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 indicate sufficient

improvement in the economic outlook to lead the committee to judge that the conditions for beginning policy-firming had been met. that the minutes going to say that many participants thought it unlikely that the data available in june would provide sufficient confirmation of initiatives for raising the target range. they generally are not rule out this possibility. concerns about the first quarter slowdown weighing on policy makers. they debated whether the factors were transitory him a things like the weather, the shutdown of a west coast port. they also debated whether or not these weaknesses could persist here they pointed to the slowdown in the energy sector, the strengthen the dollar, and the failure in the drop in energy prices to translate into more consumer spending. they clearly were a little confused by that. still, most out the economy would pick up again and gain that moderate pace of growth through the end of this year and inflation would move back towards their target. an interesting note, the policymakers said that as they

get closer to lift off, we did see another taper tantrum event in the bond markets with yields spiking higher the minutes say -- it was suggested that the tendency for bond prices to exhibit volatility may be greater than in the past. higher frequency traders, decreased inventories of bonds held by broker, and elevated assets of bond funds, participants underscore the need for better understanding of the structure of the bond market in the current environment, maybe the first time ever we have heard the federal reserve talking in these minutes about high-frequency trading and the impact it did have on fed policy going forward. no huge surprise is to it but the big news is, once again, the discussion about june. clearly, they are moving the timetable a little bit later, at least that is the opinion of folks around that table april 28 29. scarlet: thank you. julie hyman has market reaction following the release of the fed minutes be or julie: initially,

we did see a spike up in the s&p 500. you can see that on the screen behind me as the s&p erased losses p are now there has been a little bit of volatility. still not seeing huge gains by any stretch. i am seeing the positive for the s&p of about 2.5 point spirit before this came out, it was points.around 2.5 it is a very tight range. a reminder, we could see him a potentially, another record for the s&p 500 today, depending on the magnitude of any gains we have by the closing bell. it does not have to be a huge game p are great now we are trading at a record, intraday and closing day. we will see where we end out the day. any gains for the dow today would put it at a record. also, the treasury market. there, too, we saw initial movement and then sort of a little bit of a coming off of that movement p look at the 10 year note, we saw yields sort of

spiking downward and then coming right back up again. pretty much where we were before the minutes came out, around 2.24% on the 10-year. let's check the dollar as a result of that. the dollar moved even less, particularly if you look at it versus a basket of currencies. the euro had been moving up from headlines about greece, but now muche seeing the euro not changed. finally, a check on oil prices. they had turned higher before this came out. looks like oil prices are not reacting a lot. they reacted more to an inventory support earlier today, showing a larger than estimated drawdown in inventories last week. mark: julie hyman, thank you so much beer for more reaction, we're joined by the head of u.s. economics at renaissance macro research. lisa bromwich covers bonds and is with us. this meeting,

they come after very weak jobs nubbers could what do you make of it? anil: i do not know they are that weak. there is a story to tell exactly how domestic demand is looking like in the second quarter and going forward. consumer spending generally has been in recovery. i think it is a little bit too early to tell. we do know for sure that junetations for july and should be pretty much dead and buried. to bethink it is too soon torpedoing the september rate hike call. it yet. not torpedoing so reaction is still pretty much within expectations. treasuries continue to rise. lisa, peter agenda was talk about the taper tantrum, concern is there. what did we learn from the last taper tantrum? lisa: i do not know p at i think

it shows how important it is to communicate, how to communicate very well. clearly, the fed did say they are very concerned about how to communicate effectively to the market, beyond saying we are dependent, especially when the data has been volatile. it has been all over the board, as far as expectations. upside with housing and downside with many other things. i do think one of the concerns rising is in the longer term rates, the duration, the stuff that comes in due in 30 years, 20 years, 15 years. this is trading at a incredibly low yields. there is a lot of concern about how this will shake out if there is a significant increase in yields. jobs part ofhe this, as we just alluded to, what is the fed looking for?

