i look at eric nielsen as i look at neil dudley society heals itself. we move on to a point of optimism. if we do get optimism on greece, how does that redound on to the u.s. markets and the american economy? >> the first that it will do as it will put upward pressure on u.s. bond yields. most of the ups and downs in the treasury market has been about the term premium. the term premium goes down as risk appetite comes down. and it goes up as you have more -- tom: the deal going up can be a positive sign of the american economy? neil: it is largely risk on, risk off traits. no, general he i agree with you. absolutely, guilds going up as a sign that things are getting better. more growth in the u.s. economy. while we may have a relief rally now, i do worry a little bit about the u.s. equity markets. at the end of the day, the economy is improving.

i will be tuning in on friday after the job report win dudley -- when dudley gives remarks and he will have the benefit of the report. -- seeing that report. michael, you had to put money to work. how do you deal with that when we have a fed speak, this is what makes carl crazy? >> or every half-hour a greece headline. you have this back and the the real impact of whether trees stays or leaves. -- greece stays or leaves. for real-world people come up you up and the markets are prepared for it. i think you would end up with a market reaction, but not one -- would be and when you talk about the economy, we are getting right now indications of things like the jpmorgan thing you talked about. people who said that the economy was not low enough. people have them prepared for crummy earnings in the next quarter. these may not be the fellow. we might be surprised to the upside in the next quarter, because pessimism is rampant. fed just said that it may be september when they do it, if they go ahead and do that the market will probably say one and done makes sense. the market has been a lot of

why is bob dudley there? ryan: we will be talking to bob dudley in about an hour and a half. two days, opec has what they call the seminar. it is on wednesday and thursday. on friday they get together as a group. it is during the seminar that they get together with oil executives, rex taylor and bob dudley and exchange views and do deals. guy: ryan chilcote covering vienna. when we come back, we will talk fifa. that story continues to develop. we bring you up to speed with the latest details. ♪ guy: half past the hour. you are watching "the pulse," live from bloomberg's european headquarters. i am guy johnson. hans: i am hans nichols, sitting in for francine. i do not know how well i am acquitting myself. maybe that is the. twitter question interpol has issued red notices for fifa members following sepp blatter's resignation. prosecutors looking into blatter as part of their corruption probe. guy: the greek prime minister alexis tsipras heads to brussels, where he's expected to the made a final offer ahead of a debt deadline friday. the imf met monday to draft a deal for gree

bill dudley said the fed's like to raise interest rates this year.drday christine lagarde the should wait until next year before raising rates. eric green is with td securities and he joins us now, a former fed president -- eric: i wish i were, but no. alix: what would you do if you were in the fed right now? hold off untilot 2016. when you think of the imf, they have a different mandate. the fed has a domestic mandate. the fed has socialized the whole notion of higher rates for almost nine to 12 months. they want to raise rates. the question is are they going to have enough reason room for that bias to be realized. i suspect it's not about inflation, it's not about jobs, it is about growth momentum. as long as they are seeing stronger growth and you can pick your number, it is the direction of growth, higher as opposed to flat or lower, that will be sufficient to get them off the theyin september alix: have said data dependence, but which data point? what ends up being more important? if you look at the data meeting,t april's fomc they had a three-m

will depend on the economic outlook and that is largely shaped by the incoming economic data. >> dudley is a voting member of the feds policy committee. >> our guest tonight head the headline n was great but the details are great. anthony chen chief economist at chase. welcome, anthony, good to see you. >> glad to be here. >> so what impressed you so much about the internal components about this report. >> what impressed me is people have been constantry talking about the discouraged workers and they make the numbers work but the reality is the discouraged workers are going down and they were down 50% during the peak of the financial crisis and you saw a 2300% declin discouraged workers and the number of people rejoining the work force and you can't say people are dropping out of the labor force and we are in fact entering a huge number of people in the labor force and that means when the unemployment rate goes up under these circumstances where you are creating a lot of jobs and huge surge of people coming in it is great news. >> i think there was a good up tick por people for three mo

william dudley gregorie, city councilman of charleston. thank you for joining us. >> and thank you very much for having me. >> sreenivasan: churches across the country are joining in prayer and support for the congregation in charleston. the newshour's stephen fee attended one such gathering, here in new york city. ♪ i do believe that we shall overcome ♪ >> reporter: under rainy skies today, dozens of new yorkers marched down merrick boulevard, part of a morning of prayer and song in memory of those killed in charleston. leading the marchers, new york city mayor bill de blasio. >> this is something that violates every concept we have of decent of accident sceney and civilization and democracy. cold-blooded murders in a house of worship. >> reporter: the mayor called the killingsand act of requested domestic terrorism," and said the country's gun laws need reform. >> we have to be clear this this moment. yes, it was terrorism. yes, it was terrorism based on racism. that does not for a moment negate the fact that this is also a moment to rea

