dudley and mr. fed will be there for the longer term and don't overreact. that's the bond market report. ty, up to you. >> sue, thank you very much. despite the huge move, goldman sachs' chief strategist david koston, says the market can still move higher. raising his year-end targets more than 7% now to 17.50, so is this the right call? back with us for his usual sort of mondayly visit jonathan gollup. >> he set 1750. what do you say year end? >> i think we'll see the market lower from here. the biggest issue is that we haven't seen the fundamentals improve anywhere near what the markets are doing. this is all about what we're seeing today, with the comments from dudley. it's all about the fed and the pumping of liquidity. when the market gets spoofed on that -- >> lower from here, how much lower? we're at 16.72 right now. >> i have a 14.25 targets. >> whoo! >> right, but i think there are other places in the market you can do really well and there are places that will struggle. >> why do you think

today the president of the federal reserve bank of new york william dudley called for the fed to update its thinking regarding how it plans to wind down large scale asset purchases and this comes after several fed governors have called for a reduction in the quantitative easing program now dudley didn't say whether or not he was in favor of continuing monetary stimulus and the big question still remains how much longer ken the low interest rates last or earlier i talked to michael pentode president and founder of the pen dope or folio strategies and author of the book the coming collapse in the bond market i asked him about the fed's near zero interest rate policy and he explained why he thinks the bond market is going to collapse. i wrote a book about it and when i wrote the book i said to myself should i really be writing a book about the coming bar market collapse when it seems to be self-evident it should be pedestrian common knowledge but it seems like everywhere i go people have become less and less a tune to bubbles i told everybody the nasdaq was in a bubble in one thousand nine

. >> traders were very focused on bill dudley's comments about tapering of qe and how that could be another three or four months down the road and they're waiting to see what fed chairman ben bernanke has to say on the hill today, as well. we're continuing to watch whether or not gold prices can get to that 1400 level. technically that will be a key level to reach, but we have seen a lot of bargain hunters coming in in the last day or so and as open interest, perhaps that creates a more bullish sentiment in the marketplace. in terms of oil prices, oil's down right now. we did get a report from the american petroleum, and that was unexpected. most analysts were expecting a decline and we're awaiting the word from the energy department at 10:30 a.m. eastern time about the weekly supply data. that will certainly have a factor in the oil price direction and we'll be also waiting to see what happens with the cushing oklahoma oil

dudley said this yesterday.e of overreacting. now if you want to see how hard it is to figure this out, take a look at the bond, by the way. bond market moving to the down side. look at headlines that came out exactly as this is occurring. so this headline, bernanke doesn't rule out fed taper in the next few months. and then reuters puts out, bernanke offers no hint of pull back in fed stimulus. ap, stocks surge as bernanke retains dovish tone. so it depends on how you want to spin the whole thing. this is very interesting and somewhat more defensive tones in the market, so you see healthcare and consumer staples on the upside. financials are strong. that's because, guys, if you get a strengthening in the yield code or steepening in the yield code for bond tapering, that's going to help. >> thanks. >> and with the yield, just picking up on that point, the stocks again are rallying back towards their highs. what about the rest -- let's get out to sharon epperson. sharon? >> we have seen gold prices in just the la

tony hayward it's managing director bob dudley and its chairman of the board carl henricks bamberg the u.s. government took no action against b.p. for its executives instead it agreed that b.p. would simply create the claims fine for victims of the oil spill the people of the goals have my commitment that b.p. will meet its obligations to the. b.p. as probably pledged to make good on the claims that opposed to the people in the gulf i hear coleman sometimes love large oil companies are greedy companies or don't bug dudley is not the case indeed we care about this more to look. back. four days after his meeting with president obama. tony hayward was enjoying the yacht race in england. instead of being fired in the wake of the gulf oil spill he word was sent to run b.p.'s operations in russia and it was back to business as usual you can throw out tony hayward and they'll just kill another one out of their frankenstein machine with a different hairdo and a different name they all operate the same he got to get the oil out the cheapest way is the filthiest most dangerous way in the most co

