janet's family and friends are desperate to find out what happened to janet.on the other hand, not so much. >> i kept talking to raven. "you've got to help solve this case." >> reporter: tim dowd is shocked when only four days after the murder, raven leaves town, taking kaiden. they go to his boyhood home outside salt lake city. is it too painful for him to stay? or is he running? >> my thought is, if somebody were to murder my wife or a child, or any close family member of mine, i'm banging on the police door saying, "what have you done lately?" raven did nothing. he left, and never came back, with the exception of sneaking into ton once to pick up his furniture, and he left. >> he hasn't helped the police. he hasn't, like, set out a reward of, you know, help me find my wife's killer. >> raven provided cooperation at the beginning of the investigation, but there've been subsequent requests for interviews that have gone unanswered. >> reporter: police would like to ask raven some questions, especially about the knife that went missing the night janet was kille

who killed janet aboroa.this is rarely like cases you see in the movies this has a twist worthy of a screen play. the jury is about to get a surprise. >> reporter: the prosecution is about to rest in north carolina versus raven abaroa when the proceedings come to a screeching halt. someone in the d.a.'s office discovers a long-forgotten hard drive from janet's computer. >> as soon as the state became aware on thursday morning that these items did exist we immediately brought it to the court's attention, and it was turned over thursday afternoon. >> reporter: the drive is analyzed. among the many files are e-mails between janet and her ex from college, scott hall. >> mrs. abaroa and a former boyfriend of hers. they are e-mailing each other every single day, and they are trying to hide this. some of the e-mails are flirty, some are sexual in nature. >> janet dated him for a very long time. and she was always, i guess you would say flirtatious with scott. and, you know, she still communicated with him, but when

what is your bet on janet yellen? would be surprised if this is a market winning speech. >> martin feldstein, thank you for coming out here. back to you. hopefully it is warmer in new york. >> thanks so much, live from jackson hole, wyoming. theng up, golf looks for fountain of youth. the game needs young players, will golf find them? some ideas. ♪ kids grew up where watching tiger woods, you would think golf would be on the rise. participation rates between the 18 and 24 fell. playing, it'sare all about detail. some savvy folks from the tech world have found ways to record detail. the tcu. before we get into what your company is doing, tell me why --ng people are not playing is it too expensive? >> the number one reason, there was research asking people why millenials are dropping out, the number one reason is golf is boring. pickedline in golf got up by running and cycling. if you see the explosion and cycling and running, we think it with the factted that quantified self has taken over those sports. that, coupled w

from ill you listen for janet yellin? >> the way they refer to under employment, it's underemployment in five, six different ways. let's see if she adds onto some of the remarks she's made before on the same subject. i'm strucking to think she'll say something particularly new on this. >> thank you for going there. does she run the risk of effectively being, i don't mean to sound critical, but a one horse pony. in terms all she ever talks about is slack in the labor department. >> this is something she does need to address and where she has internal opposition. so i think this is something she has to talk about. but, on this particular subject, it's quite hard to say anything new. >> within the conversation scarlet, what i find so important here is fed people's surprise when there's an expectation of no news. they drop the bombshell when you least expect it. -- just trying -- how >> he's the economics guy. >> the fed minutes leading up into this janet yellin comment period, are we set ourselves up for disappointment? >> i

we have two hours together and it's all about janet yellen today. we have no large economic data that's due to hit our wires. we're very much in wait and see mode as janet yellen is prepared to address delegates at jackson hole today. the debate going on on the sidelines is that the market and the economy are both strong enough to warrant a rate hike. philadelphia fed president charles plosser thinks it's time to move. >> i would prefer us raising rates sooner and raising them more gradually. but the longer we wait, the more i see it as us having to raise them more quickly in response to a stoppinger economy and perhaps inflation. >> so we need to talk more about fed policy, we need to talk about the markets, we need to put it altogether and talk about it. les keiken is with us here for the top of the show. hi, les. >> good morning. >> how are you? >> pretty good. >> what are your anticipations with regard to fed policy and what we hear from the fed today? >> i think our economists generally don't expect something too exciting out of the meeting. >>

