plex live from pier three in san francisco, welcome to "bloomberg west" where we cover technology and the future of innovation. i'm emily chang. jeff bezos himself will be taking the stage, expected to unveil amazon cost first smartphone. amazon is no stranger to hardware, already making its line of kindle fire tablets and e-readers, but entry into the ultra competitive smartphone market could be difficult where

apple and samsung already dominate. i have brad stone here with me in the studio, author of "the everything store," a book about amazon. and i want to get to some breaking news coming out of the sea, where general motors ceo ise vara -- mary barra holding a press conference. investigation on safety issues based on those tips for the plex -- raised on those tips. >> there have been dozens. i cannot tell you where they all are, but we continue -- consider them to be a threat to safety until we have got with them. making sure we go back to the employee and they understand they were heard, we acted, and they feel good about it as well. >> how do you respond to the e-mail that it now says it was a

safety issue? report undermine the that g.m. never considered this a safety issue? >> this is very difficult. if you are talking about the e-mail that they put in front of me, that was not referring to the [indiscernible] it was a different situation. we consider stalls to be a safety issue, and it is because of a defect. we are going to take action. we are demonstrating that through our action. that is an important message we're are sending to engineers through the company so they know what to do. >> [inaudible] >> as i said a couple of weeks ago, we have redoubled our efforts and added additional investigators. end of the month it will be substantiated. it is not the end of the month yet. >> are you taking the approach of recalling anything and everything you see? >> i would not say that.

we have looked at our internal data, our trade data, any information that shows there is something we need to do. we aree importantly, going back and looking at specific issues because there was an issue with ignition switches, and making sure the systems and the vehicles work appropriately. we are already seeing the benefit of the change we made with the product integrity organization. >> with the part that you are recalling, is that just because giorgio had a hand in the ignition switch design echo -- design? >> we are looking at that, but again, at issue is the entrance of the key on that. >> general motors said that it is voluntary if they want to dissipate in the compensation plan -- participate in the conversation plan when it is released. now, your lawyers are maintaining that bankruptcy

protection, that liability shield. why are you doing that? >> we have a compensation program. expert hired an industry and we have specifically said we want every single person who has been impacted, whoever lost alive, lost a loved one, what has been seriously injured will stop -- were seriously injured. >> [inaudible] >> again, i think we are going above and beyond. it is the right thing to do and it shows our focus is the customer. >> do you think there are any more issues on outstanding vehicles? and are you confident -- that just replacing the key will be enough? i am 100% confident in the remedy because of the extensive testing that has been done by the product integrity and validation organization. we will look. and we are not completely done with our work yet. >> [inaudible]

plex if you look across -- >> if you look across the board, there is a wide number of years where these vehicles have a wide number of issues. in some cases, we just need to make sure a connection was made. we need to check over a long in afrom -- timeframe specific use situation whether something did break. we take public safety very seriously. we will do the right thing, whether the card -- regardless of whether the vehicle has had 20 made or there have been many over a long time. >> [inaudible] anx mr. belugas has a red -- outstanding reputation. i'm sorry -- >> [inaudible] ofhe also has a reputation being an independent expert in

this area. he will make a decision. he is an expert in doing that. on the committee seem to have a hard time making distinction between one person internally, making the decision to change a part without changing the part number and then a cover-up. how do you change that? the report, when you look at that, if the remaining times were there -- where there was a hadge and that in formation been -- and that information had been it available to the engineer, they would have taken action in a more expedient manner. i think youver up," even saw that in the hearing, the definition. i look at what information they had and what action was taken that was forthright.

speakingeo mary barra to reporters after testifying on capitol hill. this is the second round of hearings in washington after the faulty ignition switch situation came to the attention of g.m. earlier this year. she inherited their worst crisis since their bankruptcy in 2009. 13 deaths have been linked to this car recall. bloomberg cost matt miller -- bloomberg's matt miller is there. bring him in. what do you make of her statement today and her testimony earlier? >> i think she did a heck of a lot of a better job than she did last time. she is a very different ceo now than she was at the last set of hearings. she has clearly grown. her self-confidence is back. she seemed very lawyered up at the first one and seemed to be giving very coached answers. now she is expressing strong and

that obviouslyts comes straight from her, from the heart. on the other hand, i think that this was not quite being great panel that she faced last time. it was not an aggressive panel of congressman that she faced last time. forgivinga lot more and a lot more patient in getting answers from her. and of course, she shared the panel with anton belugas. he took a lot of the pressure off of her. this time, a lot of people had questions for him as well. he ran the internal investigation, hired by g.m.. as law firm was to look into very narrow scope, but nonetheless, the ignition switch trouble. switch issue that everyone is so focused on was only 2.5 million cars that they recalled in february. they have recalled 20 million cars so far this year.

