Hours, lets get a check on where stocks are trading with julie hyman. The big note big news coming after the market close on friday. We knew that the healthcare bill would get voted on, but we had an initial reaction that has faded. Julie it has been fascinating watching the reaction evolve or people make sense of it. This is something we have an having an ongoing discussion over as well. What does this mean for tax reform, according to investors question mark how important is it that it get done by a certain time and on a certain timeline for the markets and will the rally stop at some point if it doesnt get done . Today the assessment of these questions is relatively benign if you look at the market action. We have indeed come back from a deeper deficit earlier in the session out of the gate this morning. The nasdaq was up as much as one quarter of 1 , moderating those gains, but we are not seeing a big selloff in reaction to the Health Care News from friday moving forward to the prospects for tax reform, but we are still seeing somewhat of a risk off turn in the markets that is being seen in commodities as well. Nearly got spot gold of 1 , from the minors concentrating on gold, they are doing well. Copper futures earlier were down more. This is another example of the moderating of the risk off trade. 5 , coppergold, down mining outweighing whats going on with gold prices. In stock news we have been watching that big, big chemical merger that got approval between dupont and dow, basically the two companies had to make a number of concessions to win eu approval. Both the stocks trading higher today. In commodities we are watching weatherford today after the company was picked by partner inr as its taking on halliburton. One of the best performing stocks in the s p today, of a by 7 . Up i 7 . Scarlet up by 7 . Scarlet thank you. Holdingsean spicer is his daily news briefing right now and says that President Trump is serious about working with democrats and says that trump doesnt think that this is the end of repealing the Affordable Care act. For the latest, lets go to jennifer epstein, who is there in d. C. Comments on health care, looks like perhaps the white house is ready to regroup. Any idea on what that would entail . Jennifer there has been out reached her publicans and democrats alike to move forward, if there are specific issues, not a full bill, but issues where if there is some kind of coalition that would involve members of both parties coming together in some way. That sounds like one thing. Spicer also pointed out that the obamacare process took 17 months to go from kind of the early stages of the Obama Administration all the way to implementation. That, that is kind of what they are trying to see now. This is just one step in a much larger process in yeah, it didnt work out, but there is still a long way to go. Scarlet the president , active on tweet on twitter, saying that democrats are smiling today that the club for growth has saved planned parenthood and obamacare. That was sent out yesterday. You mentioned sean spicer said that the president is serious about working with democrats on health care, on other agenda items. To what extent is he thinking about working with the Freedom Caucus on these items . Jennifer it might be harder for him to get unified Republican Party, to have a full up or down vote on Something Like a health fullbill, to get the support of the Republican Party, which is more or less what he would need, minus a handful of members in the house anyway. The senate, you know, thats a whole different story, but hes realizing that going the purely partisan route might not get him to the point where he can actually pass more substantive legislation. So, he has to kind of look outside these other places. Again, remember, after he won, and again right around the time he was inaugurated in january, there was a lot of talk about the president may be reaching out to democrats, joe manchin, Heidi Heitkamp and other sort of moderate democrats, especially the ones up for reelection in 2018, they have been at the white house, they were at the white house at the beginning of the administration but havent been back since. It will be interesting to see if he tries to bring in more democrats this week or if he is really going to make that a real thing or if it is really just all talk and no action. We heard from attorney general sessions addressing sanctuary cities that dont abide by the law. Any idea of this is going to be taking it to the next conversation point . I think this is one effort by the white house to try to distract a little bit. The executive order that sessions was talking about there was something that the president signed right after he came into office, making it so that localities primed for doj money have to abide by sanctuary cities laws, which is to say that there are sanctuary cities and you cant in those ways, and that is nothing new, so it just seems that this is a way for the white house to try to start changing the sus subject away from tax or form as they are you charges soon as the same reform in any detail it gets complicated and there isnt really any agreement, even within the Republican Party about a loan in washington more broadly. Devin nunes, the congressman from california, at the white house today, did sean spicer say anything more about what the latest is there . So far we are waiting to her more on that, but what we have heard so far is that noon you as, who came less wednesday to meet with President Trump, was also on the grounds of the white house, it has been confirmed and reported by him, came to the grounds on tuesday, which was where he was able to get that classified information about potential surveillance involving potentially members of the trump transition team. Thats really all that we know at this point. The white house so far would only say would only go to congressman nunez if you want more information. Oliver all right, jennifer epstein, thank you so much. Briefing isa press taking place right now and you can catch it live on the bloomberg. You can check out everything that is happening with current and past interviews on tv. Scarlet we want to turn to the treasury market, 13. 