>> dudley is going to be the first fed guy out of the box after the jobs report this morning.ll see how it affects his call for rates right now. >> where is he right now? >> minneapolis. >> where is he in regard to rates? unplug the guy. crude reality, the world is awash in oil. really? and opec isn't turning off the tap. >> you asked where he was. >> how low can crude go. goldman's head of commodities research, jeff currie joins us with his take. plus, betting on american pharoah, why wheels up is investing in triple crown publicity and school is nearly out for the summer, but the band good something here to teach you about smart money decisions. the trade school of rock. there's a difference when you trade with fidelity. one you won't find anywhere else. one-second trade execution. guaranteed. did you see it? in one second, he made a trade, we looked for the best price, and the trade went through. do the other guys guarantee that? didn't think so. open an account and find more of the expertise you need to be a better investor. bring us your aching and sleep deprived. bring u

scarlet: that was bob dudley, the ceo of bp. think the industry is dealing with continued oversupply and pressure on prices. you look at the rig count, dealing with 60% loss of rigs but still seeing production continued to climb. bp --ll see copies like iran is saying we will export 100 million barrels a day within six months of sanctions being lifted. that's the opportunity there. alix steel will be coming back in 15 minutes. we will talk more about the bond drought. we have more news coverage for you right now. we have the federal reserve releasing its latest snapshot of the economy. the beige book says the u.s. economy expanded in the past few months even as manufacturers took a hit from the stronger dollar. fed districts reported moderate growth and three others described expansion is modest. bill ackman is looking for international buyers for the sale of bond holdings -- he will attend meetings to market dollar pots outside of the u.s. deutsche bank and ubs -- other bems will become managers -- comanagers. they are all subj

dudley has a vote on the policy-setting open market committee. the fed meets on june 17 and 18. scarlet: coming in the aftermath of a job or -- jobs report not seen since the holiday season. employers added 280,000 jobs. well above the forecast of people surveyed by bloomberg. month for the best wage growth we have seen since august 2013. we still have a lot of work to do on real wage group -- growth but this is promising. scarlet: the. -- jobless rate inched up to 5.1%. twice five minutes ago, -- 25 minutes ago, saying a deal is his countryever but does not want to give in to blackmail. have greece pushing off today's scheduled payments to the imf and the plan is to bundle a number of upcoming payments and come up with the money at the end of the month. no country has done that in three decades. the last one was zambia. and the oil cartel decided not to change its output ceiling. sending the price of crude oil higher. 30c has kept the ceiling at million barrels a day but other nations have been pumping a million barrels etc. -- extra. a new era for walmart. the board has electe

dudley thinks that the fed should raise rates this year.an see the 10 year note reacting little bit. labor markets. the waste numbers as well and because inflation has been so well anchored. if it stays at 1.6% every single month. that is fine. they support a rate increase in the target rate later this year. occasionthat is not an he would go for june, but september becomes more likely. betty: everyone says september. matt miller with the markets. david is brewing up and faster -- davis t is brewing up on the nasdaq. they are up right now by about 36%. they plan to extend their location in the u.s. but they have some hot competition from starbucks. joining us from the nasdaq is a's ceo. your locations we are looking through our your home country in canada. you have about 25 in the u.s. him a sum in new york. why are you expanding here? tol you need the proceeds expand aggressively in the u.s.? been growingve aggressively in canada, we are in all of the 10 provinces. we started to open stores in the u.s. in 2011. we offer rate in four differ

today i am joined by dudley thank you for finding time. you away from a pretty trysting meeting with all the other oil executives. i want to ask you about price. you have been consistently a little gloomy on the outlook for oil price. even today, we heard from the shell ceo that the environment for prices should improve because investment will drive up prices. why you remain fresh -- bearish? guest: i have been bearish for a long time. fundamentally, there is lots of supply. u.s. oil production is certainly up and then flat. chinese demand is not the growth rate we saw before. there is increase in demand. ryan: we saw wti dip low $60 a barrel, how low could it go? >> in that case with the u.s. being somewhat donald up with exports it depends on the summer driving season. a lot of that crude will go into refined rocks for gasoline. you may end up with a lot of product. you could see softening after the summer barring any geopolitical things. reporter: two years ago there was a seminar people were making light of the shale revolution. the yo