a lot of them were related ignition switch issues, but there were other accidents, other injuries, and possibly other fatalities related to this aside from just the 13 we hear g.m. talking about. >> and as far as the evidence that they knew about this internally for more than a decade, right? >> absolutely. they knew about this for more than an decade. a lot of the victims suspected something. there have been lawsuits for a long time. there were e-mails shared by brett upton from michigan today that showed employees in 2005 were saying, hey, i was just arriving this car as a g.m. employee and it just shut off as i was doing 45 down the road. i would hate to see what would happen if i were a parent with kids in the backseat on a highway doing 70. that was kind of shut up. this employee was squelched. and if you look at the bloomberg

businessweek cover story, you will see that was part of the culture and general motors. that is something that -- that mary barra needs to attack. >> matt miller in washington, thanks so much for that update. and in an effort to unveil its -- amazon willne unveil its first smart phone later this hour. seattletake you to where we are at the event live. ♪

if i'm emily chang and this is "bloomberg west." in seattle, minutes away, a new smart phone from amazon is expected to an -- be unveiled. of "theis the author everything store" as well as cory johnson. the have been working on

phone for years. set the scene for us. >> we were here very early in the morning. it is in the fremont neighborhood in the seattle -- in seattle. they have been preparing for this for 20 days. i ran into an executive friend of mine and we were talking. he was just thoroughly exhausted. i've never seen this guy so beat. these guys have clearly been working on this announcement, let alone the phone, for great deal of time and with a tremendous amount of effort to get this right. i understand jeff bezos is going to speak at the bottom of the hour. he has been practicing his remarks and presentation over and over again because he wants to get it right and want to deliver something that we consider to be amazon quality, and they consider that to be quite high. we will see what kind of reaction there is. they are not leaving that to chance. mediaare overt 200 gathered for this -- over 200 media gathered for this. they are expecting big things.

>> brad, walk us through what you are expecting. it is a competitive market for the smartphone. amazon wants to be seen as inventive. two things to distinguish themselves, one on the hardware. we know this phone will have a 3-d screen. there are four cameras on the device to monitor your head movements by basically bouncing infrared light off of the users itlso >> and you can touch -- off of the user's eyes. >> and you can touch it. >> that's right, you can play games, etc. notcost of the phone, we do have a lot of information. apparently, they have a deal with at&t. in the past, amazon has tried to subsidize the device. they did that with the first kindle and then they can make money on the shopping experience, the way in which they get their customers to spend more. >> amazon did release a promo video for it. i want to take a quick listen to and the reaction of

the actors. but it moved with me. >> whoa! >> that is really cool. >> it is really life -- it is very real life and not like anything i've seen. >> this is unreal. >> i'm a big have ever seen anything like this. >> o, my god. >> are you that excited, brad? can -- i'm excited to be on a train and identify the people that are using it, because they will be swaying around. >> [laughs] is this something that people really want? >> who knows? i can speculate, and i probably will later on the -- on in the program. when we look at the existing market share, we have to see there is a lot of change possible and a lot of change happening. zero tot has gone from

three percent with their innovation. there is room. is people getting a mobile phone, and then getting a smartphone after that. but change has already happened for most of the world. certainly, all of the developed world. the next question is, what way will people use their phones? can amazon offer something different? the technology is different. there is amazon prime, amazon music, amazon video, amazon shopping on an amazon phone. that is where it may be different. >> and you may need to be a member of amazon prime to get this phone. we do not know yet. brett, what do we know about this secretive amazon lab that you have done a lot of -- brad, what do we know about this secretive amazon lab that you have done a lot of research on? >> this is where you try to invent an amazon friendly

future. that is where the original amazon kindle came from, the amazon fire tablet. the phone has been a long-standing project. it in 2009. he has been trying to figure out a way for amazon to compete in the phone business for a long time. there is a lot of turnover at lap 126. i don't get the sense it is necessarily a happy place. the bar is high and they are catering to the whims of some of those executives in seattle who have strong opinions about what amazon hardware should be like. but nevertheless, they have had a great year. >> what are they working on? >> they have come out with the kindle fire set-top boxes to they have the amazon dash, which is the wand that you can use to order groceries. and there is the wireless speaker that has voice recognition. they are working on a competitor to square. some of these things may not ever be launched. amazonos believes that

