having to pump. >> you like juniper, too? >> john will talk about that. >> trinet. really strong rate trends. >> juniper unusual activity. >> pepsi going to continue going to 100. >> have a great rest of the day. >> "halftime" is over. the second half of your trading day begins now. good afternoon everyone. a very busy afternoon today on "power lunch." two top stories. number one, markets recovering some ground today. the dow right now moving a little bit higher as you see there by about 1% at $17,556. nasdaq 1.5% for the s&p. and then of course there is paris. a dreadful attack.

12 people confirmed murdered. i want to get everyone the latest from france. here is what we know at 1:00 p.m. new york time. 7:00 p.m. in paris. 12 people now dead including two police officers, one was executed in the street after being wounded. the attackers apparently used ak-47 assault rifles and a rocket launcher. at this point the three suspects are not in custody. they remain on the loose. the magazine had been threatened before after publishing cartoons of the prophet mohammed. two years ago an editor and cartoonist who was murdered today spoke out against the threats. >> translator: can't make a caricature of mohammed in france? of course we can. mohammed is sacred for the

muslims and i understand that. i am atheist. mohammed is not sacred to me. i don't blame muslims for not laughing at our drawings. they shouldn't tell me under which law i should live. i live under french law. >> that editor among the dead at this hour. police still hunting for three apparent suspects. this all happened just a few miles west of the eiffel tower. there you see where the shooting took place at the satirical magazine. our michelle caruso-cabrera has more. >> the gunman shouted allah is great when they stormed the offices before escaping in a car. it was france's deadliest post war terrorist attack. the attackers could be seen as heavily edited amateur video.

according to french prosecutor security forces are hunting for the three gun men. according to one witness they spoke flawless unaccented french as they did their military-style attack and as they left they shouted we avenge the prophet mohammed. candle light vigils across france. the president of france. we have heard from leaders all over the world including president obama. >> today, tomorrow in paris, across the world, freedom of

expression that this magazine the freedom of expression that it represented is not able to be killed. >> as we learn more about the progress of the manhunt we will bring it to you. back to you. >> absolutely. thank you very much. we will continue to follow that still-developing story. for now let's check the markets. the stock market recovering some of the lost ground. the dow jones industrial is up almost 200 points. the transports are up. home depot is up today by a considerable percentage move almost 3% now and bio genis the leader at the nasdaq up almost 4% on the trading session. bertha coombs is at the nasdaq covering that story and more. bob pisani joins me on the floor of the nyse. a bit of a recovery but a lot of volatility. >> that dreadful attack aside two of the three of the

macroissues are better today. oil has been stable on the upside throughout the day. that is probably most important thing. bond yields to the upside. dollar strength up. let's talk about specific sectors. department stores are having a great day. j.c. penney came out with terrific holiday sales reports, up 3.7%. this is one of the most shortened stocks on the streets. other stores dillard's, macy's having nice gains. we will hear from other retailers tomorrow about holiday sales. let's take a look at home builders, fha, government issuer of home loans lowered the annual insurance premiums. that is good news for first-time home buyers particularly. you see what that is doing to the home building group and

companies on the higher end doing better today. commodity stocks doing good. they have had a terrible few months. cliffs vale alcoa reporting. the oil stocks are mixed. big names are genuinely to the upside. we see drillers like diamond offshore. i call energy mixed even though oil is stable. >> i'll see you again in just a little bit. uptown to times square. bertha coombs is standing by at the nasdaq for us. >> apple higher today after closing up just by one penny yesterday to break the five-session losing streak. a number of blogs talking about the apple watch coming out perhaps sooner than expected. it is really a story about bio tech once again. alkermes with back-to-back studies yesterday one on a drug for depression and this for

schizophrenia. 7% gain today. overall bio techs today bouncing back. the sector back in the green today. this continues to be the area where a lot of analysts a lot of investors really expect to see continued growth. we are seeing strength in the consumer names. keurig green mountain leads today. it has a deal with dr. pepper to provide pods for new soda machines. if you don't innovate and hold on to market share what happens? soda stream used to be the king here. that stock down 60% over the last year. keurig green mountain moving into that territory. let's go back up to our headquarters and dominic chu who has a "market flash." >> we are watching shares of dick's sporting goods because the stock is spiking on a reuters report that it may be