what consistency in the data do they need to see? neil: to be honest, i think data-dependence, all that really means is that the fed wants to see a little bit better momentum before raising rates. to some respect, they are almost resigned into a rate hike this year. they have opened a window. that happened earlier this year. wrinkly, i think raising rates in an environment where the data is coming in weak is something they want to avoid p are to me, we get better numbers between now and the end of the second quarter, that will extend into the third quarter, dollar comes down, oil prices stabilize, that should put a nice floor for capital spending. energy prices are moderating as we go into the summer driving season. that should help. consumer spending. but as we are focusing on the momentum in the economy, remember, the level of activity in the economy continues to improve. rates fell p the are less some i checked with fed

policy, they have gone with the level of activity, not the trend in payroll employment. at some point, we are going to get to this situation where you towards 5%, which is are picking up, productivity is a a riskd i think there is that the conversation round inflation will change as we get to the end of the year. that creates risks on the bond market. scarlet: peter cook, one thing investors were noting, one mentioned whether the fed would make any references to markets. janet yellen called equity valuations quite high. was there any mention of that whatsoever? peter: there is mention of it, certainly in the staff discussion. the staff presentation includes an assessment of markets. they talked about some of the same things janet yellen talked about. what was perhaps most notable was the sense that as they get closer to norman as asian --

normalization, they made a specific request to the staff, we need even more updates about financial markets to make sure we reading every thing properly. we want to understand our message and how it is affecting the bond markets and financial markets. they talked about equities a little bit. again, nothing that would surprised you. they're worried about financial markets and a taper tantrum. they are hoping their communication can hold that off. scarlet: what about the market reaction and their decision about left off? we heard from the ecb director who was jawboning to bring the euro weaker and german banks higher. neil: part of the problem with those metrics is that typically economists think of markets being moved, not being the movers. it could be a circular game were expectations breed expectations, and the moves do not change. i think what will spark a tantrum in the market is the

data getting better, and as the data gets better, the fed will get back into the game in terms of a rate hike. that is the issue. liquidity issues, i mean, they have been talking about that for a long time. lisa: i think it will have to be more than just the data. realistically, the big concern among people i stick to is that the fed is going to wait until they are behind the curve. once they start hiking, they will have to do it pretty quickly to stave off more significant inflation. anhink that is to head off asset bubble that gets created and could potentially pop. neil: what is interesting about francisco fed president said the risk of doing that is even worse for the financial market. i think the fed really is an kind of a box here. i do not want to put it like that. but it is small and hawkish now and will be large and hawk is late -- large and hawkish later.

mark: we have to leave it there. and lisa, thank you so much. scarlet: still ahead, graduation season. today, president obama gave a commencement addressbout what he believe will be a major issue for future generations. ♪

welcome back to the bloomberg market day. i am mark crumpton here with scarlet fu. a look: julie hyman has at the market spirit you told us

how we had a leg up, but it seemed to be fleeting. julie: yes, kind of a round-trip in stocks. part of that refax the perception that the timing, does not really change anything that people were broadly expecting. -- part of that reflects the perception that the timing does not really change anything. the fact that there is in these minutes to explode the notion means that we are seeing this round-trip for markets. if you look at the s&p 500, we are now up less than one point. then we have been trading in a very narrow range today, and that is not changing at this particular moment. i get a 10-year, there we are seeing a little bit more thement -- take a look at 10-year, some movement downwards in the yield. that was true before the minutes and is true now. a little bit of buying in the treasury market, which is what you might expect if rates do not go up.

