not substantially increased, their capital expenditures, despite the solid fundamentals and brighter prospects for consumer spending. larges is her holding a amounts of cash on their balance sheets, which may suggest that greater risk aversion is playing a role. suggestnomic analysis that uncertainty about the strength of the recovery and about government economic policies could be contributing to the restraint in business investment. a second factor that could restrain economic growth regards housing. while national home prices have been rising for a few years and home sales have improved recently, residential construction has remained quite soft. many households still find it difficult to obtain mortgage credit, but more generally the week job market and slow wage

gains in recent years have induce people to open -- double up on housing. many young adults continue to live with their parents. population growth is creating a need for more housing, whether to rent or own, and i do expect the continuing job and wage gains will encourage more people to form new household. nevertheless, activity and the housing sector seems likely to approve only gradually -- improve only gradually. regarding inflation, the recent effects of lower prices for crude oil and for imports on overall inflation are expected to wayne during this year. combined with further tightening in labor and product markets, i expect inflation will move toward the 2% objective over the next few years.

importantly, a number of different surveys indicate that longer-term inflation expectations have remained stable, even as recent readings on core inflation have fallen. if inflation expectations have not remained stable, i would be more concerned because consumer and business expectations about inflation can become self-fulfilling. my own outlook for the economy and inflation is broadly consistent with the central tendency of the projections submitted by fomc participants at the time of our june meeting. expectn my outlook, i that it will be appropriate at some point later this year to take the first step to raise the federal funds rate and thus begin normalizing monetary policy. but i want to emphasize that the course of the economy and inflation remains highly uncertain, and unanticipated

developments could delay or accelerate this first step. we will be watching carefully to see if there is continued improvement in labor market will need tond we be reasonably confident that inflation will move back to joe's go percent in the next few years -- 2% in the next few years. this increase in the federal occurs,te, whenever it will by itself have only a very small effect on the overall level of monetary accommodation provided by the federal reserve. because there are some factors that i mentioned earlier continue to restrain the economic expansion, i anticipate the appropriate piece of normalization will be gradual in that monetary policy will need

to be highly supportive of economic activity for quite some time. the projections of most of my fomc colleagues indicate that they have similar expectations to the likely path of the federal funds rate, but again, both the course of the economy and inflation are uncertain. if progress toward our employment and inflation goals is more rapid than expected, it may be appropriate to remove monetary policy accommodation more quickly while if progress toward our goals is slower than anticipated, then the committee may move more slowly in normalizing policy. conclude, let me briefly place my discussion of the economic outlook into a longer-term context. the federal reserve contributes to the nation's economic performance in part by using monetary policy to help achieve

our mandated goals of maximum .mployment and price stability but success in promoting these die itselfdoes not ensure a strong pace of long-run economic growth or substantial improvements in future living standards. important factor determining continued advances in living expanders as productivity growth, defined as the rate of increase and how much a worker can produce in an hour of work. over time, sustained increases in productivity are necessary to support rising household incomes. have been data disappointing. the gross rate of output per hour in the business sector has averaged about one and a quarter percent per year since the recession began in late 2007.

and it has been essentially flat over the past year. in contrast, annual productivity gains average two and three quarters percent over the decade preceding the great recession. the sluggisharlier pace of wage gains in recent do think thisle i is evidence of some persistent markets, it also may reflect at least in part fairly weak productivity growth. there are many unanswered questions about what has slowed productivity growth in recent years, and about the prospects for productivity growth in the longer run. we do know that productivity ultimately depends on many factors, including our workforce's knowledge and skills, along with the quantity and quality of the capital

equipment, technology, and infrastructure that they have to work with. principle, the american people would be well served by the active pursuit of effective policies to support longer run growth in productivity. policies to strengthen education and training, to encourage entrepreneurship and innovation, and to promote capital investment with public and private could all potentially be of great benefit in improving teacher living standards in our nation. let me stop there. thank you again to the city club for inviting me to cleveland, and for the opportunity to speak to you today. i would be glad to take your questions. [applause] today at the city club of