i talked to bob dudley. he said he wants b.p. to come back in.a listen. >> i think it would be a big step to go back into iran. it would give us the most certainty. ryan: the issue is p.s.a.'s are not always very popular with the government. tems themselves. i caught one the oil minister to have islamic republic who said no cigar on the idea of p.s.a. have an idea. >> not p.s.a. >> you think it is unfair? >> better situation, it makes a tough situation. long-term. ryan: now the alternative in the region in iraq for example are service contracts. that's what the iraqi government hands out. they get a set number of dollars per barrel for the oil they effectively pump for the government of iraq. i guess the question you to ask yourself is to what extent are the iranians able to dictate the conditions by which the international oil companies come back to iran if they are able to come back to iran and i would have thought they would be able to do that but then -- the c.e.o. of lukoil a russian independent oil producer that has long been in iran, he to

william dudley is someone who understands financial markets.sack understands financial markets. jerome powell. there is a wide range of people that understand financial markets that have worked in financial markets. so -- brendan: first of all gross. second of all, it is possible the problem is not with the fed but with macro. macro until five years ago completely ignored finance. it was not a factor. the academics is having trouble keeping up. the fed chairs, the fed presidents come from academics. neil: we are talking about monetary policy. it transmits itself to financial markets. so if the fed makes an announcement that is more accommodative than financial markets expect, the outcome of that is going to be relatively easy to predict. the dollar will sell off. equity one rally. bond yields will come down. look, financial markets and monetary policy of always been important because financial markets, the way monetary policy transmits itself into the real economy. tom: i would go back to a wonderful point that simon johnson did -- many people

always so easily shocked, dudley. i can't believe that even you have not watched a man drink away his troubles. denise: tollgate street traders: competitively priced tradition and quality. katherine: an absolute outrage! that is my fabric. the only thing they've done wrong is beating you at your own game. denise: my dream is that i'll make my own mark on the world as you have. i see that i've lost my little champion. linney: the paradise on masterpiece classic. captioning sponsored by viewers like you

dudley that i cannot remain at the paradise. uncle, will you trust me to steer things along for a little while? will you come back to me? you are to marry katherine glendenning, and that is all that matters. linney: the paradise on masterpiece classic. captioning sponsored by viewers like you

first question is also referencing something that bill dudley said recently which is to due with the use of the balance sheet in tightening monday -- monetary policy and that the hikes should be hiked before the fed continues -- considers ending reinvestments and i wondered if you could give more clarity on how the fed spwepdzintends to approach the ending approach of the ending of reinvestment on the balance sheet and would you see any end of the tapering investments for the maturities in the portfolio? and the second question is the use of gradual and you used this term in the opening statement and is the term gradual on the official guidance from the fed and something we should expect to see popping up in official statements in the future? thanks. >> so let me start with the balance sheet and our reinvestment policy. we issued a normalization statement giving principles of normalizing policy. and what we said at that time is that we expected to reduce or cease reinvestment at some time after we had begun the process of normalizing policy by raising our target for the federal funds

i want to ask you about a comment that john dudley make that the foed should have raised rates during2004 to the 2006 cycle and i wonder if you agree from that and whether there were lessons from the 2004 to the 2006 cycle that should be related today. and with regard to congress, they have passed measures like an audit the fed bill or the measure to subject the fed to a policy rule and there is now a shelby bill out there and i wonder if there is anything in that that you can accept more broadly and whether there is anything that you can point to that congress can do to make the fed a more effective and accountable institution. thank you. >> so on the first question you asked about the 2004-06 rate increase cycle. throughout that period, the fed indicated that rates would rise at a measured pace and that turned out to be i believe 17 meetings with 25 basis point increases at each meeting. as i've emphasised previously, we absolutely two not expect to follow any mechanical 25 basis points meeting 25 basis points every other meeting. no plan to follow any type of meck on cal approach t

