Let by industrials and health care. You have the nasdaq down for the first day. Frontier, trying to stem off customer losses after producing assets from verizon. The s and p. Half good and half bad. This is in my terminal. Half in green, the other in red. This push pull feel came from the cpi number. Down, the gasoline and real estate once you get through hurricane season, may be the numbers dont look as good as we thought. A little bit of lack of conviction. Fanny and freddie. You have a letter from six democrats to the federal Housing Finance agency asking for a buffer. Take a look at these stocks. That core cpi number. I want to end on oil. It briefly touched above 50 a barrel. We are right here at that mark. You have some of the other Energy Companies getting a boost from the oil rally. Julia i will pick up right where you left off. U. S. Inflation may be creeping back toward the Federal Reserve 2 target. Todays Inflation Report offers some relief perhaps. Even if inflation was moving away from that goal. Let us bring in for International Economics and policy correspondent. Great to have you on. I look at some of the components. Energy, rent. Where is the Hurricane Impact . Michael you can make that argument. The fed is looking at oneoff impulses. Airfares, cell phone prices are going down. Cell phone service prices. The fed has to look at the prices they have. The cleveland fed but that its cpi. Puts out its own they calculated how many of the items are going up in price. More than half of the things are rising in price. We are seeing inflation. This is core inflation. Not just the Energy Related effects. Julia is that trend higher . 50. 5 . were at scarlet it is moving in the direction the fed wants to see. Are investors convinced by a o nemonth reading . Michael here is a chart. Between whatnce the Inflation Numbers are suggesting and what the marketbased and Consumer Expectations are. Consumers are always higher than the markets, but both have been going down. Has hisern the fed Inflation Expectations drive peoples behavior. If you think prices are going to keep coming down, why not wait until tomorrow to buy . Either side julia there is no highly reliable measure of expectation out there. They have tried to explain of that fact away as well . Explain that fact away as well . Michael here is the number on the market expectations. On the righthand side. That is the fed fiveyear forwards. The direction is still the same even though the numbers are different. Say theyconomists dont have a particular choice but all of them tell the same story. Julia trending lower than 2014. Scarlet what happens when the fed meets next week . Michael once we get the minutes, they will probably will raise. What the mechanics of higher inflation are going to be the numbers are going to be distorted. We were talking about hassling prices. Gasoline prices. Car prices will be affected. They want to look at the mechanics of inflation, rather than the actual numbers. Theyre going to throw out september and october. If december looks like august, maybe you can say we will go ahead with a rate increase. Scarlet michael mckee. Thank you. Join us for our next fed special, next wednesday at 2 p. M. Eastern time. Will get an analysis from the former that vice chair. The former fed vice hair. Vice chair. Paul manafort may be subpoenaed by the Senate Judiciary committee him up according to the Panel Chairman who says that matt fortes manaforts lawyer is not returning committee phone calls. Has been interviewed by the committee and reportedly agreed to provide documents to the panel. Foreign ministers from the six world powers and iran that agreed to that nuclear deal in 2015 will meet at the u. N. General assembly next week. A person familiar says the meeting is scheduled for september 20 and will involve rex tillerson. Rstwill be tillersons fi encounter with his iranian c ounterpart. The secretary of state tillerson is in london for talks with senior british and french officials. Are plans to pressure north korea over its Nuclear Missile programs, the response to Hurricane Irma, and unrest in libya. Waserson and said the goal to knock the Peace Process together and put libya back together. Government ordered investigation into the deadly london highrise fire got underway. The fire left 80 people dead. The fire began in a refrigerator and was the deadliest blaze in britain in more than a century. Global news, 24 hours a day, powered by more than 2700 journalists and analysts in over 120 countries. Crumpton. This is bloomberg. Up, welloming President Trump keep an immigration promise he made to a Bipartisan Group of house members . We will be speaking with one of those lawmakers, a texas democrat. From new york, this is bloomberg. Julia this is bloomberg markets. Scarlet President Donald Trump is dealmaking with Top Democrats on immigration. There is confusion over a string of statements and comments from the president following his dinner with Democratic Leaders at the white house. Paul ryan try to clear the air. There is no agreement. The president and the chief of discusslled me today to what was discussed. It was a discussion, not an agreement. Cirilli joinsvin us now. Kevin, sort this out. Was paul ryan at that dinner or speaking as an eyewitness . Kevin everybody i asked, republicans and democrats, i am getting different answers. Here is what Chuck Schumer had to say when asked the same question. We have reached an understanding on this issue. We have to work out details and we can Work Together on a Border Security package with the white house and get doc on the floor. Daca on the floor. Kevin President Trump told reporters this would not be amnesty, but some republicans are saying this is just a that. Is just that. They are prepared to desert him if he makes a deal on daca with democrats. Representative issa steve king was tweeting out earlier today, in 06, 2013, busih all failed. This will be fascinating to watch. Steve king. Breitbart ranting about what the trail this would look like what betrayal this would look like. We saw paul ryan. Talking about what was discussed. With comprehensive Immigration Reform was discussed . What would be be offset . Would donald trump be able to get funding for his wall . Kevin not if it is called the wall. We saw this in david guras interview with senator johnson. They are trying to bolster security a long the border. Along the border. Mexican government officials have said the wall is a nonstarter. For the president , where this could get interesting is that, ultraconservatives are saying this could pose a Political Risk, but it could pose a massive Political Risk should the president alienate the hispanic community, particularly christians with and it who traditionally christians within it who traditionally vote democrat. General kelly is praised for trying to bring democrats to the negotiation table. Kellyt we have general to thank for bringing democrats to the white house . Julia for bipartisanship . Kevin in part, you have a maturation led by chief of staff kelly to take a different approach than what we saw under reince previous reince preibus. Julia kevin pretty chat with you julia great to chat with you, kevin cirilli. We will speak with the texas representative on a bipartisan meeting with President Trump on daca. From the fund manager saying the passive investing is akin to gambling. Scarlet this is bloomberg markets. Of passiverise investing has sparked a war among asset managers. One fund manager sees even more problems. Joel tillinger, Fidelity Fund says why passive investing poses a bigger threat. Active investors at value to their add value to their investors. They bring the right attitude and try to invest in the longterm, rather than gambling. They know what they own within the limits of knowledge and avoid idiots in management. They look for resilient businesses. And dont pay too much. Says, iive revolution will take a little slice of that. Isyou day trade the s p, it gambling. A lot of the activity in etfs is just that. Gambling. Yes. What if you are buying and holding . Then you are taking a slice of ignorance. Saying, i dont know that much about these biotech companies, i will take a market waiting in that. There are idiots in management out there, and i will take a slice of that. I will take a slice of the businesses getting crushed. The market might be bully valued, but i will take a slice of that. That is a criticism i have heard, but not expressed the way you have expressed it. Jason karp d these people have looked at etfs and described them as anything from weapons of mass destruction , to products devouring capitalism to instruments that make the market less sufficient. Would you agree . I think they make the market less efficient in that you dont have people critiquing management quality, knowing the limits of what they know, people thinking about what the value as. The value is. An index fund is a sensible investment for people who arent that into stocks. Way who need to find a to participate. It is a reasonable thing for many people to do, but it makes the market more inefficient. People arent doing the things that good active managers still. Passive vehicles have been described as a problem specifically to smaller cap stocks. Stocksll cap or midcap not part of large passive vehicles become obscured by moves in the market. And they never catch up. That underperformance becomes chronic. Do you see that . Passive,ple moved to the net effect is they buy everything on balance that the active manager didnt. Those stocks outperform, which can be frustrating when other thoughts where we management was subpar outperform. Give n that, should fidelity have arrived a little bit earlier . Yes. Have raisedshould indexing a bit earlier. Why do you think the firm was reluctant . We had such a great heritage and active management. India Fund Managers in Fund Managers like peter lynch, who have done very well. Scarlet that was told joel tillinghast. Joining us now with more insight is our bloomberg editor at large. Fidelity has index funds and etfs. Embraceity didnt passive vehicles as aggressively as vanguard did. Or blackrock. You can get etfs through fidelity, but fidelity hasnt become a big sponsor of passive vehicles and etfs. Scarlet it is doing it for defensive reasons . They have to. I like that he sees the value in an index product for certain investors. But sees it as a problem for the market on a whole in for investors who are looking for something beyond beta. The market is relentlessly moving up