cleveland, we are enjoying a friday forum featuring dr. janet yellen. we encourage you to organize your questions and they should be brief and to the point. we have microphone set up on both side of the room, and ask -- invite you to line up. also, if you are listening through the web stream were via radio, please tweet your cityions with the hash tag club or yellen. welcomelike to extend a to all the officials in the room. thank you very much for your attendance. we welcome all of you here, and those joining us via our radio and web stream. they are made possible by cleveland state university and pnc. be sure to join us next friday

for our annual state of the great lakes address featuring betty sutton. for more information about our upcoming and past forums, we invite you online at city club.com. [applause] >> also we want to acknowledge cleveland and, cuyahoga county center for health. [applause] welcome guests at tables hosted by numerous corporations and individuals. refer to your printed program for a complete list. now it is time to return to dr. yellen for our question and answer session. please step up to the

microphones and we will get started. cane know that immigrants oftentimes be a tremendous asset to our communities in terms of job creation. is there a proper representation for immigrant groups on the community advisory council, do you think? dr. yellen: you are talking about the federal reserve's formal community advisory council? >> yes. dr. yellen: that is something we ended formally after dodd-frank moved responsibility for a lot of consumer issues to the new consumer financial protection bureau. but we are beginning it again and in fact, we are attempting to locate suitable candidates to serve on that counsel so we

welcome nominations and we will of course try to achieve very broad representation in the with the of groups potential to help us better understand the needs of local communities. so we certainly will try to achieve that representation. dr. yellen, thank you very much for visiting cleveland. we are proud to have you. dr. yellen: thank you. >> i understand the role of the federal reserve is different from the rule of setting fiscal policy, which is the responsibility of the legislature. with senator brown here today and with your comments, what things can you suggest to our legislature that would make them take action and make your job achieving your objective easier? [laughter]

dr. yellen: i try not to go too far in giving advice to senator brown and his colleagues in congress, but there are a couple of things that i have said. first of all, for the last number of years -- and i mentioned this in my prepared remarks -- there was a period when fiscal consolidation really served as a significant drag on the recovery. especially with short-term interest rates at zero, burdens on monetary policy and trying to offset that drag. of course we did the best we could. now i am pleased, as i mentioned, that fiscal policy is essentially neutral with respect to the economy. so one piece of advice that we

have routinely given to congress when thering a period economy was weak and we wanted to see it recover, to try to avoid doing harm to the economic recovery. althoughlonger term, for the next number of years, almost a decade now it looks like fiscal policy is on a course where the u.s. debt to gdp ratio will be stable. eventually as the population ages, as baby boomers age, and particularly if health care as theyse more rapidly have historically in the united prices, wen other will again face mounting budget deficits and a rising debt to ratio without further

fiscal actions by congress. this is a set of long-term issues that is not new. we have known about this for at least 20 years, and it remains important for congress to address those issues. i hope that there will be steps taken to do so. >> dr. yellen, thank you so much for your speech and thank you for your commitment to public service. dr. yellen: thank you. >> as a young person working in the field of economics i can say you are one of my personal heroes. my question is, what advice do you have for young people entering the field of economics, and especially for young females? dr. yellen: i think there has never been a time of greater opportunity for women in the field of economics and finance. as i have looked at trends over and, the number of women

their success in the field has continued to increase. in a field that there are many, many opportunities that are open to women. obviously, acquiring a first-rate education and working hard at the job, looking for challenges, being willing to take them on our extremely important. and i think we also know that mentorship is very important. i think that the absence of suitable mentors is something , and in held women back , reallyomics profession self-conscious efforts have been made to make sure that women

have the kind of mentors that they need to see them succeed in the field. i think that is important throughout the business world and the world of finance, to make sure that businesses think about how to make sure that women get the kind of coaching and mentor chip and support that they need. --am chairman >> madam chairman, the lack of partisanship, if there was a lack of partisanship in congress, how much more economic activity what increase, if you can quantify that? the second part of the question is, christine lagarde of the imf gave advice to the federal reserve not to raise interest rates until next year. how much is that part of your

