dudley use the term shallow. how do you define shallow?l: it was interestingness speech today, because with this dot plot that if follows, even with the timing of the stock, they have been using the same rate increases about 120 five basis points per year. now we are seeing fed officials talking about a more shallow post liftoff policies. maybe that is the evolution in the. plot -- in the d.o.t. plot a slower pace. he made it very clear that the fed is going to tiptoe into rate normalization and will largely be dependent on the market reaction, how frequently they follow up with the rating. mark: so many dots it starting to look like a rorschach test. how will the response to the fed actions determine the rate increases -- the pace of the rate increases? aren't the market already pricing in the moves this summer? paul: they are pricing in a june move toward september. that is not what he's talking about. he is looking at the broader rate transition. stocks for us, currency again, all of these factors. they want to see a gradual tightening

>> i think dudley is reasonably cloe tote chair.orning suggested he was very much align with yellen and the core of the committee. i think that there's a number of fed officials that we can pay attention to. i think yellen, fisher and dudley are the key members to pay attention to. i would say that lacker and some of the hawks are really not onboard with the committee as whole. >> see what the data tells us. michael, thanks for joining us this morning on the dudley headlines. michael hanson, dow has lost the gains. down three points. let's get to the cme group in chicago, rick santelli and get the santelli exchange. good morning. >> good morning. if it's alcoa in the afternoon it's rebecca corbin in the morning. rebecca, thank you for taking the time today. >> thank you very having me. >> based on quarter over quarter, is there any one area that somewhat surprised you with regard to the answers versus last quarter? >> sure. so we've been tracking sentiment on sectors and oil and gas actually saw a shift in bearish sentiment. still d

bill dudley speaking in just about 30 minutes. we will bring you the comments live in just a few moments. want to listen to what bill dudley has to say. plus, a hedge fund actress and manager, john litt. an energy secretary ernest moniz. i love the hair. first, here is a look at the top stories. representing the creditors, the bond at a crisis stage. the selloff is now in the seventh day. three your notes are at an all-time high, 27%. won't send more bailout money until they are sure it will be reformed. the next move is up to greece. >> we want increased to grow, to recover an ability that lacked for years and years. there have been policies that have been hard but the sluice into the greek situation wrote -- lies with greece. betty: you yet -- european finance ministers. china passes economic stimulus plan boosting stocks. rules took effect today after said its economic growth rate is at a six year low, 7%. breaking just now, a surprising revelation in a new biography on elon musk. the book claims the tesla founder had a deal to

we heard a very dovish dudley focused on the dollar.ething a lot of fed policymakers have shrugged off. he showed more concerned about weakness in the energy markets the strong dollar, and signaled the fed will have a tiptoe approach to tightening policy. alix: the 10 year yield is under 2.0. >> i think if you look at the two-year versus the 30-year bond yields, you will find there was a steepening. there was a sharp drop in the two-year yields. this is my interpretation. people are believing in the short term, the fed will hold off on hiking rates. that will allow inflation to kick up more over the long-term. this goes back to the idea the u.s. is generally in ok position. it is generally supportive of riskier credit. the question is, if the fed is not going to hike what is to stop money from going into these assets? alix: especially when you're dealing with negative yields in many areas. the bow is coming up -- the bell is coming up. the dow is up by about 115. the s&p still managing to claw its way up by 13 points. gains. the service

the market made back half their losses before dudley spoke. dudly basically said, hey, look, we'll watch this stuff, and, you know, the dollar started to -- the dollar started to weaken. and dudsly said that things will turn around quickly. this may be an aberration of the number. liz: i don't know. so scott, we're looking at a volatilelit vol volatility index down three sessions straight. is it an aberration? >> i don't think it's an aberration. (?) >> go ahead. >> all right. yeah. i don't think it's an aberration. i think you've seen investors falling asleep at the wheel here. they've been pushed out so far out. we have a lot of people in the asset bubble of equities which might be too high. so, yeah, i think the vix has fallen asleep. way too much complainsy in the market. might be two years or 18 months or six months, but something has to give. we can't have all-time record high equity prices and an economy that can barely get out of bat. >> i know. but, again, same story year after year. don't fight the fed and the tape. great to have all

