our own fed head turned deadhead, steve liesman joins us now from the windy city. behind the band's final encore. we are the only network to be in that stadium live right now. ahead of those performances and steve, take it away. >> thanks, scott. yeah, this is pretty historic moment. one historic moment. it is one of the biggest concerts ever. going to have one of the biggest presences ever on pay-per-view and on the web in terms of the paid stream. i'm here with the guy who put it all together. this is about a year in the making. >> yeah. >> there is a business story here. how did it all come tocchet? >> in a way it came together because of my whole life for the last 20 years. i had one of those moments when i was in college here at chicago at northwestern university, the dead show at rose month horizon in 1993. it changed my life a little bit. and then different parts of that path. i went on and just became in love with music after seeing that dead slow and took over a great rock club in new york city that was -- >> but you had competitors for this event here. ot

steve liesman in frankfurt, germany. he said the germans have been silent on this. does that cause you concern? >> no, not necessarily. i think at this point we're starting -- it seems to me as if the greeks have essentially capitulated. now, there may be some deal. what is probably going to work out is they're going to get a promise of debt restructuring at some point in the future. that's kind of the consensus out there. that's what i think the germans could agree to that as well when you look at what happened in the markets and the response to, this it's not a great deal for greece but i think there are a couple things. you had a bit of a stabilization in china something, kind of resolution here where we think we're going to get a deal and you had a market that was a neck short. if you take a look at some of the commitment traders report, people were net short the s&p 500. you had short covering in both the stocks and in the euro and i would call this a fomo rally, fear of missing out. >> i was going to say the german officials may have been silent but the german

our resident grateful dead fanatic and boy of summer steve liesman is live at soldier field with morepot any deadhead stickers on cadillacs yet? >> i've seen a few, yeah. and that's what they're calling it, they're calling it the couch tour. they used to go to actually tour. now they're calling it the couch tour. it was a huge story when it happened. the tickets sold out 75,000 for a total of something like $225,000 tickets. what do you do at that point? you broadcast it and you broadcast it any which way you can. can you actually make money from it? you know one of the huge issues in the music industry is how do the artists get paid in this world of digital music? what they did with the santa clara shows that they added because of the overflow, they broadcast it on youtube. it was one of the first, maybe the first youtube music stream, they think they had about 100,000 subscribers to that. this is blazing a trail like the grateful did early on when they came into the business. now there's this other revenue source. what's going to happen over the weekend is it's going to be on pay pu

but even though the report was slightly below expectations steve liesman tells us why it may be enough to seal the deal for a possible rate hike in september. >> reporter: the government saying today there was more growth than it first reported in the first quarter and less growth than the market expected in the second leading to a bit stronger growth in the first half overall. first quarter gdp revised up to 0.6% was originally reported to be negative. the second quarter came in at 2.3% for a decent but unspectacular bounceback. and there was more inflation than initially forecasted something that the federal reserve has been seeking. many say the data is sufficient to seal the deal for september rate hike from the fed. >> i think they want to go but if they do go they are going to explain to the market very clearly this is not the beginning of a very consistent rate hike cycle. they are going to be again, very data dependent. >> lots of data to come before the fed meets in september. a couple of jobs and inflation reports that will ultimately determine if there's a hike. >> we get a

so the headline of what steve liesman told us and what we heard from the fed chair is we're on track for a rate hike this year. do you believe her? >> i think if you listen really carefully to what they're saying. they're saying if economic growth improves like we think it will, which i kind of interpret it as being hope it will. yes we'll be able to raise rights this year. but economic growth has been, there's a debate about it in the q&a on capitol hill. that growth has been pretty stable for quite a while when you look at nominal gdp. when you look at my favorite indicator. real gdp is being kind of pushed around by the inflation rate. the deplater being affected by energy. but nominal has been incredibly stable. and it's at a level that is inconsistent with the fed raising interest rates based on historical measures. i think it's difficult for the fed to raise rates without nominal gdp and i think they have a problem with the pce deflator, which is not trending higher, like some of the other inflation measures, most notably the employment cost index which does look like it's in a

