melissa: janet yellen is taking the mic. >> the federal open market committee concluded its june meeting earlier today. as was indicated in our policy statement the committee decided to make another modest reduction in the pace of its purchase of longer-term securities. the committee maintained its forward guidance regarding the federal funds rate target and reaffirmed its view that highly accommodative stance of monetary policy remains appropriate, today's policy actions reflect the committee's assessment that the economy is continuing to make progress toward our objective is of maximum employment and price stability. in the labour market conditions have improved further. the unemployment rate at 6.3% is 0.4 lower than at the time of our march meeting and a broader measure which includes marginally attached workers and those working part-time but prefer full-time work has fallen by a similar amount. even given these declines, unemployment remains elevated and border assessment of indicators suggests underutilization in the

as janet yellen put it today, it depends.k to demand fundamentally for goods that are shipped around the country. there are a lot of things that play in, obviously. but how do you see the economy for the rest of this year? >> well, with the exception of the fuel wild card that you just mentioned, we're relatively confident about the economy. we see a bit of an acceleration. we think the quarter that we're in now could be as high as 3.9%. >> wow. >> housing is back up, which is a very big part of our economy. with the flat quarter in the first quarter due to weather and inventory correction, it will mean that it will be 2.2% gdp for the year. but as you roll into calendar year '15, our economist is looking for a gdp of around 3.1%. and perhaps more importantly for the business of shipping things, industrial production will be up around 3.9% in '15. >> and that outlook certainly a positive one relative to where we've been recently. i wonder, though, when it comes to other things affecting your business, competition is the key o

it doesn't improve faster because of what janet yellen said but it's on the mend. >> what would you have like to see or heard from the fed that you didn't, and how do you grade the yellen fed so far? admittedly, it's a short stint. >> yeah, i would like to see a more determination to bring interest rates back to a normal level over the next few years. i think all this quantitative easing and very low interest rate environment is a double edg edged sword. it threatens inflation but it isn't really building the productive capacity of the economy and i want a normalization of interest rates more rapidly, which i think can get people back to more normal investing because this is still a very extraordinary policy for an economy that clearly is on amend. >> everybody talks about interest rates, what is the timeline end of this year, next year, the year after, but what about where interest rates are going to be? is the number? are you expecting 4%, 5%, 6% higher? can you put a number on it? >> by the end of this year, on a ten-year treasury bond will be between 3 and 3.5% and by the end of next

. >> a dovish janet yellen gives markets a boost. giving no new indications of possible rate hikes, despite rising inflation. >>> and general electric is expected to sweeten its bid for al strom. the ceo makes its third trip to paris to meet with the government. >>> joe biden fires a shot to moscow saying the u.s. may -- for russia for the continues violence in ukraine. but russia's most powerful man tells cnbc he will continue to collaborate with the u.s. despite sanctions. >> we will continue to work to demonstrate our efficiency to be both beneficial to russian and american companies. >>> and from the pitch to the palace, prince phillipe ready to take the throne as spain's new king after the 2-0 defeat against chile. >>>. >>> you are look at live pictures from spain where prince phillipe is about to enjoy his coronation as the new king of spain. so a happy day for spain, but a sad day in many other respects. they were crushed out of the world cup. remember, they were champions when they lifted the cup the last time around. very di

let's talk about janet yellen.t seems the markets are listening to janet yellen and her commitment to keep rates low for a considerable time and of theg the forecast other members of the federal reserve. >> i think that is precisely it. no mention of the six-month window. the market took heart in that. the commitment took a lot of focus. there's a sharp downward revision. the markets walked away liking this. they walked away with a dovish interpretation. it seems to me that when you add up what matters for central-bank at what matters to the fed, they have a dual mandate. improve their own employment forecast. increased inflation forecast. in the end, those plots matter. maybe they don't. does that tell us that the rates will go up from zero? >> i think the proper conclusion is that they might go up a little bit more quickly. there's always a debate, which is central bank. they tend to underestimate just how much of a cold feet they will get. it will likely be a bit later than they think. it might eat sooner than t