thinking that you take into account? on the partisanship, i am sorry to tell you, i cannot quantify what difference it has made. there have been moments when we have had a government shutdown and come close to debt ceiling crises, when i think we have seen perhaps temporary but nevertheless noticeable public response to the uncertainty that is caused. let me turn to the question about christine lagarde and the imf. of imf undertakes reviews all of the economies that are members of the international monetary fund, including the united states. and i think that is a very valuable undertaking. there are a range of views the

imf has recently urged the federal reserve to wait until 2016 to begin normalizing policy. i think if you look at the range of views within our own committee, the members of the federal open market committee published their own individual forecast of the appropriate path of policy, conditional of course on the economic forecast. you will also see a range of opinion there. and so, it is part of the spectrum of opinion, i think what we have in common is that the imf and most of omc participants do see an economy that is improving, has made a great deal of progress, is approaching even if it has not quite reached maximum employment

, that we see inflation moving up over time. and if this continues reasonably close to the point which it would be appropriate to normalize policy. i guess i want to emphasize that discussion of public and focus is on that first move because it has been more than short-termthat overnight interest rates have been very close to zero, we should not over emphasize the timing of that first move. what really is going to matter is the entire path of short-term interest rates over time. as i indicated in my prepared remarks, my own view is that the headwinds that have been holding back the recovery for all these years, they are receding and things are getting better and conditions are improving. but that is a gradual process

and if i am right, it means that it will be appropriate to andinue running accommodative monetary policy and withdrawing accommodation at a gradual pace. that gradual pace of great -- of rate increases that we would see that economic forecast groups right that is really more important is a factor for decision-making than the actual timing of the first increase. economic developments are uncertain. what our committee needs to do is meet on a meeting by meeting basis and assess what we are seeing in the economy and try to make appropriate decisions. there are no guarantees here but our committee has stated we are looking at two things, we want to see some further improvement in the labor market and with inflation running as low as it

is, before raising rates we want to feel reasonably confident that inflation is going to move up over a couple of years. >> welcome to ohio. dr. yellen: thank you. >> my native clevelander wife wanted me to ask you which would or afirst, a rate hike sports championship? i would like to ask a different question. how do you balance the observation that some labor slacktors exhibit access with the observation that many are past the point of tightening? unemployment rate is well below its recent average. thank you. dr. yellen: you have asked a great question. true, yourutely description of the labor market statistics. many different

indicators of the labor market. and no single indicator tells the story. if i could only have one indicator i would probably choose the unemployment rate, but i do not have to have only one. in my talk, i mentioned job openings, hiring, quits, wage developments, part-time, involuntary, employment labor force participation, we are looking at all those things. you are absolutely right that by some metrics we have gone beyond maximum sustainable employment and by others we have not. so some judgment and analysis is required to reach a conclusion here, and i would say that even within the fomc, participants differ in their judgments on where we stand. my own personal judgment, i offered up, looking at this full

range of metrics of the labor market is that there is a little bit more slack in the labor market. there is somewhat more slack than you would think, based on the unemployment rate alone, which in june was 5.3%. we also have to form judgments about what is a longer run normal rate of unemployment, and that is a judgment that can change over time. within our committee, most participants would judge that 50252 is the range that they think normal unemployment rate wise. 5.3 is pretty close, but my own judgment is that there is a little bit more slack than that. i would say the fact that wage increases have been as modest as they have, and perhaps we are

beginning to see early hint of acceleration, but not in every metric, to me it is not definitive but it is consistent with the notion that there still is some slack in the labor market. i agree with the point that you made that there are statistics that would say we are further along than that. chair yellen, i am struck, as i imagine many of us are, by the exactitude with which you speak that touches not only on care but clarity. you want to be understood by laypeople and i applaud that. i particularly think, to use your phrase, that accommodative monetary policy is a vivid way to talk about trying to keep interest rates quite low. but i want to draw attention to something that i have been

