in april. we will take a look at another round of talks on the greek debt crisis. german finance minister says he is considering a parallel currency for greece. betty: we will look at how theme parks have become increasingly important for disney's business. ♪ pimm: good afternoon, i am pimm fox with betty liu. let's look at how the markets are trading, equity markets are lower. the dow is down by 48 points heading into the memorial day weekend, so volume is then. the s&p is off by 1/10 of 1%.

the commodities market, oil and gold, oil prices down, the dollar higher, that is having an impact on oil. significant movements. nymex off by one and a half percent. 1.6%.s at 65.45, down by pimm: let's check the bond market. year0 year and the 30 under 3%. a little change from yesterday. let's take a look at currencies. the dollar showing strength against the euro. they strength against the town sterling after a run of strength all week for the british pound. let's get right to the top stories. the fastest cost of living increase in 2 years, it rose

3/10 of a percent last month, that is the inflation level minus the cost of fuel and food. boardincreases across the , the federal reserve is considering went to raise interest rates. it has said it wants inflation rising around the 2% level. a final vote on the trade deal may be held in the u.s. senate as early as today. it will give president obama fast-track authority to negotiate trade agreements such as the transpacific partnership. yesterday, democrats led an effort to block the bill and that failed. they say the deal could end up costing jobs in the u.s. betty: reaganite are said to approve a takeover in the cigarette industry, reynolds about to win after trust approval -- antitrust approval. they are best known for its camel cigarette brand, to win approval it has offered to sell its e-cigarettes and cool brand of cigarettes. shares of farm and construction

equipment john deere are rising. the company is forecasting better than expected profits. sales of those green tractors have been dropping. offset by growing demand for dump trucks and other construction equipment. pimm: america's largest food retailer wants to limit the use of antibiotics in farm animals. walmart telling suppliers in wants fewer and a bye next used in production of meat and eggs it sells. farmers use the drug is not just to treat diseases, but to fatten the animals. walmart is the first major retailer to take this position. we will speak with the head of the humane society later. falling, crudel percent, than 2%, 1.5 oil falling after the dollar rose on that inflation report. americans will take advantage of those lower gasoline prices this

memorial day weekend, travel organization aaa says 37 million americans will travel at least 50 miles from home. the most in a decade. asked prices have climbed in the last two months, but are still almost a dollar a gallon less expensive than a year ago. betty: i am going to be in my car. coming up in the next half hour -- i am going down the jersey shore. here is what is exciting, germany finance minister considering a parallel currency for greece, the report comes after another round of debt talks and with no deal. pimm: this summer's box office revenues could set a record. we make sequels is the reason. we will look at how familiarity breeds profits. betty: what is behind walmart's thesion to improve treatment of animals and curb the use of antibiotics. pimm: janet yellen will be

delivering remarks about the economy at the greater providence chamber of commerce. betty: as the federal reserve lays the groundwork for his first interest rate increase in nearly a decade, when will they act? here is what former pimco ceo told us. >> we can assume they will in september. not 100%, but probable. then, they will have shifted the market to worrying less about the starting point and focusing more on what will be a shallow pot. now let's talk about what will happen with the economy. the federal reserve raised interest rates, let's find out from an economist. a professor at the ross school of business at the university of michigan. thank you for being here. you heard what he said about interest rates and the

relationships with the federal reserve 2% inflation target. what is your thinking? >> they are ready to go, lift off is here. this statement in late april was spot on. go back and take a look -- and they say that if they are reasonably confident that the economy is moving forward, labor market conditions are moving ahead, they are ready to go. 15 out of the 17 f onc committee participants, we are ready in 2015 to go. they have laid the groundwork, the economic data is coming in in their favor. betty: inflation came in hot today. it is easy to discount one report. one month does not make a trend, but it raises the question whether the fed is too late. the data may be coming in hotter than expected. ,> it does not look that way

