european stocks follow the u.s. higher after the biggest volume day in almost three months as investors position themselves ahead of the fed. >> u.s. regulators open investigations on rumors some investors knew what was coming. >> not seeing the wood from the trees. whitney till is on covers the short position in lumbe lumber liquidators after

slamming them. >> boeing solid cash flow. they boost the quarterly dividend by 20% and approves a $14 billion stock buy back. >> let's get you breaking news on economic sentiment there. we're getting an economic expectation at 16.1 for december. that's compared to 10.4 in november and higher than expectatio expectations. 55 on the month and also above expectations for a 54 reading. confidence is growing that the german economy will prove itself robust as well. >> we're seeing a strong rally across the european markets bouncing back after yesterday's

weak day. the ftse 100 up by 1.64%. up by more than 3.32%. we saw the sharp falls falling to 2.5 month lows in part because the volatility in the oil space also up. company specific news is driving us higher today. also what's happening on the currency front, euro dollar is at a seven week high. 11028 up by a third of 1% this morning. it really has to do with the dollar side of the equation because obviously we're expecting the first rate hike by the fed in about a decade or so tomorrow. 76% is what the market is pricing in right now but obviously a lot of the dollar positions have been liquidated ahead of the first rate hike. quick check of u.s. futures too. a higher start to the trading session.

dow jones seen higher. triple digits now by 109.5 points and the nasdaq expected to pop by roughly 33 points and yesterday we did see a turn around for the u.s. markets and that's after a lot of choppy trading and a lot of volatility in the oil space. >> pretty remarkable moves given that we did see them down earlier on in the session but so much sentiment here. now more of a caution position ahead of the fed decision and also next week volume was particularly high. in fact, it was the biggest volume day in almost three months. that was with 4.6 billion shares traded on the new york stock exchange as investors are positioning themselves ahead of one of the biggest marketing events of the year but it's the countdown to the fed's rate decision is getting underway as we start day one of the fomc meeting and steve has had exclusive results from the cnbc fed survey of some of the

nation's top economists, market strategists and money managers. >> we'll get a new federal market committee next year and is it more hawkish or dovish than the current one? we asked members of our cnbc fed survey take a look at where they graded them. they all come in as you move this way you get jon williams and powell on the board of governors. and janet yellen, the chair of the fomc comes in at 3.7. bill dudly and then the most dovish member, charlie evans, chicago fed president comes in at 2.3. got to come all the way over here. you get jeff lacker, comes in at 7.8 but when you take the wide view and look at it you can see the board skews this way and here's the new board that comes in over here. he goes away but they are all

thought to be on the hawkish side and come in in the center. lockhart and williams go away and charlie evans goes away we placed by the boston fed president. bottom line is its an fomc that skews more hawkish. the index value was 4.3. up to 4.7. still on the dovish side of the 50 line but it's a more hawkish fed that may be more inclined to raise rates next year. back to you guys. >> joining us live from philadelphia is the chief investment officer. good morning to you, bob. thank you for getting up early for us. how badly would the market take it if the fed didn't go ahead and hike rates tomorrow? >> the street would be surprised if they didn't. i for one would not be

surprised. the odds are as you point out 79%. i have for six months basically seen no justification, economic justification for a fed tightening. we're at basically 2% gdp growth and no inflation. i think the fed boxed itself into a corner by a lot of talking. with former governors and current governors. and i think it's going to happen more than likely. but i think the impact of it is going to be nominal. >> sure. >> and frankly, even moving forward into 16. i don't see interest rates going up. in anyway. i think there's opportunities in the bond market and the bond market is not dead. >> but just how dovish is the fed going to be going into 2016. because as we heard from steve,

the fed competition could be more hawkish. do you think people might be surprised negatively if they're positioning for a very dovish fed membership? >> well, you know, i come from a school that says we're data dependent and dove or not dove, to me it doesn't matter. what matters is the numbers and do they justify further tightenings? and janet yellen herself has argued that the first move is kind of meaningless. what you need to look at is the trajectory. and that's very difficult. because none of us have a crystal ball. and i think that we can get way ahead of ourselves here. i think what we're going to see is assuming they tighten i think what we're going so see is a repeat of the last few months. whether we're going to do it

again and who is dove or not dove. the data will define the marketplace and i do not believe that the data supports at this point in time at least -- i mean, the fed is basically putting all of it's models on wage pressures developing and causing inflation to move up. what else is there. we've had the growth for four or five years. i expect that to continue. do wage pressures develop? yeah, maybe they do. but remember the united states, i'm not calling for a recession here. but it's not been in a recession since '09 and we're out over six years and if you go back to the early 20th century up until 1990. i'm not calling for a recession.

