janet yellen monitoring that.s through all the day on bloomberg television, radio and print. >> our twitter question of the day is apropos. to market respond volatility? >> 26.25, which is elevated. >> what is the average, 20? >> yet 20. >> the current level is double where it was. >> who has a single best chart? a sub returning financial markets kind of day. if you wanted an early indication, our chart find you might have found in bond yields. spread or the difference and yield between 10 year corporate bonds. is the 200 day moving average, the long-term friend line. above theago it moved trending average. it was aything else fairly sharp move. two days ago it was 30 basis points wider. we pay attention to this because the spread is a premium that investors demand to own high risk debt. when it widens -- much goes backow to the fed, effectively saying that at some point we will raise rates and all of a sudden there is no longer a place for these assets. beat toward the breakout that we saw before the financial cr

janet yellen should be thrilled. wall street should move up the date of a fed tightening.ric that she keeps harping on unchanged -- a 2% increase. we are not getting raises and in that suggests the labor market is not tightening and she does not want to raise interest rates. how do she explained that to the market and the american people? >> had is the president explain that? we heard him outlining all of the major improvements in the economy and yet americans continue to feel not any better than they were a few years ago. that is the top issue for them going into midterm elections. >> his dashboard is looking like janet yellen's dashboard. this report and compasses the president said yesterday at northwestern university. by almost every possible measure, the u.s. economy is doing better since he took office. the headline number for jobs, both are good. both are improving. deeper into this report, you see the lack of wage gains. that is why americans might be heading to the polls and do not feel as good about the u.s. economy. he and janet yellen would have a lot to talk a

our thinking was that janet yellen speaks on friday about income inequality. prepared speech, but she have a few prepared remarks right before beginning that speech and that is what we would expect her to do. it is her job as the chair to step in and say let's all calm down. she is seeing the same thing we are. there is no forward-looking data that says this global growth concern has started to affect the u.s. economy. uptickre seeing a slight in the markets right now. these comments from chair yellen -- does that give a sense of urgency? markets continue to fall, it makes their job more couple kidded because they have to assess the feedback loop of the markets. when you look at the other things going on, the drop in oil prices that should be overall a boost to growth, the change in the value of the dollar, there are some reasons to think they might be more concerned about how fast the economy could grow in the long run as long as inflation comes back up at some point. while it's more complicated, it isn't something they need to step in immediately and do. the

his janet yellen the central banker to the world?reuppose it depends you stand when you consider that. the u.s. economy is the biggest economy in the world, so she does have that mandate to set a point of view. that is not technically her mandate. first and foremost, she has to try to generate growth in the u.s. economy. we have had a lot of debate about this from the central bank governor in india saying that the fed need to be very careful about their policy because of the impact it has. >> that is the point. this is the key point this morning. janet yellen fx what goes on in other nations, whether it is malaysia or germany >>. >>i want to talk about the brazilian currency this morning. they announced surprise rate hikes to control inflation. inflation is higher than estimated in brazil. they say there is going to be a fiscal adjustment that was described as violent. issue turning or flailing? -- is she turning or flailing? >> the market is very skeptical of this president. the market wants to see economic reforms. until we see tho

one of them is janet yellen and vice chairman stan fisher. rest of the group, i have never seen such a lack of discipline. >> i don't agree at all. >> i figured you would. >> i think the evidence is that the expectations for the federal reserve and for interest rates had been remarkably stable and what's out there, the mistake people make is listen to one person who may not be -- have the right call. >> that's what i'm talking about. >> i think it's comments of jim bullard and maybe suggested the fed may not end qe. >> not the only one. >> that's followed up of an interview of boston saying nothing of the kind and seemed to suggest we were right on track. comments over the weekend. richard fisher, as well. the plurality of voices led stability. >> i think -- >> i remember no idea, we looked at alan greenspan's briefcase to know the policy. you remember that. >> i'm from the old school. i don't think that these fed guys should be talking so much at all. okay in the actions speak louder than the words. but i'm afraid i don't agree with you on s

janet yellen is expected to begin speaking in about half an hour. european markets are rebounding and equity futures are in the headlines. i will be joined by three leading voices to put this volatile market it to contacted -- context -- here is a look at our top stories -- a big third quarter for morgan stanley had earnings that almost doubled beating wall street estimates and one reason is an increase in revenue in trading stocks and bonds. we have heard that with other big banks. james gorman wants to improve returns on businesses. capitaluire less equity then trading. the next big appointment from the white house might be an ebola czar. president obama says he is open to the idea of naming a person to handle the u.s. response. >> it may be appropriate for me to appoint an additional person, not because of three of these folks of not been doing an outstanding job. they are working hard on this issue but they also are responsible for whole bunch of other stuff. >> in the meantime on capitol hill, republican lawmakers and plenty of criticism for th

