taylorbill dudley with and bill dudley rejecting the taylor rule out of hand.hink that is right, but the story also reports that the rule was never met -- meant to be followed mechanically. when you look at the rule, it really depends on what you put into it. i think we have the evidence right now that shows the thatbility is better -- flex ability is better than tight rules. perhaps if you put the right things into the rules, interest rate could be strongly negative, and that would suggest that you would do stimulus. members of the fed would be fighting about what goes into the rule, and what measures go into certain things. i think it was an interesting intervention by my old friend john who said that his view should not be followed mechanically. bill dudley said we should not follow it mechanically. old friend, john, i love it. the data, purely, or are we hearing so much. i am just looking at the agenda for today, we have bill dudley and loretto master from cleveland. again, this is ahead of the blackout period. have they given a thought about a rate increas

please join me in welcoming our first presentation, bill dudley. [applause] bill: thank you, david. it is a great pleasure to be here to participate with the john taylor. today's topic which is where to go next, to address the issue of how should monetary policy be conducted. this is an issue getting considerable attention in washington, d.c. to put its exactly the question , i want to tackle is it better for policy makers to start with default role as a more position or for policymakers to have a more flexible approach? as always, what i have to say reflects my own views. and not necessarily those of the federal market committee. to get right to the punch line, i favor a more flexible approach that incorporates a broader set of factors into the monetary policy decision-making process. the world is complex and ever-changing. there are many factors that can impact of the economic outlook. and the attainment of the fed's objectives and therefore the stance of monetary policy. at the same time, i do not favor total discretion, in which monetary policy is revealed in an ad hoc fashion a

please join me in welcoming our first presentation, bill dudley. [applause] bill: thank you, david. a great pleasure to be here to participate with the john taylor. today's topic which is where to go next, torturous the issue of how should monetary policy be conducted. an issue getting considerable attention in washington, d.c. to put is that since, the question i want to tackle is it better for policy macros to start that policymakers to have a more flex -- policymakers devil more flexible approach? as always, what doctors say reflection -- what i have to say reflects my own views. write to the punch line, i favor a more flexible approach that incorporates a broader set of factors into the monetary policy decision-making process. the world is complex and ever-changing and many factors that can impact the outlook and the attainment of the objectives and the appropriate monetary policy. after the same time, i do not favor total discretion in which policy is in an ad hoc fashion as we go along as david said looking outside and deciding we be seen on umbrella today. for to be most effe

thanks. >> certainly plenty to talk about out of your conversation with the new york fed president bill dudleyoday, exclusively on this network. >> what do we make of these dudley comments and how is he supposed to react? >> you're not supposed to even listen to them. >> okay? >> if you are an equity investor, it's worse for traders because they've got so many more data points they have to be right on a short-term basis, which is vurt we'll impossible. if you are a long-term equity investor, i would say tune it all out. it doesn't matter. i can't think of anything more dilutive to your process, more dilutive to your potential gains than -- >> people sht heeding your advice. >> how do you not see that they're making it up as they go long? in other words, at this point in time why is that so difficult? they'll cite one data point as a reason to raise rates, and then a month later they'll cite it as a reason not to. >> why was the market up sharply yesterday after the fed minutes? because it was revealed that -- >> more stimulus. >> more dovish than we even anticipated. >> two months ago raising

kershaw. >>> coming up, an exclusive interview with new york fed president bill dudley.er at this whole tv thing. so, to beat them, we're gonna get bigger. we're gonna merge with cableworld. (exec 1) cableworld? i can't stand those guys. (exec 2) they're the worst. (exec 3) they're totally incompetent. (exec 4) that company stinks and i mean they smell. i used to work there. i had to breathe through my mouth the whole time. (cole) shh, shh, shh, they're here. (newhart) this is gonna be fun, firing everyone. (vo) get rid of cable and switch to directv. call 1-800-directv. >>> good morning, welcome to "squawk on the street," i'm david faber along with sara eisen and simon hobbs. carl hat day off today. let's give you a look at markets and oil, which seems to be such an important component of all the markets. certainly adding to what has been a good week for the broader equity markets. we continue that trend thus far early in the session. let's get to rick santelli with breaking news on wholesale trade. rick? >> yes. wholesale inventories and sales for august, which means s

