we're seconds away from the federal reserve. we'll look how much longer they will wait before they raise rates. it is all about the language. there are the markets ahead of this announcement. day two by the way of the terror summit at white house. president obama will give the keynote address just two hours from now. his new plan as isis drives deeper into libya and they are getting dangerously close to europe. we'll have some analysis for you. plus, law enforcement getting a new face in the united states. the robo cops that could soon be polices our streets. you will not believe that. but we start with breaking news from the federal v. so serve. peter barnes has details. what did they say. >> they struggled hard whether or not to keep the word patient in the last policy statement to describe how they would approach raising short-term interest rates eventually. let's get right to the minutes from the meeting at the end of january. quote, many participants regarding dropping the patient language in the statement when

ever that might occur as risking a shift in market expectations for the beginning of policy firming toward an unduly narrow range of dates. as a result some expressed the concern that financial markets might overreact, resulting in undesirably tight financial conditions, i.e. higher interest rates there but whether or not the market might force rates higher or they would start to raise rates, the minutes say quote, many participants observed that that a premature increase in rates might damp the apparent solid recovery in real activity and labor market conditions and that if that happened, they actually might have to reverse themselves and lower rates to help keep the economic recovery on course. the minutes show that they are struggling with how to communicate to investors and to markets about the timing and about the timing of raising interest rates. their next meeting is in march. cheryl, back to you. cheryl: a lot of discussion in the studio already what they're saying and kind of the language.

peter barnes, thank you very much, of course live from d.c. we want to look at market reaction because right as going into the fed minutes we were below 18,000. we're above that. the dow is still down 13 points but again a little bit of a pop here. more so than a pop as you see on your screen. we're still down but not down as much as we were. we're above the 18,000 number for the dow. that is what the markets are saying and the fed talked a lot about the markets. let's bring in charlie gasparino, as well as james freeman from "the wall street journal" and. steve moore, fox news contributor. what is the reaction? you were already ahead of me. >> what they're saying would be perfect for jon stewart -- such gibberish. maybes no sense. worried about dropping a word. we have real important stuff here. we have the fact that we haven't raised interest rates, probably 2007 i would think right? we have, we have printing of money at unprecedented levels.

and these guys are worrying about the word patient? cheryl: worried about the markets, jim. that's what they're saying. >> i think the problem with this statement it is pretty clear and the message is a bad one, they seem to think their job is to keep the dow at 18,000. cheryl: i guess that's what they think. >> that is not their job. worrying about moves in the equity markets or other markets is not their primary role. they're supposed to be about price stability. they also have this mandate for -- >> full employment. >> which a lot of us would prefer the price stability. nowhere in the mandate says they can't allow the equity market to drop. the problem they have gotten into the mode thinking that is their job. >> absolutely right, their sole mission should be price stability but lord we've got that right now. in fact the producer price index number came out just within the last 24 hours down .8%. i mean, i just don't see any need to raise interest rates right now because show me any --

cheryl: charlie, of rocking the boat because the last record for the dow was 18,054. s&p with another record. >> i spoke with morgan stanley ceo james gorman. he thinks they will start to raise in june. that is his prediction. i don't think they will ever raise. the yellen fed, president obama has one signature check achievement under his belt. bringing back the stock market the dow from six to 18. they will not let that go. they will not risk that. this fed will not risk that. by the way if you're investor it is a scary thing. >> charlie what is the case for raising interest rates now, really? >> the fed is making it. every time they talk about these macro potential risks they want to try to address. >> they are the risk. >> let's say leveraged loan market, look at auto loans. how delinquency going up, loans going up. they're worried that they're creating asset bubbles.

cheryl: we need to get back to reality. >> there is no inflation. or very little inflation. but yet there are pockets in the financial markets. >> that's true. >> the question when you do those pockets blow up into something like orange county or long term cap it will? -- capital. >> i will accept that. >> i'm not saying it was financial crisis. that was one of the contributors to the financial crisis was fed policy. >> here is the point i want to make. the reason prices are level in some cases falling it has nothing to do with the fed. because of one word, fracking. we are producing so much oil. >> that is true too. cheryl: i want to say one caveat to our viewers. we got ecb breaking news. they approved liquidity loan for greek banks. for two weeks. market is moving on potentially all could have things. i think it is fed minutes. this is another possibility there. don't want to misguide anybody. >> moves on the greek thing. cheryl: could definitely. also talk about something else