and it is easy to get behind passive investing is everyone is making money. When the market turns around, how are people going to feel . That is when that you managers like joel value managers like joel are coming to their own. He says you are buying a slice of ignorance. Or fraud. Julia managers that put you into this slice of ignorance. Really punchy comments. One of the ine most articulate defenses of active management you have ever heard. To say it is a slice of bad management or overvaluation. Julia one of the most interesting comments ive ever heard on bloomberg. The leader of said adel says that passive investment introduces insufficiencies into the market. They are introducing something these active guys can benefit from. It is proving very difficult to demonstrate. I mentioned in that interview, jason karp is an active manager. It. S the way joel explained position in stocks that are nt included in etfs. This means underperformance. It is tough. I love the point that active managers proforma role is to hold management accountable. Scarlet certainly. Even the smaller mutual Fund Managers have to vote their proxies and make decisions. They do have to make a decision. The passive manager does not. Julia the hand to hold in times of distress. Bloomberg editor at large. Still ahead, we will tell you a stock was talked to 1. 2 during a session. From new york, this is bloomberg. Scarlet from bloomberg World Headquarters in midtown manhattan, this is bloomberg markets. Commodity markets are closing in new york. Let us get you caught up on oil. Crude surpassing the 50 barrel mark. We have come down a little bit, but the biggest reason is an improving demand. Oil demand forecast has been boosted. The hurricane forced distributors told paul to pull record amounts of gasoline from stores. Damaged numerous orange groves. Demand is coming in. The president of gaines consult ing says prices at the retail level will be increased. Gold. Looking like it is going to end the day up by a third of 1 . Equities. Ighing dollar showing a pickup in cpi. 13. 32. President trump told reporters he is working with democrats and republicans on addressing the hundreds of thousands of undocumented immigrants right to the u. S. As children brought to the u. S. As children. I think a deal will be made before six months. Lawmaker may not be willing to wait that long. Is a texasnow democrat congressman on capitol hill who met President Trump on the white house. Congressman, great to have you. Thank you for joining us. I know you have said that your fight against the wall you have lived close to the border your entire life. Take to get the sign off on saving the dreamers . There are two different issues. Border security. I have been talking about that with the chairman of the homeland security. There are ways we can secure the border. Through ways of using technology and the right mixture of personnel. People are committed to the u. S. Many of them came in through a legal method. But they overstate. They overstayed. Throughhe people came legal visas. A wall is not going to stop them. We have to be smart on how we secure the border. You would sign off on more Border Security funding. Will you demand a specific agreement from the administration at they wont spend that money how they choose and use it to build the wall . There were ways we can restrict that funding. We did this in 2017. The one we passed in april. There are ways we can restrict the money. We can restrict the money and not have to worry. Scarlet youre getting lots of pushback from republicans. As well as the white house. Do you worry that Chuck Schumer and nancy pelosi jumped the gun by announcing this agreement . I was not there. I can tell you, i am one of the cochairs of the blue dogs. We talked about with the president. I am glad there is this new strategy coming out of the white house. Working a new strategy. By talking tomind each other in working with the president , at the end of the day we will sit down with republicans. Going to be the right or the left that is going to govern government the process. It is going to be the moderates that are going to get the job done. Scarlet i know you met with the president. Have you met with fellow republicans on any specific issues . I have spent a lot of time. Several publicans i have sat down with and talked about possibilities republicans i have sat down with and talked about possibilities. Approval is done by congress. Relationship with publicans is so key to passing legislation. Julia you have also said the president suggested that he wasnt out there to sell tax cuts for the rich. Do you believe him . I dont know. We will be sitting down with kevin brady, the chairman of the ways and means. Well write that legislation. The president did say that and i agree with him on the part that we need to give a cut for the middle class and for mediumsized companies. They create two thirds of the jobs we have. Your i wanted to get views on what we are seeing from the president. His election was an eyeopener. What you make of his attempt to reach across the aisle . Is he being the independent that the polarization of politics needs . Mind, at the beginning he said, were going to win. Get tired of winning. We havent seen that. To thech was to go approach