should be able to compete in all of these markets. he does not want a google or in an -- or an apple oriented caps the- or a samsung to be only one. an amazoncessful can phone b? is the kindle fire that successful? >> perhaps not. the kindle fire tv, maybe not yet. we are getting closer to jeff bezos's comments, which we will have some of that here during bloomberg west. forsuccess could be varying amazon. they could make a difference as far as how much they sell for the rest of their services, whether it is the consumption of video or the purchasing of cap food. whatever people are using amazon for. we probably won't know. they have not told us how many candles they have sold, let alone kindle fire tv. there's a lot that amazon does not reveal about their business.

we probably will never know how successful their phone is, if they do indeed stick with it. seattle.ohnson in we will take you inside the event in just a moment. stay with us. we will be right back. ♪

>> welcome back. i'm emily chang. we turn now to our wiring the world series where we look at how tech is shaping the future of health care. doctors around the world have chartered experimenting with google glass in the operating room. aboutke to one surgeon the potential uses of augmented reality devices in health care. >> i'm an associate professor of orthopedic surgery.

ok, glass, record the video. back in october, i obtained my first pair of google glass and i played around with it a little bit in the operating room. but in january when i went to india, that is when i threw to realize the true power of wearable technologies in health care. when we went to india, we met with the press and in front of the press i happen to take out the google glass was of the media saw the google glass and they said, we want to see that in action. a liveted to do broadcast of the google glass surgery. broadcast, it got throughout the world. 15,000 to 20,000 people tuned into the surgery. it started to make me realize this could be a tool versus just a cool gadget that is nice to wear. eye-based technology is going to

change health care in a number of ways. being able to pull up cat scan, m.r.i.'s, x-rays, patient medical records so that instantaneously that patient has access to health information. imagine that your surgeon is in the operating room and in a middle of a case comes up with a difficulty or now -- an anomaly. he can instantly bring in any expert for that material. that expert surgeon can put a -- put his hands over that map that they have in his office, and now his hand can be seen through google glass, so the expert surgeon can participate in the operating room. five years down the line, 10 years down the line, i think all of this will have wearable technology in some form on us. this is all going to change how

health care is delivered in the next century. >> if you are a u.s. resident over 18, you are now eligible to purchase google glass and join the explorers program for $1500. amazon's latest product event will be starting in just minutes. will take the stage and we will take you there. ♪ >> is 26 minutes after the hour, which means bloomberg is on the market. you are over 30 minutes away from the federal reserve's decision. let's get you caught up on trading right now. the s&p, the dow, the nasdaq, pretty much dead flat. this is the calm before the storm. the federal reserve is going to give those forecast for inflation, growth, unemployment. we want to wait for the news conference with janet yellen. how far away issue from her

goals with the labor market, and is she willing to tolerate higher inflation? i will be back on that fed decision at 2:00. stay tuned. ♪

>> you are watching "bloomberg west" where we focus on technology and the future of business. i'm emily chang. a report just out from the federal trade commission's commission, megan hughes has all of the details. part of the impetus of this report was the whole that between -- fight between ne flix and verizon, right? >> this report has been pretty consistent with what we have seen every year. internet service providers are meeting or beating this bead that they advertise, more than 100% of advertised download

speeds, and this is during peak which -- peak usage hours. in essence, since they started issuing this report in 2011, at that time, that number was closer to 80% of advertised speeds. we have seen improvement. we are expecting a debtor report on congestion -- data report on congestion to be released later on. the biggest problem they found in this report was the lack of consistent speed. that is a new metric they are looking at in this report. topevision was one of the performers, delivering 100% or better of advertised speeds to 80% of panelists 80% of the time during the peak times. delivered 90%ps or better, and about one third delivered 60%. sec officials say there is some work to be done when it comes to consistency. a couple of other findings, the vast majority of isp speeds were

