to pay billions in fines. betty: then the market for rentals is booming. inside a newyou york city townhouse that costs nearly $22,000 a month. letterman& steers prepares for his last late show, we will look at how we decision to purchase the ed sullivan theater in the 1990's has paid off. white paper. give me that. afternoon, i am betty liu with mark crumpton. mark: i have my notes. let's start with equities. stocks little changed ahead of

the release of the minutes of the federal reserve policy last policy meeting. the fed did downgrade its view and investors no doubt we'll be looking at clues as to when the fed might raise interest rates. a look at the board shows the dow jones industrial average down. the s&p 500 is down as well. the nasdaq is the only gainer this afternoon, up at 5070. a check for the close of gold, gold is treating -- retreating today on the pressure of a stronger u.s. dollar. gold futures are higher, up nearly one quarter of 1%. at 5888.de is up betty: let's look at the bond markets and what is up our bonds. the 10 year yield is just down

here. 2.26% is where the yield on the 10 year note is trading. also the dollar. we will at the fed minutes in just under an hour. the dollar is stronger right now against the euro at 110. ato against the japanese yen 12120 two. let's look at the top stories at this hour. and a story crackdown by the u.s. government on five of the world has its biggest banks. the justice department obtained guilty pleas after accusing banks of rigging the foreign exchange market or ubs pleaded guilty to manipulating benchmark interest rate signed by the doj, the fed and other regulators totaled $5.8 billion. >> their actions inflated the bank's profits while harming count -- countless consumers and institutions around the globe. bank's ownhe customers, who placed their faith in the market and relied

on it to produce a competitive exchange rate. also caught aks break from regulators. the fcc has given banks a waiver to keep their businesses running without impediment. policy makers are sounding upbeat about the chances of a deal with greece. the eu economic minister told the senate an agreement on providing more bailout money as possible in the coming weeks. greek prime minister will be at the eu summit in mafia and has to choose a new debt restructuring plan. the chairman of liberty global things vodafone would make a good partner. whether the say companies are an actual talks. the market value is $93 billion. he more than doubled the valuation. vodafone was studying a deal with liberty.

a european company is looking to expand into the cable market. a deal values the company at more than $9 billion. about 1.5 million customers in more than one dozen states. controlled by the french billionaire. revamping the product lineup appears to be working for target . they posted first-quarter earnings that beat estimates. is trying to get shoppers into stores with exclusive merchandise. the chain says the children's product sold especially well last quarter. a crime wave involving atm's. --minals are steering stealing debit card data at the hyatt -- the highest level in at least 20 years. they still information from debit cards so they can make counterfeit ones. debit card crimes almost

tripled. documents of books on osama's and lot in -- osama bin laden's compound. what looks to be a job application for his terrorist network. that includes traditional questions like, do you have hobbies and have you been convicted of a crime, but then takes a chilling turn with questions, "do you wish to execute a suicide operation and who should we contact in case you become a martyr?" it has two known chomsky -- chomsky books in his collection. .etty: much more ahead the bloomberg market day. ofres of yahoo! higher ahead plans to spin off its stake in alibaba tax-free. mark: we will take you inside a new york city townhouse that rents for nearly $22,000 per month. it is part of a booming market for high-end rentals.

betty: we will look at david letterman as he closes out his run as a late-night television host. mark: let us learn about the top stories of the day. criminal cases against five major banks. jpmorgan, city, rbs, and ubs will plead guilty and put the -- and pay over $5 billion in fines. betty: joining us now, expertise including market related crimes. rate see you again today. is a huge fine. but will be the impact of a settlement like this? >> the impact is significant. an enormous amount of money for these banks, and amount of money that has a real impact on the importantch is because you have conduct here that is egregious and widespread. they claim it was only one or

two people. butay or may not be true, people who are handling matters that affect the entire market, libor and fx, any manipulation of that affects everything from pension funds to student lows -- student loans to everything. the word used egregious. his rigging more so because it goes around the clock? currencies except for the twice they break. >> right. whether or not it was a small group of people were not, the banks, when they set libor or fx, it impacts market tremendously. from the doj's perspective, one or two people, it is up to the banks to make sure they have adequate supervision and make sure because there is a wide impact, even if you have one or two people in that position, you

need to scrutinize what they're doing and have responsibility for that. the press releases issued, that was one of the reasons why they were taking aggressive action. betty: will it prevent further manipulation? >> that is the problem the banks have. it has always been a hurdle to watchake money and people. what is different in the last , but in a regulatory matter. threatening the banks. you really cannot concern -- bank to is it for a

