>> it goes to the treasury. >> goes to the general treasury. so basically homeowners that have -- >> and so does the risk -- the support that goes behind the risk. >> i supported all that. i'm not -- i totally agree with everything that was done up until they paid back their loans. my problem is they paid it back. they're stable. they're heading in the right direction. and it's time to get back to more business as usual. because like everybody else i want to keep homeowners keeping their own money to the best of our ability. yes, there are interest rates and yes there are some risks, but right now dollar for dollar risk is contributing to the general treasury account, and that doesn't seem fair to me. it strikes me if we're going to have a general treasury account, either we should tell people we are charging you extra because you have a service or increasing taxes, neither one of which are sins to me. but in this case you're charging them through their mortgage for something that is unnecessary at this point in time. >> that's not the way i lo

treasury market. that's really what the fundamental issue is here, when we think about treasuries, do we expect to move the market at 120 million either side transaction? probably not, that's why many are having conversations around this, because, you know, i will tell you, it makes the discussion even more complicated than it has been so far, is that in fact liquidity is in the eye of the beholder, right? with regard to certain asset classes and certain investors who are likely to buy long term holders, they don't expect deep market depth, they manage their positions accordingly, and in fact they value earning the liquidity premium that they are paid by the marketplace by holding less liquid positions. on the other hand, back to our u.s. treasury market, if you are a holder of the u.s. treasury, you may very well be holding it for cash management purposes as a high quality liquid asset, if under market stress or just managing cashflows, you're looking to sell it, you're not going to have an expectati

i subsequently met with treasury assistant fitz pain in august of 2012 and was told the treasury would work on that. the report language also included in fiscal year 13 and 14 appropriation bills, in july of 2013, my staff sent nearly a half dozen e-mails to the appropriate treasury staffer for a status update. those e-mails went unanswered. finally, in fiscal year '15, that became public law. the actual bill language was included to the same effect. the secretary of the treasury, in consultation with the appropriate agencies, departments, bureaus and commissions that had expertise in terrorism and complex financial -- house of representatives in the senate, committees of financial service -- not later than 90 days after the date of enactment of this act on warfare and financial terrorism. congress has thought the issue was important enough that it has included language as far back as fiscal year 2012. the department isn't giving this matter the same attention. i was hoping you could provide us some information about your progress on the report. as the secretary provided this report to

treasury market. that's really what the fundamental issue is here, when we think about treasuries, do we expect to move the market at 120 million either side transaction? probably not that's why many are having conversations around this, because, you know, i will tell you it makes the discussion even more complicated than it has been so far, is that in fact liquidity is in the eye of the beholder right? with regard to certain asset classes and certain investors who are likely to buy long term holder holders, they don't expect deep market depth they manage their positions accordingly and in fact they value earning the liquidity premium that they are paid by the marketplace by holding less liquid positions. on the other hand, back to our u.s. treasury market, if you are a holder of the u.s. treasury you may very well be holding it for cash management purposes as a high quality liquid asset, if under, ma et stress or just managing cashflows, you're looking to sell it you're not going to have an expectati

treasury market. we clearly are holding more treasury securities as high quality liquid assets. we are not putting those into the marketplace, because we need to hold them unincumbered on the balance sheet. we also are not putting out vast amounts that we're holding in excess, why? if we put them out, because we're already compliant with lcr, we would actually be adding to our cash, which would draw an incremental 6% capital charge. and if we transacted in that way under the proposal, it would be charged an incremental gsib surcharge. so i think it's not just about cumulative impact. it's about how the rules work together. and if you're compliant with those that are addressing the systemic risks, there might be room to sharpen our pencils and allow more liquidity to flow back into the system, because i think there's more that could be in fact accommodated in that context. >> thank you. >> in view of the changes in the profile of people that have in the past made markets in those securities, those who have changed, as an issuer and a major player in the marketplace, have you seen

