>> we start with the federal reserve. chairman janet yellen holding her news conference earlier today. follow the fed statement that it will maintain a commitment to keep interest rates near 04 quote, a considerable time. the economy is expanding at a moderate pace and inflation is below its goal. apple set to be unveiling its next generation of ipad tablets around mid october this is according to a person familiar nike saying today it is suspending its sponsorship of minnesota vikings running back adrian peterson. back to you. >> thanks for a much, carol massar. herewith some of what janet yellen had to say about the economy and unemployment in her press conference -- >> the labored market is yet to fully recover. or are still too many people who want jobs but cannot find them, too many you are working part-time but would prefer full-time work, and too many who are not searching for a job that would be if the labor market were stronger. >> for more insight on today's federal reserve announcement, i'm joined to the chief investment strategist for the private banking unit, brown brothers harriman. joining me also is josh wright. josh, you heard the press conference. you heard her statement leading into the press conference. i'm sure you read the fomc meeting minutes. what do you take away from the report? >> the fed is being very cautious here. they did not change the considerable time, their commitment not to raise rates after concluding the asset purchases. they are getting ready to change their stance over time. janet yellen was saying over and over again, this is all that data dependency. we have not changed anything. we are getting more ready to change our stance later on. >> we are not changing right now, but we are getting ready to change. what does this do to the job of people like you? >> it's a wonderful proof statement of the value of a liberal arts education. we are talking about monetary policy. we are parsing sentences and talking about word choices. i think this fed considers communication to be as potent a policy tool as interest rate policy. there is no change in the pace or the path of fed policy today. if anything, the fed is try to recalibrate market expectations a little bit. the 2017 dot chart helped -- >> explain that. pointillism and 2017. 2017 seems like a long time away. >> the medium estimate for the feds funds rate 2017, which was a forecast or projection, just released today, has at 3.75%. that is also the estimate of the projection of the long run rate. the indication there is the fed is saying we are not only to get the job done, we are going to get it done by sometime in 2017. >> what was the percentage on it? >> 2017. 3.75%. >> that's right. >> if the market ready for those kinds of numbers? >> trying to get the more and more ready over time. the fed today was all about trying to adjust market expectations. they have been saying for a couple of weeks their concerns the market may be getting complacent. i think they're pretty happy looking at the screen today. a modest rise in interest rates. but they are looking to see those rates rise a little bit more in the coming weeks. they want to see it go but i didn't -- it go bit by bit. >> there were no promises in any of these statements. it is going to depend on the actual health of the economy. >> yes, she was very consistent with her messaging. over and over again she said there is no mechanical interpretation of considerable time. it is dependent on the data. crucially, this is what we have been saying all along. you can see that she is elevating and empathizing these portions of the fomc statement that have already mentioned the contingency of data dependency. as much as she said, we are not worried about calendar time, at the same time she seemed to be responding to some of those criticisms and concerns. >> what is your message to your investors? >> it pays to go back and look at fundamentals. the fed has two a sick jobs. they are seeking -- two jobs. they are seeking price stability. there is enough to allow the fed to think about raising interest rates. but there's not enough inflationary pressure to require them. >> we got the cpi numbers today. what do you tell your investors? we know about the fed's mandate. >> we are in the fifth year of a bull market, robust bull market. valuations are getting stretched. we are a value-based investor. it is a harder and harder discipline to implement. i think we are likely in for more market volatility in the future, as the fed begins to implement a lot of the things they have hinted at. >> you are just going to wait and see what happens, maybe. any checklist of things you are looking at? you going to be buying bonds, stocks? >> it depends when the time comes. it's not so much that interest rates are rising. it is why. if interest rates are rising because there's more confidence in underlying economic activity, that is good for earnings and that is more fuel for the market. if rates are rising because of elevated fears of inflation, that's more disruptive. >> i know we are going to call on you to give us that analysis. much appreciated trade my thanks also to josh wright. housing and mortgage rates are affected by what the federal reserve does. coming up, i will speak with two chief executives in the housing industry. also, we will meet a former model who overcame an eating disorder to become analytic silver medalist in track cycling at the 2012 london