Governor, jerome powell. Those stories and more in just a moment but first, we have breaking news on halliburton. Lets go to our chief market correspondent, scarlet fu. Halliburton, the Oil Services Company is cutting 6. 5 percent to eight percent of its workforce. No layoffs planned due to the baker hughes deal, but this is because of the Challenging Market environment. Those were the exact words used by the company. Total had come total headcount at halliburton is about 80,000. The Houston Business Journal reported halliburton would be cutting between 5000 and 6000 jobs. Oil prices have plunged from their highs of last year. If you look at how halliburton shares are performing, take a look at the bloomberg terminal. This is the intraday chart and you can see we opened lower and have been on a little bit of a recovery and yet when the news hit we had our lows of the day, down 2. 8 at the moment. Thank you. Lets return to washington and our chief washington correspondent, peter cook, with more on his exclusive interview with Federal Reserve governor jerome powell. I did have a chance to sit down with him on monday for a speech he delivered a Catholic University law school and i learned hes ready to fight congressional efforts to audit the fed and ive learned hes not yet ready to start raising Interest Rates just yet. Hes as he needs to see more evidence that inflation is moving back up to the feds target and he says we are not there yet that he thinks it is coming. While he is encouraged by the recent jobs numbers, he still sees room for improvement. It does feel very much like there is plenty of slack left in the economy. Youve got people working parttime for economic reasons and people who want to come back to the labor force who are not in it. And most of all, wages have been low and do not suggest tightness in the labor market yet. Those things tend to indicate the natural rate is pretty low. He says the fed can remain patient and normalizing Monetary Policy. He would not commit to a timetable in terms of raising Interest Rates. One of his fellow voters right now said raising rates in june looks like the attractive option. Im not sure jay powell is convinced of that yet. He is convinced of challenging efforts in congress for oversight of the Federal Reserve. He offered a spirited attack on the legislative push in congress to audit the fed. He said it is an attempt by lawmakers to metal directly in Monetary Policy and in his view, that is a mistake. This is about Getting Congress into the meeting by meeting making of Monetary Policy. Over time, we have learned when that happens elected politicians what more accommodative policy that results in bad economic outcomes. Susie gao exclusion was enacted, weve had lower inflation. Why we would change that now is a mystery to me. He and the rest of the fed know they have a fight on their hands. The bill has 31 cosponsors, including majority leader mitch mcconnell. Peter cook, thank you. The economist magazine buttonwood gathering is focused on the future of finance and Global Economic growth stop the chairman of the u. S. Council of economic advisers spoke at the event in new york and joins me here in the studio. Its a pleasure to have you on the broadcast. Lets start with greece. What are you telling president obama about the risk to the u. S. Economy over the developments in greece if greece does exit the euro . Would it do damage to the u. S. . Theres no question greece faces some very serious issues and it is for greece to work those issues through with their creditors. We are in conversations with all parties, but insofar as you are talking about the u. S. Economy we have real domestic momentum and strength. You see it in consumer spending, Business Investment residential investment. 87 of our economy is domestic. I think we have the momentum to handle a slowdown in the rest of the world, especially with low oil prices and lowInterest Rates. Lets talk about the friday jobs report. Fed governor powell use the word great to describe the report but some parts of it are not so great unemployment in the African AmericanCommunity Unemployment in the Latino Community those numbers are still way too high. What is being done for people in those communities and the community of americans at large, some 30 Million People who are still a lot of work . Is a great question and even if we got our Unemployment Rate down further, there are still a lot of parts of our economy we want to work on and you just named a few of them. It is important to understand that for every immunity, a stronger economy is a benefit. The Unemployment Rate for African Americans and hispanics came down the past year at a faster pace than the overall Unemployment Rate. Bringing the Unemployment Rate down helped, but its not only need to do. The president has an initiative called my brothers keeper that is focused on those communities. If we do everything from the preschool agenda he has through Community College and beyond those are policies that would help get at the employment and wage prospects of a number of groups being left for the behind. You have these conversations with president obama and it looks good on paper, but as you know, politics gets in the middle of this. Is it a question of coming to the table not with what you want but with what you might be willing to sacrifice to make some compromise with the other side of the aisle . The president is always looking to get stuff