scarlet: it is early, but look at safe havens -- treasuries and bones. the german 10-year yields and 65 basis points right now. matt: let's look at what else is on the bloomberg this morning -- the top stories we are following you. scarlet: we begin with euro area finance ministers meeting in brussels as we speak ahead of an emergency summit with european leaders to talk about greece. it will be prime minister alexis tsipras first meeting with counterparts since the referendum. hans nichols is in brussels. are the creditors in any kind of ?ood to compromise here it does not look like they have anything official to compromise. we know there was no written proposal submitted to the sidetors from the greek and that is what everyone was waiting for. everyone was waiting for specifics. this,s has reported bloomberg has confirmed this as well -- no specifics means no private. difficult to see how you could get to a deal if there was not an actual piece of paper. showedemarkable greece up without something official institutions could evaluate. we also know alex

we don't trade in the treasury market. when you get off into the corporate world, there's a number of global issues that could be traded in that fashion but the majority of the those in the fixed income world are so limited in scope to their size that you can't have a high volume of transactions. if you're on a particular platform and there's a million bonds being offered at a particular price and you lift a million bonds, that's what you get. you can't go out and do $100 million worth of that bond because there's only a million bonds there. so i think the adoption of electronic trading over the last number of years has been tremendous. i think it lends itself well to the treasury market and global issues. but when you start to get off the majority of the fixed income market, it works but the fear of high frequently trading on that type of security which is the majority of the market just doesn't exist. >> >> just to add, we've been spending a lot of time talking about liquidity as we perceive it today. more importantly, w

and so, how much more widespread it might be is really hard to determine. >> reporter: acting treasuryundersecretary adam szubin won't say exactly how much money he believes has made its way from the u.s. to al shabaab, but his concern lies with the lack of any formal banking infrastructure on the somali side of remittance transactions. >> and so, what we're talking about is a very opaque-- if you will, a black hole-- where those funds are going. that's the root concern of banks who are asking hard questions about "how do we know the funds are going where they're supposed to be going?" >> reporter: money transfer offices in the u.s. can check the names of money senders and recipients against a government list of known terrorist supporters, but their counterparts in east africa have no such ability. abdulaziz sugule runs a trade group for money transfer offices in minnesota. how do q this money might not eventually get into the wrong hands? >> they know their customers. they know people who send money. if they see something's happening, they can also... there's a way you can report to t

treasury market?x: janet yellen remained positive on future economic growth and its impact on the labor market. yellen: many of the factors underlying u.s. act to be our solid -- activity are solid. i anticipate that employment will continue to expand and the unemployment rate will decline further. .lix: joining us for more your biggest takeaway. i am trying to determine if she is [inaudible] and her speech held to the point notaising rates but it was leaning toward september more so than december. janet yellen is still in the one hike cap. are the hurt close allies now in the two-hike camp. we will have to see with -- what happens. marketoes the treasury reflect a one and done sarah -- scenario? lisa: what she said was more hawkish than what they were expecting. you saw 30 year treasury yields rise. of two day rise through most 2011 last i checked, the two-year has increased the yield of the past two days the most since february. you are looking at a market that is rising in a greater chance of poten

treasuries, we held on to risk aversion trading around treasuries markets.d see yields moving significantly lower. 2.4% on friday down to 2.28%. the greek no giving a boost to treasuries. here are the stories you need to know. greece voted overwhelmingly to reject further austerity demanded by creditors. 61% of voters said no to spending cuts and tax increases that were conditions of a bailout. people were in central athens, waving greek flags last night. alexis tsipras says he will return to the negotiating table with a strengthened hand. francois hollande and angela merkel head to paris for talks about the outcome of the referendum. the leaders held a call last night deciding the will of the greek people is to be respected. further euro area governments are waiting for greece to offer proposals to stay in the eurozone. secretary of state john kerry has tempered expectations of an imminent nuclear deal with i wrong after nine days of talks -- iran after nine days of talks. tomorrow, and interim deal is due to explore -- expire. it would allow tehran back in

mark: how about treasury? senator sanders: bob rubin would be the last person.was one of the architects of the deregulation of wall street. that is what wall street is about. not lloyd bentsen either. a very nice man, but not my secretary of the treasury. these guys come from the moneyed interests. i think we will get people who represent the working families. mark: we flew in together, and i took a picture of you loading your own bag in the gate check. senator sanders: i was waiting for you to help me. mark: you are doing the normal stuff people do. do you have time to do that and run for president? senator sanders: i tried to live a normal life. try to get home. it is a crazy world running for president, but i do try. mark: you could take some campaign money and say to a young person, pick up my dry cleaning. senator sanders: the american people -- mark: we want people to get to know you. senator sanders: i realized picking up my dry cleaning is an important issue, but i'd rather talk about levels of income inequality. mark: i was proposing a new job. i would