plead guilty to wrongdoing? >> it is unprecedented. the reason is all of this is a , the whole investigation has been a major shift in enforcement with things are to the handle at a regulatory level and not a criminal level for a reason. being indicted for a crime used to be a death sentence for financial institutions. the reason was with banks, do usually or threatened with losing your bank charter, your license to do business. in the past, regulators operated over here and doj operated over here. in the libor investigations, you see they have really coordinated their activities. that dojhe hammer brings to a criminal prosecution, and then you have the regulators, sec and banking regulators, i had a right to

pull a license. normally, i bank could never agree to a criminal plea. what we're seeing here is the regulators are part of the conversation saying, if you plea to this and pay this and this and this, we will agree not to pull the license. it is unprecedented but i think this is what you will see going forward. betty: so it sets a new standard, perhaps. paradigmet a new enforcement, which is needed because you might only have a small group of people, but the amount involved in the impact on the market are extraordinary. how is it you can basically incentivize the banks to regulate those? if they're going to make several billion dollars and only face a fine of a few million dollars, -- >> it sounds interesting because it seems a you're saying incentivize people to do the right thing which they should be

doing anyway. should anybody be going to prison for this? i am sure a lot of people are saying his they go again, lies nobody behind the bar -- the bars because of this? >> that is right. you hear about, what about all the money they made. >> whatever it is going up because libor was manipulated. they're indicating they're still pursuing prosecutions of certain individuals. it seems clear that will be at a low level. the people that were actually in geisha in a day to they will not go after higher ups. where the deal gets struck here is the tank is willing to pay enormous amounts of money to save their ability to continue, and also protect senior people. that is the bargain made. with respect to the guy in the street, student loans or whatever, what you will see next

our civil lawsuits. the significance of the plea is you are admitting you did it. now, for lawyers, they can come in and say, i do not have to prove you did it and you admitted you do it, and you go straight to damages. because of how widespread the effect of the manipulation is throughout the market, it is impossible to calculate the potential exposure for the banks. mark: this has been fascinating. thank you so much, talking about this fx deal, unprecedented. >> indeed. .he spinoff of alibaba >> the internal revenue service hinted at a rule change. we will look at whether yahoo! has reason to be concerned next.

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welcome back. mark: let's go to julie hyman. julie: we remain remarkably stable for the past two hours with buried this -- very small declines. take a look at staples, one of the many retailers we have heard days.ver the past several the stock is down 1.1%. estimates anded sales came in short of estimates and the company forecast also leaves room to miss what analysts had been anticipating. we are seeing more of a tumble and have been throughout the day, even though we have got the housing starts numbers yesterday and home depot numbers yesterday, both better than not set --lows is

faring as well. analysts anticipated it would outpace home depot during the quarter. it did not happen. it seems like people were tempted by home depot's deal over low's deals. let's take a look at american eagle outfitters. this has been one of the retailers that has been troubled as of late. this was a pretty positive quarter. comparable sales were up seven percent ahead of estimates. in the second quarter, its sales will also be up in the high single digits. attorneys came in ahead of what analysts had been anticipating, maybe because of the consular pretty negative a year ago. coming back a little bit there. betty? betty: a little bit of a rebound. thank you. a look at the top stories crossing the terminal at this hour, malaysia coming to the rescue of stranded migrants in response to international pressure. they have agreed to take in thousands of them until they have agreed to be settled in

another country. an estimated 8000 muslim migrants are still at sea and have been denied citizenship in the majority buddhist nations. mark: a show in hawaii them is trading how to land troops on the beach. 23 nationsrm -- from attended the event. it is designed to improve cooperation between the united states and allies in the pacific. betty: a new study says driverless cars could have a drastic impact on the auto industry. sales may drop 40% in the next 25 years. families would cut back to one car because self driving cars .ould -- each family member general motors would have to survive.ir output to yahoo! says it is sticking with its plan tax free. shares of yahoo! bouncing back today.