but investors need to understand that that is a possibility. and they need to watch economic growth. >> we have known the first rate hike will come for quite sometime. it's come from this dramatic drop off in oil prices. how is that going to play out at the same time and causing more concerns about the inflation target? >> are you talking about inflation possibly coming back up. >> as soon as oil has a recovery. >> yes. >> frankly i don't see that happening quickly. could it happen sometime in 16 that could see adjustment in the oil district, sure. but if we have schitzofrenic

growth going on, its not the worst circumstances to be in. i think what's really important is what do investors do in this environment. and in my argument that debate would -- i think investments ought to be doing is -- >> we'll be back with you in a little bit. thank you for that. we will get your investment calls in just a few minutes. stick around. meantime quick check of the oil markets because we're seeing incremental buying this morning. brent crude recovering quite a bit from yesterday's sell off and off by 4.5%. that would be fantastic crude oil up 1.9%. and a little bit of this up by

0.8% and still well below that 40 handle. >> still to come on the show, lavish parties and unnecessary perks and failed acquisitions. we run through the growing list of grievances. coming up after the short break.

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digit gains after the highest volume session in three months. u.s. regulators open a probe into the junk bond blow up. it sends shares higher after hours. the state of massachusetts has opened an investigation into 3rd avenue's unprecedented decision to block investor redemptions after it's junk bond fund was liquidated last week. william galvin will appear on power lunch later today at 8:00 p.m. cet and in a statement he said, quote, average investors do not expect to be cutoff from trading in an open end investment company. the sec is also reviewing third avenue's actions according to sources cited by the wall street journal. >> meanwhile, another victim of the junk bond jitters, lucidus capital liquidated it's entire holdings and says it plans to return capital to investors.

meantime goldman sachs is warning of contagion risk. the bank says it's the most exposed firm with over 30% of its fixed income assets and high yield and emerging market bonds but black rock and affiliated managers group have been oversold. you can head to cnbc.com to read more on this story and the on going concerns over that junk bond market. >> let's get back out to philadelphia where chief investment officer is still with us. look, bob, you said selected opportunities in high yield paper. where exactly, i'm guessing, not necessarily the energy space. >> unfortunately it doesn't seem as though we have bob's audio. too bad because actually he sees some opportunities in selected high yield paper considering the sector is being largely clobbered by the oil crisis. so he does see pockets of value.

it's been a tough sector to invest in. >> tough sector and third avenue the one really in the headlines here having high exposure to the energy commodity space and important to keep that in mind as well. >> yeah, absolutely. >> let's take a look at today's other top stories. hedge fund manager whitney ti tillson covered his short position in lumber liquidators. he accused them of selling flooring product with cancer laced chemicals. he says he has seen evidence that they weren't aware the company was selling chinese made lament with high levels. he says management was sloppy and any yoonaive but not evil. >> not evil at least. but sloppy and naive. i like that. boeing is boosting it's quarterly dividend by 20% and a new $14 billion stock buy back.

in october the company could cut production on its 777 wide body je jet. meantime pfizer is raising the quarterly dividend by 7% to 30 cents a share. the ceo says the move reflects the drug maker's commitment to return cash to shareholders and confidence in it's business. it comes a month after pfizer announced it was merging with allergen in a so-called emersion deal. up by 1.1% and boeing checking in on shares of boeing up by 2.1%. >> dell has the flexibility to buy back more than $3 billion in tracking stock which will be issued to finance it's purchase of emc. it's majority owned by emc and lost about a quarter of its value since the acquisition was announced in october. in a filing monday night it's goal is to reduce it's debt goal

in the first 18 to 24 months. in order to secure an investment grade rating. dell will have $15 billion in debt under it's current plans to finance the emc deal and let's take a look at how they're trading in germany. emc off 1.3% and vm ware taking it lower off 4% at this stage. >> performance continues to grow and hedge fund manager eric jackson is the latest making his criticism heard. the managing director has admitted a 99 page turn around plan to yahoo!'s board which includes suggested candidates and cutting the company's head count. underlining his point, jackson lists all the ways in which meyer has blown money amid necessary employee perks and sponsorships. $7 million spent on a great

gatsby holiday party. maybe they should be flying just commercial airlines in the future. they're spending $450 million on free food according to capital and given out jawbones worth $2 million. >> plenty of perks there. but $7 million party. i hope it was a good one. >> i wish i had gone to that party. >> never say no to a great gatsby theme either. samsung is making a last ditch effort appealing to the u.s. supreme court and it's long running fight with apple. and u.s. patent law too broadly and one that can hurt competition by awarding excessive damage to patent holders. samsung also claims the verdict that it can't be the iphone's design could encourage patrols to step up litigation. earlier this month samsung

agreed to pay apple $548 million in damages on that case. >> still to come on the show, you're next. that's president obama's message for isis leaders. his latest security announcement after the short break. we'll be back in two.

