we will cfr they have come. a $2 billion deal fueled by the worst draft in oil prices in five years. we drill down to see what the agreement need -- means for the overall industry. ceo aboutear from a the company's's expansion plans in the country. ♪ alix: good afternoon. i'm here with scarlet fu. you can see declines all around for the s&p and the nasdaq. so much for that rally. alix: the action is in the bond market. let's get to your top stories at

this hour. getting the green light to drill for oil in the arctic. federal regulators say companies can pursue new offshore efforts near alaska if it complies with safety and environmental conditions. shell has invested almost $6 million in preparation for exploratory drilling. say it is beneath frederick waters. conditions and a fragile ecosystem make it a mistake to approve drilling in the arctic. citigroup says it has been notified by the justice department. a case centers on traders a benchmark.rating other banks paid huge fines in the case but citigroup says it is still talking with prosecutors about another investigation there that is focused on the rigging of foreign currents in market and could involve a guilty plea to bring about a settlement.

rosetta resources in an to her noble will assume $1.8 billion in debt. it gives them a position of an two of the largest areas in texas shell oil production. -- pushesk split shares higher. group of belgium. salesmpany 60% of their from the u.s. are held. a warning today from a former treasury secretary. telling bloomberg television that central banks run the risk of creating asset price bubbles if they keep interest rates too low for too long. he says relying on interest rates alone is not a sound policy. >> i'm a fan of janet yellen. i have clearly been a fan of the bernanke you monetary policy. we de-levered in the u.s. while

growing from a third quarter of 2009 on. there is a time in which you cannot just rely on monetary policy. ugly, messys a big, problem, you will never solve it with a simple elegant solution. scarlet: before serving as treasury secretary during the financial crisis. expected to learn his fate this week, the defense and prosecution both -- in the penalty phase of his trial. the jury must decide whether the boston marathon bomber is jailed for life were executed with a jury will get the kids after closing arguments there are more than 100 deaths now blamed on faulty general motors ignition switches, three more than a total confirmed just last week. attorneys overseeing the funds say families will get payments and -- more than 4300 claims were made in some of them have not been reviewed. demand and ang

stronger labor market are pushing up housing prices to home prices climbed in 85% of u.s. metropolitan areas in the first quarter. 205 thousandice is dollars, up 7% from a year ago. realtors predict home prices will decline about 6% this year. of the endeginning for a television franchise. american idol will go off the air after the upcoming season, its 15th year on fox. it was once the biggest thing on tv with more than 30 million viewers. it is now drawing under 10 million viewers every week. they're finally putting it out of its misery. it was due to come in the last couple of years. classic gave a lot of people a shot. >> coming up, how popular is presidential hopeful hillary clinton question mark a new poll out with all of her controversy. you might be surprised at the outcome. 'tis the season to go bidding. set to rake the money in a few

days. that story is ahead. >> another hurdle tomorrow when it repays the imf $837 million. roundtable does gushing him what his neck for the struggling country. >> president obama is honoring entrepreneurs today. they are tackling some of the world passes toughest challenges . emily chang spoke with one of the north to met with the president. when we were reached out to on behalf of the president to be invited here as part of the adjuvant ownership program, i was incredibly excited. my story, i started as a designer six or seven years ago and now i am a hopefully very successful entrepreneurial. as roley, we are here models and to help inspire other people. emily: you have moved into cuba more quickly than almost any

other u.s. business. give us an update on how business is going there and will you be able to open it up to cuban hosts soon? have, 40 days ago, we lost in cuba with 1000 homes. .oday, we have 2000 homes these are cuban homes. if you want to travel like cuba and be in a home and part of a local community, i think this is the best way, to travel to cuba. president obama has the desire to bring these two communities together pair what better way than actually in their homes, a really important thing to do. the other thing we do is allow cubans to become much -- micro-entrepreneurs. they can earn an income. it is not something we invented. they are existed in cuba were people rented their home. and allowe it easier

