from bloomberg will headquarters in new york, good afternoon. i have vonnie quinn. the fed leaves interest rates unchanged. the risks to the u.s. economy have somewhat diminished. bill gross of janus capital joins us in minutes. voter coalition that hillary clinton wants his left behind. facebook earnings out after the market closed today. we look at how instagram and video are driving facebook sales on mobile. we are one hour from the close of trading. let's head to the market death. julie hyman is there. are not thatocks different. the dow was up a little bit more than it was. the s&p, little change.

nasdaq up about point six cents -- .6%. it has been leading because of apple. let's look at the 10-year note. what we have seen as a contrary reaction. you got a fairly benign report, so one would think that we would have seen an increase, yet that is not the case. we have seen an acceleration of the decline and yields. a similar movement and the u.s. dollar. the bloomberg dollar index moving lower in the wake of the fed statement, as we can take a look at the dollar index, you see a decline for it. there you go. first spiking up, then down with little change. , pricing inhe wirp the interest rate changes. in particular, i am paying attention to the december meeting. 43.6%.ow, we are at here it is in breast terms.

it has come down a little bit, the probability for an increase at the december meeting. went as high as 50% in the wake of the statements, but now back down. vonnie: julie, thanks. "bloomberg surveillance" anchor tom keene is with us. tom: vonnie, thanks so much. william grosses with janus capital. he has been unconstrained, which has been a tough battle given the back and forth in the crosscurrents. i want to congratulate you on surviving given what has gone on. what is the biggest challenge of managing money given global central-bank theory? tom, andl, the fact, thank you for the compliments. 2/3 of the that for year. but the biggest challenge is obviously what the central banks

are doing, near 0% interest forwardhe judging going from what they may continue to do. doj meets thursday night. they will probably have a special surprise for us. the 100% certainty that u.k. will initiate some program in august. lower move lower and and lower. the trick is to know when they stop and to get out before the music stops. tom: i want to get to helicopter money in a minute, but this is important -- all of our viewers and listeners, whatever their walk of life, i am certain that we will see a great distortion in bill gross' world. you have said this will go on for years. then he has said the duration of this distortion is remarkable.

do you see any indication it ends anytime soon? because thet objective of central banks is to produce not only real growth but nominal growth, and that is why you hear about inflation all of the time from japan and from the ecb. countries and global economies f, in myinal growth o opinion, 3% to 5% in order to pay bills that were incurred over the last few years. so the objective is, you know, a 4% to 5% nominal rate, we will see interest rates -- we will not see higher interest rates until we get to that level. we may never get to that level based on some of the current conditions in terms of productivity, economic growth forecasts going forward in real terms.

we will have to see. if they do not succeed at generating nominal gdp growth, tom, they are going to stay where they are. tom: right. bill, youook at this have got to clear markets. we see deutsche bank struggling with clearing out there challenges. we can look at the entire economy of japan as another example. if we are reticent to take the tough medicine, what institution is going to drive that debate forward, or is it just the market vigilantes, the bond vigilantes like bill gross that will tell the authorities went toclear markets -- when clear markets? bill: my function is monetary policy,ut also fiscal and they come together to generate nominal gdp. i think monetary policy has gone

about as far as they can go, and bond vigilantes are certainly to a factor in driving forward-looking behavior of mario draghi or janet yellen. -- and i thinkd we're beginning to see this, tom. we see this within japan, we see it in china, and we see a little bit of it in the political atmosphere here in the united states during the convention. fiscal stimulus rises ahead. , asdepartment of monetary it is now, and perhaps more stimulus going forward, is something we should get forward to i think. tom: bill, when you were the pimcooupons and mailroom a few years ago, you dreamed about owning a helicopter. we all may get it with helicopter money. olivia says it is a scam.

other people are more calm about it. where do you fit in here? do you think helicopter money as a fiscal proxy can work? bill: i think it is a fiscal proxy, and that is a good phrase of what helicopter money is. people view it as dropping cash to citizens from helicopters, and that is really not the way it works. it works through fiscal policy. so to the extent that helicopter generates some type of physical stimulus, i think is a positive. where weot claim that are in terms of monetary policy, and a combination of 0% interest rates, for us as helicopters going forward because it is not. we have to get off of this addiction at some point because

capitalism cannot thrive. it may survive, but it will not thrive at 0% interest rates. it is destroyed. tom: when we do this and when we get back to the beginning of normal, do you assume smooth glide path, measured vectors where you and janus can work in real-time to adapt and adjust, or do you assume it is brutal junk conditions? bill: i would favor the latter, although i do not know, and i would hope for the former. , welcome of the adjustment going down in terms of yields has been rather gradual. i would think some type of step function on the other side would probably be the norm. that step function not necessarily in terms of interest rates because they will still be controlled by central banks, but in terms of the desertion of the investments.

