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remarks were interpreted by some as a suttle indication that the president may be readily to let bernanke walk. he has been there since february of 2006 and reappointed in 2010 and the next term ends on january 31st of next year. >>> the new york stock exchange in the spotlight not because traders were on fed watch but word it was a target of a terror float. an official said at a house hearing the nsa's controversial spying program at one time helped stop a plan to bomb the nyse. >> nsa utilizing was monitoring a known extremist in yemen. this individual was in contact with an individual in the united states named khalid. he and other individuals that we identified through a source the fbi applied for were able to detect a plotting to bomb the new york stock exchange. >> intelligence officials said that plot was among 50 potential terp -- terrorist attempts. >>> leaders wrapped up a two-day summit in northern ireland today. president obama and others were vowing to close tax loop hopes and more. >> reporter: here the ga summit david cameron achieved more than many expected. the official agenda
remarks were interpreted by some as a suttle indication that the president may be readily to let bernanke walk. he has been there since february of 2006 and reappointed in 2010 and the next term ends on january 31st of next year. >>> the new york stock exchange in the spotlight not because traders were on fed watch but word it was a target of a terror float. an official said at a house hearing the nsa's controversial spying program at one time helped stop a plan to bomb the nyse....
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Jun 20, 2013
06/13
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back the idea that he was insulting and disrespecting bernanke, but they didn't in the background conversations walkk that bernanke is leaving. i don't know the market is incredibly spooked by that in that there seemed to be a number of people that could be considered that would probably continue the policies of the current chairman. >> steve leisman from cnbc headquarters, we appreciate it, thank you. >>> three naval academy football players have been charged in the sexual assault of a woman, a fellow student at an off-campus party in annapolis, maryland last year. two of the men are charged with rape and sexual assault. the third student is charged with making a false official statement. the senate armed services committee has been working to address military sexual assaults. senator claire mccass still voted for the proposal to force changes in the military justice system. this morning she spoke out again for the need to keep the reporting of sexual reports within the military chain of command. >> anybody who thinks what we did in the armed services committee is coding the pentagon doesn't unders
back the idea that he was insulting and disrespecting bernanke, but they didn't in the background conversations walkk that bernanke is leaving. i don't know the market is incredibly spooked by that in that there seemed to be a number of people that could be considered that would probably continue the policies of the current chairman. >> steve leisman from cnbc headquarters, we appreciate it, thank you. >>> three naval academy football players have been charged in the sexual...
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Jun 19, 2013
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fed is wrapping up its june meeting and in less than six hours, we're going to hear from ben bernanke walkinge. analysts expect the fed to keep interest rates near zero for now. they've been that low since 2008 to encourage investing. >> gretchen: another new house of horrors discovered in ohio. a mentally disabled woman and her young daughter kept as slaves for two years. police say majory callahan, jessica hunt, daniel brown forced the women to hit her own child on camera. they told her if she escaped, she would show the tape to police officers and accused of keeping them in a locked room guarded by pythons. >> frequently being denied meals, access to bathroom visits. they were physically punished for toiletry incidents. >> it's very uncomfortable to know that's going on in your own backyard. >> gretchen: police discovered what was going on when the mom escaped and deliberately got arrested for shoplifting. so the whole story would come it light. >> brian: wow. this story is creating controversy. should a convicted killer be allowed to collect pension? a former firefighter is accused of bea
fed is wrapping up its june meeting and in less than six hours, we're going to hear from ben bernanke walkinge. analysts expect the fed to keep interest rates near zero for now. they've been that low since 2008 to encourage investing. >> gretchen: another new house of horrors discovered in ohio. a mentally disabled woman and her young daughter kept as slaves for two years. police say majory callahan, jessica hunt, daniel brown forced the women to hit her own child on camera. they told her...
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Jun 30, 2013
06/13
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so many fed members this week, governors, officials spent the week walking back ben bernanke's comments basically trying to make it clear that interest rates aren't going up anytime soon. do you think bernanke miscommunicated to the market? >> maybe. i think -- >> did the markets misinterpret? >> i thought was what happened is the market was taking a drink of water, and he said something, and then they spit it out and said, what did they say? and the rest of the fed said, no, no, you didn't need to spit out your drink, it's no different than what he was saying all along. >> 95% of the transparency from the fed, that they explain what they're doing, is for the good. but the 5% that we also need to keep in mind is, this does generate more news on the day, when they actually say things. and so that's just going to add volatility. i think that's what happened. >> i thought it was interesting that after chairman bernanke came and said his piece, he sent all these other people out to sort of -- >> i don't know that they just don't do his bidding. >> okay. >> they wanted to make clear their po
so many fed members this week, governors, officials spent the week walking back ben bernanke's comments basically trying to make it clear that interest rates aren't going up anytime soon. do you think bernanke miscommunicated to the market? >> maybe. i think -- >> did the markets misinterpret? >> i thought was what happened is the market was taking a drink of water, and he said something, and then they spit it out and said, what did they say? and the rest of the fed said, no,...