an audience of americans to be able to stay there. emily: cuba could be a huge potentially untapped revenue stream not just for you but other u.s. businesses. what will it mean for airbnb's bottom line? brian: i think cuba will be incredibly important. i do not know exactly. it is so new and i do not want to speculate on exactly how big cuba will be for the business. to give you a point of reference, we have 2000 homes in cuba. getook us three years to 1000 homes in san francisco, new york, and many of our big cities. these cities are large now. ever hadthink we have a market grow sss cuba. indications, half a century, americans have a desire to go to cuba and it was not easy. it is now easier. scarlet: i want to talk to you about the fundraising

environment. we see companies like you and new brent interest rates huge amounts of money and big and private fundraising. you have venture capitalists saying we are in a risk bubble and investors are taking on too much risk and companies are taking on too much risk. it?would you describe are we in a risk bubble? i hate to speculate on the economics of the environment right now. now, you haveght got the companies you just named and many others, you have really strong companies making real revenue with real customers and it is hard for for me to imagine that going away. around 1.2 million homes the world and on a typical night, over 400,000 people staying at airbnb. all of us are really holding real businesses but we are very disappointed. we know the purpose of a business is to generate a profit and that is something we are all

focused on her all of our investors take comfort in knowing that we are serious about that. emily: on that note, how do you as the ceo, you're meeting the president today, you're the darling of the community. decisionu make this -- to raise the money now versus going public? brian: we have not made any specific decisions. we do not have any immediate plans to go public. the focus is on what is best for the business and the community. the company is doing great. it is a solid business. we do not need to raise more capital. that being said, we are open to opportunities all based on our suspect -- expansion plan. it is growing really fast and we will see how it plays out. chang. was emily brian chesky named as a presidential ambassador for our -- entrepreneurship. coming up, hillary clinton looks stressed lately but a new poll

should make her turn that frown upside down. i cannot believe i just said that. >> in you did, on air. you owned it. ♪

>> welcome back. let's get straight to julie hyman with a look at the markets. we are 50 minutes away from the close? julie: that is about right. deteriorateg things as we head toward the closing bell p are not in a major way but trending lower than we were at the beginning of the session,

particularly for nasdaq, holding on to the bearish of gains. f -- if we look at the averages, we are seeing declines across the board at this point in time. the nasdaq is now down about .1%. each off about 4/10 of 1%. i want to point out we have -- we did not touch the s&p 500 on a closing basis. wee a look at the numbers are we are looking at a record of 2125 set a few weeks ago and the closing record. take a look at my bloomberg terminal here. of 211769. we did touch it earlier today and ever since then, we have been trending lower. it looks like there is a little resistance to going through that level. it is something we will continue to watch. in terms of the push and pull we are seeing reflected in today'session, energy stocks

definitely the big drag in the s&p 500. they are training lower by now. 2% and that has been deteriorating as we have seen oil prices as well. still a lot of speculation about supply globally and what that will mean for oil prices. health care helping to support some of the gains. i also want to point out what is going on with the 10-year note and the yields generally to it we're seeing the highest yield of the year. the biggest selloff for treasuries in about two months. changinge still expectations for the economy. it looks like for today, they expect the rate to go higher. click thank you so much for the update. forok at our top stories the hour. tornadoes take a deadly toll in texas and arkansas. inwister hit a small town east texas. up to 10 people are still missing there.

