i will have jeff rosenberg a of black rock at the 2 p.m.r. >> unemployment in the uk falls to a 4.5 year loan. since april,owest 2000 nine. it has led to speculation the bank of england could raise interest rates as early as the end of next year. a surprise move the indian central bank. the reserve bank chairman left rates unchanged calling the decision a close one but said he wanted to wait for more data, insisting he had not gone soft on inflation. the central bank has raised rates twice in the last four months. russia has the ukraine at $20 billion bailout package which includes $18 billion in loans and a discount on natural gas supplies. it comes a week after the ukraine turned its back on a eu agreement. it's going to be an international week all of a sudden. smart morning must reads -- >> mine has to do with college ratings and the stress over finding the right school for your child. cut as come out with a new rating system that ranks colleges based on value. we note there is tons of data out there that people are trying to get throug

rosenberg,ly, jeff is that a distortion to the market?ill we still be distorted in our financial markets well into 2014? >> there is still a tremendous amount of support and a tremendous amount of distortion by the fed. what is key -- today is a very important day in that perhaps -- and i don't want to overestimate this. but we might begin to see the possibility where the fed is signaling its confidence in the economy and that confident in the economy is helping to boost financial confidence and therefore financial assets. so far, has been the failure of financial assets in the economy and they have needed the distortion of quantitative easing to hold up asset prices. today, a little bit of a reverse of that. it is too early to see if that is the trend for 2014, but certainly a major change in the fed's actions and the financial market performance. >> michael mckee, what would you ask the chair at the prep -- the press conference? >> i would ask what they anticipate. do they think the economy is going to get better significantly faster th

i want to bring in jeff rosenberg from blackrock who says this market proves how addicted investors areo bed -- fed easing measures. you will be frustrated what is going on with what the fed is doing. you call this paranormal activity. what do you mean by that? >> we have seen this for a while. what paranormal means is nothing in the relationship between the real economy and the stock market is normal. good news in the economy is bad news for the stock market. overis because fears better news in the economy, what that means for withdrawal of monetary policy accommodation -- stock markets, financial markets globally are addicted to accommodation, so there is a complete disconnect between what happens in the financial market, what happens in the real economy, and that is the paranormal market activity that i am talking about. >> you wrote in this report "nightmares are guaranteed. you cannot ignore the impact on your psyche." what, jeff, are your nightmares? >> that was a quote form the "paranormal" movies. it was from the movie poster that i was making an allusion to, paranormal activity

and i talked to jeff rosenberg yesterday from blackrock.ys, the market is looking over the right shoulder at short rates because -- >> which market? >> fixed income market. >> okay. >> at short rates because it knows the fed wants to keep a lid on that. and over the left shoulder, both shoulders at long rates because it feels if it goes too far, the fed could act there. the fed seems to have the tentative control on both sides of the curve. >> isn't that in part because there's such a question mark in the market about what's really going to happen? for you to come out and say this and then yesterday with the times and i don't know where he stands, the market i don't think knows -- i'm not sure the market's biased one way or the other at the moment. >> i think the biased is built in here. i think if you look at the fed funds about a 66% probability of a quantitative easing. >> and i think the market, stock market believes you and i think it's rallying anyway. we finally gotten to the point where it's the economy. >> i know the fed feels like