david: a janet yellen signals the fed may hold back while others question the credibility of the fed. senator richard shelby joins us. as we doixed sessions with brexit. david: will it have an impact on the travel industry? ar guest is the founder of travel website. ramy inocencio has the latest. y: term right now is range bound. janet yellen speaking on capitol hill with her testimony but also her influence as we head toward

that brexit both. we are in mix territory right now. the nasdaq looking into negative territory in the last hour or so. the dow and the s&p paring earlier gains. the dow have been as high as 60 point tower, now up by 19 points. this is a range bound trading kind of day. s&p's 10look at the sectors, even though it is range bound, seven out of 10 are in the green, telecommunications of the most by 1%. health care consumer discretionary, and materials are the laggards. withials seeing a selloff global commodity prices for the most part sliding. take a look at what is happening with telecommunications being

the biggest leader. it is happening because of sprint, up 7.5% right now. this is a three and a half month high we are talking about. they say they are looking to raise funds by securitizing the rights to mobile phone frequencies. under the plan, sprint would sell its usage rights to a company and sell those instruments to institutional investors. at&t and verizon also getting a bump of about 1.2%. in addition, take a look at energy with some of the top percentage gainers. on the order of 2% to 3% on part because of rising natural gas prices. natural gas has been rising because of the heat wave happening in the u.s., in the west and southwest. those are the top gainers right now. vonnie: on the flipside, biotech

has not been doing well. ramy: it is one of the biggest laggards in 10 of the last 11 trading session. take a look at the nasdaq biotech index. down two point 2%, but over the past three days, it is even worse. now near five-we close. for every one equity that is up, there are 10 that are down. take a look at the biggest laggards. is impaxst laggard laboratories, down more than 12%. part of the reason is because they have said they will shell out half $1 billion to buy 15 generic drugs from teva and allergan, who are trying to get antitrust approval for their own merger. vonnie: thank you. let's get a check on the first word news with mark crumpton.

mark: when it came to fundraising, donald trump fell far behind hillary clinton last month. the likely republican presidential nominee raised a little more than $3 million for his campaign in may. in contrast, mrs. clinton took in more than $26 million. his campaign is grandly to put together a fundraising structure. florida governor rick scott says the florida government has denied his request to deny a state of emergency following a massacre in orlando. as a result, the u.s. government will not provide $5 million in federal funding to help pay for law enforcement response, medical care, and counseling services. the american bar association says supreme court nominee merrick garland is "well-qualified" for the nation's highest court. vermont democrat patrick leahy, the ranking member of the senate judiciary committee, says the

aba rating means that republicans have run out of excuses and should and their harmful obstruction. the head of the russian olympic committee the country will appeal to the court of arbitration for or against the blanket ban on the country's track and field athletes. international olympic committee met in switzerland today to consider further measures to crack down on doping ahead of the rio games. meanwhile, president vladimir putin is not saying if the entire team could boycott the games if its track and field team is banned. global news 24 hours a day powered by our 2400 journalists in more than 150 news bureaus around the world. i'm mark crumpton. back to you. david: we have been covering the impact of the brexit from all angles, but what about the tourism industry? a recent story said it could affect everything from security lines to villas in tuscany.

joining us now is the founder of a new company called upside. >> it has not launched. today.site just launched it is time to shake of business travel. have an travelers enormous asset that they do not use or pay attention to, their flexibility. small amounts of flexibility, it turns out, are worth a great deal about the money. we have created a startup that allows you to trade that flexibility for something they want more. a good if you are corporate citizen and you are flexible to save your company money, you get something in return. do you sell the corporation on this or the individuals? >> it is targeted mostly to the small and medium-sized companies who do not have the big deals and discounts. if you make your own travel and are making your own reservations, if you are flexible about where your hotel is, we are talking about gift

cards to your favorite stores every trip you take. every business trip. your employers save 5% to 50% on travel. if you know business travel, that is a lot of money. vonnie: why can't they do it via priceline, for example? >> we ask you simple questions of how you are able to be flexible. then we search all of the databases with a flexibility engine, and we show you simple choices so you do not need to search long lists. are two or three simple choices, we put it together, and we give you a price that includes the gift cards. strikes me as surprising that there is a built-in passivated to business travelers. how do you combat that? >> if i gave you $1000 to stay at the ymca tomorrow -- is, every here

business traveler has some flexibility. nobody has ever showed you what the very levels of flexibility are worth. we are still going to put you on a major airline, show you the flights that we will give you, and then you decide. people want to do the right thing but it is so hard to search 1000 different places to save your company money when it is just easier to put it on the expense account. vonnie: you are not the first, rocket trip comes to mind. how we get market share? >> we do not sell software to enterprises. we allow you to buy the travel. we show you what your flexibility is worth. we are the only people that sell you the package, and we will service the package and provide you the gift cards. what you do is, you buy a package for us, $1100 for your two days in san francisco. two nights.