bob dudley will be the happier of the two ceo's. guy: the refining operations -- where does the lower oil price leave that. that is a total story. will: total is the biggest oil refinery in europe and when prices fall, you put more oil in your car. refiners outperform. what you're seeing is the resilience of the integrated mobiles. your upstream does not do as well but you get some of that bacteria are finding and trading. francine: if we have the oil in this range between 50 and 60 will they continue to be making money out of trading? will: the big numbers, as oil falls. but low oil prices tend to allow people to make higher profits in trading. bp expects to see a good performance of the second quarter as well. guy: does this better bp number make bp more attractive or less attractive for an m&a story? will: i think a deal like that is not going to come on quarter to quarter numbers. what it does do is bolster bob dudley;''s case and allows them to better prepare the company for the upside. m&a industry will be german mostly by oil

dudley opens his mouth. the markets make me think they practice their speeches in the mirror to see how the market is going to react ahead of time. the long-term trend looks good. short-term not so good. i think it's more interesting now to make bets in the euro area than it is in the u.s. just for a while. >> the german market is up some 23%. if you shorted the euro, put most of that in your pocket right now because the u.s. growth is rather weak you want to not short the euro and just own the german or the spanish market, but, again, the u.s. is growing faster on trend than the euro and will continue to do so so i think this will reverse after the next month or so. >> when i think of you, john i often think of china. what's your take there right now? >> well the central bank is strongly concerned with the slowing of the economy and doing things to put liquidity in the market. that's why the chinese markets have been up so strong recently. emerging markets as a whole, not so good because as the -- eventuall

bill dudley speaking in just about 30 minutes. comments live in just a few moments. want to listen to what bill dudley has to say. plus, a hedge fund actress and manager, john litt. an energy secretary ernest moniz. i love the hair. first, here is a look at the top stories. representing the creditors, the bond at a

dudley's on the tape this morning saying that the weather is a significant factor.hough the dollar he says also significant stress on the economy. what was your take on the jobs number? >> i think march was bad. we've been saying march was bad. the job creator in texas which is oil and they're laying off people left and right in the oil patch and they don't need that many people because they're doing the easiest wells. just very low technology. the rails you're not going to move as much oil. now rails don't hire a lot of people, but i'm just saying there's just not a lot of commerce associated with oil versus where there were three months ago. when you drop 123,000 barrels versus the previous month, which is what happened between january and december it's going to get worse. >> oil and gas added jobs which made no sense to anyone. >> well, that's problematic because unemployment rate went up very big in north dakota. it went up in the permian. these numbers -- i wish i could make more sense of them. >> you're not alone in trying to make more sense of them. >> i'm no

he is saying, i cannot predict that and you have dudley saying it will be shallow.y will preach data dependency . >> we have seen that in the u.k. how can you be negative ahead? so, i think that is what the fed needs to look at. show me the data and i will show you the rate cut. >> i show you the data and we are going to hike and not going to hike. >> you cannot justify rates. the fed is hamstrung. i see the argument, in terms of moving away and the investment labor market. it will have to be a condition in normalization. the technicals are zero-bound. >> it is not all about the data. it is about politics. very simply, when do i wake up and the sterling falls out of bed? >> it determines the outcome. most clients cannot pin the scenario on them. >> in the case of a political tendency, it is moving around. how do the two offset each other? that is where there is a struggle for consensus. if there is clear and present danger it is unequivocally negative. >> you have the particular poll that said we are ahead. what does the event look like? everyone says it is uncertai

narrator: brian dudley is an environmental engineer. his fieldwork 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 i

dudley spoke at an event here. fed policymakers have been split over whether to raise rates in june or september. take a look. >> the unemployment rate is too high. because the economic outlook is certain i can't tell you when normalization will occur. stephanie: the stronger dollar could reduce growth by more than half a percentage point. in an opinion article in the new york times the iranian people have shown their resolve by choosing to engage with dignity. he says it is time for the united states and its allies to choose between confrontation and confirmation. general motors is opening up its wallet to win sales in china. joint ventures with chinese auto firms plans to invest a total of $16 billion over the next five years. the company called shanghai gm is aiming for a market share of more than 10% by 2020. ford toyota, vw are among the automakers expanding capacity in china. mf global -- there is a huge difference between the imf and mf global. former ms global ceo -- former mf global ceo plans to start a he

