narrator: brian dudley is an environmental engineer.ldwork contributes to the understanding of water quality degradation across the cape. dudley: as the population on the cape has increased, we have seen, obviously, a proliferation of development. there has been an increase in the amount of wastewater that is being generated and, as a result, an increase in the amount of nitrogen. and that has had a detrimental impact on a lot of resources, not the least of which are the embayments and estuaries on the cape, and part of the impact has been loss of eelgrass beds, which in turn means that we have loss of shellfish habitat, finfish habitat. narrator: inadequate treatment of human waste contributes to the increase in nitrogen levels. eichner: what we're running into right now is that we are seeing the impact of the population increase and the limits of the available wastewater treatment technology that we've got. we get rid of our wastewater in the same system that we take our drinking water from. we're seeing water quality impacts in almos

let's say dudley is right.uarter from the federal reserve fund. $70.7 trillion. homes and stocks have risen, the two biggest drivers in this. some good's got to come out of that. wealth leads to spending and investment and growth. it's got to. >> right. that was the whole plan, to prime the pump. that's where we are right now. whether we've reached that escape velocity -- i don't think we have. i think we're still probably about 2%, 2.5% economy at best. but you have to be concerned about what's happening elsewhere. whether china's going to derail us. that's what the risk to this economy and this market are, are outside our control. >> i actually am coming around to disagreeing with that. i think profits are everything. tom rogers, you get the last statement. would you buy or sell stocks here? >> i would be a cautious buyer of stocks, but i am a much bigger believer that when it comes to consumer spending and therefore something igniting jobs, people feeling confident about the housing market means more than th

bob dudley wants to grow that. about rebuilding their reputation and being allowed to bid for government contracts. nokia, the news is that they may point -- do not forget, all equity markets are lower this morning. monte paschi, the italian news journal saying that jc flowers may be interested in investing in a 20% stake. that is bucking the overall trend. dominating the agenda. let's look back at the map. all of these equity markets definitely trending lower. emerging markets under pressure. russian markets under pressure. money going into the yen. draghi, even the french farm minister -- the french prime minister talking about the euro being too high. the dollar is slightly lower and the yen is slightly higher. aussie dollar, biggest coal of the morning so far for me. goldman sachs say that when you have bad news under the hood, it is locked in. $.85. .ack to you >> manus cranny with the latest on the markets. joining us for her investment strategy is lucy mcdonald, chief investment officer at alianza allianzinv

they named him dudley. little dudley will be okay. backhouse says he has no excuses. watching the video in the courtroom when they played it back, he did get upset, he said he hates himself over this. he is suffering from some sort of issue and hopefully he can get help because there's no excuses for this treatment. >> it's good the neighbor recorded this despite how difficult it was to let this man do it to the poor puppy because that was obviously pivotal making sure the guy got what he deserved. >> good job by the neighbor is right. >>> keen-eyed border police noticed a guy struggling with his suitcase in the border town of malia in north africa. when they went to approach the guy he tried to run away with his ultraheavy bag. the border patrol officers got even more suspicious so they opened up the bag to find this guy. >> no! >> no way. >> a 19-year-old moroccan man, desperate to cross the border stuffed himself inside this suitcase. >> can you imagine that kind of desperation wanting to be in a different place so much and wanting to be out of the situation you ar

elsewhere, bob dudley is facing criticism after his total pay package grew three-fold to $8.7 millionrimarily through cash and share bonuses. he justified the rise and warned the compensation deals could be part of a worrying trend among ceo. dudley received 40% of the amount payable missing targets for shareholder return. >>> alan mulally is get ago nice bonus president. the ford ceo is being awarded nearly $14 million in restricted stock for the company's performance last year. and value will depend on when he sells it. in january, mulally removed himself for consideration for the microsoft ceo job, affirming plans to remain at ford through tend of this year. he's credited with reviving ford's financials. he had to steer the company through the financial crisis, as well. >>> but there is one man not receiving any threat of bonus, carson young. the owner of the football city club has been sentenced to five years in jail for money laundering. i wonder if he fails the fit and proper test. >>> still to come on the show, have you made any plans for the weekend? holding the bag of a san f

