treasury around the world. our obviously the robust standard stable have gone a long way to achieving that. you have a stable coin bill and you don't have a large structure built now have stable coin for standards. you go about and from the field? a lot of fat in that market framework and are sides of the same people.. >> a second critique is financial stability the quality of the reserve and the u.s. dollar. both allow for a little bit more. we talk about how you address concerns? >> you want to have the u.s. dollar stable coin and ensure deposit 93 date were shorter residual notes overnight i am slightly broader but can come to an agreement, whilst though? what is the transparency factor on how frequently that is reported? had excellent discussion on robust auditing and it's because the intent is dollar for dollar. and how fast it is the capital you remains to be and i pay my credit card bill or use a debit card my own cash to debit checking and credit, your u.s. name it stable corn and complete the transacti

treasuries have cheapened versus swaps. at corporate's, they are a little bit less rich. we are incorporating that into our consideration as you see a cheapening of treasuries. more concerned about what's going on with the budget deficit in the u.s. and the ultimate path for that. maybe we should be considering corporate against other benchmarks in terms of the balance of risks. we do think spreads in general are a little too tight when you look at the economic fundamentals going forward and the pressure we see. we are starting from a solid starting point in terms of corporate balance sheets. not looking for a huge move but we don't think you are going to get paid for the risk in the system now. sonali: that is maureen o'connor and zachary griffiths. wild thought, to price corporate debt against something that is not the treasury market. we will dig into that more in the future. some breaking news. read is reporting president trump says u.s. officials still plan to meet with iranian officials for talks this sunday. trump re

i can buy gears, bonds, treasuries.have a lack of demand for duration and it is showing up in japan, it can absolutely show up in the u.s. global bond curves steepening. are they steep enough? what happens to the front end? the level of rates are attractive. these rates have been rising. as we think about rebalancing portfolios, even slowing growth environment without the inflation, we have seen inflation the last few data prints. maybe these are attractive. scarlet: are they attractive enough for foreign buyers who have been speaking with the treasury secretary about how to move forward with our trade relationship? >> i think that is a trillion dollar question if you think about how much foreigners u.s. treasuries. the trade balance is one. if you have a trade deficit with the u.s., china has to buy treasuries and other assets, u.s. financial asset, at what price is the question? there is the trade side, the currency side. we are seeing the dollar weakening. i think the escape valve might come from the dollar side. if

there are appropriated to the secretary of defense for fiscal year 2025, out of any money in the treasury not otherwise appropriated, to remain available until september 30, 2029- (1) $230,480,000 for restoration and modernization costs under the marine corps barracks 2030 initiative; (2) $119,000,000 for base operating support costs under the marine corps; (3) $1,000,000,000 for army, navy, air force, and space force sustainment, restoration, and modernization of military unaccompanied housing; (4) $2,000,000,000 for the defense health program; (5) $2,900,000,000 to supplement the basic allowance for housing payable to members of the army, air force, navy, marine corps, and space force , notwithstanding section 403 of title 37, united states code; (6) $50,000,000 for bonuses, special pays, and incentive pays for members of the army, air force, navy, marine corps, and space force pursuant to titles 10 and 37, united states code; (7) $10,000,000 for the defense activity for non-traditional education support's online academic skills course program for members of the army, air force, navy, m

president obama had a downgrade of the treasury debt in his term in office. he had the process prepared but you know, i wasn't here then. the bottom line was that president obama and house and senate leadership didn't really do anything about that at the moment and president biden had a downgrade in the treasury market early in his time in office and now, we have had a recent one. so that message that is being said -- sent is that this is a well that -- an amazingly growing economy with immense wealth, productivity, employment, and innovation. just look at nominal gdp. july of the pandemic, i'm going to round it at $21 trillion. today, it's pushing $20 trillion . i mean, this is a resilient country. people talk about $36 trillion in debt. well, $36 trillion in debt just as a point of reference, that is how much home-equity american families have. suggest one asset class, american home-equity equals the entire federal debt and this just shows you the size and scope and resiliency of the american economy. that doesn't change the fact that the margin, you don't