we give you the airfare and hotel you want, and you get the gift card. the beauty is, it is a complete solution. all payingre attention to what happens on thursday. we talk about the potential financial repercussions. be ifey could this britain alexa leave the european union? >> business travel will not be too much affected. leisure travel will be. once you make it more difficult, it makes it more difficult to holiday in either direction. for possibly more on the leisure side. business travel people have got to buy business travel because they have business to do. vonnie: do you have to prove you're a business traveler in some way? >> you don't, but the fact is, leisure travelers are already doing all the work. business travelers don't have the time or the patience to do that.

so we are doing it for the business traveler but anybody can use upside. in fact, we have a vip program that we are starting today. david: who do you have invested in this company? >> private investors. with the success of priceline, it was not terribly hard to raise capital, but at this point we are still private. vonnie: how far along are you? >> we are pretty much done now. vonnie: thank you, jay walker. david: still ahead, richard shelby joins us. was he satisfied with janet yellen's testimony today? first, chair yellen on whether recession is coming. u.s. economy is doing well, and although i have indicated that we will watch this recent slowdown in the job market carefully, my expectation is that the u.s. economy will continue to grow. ♪

david: this is "bloomberg markets." it is time for the bloomberg business flash. brookfield asset china's three gorges are among the companies weighing in for duke energy's latin american powerplant. china state powered investment is also considering bidding for the asset. my next week, fiat chrysler plans to stop reducing new vehicles in north america with the most dangerous types of takata airbag and leaders.

they say they will start using the agreement that do not have a chemical drying agent. least 11 people have died worldwide due to the problems. lennard delivered more homes at a higher price in the second quarter. there was a 10% jump in new home orders. construction has climbed to 10.2% this year, a sign that healthy demand exists. that is your business flash update. senator mitch mcconnell saying the senate will take of the puerto rico legislation before july 1, of course a big deadline for puerto rico. close to $2 billion of debt payments are due. this is bipartisan legislation that came out of the house. it is now on the senate floor, which is getting ready to go into recess july 15. vonnie: still ahead, the senate

banking committee chairman richard shelby joins us from capitol hill. janetl be talking about yellen's testimony, and a lot more. ♪

david: this is "bloomberg markets." the focus is on washington, d.c. today and tomorrow as janet yellen appears before congress. she kicked out testimony today before the senate finance committee, saying the fed's forward guidance is still useful. >> we are constantly trying to evaluate in light of incoming information, the outlook in risks, and you see those paths change over time as we update our evaluation of the economic outlook. i think that is a critical part of monetary policy. vonnie: that was part of the

question and answer session with senator richard shelby who chairs the senate banking committee, the republican from alabama. he joins us now from capitol hill. senator shelby, were you thatssed with the response forward guidance is still a relevant tool for markets and the economy more broadly? think the economy is a lot weaker than a lot of us would like it to be, and you can discern that from the testimony of the fed chairman today. there are a lot of people that have given up looking for a job. the growth is slow, any make, you might say. i don't believe this is a great performance by the federal reserve despite all the stimulus and they brought to the marketplace. it has done always worked. the economy is not robust. david: not a great performance by the federal reserve. you look at all that they have done over the last several

years. what more could it have done, what would you have liked to see you do in the last several years? them told have liked stop a lot of the stimulus they are doing. they are propping up their government, propping up securities. long-term be a reckoning with that. they will have to deleverage the balance sheet. that will be a real problem. said, is notas i growing very fast, is kind of anemic. she basically admitted that. probably has not done a great job come in my judgment. on that note, you put that to the fed chair, and here's what she said about central bankers weighing the difficulties of a slowing economy on their shoulders. >> if fiscal policy were more expansionary, this neutral level of interest rates that is one of the factors, the stance of policy that affects what level of interest rates is neutral for the economy, keeps it on an even

