joining me is tony crescenzi, a portfolio manager at pimco. tony, welcome back to "bottom line." thank you for having me. mark: is that this is potentially the most important part of today's statement. what risk did you see? : tony: clearly, the fed, in the first paragraph, which gives the conditions of the economy it was simply an update on what it sees with capital spending and employment and other areas of the economy, but what matters is not the first quarter or the fed outlook for the second and going forward, and the fed said the risk to the outlook on gdp economic growth and employment remained nearly balanced. in other words, the fed remains confident that its objective will ultimately be met, which is to achieve its dual mandate of full employment and inflation stable inflation, which it sees as 2%, and so that outlook means that every meeting it remains live for a possible rate hikes. june is very low off, but it is still possible. the fed made clear that it is very data dependent. july is positive, but september remains the most likely month where the fed will feel sat

tony crescenzi of pimco.ss of janus capital, and alan krueger will join us from princeton university. that is a pretty good list your it we will look tomorrow morning at washington. good morning. ♪ tom: good morning, everyone. "bloomberg surveillance." alan krueger will be fascinating on the two americas. here is brendan greeley. brendan: from the hellenic republic, written as a document prepared by greece's government today. tom is a guy who looks at the numbers. this is their proposal to the eurozone. i like to read the preamble to show what they are thinking. olivia: i do not mean to be completely rude, but how can you say forget the past but also you os money from world war ii? brendan: exactly. i think it is acknowledged that that is negotiating -- olivia: he keeps bringing it up there it i have seen that many times. brendan: this is their competing narratives right now. tom: where does this go into the weekend with spreads out 10 basis points this morning? brendan: we keep having conversations with hans