in the market, no one questioned janet yellen. of theid seem members senate banking committee were more interested in regulatory issues. focus did shift to regulatory matters. there was a discussion about regulatory moves the fed has a pretty heated exchange toward the end of the testimony between elizabeth warren and janet yellen over the living will at big banks have to deliver, some questions about whether the rules submitted by big banks were up to the task. were they credible enough? janet yellen suggesting the fed has been working with the banks. some disagreement on what exactly has been produced so far. >> washington correspondent peter cook, joining us from capitol hill. the fed chair's goal is to convey information without roiling financial markets. michael mckee is here to tell us whether dr. yellen accomplished that today. >> she did not roil markets, but there was little expectation that she would. fed has said, janet yellen has said, for quite some time now. feeling they have not a compost their goals as far as unemp

what do we make of the fluctuating markets beyond janet yellen's comments?e start of the day we found ourselves in record territory. not just for the dow industrials, but the dow transport as well. peter just mentions that your janet yellen port cold water over the rally, but the dow is fought back and is within striking distance of 17068. let's look at the social media stocks and as you can see big names getting hammered today and biotech's suffering. the etf, at least for biotech is down about 2%, but it really got hammered about two months ago, so that puts it more into perspective, but you can see from the intraday picture it got her on janet yellen's comments. let's bring in the traders. new york stock exchange, teddy i found it interesting because she said stretch valuations and that to me looks like some of them are getting inflation here. >> i tell you what, she should focus on the fed and leave the stock markets to the stock market xers. i don't mean to be too cynical. i guess when she speaks we ought to pay attention, but i think that that is absol

which camp is janet yellen in?her the labor backdrop and lamenting the idea that there are a lot of people sitting on the sidelines, i think it is pretty obvious what camp she fits and post -- she fits into. it has to do with how much slack is in the labor market right now. we would argue there is not nearly as much slack as she would suggest and maybe it gets into a bit of philosophical conversation. you have to consider is there are many people sitting on the sidelines. excess supplies about 5 million right now. but a fair question to ask is, will they ever come back, and at what speed will they come back echo if they -- will they come back? if you exclude them from the equation, you would conclude there is not as much slack as you would think. of surveysny number that exist out there. look at the ratio of job openings to hiring. that is at a cycle low, which does not make a lot of sense -- or excuse me. it is at a ratio right now that you would see at the end of a cycle. recognizesble person we are not at the en

that, i want to bring in peter cook, who was on the one of the lawmakers who will be grilling janet yellenvitter. >> thank you for the time, as always. of janetour assessment yellen's performance so far and how worried are you as some out there might be? >> she has had a pretty straightforward rain so far, pretty uneventful. all of the concerns that i think were there at the beginning are still there, but it has been a pretty smooth lie -- ride so far. remaining unconcerned about too big to fail being a big problem, unconcerned about the fed's ability to recalibrate monetary policy when the economy begins to pick up and eventually, the inflation threat, that is not tomorrow or next week but i'm concerned about that ability eventually. >> what is it you want to learn most from janet yellen when you get to question her? life too big to fail primarily will be a continuing theme of me and other members. it is a big issue in the banking system and i do not think dodd frank or the regulators have properly address that at all. by is it you would like to see them do? tougher regulatory rules? you

you janet yellen's testimony is the big one for the market.rs of the five brick [inaudible] new development bank will finance infrastructure projects throughout the founding members' countries. janet yellen has appeared on her policyay of the testimony. despite signs of growth it still needs stimulus. >> the economy continues to improve come of the recovery is not yet complete. monetarydegree of policy accommodation remains appropriate. theirael have renewed rates on the gaza strip after a rocket attack left and egyptian truce proposal and tatters. the israelis had accepted the proposal but hamas said it was hoursnsulted. within six 50 rockets had been fired from gaza into israel. that attack left one israeli dead, the first in eight days of fighting. onfor more on the latest israel, we are joined by elliott gotkine. does this mean we're closer to a ground invasion? >> there's still no decision. thee are tank brigades on border. a ground invasion is within the capacity of israel. hartman and stirred netanyahu speaking in a press conference was