treasury department for an explanation. we were told that people can appeal the overpayment, which beale has done. now he waits, his family's financial future waiting in the hands of somebody in that building. >> this is ludicrous. chris: august 1, if nothing changes, he must begin repaying that money. $670 month for three years. his family is out $800 per month. this is big are they just $800. >> it's much bigger. it will be devastating. horace: two new jersey men facing assault charges on the eastern shore after getting into a violent confrontation and a girl softball tournament. as mike carter-conneen reports, it was caught on tape. mike: in this viral video two dads trade insults, then punches at their daughters' softball game. it happened outside of the kickoff of the eastern world series. it's now underway in salisbury and ocean city maryland, featuring hundreds of softball teams from across the country. in response, the tournament director said, "we are aware that an incident took place it had nothing to do with the

treasury markets. thanks. >> thank you, chris. >> we made a lot of points, i wanted to comment on one of them the testimony of financial history is quite clear the employees of governments that is to say -- j.w. >> i'm going to talk about title 8 and title 9 in 15 minutes. which is a challenge. >> the chair is sure you'll meet your time limit. >> title 8 is a provision that is i think probably inspired by some of the central clearing provisions in title 7. title 8 provides for the designation of financial market utility utilities that are deemed to be significant. these financial market utilities or platforms that provide for the settlement clearing or payment systems a wide variety of fmus, a settlement system for the trading securities to the clearinghouse s clearinghouses chips program fp title 8 does two things essentially. it's said that when god closes a door, he opens a window, here when the regulators close a door on you they open a window in this case it's the discount window at the federal re

saying i rally that we have seen in treasury.t is being interrupted with a selloff in chinese equities. the treasury is a little bit weaker on your screen, the yield on the 10 year is up for basis points. the meeting begins today. now some of the top stories. home prices in 20 breaks cities -- lower slower point pace in may. it rose by 4.9% from a year ago, less than projected. the slower rate of appreciation may make it better for first-time homebuyers. two big drugmakers reported earnings meeting estimates. expectations. sales of its new cancer drug rose. rc earnings were still better than expected. not a huge impact in either stock. merck wased 1%, down 1%. the big bet on gold is looking more ill advised by the minute. he has been bullish on the precious metal for years. the price of gold has fallen since the end of 2014 and is heading for its third straight down year. the green light hedge fund is slumping to reassure. the obama administration is back to selling the iranian nuclear deal today. secretary kerry is on capitol hi

mark: how about treasury? >> bob rubin would be the last person.e was one of the architects of the deregulation of wall street that is what wall street is about. not lloyd bentsen either. not a verya very nice man, but not my secretary. i think we will get people who represent the working families. mark: we flew in together, and i took a picture of you loading your own back in the gate check. >> waiting for you to help me. [applause] live on bbg television and streaming on your phone, tablet, and at bloomberg.com, now on apple tv and amazon fire tv. -- [laughter] mark: do you have time to do all that stuff and run for president? >> i tried to live a normal life. i tried to get home whenever i can, to see my kids and my grand children and my wife. it is a pretty crazy world, but i try to make it normal. mark: you could make some campaign money and say go figure my dry cleaning. with that make more sense? >> that is one of the major issues. mark: we like people to get to know you. >> picking up my dry cleaning is one of the important issues? i am mor

treasury does not. beal spent 27 years as a firefighter and he says he does not mind refunding the money as long as he can pay back the way he got it, at $100 a month for 20 years. leon: thank you. we have more breaking news coming to the abc 7 news room on the domestic terror attack that killed or marines in tennessee. jonathan in the newsroom. leon:jonathan: u.s. officials have a data by the gunman. this is 24-year-old mohammed yousef abdulaziz of hixson, tennessee. apparently at 10:30 this morning he opened fire. it was rapidfire. it blew through the door of the recruiting center in and drove off. within a half hour he hit two military installations. in the end former marines were killed and another was shot in the leg. an officer, a police officer was also shot and he has been released from the hospital as well. this is the picture of the 24-year-old. as far as a votive, we have no idea. as soon as we get any more information we will get it to you. jonathan elias abc 7 news. kellye: it is time now f