immigration and customs enforcement for fiscal year 2025, out of any money in the treasury not otherwise appropriated, to remain available until september 30, 2029, $45,000,000,000, for single adult alien detention capacity and family residential center capacity. (b) duration and standards.-aliens may be detained at family residential centers, as described in subsection (a), pending a decision, under the immigration and nationality act (8 u.s.c. 1101 et seq.), on whether the aliens are to be removed from the united states and, if such aliens are ordered removed from the united states, until such aliens are removed. the detention standards for the single adult detention capacity described in subsection (a) shall be set in the discretion of the secretary of homeland security, consistent with applicable law. (c) definition of family residential center.-in this section, the term "family residential center" means a facility used by the department of homeland security to detain family units of aliens (including alien children who are not unaccompanied alien children (as defined in section 462(

let us make sure that we have treasury market resilience. frank is looking at both of those things, which are obviously interconnected, and we look forward to his progress. we are tracking national security issues like countering china to solidify the u.s. as a leader in the global financial system and ensuring access to capital with access to energy such as the work we have done with the world bank in recent months that nuclear financing is a permitted lending activity for developing banks. finally, we have a major oversight responsibility that we are conducting, particularly on recent actions, where we are shedding light on politically motivated should -- motivated efforts that others have said his operation choque .2 .0 and other safety and soundness initiatives around esg. i look forward to continuing my work on both sides of the aisle and across the capital on this agenda. we have a real opportunity working with chairman scott and the now formed trump administration to achieve results across the board. thank you, and i look forward to t

treasury. and rest assured, the provisions in the one big, beautiful bill to combat this are a sticking out of our fiscal sovereignty. the u.s. tax system will stand next to what is called pillar two, and other countries are welcome to relinquish their physical and tax sovereignty to other nations. the united states will not. so, this bill will allow us to prevent our corporate revenues from being drained into foreign treasuries, and that is in the hundreds of billions of dollars. chair smith: thank you. president trump is also using tariffs to level the playing field and demand fair treatment for american workers, farmers, and manufacturers. secretary, you are on the front lines of the president's economic policy agenda, including through your lead role in trade negotiations to demand fair treatment from china over the last couple days. how do the president's trade policies and tariffs, and the total reset of our unfair trade and investment relationship with china that president trump has led

bonds, the treasury bonds you hold, sell them a t a discount, sell them under the price at the us treasury will, so the us, united states cannot fund itself, that is the key to the kingdom, that is how you bring the united states and israel to their needs, and you will, you will break them in a matter of about days or weeks, it will not take a month, it will not take a month, but "that is the key, that that is how it has to, how it can be done, it's a non-violent way of doing it, you don't have to kill everybody, you don't have to shoot anybody, you don't have to nuke anybody, all you have to do is dump the treasury bonds and that will break the back of the united states, will break the back of the global financial system, which is run by the zionist jews, the city of london, and that will end israel overnight, and your your other guess miriam said that she wants the uh the israelis out of uh palestine." " "we don't want them here in the us either, we really don't want these people, these people are the fill of the earth, they are filth, they are scum, they are monsters, any any monsters w

created by the treasury tariffs? >> i don't want to criticize policies. >> is it fair to say the policy created uncertainty? >> it's fair to say uncertainty was very elevated. but it's also fair to say that uncertainty has actually come down since the peak, if you will, in april. i think there's a different feeling out there now than there was two months ago, and it's more constructive feeling on the part of businesses, which you must be feeling, too. >> it's higher than it otherwise would be in the absence of the liberation day tariffs. to what extent was the elevated uncertainty a factor in keeping the fed from cutting interest rates? >> i think that is every that's part of it. the truth is we were consulting rates, and we paused in january and haven't cut since. the reason is we like we do a fairly substantial wave of price increases to come through to the consumer and to measured inflation. we've always said the timing is highly uncertain am we now begin to think it is time for to us see that. if we don't see it,