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Jun 18, 2013
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. >> chairman bernanke's press conference will give them an opportunity to clarify or even walk backis comments back in may on possible tapering of bond purchases. >> he cannot say too much because he does not know himself when they will start tapering. >> they could try to clarify for investors their plans for slowing qe. former fed vice chair says the policy stalemate could make clear that the fed has no plans for reducing qe. it could also emphasized that any start a reduction of bond purchases remains dependent on the labor markets. the statement could also point to slowing inflation which provides ammunition for the fed to continue qe and low interest rates. questions about whether bernanke will actually be around to see this through, it sounds like president obama does not think so. >> bernanke is a little bit like bob mueller, the head of the fbi. he has already stayed a lot longer than he wanted or he's supposed to. >> janet yyllen continues to be the odds on favorite among fed favorites to take over for bernanke. other names that have popped up for speculation include roger
. >> chairman bernanke's press conference will give them an opportunity to clarify or even walk backis comments back in may on possible tapering of bond purchases. >> he cannot say too much because he does not know himself when they will start tapering. >> they could try to clarify for investors their plans for slowing qe. former fed vice chair says the policy stalemate could make clear that the fed has no plans for reducing qe. it could also emphasized that any start a...
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Jun 18, 2013
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. >> following up, tomorrows press conference give ben bernanke a chance to walk those comments aboutuantitative easiig back it? furthermore, is he going to be sticking around to do any of this? teeseven -- liz: back and forth. this is a soap opera out of wall street. dish versus clear wire. i love the story. >> filled with greed and the trail. how is it that the number three carrier in the u.s. is suddenly the bill of the ball. this is a spectrum play. control by sprint, but it told its other players it likes the this deal better. liz: investors are dialing into one smart phone maker right now sending shares higher. in the -- and get back to nicole petallides the story. >> reporter: we're looking closely at back derrick -- blackberry. they have done some checking and see how they are selling with new products. we waited a year-and-a-half, but here is a like a blackberry right now, up 4%. the market performance, and the town has shifted. growth for the company. expecting a report above consensus numbers, revenue and earnings per share will be on june 28. mark your calendar. that will
. >> following up, tomorrows press conference give ben bernanke a chance to walk those comments aboutuantitative easiig back it? furthermore, is he going to be sticking around to do any of this? teeseven -- liz: back and forth. this is a soap opera out of wall street. dish versus clear wire. i love the story. >> filled with greed and the trail. how is it that the number three carrier in the u.s. is suddenly the bill of the ball. this is a spectrum play. control by sprint, but it...
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Jun 27, 2013
06/13
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interpretations by fed officials in the last few hours, the last few days, the last week or so walking back that bernanke press conference, i would suggest there is lots of value on the front end of treasury curves, and therefore an attractive value in ten-year values at 2.50. we think 2.20 is the new normal on trend recoveries as opposed to 2.50. >> you joined us last wednesday, that was fed day, and when i asked you where you thought the ten-year would end the day, you said 2% or lower. are you sticking with that given the moves we've seen over the last week? >> right now we're a 1.5% economy, 1% inflation. we have nominal gdp of 3%. to think that the fed can basically tighten in terms of reducing their purchases and, therefore, produce a new higher range than 2% or 2.5% for ten-year treasuries to me and to us is very questionable in terms of what they're actually doing. there is no rationale for it. inflation is 1%, they need to get it back to 2%. come on, fed, let's keep on going in the direction you've been going. >> when do you believe the tapering is delayed to, then, bill? >> certainly in late 20
interpretations by fed officials in the last few hours, the last few days, the last week or so walking back that bernanke press conference, i would suggest there is lots of value on the front end of treasury curves, and therefore an attractive value in ten-year values at 2.50. we think 2.20 is the new normal on trend recoveries as opposed to 2.50. >> you joined us last wednesday, that was fed day, and when i asked you where you thought the ten-year would end the day, you said 2% or lower....
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bernanke, his term expires in january. this the most the president has talked about it. now the administration has walkednt's statement back to simply say he admires bernanke's time at the fed. he thinks it's an been incredibly tough period for him. he was able to see things through tough times and he has nothing but praise and respect for him. it's clear from all the folks you talked to behind the scenes there's an expectation the president has to name a new fed chair. the question is timing, peter. when you think about january is when bernanke's term expires, it was in august when he reappointed hip, august of 2009. so it's going to be probably a july/august announcement, because they are going to want to get confirmation hearings out of the way before the debt showdown that takes place in november. >> one more backdrop for debt ceiling that will renew this summer and fall. chuck todd in ireland, safe travels. we'll visit with you tomorrow at grmds. >> see you at the brandenburg gate, my friend. >> we bring things back closer to home, third and final debate in the massachusetts race tonight, before ed
bernanke, his term expires in january. this the most the president has talked about it. now the administration has walkednt's statement back to simply say he admires bernanke's time at the fed. he thinks it's an been incredibly tough period for him. he was able to see things through tough times and he has nothing but praise and respect for him. it's clear from all the folks you talked to behind the scenes there's an expectation the president has to name a new fed chair. the question is timing,...