treasury market.y're going for safe money. >> all right, finally, what do you make of the tech earnings this week? energy. tech was a big story when it comes to earnings. todd, we have been asking our viewers to buy into the biggest gainers which have been leading the gains on the nasdaq. or do you sell them? >> i think -- i think if you look at them individually, i think you sell netflix and amazon. i think good companies but i think significantly overvalid. i think you look for a spot to buy apple. i think if you wait for facebook to make a pull back down to 80 or 85 you want to be a entire there. but netflix and amazon are in an asset bubble. >> what is your top trade on the last trading day of the month, todd? >> my top trade today is looking to short the s&p. i think that is the best trade on the board. i think we go lower from here. >> the s & p 500 holding on to a gain of about 2%. thank you, todd. appreciate your time. >>> we've been showing you live pictures on the olympic games decision for

initially today, as we saw this selloff in stocks, we saw people buying treasuries, yield falling. that actually sort of accelerated as the day went on. philadelphia utility index versus the is-year treasury yield -- it almost a perfect inverse relationship. it has been over the past year or so. why isthe reasons utilities tend to have relatively high levels of debt. also they have relatively high dividend yield so you see a competition between the yields on these utility stocks and yields on treasury. in other words, the lower the yield, the better news for these utility stocks. thank you. the count up clock stands at 100,003 at the 72 days since our today was aion and huge indication. i want to take a dive into my bloomberg terminal. let's look at two charts of why you should be scared about china. is iron ore. they broke through their $50 a ton level. orekson security says iron will extend those declines. take a look at this other charge. is the aussie dollar as the proxy for china. around 35% of australian exports are consumed by china according to deutsche bank. we have had a

treasury.immolivia: it is your own colleagues in the republican party that say they don't want renewal of the funding bill. it's a house -- it's the house congas been the do not wanted in. is there a way that re-approval could make it way after committee conference negotiation's? >> i don't know if it will come over from the highway bill in the senate. some vehicle will come to the house. it will pass with a significant number of ites, a significant margin. just does not make sense to me that we are going to handicap our companies that have to compete against german companies, french, russian, chinese companies that do exactly what we are doing. it's important for people to know it does not cost our government money. it gives almost $1 billion back to the u.s. treasury. we need to have it there is a tool to keep our manufacturers competitive in the world. pimm: i was wondering if you could give us details of the bill. where is the biggest spending going to be? what specific industries? bill? hi

now, given this and other statements from treasury officials, it appears that treasury believes that it's role in the beps project is to protect the u.s. tax base from erosion and to protect u.s. multinational companies from actions from other countries that could lead to double taxation and time-consuming disputes. in that regard, treasury has been actively negotiating on behalf of the u.s. government to reach consensus on the beps action items. these are laudable goals mr. president. however, i do not believe that these goals have been achieved. indeed just last month deputy assistant treasury secretary stack himself followed the u.c. & australia actions targeting multinationals contrary to the commitments those countries have made in their treaties with the united states. more importantly i'm very concerned that there are bigger issues at play here and that the beps project has far exceeded its original mandate. once again beps was meant to be limited in scope focusing on the prevention of tax strategies that yield inappropriate results. instead, it appears to have become a mechan

the treasury market, we also have selling in treasuries. yields rising on his perception that if we get a blockbuster jobs are for tomorrow, that will allow the fed to finally be more aggressive in raising rates. matt: let me get back and try to check out erik schatzker's feed from athens. you were saying a moment ago that the yes vote has some proponents there as well. we see in the polls, yes is getting a little stronger here. erik: yes is moving up, no still commands a close to a majority. the prime minister appears to be talking out of both sides of his mouth because yes, he is campaigning for a no vote, but at the same time, he is tried to strike this deal under new terms with the european creditors. he is supposed to deliver an address on state television this afternoon. it's that address that is going to give us the ultimate clue. how serious is he about reaching a deal or is this just another trick? something to manipulate more, his domestic political agenda than to bridge that gap. matt: thank you very much. we want to take a close