bp ceo bob dudley sits down with our brian sullivan. they'll talk cleanup, compensating victims and the collapse in crude oil prices as well as much more. stay tuned. 's massaging gel insoles. when they're in my shoes my feet and legs feel less tired. it's like walking on a wave dr. scholl's massaging gel insoles, i'm a believer! you can call me shallow... but, i have a wandering eye. i mean, come on. national gives me the control to choose any car in the aisle i want. i could choose you... or i could choose her if i like her more. and i do. oh, the silent treatment. real mature. so you wanna get out of here? go national. go like a pro. don't just visit new york. visit tripadvisor new york. with millions of reviews and the best hotel prices... book your next trip at tripadvisor.com today. the technology changes the design evolves the engineering advances. but the passion to drive a mercedes-benz is something that is common... to every generation of enthusiast. the 2015 dream machines, from mercedes-benz. today's icons. tomorrow's legend

dudley. i think his exact comments and i'm paraphrasing were what we're seeing in the marketplace, and this is to defend what monetary policy may look like down the road is nothing like the risk taking of '05 to '06, and the reason why my head exploded was because they didn't recognize risk taking in '05 and '06. therefore, this doesn't make me feel better and him bringing this up would be like barney frank on mortgages and the government saying well i never said i wanted to roll the dice. they were both present at times where they ultimately ended up with responsibilities, and you know what? i don't know that they could recognize the risks in either case. i continue to say we had a weak number friday and stocks are up and rates followed it and we're right back to where we were before we started. they started to condition the market to accept the inevitable. now i think there's an open-ended question mark again. >> yeah. >> jeffrey cleveland, here is my point though. if this is all about bad

you hear from bill dudley today.ing the same thing, you know, that there's a sense they can't wait to begin this process. they're anxious to start. don't you think they'll begin maybe some people think june. bill dudley said today it's on the table. maybe september. just throw one canary in the coal mine and see what happens when they raise the rates that first time. >> well remember the fed has been anxious to raise rates for the past five years. in fact they've been telling us that next year is going to be the time line for rate increases. again, since 2009. so when we think out to 2016 with he have to remember we've been sitting here anticipating liftoff for the past five years. and just going back to the previous point, i think the fed certainly is giving some push barq from the more hawkish members but we have to remember that the voting committee is decisively dovish with only a single hawk sitting with a vote currently in this committee. so a unanimous vote to keep rate increases off the table in march i think

we will be listening to comments for new york fed president bill dudley.s a huge earnings week with 40% of the dow and a quarter s&p reporting. we hear from morgan stanley, halliburton, m & t, royal kraeb and sun trust reporting. >>> we want you to bring you what's happening in the european bond market resulting in a rally in german bonds, sending yields to a record low. we're looking at the german bund moving closer to zero. a yield of .07%. speaking to us on friday low interest rates in europe are truly harming pension funds and insurance companies. julia asked drghi for his thoughts. >> it's being designed according to our mandate which is to ensure price stability, and that's in a sense the given the presentation situation, we believe that's the best service that we can make to the economy and to both consumers and savers. >> also speaking to julia at the imf meeting, ubs chairman axle vava was much clearer about the impacts. >> insolvency and some of the defined benefit schemes that are still out and almost predominant in europe are finding it very ve

bill dudley said very shallow. that is the word he used we should have shallow cuts or hike. i mean. >> i agree with that. liz: quarter point? >> raise eventually 200 basis points over three-year period would be my answer. liz: okay. >> over that same time period we have to get to rate normally. we'll be japan. japan tried to keep interest rates down, down, to stimulate demand. guess what? 2 1/2 decades and 2 1/2 decades of lost jobs. low interest rates put economy in stupid. -- stupor. cut corporate income tax rate. recent work by guys at aei, even government is suffering from the high corporate income tax rates. revenues is suffering. we're on the right side of the laugher curve for corporate income tax rates. if we cut tax rates even government revenue will rise. liz: michael what would you do about the banks? the banks have a great deal. they can park money at generous rate at federal reserve instead of lending it to people with all that risk and possibility of people foreclosing or failing on loans. would you eliminate that great deal that the banks have right now parkin

they were to be stationed about two blocks away at dudley high school and to instantly appear if anything happened. they said they would be present at 11:30. that was 30 minutes before the parade was to take place. as it turns out all the people were killed by 11:30 when the police appeared. i think the residents were shocked on the evening of november 3rd when they began to hear reports about what happened. shocked know people could be killed. it's always been thought of as a moderate city. it has a strong police department. they felt safe here. i think the residents were shocked that it had happened here. i think a majority of greensboro residents had never heard of the cwp. they did not know that there were unionizing ideas going on at the cone plants. they couldn't have found the location of the shootings without a map i think if they had to. i think the city response again, we have to talk in seg segmentseg segment official response was outrage.segment official response was outrage. they denied that greensboro had any fault in this instance. that the police had done nothing wrong. th