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Jun 20, 2013
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rbc capital markets said one of the big surprises in bernanke's press conference was that the chairman did not attempt to walk back the recent rise in interest rates. bernanke said yesterday that tapering really was not that bad. kind of like taking your foot off the gas pedal in the car and hitting a nice cruising speed, not hitting the brakes. >> what he is doing is a lot like monetary drunk driving. >> we will get more clarity at the end of july. connell: thank you much. brian jacobson for us next. it is always good to have brian's point of view. to what level is your anxiety level at this stage? >> my anxiety level is very low. i understand that they have a centrally planned economy. they can marshal resources to prop up their banks if necessary. i am not concerned about the federal reserve cutting back on their asset repurchases. their forecasts are very optimistic. it really does not look like they will be pulling back on the asset purchases anytime soon. 1603.51. it is tough to get below 1600 feared tell us why. >> purely because of the fundamentals. i really have come up with a firm foundation around
rbc capital markets said one of the big surprises in bernanke's press conference was that the chairman did not attempt to walk back the recent rise in interest rates. bernanke said yesterday that tapering really was not that bad. kind of like taking your foot off the gas pedal in the car and hitting a nice cruising speed, not hitting the brakes. >> what he is doing is a lot like monetary drunk driving. >> we will get more clarity at the end of july. connell: thank you much. brian...
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Jun 19, 2013
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let me give bernanke his due. walken sort of single out the place where it's not done and maybe you and i at the end of this will agree more than we realize. first they think we call is the list of ben there, done that. the things he's done. the press conferences, answering the questions from reporters, minutes coming out three weeks earlier so they're fresher, quarterly economic projections so we have an idea of what the longer term outlook is from the fed and the individual members. public outreach, trying to explain the fed to the public. finally, economic targets, began as calendar targets, went to economic targets for interest rates. now, let's take a look, what is different now? here are the basic quantitative easing programs that the fed has done. qe1, defined time period, defined amount. qe2, some of these were extended, but they told us they were going to to it. defined time period, defined amount. even twist, they extended it in june, told us about how much. there's the problem. the question mark after 9/12.
let me give bernanke his due. walken sort of single out the place where it's not done and maybe you and i at the end of this will agree more than we realize. first they think we call is the list of ben there, done that. the things he's done. the press conferences, answering the questions from reporters, minutes coming out three weeks earlier so they're fresher, quarterly economic projections so we have an idea of what the longer term outlook is from the fed and the individual members. public...
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Jun 14, 2013
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the funds, and put a period on that part of the conversation, so next week at the meeting bernanke tries to walkall back. tries to walk that testimony back. >> i think that he never wants to go totally against the market. he knows that you can only put some of the genie back in the bottle. this is not like the half pregnant thing, and the judge wapner talks about position. and maybe it is not the person who is in the muni fund, but you just saw you who is in the thailand fund, you can see how bad it is and walk the rates back and take and not all of the way, but certainly, calm down and get out. >> get out, by the way, and we should say fix the income investors and the taxable bond and etfs and the outflows 5$5.5 billion the most ever according the lip pert, so it is happening. let's talk about technology news with google added to ever corps's list, a nd saying that they are gaining traction with the products and seems that con vick shun is stronger. and deutsche bank upgrades groupon to a buy. it had been on a hold. and bmi sues pandora who is the target of a song computers over licensing fees
the funds, and put a period on that part of the conversation, so next week at the meeting bernanke tries to walkall back. tries to walk that testimony back. >> i think that he never wants to go totally against the market. he knows that you can only put some of the genie back in the bottle. this is not like the half pregnant thing, and the judge wapner talks about position. and maybe it is not the person who is in the muni fund, but you just saw you who is in the thailand fund, you can see...