is it on janet yellen? a little bit of volatility in the air, we may see rates rise sooner than we think. debate the excitement of bloomberg. it is little bit more measured, a little bit more nuanced. we might raise rates faster than you think. on the flip side, on the other side, if it does not, we might keep them lower for longer than you think. forget about the testimony, forget about the q&a session and look at the quote. some of the valuations of some of the sectors are "stretched," and it is quite big for a central bank to make that call. >> you think that is what the q&a session -- wo isat is why day t important. i want to know about stocks. >> janet yellen did say she is not overly concerned about the valuations. >> very true. >> an interesting dichotomy at play. let's turn our attention to the middle east. editor elliott gotkine is in tel aviv. the cease-fire was frederick and not -- rhetoric and not reality? it andisraelis accepted posit their attacks -- paused their attacks for five or six hours

any problems with janet yellen security detail. ok. by needless to say janet yellen might need to do more than rethink her financial policy in the near future reporting in georgetown a mega lopez r t. while there are all kinds of birth control out there pills patches i.u.d. you name it but now women may have a new high tech birth control to look forward to it's a small remote operated implant that lasts up to sixteen years and can be turned on and off over a wireless connection pretty amazing so how does it work well the device is designed to be implanted under the skin of the bugs but socks for arm or abdomen microchip has a series of drug reservoirs each reservoir has a special titanium and platinum seal that temporarily melts when a electric current is applied allowing the drug to be released believe it or not those reservoirs are large enough to carry a sixteen year supply of a hormonal contraceptives the wireless pill is set to hit the market by twenty team with pre-clinical trials starting next year keep in mind this wouldn't

had any problems with janet yellen security detail. needless to say janet yellen my need to do more than rethink her financial policy in the near future reporting in georgetown i meghan lopez r t. and before we go don't forget to tune in at nine pm for larry king now tonight's encore episode features russell simmons the music industry magnate here in a preview of what's to come russell explains how he does meditation what is meditation what meditation is for thousands of years always been a great tool and i would say the meditative or the quiet mind is the happy mind the noisy mind is the sick sad my this is fact there are throughout the ages when you know every prophet you know was always every great religion and never mind religion just you know didn't your allah just tell you a quiet mind when the noises in the mind fluctuations in the moment but how do you attain it meditation when you do you said you put them on trial and you say to yourself i'm not going to leave you have a clock you put in for twenty minutes and you sit i give a

we're counting down to janet yellen's q and a. ♪ question yellen is speaking right now.ll get questions from lawmakers any minute and take you to the hearing live. it is already been contentious even in the opening statements. let's bring peter cook back. peter. >> the committee is setting the tone from the very start. we have seen the flash point for the hearing. that would force the fed to follow more rules. he has been critical to those opposed to the legislation and setting the tone with a harsh opening statement. we heard from one of the republicans cosponsoring the bill. the pushback will be the flash point here. toocrats are trying to rally her defense, saying the bill was shortsighted. contentious debate over the future of the fed and whether it has too much power right now. >> stay with us. i want to bring back the managing director, a senior u.s. rate strategist at credit suisse . welcome. we are waiting for janet yellen. what do you expect? contentious, particularly if you're talking about rules. if you use a rule-based model, what do you do? if you use a tayl

i would take janet yellen's tone. i see it and as she sees it, i think clears most of that inflation, as evidenced by the core pce, and importantly i think wage inflation. you know, if you want to look at one thing, look at wages. she would like to see wage indicators rise from 2% currently to over 3% over the next year or two so under we see that, we may see indicators on friday in terms of the employment numbers in terms of hours worked and the hourly wage. under that happens, i don't think janet yellen and the fed are really going to blink in terms of the current dovish posture. >> i don't know if my point made any sense. i thought the fed was trying to dance both dances. on the one hand they're talking about broader economic strength, but other than the they're speaking with their monetary mouths at having 0% interest rates seemingly forever. if we have to err on one side it appears that janet yellen will air on the side of dovish, keeping the food on the proverbial gas pedal. what does it mean for bonds or stocks

volatility has dropped further after janet yellen's testimony yesterday. determined to keep everything on course. >> maybe an anomaly for jim, thank you, we appreciate it. yellentching, janet preparing to start testimony, special coverage is coming up next. ♪ ♪ >> live from bloomberg headquarters in new york, this is "market makers" with erik schatzker and stephanie ruhle. >> rupert murdoch stunning move. he offers to buy time warner. time warner says no. we will see what will happen next. >> the gloves come off on capitol hill. janet yellen will probably face tougher questions on day two of her testimony. it all begins just moments from now.