the latest comments from william dudley. saying that the current fed exit plan is "stale and needs a revision." he says there is a risk markets will overreact to tightening and we cannot be sure what the fed's next move will be. keep in mind, mr. dudley is a close confident of mr. bernanke. tomorrow we will get the latest minutes from the last meeting and the chairman himself, turning key, will testify before congress on capitol hill tomorrow. a lot of said news coming your way. this hour, we will speak with arel o'donnell to get a little setting up ahead of these events. ashley: let's go back to jamie dimon. investors liking the news. we have the director of financial services research at morningstar. he joins us now. this turned into a referendum on jamie dimon, instead of the bank managing risk. do you agree with that? >> i do agree to some extent. with the additional referenddm on the chairman and the ceo split, i think a lot of it came back to jamie dimon. ashley: over concentrated power in the hands of one person is no

. >> you're in the sell away go away car we were kind of warned about this yesterday by bill dudley of the new york fed. he was saying there's a danger we could see an overreaction. do you see this or is this about right? >> i'm not very surprised by this. actually we've been talking about it. we've been watching the vix. what i think it was doing was indicating options traders will becoming increasingly skeptical that we're going to continue to see new highs each and every day. we see more evidence of that because the vix was up only marginally today even though the vix was down 80 basis points. normally in a situation like this you'd see the vix spike. i think a lot of it was built in. that probably is alluding to the same kind of buying that steve grasso was just referring to. >> absolutely. really good point. let's get a little more microhere since we've got the macropicture here. tim, you kick it off for us. we don't fight the fed or trade the tape. we were covering mexico. they're off. a lot of that priced in. turkey, meanwhile, has been euphoric. turkey, we were actually fading

dudley from the new york federal reserve speaking. and basically, they're not so sure they're going to be tightening anytime soon. mr. dudley said he might enthere's the pace of bond purchases up or down. he's not sure which way it's going. and he said that risk markets are overreacting to tightening. i groo with that one. mr. bullard in st. louis said the recovery has been slower than expected. this is dovish, overall. this is what's moving the market to the upside here. let's move on to a big story on the day. and i think it's saks. look at saks right now, up 10%. people have been e-mailing saying, what the heck has been going on here? they had an earnings report that was good, but not that good. same-store sales up 5.9%. that was three times what anybody was expecting. and that is way above everybody's peers. macy's did about 3.8%. everybody loved that. nordstrom did 2.7. folks, if you have no topline growth, if you have big topline growth like this, you are the king of the hill. and bill and maria, all these companies that weren't

told to keep a low profile, dudley clark was arrested him and trade dressed as a woman.there is an extraordinary account of the late-night drinking session in moscow with .tarlin -- with stalin they stayed up until 3 a.m. and were as merry as a marriage bell. a variable resource for historians, many are made available online. >> the next time you are thinking of abdicating from the british throne, keep the nine your phone because somebody might be listening in. you can carry on watching "bbc world news" for constant updates online. i am katty kay, for all of us here, thank you for watching. do tune in tomorrow. >> funding of this presentation is made possible by the freeman foundation of new york, stowe, vermont, and honolulu, newman's own foundation, giving all profits to charity and pursuing the common good for over 30 years, and union bank, and fidelity investments. >> your personal economy is made up of the things that matter most, including your career. as those things change, fidelity can help you readjust your retirement plan, rethink how you are invested and refo

wife it was an opportunity to introduce their two young daughters to their great grandfather colonel dudley jones. it took a while to find him, but they did. >> there is only this one day. >> as a prisoner of war it lasted three months over 600 miles. >> for that ask supporting d day rudolph was honored today. hopporing america's role in liberating france. >> i didn't do anything extra anyone else didn't do. >> but he did do his part like everyone else in this place. >> still ahead a bold foush fix the washington state bridge that collapsed into the river. >> and the frightening encounter no traveler wants to face. what happened after a passenger tries to open an exit during a landing. you'll see. >> don't let tire problems break the bank. michael fin gee ahead with money saving tips that all nevers need to kno >>> tonight a man is facing fed cal charges after he tried to open an emergency exit door as his plane was getting ready to land in portland. passengers and flight attendants restrained the 23-year-old using shoe laces and seat belt extenders. it happened on alaska airlines flight th