and we'll hear new york fed president bill dudley. at is what to watch for friday. >>> bill gross is suing pimco, the company he left last year, saying he was driven out of the bond fund giant. gross, who co-founded pimco, is seeking $200 million in damages, accusing current and former executives at the firm of leaking disparaging information about him to the media to engineer his ouster. he alleges breach of contract. pimco says the suit is without legal merit. >>> in the final part of our series on mom-and-pop shops who are going digital, tonight we meet a jeweler who is taking her traditional business into the 21st century. sharon epperson has her story. >> reporter: fourth generation jewelry miriam gamushian still makes jewelry the way it's been done for centuries. by hand. >> our business is incredibly old-fashioned. >> reporter: but her company and the industry have come a long way from doing business the old-fashioned way. >> before things didn't happen so naft. before you didn't have the luxury of speed. so if a customer in cal

in an exclusive interview bill dudley shared his take on the economy and when the central bank may decide to raise interest rates for the first time in nearly a decade. >> is it like liu the fed could hike rates in october? >> i think, you know, the chair has said and i agree with her that everything's on the table. at the same time have we seen enough information between september and october to convince us to do in october what we didn't do in september would be the question i would ask. >> and how would you answer that? zbliem not going to prejudge what we're going to do at the october meeting. i think every meeting should be a live meeting where we go into the meeting and assess the evidence and assess how that weighs on our outlook for the economy, both with respect to the labor market and inflation, and then use that as the basis for making a decision about whether it's time to lift off. >> dennis lockhart said he still thinks a rate hike is likely this year. are you in that camp as well? >> based on my forecast, yes, i am. but it's a forecast. and we're going to get a lot of data b

peter: we'll see if any of his colleagues agree when we hear from bill dudley and jim bullard.en bernanke a week ago he says what's the rush in raising rates. does ben bernanke have a lot of influence over janet yellen and the fed in your opinion? >> peter: he's kind of checked out and he's over at the brookings institute and doing his blog and of course, people listen to what he has to say, but yellen is running the show and i'm sherry they chitchat and have lunch. he doesn't have a vote. dagen: janet and ben are not hot tubbing together. peter: no, i don't think so. sandra: peter barnes, thank you. dagen: i wanted to plant that visual in your mind. sandra: 8:30 in the morning, dagen, okay. and jobless claims, 255,000, i think i'm blushing. the expectation was was higher and a considerable miss for the latest week. take a look where the futures are. the dow futures up 79 points, we had been up triple digits then we got a miss on the goldman sachs report and not a whole lot of reaction from the jobless claims. let's bring in jeff booker from the registered investment advisor. a

. >> the first thing that needs to happen is people like bill dudley cannot go around saying we will see the possibility of rate hikes this year. rate hikes are clearly being priced into next year and the 10 2%. bond traded below the market thinks rate hikes will not take place until next year and of course we have an election so if it doesn't happen in q1 it is unlikely to happen. we also have the view there is no need for a rate hike bearing mind where the economy is and inflation data. it makes no sense. it will be a gesture, a signal to market sentiment and nothing more than that. the impact on the economy will be insignificant. jon: so i will look into the on market with the u.s. 10 year yield at almost 2% flat. hsbc 4.5% next year and peripheral yields being granted down into something that looks like a 10 year bond. when i look at the equity market i wonder, and i asked this yesterday, whether we should be looking to the bond proxies in the equity market because where do i get my yield? guest: your yield will come from dividend yield rather than anywhere else. yields are just