it was to get look at the treasury markets. this risk off environment, even though it is not that dramatic, we're seeing it will go into treasuries. pushing the yield down to 2.29%. looking to the u.s. as a potential haven. i also want to point out the next today -- vix today. up again today as stocks are down. that is something you might expect. about 17.5. over the longer term, this will give you a bit of perspective. this is the vix over the past year. we have seen a big move. past yeare over the is about 15. it is higher than the average, but i'm going to go ahead and vix, and thehe average now goes to about 20. it is still below the long-term average for the vix. finally, i want to take a look at oil prices. we are things -- seeing such a big move. as you said, it is a bit mysterious. largerde is much than we saw and other commodities. it is still being driven by the same thing we saw in other commodities. around $60, and now it has broken out more significantly below $60. i'm not a technical strategists. --annot tell you

today yield on the ten-year treasury rose above 2.4%. >> from bonds to stocks. earning season starts in earnest tomorrow. and investors will be watching what many of the big name companies say. the results and the forecast come at a time when many of the stock prices have fallen sharply from their highs despite the recent swing. why investors are approaching this earning season with caution. >> reporter: there's a reason why many investors are still scared about what's happening in the u.s. stock market. sure it looks like the problems in greece have calmed down for now as have the concerns over the chinese market. even though we managed to bounce after the reason pull back an increasing number of stocks are showing signs of weakness. over half have fallen by 10% or more since highs over the last year. that means over 500 larger cap stocks are in correction or even bear market territory. among them are companies like railroad operator csx. intel and oil services giant. all three of those companies are slated to report earnings later on this week. and some expert

report looking at the so-called treasury crash.s a spike in volatility and movement in the treasury market on that day. since then this are federal regulators' efforts of what happened on that day and the takeaway they come away with, they can't pin down any particular cause for that flash crash. what they're saying there were a host of factors that might have contributed to that including a high level of cancellations of orders that were going into the system but being canceled almost instantaneously. also they're saying there was quite a bit of self-trading, firms trading among themselves within different desks of the firm or different algorithms run by the same firm trading with each other. they're saying they're putting to rest here a couple of theories that had been out there about this so-called flash crash, one that there was a fat finger trade. they say that didn't happen. the other one there was some kind of unplugging where various sectors pulled out of the market at that point. they say that didn't happen. they also said

of buying or selling on treasuries. looking at currencies though, the dollar strengthening or the euro weakening against the dollar. also the yen weakening against the u.s. dollar. the pound sterling, just a little bit of a gain. sterling has been very strong against the euro. all right, let's look at the top stories crossing the bloomberg at this hour. german lawmakers cleared the way for talks on a third greek bailout after chancellor angela greece would them face chaos without a deal. bloomberg's hans nichols filed this report from berlin. all right. we heard that earlier. we know that he is reporting it therehe bundestag and will be more negotiations for debt relief. expectationser declined in july. the university of michigan preliminary index of sentiment dropped 93 points. abouters remained upbeat employment and wages. the government says gasoline prices are driving a slight increase in inflation. the labor department reports that the consumer rice index rose by 3/10 of 1%. now, prices at the pump rose 3.4% in jun

treasuries rather than a treasury in washington, d.c. brendan: you are right.ut there is no way this is going to happen. everybody agrees the structure is unwieldy. they do not really have a constitution. it is hard to understand even if you are really into it. even they do not completely understand how it works. but it is going to be hard to fix. the ideas he had, which seem to make sense, are going to be hard to pull off. pimm: they are fixing the plane while they are flying the plane. well done. i will see you later this afternoon. we have much more ahead on the bloomberg market day. ♪ mom has always been one of those people who needs to keep busy. if she's not working in her garden, she's probably on one of her long walks with bailey. she was recently diagnosed with a heart condition. i know she's okay, but it concerned me she's alone so often. so i encouraged her to get a medical alert button. philips lifeline offers the best options to keep her doing the things she loves in the home she loves. if she ever falls, or needs help, i know we can get to her qui