we might talk to him about what janet yellen had to say.ave a speech on growing inequality. >> the boston fed summit. ," theregan, "street smart top of the hour. thank you so much. >> see you there. >> stay with it. "bottom line" on bloomberg television continues in just a moment. ♪ >> builders started work on more homes in september -- housing starts climbed 6.3%, surpassing the million-mark for the third time this year. a senior economist at wells fargo joins us from north carolina. mark, welcome back to "bottom line." did to see you again. -- good to see you again. >> thank you. >> why does it seem like it is two steps forward, one step back? all we haveeally been able to manage and a lot of that has to do with the damage done during the housing bust. a lot of folks are feeling uncertain about job prospects. we recovered all of the jobs lost during the recession, they were not quite the same jobs that were lost. more peoplemillion working today than prior to the recession, but we have 2.6 million fewer people working full-time. nota lot

janet yellen said so. tothere a downside transparency? trish regan joins us. an op ed on the communications strategy. >> in usa today i did. too much information. normally journalists recognize the value and all that communication. we like that. but we are in a situation now moving basedket is on what they think janet yellen is doing, and not even what they think. they know. it is being telegraphed so far ahead of time. what i am asking here is, why not have a little mystery between the markets and the fed? it is very interesting, mark. prior to 1994, the fed never told anyone when it moved on its interest rates. you had to gauge it based on what happened, and in the market the next day. we do not want to return to that, but it seems since and continuing with janet yellen, there is this desire on behalf of the fed to give the markets so much information. --ok, then is it the market' problem based on how they are interpreting it? >> you have a market that, i think, is overly dependent on the word of the federal reserve. i am going to value this market based on

keeping rates where they are or doing another -- >> however, janet yellen is on record saying we do not take our cues from the stock market. if you believe that, perhaps as charlie would say i have a bridge in brooklyn. that is what both she and ben bernanke said. a lot of people disagree. jon hilsenrath who i have on in the 4:00 hour to talk about all this, he was the first person to say they are looking for market cues, the fed is. melissa: keith mccullough was on. >> terrific. melissa: said about the market the at some point the world equals eyes zero plus zero doesn't equal anything greater than zero. what about that. >> exactly. we have close to zero interest rates. you can't have more zero interest rates create something else. the zero interest rates -- melissa: they did what they can. >> we know that -- >> you need fiscal reform. >> those are two arguments but there is a political argument. can hillary clinton run in 2016 with dow 12,000? >> good question? >> good question, charlie. melissa: we'll pause for a second. search is on for a vaccine as a second person in the u.s. contr

this is a conundrum for janet yellen who says we will know it's time to raise rates when we see wagesnet yellen thinks there is a lot of discouraged workers coming into the labor force holding down wage growth. the economy has created almost a million jobs in last four months postop -- in the last four months. the participation rate is still falling in the labor force. in recent years, the historical relationship between wages and workers has broken. during the recession, the supply of workers went up and demand went down, but wages did not fall as they should. they did not know up much, but they did not go down. so does janet yellen keep rates low in the hope that this eventually works out or does you raise rates because there's less in labor market than she thinks. but there's no right answer, is there? >> that is the bottom line. if we are this close to full employment and wages are not rising, they be we are actually this close to full employment. fulled says 5.5% is employment. but we got into the threes during the clinton administration. goldman sachs sent out a note saying not

two-day meaning and according to economists interviewed by bloomberg, jenny allen will continue -- janet yellenith ending the a-gon plan. -- the bond buying plan. >> the federal reserve is the central bank to the world. they will announce at 2 p.m. and wisdom will ensue. if chair yellen catches a cold, kuala lumpur over in malaysia, they sneeze. goldberg is with us right now. how distorted is the u.s. economy from what the fed has done? you aren, it looks like starting to have significant amount of financial excesses. the ec money -- the easy money , but not so much with the economic risk-taking. >> this is a chart that were used to look at all the time. i will explain it on radio and send it out on bloomberg radio plus. years, down and down they go and they keep interest rates right at the zero bound. how does that affect malaysia and the other smaller economy? of moneyve a lot coming to the emerging markets. not that long ago just before the taper and we were talking about the currency wars. money coming to emergency mark .nd -- emerging markets in some cases, the currency appreciating too mu

