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i'm chief economist at the afl-cio, once again, we are happy to have you in the house of labor, the afl-cio -- as we are the movement of all workers. the bosses cannot tell us who to organize so we are the voice of all workers. i am happy to introduce one of the constitutional officers, there are three constitutional officers, we have an executive, the person who makes the place run. as economists we know the secretary-treasurer, you control the purse strings as we view it. and she welcomed us last year, just to remind you what the labor market looks like, some of you think the movement looks one way but it is a diverse movement and union members in the strict sense of the union card. the majority are women and that is reflected in our leadership, just to be clear to you, secretary-treasurer sure comes from a real union. she is originally a member of i aew, the international electrical workers, which means she is a skilled tradesperson so whatever made you have of tradespeople it has to include her. she is a dynamic leader in the philippines constantly going to all of our new groups for you

over 10 years ago, the teamsters left the afl-cio. discuss the significance of that and whether it was a good move. rejoining theider afl-cio, and if so, under what circumstances? do you feel teamsters should work with other unions more than they do? mr. zuckerman: one of our failures is because we divided the house of labor by pulling out the afl-cio and getting a change to win. change to win has been a failure. it turned with nine international unions in 2005, and now extends to three. they do nothing. it was supposed to be a vehicle to continue organizing, and we are not organizing. right now, all we do is steel members or merge with other international unions. the international union claims they have 1.4 million members. that is incorrect. the last numbers were 1.25. from bleke the mergers teak, the maintenance away folks, the gic you, that was 130,000 we brought in. the one point 25 and now you are at 1.1. take the recent organizing victories that they claim, can claimed it in his opening statement, they were not organizing guys.

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let's open up to public comment on the cio report. mr. wineer -no one? okay. public comment is closed on this item on the cio report. is there a motion? motion on item 8? i don't need one? okay, thank you. it is discussion. thank you. alright. next up. item number 9 >> 9, discussion item, differ comp manager report. >> thank you. >> good afternoon commissioners. before you is the monthly manager report we put together for you at every board meeting. i know you have probably had a lot of time to review this before the meeting but if you haven't i want to make a call out on the report to ayou. it is the fact the assets in the plan have actually grown $71 million in one month. that is partially do to the contributions as well as a bump in the market, so wanted to report that to the board. that is really all i had on the monthly report at this time. happy to answer any other questions you may have. >> let's see, anyone have a question so far? nope, okay. great. next item is loan program. >> the loan program is on target for q 3 roll out so happy to report that. we

theier bloomberg spoke with pimco cio about opportunities in the market. are buying of these treasuries. it could be a currency play. also the fact is look at what the alternatives are. -1010 year rate in japan is basis points. the 10 year rate in germany is -10 basis points. rates have come down significantly. u.k. rates have come down 100 basis points. 10 year sterling government bonds are 50 basis points. on aof the u.s. looks good relative basis to what is out there. therter: i am looking at return holdings and related debt and they are at 50% of total assets. if you make the case that we have had these weaker options then maybe there is other places to be like emerging markets. is this the wrong call for pimco? call fore big picture us as we want to deemphasize interest-rate risk in developed markets at these levels. we want to tilt our portfolios to taking slightly more credit risks. we have seen significant opportunity in credit markets, u.s. credit markets can still offer 3% to 6% yields for investors. we like emerging markets. we think emerging ma

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let's open up to public comment on the cio report. mr. wineer -no one? okay. public comment is closed on this item on the cio report. is there a motion? motion on item 8? i don't need one? okay, thank you. it is discussion. thank you. alright. next up. item number 9 >> 9, discussion item, differ comp manager report. >> thank you. >> good afternoon commissioners. before you is the monthly manager report we put together for you at every board meeting. i know you have probably had a lot of time to review this before the meeting but if you haven't i want to make a call out on the report to ayou. it is the fact the assets in the plan have actually grown $71 million in one month. that is partially do to the contributions as well as a bump in the market, so wanted to report that to the board. that is really all i had on the monthly report at this time. happy to answer any other questions you may have. >> let's see, anyone have a question so far? nope, okay. great. next item is loan program. >> the loan program is on target for q 3 roll out so happy to report that. we