first question is also referencing something bill dudley said recently which is to do with the use ofg monetary policy. he suggested that the short rates should be hiked some way from the lower bound before the fed continues, considers ending reinvestments. i wonder if you could give a little bit more clarity on how the fed intends to approach the issue of ending reinvestments on its balance sheet. would you, for instance see any argument for a tapering to reinvestments to smooth the profile of maturityies in the portfolio? you've used this term today in the opening statement, is the term gradual on the way to becoming official guidance from the fed. is this something we should start to expect to see popping up in official fomc statements? >> so, let me start with the balance sheet and our reinvestment policy. we issued a normalization statement giving principles of normalizing policy. and what we said at that time is that we expected to reduce or cease reinvestment at some time after we had begun the process of normalizing policy by raising our target for the federal funds rate. we s

dudley was saying that september or december.or a delay if the global economic outlook looks different. it is amazing how big central banks have been playing over the last three years. we are the fed and the ecb and the bank of china playing a big role in monitoring uncertainty and volatility. anna: thank you for joining us. the head of the european investment office. greeks are lining up to withdraw euros. one of the central locations in greece, the greek flag flying. they troll -- day two of capital controls. we will be back later on in the show. ♪ anna: welcome back to "countdown." two of huber's senior management are being held by police in france. this follows violent protests over the ridesharing service. uber has concerns that the head of its operations in france and the general manager for western europe are currently in custody. french police and the french interior ministry have further details. china's central bank has taken further action and monetary policy. they lowered the lending rate on the funds. that comes afte

i was talking to bob dudley, he said that would be a psa, a production sharing agreement that is whereuld award the contract where someone could explore and drill, cover the costs with revenue from the drilling, and then share that revenue with the islamic republic. i put that idea to the oil minister of iran and he said no cigar. >> not psa. ryan: you think it is unfair? >> it makes the situation more -- attractive for them. long-term -- but it is not psa. ryan: this is contentious stuff. the alternative is a service contract, that is what iraq does with a lot of oil companies. a lot of the oil companies do not like them. they think they are economically not very profitable. the question is who has the upper hand? presumably it is the iranians because all of the oil companies want to get in so the iranians should be a will to dictate conditions. i spoke with the owner and ceo of russia's largest independent oil company, he was in iran for a long time, i said is this the case? he said actually they don't call the shots. grexit countries with large oil and gas reserves are beginning to

vonnie: later today we will hear from new york fed president will dudley. hackers from china are being blamed for a massive data breach. they broke into office of personnel management community -- personal management computers and stole records of federal employees. alexis tsipras has raised the stakes. he has decided to spur the payment that was used to the imf today. instead, he will bungle them and make them at the end of the month. no country has done that and more than three decades. meanwhile, he had a phone call with angela merkel and francois hollande can projected -- and rejected demands -- today he will have a phone call with russian president vladimir putin. greek officials say they have cooperation in business and energy. goldman sachs may be the next bank to pay billions for a government investigation. goldman is in talks to pay $3 billion. an agreement may happen within weeks. the government has been pushing to hold more firms accountable for the 2008 financial crisis. in the nba finals cleveland's lebron james scored 44 points but it was not

one of them bob dudley.n an exclusive interview, he had this to say about the surplus oil supply. >> fundamentally supplies at a loss of supplied. u.s. oil production is certainly up and then flat. not falling. is not the growth rates we saw before. there is just a lot of oil around. betty: he said he is interested in investing in iran if international sanctions are removed. look at the top stories at this hour. "market makers." a wonderful thing. coming up -- betty: you are just lurking, that is all. mark: we will hear from a california winery ceo. he started his own super pac. is it a new trend? betty: are you ending your e-mails all wrong? i ignore all of mark's e-mail. best is the worst thing you can do. with stadium construction already underway, we will look at the controversy over holding the 22 world cup in cutter. betty: two huge deals and telecom. para 416.7g all billion. with the backdrop, ceos are on constant lookout or new targets. whitman, ceoay meg of hewlett-packard, sat down with emily chang

new york fed president bill dudley says a september rate hike is in play still if the u.s. economy keeps improving. he tells the financial times evidence of a pick up in wage gains in common household spending is alleviating some of his concerns about momentum in the jobs market. that says he warns the market implications could be greater than many believe setting a precedent that membership is reversible. >> still to come on worldwide exchange a bad start to trading. the latest for the ecb on the wake of the decision not to offer extra emergency assistance to greek lenders. we'll leave you with a look at how the major banks in europe are trading today. >> greece's surprise call for a referendum sends shockwaves through global equity markets. european banks fall sharply amid concerns over contagion. >> a bailout deal is still possible. the eu commission president is due to hold a press conference in the next few hours. this as the imf says it still wants to be paid. >> i hope that payment is made on tuesday and if that was not the case i would call the board very very promp