done and always willing to make compromises, as long as he is not compromising on his core goals. I do think one of the encouraging things we have seen lately as we have seen a lot more convergence around the challenges of inequality, so once you are defining the problem in a similar way, i am hopeful that can bring around the conversation to solutions to what is a commonly agreedupon topic. President obama is scheduled to meet with regard with members of the congressional back congressional black caucus. They are opposed to giving him fasttrack authority on issues like the transpacific ownership. How can the president get the caucus and other democrats at large on board when they have so many disagreements with where this country should be regarding trade . There is no question trade is a divisive issue and that is why the president is working so hard to make sure we are negotiation negotiating a better trade program that levels the Playing Field and includes strong labor and environmental standards. It is a fact that exports are associated with higher paying jobs, up to 18 more. It is important we put things into an agreement and take that and translated into a tangible reality. Are you concerned the strong u. S. Dollar is hurting american businesses and their ability to do business overseas . This goes back to the first question we discussed the slowdown in growth and the rest of the world with a stronger dollar is a headwind for the u. S. Economy right now, but we also have some tailwinds like Lower Oil Prices and domestic momentum. We should be able to make it through but it would help a lot if in washington, we do what we need to help. We started with peter cook interviewing the fed governor jerome powell. Mr. Powell said lowinflation gives the fed time to remain patient as it considers when to raise rates. With the labor market continuing to show strength, why wait . Im going to leave policymaking to the fed. But i want to agree with governor powell on auditing the fed would be dangerous. Would you advise president obama to veto that . I would certainly advise him to be opposed to it. The congress should not be telling the fed what to do with Monetary Policy. They are an enormously transparent duchenne already. Any additional legislation would be between superfluous and highly counterproductive. What about is a the fed is not transparent enough to mark all of the information is made public. Its deliberations are made public. It has increased its communication. What that hell is about is congress supplanting its judgment as to what Monetary Policy should do to an authority that has conducted in an independent manner and all of us have been well served by the fed s strong tradition of independence. I mentioned at the beginning of this interview that you were at the buttonwood gathering. The future of financing Global Economic growth was on the agenda. What do you in your colleagues see on that agenda and is the United States poised to lead the Global Economy since some people have said here on bloomberg that we are the least dirty shirt in the world. We are not where we want to be but the u. S. Is showing signs signs of momentum. You heard it awful lot about the United States about a home for the Global Economy is one of the leading lights in the Global Economy. We are thrilled to be in that position and would be even happier if the Global Economy was firing on all engines, but at least there is a recognition we are leading the way because of the choices we made in fiscal and Monetary Policy that put us in this place. The chairman of the council of economic advisers joining me in the studio. A pleasure to meet you. Up next, we will the latest world news and speak live with the head of the centers of Disease Control and prevention about an effort to get the Measles Outbreak under control. It is 15 minutes past the hour. Lets check bloomberg world news. In the war on terror, the u. S. Says intelligence has not been able to determine how or when american died while in Islamic State captivity. Her death was confirmed today. On friday, Islamic State claimed the 26yearold aid worker was killed in nature dini and airstrike. United arab emirates has launched airstrikes on the Islamic State route from air in jordan. It marks a return to combat after flights were halted last year. The United States is reportedly closing its embassy in yemen. Security has deteriorated after takeover by shiite rebels. Diplomats were being evacuated and the them is he will suspend operations until conditions improve. Newsweeks magazine newsweek magazines twitter account was hacked with messages threatening president obamas family. The background photo was changed to a picture of a person whose face is covered with a scarf and the words cyber caliphate. In ukraine, Government Troops have broken the rebel strongholds near an eastern city. The ukrainian president and president obama spoke by phone today just as mr. Obama is weighing sending lethal defensive assistance to the ukrainian military. The leaders of ukraine, russia, france and germany planned to meet on wednesday to hammer out a piece deal aimed at securing a cease fire with prorussian separatists in eastern ukraine. Coming up, should there be tougher vaccine waiver rules . The cdc director joins us next on what is being done to deal with the Measles Outbreak. The number of measles cases in the United States since the beginning of the year is now at 121. The u. S. Senate is holding a hearing on what can be done to address vaccine rentable diseases. Dr. Thomas friedman is director of the u. S. Center for Disease Control and prevention. Thank you for your time today. In the year 2000, Health Officials said measles had been eliminated here in the United States. What is going on . Since the year 2000, every measles case we have had in this country as far as we know has come from somewhere else in the world. There are a few things you have to know about measles. First, its one of, if not the most infections infectious of all infectious diseases. Second, we got a vaccine that works well. It is safe and effective. That vaccine has been used around the world in 2 billion kids and has prevented tens of millions of deaths in the past 15 years alone. 