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he was cio are checking out the ride. >>> incredible video out of arizona. look at that huge cloud of dust slowly moving over phoenix on tuesday. a storm packed wind gust brought visibility close to zero. >>reporter: auto a wild video. boston is 82 degrees. beverly at 81. this is what it looks like at dew points in the 70s. the high dew points mean the high temperatures won't fall that much. it still feels close to 90 at the time. until the front comes through tomorrow night we are talking about the heat and humidity. eventually the front will pop showers and storms. overnight tonight warm and humid. 74 to 79. tomorrow back in the hazy sunshine. another hot and humid temperatures are headed for the low to mid 90s. today we were 96. when you factor in the humidity it will feel like 100. heat advisory in effect for the afternoon. unlike today i think tomorrow afternoon there will be a chance of scattered showers and storms. probably not until after three or 4:00 p.m. late tomorrow afternoon here comes an scattering of showers that's tied to a cool front. satur

. >> the comments made during a campaign awith the afl-cio on monday night in cleveland. the former ohio governor is currently running port man for the democratic ticket. justice scolia was known as a tough conservative but some say it was a tough remark. >>> will gary johnson's name appear on the ballot in ohio. the one of a kind move the make. >> vice presidential candidate mike pence on the campaign trail and the comments he made. >>> the weather is not slowing down. we are going to take you to university circle live. >>> if you see news happening >> a push by the libertyian party to get serious voters. >> committed 12,000 signatures on behalf of gary johnson but they are written for a different candidate and the person. megan hickey is looking into the unorthodox strategy. whose name is on the petitions if. >> charlie earl. a former libertian candidate with no intention to run in 2016 but the parties say the situations were collected in his name because gary johnson was not picked to be candidate until memorial day and there the signatures. the move is unprecedented.

new cannics, those data center storage, a subscription service for cios, chief information e their technology. severa consumer xaeps including elf beauty, a low cost cosmetics company and yeti, they make coolers. not a lot of top line growth like value voe lean and cvs radio. what's not working? righ not working. bio tech it performing se of the year. after nk se around the epipen fiasco, they're going to have a tougher time going public. unicorns are a separate b problem. uber, air bnb, snap chat, pinterest, all have high valuation, but without earnings, it's going to be hard to support that. don't look for many this year if any at all. i'm bob pisani at the new york stock exchange. >> coming up, while start ups cid small businesses are finding >>> mcdonald's, wendy's and sheikhs are known as hamburger restaurants and all are suffering from slowing sales. americans are eating fewer ham a burgers than they did six years ago. burger bubbl is bursting. >> hamburg americans are still eat ago lot of them. more than 8.5 until june. according to npd group, it's still a huge number, but less than in

down in new jersey, it's 75 in cio city. the boardwalk and surf city, temperatures in the upper 70s. southeasterly wind. a lot of humidity starts to creep back in the picture. dew points earlier today were in the lower 60s and 70s across the region. right now they're starting to cop up to the upper 60s north and west of town. you can see the moisture from the poconos because of that southeasterly wind ahead of this cold front. you can see it clearly now on radar. there's an area of low pressure with this rotation over the northern great lakes and a trailing cold front. a lot of moisture out across the ohio valley and areas in the southeast. this will be working its way eastward in the day tomorrow. here's the set up for us. turning stormy sunday. a high temperature coming in at 88 degrees. the issue with tomorrow is that humidity is going to feel more oppressive tomorrow than it did today because all of this moisture is surging in. so feeling quite tropical across the region. high pressure follows in behind. 8:30 in the morn

