you are at stocks falling for a second day. the tao suffering -- dow suffering its third straight weekly loss. typically the safety plays are moving the s&p lower. joining me now is joe weisenthal. what struck me was that crazy move on the 10 year yield. 2.12%.iday we were global bond selloff is the big story of the week.

we saw yields spike right after the jobs report. that was great. we're 280,000 jobs created. the unemployment rate ticked up a little bit but that was mainly the labor force participation rate rising. we saw wage growth increase month over month. all in all awesome. alix: what about the scorecard? we talked about who was going to bet right. we nailed it. joe: that is the fun thing about the jobs report is that everyone wants to guess. the winner on the street was deutsche bank who had 275,000. he was the closest of the major banks. and then i wanted to highlight the twitter guesses. alix: what was your guess? joe: i got it wrong on all

accounts. i think i guessed 240,000 and i guessed that the unemployment rate was going to decline. i completely blew it. alix: you are done. timeout. joe: i will never do it again. belmont, we is the will talk about the econ or the market triple crown. there are three big stories. obviously one is the job situation and all of that. opec and one is the then greece. landis andd morgan eric green of td securities. good to be here. alix: we never get to see you in studio.

away,s your biggest take joe? joe: yesterday we had christine lagarde saying that the data says we should wait and today the data point undermines that. i would love to hear from you. chad: when i look at jobs i don't even think about it. it is moving as we expected and is moving higher. jobs 275,000 is all we need to get it off the zero bound. the consumer spending and the durable goods order. what we need to see is more of a liftoff. the good news is that it is happening. alix: something that has struck my eye something that might have been perceived as more negative. they actually increased about

16,000. they are relatively high at 4.2% of the labor force. i wonder if that is a choice or if it is because companies are still skeptical and don't want to commit. chad: i think companies are skeptical. it was 8% before the great recession. we still have a lot of labor slack there. when it comes to wage inflation we will have to see a couple more quarters. if anything, it is just the speculative fervor. speaking of wages it shows two different measures of wage growth.

there is a lot of growth on that index. the trend is up for both. heading like we are higher. what i like to focus on is the direction of underemployment. when you look at the chart that we just saw my money is on the eci. earnings is that there is so much noise going on. what i focus on is the tilt in the momentum. that momentum is beginning to shift to the right side. alix: are the higher wages coming from the likes of walmart or gap rather than higher-paying jobs?

joe: it is still not getting their. it is still a slow growth environment. when it need to see comes to the u.s. economy, consumer credit and aggregate mortgage debt starting to move higher. in normalized times that grows around 6%. even in a recession the growth is around 3%. this is going to be the slowest rate increase in history. alix: what i am really excited about today is the non-opec meeting. my question coming out of this is, does opec prove that it no longer matters? i point to opec spare capacity. spare capacity is the oil you can bring on for 30 days that

lasts for three months. that has been declining steeply as the high production is coming at the expense of the spare capacity. they don't even have the capacity to do it. think thatsonally opec has no teeth right now. it has always been like that. i believe they will continue over the course of the next 12 months to continue to pump. as global growth continues to rapidrate as we see a deterioration in china. eric: you want demand to eventually cap job.

it can be turned on and off very quickly. >> the demand curve has shifted lower. joe: the story was the big players will get involved and they are really going for an push. --n at the end of the week we had two developments that

undermined that. greece pushed off imf payments. then this speech from tsipras an -- he said the offer from creditors is nonsense. alix: he said they're closer to a deal than ever before but by the way not doing it. joe: it doesn't look like they are close at all. is it just groundhog day stuff? eric: my own view on greece is that -- chad: my own measure on -- my own view on greece is that in some measure they would like to be kicked out. the reality is that greece cannot survive in its current form. we've seen some pretty big demands in terms of primary surplus. that is the only way to pay down your debt. what the troika is looking for is -- they want to keep this going on long enough so they can get their money back. they are demanding a 4.5%

primary surplus. the reality is, can greece achieve a four-part -- 4.5% surplus? i don't think so. chad: the reality of this is true. eurozone,-unified when it comes to the political side and the fiscal this unification has shown that greece is the primary example of this. in the short run we believe they will kick the can down the road. are an investor and put money to work, do you care what happens to greece? chad: on the short side you can see it go down five to 7%. in the long run, economic growth will have a marginal effect. the reality is that in global growth right now it is growing around 3%. we would have somewhat underweight equities.

we believe they are overvalued. alix: we got through a lot of things. good to see you and have a good weekend. eric green him a you are sticking with me. we have a lot more to talk about. we hear the fed is likely to raise interest rates next year. after the break. ♪

alix: welcome back. let's get straight to the top stories. wantingo is said to be

to $.7 million to be walking away from her gender bias -- $2.7 million to be walking away from her gender bias suit. she once the firm to drop its demand for $1 million in court costs. the greek prime minister alexis tsipras spoke in athens today and said there is urgency to solve the financial crisis. after the ims decision yesterday, it is clear to everybody that nobody once the breach. time is diminishing. not only for us, but for everybody. alix: the greek prime minister is dealing with an issue in trying to get his money. standoff continues their.

