let us go to phil mattingly in washington for an update. he getting some reports from the securities and exchange commission. still, what are you getting out of regulators? phil: the full after that suit of regulators have weighed in. the sec has a very important role here. its chair in a statement says, are in contact with the new york stock exchange and are closely monitoring the situation and the trading of their listed stocks. " one key point that she makes is that stocks are trading normally through other venues. the sec you not only in touch, but keeping a close eye on this. -- i got e-mail from a lot of force missile are saying the fbi had reached out to new york stock exchange early on in the process, along with the department of homeland security. everybody tried to figure out what is going on. saying that there is no longer any need for law enforcement action to be taken or pursued. we know the department of homeland security has been saying for about half hour now but they do not believe there is any malicious intent here. the fbi

mark: phil mattingly is joining us.e are standing by because a white house press conference is just about to get underway. pimm: he has got the federal reserve meeting released at 2:00 p.m. eastern .ike regan is still with us and joining us on the phone is joe, a consultant at day one group, a former trader at meridian. joe, i wonder if you could update us. what is the process to get markets restarted? once systems are all cleared and they get greenlighted, they can turn everything back on. it does not mean to let stocks trade, but that is effectively turning the platform back on it once that happens, it is approximately 45 minutes before everything gets greenlighted. happenthat would ideally timee 2:30, the considered clearly where the nyse is angling, losing an extra half hour or 45 minutes of market share is not a top priority. it is making sure everything stays here on the nyse, of paramount importance. mark: all right, joe. standby if you would for just a moment here you are looking at a live shot of the white hous

phil: i'm phil had -- phil mattingly. john: and on john heilemann. with all due respect to president obama, all we are saying is give peas a chance. ♪ john: that is good. happy independence day weekend america. happy independence day weekend to our special co-host, the father of our country. hey, george. on the show tonight, money music, and momentum. first, a movement? bernie sanders is not just a name. this was the scene last night and madison, wisconsin, and no this was not a grateful dead concert. senator sanders: tonight we have more people at a meeting for a candidate for president of the united states than any other candidate has had in 2016. thank you. john: crowds like that are causing some to say that bernie 2015 is starting to look a little like obama 2007. my question to george washington and phil mattingly is, is that legitimate? george? phil: i'm going to disagree with george. even though he was somewhat quiet. it is not. three reasons why. money, staff, strategy. $15 million raised today. nothing to sneeze at. staff -- hillary clinton

for more reaction, i want to bring in phil mattingly. what jumped out to you from what the president said? phil: he made a good point. one year ago one secret back channel negotiations were going on between advisors, the cuban people, and the pope, actually, nobody would have imagined we would have been here at this point. one of the interstate things the president said multiple times and we have heard it from aids over the last couple of months, this is not symbolic. it is more than a symbol. they have a lot to prove on that front. the president pointed out there is republican opposition and there is also some democratic opposition. senator bob menendez has a lot of problems with his as well. one of the interesting things the president pointed out, public opinion surveys across both parties say people are supportive of this generally and this is the way things are moving and the president feels comfortable mainly because of that. olivia: thank you very much, film and the, on this news that the u.s. has taken this historic step to normal

mark: phil mattingly is in washington. we have seen a lot in the last six years alone.e we any closer to a long-term deal at this time? ofl: if bipartisan groups senators have their way, yes. this is a proposal to extend the highway trust fund and the highway bill in general for two or three years. the original goal was six years. they graduated that back. the house has only passed a five-month pass. that is what they are go in for, but some light at the end of the title. they want that because they want to work towards a longer-term deal, because if you look at the state level, the impact of these short-term increases, in terms of projects that have been canceled, if you look at georgia, worth more than $715 million. arkansas, 130 projects at risk, worth $161 million. million and, $400 33 projects delayed. we are seeing it from the states, the pressure. lots of short-term solutions, no big long-term solution. funding,is all about scarlet. you would think that it could be one of those issues, raising the gas tax, and very few senators, very few house members, and even t