keel, and the level would be higher with a different stance of fiscal policy. vonnie: how do you respond to that, senator? >> well, it is very complex. vonnie: well, give it a go. >> i believe there is not a lot of confidence in the economy in the u.s. the president talks about a robust economy but it has done got here yet. there are a lot of people still looking for work. we can do better despite stimulus by the fed. the fed needs to step up and stay out of the way. if we stayed out of the way, i believe the economy would grow faster. vonnie: doesn't need to step up or stay out of the way? sometimes you step up, and that gets you out of the way. i am not talking about stepping up stimulus. we need to let the economy grow on its own. if they would cut back

on regulations of the banking system and the economy, our economy will take off again. david: do you think we are at full employment right now? employment is better than it has been in many years. >> absolutely not. not close to full employment. the on assignment rate looks good, but you look at the people not looking for the jobs, and it gets up to 10%. theie: you also asked about card results. are you concerned about the banking industry? >> i'm always concerned about the banking industry. overall, especially the regional and smaller banks, are causinglated, which is a lot of anxiety in the small business community nationwide. that is the growth sector for jobs and the economy.

some questions were asked today about that. up a little ont the overregulation of the small banks. david: when you are in your home state of alabama, are they concerned about the brexit vote? that is something you asked about. i wonder if janet yellen's response satisfied you. >> everybody will be watching what happens on thursday. that is profound, both sides of the atlantic. i think the british people will have to make their own decision and we will need to see what happens either way. you could argue both ways but it is their decision, not ours. your biggestre concerns about it, if the u.k. voted to leave the european union, what are the effects you are most concerned about? >> we don't know yet. there are a lot of uncertain is. how is the economy going to unwind between britain and the rest of the european community and so forth? what is going to happen to the

financials? london is a huge financial market. is that going to be affected by withdrawal, if they do? a lot of us will probably be up late thursday night. vonnie: let's turn to the current political cycle. we are obviously down to the two presumptive nominees now. are you happy with the economic proposals that have been put forth by the republican presumptive nominee? >> i have seen some of them. is interestedump in growing the economy, not over regulating it. galatians cost money and jobs. a lot of regulations are not necessary. we have seen that play out over the years. has got aistration fix on regulating everything. it is hurting the economy. david: hillary clinton was

speaking in columbus, ohio, talking about the economy, and had this to say about the prospects for an economy under president -- under a president trump. >> liberals and conservatives ideas would be disastrous. the chamber of commerce and labor unions. mitt romney and elizabeth warren. economists on the right and the left and the center all agree, trump would throw us back into recession. sayd: i think it is fair to you have not given a full throated enforcement of donald trump. do you still have concerns of him as thedo you still have conf him as the nominee, especially in light of how much money he has raised in the last month? >> i would have more concerns about hillary clinton as president of the united states than trump as the nominee. they will have to fight it out in the next five months. i hope it is a republican victory. anybody but hillary. david: are you going to campaign

for him? >> i will campaign for the nominee. presentedve you been with any of the economic plans yet, do you know what they are? we have seen sketches of them and some of the architectural plans are there, but it is too early. david: let me ask you about trade. ambassador froman was talking about how he has been on capitol hill meeting with you and your senate, housethe of representatives, trying to get you to move on this as soon as possible. i assume you have met with him. what question do you still have about this particular trade bill? >> a lot of questions, a lot of secret protocols we don't know about. secondly, this is a huge trade agreement and we don't know where it is going. i have supported a lot of free trade agreements. this is one i have some questions about. i am not by myself on both sides of the aisle. david: are you ruling it out

completely? >> i would not vote for it in its present form. david: thank you for your time today, senator richard shelby. tomorrow, we speak to democratic congressman brad sherman of california, a member of the house financial services committee. listen ontch and bloomberg television at 10:00 eastern time. commodity markets will be closing soon, and we have an interview with francesco starace . ♪

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closing in new york. let's go to the markets desk to check in with ramy inocencio. ramy: let me take you to what is happening with food commodities. across the board, generally falling across the board. the bloomberg commodity index is in session lows but turning around from last week. corn futures are down by 5.5%. it is also on pace for its biggest two-day plunge since august. the reason is because of better weather in the midwest, rainy and cool weather there. also, faster harvesting happening in brazil, the two countries of some of the biggest exporters of corn. soybean futures are down similarly on the order of about 2%. food to energy commodities. wti crude is losing some steam, down .8%, pulling away from the

