schiller: the best you can do is not invest.an't profit from the knowledge they are going to fall. that kind of knowledge does not get into the market play. betty: the case schiller index shows the increase in housing prices slowed down to a little below 5% in the last year. for the new york yankees, the hits keep coming. the yankees fell behind the texas rangers last night in the first inning and scored 21 runs in a row including 11 in the second. rangers, 5. new york has won 16 of its 21 games this month. coming up in the next half hour, we will get a preview of facebook earnings which are due after the close today. find out wide revenue growth may have slowed down. lloyd blankfein joining michael bloomberg for a discussion about revitalizing the economy. we will bring you that interview, coming up. the new england patriots are lashing out after commissioner roger caddell upheld tom brady's suspension over deflated footballs. robert kraft called the decision unfathomable and said he regretted not appealing the leak penalties a

still ahead, we'll hear from robert schiller and get his outlook for u.s. houses. that is next. ♪ mark: welcome back to bloomberg market day. i am mark crumpton, here with scarlet fu. scarlet: let's get to julie hyman with a look at the markets after the fed says the labor market is improving and moving towards a rate increase eventually. julie: eventually. twitter, ifed on the fed wanted to be as vague as it possibly could while signaling rates would go up, it achieved in this statement. we saw a leg up in stocks that have come back to where they were, if not lower than before. initially, there was this rush upward, rate is not going up. moreed was waiting for signs the labor market was improving. now, things are coming back down because it seems as though the fed is on a similar trajectory with plans to raise rates once if not more this year. we will see how things shake out by the end of trading. we have a lot of earnings to look at. i want to come back to twitter, which we have been watching all day long. 14%, and its lowest in more than a year. not bad is the

betty: the rise of home prices in 20 major markets cooled in may on the case schiller index print which of property values increase in may by 4.9% over last year. the year ended in april at 5%. consumerding of the confidence showed a drop off. that is down from a revised figure for june. the new reading fell well short of the average forecast from economists. a first for the nfl -- a female coach. lter is joining the arizona staff and will coach the linebackers during training camp. she played running back in the indoor football league, the first woman other than kickers to play in amends poorly she also has a masters in sports site cast -- in sports psychology. pimm: 2015 has been a difficult year for investors. we started the year at all-time highs for the s&p 500 but the ups and downs have left us modeling in the middle, up about 1.5 in the s&p 500. betty: earnings season is underway impacting market highs and lows. butsurprise in the upside what will the second half of your look like? one ceo talked to bloomberg and he struck a note of caution. concern aboutome the strength of the u

marilyn monroe taken on the step up -- the set of her last film "something's got to give" by larry schiller told "playbook" he could get her to pose nude. it was too late, she never got the letter and ended up dying before she could get her green light. "vanity fair" has the photo of her and publishes it for the first time. you can check that out in "vanity fair." catherine: ethically a little compensated. flo: exactly. a little bit more -- good beach reading. you can see the princess caroline of monaco. she is often on the front page. this week, she is with an unhappy looking grandkid. catherine: overheated, i think. flo: according toÑ÷p÷

robert schiller as well. it is "bloomberg surveillance."d morning. ♪ tom: good morning, everyone. "bloomberg surveillance." fed day today. worldwide, top headlines, here is vonnie quinn. vonnie: investors will be looking for signals from the fed today as policymakers wrapup that two-day meeting. we may get a hint about when they will raise interest rates for the first time since 2006. and bloomberg economist says there is about a 50% chance of a rate hike in september. heading for a dead-end, on the highway bill, congress takes a shortcut. an extension will keep transportation money flowing but only for three months. they could not agree on a long-term plan and they are racing toward their august vacation. fox is letting everyone into the act for the first presidential debate for republicans. there will be not one but two debates on august 6 in cleveland , one for the top 10 candidates and a second for the other six. brendan: i have a theory that this is a conscious attempt to dilute the influence of donald trump. vonnie: they would not qua

they'll is treated that chinese stocks traded in lockstep with the schiller pe for the listed companies long period of time. all of a sudden, in 2014, there was this massive diversions, suggesting that there is a -- well, a bubble had begun to build and perhaps continued to build until last month when the stocks started to selloff really hard. do you agree with that analysis? mr. lawson: we have seen things like that. we are obviously facing another bubble. theink things like liberalization of the chinese market through stock connect fueled it. i think at some point in time -- or maybe it's too late, maybe we should have been in intervention think it just- i got caught up with it. we hear the stories of crowd retell investors heavy levered to be able to invest in this market. or weaker caroor sales. we have seen the liberalization of credit and the provision of greater, less stringent margins, facilities to retail investors. standing by banks their own stock is collateral. the place where it is fitting itself. that is what is happening now. scarlet: much more ahead on the bloomberg mark

tom: the geographical makes you get in case schiller is really valuable.d looking but never the less very important. tom: futures up 10. that is what happens when tony dwyer cons on. -- comes on. tony dwyer with can accords annuity or do a lot continue on bloomberg radio appeared "market makers" next on bloomberg television. stay with us worldwide. ♪ >> live from bloomberg headquarters in new york this is "market makers" with erik schatzker and stephanie ruhle. stephanie: good morning. you are watching "market makers pepco matt did not have his clothes on seconds ago. matt: i am matt miller, in for erik schatzker this week put china fell again. even gold is down again. it is a little bit lame. i do not want to be alarmist. stephanie: here we are to start an exciting tv show. matt: we have a lot going on but i am just saying. i think we should tell the truth. stephanie: while debbie downer is sleeping in his coffee, i will talk to you about what else we have going on today. take earnings. merck, pfizer, all on our agenda. matt: innovating a lot. you might b