second is the treasury changing the dynamics around supply. if the treasury comes out later this year and gives us a better sense of whether they're going to be issuing closer to the front end of the curve, issuing more t-bills relative to longer coupon securities, that's going to be a phenomenal set of factors that sets a ceiling on the 30 year. romaine: we got some interesting data when we talk about foreign buyers of treasuries. i know there was a lot of talk that they would be some sort of buyer strike. there was a lot of ructions in april that the media seem to place on the shoulders of selling by china and other big actors. overall, the numbers were not that bad. there was a pullback by china, but that was clearly filled by other players. is there any worry, given where rates are and given maybe the lack of premium that we would see immaterial pullback in foreign buying? steven: there was certainly market worry, as you let off the show with market data. released this week was the ticket data and though you see it -- you did see minimal s

i think that we are making great progress at treasury. can tell you, having been in the building now since january 28, the professional staff is incredible. incredible. the political staff that we have brought in, everyone is working well together. we are working to enhance the economy for the american people, maintaining the reserve status of the u.s. dollar, and to your first question, make sure the u.s. treasury market which is the largest and soundest, bellwether for the world, maintains that status. i would like to state -- stay in my seat 3.29 to do that. rep. kustoff: my colleagues on the others out of the i'll repeatedly said that there are no outside exports who support the one big beautiful bill. i would like to correct that for the record. mr. chairman, if i could, i would like to submit a record that was -- letter that was sent to president, mike johnson, john thune on june 3 showing 300 economists support for the one big beautiful bill. they urge speedy adoption of legislation to enact progrowth tax policies. mr. chairman, i

secretary of the treasury.nly get five minutes so i'm going to ask my constituents have sent me a list of questions they want yes or no answers to. i hope you will say yes or no. the first question is, will the big beautiful bill add to the national debt, yes or no? is that a yes or a no? >> it remains to be seen. the congressional budget office officials for the bill says it increases the federal deficit by $2.4 trillion. >> they also said the tariff income over the 10 year window would be 2.8 trillion. >> there's nothing dynamic about it. >> we can level set the step of the reality is, i have constituents back home who are really scared. there are scared that the prices have gone up. it's absolutely has not occurred for hthem. every time they hear the word tariff they think of the fact that it's another tax on them. not only did the cbo's that this bill would increase the deficit by 3.4 trillion. the point i'm trying to make is that, you will add to the national debt over the span of this time. the second que

treasury, probably in the tune of $100 billion going to foreign treasuries.st few days of the administration he signed an executive order for treasury and the administration to undertake to fix this. so our goal the whole time has been to have the existing u.s. tax system sit next to pillar two. the goal of pillar two is to establish a global minimum tax. the u.s. tax system does that but the revenues come into the treasury. so we were under substantial pressure as a result of biden administration actions to sort of kowtow to this globalist notion. we pushed back on that. section 899, great leadership from senator crepo, chairman jason smith, who you just had on, 899 was a potential weapon to push back on these unfair taxes. so it was great leadership, president trump, senator crepo, chairman smith. then i was able to go and approach my g7 counterparts, my colleague derek tyre they treasury worked nonstop on this at the working level. so we were able to reach an agreement where the u.s. tax system, our tax sovereignty is now guaranteed. we will sit next to th

