later in the hour i will have an exclusive interview with alan blinder.till ahead as we approach the second half of the year, what sectors will yield the best equity return? we get selections from jim tierney. they: here's a check on factors moving today. stocks fluctuating in the u.s., but for the materials index it's up 1.5%. health care stocks, down 3/10 of 1% while energy stocks remain unchanged. more when "bloomberg markets" return. ♪ ♪ david: this is "bloomberg markets." it's time now for the bloomberg business flash. looking for the biggest business stories in the news right now. the sec investigating whether deutsche bank inflated the value of securities around 2013 according to people with knowledge of the matter. delayedhether the bank losses on u.s. backed mortgage bonds over an extended. of time. deutsche bank is cooperating with the investigation. --ry: the federal occur federal appeals court has reversed the finding about bank of america and negated a $1.2 billion penalty imposed after the trial. the court said there was insufficient evidenc

the former fed vice chair and princeton economist alan blinder called it an academic theater but not reality. alan binder: it would be effective, but it is a ridiculous concept. it's grossly illegal. my next guest says that these authorities are already working together in areas like japan and the eurozone. the cow head of global growth research joins us now from london. great to have you here. so, is helicopter money in essence kind of already happening? >> that would be my reflection. let's think about what it means. transfert heard, engineer thanks the central bank printing money. when i look at the cute ethos, like the european central bank and the doj, ineffective they are buying government liabilities, allowing treasuries to expand their so-called fiscal space. in english, spend more out of interest. that is creating essentially room to stimulate the economy. >> question here, looking at the company's -- countries that are most capable in the next step, an interesting chart looking at these countries with outstanding debt that is owned directly by the central banks, japan is rea