told to keep a low profile, dudley clark was arrested him and trade dressed as a woman.there is an extraordinary account of the late-night drinking session in moscow with .tarlin -- with stalin they stayed up until 3 a.m. and were as merry as a marriage bell. a variable resource for historians, many are made available online. >> the next time you are thinking of abdicating from the british throne, keep the nine your phone because somebody might be listening in. you can carry on watching "bbc world news" for constant updates online. i am katty kay, for all of us here, thank you for watching. do tune in tomorrow. >> funding of this presentation is made possible by the freeman foundation of new york, stowe, vermont, and honolulu, newman's own foundation, giving all profits to charity and pursuing the common good for over 30 years, and union bank, and fidelity investments. >> your personal economy is made up of the things that matter most, including your career. as those things change, fidelity can help you readjust your retirement plan, rethink how you are invested and refo

i would go with bill dudley, he doesn't know which way their going to go. he could say they could buy more. if they buy more, they'll buy all of the available supplies. i would be a little careful at pre-judging what the fed is going to do. i would agree that when they say they're going to change policy, which is before they actually do anything, that will be the correction that's worth buying. >> all right. keith, final word there? >> no, i agree with that. and i agree with ron that all i would expect him to do is is talking about a change in policy before this year is out. but the markets will get out in front of that, and it will probably trigger a correction. >> absolutely. all right, gentleman, thank you very much. great conversation. i appreciate your time tonight, and we'll see you soon. >>> while business goes on, it has been anything but business as usual today in oklahoma. in the aftermath of yesterday's devastating tornado. jane wells is live in moore, oklahoma, right now and she has the very latest developments. jane, what can you tell us? >> re

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 about chasing. people into higher yielding assets when the fed maintains its near zero zero interest rate policy but that's what they that's exactly all that is the goal that's the stated goal but is that going to stabilize the economy and that city well that's the theory i mean are we saying that right now is that we're going to see in the future we're going to wait and see my guess is no continuing o

s history according to their chief executive bob dudley it demonstrates the progress b.p. is making in delivering the performance miles stones that underpin our commitment to material operating cash flow growth by two thousand and fourteen always about that cash flow isn't it and that's ok guys because b.p. also paid two point eight billion dollars in taxes won't get too excited but only amounts to about six percent compared to the average u.s. taxpayer who pays close to thirty percent but here's the glaring difference the average taxpayer can't take barrels of toxic waste or a hundred million gallons of crude oil and dump it into the gulf of mexico you and i can't spray toxic dispersant all over the top of the ocean and higher slave labor to stage p.r. cleanup efforts you and i can't do that because well if we did we'd go to jail for the rest of our lives but no not b.p. b.p. is too big to jail that even though the c.e.o.'s haven't been prosecuted we could at least rest easy knowing that they're not going to be awarded with a new government contracts right. wrong sort of

organization of the national defense stabbed with that means finally building a national defense strategy dudley's has who is going to national military and read it who's going to do this though. the pentagon well i think the congress within the next six to twelve months is going to be so absorbed in the deal best crisis that is coming as a result of our fiscal irresponsibility we're well on the road to greece and italy that the next secretary of defense and the president will have quite a free hand to make represented change in the military establishment the question is will they do it or will they simply cut away incrementally and leave us with effectively a hollow military is one with lots of generals admirals and headquarters not very many people that can actually fight lots of chiefs no indians kelly is there any courage in washington to do exactly what we just heard. i am i am not very confident that i was talking with a senior maybe officer last night you know i just happened to be. by myself and i asked about what the feeling was and and the feeling that is a lot of despondency because i t