tom: for those of us looking at the calendar, phil mattingly let's look at the drama today. e get deference because he was once a senator? do they treat him nicer because he is one of them? phil: maybe in his confirmation hearings tom, but not anymore. what you will see -- look, the focus if you care about what will happen with this deal is on the democratic side. that is what you need to pay attention to, where those lawmakers come down. you have to look at the hearings today, tom, under the political lens of things. marco rubio is on this committee, rand paul coming off the campaign trail is on this committee. they are looking to score political points. i cannot think there is any difference at all. hillary clinton and barack obama came off the campaign trail when general david portray is came -- david petraeus came up to sell the war in iraq. if you want to know what matters to this deal, a attention to democrats. they are all the democrats -- the administration cares about. brendan: james coming, the director of the fbi, said the islamic state is a bigger -- james comey,

right now we go to elliott gotkine in tel aviv and phil mattingly in washington. was especially strong in stride and this morning about opposition. give us the layer or the nuance of opposition to what the president just said. phil: it is extensive, and i do not disagree with the note at all. what congress decides to do with this, and they will now have 60 days to review it once it is submitted to them by the white house, is they need to decide whether or not to approve or disapprove. if they disapprove, the president stated matter-of-factly he will veto that, so what the president cares about and what his team is working on behind the scenes -- and tom, i have reports of them doing this for the last couple weeks with democrats -- all the they need to do is log in 14 democrat in the senate and 44 democrats in the house, and everybody else can oppose the deal, and it will still move forward. that is the mechanism they are working with right now. brendan: phil what i've heard in the speech is the president trying to own inherited. he said we are "negotiating from str

pimm: thank you, phil mattingly. betty: joining us on the phone is mohamed el-erian, our chief at aly outs.sor before we get to economic news, let's stay on iran. how will this impact oil prices? you saw an interesting move where prices initially dropped but then they came back up, knowing that this is a long haul for iran to normalize their operations. market hasnd the oil been setting up for this deal. prices have come back down to the low 50's on wti in anticipation of the deal. what you see is a normal, orderly market reaction. pimm: talk about gunboat diplomacy. what does that mean in the context of world economies such as greece? that debtorsnotion are forced to accept conditions by gunboats standing outside their waters. it has happened many times and has often failed because the ownership of the reforms are not with those that have to implement it. i'm afraid that is what is happening to greece now. what they agree to over the weekend faces enormous challenges when it comes to implementation. not only on econ

erik: back to you, phil mattingly in washington. surprise that the initial response from the public and negative.flat out phil: the issue is not republicans in congress. have you need to look at this right now is that the obama administration is targeting democrats, specifically 14 democrats in the senate and 44 democrats in the house. that is how many people they need to support the steel to prevent congress from overwriting any type of detail here. while republicans will, and for the most part have, come out unanimously opposed to this deal, the key thing to keep an eye on our the democratic senators who might have been wavering. so far, democrats have been muted in their acceptance of this. no one really going all out in support of this. we will keep an eye on those statements and not from necessarily republican leaders. the president begins to sell this deal to congress. that is the next step here. jim walsh is also with us. he is a nuclear nonproliferation expert who joins us now by scott. president said this morning. -- we wil

mark: phil mattingly joining us. still ahead, keep on trucking those t-shirts and albums. the marketing power of the grateful dead as the root prepares for the final concert this weekend. ♪ mark: what a long, strange trip it has been for grateful dead fans culminating in a long weekend for fans. they will perform the final series of concerts to mark the 50th anniversary. power of theting grateful dead is just as powerful as ever. ♪ on santaads dissented clara, california, a few miles from where their beloved band was born. the parking lot outside of levi stadium wearing tie-dye. there was plenty for sale. we have snowboards. we have skateboards. we had choose from sandals to tennis shoes. we have new guitars. there is a long list of licensing. 20 plus years after jerry garcia died, grateful dead merchandise is still a cash cow. not just for the band, but for rhino entertainment, a division of warner music. >> care very into doing licensing deals. then want to be compensated for it, as do we. faking a 10 year deal with grateful dead in 2006, giving them control of the band'

