it is jobs day, and christine lagarde tells yellin -- and it gets worse, chinese hackers have 4 million americans' personal information. this is "bloomberg surveillance ," live from new york. it is friday, jobs day, june 5. i'm tom keene, with brendan greeley and vonnie quinn. white is supposed want to talk to prudent? brendan: is he showing europe, look, i can talk to him, he has money, i have other options. this has been the game theory for the past four months, that alexis tsipras once europe to know i have auctions -- i have options. tom: you and i heard this eight weeks ago come and here it is today. brendan: because they are pushing off the possibility of making all four payments to the imf this month at once at the end of the month. we are at the point when you were negotiating with a mob boss, when you say, please just give me a month. i have got it. i've got it. hello, viewers, i did not say it. tom: greece is like fifa. let's get to top headlines with vonnie quinn. vonnie: a very serious may jobs report in 2.5 hours from now. economists predict the economy created 26 thousand

. >> reporter: good morning, janet yellin said fed will not raise interest rates this month. it is certainly possible a rate hike will happen this year. fed has lowered rates to near zero during the financial crisis in 2008 to help stimulate the economy. fed wants to wait until the economy is back at full strength before they bring those rates backup, erika and nicole. >>> we're talking chick-fil-a lets switch to mcdonald's here. >> exactly. >> making big changes to turnaround those slumping sales. what are they up to right now. >> reporter: from soup your size to shrinking down. mcdonald's will get smaller. they are a announcing for the first time in 40 years it will close more restaurants then it opens this year. up scale fast foot chains like panera a and five guys burgers have eat men to mcdonald's's a profit in recent year. we'll if fewer stores make a difference. >> increase in demand harder to get to. >> five guys sound good. >> clearly we're hungry this morning. >> thank you. >> i always am, i am with you. >>> coming up, after the break weather and traffic on the let'

lagardenot sound like is that far apart from yellin and the fed.thic is more the fact that they said it at all that seems unusual as opposed to this being some radical suggestion. fireworks between these two guys earlier on whether lagarde is doing which you supposed to do. carl thinks she oversteps. she gives advice, wanted or not to other countries. what do you think about this move by the imf? the imf's advice has been more on the not wanted side. see any benefit of it. the imf does not have a say in u.s. monetary policy. the federal reserve has a mandate to support the u.s. economy. there are interactions between foreign trade between emerging-market economies in the u.s. that could influence. is such a secondary influence compared to the impact of u.s. policy. the secondt to hear point i want to remind everybody what we're talking about. the imf having assessed the u.s. economy, coming up with a statement saying the fed should hold off on its first rate hike until the first half of 2016. the managing director of the imf held a press conference

. >> and you are pretty much in concert with what janet yellin is saying about the interest rate? >> i think broadly. i think that there is no reason to raise rates until we see the whites of inflation's eyes. and i haven't seen that yet. but it could happen sometime before long. but if we were to raise rates prematurely, and the economy were to slow substantially we really wouldn't have much ammunition to combat it. and that's why i think the risks of an error on the slow downside are much greater than the risks of an error on the inflation side because when you're starting at 1% inflation, even if you get an inflation acceleration t only takes to you 2% inflation which is your target. and so that's why i would be very cautious and careful about raising rates. but it's something that will come at some point. >> rose: probably -- thank you, pleasure to you have. >> thank you. >> rose: larry summers, back in a moment. stay with us. michael wolff is here. he is an author and journalist. "forbes" magazine says he has made a career out of biting the hand that feeds him and taking on m

yellin and the fed on rates, i believe that's happened when she added march to her statement just two weeks ago now, less than two weeks ago. i think that means the banks don't have that catalyst to jump higher in the short term and yet we're going to have these catalysts for higher volatility. so given that backdrop i don't think it's a dumb idea to take some off the table but i bet they reload pretty quick. >> you put some on the table. >> bank of america, goldman, morgan's, citi, wells fargo, what they all have in common jpmorgan, add that to the list. they found support exactly at their 50-day moving average. the only sector worse is materials which i guess would make sense if you have a global growth scare but in the case of these stocks don't have a ton of exposure to the things that are going well around the world, at least nothing that's not already been thought about. i think you buy this dip after the 50-day moving average. they found support and will continue to. the primary trend is higher not lower. >> bank and citi were the two top picks. he's looking for those to make t