>> live preparations for the

launch of the international space station expeck digs. the rocket is due to take off at 6:03:00 a.m. eastern time precisely. it's a very exciting moment especially here in the u.k. the first british astronaut to be going up to the international space station but as we were talking about earlier nasa indicated it wants to pull out of the program in about ten years from now. so whether or not the private sector will step in but big ambitions and shifting focus a bit. and it has the fresh determination to destroy isis on a pentagon speech on monday. and win back territory in the middle east. >> we're hitting isil harder than ever. coalition aircraft, our fighters, bombers and drones have been increasing the space of their strikes. nearly 9,000 as of today. last month we dropped more bombs on isil targets than any other month since this started. we're taking out leaders

commanders and killers one by one. >> nbc's tracie potts joins us in washington with the latest. we have seen president obama picking up the rhetoric here. what makes it different from the previous speeches? >> it's not really a lot different. we have defense secretary ash carter headed over to iraq to talk with them about the fight there and of course in syria where isis is headquatered. the president said that we're trying to get more military commitments from the countries in that region and that's been one of the big issues here is its just going to be a mostly u.s. fight or are we going to be able to get some of the other arab nations even more so on board than they already are but the president as you just heard did try to make the case that we are stepping up our efforts against isis. he said that they can't hide. he actually said that isis has not had a big victory since last summer. then separate from that, we have secretary of state john kerry in

russia today talking about a number of things including trying to get the u.s. and russia more on the same page when it comes to dealing with isis in syria. trying to encourage them to target the air strikes and also dealing with the syrian government in syria and trying to keep that separate from ukraine. a bit of diplomacy he's doing today as one state department official put it. do what we want in ukraine and we'll cooperate in syria. they're trying to keep the two things separate. so the war against isis is really drawing interest on two fronts today. the military side with the defense secretary in iraq and in terms of diplomacy trying to get russia on board in terms of at least what the u. s. wants to do and secretary kerry is in moscow today dealing with that. >> but president obama has been criticized so heavily for not having a real strategy fighting isis and this comes as obviously

we're going into the last debate of the year. we're just six months out from the first voting in the republican field and terrorism is now topping the agenda. how much pressure does he feel to actually step up the game? >> well, you know, if you ask people in the administration their approach is they're not doing this based on public opinion and when i say do it i mean the fight against isis based on what the president thinks is the right approach. he said up front it's going to hard and it's going to take a long time. yes the public is afraid after san bernardino and after paris. the public is weary of hearing the same thing over and over and over but in terms of pressure it doesn't seem to be changing the game very much. he's hearing it from public opinion polls. he's hearing it from capitol hill. pressure to put more boots on the ground and he seems to be very much dedicated to sticking to that game plan. >> all right.

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these are your headlines from around the world. >> european stocks follow the u.s. higher after the biggest volume day in almost three months as investors position themselves ahead of the fed? open investigations into the junk bond liquidation on rumors some investors knew what was coming. >> and not seeing the wood for the trees. hedge fund manager whitney tillson covers his short position in lumber liquidators after slamming the company for selling toxic products. >> fans, stars, androids come from near and far. far away from the long awaited world premiere of star wars, the force awakens in l.a.

>> hello. if you're jooust tuning in than for joining us here on the show. of course the big event on everyone's mind being the fed as the fomc kicks off that two day meeting today. we're looking at implied futures calling markets higher. the dow jones up about 96.5 at the molt. s&p called higher by 9 points and the nasdaq up about 28 points. remember this comes after the solid rebound for stocks overnight on wall street with the dow posing up triple digits up .6%. we did see losses up earlier in the day but we saw a rebound in oil prices. let's look at how european markets are fairing because the pan european stoxx 600 closing sharply lower and now the rebound picks up and also taking a queue from a rebound in commodities up about 1.6%.