janet yellen, we will hear from her in about 30 minutes. make that four minutes. is coming up. ♪ >> welcome back. i am mark crumpton. thank you for staying with us. we are standing by for the post fed chair, it's. janet will be facing questions from avril reporters, including michael mckee, janet yellen is live. >> good afternoon. the federal open market committee concluded its june meeting earlier today. our ahave indicated in statement, the committee decided to make another modest reduction in the pace of its axis. the committee maintained its forward guidance regarding the federal funds rate target and reaffirmed its view that a highly accommodative stance of monetary policy remains appropriate. today's policy actions reflect the committee's assessment that the economy is continuing to make progress toward our objection -- objection -- objectives of stability. rate, at 6.3%,t is 4/10 lower than the time of our march meeting. the trip -- the broader use thosee, which includes working part-time but preferring full-time work, has fallen by a similar amount. even g

it's janet yellen. wall street loved her messages. the job market is and it's different for janet yellen. >> a lot of things she said was greenspanesque. you didn't have a clue what she was talking about. >> you had to listen to it three times. >> i think that's great. from the press conference, someone asked hear wat a considerable period of time you might see price hikes. she actually put a number on it and wall street freaked out. now, everyone tried to goad here into doing that again. she said there's no mechanical form plan. >> it's nice to see both of you, paul and christina. the fed said the job as a matter of fact improving. the s&p 500 at a record high. and fedex is shipping stuff like crazy these are all good signs for the economy. okay. so why aren't you feeling it? that's next. it's just the strangest thing... the warning signs of alzheimer's disease, may be right in front of you. it's alright baby. for help and information, call the alzheimer's association or visit alz.org/10signs that's keeping you from the healthcare yo

>> i think that janet yellen is exactly right to call the inflation data noisy. if you look at the last four, five years, core inflation has been below 1%, above 2%, now back down above 2%. i think one of the reents market rallied was that they saw those numbers on tuesday, got worried. they saw the bank of england getting hawkish on inflation and thought will the fed follow suit. is the fed wrong to be somewhat sanguine about the numbers. >>dom, you're our market guy. what happens to the market if we are in a rising inflation here? >> rising inflation environment is one thing but it is not something markets fear per se. inflation is a good thing when it comes in measured doses. if the fed can manage to keep things this that 2% range, maybe even a little above 2%, markets are content with that some of the best rallies in market history have been done when inflation expectations have been there but not expectations for massive moves higher or massive moves lower. as you talk about what's happening with say certain parts of the market, yes, certain beneficiaries wi

genet yellen is the first woman -- janet yellen is the first woman to lead the fed and its history. this is about 10 minutes. marks. this is about 10 minutes. thank you, president sexton. on behalf of the honorees, let me express my thanks to nyu. and congratulations from all of us to you, the class of 2014, and to your families, especially your parents. this is a special day to celebrate your achievements and to look forward to your lives ahead. your nyu education has not only provided you with a foundation of knowledge; it has also, i hope, instilled in you a love of knowledge and an enduring curiosity. life will continue to be a journey of discovery if you tend the fires of curiosity that burn brightly in all of us. such curiosity led eric kandel, here at nyu, to his lifetime goal, to discover the chemical and cellular basis of human memory. a few years after his graduation, he was doing research on cats. but he had the idea of focusing on an animal with a simpler, more fundamental brain: the california sea slug. his colleagues all but ridiculed him for the idea. they "knew" that

janet yellen says rates will remain low. >> l'oreal goes on a shopping spree. the ceo tells us that he is just getting started with billions of dollars in deals. >> caution from cable. france must play by the rules in the battle for alstom. good morning, everybody. ."u are watching "the pulse we are here in london. i am guy johnson. >> i am olivia sterns. also coming up on the program, amazon is taking on apple and samsung. >> securing a spot. we are going to speak to the ceo of electrolux about whether we intelligent connected washing machines, dishwashers, etc. we begin with a bloomberg exclusive. l'oreal is scooping up beauty brands around the world. the world's largest makeup company is buying and la-based at cosmetics company. the ceo tells us he sees more acquisitions after this deal. in an extremely rare interview, he sat down with caroline in paris. >> it is a fantastic brand. brand. professional it is the only brand like that. has been a great success in luxury for many years. equivalent in luxury, the brand urban decay. we are planning a huge success