steve liesman as the full report. >> reporter: more growth than the first quarter. and less than the market expected in the second. leading to bait stronger growth in the first half overall. first quarter gdp revised up to 0.6%. it was originally reported to be negative. 2.3%. a decent but unspectacular bounceback. more inflation than expected. economists say the data is sufficient to seal the deal for september rate hike from the fed. >> i think they want to go. i think if they do go, they're going to explain to the market very clearly this is not the beginning of a very consistent rate hike cycle. they're going to be very data-depep dedata-d data-depende data-dependent. >> reporter: lots more to decide before september. >> we have a strong number next friday, i think september is looking increasingly likely. i thought the statement we saw yesterday showed the fed opening the door to september. and all we need to get to that door is two good jobs numbers. >> reporter: the bureau of economic analysis announced the regular annual revisions over the past three years a

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for "nightly busine i'm steve liesman. >> steve, in case you didn't guess, is a big dead fan. >>> well it's no secret that 20 something millennials have not been in a rush to save their money. they h been paying off college loans and may have seen their parents lose money in the stock market over the past 20 years. and so now, though there's an app for that. apps for investing are not brand new but this app is our latest bright idea. >> reporte marlin white is one of the millennials you keep reading about. this 25-year-old washington, event planner has been hesitant to invest his money. >> i think the traditional stock market you're supposed to understa or if your parents don't invest you don't have anyone to tell you how to do it. >> rep now he's using an investme management and budgeting cell phone app called acorns. white says its round-up function is helping him find money to invest tracking debit and credit card purchases and rounding the charges up to the nearest dollar putting spare change aside for investments. think it's going to blow up because with the app it makes it really

steve liesman filed this report. >> reporter: the federal reserve left interest rates unchanged in its july meeting as expected. but the question is whether it hinted at a rate hike to come at the next meeting. on the one hand it upgraded one part of the equation needed to raise rates, jobs but it left the second one, inflation, unchanged. >> the fed doesn't want to show its hand as it did in the 2013 taper tantrum. we don't want to see volatility in the financial markets. >> reporter: the feds said there were solid job gains, suggested it moved a step closer to criteria of gains in the labor market needed to hike. it also suggested a lower bar for hiking, saying it will hike when it sees quote, some further improvement, not just improvement. >> i think the fed is acknowledging the economy sim proving. i like their language around the labor market. the economy is standing up on its own two feet more than it has in some time. this will eventually cause the fed to raise rates. >> reporter: the fed characterized inflation in virtually the same terms it did in june. as running below the 2%

i know you'll continue to watch it, as will we, steve liesman. >> let's count you down to the close ind across continental europe. stocks rallying on hopes as steve just said for a greek deal over the weekend. france and spain up 3% each. germany and italy not far behind. for the week, europe does finish in the green. the broader market stock 600 did outperform the s&p, we're still working on finishing up our week stateside. >> up next, what is twitter's true identity? why nick bilton said he struggled to define what the company really is. plus we're continuing to watch these markets. the dow up about 190 points. s&p up 23, nasdaq up 66. we're waiting to hear from janet yellen the fed chair a little bit after lunch-time. "squawk alley" will be right back. ♪ i built my business with passion. but i keep it growing by making every dollar count. that's why i have the spark cash card from capital one. i earn unlimited 2% cash back on everything i buy for my studio. ♪ and that unlimited 2% cash back from spark means thousands of dollars each year going back into my business... that's huge fo

now. >>> let's kick things off with our team of reporterers, covering every angle of the story, steve liesmanhens. steve, let's kick things off with you, sir. >> thanks andrew. in the last hour, i talked about guarded positive reaction from the german political story. i want to get with the economyists saying here in germany and abroad it is not positive. economists are saying this a grexit is still the likely outcome. they are scene cal greece can follow through and ultimately they will stay within the union. some of the commentary, back here in here in frankfurt, the doubts and concerns youth weigh the euphoria out there. germany has overplayed their hand, something you hear a lot. bound to create lasting scars. the summit has is shown how deeply divided the eurozone is over the nature of monetary union. the greek deal is "wrong," it risks -- the risks are high for german citizens. politically this deal can pass whether or not there ends up being a backlash opposed to any additional greek aid, remains to be seen. i throw to michelle in athens to ask her, are the risks high for german citize