olympic games. details ahead on "taking stock." ♪ >> this is "taking stock." a surge in home improvement budgets is the driving force behind the one-year-old company called porch. currently, more than 1700 lowe's stores, it has announced recent funding of $33 million. i am joined by their chief executive of porch, matt ehrlichman. bring us up to date. last time we spoke about porch and porch.com, you were explaining the concept of helping people get connected with reliable individuals and companies to do all kinds of projects. >> that's right. it has been an amazing year since we launched, 365 days ago today. we have gone from 25 employees to 200 employees. what we're really thrilled about is what is coming. we announced just today, porch is becoming more than just the best place to find the right professional for our home. >> give people an example of the kind of thing that you can accomplish by going on porch.com. >> we have a massive amount of data on porch. more than $2 trillion of home improvement spending that we know about. the home network allows people if they are buying in home, they can go with our partners like realtor.com to get a full history of the home they are interested in buying. on porch they can go and get inspired. they can look at these amazing projects their neighbors have actually done. if they're interested in a $10,000 kitchen remodel, they can see what $10,000 will buy them. >> what does $10,000 you when it comes to remodeling a kitchen? >> it depends on where you live. porch was born because it has never ever before been possible to figure out what something will cost you. not only can people get inspired, they can find the right individuals. you can see truly who your neighbors have used and loved. >> what is the geographic breakdown right now? >> we have expanded very rapidly, our headcount. the lowe's partnership has really made or j place that professionals have to be. we have professionals of all types, whether it is a plumber or handyman or remodeler or architect. they are all coming in and uploading their projects and all the photos they have done so that homeowners can go and see who the neighbors have used and who they loved and who works on homes just like yours. >> so you raise the $33 million. how may people get on porch? >> we have 200 employees -- >> how many people have used porch? >> over 62% of cities. in the first year we are really cranking. >> we are going to continue the conversation. i want to bring in another chief executive tied to the housing market. the company is called sweeten. it is a marketplace that looks to connect designers, architects, and contractors. i am joined by the founder and chief executive, jean brownhill lauer. thank you for being here. what inspired you to create this business? >> i was an architect by training, and i tried to renovate my own home and found it incredibly challenging to find a great general contractor. >> what did you decide that was necessary to bring people together online? there are ways to get contractors. you ask for referrals. as an architect you have a professional cadre of people. >> sweeten is a renovation matchmaker. think of us like ok cupid. homeowners come to us with a renovation project and we match them with the best general contractors for their project that we have hand picked for our network. >> how to the contractors get on the sweeten site? >> we have a myriad of ways we screen them. we obviously look at their past work, publicly available information about them. we do a half-hour interview with them to make sure they are the best of the best. think of us like a talent agency. >> in a talent agency metaphor or analogy, there's usually a fee involved. how do you make money? >> we only get paid when there is actually a project awarded on our site. the success fee that are general contractors pay for the homeowners is completely free. >> for the homeowners it is completely free? >> completely free. >> you get together the data about the various projects so that can be shared with potential future customers? >> absolutely. every project posted on our site, we get three estimates for. we have a very good understanding of the cost per square foot of renovating in new york city. >> is there a plan for a national rollout? >> right now we are just in new york. it is a $12 billion market. we think we will be in more cities very soon. >> i want to bring you back into this conversation. you're rising tide can lift all boats. is there some specific thing that you find people are most interested in having in their home, whether it he a remodel or an addition of some kind? what is attracting people's attention? maybe it could be these new environmental gadgets like the remote-controlled humidity and air conditioning. >> with the report that came out about the housing market's continuing momentum, we are seeing the type of projects people are doing right after they buy the home. there's some fascinating stuff out there. as we become the home network, we are making sure whether things are going really well or not, that we are helping the homeowner through that whole home journey. >> for example, with the smart home, the internet of all things. >> certainly there is great traction with some of those products. we are still in the early adopter phase. it has not hit mainstream yet. there are terminus amount of money that is happening -- tremendous amount of money that is happening. it