largely unchanged. speed,10% of last year's except for qwest. that was one of the big improve her's. winning -- it improved its bead 16%. and verizon dsl actually showed results that were worse than last year. and that is part of a broader trend as well. fiber and cable technologies moving toward higher speeds and dsl is lagging. that may be the difference in economics in upgrading dsl relative to other technologies, a higher price point to make some of those upgrade. it may require structural plant upgrades to get to those higher speeds. but sec officials say they expect improvement in that area as well. >> thank you so much for that update. forously, some implications the fight between netflix and verizon. netflix blaming verizon for slow speed and delivery. right now, getting back to

amazon. getting underway any moment now, a smartphone expected to be under the -- unveiled on stage by jeff bezos in seattle. cory johnson is there. we are still with redstone, other of "the everything store -- author of "the everything store." and michael, we have not heard from you. what do you think will be revolutionary -- what do you think? will this be revolutionary, as amazon claims? >> i think you need would be the best word for it. i think it is pretty obvious we will see a phone, something with hardware that sits just below the top tier smartphones that we have. i don't think it will look like a smartphone or any of the high-end phones, but i do expect it to be built well. a 3-dk the angle will be user interface.

it will utilize for cameras that are mounted on the front of the phone that will track your face and head. and i'm not exact measure how that is going to work out, interacting with your apps and buying stuff from amazon, which i'm sure is what they are hoping it will push for. but that will be the unique aspect of it will set it apart from other mobile phones that already exist. >> and we are waiting for this event to start any moment. rat, what are you expecting? -- brad, what are you expecting? by putting probably forth amazon's philosophy about hardware, a want to be seen as inventive and different. yes talked about this in the past. amazon wants to make money on it hardware, not one people buy it, but when they use it. that is the key differentiating velocity from apple, for example. this thing will the price at cost. there might even be some subsidies on the data plan with at&t. they want customers to use it, to shop more, maybe go into

physical retail stores and take pictures of items, price match, and then of course, have access to that universe of apps in the amazon app store, some of which i'm sure amazon hopes will help them take advantage of this new 3-d capability. will start out with securing a vision statement for how amazon expects to compete in this competitive world. flownarently, amazon has in some of its most dedicated customers to seattle. cory johnson, what is the latest on the ground there? who are we seeing? >> the press has continue to dribble in both up some of them have been a little bit late. thus far, jeff bezos has not taken the stage and we are not -- we have not gotten the announcement that we are patiently waiting for. -- and you get it when you read brad's book, which you cannot get on amazon right now because of the battle.

withou can see the lineup all of the things they do. it encourages people to use and other amazon services. we will see what the pricing is, and to whom it is made available, and what it might cost people. very low margins, even negative margins may apply in this is. >> amazon announced today they have 240,000 apps. by comparison, apple and google have more than one million, one point 2 million. michael, how much does that matter when it comes to -- how many people will want to use this phone? >> i don't dig it will matter a tremendous amount, because i fully expect -- i don't think it will matter a tremendous amount, because i fully expect they will be able to run other apps. you have always been able to run those on the fire tablet that they put out. i don't think it is as hermetic

the difference as it sounds -- ce as ittic a differen sounds. they have their tailored apps that will be good for, maybe the less power users. this is about them trying to get a broader swath of customers. maybe the older customers that are just now getting into the know,hone game, you people in their 20's, 30's, 40's, i think they are used to starting with blackberries and now android phones. they are kind of use to that. but you have a whole swath of people that are just getting into owning a smartphone for the first time. amazon has been going at that less sophisticated market. they have that made a button. yday button. minutes late so far in

seattle, but as soon as it starts, we will take you there. michael gorman, editor-in-chief johnsonadgets, and cory , and brad stone here with me in the studio. -- formpanies see robots companies that see robots as the future, doctors are already digitizing the operating room. that in the wiring the world series next. ♪

>> welcome back to bloomberg west. i'm emily chang. the amazon event has started in seattle. we will take you there when jeff bezos takes the stage. we return to our wiring the world series. we look at how technology is changing health care business. companies like google are investing heavily in robotics. robots are already playing a big

role in operating rooms across the country. some allow doctors to operate using robotic arms, making surgery quicker, less invasive. fingers insert their into computerized controllers to manipulate the arms while looking three high resolution 3-d camera to watch what they are doing. director ofd by the the nyu robotic surgery center. compre one of the most list robotic surgeons in the country. how did you end up on this past -- path? but i decided earlier on that i wanted to do minimally invasive surgery, and when i saw the technology, i realize this would be a game changer. we have been doing robotics at nyu for 10 years. that is how it started off. far mostare robots so helpful in surgery echo what kind of surgeries are you seeing the most progress with? >> a great question.