today with bill dudley on squawk alley. >>> elon musk calls apple's auto division a quote tesla graveyard. all right. if you're just joining us maybe you're waking up in the states. a look at what we're doing here. we're trading higher across the board. it's true. >> really? >> yeah. they're out there watching us. we're rounding out what has proven to be a strong week. many of these indexes up 5% since monday. this is what we're looking at on the week. the cac 40 up by 6%. the ibex up by 7.25%. but coming off the back of levels in part due to the volkswagen mess. the australian unit now having increased the number of cars they're going to be recalling in the emissions cheating scandal to almost 100,000. this after the u.s. chief michael horn spent the day in front of congress trying to explain how much he had known about the deception before the crisis erupted. >> it was a brutal day on capitol hill for michael horn, the president and ceo of volkswagen group of america as he testified before a congressional panel determined to learn just how his company cheated on emissions testing. >> we

bill dudley came out last week and said we won't know if there is a bond liquidity crisis until we see seems to be some disagreement within the new york fed itself about whether or not there is a crisis. betty: therefore, you have waning credibility of the central bank, right? there you go, conflicting signals. lisa abramowicz, our bloomberg bond reporter. that is it for me at this hour. don't go anywhere. in the next hour, "what'd you miss?" he thinkstell us what is next for global economic market. it is not good. we will be back. ♪ ♪ (ee-e-e-oh-mum-oh-weh) (hush my darling...) (don't fear my darling...) (the lion sleeps tonight.) (hush my darling...) man snoring (don't fear my darling...) (the lion sleeps tonight.) woman snoring take the roar out of snore. yet another innovation only at a sleep number store. ehrlich: we are moments away from the closing bell. i'm garlic food. .- scarlet fu joe: i'm joe weisenthal. alix: and i'm alix steel. ♪ alix: u.s. stocks closing higher, surging toward the longest rally of the year on speculation that the fed will keep interest rates lower for lo

bill dudley gives us the latest in a cnbc exclusive interview. plus, the fbi already issuing warnings about the new shipped credit cards. what you need to know. we'll give you that. and we talked about the steve jobs movie. we're going to talk to someone who lived it and worked directly with steve jobs. see what she thinks. more "squawk alley" when we come back. 6 idea powered by active trader pro. another way fidelity gives you a more powerful investing experience. call our specialists today to get up and running. . >> investors are digest be minutes from the fed's september meeting. let's get to steve liesman who is in new york with an important exclusive interview involving that. steve, take it away. >> thanks. bill, thanks for joining us today. >> great to be here, receive steve. >> let's get right to the news of where heed. a lot of people listened to that and read those minutes yesterday and they thought, you know what, september was really not that close of a call. in your view when you went into that meeting, was it a close call, and wher

bill dudley, who joins us today, came to the new york fed from

and the new york fed president, bill dudley, said recently that he would watch until the end of the year. there are a lot of labor indicators coming out. that really that simple, the jobs picture coming out will in the big --the bid december? charles: we know those estimates are pretty rough and will be revised and changed. even at 150,000, that is kind of what you would expect from the job market to keep unemployment fairly stable. i think there is not enough change -- you notice their language didn't really change as far as i can tell. it was a quick read, but the statement changed relatively little. i think that reflects the fact that things have not really changed much in their minds. that is why it really didn't change. tom: professor, good afternoon. tom keene here. steve roach wrote this morning and really went after the fed and plosser and lacquer and the --lacher and the rest. when would you suggest we are hawkishing to see a ian said. --fed? [laughing] i may not live that long. there is some evidence that the fed is getting increasingly nervous about being an zero for seven yea