. >>> federal reserve of new york president william dudley says the threshold to change the current reduction plans for the fed's bond-buying stimulus measures is quote pretty high he says that for the fed to deviate from the steady pace of cutting its bond purchases, economic conditions would have to change in big way. >>> do you feel any richer? the federal reserve reports that thanks to soaring home prices the collective net worth of u.s. households shot up another $3 trillion in the final quarter of 2013 to a total of nearly $81 trillion. >>> big name retailers out with disappointing earnings last quarter costco slacked prices on food to be competitive with walmart and target. -escalate staples missed earnings forecast too after sales tumbled 10%. -escalate now the chain plans to save a half billion a year by shutting 225 stores, that's 1/10th of its footprint. -escala -escalate, staples got wind today while costco shares were down about 3%. >>> although nike may be the most recognized name in athletic footwear and apparel in the world, it's fighting off some tough competition from under

the most critical part of the equation for dudley is this. the government of mexico is very important to this. be whereof mexico will they really want to focus, -- they haveyear 10 rigs out there and they hope to produce 300,000 barrels. the litigation continues. it has been ongoing. the criminal litigation comes in at $4.5 billion. the clean water act, this is what the judge is still considering. act, whatclean water are you liable for if you are bp? >> how much oil did this bill? -- did they still? -- did they spill? new evidence has pushed the search for the malaysian flight 370. the flight path of mh 370. the plane went west over malaysia and way beyond the radar limits. familiar with it say that more -- that there's more evidence that the plane continued to fly even after the information came from the transmitter. it continued to fly for up to five hours. that says it was operational even though the transponder was off. news conference yesterday, malaysian authorities said that it is possible to continued the plane comms werer the last r

dudley says he sees a reasonably favorable outlook for the u.s. economy. he spoke at brooklyn college in new york. he said he sees a theinued need to monitor economy. >> thank you. the u.s. jobs report for february, another big headline. employers adding more workers than it had projected. a 175,000 gain in nonfarm payrolls. that was from the prior month and that was also larger than had been estimated. joining me now for more on the jobs picture, we have toby dayton. linkup.utive officer of thank you for being here. did i describe that correctly? engine,e a job-search very unique in the space in that we are the only site on the web that indexes jobs only from company websites. indexout every night and 2 million jobs from 50,000 company websites around the country. >> to you have to get approval from those companies to access their online offerings? >> we do not. we crawl and we are a good neighbor about it and do it in the middle of the night not to be a burden on their site. >> it has been around in one form or another going back to 2001. a talentmpany i

the fed's bill dudley just hit the tape talking about what he calls pocket of market froth.urse, richard fisher in mexico city talked about market valuation hitting eye-popping levels. it's a theme that cramer has hit consistently over the past couple of weeks including last night on "mad money." >> yes. i think some stocks are frothy, but i don't see a peak here because many stocks are not frothy. it's a two-track market and unlike 2000 the bizarre frothy track is smaller than the reasonably priced track. that was not the case back then. i think you need to take profits but i'm not telling you to short them plus in many cases like google and facebook the companies were not like they were in 1999. they are earning gobs of money. they are trading on earnings. >> all right. this is an important -- >> yes. >> this is an important right here a lesson, a primer, a tutorial on what's going on right now. >> you've got a lot of companies that people were betting were just going to be growth on revenue and that's why you buy them and you look at a facebook and it flipped. it flipped

my co-author, an american sniper , and dudley field sniper. both had a fair amount of access >> well, should we be doing so much? one of the things that seals complain about, but thought it was a mistake. it down and would be better. when there was an attack on seal team six about 90 days after his death and led to the single greatest loss of life for navy seals in the history since today. it up that was retaliation for than killing. but naming them puts the lie is a risk in the lives of the families of rest. we know from intelligence documents in the book that al qaeda has an online unit of baxter social media, especially facebook define the identity of seals and their families. >> seal is an acronym for sea air and land basically. it was a term developed in the kennedy years. underwater demolition teams. they snuck into enemy harbors a bombs on boats. that was the edt. seals come about in the early 1960's. kennedy, of course, jfk had been on the skipper. he understood the ability for a small but, a small crew of navy personnel and,. so the f