holding early stage talks about going private. sources say there is no formal sales process in place and that the company could decide to go in a completely other direction. those shares up still by 10% on the session. >> thank you very much. europe flirting with deflation territory now. the market is largely up today as investors think stimulus is on the way. they finished higher in london and paris. seema mody is live for us in london. >> that's right. eurozone inflation turning negative in december, the first time since the death of the financial crisis in 2009. the big concern is europe entering this japanese style deflationary trap. bad news for the economy may be good news for european stocks as it is for the ecb president to

unveil quantitative easing which does include bond buying sooner rather than later. still a lot of questions on whether quantitative easing is the answer and if it will stimulate the economy especially if oil prices move lower that could weigh on inflation. goldman's ceo on squawk box this morning talked oil, the fed, the outlook for the u.s. markets. mary thompson was glued to the set. we were talking off camera. he could do standup. he is that funny. he is quite charming. >> his answers are very thoughtful. it is always a good interview to listen to or watch. during his time on "squawk box" he brushed off concerns of early selloff we saw on wall street seeing long term outlook for markets especially here in the u.s. looks good. >> it is baked in to say you

should moderate your higher expectations and we could very well have an off year. looking at the bigger picture we still are in a situation where the macrocontext has united states in particular at above trend growth and essentially zero interest rates. >> well known for worrying about what ifs. saying 49% decline in oil appears to be oversupply issue. the reaction suggests demand could be the problem signaling something worse on the horizon, deflation. >> i would keep firing because sustaining it is a lot more sure than losing it. >> got a little bit ahead of ourselves. he is talking about what the federal reserve should do. with oil he said he doesn't think deflation is the case going forward but does think the federal reserve should be on the watch for deflation and

therefore maintain a more accommodative stance. one thing that he spoke about, of course, is on the increase in capital requirements that you are seeing on banks and he was asked whether or not that means banks break up. he said it raises the question at the big banks are the synergies that you get worth the higher price of that capital? >> it was interesting. he was talking about these banks got put together under a different regularatory code and so the argument for that size and synergy has changed a little bit. >> because of the price of that adding capital that you have to pay. >> thanks. good to see you. sue, down to you. first on cnbc joining me is karla harris vice chair of global wealth for morgan stanley. she is out with a new book called strategize to win. it is so good to see you again. >> good to see you again, as well.

>> congratulations on the book. let me turn you to the markets. you have seen a lot of market cycles like i have seen a lot of market cycles. we are starting out with volatility this year. what is your read on kind of a recovery day today? >> you know, sue, i'm a perennial bull so i'm constructive on these markets. i'm not surprised to see the action in the market today. the market means two things uncertainty and surprise. i think the move has been a surprise to a lot of people. there was a bit of overreaction and concern about greece. now cooler heads prevail. i'm not surprised at all because the technicals are still in place for a good market environment. you have record low interest rates, a lot of cash on the sidelines and you still have company performance so far as you have seen fourth quarter performance starting to come out. the data is good. >> do you worry about europe? there is so much focus on europe. i talk to other people who manage large amounts of money like you do and they see opportunity. if you have kind of the stomach

for it. because europe has been so beaten down. >> if you have the stomach for it. i think enormous opportunity in europe but a lot of uncertainty. therefore we are likely to see down pressure continue. i think that if you know your spots that you should be productive constructive and pick those spots and be opportunistic about it. i think jumping in at this point is probably a little bit of a risky thing to do. >> maybe for the average retail investor. you also maintain you have to have a plan stick to the plan. this is the time to meet with your financial adviser and really strategize to try to take advantage of perhaps this inequity that is in the market right now. >> no question. it is this kind of environment where a financial adviser is particularly important where there is clear opportunity in the u.s. where there are spaces around

the world financial adviser could be very helpful to help you pick the spots and the timing. >> or to strategize to win. >> absolutely. briefly tell me about the book. >> how do you maximize your success in any market environment. it was motivated by looking at the professionals that were having a hard time struggling in this job environment. so this book helps you to figure out what do i want to do how do i position myself and tell and sell my story. once you debt the job it is about understanding things like the difference between performance currency and relationship currency understanding how to read the signals. this is the first time we have had four different generations working together and they all speak differently. so how do you read those signals and read them successfully? it is also about understanding how to position yourself. where you start has a lot to do with where you end up.