we have breaking news here, want to hand it over to steve liesman. more details about fed chair janet yellen's testimony about the u.s. economy. >> fed chair janet yellen speaking in cleveland ohio says it will be appropriate at some point late they are year to hike rates, very much echoing language to use at the end of the june press conference. she does say that unanticipated developments could delay or accelerate that first hike, after the first hike comes rate increases are expected to be gradual. one mention of the situation in greece, which she says is a source of uncertainty for the u.s. economy, but she doesn't seem too concerned about that, certainly doesn't dwell on it, she goes on to say u.s. fundamentals are quote unquote solid and she expects a pick-up in the pace of growth in the coming years. and the stronger economy she expects to draw people back into the labor force. she has a long discussion of the participation rate in her speech there. there are some tentative signs of a pick-up in wages and that makes her think that full employm

from steve liesman who just got off from a call with the imf? greece going to depend on debt relief. the debt relief could take the form of longer maturities on the debt or lower interest rates and an extended grace period. the imf was okay with the idea of not writing down the debt. the fund has a process, the imf said for dealing with greece if it should backtrack and that includes not providing additional funds. he said the prime minister tsipras should take more ownership of the reforms than he has to date. the idea that saying these reluctantly supporting these are not all that welcome at the fund. >> saying that europe needs to help greece on its feet. the way forward, the imf official praised the deal and said greece has a long task ahead. he said greece has to show the ultimate aim of this is that the debt of greece is sustainable in the long and the median term. so the fund take it strong line. i will say the senior imf official said the idea that aid is dependant upon debt sustainability is put into every program that they do. >> i gue

for nightly business report i'm steve liesman. >>> shares of starbucks pop on a strong quarter, that'shere we begin tonight's market focus. the coffee reporting beat on the top and bottom lines topping it off, the firm announcing it will buy back 50 million shares as part of its buy back program. before the close the stock was tooff a fraction to 5656. investors are also cheering at&t's late report. result's top analyst estimates as the wireless carrier added customers. shares topped initially after close. the stocks off about 1% to 33.93. comcast expecting revenues and earnings that were in line with consensus. the nbc universal division helped bolster results. still shares fell 3% to 62.47. comcast is the parent company of cnbc which produces this broadcast. >>> campbell's soup is raising its full-year outlook. as profits have improved due to d an aggressive cost-cutting program. the cost cuts are one way the company is transforming itself. >> we're forthing into fresh, looking at our products. we did announce we're taking artificial flavors and colors out of our products. we don't h

our steve liesman has more. >> it's -- fed vice chairman stan fisher.d have read that but it's fed vice chairman stan fisher speaking at the chamber of commerce this morning and adding something to a story we've been giving you, which is the issue that all of greece' problems, stan fisher who was the first deputy director of the imf, now the vice chairman of the federal reserve. saying the greek debt debate will be resolved. by using the equivalent of a writedown. here's what he said. >> hints from the side of the creditors, that when greece, when greece tosses the first review of the program, and is stuck with the program, for a while, they'll begin to consider the equivalent of debt reduction. >> so the equivalent of debt reduction means the germans don't want the debt written down. fischer saying that inflation is running too low, but we're close to full employment. we've had this tick up with the one rate hike this year at least as being prigsed in. the december feds funds furmts. the germans have insisted on no writedown. the imf has insisted on so

we'll switch out to steve liesman in frankfurt. the latest on germany's reaction to greece's latest bailout plan here. >> we don't have any drama like that. what they are waiting for here is for the greeks to approve the proposal put to the greek parliament in front of them. there's a lot of glaring silence. that proposal was received. they acknowledged they have it. they acknowledge there will be a meeting sunday in brussels to approve or discuss it. really what it comes down to is the german dilemma. will they deal on the greek debt or not? they have a public that is pretty overwhelmingly opposed to any additional greek concessions. on the other hand german chancellor angela merkel has tons of i guess you'd call it persuasion on the part of the united states imf and france to make a deal here. she faces this prospect. on the one hand they fear the greek example could be one that others follow. on the other hand, she is concerned she doesn't want to be the leader that presides over the dismantling of the european monetary union. w