dudley denied the allegations. >> she stole the gel! she stole it! >> [ bleep ]! [ bleep ]! >> step outside for a minute so i can talk to you. >> shontera's nice. she is funny as hell. even though she be wrong sometimes that was wrong what you all did. >> take a breath now. relax. >> back up. back up. >> now bush directs her rage at harley rooney, accusing her of snitching on jennings as well. >> that was wrong because nobody ever said they was going to do nothing to either one of you all. you want to go home. >> you don't know what the [ bleep ] that was said out there. >> you don't know what the [ bleep ] was said, martina. >> [ bleep ]! >> you get all offensive about it. >> i'll sit down. >> bush is moved to the segregation unit just a few doors down from jennings until she calms down. >> did i start that too? >> yeah, you did. >> but now rooney is in an argument with another inmate. chelsea carpontier. >> what do you say [ bleep ]? >> i didn't. >> [ bleep ]. >> [ bleep ]! >> you want me to [ bleep ] -- >> oh, no. [ bleep ]. >> this one. >> i didn't even [ bleep ] do anyt

we had william dudley speak with the wall street journal and the underpinned the fact that the weatherelated issues with economic data coming out is making it hard to read what is going on so all in all that set a platform for traders to take on more risk. we got some confirmation of the rest going bye-bye seeing treasuries and the yen sell-off as well so we started today and we had a risk on by and it continued into the afternoon session. cheryl: anything else going on in the final hour? >> we need to be careful in the equity markets. we came up 8% or 9% in the last four weeks. a pretty good move in a short amount of time. with the situation in ukraine, since we sold upon monday, we got it on tuesday and it certainly seems as if it priced in a full resolution and there's a lot of attention and if things escalate over there we could see the equity market. cheryl: a lot of talk in washington about the ukraine, it is a different story tomorrow. i want to ask about natural-gas. there is more talk in d.c. about this country becoming a major exporter of natural gas. some regulations have to

>> i think what bill dudley and charlie evans have been talking about, which is taking a page from theank of england is right. what does that mean? it means get rid of the simple forward target guidance and size things up. and size things up in a good way. i don't want any more fuzz. >> no. this is saying the professors used to say, nothing as simple as it can be. when we kick to a single unemployment target or a single growth target, it confuses people because no one assumes you're going to ignore the sake of inflation for the sake of that target and no one believes you're going to have to change that target over time. conditions change. you don't want the forecast right, that's life. therefore, talking in this more wholistic way, and saying, broadly speaking, this is the path we're on. this is where we want to go, here are the risks, here is what we're going to try to do and we'll update you, this is the mature conversation you should have. >> without targets. >> well, with some targets. around 2% for the u.s. better is this happening without financial stability. so you need to put a

dudley denied the allegations. >> she stole the gel! she stole it!> step outside for a mint so i can talk to you. >> shontera's nice. she is funny as hell. even though she be wrong sometimes that was wrong what you all did. >> take a breath now. relax. >> back up. back up. >> now bush directs her rage at harley rooney, accusing her of snitching on jennings as well. >> that was wrong because nobody ever said they was going to do nothing to either one of you all. you want to go home. >> you don't know what the [ bleep ]. >> let them go. >> aur [ bleep ] scared of shontera. >> they did tell on her. and they did steal from her. shontera's a good person. i'll sit down. >> bush is moved to the segregation unit just a few doors down from jennings until she calms down. >> did i start that too? >> yeah, you did. >> but now rooney is in an argument with another inmate. chelsea carpontier. >> what do you say [ bleep ]? >> i didn't. >> [ bleep ]. >> right now. that's it. >> the officers order all inmates back into their cells. carpontier and rooney are removed f

david: new york fed president bill dudley saying that the recent economic weakness has not derailed his up deet expectations of the economy for the whole year. he believes the fed will continue to gradually decrease bond purchases. cheryl: european central bank president, mario draghi held the eurozone benchmark interest rate steady at record low of 2.25%. he predictions modest recovery will continue. david: shares of discount chain cost go going lower than disappointing quart i recall earnings report. cost go cost go, weaker sales from non-food merchandise. cosmos go. cheryl: sales jumped 67 from a year earlier. david: here is good news. u.s. households net worth hitting a new all-time record last year. adjusted for inflation. wealth rose 14%. that was mostly due to surging stock market and rising home values. "after the bell" starts right now. david: we have mark newton who will talk to us about the quality of recent market rally. and mark sebastian joining us from the pits of the cme. mark, don't fight the tape. of course nasdaq was down a little bit but a new record on s&p. i think