is still early. >> jean, what are you seeing in terms of people using renewable sources of energy, whether it he trying to insulate the outside glass, trying to create situations where you can generate alternative sources of power? >> we are mostly urban focus, so we don't have too many insulating projects, but we do see a lot of people wanting to use eco-friendly materials in a renovation. >> mostly apartments. >> yeah. >> do you help them walk through the process of the renovation? once the hammer hits the wall, all bets are off. >> absolutely. we have a way to track all of our experts so they have a dashboard on our site, and we track when the project starts, the duration, the cost. we get testimonials from all of our homeowners. they can call us at any time. it's more like a concierge service. >> your their 24/7? >> we are. >> what happens when things go wrong? that is bound to happen, a bad match, a bad fit between the contractor and -- somebody says this is really easy and then they go home and they say, it wasn't. >> there are new companies that are coming that are trying to fix it. as i was starting the process of building a home myself, we spent months trying to figure out who are general contractor was going to be. that is really white porch was born, to solve that problem. to help serve as the trust that people need when you're letting somebody in your home. when bad stuff happens, we make sure that information gets out to your neighbors. it's all about transparency. >> psychological help to get through it all, to get through it with a smile. >> that's right. >> thanks very much for joining us. coming up, an amazing story about a model turned olympic medalist. ♪ >> this is "taking stock." i'm pimm fox. i'm going to introduce you to dotsie bausch. she used to be a runway model. and then she discovered cycling. now she is no living silver medalist. she won a medal at the london games. thank you for being here. go ahead. you start worry want to start, but hopefully when you never thought the track cycling was in your future. >> that's what you have to do on tv, shorten it up. i was suffering from a life-threatening eating disorder. on my road to recovery, i used cycling as a vehicle. i just love how it made me feel. i started feeling free again. >> did someone suggest it to you? >> my therapist. i suffered from anorexia, and one of the issues with anorexia is over exercise. we took that out for quite a long time and re-integrating exercise back into my life, we chose cycling together because i had no history with it. i had never even done it before. it turned out to be the right decision. >> clearly. seven u.s. national champions, right? >> right. >> a silver medal at the 2012 summer games in london. >> good choice. >> you can recall that feeling, standing on the podium there. that is kind of an emotional moment. what's going through your mind? >> it is. it's overwhelming. i had this experience at the olympics the whole time. i was like, someone wake me up. someone pinch me. it was extraordinary. we were blessed enough to do well, and go home with the metal so we were able to experience the podium. it was amazing. >> so even though your story is amazing, one of the reasons why you are here is to talk about something else that is amazing. it is called spidertech. do olympians use spidertech tape? explain what this tape is and does. >> i believe the first knowledge people had of spidertech tape was the beach volleyball players. we all saw been wearing that in beijing. it is kinesiology tape. it was developed 40 years ago in japan. it is 100% drug free pain relief. in my training for the olympics, i have sciatica and extreme low back pain. i am no spring chicken. it was getting worse and worse and i was managing it with 800, 1000 milligrams of ibuprofen a day, which is -- >> hard on your system. >> right. when i was introduced to spidertech tape, i went down to zero ibuprofen. that last year leading into the lyrics was critical. >> it stimulates the nerve and increases blood flow? >> it does. it does increase the blood flow. you can use it for pain relief, but also, it takes down swelling. if you put it on something that is an area that is bruce really badly, you will take it off and there will be no bruising underneath it at all. it is a circulatory response that you get from it. i broke my toe two weeks ago and wrapped it in psidertech -- spidertech tape. it was purple when i wrapped it. it is extraordinary. how does it work, why does it work? you are just placing it on, but that's the beauty of it. there's no medicine, no drugs in it. >> this can be for anyone, for the elderly, for the young -- anyone who has pain. >> absolutely. it is for everyone. that is what is so exciting. you can get it at walmart now. it is everywhere. athlete-proven, but it is for everyone. my mom uses it. i introduced it to a lady in the grocery store line. it's for everyone. >> thank you for sharing your story with us. olympic medalist, cyclist, and spidertech tape user dotsie bausch. coming up, if it swims, if it lives, if it hangs out in the water -- chances are, my next guest has built it a custom home. ♪ >> getting tanked has a new meaning after one family in acrylic tank manufacturing. they make fish tanks. i spoke with the aquatic duo about the business. >> the new season which starts friday, it is going to be a lot. we have shaquille o'neal. we have a star-studded cast. we did a