finally, another look at what is going on with currencies. the dollar was higher before this report, that it looks like it is remaining higher. not a huge gain, up only .2%. again, this perception that there is no hurry on the part of the fed to raise those interest rates, so not seeing a huge reaction in the market. thanks so much. to put a fine point on what she said, the dow today has moved 59 points from the to trough. it is the fourth straight day it has not moved triple digits from peak to trough. mark: we will continue to follow the markets. andulie mentioned, ups downs. now it is time to look at the top stories we're following. six of the world's biggest banks will pay $5.8 billion in federal claims that they conspired to rig the price of foreign currency markets. four of the banks agreed to plead guilty in the currency case. citicorp, jp morgan, barclays,

and royal bank of scotland. bank of america was also fined. in anll plead guilty interest-rate-moving scheme. he was attorney general loretta lynch does the damage was widespread. -- u.s. attorney general loretta lynch says the damage was widespread. loretta lynch: from pension funds to major corporations, banks' ownhe customers who placed their faith in the market and relied on it to produce a competitive exchange rate. mark: the justice department's is currency traders call themselves the cartel and used to rigchat rooms exchange rate spirit meanwhile, new york's top financial regulator is stepping down. department of financial services superintendent benjamin lofty plans to leave in june. he had been on the job for about watch her years and now claims to set up his own consulting firm in new york. some of the world's biggest banks are threatening to dig

whether your starters and collecting billions and penalties. scarlet: the european company altese is expanding into the u.s. cable market, agreement to buy 70% of southern linc medications. set in linc has about 1.5 million customers in more than a dozen states. is controlled by a french millionaire, and this is his first venture into the u.s. cable market. run by stevet firm cohen is bringing in a new chief operating officer. they hired a former ibm executive. he is part of a movement towards quantitative investing. point72 hasyear, been in expansion mode. says it will pay the u.s. government $11.2 million here the money is part of the settlement related to a 2007 peter pan peanut butter

recall over salmonella contamination. conagra will also plead guilty to one misdemeanor violation of the food, drug, and cosmetic act. court deal is subject to approval. thousands of koran or's have overwhelmed the national highway traffic safety administration's website -- thousands of car if thererging to see are bags are safe after the recall of two kadant airbags in a record 34 million cars. u.s. regulators say may take several days before the database is fully accessible. report: in new underscores how tight household finances are in the u.s. jpmorgan's as most americans do not have enough liquid assets to withstand shocks, such as a drop in earnings. that includes cash or money market accounts that can be accessed at little to no cost. that means they would have to take on debt or tap into other assets, such as their home, car, or long-term bonds. want to buy gas for under three dollars a gallon? head anywhere but california.

drivers in los angeles are paying more than four dollars a gallon, the highest price in the country. the reason, reduced supplies because of an exposure that one california refinery and repairs at two others. plus, california has the strictest clean-air policies in the country. mark: new jersey governor chris christie, as only he can, calls it the "ugliest damn building in the state." the incomplete entertainment and shopping center is about to get a second life. a $600 million muni bond sale could help pay for construction. a canadian firm took over the project under the previous developer ran out of cash. the groundbreaking for the megamall was at the getty go. those are your top stories on this wednesday afternoon. scarlet: late may, which means commencement season is here. that means speakers are making their rounds across campuses. this morning, president obama addressed the u.s. coast guard academy in connecticut, and he

touched on a signature issue, climate change. president obama: the only way the world is going to prevent the worst offense to climate change is to slow down the warming of the planet. if some warming is now aevitable, but there comes point when the worst effects will be your reversible, time is running out. mark: and these political commencement speeches, the leaders have been delivering them. there is a long tradition of doing this. the best ones often combine wisdom with gripping current issues. one of my favorite ones, 19 64, springfield college in massachusetts, given by the reverend dr. martin luther king, and he said the time zoeller's right to do right. there is a back story. according to the college's website, some folks do not want dr. king to goes because the college for it one of them was a benefactor who was reportedly

prepared to announce a $1 million donation for the college . he summoned the president of the college to his home, asked him to cancel dr. king's commencement address, he refused, and the benefactor ripped up the $1 million check in front of him. still spoke. scarlet: that is pretty habit.ive that hillary clinton echoed dr. king in her commencement speech at her alma mater. in 1990 two, she said -- cure about something you need not bother with it all. throw yourself to the world and make yourself got it obviously, she knows a thing or two drop of the contradictions facing the modern woman, the modern educated working woman. having itr take on all -- hillary clinton: the rules are basically as follows -- if you do not get married, you are abnormal. if you get married but do not have children, you are a selfish yuppie.