$49 a barrel mark. interestingly, tomorrow, we are expecting a pullback from supply. they are expecting a fall of 1.5 billion barrels. interesting to see if that happens. in terms of natural gas, that is rising .8% right now. we were talking about a heat wave in the west, record temperatures in california and arizona. that having an effect as people use more air conditioning. precious metals, gold futures down by 1.1%. down today, on track for its as brexit ody loss ds reseed. silver also falling in tandem. down about 1%. david: renewable energies is as cheap as it has ever been and that has italy's largest utility scrapping plans to take five to

10 years to complete but instead it is all about adaptability and connectivity, according to francesco starace. i asked him where his company and industry are headed. >> it is not that we just want renewables like that. what we want is we do not want exposure to merchants, a risk, and we stop building big plants. plants that take five to 10 years to be built. , you say,e you finish why did i ever start this? the world has changed around it. ini said we will only grow investing in things that are built in three years. many more smaller things, some complexity around this. managing smaller things is difficult, but more flexibility. and of course, the consequence of this decision is renewables. renewables are like that. they are short, many, and small. david: a longtime complain about

renewable energies is it has been expensive to build. are we at a point where that is no longer as big an argument? >> it is totally in the past already. we have increasing evidence every day that wind, solar, hydro, geothermal are all completely competitive, are better in many cases than fossil fuels in many cases. of course, you need a resource. you cannot have solar panels working at the north pole the whole year. so there is a limit where you do not have resources, and that is it. but because the costs are going down, areas of the world where it is applicable, yes it is convenient. the footprint becomes larger every year because of the convenience of these technologies. david: how much of that innovation is happening in house for you, how much do have people working on getting solar to be

more efficient? >> not much. the innovation happens outside. the innovation happens in unpredictable places, applicable manners, in all angles of the world. it would be inaccurate to say that we know better than anybody else. what we decided is to open up our eyes and years and understand what is going on and quickly bring on the new technology into the big position we have. understand what is going on and deploy fast. other people are good at that. david: i'm interested in your investments in infrastructure. you are in negotiations to buy a fiber optic company in italy. does that redefine the term utility to include broadband and electricity? >> and is a fantastic idea. why not?

it is a utility at the end of the day. let soon you have this monopoly board. utility doing water, another providing broadband. we have an infrastructure company, we have to do not have two-minute infrastructure. complex than less the electrical infrastructure. we found it convenient and cheap to do that and use our existing provide a convenient rate. we are not getting into the content provider business. we are just providing for whoever wants to use it. goodnk that is a definition, the utility play. david: some have characterize your competition with telecom italia as a war. how would you characterize it? we are not fighting against

them. i can understand that maybe this is perhaps seem like an invasion or some kind of occupation. at the end of the day, we are laying down an infrastructure that they can use. in fact, we think they should come to terms with it. if these guys are doing it and they are not getting to the competition with the customers, we are not looking at that. let's use them. i think they will finally see that we are not a threat but actually an enabler for them to reach customers more efficiently. david: last question, as you a how closely are you watching the referendum in the u.k. this week, how would this affect your business? to there not exposed u.k., we don't have operations. i could say it is not really my business, but in the end, i think it is going to be extremely critical for the business we are in, because we

have a sizable position in happens.f brexit investors from outside the world will look at europe as a troubled area. something difficult to comprehend, something hughes future is obscure, and in any case, will be modified somehow, so they will probably pull out the money. reactiond be the first . it would be a terrible thing for europe. of course, being a european company, that would not be good for us at all. david: that was my interview with francesco starace earlier today. now let's get a check on the first word news with mark crumpton. rk: hillary clinton is scheduled to meet with house democrats on thursday for the first time since becoming the presumptive democratic nominee. heris expected to discuss agenda and how she expects her campaign to unfold. likely republican donald trump