here is dudley speaking today in new jersey. william: for financial marks after liftoff just as important as the timing to the liftoff. the past is relatively shallow. headwinds in the aftermath of the financial crisis are still in evidence particularly the diminished availability and the tougher terms that we see for residential mortgage credit. cory: he says recent headwinds like this one in march jobs report are likely temporary. new data shows the biggest part of the u.s. economy is holding out service industries grew in march at the same pace as february. real estate firms, rental companies and management support firms are among the industries reporting the strongest growth last month. president obama spent the weekend defending the framework agreement over iran's nuclear program. he said the accord does not mean the u.s. will forfeit its military superiority or fail to protect israel. here is the president speaking speeg with "the new york times." president obama: i want to make the kinds of commitments that would give eve

brendan: bill dudley has talked a lot about for guidance.has been your experience of the fed's sometimes fumbling sometimes adequate experience with for guidance? ira: i think a lot of it tied their hands. they were not able to do what they hoped, for example, end quantitative easing. a lot of the for guidance experience have worked on keeping volatility in the rates market low. that tends to depress the level of yields. and all of that was designed to help the economy. i think the economy -- if you look at the level of the economy. 3% gdp growth, 1.5% fccore inflation. the last time we were at those level, the funds rate was at 1%. that was the early 2000's. tom: not there. ira: rates are still low. brendan: i want to make sure understand this. you think that for guidance worked in the sense that it kept volatility low? ira: correct. tom: i want to look at the two year chart. i want to link this into the upper of larry summers and secular stick asian. -- secular stagnation. you are good at looking at five-year forwards. do you presume a new

cory: dudley said recent economic headline head winds like the jobs report are temporary.ew data shows the biggest part of the economy is holding up service industries. they are roughly on the same page as february. real estate firms, rental companies and management support firms among those service industries report the strongest growth last month. president obama spent the weekend defending the framework agreement over the iran nuclear program. he said the accord does not mean the u.s. will forfeit military superiority or fail to protect israel. here is the president speaking to "the new york times" president obama: what i'm willing to do is make the kinds of commitments that would give everybody in the neighborhood, including iran, clarity that if israel were to be attacked by any state, that we would stand by them. cory: meanwhile, iran's state news agency said the ayatollah had full knowledge of the nuclear deal. some iranian hard liners criticized the agreement saying iran gave up too much. greece is stepping up efforts to find allies in the u.s. and russia as bailou

renee dudley joins us.ddler has shed light on how potentially dangerous products can reach u.s. shelves. renee: dollar tree has the most violations of any retailer cited by the regulators. they were cited for things like lead in toys, excess levels of banned chemicals. we have seen repeated use of unsafe products. dollar tree is under investigation by federal regulators. that investigation could result in several penalties. matt: the story is terribly sad. a toddler who chokes on the cap of a marker. there was apparently no warning label on the set of markers that pointed out how small the objects involved were. don't the parents share some responsibility in knowing that children should not play with small objects? renee: this story is about what the federal guidelines are. in the case of that product, dollar tree's product safety specialist recommended having a warning and as it turned out the independent lab the company hired said you do not need to worry about it and they decided not to put a label on. o

very good results for bob dudley. he will be pleased. we will see what investors have to say. focus on another company. manus: it is worth bringing this back to where viewers attention. it is going after bmw and audi for the number one spot. earnings coming up. for daimler. mercedes-benz revenue up 15%. earnings up 56% at the mercedes-benz badge. they will spend, spend, spend. rmb, they will spend 2 billion euros. the truck side of the business as well is doing well. seeing the earnings rise by 18%. so, first quarter of the ongoing business is up 41%. mark: apple posting it second-quarter results thanks to booming iphone 6 and 6 plus sales. china outpaced the u.s. for the first time. caroline: it is just reminding everyone why it is the most valuable company in the world. splashing the cash giving money back to investors and raking in a record revenue for the first quarter. it was a stormer of a quarter appeared profit up 33%. we saw a cool $13.6 billion being brought in in sheer profit. if you are looking at sales, $58 billion is what they made over the course of three months