. >> just to let you know be sure to tune in at 17:00 cet today with bill dudley. that comes your way on squawk alley. we're looking at the fed minutes and right now this slack in the global economy is now putting pressure on inflation in the u.s. and also growth trajectories but they still say that we want to lift off and hike interest rates by the end of this year. they don't have that many months left. >> no, they don't. they've leaving the door open but i love how he says he should have hiked in march. but he says they should be hiking. he wants to be right. >> he has been saying this for a long time. he started off the year saying they should and they will be hiking interest rates this year. i'll put good money on it. i asked him in beijing in may and he said i'm hoping for a lift off. just get it over with and rip the band aid off. >> sure i'm in the camp of if things change then things change and we need to change along with it because otherwise we end up making a mistake that because i said we have to hike. >> but have things changed? >> the data, i don't k

as you know, i got to talk earlier today with bill dudley, and the question people want to know is what is it going to take to hike rates and the answer is actually pretty simple. what it's going to take, is for the committee consensus forecast to come true. what is the forecast? the job market will improve and inflation will stop falling. under those circumstances, says bill dudley, in our exclusive interview, he would be in the camp of those who would hike rates. >> based on my forecast, yes, i am, but it's a forecast and we're going get a lot of data between now and december, so what -- it's not a commitment. so if i say i think it's likely this year it doesn't mean i'm committing to doing it this year, it's based on my expectation of how the economy is likely to evolve. there's a risk the economy involv evolves in a way i don't expect. >> dudley's big concern, china and emerging market economies dragging down u.s. inflation. less concern though about the affect on u.s. growth. he was willing to look past the recent weakness in the job market. an interesting bit of sound from him her

>> i passed bill dudley, the chair of the new york fed on the train this afternoon, and he looked concerned and reason to be concerned. durable goods orders earlier this week they were bad. then we had another negative number with the housing starts later in the week. so that's got to have him worried. it's got us worried. but we think we're finding salvation in earnings, doing our own numbers to figure out what the unit growth is for the companies. that's not sales. sales are just for 4 x or currency. there is a small amount of unit growth through the earnings and that leads us to think that we're going to be okay but we're going to make money through the end of the year. deirdre: okay, that is a fair bull case, dan, what are your concerns? >> my concerns are that the pension plans globally, not just in the united states, the municipalities having trouble, the fed raising rates and getting things they don't want seems to linger in the economy and globally. this is a very major issue. if you watch the way gold traded today and the way currencies are going, no matter what the fed, does the d

uncertainty and indecisiveness some of it pushed whether intentional by the federal reserve, today bill dudleye new york fed coming out and saying, i still believe unless we get horrific u.s. data, those weren't his words, those were mine, if we get decent data between now and end of the year we should see rate tightening. are they just saying that? what is your assessment with your expertise, greg? >> it is just maddening you want to take dramamine. up down, we might tighten might not want to tighten. the fed has done a terrible job communicating. i'm usually a defender of the fed. think they confuse people with one day another number comes out. there is endless debate will they, won't they, we overanalyze every economic number, this will continue until mid-december. the fed is negative in the story us. because it is not clear. liz: steven, do you think congress pushes it to the last second about the debt ceiling situation? again 4:00 p.m. eastern, you will get a lot more clarity we hope from treasury secretary jack lew. that is when we have our exclusive sit-down. you on wall street have dif

a speech by bill dudley at the new york fed, janet yellen changes guidance.ns 26,000 bodies at a door at deutsche bank. trying to catch up with james dimon marco rubio scores points at a gop debate. this is bloomberg "surveillance," live from london european our headquarters as well, i said london, new york and london. the markets with a rebound off the 2:00 p.m. shock yesterday. jonathan: the hawkish toll, the least anticipated federal reserve meeting in months. a decision to make for the federal reserve many people do not think was there is there. to make yousts smarter on the market ramifications of our global economics. right now to the first or desk with vonnie quinn. vonnie: world leaders, some at odds with one another, are starting talks aimed at ending the syrian crisis in vienna. the meetings include russia, u.s. and european allies. iran is taking part for the first time. saudi arabian representatives or invited. russia and iran support syrian president bashar al-assad. war hasl claimed more than a quarter million lives. migrants are saved in a oper