we bring in phil mattingly. -- walker hasot been tapped as someone who could potentially win the nominationhe have going for him? phil: he has a couple of things. first and foremost he has won three times in four years in wisconsin, a purple if not blue state. -- inabilitybility to win states that are purple, and between democrat and republican has been one of the biggest drawbacks. he has done that very in those races he has drawn from an enormous group you can consider donors. 300,000 dollars -- $3000 from the coke brothers -- the koch brothers. he is a conservative record. he is seven or eight points ahead of everyone in iowa polls. even though today is his first day in the race, he's a top-tier candidate. now it's time for him to go out on the campaign trail and prove why. brendan: his tweet was interesting, he said america needs a fighter. is he taking on some of the rhetoric that is already working well for donald trump? a republicans looking for someone who is going to be antagonistic? republicans are looking for someone who is going to be antagonistic. you're never going to find any

phil mattingly breaks down the details. : the federal reserve officials in june expressed caution about global economic headwinds, saying it was on the path for an increased interest rate. they said that economic conditions as they currently stand are headed in that direction, according to the federal reserve minutes released from the june 16-17 meeting. those minutes also pointed out that china and degrees are contributing heavily to global headwind. for types of headwind that have only grown worse in recent weeks since those meetings occurred. they also pointed to problems domestically, most notably in consumer spending. all the officials hinted at the possibility that perhaps they were undershooting where u.s. economic statistics were. when it came to inflation, all officials agree that they are still well below the 2% target. still, they expect gradually to head toward that target. all this comes as greece and its creditors are still at a standoff over that country's economic future, and china faces its own market drough

ó phil: i'm phil mattingly. mark: i'm mark halperin.ue respect to ariana grande," if you like making offensive comments, you may want to think about running for president. ♪ mark: the location of donald trump's immigration speech tomorrow has been changed to the phoenix convention center to accommodate the thousands of people that want to see him speak as reported by ben brodie. one of those people is one of the anti-immigrant hard-liners in america. he was asked to tone

. ♪ phil: i'm phil mattingly. mark: i'm mark halperin.due respect to carry on a grande a if you want toariana grande, you may want to try running for president. ♪ donald trump's immigration speech tomorrow has been changed to the phoenix convention center to accommodate the thousands of people that want to see him speak as reported by ben rb brodie. one of those people is one of the anti-immigrant people in america.

phil: i'm phil mattingly. mark: i'm mark halperin. with all due respect to carry on a grande a if you want toariana grande, you may want to try running for president. ♪ donald trump's immigration speech tomorrow has been changed to the phoenix convention center to accommodate the thousands of people that want to see him speak as reported by ben rb brodie. one of those people is one of the anti-immigrant people in america. he was akssked to tone down the rhetoric this week. the donald's comments were backed. >> i believe mr. trump is telling it like it really is. being the governor of the gate way of illegal immigration for six years, we had to deal with a lot of things. if the people of arizona relz alize we pick up the tab for the majority of the people coming across our border in regards to the drug cartel, the smugglers the drop houses, it has been horrendous. i think everybody knows he is right. mark: probably be a lot of arizonans who agree with governor brewer. other than mr. trumps speech tomorrow, what is at stake? phil: 3500

is phil mattingly saying these guys are criminals? phil: not at all. it is just the model.is not a lucrative model. the bank itself is extraordinarily deposit heavy, but they have keep the majority of those deposits, the cash on hand, because of how quickly the campaigns move money in and out. they are not making a ton of money off this. they have a conservative lending portfolio. they have an amazing texas rating. they do not have to do with a ton of shareholders banging down the doors asking for more loans and for more risk to be taken. they are doing this in a way that does not make a ton of money to develop their business. brendan: this is what jumped out in the piece that you wrote. the bank puts most of the money from campaigns into excess reserves at the fed. that earns 25 basis points and it may not be around forever. don't they have to think about a new model in the future? phil: i was talking to peter fitzgerald, and he pointed this out in the last real for annual letters. the low interest rate environment is not good if you are deposit heavy and are keeping all y

phil mattingly joins us from d.c. to help us understand what is going on.encies in d.c.? >> law enforcement in the white house. this is a huge issue that has been bubbling since google and apple last fall changed their operating systems in a way that law enforcement can no longer get a warrant and ask those companies for decrypted data. those companies in the wake of edward snowden have made it clear they are not willing to negotiate with the government on this. there have been a lot of behind-the-scenes closed-door meetings at the white house to figure out and middleground solution and nothing has been discovered. this hearing will blowout everything into the open. everyone will need to pay attention in the months ahead and it is not just a minor squabble. david cameron has talked about this. president obama has talked about this. they talked about it in terms of something with no solution on its face. brendan: phil mattingly will be watching james komi speak on the hill today. ian bremmer, really quick this issue requires that lawmakers understand technol