. >>> dudley got the day off tm face the marlins this week. >>> jon lester on the fiel$qyñ back to the for the out. pretty well done. thinking on your feet. cleveland to lead the cavsfá to a championship. something he couldn't do beginning themayoff journey today against the familiar w0rfoe. the last game with the cavs a loss to the>dt(celtics.çó boston completely different team now. no gentleman in the starting five. off the turnover. james throws it down. 20 points. time winding down. irving running mateok fromxdrfytheñr far side cashes the 3. cavs win 113-100.çóçó >>> the flyers will take seventh in the nhl draft and still need a new head coach after the head ás5ját(r wasñr relieved on friday. former flyers coach laviolett#ne some history here at the flyers stanley cup asq if we needed to remind youç!zez that. saad shoots it past rinne for the goal. blackhawks win and take a 2-1 series lead. the islandersçó a l÷ caps with game three of the seriesçó tied at 1-1. overtime. this is openingq faceoff in o.t. islanders get the puck into the xd zone. send it onw3i] net. tavares putse1 it

tom: dudley has been tiptoeing carefully. frame who dudley is for janet yellen. is the money was a good handle on the market, a special relationship to the market being here in new york. that is very useful and valuable information for making decisions. tom: it is amazing how he tiptoed. tom: one of the things i think is interesting was that may yellen came out and said nothing and maybe was a little more dovish. hopefully something we can explore over this hour is, why that shift? why were they trying to push those expectations? people of put out a lot of reasons, but i think they are all easily beat down. i think that is something we can hopefully explore over this hour. these expectations have shifted out so significantly. brendan: randall rosner let's shift for a while. you have now said that there have been two rounds of ecb notes. are you getting something out of them? randall: there are more voices around the table and it helps to frame the debate more clearly. you can see what people are actually saying. tom: what part are rosengren and rocker? they went

case in point, bp ceo bob dudley and how he sees the market playing out over the next year. >> it is lower for longer. don't know how long. several years is a possibility. the u.s. the increasing oil production and the rigs have come down from 1600 to 750 and prices go up. >> and prices are the hot button issue. and where is the price going in the months and quarters ahead but the other hot topic is two-fold. iran and also crude oil exports and whether or not we'll see the export ban from america lifted. i asked dan urgen what he thinks. >> i think there is a sense of forward motion on it and is it eliminating a ban of 40 years out of date or are they going to kind of do some regulatory jiu-jitsu to get more out. >>> and the other question is if the crude export is ever lifted what would that mean to the oil industry and what would that mean for the price of oil. this is an industry in a bit of turmoil but the oil industry a notoriously optimistic one so as you imagine everybody thinks the price of oil will be higher in 12 months than it is today. for "nighlty business report" in hou

bill dudley repeating the remarks, saying yes, there were a lot of things going on. if the financial markets don't handle fed tightening very much they'll go a lot easier. of course he gave the usual suspects but what what we knew the usual suspects weeks ago. why repeat that? again, coddling the financial markets. >> jeff kilburg, the volatility we're seeing right now, down sharply on fears about greece on friday up sharply with china on monday. should i be asking what traders are smoking? did you see what i did there? >> it's a great point to illustrate. here in chicago, i want to allude to the way my grandfather used to drive his car, two feet one on the gas pedal, one on the brake. that's what it feels like here all due to china. they cut the reserve requirement by 100 base points. one of the biggest cuts since the crisis. that flooded the markets with 161 billion or trillion lewan, if you will. it represents 20 trillion of the 70 global trillion in stock markets. it moved it up over 1.25%. the math doesn't add up. the emotions are high here in chicago. that 161

dudley new york fed bank that really put the market in hyperdrive with regard to stocks.see that we're getting flattening. two-day of 5s, 5s up three basis points. tens closer to unchanged. two-day ten. both are escalating but not as quickly. open the chart up to early february. we can see we have turned the market, some say. technicians say neutral, use 1.86 as a pivot. we know that. two-day of euro versus dollar. this is interesting because so much has been written between the correlation of dollar and stocks. historically there's a big debate. as of late when the dollar goes up it hurts equities. not so much today. europe was closed yesterday. foreign exchange marks always trade. it's coming out of the box on the weak side. another big, strong positive for the dollar index two-day dollar/yen. look at dollar fly, once again back over 1.20. both of those are putting the dollar index at a significant positive start to the morning and if we look at that dollar/yen starting around march of this year you see how this 1.20 level is key. back to you. >> thank you, rick santell

