deflategate scandal. he says there is no smoking gun. away fromre one hour earnings. how is the social network trying to sustain rapid growth in mobile business? scarlet: under fire for allegedly overcharging, we will take a look at disneyland paris. ♪ alix: let's get right to a look at the markets. definitely there is some action that we saw wednesday with a rate decision that came out. the rally seemed to be interpreted as dovish and then it went back to the flat line after that. really,ally -- scarlet: nothing changed. alix: entirely accurate. we talk a lot about stats and

what's actually moving. what you are looking at is the percentage of new york stock exchange stocks closing above their 200 day average, we are pretty low. stocksonly at 36% of the trading above that technical level. we are around the lows of the year, i should point out. that is a bearish signal or a concerning signal, perhaps, for the rally sustaining itself. elseet: something technical analysts were looking at was the dow transport average . the big transportation related coverage for companies, at its highest in slate june. if you go inside my bloomberg terminal you can see that we are above the posted levels from july and we have to go back to late june to see when the dow transfer was higher. since june, since the fomc

anding, there was only 20% one factor as to why they have been getting a lift. alix: you kind of get a read on the u.s. economy with that. scarlet: let's take a look at currencies, a big driver for the commodities market, up i 2/10 of 1%. i wanted toalix: focus on the brazilian reality. .- brazilian rial one of the highlights is, what does the central bank do when you are in the middle of the week growth scenario but you ?till have high inflation that is what brazil is grappling with right now. scarlet: enviable situation. alix: the news in russia is that the central bank is not owing to fx to replenish

reserves. they will hold off on that and it raises the value of the ruvell to give the central bank a little bit of flexibility to perhaps cut rates at the next meeting because it also needs to grow because oil prices are low. scarlet: aren't those rates at ridiculous levels right now? double digits. anyway, nerd talk. it's fine. [laughter] the top stories crossing the bloomberg terminal at this hour. the labor and housing markets have improved, moving closer to ending an unprecedented zero the statement but did not provide a clear signal on the timing of lift off. bloombergomist told that they expect something to happen this fall. >> august has often brought turbulence in financial markets. less liquidity, senior people on vacation. barring any craziness in august, i am still going with september.

guidingnet yellen is the nation towards its first increase in a decade. oklahoma firefighters pension and retirement system did not prove the company defrauded shareholders through the inability to track priest -- retail sales. alix: john kerry, squaring off against critics of the obama administration and its agreement with iran today. republican say that they are being asked to report on the deal without seeing the verification documents being negotiated by inspectors. senator john mccain of arizona, chairman of the armed services committee, says that that is astounding. john kerry says they have all the details they need. secretary kerry: congress will be briefed on this unclassified session.

indeed, one of our key negotiators, the day to day lead negotiator, wendy sherman, was briefed on it. ernie moneys was like life -- likewise briefed on it. we are aware. alix: the committee is looking at how the deal could affect the iranian neighbors and military balance of the middle east. the senate has advanced its version of a highway funding bill. keeping them swelling for the next three months. the 65 to 35 of would provide three years of highway funding to renew the charter of the u.s. export import bank. the banks charter expired on june 30 and house leaders have said they would not consider the senate measure. alix: fox is letting everybody in on the act for the first republican presidential debate. now that will be not one, but two debates on august cleveland.

it does help lindsey graham, george pataki, and carly fiorina. they would not qualify under the old rules. scarlet: -- pending home sales -- scarlet: pending home sales dropped for the first time this year. they had thought that sales would increase. the housing market has shrunk from slow growth due to higher lending standards and a limited selection of properties available on the market. alix: american seem to have different opinions on the future appearance of u.s. currency. jack lew says he has gotten over one million responses on the topic, including women becoming appear infemale to the century. announcing a redesign of the $10 bill that would replace alexander hamilton with a woman. those are your top stories. england scarlet: -- --

scarlet: the new england patriots upheld the tom brady suspension -- the new england patriots blasted the nfl for up -- for upholding the tom brady suspension. >> the league has no hard evidence on anyone tampering with psi evidence of footballs. i continue to believe and unequivocally support, brady. scarlet: he also added not taking -- regretting that she also regretted not taking legal action against the leave -- the league. mark conrad joins us now. thanks for being here. we appreciate it. mark: my pleasure. mark: theppens now? lawyers are going to get to work. the league is going to do everything that they can to uphold this. the nfl association, tom brady, doing everything they can to