our international cio at jb morgan. good morning, nick. good to have you with us. can the board afford to be patient and not hike? >> there's two sides to this. on one side, you have the employment side, that's strong. this was an epic number. jobs created. you've got people working longer hours for more money. the other side of the coin is inflation. or disinflation. even in the u.s. you've got inflation stuck at pretty low levels. that keeps the fed on hold probably until december. >> but we don't fear -- i think we're moving out of that type of potential environment. >> when you look at growth, though, it's still pretty tepid. think of that gdp release in the u.s. just over a percent. what do you tell your clients at the moment? can you still buy u.s. equities given the fed that could be hiking or are we thinking we should be repositioning ourselves to get into european equities? >> i would leave equities at -- that's your bigger opportunity. again, think from the fixed income perspective. the enemies are lots of growth and lots of inflation and they're largely

cio of us is the cei -- asset allocation. you spending the time.and where you think it will drive a pickup. participants seem to think inflation is bad and will stay low for ever. is probably moving up. core inflation went up one point percent of the beginning of last year to 2.2% today, and that is where we think it stays. atdline inflation is running .7% on a year-over-year basis. we think by january 2017 it crosses and then move somewhat higher from there. we think it is probably moving up rather than dead or moving down. chart showing how tips have outperformed treasuries this year, returned 6.5%. 5.1%. i know you have been recommending them for quite some while now. does this return still have longer to run, and if so, why? are there other reasons behind it? >> there is a technical reason why the tips out that -- index has outperformed treasury index, and that is because they have rallied this year, and there is a longer maturity. of the reasonrt it has outperformed so far. we continue to expect them to outperformed treasuries. this is pricing

in ,937 through an amazing series the cio changed from one of segregate -- segregation to one swayed by the principle of them -- democracy. that is an exaggerated assessment that workers did not flood into the ranks nor did the discrimination vanished. one section ofat the labor movement had values and welcomed black participation, and black workers responded appropriately. in much of basic industry automobile manufacturers, electrical meatpacking the cio exceeded winning elections and tracking lacked support. african-american workers joined the labor movement. i discussed fair employment during and after the second world war spearheaded by the march on washington represented by an executive order. did was nottruggles create a permanent fair least put the at issue of discrimination of industry and trade union and the issue of fair representation and fair employment on the political agenda where it would remain allowing organizers to conduct campaigns over the next few decades. of thenomic dimension various movement of civil rights did not perish after the second world war. we -- they

coming up in the next hour of go, we have a key investment, cio of global macros.as we go ahead of that, u.s. treasury yields coming up off previous highs at we spoke to sammy fisher. -- dollar index still strengthening and crude oil up 7/10 of 1%. we break the numbers after the break. ♪ caroline: we are 30 minutes from the opening bell in new york. this is bloomberg go. some crucial breaking data, all about the data. is the home price index coming in at 5.13%, an increase from may, also made being resign -- being revised slightly higher. on a month on month basis, you .07%, bute of about the trend seems to be stable if not slightly higher, home prices in the united states. in a few minutes, we will be speaking with robert shiller on his views on these numbers as well as the strength of the u.s. economy and what this all means to the fed as we banged that drum heading into jobs friday -- bang that drum heading into jobs friday. me well, we are seeing continued strength in the u.s. dollar, up about 3/10 of a percent in terms of the u.s. dollar. we have not been movi

and that pimco cio of global credit will join us at 9:00 a.m. to the u.s. open.the market u.s. equities at highs but still calm. jonathan: 29 minutes from u.s. retail sales. 19 minutes from the open in new york. futures marginally positive and stable. on the dax, down by 1/10 of 1%. it is potentially closing out with a week of gains. in the fx market, the bloomberg .ollar index of .01% in the commodity market, here is the action. week chinese data. factory output, credit growth as well. copper, the proxy for chinese activity and the old engine for growth, down 1.8%. wti may have had a massive week, that that the price gain is more subdued. the fx market to the bond market, 38 gilt yields give up a big week of gains. down 20 basis points. giving some of that up. today's session of life three. the five year yield, coming in two basis points ahead of the sales print. yesterday, we had a 30 year auction to capture how much demand was there. it is the softest and three months. retail sales, the next big indicator. alix: the other options we have had, we have seen stel