9 trillion dollars. Brian joins us now. We are talking about japan here . Japan is the largest holder of treasuries, 1. 1 trillion of the market, they hold the keys to whether the market, the treasury market is in a bold their debate right now. Bears been this bull debate right now. Basicallythe clout to sway the market one way or the other. This was a big element of it, foreign buyers looking at u. S. When as a way to get yield their own was not offering much at all. Is this marking sort of the end of a trend . Is it about the yield with japanese bonds getting closer to something more tenable . That is what we are watching out for, seeing of these flows will go. Basically the hedge deal for japanese investors was 0 on a treasury bond and now it is almost close to 1 . Are that theys are still not really buying, even though the domestic aunt yield is 10 basis points on a good day. So, they are basically shunning treasury at the wrong time, because it has never been more attractive to hedge away the currency risk. Scarlet the reason they are doing this is because they got burned in the election . It was one of the biggest declines in the index since its existence began and 80s. If you are accepting expecting stability and you suffer costly losses, youre not willing to go back and very soon. To what extent are japanese investors represented . Or are they more outliers, more riskaverse . A good question. One investor said he was expecting the fed to hike seven times from now until the end of 2018. Pretty aggressive, given where the market is pricing in three hikes. There is this divergence of monetary and fiscal policy giving Bond Investors a positive. Pause. Oliver is this going to be something that they can debate, where you point out on the chart, hedging is now something that isnt necessarily going to break the bank . Brian the interesting thing is that they are sort of caught in limbo, this range on the 10 year , and all of a sudden they dont yields buy 23, because are going up in the u. S. , but then it confirms their fears that yields are going up. They are sort of caught and not really sure what to do. Thats what the strategist who was just in tokyo said, there wasnt any clear direction as to where to go next. Scarlet we should mention the timing. How will that play into the positioning . There is a lot of scrutiny on what is going to happen to the flow, starting april 1. This is the end of the fiscal year, the books are closed, generally it has been by domestic in march and then potentially add foreign Bond Exposure in april. Some indications are that it may be more tepid this year. We will be watching out on how, historically, the year is going to be. Scarlet all right, thank you so much. Lets future check on the first crumpton. With mark mark thank you. Attorneys of President Trump want the court of appeals to put on hold the Lower Court Ruling that blocked the revised travel ban while the Court Considers the appeal. The Administration Says that the nationwide injunction blocking it is fatally overbroad. A oneweekave forced delay for the Senate Judiciary vote on the Supreme Court nominees. At least 15 democrats and independents, led by chuck schumer, have announced their opposition to judge neil gorsuch, but he has solid backing from the republican majority majority. They will vote on the nomination april 3. The government of theresa may is bracing for a brexit\. Three senior members of bloomberg that their biggest single obstacle is an emotional reaction from the european union. One of the official says that the Prime Minister has not worked hard enough to charm the leaders. In russia it appeared to be the largest antigovernment demonstration in the country since 2012. Thousands of people gathered to protest official corruption. The Opposition Leader had called for the demonstration and was detained by authorities and has now been jailed for 15 days for disobeying their orders. Global news, 24 hours per day, powered by 2600 journalists and over one hundred 20 countries. Im mark crumpton, this is bloomberg. Scarlet question mark scarlet scarlet . Scarlet from new york, this is bloomberg. This is bloomberg markets. Oliver Congressional Republicans are eager to overhaul doddfrank, but theres one part they wouldnt mind putting off, a provision that affects banks and retailers. Joining us from capitol hill is elizabeth, she covers Financial Regulation and congress. This is a fascinating story, the republicans have obviously talked a lot about gutting out they haverns to decide who to offend. Elizabeth this gets to the heart of why the credit card industry can be so lucrative. Thanks and Payment Companies like visa and mastercard charge a fee every time a consumer uses a credit or debit card. Its a small percentage that adds up to billions for the firm. Retailers dont like his feet. They think it is unfair and have been fighting for years here on capitol hill, as well as in the courts, to change it. They scored a big victory in 2010 when there was a provision added to the dodd frank act that cap to the data card fee, specifically. Now, here on the hill, as lawmakers in the house debate a broader overhaul, banks are lobbying very aggressively to durbanand get rid of the amendment, as its called, the cap on debit fees. On the other side, retailers are lobbying very hard to keep the law as it is. Stuck in the middle are lawmakers on both sides, democrats and republicans, who either oneto offend of these important constituencies and political donors. Clearly scarlet this is something that will be very contentious and both sides are making vigorous arguments to congress. What are the arguments . Elizabeth retailers think that the credit card industry and how they set the fees is not