transfer and credited pursuant to subparagraph (a) shall be deposited into the general fund of the treasury. (b) fee for filing application for waiver of grounds of inadmissibility.- (1) in general.-in addition to any other fees authorized by law, the attorney general shall require the payment of a fee, equal to the amount specified in paragraph (2), by any alien at the time such alien files an application with an immigration court for a waiver of a ground of inadmissibility, or before such application is adjudicated by the immigration court. (2) amount specified.- (a) initial amount.-for fiscal year 2025, the amount specified in this paragraph shall be the greater of- (i) $1,050; or (ii) such amount as the attorney general may establish, by rule. (b) annual adjustments for inflation.-during fiscal year 2026, and during each subsequent fiscal year, the amount specified in this paragraph shall be equal to the sum of- (i) the amount of the fee required under this subsection for the most recently concluded fiscal year; and (ii) the product resulting from the multiplication of the amount referr

like the high yield index went from 250 basis points over treasuries to 450 basis points over treasuries. and, you know, that has been almost entirely reversed. and the same is true for emerging market debt, which widened out by 200 basis points versus treasuries. and if you exclude venezuela, which messes up the emerging market spread data because it wasn't in the index. and that came into the index. and it's very high yielding. and so it creates a distortion on the spread. so if you want to analyze apples to apples you just look at emerging markets ex venezuela. and they're really all the way back to where they started. so everything has had tremendous volatility. but we're all the way back and the market is starting to look at stresses in parts of the credit market. one thing that's really kind of weird is that the bank loan market, the triple c bank loan market, which is the most vulnerable area of the credit market, in my view, the spreads on triple c bank loans have actually come in this year, which makes no sense to me because triple c lenders are paying 425 basis points higher no

the treasury have seen it all before.ey have seen every pie in the sky, they have seen ever buddy say they are going to do £1.5 million, millions of houses, they've seen them say these things before. but they haven't seen is these things get delivered, get delivered within budget or actually make a difference that they are supposed to make in the business case, as it were. so the first thing is you do a thorough job from the second thing is you are trusted to deliver it. so two things i had to do was, first of all, get additional money to fund the above average, what had been the plan to pay rises. so that was the first thing. i walked in the department, it was the day that we wear, you know, couple of days before the budget, and there was a letter saying we need to billion pounds more to fund that pay rise, otherwise that comes out of school budgets is is -- is exactly where they are today. so i had to get that 2 billion. it was also to cope with inflationary pressures and this was after they miniature budget. this was a

at treasury. met steve mnuchin during the campaign and basically fell in love with him. he was a fabulous person to work with at treasury. i was at nec. paul ryan i known forever. paul ryan: i met you in 1992. larry kudlow: you are a superstar. i want to see you back in public service before long. [applause] and mark uyeda, you are doing a good job. folks, i am larry kudlow, thanks for listening. [applause] >> now, conversation on trade

treasury. met steve mnuchin during the campaign. a fabulous person to work with. paul ryan, i have known forever. >> i met you in 1992. i want to see you back >> and public service. [laughter] mark, you are doing a good job, buddy. [laughter] i am larry kudlow, thanks for listening. [applause] [captions copyright national cable satellite corp. 2025] [captioning performed by the national captioning institute, which is responsible for its caption content and accuracy. visit ncicap.org] >> in a nation divided, a rare moment of unity. this fall, c-span presents cease fire, where the shouting stops and the conversation begins. in a town where partisan fighting prevails, one table, two leaders, one goal -- to find common ground. cease fire, on the network that does not take sides. only on c-span. ♪ >> this afternoon, white house budget director russell vought testifies on the presint's budget plan. you will face questions on a formal request to congress to cancel $9.4 in spending already approved for

of growing the treasury.rentiating between the two created the relative size of the bitcoin treasury's import for how it is valued in the market. for bitcoin treasury companies, what we have seen is the market provides differentiation across a few measures. first, we see the method to acquire bitcoin being born. is debt use, is equity sold, and where do the terms of the debt? we have also seen brand and trust in the management team is important. as the space matures, having a bitcoin business that generates yield across market cycles will be valid. ed: that is interesting, because that name is particularly volatile, from the stock story. what does it tell you about bitcoin? that it is held on a balance sheet in treasury, that the long-term view of what will happen with bitcoin? alyse: it says bitcoin has really matured. with the introduction of bitcoin , the acceptance of the bitcoin etf, we saw wall street investors really identify bitcoin as an asset that belongs in people's portfolios, institutional portfo

