cnbc's geoff cutmore live in london with a preview of today. geoff, good morning. >> reporter: hey, good morning, thomas. the big story, of course, is the federal reserve meeting and whether we get another $10 billion in the tapering announcement. this would be another reductn of the bond-buying program at the federal reserve. it is ben bernanke's last meeting, so we'll see how he bows out here, but that is the question mark over this meeting for markets today. >>> moving you along, another disappointing quarter for yahoo! on the fourth-quarter numbers, both revenue and operating profit were down here. marissa mayer is in charge of this business and there are those who are wondering if time is running out for her to start delivering numbers. she's been there since 2012. they made a lot of acquisitions. it's time, it seems, for her to start showing how these are going to pay off. back to you. >> and geoff, quickly, gm back at the super bowl this year? >> reporter: yeah, this is a fascinating story. a couple of spots. they're going to promote the

as best buy fell sharply and wall street considered results from goldman sachs and citigroup, geoff cutmore live in london with other headlines. this is decent news about foreclosures, geoff. >> they say the shadow from the foreclosure crisis is shrinking and for 2013, we have the best foreclosure numbers in the last six years, i.e. significantly lower. the worst year for foreclosures was 2010. the latest numbers are 53% decline. so, clearly, we're moving in the right direction in terms of household income and people not losing their homes here. probably just worth pointing out that there are still some high numbers when it comes to florida, nevada and illinois. i want to move on here, because we have a fascinating story in the meat market area. beef prices effectively have been going up as everybody, i think, knows. your steak is getting more expensive. they are expected to peak here in 2014. that's the view. we have have had three years of drought, which means that the supply of beef has been very low in the united states, almost a 20-year low in terms of the cattle available. also, some

cnbc's geoff cutmore is live in london for us. geoff, this was a good day yesterday, but we have been off to a slow start for 2014. >> yeah, it's been a little slow and steady, but markets seem to be improving, which has got some people in the internet space a little bit riled up about a net neutrality story here. so, let's get on to that. a federal court ruling that service providers can do deals with who they like for content. the fcc was hoping that they could prevent some of these major commercial tie-ups, so it means that some of the bigger, richer businesses like netflix can do exclusive deals here. the regulators and consumer advocates are concerned that this may ultimately cost consumers a whole lot more when these large commercial entities push up prices for their services. >>> moving on, fascinating story if you're a bit of a car nut, like i am. the f-150 -- this is the ford pickup -- is going to get an aluminum body. i think you folks say aluminum. whichever way you cut it, it's a very light metal, it's going on the bodi

anyway, geoff cutmore, thank you. >> as it moves, it's a snail's pace. >> oh, my god. and before you get on, they use the near things. >> what? >> on each car to make sure that there's -- >> i went on a date in one of those capsules. >> was it a first date? >> no. >> this was not a mile high -- it's a 500 yard high -- >> no, but it was spectacular, actually. and we were the only ones in the little cube. it was like midnight. it was great. >> i would be all over you, holding on to you if you take me up in that. >> it wasn't scary. >> oh, my god, i'm afraid of heights. i admit it. i always have been. anyway, and it's not -- i don't mind helicopters and things like that. it's when i'm attached and i can look out and see the people. i imagine the people putting the bolts into it when they were making it and if i were out there -- i don't know. i don't like the eiffel tower. >> do you like bridges? >> bridge gates? i don't mind those. >> i would dive. cut right into the water. >> this is my favorite story of the morning because it explains why i've been late a couple of tim

geoff cutmore and annette are joining us. we had inflation this week. 0.8%, 0.7% on the core record lows for the eurozone. and the ecb's reference rate is 2%. what are they going to say about it? >> yeah. well, all of the numbers look a bit rough, don't they, ross, at the moment for the ecb? what are we, eurozone unemployment, 12% plus. youth unemployment, 24% plus. and then you have this more recent print on the inflation number, which appears to suggest that prices are moderating still in the eurozone. and you wouldn't expect that if you thought that growth is starting to recover and improve. but i suspect mr. draghi will tell you today that that's not the whole story. >> no. he will tell us most likely that inflation expectations are firmly anchored. we were already seeing inflation expectations well below the ecb target of below but close to 2%. so what i guess will happen is that he will reiterate his stance again and hear more about what the bank plans reporting another lto or the company. >> yeah. and that's the worry,

icbc's chairman told geoff cutmore that investors shouldn't expect a straight bailout. >> the icbc will not rigidly pay out funds to the investors. we do not assume that kind of ridgy responsibility. ble this incident has been a good opportunity to educate the lenders, the trust company and the icbc. >> i'm joined by a fellow at the fund global institute and the former chairman of china's banking commission. we heard in the reports before christmas that china's local government debt is reaching level of almost $3 trillion, 40% of which could come due in 2014. you've been warning about this since 2011. how dangerous is this situation now? >> we announced it twice about that figure in two years. the first time is about the s&p 111. and the second time it's about 20 trillion something. it's 18 trillion. >> you're talking about the shadow banking secretary here, too? >> it's not just shadow banking. it's local government and borrowing. i can it's a remaining issue and people should be concerned about that. it's to increase the transparency. so they are monitoring the changes. and the popula