The way of providing direction for investors. Joe people didnt expect much and he didnt deliver much. Matt except for confusion. Joe the streak of days without a move continues. Look at the take a losers today, we did have a down day, although it was slight, the losers are the stocks that have been the big winners lately. Apple down 2. 6 , one of the biggest drops for apple on a day after it revealed a new iphone will stop ibm down 1. 6 . Stocks areic tech down. Also, real estate scarlet has been showing this chart and we know financials have done well. Reits have been the big winner they are among the big losers. Joe on the Government Bond market, yields are higher across the board. Not a ton of data, though we did get initial claims that were solid. The ecb not expending qe and perhaps adding pressure on rates. I want to look at russia because that is quite a turnaround story. This is a fiveyear look at russia yields and you see back in 2013 with the peak crimea stuff, much higher than now. Completely erased a lot of the anxiety and turmoil of the last couple of years and real quickly, lets look at the german bonds yields higher on the day. You see the jump early in the morning on the draghi affect. No particular urgency in terms of expanding government on buying there. Hoping investors were for some hints that they did not get and you see higher yields will stop scarlet im focused on the euro. It climbed to a twoweek high after the ecb didnt do anything. No change to the qa program. Adjust forecast inflation lower. Matt as he said everything was going fine. Isrlet the interpretation hes passing the baton to the politicians saying you have to do something. The path of least resistance was higher for those gains faded. The mexican peso with leading losses among currencies. At an intraday chart of crude Oil West Texas having a strong day, up over 4 . On see the news, a big surge the news of next ordinary large inventory drawdown, suggesting supply might beginning tight again. Scarlet those are todays market minutes. You can find all of these charts using the function at the bottom of your screen will stop im looking at valuation versus volatility. Global stocks are starting to look like victims of their. That is the all country world index p e ratio and is at their highest 2010. That is smothering market volatility. Cause andessarily effect, but you can see it moving. 30 day volatility is the blue line and it has come down. We have a lot of uncertainty and the ecb is one source of uncertainty, but the fed and what it is looking at exit did seem to provide a bit of a temporary. T was the surge in volatility lasted for six or seven weeks. We got some good data with initial jobless claims will stop i want to show a chart i havent looked at in a while. The yellow line is the s p 500 and the white line is initial jobless claims inverted. The reason i like this chart is not to say the s p tracks initial jobless claims perfectly, but any time someone says all the gains we have seen our fictitious and theres no real World Economic improvement, look how nicely the come back in to realet does respond World Economic improvement. Scarlet it is rooted in reality. Joe and that chart shows it nicely. Matt the labor picture is Getting Better here both here and in europe. I clicked on this story today and it apprised me. Irish debt is being driven down to incredibly low yields. Action land off auction off another billion euros and investors paid the lowest amount investors accepted the lowest yield ever 0. 33 , which is strange because you would think since they are embroiled with tax battle over the apple bill and the way ireland taxes companies in general, that investors would be more nervous, but the greater fool theory may be at play and they might think the ecb is the greater fool. Joe ultimately, people want to park their money anywhere they think it is safe. The ecb kept its Interest Rate unchanged and decided against extending the duration. That was disappointing to markets and people hoping for more stimulus. Should it the about fiscal expansion or is there some other method . Lets talk to the owner of Stellar Consulting and a former imf division chief. Thank you very much for joining us. All around the world, theres a lot of talk about do policymakers need a new model for stimulating the economy . Should it be more reliant on fiscal and more reliant on the standard tools of Monetary Policy or post crisis extraordinary tools . Is it time for policymakers to pass the baton . i would say conventional Monetary Policy is basically at its limit. We are really thinking if we want further stimulus to the economy, its going to have to come from the fiscal side and that is what is important to understand when people talk about helicopter money. Joe lets drill into that because everyone is talking about helicopter money. If you do a search, youll see a surging number of stories about it stop but you have written about how people dont seem to understand what it is and you argue in your writing that it should we understood as a fiscal tool, not as much of a Monetary Policy tool. Explain that further. Peter is basically a consensus of the definition of helicopter money. A permanent fiscal expansion finance with a permanent increase in Central Bank Money better known as bank reserves. A is well accepted that it is fiscal policy. The controversial part comes from the financing aspect and the financial aspect of helicopter money is that it is financed with bank reserves. That leads to a very important problem and that is with central bank independence. If we were to employ Something Like