new york fed president bill dudley said -- charles? charles: that was definitely a shocker.nel ralph peters weighed in. he said the russians have a leg up when it comes to security. >> don't blame the russians, why wouldn't they looked at insecure networks if we allow them to? all nations spy. all nations that have the wherewithal to do so, and we would love to do this to the russians, but putin's administrative networks are much more secure than the white house. charles: ellen mcgeorge alex, how is russia able to crack into the white house. the way you read the stories, one of the things, a run-of-the-mill effort and they got right in there? >> sure, team's technical sophistication is often not an indication of how skilled they are. in this case they used the simple tactic that really worked. previously compromised the state department network and my theory is that they sent using back compromise they sent e-mail as someone from state department to somebody in the white house, maybe an aide, someone with access to the president's schedule. once they had that access they wer

and then new york fed president bill dudley said chill, when the fed does raise rates, he said it won't be that bad. >> the likely task of short-term interest rates after liftoff is as important as the timing of liftoff. i anticipate the path will be relatively shallow. the headwinds in the aftermath of the financial crisis are still in evidence particularly the diminished availability and the tough returns we see for residential mortgage credit. >> add it up up and the dow jones industrial avera rose 117 points closing at 17,880. the nasdaq was higher by 30 and the s&p 500 was up 13. >>> that's how wall street felt. but there's no way around the fact that the jobs number last friday was not a good one. as hampton pearson tells us wall street and main street often see the economy very differently, and for good reason. >> reporter: in march, the government says the economy produced only about half the jobs expecte and when combined with revisions for january and february job growth for the first order of this year now stands at 197,000 per month compared to 269,000 for all of 2014. now t

bill dudley william dudley saying -- >> i think your point, too, about the dollar -- >> weakness that in the day, though you may have noticed that the euro dropped like a stone close to the close. it's a weird move. >> yeah. >> we have an intraday chart? the dollar yesterday was as you said a pretty decent part of that story too. >> definitely. you remember when oil was going down. the markets were having trouble. higher oil prices and a weaker dollar there. look at that move in the afternoon yesterday on the euro. it just falls off a cliff in the afternoon. >> second time in as many months where you see huge moves in currencies which are supposed to be incredibly liquid markets. in theory a move like that doesn't necessarily happen without some kind of news. like the fed announces, and bam. >> i think that sentiment in the currency market is still on the fact that the euro is going to go lower so when it hits certain levels, i think the biggest players and money leans hard on it. >> it needs to fall off a cliff around june 19th. >> when you get on the plane or a week before you get o

bill dudley, head of the new york federal reserve, he is optimistic. he said it a rate rises needed this year. stimulus a plenty. we are seeing a reduction on the u.s. the dollar is up almost zero .5%. euro weakness. down goes the euro. will we see a reduction? we are seeing weaker currencies first of the dollar. aussie dollar trading lower. the central-bank comments saying cuts could remain. central-bank divergence. that's what we're seeing. the equity markets let's check in on how steps are performed. credit suisse's of 0.3%. brady dougan was manus cranny's last interview. his last set of earnings. he went out on a high. trading approved especially in the bond market a fixed income. we are starting to see improvement. they are cutting their cost cutting targets. after regulatory charges so a bit of holding off in the surge of the stop. you will be speaking to the chief executive. third quarter sales. in dollar terms, 14%. a beat. the chip designer, go look to the new iphones at samsung, more bang for their buck. this quarter could see a calendar shak

dudley said the economy is not where policymakers would like it. >> the unemployment rate is still tooigh. the inflation rate too low. because the economic outlook is uncertain, i cannot tell you when normalization will occur. timing is a dependent, so we won't see when the timing unfolds. mark: he also says there are some " downside risks." coming up on bloomberg television, education reporter janet lawrence has a bleak outlook for student loan repayments. at 2:30 analysis of president obama's meeting with the crown prince and war on terror. highlights of my discussion with central bankers from peru and colombia. that in more when we returned. ♪ mark: welcome back. the new york fed is painting a bleak outlook for student loans. more borrowers failing to make their payments five years after graduating. janet lawrence joins me with more on this board. why does the student loan balances continue to increase? >> good question. you see the number of loans continue to creep up because every year there is a new cohort of borrowers. also people are not paying down the balances. they may be de

