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Speaker 1: This is Bloomberg surveillance. Some we have it. We have

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Speaker 1: to ad direct what happened to do it the Brexit

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Speaker 1: and that is always the stelling, weakness and downside. And

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Speaker 1: it's not until I start raising rates that you're gonna

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Speaker 1: see the your dollar curve accepting more of the fifth rate.

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Speaker 1: Guidance of the Fed, I think has made clear that

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Speaker 1: we should expect a couple of interest rate increases this year,

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Speaker 1: and I don't think it's going to affect the real

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Speaker 1: economy very much at the stage. Bloomberg Surveillance your link

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Speaker 1: to the world of economics, finance, and investment on Bloomberg Radio.

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Speaker 1: Good burning everyone, Michael McKee and Tom Keeve Bloomberg Surveillance

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Speaker 1: Coast to coast, worldwide, soorldier with US no economics, finance, investment,

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Speaker 1: international relations, a touch of politics or excuse me, what

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Speaker 1: will be policy as we move forward with our politics soon?

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Speaker 1: Right now? The Forex Brief, let's look at for an

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Speaker 1: exchange with sterling really moving. The Forex Brief brought you

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Speaker 1: by Interactive Broker's winner of f X Weeks two thousand

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Speaker 1: fifteen award for the best Retail four X trading platform,

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Speaker 1: visit ib at I b k R dot com, Slash

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Speaker 1: four x zero six Sterling stronger off Carney comments on Bromain.

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Speaker 1: I'm Brexit hider, carbon currencies weaker with oil finally getting

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Speaker 1: a bit in the last hour ugly before then, Looney,

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Speaker 1: we say good morning to David Rosenberg and thank him

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Speaker 1: for his reason comments moments ago. I'm Bloomberg surveillant's look

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Speaker 1: for that on our podcasts out on iTunes. We'll do that,

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Speaker 1: get those out to you in an hour or two

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Speaker 1: hours or so. That's been hugely popular. Thank you for

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Speaker 1: listening to our podcasts, including with David Rosenberg and Mariannaicacha Lakota,

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Speaker 1: which is a good thing. The end one EU a

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Speaker 1: week or maybe the big country headline one eleven fifty

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Speaker 1: eight euros sinking. Michael, is there any talk of euro

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Speaker 1: to parody? I would say no, no. I only hear

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Speaker 1: people talking in a while weaker euros that that week.

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Speaker 1: I did not know David Wilson that best Buy has

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Speaker 1: a hundred and twenty five thousand employees, and never would

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Speaker 1: have guessed that. Well, now you know it's a big company.

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Speaker 1: It is, and they lead your they lead yours, they

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Speaker 1: do the largest US consumer electronics retailer, and trouble is

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Speaker 1: that they expect the fiscal second quarter earnings to be

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Speaker 1: lower than analysts average estimate in the Bloomberg servey. Beyond that,

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Speaker 1: chief financial officer and chief administrative officers Sharon McCollum's stepped

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Speaker 1: down effective next month. That she had come in not

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Speaker 1: long after chief executive who bear Jo Lee, who turned

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Speaker 1: around best Buy in the prospect of her leaving in

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Speaker 1: a short I haven't seen it yet. Stocks down four

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Speaker 1: and a half percent early trading, though I've seen that

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Speaker 1: another retailer. It's lower. Auto Zone down one percent. The

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Speaker 1: auto parts chains profit and revenue for the fiscal third

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Speaker 1: quarter trailed estimates, so analyst calls him Note Deers up

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Speaker 1: one percent. The Pharmer Evan maker was raised the equivalent

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Speaker 1: by from Hold of BMO Capital Markets. The firm increased

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Speaker 1: its twelve month pricess but to ninety six hours, the

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Speaker 1: highest among eighteen in a listen of Bloomberg Survey. Western

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Speaker 1: Digitals up two and a half percent. The disk drive

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Speaker 1: maker was raised the equivalent of buy from Hold accountant

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Speaker 1: Twitter down half a percent because of a call from

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Speaker 1: a couple of analysts that you just talked to recently,

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Speaker 1: Craig Moffatt and Michael Nathanson. Nipson actually covers Twitter for

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Speaker 1: Nathanson and cut the rating on the stock to sell

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Speaker 1: from neutral because he sees a takeover as less likely.

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Speaker 1: Back on the erniess Ron Tall Brothers up three and

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Speaker 1: a half percent. The biggest US builder of luxury homes

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Speaker 1: posted fiscal second quarter revenue and profit that beat projections.

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Speaker 1: The number of homes Told Brothers delivered in the quarter

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Speaker 1: rose nine percent and the average selling price climbed twenty percent.

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Speaker 1: Then you have ds W down ten percent. The discounts

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Speaker 1: shoe seller's fiscal first quarter arnies and sales trail estimates.

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Speaker 1: D s W cut full your forecast and now expects

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Speaker 1: sales to fall its stores open more than a year.

