From one year ago. Investors are waiting to hear what janet yellen has to say about Interest Rates and other things. A couple hours from now, the fed share goes to the capital for the first two day of testimony on Monetary Policy. It will probably last week, they said it would probably best to raise interest but they may not raise until early next year. You can watch it live starting at 10 00 eastern time on Bloomberg Television. The Prime Minister of greece is counting on opposition parties to come to his rescue. The Greek Parliament is in session and set to vote much later today on a deal that would be to another bailout. Matt Alexis Tsipras faces a revolt amongst members of his own party. Obviously, he does not like tax hikes from his television address yesterday that they have already committed to the reforms. Tsipras said greece was left with only two options. We were made to go against the most powerful people in europe and we had two things on the table. First, specific request or go bankrupt. [indiscernible] matt blackmail and supplication. A warning from the imf that greece needs more debt relief dan has been considered. The creditors may have to take deep haircuts on the value of greek debt and we will hear from hans nichols who has done this for a long time. The fight over the Iranian Nuclear deal hasnt shifted from vienna to capitol hill. The agreement would prevent iran from building a Nuclear Weapon but hours after the announcement, House Speaker john boehner called the deal unacceptable and president obamas fellow democrats want to take a closer look as well. I think preventing iran from becoming a Nuclear Weapon power is critically important for the safety of that region and for u. S. National security interests, so therefore, i hope that i would like to reserve judgment until ive had a chance to review the agreement. Matt congress has 60 days to review and president obama says if they reject the deal, he will veto. He is holding a News Conference at 1 00 p. M. Eastern time and you can watch it on Bloomberg Television. In baseball, mike trout of the Los Angeles Angels made history at the allstar game. Talk hit the first inning home run to help the American League beat the national league, 63 and selected as m. V. P. Trout is the first layer to win that allstar m. V. P. Award two years in a row, so there is a historic record for you. Erik mike trout is one heck of a baseball player. Matt did you watch the game . Erik neither did i. No. Matt neither did die. Because it is. I dont need to sit through the whole game unless someone is bring them a beer and hot dogs. Its not really worth it. Erik we will begin with the obvious, chinas gdp expanded by 7 in the three month until june. This is according to the National Bureau of statistics. That is an important caveat chinas government figures. I do not want to jump on the bandwagon, but chinas gdp matt there is a bit of a bandwagon when it comes to skepticism around Chinese Government figures. All government figures. Erik more so in china. Seven is an important number. [indiscernible] matt he wants to get about 7 and he got what he wanted. Erik there you have it. Matt lets take a look at markets right now. Number 2 no, greece. Thats number two. The Greek Parliament is debating a bailout of up to 95 billion. We will head out to berlin where hans nichols has reaction from creditors. Some of them hans is saying, they are going to need more money. Hans this has long been the position of the imf. There is it is been clear that there has been exploit in other countries that you will have the overall fire greases that. The latest projection in two years, debt will be 200 of gdp. Just this morning, we have the European Commission jump onto that and the figures are astounding. We have a full screen that explains how crippling greeces debt will be. Germanys response and solution to this is called is basically when you lock the maiden up in the tower and the hair grows down long enough and she can escape or someone can rescue her. That is what germany once you do. They want to have this debt pushed out and have forgiveness loans all the way out and in 30 years extend. That is their solution. I dont know if anyone else is calling it a rapunzel solution maybe you guys can run with it. Erik that is the longterm debt problem greece faces but they have a much more serious shortterm financing. I wont say more serious because that longterm debt problem is going to be there for many, many years but lets talk about the shortterm issues they face. Hans what is 7 billion among friends . That is what basically the conversation is in brussels right now. They have a shortterm of anywhere from seven to 12 and it looks like they will use the European Fund which means all 28 countries, not just the 19 that use the euro and they will try to get some kind of bridge financing to get them through the next 46 weeks because negotiating this 86 billion bureau, excuse me, package will take at least four weeks. They need the bridge and they are not very at. It seems like there is political will in the bridge aspects of they will figure out how to get there. Erik thank you very much. Hans nichols live in berlin. Number three, we returned to china but that is because unit group is preparing a bid for micron, the memory chip maker that could be announced as early as today. Micron is trading up and rose in yesterday at this time and up in premarket trading. We are talking about this potential deal and they dont want to call it a deal because there is no agreement yet but if there were any Technology Company that the United States would allow the chinese to buy, this