that is happening. the fed is all about the economy and jobs an wages, so they say. americans, turns out guys, are taking on more debt. total inched up 1% in the third quarter to whopping 11.8 trillion. the real red flags are inside the number. rapid growth in auto and student loans. delinquency rates in those. people are falling behind on these payments. fed talking about maximum employment. but then again, people are borrowing more, getting into more trouble. >> losses in the student loan program are mounting. you in "the wall street journal" are writing about that. people don't feel like they need to repay those debts. well over a trillion, closing in on a trillion 1/2 dollars of student debt? that is one of the biggest scams in america. universities charge families. they go into debt. taxpayers bail them out. it is a vicious cycle. cheryl: look at spikes on the screen. 1 is .32% on student clones.

-- loans. >> what is i amazing on student loan number, not counting millions of people who are not paying. the dell lending sy rate is -- delinquency is on top of forbearance. to see the delinquency rate that high is stunning. >> well, i mean obvious this will be the next bailout. it is, un, no but it is unsustainable. you can not go to harvard, you know, take out a loan for, what, 100 grand or so? >> at least 200. >> for four years with a liberal arts degree and think you will pay it back. cheryl: i got a great education at arizona state. >> scott walker where he said we will cut the state aid to the university of wisconsin. most horrible thing. no. maybe the states should cut aid to these universities. maybe they start cutting their costs. cheryl: ridiculous what they're charging these poor kids.

i'm glad i'm not 18 right now. look at something else. we were talking about the economy and spending and everything. this ties into this. i want to bring this up. we've been looking at issue with the west coast ports. you have 30 west coast ports. these are parking lots of ships. you have store shelves that are empty. estimates coming in now jim, the damage for the hardest hit industry will be retail. it is going to be retail. ralph lauren levi strauss. $000 million we're talking about potentially. here are the names. ralph lauren, walmart jcpenney. this is america right here. this is american retail. they're getting smacked and we did not have a good holiday season. >> they're getting smacked. also billions in agriculture. look at auto companies, now actually flying in parts from asia? cheryl: right. >> so this is, it's a massive kind of underreported story in terms of the number of industries this is hitting worldwide or nationwide i should say. cheryl: all right. i have got breaking news guys.

need you to stand by for just a moment. we want to give you an update to the explosion at an exxonmobil refinery in torrance, california. two people suffered minor injuries. they're being treated at scene. exonoree lease ad statement. this is what they're telling us. emergency procedures have been activated to address the incident. those pictures are amazing. employees are working with the appropriate agencies right now. our main concern is for the safety of our employees and also for our neighbors. torrance, by the way, this is possible youlous area of possible youlous area. this is downtown l.a. that is what we're hearing from exxon and update on that explosion. there are the aerial pictures. well, our favorite state department spokesperson, she is at it again saying the president's plan for fighting isis is great! you just are not smart enough to understand it america. what? plus, from rap to gap get this.

kanye west lobbies for his dream job in retail. spoiler alert. it is not folding jeans. smart money coming up. ♪

when the moment's spontaneous, why pause to take a pill? or stop to find a bathroom? cialis for daily use is approved to treat both erectile dysfunction and the urinary symptoms of bph, like needing to go frequently, day or night. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain as it may cause an unsafe drop in blood pressure. do not drink alcohol in excess. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long-term injury, get medical help right away for an erection lasting more than

four hours. if you have any sudden decrease or loss in hearing or vision or any symptoms of an allergic reaction stop taking cialis and get medical help right away. ask your doctor about cialis for daily use and a free 30-tablet trial.

♪ cheryl: well as the white house continues its summit against extremism horrific new claims emerging out of iraq. isis reportedly capturing as many as 45 people and burning them alive. while isis continues to murder civilians president obama is touting his social media strategy in a "los angeles times," i'm not kidding here. he wrote in a new op-ed, quote we can help muslim entrepreneurs and youths work with the private sector to develop social media tools, to counter extremist narratives on the internet. let's bring in for reaction, guy benson from townhall.com. fox news contributor. steve moore is back as well. guy, is this president's taking

completely wrong approach how to deal with extremism in the middle east, terrorism? >> there is definitely an online component. there is a military component diplomatic component and social media component. cheryl: that is what he is banking on. number one way to do it. >> that is one of the ways he is talking about it. as far as what we've seen in the white house over the last month with reference to islamic extremism, this op-ed is one of the least objectionable things i've seen from him. he mentions islam. he calls victims of isis christians in egypt which they were. i have all sorts of problems with the strategy they're promoting. this op-ed has not really raised too many red flags. >> i think it is part of a pattern where this president look we're responding to barbarism around the world and he thinks the solution is a social program. cheryl: more horrific -- >> i have a problem with that. our response has been so meek and the idea --