they took us out -- melissa: you just called janet yellen the devil? >> i will play devil's advocate. they took us out of a deep financial recession. markets gone up to 17,000. they will disciple late. >> who is this man? melissa: one at a time. one at a time. >> my twitter page is blowing up. >> in addition to japan, we're more than halfway through earnings season. numbers are good. we got a good gdp print. that doesn't hurt. >> why don't i get anything? melissa: because i didn't like what you had to say. starbucks wasn't to deliver you from the drinks long lines. they gave a weaker-than-expected outlook for the quarter. i love this idea. we're supposed to focus on earnings. the fact they said they would deliver to your desk? coffee? really? >> i like some starbucks and cost me 2.0 about tore a cup of coffee? why is that? that is my biggest problem with starbucks. i couldn't care less about this. >> i always thought overpriced coffee was a fad. i now think it isn't. you will get pretty heavy drone traffic in big cities now with all of these new delive

we will not hear from janet yellen. she will give a speech tomorrow.g the real question which is what are they going to do about interest rates? >> that's 100% correct. >> the markets are saying that we should not be seeing interest rates rise, possibly not until the end of next year or beyond given where we are with inflation and the economy. >> in our lifetime. >> the fed continues to say we will see interest rates rise by the end of next year. obviously, that's the big debate right now and one of the big uncertainties for the market. >> i was fascinated by your with nouriel roubini. interest rates would never rise. he said later rather than sooner. >> he was on with us early this morning. play with he says about ending quantitative easing. worst thing the fed could do is to abort it. will lose its credibility and give us a hard landing. maybe the decision will be made in june and will happen in july or september. >> for more on the fed future and what market participants are watching, i want to bring in david blitzer, the chairman of s&p dow jones i

later today look out for comments from fed chair janet yellen. check out sterling. sterling is lower after the bank of england official comes out and says the recent inflation is making him gloomier. after the break russia is back on top of the agenda. we had to milan as putin natural gas cut supply. in the meantime we want to talk markets. move" is back in two. the virgins is back. do you think that continues? >> i think the divergence should continue. we have seen a bit of convergence. as i mentioned, i think the treasury yields are much higher. i think they will stay here or go lower. that is what the ecb is committed to do. i don't think the surge we have or spanishek bonds and italian ones is sustainable. i think as a reaction, greece wants complete withdrawal from the program. i think that might have been the perception, but that is not the reality. some grounds has to stand on as far as renegotiating. fiscal balances -- greece has some grounds to stand on as far as negotiating. even the imf suggesting there might be -- we might be on the precipice of a cycle

it is true of ben bernanke and janet yellen and it is true of mario draghi. deal with more fundamental issues. >> the imf singles out russia and japan. what do you feel is weighing on the economy boast -- most? >> all of the above. and the china thing is very serious. no one believes the numbers coming out of china. much slower than things are there. brazil is not working. to imagine fundamentals changing even after the election. you keep coming back to north america and the united states. we are the one potential bright spot. but again, there are real questions. whether congress and the president, after the midterms, whether there is any possibility of working. >> tom keene, you are never this quiet for this long without something going on. >> i'm just looking at the markets. the german 10 year yield is stunning. olivia is right. they will do nothing at this meeting. >> nothing at this meeting. >> i just think it is a changed bond market. >> hard to believe. here is our twitter question of the day. what is your investment strategy as stocks selloff? ♪ >> goo

that janet yellen and european central bank president mario draghi agree with him. with rising dollar and continue, will the rest of the fed go in a different direction? liz: will ebola fears intensifying, what do you do if your employees need to travel? we're speaking with a company that provide emergency medical help for its clients. they recently helped two doctors evacuate in a ebola region. ♪ liz: this is a big one. dow component american express reporting just moments ago. let's head back to nicole petallides on floor of the new york stock exchange with axp. >> axp, a beat and a miss. earnings per share coming in at a buck 40, versus estimates of 1.36. that is the beat part. the profit looking good. however revenue numbers come in a little bit shy. revenue 8.33 billion, versus estimates of 8.35 billion. you're seeing stock looking to the downside in the bid-ask in the after-hours. american express says revenues continue to rise at steady pace but growth is over long term. loans continue to grow. that is something else that they noted. their profits topped esti

janet yellen and her console in the bond buying program as planned.also underscore their troubles by falling inflation. in the last month, oil prices have dropped 14%. failure for nasa kind of seconds after launch from virginia, an unmanned rocket carrying supplies to the national space station first and a huge fireball. the et

is that the first inannouncement as a whisper of janet yellen? >> i think what the fed is trying and will create is when they really start moving rates, everybody's going to know about it so there's a way to communicate it f. you lay out the plan and i would argue it's not that disruptive. i think you have to step back and put it in perspective of a 1% funds rate all we're doing is moving out of the emergency conditions that you were. required quantitative easing. 0% funds rate. we are not moving like prior cycles. all we do is move to a 1% funds rate and probably 2 or lower for a long period of time so i think as long as the communication is done effectively i don't think it has to be tremendously dislocating at all. >> i don't think -- i think that there is more likely to be a marching band going down constitution avenue two meetings ahead of that time rather than just a quiet whisper. they have got to signal it well in advance. >> that's for sure. maybe they already have started. good to see you both. thank you for your thoughts. >> thank you.