that is what janet yellen said about inflation. -- three-month change above goal, that is worrisome. but officials pointed out that there were temporary factors tending to drag inflation down and they were beginning to fade. if you're forecast comes true, that is not a reason to change the forecast. >> i want to bring in john borthwick, our guest was for the hour. tom started by asking if this time is different. most fundamentally, what you have is this massive shift taking place in computing, as people move from the desktop to their smart phones, and you have now about 1.8 billion smartphones in the world, going to about 3 billion in the next 2 years. we have never seen that before in humanity, to have computers and that many people's hands. >> within that and easy money that leads to the technology surge, vince reinhart, let's go to our twitter question. we need you to answer it. is there a multiple set of bubbles out there we need to worry about? >> the way federal deserve officials would say, there are probably pockets of froth

remember, special coverage of the fed and janet yellen's news conference tomorrow.is next. i am jonathanets, ferro, and let's get you up to speed on where stocks are trading just minutes from the close. coming backs towards record highs, the s&p 500 up one quarter of one percent, and that is trading higher for a third straight day. the federal reserve meets today. the cpi reading came in year on year in north up two percent. it will not be a trigger for the fed to act tomorrow. janet yellen may want to see more wage inflation, but it is certainly something for them to think about. some might start sounding the alarm for a rate hikes sooner rather than later. let's check out commodities. gulbis snapping its longest rally since february. it had rallied earlier in the week when investors were looking for a safe haven as tensions escalated in iraq, and speaking of iraq, the energy agency says the country's oil output has not been hurt by the violence, now up 4/10 ofbrent is one percent, and that goes to $113 per barrel. another area that could be impacted by the situati

they move around. >> where is janet yellen? >> you don't know which dot is which and you don't know when they move. earnings, believe it or not, federal express is today at 7:30. after the bell, red hat. mary barra facing lawmakers yet again in washington at 10:00. go --g that just seems to 20 million recall so far. >> i've lost count. let's do a pre-fed meeting good as jack. you have to be aware of where the dow is. 10 year yield is elevated. we will talk about the two-year in the second. oil slightly elevated. events in iraq, obviously. the vix shows how it is resilient. the two year yield in a bit. that.look at a shorter-term yield. here is normal. down we go. you can see once again we spiked up, mirroring the new core inflation number and breaking out of this would be a huge deal. months?ighest in nine >> back to june 2013.june 2013. that is the tension. 2:00 p.m., mark crumpton leading our coverage at the fed. scarlet fu has the front page. >> with iraq, the white house signaled airstrikes on iraq are not imminent. preside

. >> plus we're going to ask what he wants to hear from janet yellen in the news conference in about 20 minutes' time from now. this is a very special edition of "street signs." we have five phones, bill gross hopefully on fire, janet yellen, all kinds of things coming up on "street signs." don't go away. we're moving our company to new york state. the numbers are impressive. over 400,000 new private sector jobs... making new york state number two in the nation in new private sector job creation... with 10 regional development strategies to fit your business needs. and now it's even better because they've introduced startup new york... with the state creating dozens of tax-free zones where businesses pay no taxes for ten years. become the next business to discover the new new york. [ male announcer ] see if your business qualifies. female announcer: then don't miss sleep train's to4th of july sale.?new york. right now at sleep train, save $300 on beautyrest and posturepedic mattress sets. plus, pay no interest for 36 months on tempur-pedic and serta icomfort. big savings and interest

yeah also talking to a jocular may start for a moment there i thought i was janet travis bickle yellen thinking the rising markets were talking to me when in fact she is the markets stacey yes well max of course the central bankers are supposed to be the regulators cleaning up the scum off the wall street but in fact they are the crazy people looking in the mirror shouting at themselves and this has come into full light this past week cluster of central banks have secretly invested twenty nine trillion dollars in the market another conspiracy because conspiracy fact is the f.t. reports a cluster of central bank king investors have become major players on world equity markets three point to be published this week by the official monetary financial institutions form confirms twenty nine point one trillion dollars in market investments held by four hundred public sector institutions in one hundred sixty two countries which could potentially contribute to quote overheated asset prices well this is confirmation of what we've been saying that the money velocity is historic lows that is the s