cheryl: top iraqi diplomat went to the u.n. and said that they are finding bodies in graves with signs of organs missing. using organs to fund operations. >> americans just don't understand what we're doing. no, actually we do understand. we think it is incredibly inadequate. >> if the president were writing an op-ed about the social media aspect against the fight against radical islam and extremism online, that would make sense if people felt confidence about everything else. cheryl: 10 seconds on this. steve, real quick, libya, very close to italy, very close to europe. there is talk that will be the gateway for isis to move into europe. >> sure. that is incredibly frightening. if you get the islamic threat spilling into europe, given all other problems europe has. cheryl: does this wake us up? does this wake up the united states to say, wait a minute these are our direct allies? >> we had americans getting decapitated. people burned alive in cages, if

we're not awake, i don't know what will do it. the barbarism burning alive dozens more peoples and they have to find new crazy ways to get people's attention? cheryl: there is more coming out on this this is from state department spokesman. one day after saying that jobs will help defeat isis, the spokesman doubling down that the administration is right on on the money but you may be too dumb to understand it. >> we couldn't kill every terrorist in the world nor should we try. it my be too nuanced argument for some i seen past 24 hours commentary out there but really the smart way. cheryl: guy, are we dumb? >> apparently according to marie harf. >> she seemed pretty dumb to me. >> she exudes authority, doesn't she? look this is so silly. there was a piece came out in the atlantic by graham wood very, very lengthy piece, deep dive into isis. explains what they are who they are about and what they believe in and what motivates them.

reading comments and listening to comments from people like harf talking about jobs programs vis-a-vis isis, there is such disconnect. i don't know if it is willful blindness or i don't know if it is happy thinking. deeply concerning that seems like people running state department or speaking for them absolutely have no idea. >> they're all reluctant warriors. that is one of the reasons that the terrorists are so much on the march right now. they realize there is no response. cheryl: look exactly. we're getting comments like that from here last night. guys, thank you very much. appreciate it. big name investor warren buffett moves rippling through stocks today. exxonmobil is the biggest loser in the dow after buffett's berkshire hathaway dumped nearly four billion in stock last quarter. the "oracle of omaha" also dissolving his stake in conocophillips. however buffett is reporting a new stake in 21st century fox, that is fox business's parent company and 5% stake in agricultural equipment-maker deere. big moves by mr. buffett.

the pope leading an ash wednesday procession on the aventine hill marking first day of lent but elsewhere clergy took to social media to celebrate the occasion. posting hashtag selfies on instagram and talking about their faith. it has a little bit of a blow back amongst some catholics. the trend is growing after emerging last year. redefining heavy metal. new plan to pick up business. plus, dead or alive, you're going with them. real life "robocops" coming to a neighborhood near you, yes. do you ever have too much money or too many robots. ♪

the real question that needs to be asked is "what is it that we can do that is impactful?" what the cloud enables is computing to empower cancer researchers. it used to take two weeks to sequence and analyze a genome; with the microsoft cloud we can analyze 100 per day. whatever i can do to help compute a cure for cancer, that's what i'd like to do. it's frustrating being stuck in the house. good thing xfinity's got 2

hour appointment windows. they even guarantee they'll be on time or i get a $20 credit. it's perfect for me... ...'cause i got things to do. ♪ ♪ oh, yeah! woooo! with a guaranteed 2 hour appointment window and a 97% on-time rate xfinity is perfect for people with a busy life.

cheryl: from the u.s. to every corner of the globe, money is flying around the world today, starting in israel. where divers found a priceless hoard of gold coins. an amateur diving group stumbled across 2,000 pieces off the coast. the coins could be more than a thousand years old. experts say they're probably from a shipwreck and the coins have been on their way to egypt as tax money for the central government. over to china, mothers rush to give birth before the lunar new year. the year of sheep starts tomorrow, which is seen by many chinese as unlucky time to be born. hospitals in various chinese provinces are running at full capacity. caesarean births in hong kong and singapore have surged. they are selling off a controversial eastpiece of clothing. that repeats its name over and over again in gold pinstripes.