the damage was widespread and authorities in arkansas say a couple was killed when their mobile home was struck. north texas had a different problem. seven inches of rain. one man was reported dead in storm related flooding. helicopters swooped in to rescue people trapped. unbelievable. look at that. >> let's move on to hilton worldwide. a secondary offering by the blackstone group. the hilton chain will not get pro-steeds. holds 65%meanwhile and 16% of its shares are in this. >> new york's governor wants to help nail salon workers. andrew cuomo helping to protect them from hazards and wage theft. this comes after an investigation of the agency. those are your latest top stories. a new poll out from bloomberg picture giving a clear of hillary clinton and how she

is stacking up in the presidential race. joins meing editor now. thumbs up or down for hillary? the outfits you have on today. very patriotic. i feel he get's the fourth of july. you look very nice. , surprisinglyine fine, in terms of, she was off from a really tough time. a lot of scrutiny and criticism for the practices in her e-mail and the foundation and yet, the poll is up in new hampshire. there are some warning signs but mostly, she is still in a star position with democrats that she has been in with the fall. >> there is a distinction between her base and the general election. troop here the first thing you have to do is win the nomination with your party and the general election. further, the biggest goal is to make sure shands at the democratic nominee. she has still got a lot of

strength among democrats, not just from her base but the people who make up the nominating electorate. she's seeing erosion with independence. that is still a year and a half away. no republican nominee yet. those numbers mean a little less than the numbers that matter most to her. she will always be compared with bill clinton. how will she stack up? >> they are better than her weightings -- ratings. personthe most popular in american politics by far. if you ask about the various leadership after his, they tend to do very well. she does reasonably well next to him, but what has happened is what is traditional for her, which is, when she is in a position not seen through a clinical lens, like running the state department, her numbers go way up. a soonish he is seen political context, the numbers start to come down. her better to like

when she is outside the context of partisan politics. ofrlet: you mentioned some the worry spots. what are things we are learning now? is a the other thing that little surprising, bernie sanders, someone not very many people think could be the democratic nominee, has jumped up 18% of the new hampshire vote on the democratic side. she is over 60%, a strong number. about 40% of democrats who either like bernie sanders or someone else not hillary clinton. that is a win. there will be a storyline for her she has to contend with, that a lot of democrats really like her, but a lot of them would like to see more competition on the democratic side and that will make her nervous until the day she is the democratic nominee. how many republican nominees to have versus democratic? john: a bunch of republicans we have never heard of before, but among the major declared

candidates, we are now up to six on the republican side. you have got two on the democrat side, hillary and bernie sanders. martin o'malley. alex: what is the percentage of people who love hillary and those who think there is no one else better. john: the democratic party, a lot of democratic women really love her p she has always been strong with hispanics and afghan american voters. to getl have a challenge young people enthused about her. for a lot of young democrats, they do not really remember bill clinton's presidency or her time as a u.s. senator from new york. she will have to get young voters enthused about her is she will win a general election. an important part of the obama coalition p she will have to get those people excited. a lot of what her nomination contest will be about is not so

much running against other democrats, assuming no one steps up against a major challenger. but building that base of support she will activate in a general election. what do the polls suggest about the e-mails? in our focusd this groups and the poll. a lot of democrats and independents still have questions about it and would like to know more answers about it and there are things about it that trouble them. even those who say they are troubled by it and want answers, they still support her. not all of them, but a lot in that category say i am for her but i wish she had handled this differently or answered more questions about it. a lot of democrats would like to see her at some point answer more questions than she has already. all right. thanks so much. in to "withu tune all due respect." cohost and commentator.

john: all plugs are perfectly legitimate. formally a bush and mccain person and now a cohost of the view. she was a very important figure in 2008. the artill ahead, market is pointing in the right direction. we discussed paintings and sculptures expected to raise $2 million right here in new york city. ♪

>> welcome back to the bloomberg markets day. we are in the middle of two weeks of major options here in new york city. the options are expected to rake in $2 billion. david tells us how. ♪ you're looking for something to hang over yourself a, i think this will catch your eye. it is something i checked out a couple of days ago.

this is public the console's 0.en version it could set the record for the most expensive peas of artwork ever sold at an auction. it could go for somewhere around $140 million. to put that in perspective, that is roughly what the movie "furious seven" pulled in over its opening weekend. sculpture is more your speed, also auctioning off this, pointing man, one of six that the swiss sculptor made. it is pretty much life-sized. it could set the record for the most expensive sculpture ever sold at auction. the price point is pretty similar to the cop so -- to picasso. a billionaire who currently has the record for having spent the most on a piece of art at auction.