bank of america is bringing aboard jeff peek. the 68-year-old was most recently the vice-chairman at barclays. he will be focusing on financial institution clients. over the collapse and emergence from bankruptcy in 2009. time is running out if you want to book the power lunch with warren buffett. pricesow i'm even the $1.6 million. three years ago it went .3 $.4 million. he warns that he will not tell you what he will invest in next. the president of the federal reserve bank says that the fed is likely to raise rates this year. christine lagarde said the fed should wait until next year. eric green joins us now.

a former fed president. eric: no, though i wish i were. alix: former fed staffer. what would you do? eric: i would not hold off until 2016. domestic mandate. they have socialized the whole notion of higher rates for 9-12 months. they want to raise rates, the question is will they have enough breathing room for that bias to be realized. i suspect it is not about inflation or jobs. it is about growth momentum. as long as they are seeing stronger growth, it is the direction of growth. that will be sufficient to get them off the market. alix: they have clearly said data dependent, but which data point? retail sales and durable goods

are not great. which is more important and how do you ignore the week signals? eric: if you look at the data since the last fomc meeting, they had a three month average that was negative. if they meet in june, it will be about 0.8%. durable goods orders have been a bit weak, but across everything else we are beginning to see something better. for them it is really the pattern. the week first half is temporary. these famous thoughts that everybody talks about, the 2015 dots will be critical because first half,w weak their bias is still to raise rates twice. alix: what kind of volatility in the markets? markets are expecting a 1% rate increase.

what happens? what kind of volatility? eric: honestly i do not know and the reality is that nobody knows. eric: when they start raising rates nobody has any clue where the rates will go. inflation, employment and growth -- you always take it where you expect it to go. the market is more adequately priced for where the fed will be next year. i think the market is ms. pricing where the fed will be later. alix: so right now they are too is a mystic in the short-term -- pessimistic in the short-term. so we had news out today that apple and these big tech companies are buying a lot of

corporate bonds. is that where we will see some trade unraveling? eric: that is a great question. i will tell you that central bankers around the world are focused on the lack of liquidity. they don't want a sharp repricing of rates that leads to a blowout in credit. what you have seen is that regulations have made it very difficult for traditional market makers to make it liquid. we have companies like apple buying up more debt, that reduces liquidity more. you have seen with the lack of it can do. alix: we have to go. thank you for joining me. we will be right back. ♪

alix: welcome back to the bloomberg "market day." no doubt the jobs numbers were strong.

200-8000 jobs added in may. a 5% unemployment rate. marty musial is the ceo of two payroll number company in the united states. marty, great to have you here. when you take a look at the number, does it reflect what you are seeing? is in what we have seen our small business index it dropped a little bit. showed thatur index growth in employment peaked last year and then has dropped off a little bit. i think small business sometimes leads the way in employment and maybe that is now moderated. alix: in the cycle of recovery we are in, how important small

business is? marty: small businesses make up 95% of all business in the u.s.. it is very important to see that growth. we were still getting growth and in our index it is based on a 2004 base year. it has been a little bit inconsistent and more moderate than last year. alix: does that mean you expect some kind of job slowdown? it is more a slowdown in hiring. they are still hiring but slower than the peak last year. it is still good news, just not quite as strong as last year and this year. alix: it is different in what we heard in the jobs report. everyone is cheering the manufacturing jobs. where do you see weakness? marty: this month we saw a little bit of a drop in the growth of hiring in small

businesses across the country. the central part of the country has been the strongest. a lot of energy has driven a lot of growth from texas to the dakotas. when oil prices dropped, some of texas dropped off, in houston in particular. on the coast, the northeast has not been strong and the south east and west coast starting to get stronger with construction around housing. alix: what about wages? we understand that wages rose .3% month on month in may. what do you see? marty: we have seen a steady 2% increase in wages on an annual basis. the larger bases have been 2.5% to 3%. it might be that small business is a little bit more cautious. there has been a lot of changes

and compliance with the affordable care act, they may have been a little bit more careful. alix: what will change that? marty: always a stronger economy. even though consumer confidence is up you are not seeing the spend as much as you have in the past. alix: you have the low oil prices. who would've thought? marty: you see more spending on discretionary services. everything from dry-cleaning to pet grooming. spending is not quite as much as these businesses would like to see. alix: three ways to get growth. people hire more people. new business creation. or you take market share. which is most prevalent? new businessnow, startups are almost back to pre-recession levels. half of our sales come from brand-new small businesses.

the growth and employment of existing businesses is growing, but not quite as strong as it was. that is good. we're having good success with new products and getting more products for our clients. the affordable care act, we are helping clients comply and be sure they are ready to file this year. alix: great perspective, marty. thank you for joining us. marty mucci. good to see you. pyaychex ceo. thank you for watching. have a wonderful weekend. see you monday. ♪ ♪

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emily: uncle sam gets hacked and the feds point the finger at china. what the government possibly wants the data on 4 million workers. we are telling you what you will and won't see. plus, ellen pao is not sitting quietly. the next chapter of a gender suit begins now. in itself once wearables for the world's poor. all of that ahead on "bloomberg west." u.s. officials