he wore it to visit president obama. the money will be used to clean the river ganges. facing competition from chevy and nissan, america's truck out to prove it is still ford tough. the f-150 is seven hundred pounds lighter swapping a traditional steel build to aluminum. jeff flock headed out to dearborn, michigan to see if the new model can handle the heavy lifting. jeff. >> giving us an exclusive look cheryl at the f-150 and its snowplowing prowess. i knew i would get that wrong. we are plowing a block that has not been plowed all winter long. sales of the new f-150 have been growing. we put the numbers up. ford revealing to us. grant with the f-150 saying this month 23% so far of the f-150 sales are the new aluminum

truck. people seem to like this and certainly can move some snow can it? >> yes, it can. we have snowplow prep option available on our five liter v8 on the new f-150. >> i never plowed snow before, cheryl. it is, as you can see gotten through it pretty good. this is what a lot of people were concerned about. they recently ran their competitors over there at gm, recently ran a gmc sierra commercial touting their rolled steel, kind of a veiled swipe at you guys like, oh, you're only aluminum. what do you say to that, brent? >> what i say is the all new f-150, new standard for full-sized pickup and new truck is tougher and smarter an more capable than any f-150 we've ever made. >> we'll leave it there. next hour we'll be back to show you a little more what this truck can do in terms of the plow. look what i can do, cheryl. with this little controller here, raise the plow up. i can angle it one way or the other. that is what i'm doing.

kind of fun. cheryl: driving and reporting live. >> well, you know. that is what i do. cheryl: that is what you do. jeff, thank you very much. keep shoveling. robo cops are hitting streets of florida. researchers developed a telebot which they say will patrol neighborhoods and hand out parking tickets next year. joining us jonathan hoenig, from capitalist pig hedge fund, fox news contributor. james freeman is back with us too. is this technology run amok or a good idea? >> we saw a "robocop" a few years that was a harbinger. this is great whether brought to law enforcement. whether it is dna testing or bomb or hazmat testing. the problem what type of laws is this technology used to enforce. this type of research only is because of government essentially, weapons that have come down from the law enforcement, from the police and military, down to local municipalities. as long as it is used for

protection of individual rights and not snooping around or low level drug offenses i think it is good. cheryl: what if it malfunction what happens then? >> i think general, replacing technology, or using technology where you can to possibly prevent human error could be a good thing. pilots, on airplanes, we probably would avoid a lot of errors if we went to, a software solution there. same thing, driverless cars would be probably a lot safer. would save a lot of lives. in this context, i'm not sure not saying i want them to replace a jury but there are interesting possibilities. cheryl: i will say, jonathan one of the things the researchers said was to help disabled police officers or veterans because somebody has to be behind the controls of this. they can't just, not just a robotic maaing its own decisions. it is helping these guys to work. i think cause is good at least. >> indeed cheryl. we're hard-pressed to imagine at least in the near term robots being called on to make

life-and-death decisions that law enforcement have to make every day. to your point going into either difficult situations, hazardous situations that is what robots have been doing in various elements of industry. why not law enforcement as well. cheryl: thank you very much. interesting turn of events for police. want you all to let you know at home, watch fox business's fantastic new show "strange inheritance" at 9:00 p.m. eastern time. jamie colby will talk about two former actors who inherit a fortune from a man they never met and world's youngest winierry owner. that is tonight at 9:00 on fox business. brutal cold air is back. bitterly cold from siberia is coming our way. experts are getting worried about record low temperatures. isis posing a greater threat to europe. increase presence in libya, which means they're less than 500 miles from european soil. listen how italy is deploying thousands of troops to protect

itself. more "money" and answers coming up. ♪in return i'm looking forward to. for some every dollar is earned with sweat, sacrifice, courage. which is why usaa is honored to help our members with everything from investing for retirement to saving for college. our commitment to current and former military members and their families is without equal. start investing with as little as fifty dollars.

melissa: the rapid advancement of isis. aligned with the islamic state. the notorious black flag of isis. the streets of benghazi libya. to put that into this, about the same distance from new york city to cleveland ohio. i want to start with you. i know you have been very vocal on the topic of isis. will this be the wake-up call that we need for more military action?