fight. it is going to court. cases has -- cases have been will hope that there will be a reduction in the suspension. when there is not that reduction i think he was surprised, he tried to play nice with the league and said he would pay the fine. i think he hoped it would be brought to a one or two game suspension. from their perspective, there is no smoking gun. there is ad out that destroyed cell phone and he is linking those two. what indications do we have that the judge will make that connection? mark: that is something that the judge will have to determine and determine whether roger goodell's rationale will stand up in court. if you had asked me one week ago, i would have said it are 80

had a really strong case because of the inconsistency of the nfl policies. if you ask me today, brady has a less strong case, but not a bad case. what changed for you? mark: conclusion that he did not cooperate with the investigation and that this phone was evidence of a lack of good faith, a lack of being plugged into the investigation and doing the right thing. if you look at that decision yesterday, a lot of space was groundworky out the to show the court that this is different from some other suspensions that were reduced in past cases. this is going to be flagrant, bad faith conduct. the union is going to say -- look, it's a coincidence, you can't pin the fact that he change cell phones -- what

relevance is there? this is not a criminal matter where the cell phones have to be dead ball. this is something that could be a coincidence. they are going to try to convince the judge to say -- arbitrary,is still doesn't make sense, and should be nullified in its entirety. thelet: you mentioned inconsistent nfl policy. expand upon that. mediator aside a from roger goodell? that's the strange thing. in other major sports they have been able to negotiation independent arbitration procedure for grievances. to the nfl has not been able do that. in this collective-bargaining agreement they sort of deferred to the commercial -- commissioner and gave him the power on the surface of article 46, saying look, we are delegating to you to be judge, jury, and appeals court. a lot of fingers are being

pointed at the union right now saying -- why did you do this? you should have attempted to create the same system they have in the nba. -- i how much to fines know there is actual money, but do the fans actually care? mark: in new england they do care. his fan base in new england is a very strong. nationallk about his brand, the potential could be that he could be hurt. there could be some affect on this if, indeed, a judge does uphold that suspension and does accept the fact that yes, he obstructed the investigation. that could hurt him, it could be otherwisek in his brilliant career on the football field. scarlet: will this be a good thing or bad thing, ultimately, for the nfl? mark: bad thing, ultimately.

competing lawsuit seven filed, it just going to get the nfl back in that bad publicity picture that it has tried to avoid, even though it can't because of the issues that have come up and some of the rulings and lack of specific systems that come into place to show consistency. thank you solet: much for joining us today, mark conrad. update for you, talking about the ruvell and the rest of the central bank, the idea is that they may cut in july 31 in their meeting, we wanted to update you on that. scarlet: we are trying to get it above zero. coming up on "bloomberg market a." money about to run out for nations highways. we will bring you the latest from capitol hill. ♪

scarlet: welcome back to the "bloomberg market day." alix: let's get to julie hyman with a look at the market. right on the highs of the session, limited action? julie: if you look at the major averages, we are engaged in seeing them near the highs of the session. not quite at the high of the session. we were not getting a rate rise, everyone assumed that already. little more evidence that we

are seeing improvements in the labor market. we will be getting the employment cost index this coming friday, one that we in the fed will be watching. interim ceo jack dorsey said that he was not satisfied with the user growth and they said there will be time before there is significant growth for monthly users. yelp has been plunging today by the most ever. the company is going to be ceasing national advertising on it that form and cutting its sales forecast. we have not heard from facebook yet, reporting after the close of trading today. i wanted to look at the earnings winners and losers in the 500. northrup raymond in general defense as well, contractors doing well, in this

case they did well through efficiencies more than growing sales. trillium earnings beating estimates. systems,rocessing numbers also beating estimates. missing estimates for a provider of communication services to a communication company. resources also missing, the energy company here and missingional paper also the main packaging business, falling on a year-over-year business -- basis. what you are looking at here is the ea function, the earnings analysis for the s&p 500. 262 companies have reported, we are just about halfway through. of those 49% have the sales forecast with 50%, 51% missing.