for "nightly busine i'm steve liesman. >> so if all goes as expected and the fed hikes interest rates in the coming months how will the bond market react? as mary thompson explains it's not only the initial liftoff of rates that's important to eye, but the volatility that could follow. >> here's wt to watch in the bond market in the second half of this year. the focus is the fed with an expected rate hike in september or december. though a minority expect no hikes, when the fed moves, strategist see volatility though not at levels seen in 2013. instead, most see short-term rates rising and flattening with the yield curve. after the fed moves, the focus turns to the pace and amount of future rate hikes and the performae of the economy. the fed signal that plan to move at a measured pace but if the u.s. economy grows more quickly, strategists see long rates rising and the yield curve steepeni on fears that the fed will be aggressive enouo keep inflation in check. on the corporate side strategis say a continued strong demand from yield hungry foreign investors and a strengtheng u.s. econ

our steve liesman as the exclusive results of the fed survey. ll the details. good morning, steve. >> reporter: good morning. this entire survey is one of enthusiasm. tempered growth still seen rising. interest rates seen rising but less than previously forecast and the same is true for the stock market predicktions of our survey in july. what you see in the charts is we're still predicted to be up in 2015 to 21.35 in the s&p. and in 2016 about a 9% increase. both of those are down from the prior forecast. all of this happens amid an interest rate outlook for the ten-year that remained pretty stable. down about 5 basis points 3 basis points for 2015. but the trouble ahead could be that fewer of our respondents believe the stock market is ready for the rate hike than they did in the prior survey. those who say the stock market has discounted the rate falling compared to the prior survey. that is less true as it has always been for the bond market where more respondents think the bond market is ready for a rate hike. taking a look at the path funds

i would like to lose my bet i made with steve liesman before the end of 2015 no tightening because ie line. >> if they tighten and the markets aren't ready, you you get tremendous volatility. if had they tighten and they figure out you're not doing it for the stated reasons, you lose credibility. it's a very fine line you walk. >> we're out of time. and on the yield curve flattening, it could be how correlated the long end is with the european long end, moving to a leetly different drummer. back to you. >> rick santelli thanks very much. we send it to jon fortt with a look at what's coming up next on "squawk alley." >> yesterday google was trading in the high 500s, today up 15% in kissing distance of 700. we'll bring you the news on the earnings. why it's trading so high. >>> and also clinton/bush. hillary clinton and jeb bush talking about the sharing economy. he got in an uber what does it mean for their positions on that? and finally, rounda rousey our julia boosten caught up with her. push your enterprise and you can move the world. but to get from the old way to the new you'll n

steve liesman is live in washington for the event.ect no news conference today but a statement to parse. >> look at it closely. there's a general but not overwhelming expectation that this is the meeting before the meeting when the fed likes the rates. the consensus is that there's no explicit hipt. 52% saying july is the meeting before the rate hike meeting. 48% say it's later. 82% say rate hike comes this year. 63% this year do not expect a hint in this statement today about a hike. how much does this matter about this month or december or next year. it depends on how short-term your outlook really is. here's the secret forecast we got last week. the recently released forecast it shows in general, rates are going to go higher at a gradual pace and even five years from now running above 3%. in the context of general agreement, agreement hike agreement, hiking in settlement or december doesn't make a difference if you have a long-term outlook. the fed says it has two tests for hiking rates but officials, they say there's three tests.

steve liesman, as we said is standing by in frankfurt. how do you think this proposal would be received there when expectations are not very high let's face it? >> i need to pick up on something michelle said. she used the term "prior action." earlier today we were at a conference where the german finance minister asked for greece to do exactly that. he used the term prior action. said greece needed to do something to build trust. if what michelle is saying is correct, and i'm sure it is what sounds like greece is talking almost directly to the germans. the germans today may have blinked in the following way. wolfgang schaeuble conceding that debt release was necessary. he went on to say there was nothing that could be done about it because it violated eu proposals. he went along with what the imf has been saying and u.s. president barack obama has been saying about the need for debt relief. angela merkel in the balkans today said "no classic haircut for greece was possible." notice that word classic. a couple of german papers saying mayb