if you get married and have children but that go outside the home to work, you are a bad mother. if you get married and have children but stay home, you have wasted your education. scarlet: did you notice the distinct twang in her voice? mark: that was from arkansas. scarlet: vintage 1992. they rules for political wives are much different than rules for female political leaders. mark: no doubt it coming up, americans are finally spending on homes, good news for home-improvement chains like home depot. or is it? ♪

just got word from

the federal reserve, the last fomc minutes indicate that there is no real time for the next interest rate increase. jim, perhaps september, nothing the market did not know. mark: folks are trying to parse this. is it more about jobs? is that with the fed is keeping a watchful eye on? is it in flesh and? i think we can probably all agreed that it will probably not end tomorrow. equities get a little bit of a lived early on and came right back down. we're at the best levels of the session if you look of the s&p, dow, and nasdaq. but these are not large moves. the s&p 500 up .2%. the dow just barely positive right now, 18,319. mark: the yield on the 10-year is at 2.23%. peter cook alluded to the question -- will there be a

temper tantrum going on and the bond market because of what the fed will or will not do going forward? scarlet: we are in the backseat of the first quarter gdp report that was fairly soft, but most people attributed that to transitory factors, temporary actors, said just the bad weather and port shutdowns, the drop in oil prices. termswere implications in of capital expenditures and investment. mark: oil prices, a couple minutes before the close, crude trading at $58.86. that is it from ep review are up next. scarlet: all right. take care, and i will see you tomorrow. it was an exciting half hour. mark: it went by very fast. scarlet: all right, we will be right back on the bloomberg market day. ♪

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stories making news. federal reserve officials last month did not expect to raise interest rates in june, even though they concluded the continuation of a first-quarter economic slowdown was unlikely. that is according to the april minutes. the minutes confirmed the fomc statement in april that it expects the u.s. economy to return to a moderate pace of growth after the first quarter struggle. officials still weighing the timing of the first interest-rate increase since 2006. millenials mason become wall street's best friend. wilson become wall street's best friend. tobias left for good -- tobias millenialsage says are almost there. this, millenials will suppress baby boomers is the largest population group. cuba has found a florida bank willing to do business with them and washington. it was the final sticking point holding the come in's country back from conducting financial transactions in the u.s.

according to two people familiar with negotiation, the strongest bank of fort lauderdale will handle double medic transactions, including paying bills and issuing visas. medicl handle double transactions. the owner of american pharaoh to aold its breeding rates farm in central kentucky. no word on the price, but it is reported that a family that owns american pharaoh had been inundated with offers, including some for more than $20 million. bill mustnext months ask when they get the first triple crown winner since 1978. home-improvement chains are viewed as a proxy for the housing market. both home depot and lowe's have benefited from improving trends. yet, their latest earnings report diverged, highlighting the differential in their share prices is the start of the bull market. why is that? met -- is matt townsend, who writes about both

families. strengthen housing matters the most for both companies them up but doesn't the subpar gdp and lack of wage growth put a ceiling on how much further they can advance or how much more money they can make the rate of growth? matt: it could. they look at price appreciation. the cfo of home depot said, eak gdp for was w the first quarter and consumer spending was not that great, but for our sector, people are spending money and investing in homes. are worthink homes more, they will spend more. depot andoth home lowe's have been on a good ride since the start of the bull market. hashe way people spend changed. at one point they were working on maintenance. now they have pushed to big projects. do we know which one makes more money? matt: they prefer big-ticket

purchases, higher-margin products. during the recession, you think about maintenance, like lightbulbs, things people get to keep their home going. lowe's is a survey with consumers, and it reported that the interest level in doing a big home renovation project is at the highest point in six years. so they see a lot of potential for even more gains in the high purchase area. in startwhen you look up companies, and in silicon valley, they talk about either targeting the marketplace or the enterprise to my consumers or businesses -- is it fair to say a company like on the pope is an enterprise company, while lowe's focuses more on the marketplace -- is it fair to say company like home depot is an enterprise committee? matt: they are both pro-customer, the handyman, the contractor. scarlet: which does better? matt: it is usually the consumer