caroline: that is bill dudley. and of course, european equities there record highs.tors stick to them or take their money and run? that's what we will discuss with our next guest. cio we were just hearing from bill dudley, the president of the new york federal reserve talking about how he a quick and see inches rates going up. it was in the spotlight a you pulled back from the rest of the world. are you expecting a rates rise of this year? guest i personally am not. outside of the employment david -- data double much more relaxed approach to interest rate rises. mark: what does it mean for u.s. stocks? will it continue to lag in europe? chris: the problem is the dollar. we'll probably see a four point 5% decline the year which is significant. most from the dollar is sign for the oil industry. that is a problem worldwide. the dollar is the main factor. the numbers should be about september and continued to say year on year declines in the u.s. earnings. caroline: you are more trusted to the european side of the equation. even though we have the headline broken by bloo

we have heard very similar comments from new york fed president dudley recently and i suspect he speaksan the fed chairwoman who is sensitive to the market overreacting to what she says. >> there's an argument you're not just going to prevent inflation by hiking rates but you actually could stimulate growth by raising rates. it sounds counterintuitive but people are getting paid more for deposits and paid for more investments, they might have more money to go out there and reinvest. there is sort of this growing undercurrent saying -- >> i would argue against that. the cost of financing and higher the cost of financing is that rerestrains economic growth. erik: gina you have an s&p 500 for your end of 2222. call it a couple points higher from where we are right now. to what degree does that target assume a rate hike of 25 or 50 basis points? >> it actually assumes we get 50 basis points through the second half of next year and pickup in earnings growth as well. the more important aspect quite frankly is earnings growth. in our model every 25 basis point increase in fed funds takes only

we have a cnbc exclusive with bob dudley. be our guest as well. to paraphrase monty python's night, we're not done yet. >> far from it brian. tonight on "fast money" we'll be trading some of the comments we get from the ceos. we'll be all over the big after the bell reports, we have amgen, yum, chipotle as well as yahoo!. >> live from houston and the nasdaq, "closing bell" starts right now. >>> hi, everybody. welcome to the "closing bell." i'm kelly evans on a busy day, bill, here at the new york stock exchange. >> i'm bill griffith back here at cnbc headquarters. we'll be seeing you later on "nightly business report" on pbs. what a day, we have earnings galore, a nasty takeover offer from mylan labs from a competitor of theirs. that will be juicy to follow. now this strange story, this arrest going back to the flash crash of 2010 may of

way, is the fed going to raise rates in a possible slowing economy, which looks like -- melissa: dudleyaid more likely than not this year. second half of this year. >> that doesn't mean june. if it's later in the year, that's good. i'd buy the market based on that. >> i think it will be later this year because of that jobs report on friday which was really depressing. terrible terrible report. >> which brings us back to the earnings report. worst earning season since the third quarter of 2009 for companies. it seems like we took a step back. that 5% pop in gdp a couple quarters ago. now it seems like we've slowed again after not getting everybody back -- >> some of it is declining price of oil. some of it is strong dollar. exporters are being hurt. we've seen disparity between the gdp numbers and the employment numbers. now they seem to be converging at a mushy middle. >> we might have a zero gdp print. melissa: no. no. >> yes. it's possible. melissa: i want to move on to the most important story of the day. nasa is predicting we will find life on other planets in the next ten to 20 yea

so many people are saying, bill dudley of the new york fed making those comments in newark, new jerseyf all places. it will be shallow. that's the new word. not patient. but shallow. thank you for joining us. we love our floor show traders. closing bell, 49 minutes away. full of american fair. the us central bank ramps up its stimulus program, should you load up on french food, spanish tapas and german soup? we have a bull bear debate. how many ceos complaining about the weak euro and the strong dollar, but not the ceo of fedex. he pulled a move that capitalized on both. ♪ >> we have a fox business stock alert. one ceo has just turned all that strong dollar weak euro whining right on its head. fedex figured out a way to cash in on it in $1.5 billion move. the package delivery giant seeking to buy t&t express for a billion dollars. it will give them access to t&t's network. rival had tried after european regulators blocked that deal. so far, that does not appear to be the case. it doesn't look like an obstacle for fedex. the ceo of fedex telling fox business today he did not shy away fr

defense attorney dudley clapp. >> you have a complete lack of physical evidence.oody fingerprints. no bloody footprints out the door. >> but prosecutor lowry was confident about the evidence he did have. >> frankly, i think circumstantial cases are sometimes the best, okay, because they don't lie. the circumstances don't lie. people lie. >> and that's the case lowry made to the jury. the circumstances showed tim permenter was the only one with a motive and the opportunity to kill karen. and everything he did afterwards was fabricated to cover up his horrendous crime. >> the issues in this case were the murder of karen by the only person that really could have done it, and that person lied about all these things. and, you know, there's no reason for a person to lie about the death of their loved one, if that's really true. >> defense attorney clapp countered with common sense, arguing that karen's killer must have been just drenched in blood after a frenzied attack, and there was no forensic evidence to show that his client was that person. >> in order to buy the s