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 about chasing. people into higher yielding assets when the fed maintains its near reserve that is zero interest rate policy but that's what they that's exactly all that is the goal that's the stated goal but is that going to stabilize the economy and that city well that's the theory i mean are we saying that right now is that we're going to see in the future we're going to wait and see my guess is no c

today, dudley jones's great granddaughters got to know him better. >> they may not understand now but i'm hoping this plants a seed for when they get older. >> on the perfect day for them. >> memorial day ker known marin county proved to be very person. -- personal. local vet transtook turns laying wreaths. each includes names of marin-area soldiers killed in action. the family of a soldier killed in iraq was there to pay tribute and one veteran visited the memorial bearing her cousin's name. >> my cousin ronnie lost his life his second week in vietnam. he was proud and he was bright. he wanted to be a hero. he was. he was a hero to everybody. >> "taps" played as a special fly over. it was symbolized by a plane splitting from formation. >> the president honored the fallen war heroes in virginia at arlington national cemetery. the president placed a wreath at the tomb of the unknowns and offered a special salute to the service men and women who have made the ultimate sacrifice on battlefields and city streets half a world away. >> today we remember their service. today, just steps from

today, dudley jones's great granddaughters got to know him better.y may not understand now but i'm hoping this plants a seed for when they get older. >> on the perfect day for them. >> memorial day ker known marin county proved to be very person. -- personal. local vet transtook turns laying wreaths. each includes names of marin-area soldiers killed in action. the family of a soldier killed in iraq was the there to pay tribute and one veteran visited the memorial bearing her cousin's name. >> my cousin ronnie lost his life his second week in vietnam. he wasroud and he was bright. he wanted to be a hero. he was. he was a hero to everybody. >> "taps" played as a special fly over. it was symbolized by a plane splitting from formation. >> the president honored the fallen war heroes in virginia at arlington national cemetery. the president placed a wreath at the tomb of the unknowns and offered a special salute to the service men and women who have made the sacrifice on battlefields and city streets half a world away. >> today we remember their service. t

s history according to their chief executive bob dudley it demonstrates the progress b.p. is making in delivering the performance miles stones that underpin our commitment to material operating cash flow growth by two thousand and fourteen always about that cash flow isn't it and that's ok guys because b.p. also paid two point eight billion dollars in taxes won't get too excited but only amounts to about six percent compared to the average u.s. taxpayer who pays close to thirty percent but here's the glaring difference the average taxpayer can't take barrels of toxic waste or one hundred million gallons of crude oil and dump it into the gulf of mexico you and i can spray toxic dispersant all over the top of the ocean and hire slave labor to stage p.r. cleanup efforts you and i can't do that because well if we did we'd go to jail for the rest of our lives but no not b.p. b.p. is too big to jail and even though the c.e.o.'s haven't been prosecuted we could at least rest easy knowing that they're not going to be awarded with new government contracts right. wrong sort of holdi

here to tell us t truth, susan dudley who runs the regulatory studies center in orge washington university jes taylor who studies energy for the heartland institute. so what is the problem? president obama just said he explained that he saved the $8,0. >> the problem is, we have hybrid cardsand love them. we drive them, commute, take them on vacations. wheels of a pickup tck that we use around the firm. now, for are hybrids we value fuel economy. we like gas mileage. from a truck we value different things. the problem with the government rule is that they are ignoring all those otr president -- precedents. the only thing of value is fuel economy. >> 78% favor requing bter fuel efficiency, but the car dealers say that this will make cars cost $3,000 more. >> and the government's own estimate is that the most recen rules the you just mentioned, $60 billion to achieve those. john: these are popular. >> and consumers right now if they want can purchase these automobiles right now. i am wondering why we're doi is of oil and sticking your nos and other people's business. in order to make cars mo

we had dudley come out within the week, say, with a different tone than that adopted by fed chairman, make nice on policy, let's stay easy, fed chairman has been architect of easy money, today he sounded bike the grown -- like the grown up in the room. >> i think this has been going on since october. put it in a different way in october, actually, end of september and october. price of gold was about 1700. the price of gold is a political and economic barometer, since thin gold has come off gradually, sometimes more harshly, sometimes less, but open interest say a week ago may 13 was 440,000 contracts, 50,000 came out. and hundreds of millions came out of the etf's gradually, went into a stock market that the fed was looking to raise. >> and that is there is some room for change there. the dollar still strong, we have a bond market to that today only a reservoir -- >> people have not mentioned that dollar strength comes from two sources, not one could one. interest rates are creeping up because the fed has been kind of leaking the idea of tapering. and wall street ha has been concerne