Should be focused on what is it welcome to power lunch we are in rally mode the nasdaq hit its first record for december the dow jones and the s p 500 on the fourth straight week of gains. Consumer discretionary moving big. Underarmour moving higher. Kohls also. And take a look at the electronic retailer, up more than 50 this year thank you we begin this hour with tax refo reform expected to be agreed torsion signed, eventually unveiled to the public later today we still await the final details of what is in and what is out. Live in washington reporter two sources now confirming to me marco rubio does plan to support the republican tax bill. They put in some lastminute changes to win him over. Namely increasing the refundable portion of the Child Tax Credit. Just about an hour ago, kevin brady who chairs the ways and Means Committee spoke about at the chances of the bills passage, not just through house but also the senate where republicans have a very narrow margin im confident at the end of the day, the senate will approve this Conference Committee report no one should be defend go the status quo in this horrible tax code americans to have had live with for too long. Reporter we are still checking on several other undecided senators to find out where they might land on this final version of the tax bill. Theres also been some question about the health of two senators, john mccain and thad cochran who have been missing both this week whether they would be able to return in time for next weeks tax vote we talked to one senator on the Conference Committee who said he does believe they will be back and they will be casting votes as for today, republicans will be briefed on what is in the tax bill at for you 30 then at 5 30, it will be presented to Congress Formally and also presented to the public thank you theres still a lot of ifs he whether or not the bill can actually pass. How serious is the situation for example with mccain sxjohn mcca . Thats kind of a black box right now. And i think pursuant to the reporting, that the biggest threat to the republican passage of the bill is likely to be the Health Concerns for john mccain and thad cochran more so than wavering senators, marco rubio has now signed on board as she just indicated. Theyve linked arms and said were going to do this they got the votes for the first time i dont see them changing. What happens with those ailing senators and whether they can show up and vote. So remind everybody of the math if they cant show up, what do they need and how involved does Vice President pence need to become republicans need 50 votes in the senate to pass this bill that would allow mike pence, the Vice President , to break a tie if bob corker continues to oppose the bill as did he in the senate, they are down to 51. If you then had thad cochran and john mccain out, they couldnt pass it. But thad cochran or mccain will be able to return for those votes. If theyre not here, we are all left to guess as to whether the official explanations of their health stat russ the correct ones is there any reason to believe mr. Corker has switched his view at all . In other words, that he might support the Conference Committee report, number one, or that Susan Collins or senator johnson of wisconsin will defect and go the other way . Well, i wouldnt expect any difficulty with ron johnson. I do think there is some lingering question about Susan Collins. Especially because some of the measures that she received as assurances to get her vote in the senate about things that would be done on health care, for example, it is pretty evident that those things may not take place you have the question of jeff flake, whether he is going to on final analysis, having broken with the president pretty profoundly, stick with this bill nothing ive seen though suggested bob cork were change his mind hes said hes open to thinking about it all the changes weve heard are about revenue being or cost being added, not lessened. Well have to wait and see thanks. Stocks are once again moving higher to all time levels. Hi, bob. Hello, melissa. You might wonder how much more juice is there in the stock market for this tax bill but there is still more. Let me show you the s p. Congressman brady, you just saw him on air he came out and said listen, this morning, well pass this tax bill and the s p immediately moved to the plus side. The important thing is we saw an immediate spike up 7, 8 points on the s p 500 there it is. And that shows you there is still juice left in that trade now were in this perfect situation. I call it goldie locks confidence the tax bill is real and its coming we have the Global Expansion and the fed is on a predictable glide path three times next year is what everybody believes this is a perfect as it gets thats why the russell and the banks are up those are big beneficiaries. But even the semiconductors. And about bitcoin, the cme is doing theirs nasdaq in the first half of 2018 this is the cboe futures there has not been a lot of dramatic activity. 