hillman was a former head of the powerful labor federation, the congress of industrial organizations, the ciod after the smith/connelly act of 1943 forbade labor unions to actually be involved or make contributions to campaigns, hillman forms the political action committee, the pac, the cio-pac, and will do a lot of work to assist democratic candidates. you don't have to get all this down on the screen, but you can look at it later when it's in black board just to familiarize yourself with who hillman really was, but i'm not going to ask you specific things about what this pac is all about. but in the main, it was viewed as something that was an aid to democratic candidates and especially the roosevelt campaign. and hillman not only being involved with labor organizations, but hillman was born in lithuania and was viewed by many as a socialist or a communist and he has the backing of labor unions and he's using that backing to support democratic candidates. and so supposedly, too, i have this at the very bottom of the screen, roosevelt before signing off to a truman bid for vp told his aides,

manus: julian chillingworth, rathbones cio, thank yo ufo joininu for joining us.imulus package. this is bloomberg. ♪ hey how's it going, hotcakes? hotcakes. this place has hotcakes. so why aren't they selling like hotcakes? with comcast business internet and wifi pro, they could be. just add a customized message to your wifi pro splash page and you'll reach your customers where their eyes are already - on their devices. order up. it's more than just wifi, it can help grow your business. you don't see that every day. introducing wifi pro, wifi that helps grow your business. comcast business. built for business. caroline: welcome back to "on the move." it is a down day, a little bit of risk aversion creeping into the market. .5%.toxx 600, off by all eyes are still waiting on the fiscal news coming out of japan. let's get over to the individual movers, plenty from the earnings results. caroline, i am starting with one of the biggest gainers on the stoxx 600 this morning. it has risen the most since march, up 5.5% at the moment. we have some numbers, pretax numbers co

the afl, i should say, the cio joined later. the afl championed him in the state but not nationally in the 1928 campaign. peter: those issues that john evers was talking about, did it play out nationally? how strong were the forces behind the issues? prof. gage: i think al smith is a good example of somebody who was radicalized over the course of his time on a politician. he starts out as an unexceptional tammany guy who is not putting forth particularly creative ideas. no one knows much what he was doing as an early assemblyman. both through the social turmoil that he had during the progressive era and then through the triangle shirtwaist fire -- which does seem to have been this kind of eye-opening moment for him, 146 people died in this fire. they are mostly teenage girls, mostly teenage immigrant girls who are locked in on the eighth and ninth floor. they are forced to jump to their deaths. he ends up on the commission. he becomes a true progressive in what i would say is the radical and not radical sense of that word. when

cio,: chris wyllie is the he is still with us., the triptych of big guns that when all, quantitative easing, corporate bond buying, rate cut and ready to do more good a summit of message to help the economy? christopher: -- do more. a strong enough message to set -- to help the economy echo christopher: top of -- economy? : -- shock value of new weaponry so to speak is gone. i thought there is one thing he did which is slightly limited the impact and that was the fact he re-averted his reluctance to go to negative interest rates and talked about the zero balance being positive. the impact of the thing you're doing today, but that is also the promise of what is going to come next. the markets are always looking for that. sometimes there's an element of blood. bluff.ent of you have to move -- you have to make the market believe that you're going to do what you said you're going to do. , i think-term impact he would've gone very happy thinking job done, i did all they could be expected of me and the markets have reacted. anna: intere