is not working very well that he use. He is using another strategy, which is being bipartisan. I brought that point to the president yesterday. He said, were going to give this a shot. The old way has not been very successful. A lot of things have not passed. Scarlet i want you to reflect to your meeting last night. Do you believe that john kelly should get some credit for the new look this president has . To cut deals with democrats and reach across the aisle . Credit will be given. I dont know who suggested it. It is a new strategy. I applaud that. Major pieces of legislation, if you look at the history, democrats were working together on tax reform with president reagan. Democrats were working together on tax reform with president reagan. Bipartisan legislation will last a lot longer. Julia make sense. General kelly, was he happy beating . Was he at the meeting . Yes. He was very quiet. Taking notes. The president spoke on behalf of the administration. Gary cohn was there. Mick mulvaney was there also. The major conversation was with the president and with gary cohn on tax reform. Julia thank you so much for joining us. Let us get a check on the headlines on the bloomberg first word news. Mark President Trump is headed back to washington after visiting florida. Is the third time in three weeks the president has visited an area devastated by a natural disaster. Myers in naples and fort to meet with those affected i Hurricane Irma and learn more about relief efforts. He was joined by Vice President mike pence and by the first lady. Tropical storm max has strengthened into a category one hurricane off of mexicos southern pacific coast. Landfall off of the region of acapulco. It hasnt sustained winds of 80 miles per hour. Terrorism related arrests in britain have risen to a record high level and the rest of the country in the rest of the country has increased. Fore were 379 arrests terror related offenses in the past 12 months, an increase of 68 . A search andeflect arrest as police made wideranging sweeps after deadly attacks in london and manchester. Spicer is revealing details about his relationship with President Trump during his tenure as White House Press secretary. Sean spicer appeared on Jimmy Kimmel Live in his first public interview since leaving the west wing. Whether or not you agree is in your job. You were supposed to give them advice, which is what we wanted to which is what we would do. He is the president and would say, i agree. , i knows he would say what i believe and this is what i think the right thing to do is. Mark sean spicer conceded that arguing with the press corps about the size of President Trumps in narration was not the best start. Inauguration was not the best start. Global news, 24 hours a day, powered by more than 2700 journalists and analysts in over 120 countries. I am mark crumpton. This is bloomberg. Been President Trump has making the daily show great again. We talk about that, next. This is bloomberg. Julia this is bloomberg markets. Scarlet it is time for the stock of the hour with abigail doolittle. There arent sectors of our down by more than 1 sectors up or down by 1 . Sticks out. It is down half a percent. The reason it stands out beyond that fact is it is the first down day in four. It is aligned with amazon. Amazon is a Consumer Discretionary stocks, not a technology company. It is also having its first down day in four. Take a look at tiffany. Down 5 . Department we have Stores Trading lower. This after popping higher yesterday, as takeover talks for nordstrom read ignited reignited. Than armour, down more 2. 5 . Cbs. Tock of teh he hour, sessions are down sharply. Moonves said amazon is likely to bid for an nfl run. Amazon is trying to take over the world. And our Bloomberg Intelligence analyst said that the verizon ceo at a Goldman Sachs Media Conference said he has no plans to buy disney or cbs. That was in an interview yesterday. That can be weighing on chairs as well. Ell. N shares as w scarlet there is a bigger story here. It is the trend of advertising for Television Going down. The Merrill Lynch Media Conference, there were a lot of companies talking about that. We are going to see pretty serious action. Buyers in control on this one your chart. Around on this one year chart. Then, the uptrend breaks. This area of congestion could make a move to the downside. May see more shelling selling for the shares of cbs. Unfortunately, the same old story. We will continue to watch these stocks. Speaking of media, the daily show is seeing a trump bump. Trevor noah has been awarded with a contract extended to 2022. Lucas shaw, great to have you. Tell us what happened here. He wasnt so popular when he first took over. He has picked up in the ratings. His profiles of donald trump have been hilarious. Stewart is anon impossible task. One of the most beloved and respected people in media entertainment. Trevor noah wasnt that well known. He did have a pretty large following on a social channels. He had been a correspondent for only a little bit on the daily show. To be aver was rumored host at one time. He now has his own show. When trevor noah got started, the ratings were great. Said,medy central always see what happens. Right around the 2016 conventions, was when he started to