Records for the three last week. We settle back once again. The gains we have seen were not dramatic ones. It has been slow and incremental progress. Volatility continues to be very low as well. Take a look at the bloomberg. We have vix and yellow and a correlation between stocks in the s p 500. This is something that has been a part of the conversation about low volatility that we were not seeing much correlation between stocks. That was one of the things that was tied in with volatility being low. Correlation appears to have bottomed, at least for the short term, and is going back up to stock movements are a little more tightly correlated we will see if that is indeed a precursor to the vix rebounding at all. In terms of what is moving, to some extent we have strength and financials. Not a future amount, but enough to offset some of the losses we are seeing in drugmakers, for example. Jpmorgan, citigroup, and bank of america are trading higher, along with a bump up in rights, after a relatively stable number in the services report. Treasuries can we are seeing small increases in yields today. That appears to be helping financials. Julia . Julia now to washington. President donald trump kicked off a weeklong push for his infrastructure plan with her proposal to privatize airTraffic Control. He unveiled proposal in the east room. For too manymp years our country has tolerated acceptable delays in the airport, long wait times of the tarmac, and a slowing of traffic that costs us billions and billions of dollars in lost hours and lost dollars themselves. Today we are proposing to take american air travel into the future, finally. Finally. Trumpsor more on critical week ahead, lets go to washington correspondent Kevin Cirilli at the white house. Give us the highlights of what was announced today. The question for me is how likely are we to get concrete action on this . Kevin that is the big question. President trump earlier today joined by Vice President mike pence as well as House Transportation Committee chairman bill shuster in the east room, where they unveiled this outline of sorts of the transportation plan. This really is just a way to privatize regulatory regimes surrounding the airTraffic Control industry. It would give more power to the Airline Industry in order to do this. Supporters of this say that it will cut wait times and make the industry more efficient. But, julia, there is no question it is a big win for delta airlines, american airlines, as well as the Airline Industry, and lobbying for this for some time, a total reversal of policy from the Previous Administration under former president barack obama. It is the start of infrastructure week. They will head to cincinnati on wednesday to continue with that type of language take one look at the president s twitter account and it looks like the president has other things on his mind. Scarlet Something Else we need to keep in mind as well is what republican senator john thune said today. He said getting a bill to President Trumps desk will require bipartisan support as well as consensus among the Aviation Community on the way forward. Kevin, given all of that can what is the likelihood of hybridization of airTraffic Control . Privatization of airTraffic Control . Kevin it will be interesting to see how they pay for it. Democrats say they wanted to chile dollar infrastructure plan. President trump is calling for a 1 trillion infrastructure plan. Says theytive shuster would like to use a repatriated tax fund as a mechanism for funding. That thisalso note will be quite difficult in terms of the appetite for this. Some of said they are not sure the economy could handle the seventh economic stimulus and perhaps theres not much of an appetite for it. Just in terms of tax reform, health care policy, which is ahead of any type of transportation package they would hope to get to come all of that is still underway as well. Meanwhile, top u. S. Intelligence Community Officials are set to ,estify before congress including former fbi director james comey goo Jared Kushner, o has reportedly been of the center of probes for his communication with russian officials, was sitting front row in the eastern, a company by his wife, the president s daughter ivanka trump. Busy week. Kevindefense really cirilli will be very busy this week. Jamie dimon said he is an American Patriot who wants to help the president of the United States. With himdimon agrees on issues like financial reform can he disagrees on other issues, including the Transpacific Partnership with here is what he told our Stephen Engle at the global china summit in beijing. Tpp. Jamie i was in favor of im comforted by the fact that wilbur ross and Steve Mnuchin are negotiating as we speak. An additional trade agreement with china, and im here and they want to do something with nafta. We have wonderful and peaceful neighbors in mexico. To the extent that things are unfair, there are things that are unfair on trade. We think these five or six or 10 have to be a little fairer. Im for free and fair trade and ietimes it isnt fair havent thought about it very much should the United States take part in the agreements that china is pushing for . Jamie i would have, but i havent looked at it in a long time. If they are properly structured and governed, helping nations develop and regions develop is a good thing. If it is done well, i would participate. In americas interest in chinas interest that we both do well to it is not one against the other. It is a mistake to look at it as a zerosum game. How is the u. S. Economy right now . In the second quarter, trading revenue is taking a dip. It is a twopart question. Jamie