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Jun 6, 2013
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bernanke is going to walk out a living legend and i think he's going to walk out -- >> not? >> something else. >> let's talk about the u.s. economy. we have one key government report to watch today. they were talking about the different isms we had earlier this week. this is not an ism. we are going to have weekly jobless claims at 8:30 a.m. eastern. first time filings likely fell by 9,000 in the latest week to 345,000. also of note today, and watch this, some of the nation's retailers are going to be reporting same-store sales. both of those numbers are going to impact as we head into friday where we're going to get big labor number coming down. >> it's a big number. by the way, people have been bringing down their expectations. the number has come down since we have got the adp report yesterday that shows what was it, 135 which was much less than expected. the markets had been looking for 165 to 170. that "usa today" cover was not the same time as the bernanke speak. it was last wednesday was the "usa today" cover. >> they even waited to where it really looked like -- we h
bernanke is going to walk out a living legend and i think he's going to walk out -- >> not? >> something else. >> let's talk about the u.s. economy. we have one key government report to watch today. they were talking about the different isms we had earlier this week. this is not an ism. we are going to have weekly jobless claims at 8:30 a.m. eastern. first time filings likely fell by 9,000 in the latest week to 345,000. also of note today, and watch this, some of the nation's...
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Jun 18, 2013
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conference tomorrow after the meeting, the two-day meeting ends, gives chairman ben bernanke the opportunity to clarify or even walkomments he made last month about the possibility of tapering the bond purchases by the fed, the $85 billion a month, to comment on slowing quantitative easing. >> he can't say too much because he doesn't know himself when they're going to start tapering. but i think he needs to sort of make it clear, no it is not imminent in the this meeting or the next meeting. >> we'll also get a statement from the federal open market committee and that will also provide members an opportunity to talk about their plans for monetary policy going forward. and perhaps better communicate it. former fed vice chairman donald kohn says that tomorrow's statement, could, for example, reinforce that the pace of reduction in bond purchases would be gradual. it would be data dependent and could be reversed if the economy were to suffer some kind of a problem. that the statement could reinforce policy decisions about bond purchases and that short-term fed funds rates, any changes in that, those are two separate i
conference tomorrow after the meeting, the two-day meeting ends, gives chairman ben bernanke the opportunity to clarify or even walkomments he made last month about the possibility of tapering the bond purchases by the fed, the $85 billion a month, to comment on slowing quantitative easing. >> he can't say too much because he doesn't know himself when they're going to start tapering. but i think he needs to sort of make it clear, no it is not imminent in the this meeting or the next...
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and as we saw today, a little bit of walk-back on the announcement by mr. bernanke and how the fed governor today in dallas -- >> right, richard fisher. >> -- just to indicate this will be a transition period. but it's not -- it's not like the rest of the marketplace hasn't been expecting it at some point. i agree with you, maria. this adds to the volatility today. it adds to the uncertainty. but, you know, from congress' standpoint and washington, what we need to be doing is we need to make it easier for entrepreneurs and investors to go about hiring people, to create jobs. and when you have things like the healthcare bill hanging over and the unexpected impact on the costs, bottom line of businesses, that's a problem, we're trying to address that. when you have the aftermath and regulation of dodd-frank hanging over the credit markets of this country, credit is the lifeline of this country, and we need to make sure we remove any impedestrianments that may be in the way from the regulatory actions of the obama administration. >> how do you defend dodd-frank at this
and as we saw today, a little bit of walk-back on the announcement by mr. bernanke and how the fed governor today in dallas -- >> right, richard fisher. >> -- just to indicate this will be a transition period. but it's not -- it's not like the rest of the marketplace hasn't been expecting it at some point. i agree with you, maria. this adds to the volatility today. it adds to the uncertainty. but, you know, from congress' standpoint and washington, what we need to be doing is we...
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Jun 20, 2013
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capital markets said in a note, quote, one of the big surprises in the bernanke press conference was that the chairman did not attempt to walke recent rise in interest rates in effect doubling down on higher rates. bernanke said yesterday that tapering was really not that bad. kind of like just taking your foot off the gas pedal in your car when it is cruising at a nice speed, not hitting the brakes. one analyst today drove the car analogy a bit further. >> what he is doing is lot like monetary drunk driving. i think he is jerking the wheel back and forth and the market doesn't know what to make of it. >> investors seem to be shrugging off good news in the housing market. realtoos announced existing home sales in may rose 4.2% to a 5.18 million annual sales rate, highest level since november of 2009. weekly claims for unemployment insurance rose 18,000 to 254,000 in the weekending june 15, slightly higher than expected. tracy: pete barnes, thank you very much. ashley: joining us for more on the fed and the economy, bob pavlick and julia coronado, bnp paribas north american chief economist. thanks to you both for joining us.
capital markets said in a note, quote, one of the big surprises in the bernanke press conference was that the chairman did not attempt to walke recent rise in interest rates in effect doubling down on higher rates. bernanke said yesterday that tapering was really not that bad. kind of like just taking your foot off the gas pedal in your car when it is cruising at a nice speed, not hitting the brakes. one analyst today drove the car analogy a bit further. >> what he is doing is lot like...