-- as aith as troubling troubling piece of fed history, and that is that use of the term "quantitative easing." that is so opaque and seems to be hard to understand. i wonder if you're clear phrase reflects any commitment to avoid any technically opaque and completely incomprehensible phrasing, and pick things people can understand. dr. yellen: thank you, that is a great question. language that the federal reserve and my predecessor chairman bernanke used when we began purchasing assets, we called it the large-scale asset purchase program. we wanted to emphasize that what we were doing was singling out

longer-term, longer maturity assets, both treasuries and mortgage-backed securities because we thought that buying them up would put downward pressure on longer-term interest rate. japanwere countries like that had conducted asset purchases, and they tended to focus on shorter-term maturities, at least in the early stages of what japan did. now the name that had been given to japan's program was called quantitative easing. that misleadingly suggested that all that really matters is the quantity of assets that you purchase, not the type of assets that you purchase. we avoided using the term "want to take it easing" that had been applied to japan because in our

view what really mattered was that we were purchasing longer-term, longer maturity assets. and that was really important about our program. although we gave it a name that we thought was clearer and more informative, we were unable to stop commentators from labeling this program qe, or quantitative easing. and although many of us pushed back for a number of months, in the end we also calmed. since the public called it quantitative easing, we have gone along with it too. yellen, welcome, and thank you for coming to cleveland. maybe this is not a question that you can answer but i was hoping whether you could share your three greatest threats to likeca, and what you would

to be seen done to mitigate these risks before it is to being late going into the future? this can be internal to external, thanks for campaign-finance to cyber security. dr. yellen: that is a hard question and i'm going to, if you do not mind, focus it on threats that i think are most relevant to my own set of responsibilities at the federal reserve. i think what i would like to that the biggest challenge i think the federal reserve faces is making sure that we have a strong enough and resilient enough financial system that is well enough regulated and supervised that we do not have another financial crisis in the lifetimes of anyone in this room. and hopefully not the lifetimes

of our children either. this was really a devastating event that has taken an enormous and on our economy american households and families and workers. and we are very focused on promoting financial stability in everything we do, both in the way we supervise the financial institutions for which we have responsibility, putting in place the stronger regulations to build up capital and liquidity in the financial system, having the tools to resolve in an orderly way a firm that encounters trouble that is not -- that is systemic importance, and more broadly, monitoring threats throughout the financial

system that go beyond the regulated portion of the financial system. priority, coming out of this crisis new priorities to be much more vigilant, much better prepared than we were in the run-up to this crisis, so we don't have another one. i will second what you said about cyber security, that is a huge threat as well on which we are seeing daily evidence of how vulnerable we are carried and paying a great deal of attention to trying to shore up our defenses on that front as well. [applause] >> thank you so much.

>> she says that is odds with explicitcit -- almost promise to raise rates in 2015. >> policymakers want to see more information. ahead of the meeting, we have one gdp report of provisions and two more jobs report. is that going to serve -- divide sufficient information. i still think janet yellen is favoring only one rate increase this year. a number of moderates on the committee has emphasized they want two rate hikes.

that means she is going to have a dovish moderate revolt on her hands as she is now going to pull the trigger in september. >> i was struck by something she said, her outlook for the economy is probably consistent with the central tendency of fomc projections last month. in other words, everything that happened with greece and china, with puerto rico has not altered their outlook for the u.s. economy. downgrade their forecasted that meeting. transitory factors only partly explain the weakness in the first half of the year. she is still concerned about gross -- growth products. she said we are not at full employment and she touched on labor force participation being only partly cyclical and partly structure goal -- structural. we can redlinenk the economy.