coming up next hour, new york fed president bill dudley says there is a clear strategy, but what is unclears at stake for the u.s. economy. ♪ . . we live in a pick and choose world. choose, choose, choose. but at bedtime? ...why settle for this? enter sleep number. don't miss the columbus day sale. sleepiq technology tells you how well you slept and what adjustments you can make. you like the bed soft. he's more hardcore. so your sleep goes from good to great to wow! only at a sleep number store. right now save $600 on the #1 rated bed, plus 24-month financing. hurry, ends sunday! know better sleep with sleep number. alix: it is 1 p.m. in new york and 1:00 a.m. and hong kong. scarlet: welcome to the bloomberg market day. from bloomberg world headquarters in new york, good afternoon. alix: here is what we are watching at this hour. new york fed president william duddy -- william dudley is committed to raising interest rates this year, but admits recent economic you -- economic news suggests the economy is slowing. what does the latest wave of violence do when it comes to economic growth ques

steve liesman will have an interview with new york fed president, bill dudley.reet" will be right back. ve management can tap global insights. active management can take calculated risks. active management can seek to outperform. because active investment management isn't reactive. it's active. that's the power of active management. >>> welcome back to "squawk on the street." you are looking at a live shot of capitol hill. the volkswagen hearing is ongoing. opening statements still happening. we will bring you any headlines from that hearing as they happen. the markets are slightly higher. here to chat with us is tom matt dignet. i must have just butchered your last night. i apologize. >> from tausche, i can feel your pain there. talk about what we are looking for in the markets today. the last week, everyone has said, you can't find a pattern in the market with china closed. china opened, up 3%. that wasn't enough. >> china was catching up. we have had a nice run in the market. a short time period since the difficulties in the third quarter. if anything, the op

nobodyere to explain why is taking janet yellen, bill dudley and company at their word.tony: it is a good point you bring up. one of the keys is that the market is buying into the fact that if the fed starts to raise rates, an economy that already has limited inflationary pressures which is supported for medium to longer term bonds, is less likely to suffer from high inflation pressures if the fe fived -- fed finally starts to normalize interest rate. that may be the interpretation of round -- why medium to longer is supported 30's by the view that the fed may be does hit lift off. vonnie: what is your call? we had the san francisco fed president overnight saying that it is very likely there needs to be one. what do you think? tony: they will move in december. the markets is pricing in not 50/50 probability. their data dependency will be supported by the employment report that comes out today. some of the data that comes out over the next month or two to is goingu.s. economy to be able to withstand some of the growth pressures we are facing. and therefore, again, getting

however speeches that janet made and bill dudley shortly after the meeting kept saying they would be likely to raise in -- by the end of the year. that's not consistent with the statement. possibly not consistent with what the data is saying. they should move away from the timing exactly in terms of a date, but actually describe the conditions under which they should tighten. if data comes in that's not strong, inflation stays low, it's completely reasonable for them not to raise rates. in that sense i'm in agreement with chairman ben bernanke. it's remarkable in this period when the fed has been struggling to get inflation high enough that the criticisms have continually been, gee, the fed has been too inflationary. it's remarkable those criticisms keep on being raised. >> we have seen nothing in terms of inflation. i know you're featured prominently in the book. did you see the interview this morning? >> i did not see the interview, i have read the book. i read it quite awhile ago, and gave ben some comment at that time. >> do you agree with his assessment of how it went down? >> y

you have had the dudley's of the world, the bill dudley's, talk about and warn about cash/burn ratesrise of the term unicorpse. people expect a lot of start-ups to go away. do you think silicon valley is coming around to that point of view? >> it is really hard to talk about these things categorically. you need to look at these on a company by company basis. burn rates, if they are very high, are no the necessarily a bad thing if that cash is being invested in high roi areas that are really going to drive the business. if you have a business where the eunuch economics fundamentally work. if you burn cash, you are going to get more than you are burning back in return. total will i fine to have a high burn rate. another fact pattern is you can spend a dollar to make 85 cents. there are certainly a lot of companies that are doing that. it turns out it is not very hard to spend a dollar to make 85 cents. in the long-run, those companies are going to go away. i certainly think we are in an environment where the late stage private investors have not done a great job of discerning between t

