Lee k shang lee k shang. They are revealing a new location for the Gemini Bitcoin exchange. A fundamental shift in the last 24 hours, a swing back towards remain over the weekend with the markets moved to go with it. Big gains in new york, the biggest pop since august of last year. It will continue with features firm. Board, a bigthe day for sterling yesterday, the biggest pop since 2008. The gains continue, pretty much unchanged for 2016. The euro is just a little bit lower and the fed chair is that to speak in just a few hours time. The euro down 1. 68 on the u. S. 10 year. David ok, john. Thes check in with Bloomberg Team for an indepth coverage of top stories. Anna edwards and it is in westminster and guy johnson is an london. Is in brussels, and Erik Schatzker is an washington. Jonathan all reporters and the lives of the stories are stacked. Withdwards joins us live the very latest on the polls from westminster. Guy johnson alongside me to talk about the market reaction. Anna, the polls in the last 24 hours are split. The bookies tell me a different story. Break it down for us. Anna absolutely. The polls are split, we have a lead of two Percentage Points in a poll, and a lead of seven points for remain in one poll. The money ise going, at the end of monday the chances of a brexit were only 26 , 95 of the wages the wagers that have been placed were for remain. Interestingly, many of these conversation with the bookies you see the big money going on remain and smaller bets by more people going on a brexit. Thats an interesting trend weve seen so far. It seems as if the market is making their minds of already. Their minds up already. Have they made their conclusion too early . The pound is holding the biggest gain since 2008, touching levels not seen since february. Jonathan im going to bring in guy johnson with more. George soros comes out with a big oped in the guardian newspaper, its going to be ugly, ugly, ugly and stir league can fall as much as 20 . Do you think those warnings resonate with the electorate . Guy george soros has a reputation in the u. K. , in 1992, john major, all caps of problems being felt in the u. K. Economy. He was the man that broke the british pound. To a certain generation, that does resignation does resonate. Less so with the older democrat demographic. See if be interesting to that resonates, is a name that is known in investor that has credibility. As a result of which, you may have an effect. I dont think he is off base in terms of the calls he is making. A lot of people have similar calls, i would like to see what his trading book looks like. Jonathan a lot of us would like to see that. If you listen to the likes of george soros, the remain campaign had an extraordinary capability to leverage big names and big organizations. This story continue going into thursday for the next two days . Do they just keep banging the economic drum . What does the leave campaign try to do to get the momentum back to where they had a before friday . Anna it has been the economic story that the remain site has been blogging for so long, and people are asking if there is fatigue setting in and terms of whether that message resonates. Whether the george soros message resonates with voters. We spoke with a cabinet minister who said she dismissed these type of messages. This office was about that is not what this is about. Its about seizing control for the u. K. Forecasters and got things wrong before, thats the way to leave camp dismisses the likes of george soros. As another big name in theray today, David Beckham took to twitter to say he is backing the remain side, as is his wife, victoria beckham. No family divider along those lines in that particular household. Some of these cultural figures can keep us on our toes in the next few days. Sitting in them city on the trading floor, im not sure thats when to push me to take that cash off, but maybe David Beckham may sway a few people. Lastve had a shift in the 24 hours, we talked about how volatility yesterday was very elevated, still a lot of nervous is out there. We really have to wait until friday morning to get it done and dusted . . It will be interesting to see when the bookies call it. I think people are leaving their insurance on, thats understandable. Some of that insurance is not taken out by the Financial Market or hedge funds, its taken out by real money accounts. The story with the bookies is very clear. You can see that as we saw in elevated chance for the u. K. Leaving. That has come back down, that is what the market seems to be paying attention to, rather than the polling, which seems tight. For real money accounts, the insurance stays on, we may see a different story when it comes to hedge funds. They may take a different view to say if you are running a big company out of the u. K. Jonathan a lot of nervousness. Edwards,on and anna thank you. Invousness out there, but the last 24 hours, a real shift towards remain. What makes it swing back . David we will know within 48 hours. Thank you, jonathan. Investors are also watching the heads of two Central Banks. Is waiting for a key address from mario draghi. Mario draghi and the ecb have really stepped up on Monetary Policy. To what extent do you expect him to push lawmakers to say it is your turn now, what about fiscal policy . Ryan im sure he is going to say that. Im sure he is likely to get asked about brexit, and what that might mean for ecb policy. He is going into a hearing that usually lasts for three hours. It comes down to what the members of the European Parliament actually ask him. Obviously, brexit is the elephant in the room. This happening two days before the referendum. Asked, we can expect a couple of things. We heard janet yellen last week talk about how a