side which is the bigger side revenue wise. they buy higher-margin products. they have strong divisions of what they all pro-customer. the big thing about these results this quarter were that for the first time in a long thought lowe's would be to home depot. but that did not happen. analyst said he was baffled. the way lowe's described it was about the weather being an issue . because the way they do their promotions is by region based on the weather. it was a little colder than they thought it so that could have delayed promotions. scarlet: what is it about the home depot execution? matt: a bunch of things. customer service. some speculation that they have their stores in a better area.

scarlet: coming up, former commerce secretary bill daley tells us why he is not wearing about president obama's asia trade deal. and plans to spin off a stake in alibaba. and two months after the germanwings disaster, the faa is modifying its mental health screening protocols. that conversation is coming up. tonight, david letterman hosts the last show" for time. he promises lots of surprises. cbs hired letterman away from nbc and 1992. a year later, the insolvent theater became his professional home. let's get the report. -- the ad sullivan theater became his professional home. the edi am outside

sullivan theater, which cbs bought for david letterman in 1993. $4 million for the building and a few million more for renovations. that is still a steel. david2, cbs hired letterman away from nbc. it faced a big decision -- keep a letterman in new york or move them to los angeles, where there were newer, bigger studios. new york offered incentives to keep letterman here, and cbs picked this theater, the historic landmark building once home to the ed sullivan sunday night friday show. it is where the beatles first performed on live tv in the u.s. it was a big deal for a network to buy a whole building for a late-night talkshow. this is all about symbolism. we see it as a restoration of a theater and renewal and revitalization for a network and even for the city.

it certainly coincided with the renaissance, the rebirth of times square, just a few blocks south to with letterman showing residency, ed sullivan theater became a tourist attraction. monthly rents went up dramatically. tok then, $33 a square foot now it has more than doubled to just over $72. every time one of these shows changes hands, new york and los angeles did it appear last year, new york offered cbs $11 million worth of state tax credits, $5 million in grants, to keep "the late show" in new york. the stephen colbert takes over on september 8 in a building now worth many millions more than what cbs paid for it in 1993. letterman' isnows legacy better than bill carter, the author of "the late shift"? he also wrote "the war for

late-night." carter spoke earlier with our entertainment reporter and erik schatzker about the business of late-night tv. bill: the big money machine that these late-night shows used to be has really shut down. they do not make very much money anymore because there is just too much competition. and the younger viewers are now able to wander off, and they do not even watch television. they watch devices. it is not the same economic engine, but it still has an enormous cultural impact. people talk about what is on these shows a lot. politicians go on the show -- president obama has been on all these shows. it is still very important. erik: how do you monetize that then? people still care what is on the cover of "the new york daily losing by kilis

of money. no one wants to buy it. if you are influential but cannot monetize your influence, what is your future? it is monetizing the number of hits on youtube. he has gotten 25 million hits on really, and they are not putting any commercial advertising against that. i think that will change. they have to find a way to monetize those aspects, because there is so much more viewing going on there. if you say jimmy fallon only gets 4 million viewers a night -- that is not bad, by the way. gets on20 million if he dancing with michelle obama. erik: lucas, we're living in the seth meyersel, era, perhaps, but what is the next era? lucas: it just depends who comes next to it i do not see jimmy

fallon going anywhere soon. i talked to cbs executive who admitted that she watched fallon's show and i letterman because she really connected with him. to build points, i do not know that you will see nbc universal selling ads on youtube, because they really are not happy with the ad rates they can get there. but they will have to find a way to make money from all the views that he gets online. he is one of the most popular comedians in the world, primarily because of all these little clips people watch over and over again and share. there has to be a way to make money on that. if they cannot, there is not much of a future for the medium. scarlet: that was lucas shot with bill carter. this is david letterman's final day. markets are on the move after the release of the fomc minutes. we're going to check on how

commodities isis settled in trading. we will be back. ♪

scarlet: welcome back to the bloomberg markets day. alix steel isn't me, which means it is time to check on how commodities prices settled in new york -- alix steel is with me. ix: a few years ago, no one wanted to talk about any commodities. scarlet: and then this show happened. x: and then i was excited.

