking about that. a crucial opec meeting, and to wrap up the week, the u.s. jobs report. still with me, priya misra, krishna memani, and jim schaeffer. priya, it is a must like the g20 suffocated the whole agenda. there is a lot going on next week. priya: it is. but i think the uncertainty around trade is dwarfing it. the report should been a big deal, but we know the u.s. economy is doing ok. is a coincidental or lagging indicator. i don't even know if you see the slowing in the eco

where treasuries have been this week. twos, tens, and 30 year yields in the treasury market. yields up just a single basis point on a two-year, to 2.81. yields down on a 10-year by a couple. really muted price action going into a big weekend. after this week;s comments from chairman powell, we look ahead to his speech next week, nd the u.s. jobs report. this is "bloomberg real yield." ♪ ♪ jonathan: i am jonathan ferro. this is "bloomberg real yield." it is time for the final spread. coming up next week, we have the g20 dinner between president trump and president xi. plus, fed chair jay powell testifying before congress. not many people talking about that. a crucial opec meeting, and to wrap up the week, the u.s. jobs report. still with me, priya misra, krishna memani, and jim schaeffer. priya, it is a must like the g20 suffocated the whole agenda. there is a lot going on next week. priya: it is. but i think the uncertainty around trade is dwarfing it. the report should been a big deal, but we know the u.s. economy is doing ok. payroll often is a coincidental or lagging i