with all you have as a hammer everything looks like a nail, more q e from janet yellen. stuart: thank you very much. >> you are seeing this volatility in large part because governments tried to d risk risktaking, tried to stimulate the economy, interest rates at historic lows, and said 2 traders we don't know what they're going to do next, you need risk-taking in the economy to have sustainable, normal growth and continued to see this volatility. >> some of the deals that blew up. they fly to quality. it is a huge deal and why did deals like that blow up? because of u it speaks to a bigger issue. stuart: and certainty, lack of leadership from the top. >> easing is all we got. >> my point is there's risk in this economy because government is trying to take risks out by propping everybody up, dropping the market up, dropping the economy up. they got to pull up and we need less government, lower taxes, more certainty. bernard: when you get a big round of applause on sat one. i want to get to ebola. the trigger that got things going to the downside earlier this morning. a se

public and private. >> is janet yellen boxed in?n shek more realizes, and i think more than the market actually realizes because the key thing is we have a flattening in the u.s., what we have is financial oppression abroad and at home, we have low demographic -- >> is janet yellen going as elsa or anna? >> we have researched this morning from goldman sachs. i want to ask you about inflation japan now, however, in the risk assessment of the outlook reports, the price outlook are to the downside, attaining 2% price ability target still looks very challenging. >> in the u.s. we will not even see a to handle in terms of inflation, 2016 at the earliest. >> gary langer, this goes right to the angst of the american people. >> nobody is coming home and saying hey, gdp is up, let's party. [laughter] >> that is the quote of the day. >> we are going to come back with the humorous gary langer here on the polls as well. >> out twitter question of the day the following -- what scares you the most in the markets right now. tweet us @bsurveillance

i would like to know if he was janet yellen, would his interest rate policy still be at 0? you can't have it both ways. >> phil? >> i won't try to guess. >> if you're king, where do you peg interest rates? >> two italian guys fighting over something. that's not uncommon. we'll eat pasta and fight through it. i don't disagree with rick. i won't try to guess the market and say simply enough, if i'm janet yellen, i would stop quantitative easing here and wait to interest raits until we're at a point to see -- >> see, you make it seem like we're at that point. you're changing. >> wait, wait. >> this is the discussion we have every day. >> i'm saying -- equity market, i'm bullish. >> i'm talking the economy. >> i'm absolutely going to say to you that we are 50 to 60% of capacity of gdp with room to grow as the economy strengthens and then we'll begin to raise rates. a natural progression. one step at a time. not a leap. >> so if i was your client, you'd say, you should be long equities and tell me that the economy is only 60%? >> wait. i'd say be long equities. be smart. keep th

janet yellen spoke up about the u.s.uture is not as bad as many have been suggesting in the market. the yield finished down by six aces points. the yields have fallen for eight days. the lowest oval for year. >> can you imagine if you were on the wrong side of that bond market? index dovety touching levels you have not seen since 2009. the lowest since may 2013. what you're seeing is a big change. the strong dollar story does not cover it. how about the oil markets? -- i do not opec remember much about 1986. but if it is going to be a rerun where you see a collapse in prices, lloyd's register told us get used to $60 because everybody is producing and the asian market can choose where they want to go for their oil. there was a fascinating comparison. >> we will continue our coverage. interview with eight -- our guest from the inf. >> and recommending to shareholders vote against the $61 billion takeover of shire. good morning to you again. i guess up to speed. >> the price move we saw in shire, it seemed like the market d

janet yellen, the fed. come on, man. this has got to be it, doesn't it?sn't somebody ringing bell? >> there is no wage growth. >> they've already given you a plan. they are stepping back. it won't matter. >> there is a little bit of wage growth, isn't there? >> 2% is keeping pace with a 1.7 cpi. >> most people are playing for dinner in this country. we have good jobs and paychecks. >> they've been focused on the unemployment rate. qe's over. >> then bernanke can't get the mortgage. people are going to say that is anecdotal. frankly, the fico scores, you have to have plus 700 to get it. there are reasons we haven't turned on the jets in this country. i think the idea that the fed has to do anything other than what it's been doing. larry kudlow, with be a unbelievable analysis how janet yellen talks dovish -- >> but will be more hawkish. that was interesting. >> there are things larry kudlow knows better than anyone else. i worked with larry for many years. when he speaks about the fed, it is not idle or anecdotal. >> we both noted it. >> it's brilliant ana