janet yellen a big speech today at 10:00 a.m. time and on to the 10:00 hour where we hope to hear from mario draghi. mike mckee saying there was a wave of rain yesterday across we willd eat theons and bring dr. us are kin of deutsche ank. a record high yesterday for the standard and poor's. we move on to the summer of of the t for much western woled. the execution of james foley. we'll talk about the news overnight from iran and what the response should be of the united states and what our foreign policy should be as we go to the presidential election of 2016. >> fascinating conversation to ook ahead to, tom. worrying about overevaluation of stocks and geopolitics and now the possibility that there could be a volcanic eruption in iceland. >> i haven't caught up with that story. where is that? can planes still fly over eastern iceland? >> yes. at the moment there is nothing to worry about. there have been many rumblings under the ground. i'm been assured here by people that should know that the army industry in a much better state

when we continue, we will discuss the fed chair janet yellen's remarks in jackson hole. ♪ >> janet yelleneech kicked off the jackson hole some posing. her message -- or is still slack in the u.s. labor market. chief advisor to ollie ounce, and a columnist for bloomberg view. he joins me from california. what was your take away from chair yellen's comments today? did it do enough to satisfy the market, and to give transparency to the debate on the open market debate? ncyagain with transparen on one thing. as mike mckee said, that is a key input into the future of monetary policy. very good for working around the next corner and seeing how complex that is. the good for looking around corner after that, which has to do with financial stability and the global applications of what the u.s. is doing. >> how much weakness remains in the u.s. job market, and what the economy needs right now to achieve maximum employment? >> the biggest weakness is the failure of wages to respond. as jenny ellen pointed out today, all other indicators are stunning to move. we saw that in the minutes that were rele

if you want to put it in lil rascals' terms, janet, where are we going? i don't know, but we're on our way. the numbers are telling us the market and the u.s. economy is improving, and we're going to need to change our interest rates, but tapered a little bit more in the sense that we'll be able to handle a little bit of inflation, as it were, and we're still not sure where we're going with it but ready to act if that happens. so we had a little -- i would judge this, she did turn slightly hawkish, that was not unexpected. we are expecting a little more hawkish terms which the market, we really want to sell off, but there's no reason to. liz: jerry, ben's favorite line included this, that there isn't one particular indicator or model that the fed should rely upon to make decisions on interest rates. i need to hear from you having been on the inside, which line you felt was most crucial out of the speech. >> i think the most crucial thing is she doesn't think the market is strong enough yet for the fed to raise interest rates. she didn't tell us what it wo

janet? i think we have some technical difficulties, janet, can you hear me? does it make a difference? >> yes, you know, it definitely makes a difference. you know, every incident is different. you know, in the time that every officer is going to respond differently depending what they feel is the perceived threat. >> you know, i spoke to the governor about this today about the departments becoming increasingly militarized, the police departments, around this country. and many say that's become excessive. what has prompted this, commissioner? >> the militarization, if you will? >> yeah. >> well, don, you got to look at the history since 9/11. just today, the secretary of defense and you talked about this earlier, talked about isis and the threat that we face from isis, both abroad and possibly coming here. we need as much help in fighting terrorists as a group possible. and you can look at the units, i don't think -- >> do you need that -- do you need that in ferguson, missouri? how many terrorist organizations are targeting ferguson? to be honest? >> the rea

it's not obvious that janet yellen is able to do that. liz: all the more reason, jon, they are waiting to hear what she says on friday. keep it to today for a second. what jumped out on you in these minutes? >> i want to come back to what you were talking about about, fear and how that relates to the minutes. you know, i talked to a lot of officials in the last couple of months who have been really surprised and a little worried that the markets look complacent. they've been dropping all kinds of hints. yellen said in july, we might have to move rates sooner than we expected if the economy keeps improving more than we expected. liz: why is that fearful? why should i be scared that the economy is improving and see rates tighten a little bit, jon? >> that's good news for everybody. but what the market doesn't seem to be pricing is that it will happen. if you look at short-term interest rates and futures markets, they don't believe it. investors seem to think that the fed's going to wait well into 2015. and the fed's dropping hints and did a