fair. They want to keep they say that this is the law and it should be kept as it is. Banks argue that the durban itndment hasnt done what said it was going to do, which is reduced prices for consumers. They also argue that banks have seen less revenue, have had to make a lot of changes to their own business as a result of this , and so what is interesting about this is that the data is conflicting on both sides. The impact ons consumers and whether or not limiting these fees translates to lowercost for consumers of the register. What is clear is that the pot of money, so to speak, will either be going to the Banking Industry or the retail industry. The first step that lawmakers have to choose is which one is that . Who is the biggest beneficiary or loser . Has the most at stake . On the banking side its the biggest banks, all the way down. This is something that unites the Banking Industry on capitol hill. Credit unions, small banks, community banks, they would like to see this changed. On the retail side, the same goes across the spectrum. What is at stake for retailers . It affects small businesses, restaurants, really any business across the country that accepts a debit card. How does it move forward if both sides are vigorously far apart . Elizabeth we have yet to see the financial choice act, the package of mega slip legislation that seeks to overhaul the dodd frank act. The updated version is expected to come this year. It has been delayed in that we havent seen its reintroduction. From there, its sort of, aside from the fact of the prospect around the swiping fees issue becoming law, its a very likely chance that lawmakers in the house are going to have to vote on this issue of fees, depending on how they move forward in the house. Whether or not you included in the financial choice act or not, any vote or public stance that lawmakers have to make is of consequence in this sort of broader, decadelong fight over these interchange fees, as well as specifically when it comes than two debit card fees. Scarlet thank you. Oliver still ahead, down to the final four in the ncaa basketball tournament area and we will tell you which other investment titans are right on the heels of the leaders in the challenge. Thats next. This is bloomberg. Scarlet this is bloomberg markets. Oliver time for the business flash the biggest news of today. Pimco, that the money manager was ousted one year ago and the suit was filed. Pay 8 million to pay the claim, which will be donated [no audio] according to a person familiar with the matter, they ,greed to pay 80 billion donated to the billionaires family foundation. The new octane memory package will be programmed 14 five that 14 times faster than the standard drive, and attempt to diversify Revenue Sources the on processors for servers and personal computers. After just one day, the South African president ordered the finance minister to a weeklong andshow meeting in london the u. S. Raising concerns that the embattled leader could be preparing a cabinet reshuffle. Having left with the business ,eaders that clashed with him they will continue to meet with investors. That is your business flash update. What happened over the weekend . The final four is now set. It or break your bracket . Up t mine was broken oliver my broken along time ago. [laughter] scarlet if youre going to be our kt, you can track our celebrity leaders. Leaders . Participants. Thats a good word. Melissa and company, in the Charity Event that he would give win,oney to, if he should all doing well. If you look at the brackets, though, heres whats interesting. He had wait there we go, he picked kansas to be the champion. Oliver its hard to win unless you get the champion or a bunch in the final four right. Pick,gon is a part of his but not many people actually got close to that area some of these celebrities did retain investment knowledge. Im looking at jim chanos right now, while he doesnt have the file, he did short kentucky, which was a good move. He is, of course, the big shorter there. This is still shifting around a lot as we go into the final round, we dont have the top four, the final four, or the winner, so it will be tough to win. If you want to see it it willn the bloomberg, close soon. In july,rst months what could reverse a new trend . From new york, this is bloomberg. Careful joe, theyve got you outnumbered. The dinosaurs extinction. Dont listen to them. Not appropriate. Now im mashing these potatoes with my stick of butter. Why dont you sit over here. Something for everyone is awesome. Find your awesome with the Xfinity Stream app. More to stream to every screen. Thank you so much for that down home welcome. Show me female vocalist of the year. Thank you so much. Thank you so much acms, i appreciate it. Show me acm best moments. I could never have wished for, asked for and dreamt of anything more than this. Catch your favorite moments from the acm awards and an exclusive encore performance by Kelsea Ballerini following the show on xfinity x1. The acm awards. Live on sunday, april 2nd 8 7 central on cbs. Commodity markets are closing in new york. We begin with metal. Gold is gaining on the day. It is up by. 6 . The failure President Trump and House Republicans to pass obamacare replacement bill creating demand for haven assets. The falling dollar helping to boost gold prices. If you take a look at a longerterm chart. You see the gold on an intraday basis approaching a key technical level. , goldenterm trendline yellow here. Tested that level back in late february but last time, it was above that level before the election of donald trump. It didnt really stay there for very long. It was there for almost a month before plunging below that level. Right now, we will see if it gets past that and it could turn the trendline into support. Opec members say that they will consider an extension of production cuts after the meeting. It is too early to talk about an extension. Oliver in new orleans today, alix steel jus