lands to meet with house gop lawmakers on july 7. secretary jack lew says puerto rico's fiscal chaos is a crisis of the moment, and that the senate is to act before july 1. senate majority leader mitch mcconnell says the chamber will take up legislation before that date and hope to produce a bill for president obama to sign. legislation could establish an oversight board that would restructure puerto rico's $70 billion debt. ukraine will get less than one third of the money it had hoped for from the international monetary fund this year. the ukrainian prime minister says the imf will give the country only about $1.7 billion. ukraine is coming out of a political crisis that has delay disbursement from a $17 billion bailout fund. ukraine's economy sank 10% last year. islamic state is launching a counteroffensive in the northern province in syria, retaking wide areas they recently lost a

government troops. the syrian observatory for human rights says government forces have lost all territories they aa since launching their offensive in early june. david: coming up in the next 20 minutes, brexit is on the mind of investors, but what would actually happen should the united kingdom vote to leave the eu? vonnie: is instagram feeling the heat? the company marks 500 million users. the ceo joins us to talk about increasing competition from snapchat, twitter, and other plant warms. ♪

david: you are watching bloomberg. vonnie: this is your global business report. david: iran has struck a deal for bony aircrafts, the first since sanctions were lifted in january. world's biggest retailer is taking on one of the world's biggest markets. details on walmart's china operations revamp. david: major global investors sound the alarm over a brexit, but what is truly at stake? li ka-shing has built a global business empire with his telecom holdings and mix in one of the

largest investors in the u.k. in an interview, he emphasized the importance of britain remaining within the european union ahead of this weeks brexit vote. leave.pe they do not if brexit happens, it will be detrimental to the u.k. and will have a negative impact on the whole of europe. but it is not the end of the world either. meanwhile, the international monetary fund says the managing director will step down when his term expires late july. he served a five-year term at the imf. managing director christine lagarde says the search is underway for his successor. official, it is flying airplanes from boeing, in the first deal since sanctions were lifted in january. the deal includes a mixture of 737 and 747 jets. no dollar amount was given.

earlier this week, the iranian aviation minister said they plan to buy about 100 planes. walmart is reshaping its operations in china. they have taken a 5% stake in e-commerce site jd.com. walmart has struggled to adapt to china as its slowing economy and to arise in online shopping. david: time for our bloomberg quick take. we provide context and background on issues of interest. should we stay or go? that is what the british will have to determine this week. here are the reasons for and against a brexit. the european union may be in

the european union may be in for a messy divorce. britain's exit, or brexit, from one of the world's most powerful trading blocs will happen if britain's book to leave in a referendum. polls show the vote could go either way. here is how we got to the situation. those that want to leave the eu are the so-called eurosceptics. they kept the u.k. from adopting the euro when it was launched in 1999. nowadays, they are more worried about the surge of immigration. the u.k. gets about 500 people added to his population every day. since the eu citizens have the freedom to live in any country they choose, leaving the block is the only sure way to stem the flow of people. arguing to stay in as prime minister david cameron. he negotiated new terms to the eu membership, including some reassurances for london's financial industry and the right to restrict welfare payments to migrants. he says a breakup would be an economic disaster. your account for nearly half of u.k. exports and he says a ofxit would create a decade for financial

markets, investments, and the wider economy. the debate is with latching markets and has sent the pound doubling. now here is the argument. those pushing for a brexit says the eu has turned from a free-trade zone to a superstate that is eating away at britain's national sovereignty. the vote will likely come down to two issues, the economic risks of an exit, versus concern of a flow of immigrants that cannot be stopped. whichever way the vote goes, brings along love-hate relationship with the eu will rumble on. david: for more stories, visit bloomberg.com. vonnie: now let's head to the markets desk for today's sector spdr report. ramy: i am looking at biotech right now. basically if you are long on biotech, you are probably shaking your head wondering why you stayed in. looking at the snp biotech index , it is near session lows, down by 2.25%. this is its lowest in a month.