fed chair janet yellen says the u.s. economy is improving, but not enough to worry the markets about moving up the rate hiking timetable. >> slipping. why buying and then quickly selling houses is back in vogue but this time the game has changed. >>> and stripping. the vegas strip is back, as the first casino in five years opens its doors. we have all that and more, tonight on "nightly business report" for this friday, august 22nd. >> good evening everyone and well company. it's billed as a kind of summer camp for 3407b tear policy superstars. the annual retreat for central bankers hosted by the kansas city federal reserve in jackson hole, wyoming. and today amidst the elk, the moose and the low-hanging clouds came two speeches from arguably the two most powerful central bankers in the world. and their stories were very, very different. federal reserve chair janet yellen's highly anticipated speech described an improving u.s. job market albeit one that is improving slowly, and an economy that is making progress. but her

her name is janet kelly. she was the secretary of the commonwealth.and she's actually the second person on the job right now. she is a huge supporter of bob mcdonnell having worked for him as attorney general. the prosecution has alleged that the events and meetings the governor nnie williams was part of that quid pro quo they alleged and in exchange for all the money, $177,000 in gifts and loans from jonnie williams. >> i'm not going to answer any questions this morning. i just need to get in the courtroom. thank you. >> reporter: was it hard to be a part of this? >> maybe we can talk afterwards. i'm not going to answer any questions right now. >> i feel great. i'm glad we get to saturday our case and be able to tell our story. >> reporter: are you ready to get up there? what do you want to say? glil' let you know when i take the stand. >> reporter: do you know if maureen or you are going first? >> i can't. >> reporter: inaudible question. >> we're looking forward to being able to present our case. thank you very much, everybody. thank you. >> report

let's get janet upton from the california fire department, the pio, janet, thank you so much for beingwhat can you tell us about these people that are trapped? >> well, i can tell you personally, set the record straight first of all, actually i was involved in the earthquake and a resident of napa myself. i haven't been out responding to a lot of the other area other than my neighborhood, and i can tell you that my neighborhood, chimneys have fallen, appliances fallen over, houses are, you know, several thousand dollar damage in terms of the contents, the quake happened just before 3:30 a.m. and it was strongly felt, from what i'm understanding, about five or six miles we are from the epicenter, reported west of the napa airport, so it of course woke everyone up and we of course, you know, the neighborhood came together, turned off all the gas lines but listening to the response radio, there have been silence going basically for the last two hours, checking on people, reports of minor entrapments downtown napa seems to have suffered some damage in terms of reports of the front of house

fastball for janet yellen.rybody expects her to step up to the plate, put the cap on and smack that away for a home run. dove capitulates? everybody i spoke to this morning says no. you very much. let's take a closer look at what is happening in europe with virginie maisonneuve. let's talk a little bit about the data we have had out this morning. we kicked things off with china. overnight, we got disappointing hsbc pmi numbers. france.ot germany, the composite eurozone number came in below estimates. this is for the month of august. we are getting early readings. where do you think we stand? >> clearly, the russian situation has created i think another element of difficulty, particularly potentially denting some business confidence. i think that is the key thing. that doesn't mean that is going to go on forever. there are talks and hopefully things will be resolved. hoverher thing is, as we around that 50 level in pmi, we should expect given the fragility of the recovery and in example,s, france for the sluggis

yellen andom janet look at the market reaction. yellenomist has called "the ferry godmother of the bull market." he says she will not let us down. she will get a dovish message today. what's interesting. and the last seven jackson hole meetings, the s&p 500 has risen the dayge by 1.3% on that the fed governor speaks from 2007-2012. bernanke did not speak last year but every year from 2007 until last year. the s&p has risen and it hit a record high yesterday. raiseill match you and you. volatility has dropped by 31% this month. investors are pumping money into bets that volatility will not rise any further. bit of a hard one to get your head around but investors pumping $300 million into a bet that volatility will not rise any further. it is the velocity daily inverse vix. the last time we saw this kind of momentum by the market, it was right at the start of the year. that was rather short-lived and we're seeing a similar pattern in people betting against the tax -- the dax. >> muhammad el-erian said yesterday what we have here is d