in 2013, the queen of las vegas this $142.4 million on that francis bacon painted. scarlet: i think a life-sized pointing man would look good in my living room. i do not have the cash. i would have thought by now some or someone from india, anyone from the emerging markets, would have supplanted an american as one of the highest bidders. alix: we have seen a huge growth in terms of the chinese market and also kind of the rise of online. going --necessarily but going online for these things as expanding the overall art market by bringing in these kinds of people. scarlet: that is a tier i aspire to appear maybe i could buy some the online in an auction. alix: online is huge. take a look last week. van gogh, picasso, all sold and

the amount is the second-highest when an impressionist art auction representing 67% increases from the year before. all of the money coming out of treasuries is going straight into the art market. it brings up the value of hard assets, like real estate and an art market. i will take off from here and you have got the rest. so fun to have you. coming up, greece. what will it take to come to an agreement? you will find out next. ♪

welcome back to "bloomberg market a."

top stories, citigroup says it won't be prosecuted as part of a wider investigation of interest rate rigging. the bank has been told that they will charge by the justice department. the london interbank rates or libor, they have paid huge fines in the cases but say they are still talking with prosecutors ,bout another investigation with a focus on bringing the foreign currency market the settlement in that case could involve a guilty plea. the u.s. and china will hold meetings in washington late in june and according to the treasury state department the dialogue will focus on egypt and economic challenges that offer bothtunities for countries. additional details are expected in the weeks ahead. over 100 deaths has been blamed on faulty general motors ignition switches. the attorney overseeing the compensation fund says that families of the killed get payments. awards are also planned to 884 people that were hurt. more than 4300 claims were made

and some of them have not been reviewed. european finance ministers are downplaying expectations about their meeting on greased today. the finance minister joined the talks in brussels, ministers are waiting for final proposal on economic reforms. the finance ministers have said that they will not release more bailout money until they are satisfied with the plan. restore tiess to with cuba present major opportunities for american's mrs. orting to the sea know of air b&b. he says he is amazed by the surge in interest in traveling to the island. have 2000 homes in cuba. it took us three years to get 1000 homes in san francisco, new other big cities. to give you a sense, i don't think we have ever had a market grow as fast as cuba. by all indications this is going to be a huge opportunity. for half of the century americans have had a desire to be able to go to you but.

now it will be much easier. says that they do not need to raise more capital and there are no plans to take the company public. news to brighten the day of anyone with a home for sale, rising demand and a stronger labor market are pushing of housing prices. the national association of realtors said that home prices climbed 85% in the first quarter. the median price was $205,000, up 7% from one year ago, they predict home prices will rise 6% this year, those are your top stories. coming up in the next half hour of "bloomberg market day," call it the debt -- the battle between tv and live streaming apps, emily chang gives us the details on periscope. jpmorgan expecting to get another extra $900 billion in demand for government securities. we will have that story, coming up. plus noble energy's purchase is insed to be an opening salvo

industry consolidation. we will talk to the ceo next hour right here on "ark it a." greece is still looking to dodge another economic bullet. the country's finance minister reassuring governments that greece is ready to make concessions to win the final installment of its $240 billion program. the dutch finance minister told .eporters >> the new setup of the negotiations put in place after our last meeting is more positive, more constructive. we are making fast progress. joining me is the greylock founding capital founder, hans. what are you doing with the greek debt now? hans: it has been volatile. equity. trading like an

we have sort of scaled in an scale out and back in to our greek exposure with bonds and equity. you know, it's a high-stakes game, but ultimately if things work out the upside is a lot more than the downside. i was going to say, what is the short-term event risk compared with a long-term growth potential? -- hans: think about it, before this 100 days, greece was starting to show some growth . there was primary surplus, exit interest cost -- there was greeceely a prospect for rebounding, i think they just have to work out this overhanging debt problem. but it is getting so complicated and political you get the sense that they have already made the decision to go forward with the performance. they are really faced with this