the s&p case schiller index rose 4.9% in the previous year, less than what economists had projected. the slower rate of appreciation may make it easier for first-time homebuyers. scarlet: americans were more pessimistic about the economy this month. reports confidence index fell by the most in almost cointreau years. the greek crisis and the slowdown in the crisis overall are waiting on americans lines. the crisis in china, perhaps? no doubt. and a first for the national football league, a feeble coach is joining the arizona cardinals staff to coach the linebackers during the preseason training camp. she played running back in the indoor football league, the first woman other than kickers to play in immensely. she is a masters degree in sports psychology. half-hour,n the next delta is making the friendly skies a little more comfortable for its elite flyers, offering limited service of private jets for some of its existing routes. device: alex rodriguez statistics with its breadth a home run yesterday. , the best ine seven years. restaurant kitchens are encouraged to cook up new innov

schiller, 42. (camera shutter snaps) first time? woman: who the hell is that? mrs. that's my partner, detective stabler.

brendan: i am certain that the case schiller is in triple digits. what we're looking at.e things that you read is that houses that house prices -- that house prices are being driven up by foreign buyers. michelle: if you look at the national association of realtors, in parts of the country it is huge. in certain regions within san francisco, regions within new york city, it is a big part. parts of arizona, florida, and texas, there is a big market for foreign buyers. but overall in the u.s., it is a small fraction. tom: michelle meyer with us from bank of america. brendan: coming up, talked iran's nuclear program are deadlocked. are we going to get a deal? we are also going to get a look at iran's gdp. this is "bloomberg surveillance" on bloomberg television. good morning. ♪ tom: good morning, everyone. "bloomberg surveillance." michelle meyer is with us from bank of america/merrill lynch. the single best chart -- i did not know this until in gear a lakshmana -- be it into my head. this side tends to disagree with the other side and all that. the backdrop is different. in

we talked to robert schiller yesterday, and we asked if things were a bubble, and he said bubble-y.e going up in some cities fast. i do not know if it is a bubble. it looks bubbly. dallas is a great performer at this time. there is some excitement. people think dallas is booming and corporate headquarters are moving in. there's a little bit of excitement, and that can generate over excitement. we will just have to wait and see. brendan: michelle, i will pull of a chart here for we have plain old 20-city case-shiller we have a huge bump up top which is las vegas, and there is dallas, which never really saw the bubble, but is now pulling up as well. do you see excitement as well? does excitement mean a bubble? michelle: it does not mean a bubble. if things are bubbly, you have to look at home prices in relation to fair valuation which is local area and disposable income. i think if you look at a place like las vegas, it was very clear that they way exceeded the trend in income during the heyday, right, in 2004 to 2006, per se. it has leveled off, although certainly it has take up ther

matt: the newest case schiller index shows that the increase in housing prices slowed down to a little last year. in pro football, the battle over tom brady is headed to court. commissioner roger goodell has upheld before game suspension of the new england quarterback for the deflate gate scandal. he said that brady tried to conceal potential evidence by destroying his mobile phone. the legal -- leak has asked the court to the legal right to up hold the suspension. on facebook, brady responded "i've never written, texture, e-mail, anybody at any time, anything related to football air pressure. before this issue was raised that the afc championship game in january. to suggest i destroyed a phone to give not give the nfl information is completely wrong." he is not denying that he destroyed a phone, but he did not pitch the destroying to avoid giving information to the nfl. said officials will begin releasing their statement at 2:00 p.m. following their two day meeting. after today, the next meeting will not be until september and they will all destroy their phones. no -- i'm just kidding

who knows better than the guy who won a nobel prize studying this, robert schiller.. what do you make of the that the homeownership rate being so low? >> there are many of different factors. i'm thinking of factors whether someone decides to buy a house. people get married later now. the divorce rate is up. we don't, we're more social media oriented than we were back then. you know, values are different. culture. we have an industry now that has been growing now, rentals of single family homes which almost didn't exist before. neil: do you think the bloom is off the rose though, robert, for a lot of young people? either they saw their parents burnt in housing from the meltdown or their own memory is such that, hey, i mean i was told growing up that housing was, you know, a trickless investment and we were tricked? i saw people tricked and i'm not going to go there? >> that is exactly right. the other side of it though is that people have felt tricked about the stock market too. neil: well, very good point. >> they like homes pause they can see them and know they're r

s&p case schiller this week still showed price gains accelerating slightly. but it depends on how you look at the prices. realty track said they looked at estimated values of all homes, not just homes that sold. if you think about it homeowners with more equity are more likely to be the ones who decide to sell in this market to take advantage of that equity. homeowners who are struggling to regain their equity are less likely to list. they probably can't. so much of the home price gains are also on the very low end of the market. medium and higher priced homes not seeing those gains, nor are they seeing the tight supply issues that plague the lower end. another report from zillow showed there's much more supply on the high end. lower end, none at all. that's what keeping these homeowners under water. >> thank you, diana olick. >>> we have a news alert in the bond market. 7-year notes are up for auction. rick santelli tracking the action there. yesterday's 5-years got an "a" from you. what about today? >> it's tlurshursday, friday eve. maybe i am in a good moo