is cio. the water in homes there remains brown. it tested positive for high levels of manganese. that can cause serious health problems, lethargy, muscle weakness, rumors and mental disturbances. >>> well lead is the problem at ohio state university's buckeye village. the university is telling students and their families not to drink that water. random tests recently found high levels of lead. the school is offering residents a gallon of water a now testing all of the units. they say the child-care facility at buckeye village hasn't been impacted. >> brian: well the stubborn blue cot wildfire is spreading. cart every answer is getting answers on how the fire is now threatening homes outside of l.a. >> one look at the huge walls of flame in san bernadino county and the frustration of firefighters becomes clear. >> the biggest thing was we had and that was something that i haven't witnessed in this section ever. we have strike teams here and remember, our priorities are life, property, and infrastructure. and lives also include firefighters' lives. >> reporter: the fire raceded thr

let's get out to ccla investment management cio, james bevan.do you make of the pmi readings because it does not same all doom and gloom post brexit? >> it is much more indicative of sentiment in the stock market. we have had a relatively strong correlation in recent months between the gyrations of equity pricing and then, what the pmi says. there is very little correlation between the pmi and the real economy. againsthis is the euro the dollar. caroline had that one day. this is the challenge though for draghi. he did not do anything int h the wake of brexit, very much waiting to see what happened. this data will probably validate his caution. "caution," say his this is a man going to invade the corporate bond markets and completely shift the market for risk assets. if you buy corporate debts, you reduce the average cost of capital. he has said he will participate i primary markets, as well as secondary markets. if you issue that, you will have to expect u.s. companies will want to buy. that's is going to drive the equity markets still further.

the national economic association and cio, it's just getting under way. >> and hopefully we will see some of my students here in future conferences except they'll be your colleagues. so having said that, having said thank you, i want to hand it over to bill washer who has been a friend of mind for years back when i was with the economic media of congress and so we want to have you come up so that you can welcome us and we thank you very much for this opportunity to be here. [applause] >> thank you, bill, and as you can guess, i'm not an intern. [laughter] >> welcome to the federal reserve board. we are extremely pleased to be hosting this morning's session of the 2016 freedom and justice conference sponsored by the american society of hispanic economists and the national economic association. i think at the board we -- we -- what bill said resinates with us . we hear from a diverse set of researchers and policy analysts and hosting this event contribute to goals. we look forward the opportunity to everyone gathered here and we expect that as often occurs at conferences such as this,

. >>> and crossing the line, a photo finish for the ages, an american cio

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the globallier with cio. >> there is a window here where policy can still have a very large impact. i wanted to focus on this month is the example of switzerland, because in 1992 switzerland decided not to join into the european union. they struck out on their own way and they have been enormously successful. anna: what interests me about this, politically following switzerland being more financial services heavy might be a hard sell in the u.k. what interests me here is the fact that he is talking about there being a window where domestic policy can make a difference because as theresa may said, rex it means brexit, but nobody really knows what brexit means. we really do not have any clarity and they spent two month on holiday, it seems, on vacation. theresa may is asking the minister to come up with positives. tom: how about reality exit, if that is a name as well? from deutscheus bank. and robert profusek is with us. the two of you have huge london operations. jones day really quite dominant there. and your legacy with deutsche bank between germany and europe speaks volumes. are

the core metric is going to be our enterprise cios buying this and sanctioning it within the enterprisere they pay big money for it? when they open up their financials, i understand they're testing the market now, that is what the market is going to be looking at. when dropbox goes ipo, what are you getting? are you getting the consumer company that was successful in the past? , we talkedkly alex about a $10 billion valuation. some have said, this company has been written down in portfolios to half that are less than half that. gardner came out with information last week predicting that there are many cloud storage companies that will cease to exist in a few years. what kind of potential valuation are we looking at for dropbox? >> i don't have numbers for you, but i will ring them to you when i get them. you have to think there is going to be a little pressure given the competition in the area. billi, i am hearing more negative sentiment than positive as to whether or not that number will stand. we also spoke with index ventures partner about dropbox's plans. he joined dropbox early on.

