After democrats succeeded in blocking judge gorsuch. Thousands of south africans to mr. To peacefully today, calling for the resignation of jacob zuma. The presence dismissal of the countrys finance minister has corruption. Rns over the Nobel Laureate made a rare public appearance to support the protests. News 24 hours per day powered by 2600 journalists and analysts in over 120 countries. This is bloomberg. Scarlet live in bloombergs world headquarters. Joe we are 30 minutes from the close of trading. Heading the dollar is for its best we can two months. Joe the question is what it you miss . Scarlet the lowest level in almost a decade, but it could signal steady progress. National Economic Council director gary cohn ways in. Increased tensions with syria. A missile strike in syria is putting moscow and washington at odds. We will hear from the dean of the John Hopkins School of advanced International Studies next. Early growing pains, the chump administration and congress have yet to reach an incentive on tax reform. We speak with david perdue of georgia. Lets look at where the major averages stand. Abigail doolittle is standing by. Were looking at mixed trading action. Very similar to what we saw. Very small gains and losses. We had big or small gains now that the nasdaq was up slightly. Seeill be interesting to where the major averages. Today as itnds on finishes higher today. A little bit of mixed trading action. A disappointing payrolls report and earlier we had all the hatings trading higher. Plus the missile attack in syria. Very interestingly they are not higher. We have the dollar index, which is very much a growth asset. In either case it is at its highest level. Haven bonds are at are selling off. The 10 year yield is up for basis points. Been up 1 now up 3 10 of 1 . The dollar up against the yen. Now kind of mixed unchanged. It is interesting to have that mixed with the action we are seeing. Investors not knowing to make of what is happening this week, including those fed minutes. One sector making a clear directional move, we have all the fed stocks trading higher. We did speak with the Bloomberg Intelligence analyst about half an hour to 45 minutes ago. He thinks this is a visceral reaction, that unless the profit outlook would be boosted, a unless theion profit outlook would be boosted in some way, that again it is more of a kneejerk reaction. There is some chatter that perhaps that missile attack in syria will help President Trump gain the additional 30 billion he has requested in defense money. That would affect the profit outlook. At a look this is out of the election. We have the s p 500 in white. A bumpy and bullish ride. Activity we rebound have seen in so many different asset classes, including the 10 year yield. We see it here for the defense contractors. On a rally today, it appears may be that will break out to the upside. They are outperforming the s p 500 out of the election. Joe thanks, what did you miss . Our guests at about the ramifications in the market on syria. Joining us now for his take, dean of john hopkins university. Thank you for joining us. Do you feel like you have any sense of what a followup would be here . Expect to see more strikes in the coming days or weeks. It is much more free domestically motivated action. He lost go down a withof getting into a war the outside regime or confrontation with russia. Theink he hopes that russians will control a sod, that there will be no further provocation and that this will be a single punitive action punitive act that will require no further intervention. Scarlet has his action made a diplomatic solution all but possible . It makes it more difficult to talk to the russians because they are angry. The russians know the provocation came from a sod and of course they have to talk tough, because otherwise they lose face in the region. Are trying to beat their chests and look strong. It may get to a point where they find a solution to this conflict rather than to risk another confrontation with the United States down the road. A sod doesnts of change his behavior and we see more atrocious images, such as the one that spurred these airstrikes . I dont think he will do this again. Largely because he didnt even need this airstrike. Movingon the ground were steadily and clearing and taking ground and airstrike largely to test with United States interested in intervening, or he was trying to force the capture at a much faster pace. I think to continue to eat up New Territory one village at a time going forward, i dont think a sod would like to get the United States in this conflict. In hearingrested what you think the region response will be. The latest stage i dont think the islamic state. Until now they had seen a United States that was not willing to intervene in syria regardless of what the atrocity or the a profit occasion or the provocation. Iny can conceive a scenario which the United States may get engaged and push back against russia and iran. And likely they will take part in this. Turkishee a much older attitude and that may escalate the conflict. Joe you are talking about in an ideal scenario russia could control a sod control assad. To the have the tools and inclination to diffuse things and get him to behave more responsibly . Guest they can get him to not use chemical weapons. I dont think the russians want to become provides on the future of syria in a way in which he would have to step down or russia would have to give up on what they have gained. The russians are playing this game like they are in the middle. D loses or false or leaves, it would be a diplomatic defeat for putin. It would make it more difficult for him to posture as a world leader. There is no way in which i see the russians would back away from assad. They will try to determine the United States from doing anything further. Crisis management