must be right because he's rich i'm rich because i try to inside information i get money from janet yellen she gives to me i buy stock that goes higher and therefore i'm right so this is a self reinforcing delusional feedback loop of a kleptocracy speaking of the delusions of the likes of travis bickle who is trying to woo the civil shepherd character by planning an assassination for which he'll come to the rescue right well this is like the central bank in policy and janet yellen and what they're doing is they're trying to woo people back into the market they're trying to convince them that they're heroes and have saved the market and they provide a chart here at zero head of the green line going up up up up up up is the world m s c i stock index higher highs and higher highs read go and. down down down that's world g.d.p. expectations and that's heading lower lows as you see all the pumping in of the some magic mary money all this twenty nine point one trillion dollars so the buying of equities while the real economy is collapsing right the real economy is suffering from what they call d

we'll get janet yellen's news conference tomorrow which you will see right here. the expectation is no big changes in fed policy in the meantime. >> or will they? the eternal question remains. >> or not. >> yes. >> someone joining us says the fed's next move, jim grant will join us. no big fan of the fed and its policy the last six years. we'll get his take on the fed policy. his take is always controversial. contrary. but it's fun and very wise, too. we love talking to james grant. that's coming up. >> after the bell, elon musk joins us for a special, rare interview. his spacex firm he founded in 2002 was just ranked the number one company on the cnbc top 50 disruptor list. among the plans he has for spacex is to colonize mars. we'll also hit on news involving other companies. solar city and tesla. a lot happening there. big moves in the shares today as well. >> let's show you the markets, get you caught up. not a wide range for the major averages. the dow range has been 90 points. we are up 39, just off highs of the session now at 16,820. the nasdaq is the outpe

at a news conference today, i fed chair janet yellen said growth is bouncing back and the job market is improving. she also addressed concerns about inflation. >> inflation continues to run well below our objective. we are still some ways away from maximum employment. and for the moment, i don't see any tree off whatsoever from achieving our objectives. >> the stock and bond markets liked with a heard from janet yellen. after speaking at the press conference, the s&p 500 hit a new record, up more than 14 points. i am joined by bloomberg economist josh wright. he is a former policy advisor and market analyst at the fed. and we're joined by the chief economist at banc of tokyo. josh, i want to start off with you. based on the comments we heard from janet yellen, does everyone take away that the economy is getting better almost all on its own? >> i think a lot of people think the economy is doing better and the fed is there to help it get at her. i think that is part of what we saw today in the market reaction as janet yellen said, i don't see a trade-off. we still have a free hand for

of "bottom line" with live coverage of the janet yellen press conference.found a way to improve business on devices. amazon has a brand-new smartphone that is being unveiled today. we will take you to seattle for the unveiling card plus, -- unveiling. plus, rush rush around him, the himel, -- roche rush around , the sequel. his younger brother is going on trial. you are watching "market makers ," live on bloomberg television and streaming on your phone, tablet, and on bloomberg.com. ♪ >> first. bloomberg. in the bezos is spotlight today because the amazon ceo is widely expected to unveil a smartphone. now, a lot of people are asking why. i am asking why, my cohost sheila is asking why, and the answer is going to come from bloomberg west editor at large cory johnson, who is in seattle, where jeff bezos is going to make this announcement. what are we expecting? there's been a lot of buzz. it seems as though there are few surprises left. >> what we are expecting -- we will get a lot more details when it actually happens in about two hours -- we are expecting s

janet yellen says rates will remain low. >> l'oreal goes on a shopping spree.eo tells us that he is just getting started with billions of dollars in deals. >> caution from cable. france must play by the rules in the battle for alstom. good morning, everybody. ."u are watching "the pulse we are here in london. i am guy johnson. >> i am olivia sterns.