high rich ship aquarium. >> a pirate aquarium, what is a pirate aquarium? >> it is funny. down in florida they have a welcoming center, we made a high rich ship. the tank is shaped like a pirate ship. it is incredible. the kids will love it. >> tell me about shakeel o'neill. what is his about? >> he wanted to incorporate his nicknames. the man of steel, so we made him a bulletproof diesel truck aquarium. >> bulletproof diesel truck aquarium. what are the artist shapes you have had to put together to satisfy customers? >> so many different ones. cone shapes, we can thermo form it. if you can dream it we can build it. when we have taken refrigerators and cars. we try to turn it into an aquarium. >> i want to ask about a church with an aquarium. how many gallons of water? what fish are going to get that spiritual feeling? >> we did a church, 70,000 gallons. there are two tunnels you walk underneath to the church. the front panel is 7.5 inches thick. there are so many different fish, it is a beautiful masterpiece. >> is it more difficult to accommodate the wishes of celebrities than ordinary people because of the exotic nature of their desires? >> no. i think with our show it has spawned creativity. our regular clients have just as much creativity as a celebrity clients. it is the same. we want to make sure we take care of our clients the same. >> you do not only saltwater, you do freshwater, and pools. how do people get started? >> i grew up in long island with experience, and we bend and bond. we do pull panels. we do different shaped aquariums. what got us big, we thermobond, we were number one on custom shapes. >> what is it like making a tank for a shark? >> sharks, they have to have specific tanks otherwise they will bang their noses. they have to be around. if they bang their noses they could hemorrhage and cause problems long-term. we recommend if you want sharks to make sure it is big enough so they can swim. >> what does one shark need in terms of space? >> it depends on the type of shark. there are 400 species. a standard shark would be a black tip or white tip. i would recommend 1000 gallons. they are constant swimmers. >> have you ever met a fish that you did not like? [laughter] >> it's funny. i like all fish. i don't like touching fish. >> you don't like touching fish. >> exactly. >> have you ever been bitten? >> no, never bitten. i think wade has been bitten by a couple. >> you have. >> i have definitely been bitten by a few. i was stung by a lionfish. puffers, triggers, eels, a shark got me good. a lemon shark got me on my hand. they are not aggressive animals, they are not mean. it is just their nature. >> what have you learned working with fish? >> it is very soothing, it is relaxing. i love learning about them. years ago people build an aquarium in their house, it was a square a query them. what we do today, we theme it. if you can build a design it is an incredible feeling. we have done tanks that are freshwater, live planted fish, so we will make anything that you want. it is fun. >> there is also coral. you have coral aquariums. they can be quite beautiful. give us an idea of the coral aquariums that can be put together. >> most people want to replicate the reef in the ocean. they do live coral reef tanks. saltwater aquarium. today's day and age, one of the biggest things out of or in just three is fragging. they actually sell pieces to hobbyists and trade, they go to different fairs around the country and do swaps where they trade pieces of coral for their aquariums. >> my thanks to wayde king and brett raymer. i will speak with an artist working with such brands as lamborghini on creating automobiles that are works of art. ♪ >> this is taking stock. i am pimm fox. the world's premier art show has brought some of the most famous artists into the mainstream. take simon ma, he was discovered two years ago. he has expanded his creative palette to include brands such as lamborghini, and he is just debuted in miami. let's begin, miami has attracted collectors and art lovers from all over the world. the frost museum based in south florida, what attracted you to the work of simon? >> two years ago, it is more than just the one fair. there are many satellite fairs. lots of things going on to properly enjoy. i went to art asia and simon was a star. you walk around and art fair and you see an entourage of people and wonder what are they doing, what is the crowd attraction? i had to find out. i discovered that this young man was holding court with so many fans, he was doing a demonstration of his work, very spontaneous. a real showman. as he did so people were watching and were fascinated. it was a crowd, including julian lennon. simon, with his many talents, he is also a musician. >> you are a bit of a polymath. let's talk about the art. it has these fluid forms, these large in scale, it is made of silver. how would you describe your work to someone who has never seen it? >> i got inspiration from nature and working with different people, especially people we need to help, like mentally retarded people, because they have a different world. >> the forms that i am describing, rather they have water drops, dancing water drops, i noticed the equine horse form, it is something you have been working with. >> the core show, it is run horse. it is a philosophy of our chinese history. it is about love with each other. we work so hard, but we always forget the purity of love