third sign of complacency, the federal reserve still has officials like new york fed pret bill dudley who said today that a rate hike in september is very much on the table. hey look maybe it is. that's already. do they really have to say it today? is this the day to make the declaration? why not just say nothing on a day like today. come on bill i've known you for a long time. you are better than that. what is the hurry? you want to send the stock market lower? good. success. well done. the fourth sign of complacency, a belief that the world hasn't aligned when greece is falling apart. stabbing him in the back when they least expect it. but it wasn't always like that. there was one so i'm in the last month that tsipras was all smiles. do you know when? when he visited russia and met with vladimir putin. when he was there he gave a speech trashing the eu. russians are suspected to be bankrupt. but that's non sense. russians have plenty of cash. i know many who are asking themselves why am i here and not in brussels? i'm here because i believe it is the rule of country seeking to explo

dudley was expressing his own personal point of view.is a matter that the committee has not yet decided and i cannot provide any further detail. it's something we will be thinking about. -- in ad about gradual sense, we already have a , the last paragraph of the federal open market committee statement says the committee currently anticipates that even after employment and inflation are near mandate consistent levels, economic conditions may for some time warned keeping the target federal funds rate below levels the committee views as normal in the longer run. that's a mouthful. it's a long sentence, but the spirit of that sentence is consistent with my use of the word "gradual." what youistent with see in the summary of economic projections. participants are projecting -- there is a lot of uncertainty. they are projecting increases that average around 100 basis points per year. that is not a promise. it is conditional on their economic forecasts and those forecasts may prove to be wrong, it may change. at this time, the assessment that p

dudley has a permanent vote on the policy-setting federal open market committee. the fed meets again on june 17 and 18th. scarlet: deutsche bank is conducting an internal investigation by possible money-laundering. about $6 may involve billion of transactions over more than four years. the german bank is analyzing data from 2011 through 2015. the move follows a request by the bank of russia which asked deutsche bank to examine stock trading activities of some clients in the country. walmart's board has elected a new chairman. he's the grand son-in-law of sam walton. the 45-year-old is taking on the new role after joining the board of the world's largest retailer in 2008. >> and it comes to our board, because of our families commitment combined with strong, independent director voices, we have a great balance. this is so important right now, with a tremendous change that all of retail is going through. the stage forset his ascension a year ago, when it made him a vice-chairman. he has also been a venture capitalist and formerly worked at goldman sachs. those are so

you just heard the new york fed president will dudley said the same thing which will likely raise rates this year. you can see yields jumping. also, the dollar at a 13 year high. also on the back of that jobs report and the belief that we will see rates rise despite what the imf has said. mark: the new york fed president says central bankers are still likely to raise interest rates. here is the quote from a speech in minneapolis. i would expect in the absence of offering -- ud has a permanent phot on the marketing committee. the fed meets again on june 17 and june 18. betty: this came in the wake of a jobs report not seen since the holiday season. payrolls jumped in a may by the most in five months. employers added 280,000 jobs. economists surveyed by bloomberg. companies are more optimistic at the economy after the first quarter slump. month fors the best wage growth that we have seen since august the 2013. we still have a lot of work to do on real wage growth but this is promising. betty: the jobless rate inched up at 1/10 of a percentage point. the greek prime minister called on inte

speaking to bob dudley the world gas conference he was pointing out it will be more about emp and gas than oil as well. i wanted to get his take of what's going on. we spoke for a good half an hour. in terms of opec i asked him the question do you think it's defunked? is it as effective as it used to be? >> the different parts of opec in terms of the prosperity of the different countries, some are bound and determined to stay on path if they can afford more so there's probably lots of debate going on inside of opec. i think they have a path. i think it's based on fundamental economic principles. so i would expect them to stay on course. >> i see 12 producers who all want to produce if the saudis fail to produce. everybody says we want saudi and nigeria. no one else wants to do it apart as well. they want saudi to do all the heavy lifting. i don't know if you agree. >> there's a history of that if you look back in type. there's a little bit of that and the expectation for saudi arabia produces such a big block of the oil. 9 or 10 million barrels a day and the uea in particular. they pr