these are good questions and i will be able to ask some of these tomorrow to new york fed president bill dudley, we have an exclusive interview with him live on squawk alley at 11:00 a.m. bill, if you have any other ideas e-mail me. >> you got it. do you see what he did there? >> he segued into that tease. >> he got to that promo and dismissed us at the same time. >> no. >> oh, yes, we love blaming it on the producer. i love that, too . >> i do all the time. >> thanks, steve. good stuff. so much to talk about in our "closing bell" exchange with the dow now up 127 points, michael guy yesterday from the inflation rotation fund, ben willis from princeton securities and rick santelli still celebrating the cubbees blanking of the pirates last night. ben willis, like yesterday, this market not afraid to turn on a dime on whatever the latest news s what do you make of today's trade? >> i still believe that the overall trend is to the upside and will remain that way until the end of the year. any sort of downward pressure will be a buying opportunity, the downward pressure we've been seeing a coming fr

know i learned as a reporter for the "wall street journal" from wise and patient teachers like bill dudleyand john taylor, so i look forward to detainees lesson and a phil will start and speak for about 12 minutes and then john taylor will respond and then they will join me on the stage for conversation and then we will turn to questions from those of you in the room or more people watching online you can send us questions in the it twitter, so please join me in welcoming our first presentation, phil dudley. [applause]. >> thank you, david. it's a pleasure to be here today to participate in this panel with the john taylor and i'll take today's topic, which is where to go next entry vest the issue on how monetary policy should be conducted in this is getting considerable attention in washington dc. to put it distantly, the question i went to tackle this how is it better for policymakers to start with a formal rule or if a policymaker should have a flexible approach and consider the broader set of factors in setting monetary policy. is what i say reflects my own views and not necessarily tho

built of the sounded more cautious as -- bill dudley sounded more cautious as sales weekend.e fed has a they are not the only one but the most public. the model is clearly broken. it has been getting things from the same way year after year after year, which they keep saying, next year, we will take off, we will be booming and raise the rates. when we actually get to it, it is not near as good as they predicted it would be and they say, ok, we are not going to do it right now but next year is the year. this is the fifth year in a row that they are saying that, so i think you are seeing a lot of -- in the new world of a fed, you get a lot more voices being saying contradictory things. some say, no, we are ready to race and some say, no we are not. in the end, the conditions are not that strong so we will continue to see them keep putting it off. stephanie: those conflicting voices go to your last point. so many investors have money to spend and they are not doing it because they are accustomed to getting a message from the fed. when you get 17 different voices and 16 different

another central banker bill dudley said we'll focus on that, china, stronger dollars.hat it will do, it will push the banks to put money into the system. stuart: if it happened. odds are-- >> they've done this in europe, it didn't work. stuart: that was to defend the currency, the swiss franc. ashley: but the game was to-- >> this is a terrible idea. wages aren't rising because you don't have enough monetary stimulus, they're not rising because there's no central growth. you don't want them to distort the economy any more than they have. stuart: stop the banks holding the money. >> banks will lend when you lift of regulations and allow them to lend. you can't have the central bank somehow manipulate the economy, manipulate credit. it's part of the reason we're not growing. >> it's a communication thing, it's the fed letting people know they're addressing everything they can do. >> and want to turn us into japan? this will turn us into japan. has japan's monetary policy worked for 20 years? no, they haven't. stuart: i've got the buzzer and we've got to go. kevin, stay t