trading is like a weapon. It goes up it is like the weather. It goes up and down. Gon we do trading, we to clients around the world, and over 20 years, it is going to go up what is it next week or next month . I couldnt possibly tell you. The u. S. Economy has been chugging along, a very long recovery, it is a weak recovery. And there is no great weeks but in the american economy. If you make wise policy decisions it will take a while corporate tax, infrastructure, regulatory reform, and other things can we could grow the economy more. I feel quite strong about it. About china is pushing infrastructure. What needs to be done in the United States . Jamie we have until the major airport in 20 years. And told it takes 10 years to get the average permit for one bridge. We have not built a bridge in new york city we are building one now, first one in like 50 years. I just came from hong kong. It is embarrassing america should get back to building and constructing, its permanent and rules and requirements. We got to get back to a cando attitude about infrastructure. It is our country, and were getting behind, and we shouldnt. It damages growth. The exclusives interview with jamie dimon, chairman and ceo of jpmorgan. For more insight into trumps critical week ahead, lets bring in mike mckee. Hi, mike. As kevin was saying earlier, this isnt new as far as the aviation control hybridization is concerned. Privatization is concerned. The legislation was produced last year. The problem is, it failed in the senate. Why does this have more possibility now . Michael you do have a republican president now in office who in here he could push to get this through. One of the problems with the bill passed or was it remove oversight for the money, appropriations for the faa, because it was a semi private corporation, and the cardinals in the senate, the Committee Chairs who appropriate the money , do not want to lose control. It does not look like they have support for this. It is very personal because the idea of having some Nonprofit Corporation the once you think about our amtrak and the postal service, and they are not anybodys idea of great successes. How this is structured and would thisead, hard to see at point. At least this is a fully formed plan. None of the rest of it really is. On friday come when they tried to reduce the this point. Amount of time to produce permanent, people will get behind that. It will be talked to sell to environmentalist tough to sell to environmentalists. We dont know what he will propose. Perhaps a little like the tax reform presentation they made a month or so ago. Scarlet it seems like there is been a lot less lipservice paid over the last month to infrastructure as opposed to tax reform or health care. In terms ofnow how much the president is going to commit . There was that 1 billion price tag michael trillion. Scarlet where did the number come from . Michael trump would talk on the campaign trail about 1 trillion, but he never proposed a trillion dollars in federal spending, and a lot of people in themichael investment communitt he it, because he kept ringing it up to but his campaign 200 billion to take dollars they never specified where they would get it come but everybody assumed it would be repatriation of overseas Corporate Cash the future took that and used that as loan guarantees and tax credits for private partnerships, so they wouldnt have to take 100 risk on those partnerships, then you auld leverage that up into trillion. There were no specifics on what you would spend the money on. Everybody, including jamie dimon, talking about bridges and roads, but i have not defined what infrastructure is. It is a new internet, electrical grid, security at airports . At ports . Scarlet building the wall. Michael building the wall. Whose infrastructure, who gets the money, how do you pay for it none of that has been answered yet. If they could answer some of those questions, maybe they could get some bipartisan support. Julia probability of that in 2017 . Michael oh, in 2017, probably nothing, unless they put aside 100 billion as part of another bill to do a direct spend. They will not get any kind of Publicprivate Partnership deal this year. Julia 2018 . Michael it is a possibility because members of congress are running for reelection julia aha. Andael and they like dams roads they can point to and say i did that. Julia or at least talk about it. Now lets check on first word news with mark crumpton. Mark julia, thank you. 2 of the three men suspected of carrying out this weekends terror attack in london have been identified. Please kill all of them at the scene. Police killed all of them at the scene. One of them, 27 year, was reportedly known to authorities, but Authorities Say there was no evidence was planning an attack. Police are working to identify the third man. ,he british Prime Minister theresa may, is signaling she will seek new powers to root out terrorism. A tough line the day after the attacks in london the left seven people dead. Those attacks occurred as the u. K. Prepared for thursdays election. The prime and mr. Says that stamping out terror will require Prime Minister says that stamping on camera will require difficult and often embarrassing conversations. Labor Party Leader Jeremy Corbyn attacked her record as home secretary. She pointed to her cuts in Police Budgets and warned that you cannot take the public on the cheek. Militarysays operations to drive Islamic State out of strongholds in syria the u. S. Has been arming syrian kurds for the operation in the city of raqqa. Turkey considers those forces to be terrorists, and they are worried that the weapons will