gain momentum. He has been going very strong. Ratings were up every month. He is the only latenight comedy host over the past year to gain in total viewers and the demo. Stephen colbert have done well in a total viewers. The trevor noah has been strong but trevor noah has been strong along young viewers. Scarlet that key demographic. He is now in place for the president ial election with a contract for five more years. In signingeen active their highpriced talents. Obrien. Er, conan latenight talk shows are hitting their stride. Comedy reflects whatever is happening in the nation, whether it is podcast or latenight comedy. People have tremendous interest in what is happening in washington who go to a comedy for a respite or to be sued because they are scared or upset with what is happening. Because theyoothed are scared or upset with what is happening. That applies to comedy central, to viacom. No company has been held to more by the changing media pace of consumers. Viacom has all these networks that spoke to a young audience, now watching youtube and netflix. You still have these networks trying to lock in a talent for a long time to make sure they cant go somewhere else, like amazon or facebook. Scarlet good points. Lucas shaw, joining us from los angeles. Julia still using primetime ratings. You wonder whether they use him to get their moneys worth. Scarlet he didnt get signed up to host a specials as well. Signed up to host specials as well. . 80 toe making over the dollar. Is it progress . From new york, this is bloomberg. Julia this is bloomberg markets. Scarlet women in the u. S. Have taken a step closer to closing the wage gap, according to new figures out of the census bureau. Women are finally earning over . 80 to the dollar their male peers make. Our tax reporter joins us. This is part of bloombergs ongoing conversation about gender gender equality in inclusion in the workforce. 79. 6 cents to each dollar in 2015 26 2015. Why is this happening now . A twopart dynamic. Women are making slightly more than they made before the recession. Working woman is making more than she previously did. The flipside, it is not a happy story. Men are making slightly less than they made for the recession. Men have seen their fulltime wages fall off a bit. It is part of the reason women are reaching parity. Scarlet this is less about women catching up as the whole wage picture. In what industries are women making up the most ground . It is a spread out. One thing important when you think about how women are doing compared to men is the bluecollar job trend. The jobs paying a lot more these days and the jobs hiring our jobs that have traditionally not fallen into the female speaker. Not fall into the female sphere. Nursinge education and are seen as a continued extension. Mill jobs in manufacturing or jobs inning male cold mining and manufacturing have been falling off. This says more about the wage picture. Men we are seeing is across a number of industries are getting hammered. Mining, areg, coal not paying a great wage anymore. They have been hurt by globalization. Men havent found a new industry to make up for that bracket of jobs. Scarlet there is an argument they should look at other industries. Health care, education. Figure extent does this into the assessment of our policymakers . We certainly here quite a lot. I cover the fed. We hear quite a lot of the regional president talking about closing these skill gaps. Part of that is getting men into a broader array of careers, and figuring out where to put people who went been displaced i globalization who have been displaced by global is globalization. It is a big part of the conversation. Participation, a men andssue is finding putting them back into the labor market. Scarlet what connections can you draw from bearish trends to the pay gap . Labor marketge dynamic is one of the more interesting things happening. What we know when it comes to marriage is it has really positive associations for males. Theare more likely to be in labor market and earning a decent wage. Menhey dont get married, tend to be on the sidelines. Their video game use goes up. But they are not doing productive activities outside of work, and household chores. There is an interesting dynamic when you see people moving away from marriage. Those two things are tied. Scarlet the Bloomberg Economic and Federal Reserve reporter. Thank you. Julia we talked to the chairman of the Milkin Institute about the future of finance in an era of rapid tech disruption. This is bloomberg. So new touch screens. And biometrics. In 574 branches. All done by. Yesterday. Banks arent just undergoing a face lift. Theyre undergoing a transformation. A data fueled, security driven shift in applications and customer experience. Which is why comcast business delivers Consistent Network Performance and speed across all your locations. Hello, mr. Deets. Every Branch Running like headquarters. Thats how you outmaneuver. Julia its 3 00 p. M. In new york, 12 00 p. M. In san francisco, and 8 00 p. M. In london. Scarlet welcome to bloomberg markets. We are alive and bloomberg World Headquarters in new york on the next hour. Here are the top stories we are covering on the bloomberg and around the world. The latest clash between the president and republican party. President donald trump says hes inching closer to making a deal with democrats on daca protections. Speaker paul ryan says the white house says there is no agreement. Traditional banking and Financial Technology are blurring. Industryof the milk an Milken Institute. More from that conversation i had. Why a prominent figure in the national changer of chamber of commerce has a lot to say about Anna Nicole Smith claims. One hour from the close of trading, lets get a check on market with abigail doolittle. Abigal we have the nasdaq underperforming down about. 