brexit would pose a threat, both economically and financially, to markets. I think it wouldnt be shocking to hear the ecb president follow her lead on that. And also perhaps address some concerns about with them i mean for the eurozone forecast, or kind of Downside Risk that presents. These are things he hasnt talked about. If they come up, it would be surprising that it didnt feel like it was necessary to address them today. David that makes perfect sense, although it seems to me that he has to be careful this close to lookote, that it doesnt like he is becoming political and trying to weigh in on that debate. That could backfire. Busy have to be careful about that does he have to be careful about that . Does, and he he sees a way to address anxiety in the market about what if there is a brexit without waiting into that conversation. Into that conversation. He can talk about the tools they had to deal with this. We can talk about the standing swap agreements that the biggest Central Banks in the world have. There are six banks that set up these swap lines back in 2012. Bank of japan, bank of england, snd,ed, the ecb the they can lend money to one lenders if there is a crisis. As likely to be the main tool in the toolkit, along with a lot of verbal intervention if we were to see a brexit. Three hours ago, he got a surprise from germanys highest court, which said some of the program,at the omt another program and hasnt used to deal with debt markets in Distressed Companies distressed countries in the European Union, that tool is allowed. He could use that, should he needed in the longer run to deal with any crisis in the eurozone if we do get a brexit. David thats Ryan Chilcote joining from brussels. We will have to brussels for live coverage of Mario Draghis address to the European Parliament and 9 00 a. M. Eastern. Janet yellen will begin todays days of congressional testimony on the economy. Lets go live to washington and get the latest from bloombergs Erik Schatzker. You get a sneak peek in advance of this, although its embargoed, we wont be able to hear from you until 10 00. As you go into that room, what are you looking for . Erik evidence, or if not evidence, more indication as to why the feds thinking changed so much from the april fomc meeting to the fomc meeting last week. In april, if you recall from the minutes, there were quite a novel of fed officials who thought that by june, it might be time to raise Interest Rates. Last week we had a unanimous vote to keep Interest Rates at. 25 . Clearly something changed. We got a hint from janet yellen last week that the feds thinking thinkinged feds has evolved. Its been doing to adjust to the notion that we are in a new normal or what Larry Summers has termed the secular stagnation. She did say the words new normal. How did the fed get from april to june is a bit of a mystery, and we are looking for answers. I will be in her prepared testimony. Its worth reminding everyone that the testimony comes in two parts. The prepared remarks and the q a. Prepared remarks may give us insight into the feds thinking on the domestic economy and the International Pressures the fed is mindful of, such as the brexit. And when the q a starts, thats when political theater begins. There is no telling what senators will ask her. Typically, in many cases theyre looking to score political points. This is the heat of election season. They are not as focused on the markets, they are not as focused on the daytoday as people like you and me and many of the viewers. The questioning may veer off into a number of different areas. Certainly, it will focus on relation at some point. David senators scoring political points, thats news. That is surprising. Erik schatzker coming from us coming for us from washington. We will cover the starting at 10 00 a. M. Eastern. An update on whats missing headlines breaking news to john. Jonathan justin breaking news. News. Tin, breaking president , the heir apparent, is stepping down from the japanese company. A surprise. One of these companys most profitable deals. The formal google executive and one of the highestpaid Company Officials at the company is set to remain as an advisor, but ofself, the president softbank was that to be the heir apparent. The company just close out one of their biggest deals, and he was meant to take charge of the company at some point in the future. A lot of questions will be asked after that breaking news. Lets get you to speed on the big headlines in first word news. Thank you, john. On capitol hill, the senate blocked four proposals designed to keep terrorist suspects from buying guns. Two of them were offered by democrats, two by republicans. Aresome gop legislators trying to come up with a way to break a yearlong deadlock on then the decision. Hillary clinton plans to bas donald trump. Proclaim him as erratic and unfit to do the job. She points to his Business Record of how we would treat working families and small businesses. Global news, 24 hours a day, powered by 2400 journalists in more than 150 news bureaus around the world. Im at chandras im emma chandras. Jonathan the brexit is two days away, the polls are split. Are the polls even measuring the popular opinion correctly and should you just follow the money is going, as a bookie . I dont think thats what peter orszag does, but will put those questions to him anyways. David this is bloomberg , im david weston. George soros is out of alarm on a possible brexit. He warns about the 20 slump in the pound if britain votes to leave the European Union. Is the us now vicechairman Investment Banking as well as Bloomberg View columnist, peter orszag. Good have you here. Hes also former director of the office of management and budget. Lets talk with George Soross