dudley denied the allegations. >> she stole the gel! you toll the [ bleep ] gel.e stole it. >> step outside for a minute so i can talk to you. >> shontera's nice. she is funny as hell. even though she be wrong sometimes that was wrong what you all did. >> take a breath now. relax. >> back up. back up. >> now bush directs her rage at harley rooney, accusing her of snitching on jennings as well. >> that was wrong because nobody ever said they was going to do nothing to either one of you all. you want to go home. >> you don't know what the plp blp w[ bleep ] blp was said there. >> they did tell on her. and they did steal from her. shontera's a good person. i'll sit down. >> bush is moved to the segregation unit just a few doors down from jennings until she calms down. >> did i start that too? >> yeah, you did. >> but now rooney is in an argument with another inmate. chelsea carpontier. >> what do you say [ bleep ]? >> i didn't. >> [ bleep ]. [ bleep ] [ bleep ] right now. that's it. >> the officers order all inmates back into their cells. carpontier and rooney are re

we heard from president dudley in the last hour, and he thinks the fed should drop the threshold targetf 6.5% for unemployment and also said the rate today seeing some improvement in labor markets. that is the speech he gave an hour ago. what does that mean for the taper? >> in any case that hurdle for them slowing the pace of tampering is pretty high and that is a message yesterday. and that is a clear message from a lot of fed officials but i also have to say this number today was actually better than expected. there was evidence if we look for example that hours worked were down, that the people who were unable to work to to the weather was very high. there was evidence of whether rim pact and yet we still got a job gain that is close to the trend we have seen the last couple years so if anything it may have been better. the underlying numbers may look bat is another reason the fed will build confidence and customers, with the economy is doing will not be altering its pace of tapering in either direction. ashley: you work for starting a company and you say there are jobs that people

dudley said it. i think she did a pretty good job. i think people are focused too much on that. think she tried to make it very clear the dots are moving. the assessment, the survey of where fed officials are are have shifted higher like they should. policy is not changing yet. i think she did a good job of saying that. >> rick, i agree with your assessment 100%. and when she -- if they wanted to have anything written in the minutes, that would have been far more powerful than her verbally being able to say something that is squishy like six months. >> i completely agree. >> the fed is clear about focusing on their statement. there's a lot that goes into every single word and how it's chosen. i thought that statement was well written. they took out the 6 1/2% as they should. there's going to broader set of factors they're going to look at as they should including wage pressure which is the one that's going to have the most impact going forward. they mention things like housing, housing is still soft. i think it's one of the things it's a very important point. the fed won't let m

bill dudley today saying the low participation rate a sign of plenty of slack in the labor market and a reason to keep the fed's foot on the accelerator. >> thanks very much. appreciate that. sue? >>> we turn to the kremlin and they pretty clearly and sarcastically rejected calls for talks between russia and the ukraine to be mediated by the west. a spokesman said the prospects quote, make us smile. cnbc's steve sedgwick is in kiev again for us today, after scoring an exclusive english intervow with ukraine's minister. over to you. >> reporter: yeah, there has been inflammatory comments from the russians about how they see events going on in the crimea. concern for the ethnic russian population there which makes up, it has to be said, around 60% of that population. i can tell you on that front i spoke to the deputy secretary general of the u.n., i spoke to him specifically about security issues in the crimea. he said he is ready to send monitors down as soon as possible but of course, his own envoy has been prevented from doing exploratory work down on the peninsula. elsewhere, i did

