and steve leaseman is with us onset.gin with the markets and stocks showing more volatility than we've seen in years. big selling at the open. bit of a bounce though things remain

where steve leaseman is there the fed chair is there as well. steve, you spoke with boston fed prez there this morning. and. >> they are following the market turmoil and interested in the causes. but i thought fed president eric rose grand leaned against. and he's one of the doves on the committee. and he said look we'd make a change if the outlook changed. but i don't expect the outlook to change in the next two weeks before the next meeting so it founds like full steam ahead. and i just want to play one thought here what he said about the possibility of additional qe. here he is. >> i don't expect that we'll need to. if the economy got weak enough we should do it. i certainly hope and i don't expect that will be the case but i can't rule anything out at this time. fed policy, they monitor the markets but more geared to the real economy. and as much as our friend think the stock market is the real economy, it is really not. and it's changes in inflation and unemployment and growth and incomes that would prompt the fed to make policy, not the mar

steve leaseman here with the cnbc fed survey which says forget about qe 4, eqe could be coming. >> theectation given concerns about europe is that europe will do quantitative easing. that is expectation of those who answered our cnbc october fed survey. 74% really no question here that it is coming. when is it coming? average time is february 2015. what about threats to the u.s. recovery? this may be confusing. september is prior survey. look how much of an increase there is in concern about europe and european weakness. in terms of biggest threats to u.s. recovery taxes and regulatory policy came down. a little concern about higher inflation and higher interest rates. look at lack of concern by inflation or deflation. that is not on the radar for our panelists. what about qe 4? is that possible? some possibility. call it 18% now saying in the next two years it is possible for the quantitative easing program up from 14% in our prior survey. what is the timeline for the fed? expectation 97% say they end quantitative easing in the announcement tomorrow. considerable time is seen coming o

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steve leaseman on what the fed will do tomorrow. and ceo's always outspoken john legere. >> scott thanks. from phones to wearables, re/code's code mobile conference is exploring the mobile revolution not only reshaping technology but business as a whole. yesterday's highlights run the gamut. you have kim kardashian west, colorful analysis in john legere and the unveiling of a possible knew youtube video model. joining us now re/code executive editors kara swisher and walt mossberg. from an always beautiful live shot that you have there. >> yeah we like to go to a nice hotel, you know. >> yeah we don't blame you for that. you guys had such an interesting lineup last night. starting with the kim kardashian. you started the conversation with why do you think people don't take you seriously? i'm interested how she answered that. >> i think she answered it well. she doesn't get taken seriously despite the fact she has 75 million mobile fans. what's interesting is the reaction to her and the reaction to us having her was really -- i mean,

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fed chair is watch closely and steve leaseman also. >> this is a kansas city labor market conditions index is attempt to take all the labor indicators out there and put them into one pot and come one a single number. actually two number. we'll get to that. but this number shows that it strengthened a bit from minus .57 in august to minus .53 in september. and the reason why this is significant is zero is about the average since 11992. we've been as low as two. zero by the way is the bottom of where we were in the previous recessions so we're clawing back to where we were in the labor market with all these different indicators, the bottom of the prior sessions. there is another indicator, a momentum indicator. indicates how fast we're moving and that is an historic high. 1.12. 1.3 was the highest going back. talk all the numbers, get a single number out of it. and it shows we still have a long way to go to get back to normal in the jobs market but we are making progress as reasonably rapid rate. >> thanks for that steve. let's get to courtney with more on jcp. >> i just walked out rig

steve leaseman live with the fed decision, 2:00 p.m. eastern on decision, 2:00 p.m. eastern on cnbc.rthat i take metamucil because it helps me feel fuller between meals. it's just one small change that can help lead to good things. now she's breaking up with the vending machine. nope. i call that the meta effect. [ female announcer ] 4-in-1 multi-health metamucil now clinically proven to help you feel less hungry between meals. and promotes heart health. experience the meta effect with our new multi-health wellness line and see how one small change can lead to good things. >>> how can we figure out where the broader averages are headed? you know that one of the key boxes on my checklist for an investable bottom was the technicals. we needed to see the charts turn positive before stocks could start rallying again, which is exactly what happened. but now we've rebounded nicely. it's time to go off the charts with dan fitzpatrick, a brilliant technician, my colleague at realmoney.com, to get a sense of what could be ahead for the major averages. fitzpatrick's view, he t