what was your take away from janet yellen yesterday? >> her personal view is that you can keep policy very slim for a very long time. i think the fomc is getting more divided. some of the regional governors have gone on record saying they think the policy is too easy and we need to think more about raising rates quicker. really the market doesn't want to see this. it is a bit worried that yellen is going to move a bit more in line with regional governors and policy will be tightened quicker. she doesn't want to upset the markets but she may not have full control. >> when you look at some of these forecasts, the dispersion is so wide. south of 1%, north of 4%, there is no consensus at all. it would be a push to say she did a carnet yesterday but it is more measured. she started to introduce a little bit of uncertainty on both sides of the debate. if the labor market comes in stronger than expected, we might hike rates quicker than you expect. it is her job to evolve that message and make that message more nuanced? >> i think our job is t

janet yellen little bit later.u have been to germany, you begin to understand. ,ne of the business divisions it will see a flat earning regime. back in portugal again. may call in a loan that spiritual -- espirito. did, back its regular series of defaults. we're back in portugal. the stock was down 10% at one juncture. reiterating they are back on track. they say cash flow is going to be there by 2016. jpmorgan is overweight on the stock this morning. stepping away from nonprofitable models and they raise the price check it up to 14 euros from 13. a little bit of a different story. >> i will bring you bloomberg ca top headline. mario draghi dismissed rumors that he is planning to step down. ecb and i will stay in the ecb and all of the rumors to the contrary are coming from interested parties, perhaps are unfounded. message, loud and clear, you are going nowhere. the israeli cabinet has accepted a cease-fire proposed by egypt. the agreement went into effect in 9:00 local time. the decision came after israel issued

tech shares were shaking yesterday following comments by janet yellen. chair says valuations in the sector are, quote, stretched. gina is still with us. pointing out the limit aegzs of her own easing monetary policy, but it's a problem since april when we got that initial sell-off. >> absolutely. and that off continually in the small cap names. and so the tech sector in the russell 2,000 has an enormous number of companies that had either no or negative earnings. that has been under way in terms of watching that correction happening. but we haven't yet seen that expand up into the large cap spaces and the larger names. so we still have extraordinary valuations out in the nasdaq, out in the s&p 500. >> too high valuations? >> some of them are extremely high and some are not. you mentioned apple, for example. apple is quite cheap relative to other tech names. and so i think their move is going to be very important for them. but there are other names, like tesla, that are still a bit of an option on whether or not elon musk is going to be able to provide 10

we've got janet yellen speaking later today, too. their belief is even if we do see a shift in policy, you're not going to see the dollar moving off the back of that. draghi's comments about the strength of the euro possibly having some impact. we had the rba wait and see mode from the minutes today, too. we'll take a look at sterling. we have uk inflation data out later today. and mark carney testifying on the financial stability report. right now, trading below that 1.71 figure and yesterday, 1.7070 right now the level. it's a big week for cnbc as we team with institutional investors to present the annual delivering alpha conference on wednesday. some of the biggest names in business and politics will be on hand and kate kelly has a preview. >> we're just a day away from our annual hedge fund conference. there should be plenty to talk about. the trouble making money with global macro betts and where to look for returns in the stock market. we'll have key note speeches by jack lew, continuing the tradition of always having the treas

janet yellen, thank you for the polls that had high hopes.cern about housing. stuart: the day is not over yet, nicole. don: janet yellen said it will be a long time before interest rates go back to historical levels. >> she is absolutely right. interest rates are not going up. as simple as that. stuart: the dow is down 40 points. elizabeth warren is still asking questions. embracing senator elizabeth warren speaking at a campaign rally in west virginia. the capital gains tax rate and the income tax rate. does she really want to put the capital gain rate up to 40%? what is the impact if we did that? >> let's get more revenue in the door. an article today. i think she is getting on that bandwagon. it is politically helpful for her. we have to even the playing field. we talk about populous environment. we have talked about it many, many times. do you know what that it's you? it gets you reelected. stuart: the hearings have rapped on capitol hill. let me show you the big board. i have to say, it did not have that big of an impact on the market. d