fed chair janet yellen, not tipping her hand with remarks at jackson hole claiming, quote, there is no simple recipe and interest rate hikes and expressing doubts about the jobs recovery. her comments leaving bulls wanting more but they have had quite a run. they have nothing to complain about! s&p with the 20th record close of 2014. not everyone is getting in on the fun. less than 10% of s&p stocks reach ad 52-week high. of the ken what do you think about that? whole broader market is not necessarily participating in this. specific talks driving higher. what does that tell you? >> seen pretty bad breadth. this started two months ago. if you look at charts, malaysian airline crash caused whole bad breadth. leadership is narrow and narrow. international forces are more of concern to investors sometimes than even janet yellen what had to say today at wyoming. >> what do you say? >> this is not like the dot-com bubble where one clear group is rising above the rest. it is pretty hard to find bargains right now. stocks look pretty fully priced across the board. melissa: it tells you that it

>> i focus on what janet yellen has to say. at the same time, what scott said, things are looking good, i wouldn't be surprised we have sell the news tomorrow after what she says. this end of august is a little bit after dip. makes sense from seasonalitity point of view. all in all things look really nice for me. david: ryan dietrich, brent wilsey, scott bauer, thanks for you all coming in. really appreciate it, guys. >> thank you. liz: we have to continue to talk are gat in jacz: gorgeous backgt what is going on in the foreground if investors have their ears to the wall, looking to clues when the fed could raise rates. we have a man who has been in the fed voting room with fed chair janet yellen before. he knows what she might be thinking. former kansas city fed president and now fdic vice-chair, tom hoenig. david: nice to be a fly on the wall. he is a fly on the wall. >>> bank of america will play $17 billion to settle grimes over mortgage bond that it sold that led up to the financial crisis but where does all that money go?

generals with janet's viewpoint on what that policy is meant to do. ofimum limit in the context price stability. we are not going to have an inflation scare going into the end of the year. >> unless you drink coffee. >> if you can substitute corn, you're good. >> you see the fed balance sheets and the s&p. you have seen them rally together. question -- there is no question that fed balance sheet expansion is reflection or he. charts.e looking at >> the fed balance sheet going tois sufficient conditions death it is not a necessary condition. there are other reasons why we can have an equity market rally. go back to the 1990's. the fed balance she did not do anything -- balance sheet did not do anything. 1985, thek at 19 -- fed balance sheet a percentage of gdp fell from 20% to 5%. it was getting smarter as a percent of the economy for one of the greatest times in our economic history. i don't think it always has to be the equity market goes up only because of this. it will go up when you give it a steroid shot. there are other reasons in the economy th

we were expecting a lot more from janet. weren't you? >> you know, actually, ended up being anticlimactic. i was expecting a little bit more. hard to accuse her of anything. given recent data points, especially wage growth, lack thereof and cpi coming in a lot colder than expected, she is able to lay in the woods right now and talk about being very data dependent. talk about wage growth not being there and environment changed since that great recession. that said, very anticlimactic. i was caught a little bit surprised. liz: steven, former fed board member, so let's get right to your opinion on this. tell us, give us some direction. i love how larry cac gorized it and hard for him to be mad at her because this was sort after squishy speech in a way. >> she didn't break any ground. that was right. repeated what was said to the statement at last fomc committee meeting, they see economy is not full employment and need to keep policy accommodative. this was message of continue ages. she didn't break new ground. but these highly hyped speeche

what are you watching for most carefully from janet yellen?> it is pretty clear that she is going to be somewhat dovish relative to market views. , sheu look at janet yellen is clear that there is labor capacity in the marketplace. she thinks there is more the fed can do to help. >> politically speaking, what else is she going to say? i have no power, i don't know that i can do it? it does not cost her to say that there was a lot of spare capacity and the fed should not -- should keep rates easy. to say there is a lot of spare labor capacity and by the time she gets to mid 2015 there probably won't be any and then she can justify the rate hike cycle. she is trying to justify what policy is easy now. but i think they should have hiked rates a long time ago. >> this is interesting. why? >> everything works with lag. there is a lag between the unemployment rate picking up and wages dropping. >> how long is the lag? >> you are looking at about a year. ubs went through the breakeven for on a plummet for five months ago. -- employment for five month

