dr. janet yellen's first news conference. ♪ >> welcome back.he federal reserve says it will look at a wide range of data in determining when to raise its benchmark interest rate. get back to our roundtable. joining me this afternoon, an economist with the bloomberg economics team. he was with the new york fed. gina martin adams, senior equity strategist with wells fargo. and michael mckee. joining us, as always, my colleague alix steel. near zero,rk rate how long can they keep it there? >> apparently a very long time. we have been there for five years now. it is largely dependent upon the economic outlook. they seem to feel that things are going to continue to improve. by the end of 2015, we will have the benchmark rate of one percent. i can remember reading literature suggesting that next year, we might see final fed funds rates. if we continue to see labor market improvement. they have nine and a number of indicators for us to watch. -- they have named a number of indicators for us to watch. >> why is the unemployment rate still so high? we a

dr. janet yellen to say she wasn't misspeaking which some on wall street interpreted, that the market reaction to the six months timeline, he understood it was penciled in by the private sector, by investors so he thinks janet yellen was reiterating that sentiment. cheryl: keep us updated if you see anything in the next hour as they start to arrive. investors are hoping it is going to be a winning week for the market after a volatile trading over the past few days. at the stock exchange, the cme and nymex. the floor of the stock exchange. what a week we have had between janet yellen, volatility, how are you feeling as we go to the final hour? >> we need a little volatility in the market. it is good to trade market but the market overall has retained its foolish posture. nothing has happened this week to dissuade my thinking on this even though we had a few ups and downs. janet yellen and the fomc are calling the facts, everyone knows they have to pull out q e and raise interest rates, may be of little earlier that everyone was thinking, one traditionally low interest rate so i think the market

dr. fisher bring to this fed? remarkable isly he is such a pragmatist. not only a mentor to ben the head of the central bank -- janet yellennows him well. he is incredibly adept at challenging people without making them feel defenseless. needatism is something you at the federal reserve. he is someone who thinks about how good is it the way we are communicating and how much we understand? he brings that level of pragmatism that we really need. >> the feds tapering policy has revealed how horrible it -- how vulnerable emerging markets can be. will that reputation as a pragmatist be enough to convince his colleagues that emerging markets are just emerging and therefore are subject? will be the voice to more people on that board. he will be able to say, listen, this is what the unintended consequences of our actions are. are we willing to take it? he brings next her level of hedging by the fed and understanding by the fed of the consequences of their actions in this uncharted territory. which is really important at this stage of the game. >> ben bernanke he said policymakers needed a partner in washington on the hill. talk to

dr. bill grace as always, mr. roy, i appreciate it. >>> back to the top story of the evening, a possible slip of the tongue from new fed chair janet yellenas sent stock traders in a wide frenzy today. our stock expects about to give us their take on it all next up on kudlow. (music) defiance is in our bones. defiance never grows old. citracal maximum. calcium citrate plus d. highly soluble, easily absorbed. gundyes!n group is a go. not just a start up. an upstart. gotta get going. gotta be good. good? good. growth is the goal. how do we do that? i talked to ups. they'll help us out. new technology. smart advice. we focus on the business and they take care of the logistics. ups? good going. we get good. that's great. great. great. great. great. great. great. great. great. (all) great! i love logistics. >>> welcome back to the "kudlow report." i'm larry kudlow. all right, a wild day on wall street. markets dropped on janet yellen's hawkish tone, i guess. the dow is up 114 bucks. the s&p fell 12. the nasdaq lost 25. let's get right to it. don lufken and r. hogan, the new chief market strategist with wonder lick securities. the leon cooperma

dr. gallo with the woods hole institute. jason is the chief investment strategist -- i was dazzled by yesterday. analysis,led by the syllable by syllable, of what janet yellen did. have we reached a silly point? >> i think we have. certainly, given the fact that economic growth is probably going to be 4% to 5%. it is only natural to expect interest rates above zero. i do think this is silly. it is important. >> you nailed this. you have right to the heart of the matter. esterday, this is not about inflation. it is about economic growth. it is just not there. >> as someone who focuses on equity, i do not fear normalization of interest rates. that would suggest that economic growth is improving. i could also see this prompting economic growth. the shot clock is running out. >> did you see march madness? you should invite him back rid -- back. orif you think about m&a buying a house, we're getting into the late innings. >> you do not feel that there was a major shift from a quantitative bracket to a qualitative bracket? >> i think that is significant. i think the forward guidance is one of those things where you have to -- as a new fed chair, you have to do wh

janet yellen not one person will say yes. divided say the thousand that would be a miracle. stuart: thanks, everybody. on the real halftime report, good show today. could drinding facebook makes you socially awkward. we will deal with that next. stuart: dr. keith ablow, we have a study about facebook. it says facebook makes us socially awkward. i am going -- give me a report. i want to paraphrase what this is about. >> this is what makes a socially awkward but this reason is interesting. arizona researchers tested 26 people and show them pictures of what they looked like on facebook. look at the pictures and measured their heart rate and things like that and noticed they become excited before meeting them when they saw their picture on facebook first. what would the reason be? they say the reason is they often compare themselves to what that person looks like. i am offended because they use mostly women because of two things, women are more likely to be on facebook and not on facebook as a real person. i have a fan page only. and women are more competitive and likely to compare themselves to someone else and i'm totally offended by that. stuart: when i fi

dr. paul. >> good morning. nice to be with you. >> it's great to get a mix of opinions on the federal reserve. this is janet yellen's, giving her news conference, investors seem to be encouraged by it. they rallied on the day of her testimony. they're rallying here into her first meeting. i take it you're probably not as enthusiastic. >> well, long term is, you know, an illusion. i don't believe that a federal reserve system where any one individual knows how to plan the economy by manipulating interest rates. interest rates are so important that if you give this power to one small group or one individual, there will be distortion. so sometimes you have housing bubbles and sometimes you have housing busts, then you have housing bubbles and bond bubbles. that's all reresult of the manipulation of interest rates, which is my objection to it. >> one of the debates out there is whether the federal reserve itself should be paying more attention to financial stability. stanley fischer, for instance, in his testimony to be vice chairman of the federal reserve talked a lot about this. should the fed be more active in monito

dr. janet yellen as chair to deliver the federal reserve semi annual monetary policy report. chair yellen, i would like to congratulate you on your nomination and confirmation. in fact, the first time the woman has submitted the report to congress. chairman yellen, you a lot of important issues to focus on as chair including continued implementation of wall street reform, establishing policies to improve financial stability and reduce systemic risk and providing appropriate monetary policy to support our economy. overall, i'm encouraged by the recent improvements in the economy. it appears that economic growth is picking up and mainstream economists expect stronger growth this year. this is good news. however, i'm concerned that the economic recovery is not being felt by every american. too many cities and towns across america have not fully recovered from the great recession and continues to struggle. long-term unemployment remains historically high. we see recent college graduates, many of whom are burdened by high student loan debt, have a tough time finding work. income i