. >> we will talk about the janet yellen speech today. an important speech by janet yellen, appearing with christine lagarde yesterday at the imf. front pages this morning, there is alix steel with our front page. >> janet yellen and christine lagarde talking about the economy at the imf. basicallylagarde saying the global economy will not return to the pre-crisis world. there has been the new normal created. she says there have been various aspects of financial reform that has been changed but a lot remains to be done. and you heard from janet yellen, what you were referring to, saying financial instability should not lead to any kind of rate change here and she flagged pockets of increased risk-taking in the financial system but said it is not the central bank's mandate to deal with that. very different from what we have heard from other banks for international sentiments -- international settlements. >> yesterday with madame lagarde, who frankly i think is much more in the b i s bill gross camp. this was her most important speech in re

do you think that the real janet yellen? it is her picture. looks like her. >> full disclosure, janet yellen went to high school with good friend of mine. >> full disclosure. make two points, number one, i don't think anybody here picked up irony in your intro when she talked about disclosure, made a filing. what is the fed chairwoman doing screwing around with the stock market purposely? one thing to have your comments. other thing is this, this gets to a point other people made i want to hit a little harder. when you keep interest rates at zero for as long as fed is done, she is part of the fed that does it, she's a dove, you force people to take more risk. they take money out of the bank where they have zero percent interest rates. melissa: that is what jack was saying. >> in 2006 and 2007, buy collateralized debt obligations. now it is social -- melissa: we all remember december 1996 when fed chairman greenspan said the famous irrational exuberance. that was beginning. it was couple years out. that was the beginning of the end. do you thin

will we start to see janet yellen turning more hawkish? >> she has rather spoiled things because everyone was looking forward to her testimony. she said even if all these headwinds go, it will require a lot of monetary accommodation going forward. it is unfortunate that the two has not changed. the spark was lit last year when they talk about tapering. they keep those pointing that time. it really is the case of watch and wait. should we have been expecting this dollar to rally for the last two years and it has not happened. is she going to introduce some form of tightening today? what do you expect? ,> the tapering will continue but the problem of putting your hand up and saying right, i will start tightening or raising interest rates, look what happened to the bank of england. that is what she is trying to avert. rates, itnterest becomes ingrained in the economy. threshold.s the when you start raising interest rates after that long. , it will be very painful when it comes along. i think she wants to make sure the economy is strong enough

is this a janet yellen effect?ofile comments she made about areas of overvaluation in the market, those are precisely the areas that have come under pressure as far as retail investors pulling money out the last couple of week. >> i think the answer to that is yes, i think in part it is. the other thing, just to kind of make a quick comment here, is that if you look at bank lending from january to today, it's been about 8%. if you look at it from mid-2011 to january of this year, it was like 2.8%. so, there are some tailwinds in the economy. everybody is moving up their fed interest rate forecast into third quarter of next year. our chief economist is actually in the end of the first quarter of next year. but despite all that, on low volumes and your earrings, we keep grinding higher on the market. >> and actually, that's also all the more remarkable against the backdrop of international tensions that we've seen. on that note, as we've seen some of these hotspots around the globe continuing to heat up, we want to b

for "nightly business report", i'm steve liesman. >> before janet yellen's testimony, the major stock averages started out hower. the dow reached a fresh day high following more solid bank earnings, good news about new york state manufacturing and increases in retail sales. by the close, stocks pulled back ending the session mixed. the dow added five points and is only about seven points away from a new historic high. the nasdaq where biotech and social media stocks trade lost 24 and the s&p was off by three points. >> joining us to talk about the markets, chair yellen and more. global chief investment strategist at black rock. russ, welcome back. what worries you in the market today? >> well, ironically, it's a lot of what i think the fed shares spoke about. i don't think financial markets are in a bubble. i think valuations are probably a little above average but reasonable given the low rate, low inflation environment but as we read today, this are part ps of the market and andian -- jan yellen mentioned an area stretched because people are searching for yield and growth in a low y