mark: they dove before the close of yesterday after officials said agencies considering changes to rules concerning tax-free spinoffs but yahoo! says the potential change should not affect any request already filed. franciscoon is in san with more on this story. what is at stake for yahoo!? of the old-style market moving rumors you do not see as much as you perhaps used to. over the course of the last few days, iris officials with tax attorneys and d.c., talking atut a desire to look again some of the roles revolving around corporate spinoffs, particularly the spin offs where a small operational asset is sunk into a financial aspect cash, and that is declared tax-free. that is exactly the scenario for the yahoo! and alibaba asset, where yahoo! wants hand shares of the alibaba asset to its shareholders, does not want to

pay taxes, so they're tossing in the yahoo! business business. they want them to think it is a tax-free deal and they have advertised it as such it when the word got out the irs is looking at deals like this and maybe wants to revisit these rules, and how they are interpreted, investors put one in two together and figure it out three will be a big problem for yahoo! and the planned spinoff. after a big selloff in the stock, yahoo! came out with a clear and strong statement, saying these rules should not apply to them. they specifically said that because they submitted their paperwork with the irs already, that the irs for them is not specific to the plans for the 2016 spinoff and the remaining stake in alibaba and they therefore do not think it should apply to them. as a result, this has picked up a little more steam today. betty: will this derail at all the spinoff?

cory: it is hard to say. if you take yahoo! at its work -- at its word, it will not and the deals are redone and agreed to. but the deal has not cleared the markets yet and it also raises the big question. yahoo! made a significant investment in a young company called alibaba, and it turned out fantastically but they are now trying to avoid taxes, so their fair share to the government and all of us to seers who would like the money go to the government might be beneficial to yahoo! shareholders but might not be so beneficial to the country in which the deal is done. betty: we all pay our taxes, come on. thank you, cory johnson. much more is ahead on the bloomberg market day. the rentalp inside that costs more than 200 and 50 grand a year. $250,000 a year. ♪

betty: the market for superhigh rentals is booming. mark: we were talking about this before the break and some words will not be repeated. the price tag is close to $22,000 a month. we took a tour. >> you have to be wealthy to rent this. the gross income has to be over $500,000 minimum. ♪ >> we're in this gracious .ownhouse on east 49th street

you can feel the warmth and all when you come in from the time you walk into the forum -- the foyer, up the staircase to this beautiful, grand parlor. it is five stories, 4500 square , at, with several terraces wood burning fireplace, four bedrooms, 5.5 bath. it is just a grand townhouse. all of this was carried over carefully from france. the paneling, the wood, the chandelier here is from yoko ono's house. a garden that goes all the way up the whole block. it is the largest private garden in new york.

right now, i'm asking $21,900 per month, a very good price for the space that you get. the high-end market is booming. there is an age-old question of whether to rent or buy. the renter market is very strong now, because the prices have gone so high on sales. have decided to not step up to that market at this point, and they still want to be in a luxury building. so they stay and pay the high rentals. believe the high-end market will continue to rise. there is no other place for it to go. you would need a lot more than $500,000 to rent that out, and then it would not be relaxing if that is all you made.

mark: but i appreciate you said you'd would put down $19,000 a month. it is a beautiful place, but at some point, even if you have the money, are you thinking, am i going to rent some they for $20,000 per month or buy a home? a good point p why give money of that magnitude to a landlord? he should invested. if you have money to burn, you should just rent that. mark: our producer said he would rent it and pay in pennies. and you are leaving for an i will miss you when you're gone. betty: i will go bid. mark: see you tomorrow. coming up, the top 10 reasons why we would really miss dave letterman. his legacy. ♪

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[beeping] ooo come on everybody, i think this is my grandson. [lip syncing] ♪little girl you look so lonesome oh my goodness. ♪i see you are feeling blue ♪come on over to my place ♪hey girl ♪we're having a party happy birthday, grandma! ♪we'll be swinging ♪dancing and singing ♪baby come on over tonight back to thee bloomberg market day. i am mark crumpton in new york.

some travel websites say they are being pushed aside by delta. a trade group says the airline and other carriers are withholding information. ulledeport says delta p more and schedules from than a dozen sites. airlines are trying to pull more flyers to their own sites. an airline claims to compete with low-fare carriers. in an interview, the ceo says american will not lose customers based on price. falling fuel costs have helped discount carriers add seats and cut fares. american is now completing its merger with u.s. airways, forming the world's largest ailing. los angeles has become the biggest u.s. city to raise its to $15 an hour. the increase will be phased in over the next five years. it is expected to boost the salaries of 800,000 workers in los angeles. seattle and san francisco have approved similar pay hike. the los angeles chamber of