dudley williams died over the weekend in manhattan. he paved the way for men in modern dance.th the martha graham dance company and american dance theater. williams was 76 years old. >>> an unusual choice in punishment spares some people in jail time in one ohio county. the judge been overseeing this garden for 21 years now and what make it is unique is that it's planted by people who choose gardening time instead of prison time. >> i think it's a great alternative to putting people in jail. where would you rather be? in 75-degree sunny -- a sunny day or sitting in a stuffy jail cell. >> food from the garden goes to local food banks and churches. it saves the city $80,000 -- wait a minute, let me read that again. $80 a day that would go toward housing a prisoner. >>> one convenience store has sold three million dollar lottery tickets and it's not too far from here. >>> you expect to pay interest on a loan but not more than the amount that you borrowed. that story is coming up. allyson? >> here on the weather terrace, still pretty chilly. we're only in the 50s. i needed the up

mike: cool, yeah, so my brother and i started the company out of our grandmother's basement in dudleymassachusetts. sjc is actually my brother's initials. right now what we're doing is, instead of just being a full-fledged custom shop like we've done in the past, we are developing a product mix -- a good, better, best model -- where we'd love to have this, which is the "better" kit, available in your store. richard: oh, boy. price-wise, where are you? mike: this kit, to sam ash, would be about $1,100, where you guys could retail it at about $1,700. richard: that's -- no, i'm sorry. you've picked a very difficult category. you're competing with some of the biggest companies in the industry that have huge, huge artist rosters, that have been around for many, many years. it's just not what we see. i accept that i'm not 21. i accept i'm not the sprinter i was back in college. i even accept that i live with a higher risk of stroke due to afib, a type of irregular heartbeat, not caused by a heart valve problem. but i won't accept giving it less than my best. so if i can go for something bet

maria: new york fed president william dudley said a september rate hike is in the cards.ough christine bogarde pushes back at this rate until 2016. john brown saying this is why she said it. dagen: thinking back to the strength of the u.s. economy, "the wall street journal" today, morgan stanley rent enough that dignity and fixed income trading. you have to be confident about the fixed income in the country and a pro-business type today to think about who may not. >> they were cutting back on fixed income. >> you do want the additional liquidity in the fixed income market. >> we've been here before. 1997 was beginning to dislocate and the fed raised rates in march of 1997. i've gone back and they were looking at a similar stage it could have an impact. we have to do are two mandates. inflationary pressures that employment. both of those stranded in the way that suggests a fed rate qaeda. >> thank you very much. i'll be talking with chief economic adviser shortly. in the 8:00 hour, former aig ceo freight greensburg's for the government takeover. futures indicated a sharply

[applause] brother william dudley gregorie: wrong church, wrong people wrong day.be done the trouble of this world, soon will be done the trouble of this world. no more weeping or wailing, no more weeping or wailing, soon we will be done the trouble of this world. i met rev. pinckney when he first came in. he came in with prayer, a plan a policy, and projects. he worked us hard. but on behalf of our church, our hard-working church, we want to thank the world and thank our first family and our first lady for her elegance, for her grace, and her dignity in a time of struggle. [applause] personally, i want to thank for you for this opportunity. you knew our relationship very well. it is very, very important for me to acknowledge probably the oldest person in this room, our member, 104-year-old miss michelle, miss margaret michelle. [applause] i would also like to take this opportunity on behalf of the members of mother emmanuel to thank the presiding elder. he has been chosen to lead on this world stage and for that, we will be eternally grateful. the membership thank

i was talking to bob dudley. he was talking about reduction sharing agreements, psa's.d allow an international company to come in, explore and a drill. they would be able to cover the cost with the revenue they generate from that and share the profit with iran. that is something that has worked in other countries in the past. russia had a bunch of them. it does not mean it is something iran is happy to do. i caught up with the iranian oil minister. >> iranian form of contract, not psa. ryan: you think it is unfair. >> it makes a tough situation more -- long-term but it is not psa. ryan: there is no doubt they are good for international oil companies in that they know costs will be covered. there you hear iran suggesting maybe they are not the best deal for them. they want to keep as much of the money as they can. service contracts are one of the things for example iraq has done. a company gets a certain number of dollars per barrel and the iraqi government gets the rest. a lot of companies say, those do not cut it. economically, they are not interesting enough. i caught