>> thank you very much. we are just getting started on this very busy wednesday here on "power lunch." fed stocks and steel. dominic chu and morgan brennan covering both. >> we are about 45 minutes away from 2:00 p.m. eastern time when the fed releases minutes. what types of stocks do well on those days? we have big layoffs again in the steel industry. what is this going to mean for the stocks? we will have more on that when "power lunch" returns in two minutes.

j.c. penney shares are soaring after the retailer reported nearly 4% rise over the holiday season and revised sales projections for the current quarter to the upper end of prior estimates. it is up almost 21%. american express upgraded to buy from neutral due to multiple benefits of improved outlook. eli lilly's 2015 guidance below current forecasts although the pharmaceutical company believes the challenging period of patent explorations is winding down for it. >> we have seen orare starting to see big layoffs in the steel sector. what does this all mean for the

future of the steel business and future of the stocks? >> i have been looking into this. united states steel corp laying off roughly 750 workers and as you mentioned this is a direct result of oil's dramatic plunge. so supplying tubes and pipes to oil and gas drillers makes up about 10% of overall domestic steel each year. up until this point so-called oil country tubular goods have been a bright spot for the hard hit steel industry hitting a record last year. with oil at multi year lows we have capital spending expected to be cut by 15% to 20% this year. that is going to mean less steel. key bank analyst expects u.s. steel consumption to increase just 2% this year versus 5% in 2014. that slow down in growth all oil related. add in the strong dollar make it imported steel cheaper despite the tariffs last summer

and oversupply that will get worse as more previously planned projects come online. it is not looking good for steel. u.s. steel is one of the most exposed to the energy sector. a little more insulated but has other issues like high operating costs. analysts are a little werry of that stock, as well. steel isn't alone. we have seen other industrial companies starting to feel the ripple effects of collapsing oil prices. we had ge saying it expects oil to fall this year. jp morgan downgrading caterpillar on concerns. we saw that stock fall 6% on monday alone. >> tubular goods. that's where it is falling off. >> totally tubeular. the latest fed minutes are due at the top of the hour. dominic chu is looking at stocks

that move the most on days like today. >> one of the stories on our pro platform takes a look at what happens to stocks specifically on fed minutes days like today. at least under the current fed chairman janet yellen's time at the helm. energy stocks have had a good run according to kencho. the average gain there a very decent 0.6%. consumer discretionary stocks farewell. that is xly. it has been positive five of the last six times. if you look at the overall stock market go back to early 2001 there have been 114 fed minute

releases and the average gain for the stock market the s&p 500 has been 0.8%. it has only been positive a little less than half the time. for more on the story and all the other numbers go to cnbc.com/pro for a free preview of the platform. all you need is a valid e-mail address. it is an interesting nugget of information especially if you are a real market nerd out there. ahead, leading the workforce that is no longer on your side. it is a dilemma that new york city mayor bill deblasio faces right now. what can and what should he do next from a management standpoint? we will talk about that and more after this. s? >>no. not exactly. to attain success, one must project success. that's why we use fedex one rate®. >>their flat rate shipping. exactly. it makes us look top-notch but we know it's affordable. (garage door opening) (sighs) honey, haven't i asked you to please

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time for the power pitch where one entrepreneur gets 60 seconds to persuade a panel of experts that his startup has what it takes to be the next big thing. >> i'm ben harris co founder and inventoro go glove. when i was wearing a glove i found it impossible to control my music with my phone in my pocket. we invented go glove to allow you to seamlessly interact with your mobile device while enjoying your sports. imagine being able to control

your music from your pocket wirelessly. with a magnet in the thumb and censors in the fingers blue tooth connects to your phone. you can wear an outer glove on top for the coldest days. when it is warm take the module out of the pocket and use it as its own stand alone remote. our vision is to enable technology to simplify your life without you knowing it is there. life is a sound track. enjoy yours. >> you saw ben's pitch but let me introduce you to the panel. on set with us is nihal mehta. with investments in air bnb and soundcloud. nihal is a serial entrepreneur. joining us from the bay area is michael roberts. he is an avid cyclist, skier and

runner. joining us from portland matt compton. he serves on the board of directors at rei and also climbs bikes and skis. great to see you. ben, you are in the hot seat. >> what other use cases do you see for the glove besides music and skiing and running? >> we think the core business is truly active sports with people listening to music. the platform can go so much beyond that with blue tooth technology that we are using we are able to expand into a lot of different uses like geo tracking or emergency calls, really anything your phone can do you can control with your glove. >> michael, have you got a question? >> you pitch the go glove to listen to music. when i'm out skiing i see people doing with their phones is making phone calls and sending texts so they can reach people on the mountain and meet them at the bottom of a chair lift or pick a spot for lunch. why is that not at the forefront