commerce opposed the move, saying it should be phased in over a longer time. drivers in los angeles are paying more than four dollars per gallon of gas, the highest price in the country. the reasons -- reduced supply because an explosion at a california refinery and repairs at two sure others. california also has the toughest clean air policies in the nation. the u.s. military says a second marine has died from injuries after an osprey error -- aircraft crashed after training exercise last week in hawaii. the osprey, a hybrid aircraft that can fly like a helicopter and a fixed wing airplane, went down sunday at a military base outside honolulu with 21 marines and a navy corpsmen on board. the u.s. and its saudi allies avoid a potential showdown with iran at sea. an iranian cargo ship. eight and supplies from yemen will now head to djibouti for the distribution of aid for the

conflict-20 country. it was on its way to yemen in defiance of warnings, warning that the ship would dock without agreeing to united nations' inspections. that is looking the top stories we're following this afternoon. it is the final curtain for david letterman as he closes out his 33-year run as host of "late show" tonight. he changed the face of comedy in the business of late-night. we have the senior vice president of research at horizon media here. brad, thank you. what is his legacy? rad: he created two late-night shows, which is something nobody has really done that successfully. carson, you after know, holding the "late show," and then he went to cbs and created another show. cbs was in dire straits in

late-night. they had nothing. they cannot get coverages or clearances. i think that is his legacy. mark: i spoke to howard stringer yesterday who side david letterman to cbs. he said his biggest concern was not that nbc might keep letterman in the stable. his biggest concern was rupert murdoch because he did not know what he had up his sleeve. brad: he talked to a lot of people. abc had "nightlight workup mark: letterman respected ted koppel. bcad: he was being wooed by a but react with cbs. they had chevy chase and joan rivers. those failed. they were looking for something like letterman. i do not think letterman, at that stage, would have gone to not as solid as fox as that time. i think he would gone to cbs, a

much more established network. transitionabout the with the times. the audience tends to be more conservative. younger folks are up at local and 30, not folks our age. so you're talking about a conservative, maybe skewing midwestern audiences, at 10:30. johnnyhat is one thing carson told lorne michaels with "saturday night live," saying it is 10:30 in the midwest when they do the monologues. but he adjusted eloquently. he looked a little more professional. 11:30s able to woo the audience with more viewers and more established or older viewers. mark: talk about the deal he made with howard stringer. he got to keep some rights. said thisny carson deal with nbc in the early 1980's. when letterman was being wooed by cbs, that was one of the

offers on the table, that he would be able to control his own show. not only that, he would control 12: 30, after that, which was run by craig ferguson up until last year. he created shows, like "everybody loves raymond." that was a lucrative business good one of the things less members said when letterman steps down was cbs gets control of the show because there is a lot of money there. mark of what happens with worldwide pants now? know.i do not he says he is retiring. but there was an interview on sunday morning where he did say he might be doing things. but i think he is pretty much a recluse and private person, just the way johnny carson was. mark: he wants to spend time with his son hairy. he wants to go fishing in montana and do things that a father and son do. he is worth about 400 milley dollars, supposedly, so i do not think he has to do anything to get money -- he is

worth about $400 million, supposedly. has beenphen colbert transforming late-night in his own image. brad: that is true. he was at the cbs upfront last week. he was really very funny. a lot of people worried about him, and there is a character in the same name. mark: when i was prepping for and when i was a young man, i was not working here, you have a long day and you flip on david letterman, and it is not david letterman, the talkshow host, and i really -- i do not mean this to sound corny

you get to spend one hour with your friend. that is what i took away. rad: that is what made him a broadcaster. personality-driven. if you are a baby boomer -- you know, he did stuff that you like to do. you know, drop watermelons from a seven-story building, race in elevators. i mean, he toned it down as he got a little bit older. mark: how did the two jimmys fill the void? jimmy fallon is in the leader jimmy kimmel is showing a repeat tonight for david letterman. mark: i liked that. he decided to air a repeat to watch david letterman. leno finale had about 14 point 6 million viewers. i think this will get over 15

million because of the longevity of his career and the buzz around his departure. this whole late-night genre is trying online with a lot of fractionalization and dvr playback that occurs during that time. content.a lot of if you want young viewers, watch adult swim. d on late-night and david letterman's legacy. still ahead, the national football league is moving the extra point kick back to the 15-yard line. do you think that will make a difference? yeah, i think so. i heard that if you get the ball, you can run back for two points. mark: stick around. ♪