4 of 1 10 . Puttingok at the dow, in another alltime high today. The first one of those that we have seen since august 8. If i can hang onto these gains, a third record close in a row. It can hang onto these gains, a third record close in the row. Lets take a look at the stoxx behind, boeing and united technology. Deutsche bank has raised its price target to 300 we also have calendar bullish on this move, saying it could move the profit outlooks. United technologies up about 2 . Theres some strength here for the dow. Lets take a look at two stocks faring a lot less well. Adam jonas over a Morgan Stanley has cut his ratings on hurts to an underweight, saying the path over the last few months. Some of it related to Hurricane Harvey shortages, its overdone so he has taken his ratings down on those shares. Credit split has reaffirmed that view, as well, saying the pop from Hurricane Harvey is overdone. Lets take a look at bitcoin, this is a oneweek view, down about 25 . Its worth five days since january of 2015. Aboutdimon was talking the idea that bitcoin good be in a bit of a bubble. That oneave the news of the china exchanges at the end of the month is going to as theading for bitcoin Chinese Government crackdown on cryptocurrencies. Whats next for bitcoin . 23, its obamas 500 , even with the drop we are seeing on the last 12 months. We see thateakness, bitcoin is starting to slice that moving average, they are moving in aggressively. We last time that happened, have seen bitcoin dropdown for its 100 moving day average. We could see on all in decline of 20 . The chart does look wobbly. Scarlet it is amazing how big of a contract that one week chart is. Lets turn to the Milken Institute, we spoke with Michael Milken aboutichael where he sees finance for tech and regulations. You are talking about to the consumer, to the individual, one billion people on the planet are going to want to facebook websites every day. Amazon has hundreds of no answer customers. Ways,individuals, in many feel closer to these companies than they do their financial institutions. Alibaba is well on its way to someday maybe being the largest in the world. That relationship will be a technology one, and mobile smart phone will be your bank. There is a dramatic change. You said alibaba could be the Biggest Financial Institution in the world, does that mean the likes of jpmorgan will not be nimble enough to adapt to the changing environment . They serve different needs. Financing of the companies, making financial markets, advising people. Thats one element. Who is depositing your paycheck . Where are you paying your bills from . Challenge to traditional banking as we know it has always comings. E new, digital the most valuable companies in the world today are all digital. This revolution that started with a microchip has dramatically changed all industries, and will continue and these next 20 years. The revolution of biological information and data, genomes, micro biomes, will change other Industries Just as much. When you take a look at regulations now, in anticipation for the future, what needs tweaking . We need to go back and understand what were the central causes of our problems in the past. If you go back to the asian countriesrs ago financing access to capitals. In thailand, you had five banks, they got into financial trouble, than the whole country is in financial trouble. Everyone who is dependent on those financial institutions. In the united states, this occurred in 1974. Financial institutions got into trouble, and we switched to public markets. In the 80s and the united states, the Banking System shrunk substantially. 50 ,of america shrunk by but it didnt affect the economy, because it wasnt being financed it was painful of finance and public markets. The tens of thousands of investors can finance a country. That was the lesson of the asian crisis in 1987. You talk about the markets and credit, do you think credit has been priced appropriately by the market . Right now, when you talk about is it being appropriately priced, there are many parts of credit. The yields are extremely low, therefore you are not getting paid much of a premium to invest. Even more important is the covenants are gone, theres very few maintenance covenants. That is why private equity is so attractive. Growth, this is their golden age. You can leverage, borrow without itenants, for equity holders affords you very unusual rates of return. They are playing an extremely Important Role in markets, and will continue in that private equity firms so they control more businesses than companies that are listed. Julia that was bloomberg talking to Milken Institute chairman Michael Milken in singapore. Lets