15 million kids did not die because of the measles vaccine. In fact, its driving many of the infant mortality reductions are on the world. However, we have had a resurgence of measles in countries around the world in the past few years. We see the reflection of that in the u. S. Because we are all connected why the air we breathe. According to the pediatrics journal, but cost for containing one case of measles is over 124,000. What the economics of preventing a Public Health outbreak . Public health is the best buy. When you look at vaccinations in general, for every dollar we spend on vaccines, we save three dollars in our Health Care System and 10 in society overall. Prevention is far more costeffective than cure, but even more importantly, when it comes to measles the only way we can stop measles is with vaccinations. There is a Movement Among some parents not to have their children vaccinated for measles. How does the confluence of science, religion and personal liberty impact Public Health and as a doctor, what would you tell parents who have concerns about getting their kids vaccinated . How do you convince them the science on this matter is settled . I understand parents are concerned that their kids be safe and healthy. The measles vaccine has been studied again and again in the science is clear. There are no negative longterm consequences of the measles vaccine. There can be negative consequences of getting the disease itself. I made sure my kids were vaccinated against measles and i encourage all kids to do so unless their child has a medical indication and that is an important point. There are some kids babies under the age of six months or kids with leukemia or a severe medical condition who cannot be vaccinated. If you do not get your kid vaccinated you are putting nunnally them at risk, but the kid down the block with leukemia at risk. You are right your right to swing your fist ends at my nose and not to do something that protects the community is something we need to look at carefully because in schools communities and states and cities around the world, parents are saying my kid may be at greater risk because of your decision and that is something communities need to discuss and take clear answers on. You have made a passionate case but there are some parents who just are not buying what you are selling. What do you tell them . First off, 92 of American Parents are getting their kids vaccinated against measles on time. There are pockets where that number is much lower. When we look at people who are not getting their kids vaccinated, the vast majority are not people who are adamantly against vaccinations. There are folks who may not realize measles is still with us or may not realize measles can be very severe. It can be and it can kill as many as one in a thousand kids even in this country. Another one in 1000 can get longterm neurological consequences from the measles disease. There are currently 19 states with laws on the books that allow people to choose whether or not to have their children vaccinated based on personal beliefs rather than medical reasons. How should these vaccine waiver laws be addressed . That is an issue for each state and locality to decide themselves. It is important parents recognize when they decide not to vaccinate their kid, theyre not just putting their kid at risk, kids in the neighborhood who have severe medical conditions. Opting out of vaccines for someone who doesnt have a medical indication is not a decision that should be taken lightly or easily. Given the drop in funding, how prepared are u. S. Hospitals to handling Measles Outbreak . Public Health Departments around the country are used to dealing with infectious disease. We have had proptosis and a mumps outbreak in a couple of states. It is important States Invest in Public Health. What we saw nationally is many states around the world reducing the budget for state Health Departments in the 2009 crisis and not necessarily building that back since the economy has rebounded. Globally, we need to do better. Globally, nearly 150,000 babies and young kids died preventively of measles. We can stop that and save lives there and save suffering and illness as well. The director of the u. S. Center for Disease Control and prevention joining us from atlanta. Thank you so much for your time. Coming up, the mayor of san diego, california. We will talk with kevin. About a variety of issues including Cyber Security innovation, and cross order relations with mexico. He joins us when bottom line continues in just a moment. Welcome back to the second halfhour of bottom line on bloomberg television. Im mark crumpton. Thanks for