in moscow. It is not a change of strategy or policy. That al you made it clear russia is behind him. What i find interesting is the u. S. Had made pretty clear that there were not intend in ousting him. Step back, take a what is the logic behind the chemical weapons . What had he hoped to accomplish . Either he was testing the United States or had come to the wrong conclusion in which the u. S. Wasnt going to come in with regard to what he does. Finally he thought to demobilize the opposition. It was a strategic mistake. He is gaining on the ground without meaning to do these things. This now has created a competition for him. It has got the United States closer to some kind of involvement. Dont know phil was a coincidence coincidence or not, unnoticed that President Trump was meeting with his chinese counterpart and one of the key sources of tension was the situation in north korea , what do these actions indicate about how the u. S. Will attempt to pursue its interest their . Obama refusedent to enforce the redline in syria, it caused a great deal of andppiness in korea japan southeast asia. He was understood that the unit since is not willing to enforce its own redline and very difficult to persuade the chinese and the North Koreans that the United States may understand in their way. I think many people look favorably upon last night because at least it indicates that the United States is willing to enforce its red lines in beijing will take notice. There are limits to how far it and definitely north korea could potentially end up in a military situation and they should never assume there is no way in which the United States may militarily engaged. It may give china more cause. Pressuredoes it give on chinas act more unilaterally . Guest i think the dangers for the United States to dry redline. At least the chinese calculate you have a president who despite what he said on the campaign willing to use military force in circumstances as was we saw on syria. The calculation of how far you push the envelope has changed. More likely that smaller countries in asia or the middle east are likely to do more provocative things on the assumption that the United States can always come in and back them. This strike has a broader global implicationa in changing the way everybody is looking at the United States. I think that is a challenge for the Trump Administration. Do just what he is going to in syria, but to engage globally to make kinds of allies sure their interpretation is in line with what we are intend to do. Thank you so much for joining us. Coming up we will be hearing and what theen Trump Administration is doing to help the underemployed. Federal open reserve bank of indianapolis takes on jamie dimon over comments dimon had made over bank regulations. This is bloomberg. Joe the march u. S. Jobs report suggests the labors market may be returning to a more sustainable rate of progress. Bloomberg economic adviser gary cohn gave his testament of the jobs report to bloombergs david westin. I had an opportunity to talk to the president. We are pretty please with the jobs numbers. When you look at the unemployment numbers going down, both the 4. 7 number and down as well as the higher the number we spend a lot of time looking at the number coming down by 3 10 of a percent. We are pretty please with what is going on in the unemployment picture. You take that and put on top of jobs. Ll the we talked to moving manufacturing back in the United States. We are excited about what is going on in the future here. Number, is that perhaps one of the most important things you look at as you look at this report card every month the . The president and i have spent a lot of time talking about that number. The underemployed people, the people working in jobs, that they could work in a better job, and that number coming down 3 10 of a percent is very exciting for us. We are happy to see that number below 9 . We would love to get that number lower. What do you and the president think you can do to address that number . What are the specific initiatives . Is it fiscal policy, tax reform, deregulation . I would say yes to all of the above. We started a multiple track system, the regulation is one of the easier things we can attack. Deregulation we can do through personnel by putting new personnel through jobs. We can deregulate some of our markets and industries. You have seen some of those things come through. You have seen them come through by some of the agencies. On tax reform and we think tax reform will have a very big impact on job creation. You can see the president is doing this every day. We bring more and more jobs back to america, we will continue to increase the job opportunities. We also need to go through rereading through retraining. Have seen them talk about retraining our labor force. And creating a more wellrounded labor force. We have a lot of jobs that need to be filled. Training our applicant pool to phil those jobs will be exciting for us. We think we can do that quickly. That was national Economic Council director with bloombergs david westin. Fed president Neel Kashkari speaking out of what he says are incorrect assertions by cashgan Ceo Jamie Dimon card was asked why he is going after a wall street ceo so publicly. Our job is to call out wrist and i amsee them be at no jamie dimon and i like and respect him. When he says things i believe are incorrect i think it is my responsibility to speak out. The fact is too big to fail it has not been solved. American people and Congress Need to know that. We have offered them special offer them potential solutions. I would be interested to get your response to it via the Neel Kashkaris looking to get aim role on the fomc. When some of the cant argue on or facts or analysis. They are left with trying to criticize the messenger. I interpret that as a white flag of