could be it. Because memory chips matt i dont agree with you. Erik memory chips commodity i technology. Matt i will disagree with you. Erik it is my con, not buying intel. Matt it doesnt really matter so much because it really undervalues the company in terms of Historic Deals for memory chip makers. You dont really see many that are four times, most of them are at this size and you are well over five times, erik including the possibility of coming in at a higher bid. Matt thats true but we are hearing reports about 21 per share. Closer to a 40 company, so they may just be floating to see if you are right that the u. S. Government would go along with this kind of thing. Erik at a certain point, that will have to happen. Number four, fed chair janet yellen heads the capitol hill of the first of two days of testimony on Monetary Policy. Matt this is Humphrey Hawkins it is always fun to watch. A lot of times our own u. S. Politicians seem less informed than we would hope for them to be. Sometimes it is torturous but this is the kind of pain i like to watch. Erik we tend to get better questioning. Matt it is entertaining. Erik we tend to get but a questioning out of the senate. Matt a low bar though, i will say that. Erik god you are a cynic today. Matt i woke up a little cynical. I need a little kick in the butt. Erik julie hyman is in washington and Janet Yellens remarks will be publicly released and we will know from julie what she will say one sheet talks at 10 00. Matt i always find it entertaining to watch. Erik lets move to number five, everybody. We are in the thick of Financial Services earnings. Bank of america reported and so did lack rock. Like take of america more than doubled largely because of Legal Expenses fell and expenses fell to the lowest level since 2008. Like rock balckrock rose. Michael moore back for another tour of duty on Market Makers. Look, bank of america started at a low base and has been for a long time so it is easy to register improvement but doubling projects is worthy. Michael this is kind of showing what you can do when you do not have to pay 4 billion in legal costs. They had a much lower number almost 200 Million Dollars and they sent nro a target of 1 this quarter and they got. 99 , so they are almost at their target and the question is, can they do according to quarter and not just when things fall right . Erik anything you have seen thus far in jpmorgan, wells fargo, and bank of america that tells us or instructs us what to expect from citigroup and possibly Goldman Sachs and maybe morgan and stanley on monday . Michael it is kind of two different stories right now on the commercial banking side urc loan growth, you are seeing had interest margins finally start to turn around after what could be a bottom in the First Quarter. You are even see mortgage production hold up pretty well in a quarter where bank of america erik they are making positive for marks on new mortgages. Michael it is 40 up from a year earlier. On the trading side, a little bit more negative. Down 9 and jpmorgan down 10 yesterday. That would be less good news for city and goldman which are big on fixed income areas. Equities has been up quite strongly so maybe a balance there. Matt is that less good news going to translate into more headcount cut headcount cutting and firing . That seems to be the next step. Michael you saw with take of America Today with the headcount down quite a bit. I think on the Investment Banking site they have taken and wait and see approach to see if they can get a couple the First Quarter had momentum and it seems to tail. A bit in this quarter, but i think they are going to wait a couple more quarters on that front. Erik i quickly want to touch on blackrock only because we have not had too much time to go through the earning statement but one thing jumped out. They declined. They also fourth a quarter trillion assets under management that it does not happen very often. This is only the third time in two years more than two years, i think nine quarters where we have seen blackrock drop. I wonder if it is something about the appetite for etfs which has had been a huge growth or at fort investors are cashing out and stockpiling cash on the sidelines waiting to see what happens in this very unclear market . Michael i think this quarter had the most chatter about the timing of the fed and maybe that has played into investors wanting to step back and say when the fed actually moves. Erik thank you very much. Michael moore covers fostered for bloomberg. Coming up, fixing americas road. Matt speaking of my cynicism, u. S. Infrastructure. Funding is about to run out. Once again and it surely was not high enough to begin with. Stay with us for look at that. Erik you recognize that building . It is the Parliament Building in athens where it is for past 3 00 in the afternoon and debate set to begin any moment. The Prime MinisterAlexis Tsipras reached a deal with the european creditors over the weekend and time for our other top stories. Families probably will not spend as much as usual on backtoschool shopping according to the National Retail federation which is predicting a 5. 8 decline in spending. We usually view it as an indicator for Holiday Shopping rushes. Disney has unveiled its new 5. 