because when you look at where the increases were month on month in the report. you see above up in medical care services. you have a lot of deductibles for consumers. if they are coming back and getting their medical care at the right pace, you will see bump up there. the other place you saw it is in the rent for housing. what we pay ourselves for living in our homes. that pricing is moving up. you have nudges up. betty: where would you be worried? places you say are not worried about. when would you be worried? >> once we start to see inflation expectations, --ecially when you look at when you start to see those expectations move up, then you

will note that the fed is behind the curve. so far, they have played it perfectly. the data on cpi does not give you sense that all of a sudden you will get an up move. pimm: talked about inflation and real estate, but there are other economic indicators you are putting into your perspective. inventories. from your work at ford, what can -- tell us about business what they tell us. >> when you have pockets of excess stock, if you look at the imf series on aggregate commodities. they have a forecast this year that has commodities coming down on the whole. to a level we have not seen in several years. price of commodities, why, because we have globally excess stocks to work off.

the global economy will pick up. you probably saw those pmi's this week, with the exception of china, but the other markets are coming back in the pmi's, jobless claims, those are the good leading indicators. and vehicle sales. pimm: what kind of vehicle do you drive? ford, whatoard, go a great turnaround. . have a ford fusion i have been to 17 states in the last eight months. betty: -- pimm: your gasoline bill compared? >> gasoline prices, what is it? i pay more for milk. i did speeches, and i wanted to take the pulse of what is happening in america. you see a lot of multifamily construction. the data on that and permits how

you it is there. a lot of the retail uptake is there. pimm: we did not see that any numbers earlier this week. >> it is sort of disappointing, we economist do this all the time, x-gas, retail sales were up 3% year on year. what is not to like about that? betty: i want to switch years. -- switch gears. people are debating minimum wage. something the fed is watching closely, this fight for $15. yesterday mcdonald's -- protesters were at mcdonald's. warren buffett weighed in on this. i thought it was interesting, he said he believes raising the minimum wage will cost jobs. he mentioned the earned income tax credit. that is a better incentive.

i want to read part of this. he said the yankee see rewards work and provides incentive for workers to improve their skills. it does not distort market forces, thereby maximizing employment. the you agree -- do you agree? most -- >> most of the research says what to do about the tax policy indicates the earned income tax credit has been an effective tool. there are a lot of fiscal policy challenges. steps some employers take in municipalities -- and municipalities take steps to address what appears to be an optimal weights for folks in these areas and they cannot to live where they are working. that is what some of these politicians are trying to cope with. year that is over $31,000

is $50 a year. what is your next date -- next state? >> going back to ann arbor through pennsylvania, i love pennsylvania. pimm: maybe we could track you. thank you very much. professor of the university of michigan law school of business. another round of talks, another round of no deal with greece. and the european union. betty: the german finance minister is considering a parallel currency for greece, what it could mean for the future of europe? ♪

pimm: welcome back.

i am pimm fox. betty: let's get straight to a check of the markets with the julie hyman. looking at a few stocks. julie: expedia shares trading at all-time high. selling its stake in a chinese company. 670 $1 million, a 62% stake in the company it had. investors are happy. even though expedia is now out of china. the shares getting a big boost. take a look at gas. -- gap. the company announced its earning early. then they came out and match those estimates. earnings per share were $.56, that is a decline of about 3% year over year. the company has been struggling and did not raise forecast for full-year earnings. that helping to push those

shares to their lowest levels since november. down 1.4%. campbell soup sales are down, the company said it was hurt by a currency. earnings per share beat estimates and campbell is giving a forecast that is topping analyst estimates. sending shares to a three-month high up by 9%. pimm: thank you, julie hyman. top stories crossing the terminal. groupser of blackstone capital partners is leaving. o in gserberg was the oh. he is leaving to start a family office. asked on the bottom the company in 2008 -- blackstone bought the company in 2008. a company is going up for intion, it was discovered 2012 and the long hidden art