treasury sent u.s.redit and until we see those cracks creep up and perhaps some weakness in the dollar, which we are expecting him, we still -- here, we still believe u.s. treasury sent credit assets will be in high demand going forward in term. second half of the year i think is where we are paying attention to. we are almost there, weeks away now. that is where we will look for a little more slowdown and more weakness in the dollar, which could shift that demand. sonali: the section 899 provision. at j.p. morgan how much is this a real question for the markets? this is the so-called revenge tax in the tax bill. there is an idea it could make life difficult for foreign buyers. unclear really about what the ultimate bill will look like and what it means for buyers of u.s. treasuries. kay: we are seeing almost record demand and issuance. you have seen issuance in the muni bond market and corporate high-yield market. at j.p. morgan we have seen 20 $4 billion of flows into active etfs which is incredible.

treasury. i met steve mnuchin during the campaign. a fabulous person to work with. paul ryan, i have known forever. >> i met you in 1992. i want to see you back >> and public service. [laughter] mark, you are doing a good job, buddy. [laughter] i am larry kudlow, thanks for listening. [applause]

when treasuries seem to be playing that role once again, the typical rule we normally get from the treasurykets in terms of that haven at times of geopolitical unrest, this a little bit of pressure across the curve today but what are you seeing as a result of the geopolitical tensions? how is that adjusting flows into the fixed income space generally? >> normally -- good morning, by the way. normally, you would expect treasuries to become a safe haven asset and the dollar to behave as a safe haven asset but if you look at equities outside of oil, you would think that not much is happening in fact which is surprising because just a few years ago, you would have thought that israel -- treasuries would have rallied a lot more and i think there are some tectonic shifts happening right now in the markets that put a little bit of pressure onto the role of safe havens of u.s. assets in general, mostly treasuries and the dollar. and we continue to see this push and pull between what naturally should be the tension of going into treasuries and yet the world trying to decouple a little bit from u.s.

scarlet: chemming treasuries from the banks of leverage ratio.ow meaningful would this kind of demand be? mark: so i think that this is going to help with the margins, certainly. one of the things that we've cited is if you look at long dated swap spreads, swap rates are well below where treasury yields are. it's become more efficient in terms of capital usage for investors like banks and others to actually own fixed income through interest rates swaps rather than cash bonds. so leveling that playing field will benefit treasuries relative to swaps. i don't think it's going to be a narrative that changes the tide here. scarlet: let's talk about how it's not just in the united states you mentioned japan as well. how do you line up what we're seeing in europe, in germany, in japan, with the rise in bond shares in u.s.? is it correlation? is it coincidence? mark: i don't think it's coincidence at all. one of the themes we've seen globally is we see very elevated levels of deficit. and if anything, deficits getting even larger, not smaller we just got

treasury. i met steve mnuchin during the campaign. a fabulous person to work with. paul ryan, i have known forever. >> i met you in 1992. i want to see you back >> and public service. [laughter] mark, you are doing a good job, buddy. [laughter] i am larry kudlow, thanks for listening. [applause] >> discussion of the recent analysis of the tax and spending cuts bill. then, a utah republican on the bill and republican efforts to further trump's agenda. a discussion of the democratic strategy going forward. join in the conversation live at 7:00 eastern on c-span, our free mobile video app, or online at c-span.org. >> no doubt about it, this day is historic in many ways. >> the proceedings of the senate are being broadcast to the nation on television for the first time. >> this week, we marked the 39th anniversary of the first live television broadcasts from the senate. join us as senators take to the floor to mark this landmark moment. >> this public service allows our constituents to see the swea