the xetra dax and french cac 40 all up. we did get a german confidence reading a bit earlier. let's get a closer look at how the oil price is trading. you can see we have brent crude pushing up about 2.6% but overall on the week brent is still off about 4%. remember if you can take a look we did see a dramatic drop in crude prices last week but price versus been on the rebound. up over 1% now extending yesterday as well. carolyn. >> let's talk about something completely different. let's talk about movies. the stars came from near and far away monday night for one of the most anticipated hollywood premieres in recent memory. star wars held the world day pu. and super fans turned out in full force along with an army of storm troopers and a few special robots you may know. cnbc was able to catch up with a

few of the people new and old that helped make the film and spoke to them about what the legacy means to them. >> it was like coming back to star war which is is pretty bizarre but kind of great and i was delighted to be back. >> it feels really amazing and like the fact that it's touched so many people blows my mind and the fact that it will continue to is just the best. >> i'm hopeful that people will feel the way i do about the performances in the movie. but i also know that there's no way to live up to certain projections. this better be the best film of all time. we're working hard to make a good movie for you. and i hope people like it. but ai'm aware there's a level f expectation. >> i knew there was global interest in star wars movies. and it hadn't been released in certain parts of the world. while we had strong instincts

about level of instincts and what it might do and in all honesty standing here tonight interest in this film has exceeded the expectations by a lot. >> speaking of space, major tim peake is said to be the first british astronaut to serve on the international space station. they're getting ready for lift off. the rocket is due to take off at 6:03:00 a.m. eastern time. >> well, republican front runner donald trump has released a letter from his doctor claiming the candidates health is, photo, astonishingly excellent. if elected mr. trump i can state unequivocally will be the healthiest individual ever elected to the presidency. he released a statement highlighting how impressed people are by his stamina. the letter followed a report questioning trump's unhealthy diet and his previous refusal to

release a medical report. that's one way to come clean there. meanwhile the fifth republican primary debate is taking place tonight and the top nine polling candidates will square off on the main stage in las vegas. joining us live from washington for a preview is the former white house deputy press secretary. tony it's great to have you with us ahead of this crucial debate and so much focus is expected on trump and on senator cruz here. they have been opening up to a bit more of a war of words here after having an agreement not to go after one another but i'm wondering if those candidates are trailing top front runners. >> i think you're right. that's the point in the campaign where we are. we're always reminding people that if you go back four years or 8 years at some of the races you have a switch at the top with the leaders but there isn't usually swach at the bottom and

so far for the guys in the bottom 4 or five in this group we saw 13 or 14 candidates and they'll have to keep making decision as to whether they're going to stay in or not. this is the last big chance to leave a mark before the holidays. we're going to go into a period now where voters are focused on the holidays and will be focused on football and they'll be focused on the star wars movie that comes out. this is the last chance and if they don't get any traction here we'll be very close. we're six weeks away from when voting starts. >> very high stakes here as you outlined and viewing the vashs polls out there which candidates do you think have the highest risk of dropping out? >> you to look at kasich. fiorina, christie, he has the

resources to stay in and i think that he still has a message that may give him a chance but the resources are going to be able to allow him to stay in but christie, kasich. fiorina. there was a question that he hinted had he not been included in this group of nine that maybe he would have dropped out of the race even at this point so it's probably that bottom in the group. don't forget there may be one or two in the undercard that could still elevate into this bigger group but they'll have a much harder time to do that. we're looking at the top of the race right now. trump has been remarkably durable and cruz has surged probably taking a lot of support away from ben carson. marco rub owe held steady and that's been the top of this group for sometime now. >> let's talk about voters

priorities. they shifted since the last debate in november and now on everyone's top of mind is terrorism as opposed to the economy which was the biggest issue in november. now trump actually leads in the field. how does cruz do? >> well, cruz is picking up some support in this area too. i mean, if you're talking about strictly foreign policy, rubio and cruz have been fighting over, you know, ways to deal with isis and other foreign policy challenges. they have very different views on these questions. trump has, you know, appealed to people who just more or less want to close the boarders, keep any kind of immigrants out. he has taken advantage of the fear from the recent terrorist attacks. cruz is trying to be a bit more responsible and mainline on his views on this but we'll see

where that confrontation takes place with rubio. they have been going at it over the past week or so so i think a lot of us will be paying attention to see where he comes out there. >> just a couple of minutes ago you said trump has a lot of stamina. now i think that was also confirmed by his doctor. what do you make of the doctor statement. it made me chuckle personally. i don't know if others would take it more seriously. what do you make of it? >> it's hard to take anything coming from the trump camp seriously. always seems to be a lot of drama and performance to everything that comes out of that camp. so when i straw letter of support i thought that was very typical from the trump camp. i mean, it's interesting if you think about what trump is doing with everything it does, even with this, you know, doctors report, it's as though he's appealing always to a very

narrow crowd. almost to his tv audience or this group that supports him right now. he is not performing in a way that seeks to expand his growth more to the center or more serious voters. that makes it entertaining and for republicans it's worrisome because it's the brand of the republican party and driving other voters away. >> thank you for your insight. really appreciate it. that was a very fit and healthy tony -- he does look healthy even though it's early in the morning. former white house deputy press secretary. still to come on the show, boeing investors may be flying high today after the company moves to put more cash in their pockets. much more on that after the short break.