you can thank janet yellen. the fed said it will not raise interest rates anytime soon. the nice recovery from tuesday which was sparked by sluggish growth. futures are slightly higher right now. >>> the hackers who broke into jpmorgan chase may have targeted 12 other financial institutions. on the list, fidelity, citigroup, e-trade and hfc. some of the biggest names in the world. last week, jpmorgan chase confirmed hackers stole information for more than 80 million accounts. now investigators reportedly believe they took data from one other organization. all of this information attributed to people familiar with the matter. >>> breaking news overnight. another deadly police shooting in missouri. chaos in the streets. we have dramatic new video. >>> plus, a family sharing their story exclusively with cnn of how a routine traffic stop ended with police smashing into their car and tasing a passenger. ♪ all around the world the dedicated people of united airlines ♪ are there to support you. ♪ that's got your back f

janet yellen is gettiigg3 -@political. consider this.e said the extent of and continuing increase in inequality in the u.s. greatly concerns me. now, all right, charlie, if she says inequality affects the economy, i think that is fine. >> just generally we are nonpartisan. ben bernanke certainly was a partisan when he dealt with president obama. there is a hypocritical aspects to all of this. janet yellen is the era when taker. it has benefited the rich people. they made billions. millions of dollars during this period this is a fed driven any quality. stuart: let's be clear. it was trillions of dollars. they pumped it out there. they put interest rates at zero. >> if you are rich enough to be able to afford a stock, your -@stocks went from 6000 to 17,0. stuart: pumped up by the federal reserve. this is so bad for her to go out there and say talk about any quality when she is the main corporate. stuart: you better know that we have a rebound. you predicted that the dow would hit 172. are you sticking with that tiieframe and that size of

what janet yellen is looking at are the real numbers. she is concerned about inflation. easy money to create jobs until she is worried about inflation. she is worried about real wages. that means people start to get rate -- races. -- start to get a raise. real wages are going nowhere. she has no inflation concerns at all. i don't see them raising rates. >> is the real wages number of demographic issue? do you see people getting paid more and retiring while people starting at a lower wage coming into the labor force? >> somebody's demographic and some of it is structure. the answer is that it is a little bit of both. but regardless of the cause, that is on her dashboard. onhave 50 million americans food stamps, 26 million americans unemployed or underemployed. 11 million on the support -- on disability, which is kind of a unemployment. the economy is still weak. yellen is trying to address a structural problem with a creative solution. they won't work, and that is why the fed forecast has been wrong five years in a row. the imf forecast has been wrong five years in a row

>> janet yellen will speak at 8:30 a.m. about income inequality.l have on the current situation the markets but martin feldstein is joining us as well as gun hubbard. ' coming up on >> looking forward to it. that begins in 15 minutes. >> it's like a countdown. >> we are helping you countdown to the market open. open,ms of the market apple will be reporting earnings we've lost our focus on earnings because of all the turmoil we have seen this week. will the focus returned to earnings next week? >> i certainly hope so. i think people can start focusing on fundamentals again. >> we will be right back right here on "bloomberg surveillance." ♪ >> good morning, everyone, futures are up 26. monday, stephen king of hbs -- of hbs just -- hsbc. good morning, everyone. "bloomberg surveillance," with me is scarlet fu and adam johnson. around.etter tape all the turkish border gets the headlines as the islamic state takes territory in syria. isl second front, consolidates power west of baghdad. control of anbar province is precarious. general savridis launches h

if you look at what janet yellen has been saying, the focus pretty much has to be on wages. -- it's fine to have a 19 variable scoreboard, but when seven are up and seven are down or flat, it is critical for wages. >> you did not live under a regime of polkadots, did you? >> i promise you that alan greenspan had a lot of of media. is anou should look at early manifestation of the slack in the road, i.e. kostin wage pressures. i don't sit there. -- the cost in wage pressures. i don't see it there. >> are the dots the issue? the problem is they are obstructed in and secure way, each individual participant saying what they would do if they were emperor. it is opposed to the appropriate policy, not the main outcome they expect. the fomc could be assuming that theirlleagues -- colleagues are idiots and that the path does not correspond to what they think. but it is conditional to all kinds of stuff. the reason why this is also compensated -- complicated is indicator of good what was happening in the market before was the unemployed men rate. today, it isn't. >> is that because it

janet yellen did something she has not done before. she made comments about the detrimental effects. this is a conversation that people don't study, don't have stuff to do with it. follow something else in life are saying this is creeping in and will effect us all. does creeping and growing inequality effect us all? >> it's unfortunate, but economies that are very healthy, you have a lot of range of incomes, rich are very rich. the poor are pulled up because of all the venture capital investment and all the risk takin taking that the rich do. it's not necessarily bad. i was amazed by yellen's comments because the whole strategy of the fed, and she was a big part of the fed's strategic thinking for many years. >> she's not new to the fed. >> she's not new to the fed, and she endorsed bernanke's plan to bring down real interest rates to raise asset prices. who did that benefit? >> those who are assets. people who have houses and those who have stocks. >> i thought that was confusing because the people who have benefited in the last few y