>> 170,000 illegal immigrants. roughly, about 104 are undocumented. 60% or plus have been arriving by sea. having what i would call a trojan horse already in italy. italy, right now, has been reduced. they only have approximately 5000 capable soldiers right now. we need to consider what is happening to our own country and military. >> they would use a legal immigration coming from libya. they would use that to basically smuggle themselves in and create chaos. >> italy has had a long historic connection. there is a lot of movement back

and forth between the two countries. while the rest of europe is focused on russia as the big threat italy is very concerned about what is going on to their south, which is preferring to isis in libya. melissa: we have seen them. obviously, they went after christianity in particular. they also made threats against the vatican. is this what you think they will win over? >> of course. for them to be able to attack, that would be the golden calf, to go after rome. they would be able to calm her christianity as a whole. could you imagine the pope being

taken hostage? the prime minister has rad -- melissa: who penned the united states and the europeans who can we back in the middle east? who can we partner with? >> stopping this nonsense to try to isolate general icc in egypt. isis is a threat. he is willing to take action. he is already doing it. this stuff about being upset because he threw out morsi muslim brotherhood islam this, that guy was a bad guy in egypt. now they have this guy right

next door in egypt. that is to we should be backing here. adding to what he is doing and going after these guys. melissa: close to israel. you have to wonder if we have completely ruined our relationship with benjamin netanyahu. >> we have essentially abandoned him. getting funding for his cause. yes, we are in a critical state. he kept peace in that region since 1979. melissa: we need allies. we need more at this point. thank you for chiming in on this. >> thank you for having me. jeb bush is working to distinguish himself from very familiar former presidents.

speaking about while he loves his family, he makes his own decisions. >> admire their service to the nation and the difficult decisions they had to make. i am my own man. each president learns from those that came before. their principles. their adjustments. one thing we know this, every president inherits a changing world and changing circumstances melissa: those comments just coming in from jeb bush. kanye west never forgot his humble beginning as a sales assistant at the gap. now he is polishing his resume. plus, you apply to college; right? remember that rejection envelope that you got. it did not feel good. not as much as if it was a fat

one. at the end of the day, it is all about money, and a little rejection.gs ♪ 0% of our retirement funds beat their 10-year lipper averages. so wherever your long-term goals take you we can help you feel confident. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. call us or your advisor. t. rowe price. invest with confidence.

♪ cheryl: i am cheryl casone with your fox business brief. removing passwords and replacing them with fingerprints instead.

president obama has released clancy. he has worked in the secret service for over 30 years. apple could be coming out with a virtual reality device. the iphone as a screen. apple follows samsung and facebook which both have their own products. >> that is the latest from the fox business network. hitting you with the power to prosper. ♪

opportunities aren't always obvious. sometimes they just drop in. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities.

cme group: how the world advances. melissa: kanye wants to fall into the gap. he said "one of my dreams was to be the head creative track dirt of the gap." okay. i am not a big fan of his. maybe he has a point about the gap. >> thinking about whether or not kanye would be a good fit for the gap.

8% overall. the gap is not doing that badly. kanye west wants to come in there. the people that are buying the gap, that outsource of the united states, kanye is a little bit too advanced for that. >> i think it is a little generous to call his style innovation. think back to this guys greatest moments. i think they are taking a risk. >> a guy that ended up getting fired from ron johnson.

melissa: you look at rihanna. she worked with puma. justin timberlake. alicia keys. all these people on your screen at right here. here is the difference between them. they all had capsule collections. he wants to completely rebrand it. >> more credibility as style makers. breanna, justin timberlake, it makes them better fit for these. >> wanting to use that innovative fabric. thank you for gap. he is right there. melissa: let's take a look at

the down right now. let's ring in adam shapiro from the floor of the new york stock exchange. >> we have been trading around these levels. they did try to go positive. the dow was not able to do it. selling their shares almost $4 billion. getting out of exxon mobil. exxon mobil and conoco phillips are helping to pull stocks down today. fossil, i want to show you a fossil watch. that is a fossil watch. i like it. apparently, people this holiday season did not. they are lowering their sales figures.

back to you. melissa: fossil is becoming a fossil. >> hey watch it. melissa: looking good. thank you, adam. adam schapiro. >> hundreds of students faulty e-mails accidentally pulled 800 applicants. they were sent rejection letters right after. rolls-royce now developing an suv. offering all of its usual luxury. the 15-inch bugle out the best in show award. only the second bugle to ever win. we are approaching the last hour of trading.