but obama was the person who unleash the report in they retested in with the cio -- cia. but tell me about this and to be codified by the patriot backed basically that is what they said. the creative grounds for that argument so little is complicated. i took along his word to close guantanamo he didn't at least very early he decided he didn't want to end indefinite detention. by the spring 2009 he gave the speech that he said among the possibility that we still have to this day they cannot be released and cannot be tried and those are some of the best. but i honestly believe things are not perfect. it is clear to the periodic preview board taking them off that list of limbo there working on the hill bent pays i do think it will close before the end. >> host: you think so? how come? >> guest: it cost over $40 million write-down per year to maintain it is an amazing number and it will go up because for every one released it goes up and up with less than 20 individuals better in that category not cleared the know-how much that will cost? $11 million per detainee? think about

i think the afl-cio for hosting us as we present our work. this work looking at militarization, something we have got into the last few years, the specific project is a large project, what do we mean by militarization, what is it? and in the agenda what i am looking to do is figure out where the placement is and make some of these efforts at police outcomes that we have seen so a lot of times in economics we talk about you have a topic, what police militarization is pretty clear answer to that question, this is a picture from ferguson two years ago. .. and so specifically department of justice has a lot of grant programs that the agencies can have for funding to help militarize their police in the face of terrorism concerns they also had programs for that. they actually had two programs that help fund and provide items to these agencies and in the study and get a focus on the second one to 1033 program. i will talk i'll talk more about that in detail. it is a program from the department of justice where they offloaded military surplus too mil

it is about hubert humphrey speaking at an afl-cio gathering.t was towards the end of his life. he was still smiling. he knew it was almost at the end. and he had a great quote at the end of his speech. he says, i'd rather live 50 years like a tiger than 100 years like a chicken. i wanted to move up to 1968 and i met a guy 20 years ago who said he worked on the humphrey campaign in 1968. he said that he came home after working on the campaign, and he was at this hotel. he was looking out at this park, and the news came on and said that there's a humphrey protestors having violence in the park. he called humphrey the next day when they had a meeting, and humphrey said, i know. nixon's been doing it for a while and there's nothing we can do about it. i think from this guy's story nixon was doing it to link humphrey to anti-war protestors, and i was wondering if your guests have ever heard a story like this. thank you very much. >> thanks very much. >> i have heard stories of being paid protestors and i heard it in the civil rights movement, i beli

the afl-cio told it members boycott coarse beer because the coors family supported conservative groups. it's just good to take a breath and remember when politicians speak, lots of people just don't care. the mayor says they are hostile to gay people so you shouldn't eat here. >> we are here for the food. i don't care about the owner. john: the mayor says they don't respect lgbt. >> i don't care what the mayor says, i think the food is delicious. >> i believe in personal freedom. i want government out of your pocket book and out of your bedroom. it's time to end the war and use those dollars at home. john: but before that breath of fresh air we'll meet one of america's creepiest politicians. sfx: loud poorly played electric guitar that sounds awful seriously, awful but a lot better than last week ♪rock guitar music ♪we weren't born to follow john: when you see that show title, sick of the old politic. what comes to mind? i'm sick of all the opportunists who are so eager to rule over other. but a few stand out. a new movie tells a story of an especially carven politician. that's former

mark barton and i talked exclusively about us yet -- to a cio about why. >> we realized we could notake decisions. how other asset managers can make different investment decisions. barely meetngaging as asset managers and we will try to make it easy to answer questions. we will send group letters to answer as a group and answer as a group. >> all this takes place as and agenciestinues have no doubt -- no doubt that there are on what is happening to enterprises. company's are being managed. do you fear south africa the will loose its investment-grade credit rating for whatever reason? >> of course i do and it is important to contextualize this. they are the critical delivery mechanism for power or water or agricultural and industrial development. we have no desire to make the decision. south africa will be downgraded below the investment-grade and that is a bad thing. it is manageable. you could get the right place at the agencies have to get -- i am an asset manager and i did not do policies. we do not know which stories are true and false. we can assess the companies we lend money t