difficult process of facing up to the imf and the european union, who are obviously not on the same print -- same page. issues, a lot of the highlights on what they are saying is focused more on the eu, not greece. the eu holds the keys to the debt release and the imf is looking for some kind of haircut. alix: we never really talk about that kind of tension. talk more about that and how it might wind up playing out and affecting the greek ability to pay or not. ultimately their ability to pay will be based on new funding or rollover. a lot of that debt needs to be rolled over in some form and the imf did not want to be in greece , they are kind of pushed in and at this point i think that they are looking in some fashion and what they are trying to do,

which is maintain their most senior position in the debt structure of the country. ecb, and effect, when we did the private sector restructuring listed out the same that we were restructuring and swap them. they were trying to establish themselves as a super competitor as well and the imf wants to see that relief, not loans to be repaid to them, but what the ecb and eu is owed. alix: does the imf have the power here? can they force them? hans: not at all, this is purely medical. it will eventually have to be a decision by the eu or they will take the risk of the markets getting stressed if it looks like we are going towards some kind of default. alix: greek bonds are trading like stocks, you been in and out of the market. at what point do you walk away and say -- game over for me? actually, the greek bonds

that we are trading, the psi bonds, they are, well, they may be subordinate but the fact is that they are senior. we put restructured it it under u.k. jurisdiction and took 53.5% on the haircut. the ecb and the central banks of the european countries took the same haircut on the same bonds and then we would not be in the dialogue we are now. three days before we hit the deal they hit a separate swap at par. we did one at 46 and a half cents. alix: that's nothing. hans: any kind of profitability treatment we've seen in the past, there's no way it comes back and forces us to take an additional haircut, so really the private sector bonds are somewhat bulletproof. i don't think, you know, in the worst case scenario you might have a deferral but i don't even think that that will happen because of their is a rupture

between greek and european predators they will have to look for funding somewhere else. so, i think that there might be a market hit there is an event re-think has 40% probability, but i think that they will service the bonds in you will come out ok at the end. what does this do to make the peripheral countries appealing or not to you? have backed up 10 or 15 basis points, but 50 basis they will beht, so under a lot of pressure there is stress. this market environment is not really constructive for those countries. we will see what happens if the rhetoric gets more intense, but i think that what's happening on both sides is they are leaking stories to the press to gauge reaction, but at some level you see that there is a willingness europeansppeal, the

are trying to play hardball and the greeks are calling their bluff saying that if we are conceding this stuff, what do we get for it? alix: i love hans, he has the best perspective on this. we really appreciate it. with new, super cool glasses. alix: to match her dress -- hans: to match your dress. we planned ahead. after climbing back from a six-year low on productions being cut, prices are now under six dollars barrel. what gives? here are some of the worries. china, demand is up over 7% in the first quarter, but that's at odds with the industrial production, meaning a lot of the straight tooing stockpiles, not the end user. imports might not be reflecting actual growth. on the other hand, you've got supply. cuts are not coming fast enough. shale might be paring back, but opec production is rising, hitting 31 million barrels per and if that trend

continues stockpiles will rise more quickly in the second order than in the first. the third problem is the rally itself. oil that is an $40 per barrel might encourage producers to restart production. key areas like the balkans are actually adding rigs and shale here plays like resources stabilizing at $65 where they are prepared for strong double-digit out growth next year. but let's not forget about the so-called frack lock, saying that 4700 wells are drilled with filled and they could increase production by 500,000 barrels per day in the fall. it's not just the u.s., everybody. saudi arabia is also using a toord number of drilling rig boost production, which i should say that the highest rate in 30 years. here is why you should care. commodityto barclays, prices are an important influence on the recent pickup in global bond yields with higher oil being interpreted as

growth being better, picking up, optimism pushing investors out of treasuries. what happens of the resist the downward adjustment in keep oil prices? market,p on bloomberg fighting cable networks that do not want their exclusive content up for grabs on social media. emily chang will give us that story.