surrender. The analysis stands on its face. This goes back a couple of years. People agree with you . Do other people share your view . Corrects several have reached out to me and said thank you for continuing to beat this trump, for continuing to wait to raise this issue. We keep pointing out the facts, showing where other folks are wrong. That we will motivate people. I like the fact there are some new stories coming out of the administration saying theyre looking at a financial reform trying to address too big to fail. I think we all need to keep pushing in the same direction and let the American People decide. Do we want to live where one of the biggest banks are supported by tax players implicitly. Or do we want a more rational system . Job to give them the facts and informations they can make that decision. If it is a responsibility to call out risks where they exist, and if other members of the leadership feel the way you do, why are we not hearing from them . Each person should make their own call on what they are covetable taking on. Dealve lot of issues to with. Monetary policy is our core mandate. I will leave it to my colleagues to decide which battles they want to pick. People, we the only are one of the only two people who are literally in the middle of the financial crisis in 2008. This is burned and to me how hard it was to arrest the dominoes from falling from one big bank to the next big bang to the next big bank. This is why put this at the forefront of issues, because i am one of the First Responders trying to arrest the crisis. Is Neel Kashkari on bloomberg daybreak americas. A heightening of international tensions, what are investors flocking to . Scarlet lets turn to the market reverberations are the attack on syria. Have 7613, it really shows how safe havens caught a bid initially on news that the u. S. Launched air strikes the syrian airbase. Right around the time the headlines came out and then a big drop in the dollar. And then a final one is the 10 year yield going down as people snapped up treasuries. Had the of course we jobs report, which is a disappointing number on the face of it. What has happened since then has been very interesting. The dollar has now recovered and now we see the yen losing ground. The 10 year has reversed course completely. The launching of these strikes, which cut people by surprise, did not have a Lasting Impact on these markets. Happenedhing that today, the jobs report. Month of retail employment change going back the last 10 years. Months have been the worst two months for retail since 2009. We see a show big time in the jobs report. A little bit of come to jesus moment. Little changed here as we get ready to close out the week. This is bloomberg. Were moments away from the closing bell. Treasury yields gaining as investors look at a worse than expected jobs report. I am scarlet fu. And i am joe weisenthal. If you are tuning in live on twitter we want to welcome you to our closing bell coverage every day from 4 00 to 5 00 p. M. We begin with market minutes on this friday. We had incredible headline news. The u. S. Began military airstrikes in syria and a disappointing jobs report. When you look at the job close, it is surprising. It is marketable we cannot get more volatility despite these things going on. If you look at the breakdown prettys p 500, it was mixed all around. Utilities the worst performers, down 0. 5 . ,onsumer staples and telecoms the defensive sector says no sector moving more than 0. 5 . Many moving minimally, unchanged. That is the read on the sector breakdown. You mentioned volatility and i wanted to highlight the vix. There has been a pickup and a slight move higher over the last couple days. If you look at it over the past one year it is small. Joe there is traction. Scarlet a little bit of a shift higher. 13. 66erage for them vix, and we are at 12. 8. It is noticeable. Joe definitely something to keep an eye on. Scarlet in terms of individual movers, we have bulk and materials up 4 . The s p 500 after california lawmakers approved a plan to boost gas and vehicle taxes to boost infrastructure repairs. Gains following the u. S. Air strike on syria and a quick note on jpmorgan, down one third of 1 . Andaw utilities were down generally not doing as well. Joe lets look at government bonds. Very interesting action. [no audio]d higher a very tiny pods in the pace of rate hikes on the Balance Sheet. We see a sixmonth chart of 10 year yields in that range. The dollar took a dive but highlighted completely within 30 minutes. Truck in stockholm ran into the middle of a department store. You can see the euro weaker versus the dollar. The ruble and the turkish lira seeing sharp declines after those headlines of the u. S. Airstrikes in syria. That is something we will continue to keep an eye on. Joe and on the commodities front, we look at oil and gold. Anydoing well, gaining on escalation amid tension. Well quickly i want to take a look at the onemonth chart of iron ore, down 11. 6 . People talk about rising supply out of australia and brazil and concerns about credit constraints in china crimping demands. Keep an eye on the ugly looking iron ore. Scarlet those are todays market minutes. We have headlines here from Rex Tillerson, the secretary of state. He is making comments about the summit between President Trump and president xi jinping of china. He called it frank, open, and candid. This was in his briefing to reporters on the china discussion. President trump stated a need for china to level the Playing Field when it comes to trade, and said President Trump agreed to visit xi jinping at a future date. No further specifics offered on that. Joe this seems to be the general theme, that it was not about achieving any specific, whether on the security front or trade front, but as people we talked to in the runup pointed out, the real go