of your pitch? >> absolutely. when they are taking the phones out they are dropping them. that is the other thing we are trying to solve. the core business today is being able to control music. we think there is a huge following there. at the same time we are able to take the technology and ad software, firm ware updates. >> give us a sense of how far along you are in the manufacturing process. where do you produce parts? how many units can you produce with parts on hand today? >> we are in the stage of post kick starter where we are trying to finalize the manufacturing stream. we probably are at the point where we could build about 1,000 units today. our first delivery is in june. >> michael, another question from you? >> i see your intended starting price is $129. for the weight of glove you are talking about if i was to buy gloves like this without the functionality is probably $25 to

$30. i can buy a brand new iphone with the service plan for $200. how much research have you done into the price point? >> we do have some restrictions of cost today. so we are hoping that price does get pushed down as technology gets better. >> the last question goes to you, matt. >> how far along are you in your go to market strategy? >> the hope would be to go to big box and distribution. the key is making sure that the technology gets in front of people. we are trying to get right into the consumer through retail. >> we all heard what ben had to say. now we need to know if the panel is in or out on go glove. >> i love the passion behind the product. i feel like there is too much competition for the use case especially with the wearables that are about to start coming to market so unfortunately for that reason i'm out. >> michael? >> there are so many glove makers putting touchscreen friendly materials in the tips

of fingers so you can do that so you can swipe. people putting the controllers in the cuffs of jackets. and i think go glove is taking a leap forward by putting it on the tips of your fingers and in a lightweight glove that has utility and a lot of context. for that reason i'm in. >> i think these initial applications are a bit narrow to build a really large company. that said i love companies that are founded on kick starter. i think this wearable controller space is going to be big. and these guys have a lot of passion so i'm in. >> we have one out and two ins. ben, what is your reaction? >> go glove is going places. we are going to try to prove it in the market. >> thank you to ben of go glove and our panel. that is the power pitch. thank you. let's get to the metals markets. gold prices are closing right now. right now gold is down about $8.70 after earlier in the week.

to the bond market now. rick santelli is at the cme and will give us the update on interest rates. >> absolutely. we do it in order of high to low yields in all major developed economies. probably like a want list to some. a two day of tens. yield is higher. yesterday we touched a 20-month low yield at 1.88 if you don't count what happened on the 15th of october. two-day uk hit 1.56. it's bounced a bit at 1.61. 78 basis points buys you an oat. yesterday hit 71 basis points all-time low yield. jgb's 28 basis points. i didn't put the bund up there. it is getting closer to the 50 level after having low record closing yield between 43 and 44

base points. how is the dollar index going? we look at two-day chart. you won't find anything higher pretty much in the last ten years. it's just after 1:30 p.m. eastern time on the east coast. let's check the markets. the dow jones industrial average still a triple digit gain. the nasdaq composite recovering up about 44 points. the s&p up 18 and the russell up about 8. let's get to trading action and bob pisani. >> let's look at the s&p on an intraday basis. stocks up throughout the day. the key point here oil has been stable and bond yields have generally been moving up. you see green all throughout the morning. unusual events have occurred. oil is down 50% in the last six months. that is a very unusual occurrence. we have been talking about what it means with the help of our friends at kensho. five times since 1980 here is

what happened in the stock market. four out of the five times we have seen the s&p 500 up six months later an average of 3.7%. here is the important thing. what happened to oil? all five times we have seen drops of this magnitude in oil it has been up five times and six months later the average gain has been 52%. a lot of people trying to figure out where oil is going to be in the second half of the year. we have historical precedent higher than where it is right now. >> appreciate it. let's bring in ben willis. he joins me here at post nine. and kevin, portfolio manager at washington crossing advisers. i'm going to start with you. you say stick with the u.s. it's not going to be the banner year we had last year but not bad, either. >> this is purely a call based upon our analysis of the data

from around the world. we are seeing better data trends here in the united states more consistent growth things like employment data is improving. we think friday's monday unemployment will be pretty good when we look at final demand has been the savior because it has held in very steady. when you look at investment spending it has been rising. most of the data is moving in a positive direction here in the united states not so much overseas. we stick with our call that we want to be long domestic assets. ben, talk to me about the market how you see it here and the role of oil and other things. >> oil i don't think is done to a down side. so many people sell oil telling us we have a $40 handle on it. some of the statistics that bob pisani quoted had to do at a time when there was a true supply/demand question in the oil market. we are seeing unprecedented supply at the top of the earth. i think you need to take that into consideration if you are