what do you want to hear janet yellen say?hear her continue to be as dovish as she has been. we have got a favorite there. so i think rates are not going to hold out lower nomad or what she said. the minutes yesterday were something that was very interesting in the way the market reacted to those minutes. a lot happened since july 29 and 30th. i am not sure what the market was reacting to was current data. it is also assumed many of the to thebers want to go tightening direction and that is not case either. i am looking for janet yellen to give some clarity to her position as we go into the next month. >> because you think there are members of the fmo see who are breaking ranks and want to raise rates and it is not as uniform as the minutes indicate yesterday? >> i think that is clear it is the case. they have been public about where the fed has been now. she has been a little more reserved and a little more, let's wait and see on how the labor markets perform as we go into the next phase. a absence of inflation or limited eco

he went after janet yellen.emember he got turned down the job because he couldn't get senate approval in order for janet yellen to get in there. criticized yellen about social media stocks and debate other issues this is interesting. summers supports obamacare said it shouldn't have been implemented until economy improved. melissa: maybe why -- >> maybe why he is not fed chair. he goes off the reservation constantly. melissa: scott martin, bring you into the discussion. worth noting as he is saying wrong of janet yellen to criticize social media he is good friends and close colleagues and long history with cheryl samburg at facebook. what do you think of this story, scott? >> cheryl has become quite rich as facebook has recovered. if janet yellen didn't like social media before she made that comment, certainly doesn't like it now because they blew her up on it after that comment was made because it was to charlie's point and some of the guys at party, it was out of left field. making a speech and all of sudden,

last week the news from russia sending the dow into a sudden tailspin, but what as janet yellen confused perhaps or a guest who calls isis the most dangerous terrorist organization of our time. if you thought airlines could not come up with another way to charge you for something, don't take off. we have a story to make you dislike flying more, if that's possible. you know, maybe the stocks are confused. they're neither here nor there. what is of note, brian, to tell you is that it is the best week in four months for both of these industries. it's the two-years yield. this morning it hit three-week highs on the bam of those comments as she did not push back. remember, they revealed that some committee members thought that economic improvements may warrant a faster move to the exit than initially thought. maybe it's what she did not say. let's get do dom chu. it's the best monthly gains. we haven't even finished the month so far. >> if you look at the picture overall, the intraday charts tell you a story. if you look at the dow or s&p, what you see is that dib down towards just aroundy ye

janet says they may be overvalued, but they still push stocks higher.on't know what this market's saying. what you will want to pay attention to is after the labor day holiday, when more participants come back, art cashin always tells us, right, you don't want to see an election won with just a couple hundred people voting. you want to have an election that's won decisively with a lot of people participating. after the holiday happens when people start getting back to their desks and trading volumes tart to expand, that's when you will see perhaps a more definitive view on what the real bias of this market is. remember, light trading, bias upside. wait until september and see what happens. >> guy, what do you think happens come september? >> i think janet yellen doesn't know the difference between biotech and biodegradable, that's what i think. how about that? >> what happened to fight the fed, right? what happened to that? >> listen, biotech -- and i'll say on a serious note, there are patches of real strength. i think biotech continues to show you tha

janet yellen was there but did not make speeches.do not know which direction she will take, academic outline or policy prescription. >> what is most likely? >> people are expecting a policy talk. speech title is labor's market. market.r i know kansas city fed people would like to get back to the old days when the focus was on the symposium, not the speech. also not clear what she would say. >> what would she say if she didn't? is lockedicy changes in. onking to the first moves interest rates. if she wants to i suppose she could given up a on the labor market -- had. put that in the context of the papers deliver there. she spoke a lot on part-time employment and how it is elevated. good story at bloomberg.com for that. it is coming down. the percentage of workers who ,an only find part-time workers still much higher than in the decade before the recession. also talking a lot about long-term unemployed, people who have been happier or more without having to find a new job. big focus for yellen and others, wages rising at just the level