trove sorted by a german collector. he died last year and the painting is among the first from his collection to be released to the heirs of its rightful owners. it will be auctioned off in london next month, sotheby's estimates the painting could fetch $850,000. betty: germany may be prepared for the worst when it comes to greece, the finance minister raised the possibility of a federal currency for greece if fail.to creditors as germans brace for a worst-case scenario any greece financial crisis. a summit failed to produce the deal today andy german chancellor said greece must do more to get the next round of bailout funds. >> i will have some bilateral talks and have already spoken last night with the french president and greek prime minister. it was a friendly, constructive exchange, but further work is

necessary. to theshe was referring imf, the ecb, and the european commissioner. pimm: those are our top stories. betty: let's talk about this idea of a parallel currency. who thanks that is a good idea -- who thinks that is a good idea? pimm: i wonder if the finance minister clear that with angela merkel? it leaves a lot of uncertainty for all those negotiators. betty: it signals there is this entertainment of greece leaving. pimm: going over the cliff. betty: in greece, they have to pay their people. do they pay event with this new currency. what is the value of it? .imm: you have domestic costs they have to pay people inside

of greece, but none of this money is earmarked for greece. all of this money they are talking and bargaining about will be shipped back. to the people that let them the money in one form or money -- who led them the money in one form or another. a spin cycle. betty: can you imagine that if they were going to implement something like this. what that means for that outside financing. for those holding greek debt. trying to roll over that debt. not if you have a parallel currency the greeks are promoting. pimm: folks arguing can eventually agreed that either both of them all wrong or right, now they decide what will we do. stay together or have a divorce? betty: open up my own bank account. you to take leave

care of it all. betty: yes, great to see you today. we both agree to disagree. we have much more ahead. open theirnce disney first the mark, disneyland in anaheim, we will look out the parts are becoming important to disney's business. ♪

♪ itsy: disneyland marking 60th anniversary this summer. with updated shows, parades. pimm: almost ready for retirement.

it is a global giant, annual revenue $60 billion. the resorts counting for nearly a third of those sales. more on the whole theme park business. ticket prices, $100. inthey passed the $100 mark february. 60 years ago disney lands ticket price was one dollar. looking at disney world's prices, in 1971, disney world, $3.50, a 2900% rise through 2015. this is where most of the money is coming from. we are seeing record numbers of people coming in in 2013, about 128 million people. the last data we have. betty: more people from overseas

or domestic? >> or domestic. -- more rustic. -- more domestic. talking internationally, we are looking to disney shanghai which with open next year, and 1.3 billion people, an amazing potential. just this morning i was reading that the biggest disney store also happens to be in china, they open yesterday and closed an hour later because there was so much demand. the lines were so long, they were afraid of a crash. pimm: this has to be good for bob iger and disney shareholders. 240%, shareholders jumped so everyone has been constant in what bob iger is doing. he took in marvel and pixar and lucasfilm, and that is why the share prices have been going. pimm: do they take these

franchises, specific examples of turning them into the rides. that is what will happen with star wars. >> if art imitates life, that is what disney is doing, taking the art, music -- movies, amusement parks, checking out marvel characters, probably coming up in our theme parks. those turn into profits. people say i want to buy that ironman, that new star wars figure. this trifecta coming together. betty: how many repeat users do they have? i went to disney world a few years ago when my kids were like six, i would not go back again, because it was so expensive and so hot and the lines were so long. i would go back again when i am a grandmother. a different set of kids. >> this was an issue several years ago.

people were saying the same thing. they are tired of going to stand in lines. they did a refresh with all these new things coming in from marvel. pimm: you like disneyland? >> i like all of them. pimm: maybe we will go together. betty: memorial day weekend. pimm: that is it for me. betty: much more ahead in the next half hour, the humane society has been asking walmart to demand higher standards in farms where it buys meat and poultry. it got its way this morning. ♪

betty: welcome back. i am betty liu. top stories crossing the bloomberg terminal. this is the fastest cost of

living has risen in more than 3/10 ofs, core cpi rose a percent, the inflation level, minus the cost of fuel and food. price increases were across the board. the federal reserve is considering when to raise interest rates and says it was inflation rising at a 2% labeled. best -- level. john deer is expecting that are that expected profit. sales of the tractors have been falling, but offset by growing demand for other construction equipment. facebook is offering a new feature for people when contacted with strangers. caller id within the messenger feature, the company says when you get a message from someone you do not know, it will just lay the persons location, job, or school information. workers race to clean up the oil spill in california, fighting heavy winds and waves. cleanup crews have been slowed by mother nature, only half of the oil that made it into the ocean has been recovered.