"bloombergim back to market day." i'm alix steel -- welcome back to "bloomberg market day." i'm alix steel. julie hyman is looking at the

stocks making new highs and lows today on this volatile day, i would say, on the market. julie: not quite getting there, but we are seeing more 52-week highs than most today. to be exact, 61 lows. i wanted to bring in some of the highlights, we are seeing a trio in the financial industry, not wall street but off wall street. take a look here, looking at schwab, each trade, or ice, we are seeing highs etch lob, the highest since january of 2001 trade, the highest october of 2008. we are also seeing a couple in the internet industry, expedia at an all-time high, as is netflix, two of the stocks helping the nasdaq perform of the debtor today. goodyear tire, not a tech company, on the list as well. 1% is the highest since november 2007. as for lows, take a look at the rocks, the stock is down 14%

since cutting its forecast a few weeks ago. a drug company being downgraded at j.p. morgan to underway today , tied to the introduction of one of the struggles -- we have been talking about rosetta resources today. stone, however, the language instruction company trading at a 52-week low. taking a quick look at the cloud service company that will be out with earnings after the close, we will be watching for those numbers, with shares down a bit today by less than 1%. that says analyst estimate that company sales were up by 14% but there has been a lot of speculation about a possible acquisition. it has not materialized, so investors will be looking at prospects as a standalone company based on those results today. alix: thank you so much, julie, let's check in our latest headlines. the bodies of two inmates found after a prison rebellion in

nebraska. authorities say that they are nok in control the lockup, escapees reported after fighting broke out yesterday when they said they control part of the facility. you can see smoke rising from two housing units. 11 death row inmates are among the prisoners held at the facility. comcast is getting a new chief financial officer. michael cavanagh will leave the carlyle group early this summer to join the company. he who will be the chief executive of the newly created exit -- investment arm called comcast ventures, who recently dropped their merger plans with time warner cable. starbucks says that there is those brand will not use any more water from drought stricken california. production is being shifted to pennsylvania and starbucks is looking for a new supplier. starbucks is facing mandatory water cutbacks of up to 25 cent and those are your latest headlines. the boxing world came together to watch floyd mayweather and manny pacquiao fight.

so did internet pirates. awarded the cost on paper view and allowed -- relied on technology. how big of a threat is periscope ? for more i am joined by emily chang in san francisco. good to see you. what has the periscope response been? emily: it's interesting, they said the winner was periscope and then you have this flurry of tweets on twitter saying -- weight, is twitter excited about piracy? i don't get it. dialing it back a bit, what periscope came out and said is , we do this is a one-off not expect people to use the app in situations like this in the future. it's not going to matter so much. this was a huge fight behind a giant pay wall, a one-time thing that people had been waiting years for.

that said it is still the serious concern and something that they take seriously. we will have the cofounder of periscope on, coming up, and i him about just how they can prevent things like this from happening. can they build technology into the app to be able to identify if you are shooting a live event or shooting something off of a television screen and then talking about the different situations they can cascade down from that. alix: i guess the question to emily is -- how much will that cost the company and twitter to build that kind of technology? emily: exactly, the one thing they have going for them is that they are doing this within twitter now. this company fell fairly early on to twitter, which certainly has the resources to build this out. on the other hand you have a company like meerkat which basically does the same thing, operating outside twitter in the general ecosystem, there's talk that they could be doing more things with facebook, which is obviously an even bigger

audience. the theme within twitter limits their ability to expand, another question that we will be talking to the cofounder of periscope about. meerkat also just hired a woman ford chloe slide at twitter a very long time. a heavy hitter herself, certainly a sign that this company is going to go away quietly and periscope is certainly going to have its share of competition. alix: thank you so much, emily chang, "number bwest" coming up at 4:30. still ahead, j.p. morgan expecting a $900 billion influx in demand for government securities. why is that wreaking havoc? coming up next. ♪