helicopter money, we would be bringing into jeopardy the independence of the Monetary Authority which is a big negative side effects and a big hangover from doing that. The reason ive written about helicopter money is i dont think its necessary for a permanent expansion to be finance with money. Theres nothing special about Financial Bank reserves. You are much better off financing a helicopter drop with long treasury bills or notes. Matt i have just run the search that joe suggested, looking over the bloomberg and hundreds of sources for stories on helicopter money and fiscal policy. If you check it out, fiscal policy is the orange line and this goes back over a year. Helicopter money is in white. People are talking a lot more about helicopter money surprisingly more than about fiscal policy. Joe by your definition of helicopter money, or the bush rebates, when they sent a check to all taxpayers, is that in line with your definition of helicopter money . Peter that is called helicopter bills or bonds. Yes. Viewed as a permanent expenditure, not going to be orance with future taxes expenditure cuts, then thats a helicopter drop. That is way to finance through the normal way you would finance any fiscal deficit will stop what im critical of is the obsession that this fiscal stimulus would have to be financed with an increase in anchors earth. Thats where i have the problem with concept. That it is really the financing side. Matt what do you think about the difference of helicopter money in japan, the u. S. And europe, or is it one and the same . Peter heres the reason im focusing on helicopter bonds. We are currently in a world where banks and Global Financial centers have more than 7 trillion in excess reserves. Basically we have more than enough reserves. Trillion of those reserves are in use for the financial system. At the same time, we have a Strong Demand for safe assets, treasury securities, and you can see that will stop we dont have a good measure of what the excess demand is for safe assets as we do for bank reserves. You can see that with about 10 trillion in sovereign reserves. They are saying i will pay you and lock in a guaranteed return if you issue that. If you do the fiscal expansion, it really makes sense. Excess out these reserves for treasury securities. Thank you very much for joining us. Coming up, Coldwell Banker ceo joins us to discuss their latest survey on regional u. S. Housing. Which heart of the country is dominating that list . This is bloomberg. Mark im mark crumpton. What get to first word news. powell says he never tried to influence Hillary Clinton on email use during her tenure at the state department after a newly released exchange between the two former secretaries of state democrats claim provide a detailed blueprint on how to skirt security rules. Powell accused the team of trying to pin her private server use on him. She reportedly reached out to powell for advice on balancing the need for quicker coming occasions with security issues. Nominee Merrick Garland return to capitol hill today. He met for a second time with the top democrat on the Senate Judiciary committee, patrick leahy. ,he Senate Republican leader mitch mcconnell, has shown no signs of wavering from his position to let the next the replacement for Justice Antonin Scalia a who died in february. California will more Greenhouse Gas emissions after governor jerry brown extended the nations most ambitious Climate Change law by 10 years. He signed the legislation at a park in los angeles. The law is opposed by the oil industry, business groups, and republicans. It sets a new goal to cut emissions 40 below 1990 levels by 2030. The battle to retake the iraqi town of muzzle from Islamic State could begin in weeks. The new commander of American Forces in iraq and syria says at least 3000 Islamic State fighters remain in moz all cory 6 in mosul. Global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 news countries around the world. Im mark. This is bloomberg. Scarlet whatd you miss . For the third time in five years, Silicon Valley ranks as the most expensive waste to live in the united states. Saratoga, california is the most expensive market for a four bedroom, two bathroom home. Charlie young joins us. In your research, you have found california cities made up 10 out of 10 of the most expensive u. S. S in the the Tech Movement is part of this story, but its not the entire story. Charlie its location, location, location. U. S. Thethe report looks at four bedm two bath homes in markets across the united states, so we are looking at an apples to apples comparison. Thats a better way for a consumer to look at housing from that perspective. Youre looking at a locationbased issue. Lots of outdoor activities. You can be out doors. Joe are you seeing any signs of they are amongf the most expensive . There have been signs of cooling off at the highend of certain markets. Are you seeing that . Charlie what we are talking about it is an aspirational home for an american emily. Saratoga would not be right for every American Family and we can talk about that and how those Tech Companies are dealing with it. In the ultrahigh end, theres a change happening. A super agent at of Coldwell Banker in Beverly Hills said foreign buyers are not there. American buyers are coming back into the market. The big agents for Coldwell Banker, same story just a different mix of buyers happening at the ultrahigh end. I have to double take when i look at these numbers. If you showed me this as a kid, i would not believe silly people are willing to pay charlie is a four bedroom two bath home. Matt i pulled