what do investors and business leaders need to hear from janet yellen on friday? >> i'm not sure what they need to hear. what they are going to hear as steve pointed out is big focus on the labor market that progress is being made and increasing confidence with the fed that that progress can continue but we're not there yet. there is still slack, it's too soon to throw in the towel on the long-term unemployed and those who left the force. the fed would like to give these folks as much of a chance to repair the damage from the great recession as possible. while the fed is inclosingly getting their heads around the idea economic conditions will justify them starting rate hikes next year, i think they will want to move slowly and cautiously. they don't feel a great sense of urgency and they would rather air on the side of the giving the economy more chance to improve the damage. >> jim paulsen today, a lot of people, my humble little self included read it to be more hawkish than some anticipated. did you read them that way? and if you did, why did the stock market mo

against hopes of janet being janet yellen, to be respectful, fed chair, obviously, being more dovish? surprise is coming out of jackson hole. what's going to happen is the federal end qe in october and probably after that start hearing talk about tightening. the fed is at a zero bound interest rate a no other toolings in the tool kit. they have to normalize fed policy. if we fall back into recession, they have nothing to fight it. in general we see the company have be a skate philosophy and the fed would rather have inflation versus recession to deal with. >> that means energy price goes up, or no? >> no. absolutely not. look at it this way. we have a strong dollar, we have production increases. a weak eurozone. look at china now. moving their economy from largely investment to a consumption-based economy, bess demand on commodities. we're in a period where i'd focus on the consumer. consumer discretionary. consumer will have greater employment, rising wages, low commodity prices. optimum environment for the consumer. >> got all that right now. not spending in retail. >> not at all. b

earlier this year, janet yellen -- earlier today, janet yellen delivered opening remarks. she said questions remain over job availability and when to raise interest rates. for now, the fed is leaving itself open to set economic policy according to economic performance. >> the eyes of the worlds investors are fixed on jackson hole. the conference of bankers has a renewed cachet with all major central bankers in attendance. they are coordinating strategies between the united states and europe. they're more divergent than ever since the 2008 financial crisis. janet yellen plans to gradually raise interest rates of the employment stage -- situation in the united states continues to improve. for now, she is holding off. >> over the past year, the unemployment rate has fallen considerably and that a surprisingly rapid pace. these developments are encouraging, but it speaks to the depth of the damage that five years after the end of the recession the labor market has yet to fully recover. ecb president meanwhile has indicated he is operating on a different track than the fed. he

janet yellen and mario draghi both spoke today. michael mckee is there and joins me with the latest. >> pimm, certainly not a day you could necessarily trade on but a lot of information for investors to digest. two central bankers with their economies going in different directions, two different messages for the colleagues and the markets. for janet yellen, acknowledgment the economy is getting better faster than she expected which does put rate increases on the table. the timing remains uncertain. act too fast and you risk threatening recovery if investors overreact and push market rates up deceptively. act too slowly and you risk accelerating inflation that would force the fed to raise rates higher and faster short-circuiting growth. as yellen said, monetary policy must be conducted in a pragmatic matter that reflects the ongoing assessment of a wide range of information. mario draghi does not need information. he knows his economy is in trouble, growth stalling in eurozone and inflation is still falling. after a long-delay, the

this is janet yellen's worst nightmare. the bloomberg terminal. we had a little bit of a spike down in negative yields. you can see the persistency here. this financial repression that we have enjoyed. this is the price of salvation by our central banks. >> the two year yield minus inflation. we actually have negative returns. >> negative returns for retirees. what an on front page this morning. it is jammed. >> let's start with iraq. the u.s. may send airstrikes in iraq. targets were hit near the mosul dam. kurdish and iraqi forces are trying to expand the control of the region. a developing story in the last hour. the kurds of northern iraq want their fair share. that is their price for taking the dam. there was a report, a little less unconfirmed that i would will support the new government. that is the big deal here. that could be good news for john kerry and president obama. >> finally, right? released aitants video showing them killing an american journalist. >> this has not been confirmed by our state department, by the white house, etc. th

hat was your take >> there were plenty of headlines about janet yellen.are seeming to suggest she suddenly shifted to the middle ground. that is the case. she was talking about the fact that if her view was wrong the federal reserve would have to move earlier. then she said why she thought the ample slack was not wrong. i would caution a little. i think we have been reading a little bit into this shift to the middle. >> based on those views, we are set to see a tweet next month, considering if they are data dependent, why have we got that line? tweak? >>ee a little there is always the potential for a tweak. show itness survey did is building. there is not wider evidence to support that notion. we have seen earnings jump up dramatically. we saw the most recent payroll number. as unemployment rate rose you had people reenter the workforce. they expressed there is ample slack in the labor market. >> let's talk asset allocation. you are still overweight u.s. equities. we're back towards record highs. how much more have they got to run for the rest of the year