and based on sound and detailed analysis which is the line that has been articulated by chairman yellinthat. what we are seeing in the data the team has analyzed is the inflation rate is not progressing at a rate that would warrant without risk. i can come back to that. a rate hike in the next few months. we are saying that the economy would be better off with a rate hike in early 2016. hopefully, the inflation data and numbers will have consolidated. even if it is to a risk of a slight over inflation, relative to the 2% rate that has been dated under the fed's rules. we believe the trade-off starting to early and risking disinflation and having to return to lower rates is higher than the risk of slightly inflation going forward. on greece we certainly welcome the constructive meeting which has taken place yesterday between the greek prime minister and the president of the european commission and president of the eurogroup. it opens a window of time during which we can here in details from the authorities their views on the joint proposal that was proposed to them yesterday. that joint

yellin for a very long time and if they do it will be by one quarter of 1% just to see what the marketis. but i personally doubt that she will do it this year. they will find in use not to do it. scarlet: should they? what are the unintended consequences of keeping rates where they are. if the u.s. economy is doing well, should she not focus on that? marc: do you really think that the u.s. economy is doing well? that's not my impression. i think that the typical household is squeezed very badly. i was recently and a limousine and we talked about this and that and the limousine driver told me that his health care premium the insurance premium this year will go up 39%. so, i believe that most households are struggling, but they are borrowing money again. most households in the u.s. have no savings. i believe that the u.s. economy will badly disappoint within six. stephanie: do you just carry a number of a all day? it always rains. [laughter] marc: thank you for joining us. marc: we have a sure fit of rain. stephanie: i love it when you join us. the executive editor of the " boom, gloom,

it is jobs day, and christine lagarde tells yellin -- and it gets worse, chinese hackers have 4 million information. this is "bloomberg surveillance ," live from new york. it is friday, jobs day, june 5. i'm tom keene, with brendan greeley and vonnie quinn. white is supposed want to talk to prudent? brendan: is he showing europe, look, i can talk to him, he has money, i have other options. this has been the game theory for the past four months, that alexis tsipras once europe to know i have auctions -- i have options. tom: you and i heard this eight weeks ago come and here it is today. brendan: because they are

we said the only person who knows if we will do it is fed chair janet yellin. steve?to go inside the mind than the car of a person. we will look at the behind the wheel view at the rate hike dashboard. where were we going in? they are right here with the odds on that we are going tighten sometime this year. then what happened? we have weak first quarter data. then earlier this week on monday, we got soft core readings on inflation. it came back even further and then the week went on. and a sense of more rebounds and good manufacturing and service report and construction claims. they start to go the other way and the big question you are asking, how does today's jobs data figure in? we had strong jobs. 280 on payroll. i think we are pretty much back to where we started with an odds on september rate hike here. the economy in the last couple of hours, he thought a rate hike was appropriate if the economy turns around. >> in the last hour they had certain concerned about the job. all these negatives you can find. when i went through the report it seemed positive. job gai

so that is a positive and one of janet yellin's favorite indicators.eople can't find qualified job skilled workers, that is probably part of the problem. the fed state dependent. the last piece of data was very good. we are vacillating back and forth. the amazing thing is we are already to june. we are talking about a june rate hike. maria: the first of the year is over. >> it wasn't rate and they weren't able to move the ball forward in terms of moving up the rate hike at all. now they look of september. dagen: bill can disagree or not. please see you not. we see with a report about small business owners place in victims to mark and why you see weakness in retail. you see a change in the way people view their own money and committing to decisions by the retiring, whether it's going to make a larger purchases because the world changed in 2008. people lost their homes and they are not willing to step up and commit. maria: is that what this is about, legacy issues from 2008? we talked about regulation in the past as well. >> from the small business activ

interest rates are up because janet yellin is pushing them appeared part-time jobs are being creatednot all milk and honey out there. the turning point excites investors feared the moment when a glimmer of hope emerges from the sea of doubt, maybe things are beginning to look up a little. if investors believe that bonds down, stocks up. ♪♪ stuart: with a british accent, always look on the bright side of life. it is a beautiful late spring day in new york city. i am looking on the bright side because i'm looking at that the big board. that is a 200-point rally ladies and gentlemen. stand up and cheer. back to 18,000 parent look at the price of oil. a big draw down in the stock pile of oil down 6.8 early in carroll's. the price goes up a bucket 61. let's get back to what i call a moderately rosy take on the economy. imc in some signs of life. let's see if charles payne will stamp all over it and say i'm being way too optimistic. >> listen, there are signs there is no doubt. here's the thing. we got accustomed to the mediocre recovery batteries to have a skepticism. here is what i'm see