and the treasury market back in april and thinking if this is slashed or treasuries get a carveout,t would aid liquidity in the treasury market the fed does meet next wednesday to discuss this and there was some speculation that regulators might ask for public comment about the treasury market reform. hinting, not necessarily making a final decision. tom: valerie tytel with a preview of the fat and some potential changes for treasuries. coming up, canada's prime minister calls for maximum pressure on russia as he announces more support for ukraine. we bring you the details from the g7 coming up after the break. this is bloomberg. ♪ tom: u.s. president donald trump has resisted g7 calls to impose new sanctions on russia despite urging a cease-fire in ukraine. canadian prime minister mark carney unveiled new measures to support the country including $1.5 billion in military support for ukraine. we underscored the importance of using maximum pressure against russia who has refused to come to the table. the president has led to come to the table in search of peace. and maximum pressure

there are appropriated to the secretary of defense for fiscal year 2025, out of any money in the treasury not otherwise appropriated, to remain available until september 30, 2029- (1) $365,000,000 for army exercises and operations in the western pacific area of operations; (2) $53,000,000 for special operations command exercises and operations in the western pacific area of operations; (3) $47,000,000 for marine corps exercises and operations in western pacific area of operations; (4) $90,000,000 for air force exercises and operations in western pacific area of operations; (5) $532,600,000 for the pacific air force biennial large-scale exercise; (6) $19,000,000 for the development of naval small craft capabilities; (7) $35,000,000 for military additive manufacturing capabilities in the united states indo-pacific command area of operations west of the international dateline; (8) $450,000,000 for the development of airfields within the area of operations of united states indo-pacific command; (9) $1,100,000,000 for development of infrastructure within the area of operations of united states

treasuries. following that action by the fed have you seen and identifiable shift in banks or other regulated entities as relates to engagement in the digital asset space? >> you know i will be the one to be picking that up first of what i do see is a very significant change in the tone. it really does reflect evolving thinking of the crypt or industry. i would expect over time we will see more activity. >> how is the fed evaluating overseen banks and other regular entities that are in the digital assets or crypto space? >> our view is banks get to decide who the customers are. that's not our decision. some banks are free to provide banking services to crypto, the crypt industry, the cryptic companies and banks are also free to contact the activities of long as they do so in a way that is protective the safety and soundness. >> thank you very much. let me shift gears pallid even opportunity an opportunity to comment on the housing sector once again but give you freedom to speak to that area. you

) 70 percent shall be paid to the state of alaska; and (ii) 30 percent shall be deposited in the treasury and credited to miscellaneous receipts. (3) area offered for lease.- (a) gulf of america region.-for each offshore lease sale conducted under subsection (a)(1), the secretary of the interior shall- (i) offer not fewer than 80,000,000 acres; or (ii) if there are fewer than 80,000,000 acres that are unleased and available, offer all unleased and available acres. (b) alaska region.-for each offshore lease sale conducted under subsection (a)(2), the secretary of the interior shall- (i) offer not fewer than 1,000,000 acres; or (ii) if there are fewer than 1,000,000 acres that are unleased and available, offer all unleased and available acres. (c) offshore commingling.-the secretary of the interior shall approve a request of an operator to commingle oil or gas production from multiple reservoirs within a single wellbore completed on the outer continental shelf in the gulf of america region unless the secretary of the interior determines that conclusive evidence establishes that the commingl

one of the ways we obviously service our debt is by selling treasuries when we're looking at the treasury market and also this fed decision, what's your view of treasuries overall, whether it's for your investors or just the fact of yields and the impact that they have on domestic policy? peter boockvar from bleakley financial is on our air. yesterday came out with a very interesting stat. he said. about a decade ago, 50% of our treasuries were held by foreign buyers. now that's down to about 30%. and the us is involved in a lot of geopolitical issues. how do you see that impacting foreign buying of treasuries and of course the yields. >> yeah. look i think the fiscal backdrop has definitely been kind of a source of some volatility on the on the long end. you know we're still like treasuries as an investment. we do favor the intermediate part of the curve. not necessarily the long end given some of the volatility that we've that we've seen. but we continue to think that, you know the new cycle around, you know, the budget bill that's going to make its way through through the congress in t