we are seeing it in all different subspecialties. we are seeing it at the nyu medical center and using it in cardiac, graphic general surgery, and and even with oncology. we are seeing it in all different areas of subspecialties. probably the sweet spot for this technology is getting two very difficult to reach places where you need to do very complex procedures, such as very small suturing or dissecting nerves, that sort of thing. that seems to be one of the sweet spot for the technology at this point. >> ellis about the risks associated with this -- tell us about the risks associated with this kind of procedure. i know there are some obligations with some robots. some deaths have even been blamed on it. >> it comes down to the surgeon at the end of the day. the surgeon needs to decide which tool, which approach, and which technology is best for he or she.

and at the end of the day, this is a tool. if you put someone that does not know how to fly a plane very well into an f-14, they may not do so well with flying that plane. at the end of the day, i don't think it's the technology. it is really the responsibility of the surgeon, and experience is everything. the more experience you have with this technology, we have seen in multiple studies, the better outcomes you have. depends on the surgeon, talk to us a little bit about what you are doing during the surgery. it sounds like robots do a lot of the work, but you need to be there controlling them. >> it is somewhat of a misnomer. it is really a master-slave relationship. nothing happens without the surgeon. in standard surgeries, the surgeon is standing next to the patient. and we are controlling the robotic arms through this console. ist is so amazing about it we now have four arms to utilize versus just two.

you take a two-armed surgeon and turn him into four. the second piece of this technology is the visualization. again, in surgery, there's a lot of peripheral vision around us and we have to focus in one area. in robotics, you saw earlier that you can place her head into the console and you have complete 3-d high-definition magnification of the surgical field. what the technology is doing is giving better visualization, more arms to work with, more andible the -- flexibility the ability to manipulate the tools and scale them down in a minimally invasive environment. >> looking ahead, the surgeon is very important today, but can you imagine a time where the robots and the robotic tools eliminate the need for a surgeon and they can do it themselves? >> i think that is very, very far from my lifetime. i do not see in the near future,

the next 10 to 15 years, that we will be in a situation where there is not the need or -- for the skill or the human hands to do this operation. >> what about the cost? is this at the moment a much more expensive procedure? and you see costs dropping? >> air is the perception that he will be more costly. what we're finding is when we are -- when put into experienced hands and people use the technology day in and day out and are able to do multiple procedures on one system per day, those increased costs are somewhat nominal, if any. and the benefit for the surgeon -- excuse me, for the patient, if they will get out of the hospital earlier. it will be less risk of blood rob -- blood loss, and less pain. and the things that come up a lot when we talk about costs are costs to society. these patients will be able to

get back to work more quickly than they would using a more traditional technique for many of these procedures. yes, there's the perception of increased cost, but in reality in high-volume centers, the cost , if anything, is minimal. and it is clearly made up on the when there is decreased risk of blood loss, time-saving, and getting back to work more quickly most importantly. most accomplished robotic surgeons in the country, thank you so much. coming up, we will take you to amazon, where jeff bezos is taking the stage to talk about the success of amazon prime, the success of kindle, and the work that amazon has been doing in hardware. we will bring you there live, coming up. ♪

>> welcome back. i'm emily chang. amazon ceo jeff bezos has taken the stage in seattle, talking about amazon prime, talking 's hardware success so far. cory johnson is live outside the event. he just asked the question -- what is the most important thing amazon has done in the last 20 years? his answer was "earn the trust and that amazon is doing that well and repeating it. would you agree echo -- agree? >> i keep plugging brad book because i think there is a great level of understanding there. it is a fascinating company in so many ways. the way it has integrated itself into the lives of its customers in a way that few businesses with the possible exception of walmart has done in the last 50

years, where it is so important and has sony people shopping for things that they acquire and it changes their behavior. the device is the least of it. >> you have some video of him taking the stage. we want to take a watch of his entrance. let's take a look. >> thank you. thank you for being here. forad 60,000 people apply an invitation to come to this event. we have 300 of you here. [applause] thanks. we have folks from the media, developers, and especially exciting for me, amazon customers. give yourself a big round. [cheers and applause] have a lot of exciting news to share with you today. let me set the stage a little bit. let me give you a bit of context first. let me show you a graph. we started amazon prime in 2005. and very quickly, we knew we were onto something.