she is a fed chair with a rate hike in search of an economy. that's what it sounds like. lisa: i think the market broadly viewed what she said as hawkish. you sought to your yields jumped the most since march, you saw people pushing forward, bring up their expectations for when the fed would hike based on futures. people are looking at what she said as saying they are on track for a rate hike, which at one point, they were pricing out amid the turmoil in 2015. we were pricing out amid the turmoil of greece and china. clearly she is on track. and there is a lot of confusion about the economic data, but frankly there are just as many banks, from blackrock or of america saying there's plenty of data to justify a rate hike. a rate hike in search of

an economy to match, we get a couple of data points that could clarify whether we are moving towards a september lift off, and the next leg of the expansion is largely going to be driven by housing and consumer spending. we have retail sales on tuesday, consumer sentiment on friday. these are all things that are going to be very important in determining whether we have the economic momentum that will give them the confidence. it's still the jobs report. that's important because the supporting consumer spending. like she is only hoping to raise rates one time this year. if we look at the s&p and the dow, you can see that both of them rose during her speech in her q&a. the equity markets aren't worried that we are going to see too much fat action this year. i think one of her main concerns is that inflation isn't high enough yet. where not at full employment and inflation isn't high enough area that wee highlighted

should move towards that transition in 2016. she's waiting for longer impacts from the strong dollar. i think we are getting towards that point. she is very sensitive that the dollar matters. if the dollar is moving dramatically in response to expectations of left off, she is going to respond to that. lisa: i wonder if it's the numbers or the wage gains that matter. you need the job gains to get to the wage gain points. to hundred, 220 five per month to continue driving the unemployment rate lower. as we get a 5%, the new start to see the wage pressure develop as well. we are getting close to that point, but not urgently. >> what is her concern about productivity?

we have productivity rise so much post crisis, and then it collapsed. she wants to see that continue to increase before she is willing to raise rates? carl: not necessarily before she raises rates. economists are wringing their hands on these productivity numbers and i not think that level of concern is warranted. businesses are adding workers because workers are cheap right now. we don't have the wage inflation that she was talking about. when labor is cheap, you add labor. when cost pressures in greece, then businesses will unleash that cash on their balance sheet which chair yellen highlighted on they will spend that capital and capital increases productivity. it's the natural cyclical response to the economy when we have more wage inflation you see businesses take the action to enhance productivity. i think this is an ungrounded amount of concern over low productivity. interestingk it's

not just the confusion about what's going on, but also the global economy. the imf cut their forecast earlier this week based on first quarter u.s. data. scarlet: morgan stanley and other houses of come out saying they see global growth accelerating, morgan stanley as of 4% or above. where is the disconnect? has been imf consistently disregarded by the markets. scarlet: they should just give up? >> she chuckled of someone asked her if she took the imf and racine lagarde's advice to heart when she is planning her increase or not. the fed is confident in their own forecasting ability to base their policy on their own forecast and interpretation of the data. the don't need the imf to do that. if you look at commodity prices, it does have concerns. the number two economy in the world is china.

we are not sure what is happening there. global growth is largely going to hinge on what happens in china and how quickly we get europe back on track as well. i was struck by her comments on financial stability, especially given the bond market and the volatility we have seen there. they are about to put out a report to talk about what happened october 15. this is the deepest most liquid market in the world. it's the breakout market that sets rates from everything from mortgages to auto loans to corporate debt. there have been increasingly questionable number of swings. she is concerned about that. asked --carl: she was asked about her concerns. this shows the aversion to quantitative easing or asset purchases now that she is willingly calling qe. the fed does not want to have to go back there. it tells you how scared they were the we were at the break.

scarlet: i'm curious what you thought about her delivery and whether she was reassuring on the podium. carl: she did have a popped collar. were going through some sort of trauma i would like to hear her quiet and methodic telling me it's all going to be ok. >> she still wants to be a data-driven fed so she says everything is fine, everything is coming up roses and then people will say the fed is definitely hiking. she doesn't want that. she wants people to think they are probably going, but we are not totally committed, depending on the data. across asdoes come very trustworthy and confident. >> she rests on that self-confidence. thank you for joining us. remember, by the way, we are going to talk with mike out of