50, 60 every day thats not an awful lot. I think part of the problem is the people who trade bitcoin trade in cash. Theyre not in the Financial Markets. What will be interesting to see is whether people who are in the Financial Markets like hedgers and hedge funds eventually start getting interested in trading bitcoin. Well see. The tax plan certainly adding at least a little bit to this rally. And we are starting to see some bullish reports from firms like bank of america, merrill lynch, jpmorgan, both seeing the s p 500 at 3,000 by the end of next year lets bring in our chief global economists gentlemen, welcome you sound a little more cautious, richard, than i might have anticipated why . Well, obviously the stock market is enamored with the tax reform plan likely to come about. In addition to the deregulation weve seen through year and likely over the next couple years. Once the smoke clears, it remains to be seen whether this has legs by that, i mean other than a onetime adjustment to stock prices, is this going to last in the future will there be further growth, supportive of the higher Interest Rates and theres no evidence of that. Forgive me for interrupting i beg you. Dont you see the possibility in corporate profits from a lower tax rate that will apply starting next year, dont you think that will boost corporate profits . If you apply the same multiple, you get higher prices. No question the corporate sector is benefit and go that is reflected gdp forecasts Going Forward. But time, the major economists are standing pat including the disposable personal income, expenditures. If you want Economic Growth in the u. S. , twothirds roughly of the economies driven by the Consumer Sector. Not the corporate sector the real question is will this feed over to the Consumer Sector and theres no evidence quite yet. I hate to be so simple about this but the economy and the stock market are two different animals. From the stock market perspective, bob laid this out very well. Next year we have a continuing to improve fundamentals. The super charger on top of it and the prospect of infrastructure how do you invest in that environment . Are you cautious like richard or staying fully invested fully invested. Just stay invested i know were all looking at the yield sxuv wondering when it might invert and signal a recession. But the year before it inverts, stocks didnt produce double digit returns. Especially overseas. They may do very well next year and going global if you want to see tax cuts, to look japan theyve already passed them and implemented them 2018th. And you might see in it france as part of the budget this 2018, theyve announced. At a, theyve announced. At a cuts. How much do you worry about them are you convince that had the long end of the curve will stay low a long time because theres so much demand or is that a risk especially in an expensive market if we got a lot of inflation and certainly something thats not expected right now and the yields started back up were of the belief that the yields wont move that much. They may get above 2. 6 but not seeing Something Like 3 or higher. That means it does fly in the u. S. The key thing is to see it on the back of better Economic Growth on the back of better growth, more Capacity Utilization and even hire Profit Margins in areas like europe, asia and the emerging markets that could be key to the stocks. And leslie is counting each and every rig counts in my hand. The Weekly Oil Rig counts are in the number of active rigs fell by 4 compared to a week ago to a total of 747 that was the first drop in Oil Rig Counts in six weeks. Crude slightly hire than it was before the rig counts were released right now were looking at wti you have to 57. 35. Back to you. The final negotiations, are there enough votes for tax reform still underway in washington coming up next, the republican congressman will answer the question Everyone Wants to know. D lt going to pass . Anwel get a closer look if it does. Oh, not so fast, carl. Oh no. Schwab, again . Index investing for that low . Thats three times less than fidelity. And four times less than vanguard. Whats next, no minimums . No minimums. Schwab has lowered the cost of investing again. Introducing the lowest cost index funds in the industry with no minimums. I bet theyre calling about the schwab news. Schwab. A modern approach to wealth management. Bill including expanding the tax cut and increasing medical expenses whats in and whats out congressman, thanks so much for joining us we appreciate it you know what fascinates me about your back ground, you are the founder and chairman of banking corporation. You really know how this tax bill could impact businesses i think it is important to have clear is that trans parent rate reductions for smal business thats look like what weve done for big multinational companies. I think theyve done a good job working a National Independent federation of independent businesses to bring the rates down and make it clear so this is a 40 rate reduction for entrepreneurs and big multinationals weve seen certainly a huge rally in banks, whether they be big banks or smaller regional banks. And part of it is the notion a lighter touch is certainly helping but the tax reform could help i think you have three bases. Making sure we can get it out to business were now in a rise go rate environment thats good for bank stocks that probably affects prices as well as you say, we want faster Economic Growth after a decade of low growth, stagnant productivity and stagnant wages, and tarm is the key for unlocking the faster growth