. >> we saw bill dudley get out in front of this. a fed beginning to change.nge? >> i will tell you where they have been transitioning to. that is looking more at measures of inflation like wage growth rather than unemployment rate to tell them if the labor market is tight. if the labor market is not tight you do not see it pick up in wages. >> yet the unemployment rate went up. is, we were looking at do expect another year of job gains under arm belt. a tighter labor market with strong wage growth. that is where we get a consumer that participates more broadly. to have been encouraging to you to see that wage growth. that is something we have not seen enough of and for this economy to really start to heal, people need to be going back to work and they need to be earning more money. ellen, do not go anywhere. coming up next, the top 10 stocks that you need to know. ♪ >> it's time for your top 10. number ten, safeway. the grocery store operator agreed to be acquired by albertson's for about $9 billion. and there was kroger's lead as the nation's top supermarket

they will be looking at that last. , this morning, bill dudley said you have to look at of labor marketors. hard to pull a lot out of this report. the establishment numbers and the headline numbers are affected by the weather. the household survey and unemployment numbers will not be. i still have a job i just could not get to work. gives period of time it you an idea. a good point is that unemployment compensation numbers we saw this morning does not relate to february. it tells you that companies are not shedding workers. things are not getting a lot worse. >> karen, one of the stated goals of quantitative easing was to stimulate job creation. of course, with externalities, it is hard to see. do you believe there is a possibility, taper, underway now that appears to be set to continue, will it have an impact on job creation? less quantitative easing will impair the ability of companies to create jobs? is very complicated. i think it is not about one thing anymore. it is nott discussed, about the headline number. people are much more sophisticated in terms of the overall employment rep

the committee's vice chairman bill dudley said if the economy decides it was going to grow five percent or it was not going to grow at all, those of be the kind of changes in the outlook that would warrant changing the base of tapering. is that an accurate description when you say you are not on a preset course. a lot of research showing that short-term unemployment seems to be responsible for the level of inflation. long-term unemployment seems relatively uncorrelated. is that the reason why you expect inflation to rebound? >> the numbers you cited would be extremes in terms of defining what we would need to see. i would not go to such extremes. conditions for the committee to decide to continue tapering. -- the first, we need to assess the labor market continues to be on the mend and we feel reasonably satisfied is for furtherk marketment in the labor that will get us back to our maximum employment object that. -- objective. we need to see inflation market that will get us back to our maximum employment -- inflation is low and it has been running well below our object to. we need to s

a lot of this from our reporting from renÉe dudley on our print side.proving what they call in stock, how much merchandise available for shoppers to buy. you are going to see perhaps more people being employed by walmart or at least more labor hours added for the people there , because the folks who work at walmart, the complaint tends to be, well, there are not enough people working, so we are stretched too thin and we are working with departments we are not familiar with, perhaps putting things out in the wrong place or not being out on the floor soon enough. walmart has at the problem with inventory exceeded sales. it happened 10 out of the last 12 quarters. you get a problem with ordering versus how much buying being done and you get some inventory flow issues as a result of that. >> have they given a timeline on how they are going to address this? >> apparently they have not. beginninghe year meeting that they had. the company said there were about 7000 associates -- including ceo doug macmillan and the ceo of the u.s. business bill simon who were

yesterday, l dudley, president of the new york fed and is seen as one of the core -- his view is pretty much with the fed is going to do, he says it is time to drop the threshold, it has come down too far too fast. they will look at more quantitative, broader measures of the labor market. it will probably not look at the february report. >> all right, mike, i will see you in just a few moments. back to international news, president barack obama leaders united against russian president vladimir putin in an attempt to pressure the country to ease those sanctions in the ukraine. for more on the ukraine crisis, i want to go to bloomberg news' ryan chilcote. u.s. halted trade and visa talks. what are these next steps if those fail? >> i think the next step is financial sanctions if those fail. theifically going after assets of president putin's associates. it is worth or memory that all the united states has done thus visas for some russian officials and pull other visas that have been deemed having been responsible or involved in russia's intervention in ukraine. you just heard from the ger

. >> the committee's vice chairman bill dudley said recently if the economy decided it was going to grow 5% for the economy decided they it wouldn't grow at all those would be the kind of change that is would warrant the changing of tapering. there's a lot of research showing that short-term unemployment seems to be responsible for the level of inflation and that long-term unemployment seems relatively uncorrelated. is that the fed's view at this point. is that one reason you expect inflation to rebound in the next couple years? >> so i think the numbers you cited would be extremes in terms of defining what we'd need to see. i wouldn't go to such extremes. i guess the way i would put it is this, there are two conditions for the committee to decide to have continue tapering the pace of purchases. the first is that we need to assess that the labor market continues to be on the mend and we feel reasonably satisfied that the outlook is for further improvement in the labor market that will get us back to our maximum employment objective, and, second of all, we need to see now coming back to i