tom: what would be your advice to chair yellen? what we have seen the last couple of days is good corporate earnings. even mcdonald's with their struggles doing ok, apple doing ok, according to the "surveillance" interviews we did today. it is a pretty good america, yet she is central banker to this troubled world. what would be your counsel to her for september and into next year? bill: i would suggest, and perhaps we will see some of this in august -- you will probably be out at jackson hole, and we will hear something more -- but i think janet yellen, not to be critical, but you are asking me, so i will be, as well as all are fixated on, the lower the interest rates go, ,he higher the asset prices go and they think it will benefit

the world economy. i do not think it does. get off of the fixation of lower interest rates providing a push for economic growth. what you talk about in terms of apple and corporate profit, nominal gdp has only grown by 3.3% in the past several years, and real growth is down. if that is not normal, something must be wrong. get off of the old model, and get into the real world of common sense. real world, bill gross -- i need financial advice, and you are going to give it to me. is dividend growth a proxy-free yield? bill: it is for high-yield it can be. dividends, although we do not believe it, are subject to reduction as well as increase. but a dividend yield relative to a risk asset with a 30-year duration -- tom: bill gross, thank you so much with janus, and

congratulations with your performance of your unconstrained fund as well. vonnie? vonnie: coming up on "bloomberg markets," we will be at the dnc in philadelphia. can hillary clinton when the support of disenfranchised voters? ♪

vonnie: this is "bloomberg markets." i am vonnie quinn. let's get a check of the headlines with mark crumpton. the democratic national committee was warned last fall that its computer network was susceptible to attacks, but it did not follow the security attack that was given. that is according to people familiar with the matter.

the disclosure of thousands of e-mail messages has disrupted the party's convention and led to the resignation of chairwoman debbie wasserman schultz. willht, president obama tell america why hillary clinton should succeed him in the white house. the president's speech comes a day after the democrats formally nominated hillary in philadelphia. the president said the choice between mrs. clinton and republican nominee donald trump is clear. obama: what i think is scary is a president who does not know their stuff, and he does not have an interest in learning. what they do not know. mark: the president also said mr. trump is someone for attention, and he may have surprised himself by getting this far. german chancellor angela merkel is facing renewed criticism over her handling of the refugee crisis. lawmakers from her coalition

argued that four attacks in germany in the past week shows rkel's refugee policy is not working. ukraine wants to put a radioactive wasteland into the solar energy business. the company wants investors to develop solar power near the ruined nuclear reactors at chernobyl. an habitable, on but officials say it would be great for renewable energy because the land is cheap, and there are already high voltage transmission lines. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg. vonnie, back to you. vonnie: mark, thanks. president obama will take the podium at the democratic national convention tonight and make the case that hillary clinton should be the next president of the united states. getting the support of young and

minority voters will be crucial for clinton. int of those groups lagged the economic economy under president obama. bloomberg has been reporting on this story. we are joined from our reporter, toluse olorunnipa, at the site of the democratic national convention. how have they fared over the last few years? se: these voters will be key. they helped propel president obama in 2008 in his in-store candidacy. if -- in his historic candidacy. if hillary clinton is going to win, she needs them. these voters have struggled any economic economy. most minorities have lost wealth even though the broader economy has gotten better, so it will be difficult for hillary clinton to run on president obama's economic record. she is going to have to offer more. vonnie: terrifying statistics in your story. one that households fell to