welcome back to the show. shares in gopro dropping down from its record high in october 2014. gopro stock priced nearly tripled four months after it's ipo and since then it's down some 52%. the reason for yesterday's continued slide, more downgrades for the action camera maker

which was the darling of investors but there's been so many question marks about the pace of growth and the company's technology. morgan stanley downgraded it from under weight to equal weight. they have usability products that limit their appeal to consumers. city cut it's rating from neutral to a buy rating. we got it wrong. it's very rare for an analyst to say that. >> that's right. there's been speculation about a potential take over of this country. so you can imagine as price goes lower that will just keep going again. >> meanwhile boeing and pfizer are taking action to put a smile on shareholders faces while carl icahn is eyeing xerox. let's get out to landon for more. >> hi, good morning to you. let's start with boeing which is boosting it's dividend and buy back plans. the company is raising it's quarterly dividend by 20% to $1.09 a share. they improved a $14 billion buy

back. and maybe there's a sign in confidence in the cash flow outlook despite plans to cut production and it could reduce manufacturing of its wide body 777 jet. one of the most profitable planes by as much as 16%. more than expected from the company and it's keeping it's buy rating on the stock and pfizer is boosting it's quarterly dividend by more than 7% to 30 cents a share. the move reflects the commitment by increasing shareholder value and it's business. this comes after last month they would merge in a $160 billion deal. that's the biggest tax inversion ever. and raising his stake from 7.1 to 8.1% and the increase is effective as of monday and it sheds little light on icahn's plans for the struggling it and

copying company. he could purr see a board seat. and the internal business reviews launched in october. xerox, pfizer and boeing were all higher after hours. up more than 1% while boeing is up more than 2%. guys back over to you. >> thanks for that. it was all about manning beckham's magic hands again in miami. both sides for fighting fir their playoff lights and beckham managed to help the giants with this catch in the third quarter. they lined up again in the fourth and went 84 yards on the play to secure the victory. manning threw for an 87.1% completion rate. a career high and a giant's record. i'm sure you were up into the late hours giving your monday night football picks. >> i always do. and many other things. >> and if you're just tuning in a reminder of your headlines. u. s. futures point to triple

digit gains on the dow after the highest volume session in nearly three months. third avenue investigated, u.s. regulators open a probe into the junk bond blow up and a $14 billion buy back for boeing sent shares higher after hours. it's easy to buy insurance and forget about it. but the more you learn about your coverage, the more gaps you might find. like how you thought you were covered for all this... when you're really only covered for this. hot dog? or how you may think you're covered for this... but not for this... whoa! no, no, oh , oh! ...or this... ...or this. ...or that... talk to farmers and see what gaps could be hiding in your coverage. my heaven! ♪ we are farmers bum - pa - dum. bum - bum - bum - bum ♪

welcome back to worldwide exchange. let's give you a check on how u.s. markets are set to open after the rebound we saw. the dow jones called higher by triple digits up now by 105 points. implied open higher by 11 points and the nasdaq higher by 28 points. let's look at european markets were trading. the ftse 100 playing catch up

with this bit of a rebound. the french cac 40, the xetra dax and ftse mib in the neighborhood of 2% as well. let's look at gold. investors are growing more nervous as we get closer to what many expect to be the first fed rate hike in nearly a decade. 0.3% at the moment but she did get a call from sock gen early in the show raising concerns about gold going into fed lift off and they're calling for a price point by the end of next year. at the moment gold currently around 1,466. what's happening with the u.s. yield curve. i've seen a little bit of flattening going on. the treasury yield note is at 95 basis points but the ten year, that's low at 2.28%. a lot of people said in the run