the memberships were growing very rapidly and it quickly had millions of members. but then something very extraordinary happened. in 20 -- in 2011, the slope of that graph changed a lot. you don't see this very often in business. and when you do, you are pretty excited. this is a good thing. what the heck happened? why did that happen? thatunched a few things at time. one was prime instant video. 5000 videos,h, unlimited streaming. we launched the kindle owners lending library. >> that is just a those, ceo of amazon, talking about the success of prime. he has just announced the amazon phone. we are getting word from inside the event. brad stone here, author of the -- "the everything store" about

amazon. >> what i love is the graphic. no word on the x or y axis. amazon should patent that. nothing but numbers. prime members are loyal. they buy about twice the amount of non-prime members. that is why we will see this integrated tightly with amazon. >> they have been working on this since 2009. how much thought went into the smallest of details? >> as we talked about yesterday, i have just is treated a book that talks about the one purple house on the block. it took a long time because they were on a journey for something that would differentiate the amazon phone. things like the qualcomm chip standard. >> perfect size for one-handed use. >> but what will really stand

out is the 3-d display that we talked about. >> we now know some of the details, 4.7 inch screen. the phone is revealed. what is your take on the initial details? >> they're calling it the fire phone. ofould have liked a sense humor and they should have at least spell fire with a "ph," but no such luck. prime users, the old line, are different from us. they have money. shopping experience for the prime user could be very different if they chose to make that available, to use that in a design or functionality with that different demographic, if you will. pricing will be a key announcement here. >> prime certainly seems to be

integral to the experience. i want to bring in jon erlichman. you have been digging into how important prime is to amazon's business. ow important is it? >> jeff bezos initially spent some time talking about "as they roll out more video." people can watch a lot of tv and video through prime. that is why more people are signing up for it. having that to offer and whether or not a carrier plays a role in subsidizing the data that goes into actually watching film and tv on your phones, i think it is a really important point. but 13 megapixel -- >> 13 megapixel camera on the back. the details are coming out. what do you think? >> we don't know, but the benchmarks are the iphone 4s. subsidized, $200. they have got to do a lot of work to make up for that.

>> we will have much more coverage of amazon phone in the later addition of "bloomberg west." that is all from us for now. we will continue to bring you the latest headlines out of seattle. ♪ >> from bloomberg world headquarters in new york, i'm mark crumpton. this is a special edition of line." -- "bottom the fed has tapered and three of its four previous meetings. fed policymakers are also considering when to begin raising the benchmark interest rate for the first time since 2006. the decision in 2:00 p.m. and fed chair janet yellen's news conference at 2:30 p.m. we will have live coverage of both. let's get you set up for this important thing.

we will be hearing from michael mckee at the fed in just a few minutes. also joining us this afternoon, the chief income strategist at jenny mungo murray scott, john king, -- tom keene, host of bloomberg surveillance, and on the markets today, jonathan ferro. mckee, you will be with us in just a full -- a few minutes. i want to start with guy. we had some economists surveyed here and most of them were talking about the change in the outlook in interest rates. it is inching toward that two percent threshold will stop we heard about that just the other day. what is the fed to make of this? >> the challenge right now is the federal reserve is covered to go either way with the policy bias. as you reference, both measures of gross ash most measures of growth are relatively -- most measures of growth are relatively subdued right now. but inflation is picking up. i think that gives holidaymakers a lot of leeway.

we have heard some increasing talk that they are willing to go higher with inflation. >> tom, is there enough data right now -- >> absolutely not. we are nowhere near that. i would go later in the year. -- and i talked about this a number of times -- the idea that the economic view is subdued for the remainder of this year. they're looking at very cautious data, but the actual data that is coming out is pretty darn good. that is some of the tension that this fed faces. >> with the feds growth x cement, the winter weather, how much -- growth estimates, the winter weather, how much is affected by that? >> we think it will be revised down by another five point -- 5/10 of a percent. and i would wager that the

second quarter bounceback will not as strong. both so much. stay with us. the markets are trending lower as we get set for that fed announcement live from washington, >> no change in monetary policy or in the tapering. we have a slightly better economic assessment of the statement, slightly worse .orecast for growth this year we do have a change in the chart. let's go right to the forecast for the year. they lowered gdp significantly this year. that had to be done because of the lousy winter we had. 2.5-3% the year after. the unemployment rate they see this year, 6.1%.