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Speaker 1: There is a retailer stock that's higher, though, problem is

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Speaker 1: it has nothing to do with their performance. I'm referring

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Speaker 1: to chicos f A s SO Women's apparel Change shares

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Speaker 1: are up five percent. The activist investor Barrington Capital began

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Speaker 1: a proxy fight for two board seats. Barrington disclosed it

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Speaker 1: owns a one point four percent steak, more than double

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Speaker 1: it's holding at the end of March are a couple

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Speaker 1: more for you. Share sales Booze Ammal Alan Hamilton down

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Speaker 1: three percent, the consultants selling three hundred and sixty seven

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Speaker 1: million dollars of stock on behalf of its largest shareholder,

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Speaker 1: private equity firm Carlisle Group. We're talking about thirteen million shares.

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Speaker 1: Are an eight point eight percent steak, and c Span

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Speaker 1: Downtown a half percent to say a container ship owner.

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Speaker 1: They're selling five million shares and that's equivalent to about

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Speaker 1: a five percent stick and you use the money to

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Speaker 1: redeem couple of birds stock. That's it. That's it. David Wilson,

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Speaker 1: thank you so much on bess By. Greatly appreciated. Mike.

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Speaker 1: As you know, once a week we need to speak

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Speaker 1: to someone who worked for the Worcester Telegram years ago.

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Speaker 1: It's always one of our mandates. Nathaniel Wexels with Bloomberg BNA,

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Speaker 1: the Bureau of National Affairs. I've read them for years,

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Speaker 1: like for decades, Nathaniel, you weren't even born and I

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Speaker 1: was reading b N. A material thrilled down. Nathaniel Wexel

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Speaker 1: with us on the Affordable Care Act and the idea

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Speaker 1: there could be a replacement Nathaniel, I've got a trenchant

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Speaker 1: question before Mike piles into this. What's a white paper?

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Speaker 1: A white paper is really just a set of ideas

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Speaker 1: that's put out, so it doesn't really mean anything. It's

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Speaker 1: sort of the thing that sink tanks would like to

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Speaker 1: play out. So if I'm at the Palm restaurant in

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Speaker 1: Washington and I come up with four ideas to make

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Speaker 1: the Washington Capitals winning hockey, I can write a white

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Speaker 1: paper on the Washington Washington Capitals and put it out,

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Speaker 1: and it appears you would have as much luck getting

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Speaker 1: the capital as a Stanley Cup as the Republicans have

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Speaker 1: of repealing the Affordable Care Act. Um this the legislation

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Speaker 1: you're writing about today. Uh, it appears to be a

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Speaker 1: case of trying to have your cake and eat it too.

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Speaker 1: To Republican lawmakers. Unveiling bill intended to be an alternative

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Speaker 1: to the Affordable Care Act, but in a difference in

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Speaker 1: strategy from what the Republicans have been up to for

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Speaker 1: the last couple of years, they don't want to repeal

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Speaker 1: the whole thing, right, They just want to tweet tweak it,

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Speaker 1: tweak it somewhat. Mainly what they have planned at least

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Speaker 1: in this legislation is almost sort of a parallel version

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Speaker 1: of it. So they're going to repeal the big issue.

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Speaker 1: They're going to repeal them mandates, the the issue that

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Speaker 1: you have to have insurance and that your employer has

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Speaker 1: to provide you with insurance. So those the two things

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Speaker 1: that they want to get rid of. But they seem

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Speaker 1: to want to keep everything that raises money, so that's

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Speaker 1: how they're going to pay for it. But the mandate

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Speaker 1: is considered the key to the whole thing. If you

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Speaker 1: don't have to buy insurance, then uh, you know, it

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Speaker 1: doesn't matter how you raise the money, it won't be there. Right,

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Speaker 1: So they call it the free market alternative to the

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Speaker 1: Affordable Care Act. So if you want to have insurance,

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Speaker 1: you can go onto what they call the world's greatest

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Speaker 1: health care plan. Or if you don't want to have insurance,

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Speaker 1: you don't have to have insurance, Or if you're previously

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Speaker 1: covered under the Affordable Care Act, you can keep that

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Speaker 1: insurance with all the associated penalties. What about the people

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Speaker 1: that the Act was really intended to cover, the poor,

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Speaker 1: people who can't afford or whose companies don't offer health insurance.

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Speaker 1: How do they get insurance onto this bill. So the

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Speaker 1: main part of this bill is a tax credit, and

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Speaker 1: that is coming to you if you decide to be

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Speaker 1: a part of this plan. So it's you can do

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Speaker 1: with that money whatever you want. So you get this,

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Speaker 1: you can put it into a health saving his account,

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Speaker 1: you can give it to your employer for to essentially

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Speaker 1: buy coverage from your employer. But unlike the Affordable Care Act,

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Speaker 1: where the tax credits are adjustable by in come, this

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Speaker 1: is not. So it's just flats. And then if you

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Speaker 1: have dependence, I think you can get a credit in

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Speaker 1: addition to that. But really it's just you get this

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Speaker 1: money and you can decide what to do with it.