for janet yellen, it is not quite good enough. looking at wage growth. other indicators look good. we have still not seen an acceleration in wage growth. that is been in the focus of markets and our clients and janet yellen. >> a survey was wreaking -- recently conducted about interest rates. what did dissidents say about what they thought the fed timeline would be? >> the bond market today is priced for around august, a .ate-summer increase that compares with the fed communicating around 2015. not far off from what the fed has been communicating. that is in line with the results we had conducted. even aside the fed's own thresholds? the participants think they will hold firm on rates? >> yes. i know we have been getting a string of better data. that is great and it has pulled forward some expectations for the rate hike. it is consistently better data. that employment report was stellar last week. we have to ask ourselves, is the better incoming data in line with expectations or beyond what the fed is expecting? they have been telling us we growth thisst

i absolutely love janet yellen. however, i'm not sure it is the place of the fed to start talking about bubbles again like happened back in 2000. as we know, these bubbles can last a lot longer that most of us can stay solvent. david: jason it, wasn't only janet yellen. we had retail numbers came out this morning. they missed expectations. slowest pace in five months. yet you think they look good. why? >> they're positive. anything on the positive side indicates some type of growth. the estimates are one thing. the fact i think they were plus 2%. the new york empire manufacturing number was at multiyear highs. so i think you have an economy that is not on its last legs. it is still strong economy. who says what janet yellen's comments are about the stock market are illegal? she is her own person. she can say that and not have it be out of bound. david: nobody said they were illegal. obviously they're not illegal but whether they're proper or not for a fed president. >> it breaks precedent but at the same time they'r

first janet yellen and how it's increase reply concerned about pr. >> and lebron james could tell janetbad press, but can he booth the economic? we'll dive in. coming up. you do a lot of things great. but parallel parking isn't one of them. you're either too far from the curb. or too close to other cars... it's just a matter of time until you rip some guy's bumper off. so, here are your choices: take the bus. or get liberty mutual insurance. for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. see car insurance in a whole new light. call liberty mutual insurance. became big business overnight? ♪ like, really big... then expanded? ♪ or their new product tanked? ♪ or not? what if they embrace new technology instead? ♪ imagine a company's future with the future of trading. company profile. a research tool on thinkorswim. from td ameritrade. >>> there's a change going on in the federal reserve, but we're not talking about monetary policy. we're talking public relations. that is right, because since the fed put ben bernanke up front and ent

and janet yellen. not so hot on the role models. charles: remember, we said it so many times, this is not about day trading, not about countdown to the crash, it's about investment money managers who are worth a million dollars pontificating, the idea is for you to make money, we're going to help you do it. we have the thing we call the "real, real deal." we look under the hood, we find the nuggets that are useful. that's how you make money in the market. let's do it. the first real, re"real, real d" amazing day in the market. 2014 fantastic for mergers and acquisitions. the news today our parent company, 21st century fox made an offer for time warner that might have officially opened the floodgates. i love mergers and acquisitions. i also like capex spending. two signals that business confidence is growing and people think, the people that run the businesses that there's going to be a big bump in demand. some dismiss the idea, say it's a byproduct of cheap money from the fed, and mostly a gimmick. i do not agree. judging from the e

what the hell does janet yellen know about stock prices, small cap, large cap or otherwise? the irony is, the federal reserve board's full of professors who made their careers writing about rational expectatio expectations. in the beginning, that said hands off the announcements. now they've taken to trying to use information to manipulate prices to their own liking. i don't like it. i think it's a big mistake. >> kelly, what do you think? >> i agree. i like the fact that she is talking about this. i think that the market has a tendency to be overexuberant, and we could potentially have asset bubbles. i think with the second half of the year, we're going to see some more volatility, and i think she's being very optimistically cautious and trying to warn us not to jump in too fast. i think we should be taking some profits off the table and repositioning into cash or some short-term fixed income. we've got the midterm elections coming up, we've got -- >> yeah. john rutledge, back to your point, with all due respect, couldn't the fed turn around and say, well, what the hell doe

