dr. janet yellen. we encourage you to organize your questions and they should be brief and to the point. we have microphone set up on both side of the room, and ask -- invite you to line up. also, if you are listening through the web stream were via radio, please tweet your cityions with the hash tag club or yellen. welcomelike to extend a to all the officials in the room. thank you very much for your attendance. we welcome all of you here, and those joining us via our radio and web stream. they are made possible by cleveland state university and pnc. be sure to join us next friday for our annual state of the great lakes address featuring betty sutton. for more information about our upcoming and past forums, we invite you online at city club.com. [applause] >> also we want to acknowledge cleveland and, cuyahoga county center for health. [applause] welcome guests at tables hosted by numerous corporations and individuals. refer to your printed program for a complete list. now it is time to return to dr.

yellen now who's taking questions. >> today at the city club of cleveland we are enjoying a friday forum featuring dr. janet yellen, chair of the board of governors of the federal reserve. we encourage you to organize your questions for the speaker now and they should be brief and to the point. microphones are set up on both sides of the room. we invite you to begin lining up behind those microphones. staff can help you. if you are listening through the web stream or on the radio by our public media partners at idea stream please tweet your questions with the hashtag city club or hashtag yellen. our team will do their best to work them in. the chair mentioned senator sherrod brown. i'd like to extend welcome to everyone in attendance today. we welcome all of you here and those joining us via our radio broadcast and web streak. radio and television broadcasts and the wekb stream are made possible by cleveland state university and pnc. next friday is our annual state of the great lakes address featuring betty sutton. for more information about our upcoming and past for rums visit us online at cityclub.or

dr. yellen says at these meetings and indicated no interest rate rise in september and now she says well maybe december. we all know it's not going to be at least until next year because they really painted themselves into a corner and have no idea when to raise rates because they don't know how to get out of the mess they created. >> the data has been choppy. with we have cpi moving to the upside and housing numbers have been all over the place. if they continue to tell us that they're data dependent, what number are they actually going to be looking at if they're so volatile? >> i don't think they're data dependent. i think what we have seen here is that the process they have gone through when they missed the opportunity to raise in may of 13 and they decide to hold on. i think what we have seen now is they don't know how to raise and what data are they dependent on? but when you're only adding minimum wage jobs and you have the lowest participation rate in the job market it isn't very good and when you're getting lay offs from companies laying off $50 an hour employees and you're hiri

dr. el-erian, how stanley fischer does not turn to janet yellen and say, "you have to delay until these marketsmohamed: for two reasons tom. first, greece is small, so the economic contagion is very little. greece is not even factor in the trading partners, and the impact to europe will be very small. the reason why you can for now brushed aside the greek element when you look at u.s. rates is ugly because economic channel is not that important. secondly, as was said earlier on your show, u.s. investors have had a long time to get out of great assets, and most of them have. there has been a massive transfer from private creditors and taxpayers. when you look at the contagion elements, you only worry about 1 -- the technical contagion which is you get a spike in risk aversion. so far, the markets are managing this process very well. vonnie: mohamed, with the sugar high from the no defined vote gone, our greek voters now in a worse position to you think? mohamed: i think what you heard from greece is very important. the thing that immediately came into my mind on sunday was the scene from the mov

dr. shivago. wonegyptian born actor an oscar for lawrence of arabia. his career spanned more than half a century. on the bloomberg market day, including janet yellen.his is a great place to work. not because they have yoga meetings and a juice bar. because they're getting comcast business internet. comcast business offers convenient installation appointments that work around your schedule. and it takes- done. - about an hour. get reliable internet that's up to five times faster than dsl from the phone company. call 800-501-6000 to switch today. perks are nice. but the best thing you can give your business is comcast business. comcast business. built for business. ♪ betty: welcome back to the bloomberg market day. i am betty liu, here with pimm fox. pimm: moments from now we will be hearing from janet yellen. we will bring you her speech live. betty: as she takes the stage in ohio, other central bankers and business leaders from around the globe have gathered in idaho for the annual rocky mountains summit. that is where we find mike mckee. i know you have spoken with a number of central bankers on our air as well. what are they saying ahead of yelle

yellen is speaking in cleveland, ohio. as soon as her q&a begins we'll bring it to you. stay tuned for that. >>> one of the najarians, dr.his eye on one stock. >> autodesk. this is how james cameron made "avatar" but it is something architects in particular rely on. it is computer aided design and so forth. this one is seeing unusual activity in the july contracts. earnings aren't until august so somebody's either betting on a very short-term move that would happen during the july time frame. obviously not the august because it wouldn't cover it through then. i bought them today, mel. looking at it, these were the 52.50 calls. we bought those. they were also in the 55 calls with the stock right at about $52. so doesn't have to make an extraordinary move to have a 70-cent option become $1.50 or higher. that's what i think somebody's betting on. they bought an awful lot of these. 10-1 calls to puts so far today. >> did you also see any unusual activity in some of the 3-d printing names? this was a darling when 3-d printing stocks were all the rage, also fell when printing stocks came back to earth. just wondering if there

yellen show. her prepared remarks have already been released. she stated her intentions and desire to raise interest rates. dr. is a professor and professor, she anticipates raising rates this year. she says the fundamentals of the u.s. economy are solid. would you agree gekko-- agree? guest: i think the unemployment rate, all measures, have come down much more than the administration thought. we should to be growing faster given how many people we have been hiring with the payroll numbers. that has been the disappointment. matt: the conundrum. guest: to an extent. it comes out in very low productivity growth. negative productivity growth for the fourth quarter of last year and the first quarter of this year, the first time in 23 years had back-to-back quarters of negative productivity growth. economists do not really understand. there have been a lot of explanations. our phones to so many things, when something becomes free it does not go into gdp, even if we enjoy it. or maybe -- that is a been the biggest area of disappointment in the u.s. economy. tracy: just wondering, we had professor krugman earlier and

yellen and company will raise rates in september. >> i refuse to discuss that issue. publicly. >> i knew you would i had to ask though dr.know what people are note focusing on we have a bond bond market double whether that decides to work its way off, we're in trouble people don't realize that. interest rates are very interesting economic phenomena. because they reflect the the time preference of human beings, to the extent to which we discount the future. interest rates have sort of middle to high single digit he levels human experience going back to ancientee rome daily records from bank of england from 64 what discount rate charging 5%, 5% important issue as far back as we can go we cannot see any change in the trend interest rates so you get rates down where they are now, normal processes of the way human beings behave in the marketplace is to move things higher. >> yeah. >> and. maria: that is what people are expecting. >> yeah look federal reserve is doing the best it can it is a very tough position they are in. and they are very smart i know because i have dealt with all these people for many years, but it is a ve