5 billion themepark in shanghai. We give at the announcement and it will offer a raft adventure rise adventure ride and the largest parade of any resorts. Disney shanghai will open next spring and it is the companys largest Foreign Investment ever. A probe zooms within a thousand miles of the dwarf planet pluto. Bhutto was thought to be cold and icy but there are hands that there is too illogical activity. Nasa staffers cheered us that when the probe finally phoned home 13 hours after the driveby and it has traveled about 3 billion miles since it was launched almost one decade ago. Those are some of your top headlines at the hour. Matt 24 of the bridges in america are structurally deficient or nonfunctional according to a National TransportationResearch Group called trip. The funding for bridges and highways will dry up at the end of this month. The former secretary of transportation and the cochair of building americas future Bipartisan Coalition focuses on infrastructure, investment and thank you for joining us. I have read various reports that put our infrastructure needs well over 3 trillion between now and 2020. What are the chances we will get a drop in the bucket at the end of this week to replenish the funds we need just to keep our heads above water . We dont even seem to be there. There are two crisis, one is the funding for transportation is dried up, run out because the Highway Trust Fund is broke and we have no transportation program. We are in the middle of the construction season right smack dab in the middle of july and their is not much happening because there is no transportation bill. Congress needs to step up and provide a little vision, a little leadership, and a lot of funding. That does not seem to be happening. Trust fund goes broke at the end of the month and they will slop some money from general fund over to the trust fund and we are going to limp along. America is one big pothole right now because it because of brutal winters and no money to fix the roads. Matt mr. Secretary, why is that . It seems that there is nothing politicians in washington agree on more than that we need Infrastructure Investment yet we do not get it. August the the federal level does not receive the most spending for this kind of thing but why does that washington do something about this . Ray frankly, it is not a priority. Frankly, it is not for lack of knowing what needs to be done but it is for lack of money and the Highway Trust Fund, which is paid through four the gas tax that we paid the pump when we buy a gallon of gasoline is broken and there is no money there. We need congress to replenish that fund. We need an increase in the gas tax, index it and we are on the way. The gas tax has not been raised for 20 years. You cannot tell me anything that has not been raised for 20 years. A dozen of eggs, a gallon of milk, on and on and on. Everything has been increased but the gas tax has not and that is why america is one big pothole right now. Erik secretary lahood, you are familiar with the colloquial definition of insanity, doing the same thing over and over again and expecting different results. That seems to be happening with infrastructure. People publish figures on how much money needs to be spent to bring infrastructure up to a global standard and yet nothing has been done. Shouldnt we be doing Something Different to get a different result . Ray lahood well, what we should be doing is what has made america a great country. What we should be doing is replenishing the Highway Trust Fund which built the interstate system, built the golden great bridge, built the era cannot built america. We are no we are no longer number one in infrastructure. You go to china, asia, what is happening . They are exploding with them for structure, exploded with new roads, providing people with jobs. Best number this money does not stay in washington, they goes into our friends and neighbors who are building the roads in america and this is a wingwhen winwin. If congress would fund it, a lot of americans would go to work and that would the largest segment of unemployment is in the building trade because there is no money. And no leadership. Matt i think we would all agree on that. You see public construction and the share of gdp falling drastically every year since 2000 nine. Secretary ray lahood, thank you so much. We have to take a break and we will be back in a few. Matt welcome back to Market Makers. Time now for futures. Gold has fallen the last four days and little change this morning as traders seem hesitant to act before testimony from janet yellen. It is down 2. 5 percent this year and trading near a three month low. Joining us now to find out gold next move is joe bloombergs base metal reporter. Very good to see you. Barclays is warning that q3 will be the weakest quarter and theyre saying that it looks formidable as they drop below the 1100 mark. What do you think about that . Joe i think there are a lot of analysts out that have been calling for much lower prices. You hear people talking about as low as 1000 an ounce and right now its like talking to the traders and analysts and different folks in this base that there is very little upside. At the same time, as you said we are about flat this year. It seems at this moment, even though people are worried about when the fed will raise rates, prices have been stuck in a tight range. Ramy lets play through some scenarios, if the fed raises rates by a quarter basis point sometime this year, what is a forecast for gold . Joe it seems like most traders do believe that if we do see a rate of. 25, yeah you will probably see prices pull back a little bit, but i think one of the discussions is how much will gold pull back . Everybody knows this will happen this year or there are betting right now that it will happen this year. The question is when . If the question is glad, you might see a lot of this for the price of gold. If gold continues to fall, lets look elsewhere to put our money. Ramy what i do so