. >> i thought it was interesting to hear janet yellen talk about income inequality.he federal reserve policies are probably the lead item that is widening income inequality. >> this is a huge and wide open topic for any political candidate. i still can't for the life of me understand why nobody has got on that bone and eaten it loudly. you have a policy to inflate. american cost of living in all-time highs. that created two-thirds of the country feeling like they're in a recession. negative wage growth. the fed has papers to suggest this policy to inflate did nothing but widen inequality gap so for her to whine about it, to me i would make a huge example of that and say obama, that's yours and you can own it too. people are generally mistrusting of the federal reserve. >> and mistrusting of institutions largely speaking. so what do you think will be the priorities? let's say the gop takes the senate. what does gop come out swinging with? is it tax reform? >> i think tax reform is a long, complicated issue. >> how about energy policies? >> energy policy is something w

you just came out of a press conference where you commended janet yellen on her guidance and communication. you believe the federal reserve is doing the right thing when being cautious on an exit. >> i think janet yellen is doing the perfect communication, in trying to give the guidance that is needed for the market to understand what they should expect. equally she's dealing with a complicated landscape. because while inflation should be kept under control, the job market is difficult to read. the unemployment rate has gone down for sure, 5.9, great. under 6. >> but where is the inflation? >> but the participation in the job market is not high. so she's dealing with difficult criterias and analysis. and i think she's communicating as well as can be done. >> it raises the question on the other side of the federal reserve amanmandate and we're sg economic growth but american families haven't seen incomes go up in the last decade. why? >> that's big issue which i believe the imf will do more work. the issue of the income allocation. whose benefitting from growth? and where is income going? h

i would look at mervyn king and ben bernanke and janet yellen. as they didn't get in a garage and create anything, they spurred a lot of people to do that by the policies they put in place. >> for the next 25 years. ross? >> well, i think when you think about the future, and elon musk should be on that list. >> he was. >> oh, he was? >> the original 25. >> this guy has changed the world so much in such a wonderful way. and so much of his innovation has a great social good. and he has made billions of dollars for himself and shareholders. i find him to be an incredibly inspiring person. >> as do many, guys. we'll leave there it. andrew, thank you for joining us. >> thank you. i'm looking for you in that list. at least in 25 years, when we look back, we will know we have missed something. >> cnbc.com for the rest of it so everybody can weigh in. with the middling type day for the markets, what was the top story on cnbc? we will find out the hot list next. and tomorrow, feuds common in business, especially in the rock 'n roll business. we'll get an

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janet yellen speech 8:30 eastern in boston following i believe a new york interview not that long agowhere the topic of finance and whole notion of disparity in incomes was brought up. from the speech today. janet yellen, the past few decades of widening inequality well-being summed as significant income and wealth gains for those at the very top and stagnant living standards for the majority. let's ponder this if a minute. today we had housing data out. and it was pretty good. it was darn good at 8:30. but it still shows what i ule a wonderful life. and potters vil is renter. we want to e buyers in ownership. the problem with this is really the federal reserve needs to concentrate more on creating a the nice financial soil for growth and education is a big issue there. why do i say that? because one of the comebacks was, is that allen greenspan used to talk about this. i tried to reach out to allen. yes he's made many speeches since fed chairman, about how education is a huge factor contributing to this widening dispair ti but i don't really as chairman that this was a significant to

next coinstar will stop taking janet yellen nickles.t. >> charles will be happy to loan him some money. >> at very low bid. melissa: that's right. really says, everybody thought he was kidding. he said this, no, i like just changed jobs. if you have done what we've all done it, done one of those mortgage documents he is between jobs. >> that is really want mortgage business all that much. 30-year-mortgage rate 4.2%, historically speaking in the toilet. the problem the banks, savings rates, and squeeze on lending margins. melissa: you're trying to this into serious story? he tried to turn it into a serious story. who is the person process this paperwork, looking at ben bernanke and they don't get what, nothing else, his earning potential? house is like 800,000 doll house. that he made, he makes 250,000 a speech. >> when you buy a car, you tell them you make a certain amount of money, they stop doing the processing. if i make x-amount of dollars. you do? which car do you want? like to your point. who is the banker on this? i will tell you

speaking of fed folks, janet yellen sounding the alarm on income inequality.he fed chair saying it could seriously harm the u.s. economy and extent of inequality in the country which she pretty much created greatly concerns me. @rony here, because it is the fed's fault. they are the ones who juiced markets higher. >> irony? hypocrisy. one thing caused the wealth gap to expand rapidly, obama-nomics failing middle class and fed juiccng stock market so rich people take stocks they bought at 6,000 back in march of 2009 -- melissa: she is worth -- go ahead. >> melissa, inequality is an issue, just a metaphysical fact of reality. people are not born equal. @eople are not equal. some achieve more than others. think to charlie's point where equality, where the shame, treats people. how government giving advantages to certain groups and taking from others. >> don't forget, yellen appointed by president. melissa: right. what insight does it give you what she may be thinking about? if she says she is worried about income inequality, do you try to read into that what she