the average sale surprise has been 1/10 of 1%. earnings numbers, three quarters on the earnings front, beating on the margin down of 5%. these numbers are by and large in line with what we have seen, the same trend being that sales are definitely not doing as well. we have seen these companies pushing levers to get the earnings numbers up. scarlet: good stuff, thank you. top stories, shares at an arab red setting records after reports that sales have rebounded. revenue was up 5% this month. panera has been redesigning restaurants, putting a bigger focus on natural ingredients. alix: expenses climbed, profits fell at mastercard. a stronger dollar has hurt the payments overseas where the

company generated most of its revenue. there is no sign that u.s. consumers are spending the money that they saved because of cheaper gas. scarlet: the head of soccer in europe said that he would seek the presidency of the sports world's government body. the second candidate running to lead before. -- fifa. top officials there have been accused of taking bribes from countries helping to lead tournaments. alix: funding for the nations highways and focus today. that night -- the house and senate focusing on different production -- different bills. scarlet: how productive. an extension from the house, the bulk of it for highways, is the only thing on the table seemingly. what is the latest here? they willnlikely that get anything done before they go on vacation.

>> we might be in for a surprise this week. they move at a glacial pace, and even in the last 45 minutes the house speaker came out and said that the house would pass the three-month highway funding extension. we are expecting representatives to start voting on this in the 5:00 hour. john boehner also said that he will be looking -- working diligently and he is looking to minimize differences with the senate bill. as you said, the house will give $8 million in short-term funding , 6 billion dollars going to highways, $2 billion going to mass transit. the senate is expected to vote on that. that is when current funding expires. fun,et: -- alix: interesting fact for you, some senate democrats want to use strategic petroleum reserves down in texas and louisiana to pay for that, raising $9 billion

by selling -- where li? how many? 101 million barrels. that's kind of crazy. like he has of the eubank he wants to spend. the necessary spending is with alion, -- 5 shortfall. if that came to pass it would be helpful but we would still be in the several billion dollar hole. scarlet: no one is going to entertain an increase in the -- gas tax? ramy: not yet. no one wants to touch that because it is a political lightning rod going into the 2016 elections. currently there are no resolutions that exist regarding state or federal taxes. scarlet: who has it the worst? where are the worst roads? ramy: let's bring this up.

can be 10 worst roads found over in california, san francisco as well as oakland. 74% of roads are considered to be poor. the top 10, 4 in of the cities are in california. here in new york you can see that it comes in at number seven. scarlet: i would have thought that we would have been higher. we drove to jfk the other night, it was pothole after pothole. expected thathave as well, the hot and cold, but apparently california. alix: apparently california is that much worse. paris, under investigation for allegedly overcharging on certain kinds of customers, next. ♪

scarlet: euro disney is being probed for overpricing at disneyland paris after a significant number of complaint. the single market commissioner found that british consumers were paying 15% more for one-day tickets than french consumers. all of this according to the financial times. defendedneyland paris their policy, saying the price he was a -- pricing was identical across all markets but they did break down the premium package, french consumers will 1400 36 euros, british customers more, german customers pay 2000 euros. scarlet: apparently the issue is that consumers are having access to deals locked, cheap deals -- whole to people based based or reside in belgium. your browser can tell where you are.

because of that you are being blocked from that deal. alix: they said it was legit to run their business that way, it will be interesting to see how that works out as they say they have not in that at other amusement parks in france. scarlet: conspiracy theorists will say that they are targeting. alix: good point. thank you so much, scarlet fu. lots more coming up on "bloomberg market day." lloyd blankfein weighs and next on his views on the chinese stock market in our exclusive interview. ♪

♪ ♪ ♪

get excited for the 1989 world tour with exclusive behind the scenes footage, all of taylor swift's music videos, interviews, and more. xfinity is the destination for all things taylor swift. back.welcome i'm alix steel. now it is time for some top stories tossing the bloomberg

terminal. the head of the international monetary fund says that the world economy is recovering but that the fed is still fragile. in the online press conference she made another call for greek debt or -- for greece to reduce its debt burden. lagarde: restructuring should take place. alix: she said that they need to and neck reforms to make reforms more efficient and she expressed confidence that they could work with the left-wing government of alexis tsipras. of job cuts could hit the big producers, chevron illuminating 1500 jobs, 2% of its workforce. so far oil producers have accounted for 10% of the 150,000 industry job cuts since prices started plunging last year. surface from a -- service providers and drillers have been hit the hardest. amazon is providing rules of the