he's has n about how treasury been important to our negotiations. r. kaine: i agree with the comment senator menendez made about the iaea and the needing to dig more into their situation, whether it be, you know, agreements they may have with iran as they do with other members or to get comfort level with thaw howe they inspect. i don't want to leave this room with an unstated -- what i think would be an inaccurate impression that we don't trust the iaea or they don't know what they're doing. if i can, just, to remind everybody of a painful history new york march of 2003, the iaea issued an opinion that they said to date, the iaea has found no evidence or plausible indication of the revival of a nuclear weapons program in iraq. that was in march of 2003. the administration at that time immediately jumped out, trashed the iaea, said they were wrong. and said that the united states needed to initiate a war that has proven highly costly in american lives, in treasure, and in instability in the region because the administration said, no, we have better

how should that attract investors given what may happen in treasurys?ause oil prices are down in the last two weeks does not mean companies are going to cut dividend. in fact, even though oil is down 50% from a year ago does not mean companies are going to cut dividends dividends. the largest oil and gas producers, the ones who alluded to they are certainly not cutting dividends. it's entirely out of the question. there have been some smaller players that have done that but certainly not the blue chips. the dividends are safe. really capital spending is where they're making up the difference. we're seeing cap exgetting cut across the board. >> i'm just looking at the s&p energy group right now. it's not getting any relief from the bounce in crude oil. it's down almost a percent. it's been down 26% over the last year. we're expecting another messy earnings season. what are you watching for in those results? >> you're right. it will be messy. generally q 2 earnings will be a lot better than the first quarter simply because oil averaged about 20% higher. b

pimm: let's take it check of the treasury market. there is little bit of selng on bonds. the 10 year is 2.25%. this is over the past week and we can see a decline in the yield meaning the prices were a bit up. the intraday is moving a little bit higher with selling in the 10 year coming as the federal reserve began to two day meeting to consider raising interest rates. let's take a look at the dollar and major currencies -- the euro is losing ground against the dollar. poundn is stable and the sterling is gaining against the dollar. the dollar-yen is a little bit afterecline economic reports from japan. let's get to some of the top stories. u.s. secretary of state john kerry is back on capitol hill today making a pitch for the iranian nuclear deal. such as he met with last week under the house foreign affairs committee are far from enthusiastic about the plan. he appeared with the secretaries of energy in the treasury and the insists the deal would make sure iran does not build atomic weapons. the panel's chairman is skeptical. been surprised by most every major nuclear d

where did treasuries and up? where our treasuries trading right now and? yield are still going out. that partly has to do with maybe the fed and the fact they are holding their first of their two-day meeting. yields rising for the first time in a week. they had been declining in response to much of what we are the in china and around world. finally, currencies take a look at the dollar rising for the first time in four days versus the yen. in stocks and commodities, that slow down. stabilizing the ross right there. stories crossing the bloomberg terminal at this hour. members of congress questioning secretary of state john kerry nuclear deal. he is appearing today before the house foreign affairs committee. first up, chairman ed royce. >> we're been surprised by almost every major nuclear development in nuclear history. they had treated on every test cheated on every nuclear agreement they had signed. i asked, has iran earned the right to be trusted? rry said if they cheat on the agreement, they will respond quickly. pleadingr employee guilty to escaping inmates last month. admitted

the other suggestions, having annual transfers from the german treasury to the greek treasury obviouslyhat will not happen. a haircut of greece's debt will not happen. they say it is against the rules. in some way we knew the imf was for this haircut. it looks like out of the options, you extend. jonathan: let's bring back john. john the imf has concerns, do you? how long before you and i are talking about this again. john: i think this is something that is constructive for investors like us. let's all the great problem? of course not. it is a comprehensive deal. it is a deal that is significant in terms of the amount. of course the problem is the amount. this will add to the debt file. the imf is adding that it could probably be unsustainable any long-term. -- in the long-term. i think the main message is we avoided a nasty grexit. jonathan: when they are adding to the debt pile, at the same time, these guys are getting debt at almost nothing. as for everyone else adding to the debt pile, they are not getting those kinds of rates. i am talking about italy. do you think the ecb will hav

