we'll have richard fisher who joins us in just a moment. and david novak will be our guest host. we'll talk to target chairman and ceo brian cornell. home depot co-founder to talk politics and later, we'll talk to chairman and ceo jamie dimon. in the meantime, let's get a check of markets. overnight, it's taken a turn for the worse. the dow jones future is opening lower by 51 points. s&p by 5, nasdaq giving up 14. weighing on the dow, of course, is disney. overnight in asia, the nikkei is managing to turn a little higher at the moment. the shanghai composite a little in the green. european equities, this one interesting to watch. a couple cross-currents to watch. german dax down 1%. france's cac, down almost 1%.

japan, abenomics and i feel bad for jan nell yellen, and richard fisher said on our channel, see has the most monumental and humongous task in the world, and she does. because on the other hand what sis the statistic that you put out, everyday in 2010, 20,000 boomers will retire for the next ten years, but more to think about than just those number, and think about it this way, pension fund, and how could they possibly in the negative or the low interest rate environment generate enough income for people to reare tire? one thing they don't hear when i look at much of the presidential coverage in front of to november election, and entitlement reform, and yes, maybe some but the problem is that, demographics mean that a lot of people are going to be getting hungry for money to retire and the problem is that the pizza is being cut in smaller pieces. it may taste great, but it is not filling enough.

guest host, of course, is richard fisher.>> richard fisher raised his -- just so you know. >> what kind of a froth are we talking about? where are we looking? >> i think if you look broadly across all asset classes, where is the money going? it's going into gold. it's going into government bonds. it's going into the yen. specifically with equities which is where i'm focused while there are outflows broadly, the places inflows are places like consumer staples. and people are thinking because says that very uncertain world, they want some uncertainty. the problem is, safe assets are a function of not just the fundamentals, but also the price. if you look, staples trading at 22 times. utilities normally trading at 22% of the discount. today, they're trading at a premium. markets basically saying growth is never going to recover. interest rates goring to stay low forever. inflation is not coming back soon. if you see any of those things starting to reverse, i think the safe assets are potentially at risk. >> it's how to make a ro

we'll have richard fisher who joins us in just a moment. and david novak will be our guest host.me depot co-founder to talk politics and later, we'll talk to chairman and ceo jamie dimon. in the meantime, let's get a check of markets. overnight, it's taken a turn for the worse.

. >> that is matt shultz and this is richard fisher from marin. he was buying a book in san francisco when we met. >> have you noticed they took longer? >> yes. every store is different. >> they do take longer but how much longer? this transaction at green apple books took 11 seconds to process. the average swipe takes two seconds. so we have a 9-second lag time. that is what this is about? nine seconds? >> how we use cards hasn't changed in decades. just an added 10 seconds on how to use the cards really feels like a big shake up. >> the time lag is enough that retailers are scrambling for a fix and one has been found. >> it's some upgrades to the software that the retailers use in their terminals that will cut down on the amount of time that car needs to be in the terminal. >> the software changeover will take a while because there are different software makers. it takes time to train store employees. the hope is to speed it bap few seconds. to see my reports go to abc7news.com. and select 7 on your side. now, the state senator saying california

. >> that is matt shultz and this is richard fisher from marin.was buying a book in san francisco when we met. >> have you noticed they took longer? >> yes. every store is different. >> they do take longer but how much longer? this transaction at green apple books took 11 seconds to process. the average swipe takes two seconds. so we have a 9-second lag time. that is what this is about? nine seconds? >> how we use cards hasn't changed in decades. just an added 10 seconds on how to use the cards really feels like a big shake up. >> the time lag is enough that retailers are scrambling for a fix and one has been found. >> it's some upgrades to the software that the retailers use in their terminals that will cut down on the amount of time that car needs to be in the terminal. >> the software changeover will take a while because there are different software makers. it takes time to train store employees. the hope is to speed it bap few seconds. to see my reports go to abc7news.com. and select 7 on your side. now, the state senator saying californians a

we saw a richard fisher, robert kaplan's predecessor, continually do this throughout his tenure, but he had very -- he never dissented. do you think that when williams and lockhart go out to do this kind of thing they do it in concert with yellen or at least with her approval and knowledge? is this part of the game that they play? steen: if you ask them, they will claim to be dependent on their own minds, but i think the communications strategy is very close to yellen. she was responsible for that before becoming chairwoman. i don't think they have a plan. i think they are totally confused, and they will remain confused. the u.s. economy is not strong enough to carry the hike, and if they do go ahead with the hike, the inevitable thing is that risky assets will have a terrible time for the balance of the year. a kid at refusing to go to dinner and the parents who keep telling them they have to go. guy: one final question, the bond market -- if we believe yellen and yellen is willing to let the economy run hot for a while, and if inflation starts to creep back in -- there are some sig

. >> we had richard fisher. >> last week. >> i don't know whether you watched.t, zero interest rates. i'd like to keep them there forever. think about how great the world would be. $100 an hour minimum wage, do that and make college free for everybody. we should do all these things except then you have to think about it and what might happen. there are some problems with zero interest rates and one of the things fisher brought up was if you're an insurance company and you've got these liabilities in the future, like matching things to a zero return makes it really difficult, not to mention savers. this is tough, isn't it? >> you're absolutely right. if i was faced with a zero interest rate environment. >> sounds great. >> you know what i would do? >> what. >> raise my prices. >> you can't when competitors are lowering and writing bad insurance which is why people are asking questions. >> basically chickens would come home to roost. would you rather -- >> a cheap policy doesn't always do you well when buying insurance. >> something will happen someday, isn't it?

fisher. the lobby had to be big enough for this sculpture by local artist richard sarah. >> it reminds me of like being in mt. design zion or something that. >> reporter: the architect designed the moma to reflect the bay area, resembling a canopy of redwoods. >> and the stairs, you guessed it, they re-create the hills of san francisco. there are plenty of them here. try to take them all in if you're feeling up to it. when you walk through the building you'll see thing that's might remind you of the city that you live in or that you're visiting. >> reporter: kidsor under 18 can visit the new moma for free. the "new york times" calls this the new standard for museums. and they may be right. in san francisco, cornell bernard, abc 7 news. >>> more than 80 volunteers in oakland are sending a strong message to vandals. you are not welcome here. abc 7 news was in chinatown today as they painted over gra 70 50ty. business owners say the problem is just getting worse. a new program encourages anyone who lives in oakland to adomt a building or a block and keep it free from vandalism year round. >>> s

fishers. the lobby had to be big enough for this maze sculpture by local artist richard sarah. >> it reminds me being in mt. zion. >> reporter: the architect designed it to reflect the boy area and a canopy of redwoods and exterior of white remindful of the fog rolling in. and the stairs -- they recreate the hills of san francisco. there are plenty of them here. try to take them all in, if you are feeling up to it. >> so when you walk through the building you see things that might remind you of the city that you live in or you are visiting. >> reporter: kids under 18 can visit for free. "the new york times" calls this the new standard for museums and they may be right. in san francisco, abc 7 news. >>> some details on the new museum. it closed in 2013 for the expansion. the project has tripled the amount of gallery space. the museum now features 33,000 works of art. the mo ma included 45,000 feet of art filled public space, free to see, no ticket required. we have a inside look at the home page of our wednesday bsit look for the mo ma image. >>> a actress is set to star in a movie about a movie