road for the air. they want a drone zone so that they can go ahead with a airborne package deliveries. and amazon official floated the idea at a conference sponsored by nasa. they want the faa to loosen drone flight rules. link and is cutting back on e-mails. instead of getting an e-mail for every invitation to connect, e-mails over -- users overwhelmed with invitations will receive only one digest. users who belong to professional networks will get digest of the groups up eight's. no more minute by minute e-mails. the changes will cut e-mails by about 40%. those are your top stories. mike bloomberg and goldman sachs chairman and ceo lloyd lang find are joining forces to promote their 10,000 small businesses program. earlier today stephanie ruhle spoke to both of them and asked lloyd blankfein if he has changed his bullish view on china. lloyd: china has an incredible execution problem to get

through. an economy trying to get through in one generation what took 150 years to a ball than other places. it's very hard to strap yourself youdo everything at once. would like to have businesses that are not over padded with people, but guess what? in china if you fire those people, there is not unemployment to cushion the blow. what, the pools of capital are not there because you don't have capital markets. china, no capital markets, how do you write off your mistakes? if you stimulate the economy by airports at -- 80 once, 40 might be in the wrong place. build one in the wrong place in the united states, planes don't land, pay fees, service doesn't get paid, they pave it over and put up a shopping mall. in china it just stays there as an unused airport. that is the system that has to be corrected. they know it, it will take time,

i did not just discover that. i've known that for a long time. it will be an incredible execution problem. it does not stop me from thinking that in the long term it will sort out. i have said this before, i think this will be a great century for china, like the 20th was great for the united states. but we had a lot of bad years then and so will china now. -- isnie: is there is there such a thing as long-term when it comes to investing anymore? , people arees negative on the overall economy but it is not how they trade. michael: you have got to differentiate between investors and people who run companies who have to have a much longer term. how to raise your kids, mine are more complex. stephanie: minor pretty complex. michael: i know. but it all he seems like your

problems are worse than the other persons and you cannot have that. you have got to have some confidence, invest in the future. take a look at how far china has come in a short time. we can talk about how far they have to go, but so does america. every problem that china has, we have a comparable one. they approached it with a different mentality in different system. they brought 150 million people into the middle class. they still have 400 million people, 500 million people who live on one dollar per year, but they are making a big difference for their people and so has america made a big difference for our people. the poor in our country need a lot of help, but they are better off than the poor everyplace else. that does not mean we should not stop. we should be thankful for how far they have come, but we have to realize how far they have to go. lloyd: this is a thought

experiment. short-term and long-term, the difference. if i said -- would you invest in china for the next year, think of your answer to that question. if i said to you that you had to invest for 20 years and you could not touch it, it was for your children, would you invest in china for the next 20 years? stephanie: the answer would possibly be yes, but now you run into the problem of ceos and makeicians, they cannot decisions for the long term because activist investors are banging down the door saying -- what are you doing tomorrow? politicians need to get elected next year. michael: some of those activists have good records in turning companies around. "business week" had a good story about that, looking at the record. also, you have to stand up. someone says you have to change the business model, doesn't mean you have to go do it. that is what leadership is all about. if they have confidence in him, they would let him go and ride with him through the tough times

because he has shown in the past that he can do it and he is not going to make all the right decisions, but long-term he can keep going. ceo's inexpectancy of america is four or five years, depending on how you measure that. social media puts an instant referendum on everything. things are different here. great companies like goldman sachs and the other big banks here have gone through good times, bad times, regulators that are rational or irrational, markets that they could not control, things were good, bad -- stephanie: are you saying that there are markets the goldman sachs can control? michael: no, but he can control how he approaches those market, placing the right people in the right systems, which businesses to go in. his organization has competency. it's not everything. he has got to make those decisions. look at the history of goldman sachs. on balance they have made the

right decisions. not everyone, but it is a company that is still growing. michael: -- lloyd: one of the major contributions of the likeist, it has forced myself and others to engage shareholders more than in the past. when you engage shareholders, you have to have some thing to say. to the point that activists are trying to stimulate short-term gains, when it comes to persuading shareholders, the short-term gain is a sacrifice of long-term access and you make your case to the shareholders and so today. it is a market and not a bad thing to have to do that. alix: that was stephanie ruhle with lloyd blankfein and mike bloomberg. you can watch their entire conversation at number.com. "themore ahead on bloomberg market day." we will be right back. ♪