up to the first rate hike we should see that number closer to 2.5 or 3%. euro dollar is gaining strength today and up by a third of 1% or so. and some are being taken off of the table. some are liquidated as the market is priced for for fex ahead of the rate hike. ahead of tomorrow's fed decision. >> and the currency market money also chases yield and that's why it's pouring into the u.s. dollar in hopes of the first fed increase. it's pushed the dollar from the strongest level in 12 years and it's cutting into u.s. economic growth. and a fed rate hike is already priced into the market. most say the dollar is set to continue to strengthen in 2016 even if the fed does take it slow. because in the bottom line it's

raising rates which is more than most major economies around the world are doing now. in europe and china it's cutting and easing policy. that makes the dollar an attractive bet. we'll see it rise. one euro to one u.s. dollar as long as the u.s. economy continues to be a bright spot in the world. still the bulk of the dollar surge may be behind us. in other words instead of the sharp decline over the last year, it may be slower and the strategist at bk asset management says in the last 45 years there were five tightening cycles from the fed that happened when the european central bank was easing at the same time as we're seeing now. 60% of the time the dollar actually weakened and it's often because of the statement that accompanied the interest rate move is dovish ensuring it won't be an aggressive tightening cycle. something that wall street expects this time around.

it's doing business overseas and even for the fed. the more it talks up the economic recovery and tighter policies the stronger the dollar gets. maybe a badge of honor to have a strong dollar but also come with many unwanted side effects. back to you. >> very dovish hike is what we're expecting tomorrow. one kings lane is to lay off 25% of its staff reporting to an e-mail from the ceo seen by recode. is this the second time in 18 months they attempted to cut costs following slower revenue. >> hudson's bay company is in advanced talk to snap up guilt groupe. a deal may be priced at around $250 million harolding a sharp fall from the valuation secured over three years ago. it's not yet finalized and guilt is said to be continuing talk with other bidders.

>> neiman-marcus swinging to a quarterly loss and it's reporting it's first drop in same store sales in six years. and the strong dollar hurt traffic by international tourists at stores in south florida. niemann also suffered a black eye when it's website crashed on black friday. joining us to discuss all things retail is the cnbc retail analyst. let's kick things off with neiman-marcus. big problem for this company. is it company specific or is it really a reflection of the industry issues. what do you think? or is it both? >> it's a little bit of both. we talked a few months ago when it first came out and said they are going to go public. and when it started to see the tourism really drop off a cliff here so that's the overriding theme whether it's macy's or niemann and the tourism is not coming anymore and for some of

these stores is as much as 40% of the tourism business. until the dollar softens which we don't see in the near term. things will remain difficult. >> the strong dollar someone of the issues and the headaches facing the retailers. what are the trends you're seeing. >> yeah, so q-3 earnings we've heard warnings across the board. we saw stocks come down by as much as 20%. so things in the store are as much as expectations. the inventories are inkred bhi bloated. it's not helping that it was 65 degrees this weekend in the northeast so apparel is not moving but it's not limited to apparel. handbags are 50% on average and even into spring. >> and more discounting on the way. you mention the strong dollar impacting the luxury end and with the rise of flash sales, we just talked about pioneer in that field, are consumers just

expecting discounts now. is the age of paying high premium or investors more aware or willing to pay for it. >> overtime you start training the consumer to never pay full price or certainly black friday now is no longer just black friday. it's black friday week or month and thank you to the u.s. that's brought it to the u.k. operating margins in the u.k. are coming down because the consumer here is now being trained to never pay full price. >> we'll have to leave it here. thank you for that. cnbc retail analyst. that's it for today's show. >> next up is squawk box. >> we'll leave you with a shot as major tim peakes gets set to become the first u.s. astronaut to serve on the international space station. it's hard to find time to keep up on my shows.

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>> the wait is finally over. well, maybe not quite. almost though, the fed gathering in washington for the start of a two day policy meeting but could an expected rate hike be delayed and end market turmoil. it makes it less likely. and investors fleeing from the junk bond market for three straight days but that subsided some what yesterday sparking new fears about the u.s. economy and giving many on wall street a bad case of financial crisis deja vu all over again plus the energy factor, oil is the driving force behind the market direction right now. prices rebounded mid session

yesterday. rebounding again today on tuesday, december 15th, 2015. squawk box begins right now. ♪ >> live from new york where business never sleeps, this is squawk box. >> good morning, everybody. welcome to squawk box here on cnbc. i'm becky quick with joe concerner and andrew roconcer concernconcer concerner -- kernen. high yield issuers now posted at least $1.5 billion in defaults every month for 13 straight months. you want to put that in context it's one month short of the streak at the peak of the 2008 financial crisis. the high yield corporate bond etf is now down 12% on the ar