everyone waits on janet yellen's friday speech, this woman's opinion matters more today. esther george whether she thinks today's strong econo data, plus how to maximize your portfolio now for then. >>> all week long we've shown you airborne drones in "rise of the drones." check out the experimental seafaring drones. we lift the veil on the future of warfare. it's a fox business exclusive. >>> and alert! all american jobs coming soon, on road or off-road, polaris producing all-terrain vehicles for 60 years. shares up 60% and now hiring 300 people in iowa. polaris chairman and ceo joins us in a fox business exclusive. "countdown to the closing bell" starts right now. good afternoon, everybody, i'm liz claman, less than 60 minutes to gain seven points. that's how far the s&p 500 has to go to reach 2,000. the historic 2,000. s&p in record territory heading for 28th record close this year, gaining by 7.75 points or third of a percent. breaking news with the dow up 95 points. just a short time ago, the obama administration announced it will move to increase regulations on cert

i thought janet has moved -- i think janet is a person who is definitive about labor slack to one who is maybe a little less definitive. i think there's more questions in the room now. the you read the minutes, there's more of a debate about labor slack. i don't think that means that eminent change in policy. i think that as dennis lockhart just said, the margin of error is sometime between spring and summer. remember they said considerable period from the end of qe. qe is going to end october. i don't think they're going to move data. there's still going to be several months. what i would be listening for, i mean, i don't know if your guys around the table are going to win or lose a fortune based on march or june. where fortunes will be won or lost is on the trajectory of the rates. over a long period of time, with a low slope. i think that's still the best bet but that's where money is going to be made and lost. watch the slope not necessarily the beginning time. >> all right. well said, steve. thanks so much. thanks a lot for that interview as well today. steve liesman in jackson h

janet yellen's speech in jackson hole on friday. so will the fed chair be as dovish as investors hope, or is there a surprise lurking in the grand tetons? someone who probably knows. our own steve liesman who is there. steve, will she disappoint the markets or not? >> depends on what the markets want, scott. >> you know what they want, steve. >> you know better than i do. >> you know what they want. >> the story, markets expect yellen to be neutral and the cnbc survey prepared for the jackson hole conference here, 63% are looking for yellen to be neutral relative to a prior stances which would be essentially dovish. 31% think she may actually be more dovish than she was before. how dovish does the market think the fed will be? we asked our respondents, 36 of them, scott, to look forward. where will interest rates be in '15, '16 and '17, and where will the fed stop? we plotted it out compared to other interest rate hikes. this will be the longest interest rate hike since at least 1983. three percentage points they'll rise are about n

the chairman, janet pays close attention to the jolt report. what does it is a about the economy and fed policy? former presidential economic adviser ed is here with us live. >>> this is a speed bump for tesla. one day after the stock surges on wall street upgrade. tesla's model s gets hit with a less than perfect review from consumer reports which finds quirks with test car after more than 10,000 miles. will the review slow the stock, the sales or is tesla being held to a higher and unfair standard? "countdown to the closing bell" starts right now. . liz: good afternoon, everybody. i'm liz claman. with just one hour to go, a two-day rally for stocks appears to be over. investors seem to be focusing on something they didn't focus on yesterday. new concerns about the crisis in ukraine. now in the absence of any major earnings reports or market moving u.s. economic news, though i would fight against that. you talk about the jolt survey in just a minute which looks really good. the major stock averages are not really good but not bad either. the d