$11,000 in -- median wealth for hispanics is down 14% to $16,000. non-hispanic whites to -- you were at a center in queens who tried to get voters out for clinton. do these people turn out? what is hillary offering them? toluse: yeah, those numbers you mention are pretty star,. even before -- pretty start. evek. recession. the after the rebound, minorities continued to suffer a loss in wealth. republicans put out a report after 2012 saying they need to reach out to these voters, and they have tried to do that. but with a donald trump at the top of the ticket, it is a little bit difficult as he is offending a lot of the voters

that republicans believe they need in order to win the election. vonnie: does donald trump think he does not need these voters, or does he think he can win them over some other way? toluse: he said he will not pander to any specific group, and he said he will avoid political correctness and tell it like it is. he believes it will appeal to a broad group here at he is not making an appeal to the down-and-out white working-class voters. he believes appealing to them will help makin makeup for histc negative ratings that he has with minorities, particularly hispanics. he has said he wants to build a wall between mexico and the u.s., and that has turned a lot of hispanic voters against him. vonnie: hillary clinton's e-mails are causing some controversy. have a listen to what trump said. if you arerussia, listening, i hope you are able to find the 30,000 e-mails that are missing. i think you will probably be

rewarded mightily by our press. vonnie: now, the clinton camp responded by thing, "this has to be the first time that a major presidential credi candidate has actually encouraged a foreign power to conduct espionage against his political opponents." how big of an issue is this becoming? toluse: it was a bizarre statement from donald trump inviting the russians to hack hillary clinton's e-mails and give the information over to the u.s. it is something the hillary campaign is going to play up tonight. their theme for tonight is national security. they want to make the case that donald trump is unsteady, that every day he makes another comment that makes you scratch your head or wonder who's side he is on. that is something they will play up tonight, and donald trump's statement today sort of play directly into that theme. we will definitely hear that perspective tonight in philadelphia. olorunnipa at the

dnc in philadelphia, gathering and not that long from now. still ahead on "bloomberg markets," pfizer reporting earnings, excitations are high. shares are up 14% year to date. in today's options inside, we will discover how to take advantage. this is bloomberg. ♪

vonnie: this is "bloomberg markets." i am vonnie quinn. it is time for options inside with julie hyman -- options insight with julie hyman. julie: thank you. dan is joining me from chicago. first, i want to talk about the fed today not raising rates, but they seems to be relatively optimistic about the u.s. economy. yet in the wake of it, we actually saw yields fall further on the 10-year.

i am curious what you are seeing and options that explains any of this activity that we have been seeing. dan: like you said, it was a fairly benign statements, the fact that they took a diminished short-term risk i think is seen as a positive -- as a positive. the options market reacted very quickly to that type of news item, and we saw volatility elevated little bit this volatilityt excitations have been brought lower, the fix is now lower. we see not too much determination as far as price movement and underlying equities and indexes, so that is why you are seeing option pricing volume coming in right now. august historically in the last several years has been a little bit more of a volatile month. currently in short order, volatility seems to be somewhat subdued and not seeing any significant pick up here over

the next week or so. julie: you talk about no volatility change or pick up, but we do have a lot coming down the pike. we have got the bank of japan, next week we have got the latest revision of second quarter gdp coming friday, we have got the jobs report next friday. do you think that the market is just going to shrug all of that off? i think right now the focus is on earnings, julie, and we are seeing a combination of pretty moderate earnings. certainly some disappointments as well. overall, the market got through this hurdle today with very limited reaction. when you look at the volatility expectation when the market gets something through lik something like this, it puts options players a little bit at ease as we move through some of these other numbers because really this is viewed as a pretty big hurdle, and the market made it through relatively unscathed. julie: let's get to earnings

because you're trading has to do with a company that will be reporting next week, pfizer. we have not heard from a lot of the big drugmakers so far. we heard from eli lilly and the biotech side. what are you looking at here because you are looking at call,ly a fuller-dated you are looking at october? dan: i am looking at synthetically getting long the stock, and what i mean is a risk reverse, so october. like you said, some of these news items -- pfizer has had a significant run-up in the last quarter. some of the trends look positive moving forward. the margin trends look positive moving forward. these things i think have been priced into this stock. it has gotten ahead of itself. couple that with the last several years, we have seen weakness in august. i do not want to get along the stock. but i can get synthetic long the stock at that will allow me to collect a little premium while i opportunity to pick

up the stock below $35. if it takes off these levels, and it pushes through $38, i can participate the upside. julie: all right, dan deming, we have to leave it there. that is dan deming joining us from kkm financial. vonnie? vonnie: still ahead on "bloomberg markets," our next guest, tim duy of the university of oregon, has his take on how long that might last. looking at the majors, the dow is up .2%, the s&p 500 unchanged, the nasdaq is up .7%. not so much movement after the fomc statement. this is bloomberg. ♪

--nie: from bloomberg's will scarlett: from bloomberg's world headquarters, you are watching "bloomberg markets." i am scarlet fu.