i want to quickly ask you about treasuries were starting to see treasuries move higher yields are coming down people are anxiously putting money into the safe bet that is the u.s. government debt we have the ten year yield the 4.331% yield down 4.8 basis points, people going into. we had michelle bolin, part of this ways in she's a federal reserve governor she says today i would support lowering the policy rate as soon as our next meeting in order to bring it closer to the neutral setting and who knows what's happening over the weekend drove that but if you look at the feds fund futures which traded on the cme that is really interesting but now the july odds for the cut had jumped 80 markedly what you see on the treasury department there. >> were seen what you reference and receive a jump in the fed funds rates prediction, 25% july and according 25% in december for 25 basis cut in each one top positions are dovish one would have to ask the question why her to guest the economy is doing fine with the interest rate and where they're at in the stock market is doing well and the economy seem

at treasury. i met steve mnuchin during the campaign and basically fell in love with him. he was a fabulous person to work with at treasury. i was at nec. paul ryan i known forever. paul ryan: i met you in 1992. larry kudlow: you are a superstar. i want to see you back in public service before long. [applause] and mark uyeda, you are doing a good job. folks, i am larry kudlow, thanks for listening. [applause] >> now, conversation on trade and technology with house financial services chair french hill. from the reagan national economic forum in california, this is just under one hour. >> thank you for putting on this timely event. economic freedom was essential to ronald reagan's view of what was important to america and delivering for americans. the chain of events is economic freedom leads to more innovation , leads to more entrepreneurship, and that leads to economic growth and that uplifts the country. on this panel, we will be talking mostly about finance. finance is a handmaiden to the real e

treasury yields lower.raditionally moving lower in a risk off sent, they are holding onto their rallies from yesterday. let's check in on oil, because yesterday it had a two month high for brent on the back of middle east tensions. we are paring back from those levels now. over the last two sessions, we are just up shy of 4%. the risk off moves are on trump tariffs denting the oil price rise of yesterday. tom: we are also hearing from the u.s. treasury secretary, scott bessent, he's been a busy man in recent days, and he's been testifying in the house yesterday. he wouldn't to be drawn on whether the tax legislation the republicans are working on to finalize in congress will avoid adding to the debt burden. he blamed democrats on the deficit. take a listen. sec. bessent: what i believe is that everybody on the democratic side voted for the biggest blowout for the deficit in history and that we are suffering from that. this past tax year we will have between a 6.5% and 6.7% deficit, so i find it very difficu

the three or four verticals and main treasury. there's domestic finance, there's international affairs and there is the tears and financial intelligence and there there's some bureaus within treasury and the comptroller of currency. there's lot of sectors of institutional excellence we can lend upon to provide technical assistance. moreover if the bill becomes law, and i hope it does knock on wood. should it become law treasury play an active role in terms of with other jurisdictions work with the bank regulators working with the state but will have quite an active role. bo and i were the first rendition of crypto people working in the government. if this becomes a law there will be a donate domain expertise there'll be a lot of work to implement the legislation. >> i think that we're well on our way to achieving that. we'd be remiss also not to thank our brilliant ai encrypto czar for his leadership on all of this. his reputation precedes him. he's obviously a brilliant -- i know you guys are gonna hear from him later on in the d