get a check of the headlines with mark crumpton. Mark a search warrant has been granted for a florida nursing home, where a patient died days after Hurricane Irma. Hollywood police say state and local authorities are conducting a criminal investigation to determine what led to the deaths at the Rehabilitation Center at hollywood hills. The initial investigation has determined the facility had some power, however, the buildings air conditioning system was not fully functional. Portable a c units were being used in an attempt to cool the facility. Florida gov. Rick scott directed the state agency for Health Care Administration to issue an emergency moratorium at that facility. President trump is headed back to washington after he visited florida. He toured damage caused by Hurricane Irma. It is the third time in three weeks he has visited an area devastated by the National Natural disaster. He was in naples and 4 four miles ft. Myers. By vicep was joined president pence and first lady melania trump. Bob corkers as he has a meeting scheduled with the president tomorrow. Hes undecided on whether to seek a third term, says the president requested the meeting. Contestre announced to workers see today in a growing number of confederal republicans are opting out of seeking reelection. He says his decision is coming in his words very soon. On Army Spokesman says eight soldiers have been injured in an explosion during a Training Exercise at for bragg in north carolina. The soldiers are part of the u. S. Army special operations command, and were training on a range at the base. The spokesman didnt know the number of soldiers injured, or the extent of their injuries. Global news 24 hours a day powered by over 2700 journalists and analysts in over 120 countries. Crumpton, this is bloomberg. Has the coming up, why ceo of the National Black chamber of commerce lobby. We will try to give you that answer, this is bloomberg. Scarlet this is bloomberg markets. Im scarlet fu, julia im julia chatterley. Why the at getting for policies that benefit Corporate Giants . And Fund Managers. Pulitzer prizewinning reporter has written about the change in ceos and his change on lobbying the court. Talk to me about the national howk chamber of commerce, are they doing with their efforts to promote black entrepreneurship . They seem to be distracted by samsung and Anna Nicole Smith. The National Black chamber of commerce run by harry offered as a of causes that they embrace, many of which have only the most tangential connection to black entrepreneurship. A good example is taking sides in the battle between Anna Nicole Smith and the family of her late husband the Oil Billionaire howard marshall. Julia he was a friend of the courts explain that concept. The National Black chamber often appears as a friend of the court, an independent third party that wants to weigh in and represent their interests and issues. What we found is that when they speak up, they are actually speaking on behalf of people who are either donating to them or working with the same Consulting Firm that they have a close relationship with. Thats not always the case, sometimes there isnt a direct connection between them. Lets take them at face value. They say they have more than 100,000 businesses, that suggests a lot of membership fees to meet. How much are they making . They broughtcords, in a little over 2000 in membership fees. Thats compared to a budget of more than a million dollars. Almost all of the money they raised was coming from a different category, which can include corporate donations. Julia talk to me about the diversity angle. We discussed yesterday that being from a National Back chamber of commerce, you carry yourt when you provide views on how this case should effectively go. Im looking for the diversity angle when hes promoting those argentinian debts, im confused. Weighing in on behalf of a man who was fired from freddie mac, who was trying to get its hard to understand entrepreneurship or minority rights weigh in on a decision like that. Its easy to see where some of the folks who were either donors or working with this Consulting Firm do have an interest in many of these cases. Julia what we learned is that this is ok, you can be a friend of the court, you can be paid, but you have to to close it disclose it. Is there are they accurately disclosing that they are being paid to be a friend of the court . Found in the first couple part of our series was that the National Black chamber often popped up on greece that appear to be briefs that appear to be working on one party or another. There was never any disclosure that they were being compensated for that. , talk to me alford about what kind of character this man is. What did you find when you went to the chamber of commerce . Operation,hoestring considering how influential they can be. Office, hepalatial wasnt there either time i visited, and wasnt interested in speaking with us. 1993,nded this group in before that, he ran an indianabased Minority Chamber of commerce. Hes a former linebacker for the university of wisconsin, and a former salesman for procter gamble. Julia he does good things for black entrepreneurship. Did you find things they have achieved . Advocated a lot for black businesses, they still