deirdre: treasury secretary jack lew telling congress puerto rico's fiscal situation is urgent.arnes is with me now from d.c. peter, no one in the federal government anticipate ad puerto rican bailout, did they? >> no, deirdre, but what is news tonight is that the administration is now formally calling on congress to allow puerto rico to use federal bankruptcy law to help ficks its debt crisis. the u.s. territory is struggling under more than $70 billion in debt it says it can not repay. now in a letter to the senate, treasury secretary jack lew says it should be allowed to restructure its debt under so-called, chapter 9 bankruptcy filing which is what overburdened municipalities in the u.s. can do. that is what detroit and harrisburg, pen vain did, among others. congress would have to approve extending bankruptcy protection code to puerto rico. in the letter treasury secretary jack lew says, quote, i am deeply concerned that a protracted and disorderly restructuring process will cause long-term damage to the health, safety, financial well-being of families living in puerto rico

i just think the treasury story is over. it's a matter of timing i'm certainly going to be out of buying treasuries here. i think you have european equities. everybody has lightened up on chinese stocks. there's no way around this argument at this point. but i don't want to buy treasuries at this point. >> we'll leave it there. . chief market strategist partner at temperaturest. >>> teva shares up. european equities now at session lows. that does it for us here on "worldwide exchange." i'm seema mody. next up is "squawk box." ♪ ♪ some come here to build something stronger. others come to build something faster... something safer... something greener. something the whole world can share. people come to boeing to do many different things. but it's always about the very thing we do best. ♪ ♪ >>> good morning, a global market alert with china's stocks slammed overnight. an 8% cap. big number making this the biggest one-day loss in eight years. >>> and we heard news about this, but it's official now, breaking deal news. teva buyi

treasury bonds while other investors say they are too risky to own. why kessler says treasuries are the safest route in a treacherous climate, next on "consuelo mack wealthtrack." ♪ >>> new york life along with mainstay's family of mutual funds offers investment and retirement solutions so you can help your clients keep good going. >>> additional funding provided by --

brad: treasuries is such a liquid market.e -- there are events, tail event you cannot explain. "can we trust the masters" as the freight -- can we trust the bastards," as the phrase goes. barnaby: we can trust the functionality of the market. i think it reflects the relation of more actively traded and algorithmic type investors. tom: if i ask you anything about libel, you are allowed to stand up and walk off the set. very good. barnaby martin with us, bank of america, merrill lynch, on bps in the treasury. we have some wonderful top photos. did the grew someone make it? vonnie: i believe they are all gruesome today. gruesome top photos. a number of scary looking new fish. that is an actual fish, just 650 feet off the sydney coast near four extinct all came out on the ocean floor. they have potential stinging tales. all of that on one fish. that is near some of australia's most popular eastern beaches. brendan: of course that fang ed beast was discovered there. tom: i can see every single effects guy in hollywood going what a

treasuries at the expense of euro denominated assets. buy in u.s., sell in euro. joe: they didn't do themselves in any favors trying to get people to hold euros. a chart of gold going back to 2000. this is the chart -- china having a market meltdown. the fed delayed on when it will raise rates. it's at its lowest level in years, so ugly, so sad. alix: three words here, real interest rates. negative, down 1.8%, nominal rates minus inflation still lower, and that is the fundamental reason why you want to own gold. gold should be at $900. before the financial crisis, that is where we were. china bought over 600 tons over the last six years. joe: less than brokers expected. data came in less than expected. that driver not living up. alix: we want to bring in our guest. we are talking about housing. michelle meyer joining us. housing data killing it. better gdp. thanks for being here. >> thank you. joe: how about those strong numbers? permits at highest levels since crisis. what do you attribute strong results to? >> we have seen a notable pickup in housing activity. i

you see the competition on these utility stocks and yields on treasuries. in other words, the lower the yield, the better news for these utility stocks. clock standsnt up at 1372 days since the last correction. a huge indication of where we have not seen that correction. two charts ofk at why you should be scared about china. the first one is going to be iron ore. below the $50 a ton level. it are well extend the defiance. other chart. this is the aussie dollar. you can see that we have had a slide in the aussie dollar ever since the stock market started to fall. you have seen it right there below that 75 per u.s. cents level. let's get back to my coanchor. joe: thank you. i am here with a member of parliament. everyone is curious. members of your government are in brussels today. are you optimistic they will get a deal? >> yes. i have heard from several persons including from the minister of finance reports that the claimant was cordial -- climate was cordial. pursue thee able to strategy that finds common ground with our creditors and partners and we very