up a chart of the case shiller indexes for San Francisco, for portland, denver and new york. Rollingsee we have some over in the last year. Coming off a little bit or at least not accelerating as much. There doesnt seem to be any end in sight or the gains in portland and denver. It to be in the right place . The issue isink ultrahigh end versus the average home in america. The average price for that home 130020,000 will stop markets, you can get at that price point or lower. You are seeing the very high and and how its going to affect that pricing curve. I want to talk about other cities side of these tier one cities. I know people are talking about wanting to move to North Carolina or chattanooga. Some of these cities that are not new york or San Francisco. Charlie theres a term 18 hours cities. Is wanting to move into the market. If you look at the most affordable lists, detroit michigan, you see that downtown detroit area is seeing a real resurgence. The younger buyer likes walk ability and the pro sports teams. That may be an extreme case but you are seeing it across the country. Joe charlie young, Coldwell Banker real estate ceo. Scarlet Hillary Clinton is calling for republicans to put country over party. We have more of her comments. This is bloomberg. Joe whatd you miss . Them a credit president ial candidate Hillary Clinton spoke to reporters on an airport tarmac in new york and slammed her republican rival, donald trump, over his chris is u. S. Military leaders. To clinton this is a time put country over party. I would be saying that even if i were not running against him. We have never been threatened as much by a single candidate running for president as we have then in this election. Matt here to highlight the politics our bloomberg reporter here from washington. Thank you for joining us. Hillary and donald have been bashing each other back and forth. Have either of them said anything of substance the on campaign speak . Today, Hillary Clinton pressed the message she has been pressing for a long time by arguing donald trump is manifestly unfit to serve for president. She went after his remarks that were all over the place, not particularly substantive and reiterated some of her policies in the stuff she has been talking about for a while. Hillary clinton driving her message that republicans should consider voting for her because donald trump is unqualified to be president. Joe there has been a lot of anger and frustration about last nights nbc hosted event, particularly at the perceived lack of toughness from matt lauer. It reminded me of some of the that the mexican president had a platform for trump to look good. Seem to keep slipping away from opportunities to pin him down in public. What are people saying about the inability to get him, so to speak. Criticism from a lot of people that people who have interviewed trump have not been able to pin him down on policy or asked him questions that would expose his knowledge gaps in terms of policy. What a lot of people are criticizing matt lauer for specifically is not pointing out when donald trump claimed he opposed the war in iraq from the start,. Pointing out that he did an interview in 2002 where he said he unequivocally supported the war. Donald trump has been playing fast and loose with this one. Everyone knows Hillary Clinton supported the war in iraq and now is a big stain on her president ial campaign in 2008. What was not pointed out was that he has not been consistently opposed to the war either. Scarlet what i found unusual was Hillary Clinton hosted a News Conference at the airport. She doesnt usually do things like that. Thise going to see more of in the final 10 or 12 weeks of she decided . Guest last week she would let reporters travel on her plane. She did a gaggle where she spoke to reporters on her plane. She rarely talk to travel reporters on the trail and donald trump responded by listing his lifting his media blacklist. People he has shut out are finally able to cover him. I think theres a healthy competition between who can be more press friendly. Next, the nyu this is bloomberg. Mark im mark crumpton. Lets get you first word news. A new poll shows donald trump beating Hillary Clinton decisively among white voters who dont have more than a high school education. Trump is back i 55 of whites with no more than a High School Diploma compared to 33 for clinton. Whog all likely voters havent gone past high school, clinton leads trump 47 to 42 in a twoway contest. A stunning turn on Morning Television for Libertarian Party nominee gary johnson who is trying to gain traction in the race for the white house. Aleppo was asked about and his response what is aleppo . After that interview, he told Mark Halperin of Bloomberg Politics that he needs to learn more. In only surviving suspect the terror attacks in paris is refusing to speak to a judge. He is apparently frustrated by 24 hour surveillance of his prison cell. His Attorney Says he is not obligated to explain his violence but that is obviously linked to constant surveillance. 130 people were killed in november possible tax. As we approach the 15th anniversary of the 9 11 attacks, the lag raise at ground zero has been found. It was lost during the cleanup of the area. It was found in everett, in 2014. N forensic analysis confirmed its authenticity. The flag is back on display at the nationals of number 11th memorial and museum here in new york city stop new york city. Global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 news countries around the world. Crumpton. This is bloomberg. Scarlet lets get a recap of todays market action. Kle