janet yellen is speaking about labor markets. economists that bloomberg has spoken to suggest she will remain dovish. there is still funny of room for improvement in the labor market despite the improving figures. the caveat to last night's minutes, we had key wage, inflation data, since the july d toing which is surprise the downside. the unemployment rate is up. it gives the doves a little bit more ammunition ahead of jackson hole which kicks off today. >> the conundrum is markets. by 3%. bond yields are rising. stocks in the u.s. fell by retraced the losses. the dollar up as we know. volatility down. gold down. mixed messages in the market. the bond markets are telling us rates are coming sooner. the stock market does not seem to care or does not believe it. >> or the stock market says great. the economy is doing better so get ready and consumers, go spend. >> stocks will rise. latest data on the chinese economy was just released. the numbers were not too good, were they? >> not as good as we expected. it still came in at 50 p

the fed chair janet yellin say saying that the economy overstates the health, and which means that the economic recovery is not what it should be. >> well, to her credit she said that the labor market has not improved to where we want. to her credit, she said it did not improve, but i would like to see stronger economy. and the participation rate as is the lowest since 1978, and the double-digit unemployment for young people and the economy is still in trouble. >> and is that the right, jonas? >> well, for young people, it is. >> for certain people. >> i invest in corporations, and not young people, fortunately. but what i am trying to say is that the longest fed rate policy has done what it can for the job

federal reserve chief janet yellen is giving away very few clues about their future course of u.s. interest rates. >> at a central banking conference in jackson hole, wyoming, she said the u.s. labor market was still hurting from the effects of the recession and that the fed should move cautiously. she is being closely watched for any shift in monetary policy. most analysts expect the fed to raise its ultralow benchmark lending rates as it winds down its economic stimulus for the u.s. economy. european shares dipped in friday trading, trimming their biggest weekly gains for six months. our correspondent sent us this summary of friday's action from the frankfurt stock exchange. >> politics is clearly back on the agenda after russia decided to send its aid convoy into the ukraine without the consent of the ukrainian government. the ukrainian government called that act a flagrant violation of international law but also said that they have no plans on attacking it. another big highlight for the day was the speech of janet yellen, the fed chair, which was taking place at the annual gath

absent movement by congress, what choice is janet yellen left with?nk after the midterms, there's good chance for congressional action. whether congress and president obama agree, is another story. the fed is not able to pull into many more people from the margins of the labor force than it has done right now and it runs the risk of ms. allocating credits. has donetely, the fed what cam. >> is the fed ms. allocating credit right now or encouraging the misallocation of credit? >> while interest rates are very low, it's good news for large companies refinancing their debt or for the government and wealthy households. the many households cannot borrow anywhere near this rate. certainly entrepreneurs and small businesses cannot. the fed is aware of this but thinks it's in the interest of making the employment situation brighter. >> if we look at the whatloyment rate, i'll literal level -- at what literal level doesn't become an issue and force the fed's hand? >> within a year, we will be at the lower bound or below of what the fed even says as the natural

janet yellen would say we are still waiting for wages to pickup.his is something that has not happened since the recovery has taken place. as i said earlier, i know a lot of people feel like there is a disconnect between perhaps what is presented in the media, what experts discuss. this is something we happen writing about, and my colleagues across the journalism space have been discussing for sometime. the question is -- what is happening to the middle class in the united states? they feel like they have not been making progress. what are those things that are holding companies back from providing better pay increases? i will give one quick answer to that and that is the environment that she described 40, 50 years ago, it was not a globally competitive environment the u.s. was dealing with. we are now up against markets all across the world for better and for worse. one might argue the u.s. has done pretty well in that environment. we are still a dynamic and massive economy, definitely the most innovative economy on the planet, but many people who

one of the first witnesses is janet kelly. she was first a campaign manager and later a cabinet secretary. she had rave reviews on the stand about her former boss. but as for maureen mcdonnell her testimony only added to the unflatteri unflattering -- janet kelly says the relationship deteriorated when she worked on the 2009 campaign for governor. it was so bad that when he offered the cabinet spot kelly told him one condition, she didn't want to be the point of contact for maureen. testified kelly, i told the governor flat out when he offered me the secretary of the commonwealth job i couldn't work with maureen. the mcdonnell's defense attorney asked kelly to elaborate on the first lady's difficult behavior she began to cry before composing herself and answering she was very difficult, very demanding, very diva-ish. she didn't handle stress well and would freak out over little things. kelly said she was able to avoid maureen mcdonnell until she realized the first lady's outbursts were taking a toll on the governor. said kelly