people to people. i decided to make a run horse, with respect to the top artist in china. this is not just an exposition. it is a message to tell society we need to love people, international, nation to nation like how horses love people. >> can we save the horsepower in the automobile, and the motorcycle. tell people about your association with lamborghini and porsche. >> art and commercial should work together. especially how we put it into lifestyles to make people know that they don't have to look at art just in the museum or the gallery. they can own art. linking the culture together. that is why i am working with international brands. >> how do you describe turning a ferrari into an even greater work? >> the dragon and the horse concept, -- it became an art piece. every project, we have a specific theme linking cultures together, a traditional touch and the modern touch. to become a unique piece. >> he is exhibited in the frost museum of art founded by phil frost, noted biotech investor. the combination of art and business, and business savvy, does simon have it? >> i think so. i am amazed at what he does. do you ever sleep, or did you do that at 4:00 in the morning? every conversation i have he is telling me something else he is going to do. this is a businessman. >> i can ask you, what does an original simon ma go for? >> i don't know. because, in the museum business we don't talk about money in price. it is kind of separate. that differentiates the museum from the gallery. we are not commercial. you have to ask. >> can i ask? is buying a 458 for re: or a simon ma? >> we like to be recognized for different aspects, not just the gallery. >> all over the world. you have exhibitions and how many cities? >> nine cities. it is coming up to 11 now. >> you have beijing, venice, shanghai, hong kong. the reception is positive whether it is in asia or europe. >> i'm quite surprised. i think firstly people like the interactive art, and 2-d in 3-d forms. and i'm using different forms, two bronze. and different way of painting. this year i'm making it more creative. it is not just like traditional chinese art. i'm using a traditional brush, inc. and paper, but it is a colorful touch so we can see more. >> we can see more of simon ma in galleries and on the road. i want to thank you. coming up, from tragedy and pain of injury comes a large step forward. we will talk about rewalk robotics. ♪ >> this is. ♪ >> this is "taking stock." i'm pimm fox. tonight, find out how china's blooming luxury market could mean more business for alibaba. tomorrow, to special programs. a documentary that airs at 9:00 p.m. that is tomorrow only on bloomberg. let's stay with technology. that is the story behind rewalk, invented by a quadriplegic scientist. it has been approved by the united states food and drug administration. joining me now is the chief executive, larry jasinski, the inventor, amit goffer, and derek herrera, the first to use it. what was the first step in making this a reality? >> in 1997 i was injured. i was confined to a chair. i couldn't understand why wheelchairs were the only solution for people who were paralyzed. this is the thing that pushed me to think about that. i checked the size of the market, and the physics of things, you don't want a truck of batteries behind it. when the physics acknowledged it was possible, then i was motivated to do that. >> you are taking something that was commercial. >> that works through fda factoring, the next big stage for us is to be lived provide this to as many people as we can. what other important thing, 10 days after the approval from the fda, the united states veterans administration decided to pay for this for veterans. a veteran goes to their hospital and complete the program, they will provide one for them to take home. the value is health benefits. what we believe this will do for their life is it will cut savings to the system, and change their metabolism and their outlook, allowing them to enjoy the benefits of walking again. >> derek herrera, thank you for your service. did you think you would be standing here? >> i didn't. you go through different stages after a catastrophic injury like i have dealt with. i consider myself lucky to have this technology available. there are some of the people that are not being able to take their first steps again. i never thought i would be able to. >> the company just went public. for the business side that is going to be important to raise money. this has to be expensive. $70,000? >> we believe it is going to be a net cost savings. that is data we are going to work on in studies. part of the decision was looking at the health benefits. they did not want to lose them. >> the health benefits of these seem obvious. what about the psychological benefits in terms of making your life a different experience? >> absolutely. there are physical benefits, but the emotional and psychological part can't be overstated. being able to stand and look some what in the eye, that is important. more important than anything, my personal experience with the devise is inspiration. a lot of the folks i work with our amputees. it is different than it was. my hope is that it inspires that in 10 years the devices will be the similar path as prosthetics limbs. hopefully when people are injured they don't have to worry about walking. it will be an accepted fact. >> i want to thank you very much. this is "taking stock." ♪