rate can you educate me a little bit without descending into all the details, how the pass through thing will work. It doesnt seem as simple as just cutting the rates what is it a deduction of certain income . How will it work well, it does lower rates if youre an llc, you pay your profits based on your personal tax rate so bringing it down is good but it is not enough so weve created this business income tax that is set at 20 . I think it is very competitive one of your guests earlier talked about the chaels for Certain Service related businesses and i share that view Service Related businesses do have capital expenditures. They need to retain earnings and they should get the lower rate i think the combination of faster expensing on equipment. This lower rate for many of our businesses across the board. They will be better off taxwise. You mentioned rising Interest Rates. Most banks would like the see the yield cush steepen so they could make more money what they lend out versus what they pay for deposits are you convinced theyll go up . When we look at what the Federal Reserve is thinking about, what this tax bill could do to gdp. It doesnt seal like much. More for Interest Rates. I think the unwinding of this unprecedented Balance Sheet will have an upward pressure on rates. Plus the growth in the economy weve seen this year and the growth we expect there more Economic Activity based on the tax bill i think you could see a sustained rising Interest Rate environment. Not necessarily sharply but over time do i expect to see it. Do you think the republicans can put this in the win column but this gives they will more impetus . More momentum in terms of getting infrastructure done . Righted this is something, a lot of people in congress have worked for six years for comprehensive tax reform the first time in 30 years i think we will put it in the win column and i think it will be a sign of momentum that right sizing, regulatory, not just in financial serves doing major tax rezporl things through economy on increasing skill work forceful getting people back into the work force. All of those will help produce the check growth that weve all worked so hard for in the last few months we appreciate your time thank you. Youve heard people say, its not the bitcoin thats valuable. Its the Underlying Technology most etfs only track a benchmark. Flexshares etfs are built around the Way Investors think. With objectives like building capital for the future, managing Portfolio Risk and liquidity and generating income. 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Were gonna hit our launch date scream thank you goodbye let us help with money and knowhow, so you can get business done. American express open. So you can get business done. Directv has been rated number one in Customer Satisfaction over cable for 17 years running. But some people still like cable. Just like some people like wet grocery bags. Getting a bad haircut. Overcrowded trains. Turnstiles that dont turn. And spilling coffee on themselves. But for everyone else, theres directv. For 1 rated Customer Satisfaction over cable, switch to directv. And for a limited time get a 100 reward card. Call 1800directv im not really a, i thought wall street guy. Ns. Whats the hesitation . Eh, it just feels too complicated, you know . Well sure, at first, but jj can help you with that. Jj, will you break it down for this gentleman . Hey, ian. You know, at Td Ameritrade, we can walk you through your options trades step by step until youre comfortable. I could be up for that. Thats taking options trading from wall st. To main st. Hey guys, wanna play some pool . Eh, im not really a pool guy. Whats the hesitation . Its just complicated. Stepbystep options trading support from Td Ameritrade betting on bitcoin theyre not betting on it. Theyre talking about it Silicon Valley no different. The reasons why the big vc are doing it might not be the sail as for other folks hi, deirdre. Thats right. Venture capital firms have been in this space for years. Unlike wall street that is captivated, theyve been underlying on the Underlying Technology, blockchain this year alone theyve put a record billion dollars into crypto currency. And the startups. The big rest the most prominent vc firms including eight krimto startups. Union square, and Draper Associates remember in 2014, he was winner in an auction of about 19 billion worth of bitcoin so which companies are tracking the big bucks . According to pitch buc theres coin base. The Largest Exchange it was minted, the first crypted in the d crowned Circle Internet financial. Started by Goldman Sachs and you might have heard of ripple the creator of the same name Digital Currency thats been on a tear recently vcs can gain more direct exposure through socalled crypto hedge funds which has been on an incredible roll this year and icos, not only delivers huge returns this year but it is changing the nature of venture investing. It seems to be changing the nature of money. Lets look with a deep dive into blockchain the goal to explain, what is it . The impact socially and financial will this will have. They call at this time future of money. Here now is senator editor jen schwartz welcome when we started with what the future of money is, bitcoin comes to mind bust very quickly we realize