you can thank janet yellen.nesday it would not raise interest rates anytime soon. >>> the world bank is raising the estimate for the ebola outbreak. the latest is $32 billion. part of that is the drugs to fight the outbreak. cnn's poppy harlow sat down with belin belin belinda gates. >> we need to maybe public/private partnerships to invest in the diseases. ebola was one that was behind. >> the gates foundation backing this and fighting ebola. for the rest of the interview, go to cnnmoney.com. >>> all beyonce, all the time. that is who listeners are getting from a houston radio station. dumping the all news programming for 24 hours all beyonce. the station had poor ratings. had to layoff 47 workers. replacing it with beyonce. >> that is why we have 50% beyonce in our newscast. >>> "early start" continues right now. fearing an ebola epidemic in the u.s. airport security procedures to stop bringing the virus into the country as texas reels from the death of one ebola patient and the hospitalization of another pote

fed chair janet yellen says she's concerned. >> the past several decades have seen the most sustainedin inequality since the 19th century after more than 40 years of narrowing inequality following the great depression. by some estimates, income and wealth inequality are near their highest levels in the past 100 years. much higher than the average during that time span and probably higher than for much of american history before then. >> the weltsdiest 5% still hold 2/3 of all assets. financial gains have been for people at the top. wages have been stagnant. new analysis by the economic policy substitute gives solid proof why the minimum wage should be raised. if it was set at $10.10 an hour more than 1.7 million americans could stop relying on public assistance programs in this country. the federal government would save $7.6 billion or more each year. income inequality is a huge stoppic in congressional races across the country. look at joni ernst. she believes the minimum wage needs to be set by the states because iowa's cost of living is so low. i don't know how she comes to that co

inside that suv is the fed chief janet yellen making one of the biggest moves in years. this will move the market certainly. and in a crash test, it determines which cars are safe for you and your family. t ty's out today so simon is my partner. hi, simon. >> this is a historic day for the fed and we have key coverage up on every aspect. diane olick on mortgage rates. kate rogers on what it means for small business lending, kayla tausche and steve liesman on whether it really marks the end of fed bond buying. let's start with our senior economics editor, steve liesman. >> two years later, the fed set to end the bond purchases or quantitative easing that launched in the wake of the financial crisis. now it stands at $4.4 trillion. that compares to under a trillion before the crisis began and the plan is to keep it there for at least quite some time and the result is that just because qe3 is ending doesn't mean the effects are going away. the fed has said it's going to hold onto the balance sheet until they start raszing interest rates. that's not expected until the summer

. >> janet yellen, the chair of the fed basically saying we will keep printing money.e will not let this market crash. basically infusion cash into the banking system. they loved your show, by the way. it may not matter what the fed does anymore. the fed cannot print money, keep interest rates low and help the market. 68% of voters are concerned about ebola spreading throughout the country. 60% think there should be a travel ban. we should point out that the caribbean island is among the countries where there is now a travel ban. monica crowley is here. i want to talk the politics of ebola. if we are talking about government incompetence, we are talking about president obama. we are talking about this election. >> i have a cold in the washington times. talking about how this is the final nail in the coffin. really big government and federal government in general. this crisis is really something that i think has put most of the american people over that the edge where they are not even believing what the cdc is telling them. isis is changing. ben ghazi was not about a v

do you think janet yellen is going to raise rates at all in 2015? answer, explain. >> i would venture a guess no. there are three issues, whether it creates inflation, which we haven't had. whether it creates economic growth. we could debate whether the counterfactuals like bernanke likes to say. the third issue has the fed dominating, financial stability. they ended qe-1. the and the stock market fell 17% and they will they were compelled to come back with operation. and then qe 3. this is our third attempt to end qe. it is all about financial market. i don't think they want to upset financial markets. think i they are going to be really slow and wait for inflation. >> we are out of time. i'm sorry, i just think it is not the right course when everything is benchmarked at things like markets. but markets can throw hissy fit but when we are not giving ourselves time to simmer post to crisis. >> speaking of which, oil slides still this morning. brent near 27 month lows. more on crude. >> we got numbers from the imf on projections for growth. we've ju

