in a rare interview i spoke with the philadelphia federal reserve bank president charles plosser. we talked about unemployment as well as interest rates, and if the federal reserve has a plan to head towards light at the end of the tunnel. mr. plosser, nice to have you on the program. welcome. >> thank you very much. i'm glad to be here. >> it's good to see you. can you characterize where we are in the economic slowdown, first off. tell me what you are seeing. we have the fed minutes from the last meeting. get your viewpoints on this slowdown. >> right. well, i think that clearly the economy is in a traition period from very sharp contraction that we had in the last quarter and first quarter of this year to an expansion, and we're sort of bouncing around and making that transition. we're going to have some good news, and we're going to have some bad news yet to come, i suspect, as the numbers come out, but gradually over the course of the next few months i expect the good news to become more dominant, and i'm looking for some growth in the second half of this year. >> where is the

all of those are clearly relevant. >> my thanks to charles plosser of the fed. coming up next on the "wall street journal report" counting the ways you can save money when it comes to finances and your family. every dollar adds up, maybe to even as much as $500 a month. as we take a break, take a look at how the stock market finished the week. you like your health coverage, but worry what happens... if you get sick, or change jobs. eight ways reform matters to you. a cap on deductibles and out-of-pocket costs. no annual or lifetime limits on coverage. preventive care. covered. pre-existing conditions. covered. no higher rates due to gender. extended coverage for young adults. no more coverage denied if you get sick. and guaranteed renewal, even if you do. learn more today. ♪ yes, you're lovely... ♪ what do you think? hey, why don't we use our points from chase sapphire and take a break? we can't. sure, we can. the points don't expire... ♪ there is nothing for me... ♪ there's no travel restrictions... we could leave tomorrow. we can't use them for a vacation. you

time then at 10:00 a.m., charles plosser will speak at an event in pennsylvania.a. >> coming up, the third quarter is coming to a close. how long can investors' confidence last? well talk more about our strategy. come back and join us after the break. >>> welcome back to "worldwide exchange." it's 30 minutes past the hour. here are the top business stories from around the world. >> in the u.s., pay in advance, the fdic plans to ask banks to prepay three worth years of phis to shore up dwindling deposit funds. >> in europe, financials are failing to boost the european stock market despite the capital hike by bnp paribas. >> and i'm lisa oake. japan's finance minister says intervention will be an option in extreme cases. >> let's take a look at how futures are trading ahead of the market open. we've been pointing down so far today and it continues down. the dow is down more than 10 points from fair value. nasdaq future also pointing to a lower open. s&p pointing lower, as well. that's, of course, after the dow finished up 124 points yesterday, on monday. let's take

. >> oub charles plosser. speaking last night, he's a well noted hawk, he told a pennsylvania audience that the fed has the tools to shift its policies when needed. he's not a voting member of the fomc this year. but he warned inflation will pick up more than some people think. mostly you'll see that in the latter half of next year. >> that sounds a lot like what we heard from marsh last week, the talk that got people really concerned about this. >> although he sounded like we thought we should do something earlier. but losser said very aggressive when they do start that. >> when this do do it 37. >> speeblging of recovery, it's warned that the global economy will be. rob wamton, the watt mart eo says walmart sees great potential growth in china and the company is just getting started when it comes to india. >> looking for the headlines here. >> what's up? the public plan went down hard yesterday. >> the schumer plan? >> both of them the the rockefeller plan, the less robust schumer plan, both of them went dow