fed officials, especially charles evans of chicago, very bullish talk on the economy which led some to believe maybe the tapering would begin earlier than later. >> goes to show you how fragile this market is. every time we start talking about the federal reserve tapering it down, pulling it in as far as the stimulus this market semlls off. >> only lost 20 points. it wasn't that scary. >> any talk about the beginning of the end of stimulus is certainly something people focus on. countdown is on for two ceos. jamie dimon and apple ceo tim cook faces a capitol hill grilling about all the cash his company still has abroad. we'll have the latest on both developing stories. >> they keep $100 billion over seas. we'll talk about that. >>> another developing story, the irs scandal. more questions about who knew what and when. former republican governor of mississippi haley barbour will be here. >>> dow jones industrials down just about ten points. we are now negative. but not by much. nasdaq composite and s&p 500. similar chart patterns. the nasdaq, we'll see a decline at just about 2 1/2 poin

charles evans in the fed. we have had richard fisher. both are optimistic on the economy. do you believe that's the reason we saw stocks turn down today. >> yeah, that's probably the reason that we saw him down today. you know what? one thing right now i think it's important for the average investor to step back and take their emotion out of this. we are hearing every day that he was just talking about the dough and the s&p being close to the record basis. if you look back since 1975, 35% youre time average rate of return could be dismal. and that's why you look at some of these where you see the average investor it's because they listen to these types of headline asks they don't really realize the magnitude. >> the party has been fantastic so far this year. when you get these comments from other fed members, you think good, but not good. it could mean tapering sooner rather than later. >> that's a great point right now. >> followed by a correction. if you look back at that time which i think is very unique to right now, the market 2001, 2002, 2003, while it did decline, t

second and i think you asked a question about systemic risk and here's what he had to say this is charles evans . if in fact we were allowed to do enough of this and we had to start raising interest rates putting in place more financial restrictive knows because of this frothiness then i don't really want to stop and think about why do we have frothiness in a world where unemployment is too high and inflation is too low because that might speak to the financial sector have a. whole collection of financial products that are problematic for the well functioning of the u.s. economy so and marg what our reaction. reaction is problematic financial products that he's talking about would you say that we're already in the hypothetical to. to a saying that he's describing exactly look underlying europe and underline the u.s. are over the counter debt risks that haven't really been publicly addressed as bob as you know i've had conversations with people to see f.t.c. this is a problem and it's but i hope to see the nice news about this if anything what we have and i we initially i discussed the issue wit

adjust monetary policy to help guard against risk to financial stability yes and my guess is that charles evans may be i don't know or somebody who's closely aligned with and i think what they're getting at there is if we have more debt ceiling drama later in the year the fed is basically threatening that they're going to keep the foot on the gas pedal they're always there to step in and keep the pressure on keep question on that exactly well moving on we promised yesterday to get to some comments bill dudley made an important speech and here is the new york fed president and you want to take this you have the first quote it says our view is that asset purchases work primarily through the asset side of the balance sheet by transferring. from the private sector to the central bank balance sheet. is that ok duration is basically the price sensitivity of say a bond to interest rate movements so if interest rates start going up the value of the bonds that you're holding are going to go down it's how fast we're going to down that go down that we're talking about here and he's. basically talking abou

adjust monetary policy to help guard against risk to financial stability yes and my guess is that charles evans may be i don't know or somebody who's closely aligned with and i think what they're getting at there is if we have more debt ceiling drama later in the year the fed is basically threatening that they're going to keep the foot on the gas pedal they're always there to step in and keep the pressure on keep question on that exactly well moving on we promised yesterday to get to some comments bill dudley made an important speech and he is the new york fed president and if you want to take this you have the first quote it says our view is that asset purchases work primarily through the asset side of the balance sheet by transferring. from the private sector to the central bank balance sheet. does that ok duration is basically the price sensitivity of say a bond to interest rate movements so if interest rates start going up the value of the bonds that you're holding are going to go down it's how fast we're going to down that go down that we're talking about here and he's basically talking ab

dow industrials, charles evans from the chicago fed came out with comments in the middle of the day. he said, look, bond purchases are going to continue until the stnl improvement in the labor market. then he used the magic word. he said escape velocity may be achieved in 2014. meaning the economy is improving, the fed is doing the right thing and implying somewhere down the road there's an end to all these bond purchases. that dropped the markets in the mid m of the day. sectors still risk on. still financials, energy, tech, materials, generally still holding up fairly well for the markets here. we finally got a bounce in gold and gold stocks. my heavens, they've been dropping almost every day. we got an options expiration next week. a lot of short positions in gold, i can assure you. rich fisher was on this morning stating that on cnbc the fed will not stop buying gold. of course, that's also helping it as well. energy stocks did very well today. look at the x op. this is now you can own natural gas stocks. we had the obama administration on friday approving that texas export facil

take your lead from the fed chairman, excuse me, the fed president out of chicago, evans -- >> charles evansive easing. he's now saying, i think we have adequate policy. take your lead from china, who opens up the sovereign wealth fund here in new york to find other diversitied investments other than treasuries, so we can get out and move their portfolio into a more-balanced nature. take those cues and you'll find a few cracks in the fed and a little infighting over how much policy they should continue to have. >> we'll talk to steve tanger next hour, retail outlets. we'll find out what he's saying. it is an uneven economy when you look at the backdrop. he's right in there with retail, which is so important. see you next hour. >> tanger outlets is ringing the closing bell in a few minutes. meanwhile, the ten-year yield went to 213 today, highest we've seen this year, highest going back to april of last year. i know i'm preaching to the choir. >> that's why i thought we would see a classic reversal. low of rally followed by the sell-off. >> yields are going higher, but the stock market is too

federal reserve bank of chicago president charles evans speaking you now saying that he thinks the fed'ss have been working but interestingly enough here he also says it is possible that the fed could keep rates low after unemployment hits 6.5%. so extending this accommodating, this accommodative, very eaay monetary policy past that key target because from bernanke as we've been told for the past couple months the target to take the foot off the gas pedal if you will is when unemployment improves to 6.5%. that is really kind of the first we're hearing. of course we'll hear from bernanke himself when he testifies. ashley: wednesday orning. lori: we'll get the minutes from the last meeting. there has been a large call, the chorus is growing getting louder for the fed at very least taper the. ashley: that's true. taper or not to taper, that is the question. the market not really reacting to that news. slightly lower and essentially flat on the day. as the market continues to hit record highs my next guest says the high trading volume is giving him one of the ultimate signs of market confide

evans is in los angeles. and steve hartman on the road with charles mowbry. his combat gallantry went unrecognized until an eight- year-old took the government to school. >> he fought for our country and our freedom. everyone deserves something for that. captioning sponsored by cbs captioni this is the "cbs evening news" with scott pelley. >> pelley: good evening. the secretary of the treasury today ordered a thorough review of the i.r.s. and gave its new acting leader, daniel werfel 30 days to report his findings to the president. it was a week ago we learned the i.r.s. had been targeting conservative groups. werfel's predecessor was called before congress today. members of congress have accused steven miller of misleading them, so the house ways and means committee took the unusual step of putting him under oath, meaning that he would risk perjury charges if he were caught in a lie. nancy cordes is on capitol hill. >> nothing but the truth, so help you god. >> i do. >> i do. >> reporter: wearing a look like he knew what he was in for, the head of the i.r.s.

evans is in los angeles. and steve hartman on the road with charles mowbry. combat gallantry went unrecognized until an eight- year-old took the government to school. >> he fought for our country and our freedom. everyone deserves something for that.