janet yellen is very aloof to the market.vertimes learns that the markets are relevant and we based economic recovery based on easy money and as appreciation now we see that in reverse. as soon as the fed says we're going to have an exit risky assets are risky again and the repricing on assets will be severe economic headlines and janet yellen is going to think maybe have to worry about more than unemployment so next summer maybe we'll certainly not see an increase in rates as soon as possible but they'll be scrambling to inject money into this economy. not that it will help but they'll try to do that. >> it's brian kelly. that's the question i was going try to ask you. we are looking at some of the easiest conditions we have seen even prior to the 2008 crisis and even prior to qe-1, qe-3, or even after. if they do qe-4 is it going to work? >> no just as it doesn't work in europe but what central bank versus achieved is junk bonds aren't at risk anymore. the stock market didn't appear risky and now as we have this so-called e

christine lagarde said janet yellen's policies have been perfect. >> yes. you mentioned volatility.s net positive for goldman. one reason the quarter was so strong. this was a chance to sort of take blankfein's temperature on all the amazing events we saw during the course of the week. you mentioned james bullard making those oblique references to extended fed accommodation. we asked how investors are supposed to take those comments and characterize the fed's performance overall. >> i would say they handled it right. they handled it in a cautious way. in some ways have been courageous. if everything goes well, it will turn out they didn't need to be this low for so long. it's like an insurance premium that they are paying. i think they are wise and courageous and will subject themselves to second guessing because if u.s. economy is established in good shape and goes on from here, everyone will second guess them and said you shouldn't have been this light for too long. >> we covered a lot of other things the market's been handled. he was relatively down beat on europe, essentially be

fed policymakers including the fed chair janet yellen speaking in boston. steve leaseman got an exclusive one-on-one about the next moves. >> that was with fed president just to be clear. we did go to try to get comment from janet yellen unsuccessful in that regard. we always try. i want to tell you a report that i am getting here. ubs saying his base case is that the fed will slow the taper. instead of doing 15 billion we are moving last remaining $15 billion of purchases that the fed is set to make going down to ten leaving five out there. that is not what i heard from the fed president. he says he sees the fed on track to end the quantitative easing despite market turmoil because they need a big change in the outlook to change their plans to end qe and he doesn't expect that in just the next two weeks. the data is still supporting not changing anything despite the turmoil in the markets and since a 2015 rate hike and the the fed will make changes if the data changes but said they are following europe and the weakness over there. here is what he said. >>

any risks that janet yellen might ruffle a few feathers for the markets? >> i guess we can argue about considerable time, whether that gets pulled out of the statement or not. janet yellen is not going to raise interest rates. the dollar is already way too strong. they have to be concerned about that. we have no inflation data that shows any kind of problem. we still have significant under employment in the nation. i think interest rates stay where they are at for a very long time. i wouldn't be worried about the fed. >> good to have you on the show. enjoy your weekend. coming up next, amazon is deep in the red today. john, i know you are all over the story. we are going to talk all about it. amazon when "street signs" returns. ameriprise asked people a simple question: in retirement, will you outlive your money? uhhh. no, that can't happen. that's the thing, you don't know how long it has to last. everyone has retirement questions. so ameriprise created the exclusive.. confident retirement approach. now you and your ameripise advisor can get the real answ

>> i think so and the question i can't answer, scott is how janet yellen how concerned should be with three decents. we know go of them. and i don't think the market cares that much. three begins to be an issue for how well she controls the committee. it's worth monitoring but ultimately i think the policy is made on a sort of yellen, evans, rosen grand. the doves seem to be more in control now and they are very patient to wait. these guys are very concerned about having to go back. they are going to see the whites of the eyes. they are going to see the pupil and the irises before they chute on the issue of raising rates. because what they have seen is place where is the central banks have had to go back again and that hasn't worked well. so they are going to be sure they are on the way up and can keep going there. >> all the paul richards saying that the rest of the world doesn't look that good why we're talking about captain america today. stocks up, rates up, dollar up. how should we be thinking. >> first to react to steve. i actually believe yellen is going to take considerable pe

. >> that is janet yellen. she has much better view of the economy than most of us do. she thinks it is stronger than surveys are asked how are you doing and they're going not very well. melissa: charlie, what do you think? >> i think it is confusing statement. i think it is impossible to ascertain what the fed is thinking here. i think fed is bitterly divided between hawks and doves. yes they like it where it is going. i don't think you can with this fed. they are at war with each other. janet yellen, richard fishers. much fisher wants to raise rates tomorrow. she doesn't know. remember one of her jobs not when we get past next week's midterms is to get hillary clinton elected. melissa: stay where you are. although she would probably deny that. >> deny what? melissa: her job to get hillary clinton elected. she wouldn't like that statement but we hear you. here is man called for end to the fed, former congressman ron paul joins me now. >> ask i don't know. melissa: what is your reaction. >> my reaction to your statement if we ended fed all you guys wouldn't have any fun