janet yellen is not too concerned about that, are you? >> no, i would like my wages to catch up, too right now you're starting to see it climb higher. right now wages according to when we loo looked at employment numbers we do expect job gains picking up, over 200,000 job gains this month this year, expect it to climb higher. >> and it would be understandable that there would be a lag between the job growth and wage pressure. it takes the economy time to figure that out. >> when businesses realize i can't rely on temporary workers, i have to commit full time that's when it's the job seeker's gain. >> let's talk about this idea of what happens next in the economy. if we're seeing that wages might tick up, what we're seeing, we're seeing cars being sold. people are buying cars. we see credit creep up. people are using for credit. at what point do we have 2008 behind us, at what point do we worry are peopling carried away? are they spending more than they're earning? >> not yet. it was painful for the u.s. and the world, but keep in mind whi

michael, janet yellen this week took an unusual step by saying she doesn't think stocks are over valued but valued for the economy right now. i take it you agree. >> i do, bill. we've been in a bull market since the bottom five years ago. the federal reserve said they wanted to lift stocks and bond prices. they have done it. she said it again this week that this is the main portion of why i remain unconvinced the word due for a bare market, she said this week with the rest of the fed they will continue to support this market. i don't need to know a whole lot more than that. there are two other factors among the three that cause me to be this way. the second one is the negative psychology that began long before five years ago at the market bottom. people still don't like stocks, overall. there is sentiment surveys that are toppy right now but overall, people are still skeptical and scenical about stocks and then the last thing itself is the fed. if the fed stays where it is and we continue to have the evaluations where they are as janet yellen said, it i can weqe market in the bafuture.

. >> inflation nation, janet yellen called the latest data noisy but how concerned should consumers and investors be about rising prices? >> and big miss, oracles earnings and one take away investors need to watch. that and more for "nightly business report" for thursday, june 19th. >>> good evening, everyone. i'm susie gharib. >> i'm bill griffeth in for tyler mathisen. always glad to be here with you. >> same here. >> turmoil in iraq created problems in the gas market. the united states will increase support for iraqi security forces but reiterated american forces will not be returning to combat. the president's comments came as the iraqi government tried to prevent an advance into baghdad by sunni militants and while the president spoke, oil prices continued to rise. $115 a barrel for the first time this year while west texas intermediate, the u.s. benchmark rose to $106.43 michelle cabrera is on the ground tonight. >> reporter: after many consultations with his national security team, president obama said today he is willing to take limited military action in iraq, but only sundunde

we took a field trip to garden state mall, and grabbed first 100 people we saw, and asked did janet yellen you this week? >> that is not it you talk about the market. what influences the market, fedex oriol or does yellen. i think she is delightful. she will serve you lemon ai aidf you go to her house. i understand, as far as main street economy you are right, but traders? traders? charles: key world tradeer. >> main street heard interest rates are not going anywhere until 2015, they will just chug along. >> i thought she just stayed to script, i do not expect much. >> nobody did. charles: she did break the record on ums, i am joking. >> i think that the president breaks that record he says uma lot. charles: and he has a teleprompter. >> to look at economy from view points of people buying into it right now, consumer spending 70% of gdp, yo you can talk and loot people making policies but it comes down to how people are spending, i walk the malls every weekend. charles: no doubt that fed policy influences a stock market. at the end of the daymarket goes where spending goes, and profits are

we are somewhat more positive after this weekend janet yellen. janet yellen told us the fix was still in. she is going to look through stronger growth. she is going to look through higher inflation and stay on a higher path. >> mark stays with us. here is what is coming up. tsb names of price. they sell 35% of shares after seeing significant demand. your move, ge. they raise the stakes again. and my interview with one of the brains. jimmy wales tells us the single most exciting theme in tech. stay with us. >> this is "on the move." welcome back to the program. here are some stocks on the move this morning. let's show you what is happening with shire pharmaceuticals. of by 14%. has been manufacturer the center of bid speculation for some time now. in the last 24 hours we heard from one business that said they had made three offers. the latest has been rejected by anothernt. will we see offer come to the table? share prices up on that news. president barack obama is deploying military advisors and reconnaissance planes to help iraq be back a sunni