i hope chase down his assets on behalf of the treasury department when i was there.what he did in the context of that sanction regime was to pick winners and losers for political and diplomatic shielding. you have the potential of a rainy and picking chinese, russian and a selection of other european allies on the ground who will have vested commercial interest in ensuring this is interpreted the right way. i think that is a real danger here. >> from the strategy just to repeat it needs to be multifaceted and target financial measures. it has to involve aggressive support to our allies on the ground which we have failed to do from a counterterrorism's perspective today. three if we go it alone, i think it's it's easier to do now than later. over time the sanctions regime melts away. i think the reality that i've written about is there are potential long-term consequences. the russians and the chinese are clearly trying to challenge and create alternate payment platforms, payment platforms, currency arrangements, trade arrangements to circumvent the dollar and the u.s

treasury in congress sign off on bailout package. citing grave financial threats officials ready massive bailout package. hopefully get insight from chris dodd and barney frank about some of these events and meetings. the bailout plan as you will remember was rejected by the house. what happens is that the markets crash. the policymakers and government officials plunge to the of this with no one really knowing what happens next. tarp was ultimately passed $7 billion. another part of the discussion between then and now -- it's talked about as being the only part of the bailout and we know that is not true. using the tarp money, united states but stakes in the nation's largest banks. who would predict that? no one. when we are thinking about what doc frank was responding to -- dodd frank was responding to, or not just the occurrence of what happened but the occurrence of equally unimaginable events that today no one would foresee. the 700 billion dollar tarp bailout was just a small part of the trillions in bailouts. the federal reserv

it will take a few minutes to setup for the treasury secretary. we will be right with you. >> jack lew was just speaking at the museum in just a few minutes. i will let you know the associated press is reporting the federal reserve is directing eight of the u.s. biggest banks to hold extra capital to push against unexpected processes and reduce the chances to taxpayers. the banks include jp morgan chase, citi group and bank of america. as we bring you back to the museum to here from treasury jack lew in a pew few minutes but first what we can expect on capitol hill capitol hill this week >> what are the key legislations on tap this week? a few weeks ahead of the august break. >> i think it is going to be all highways all of the time. it is the last thing they have to do. the last must-pass piece of legislation they have to do before they leave for the long august recess. the trust fund, there is a time restrain here because the trust fund dips below a concern level at the end of the month meaning it will cut off aid to state and local governments

. >> congratulations hundred hun, you're now a treasury account holder .n: but the government lies, it is too hard. i had to fill out an account authorization form that requires a seal of approval by an authorized certified officer from an insured depository institution. but many say they won't require signatures. . john: fortunately my local chase bank says they help people with this. i would like to buy a savings bond. can someone help me with that. she introduced me to louis who said he would help. >> do you have your id and driver's license? i just need to pull up your information . john: he guided me through the process. >> type in your social. . john: it's very difficult. >> open a new account. there we go. now there's three steps. i'm just going to give you the keyboard, and you can type in the information here. . john: that's a lot of information. >> it is. . john: why do i have to do it this way? >> the treasury now has where you have to do it online . john: do people complain like i do? >> it is pretty tedious to go through this . john: the e-mai

how dare the treasury of all branches of government suggest such an act.ho ever came up with the vile notion should be tried for treason. >> jimmy: well, mr. hamilton, before you get too upset you should know they say you will still be featured somewhere on the bill. you're not getting kicked off the bill. >> mr. hamilton. i'm not alexander hamilton. >> jimmy: you're not? >> no, i'm just some guy from the 1700s who hates women. >> jimmy: oh. >> never cared for them. >> jimmy: oh. >> i have always been into dudes. >> jimmy: oh, all right, well. then good day to you. it's very nice talking to you. >> it's the dollar bill, not the dollar jill. >> jimmy: okay. >> dollar bill not dollar jill! >> jimmy: all right, we get it. >> from 2016. >> jimmy: not alexander hamilton. we have to take a break. when we come back, children attack their fathers in the shower for our father's day youtube challenge. so stick around! [ cheers and applause ] ♪ ♪ if you can't stand the heat, get off the test track. get the mercedes-benz you've been burning for at the summer event, go