new yo new york federal reserve president, bill dudley saying it's too early to consider it. >> too early, gradual, to we should consider it. this reflects the economy slowing, and nothing on the system on an are the ro -- are on system that could be reported as a problem. and the wall street that doesn't do market. maria: we've got earnings to underline that story. anthony, you wanted them to raise and now you don't want them to raise either. >> for a long time i didn't want them to. i thought the data suggested it in the back half of september, and then, with the china crisis, they didn't. had they gone 25 and i didn't think it would have been that big of a deal. the fact that they're not going to go at all now, i think that's a big deal. maria: it shows you that the economy is worse than most people thought. >> it's interesting the fed is shifting a conversation right now because it seems like there was a lot more in the vein of stanley fischer, it doesn't need to be 2% we can shift before that. and you see early indications of inflation, so the threshold has been risen for raising rat

not dudley do right, how about bill dudley. did you see that, sorkin?too early to raise rates. >> too early. >> that's why we're at 17. by the way, i am imagining the economy is going to be lousy in '17 so i'm imagining '18. >> is he still on goldman's payroll? obviously those guys want rates to stay low. >> expressing a very key point. basically we talked about this earlier. no central bank has been able to come back from qe as far as we know in our history right now. the fed is going to have to be the first one to actually be able -- >> we never -- >> i don't know. >> the world needs to end? >> you still have an asymmetric trade. in the 11% down draft in the s&p 500 in august you made 1% on bonds at 10 basis point pull back in the ten year. you know, the natural rate of the ten year even if inflation is off has a three handle on it. i still say maybe you make a percentage bond but you can lose 10% this year and next year even if the fed doesn't move. so i think bond market complacency is a little misplaced even if the fed has to hold off. >> what abou

federal reserve vice chair bill dudley at 11:00 a.m.squawk alley," and separately, dennis lock you know hart gives a speech in new york at 9:00 a.m. eastern time, and chicago fed president charles evans speaks in milwaukee at 1:30 p.m. eastern time. a lot of news and headlines there, and in corporate news, apple removed applications from its app store over security concerns. at issue, use of certificates in the apps that could expose use of data by monitoring to third parties. nay are working to address that and get the apps back in the store. alcoa fell short of estimates, hit by slumping commodity prices like aluminum, a volatile currency market, and stronger dollar is not helping things. last month, of course, they announced they would split into two companies. >> it is the most world time of the year, the floods of reports kicking off the third quarter's earning season. dom? >> the reason why you have some out there saying the markets are not sick, but they are not well is about what i'm going to show you here. it's earning sessions

and november to throw them off, but unless there's really bad news, when you had janet, stan, and bill dudleyt a d for communication if they don't -- >> don't listen to the rest of the fed members out there? there are dove members. >> there are, including two governors, an unusual situation. they may move ahead with a couple votes against. that couldn't be terrible. >> but what makes you think -- by the way, do you think it's in october or december? >> no, no, december we're talking about. >> why not object? >> well, because they want to wait and see that there really aren't some terrible numbers coming along and won't get the october numbers until the beginning of november and so on so they will wait. >> that's the question. the street watches what the fed says and thinks, what does the fed know that we don't know? the fed watches the market and watches swings, saying what does the market know what we don't know? is this a big monster in the room that does not exist? >> no. the fed would like at least janet and the more dovish part of the fed would like to see the unemployment rate come down

dudley court. newscenter 5. frank: today the baker administration will file a new bill to bar sending women to prison when they did not commit a crime. 5 investigates karen anderson uncovered, more than one thousand women were sent to state prison for substance abuse over the past 5 years. they were held under a state law allowing people to be civilly committed if they have an addiction that makes them a risk to themselves or others. women were sent to mci framingham because a secure treatment bed was not available. the baker administration will make that announcement at 11:00 this morning. frank holland, wcvb newscenter 5. erika: an expert is to weigh in on whether philip chism is fit to stand trial today. that' s the request of the judge. it comes after a competency hearing yesterday. chism is charged with raping and killing his davers high school teacher colleen ritzer in 2013 when he was 14. his attorney and a defense psychologist say he' s refusing to talk and was seen banging his head on the floor. chism refused to enter court yesterday, telling a psychologist he heard voices and wanted someone to shoot him.