let's take a look at what is happening with the nasdaq biotech index. , over the past 6 11 days, it has fallen by more than 10%. in the past 11 days, it is down 10 out of those days. one of the biggest to speak about today is impax. basically scraping the bottom of the barrel right now. 11.6% down. near session lows. dropis the biggest percent -- second biggest percentage drop all day. says they will be buying of 15 generic drugs from tivo and allergan, who are trying to get rid of some of their products as they are trying to do their own merger deal and get antitrust approval. also take a look at what is the worst on the nbi in terms of

percentage losers. exact sciences down 7.5%. the biggest fall in seven weeks for the colorectal cancer company. clovis oncology, also looking at cancer, down by 6.25%. take a look at what is happening with the big cap pharmaceuticals. more red across the board. celgene down by about 2%. they are seeing its lowest .ntraday since mid-march rbc is saying the growth story is well intact but there is some short-term concern. regardless of what is happening, we have a leg down for the company. generon seeing is lowest for about a few months. for every one stock that is up, 10 are down. david: thank you, ramy

inocencio. vonnie: coming up, photo sharing app instagram just passed a major milestone. it now has 500 million total users. a conversation with the ceo kevin systrom next. david: we see loretta lynch speaking in orlando after meeting with first responders and families of the shooting victims. she says it is too early to see what was missed. ♪

david: this is "bloomberg markets." instagram hit a milestone today. the photo app now has 500 million active users. emily chang sat down with the instagram cofounder and ceo kevin systrom. is, last timezing

we talked, we had a couple million users on instagram. it has been a little more than five years. getting there at breakneck speed. we built them a company of 13 people now to just shy of 500. it is crazy the scale. nearly one out of three people in the u.s. using instagram every month as well. it is ubiquitous, and that is every entrepreneur's dream. 100y: you added the last million users faster than the first 100 million. why is that? >> imagers are using personal language. it allows us to grow globally quickly. the second is, we are here at facebook. if there is a coming to learn from how to grow quickly internationally, facebook has been a tremendous help with our infrastructure and expertise. you are averaging 4.2 billion likes a day.

give us an example of how fast instagram is growing. >> a lot faster than when we first talked. what's interesting about growth right now, it is happening mostly overseas. you are seeing countries light up in the same way the u.s. did very early on. you are seeing android take a lot more share as well on instagram. definitely a more global growth. when you end up seeing is a global diversity of interest. chefs in japan, amazing people doing arts and crafts in france. you see such a diverse group of interest. that is what is cool about the growth happening today. emily: talk about the demographics, mostly young people? >> it is a range. that is what is cool about instagram. it is not just for teens or established tech folks. it is not for one particular group. facebooken you sold to in 2012, there were skeptics out there that said this would not

be good for you, that being part of a larger company would slow down your growth. does this validate your choice? that goes by, there are skeptics about something that we are doing, whether it is our logo or advertising. big changes we make that are not always popular on day one usually turn out ok. that is because we see them through. mike and i have been with the company now five and a half years and we take each of the challenges one by one. there were definitely skeptics, but getting to 500 million users is an amazing milestone for our community and us. emily: 80% of users outside of the u.s. what is it about instagram that makes it so universal, that it cannot get to a sushi chef in japan, somebody in africa, or your huge community in brazil? >> early on, we saw an international community blossomed. now,iscover page, as it is basically you go on that and in

the early days, depending on the time of day, there were different people posting. you would see an international community arise, and that created links to people who do not necessarily speak the same language but could understand a common image. most powerfuls about instagram and why it has grown overseas. emily: globally, which countries or cities are incredibly popular? >> brazil is one of the biggest countries. very different a type of culture, especially technically. different phones, different platforms. into socialally media and want to share their lives through images. my cofounder is from brazil, and when he goes home, he is an all-star. emily: what are your plans to harness that in the olympics? every single time the olympics comes up, it is a big moment on the app. anddifferent athletes countries represented.

now that instagram is so global, it's a great platform to tune in to see what's happening on the ground. emily: anywhere else globally than you might single out where you have seen growth skyrocket that you did not expect? >> it is easier to point out the places where it does not grow because it is growing so quickly around the world. age of catch more of the the interview with kevin systrom coming up on "bloomberg west." next: coming up in the hour, housing mania in cities like san francisco and seattle hitting its peak? the ceo of zillow joins the program. ♪

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vonnie: from bloomberg world headquarters in new york, good afternoon. is the final hour of trading in u.s. stocks are trading little changed as janet yellen signals her optimism that the american economy has softened. vonnie: more drones for hire are coming to u.s. skies. government clears the way for commercial use, but how safe are they? we will speak to the ceo of the zillow group about the major challenges facing the housing industry in the u.s. let's go to the markets desk. ramy: earlier this afternoon, i told you that range bound was a phrase, and it continues. with one hour left until the close, we saw a leg up in the past half-hour but we are now off of session highs.