. >> but let's get to fed headquarters in washington where steve liesman is standing by with more on today's announcement. steve? >> hey, bill thanks. the fed leaving interest rates unchanged in july as expected. but the question is whether or not it hinted at a rate hike to come in the next meeting. on the one hand, it upgraded one part of the equation needed to raise rates. jobs, but it left the other part of the equation unchanged. that's inflation. the feds said they were quote, unquote solid job gains suggesting it moved a step closer in that criteria needed to hike rates. even suggesting it was already there. it also suggested, really by saying it'll hike when it sees, quote, some further improvement. not just improvement. it doesn't need very much to get there. but the fed characterized inflation in virtually the same terms that it used in june as running below its 2% target and likely to only gradually rise in the medium term to that target. so, no progress there on the second criteria. that means, a september hike still depends on strong to moderate job gains in the next two

our senior economics reporter steve liesman, also in chicago at the cme. your two-shot with both of you. now that you have had some time to digest the jobs report how disappointing is it? >> i don't think it is that disappointing. are you hearing a lot of disappointment out there? i am hearing guys say it is a good number in context. that is numbered very much in line with some other data we have god which is that the manufacturing sector does not look to have picked up since other parts of the economy since the winner the consumer side and other parts of the economy. let's take a look at the mixed bag up 2.23. almost double the rate needed to soak up excess supply. the good news sort of ends there. average hourly wages, unchanged, just at a time when we thought we were maybe breaking out here on wages. labor force participation rate ticking down. it is widely unchanged for the year but going the wrong way here as a bunch of people dropped out in the month of june. the revisions downward 60,000. not too concerned about that. you took last month from 280 do

our steve liesman has made his way outside the ecb in frankfurt with more. >> hey carl, all of europein that building back there the ecb buildings, in the united states and around markets are waiting for the greeks to give a proposal that can then be studied by the staffs and then discussed by leaders on sunday. we were just at a meeting across town where german finance minister wolfgang scherbel said he didn't know when the proposals were coming and said look the greeks need to build up trust out there and they should go about doing their reforms to build up that trust. germany of course the fulcrum, the place where if there's going to be any concessions at all from the europeans, the germans are going to have to go along with it it's a very difficult road to hoe for angela merkel. the chancellor. on the one hand she face as public that doesn't support any concessions to the greeks. on the other hand she does not want to be the chancel or presiding on over the break-up of the eurozone or the european monetary union. recent poll found only 10% of the german public supporting any conce

. >> up next, janet yellen saying rate hikes are full steam ahead unless one thing happens and steve liesman knows. he'll tell us next. >>> we uncovered a hand full of stocks, 90% of the time. we'll tell you what they are and if you should buy them. bill ackman and company are worried about china. group of concerns very important to the economy. we'll tell you what that is when we come back. stay tuned. attention investors! vectorvest mobile is here and it's free! make faster, smarter, better trading decisions with vectorvest mobile. the most powerful app or managing your portfolio from the palm of your hand. only vectorvest mobile analyzes, ranks and graphs... ...over 16,000 stocks worldwide, everyday,... ...and gives you clear buy, sell, hold recommendations... ...on every stock; anytime, anywhere. vectorvest mobile comes free with your vectorvest trial. get it now! visit vectorvest.com/mobile to get started so you're a small business expert from at&t? yeah, give me a problem and i've got the solution. well, we have 30 years of customer records. our cloud can keep them safe and accessible

our own steve liesman, he covers the dead for cnbc. >> this is the first band i think, or at least thehan its music. you recognize the tie dye. >> and saturday morning reporting, too. >> we talked about licensing, ac/dc in the news. you could make an argument that no one has handled their brand better and more elegantly than the dead have, right? >> willing at the chart history, i think number nine is the highest any one song ever rose but one of the most successful bands in history. >> unbelievable. >> pretty interesting turnaround for the markets. the dow down 165 at the top of the open, the opening bell. we'll see what the afternoon brings us. now to "halftime" and scott wapner back at hq. >> already, guys. welcome to "the halftime show." store today steve weiss here along with josh brown and pete najarian. losing its heat, are chipotle shares in danger of dropping another 20%? someone said yes. our call of the day. pit stop, the end of an era for one style of trading. where the now tour is bound to be a little quieter. investors react to the no vote in greece. stocks staging quite

