abby joseph cohen, a pleasure to have you with us.: coming up, we will tell you who is feeling the pain and why. ♪ alix: i'm alix steel. joe: i'm joe weisenthal. as -- has cost russia more than $5 billion in two weeks. prices slumped to a five-year low. joe: check out these two. they have been the biggest buyer of gold in the past two years. it has not done well. what do they need that for? alix: diversification. the central bank is buying gold. the hike could come as soon as next month. our next guest says the federal reserve should be careful not to raise rates to vast. --n baker is the codirector dean baker is the codirector of the center for policy. why should they not raise the rates in a hurry? that weere is concern are creating too many jobs and we have an issue of inflation will stop it is hard to fit with the economy we are seeing. unemployment rate of 5.3% is not -- ifbut if you look at you flip that over and look at it, we have nowhere near recovered to the employment rates we saw before the downturn , and that is true even

clearinge is the shell -- if there is price and quantity across this, abby joseph cohen and told me thisat she has been resilient optimism on u.s. equities. can you confirm that after what we saw yesterday? jeff: to answer about the market clearing price, unfortunately, when you look at commodities, they go from corner solution to corner solution. the back and may give you an idea of where the clearing price is and a market things $50 a barrel, but we look at what is going on and they typically run a surplus until they hit a wall. tom: we will continue on corner solutions would you can look up on wikipedia. part of the definition is you get a jump condition. was yesterday and the beginning of a jump condition to any repricing? jeff: when you look at what happened with the backend -- actually, the front and of wpi was up a little bit but the back and was off 2%. tom: this is the future view of oil, coming down even as the present spot price stays static. what does that mean for saudi arabia? jeff: it means they will have a difficult time. i'm not ready to say they are in a crisis mode bec

-- one from her class -- and look, it is fairly obvious, although i have a lot of esses for abby joseph coheni tell the answer now? it is janet yellen. car she drove.at i don't think anyone knows. the most answered was prius. number two was tesla, number three was a suburban with the driver. julie: we should call the fed and find out. matt: someone suggested a ferrari. i don't think so. we will see you next week. ♪ >> it is 10:00 in new york and 3:00 in london, this is the bloomberg market day. >> i think it will be a good day when we make this move. we have been at zero for six and a half years, and i think it will signal confidence in the u.s. market. pimm: not if, but when. james bullard welcomes a rate increase. details from bullard on market volatility and the cost of money from jackson hole, wyoming. lost&p 500 has gained and within 6% since stocks opened on monday. funds doingual question mark it cannot predict the stock market, but creators say it's software can predict sports injuries. rugby teams already use kidman labs. we will show you how it works.