idaho in just about one hour or don't want to miss that. there is been a lot of fed speakers today and former fed speakers. definitely something to stay tuned for. scarlet: let's get a look at the top stories crossing the bloomberg terminal at this hour. the head of the government agency of it center of the hack attack resigned. members of congress have been calling on president obama to fire archuleta. the deputy director will become the acting director on saturday. hackers breached the opium security system, stole personal data from more than 22 million people. >> they have got to fire somebody after that. scarlet: you are looking live from an anti-austerity rally in front of the greek parliament. the greek prime minister has agreed to most of the nations

creditors. and that may make the deal a challenge to sell the greek lawmakers and these voters in athens. is offering a package of spending plus hikes. in return he wants a $55 billion. he also wants a long-term debt burden to be made more manageable. the president of live the way nina says it seems the greek proposal will not be enough. the french president praise the proposal. the greeks have shown a determination to stay in the eurozone. the program they are presenting a serious and credible. and because they are going to submitted to parliament, which shows power, commitment, and i would also say courage. scarlet: some reassuring words there. greek lawmakers may not be so enthusiastic about this, they are debating the measure today. proposals are similar to the one voters rejected last weekend. china, stocks have bounced

back from a multitrillion dollar sellout. than 4% after 6% gain on thursday. the index that had a three-month low earlier this week area china's government has intervened with a series of unprecedented measures, state-run companies were ordered to buy stocks and the government public security bureau is investigating shortselling as well. iran's nuclear program are going to overtime again. diplomats meeting in vienna missed another deadline today. this was their last chance to come up with an agreement that would qualify for a day review in congress. now any deal will be subject to two months of scrutiny in washington. the big disagreement including the u.n. arms embargo on iran, u.s. secretary of state john kerry just told reporters a couple of differences have been decided and the negotiators will meet tonight at again tomorrow. scarlet: those of the top stories of this hour.

as you just heard about the opm director catherine at a lot of -- kathryn archuleta resigning. >> we get reactions from washington next. ♪

>> welcome back to the "bloomberg market day," i'm matt miller. >> this is the only place we saw significant moves in reaction to guillen's testimony. you'll are moving higher on the today, up to .6%. -- .65%. in the 10 year as well, we saw it mirrored across the curve.

2.4% is what we're looking at the move in the 10 year. i wanted to note the move that we already had been staying in the 30 year, it's the biggest two-day gain in yield for the 30 year since 2013. this is a two day charge of the 30 year yield. you can see a little but of a leg up word here as yellen was speaking on this perception that yes, she is recommitting to a rate increase this june. not that that is shocking news by any means, but a reminder perhaps for some market participants. that said, as you look at stocks today, they held very steady. and still pretty much near the highs of the session. for the s&p in the dow, looking at the best day in about a month. for the nasdaq, at best day in six weeks. of all the highs of the session, but strong gains across the board. if you look at my bloomberg terminal, you can see it is a broad-based rally as well.

tech, consumer discretionary telecoms have been leading the games. all of those sectors in the s&p are up here it i wanted to mention apple and the move upward we are seeing in those shares today. apple had mirrored a correction before today. and for two straight days of fall at least 2%. that's the first time that has happened since 2013. rebounding 2.5% today. you can see the perspective for the year to date in apple. this is a record high for apple back in february. we had a 9.7% drop in the shares three yesterday. almost a correction of 10% for today's rebound. there are a lot of concerns about the apple watch and whether there is demand their, even as there is demand for the iphone. 9%?upporters fell by julie: a lot of different reports. mass: we will see. julie: do you have an apple watch? scarlet: no.

matt: we have this btv fit challenge. julie: i guess i'm not fit enough. scarlet: moving on, catherine archuleta resigned, this comes a day after opm admitted that 22 million people both inside and outside the federal government likely have a data compromised by hackers. matt: philip mattingly is in washington, with more on this -- not firing, she stepped down. but they were going to can someone. the escalation of the story over the course of the last six weeks has been incredible. we started with between 2 million to 3 million people possibly have their information exposed, than 4 million people, than 18 million people. people,y, 21.5 million 19 million of them were from background checks, over one million people have their fingerprints exposed. it was only a matter of time before director archuleta was going to resign.