do some of that. In terms of taking policy policyns advocating, itsians positions, hard to integrate into any black business interests. Julia how prevalent in the u. S. Supreme court is this . Friends of the court are everywhere. Most of them are probably not being paid. What we try to do is point out that julia bring in articles, recommend everyone reads them. Thank you for that. On the read his theories french guards on the bloomberg and on bloomberg. Com, definitely worth a read. Scarlet it is time for the Bloomberg Business flash. Google is being sued by three former female employees or gender discrimination. The internet giant accused of paying women less than men for equal or similar work. Two thirds of the workforce and 80 of technical staff are male. A google representative declined to comment. Investor steve ackman says he will vote for pals to become a board member at next months meeting. The consumer giant has not done enough to keep up with competitors. Russias centralbank joining the bitcoin skeptics, warning of a permits game. Theyre seeking greater regulation of the cryptocurrency. Jamie dimon referred to the bitcoin bubble as a fraud. China has announced it will halt trading on cryptocurrency platforms at months and. Insight,odays options we are trading a highyield etf. This is bloomberg. Scarlet President Trump speaking to reporters on air force one. He has returned from florida. In his comments, he said that he respects janet yellen, and the stock market is doing very well. The president says he has not yet made a decision on who the next fed chair would be. Julia speculation will continue. He also made a comment regarding gas, and the decisions over the last 24 hours the deal or no deal situation. He says hes not worried about republican reactions ons daca. The headlines on the hill would be his base explodes as a result. We are just waiting for President Donald Trump to leave air force one, which is why we are trying to the pictures of the open doorway and the carpet. Scarlet we know that hes on his way back from florida, so he had comments to make. There he is. Hes talking about the hurricane, how irma and harvey havent change his mind on climate change. Storms,h the massive the president and first lady returning to washington dc scarlet we will continue to keep you posted. In the meantime, its time for options insight with abigail doolittle. Abigal joining me is steve its hard for us to the with President Trump and melania, but we will try. This month, not a lot of volatility. The s p 500 is up 1 . I think a lot of people came into the september. With beers in the back of their mind with fear in the back of their minds. Fomo has been a big driver for this year. It hasnt it has left in the last couple sessions. Abigal we are relating to the backs that mitchell seasonality on the vix. Lumpiness toe the the righthand side of the graph. That usually the volatility spikes we get later in the year. You can see the various spikes in the third early fourth quarters. You look at the bottom, thats the current backs vix. Thats a real graphical way of saying how lacking in volatility we are relative to what could come down the pipe. Abigal not a lot of action happening. Something that i love to ask our experts is what does it tell . Highyield bonds are one of the drivers at the margins in the start market. Money is made stock market. Highyield bonds certainly the closest to equities on the balance sheet. Theyve been bouncing around at the top, but are running out of room a little bit. Room,y are running out of when we to do that is selling the call spread. If we can get a little decline, you are exposed to dividends. Stockmanhank you steve of interactive brokers. , postmarket up today, stay tuned for those results and instant analysis. From new york, this is bloomberg. So we need tablets installed. With the menu app ready to roll. In 12 weeks. Yeah. The world of fast food is being changed by faster networks. Data, applications, customer experience. Which is why comcast business delivers Consistent Network Performance and speed across all your locations. Fast connections everywhere. Thats how you outmaneuver. Mark its time for first word news. President trump says he expects to have a deal with congress on the socalled dreamers, but there is a sticking point. Very importantly, what we want, we have to have a wall. If it is going to be obstructed when we need the funds, we will be determining how much we need, then we are not doing anything. Mark the Senate Democratic leader Chuck Schumer says there is with the president on the dreamers, immigrants who were brought to the country illegally as children. He says democrats will never agree to the president s call or a wall on the mexican border. The house of representatives has approved a 1. 2 trillion spending bill for the pentagon and other domestic agencies. Republican leaders call the legislation a winner for conservatives, despite reversing many of the spending cuts requested by President Trump. 12 annuale wraps the spending bills into one, and is the first time in years that the house passed all appropriations by the end of the budget year. Todays vote urged registration to give increased to the pentagon and
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