it is not a slamdunk. to use those words anymore, but there is some skepticism that this deal or something similar to which will not become law of the land, at least temporarily. this is an important inflection point for folks who work in congress. one thing the administration talks a lot about is what the deal contains. they don't talk a lot about what the deal that. for example, what are the on to with thisects of iran kind of e? what does it do to mobile proliferation dynamic? you can begin to list a very significant and compelling order of battle about issues that are likely to be affected once, or if the deal kicks in. one thing there is not been a lot of talk about but there should be is how do we manage consequences? are the institutions in the u.s. government, whether executive or branch, areshould the institutions keyed in to being able to respond effectively to additional iranian infusion of cash? are we properly monitoring proliferation dynamics coming out of asia and the middle east? these are

we like to slamdunk deals and keep it 10%.k: i am curious to know, now that i have learned this, about stocks and unconstrained fund, how do you manage your personal money? clearly, some of it -- i would imagine some of it is in the unconstrained fund. yes? bill: yes. it just seems like a natural situation in which i would put putld some of the money in the janus unconstrained. now the rest, you know, i manage as well our family foundation, which is sizable. a lot of it is in a closed-in fund territory, not necessarily liquid, but, you know, in an environment in which interest rates are low, those closed-in funds can lever to a certain extent. you can get a 6% to 7% tax-free, return, tax-free, for instance, in a wide variety of closed-in municipal funds. not without risk. but, you know, those are some of the vehicles. on a weekend i will take out my "barron's" -- hopefully that's not a nasty word here. i will take out my "barron's" and i will check them all out. then i will watch bloomberg or hockey playoffs. and then go to to

it is not a slamdunk yet. if we get some disappointments in the next round of data that could make september more of a close call. having report like this in august means is we feel pretty confident. mark: what will they be keeping their eye on? >> we will have the next jobs report a month from now. i think it will also be nice if we see financial conditions remain consistent with growth. in other words, would not like to see the dollar really accelerate from here into the september meeting. matt: we are looking at the turn of the dollar. it has been a strong currency of 20% since september. does that janet yellen say that they do not pay attention, or they do not bases kinds of decisions on currency fluctuations? >> they are not trying to manipulate the currency, but it is an influence on the way we all look the rise in the currency certainly does will have one factor, and i think we are on track for september. i just do not think that we can go homes weekend and said that is the -- >> the fed maintains the v

any veteran of the gold industry knows that it's not a slamdunk. >> i remember specifically sitting and screen and seeing $254 per ounce. i also know how much value we have created since that time as the market moved. i expect we will do that again. right, the mine will hit its stride just as gold prices start bouncing back making it one of the strongest, lowest cost mines in the goldcorp portfolio. if they are wrong, it may be cheaper to leave that gold underground. mark: coming up, we will speak with the ceo of market field asset management and we will get his insight on the chinese economy, its currency moves, the recent plunge in the shanghai composite index. bloomberg market day continues in just a moment. ♪ ♪ (ee-e-e-oh-mum-oh-weh) (hush my darling...) (don't fear my darling...) (the lion sleeps tonight.) (hush my darling...) man snoring (don't fear my darling...) (the lion sleeps tonight.) woman snoring take the roar out of snore. yet another innovation only at a sleep number store. mark: it's 11:00 a.m. in san francisco, 2:00 p.m. in new york, 2:00 a.m. in hong kong. what is the

but any veteran of the industry knows it's not a slamdunk. >> i remember seeing $264 and ounce.so know how much value we have created since that time. and i expect we will do that again. if they are right, it will hit its stride just as gold prices bounce back, making it one of the strongest, lowest in their portfolio. if they are wrong, it may be cheaper to leave that gold underground. pimm: bloomberg's danielle more fromins us with toronto. thank you for being with me. if you could describe this idea of how much it costs to get out of the ground. $800 an ounce, that is their projection? the projectionis for 2018 when they ramp up to their -- they are estimating 5000 ounces a year. there are economy skills. when you start, it costs more. the more that you get out of the cheaper it becomes. -- there are economies of scale. it is quite good relative to the company's peers. be $978. number would this could be a very good mine. have shares of goldcorp lost about a fifth of their value so far this year. is the company going to need to raise more money to get to that projection -- pr