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Speaker 1: What is the feasibility of this? I congratulate in Nathan

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Speaker 1: wexilon clarity within your report on the likelihood of this.

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Speaker 1: Usually we you know, nobody talks about the ability to

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Speaker 1: actually get something done. As they say, the stars have

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Speaker 1: to align for the various shades of Republicans, don't they

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Speaker 1: They have to align for Republicans, that have to align

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Speaker 1: even for some Democrats too, because in the Senate you're

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Speaker 1: not gonna be able to get anything done without some

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Speaker 1: democratic cooperation. So right now they have to have at

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Speaker 1: least sixty Republicans or some Democrats in the Senate who

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Speaker 1: wanted they need to keep the House and they need

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Speaker 1: a Republican president in order to completely repeal this law. Uh,

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Speaker 1: that's clearly not going to happen immediately. So this is

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Speaker 1: sort of aimed at stincase there's a Republican president. Pew

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Speaker 1: very quickly her Pew has a new survey out of

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Speaker 1: a month ago, three or four weeks ago, I should say,

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Speaker 1: showing more Americans disapprove than approve of the healthcare law.

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Speaker 1: Why did that occur? Why do people disapprove of that?

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Speaker 1: I can't speak to other people's polls, but I think

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Speaker 1: maybe it's just the political realities right now. What do

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Speaker 1: you suggest this will be for the campaign? I mean,

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Speaker 1: will this be front and center for the campaign or

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Speaker 1: I mean does it resonate now? Right now? Both Hillary

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Speaker 1: Clinton and Donald Trump, the presumptive front runners of either party,

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Speaker 1: haven't really done a whole lot of de deal on healthcare,

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Speaker 1: so it could be there, but you know, right now,

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Speaker 1: both have sort of gotten pretty far. Without being very specific.

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Speaker 1: We look forward to having you on again. This has

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Speaker 1: been very good. Nathan Wexwell, Thank you so much. He

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Speaker 1: is a Bloomberg b NA, which is basically um like

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Speaker 1: a hugely productive thinker group. They write terrific rep worts.

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Speaker 1: I read them word for word on text policy in

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Speaker 1: another life a few years ago be at a dot

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Speaker 1: com and uh, you can see being a Bloomberg being

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Speaker 1: a Nathan. That was very good. I don't, Mike, I

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Speaker 1: I don't hear any residents on a c A either way.

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Speaker 1: I just don't hear it being discussed. Maybe that will change.

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Speaker 1: It will be a big issue in the presidential campaign,

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Speaker 1: just because just because there it is, just because futures

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Speaker 1: up eleven death, futures up ninety four. Again, you're a weaker,

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Speaker 1: really now getting my attention. One eleven fifty nine, a

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Speaker 1: few days in a row of weakness, and of course

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Speaker 1: that pushes us dollar modestly higher. You're a more weak

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Speaker 1: than the dollar is strong. Gold twelve forty one the ounce.

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Speaker 1: Let's check out with like a bar and get the

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Speaker 1: latest world and national headlines. Mike, Mike, Tom, thank you

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Speaker 1: very much. Family members are the victims of Egypt Air

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Speaker 1: flight eight oh or have begun arriving at a more

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Speaker 1: forensics department in Cairo to give DNA samples that will

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Speaker 1: help identify their loved ones. Meanwhile, a senior Egyptian forensics

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Speaker 1: official is telling Associated Press human remains that have been

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Speaker 1: recovered from the crash site have burns on them and

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Speaker 1: are very tiny, suggesting that an explosion may have taken

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Speaker 1: place on board. A statement in Middle East News Agency

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Speaker 1: says though the report is not true. A senior Afghan

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Speaker 1: Taliban figure says the death of the group's leader mala

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Speaker 1: Aktar Mansour in the U s drone strike last week

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Speaker 1: could make the movement stronger and unify its ranks, and

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Speaker 1: Sir was killed Saturday in the strike in southwestern Pakistan.

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Speaker 1: Global News twenty four hours a day, powered by our

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Speaker 1: twenty four hundred journalists and more than a hundred fifty

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Speaker 1: news bureaus around the world. How Michael bar Mica Fishers

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Speaker 1: Up twelve, dug up nine fixed trading before the open.

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Speaker 1: The fix does better as you'd expect. A lower statistic

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Speaker 1: fifteen point four six in point three six points Michael

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Speaker 1: Key and Tom Keane Worldwide Bloomberg Surveillance Market Driver is

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Speaker 1: brought to you by S S and C more experienced,

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Speaker 1: superior technology, independence and expertise that's how SS and C

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Speaker 1: drives the future of fund administration. As SS and C,

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Speaker 1: they are the future of fund administration. Boom