tom: phil mattingly is and washington. yellen not running as a republican candidate at the last response. how is chair yellen greeted on the hill? bernie sanders is not there. is thaere a new dialogue? phil: it is tension filled. i think this is a progression of what we have seen over the last five or six years. you think about the house committee chaired by jeb hensarling, a critic of the fed. 60 plus lawmakers and quite a few of whom are not well versed in these issues sometimes -- it is not -- i know, that is shocking. it is not the easiest place for janet yellen to have a discussion. she works to deflect and defend and that is what you saw yesterday. brendan: lawmakers focused on oversight. did anyone ask a question that had anything to do with the financial markets? phil: there was a little bit a democrat from alabama at one point delved into monetary policy. lawmakers look at this more on their oversight role. that is what you are going to see today in the senate and she speaks at 2:30 not her usual 10:00 a.m. you are

phil mattingly joins us from washington to explain.ow could a virginia bank with one branch become the gop's bank of choice? by happenstance. this bank was started in 2007, designed to be a community bank. the financial crisis hit and john mccain was good friends with the chairman of the bank. chain bridge happened to have a clean balance sheet. the mccain campaign don't -- -- that0 million started the process. they have become the goto bank for republicans, largely because they tailor their services to what campaigns need. betty: what is it about this bank that is so attractive? size is offputting to some outside groups but is the most beneficial thing about it. a campaign walks up to a bank and says look, i will be 50 credit cards come a credit line of a couple million dollars, i need to be able to wire $10 million to iowa in 10 hours. i have no credit history. that is problematic when you're going to one of the major banks. with chain bridge, they sit and have good relationships. when i talked to peter fitzgerald, he made clear, we

phil mattingly will join us to talk about this connection between this bank and the republican party. that nobody uses, except for republicans. mark: phil has an interesting story to tell us. betty: i will see you in the next hour. much more ahead on the bloomberg market day. releasingxpress their earnings after the bell. what will they do after losing their partnership with costco? ♪ betty: welcome back to the bloomberg market day. merck express reports second results after the close today. consumers into spending as amex is the first credit card network to report earnings this quarter. we will see how the company's up after costco announced open amex for visa. guess who also dumped the company? are we going to get any sort of clarity on this impact from costco? >> analysts sure hope so. analysts are expecting not so great quarter profit and revenue. some of that is strength in u.s. dollar hurting profits abroad, lower gas prices meeting consumers are spending less areme -- credit companies getting less fully met the pump. american express, analysts want how the endcolor on of the co

joining us from -- joining us from washington is phil mattingly. what is it that trump filed?there a disparity between what he said in the past, what he says now, and what people say currently? >> he filed what is known as a federal financial form where you list all of your assets and within ranges show what they are worth. we will see the actual form sometime in the next month when the federal election commission puts it out. so, is he worth $10 million? you might get some sense of that from the form, but as he pointed out yesterday the top range on the form is over $50 million. if there is a billion dollar worthng but it is only $500 million, he checks the same box. it's hard to know what he's worth. he's had a lot of different claims over the years. claims his brand has value, which is difficult to measure. we will have some sense, but we will just to -- just have to listen to what he says about what he's worth. we heard from donald trump, but what about the other candidates? david: -- phil: in the last way four hours we have a sense of what they have on hand at what they c

mark: phil mattingly from capitol hill. thank you.o not forget to tune into the testimony, 2:30 p.m. new york time. -- we will00 p.m. take it when the q&a session. mark: you are confusing people. matt: i'm trying to give people a decent calendar. coming up, dunkin' donuts is taking shots at starbucks with a premium te. a we will tell you all about it. ♪ dunkin' donuts wants to take on the premium t market, testing new varieties in hundreds of locations in chicago. matt: customers will be treated to blends of black, biscuits, chamomile, mint, and one called harmony week to -- how many week. mark: starbucks says it is worth $100 million globally. matt: they want a piece of that. mark, it has been a pleasure. ♪ matt: welcome back to the bloomberg market day. i am matt miller. storiesve you top follow -- crossing the bloomberg terminal at this hour, starting with a new poll that indicates hillary clinton's standing is falling among democrats. according to a new associated view her asvoters less decisive and inspiring that when she launche