looking for a 50% bounce. do i think we bounce from 40? i think we do. i don't know if we get that trend in place. that is offering trading opportunities. i don't know if you want to start a new position in some of the energy stocks but you need to have your pencil ready to see where the value has been destroyed because people don't understand what's there. >> how do you feel about the market overall? >> i am bullish. i expected to see a sell off we saw this week later in last year. i think the volatility we can expect that will continue for a significant period of time because we are going through the great unwind. every central bank in the world will have an impact in the dow. >> you get the last word. what sectors do you like in the market right now? >> health care. i start to look at energy.

looking out three to five years from now i think there are decent values to be had. you have to be patient. there is a lot of volatility there. start to put together a shopping list in the energy sector. those would be the places i would be looking. >> kevin and ben, thank you. thank you very much. the latest on the deadly terror attacks in paris. the suspects still at large. we'll hear from an expert on counter extremism who will tell us what happened, why and what to do now. all that and more when "power lunch" returns in two minutes. e financial noise financial noise financial noise financial noise

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. welcome back to "power lunch." i'm michelle caruso-cabrera at the breaking news desk. the three gunman in paris are still at large after killing 12 people two of whom are police officers. according to the french prosecutor the killers can be seen escaping this video. killed the editor in chief who is also a cartoonist and his

body guard along with other members of the editorial staff. the editor had been an outspoken defender of free speech and his magazine had run several political cartoons. the gathering scene as a demonstration against terrorists and terrorism. here in the united states in washington, d.c. mourners place flowers at the french embassy. the president of france is expected to make a nationally televised address as leaders from around the world speak in support of the french people. here is david cameron, the prime minister of the united kingdom. >> what has happened in paris is an appalling outrage. i know everyone in britain will want to stand with the french people at this time. we must never allow values we

hold dear to be damaged by these terrorists. we must stand against what they have done. >> david cameron standing along side angela merkel. the managing director at counter extremism think tank in london. looking at countering extremism in response to the 2005 terrorist bombings in london. welcome back. good to have you with us again. what are the french police likely to be doing right now in terms of a manhunt to get these apparently three suspects? >> i think it's really now a world wide cooperation between the police the agencies the authorities coordinating out of paris to look at any evidence that can be given insight into who these people were. as of yet nobody has taken responsibility for carrying out

the attacks. we know they were probably islamist inspired. we know there were at least three gunman and planning was sophisticated and had enormous amounts of military training. we know that the french authorities and the police weren't ready for this targeted assassination of the staff at the charlie hebdo magazine. i think there will be a world wide cooperation taking place, looking at potential e-mails, looking at internet access of people who may have affiliations to groups like al qaeda, boko haram, isil et cetera. there will be a world wide cooperation looking for clues. on top of that there will be a mainland europe cooperation taking place to -- because at the end of the day europe doesn't have to leave france to

go to other countries showing travel documents. >> you mentioned two things that stood out to me in your answer there. one was that this was clearly well planned, well thought out. that is number one. number two is that these individuals clearly in your view had some sort of advanced military training. obviously we know that many people in europe have gone to the middle east to syria and elsewhere as fighters. some have come back. what told you about this attack that these people had that kind of military training and that this was so well planned? what are the tell tales? >> a number of things. first of all, the way they held the weapons, the way they carried them in a specific manner the way they group they bullets and the way they fired their rifles and thought out the escape plan and the fact that they went there to kill and not to die told us these guys were very well trained and knew what

they were doing. let's not forget it's too early -- any organization. it could have been people who are inspired by islamist ideals. >> in the case of the boston bombing it took about four days before the boston police and fbi were able to narrow down on the suspects and kill one and capture the other. it meant that that city of boston was on lockdown for about 24 hours, as i recall at the end of that week. why hasn't paris done the same thing? >> i think first of all people in paris were shocked at what happened. they shouldn't have been because they had recent terrorist

attacks in the past few weeks. i think the scale of what happened and the audacious manner in which the terrorist acts were carried out startled the french authorities. it is hard to lockdown paris and france per se because of the way that free travel is actually possible in mainland europe. >> thank you for being with us. managing director of quillium. bill de blasio's dilemma. the rift between new york city mayor and police unions. can it be repaired? how do you lead a workforce, a workforce no longer on your side and in many ways outright hostile to you. we will debate that next on "power lunch."