we might have learned something about the janet yellen fed here. go back and talk about a week, a couple weeks ago, talked about not zyuzus using monetary polic deal with instability problems. she is willing to use the monetary policy platform to jawbone the market moretowards financial stability. in line with things said in the past. the most extreme example the irrational exuberance comment from alan greenspan. the notion they won't use monetary policy as in change rates, that's one thing. the idea she might use the platform to jawbone the market where they see valuations stretched, a think that's the compromises they get from not using monetary policy. >> appears to be working. 9 market at session lows. if you saw the immediate reaction in the stock market guys, in social media, specifically, even some of the non-smaller social media stocks like facebook sold ought immediately, as did some other names. bio tech more dramatically than that. joe? >> the question, two guys who run hedge funds with significant amount of capitals i spoke be to this m

moves to frankfurt as yellen fed slows cash as janet yellen winds down the federal reserve's money printing operation mario draggy is boosting europe's cash supply that means the dollars yellen fed is removing could be compensated for by cheap euro's from the european central bank the result may be enough cash sloshing around to underpin this year's run up and risk asset yeah. i told you all about this six months ago remember ben bernanke in the janet yellen they started something called tapering and i said that's nonsense because of the global basis there is no taper because the european central bank would really pick up the slack and then and even more to the global supply of fake money during this quantitative easing period that's exactly what this story is telling us tapering is a lie there is no tapering because one big global slush and the e.c. be picked up and did much more than the ten or twenty billion dollars a month that bernanke you know yellen is taking away from the system there is no tapering because you can't take a ponzi scheme so this is going to continue until two outcome

fo% and >> janet yellen has a knowledge this. there is a bubble, poetic or not, and biotechive debt, and stocks come in social media stocks -- why is it wrong for the fed to be waiting on valuation? >> i think what chair yellen was trying to do was to let us know that they know that there might be a problem as a way of -- i don't know -- they can say later see, we told you there was trouble, and you did not listen to us. with a distinct and amazing lack of self-awareness, what the fed might say is we have been suppressing, inflating interest rate. of course there is going to be flyaway markets and asset valuations. it is our problem, and we intend to do something about it by mobilizing interest rate and by announcing that we are undertaking an exercise in price control. >> in august, 80 years of this s ofncial crisis -- 8 year this financial crisis. things are great. things are great in the legal business. for so much of america, that is not true. when did the elite get reattached with america? >> or when does america get the cha

did fed chief janet yellen just tell us to short sell? bang out of twitter? hate small biotechs? did she mean we should sell the cloud and e-commerce space? yellen's senate released with comments among the senate dinged the nasdaq and hurt the biotech and social media stocks. she described as overvalued. let's get one thing real clear. i don't like it when fed chiefs address the stock market with throw-away comments as she did today. how much money you are allowed to borrow from brokers to buy stocks? right now it's 50%. if yellen believes there is too much speculation which is the veiled charge she made when she talked about valuations being stretched, "typically those for smaller firms and social media and biotech." how about 70% forcing people to put more money per trade? raising the margin requirements has always worked to tamp down speculative securities. in the past, fed chiefs have chosen to raise interest rates across the board as alan greenspan did with the dot-com bubble to kill the economy and ramp speculation in internet stocks. i hope janet yelle

janet yellen has to figure out what it is.ined by danny blanchflower, economics professor at dartmouth college and former member of the bank of england monetary policy committee. good to see you again. everyone thatold she would keep an eye on wages, not nonfarm payrolls. why are wages stagnant, and why aren't the markets listening to dr. yellen? >> there has been some kind of evolution in yellen and the fed's thinking, partly for the reason -- >> it seems we have lost our connection with danny blanchflower at dartmouth college. we will be right back. ♪ >> house speaker john boehner's land to sue president obama is already paying dividends for democrats. they are using the legal challenge as a fundraising tool. peter cook is following that story. is the legal move backfiring? >> democrats certainly think so. since he first announced this lawsuit was moving forward on june 25, democrats say they have been effectively raking in the money. house democrats claim they raised more than $2.5 million in just the first six days after j