steve liesman has been monitoring it all. >> i want to go over what she said about greece. basically that the market, the fomc was sort of neutral on this. was still in june aware what the story was, what was happening in greece was not new. at that point the fomc still judged they would go ahead with rate hikes sometime this year. but she did hold out this idea, look we're going to be watching this, if this thing were to deteriorate, it could definitely have an impact on policy. one thing on the dodd-frank report or on the flash crash report. she said it could be regulation. and then she was questioned very strongly by garrett there. this notion did you look at regulation specifically and she was kind of on the fence on that issue. so clearly, congress zeroing in on the flash crash and whether or not regulation and dodd frank had an issue there. carl? >> she did say on the list of things. >> that's right. >> steve thanks for that let's get back to the questioning on the hill. >> a few weeks ago we met, had a long discussion about a number of different topics. one of them w

steve liesman has exclusive results from cnbc's all america economic survey. , thanks, jon. it is all america. 800 americans across the country but we also look at some of the subgroups in there like the wealthy versus those with less money. let me show you what we came up with for ask people is it a good time to invest in stocks. for the financial elite those with $100,000 or more or $50,000 or more in the stock market, they're nearing all-time highs here. but look at this blue line. this is all adults average americans, this is the clearest evidence yet of what we've been talking about, since the financial crisis. which is that average americans have not partaken in the stock market boom here. let's look at how this upper green line has worked with the stock market. this is the s&p. pretty good coincident indicator but you can see it fell off a little bit while the market tended to go up and flat and now optimism rising. it could be that the best indication here is a level over 00% that half of the financial elite are optimistic about stocks could have an ind

we'll have more from steve liesman many just a bit. >>> aviation experts say serial numbers on aircrafts found in the indian ocean could help identify whether it originated from the malaysia airlines plane that disappeared last year. if that debris turns out to be from the missing plane it will be the first confirmation that mh370 crashed into the indian ocean in 2014. the air kraf was travel from kuala lumpur to beijing. >>> consensus calls for gdp to have increased at a 2.7% annual rate. also important today, the government plans to be releasing three years worth of revisions from the bureau of economic analysis. you might remember steve liesman first reported in april that q1 gdp was statistically softer than the other three quarters for the past 30 years. they said it was developing methods to try to address this problem. we'll see if they have. from the economy to earnings among the company's quarterly result results. procter & gamble's ceo will be joining us. >> i didn't say something about that. >> earlier, just now? >> i thought at the top the show you might have said p & g earn

. >> we have to get to steve liesman >>> steve liesman has been monitoring comments on the state of the that the conditions have been reached for the european central bank to raise emergency funding for the greek banks. he didn't say when or by how much but made note of the various votes in parliament. the statement that just came out from the euro group. there will be some additional funding. some on the ecb thought they should bring the ela down to zero, which would have caused the greek system to go insolvent. they have reached a decision to grant a three-year stability support to greece. i think that's the short-term funding but i'm not sure. i am waiting to hear more precisely. basically, greece has no money. he was just being asked about a payment due to the ecb on monday. the first shoe. the idea they will raise the financing for the greek banks. there is the statement. a decision to grant in principle a three-year stability support to greece subject to the completion of relevant procedures z i am just looking at the headlines. it sounds like that move is effective as of today. e

. >> if there's going to be tightening that steve liesman has been talking about all the time which isow does the fed have to signal to the market that it's coming before it actually comes? feds fund rates, all of that is a signal coming or will it just surprise us? >> the fed doesn't want to surprise you but at the same time they said they're not going to telegraph for example in this meeting that the next meeting they're going to raise rates. so the way in which they're going to signal if anything and what everyone will focus on today is what's their assessment of the economy? how do they characterize jobs and labor markets and assessment of oil prices and do they use transatory factors and talk about wage inflation? we'll get the eci report which is a key economic report on wage conditions. we'll get that after the fed and so that's going to tie into market expectations. it will also be in the speeches ahead of september as to how they're signaling viewpoints on the economy and letting that be the signaling opposed to an explicit signal out of the statement that they're going to rai