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capital markets said today, quote: one of the big surprises in the bernanke press conference was that the chairman did not attempt to walkcent rise in interest rates we've seen in the credit markets. bernanke said yesterday that this so-called tapering was really not that bad, kind of like taking your foot off the gas pedal in your car at a nice cruising speed. not hitting the brakes. one analyst took the car analogy a bit further. >> what he's doing is a lot like monetary drunk driving. i think he's jerking the wheel back and forth, and the market doesn't know what to make of it. >> reporter: some analysts now think the fed could start pulling back on stimulus at its next policy meeting at the end of july. jon? jon: all right. we will keep an eye on the markets until then and beyond. peter barnes in washington, thank you. jenna: well, from monetary drunk driving, as that analyst put it, to brand new numbers on the jobs front. 354,000 americans filed for unemployment in the latest week, that's up slightly from the week earlier but overall, you know, that's sort of around the number that we want to see. in the meantime, s
capital markets said today, quote: one of the big surprises in the bernanke press conference was that the chairman did not attempt to walkcent rise in interest rates we've seen in the credit markets. bernanke said yesterday that this so-called tapering was really not that bad, kind of like taking your foot off the gas pedal in your car at a nice cruising speed. not hitting the brakes. one analyst took the car analogy a bit further. >> what he's doing is a lot like monetary drunk driving....
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all ben bernanke is saying is that our economy is out of critical care and needs to start walking under its own power. with all the cash on side lines i still see a day like today as a buy on the dip. that's been the mentality until now. we shall see if our economy is getting better. that will do it for closing bell. thanks for joining me. i'll see you tomorrow. fast money begins right now. >> life in the nasdaq market site in new york city i'm melissa lee. taper games. the market having its worst fed day since september 2011, the dow dropping 206 points and the ten year yield surging to a one year high. also suggests a possible taper scenario still ahead this year. everyone wants to know what is the trade you put on right now. josh, kick it off. >> right now i would continue to do what i've been doing since we talked about this going an on going correction. only high conviction names. it wouldn't shock me. you typically get one a year. this is a very interesting day in that the staples got crushed and the best performing sectors were energy and the materials names. both sectors down le
all ben bernanke is saying is that our economy is out of critical care and needs to start walking under its own power. with all the cash on side lines i still see a day like today as a buy on the dip. that's been the mentality until now. we shall see if our economy is getting better. that will do it for closing bell. thanks for joining me. i'll see you tomorrow. fast money begins right now. >> life in the nasdaq market site in new york city i'm melissa lee. taper games. the market having...
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i think what bernanke is trying to do is walk back very slowly. he used his own metaphor.trying to land a ship on an aircraft carrier. i'm not sure what he meant by that metaphor. it's his metaphor. >> it's a mixed metaphor. >> that is a metaphor too far. it makes absolutely no sense. hey, steve rattner, you don't think the stock market is in a bubble when there is such a radical disconnect between wall street and main street? >> well, there is a radical disconnect between wall street and main street because wall street is making a huge amount of profits. company's profitability is incredibly high, and main street, as i said, incomes aren't going up. so the stock market is not wildly overvalued because companies are making a lot of money. the problem is the disconnect between wall street and main street. >> it is true, joe, what we're saying is that the leverage keeps sloshing around in the system. it went from the private sector, went from the housing market, and now it's on the government's books. it's on the federal government's books right now. the states have managed
i think what bernanke is trying to do is walk back very slowly. he used his own metaphor.trying to land a ship on an aircraft carrier. i'm not sure what he meant by that metaphor. it's his metaphor. >> it's a mixed metaphor. >> that is a metaphor too far. it makes absolutely no sense. hey, steve rattner, you don't think the stock market is in a bubble when there is such a radical disconnect between wall street and main street? >> well, there is a radical disconnect between...
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positive day despite a 206 point decline for the dow, all ben bernanke is saying is that our economy is out of critical care and needs to start walkinghe cash on side lines i still see a day like today as a buy on the dip. that's been the mentality until now. we shall see if our economy is getting better. that will do it for closing bell. thanks for joining me. i'll see you tomorrow. fast money begins right now. >> life in the nasdaq market site in new york city i'm melissa lee. taper games. the market having its worst fed day since september 2011, the dow dropping 206 points and the ten year yield surging to a one year high. also suggests a possible taper
positive day despite a 206 point decline for the dow, all ben bernanke is saying is that our economy is out of critical care and needs to start walkinghe cash on side lines i still see a day like today as a buy on the dip. that's been the mentality until now. we shall see if our economy is getting better. that will do it for closing bell. thanks for joining me. i'll see you tomorrow. fast money begins right now. >> life in the nasdaq market site in new york city i'm melissa lee. taper...