alix: bonds in germany and the

rest selling off again today, sending yields higher, but here's one place where they are headed lower, the one place for the trillion dollar marketing you bills, yields at the negative for the first time since 2008, demand outstripping supply, and it could get worse. her morgan expects a next $900 billion in demand for government securities over the next 18 months, putting pressure on a big chunk of the market. what does this mean for stocks, bonds, currencies, you name it? joining us to discuss is lisa hour bloomberg stock editor, michael reagan. good to have you here. talk to us about the j.p. morgan call, $900 billion in demand coming from the treasury market and why there is not enough supply. >> short-term rates are kind of moving away from the fed mandate.

regardless of what the fed does. all of those people were putting their money into money market funds and potentially losing money if the rates get negative, with new regulations coming together and the search for safety around the world. there is just as good luck of cash being piled into the short-term bonds, these three-month bonds, and it's causing a real kind of supply demand imbalance he -- leading to yield going negative in the u.s. on the short-term that last week alone. the impact here, mike, for the stock market? we had a big route last week rippling through all the markets. michael: i don't think there'll be a long-term impact that much, though they tend to look at it more closely over the 10 to 30 year, and really looking if you

file some of the claims that broadhave a value in the stock market, it usually is a relative basis to the bond market yields so low that stock dividend yields are attractive to 10 yearred treasury yields. interest rates are so low that companies can borrow money to buy back stocks. i don't see too much of a ripple effect in the market, but obvious interesting. alix: it does show me that if key bills stay so low that they climb higher, after years of speculation when yields are going to rise? today you see the bond route deepened, 30 year treasury yields on those notes climbing to the highest november 2013. you are seeing some significant moves in the yields. a lot of volatility there. the fact that you are seeing this kind of rising yield jumping up word? you are seeing t-bill yields saying so low? it shows the kinds of distortions that can connect to

the federal year stimulus from around the world. this speaks to the note that came out today from citigroup talk about cap -- talking about how ill it would the markets are due to central-bank distortion, but that we will see the ripple effects coming in the commodity and stock markets as we see liquidity steaming up. michael: obviously liquidity issues in some markets will spread to the other markets, but the secret you're talking about ,he is fascinating to me reminiscent of what the stock market went to a few years ago. specialist on the stock exchange that acted as the intermediary between buyers and sellers that has transitioned to the electronic automakers hybrid firm. so, that creates a bully for the trade rapidly for every seller within seconds, but obviously there are other issues that come along with it. a lot of people wonder about the role. is it fair that they make a few

cents off the trade of the time? obviously an especially in the corporate bond market it is not quite trading where you could match a buyer with a seller so quickly as you could on the stock market. [laughter] i thought that the most compelling part of this announcement from matt king and citigroup was not just the mechanics of how you trade, it's that when you have tanks that are basically putting their thumb on the scale and pushing it down as hard as they can year after year, they are pushing everyone into the same trades and it gets harder for them to maneuver if something changes. on the backdrop of yields, the close is coming up next, stocks having a two-day winning streak, we are moments away from the close, stay with us. ♪

in theoming up to 4:00 afternoon, we are moments away from the closing bell, this is "bloomberg market a." i'm alix steel. ♪ market day."

i'm alix steel. ♪ [closing bell] alix: you are looking at markets finishing lower today, napping a two day winnings the, the dow jones off by 85 points, at one point was down by as much as 102 points on the section low. the s&p was really a big reversal here, closing time at andpoint, pulling back fending off about 10 points. the big story is also those yields, the 10 year yields climbing to their highest level so far this year. we do have some breaking news now for you, the federal reserve or just announced five former private bankers barred from employment from the banking industry, all previously helping americans evade taxes. we t