he tweeted -- for more, let's get to phil mattingly in washington.king to some people who know donald trump. have talked politics with him and he says he is good to a point and then he just won't shut up. is this the tipping point when he loses favor? : it is but the big question is -- how does it happen? have defied gravity are all political common sense. there is some concern amongst republicans that it's not just name identification or people know him from his reality show that is driving his numbers. you look at the latest fox pulled no is, he is at 18% and jeb bush is 14%. that is two weeks worth of straight donald trump having great numbers. the tipping point is the bottom completely falls out over the see two weeks as we candidate after candidate attack him or his numbers will stay steady and that is a huge problem for mainstream republican members not because they think he will win the election because they know he can take away votes and potentially delegates in early states like iowa and new hampshire. whether he it matter stays on the gop

phil mattingly in washington. scarlet: showers and confetti were raining down on the u.s.omen's soccer team as they paraded through history today in lower manhattan here it will take a look at the tickertape tradition. ♪ matt: it's a big day today in the world of sports. robert federer just advanced in his 10th wimbledon final, breeding -- beating written's andy murphy. he will square off with novak djokovic's on sunday. mark barton is at wimbledon covering the action. he spoke with stephanie ruhle and erik schatzker on market makers about which stars are pulling in the most cash these days. mark: last year, $56 million in endorsements. the number two had $44 million. languishing ats $90 million last year. endorsements if he believes in it, and if it doesn't interrupt his training. what is interesting, stephanie -- he likes to invest in u.s. property, he likes to invest in u.k. property. he bought a hotel near his hometown in scotland. that's a luxury of any right now. and he invests in this crowdfunding website trade you put two bits of money into startups there. he wants

we have phil mattingly with us president of the national action network. reverend al sharpton. how is that "way too early" schedule? >> i'm still struggling with the morning hours. >> you actually -- >> how are you doing? >> you'll never stop struggling with that. joining us in washington senior political editor and white house correspondent for the huffington post sam stein and msnbc political analyst and former chairman of the republican national committee michael steel. we're going to start with bernie sanders. first, front page of most of the papers, they're looking at whether or not air fairs have been you know jacked up unfairly. my answer is yes. i don't know. we'll see. but the justice department is taking a look. we'll have more on that. they seem high. and then there was a heartbreaker for england. >> what happened? >> semifinal of the women's world cup. a tie game. we're in extra time here. this is an own goal. >> no. no. no. >> that wins the game for japan. laura basset is a great player for england. was trying to cleert ball back to her own goalkeeper instead kicke

erik: phil mattingly is with us from d.c.. have a great weekend.want to take your trades and throw them out the window? the origins of the tickertape parade and those streaming strips of white paper. we will go back in time with none other than tom keene. ♪ erik: coming up, fed chair janet yellen. we will have in life for you starting at 12:30 p.m. eastern time this afternoon. stephanie: futures are pointing to another strong open for u.s. stocks. i want to ring in julie hyman for look at what stocks are on the move ahead of the open. julie: that's what i think about when getting dressed in the morning. how can i motivate the markets today? let's start with netflix. morgan stanley is raising estimates for the company. they are expecting $.35. it is $.31 if you look at the average we surveyed. this is driven by higher pricing, particularly in the united states. they are raising the price target to $750. the ideal scenario would be $940. we haven't had a lot of pie-in-the-sky price targets for netflix as of late. it is nearly 690 right now. we've got

phil mattingly is in washington and michelle caskey is joining us here in new york.called puerto rico lobby? is it a valid entity with power? >> the hard part they face right now is that their members in congress do not have a vote. they need to focus on lawmakers who have constituencies in new york like chuck schumer who is dedicated. the bigger problem here is that the lobby of the hedge funds on the other side of the debate have increased grown and brought on a top-tier level of lobbyists with close ties to republican leadership in the last four to five months. that is what they are facing off with and that is a problem for puerto rico. tom: how much sweat is there among democrats and republicans over a pending default? >> it is on everyone's mind. when is it going to happen? people are wondering when are they not going to play -- pay? tom: who do they talk to when they pick up the phone? >> their advisors are jim milstein. they just recently hired stephen rhodes, a former bankruptcy judge who oversaw the detroit bankruptcy. tom: i look at this, it is the hedge fu