mark: welcome back to the bloomberg market day. let's check the markets with julie hyman. julie: hello, we're still limping along here in this session with not a lot of change in major averages. seeing a little bit of a decline. look at what is going on with oil prices today. we have had a little bit of volatility in the oil markets throughout the session but now trending higher i about 1.5%. we got an inventories report this morning showing crude stockpiles dropped while refineries have been raising operating rates, putting 2.67tories down about million barrels last week, a bigger drawdown than had been estimated to as oil is rising, one of the big declines we're watching is within the airline industry. some of it might be tied to oil. also, we had comments from the

american airlines ceo saying he will be aggressively competitive with low-cost carriers. so this sparking concerns about potential price competition in the industry. we are seeing across the board pretty sharp declines there within the airlines. on the flipside, we see gains among cable stocks today. this is after a deal, sort of a cross-atlantic deal, if you will, with a company called a ltese, which is privately-health. there is speculation about who that company might he now interested in their there has there hasa being -- been m&a speculation about that before that has not come to fruition time warner cable is rising. charter, however, is on the decline. julie, thank you. notes ligety market action in asia and europe.

-- now let's look at market action in asia and europe. first 200. jonathan: let's wrap up the trading day any europe. a big story in london and europe and the other side of the atlantic, banks behaving badly. that bankmight be stocks are one of the best-performing sectors today. that is for european stocks. then we show you. barclays up by 3.37%. conversation is about provision right backs. higher on the day. the best two-day run since january. an epic runhere was because of euro weakness. monday was a euro weakness story, as was tuesday and wednesday. one euro buys you $1.1090.

after three days of plunging against the dollar, euro there's sounding louder. -- euro bears sounding letter. calling for parity by the end of this year. gdp grew anis annualized 2.4% in the previous quarter, beating forecasts a more than doubling the gains in the previous period. businesses showing signs of spending more and raising wages. the data offering support for policymakers view of the economy is on a recovery track and comes at of the bank of japan's policy decision this week. still, analysts say an area of caution is that growth was also driven by a pickup in inventory which could suggest consumption is still failing to keep up with output. mark: let's look at the top stories crossing the terminal at

this hour. president obama goes from tweeting -- let's go to rand paul first, the kentucky republican senator, the republican presidential candidate. he is on the floor of the u.s. senate right now, filibustering the renewal of the page rate act, which authorizes the full records program which has come under scrutiny on capitol hill, that nsa program that began the center of an international debate. the renewal ofg the patriot act. right now, the republicans are fighting over this on the hill, whether or not it should be renewed. he is saying them earlier, we will do everything possible, including filibustering the patriot act to stop them that was according to rand paul speaking before the took to the senate floor. we will continue to follow this story and bring developments as we get them. president obama goes from to twitterwbie records that appear right after

he got his potus account, he reached one million dollars in only five hours, smashing robert downey, jr. tweets are now showing up in google searches on mobile devices. it is part of twitter's push to track new users. gaining access to half a billion tweets every day, turning up key phrases and hashtags. the national football league is adding an element of drama to what has become a routine part of the game. the extra point kick will not be so automatic next season. league owners in san francisco voted to move the line of scrimmage on the points from the two-yard line to the 15, turning the extra point into a 33-yard field goal. stillint conversions will start from the two-yard line. last year, 99% of the extra point kids were successful. with scarlet fu. scarlet, i do not know if this is a good idea or not. scarlet: i figure it's more

exciting. if you have more to drive import conversions, the game becomes very interesting. there was a success rate of 47% for that conversion last year. mark: we know the extra point kick was like a ceremonial thing to do. it is almost like the ,ntentional walk in baseball but there's always something that could go wrong. the pitcher throws four and two balls, there could be a wild pitch. scarlet: and he could mess up that extra point. getsthe field goal kicker railed on the next day on sports talk radio. mark: the competition committee's proposal -- the snap will be from the 15-yard line on point after exams, making them more challenging. is that the goal, that it is not automatic question mark scarlet: yeah, it is a given. if you score a touchdown, you get six points and then score the extra point to people can walk to go to the bathroom and

get a refill on their potato chips during that field goal. this will only be in effect for the 2015 season. houston texans says they want to make this a permanent part of the game. they expect it to become a permanent change. mark: we are also on fed watch the coming up, fed minutes from the meeting last month. scarlet: what will be interesting is whether if there is commentary on asset prices be it remembered, janet yellen made comments about equity valuations, saying they are quite high. what did they say about the market and what does that mean? if they talk about asset price valuation, that could be a signal. we know that overall bad weather, the west coast port shutdown, and oil jobs contributed to a soft first-quarter. the question for a lot of people is -- what kind of a slowdown did the sectors not account for? what was the structural weakness? mark: we will have that and a lot more at 2:00. also, that story about the five major banks and the settlement