joe: and i am joe weisenthal. more.t: mark crumpton has rejectedn podesta suggestions mrs. clinton may soften her position after the election. john: i can be definitive -- she is against it before the election and after the election. she has a long economic agenda that includes investing in infrastructure, and enforcing our trade laws, in raising the minimum wage, fighting for the right to organize, in making sure that college is affordable, and she is not interested in renegotiating the tpp. mark mrs. clinton helped: negotiate the trade deal while she was secretary of state. president obama is increasing the number of refugees who will be let in from central america. the program is aimed at those

fleeing dangerous conditions. it will allow some older siblings, parents, and others to be eligible when they apply to enter the u.s. with minors. the obama administration has, s come under attack for deporting central american to enter the u.s. illegally. the daughter of president ronald reagan is criticizing a judge for the decision to grant freedom to john hinckley junior, the man who shot reagan, and three others five years ago. she said she will "forever be haunted by the day" her father nearly died in 1981, and that her "heart is sickened by the decision." once he has released from a government psychiatric hospital, he will live with his mother in williamsburg, virginia. turkey's state-run news agency says 1700 officers have been formally discharged from the military following the country's failed coup. agency also said

the government is going to close 45 newspapers and 16 television stations. the government says the u.s.-backed muslim cleric is behind the uprising that led to some 290 deaths on july 16. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg. amanda, back to you. amanda: thanks, mark. we go live to the nasdaq where abigail doolittle is watching the action. abigail: we have a very nice rally on our hands for the nasdaq, up .7%, on pace for its rally.wo-day and of course today's bullish action is all about apple. itsiphone maker is having best day in two years after the company put up a better than expected june quarter, beating earnings estimates, revenue

estimates, and iphone estimates for the june quarter. they also guided revenue higher for the september quarter. because odd tension even though it represents a pretty decent year-over-year decline, that tension could be solved, if you will, when we find out about the iphone 7 later this year. turning to what could really influence the nasdaq tomorrow -- facebook. the social media giant reports today after the close. first, can facebook beat again? they have beaten earnings eight out of the eight last quarters. there are a lot of moving pieces. we are looking for $.82 on a little more than $6 billion in revenue. they are expecting mobile advertising revenue to be 82.6% of total revenue. monthly average users will be important, too. bet report is expected to

1.6 9 billion. we reached out to an analyst earlier today, and he added two more metrics -- engagement and pricing growth. anything above the 60% on engagement will be positive. for pricing growth, anything up will be positive. he is bullish going into the facebook quarter, reported after and a few moments, amanda. amanda: what else is on the heavy earnings season that could affect the nasdaq? abigail: for that we turn to biotech. amgen. the company is reporting today after the close. investors are looking for onusted earnings of $2.74 $5.8 billion. another company that has beaten eight out of the eight last -- would not be surprised

to see this company beat once again, driven by cost-cutting plus strength in the chronic disease drug. the biggest member waiting for the nasdaq biotech index, and when we going to the bloomberg and take a look at the one-year chart of the biotech index, we see a brutal bear market, down 40%. over the last few days, we have seen that the biotech index is starting to peak above the trendline, suggesting that perhaps we are starting to see the early signs of a reversal. for viewers who would like to take a look at that chart, they can do so by going into the 2336.erg g #btv i love those charts, amanda. amanda: i love those two. abigail doolittle, thanks. joe: the time could soon be coming for the fed to ask. inflation measures have been slowly converging on the fed's

2% goal. we are looking at the chart of three months and one-month annualized. with us now is tim duy, senior director of the oregon economic forum at the university of oregon. tim, thank you very much for joining us. so you recently wrote that the dubs are not going to be able to hold off a rate hike for too long. did anything in today's statement change your view at all? tim: no. we have the little push with the reduction of near-term risk, but that i think is a fairly small move toward, you know, a rate hike. so we are really looking for continuation of the solid data that we have seen and a stronger inflation numbers, which i do would be completely unexpected at this point. scarlet: would it be helpful to debate within the fed for there to be more dissent?