. >> let's out to you, steve liesman who is live in berlin. steve, great to see you on this side of the atlantic. over the weekend, trust seemed to be the big concern to the germans what has greece done to establish their conviction and their promise to deliver on economic reform? >> reporter: nothing yet, seema. and that's why this is sort of a temporary deal or provisional deal in the sense that all of these things have to agree on wednesday. the way i've looked at this deal all weekend long is is this a check list of things that merkel needed to get approval for additional greek funding through her own parliament. she wanted greece to stay in the eurozone not willing to rick her chancellorship to do so. very little support here in girl mane which is providing the bulk of the funds for additional greek support. so what do you have? you have this privatization fund insisted upon by the germans and agreed upon by the greeks. that's the first thing. the second thing these prior actions of strict pension reforms, tax reforms, government reforms h

and cnbc reporter steve liesman is a deadhead. >> you don't have to look far down from those who wentad. for "today," john yang nbc news chicago. >> from college, the felt posters that were black lit. everybody had those in college. >> except for thomas roberts. >> they had them. >> you had birkenstocks? >> and all of the acoutrements that went with the posters. >>> and just ahead, kourtney before fibromyalgia, i was on the go. i was organized. i was a doer. then the chronic, widespread pain drained my energy. my doctor and i agreed moving more helps ease fibromyalgia pain. she also prescribed lyrica. fibromyalgia is thought to be the result of overactive nerves. lyrica is believed to calm these nerves. for some patients, lyrica significantly relieves fibromyalgia pain and improves physical function. with less pain, i feel better and can be more active. lyrica may cause serious allergic reactions or suicidal thoughts or actions. tell your doctor right away if you have these new or worsening depression or unusual changes in mood or behavior. or swelling, trouble breathing, rash, hives,

steve liesman moved to berlin. michelle, happy monday. >> it's an unwanted title. it's not a done deal yet. alexis tsipras back in athens today has to rally the parliament, bring them together and get them to pass a key number of reforms when it comes to pensions which will raise the contributions that the people in greece have to contribute to their retirement and raise the age more quickly than expected. there will be a hike in sales tax across the board on everything. that's the first proof of performance before you see the european finance ministers sit down on thursday to assess the situation, see if they are going to begin the deal process. ahead of that waiting to hear from the etb perhaps as early as wednesday to decide whether there's been enough good efforts by the greeks to loosen up the cash out of the atms. there is a whole soul-searching going on here about what happened? alexis tsipras told us he would get a better deal within 24 maybe 48 hours after that big no vote. a week later we have a worse vote. i spoke with one protester and said what did he

our senior xhix reporter steve liesman has been degreeing through the numbers. with with more details. the big question is, how the fed is going to think about these numbers? >> for the fed, that is the big question. first, we got a little physics lesson from gdp. the less you fall the less you bounce back. we didn't get a huge bounce back in the second quarter, not as much as expected. we found out we didn't fall as much as we thought either in the first quarter. overall, growth was a bit higher over the two quarter average of this year than initially estimated. is it enough for the fed to hike? first, the numbers, please. q-2, against an estimate of 2.7. it had been negative. now, it's positive. 1.45 versus 1.25 would have been the average. the gdp came along with more inflation. stronger growth than originally forecast and more inflation. that looks to be nearly enough for a lot of economists to seal the deal for a september rate hike from the fed. >> we have a strong number next friday, i think september is looking increasingly likely. i thought the statemen

let's go to steve liesman.g to see how this plays back home for merkel. >> reporter: yeah. it sure is. and i want to give you some of the debate that's already started here. this issue of did germany overplay its hand. i want to pick up on twitter. this hash tag, this is a coupe has now been on 350 times used on twitter. it's trending in spain and germany and france and the united states, and then earlier today, bbh put out a commentary about lasting scars. it appears to many that germany overplayed its hand. the bitterness and vin tickiveness of the german stance are bound to create lasting scars within europe. and then a green party member said merkel and the economics minister have burned up the trust in two and a half days that was built up over 25 years. that is on the fringe of the commentary. overall there's guarded reaction. germans are saying repeatedly they're looking to greece to fulfill these reform promises. a german government reacting to the this is a coupe hash tag. they say they acted out of eu