hype about a divided fed, you look at the power in this fed and it's all dovish, whether it is bill dudley, yellen, you go right down the line. rosengren, evans in chicago, this is a very dovish fed. i don't think that will change. i think that is second positive theme. the third positive theme people just around the country just do not acknowledge and really do look at me like i'm on medication that i tell them the deficit is falling and falling pretty sharply. i think this move fiscal restraint is grossly underappreciated. i will talk about that in a minute or two. this mood of fiscal restraint will persist as long as one thing continues, that is republican control of the house. i will leave it to dr. cook to give us his analysis of where the house is headed after the 2014 election but i think this theme has legs and will continue for quite some time. now somebody asked me right before this, what about all the gridlock in washington? i would agree that we look dysfunctional in this city but i would also say that we've had some fairly interesting breakthroughs in the last two or three mon

he was the former senior policy adviser for bill dudley. steve. >> we know was going to happen. but you think there's a lot of interesting things on the table for yellen to decide. she wants to have continuity. she may not have that luxury. >> that's right. the main emphasis today, we know even though the fed is approaching its 6.5% threshold for rates, they're going to emphasize the broader assessment of labor markets plus weak inflation means no early rises in the fed funds rate. >> but they've done a good job of keeping the markets lid on rates in the future. but they have not told us what happens once they start to raise rates. our fed survey showed for 2014 a lot of questions about 15. >> so i think, steve, that's right on the nail. the really interesting question for this meeting is did they go beyond just giving more information about the conditions for the first increase in the funds rate and talk to us more about the path going forward. >> you know both yellen and you knew bernanke. how is yellen going to run a committee that's dif

i think that's what new york fed president dudley said yesterday and he is on the dovish side. you know what really doesn't square a lot of times and we will have to see what yellen says more in the future, but there was a point where she put out research saying she didn't want to raise rates until september 2016. where the committee is saying september 2015. you know, kind of risk getting more inflation. yeah, it's -- she put out some kind of research on it. in some speeches. she was so dovish, she wanted to wait even a year longer. >> 6.5%, like just forget it, that doesn't matter any more? >> i hope it matters. i remember when bernanke told us that when it reaches 7% they would be done with qe. now they just extending, extending. i think it's a mistake. >> do you think that's because they don't believe the number or what happened? why did they -- >> well, when she was standing next to president obama, i mean, there does seem to be some political ideas coming into the fed. i don't want to say they're more like social workers, but they seem to be very, very concerned or very a

goldman bill dudley of course who's running the f o m c who's just sitting a little bit silently but china's p.m.i. came out this morning the h.s.b.c. p.m.i. below fifty which shows that the mind. purchasing manage managers orders they want to show basically it shows whether the economy is contract ing or expanding and below fifty means it's could tracting so the economy is definitely contract ing its credit constrained right now because there's way too much credit in that system so eventually you're going to have a credit event now you can postpone it by printing money but that you can only postpone it so long we're starting to see a lot of defaults in china and when that becomes more apparent it's going to affect the rest of the world especially when their g.d.p. craters as a result of the earth talk about spain because the yields are flowing and yet massive protests in the streets i hear you have the price signal of the bond market telling the world that the spanish economy is improving because the yields are falling credit worthiness is improving and yet you had two million peopl

i think that many in the committee will be looking not only at that first liftoff as president dudleyso the whole process that follows of raising rates. and one thing that -- to be said in favor of moving perhaps a little bit sooner than might be expected, keeping ahead of the curve, is that it reduces the pressure if you've waited too long and you find out that you're a little bit behind the curve, then you're in a position where you have to move rates up very quickly which can be quite disruptive to both markets and the economy. so, i think that might be a factor that would tend to push the initial liftoff date a little bit sooner than maybe some people expect so long as the economy and basic economic and financial conditions justify it. >> well, it's going to be one of the biggest debates of the year and certainly we should hear more today when janet yellen speaks to the press for the first time. thanks for you both for the perspective, al broaddus and rich bernstein. just a reminder, up can catch all of today's fed action, "street signs" beginning at 2:00 p.m. eastern time. >>> yu