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market was probably hoping and probably against the better judgment probably that bernanke yesterday was going to sort of walk it back, and walk back the notion that they were going to mention taper org that -- tapering or going to do it any time soon and we know that the people you are talking about who have been in bonds and stocks and talking about the investments were going to be soothed, but, in fact, that is not what happened. and now, everybody is trying to figure out what in the hell do i do now as you see the rates pushing, what 240? 242? >> oh, my god, 240. >> that is a good point, right. the sky is falling and you mean the 10-year treasury is at 2.42%? >> well, it is incredible when you think about it in historic terms bu s terms, but many people feel that the cheap money is the asset class, and allowing them to move and now most people don't believe they will successfully engineer an exit, and they believe that the risk assets have to be sold, and they are doing it now. >> you can have rising rates in two environments and up until this point, we have had it unfortunately in the kind of environment
market was probably hoping and probably against the better judgment probably that bernanke yesterday was going to sort of walk it back, and walk back the notion that they were going to mention taper org that -- tapering or going to do it any time soon and we know that the people you are talking about who have been in bonds and stocks and talking about the investments were going to be soothed, but, in fact, that is not what happened. and now, everybody is trying to figure out what in the hell do...
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bernanke is getting moved out. how can he get moved out if this taper is going to start in september? how could a new person walk into this job and walk into having to be on the taper end of something that's unprecedented? the biggest prop tad in history and they're going to allow somebody new to come in and unwind this thing? >> it's not going to be an easy job regardless of how they hand it over. i think those two things are separate. they're going to have to do the right thing on the qe tapering. they're going to do the right thing on when the rate hike is going to happen and find the right chairman in the meantime. >> we were talking at the desk about how the fed is not going to want to unwind anything they have done over the last four years. how do we get to your point that they're going to start tapering. and wouldn't that unwind? >> i think we have had a dramatic pick-up in volatility. it's hard for them to go back and forth. the genie is out of the bottle here. they have to stick with it and they want to stick with it because they thought they did a bit too much. the low rates is the most important thing
bernanke is getting moved out. how can he get moved out if this taper is going to start in september? how could a new person walk into this job and walk into having to be on the taper end of something that's unprecedented? the biggest prop tad in history and they're going to allow somebody new to come in and unwind this thing? >> it's not going to be an easy job regardless of how they hand it over. i think those two things are separate. they're going to have to do the right thing on the...
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Jun 19, 2013
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bernanke today? >> he has to talk about exit. he cannot put it out there and then walk away from it. the communications have already been a little clunky. more than they wanted. the data has been mixed. i do not think it is good enough for the taper to begin. there is kind of a growing course of market strategies. it ultimately remove some of the froth. that shows that the market sort of adjusting now to this expect patient that we will not be in a qe4 ever situation. >> that is right. the benefits are certainly diminish after so long. the worries of the cost are there. the possibilities. i think the fed thinks it can talk down away from that and rely on the big gray bank regulators. i think it was inadvertent. lori: let's talk about the economic forecast. >> a little bit of what we see is what we get. job creation is there. lori: 194 average payrolls over the last month or so. the last target was falling to 6.5%. you do not think where we are right now is nearly enough for the fed to take its foot off the gas? >> by and large, people are dropping out of the labor force. lori: we hav
bernanke today? >> he has to talk about exit. he cannot put it out there and then walk away from it. the communications have already been a little clunky. more than they wanted. the data has been mixed. i do not think it is good enough for the taper to begin. there is kind of a growing course of market strategies. it ultimately remove some of the froth. that shows that the market sort of adjusting now to this expect patient that we will not be in a qe4 ever situation. >> that is...
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Jun 27, 2013
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bernanke, himself. so what i am saying is that does this to you seem a walk back of the general message? ut there thinking through what bernanke has said and why and said that he was trying to blow some of the froth out of the markets, et cetera, et cetera. do you think that what dudley is saying is the opposite? >> no, there is a clarification process in the works here. i think it has gone from, you know, fed presidents all of the way now to the bill dudley who, as you know, the vice chair of the market committee and a permanent vote. and the message is i think this, yes sh yes, the outlook is as we said, the forecast comes true, the way we believe it is going to play out, then we are going to be tapering later this year probably ending in mid-2014. but that's asset purchases. what we want you to understand, the fed is saying, that what we are doing with the asset purchases has no bearing really on the plan to hike interest rates. the plan to hike interest rates is one that is a long way off. it is tied to a 6.5% unemployment rate, and that they say is a threshold and not a trigger. in o
bernanke, himself. so what i am saying is that does this to you seem a walk back of the general message? ut there thinking through what bernanke has said and why and said that he was trying to blow some of the froth out of the markets, et cetera, et cetera. do you think that what dudley is saying is the opposite? >> no, there is a clarification process in the works here. i think it has gone from, you know, fed presidents all of the way now to the bill dudley who, as you know, the vice...