the back story here -- this pressure came from lawmakers. it was a bipartisan group very speaker john boehner call for resignation. the house majority leader call for her resignation. the democrats put an end to it. mark warner, the virginia senator, many of his constituents are caught up in this, as well as the house intelligence chairman, also calling for resignation. in talking with white house officials over the last 30 minutes, the director submitted her resignation to the president this morning. the president did not ask for it, but he in no way asterisk and set her. ae calculation here is different set of skills is needed to manage the scope of this problem right now. note, catherine archuleta was the political director of president obama's 2012 campaign. they are moving in a different direction right now, someone who has experience with these types of issues. scarlet: how unsettling has this whole ordeal been for every american? how terribly this agency has handled this. what are they going to do about

it? the numbers i just laid out, the ability to get their arms around the scope of this problem. you talk about who this is actually impacting. joss ernest, the white house press secretary technologies doubt it was breached in this. a number of capitol hill staffers i talked to, including those involved in intelligence matters receive notices their information has been breached. you talking about background checks on people that work and indices, their information has been breached. one of the biggest questions right now is just trying to get around the scope of what this actually means and then figure out what to do to change it going forward. there is a lot of steps left to go in this process. matt: thank you very much. phil mattingly in washington. scarlet: showers and confetti were raining down on the u.s. women's soccer team as they paraded through history today in lower manhattan here it will take a look at the tickertape tradition. ♪

matt: it's a big day today in the world of sports. robert federer just advanced in his 10th wimbledon final, breeding -- beating written's andy murphy. he will square off with novak djokovic's on sunday. mark barton is at wimbledon covering the action. he spoke with stephanie ruhle and erik schatzker on market makers about which stars are pulling in the most cash these days. mark: last year, $56 million in endorsements. the number two had $44 million. languishing ats $90 million last year. endorsements if

he believes in it, and if it doesn't interrupt his training. what is interesting, stephanie -- he likes to invest in u.s. property, he likes to invest in u.k. property. he bought a hotel near his hometown in scotland. that's a luxury of any right now. and he invests in this crowdfunding website trade you put two bits of money into startups there. he wants to invest in 40 startups in the next five years. he is hands-on, he does due diligence, you love sports tech, that's what he's really passionate about. he's a different type of investor. many of these sports people put their money into fund managers. murray likes to do it himself. this is exciting stuff, stephanie. you will never shut me up. stephanie: are there brands out there that want to work with andy murray and it's just not happening? when i think roger federer, he's been on credit suisse bull boards -- billboards for years.

market: he has under armour, the sportswear manufacturer. i spoke to a branding expert earlier stephanie, roger is the kingdom. don't forget, roger has won a grand slam in three years. but still, he is top of the earnings pile. has one, guess you is endorsed third in the league tables? maria sharapova its, endorsed more than andrew murray. that's a fascinating stats. has 120 grands slams. i love mark barton. scarlet: he is passionate whether he is talking about fee for wimbledon. . i sat next to him -- i sat next he gets older and

more energetic and more enthusiastic about the market. he gets better with age. being outcomeray of the brits not going to bring home the title again. roger federer is like 45 years old. i'm a fan of djokovic, i can't wait to see. scarlet: in manhattan some of the winners -- matt: they had a tickertape parade. it was an awesome world cup. the most watch soccer game in u.s. history. i will from now on watch women's soccer. it's a lot better than men's soccer. scarlet: i'm done here, my weekend starts now. matt: have a great weekend. i will see you on monday. i will stay here with you for more on bloomberg's market day. ♪

matt: it's 11:00 in san francisco and 2:00 a.m. in hong kong. >> this is the bloomberg market day. union andeuropean

greece hang in the balance. they take a vote on alexis tsipras's proposal. is surprising concern to anyone has his own cyber security. matt: surprising downsizing is taking place in greenwich where mansion owners are downsizing to condos, but they are still mansion size condos. good afternoon, i matt miller here was scarlet fu. janet yellen finished speaking not so long ago. we take a look at how equities are performing, it's been a bit of a relief rally all day long. europe kept its biggest two-day gain