tim: i definitely think it would nice to see -- it would be nice to see dissenting voices on both sides of the coin, not only the issue of whether they are going to hike rates, but maybe we should have seen percent last december when they did in fact raise rates. that might have been a premature action. scarlet: if you look at the language in terms of guidance, you have noted that what the doves need to see is the labor market utilization rates pick up. is that enough to suggest to you that we are moving sooner than we might have thought? tim: i think it is enough to suggest that it is clearly on the horizon, that there is a possibility of raising rates in september. one or two solid employment reports like we have seen, continuation of a downward trend in unemployment, if we end up getting those inflation numbers looking like they're going to hit 2% by the end of the year, then september becomes a much

more interesting meeting. 2% by theinflation to end of the are, then we would be the point of view that we should wait until then before we hike rates. so it is completely for siebel that by the end of this year, we can see the condition and play for the fed to move forward with a rate hike if they so desire. scarlet: in terms of tightening policy overall, you propose there is another way to effect could achieve that -- perhaps using its balance sheet as a way to tighten monetary policy. what kind of changes could or should the fed consider making to its asset holdings? tim: this is a concern that many of us have when you look at the bond market and see a yield curve flattening and start to worry that really the fed does not have much room to raise rates. what happens should they really desire to tighten policy? what is the appropriate action?

i have sort of followed through on some thoughts that may be do not want to raise rates. i suggested that maybe we should look at the balance sheet and letting some of our assets mature off of the balance sheet or sell some of those assets off of the balance sheet and order to tighten policy rather than focusing on the interest rate. joe: to that point, i just wanted to bring up some of the 2-10mberg, a look at the spread, it continues to flatten come over 90 basis points back down to 78 basis points. i want to ask you about the fed's data dependence. one thing striking over the last several months is how big the stands outport miss as something that really seems to have thrown everyone off course. let's say the data continues to look fine, we continue to get these beats, then we get in august jobs report, say, and it

is another unexpectedly weak report. with the way the fed is going, does that set it back to zero again? is the fed so sensitive that it destroys all progress, one that report? tim: yeah. i think the concern here is that if you go back over the past year and see how low interest rates were over that period of time, the fed would say oh, by the time you get to 2016, things would be exploding if we do not raise rates. then we get to 2016, and we do not have a situation where the economy is exploding upward. we see a lot of choppy data. it feeds into the fed's concern that this is not an opportune time for a rate hike. i think you need to see fairly solid, consistent data going forward in order to justify hiking rates. things wee of the

have been told over time is the shadow fed's fund rate, going to be terminal, looking at that, this is a combination of what they do with her balance sheet but also policy direction. based on the shadow fed's fund rate, we have seen an increase close to 3% off of a negative base. is that enough? is that where you might see a continuation that might start to move that 10-year if the fed is focused on the 10-year? remember, if i correctly how that rate is basically it is being misused now since the fed funds rate is in positive territory, but yes, and general, the idea is that if you try to sell us some of the balance sheet, you probably want to see the curve steep and or shift down as a policy response rather than seeing it flatten or invert, as the fed seems to be headed toward now. joe: all right, tim duy, senior director of the university of

oregon economic forum, thank you very much for joining us. scarlet: coming up on "bloomberg markets," facebook reports in just over 20 minutes. we will take a look at how the social media company plans to compete for user attention as well as advertising dollars. this is bloomberg. ♪

scarlet: this is "bloomberg markets." i am scarlet fu. it is time for the bloomberg business flash. two companies agreed to divest certain drugs to preserve competition in the market. teva agreed to buy actavis last

year. to buy anbev. toh beer makers declined comment. it needs approval from chinese regulators. co-owner of mars inc. passed away. he helped oversee the candy makers drive into m&ms 's, milky way, and other candies. --had an estimated worth of he was 84 years old. the owners of sound cloud are considering a sale that could value the german streaming company at $1 billion according to people familiar with the matter. sound cloud's founders and are exploring

strategic options for the company that could lead to a sale. and that is your business flash update. amanda: facebook reports earnings at 4:00 p.m. investors are reported to be happy with the ipo. the big question is whether the company's mobile revenue growth and user engagement will keep investors happy. with a preview is bloomberg's cory johnson. what are you most closely watching because there are a couple of metrics we know the analyst community is looking at? what is the most important? i am not looking at mobile as much. facebook -- commended is not the right word. they are doing 80% of the revenues and mobile. for is a paying for user growth, which has accelerated the last couple of quarters, and the revenue growth per ad. what we saw from twitter is that

twitter is unable to monetize mobile ads. they are not getting as much revenue. it is a great disappointment for twitter. technology a lack of run video ads. i wonder if the real advantage here is not for a company to -- the really banister facebook might show up in the way that the advertisers can see what they are doing. joe: yesterday we spoke to one of the few bears on the stock. let's listen to what he had to say about what causes him anxiet y. >> yes, they are moving into your day will have to own everything mobile. there is a finite amount of advertising out there, but that is a whole other category for it. joe: his argument is that to justify facebook's current valuation, everything on mobile has to be facebook, so when you see the rise of a pokemon go, that shows that there is a