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Jun 21, 2013
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walk back all of this tapering talk to temper things down a little bit. >> and lose more credibility. >> jim, what is going to happen here? bernankeing to retire and everybody says janet yellin will replace, but i don't know what the fed's message is and how in the world did bernanke say the other day that the economy is getting better? i mean, where is this coming from? >> it's really interesting you brought up yellin, because over all of this you will have a brand new fed chairman at some point and one reason why it seemed like the fed man moved early is bernanke wants to be there to shepherd this tapering process and i'm not leaving it to whoever the next fed chairman is, and the economy's improving? >> not too much. >> that's the point that i don't see. you're saying bernanke wants to shepherd it. it sounds like with tapering and with an end to bond purchasing, he wants to lock that policy in. >> that's right. >> before he goes. >> that's it. >> so janet yellin who i guess is more dovish will not change it. can that work? >> a very sharp person with good contacts on the fed suggests that exact scenario and would lead you to be
walk back all of this tapering talk to temper things down a little bit. >> and lose more credibility. >> jim, what is going to happen here? bernankeing to retire and everybody says janet yellin will replace, but i don't know what the fed's message is and how in the world did bernanke say the other day that the economy is getting better? i mean, where is this coming from? >> it's really interesting you brought up yellin, because over all of this you will have a brand new fed...
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Jun 18, 2013
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the white house looks like they're walking back a bit the president's comments, not necessarily that bernankeaving, mo tr idea that maybe obum dissed him in this. >> accidently. >> he reflected his admiration for his systems. making the obvious point bernanke may have endured more than he may have wanted. the president believes bernanke has been an excellent partner and believes he helped. >> to stay longer than he was supposed to. if he said he served for longer than he has been effective. >> that's not what he meant a. >> that's not what he was saying. >> we -- >> you can probably write some good -- >> he didn't mean it. when he signed on, he stayed longer than he initially signed on. >> remember alan greenspan was there 19 years, bernanke since 2006. >> i when to the russia for six months, i stayed six years. you end up doing things -- >> he found a home, idea logically. >> because of you, my kids think i'm a spy. they watch. >> they probably think are you cool because of that, cooler than an economics reporter at a cable channel, a spy, right? >> but the senior economics adviser. >> i for
the white house looks like they're walking back a bit the president's comments, not necessarily that bernankeaving, mo tr idea that maybe obum dissed him in this. >> accidently. >> he reflected his admiration for his systems. making the obvious point bernanke may have endured more than he may have wanted. the president believes bernanke has been an excellent partner and believes he helped. >> to stay longer than he was supposed to. if he said he served for longer than he has...
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Jun 12, 2013
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walk us through this. what are the catalysts? how do we know where we're headed next? >> the next big catalyst is the fmlc next week. we've had some comments from ben bernanke couple of weeks, and if they're clear, or if it doesn't taper, or we'd be shocked if it did, people would say, yields have backed up, it's too much, too soon. let's look for that. so i think that's the next big da datapoint for sure. >> jack, you're not willing to stick around for 1.70 on the 10-year? >> we're not going to see 1.70 anymore, bill. no way we'll see -- there's no way we'll see 170 again. at least not in my opinion. we have already seen the big shift begin. look at the last year. take a chart of the s&p and a chart of the 10 year, overlay them. you will see exactly what i'm talking about. these are large, strategic asset allocations taking place. and that is indicative of people that are falling in love with equities and falling out of love with bonds. that's -- it's -- >> jack, one question, jack. >> go ahead, rick. >> one question, jack. if you see a 2,500-point correction in the dow, do you think there's a 50/50 chance of seeing a 170 in the 10 year? >> 2,500, okay, a
walk us through this. what are the catalysts? how do we know where we're headed next? >> the next big catalyst is the fmlc next week. we've had some comments from ben bernanke couple of weeks, and if they're clear, or if it doesn't taper, or we'd be shocked if it did, people would say, yields have backed up, it's too much, too soon. let's look for that. so i think that's the next big da datapoint for sure. >> jack, you're not willing to stick around for 1.70 on the 10-year? >>...
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Jun 14, 2013
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bernanke's saying everybody overreacted. this 50 basis point rise in interest rates is too much. walk. >> my meetings are all with big hedge funds. i got to be honest with you. there has been a growing sentiment among our clients, including a dinner i had just the other night, who cares. i think this -- >> don't fight the fed. right? that's a rule of law in fed markets. don't fight the fed. the fed is going to do less, it's bad for the markets, right? >> no. listen, if you are an individual stock investor as our clients are or running a portfolio, at the end of the day buying 85 or 75 or 65, interesting tis cushion. >> dan, we're talk to talk about this all morning. we got to send it back. >> you're sending it back. >> i was just told to send it back. >> i was told to send it back at the same time. >> joe, we're not going to fight about who can send it back. >> liesman, wrap it up. k.j. choi is here. you're going to win one of these one of these days. i just saw you've got a nice right to left on your driver. how you hitting them? >> we're on now? >> we're going. we're good. you doing
bernanke's saying everybody overreacted. this 50 basis point rise in interest rates is too much. walk. >> my meetings are all with big hedge funds. i got to be honest with you. there has been a growing sentiment among our clients, including a dinner i had just the other night, who cares. i think this -- >> don't fight the fed. right? that's a rule of law in fed markets. don't fight the fed. the fed is going to do less, it's bad for the markets, right? >> no. listen, if you are...