skimmers were ordered back to court last night because of the bad weather. the operator of the pipeline says it could take weeks or months to learn what caused this bill. the bill is 15 miles from santa barbara. two beaches are closed. in london, a reminder of the second world war, and exploded was found near wimbley stadium. authorities evacuated homes and businesses nearby. thanxplicit weighed more 100 pounds and was discovered by builders working around the stadium. believed to have been dropped in a not to raid over london. -- a naughty raid. -- noazi raid. julie hyman has more details about the hillary clinton e-mails. julie: a couple of headlines as folks are going through these e-mails. according to the state department, the e-mails do not

change facts about u.s. actions in libya. these e-mails revert to the 2012 attack on the u.s. compound in benghazi. we are waiting for these e-mails . -- headlights about these e-mails. 55,000re drawn from pages, focused on those events in libya, specifically. the e-mails have already been turned over to the special house committee investigating the attack in benghazi. they have not been made public. because of media requests and requests from hillary clinton, they are planning to release some of them appeared the new york times has already gotten about a third of the e-mails and according to the times, they detail correspondence around that time following the attacks. give a personal details into time.linton's life at the

there is controversy around her use of a private e-mail address, home server. that she used to send and receive e-mails at this time. still looking at these headlines . the state department was expected to release the e-mails to a website viewable. it will take time to go through all of this information and pull out what is the most hurt and it. -- most pertinent. betty: we will monitor the headlines for the content of e-mails. i know you will be on top of that. world,d chickens of the may have something to be happy about. walmart announcing new rules for farms that supply meat, poultry, eggs, and gary. -- and dairy. they will not tolerate animal abuse. they must have fresh diet, shelter, and rest area.

sufficient space and similar animals. with us is the president and ceo of the humane society who work closely with walmart for the last four years. what happened? how did you nail this agreement? thee have been working with food retail sector, the ones who get animal products from producers. mcdonald's four years ago and other big food buyers announced policies to forbid buying animal products, pork, from operations that can bind -- confined animals to small crates. walmart is the big players. they were the holdout and big player. it is more complicated because they have such an enormous supply. we had a great dialogue with the company over a number of years and today the announcement came about with this framework that

the five freedoms the animals have space, no confinement crates. forehandsment battery and veal products. -- for hens. betty: we have a statement from walmart -- there is growing public interest in how food is produced and consumers have questions about whether current practices match their values and expectations. everyone wants to eat better and know where their meat is coming from. these are just guidelines. how do you know walmart will make sure their suppliers stick to these? >> we will hold them to it and consumers will hold them to it. the public does not want to see animals tortured and immobilized. what we have had, animals living so crowded they cannot turn around. six or eight birds are jammed together. you never get out. not acceptable.

we do not tolerate slavery for agricultural production. we do not just think about cost and only cost, we have values and animals matter. betty: what if this raises prices? influenzathis big now, 35 million birds have been killed because these factory farms are clustering animals together and if a few animals get infected, they have to destroy them all. the prices are up because of factory farming, when you get animals a better living environment, you have less disease and problems. a more sustainable food supply. i do not think consumers -- even if it were a penny or two cheaper to torment the animals, i do not think they would want that. the public will pay a little bit more, and i do not think they will, but they would pay more to

have humane treatment. we do not want to sacrifice our core values. betty: how can you hold a giant like walmart to these guidelines? andy food suppliers -- and be food suppliers? >> we trust they want to make the right decisions. we will have an ongoing dialogue and this -- and if this drags on, we will be clamoring. big reducers, like smithfield foods, has converted 70% of its operations to crate free. the production is moving. there are holdouts who do not want to change. walmart,art -- went the biggest buyer, says we need to change, that will trigger these changes. betty: i agree it is the end user who will force the company to change. gas --l a is a perfect