janet yellen came out yesterday and said she did not see the risk elevating above a moderate risk.stion is, what is going to trigger a mastiff laois and in prices? what is going to trigger these junk bond prices to rapidly decline. >> it depends on your definition of moderate risk, right? >> it depends on a lot of things. risk has doubled in the last six or seven years. since the end of 2007, the volume of debt has risen $2 trillion. this is a huge market. this is funding a lot of companies would not have easy ways to finance themselves that might not have a reason to exist otherwise. >> why should a person on main street care? >> most likely, they are invested in the debt through funds and cities public works systems. this is a market that is providing some return in a world of low yields. when the next refinancing cycle comes around, what can people expect to happen? >> that's a great question. the yield is at another record low. every day we see the charts drop lower and lower. the fear is, what happens if they goes up significantly? triedappens if companies to refinance? where

and what do you think janet yellen will do?> well, the other thing she said today was that she is not concerned about inflation, which is another reason why the interest rates will stay low and the stock market continues to go higher. we are still looking at probably made 2015 time frame on that first interest-rate hike, but what janet yellen and the fed did today was basically say, interest rates will stay low for some time to come. we have a long way to go on employment. we are not concerned about inflation, but as far as the stock market is concerned, that was not music to their ears. gerri: amen. is there a danger in continuing this policy until the middle of next year? >> well, here is what this policy does, flirts with inflation. and the more these conditions are in effect the more we're flirting with higher inflation down the road. the challenge will be for the fed to start removing stimulus to the part where they are ahead of the inflation curve and not behind it. historically they do not have a good track record. the o

follow the words of janet yellen.flation rate she is watching, she says that two percent handle is the floor, not the ceiling. the ceiling could be perhaps around three percent or so. she will be watching the core p/ e price index and that topped out at around 2.5%. she has a tremendous amount of runway not to raise interest rates. there is a tremendous around of -- amount of labor slack. the great recession, it was at a percent and now it is somewhat structural and maybe we'll go nine percent but the fed will perhaps raise rates 1/4 of a percent over the next recorders. >> are you putting too much weight on one person's view? ando, she is the coach manager and owner of the team and dudley as well has been signaling that they will not raise rates any time soon. i would be more pragmatic about it forecasting that the federal reserve will not be out there raising rates by 50-100 basis points well into 2016. i think you will get .25% raise in 25 -- in 2015 and that will happen in the backend. >> ebay is a pick you think

the recent confirmation of sally fisher as vice chair gives janet yellen a key ally. the doves have a majority with two confirmed haushish members. the is out on loretta mester. >>> global head of fx strategy at nomura, how is yellen going to tweak her data today based upon the all important cpi yesterday and the numbers out right now? >> yeah, i have to say i think the cpi data is very important. we've had three months now upside surprises. and her previous stance has been very relaxed on inflation emphasizing the downside risk to inflation that might need to be tweaked. i think what we are going to be listening very, very careful to is whether there's any change in her tone on inflation, whether she becomes more sa mat rec, acknowledging the upside risk, as well. if that's the case, we can see more of the type of trading patterns we saw yesterday in the bond market. i think that's the potential surprise today that the tone of inflation gets slightly tweaked. and that will be a big deal, not only for the dollar and the u.s. bond market, but also carry range globally.

doesn't at least indicate that the market disagrees with the noise comment of janet yellen?what it did is it scared a lot of bears into the market. a lot of investors are thinking the idea that if inflation does come, we've heard 2% target inflation from the federal reserve. and as soon as we got close to that. she backed off. that was heard loud and clear by investors around the world it. seems to me they're going to target solely employment, in not worrying about inflation. i think it was primarily noise, however, if we get inflation, i think she showed her hand yesterday. they're not going to raise interest rates if inflation picks up. that could be bullish for gold over the coming months. liz: could i get to you hit silver for the moment. silver started to hit serious lows. up 1% today. do you like silver? it has more industrial opportunity sted of just collectible. is silver the place to be? it's made a nice move this month. >> it has made a nice move. silver was trading around $11 in april and may and investors were getting bearish on the metals. so many of the banks w