treasury ministers and defence ministers and he knows as well as i do how this works, for the treasuryove a plan, it would have to feature billions of pounds of cuts to existing mod programmes and so, this sdr has dodged the big decisions on existing capabilities again secretary of state confirm that this defence investment plan to be published in the autumn was set out the cuts needed for the treasury to agree a plan to get to 3% and details we should've had today in the sdr? can he also confirmed that the total budget for new measures announced in this sdr the next five years is less than £10 billion? we will be spending to leaseback around base. isn't this the hard truth? the government are unable to guarantee the money armed forces need but the one plan they can guarantee is going to give billions to militias for land we currently on his neck and my percentage of the payment will be met by the mod? is ever tortoise before full let me suggest an alternative, hitting 3% in doing so in this parliament, not the next. secondly, getting a grip on our welfare budget rather than competing

treasury hits 01-month low as u.s. services had to contraction fueling beds the fed will reduce rates at least twice this year. from travel -- trump's travel ban is back, bending people from 12 countries and once retaliation is coming for ukraine's recent drone strikes. how low will the guard to go with the ecb expected to cut rates for any eighth time today. it investors focus on the path ahead. with global stocks at a record high on one of the gauges of global stocks, european and u.s. futures looking for direction. be it is nonfarm payrolls the government on friday. european futures fled after three straight days of gains were european and u.s. stocks. ftse 100 pictures as futures lower by .1 of 1%. s&p future states and after modest gains yesterday also range bound. let's flip the board and have a look cross asset. we have the ecb decision late today fully expected to cut by 25 basis points to 2% for the ecb. the direction of travel is the course and any updates in terms of guidance in the framework from the guard.

. >> and you story about treasury bills in the magazine and that is like the dry toast of the investment world and i don't think about it that much what we needed announcement will treasury bills are becoming increasingly popular place where individual investors to stash their cash bills are supersafe and government security monitoring in less than a year and exchange funds popular way to invest in t-bills you can get 4 percent yield right now in which render the money market funds in banks cds and the two of the largest of the town of in the eye chair zero — three month treasury which is ticker dob and bloomberg when we just bil suit how much more bulimic over money market treasury bill fun. >> percentage point plus to get some x benefits because the interest exempt from state and local taxes which is a plus for people in high taxes say. >> don't forget the lower fees and with your money one quarter appoint as above mine you know but meghan we have heard a lot of thousand gold and now you are watching silver and what is happening there. >> were still watching old heavy today on friday a

and oftentimes bank will sell those treasuries, longer dated treasuries in some cases to, to fund the deposit withdrawals. and so i think we've had an unusually sticky tenure relative to really what has been slowly slowing growth. and we i don't expect that to last. and at the at the end of the day, let's call it into the end of the year. i would expect treasury yields to be lower as well. >> well, they are today just a bit under 4.4% on the ten year. we're getting that treasury bid that we didn't get on friday with some of this headlines. stephanie, peter, megan, thank you so much. appreciate the time today. let's get to steve kovac for a look at the biggest names moving into the close. hey steve. >> hey there mike. yeah. verve therapeutics. so shares are soaring after the gene editing startup agreed to be acquired by eli lilly in a deal worth up to $1.3 billion, lilly is going to buy verve for about $10.50 a share. that's an almost 70% premium from yesterday's close. verve shares up about 80%, eli lilly down slightly over to jabil. now, shares are higher after the electronics manufa

the way the treasury operates. tell me about that and address the question of how independent the fed should continue to be? rep. hill: congress created the federal reserve in 1913. if you are independent it does not mean you are immune from criticism. let's leave it at that. the fed chairman is independent of being fired by the president, the courts have indicated that. greg: is that a good thing? rep. hill: it is perfectly fine but it did not stop lyndon johnson, richard nixon and ronald reagan to all have intensive sessions with their fed chairman, some in public and some in private. i invite you to listen to lbj's recordings about that or a spectacular book where richard nixon's attempt to fire arthur burns and put in alan greenspan is talked about. this is part of history. this issue of monetary policies since 2008 is a concern to the committee. are we ok with it? when kevin went on the board, the fed was about 6% of gdp. it is a quarter of gdp now. we are not a treasury balance sheet. we own mortgage-backed s