comments about brexit. He said it will be a disaster. The pounded down 20 . As an economist, what do you make of the potential ramifications of brexit . Peter theres a big potential for big problems. Its not just the direct impact, but policymakers around the world dont have the full array of tools that we had available to us in the great financial crisis. Fiscal policy, for example, i find it hard to believe would be able to step in and help out in the way that it did then, now. Is not just the direct impact, is that the firefighting tools the water level is low in the fire truck. David if there were a brexit, what tools would be available to the ecb or the u. K. To try to ameliorate the problem . Peter their Monetary Policy tools that are available, but there are inherent limits to just using Monetary Policy. Even the Monetary Policy tools are not as expensive as they were during the financial crisis, in part because rates are already so low, theres only so much room you can go. Then you were into nontraditional Monetary Policy. Road,eady been down this its not that nothing can be done, its just not as expensive as in 2007, 2008. The capital that was coming into the country, you could see a sudden stop. It sounds very dramatic, but it plays into the debate is happening currently about the Monetary Policy response. The obvious reaction is to raise more stimulus. Theres a debate over they may have to hike Interest Rates. Is that something that would happen, the potential to have to put up rates in the face of that . Peter thats why the fiscal policy dimension is so important. The natural way of getting yourself out of that box is policy, whichal helped to cushion the economic blow and put upward pressure on rates to attract the capital back into the country. As we were just discussing, thats really not happening. David peter, i wonder whether part of that is the reason we are in this drama. The politics are going in the opposite direction from economic policy. Whether in europe or the United States or elsewhere, things cant be done politically. Back ine are stymied, his world of hyper polarization. In the United States, for at least 40 to 50 40 to 50 of the population, Life Expectancy is down. People are frustrated and mad and we are not getting the kind of policy reactions that can make us all better off. David we talk with peter orszag about janet yellen. What should we expect to hear from her . Thats coming up next on bloomberg. Than two hours from right now, venture janet yellen will testify Monetary Policy before congress. Fed chair janet yellen will testify Monetary Policy before congress. Peter orszag is still with us. Tell us now, less than three hours from now. Where is the economy . Are we in trouble . Is meh. He economy not great, not terrible. With growth rates 1. 5 to 2 , you can have bad numbers that are close to zero much more likely that if we were growing at 3 , what a bad number would then be 1. 5 rate. One of the dimensions here is that we are skirting effectively the plane is just very flying, and thats a dangerous situation. David shes focused on employment and job numbers. Time,b numbers are, over pretty encouraging. Both in unemployment and underemployment. The white line is on employment, the orange line is underemployment. They both have been coming down steadily. Is that thead news Participation Rate for prime age people, 25yearold to 54yearold, is not really recovered. And productivity growth is down about. 5 per year. The employment rate has come down, but it is still the case that a lot of people are out of the workforce and choosing not even to seek work. And for those who are employed, we are not expanding productivity rapidly enough. Jonathan i call it federal confusion. No one understands was going on at the fed right now. Janet yellen seems to be shifting to the Larry Summers view of the world. They say only one rate hike for the next two years. Our witnessing a fundamental shift in the thinking of the Federal Reserve . Or are we just hands off for one month and then put things back on the table in the coming months . Peter its a combination. Some downgrading of expectations for the growth rate of the economy, and all that carries with it. , evenll due respect though the polling looks better, we dont know whats going to happen with regard to brexit until the people actually vote and we see the outcome. With a verythat poor jobs number, and its not surprising that the fed is just saying lets hold on for a second and see how this all plays out. We will be reassessing the state of the economy once we get through brexit. We also have the election coming up. I dont think it is surprising that they are in this watch and wait mood for right now. David delicious to taste about health care. You are a student of this give us just a taste about health care. It is starting to slow down . Peter Health Care Costs have decelerate insignificant way. There is a report suggesting that for employers in 2017, the growth rate of Health Care Costs will be of what it was a decade ago. This is improving the longterm fiscal outlook, easing the burden on employers. This is a good news story. David theres some good news. Peter orszag, thank you. Peter good to be here. Jonathan janet yellen in the hot seat. She will testify before the senate in less than three hours. Torsten slok has your preview next, when bloomberg , returns. Jonathan from london and new york, a beautiful picture of big ben in westminster. Its cable making new gains right. 1 . And the ftse off by im Jonathan Ferro, from london in new york this is bloomberg. Futures firmer with dow futures up about 60 points. In london, the ftse gains. Through 10,000 points on a session up by about 45 today. Switching of the board, the pound is t