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janet yellen speaking again. from the dow jones industrials and talk of a huge megamerger for parent of this network. fox at least making effort in past month or so to buy time warner. that effort has been rejected for now. it still affected stocks in a positive way. dow jones industrials move i higher by 74 points. s&p is up eight. nasdaq better by nine. russell 2000 can not recover after yesterday janet yellen said small names in biotech and media that have gotten a little toppy. "after the bell" starts right now. david: a clear record today. we are way above where

go after the dollar two days of testimony from janet yellen? with potential volatility that janet yellen introduced to the market. starts rising by 1.9%. that is the state of play. have a look at the yen and on the euro yen. u.s. equity futures are going lower and european equity futures going lower. you have the money going into yen. the news on sanctions from russia is what is driving all sentiment across markets. russia's trumping anything to do this morning. >> these are the bloomberg top headlines. president and the european union impose more sanctions on russia. this time targeting banks, energy companies, and defense firms in their latest attempt to punish the company -- country over ukraine create >> we're expecting the russian leadership will see that its actions have consequences. >> israel has agreed to a five-hour truce at the request of the u.n., allowing civilians to resupply and the israeli army repairs it's troops for possible ground invasion. janet yellen has finished the second day of her biannual testimony. there are still hu

janet yellen and the results from the open market committee meeting in june. peter cook has details. >> there is news within these minutes, particularly about the strategy, the debate about how they are going to normalize policy. that is where the main focal point will be in these minutes. first off, on the views of the economy, as we heard from janet yellen at that time at the meeting in june, members thought that the economy would bounce back from the harsh winter in the tough first quarter. thermation received since committee meeting in april again, the economic activities rebounding from the decline in the first quarter of the year. there was no great debate around the table, according to the minutes, about whether the fed might be behind the curve with regard to tightening monetary policy. thatinutes go on to say participants generally supported the committee's current guidance about the likely path of asset purchases and its approach to determining the timing of the first increase in the federal funds rate and the path of the policy rate thereafter. ther

janet yellen most likely getting that gdp number as soon as last night and sharing it with all of her colleagues, wondering how that might have shaped, if at all, the course of discussion this morning. >> that brings up a discussion -- a question i would like to pose. 4% gdp. you have inflation moving up a little bit, and there's no reason to think we do not get 200,000 more jobs created. how much of this message is crafted for the markets? how nervous are the markets that the fed will be behind the curve? >> markets should note that the fed has decided it will be behind the curve in the sense that it is willing to allow a little inflation if it allows a lot more labor market healing. seen inflation yet. inflation hawks have been wrong. they have riveted a little bit to say that inflation is coming back to target but is still not at target. and some of that they think is noise and will actually dissipate as we go on through the year. i think that context is important. we are not behind the curve yet, and this is not a fed willing to pull the trigger until it see the whites of the eyes

and, yes, even monitoring janet yellen's testimony on capitol hill, day two there. we're going to bring you all of the headlines as they develop. i do have the traders with me today. jon najarian, stephanie link to break it down. begin with the comment from mr. druckenmiller with joe kernen a short time ago. josh brown, the fed needs to move rapidly towards a rate dangerously behind the curve, policy fraught with risk, excesses in the ipo and credit markets, among other places. your reaction to this famed investor sounding an alarm sort of and a big alarm? >> yeah. look, anytime somebody as circumspect and stanley druckenmiller makes statements like that you've got to pay attention, but i think at this conference, we have a lot of diversity of opinion, because just an hour and a half earlier, we heard from the woman who runs harvard's endowment fund say just the opposite. and we also heard ken griffin say the option. the fed should wait until an actual rerecovery seems to take hold before doing anything, because it's almost impossible to halt an interest rate hike c

the big one for me is janet yellen.does she give any kind of suggestion that, possibly, rates might rise? maness, will she ever? maybe not. >> it will come one day. when the complexion of that voting chamber changes. let's talk about three individual names. abbvie and shire look as though they are going to settle a deal. shire would get 25% of a new company. 53 pounds, 20 pounds. lindt, the world's largest producer of chocolate has gone after russell clover. we are going to see a deal go through there. we don't know what price but it is helping the market. tesco up over 2%. time to buy. a target price of 325 pence over the next 12 months. store on saturday, looking mighty fine. >> i am going to bring you some of the top headlines from london. ecb president mario draghi addressed the european parliament today for the first time since may. he could discuss the ltro program designed to stimulate the economy. economists forecast measures will hand banks more than 700 billion euros in cheap funding. russia and germany callin