end up in the hands of turkish kurds who are fighting for autonomy. The decision by saudi arabia, egypt, bahrain, and the United Arab Emirates to sever diplomatic ties with qatar should not have any impact on u. S. Military operations. Central command says there are no plans to make any changes. Central command and its 10,000 u. S. Troops are based in qatar. The country has accused qatar of supporting terrorism. The u. S. Supreme court has agreed to take up a major Digital Privacy issue. It will consider whether police need a warrant to review records from cell phone towers. Law enforcement often uses such records to track the locations of suspects. Recent High Court Rulings have been protective of Digital Privacy rights. Global news 24 hours a day powered by more than 2600 journalists and analysts in over 120 countries. I am mark crumpton. This is bloomberg. Scarlet . Scarlet we have some breaking news. The white house is saying that President Trump will not exert executive privilege for james comey. The former fbi director will be testifying, or at least is scheduled to testify before the senate on thursday. There were questions about whether the white house would claim executive privilege. It comes out from the president s spokeswoman, Sarah Huckabee sanders, that the white house will not do so. Coming up, we go live to san diego, california, with highlights from the Apple Worldwide conference, including tim cooks introduction of a new operating system, ios 11. You can follow all the news, analysis, and Market Reaction on the bloomberg. This is bloomberg. Julia this is bloomberg markets. Im julia chatterley. Scarlet im scarlet fu. Aside from the new iphone launch, it is apples biggest event of the of the year, setting the stage for hardware and software that will hit the market in the next year and a half. For more on what has been unveiled so far, lets go to johnson in san jose. There is the headline on the control center, new map features. What has been the biggest take away for you so far . Them i was thinking about working all year long trying to make stuff better. Little things that are so complicated to do apple unveiling today. Theof the big focuses is, imessage functionality. An interesting thing they unveiled is the ability to send money via imessage and apple pay. I owe juliee 100. U 100 for drinks and i can respond to tonight i had that much, and it is part of paypal, and other Companies Like square are involved in payment systems. This is apple going right around them to get another business line, and you can see them thinking about that as another way to do services with the announcements they did today. Julia i want to talk to you about siri, and updated voice comes with that will sound better, too. Wondering how that will integrate with the home, challenging the likes of amazon and google. What have we put on that so far . Cory literally talking about that right now, the way theyre using messaging to control the home app. Dont really know if it will be a separate product or on the phone itself. With siri more incorporated into the macintosh, ipads, and the iphone as well that is a bellringing on a train here, case,rail train in any it is a sign that they are competing with android and these devices, and they expect siri is there a girl on all kinds of things as they relate to artificial intelligence. Scarlet go back to the map function. A lot of criticism has been levied at apple in the past about not making that more userfriendly. Why is it so significant for apple to make this work . Cory part of it is making sure that the phone is centered and one of the things they announced is a lot of internal mapping. 30 airports across the country. Trying to find ways to get ahead of google, and 3d mapping as well. It is a place that apple has invested enormous resources, and they think they can win this one in the long run. Julia i just want to ask you as well above what we have heard so far about augmented reality. A lot of questions being asked about how the bush is when you look at the software developing or the hardware, the new announcements they have made today, if there is a symbolic message here from apple that we see this is the future and the way we are headed. Cory i think some symbolic i think symbolic is a good way to put it. Ahead the demonstrations in the last hour was they had a game developer on a set and she was usinga vr device to build a world star wars world in this case, she is a lucasarts developer and she is showing new things created on the screen. They are thinking very much about these Virtual Worlds and 3d worlds, designing in them and with them. It was fascinating to see and that is how they are focused on apple right now. Scarlet cory johnson reporting from san jose, california. We will keep you posted on headlines that come out of the apple developer worldwide conference i have that the other way around, the Apple WorldwideDevelopers Conference. Julia we get it. You can follow all the news and analysis and Market Reaction on the bloomberg. From new york, this is bloomberg. Scarlet this is bloomberg markets. I am scarlet fu. Julia im julia chatterley. Time for the biggest business stories in the news right now. Technology companies are refuting Prime Minister theresa mays claims that they provide a safe haven for terrorists. Facebook says they want to be a hostile environment for terrorists. Google says it has invested several Million Pounds to fighting them on the platform. There are calls for greater internet regulations following this weekends london terrorist attack a Billionaire Hedge Fund manager is not as bullish on President Trump as he once was. Linkedin post