i have one more esteemed name for you bloomberg's own phil mattingly. he is all over this story. hil: the sales job against today for the administration and they are not targeting republicans who are unified in their dislike. it is all about democrats. you need to watch ben cardin. very skeptical of this deal. you need to keep an eye on tim kaine, a virginia lawmaker and a democrat. why democrats only matter? the president needs to keep all but 12 of them in line to keep and sustain a veto over anything congress does.this deal stays alive if any fewer than 12 democrats support the president on this. the other thing to watch out for is the politics of it. marco rubio and rand paul off the campaign trail will be questioning the administration. both oppose this deal so a lot of theatrics to keep an eye on as well as the hearing moves forward. matt: we are taking a live look at the room here. for the journalists getting in position to get the cameras on john kerry when he walks in the room and cover this breaking news. it starts in five minutes. stephanie: what do we think here? what

phil mattingly is in washington with more. does he jumped to the head of the pack right away? e has some of the best resume -- one of the best resumes there is good as a governor, he restricted collective-bargaining. he has allowed conceal and carry in the state of wisconsin. number two is his resume of victories. he has one three elections in a purple state in four years while the entire national democratic party has been against him. the republican party has been looking for ways to win and purple states he has that going for him. because of those three victories, he has a donor network that is huge. his campaign has a list of 300,000 donors. he raised $86 million for his three campaigns. one of his biggest backers -- the koch brothers. erik: he will get a lot of attention when he makes his announcement but hillary clinton is not being quiet. phil: not at all. she has her big economic speech today. what we're looking for here are principles. one is the increase of workforce for people. number two is boosting people's incomes. number three is changing corporate and semitism. -

phil mattingly, always calm and collected, is in washington. i do not get it. a simplistic thing. with this highway bill, we do not want to spend any money. phil: and everybody agrees that we need to. there is already a shortfall of millions of dollars. you mentioned the gas tax. it is not even on the table right now. here is the state of play. the house passed a 34 short-term extension ashley's 34th short-term extension in the past six years. tom, it is tens of billions of dollars right now, and it is all about how you pay for that going forward. that will be the debate as we go forward. tom: can we get senator schumer to do something about 59th street, 3rd avenue? brendan: the only question i have this morning is that, phil, you are at college avenue, right? have you ever punched a shark? phil: that would be my natural inclination if attacked by one. then curl up into the fetal position. brendan: i think you would punch first, then curl up. what about this utter inability to talk about infrastructure funding? has anyone ever said to you off the record why it

brendan: get ready to spend the next year and a half with phil mattingly in d.c.nk you so much. gary: good to be with you as usual. tom: the 10 year, under 2%? gary: yes. tom: he will never give up. we will continue on bloomberg radio. and " >> live from bloomberg headquarters in new york, this is "market makers." with erik schatzker and stephanie ruhle. erik: good morning. it is "market makers. on erik schatzker. matt: i'm matt miller. crisis averted in greece, for now. it is not a done deal. that still has to come from the greek parliament and all the other parliaments. erik: another agreement needs to be reached on a bailout. matt: a new term i heard, "agr eekment." erik: it took me long enough to get my head around "grexit." two real estate developers will be with us. mort zuckerman william rudin and adam newton will be here. alexis tsipras the greek prime minister, surrendering to european demands for action. a

mattingly is standing by in washington. good afternoon. phil: we are talking the fed minutes just released from the meeting. while members to express caution about the economics, both domestically and internationally, they still made clear in those minutes that they are on track for a rate hike at some point this year. that is the big question everybody has. are these minutes actually outdated? mention risk coming from china and the negotiations --ween creditors and greece those situations have changed significantly in the three weeks since these minutes came through. riskcipants pointed to the and some concerning caution about first-quarter growth in the united states. every single participant said they believe that growth would pick up in the second quarter and was overstated. numbers that have come out since then seem to have backed that up. havee the risks we seen in china and greece, fed officials making it known that they are on track for a rate increase in 2015. a lot to be explained going forward. another fed official speaking today. ja