chipotle is the perfect example. they have premium customers, but walmart, do you think those consumers care about the humane commitment of animals? >> i have no doubt, betty, americans do not want to see animals cruelly treated. walmart has done a lot in the energy sector to be more fuel efficient, a leader in other areas, those have been very excitedly accepted by its consumers and customers. i think that this will be something that consumers are not upset about, they will applaud it. when they take additional steps, that consumer will say, let's get there faster. value, we have anti-cruelty laws in every state, why are we forgetting about farm animals? betty: did this go up to the

ceo? >> i was not talking with the ceo. myself and colleagues were talking to high-level folks. the entire walmart team knew about this. this is a big deal. there are 9 billion animals raised by foo, walmart with 25% is enormous. -- animals raised for food, walmart with 25% is enormous. betty: much more ahead, our markets throwing a tipper tetrick before the rate -- first read hike -- rate hike in almost a decade. we will hear from janet yellen in about half an hour. ♪

betty: welcome back. i am betty liu. or a check of the european markets, we check in with jonathan in london. wrap up the trading session this friday. vodafone once again pushing it high, that stock up on most 8% this week. liberty global's john malone flirted with putting the two together. a pretty big week of gains. the noise is coming from greece, the news is coming from the united states. the data, inflation, core

inflation, you stripped out the old story, inflation is picking up. the people are starting to think about their positioning in the fx market. the euro dollar sinking off the back of that data point. the euro down by 7/10 of 1% against the dollar and the dollar -- cable down one full percentage point again the dollar. -- against the dollar. yesterday, the story was pound, this story is king dollar through the day. investors are asking questions after $35 billion in market value erased from three hong kong listed companies over today's. could the city's regulator had done more to prevent that sudden selloff. ? >> foreign investors have long --d hong kong as a process

there are no calls from money managers for tighter oversight and investigate possible stock manipulation after three listed chinese companies all tumbled more than 40% in a single session over the past couple of days. these stocks have surged more than five full each over the past year as more mainland investors were allowed to buy hong kong stocks, energy remain suspended pending an announcement. betty: in the states, olivia sterns has a big story, including a market check. >> not a lot of action in the equity markets, stocks are fluctuating ahead of this janet yellen speech. at 1:00 p.m. eastern, the big story rbc pi numbers showing a stronger gain in inflation than economists had forecasted. the highest increase since january of 2013.

market.oves in the bond the 10 year treasury yield, treasuries halting a today rally, pushing of yields higher for the first time in three days. that sharp move higher. i number, it boosted the dollar. the euro lower on the back of that news. crude oil market, nymex is a little bit lower, but on track to post a weekly gain. the longest stretch of weekly gains for west texas intermediate since they began keeping records in 1982. betty: thank you. let's look at top stories. another chapter in the financial crisis is coming to a close. the dutch government will sell off a bank. they took it over during the

height of the great recession. the plan is to sell it off in stages. the sec said it is ok to merge, according to bloomberg news, tom wheeler ceo's at time warner cable and charter medication, saying there is no blanket ban on big corporate deals, those companies exploring a merger. executives had expressed concern after the fcc scuttled the $45 billion merger of time warner comcast. a new study suggests men have an advantage over women when looking for that first job out of college. men are more confident they will be successful and earn a good salary. the study comes from job search engine monster. it's a 60% of college women were absolutely confident they would find a job, compared with pre-7% ofcollege men -- what a 7% college men -- 27% of college men. chris christie goes off on the

media. the governor rarely censors himself and public appearances. it was no surprise that he had off color things to say at a roast hosted by a local reporter. the annual legislative correspondents club show. >> this is what i am doing everyday. the -- away from me. open your eyes. and pay attention. betty: fighting words from governor christie. the dinner was off the record, but this is reporters. online.ication put it matt miller, what did you think? matt: it is hilarious. it was a roast, a correspondents dinner. off the record. unlike the washington

correspondents dinner, this is supposed to be kept private. the reporters sang songs to chris christie, they sang nacho man, like the food. because of the bridge gate, they sang i am so indicted, to the tune of i am so excited. then some losers recorded it and put it on the internet. that is uncool. the whole point is you can open up and be your self. betty: what politician got in trouble -- mitt romney? matt: that was at a donors meeting. this was supposed to be off-color. --ty: what is sad about this it is only when you are off the record and making a joke can you actually say the truth. matt: i cannot believe a publication would put it online.