but any veteran of the gold industry is not a slamdunk. >> i remember very specifically sitting and lookingscreen and seeing $254 an ounce. but i also know how much value we have created since that time as the market moved. i expect we will do that again. right, itif they are will hit its stride just as gold prices start bouncing back making it one of the strongest lowest-cost mines in goldcorp's portfolio. if they are wrong, it may be cheaper to leave that gold a kilometer underground. all right, now to move onto a look at the top stories this hour. a key measure of the factory output unexpectedly declined to the lowest in more than six years. the new york fed says the antistate manufacturing index plunged to -14.9. negative numbers indicate factory output is printing, no longer expanding. there were big declines in new orders and shipments. darden is turning to a board member to head up the real estate investment trust enough coming later this year. the lenihan was named ceo today. the owner of allah god and -- all of garden city would break off restaurants into a reit. it will be publicl

proposals for creation of a system of universal military training, thought to be a slamdunk during the war, were eventually rejected and replaced by a limited selective service system that provided military service to an estimated 7 million americans prior to the drafts's termination in 1973. for most of its 25 years of existence, the draft was generally accepted, in part because educational and other exemptions made avoidance of induction relatively easy. but the demands of the vietnam war led to widespread opposition to compelling military service. along with president nixon's desire to tamp down antiwar protests, a presidential commitment concluded that demographics -- that is the enormous number of young men from the baby boom, costs and moral and ethical concerns demanded another approach. that led to the all volunteer force. the mechanism by which the nation for the past 40 years has staffed its armed forces. in many ways, given the evolving nature of modern warfare, the avf has proved to be an effective instrument for enhancing qualification of those serving in the nation's arme

magical co-opting of an argument that has failed if you look at it but that is pretty much an analytic slamdunk people will look at the average government expenditures as a share of gdp going back 20 or 30 years and come back with a number that is around 21% say 21% is what we need going forward and i talk about that under the heading the tyranny of the average. the average is not helpful in a world where the cost of health i don't know the answer to that in the political sphere. i would turn to others for that. i will say this tax cuts won't help you. it happens to be the case that a least in terms of federal income tax, the median taxpayer doesn't pay much in federal income tax and not much you can do there. they pay more in federal taxes and state taxes. if you get into incomes of 150,000-dollar she can give them a tax cut that's a temporary bandage as visit the market outcomes are increasingly leading to the gross disparity that we even talking about a tax cut is abandoned. it's not a lasting six. these ideas are more lasting cell phone as a candidate running i would talk about employment.

up something like the 1994 environment and they have to -- a difficult job and september is not a slamdunkre good things happening as well. the u.s. is generally doing inflation domestically because of the labor market. we will have to see. i feel fairly comfortable as they will go this year. and exact timing is more difficult to call. francine: what is your call sterling? george saravelos: we are looking for it to fall to $.70 by the end of the year. cable, we are bearish. for the bank thank you for all of that. -- francine: thank you from of that. george saravelos for more on why german carmakers are interested in the product called the product is called here. let's bring in our reporter. why are they interested in buying mapping units? reporter: he is all about self driving cars. to make cars that can help steer themselves and guide themselves these carmakers need access to detailed maps very there are only a few companies in the world that make maps like these. here is one of them. they decided to pick up that asset. francine: how will the ownership the structured? naomi kresge: it is

gives goldcorp quite a bit of wiggle room, but any veteran of the gold industry knows it is not a slamdunk specifically seen $254 an ounce, but i also know how much value we have created since the time as the market moved and i expect we will do that again. danielle: if they are right, asonore will hit its stride gold prices started bouncing back, making it one of the strongest, lowest-cost mind in goldcorp's portfolio. if they are wrong, it might be cheaper to leave the gold a kilometer underground. cory: daniel joins us from toronto. it is interesting -- there was speculation that there would be acquisitions, that companies would choose to use capx spending to buy other miners that have projects. this is a big bat. danielle: absolutely, and if you talk to the chairman of gold corp., the intel for, he will tell you he is looking --ian t elfer, he will tell you that they believe greenfield projects are necessary for development. they are less common when you build the mind from scratch as opposed to buying something that has been shuttered for a while but is an existing mine the you feel y