brother william dudley gregorie: god is with us.use some talk about divine order. the methodological harmonious arrangement of things. see, i miss my friend because we would've had this discussion. but i want to share one of the last discussions we had. that discussion was about hope. because we are a hopeful church. because living without hope is like living in continuous darkness. but hope peers through the darkness, sees the light, and waits until morning. good morning, america. [applause] the reverend dr. kylon jerome middleton: let the church say amen. but the church say amen again. this is truly a sanctuary, put your hands together and give god praise, because god is still worthy to be praised. [applause] now chris vaughn is a baptist but i was rev. pinckney's crazy ame friend. we have been brothers for more than 30 plus years. there is really no reason why clementa pinckney and kylon jerome middleton should be friends. he came from jasper county, i came from charleston county. amen. we did not go to the same grade schools, no

i asked this very question to bob dudley because he has a lot of these in the south of iraq for instanceut it to him that the is group was only 70 kilometers away from baghdad now and he said there's a lot of interest out there globally that would prevent or let further advance of i.s. get to it. do you worry about improving relations with iran if you're an oil producer or worry about worse relations with iran if you're an oil producer that isn't iran because the point here is if iran gets it's nuclear deal which someone of the biggest geopolitical issue on the planet that say dovish signal in terms of price and will mean more physical in terms of the market. so geo politics can work both ways. very interesting to see there's concern among other producers about what happens when iran comes to the table but gary ross telling us he's not concerned about that. i've been writing about the differentials between the actual price and stated production levels and what actually happens on some of these moves. you can have a look at the piece or get in touch with me on twitter as well. >> thank yo

also bill dudley is speak later today. u.s.t chinese hackers may be behind a matszive data breach of the federal government. identifying information of up to 4 million workers may have been stolen including those with security clearances. the fbi is probing the breach detected in april at the office of percent until management. they say hypothetical accusations are irresponsible and counter productive. the sec is pope benedicting allegations that dow kemchemical misused funds. in a statement on thursday dow chemical says it addressed the issues through dependent issues and audits. let's have a look at share price action in dow chemical. it's up today 1%. still to come a company focused on rapid development of life saving therapies. we're back in two. [ male announcer ] ours was the first modern airliner, revolutionary by every standard. and that became our passion. to always build something better airplanes that fly cleaner and farther on less fuel. that redefine comfort and connect the world like never before. after all, you c

bill dudley saying that rates likely will be raised this year. prevailing view is that it might be pushed off until 2016. there was a push on the part of the imf all but begging us to push it off until 2016. along comes this better-than-expected job data where we gave more than 280,000 jobs. unemployment rate, i normally don't focus on the dow, it's down in the face of what was a strong report because of fears that it's going to lead to rates going up sooner rather than later. these guys are like civil, they change on a dime there. you go. >>> the justice department targeting banks for billions more again. lizzie mcdonald on that. lizzie? >> that's what's happening right now. but what we're talking about is closing out these mortgage backed security probes that have been lingering since 2008. the question is why wasn't fannie and freddie fined too? why didn't the department of justice go after fannie and freddie? they got a nonprosecution agreement in the dead of night in the middle of december from 2011 from the sec, no fines imposed in basicall

there's been fed speak including bill dudley talking about this over the weekend what are you gleaningng? >> there is a big difference between what the fed thinks it's going to do and what the fed might actually do. in my reporting, there is a sense there is a desire to move in september that they feel they have waited long enough they have been patient, they don't need to be exhaustively patient. global instability might cause them to push that back further. you see in the fed funds futures markets are pricing in the idea rates might not rise until 2016. >> just when we were getting there maybe this time. appreciate it. >>> bad news for the apple watch. the buzz surrounding the gadget hasn't weighed other products. tune into "closing bell" tomorrow, julian robertson joins us in 2 a cnbc exclusive. lots to discuss with him. ery auto insurance policy has a number. but not every insurance company understands the life behind it. ♪ those who have served our nation have earned the very best service in return. ♪ usaa. we know what it means to serve. get an auto insurance quote and see why 92