day after friday's weak job reports but this morning's comments from federal reserve chairman bill dudley sent a reversal of about 1.5% on the session. >> it was all sessions go. 9630, which is a little on the dixie on the way down. as it's been weakening, it's been running out of steam. some attribute it to the euro. at the end of the day risk assets are still alive and well. look at emerging market, 41-50 are levels it's been difficult to get to. we talked about this april window. it's a seasonal time. the dollar still has ammunition to go lower. >> pete najarian, what did you make of the volume? >> today we're under 13 million in terms of option volume, been averaging closer to 14 all the way up to 16 million over the last couple of months. that part stuck out to me. the fact that the volatility did get pushed down to 14, i i would say anything under the 200-day moving average is a buy in terms of volatility. i'm not talking about buying the vix, i'm talking about buying buying protection. when we get underneath there, that's when you want to buy that protection. >> and you have done t

that is what bill dudley told us earlier this week. that's kind of the operating assumption of the fed at this moment. one other thing they augmented -- some of the guidance they have given us on how they are going to raise rates, they say they will target a range in the 25 basis point range. they will go maybe 25 to 50. they will not pick a specific number. the repo rate they use to sell securities back into the market take some cash out of the market, will be the bottom of that rate and they will expand the repo program for some time in order to mop up excess liquidity. mark: the minutes also showing the officials are split on the rise. michael: most of them felt it would be too early. some of them felt it would be appropriate at that time, but this was before the march payroll report that disappointed everyone. the consensus view is they are probably going to go much later. mark: michael, thank you so much. again, we are awaiting word from federal court in boston, massachusetts. the verdict in the boston marathon bombing trial -- yo

it comes from mark twain and charles dudley warner, a book called "the gilded age" until today. it is set in washington dc. anybody read it here? nobody reads it any longer today. it is really a good read. it is a damn good read. we ought to read it more often because it is about corruption in washington dc. [laughter] dr. wilson: right here, on this illustration, this is the congressman from tennessee. you can see this is public document, and they are filing them in, and he says "all congressman do that", in other words, you are covering up. to show other illustrations -- this is the lady's dress, the elaboration of the interiors and this is a term that was very political, but of course it has caught on in a visual-cultural sort of way. it is very much what we use today. examples of this type of architecture that are here at home. on the public sphere, the eisenhower executive office building next to the white house on the right. notice the details. my date is a little off, it only took about 18 years to b uild the damn thing. you can have a contest on how many columns are on t

you have to learn the simple dance that dudley is going to show you. then wait for the mob.ryone will join into one dance led by the group rhythm in motion. the goal of the week and the event is to move hundreds to move. just dance! some dance, maybe a break in their day. some might rather stop and smell the roses. come to the san jose rose garden and fly over to the history hoover theater where they'll putting on peter pan junior tonight. go off to nervever land with the lost boys who never grow up. it's the junior production so they're not all grownups anyway. i don't enjoy seeing grownups in the peter pan outfit with the green tights. you have to eat healthy for that getup. we continue the week long celebration of the vegan life-style. oakland's veg week gets their hip on with the green dinner. it's a national health initiative to introduce youth in urban communities to delicious, healthy. vegetarian food. in addition to a vegan experience you'll witness some hip-hop performances live here. sort of like here with us. we're live. yo. back to you. >> this is something a lot

and in that fighting they will capture general joseph kershaw george washington cust s lee, dudley dubois and confederate officer who had been in charge of stonewall jackson's artillery and was wounded in the battle of chancelorsville with the general. he will be killed in that assault and buried on the battlefield. so with the counter attack taking place there along the creek one of the confederate soldiers who are in the battle mentioned in the final part of the battle said quicker than i can tell it the battle generated into a butchery and confused melee of brutal personal conflicts. bayonets and rifle butts crushed and pierced. others lost their weapons and used teeth to bite noses and ears in the terrible scuffle. one of the union soldiers that if you come to the park you will be introduced to his name was samuel eddie in the 37th massachusetts. they had a particular advanced weapon called a rifle that could fire seven cartridge rounds without reloading. and in this final attack eddie sees a confederate officer coming towards him with a white flag to surrender and eddie's officer mov