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Jun 19, 2013
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bernanke speaks today, the market doing nothing, down a point, that's it. the 16-year-old took the title of "the voice" last night, the youngest to win the show since the singing competition started walkingersal music, dwight gooden in one minute. >> at 19 years of age, the youngest sttrting pitcher in major league baseball history, winning three world series rings, named rookie of the year, won the cy young award, off the monday, addiction to alcohol, cocaine, affected his career. joining us now, the former mets and yankees' pitcher, the great "the doc" goodsen. great to have you here. >> great to be here. >> you are clean and sober now for how long? >> two years. >> how? >> the main thing was just to myself say i'm an addict, and to be clean and sober is a change of lifestyle, and making changes, sticking to it, letting people know how i feel. >> it's easy to say that. i learned i'm an addict, learned about the disease, and take it day-to-day, but it must be tough. >> it's tough, a lot of times, where that's where you have to be hon education with yourself, the phone feels like a thousand pounds because when you go a certain way, it's hard to let them know, but the only way it works fo
bernanke speaks today, the market doing nothing, down a point, that's it. the 16-year-old took the title of "the voice" last night, the youngest to win the show since the singing competition started walkingersal music, dwight gooden in one minute. >> at 19 years of age, the youngest sttrting pitcher in major league baseball history, winning three world series rings, named rookie of the year, won the cy young award, off the monday, addiction to alcohol, cocaine, affected his...
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Jun 27, 2013
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commentary from chairman bernanke was pretty direct in terms of saying we are getting closer to tapering, to shrinking our balance sheet. now all the commentary has been to walk not in that big of a rush t. market is exaggerating. they're overinterpreting these comments. >> so take us inside the fed, right, how would that message be conveyed? is there literally an e-mail like, hey, these are your talks? there is some pr person call you up at night? >> no, it doesn't quite work that way. look, i think chairman bernanke in a way when he was speaking at the press conference, he was trying to be even-handed. he was frying to say, look, if this happens, we're going to do this if that happens, we're going to do this. we're going to go in a different direction t. market's interpretation, though, focus on one side of that message. because the market was sort of not ready for the, oh, over the next few months, we will actually go to start to reduce purchases most likely. he did leave himself an out. the market reacted. everybody knows what too to do at that point. they realize the market was overinterpreting and going way beyond what the fedex pected and wanted. >> do
commentary from chairman bernanke was pretty direct in terms of saying we are getting closer to tapering, to shrinking our balance sheet. now all the commentary has been to walk not in that big of a rush t. market is exaggerating. they're overinterpreting these comments. >> so take us inside the fed, right, how would that message be conveyed? is there literally an e-mail like, hey, these are your talks? there is some pr person call you up at night? >> no, it doesn't quite work that...
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Jun 19, 2013
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the person to walk out at the same time you'll link it with the person coming in so you eliminate the uncertainty. forget about being nice or plight. had they amounsed at the same time bernanker the speculation of who is going to get it what are they go going to do. it's nonexistent. this is bad management. >> a lack of experience in management. >> gentlemen -- >> i want to bring up one more quick issue, the real communications challenge for bern today is convince the market that he can taper and have no thang for interest rates. that is a false conclusion and saying the fed probably cannot pull this off. >> my start-up, start serving tapir. tapirbacon. they are like pigs. >> taste like chicago snn. >> the chairman is not going to use the word tapir. we have no more pigs. >> don't put my face on the tapir. >> what's it taste like? >> we had a coast some someone. >> randy, steve, thank you guys. >> you don't want in, i asked liesman. >> i'm good. >> up next we'll continue our disrupting series with ouya. we'll talk to the company's founder and ceo after this. in parks across the country, families are coming together to play, stay active, and enjoy the outdoors. and for the la
the person to walk out at the same time you'll link it with the person coming in so you eliminate the uncertainty. forget about being nice or plight. had they amounsed at the same time bernanker the speculation of who is going to get it what are they go going to do. it's nonexistent. this is bad management. >> a lack of experience in management. >> gentlemen -- >> i want to bring up one more quick issue, the real communications challenge for bern today is convince the market...