alix: welcome back to the "bloomberg market day." we are just 15 minutes before the closing now, we want to head over to julie hyman. s&p, above all, moving averages, something that you see on a day funny,at? julie: it is we were below all of those moving averages, dipping below them just a couple of days ago, so we have the red statement today and economist are sort of shrugging and yet we are seeing of theising to the high session and perhaps because we still do not have a lot of clarity about when we could see a rate increase, attention is now shifting to next week's employment report, shifting to the employment cost index on friday. take a look at my bloomberg

terminal and the various sectors within the s&p 500. paul green, a pretty broad-based rally. industrial, oil and gas, even utilities that have been lower earlier as rates moved higher, even they are recovering. this has to do with earnings as well and the recovery in commodities. we definitely cannot pin the looking the feds today. at the 10 year and the outlook for rates, yields have come back in a little bit. mere 2.9% owing into the statement, a little bit coming out of it, that accounts for some of the recovery that we saw in the utilities. the dollar has been trading near a four-month high. right now you can see it is up 4/10 of 1%. more decidedly having a move after the fed statement. let's takeeaking of,

a look of the oil market today. an interesting trade as we saw the big rebound after the inventory number came out as inning, showing a drawdown crude inventories last week. a little bit smaller supply being read as a good thing by the markets,'s will well below $50 barrel at 4853. nonetheless, a bit of a recovery speeding through to the oil and gas stocks as well. alix: thank you so much, julie hyman. a look at top stories this hour, shares of yelp are down after the customer review website cut its forecast. would stophey selling national brand advertising and that local .dvertising will drive growth microsoft's new operating system was released last night. do not expect it to be computer buying like any old days, that is not likely to happen. the launch is still likely to happen, and security is a key feature this time around according to executives.

>> today people are using the internet with aggressive and clever forms of code, to do everything from getting consumer credit cards to compromising corporate data security. windows 10 has a range of features from our new browser that will help consumers protect their data. using their sandbox model, so the consumers get a benefit. 8 -- alix: it is being offered as an update for existing pc's. removing one reason for people to rush out and buy a new computer. the company cofounder wants to bring up the siege of the art world into seattle. he is coproducing the seattle art fair, beginning tomorrow. an estimated $250 million of contemporary art to be for sale, he hopes it will attract wealthy technology entrepreneurs. elon musk is looking to boost tesla sales with full help from his friends. they will provide discounts when

an odor recommends a model s to a new buyer. it is the first incentive program for the company that steers clear of traditional advertising and dealer networks. those are your top stories. the fed deterioration of aunt market liquidity's keeping credit managers up at night. arounde not just sitting and wringing their hands, they are taking action. will it hurt or help the situation? here with us is lisa, who i know dreams about this in her sleep, and scarlet fu is back with more. what is the real concern here? lisa: you have had these years and years of inflow into bond fund, subtly sitting on trillions of dollars. what happens if they suddenly start seeing massive customer withdrawals? what do they do? they sell underlying holdings. what if they cannot find a bit for those underlying holdings? what happens then?

you can always find a bid to, but at what price? let's say that you go to sell $5 million in bonds and no one is that interested in buying it? you sell it for $.10 on the dollar, taking really big losses that might bounce back pretty soon. you will be stuck with some big losses. question is about liquidity. this was a concern for so long, of consumers.t how does this play into the price action so far? lisa: high yield energy bonds have shown of pretty big vacillation in value. some dropping $.20 on the dollar in just weeks. >> you can chalk that up to the fact that underlying commodity prices are out of whack as well. rally inhave had a oil, but that has been rolling over for a year at this point. scarlet: there are a lot of discussions as to exactly why

there are these big sellers that have to get out. that might be why you see a 10 percent drop in one day. question, though, as fund managers understand the liquidity turns and start to do things like hold more cash. turning to derivatives which may or may not eventually lessen the risk. allowing them to trade more frequently on a standardized contract. thinks it is a particularly dangerous proposition, but other people have found, blackrock argues that there are a lot of different sides to this. fund managers are taking mitigate sales, arguing for example that they can go in and buy what everyone else is selling. they may be the other side. they want to be the other side area and fund managers with cash want to create liquidity down