banking committee hearing listening to fed chair janet yell enen as her testimony concludes there steve liesman standing by. it's the senate banking committee and there are among those who passed dodd-frank but asking janet yellen to be the apologist for it. >> you hit the nail on the head on that one. it troubles me. nobody has the responsibility here. some republicans in the senate and the house want to change dodd-frank. they keep pressing yellen and the fed to do something about it. she says you know what? you guys passed this thing. if there is something wrong with it, fix it. here's the other problem. they keep asking have you studied the regulation? the fed says they are looking into it but i don't know how formally they are looking at economic impacts of the regulation which could be considerable if it's holding banks back from lending. this is like this netherworld nobody has respond for. great point. >> easily the most anticipated questioning came from elizabeth warren. her line of questioning had to do with the efficacy of the living wills banks had to fill out here. she was pinning

steve liesman has been watching all the data ahead of the jobs report. good. >> i feel like i'm in a different world from what kate kelly and michelle are in. it's the mirror image when you think about it. these countries going down and having all these troubles over there. in the u.s. we continue to register this bounceback from that soft first quarter and the ism data and the construction spending data. let's do construction first. private spending up. residential up. overall up 8.2% in terms of total spent on construction compared to a year ago. we saw it in housing data. and onto the ism, 5 6 on new orders. employment surging, 55.5 giving us some sense of optimism for tomorrow's report. also the adp report raising hopes of the economy continuing and igniting hopes for a strong payroll report. here's the number ofs. 237 on adp. they revised up a little bit. good sector surging ahead. good construction gains and also manufacturing gains. s is -- services powering most of it. the three month a.j. of adp now above 200,000 for the first time. it supports

steve liesman is here with me and i also michelle want to bring you back from athens. let's start with what greece has done. what --? >> i think the story is a little one-sided in terms of creditors complaining greece hasn't compted all the reforms. they have completed some reforms that would cause even worse political upheaval in the united states if they were not. first thing i want to show you is what's happened to the greek deficit here. take a look at this chart and what you can see it's gone from double digits to just barely you know almost 20%, to just barely below 1% now. that kind of strong decline in government spending and revenue. of course, it came along with that at a time of severe recession so that's exhibit number one, and this is something, that's by the way, hurt the greek government and hurt the greek economy in a really strong way. >> it hurt the greek people. >> and that is part of what's led by the way to the political upheaval we have there. exhibit number two is there's going to be some pension reform. i believe michelle will have a real fun ti

and steve liesman can talk to this a little bit more if you want. then, after that, what you have to do is you have to reinstill confidence in the banks. you need to recapitalize the banks. it's estimated between $12 billion and $20 billion needs to be poured back into the banks before that can happen. where are they going to get that $12 billion to $20 billion? from the bailout package they haven't started negotiating yet. so, full operational capabilities of the banks. i think is probably at least a month away. you may get an increase in the amount of cash that people can get, and then what will likely happen is they'll finally get their act together and start a rationing system. so when they have a pile of foreign exchange, they can say to the pharmaceutical companies, the hospitals and the food distributors, you get priority on cash so you can pay your importers, so we can have food, fuel and medicine. that would ease the concern about shortages. >> there's a difficulty, david kelly. >> i want to chime in on that. we know the ecb is going to mee

steve liesman was there for all three days of the concert. top the previous best seller youtube. >> i don't know that much. in sync sings this song? >> now he does. >> big news world number one rory mcilroy ruptured a ligament less than two weeks before the start of the british st. andrews, he posted this twitter picture saying he got hurt playing soccer with friends, he has already started rehab. he is working hard to get back as soon as he can. he had won more tournaments in recent years than anyone. 11. but that right there makes it kind of interesting for jordan spieth. >> potentially come up with a grand slam. >> the first two already. mcilroy's out. i'm looking for some silver lining. coming up. more on the fallout from yesterday's historic vote in greece. a live update in athens and a european group that's been negotiating. as we head to break, take a look at u.s. equities futures. by 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