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home builders moving higher.

you can see home builders doing well, different story for the mortgage insurers affected to the negative to the down side there. there was another police shooting in new york city this week and brought to the floor the tensions between the city's mayor bill de blasio and nypd. last week two other officers were buried after being murdered. in both cases nypd officers turned backs on the mayor at the services angry over what they say is a lack of support by the mayor for the men in blue. how can mr. de blasio get on good terms with police and how does a leader get on good terms with his or her corporate workforce? gordon bethune and ed ran dell former governor of pennsylvania and former mayor of philadelphia. welcome. both of you have had experience with workforces with unions that didn't exactly like you from

time to time. i wonder gordon, let me start with you, how do you manage a workforce with whom you have had issues? how do you repair a relationship that has been damaged? >> well you only have one good chance to make a good first impression. i think he flunked the course on that. he has a hole he has to dig out of. the only way to do that is show interest and care about his constituents which are rank and file police men. he has a problem with the workforce not believing that he cares enough about them. he has to repair that. that is the tough process. >> when the workforce doesn't like the boss what do you do? how do you manage through it? you had issues with the police and fire unions in philadelphia. how do you chip away at an impression that has been damaged? >> well the first thing you do is you ignore the criticism.

i thought mayor de blasio was doing okay by keeping his mouth shut for a while and then he had a press conference in which he said what they did was disrespectful to the families. what a mistake. let it die down and try to build back your relationship by doing things that benefit police men. the bloomberg administration did great on equipment and police stations and things like that. there are things police men need during their time to do their job better and be more safe. make sure you give it to them. >> do you go behind the scenes off channel, if you will to the police and say what do you want? what can i do for you? is that the good faith action you can take? >> he has a good relationship with commissioner bratten. and commissioner has a good relationship. do those things that indicate

that you do care about them and their safety and work conditions. keep your mouth shut and let this die down and then go to centers and stress what great jobs the police do with kids in the community. >> quick answers, if i might. mr. bethune, does mayor deblasio need to sever his ties with al sharpton? >> absolutely. he is a very divisive figure and one of the insendaryies in this discord. i would go ride around in police cars and visit stations and let them know first-hand personally that he is interested. >> governor did the police force behave responsibly when they turned their backs on the mayor on several occasions? >> well i certainly wouldn't have done it at the funerals of the dead officers.

i think the mayor was right when he said that wasn't the place for it and it wasn't the place for it. that is not for the mayor to say. the mayor has to let this die down and do things to build back the relationship. >> thank you very much. always great to see you. thank you both. we are up 190 points on the dow so stocks are rallying. check out the s&p 500 heat map. if the s&p ends in positive territory today it would avoid its first six-day losing streak since june of 2012.

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franchising kate rogers on the case. >> the international franchise association is out with its outlook for 2015. they are projing a 5.1% growth for the sector up for the fifth year in a row. the largest global trade group for the industry. they monitor employment, sales and credit conditions. the most popular franchising models in 2015 will be quick service restaurants. among the things that have both ifa and individual franchisees

concerned are hikes and affordable care act. says overregulation is hurting the model. >> the challenges that are out there right now are a bit daunting. and it's not just the increase in the minimum wage and not just the affordable care act, it's also department of labor rules on overtime or on sick pay and its increases in taxes and legislation that impact how franchise operations are run. >> that being said franchising rules still add more than 12,000 stores and jobs. >> thanks very much. that will do it for "power lunch." >> and "street signs" starts right now with fed minutes any moment now. we will see you tomorrow. stocks and oil trying to recover as paris remains on high alert following a vicious terror attack that has left 12 dead and

more injured. i am brian sullivan. we have breaking news to get to from the fed. >> the release of the details of the last fed meeting. let's get to steve liesman. what exactly are we looking at here with the fed minutes? >> the fed minutes for the december meeting that we are waiting for. what we can say is that the fed is saying that it could begin rate hikes at the current level of core inflation. this is new information that 1.4 peace corps 1.4%. they first would need confidence that inflation is going to move back to the 2% target level but they are waiting to do it now at the current level. just hold on before you think the fed is hiking rates. many see global weakness as the key u.s. risk out there. there is also contingent that see upside risk to the economy from better job growth better gdp numbers and effects of low oil