the road. you got it. you know what, right now, bank of america analyst found that ofost a record proportion managers are holding record amounts of cash now as they try to their for the next dislocation, preventing it from happening soon, ironic way. scarlet: the corporate debt market has grown so big since the federal reserve cap interest rate so low 2008. -- in 2008. to what extent will increase liquidity, only because you don't have the distortion that low interest rates create? fantastic point. liquidity cuts two ways. prices can get too high and scare people. people on the sidelines will not want to go into a market that feels overpriced. but if someone wants a bargain, they start seeing them and they will be more excited about putting their money to work and

more confident in what they are actually buying because it is not being manipulated by central banks. the problem is, there is just a very big unknown. it has not in since 2006 that the fed hiked rates. you have had trillions in corporate debt being issued in there is a question about whether these pennies should even exist on the risk your side. starting to question how real this is, stabilizing the fed hiked, that's what they are hoping, but what if it does not? what do you think will be the catalyst for the next liquidity crunch? the number one concern -- lisa: the number one concern in july is emerging markets in china. you get someif kind of crazy deterioration in

the economy, in china, in emerging markets. back end is able allies the -- world. alix: thank you for joining us. still ahead, we are moments away from facebook earnings. we will look at how the social network is trying to sustain rapid growth. we will break down those numbers in a few minutes. ♪

alix: investors are looking for an update on how ace book investments have been paying off. year, more than 20% this you have got twitter stock continuing to -- even after they beat yesterday's earnings. joining us for more, a buy

analyst and with us from san francisco, emily chang. james, let me start with you. what is the metric we have got to watch? james: it will basically be the top line. they have had a proven ability to grow the mobile advertising base and user base as well as their engagement. what i think that you will see is a lot of the positive commentary coming out of google as it relates to video translates to facebook. you will see continued adoption. as well as their ability to drive through cure ration with promoted content discovery. all of those things put together should be able to translate into a topline result. growth has been an issue but that should be in check. the revenue is really where the focus will be. alix: we usually wind up hearing about monthly active users.

emily, will it the about growth or will it be about the premium at space? emily: i think it will be about all of those things. monthly active users are at fort and 4 billion. it will not continue to grow as fast as it has. is that number as important as it has been in the past? what they need to show is that they can continue to grow ad revenue and from all signs we have seen they are growing it at like three times the overall market. just like james said, video is incredibly important. ace book is shaping up to be the biggest competitor to youtube. ways to give video advertisers and creators cut of the video that they are giving to facebook. this has been very interesting, this is where the premium dollars are being earned. i will be watching for instagram. instagram could potentially bring in more mobile ad revenue

than google or twitter. really interesting, given the twitter crash today. have two emily's point you what sapp, oculist, instagram, how good could this be for facebook? directionally they will start to point added. facebook has more going -- more growth levers on top -- on tap than any others today. i think they will talk about the ad load increase. advertisinges and and ultimately how they can monetize what's happening with payments on other services. i think the color commentary there should supply us for the time being. putting that altogether, which company is in the best position for the future of advertising, we think that's easy. nonetheless, expectations

are intense. the stock it a 52-week high. what would need to happen for them to be expectations at this point? a big number will be the percentage of ad revenue that comes from mobile. this quarter they are looking at potentially 75%. that is what analysts are expecting. if they don't hit that number i think that will be seen as a disappointment. if you look at the big teacher in mobile, facebook is killing everyone. google, twitter, and now these other properties like instagram that are also stiff competition. alix: facebook wants growth guidance for the full year. do you think they will hit that target? james: we think last quarter they introduced a high end of

the range from 70% to 65%. quarter they will telegraph the fact that they would like to perform on the lower end of the range for the full year. close to 50% on a constant currency basis, putting down those margins despite the u.s. inventions, no other company out there is doing that right now. expectations are high, but it seems the five is pretty good in the room. james, thank you very much. bloomberg west anchored emily chang, she will be covering it on "bloomberg west." we are looking at the fed, we are looking at facebook and will be right back. ♪

alix: we are moments away from the closing bell. i'm alix steel. joe: and i'm joe weisenthal. ♪

[closing bell] stocks ending the day higher as the economy improves closer to a rate hike. joe: the question is, what if you miss? the fed has given no clear signs on when it is hiking rates, but it is looking for improvement in the labor market. alix: facebook earnings reports moment -- moments away. are there growing pains? joe: how does grand theft auto explain what of the biggest puzzles in the economy? alix: first, a rally is underway in the markets. a few days ago it was a very different story. joe: we got some very fun stuff that happened after the dollar dope, it was dovish, there was a reinterpretation ahe