>> janet yellen says she is not concerned about inflation.shooting for the two percent target. you also have inflation data that came out -- >> consensus moved? >> i don't see it. >> thank you. thank you so much. fourex report is the mela. -- is a vanilla. next hour,p in the steve ellis, the ceo of chipotle joins us and we will discuss rising food prices and the organic market. . ♪ for continueddes american economic recovery. the slack is in consumption. chipotle changes the food industry. is tuesday, it must be belgium. america advances. good morning, everyone. this is "bloomberg surveillance." i am tom keene. joining me, scarlet fu and adam johnson. -- guest host is is ellemnn zentner. concerndence fell over over ukraine. we will get our own confidence with university of michigan confidence. gathering ine brussels to discuss russian sanctions. we will check in with hans nichols. note, if item of may, secretary kerry is in saudi arabia. there you have it. a brief brief on this. >> let's get to company news. nike is reporting an increase in q

fed chair janet yellen downplays inflation affairs. yesterday she said the u.s.conomy still isn't healthy enough to grow at a consistently strong pace without the help of the federal reserve. she made it clear the federal bank sees no need to raise the interest rate any time soon. the dow rose 98 points wednesday. the nasdaq gained 25 and the standard & poor's gained 15 poi points to show another high. >>> ceo jeff bezos introduced the new fire phone yesterday. it produced 3-d-like images that uses cameras on each corner that can tell where your head and eyes are and it allows users to easily purchase items from amazon, but for now the phone will only be available through at&t. >> when we brought the concept of fire, our new smartphone to them about three years ago, they were excited. it's built to work across many different types of mobile networks, and we'll see overtime. >> the first fire phones ship on july 25th. anne marie? >> just what i need, a phone that makes it easier for me to shop. i don't think so, but i'm sure other people will like it. jill wagner

janet yellen and the staff will try to distance themselves.t does not matter? what matters to me is the policy reactions with a specific set of circumstances. what is their game plan. >> precisely. the trade-off with the labor market and higher inflation. she will not wage the inflation she wants right now you're in real terms hamas euros. -- real terms, zero. . a higher inflation rate while they try to get more inflation as well. that is what interests me. quite got there. we had 2011 saying they will not raise rates for 2000 and. then they said unemployment rate - class you are of the gary shilling variety. reaction, butet a the smart mark it, they are looking for something else. >> there are two things to watch for that could surprise us. they continue to hash out what the exit strategy will be when -- start raising rates. no agreements but if her were, they could tell us and that would astonish people in the market. when you look at the charts john does not like, in 2016, they see a median of 200 order percent interest rate level. that is

commentary next week from janet yellen at the fomc meeting. the past two out of three scheduled meetings the weeks of those meetings the s&p's been positive. i think going forward that we're going to see incremental gains in the economy. hopefully we'll see improvements in industrial production on monday. gains maybe on tuesday. the philly fed on thursday. all in all it's a catalyst for better improvement. but really in the upcoming weeks we're going to the twilight zone. we're ending the first quarter reporting period and not going to see the second quarter earnings until sometime in early july. so that time a lot of -- holding the market capital, which. could be geopolitics. >> rick santelli, jump in here. what would you like to see? what do you expect to see? >> i like what our guest said, the trend is your friend. and i would just like to add, especially when the fed is part of the trend. and i think that really dovetails nicely into the notion that we will learn on wednesday of course if there was any changes. there shouldn't be. janet ye

. >> all right, then we heard that from janet yellen, her rhetoric certainly wasn't along the lines of trying to spook markets this time around, bill. perhaps having learned or seen the reaction of her more hawkish, as some might view her comments last time. jan, good to see you. appreciate it. >>> speaking of which, former minneapolis fed president gary stern is going to sit down with me next hour of the show. wait until you hear the grade he gives fed chair janet yellen, straight ahead. >> meantime, we have 30 minutes left in the trading session with the dow down 112 points. we've come off the lows of the session, but still, biggest decline we've seen here, the worst day for the markets since about may 20th, so about a month. >>> coming up, how in the world did lois lerner's e-mails vanish? the former irs executive is at the center of the targeting scandal. a congressional panel is digging deeper into the e-mail disappearances today and we'll have the latest developments. >>> and up next, it's been the stock of the day, vertex pharmaceuticals ceo on the successful clinical trial of t