>> ringing it in altogether. the actual meaning of what is going on behind the scenes. the man who knows the fed. he will talk about, not just the word patience and why they are keeping it in, but the low inflation picture. is it low energy prices? a series speaker. maybe that is too simple for what we will show you. they developed a speaker that remind your mind it knows what you want to hear and at what time of day you want to hear it.

we are reminded of that famous scene. cheryl: i will patiently wait for your show, liz. charcoal. not just for lighting that barbecue. helping you drop a few pounds. plus, if you have half a million dollars and a few bottles of wine, we have the house for you. more money coming up. ♪

cheryl: whether it is on wall street or main street, here is who is making money today. a beverly hills mansion owned by jeff green failed to cell last year. now it is being rented out instead. 475 grand a month. party on. being surprised with a new book. what pet should i get. there you go. that was so 24 team. the latest juicing craze is called charcoal clients. rolling out clay and charcoal juices. how safe can it really need?

wait a minute. hold on. too good to be true. looking for the benefits. it acts as a sponge once ingested. it will absorb the toxins and minerals. it will also absorb other important medications in your systems. >> you are taking this charcoal juicy drink. you are putting yourself at risk

>> it is great for hangovers. it cleans you all out. >> better complexion. one thing we need to realize is this is not fda approved. they are in no clinical trials. my job is to do no harm. i have a patient that comes in that may accidentally ingested medications. we try to save their lives with this. cheryl: $10 a bottle. thank you very much. very informative. boston residents are trying to

find some fun. and all that snow. at the end of the day it is all about money. ♪

do you want to know how hard it can be to breathe with copd? it can feel like this. copd includes chronic bronchitis and emphysema. spiriva is a once-daily inhaled copd maintenance treatment that helps open my airways for a full 24 hours. spiriva helps me breathe easier. spiriva respimat does not replace rescue inhalers for sudden symptoms. tell your doctor if you have kidney problems, glaucoma, trouble urinating, or an enlarged prostate. these may worsen with spiriva respimat. discuss all medicines you take even eye drops. if your breathing suddenly worsens, your throat or tongue swells you get hives, vision changes or eye pain or problems passing urine stop taking spiriva respimat and call your doctor right away. side effects include sore throat cough, dry mouth and sinus infection. nothing can reverse copd. spiriva helps me breathe better.

to learn about spiriva respimat slow-moving mist ask your doctor or visit spirivarespimat.com

. >> the mayor of boston probably has enough on his plate without this one. with another winter storm on the way mayor martin walsh warning residents to stop jumping out of windows into piles of snow, and jimmy kimmel happens to agree. >> the ice bucket challenge, but instead of doing it for charity, they're doing it for no reason at all. [ laughter ] >> this should give you a sense of what's going on out there? >> ah! [ laughter ]. >> the [ bleep ] ledges! >> i'm going next!

i'm going next! >> why? why? put some clothes on. the bitter cold is not backing down, two more storms on the radar. rick reichmuth tracking them in the weather center. >> reporter: why not? >> would you do that? take your clothes off, boxer shorts and jump in? >> i won't answer. that maybe not in the city, where have you gravel and stuff that gets wrapped into all that snow. sounds a little nuts, but maybe a little bit fun, too [ laughter ] . >> a little more snow coming to the area not all that much in the short-term. we have a disturbance through the southern appalachians, bringing snow atlanta, light snow with it between the see all this often. this storm will bring a little more snow to the boston area you can see another little system develop. maybe 1-3". nothing that's going to cause

huge, huge problems for you. then watch the next storm that by friday and saturday develops across the south. this is the next pretty significant weather maker and bring snow to parts of the south and eventually some snow again in parts of the northeast. but for the most part, this storm tracks farther inland not as much cold air along the coast. we'll see less snow. boston through sunday 3" of snow. new york a couple. the rest of it is interior section. tied with second snowiest season of winter. we get a repeat of it a little warm-up but the cold air comes back in tomorrow and friday morning, and take a look at the overnight lows. 4 degrees for new york city friday morning. minus 9 as far south as louisville. no signs of my message changing at all for the near-term. >> we still love you, though. thanks. >> rick reichmuth is in the

weather center. i hope you are making money, maybe a lot of money. "countdown to the closing bell" starts right now. liz: the second the fed minutes were released it was quick and suddenly over. right at 2:00 p.m. eastern, the dow jones industrials and the s&p see the spike there? began to quickly tick higher. the phrase in the just released minutes from the january fed meeting that did it many participants regarded dropping the language in the statement. whenever that occur as risking a shift in market expectations for the beginning of policy firming toward an unduly narrow range of day thes. let me translate. we know the fed officials are clearly worried about rattling the markets. in just a moment we've got the man who has his finger on the fed's pulse. jon hilsenrath will give us the crucible when will the fed raise rates?