we have a chart for you provided by steve leaseman of the size of the fed balance sheet. look at the blue line. that is the balance sheet of the united states. look at the yellow or lime green line. that is the balance sheet of the european central bank. >> you can take the richest state in america and the poorest state in america on per capita income and they are closer than the richest country in europe and the poorest. extensively visiting these countries from an economic perspective. when you take a look at some of the structural come monetary issues faced by the southern european nations and their fantastic places to go and lovely people. you wonder if it is sustainable. >> i still think there is a huge question hanging over the structure of the european union and whether or not the euro zone is going to hold together. still an open question. >> what is your personal opinion on it? >> it almost becomes a associ e sociological question. how much pain before they can't take it anymore. the eternal devaluation where wages are pushed lower and lower to make you more comp

by the way steve leaseman has breaking news from christine. >> the imf chief giving a the down beat assessment saying the global economy is weaker than it was six months ago. they only see a modest pick up in 2015 and they are lowering the outlook. she goes through the developed countries, the u.s. and u.k. doing better. japan is flat and europe is weaker. but emerging markets pace of growth will also slow. she goes on to say quote serious clouds on the horizon. the risks include long-term lower growth and monetary policy normalization along with the policy of the financial excesses building up. asset valuations are an all time high and spreads of fixed income instruments are all time low. concerned in ukraine escalation and the middle east and says ebola could pose a significant risk to the world if not addressed. she calls for fiscal policy reform, structural reform, infrastructure spending and financial reforms. back to you. >> steve leastman back at hq. tesla's elan musk getting ready to unmag something new weeks. a about to release a d and something else. it's unclear what it actually is

steve leaseman got an exclusive one-on-one about the next moves. >> that was with fed president just to be clear. we did go to try to get comment from janet yellen unsuccessful in that regard. we always try. i want to tell you a report that i am getting here. ubs saying his base case is that the fed will slow the taper. instead of doing 15 billion we are moving last remaining $15 billion of purchases that the fed is set to make going down to ten leaving five out there. that is not what i heard from the fed president. he says he sees the fed on track to end the quantitative easing despite market turmoil because they need a big change in the outlook to change their plans to end qe and he doesn't expect that in just the next two weeks. the data is still supporting not changing anything despite the turmoil in the markets and since a 2015 rate hike and the the fed will make changes if the data changes but said they are following europe and the weakness over there. here is what he said. >> i would say financial markets have moved a little more than the economic data coming out of europe. t

. >>> a rapid update on gdp from steve leaseman. >> the economists put the trade numbers and the job this morning into the soup they make and came one the tracking forecast for the third quarter. it's up two tenths of a point to 3.3% now. the big news though look at the bottom of that range. 2.8 to 4%. now the next screen i'll show you who's where. joe lovoinio at deustche bank, he was right last quarter. he had the 4.2 number. he was the highside the whole time. ended up being light as it ended up. there's joe on the optimistic side again thinking two back to back four handles on gdp. morgan stanley 3, 3. goldman sachs 3.2. it's been stable to slightly up the gdp as the data comes in. and still another month's worth so it could change. but overall we're looking at putting together two solid quarters here second and third quarters. john? >> thanks steve immaterial's been a volatile week more the broader markets. but markets in rally mode after the jobs report this morning. the unemployment rate dropping to 5.9% and the nasdaq with a big turn around. channing smith, manager of capital

. >> i have steve leaseman. tony, stick with us. as we make the point here, central bankers around the world clearly appear to be growing more dovish. you spoke with carney today. the fed minutes which suggest the exact same thing last week. >> right. >> where does this whole thing factor in to the course of policy if the world is about to get upset big time from a financial market standpoint? >> easier. lower for longer is the answer. show you what carney said. central bankers worrying about inflation lower than the target. 2% target. right now it's a problem of disinflation, lower price increases. the real concern deflation or outright price concerns. here's what bank of england governor told me on saturday about low global inflation. >> there is weaker global demand relative to global potential that is reducing -- that is producing a very benign global inflationary environment and that's something certainly we take into account. >> fisher said very much the same thing. he said -- >> stan fisher, the vice chair of the fed. doesn't

and steve leaseman is with us onset. we begin with the markets and stocks showing more volatility than we've seen in years. big selling at the open. bit of a bounce though things remain unsettled at this hour. poor economic news. new ebola fears. worries about europe all playing a role today. and the so called fear gauge the vix is ripping hire. we kick it around right now. steve, you first. you are at the 50 yard line of the action today. give me the feel down there as to what you make of how the trading's gone thus far. >> a long time since we had an open like that. where you felt like the futures were down aggressively and reel nerves in the game. and this is the first time i felt that. and you pointed this out yesterday, the low on monday was 1874. we said keep an eye on that level. we headed to that and break that yesterday. so yesterday's low was violated. 1871 was the level to watch. today is level is 1837. we are givening back a lot of these gains. this is what you have toex focus on now. it was a host of reasons