. >>> up next morgan stanley's head of investment banking gives us his reaction to bill dudley's warning for a coming regime shift in financial markets. >>> also coming up netflix says it has no intention to put ads on its platform. but should it? we'll talk about their business model with our netflix stock pros, coming up. the time police arrive on a crime scene they could have little to go on. a vague description. a single piece of evidence. a partial plate number. with an app from ibm officers can now access over a billion police documents to find hidden connections and identify potential suspects. ibm analytics helps one hundred thousand officers work smarter every day. >>> welcome back. let's now bring in our mary thompson who join us with an interview with the ceo of morgan stanley international and the president of the firm's institutional business mary. >> thank you kelly. thank you for coming down good to see you. i want to start first, let's start with your ceo of the international business first. i want to talk about greece. do you think they'll get a deal done? >> if they get

william dudley gregory is a charleston city council member and lifelong parishioner at emanuel ame churchr being here. you knew all nine of the people that were lost inside the church behind us. how tough has this been for the community to come together because as we were talking about this is not just tight knit because so many families are related but the city is so tight knit. >> i think that we are one charleston. and this tragedy will prove that. i did know every single one of the victims. and luckily i was able to at least connect with at least five of them the day of the massacre. >> so on that day you had the opportunity to connect with five of them. how do you mean, you saw them in passing, spoke to them? what was the interaction? >> i was at a meeting at the church. and as our meeting broke, other started to come in. prior to that however, i was in reverend clementa's office when he came in. what i noticed about him that day was he just looked really really good. i mean just glowing. ms. susie jackson is a family member. she is my brother-in-law's mother. and when i leave here i

but one thing that bill dudley referred to and the chair before to -- referred to in her press conference this week, things to watch like long-term unemployment have stalled. they did not come down over the last few months. the key phrase to me in janet yellen's press conference this week was when she said that she wanted more definitive evidence that the labor market had healed. she is looking at a lot of stuff. if those things stop, that will make them wonder if the economy is really healed, and therefore, delayed the hike. host: we are taking phone calls this morning. you can join the conversation by calling us at (202) 748-8001 on the republican line. democrats can call (202) 748-8000. independents, (202) 745-8002. you can also send us a tweet. we are on facebook, facebook.com/cspan. on twitter, @cspanwj. or you can send us an e-mail at journal@c-span.org. here is just ellen -- janet yellen, speaking about why interest rates are not ready to rise. [video clip] janet yellen: since the committee last met in mid april job gains have picked up and labor market conditions have improved som

actually it was interesting because dudley the president of the new york reserve said that they don'tic leaders, world leaders. when you think about it jack ma is kind of the economic ambassador for china to the u.s. his pitch really makes a tremendous amount of sense is that, you know the next -- the last 20 years of growth in china has been exports. and he said the next 10 20 years of growth in china is actually going to be importing. and for most american businesses, it's a relatively difficult market to access. and he has his platform that has 100 million people a day shopping on their site. i mean it's so good that actually apple and amazon have stores on alibaba. >> just the idea where he said they're not going to be competing with american companies like amazon do you believe that? it's hard to imagine. >> well you know sure. i think at some point he -- >> sure but you were hesitating. >> i think he would like to at some point, but he doesn't have expertise in selling in the u.s. or operating business in the u.s. he has a tremendous platform for doing commerce in china. and ame

we also heard from bob dudley but there are some bears out there, goldman sachs, city also saying look the 40 could be in the cards this year. we could see a lot more volatility before things start to change and we get back to that $60 level by the end of the year. we don't think we'll hear about a production cut but at the same time a lot of the issues is the dollar. that could drive prices down. at the same time we talk about the demand scenario as well and iranian oil. we could see 400,000 barrels a day flood the market. right now they're more factors to push us down than to push us up and that volatility could continue. >> what's been so interesting is hearing from a lot of the people in the industry doing the fracking who say that look the technology has changed and you can much more quickly bring the wells back on the fracking wells back on if prices come up to $60 which is why there's more of a lid on this. >> absolutely. a lot of the shale producers are break even so they're not losing money by producing right now. production does continue to ramp. we saw another bump up. over

but there are points when the turbulence to use a phrase from bill dudley. raises rates. so yes, liquidity is something to manage around but actually something to take advantage of during periods of stress and turbulence. >> you know, peter, there is a story in usa today we talked about a little bit earlier. it mentions that mutual fund outflows have taken place over the last 16 weeks. people have been pulling more money out of mutual funds than putting into it. that is a concerning sign that investors have lost confidence in the united states stock market. brian pointed out that he thinks there's something to spend on big ticket items like houses. where do you come down on that debate? >> you could. but they've missed this entire rally. now, of course they piled into fixed income that's where a lot of the flows have been. you know that very well could be right. but it could be doing that. fixed income is where they lie. and that's where the risk is is if the fixed income market -- >> one aspect in that is probably demographics. the u.s. population, us baby