scarlet: not much movement from the fomc minutes. : we saw stocks dropping purified us are basically working at overall inventories were down about 2.6 million barrels in cushing. that is the main storage hub in the midwest. it was due to refinery utilization up by 1.2%. digging deeper, the concern was, all right, refiners will work, use oil, make products, so will we use that? andaw it distillates gasoline draw, and that is why you are seeing a relatively higher reaction. scarlet: if you were going to see a demand pickup, wouldn't now be the time? just before memorial day weekend? stockshere are a lot of to weed through. oil prices have risen at gas prices now have risen. with that impact it later on down the road? that would weigh on oil prices. scarlet: oil prices at -- we're

also looking at gold prices. it is not discussed much for her no need for that safe haven anymore. alix: rbc capital markets said would positive push for goldman be the weaker dollar. ok, duh. you see the supply of all the money in the world, and gold's correlation is broken down. is comingf the dollar off, the correlation could continue, which means gold could go higher based on all this extra cash we have in the worldwide qe. scotus some thing to watch as the fed looks to move in a different direction from the rest of the central bank in the world. alix steel will be back in about 15 minutes with more on the market close. meantime, top stories crossing the terminal -- an invitation-only club. traders as some of the world's biggest banks getting better to rig foreign currency rates. today, the federal government

tod those ranks $5.8 billion four pleaded guilty to citigroup, jp morgan, barclays, and royal bank of scotland. ubs pleaded guilty in an interest rate reading case. u.s. attorney general loretta lynch says the punishment was appropriate to loretta lynch: the penalty these inks will pay is fitting, considering the long running an egregious nature of their anti-competitive cardica at it is commensurate with the presence of harm that was done. it should deter competitors in the future from chasing profits without regard to fairness, to the law, or public welfare. scarlet: prosecutors say traders called himself the cartel and set online chat rooms to positions before rates reset your there is a crime wave involving atm's. criminals are stealing debit card data from atm's at the highest level in at least 20 years. they steal information from democrats so they can make comfort ones.

debit card crime almost tripled in the first quarter. in oak brook, illinois, labor organizers and workers are protesting outside mcdonald's' headquarters, pushing for $15 hourly wage and a union for workers. the demonstration is ahead of the and will shareholder meeting for mcdonald's, which begins tomorrow. in pro football, the extra point kick will not be so automatic next season. nfl owners have voted to move the line of scrimmage on extra points from the two-your line all the way to the 15. teams will still start from the two it they rocked to run or pass for two points after touchdown. last year, more than 99% of mixed a point kicks were successful, not dramatic it off your those are your top stories. areou look at yahoo! sheers now, they are regarding today from a seven-month low after yesterday's of 7.6% to below $41. this is after bloomberg reported an irs official raised questions about whether the government is working to change rules on this

third yahoo! says it is pushing to sell offts plan and stick with alibaba. analysts are all over this. cory johnson is in san francisco. what is interesting when you look at the research is a member of nomura sang yahoo! can spin off its core business, leave behind the asian assets. it gets the separation done. have you heard things like that? cory: clever. you can fire me at quit -- you know, had a funny conversation with the senior yahoo! executive, who told me that so many funds have offered up their assistance or gone out and tried to hire accountants or tax experts only to find that they were unavailable, and the snicker was it is because yahoo! already hired them.