vulnerability, that people can shift elsewhere. on this engagement question, where should we watch, and what is the key metric that would show the early warning that engagement is starting to trail off? monthlye comparison of active users to daily active users, that is not just the audience that facebook as from people who were on it once in a while, but the people have to be on it every day. what is interesting as facebook has steadily converted those people. you might expect the number to be flat. regular users, others check it once in a while. no, there is a tremendous increase of facebook daily active users as a percentage of monthly active users. is a fascinating number, and it has been getting better and better for facebook. scarlet: how is that tied into how effective facebook is with marketers> ? facebook is touted as a company that can offer very specific

marketing opportunities, but do we have a way of measuring whether that actually happens? cory: it is more anecdotal than anything else. as far as looking at the numbers, the one number that shows it is revenue per ad and the success that they have. ist is what the advertiser willing to pay. anecdotally when we talked to advertisers, they are directing at dollars toward facebook, snapchat, and google. told me not long ago that is the single most important metric he is watching. two in a row. amanda: live video is going to be important, and monetizing live video will be important. they have been talking about a lot in the conference calls. that may be one of the secrets gems in the yahoo! acquisition.

i think it is an interesting thing to watch. monetizationng is of instagram. we know that that has been increasing a little bit. it might be anecdotal, but we have seen it happen, we know they have been talking about it. joe: if we could go to the bloomberg while we are talking, i whipped up a chart of daily active users as a ratio of monthly active users, and it is actually about 65%. do people think it will keep climbing? cory: trend is your friend, right? this also counters the argument that facebook is for grandparents, that the cool kids are not on facebook anymore. this shows that people are staying on it. it may not be cool to talk about facebook -- scarlet: grandparents by things, too. cory: yes, they do. the notion is how finite this

is. the notion -- there is only so much, so many users that they can have. but right now, we do not see those signs of slowdown. there is also instagram, which some mental me they are surprised at how successful it is. r for yahoo! buys tumbl about $1 billion, about the same price that facebook buys instagram. amanda: cory johnson, bloomberg news editor at large. scarlet: the benchmark has also laid it between gains and losses. amanda has a chart. this is bloomberg. ♪

scarlet: we have breaking news on a layer, a medical diagnostic

company. it is based in massachusetts. according to dow jones, the company has gotten a subpoena from the doj's criminal fraud unit over medicare and medicaid billing. alere halted from trading at the moment. we did see the stock pretty much study, and then a big leg down on this report between the hall in trading. at last check, it was 28%. amanda: it has been trading pretty well. -- i think its tripped a circuit breaker, which is maybe why it was re-halted once it was reopened for trade fear and we will watch alere. -- for trade. we will watch alere. seemed: the s&p 500 has so indecisive. amanda: you know how you find a chart and fall in love with it?

this is it for me. scarlet: that is not it. that is joe's chart. amanda: we have been watching these markets really range bound . that has been going on for a -- if we have it -- we will show you the oscillation. eight-day in an oscillation, the longest since 1996. joe: let me bring it up. i think they are having problems bringing it up. amanda: technical difficulties. joe: i can bring it up in about two seconds. bring up my terminal, and amanda can spin it. amanda: see the oscillation in the corner? it is almost as if it was drawn with a ruler. theas interesting watching market going into the fomc today, waiting for some kind of -- i do not think the markets got it. there is nothing to suggest that

this sideways action will continue. joe: i love the attention of that sideways action. scarlet: what is going to cause a breakout? september? amanda: exactly. scarlet: i will stay ahead of the next central-bank meeting, not ours but the bank of japan. excluding fresh food and adjusting for sales tax increases. this is japan's inflationary slump, going nowhere despite abe's best efforts. no urgency to spend, so here is the challenge. that does it for "bloomberg markets." the market close is next. take a look at the major averages as we head to the close. this is bloomberg. ♪

u.s. stocks closing mixed

after the fed leaves interest rates unchanged. joe: the question is "what'd you miss?" look ahead to whether the central bank will raise rates this year. we look at how instagram and video are driving sales on mobile for facebook. >> day three of the democratic national convention. will speakbama tonight about why hillary clinton should succeed him. stocks.ed a for u.s. it did exactly what was expected, nothing. from the dow jones industrial average.