they reached. absolutely. mark: thank you. we will have the latest from washington on how the administration plans to stop the momentum of isis after it seized the key iraqi city of ramadi. ♪

mark: welcome back. islamic state fighters appeared to beginning momentum. today they seized parts of an ancient town in central syria. that follows the capture of the iraqi provincial capital of ramadi, which is only 60 miles from baghdad. u.s. airstrikes hit islamic state targets and ramadi today, according to a u.s. official. joining me from washington is our foreign-policy respondent. how is the administration reacting to recent gains by isis? indira: they are obviously taking it very seriously with the fall of ramadi and also

palmyra. over the weekend, they had that important special forces raid in syria in which they killed and supposedly captured documents related to a man who has been referred to as an oil minister for isis. so they are expecting to really find out a lot about the group's finances through those documents. at the same time, we had briefings today, both from the state department and from the defense department, talking about how they are tweaking the u.s. strategy on isis and trying to remind people that we're only eight months into what they are referring to as a three-month campaign. they are reminding people that this is not meant to be a quick the president is tweaking his strategy. but i do not think there has been a major redo on how they are attacking isis. mark: have we been getting any fromion on capitol hill comments from the defense department, from the pentagon, that, yes, isis has taken over

ramadi, but it is just a temporary setback and we will eventually go back and recapture it. indira: yes, they're saying putting them behind on their task to recapture mosul, which was overrun last summer, and that is a major iraqi city there were hoping to get back sooner am a they were planning this spring to help the iraqi government with that campaign. that has been set back. ramadi was almost entirely in isil and's already. the iraqi government there, the troops did not flee in a wild fashion in the way that happened in mosul. it was a pretty organized retreat. now waiting for orders about going back into ramadi. apparently, ramadi was hit by 30 bombs,h had about 10 of which were the size of the oklahoma city bomb. so entire blocks were leveled by isis. so it was something different than what the iraqi troops were

facing before. tok: you alluded earlier those documents released today. what is in them? indira: fascinating. these were taken from the up on about compound in pakistan. they show us all sorts of things . plots that failed and did not happen, including one at tech that was played on the u.s. embassy in moscow. we found out some of the things that osama bin laden was reading ," copies of the "l.a. times "business week," of a good popular science," and this is my favorite, he had a guide to healthy sports nutrition for , called the grapplers guide to good nutrition. there were a number of pigs found, some of it we already knew. but the main, important take away was that osama bin laden and al qaeda were really focused on foreign tax, tax on the u.s. and its interest and less on

gathering territory the way that isis was so focused on gathering stateory and building as or he was more focused on attacking u.s. and western interests. mark: have to ask about the u.s.-cuba normalization talks. the resume tomorrow. are we going to see indices openings in? indira: i think we will. i think we're talking about maybe june. certainly, the less major obstacle to opening embassies has been lifted, because the cuban government has found a bank in florida. .t is stonegate bank we're told by people involved that it is a small bank in florida that has a branch that has agreed to take on the cuban government business, meaning it will be able to pay its bills of the empathy and process visas. tot was a major impediment regular business of opening an embassy. so the talks resume tomorrow at the state department. they still have to work out things like how much freedom american diplomats are going to have going around the island and

the fact that the u.s. will continue its pro-democracy programs, which does not make the cuban government happy. but i think we could see the opening of embassies as early as june. mark: indira lakshmanan on joining me from washington, thanks so much. coming up, minutes from the federal reserve's latest meeting him out and about four minutes, at the top of the hour. what will they say about the timing of a possible interest rate hike? peter cook will have the details. scarlet fu will join me. we will be right back. ♪

mark: 11:00 a.m. in san francisco, 2:00 p.m. in hong kong, and -- 2:00 a.m. in hong kong, and 2:00 p.m. in new york and we are in new york. scroll it for you i am the scarlet fu here with mark crumpton can mark: thank you for joining us. it is fed minutes day. scarlet: let's go over to peter cook the breaking news. peter: we have the minutes from the federal reserve's april meeting, and they decided once again to basically maintain their current state of play. the fed will decide on a meeting-by-meeting bases as to when to start raising rates. there is a little bit more of withable in the likelihood june in terms of lift off. a few anticipated that the information that would accrue by the time the june meeting would likely