yahoo! spent millions sorting through all the potential scenarios that they could go through to try to get this spinoff done. let's look at what is it legal and what they were trying. they have this pile of an asset, shares of alibaba. they have to sell that asset without affecting the sale. is with a ofgal done. they have taken a functioning operating business, yahoo! small business, duct taped it on the yahoo!-alibaba asset, and they're going to spinoff off the two and call it yahoo! small business. in the backseat, they will have a huge pile of alibaba shares. but yahoo! small business is the entity. legal.oked that has happened in the past. the question is, how is the irs doing to view this one and future deals in other they're concerned they are not getting their cut? scarlet: the irs official has said this would affect future

proposals, not necessarily ones filed are ready -- already. but all kinds of analysts are rejiggering projections in terms of how much each part of the business is worth. how much of a distraction is this alibaba spinoff to marissa mayer? share,t is $15 a probably about the cost that the .axes would be on alibaba they made the investment so long ago into alibaba, and alibaba is done fantastic as an investment for yahoo! as a partner, not so much. but it has been a fantastic investment. pronouncing --rs it is a series of meetings -- this deal is not done yet. yes, they have proposed it and raised it with the irs and told the irs what they want to do. but the deal is not done. so there is still some level of

risk. yahoo! says new rules do not apply to this deal. of course they would say such a thing. there is some risk here though. i think that is why the stock do not completely rebound. because there is an new understanding of the new risk in this deal. go to raymond james lower the odds of a tax-free spinoff. cory johnson, i knew you would have lots to say on this yahoo! spinoff of alibaba. cory: i am here to help. scarlet: coming up, the germanwings pilot suicide has the faa rethinking its mental health checks. how to change the aviation industry, next. ♪

scarlet: u.s. revenue -- u.s. regulators are in the process of

how pilot to screen. this comes after thegermanwings disaster and france in which the pilot committed murder-suicide. joining us from washington is alan levin. as i like the faa is forming an advisory committee to study this whole process. what is the involvement of airlines, like american and united, and with a relationship or the conversation be cooperative or adversarial? to be very tend cooperative and forming committees sounds so bureaucratic, but this is a pretty big deal. whenever the federal aviation administration contemplates any big changes, they tried to get consensus before hand. so airlines, airline trade groups, unions. in this case, doctors and mental health experts, as well as international groups, are all going to participate to try to come to a consensus about what makes sense moving forward. scarlet: the faa's jurisdiction

is it can set rules for u.s. carriers. what about foreign carriers, for instance, like lufthansa, the parent company of germanwings? alan: very good question. these days, more and more the international, all the nations try to coordinate their rulemaking. the faa is involving united nations aviation body so that they can help coordinate this moving forward for the whole world. scarlet: for the whole world, ok. do have a sense of what is already in place and how much is relying on disclosure i the pilots themselves? alan: there is quite a bit of screening for broad medical issues. a pilot -- a typical airline pilot would get a medical check every six months. but for mental health issues, it is not so much. a pilot has to answer certain

questions on a questionnaire that would indicate whether they have had mental problems thattly and other issues might be associated with mental illness, but there is very little in the way of direct questioning about this sort of thing. i think the idea is perhaps even some basic simple questions like, do you sleep well at night, what does your family think about your state of being -- things like that can really help move the bar forward. scarlet: the extra information would certainly help. alan levin, thank you so much. still ahead, inside the foreign exchange probe, four major banks find $6 billion after play elite dust pleading guilty for minute duration. ♪

is new in san francisco, 3:00 p.m. in your, 3:00 a.m. in hong kong to minutes from the federal reserve's meeting last month

showed the central bank did not accept a raise rates in june. we will see how that is being digested. alix: six of the world's biggest banks will pay nearly $6 billion in five agree to plead guilty to charges tied to currency-raking. we hear from two top u.s. officials involved in this historic announcement. scarlet: burberry among retailers reporting earnings bread we will talk shopping and -- with the former ceo of with a former ceo. scarlet: good afternoon. alix: let's look at the markets. i looking at stocks -- doing a lot of nothing. it was said after the minutes came out, dull. scarlet: this is true, but at least it is a little less golden it was before t