betty: christie spokesman said anyone who would misrepresent the lighthearted nature of the event does a disservice to everyone. that was their response to people who took it seriously. matt: he made on the record remarks that drew fire, saying in defense of the patriot act, you do not have any civil liberties if you are in a coffin. saying we should have the right to do whatever it needs -- the nsa had the right to do whatever it needs. that age-old the day, do you want your liberty or do you want your security? chris christie is on the side of security, because he is a number of government, even though a republican, seemingly in favor of big government. i disagree with him on the patriot act. i would rather have my civil liberties in a coffin. betty: i will see you in the next hour.

yellen will be talking and the biggest race week of the year. the indy 500, the grand prix of monte carlo. betty: we will have a chance to talk about it. still ahead -- janet yellen said to speak in the next hour, will she give clues about the rate hike? we will talk about that in a moment. ♪

betty: it is a gorgeous day. we will be taking you live to janet yellen's speech in rhode island, expected to give insight of the state of the u.s. economy. let's head to peter cook. who joins us from washington, d.c. what are we listening for today? economy,r topic is the and monetary policy, she is expected to talk about where she sees the economy. amidst what we continue to see his next assessment of the u.s. economy, in terms of the slowdown in the first quarter, evidence maybe things are picking up. where is janet yellen in all this -- does she still see the slowdown due to transitory factors.

she mentioned the west coast ports and the weather. does she still feel that way or see more persistent weakness in the u.s. economy and what does that tell us about lift off -- issue moving her own timeline any further, perhaps into 2016? her assessment in the u.s. economy. betty: give me the significance of speaking in rhode island? which got an invitation, is the most important thing for a fed chair. she has history with providence, rhode island, then invited by the greater providence chamber of commerce, she went to brown university. she knows the community. i think we can expect she will talk about that experience and how rhode island has changed since she was there as a student. one of the states hard hit by the great recession. had a harder time recovering from the great recession than others.

the unemployment rate still above the rest of the country. betty: turning to another issue -- the trade bill -- what is happening? final still waiting for a vote on the president fast-track voting authority. he has been battling fellow democrats, elizabeth warren, big test vote yesterday where he barely survived with the 60 votes he needed. arm-twisting on the floor. a final vote on this passage will happen today we are expecting. mitch mcconnell is planning on that, but it has not happened yet, they are waiting for agreement to get issues out of the way first. the president has to win it in the house as well. betty: what is the likelihood of that? peter: a close call, the senate was supposed to be the easy part, and it has been difficult. at the end of the day, it is hard to imagine that if he succeeds in the senate, it will not succeed in the patent --

house. a lot of fellow democrats against him and some republicans who do not want to give the president a win on anything. he will have to do more arm-twisting in the house. betty: thank you so much, peter cook, who will be watching janet yellen's remarks. coming up, we will keep our eyes on the fed chair. we will take you to providence live. in just a few moments. ♪

betty: it is 10:00 in san francisco and 1:00 and hong kong. matt: i am matt miller joining bette today. data's day yellen's

to shine. she is going to speak in a few moments. we will find out what she has to say about the economy while in today's report that showed inflation is rising more than expected. another round of talks on the greek crisis ends with no deals. greek finance minister may see a parallel currency. at the boxer sequel office. we will tell you why more studios are turning to the and remakes instead of being creative. ♪ betty: this is "bloomberg markets pick up the up breaking news on fed chair janet yellen. i want to get to peter cook, our chief washington correspondence with highlights of her speech. peter. headlines is