josh wright with us as well from bloomberg intelligence. josh, tell us how this fold over. i do not see the 10-year yield moving. it is really discrete photo lineup by that of my history books. josh: the ecb did this before in 2012, to my question for gilles: is what will be different this time? in 2012 it is all about the euro breaking up. greece is not trying to leave the euro zone at this point, so it is a different kind of game. gilles: greece is not want to leave the euro zone it has said so time and time again. it is a welcome change, the reason why there is so little reaction is basically because one we have qe, a situation where we have a structural by an system that will make sure that no one will take their risk of trying to attack the market on account of what is going on in greece. that is the major difference. tom: and media bloomberg headlines out as well. we've also seen a titlist greece. explain the sartorial presentation. brendan: i am "bloomberg surveillance" chief titlist? tom: how do we look? brendan: this is alexis tsipras. can i get the camera on me? h

josh wright joins me in studio. rman yellen's testimony, what did you tell us about how she wants to shape and communicate that policy going forward? josh: janet yellen is signaling that this is the death knell for forward guidance. we are leaving the world where the fed will broadcast what it does to her three meetings in advance. we are going meeting by meeting where the fed will read the data and we have to read the data too, that is getting much of the world we saw before the financial crisis. mark: meeting to meeting as opposed to what they are doing now. what is wrong with the current strategy? josh: the economy is doing much better and it doesn't require the same amount of extraordinary stimulus we have had all this time. the fed is sought new ways to provide similar to the economy. one of those is we are not going to raise rates for considerable time until recently. now they say they will be patient raising rates. that wouldn't -- they wouldn't raise rates for two meetings. it now janet yellen says that once

josh wright joins me with his analysis and the former federal reserve governor and professor of the bluersity of chicago. randy, why don't i kick it off with you and what you think janet yellen's job is going to be this morning. >> to show a lot of patience and try to convey what patience means that which is something that is flexible. i think there are different views around the federal market committee table on when rates should be rising. you can either point to the robustness of the labor market or to very low and declining inflation and inflation expectations and challenges around the world to say should either be more patient or less patient. my guess is, she will go through the different arguments but probably not make a case or one side of the other. it will depend on the data. >> josh, from what we have heard other observers of the fed say over the last several weeks is especially after the minutes, they field this fed is maybe perhaps more dovish. issue going to have to correct that course this morning or does she have to at all? >> i don't think she has to. i think they set th

also, thank you to josh wright. janet yellen begins her second day of testimony in the house at 10:00 a.m. eastern time. president obama heading to florida to rally for his executive action on immigration. oil slips again six straight days of falling oil prices. a lot of finger-pointing going on. we will be back. ♪ betty: top stories this morning. reese gets a new warning from its creditors. new economic policies are only the beginning. athens is earning praise but the imf and ecb say actions be glad of the. in ukraine, possible signs of progress. the government is saying fighting with pro-russian rebels has subsided. a full seat -- a full cease-fire has not taken effect. looking to snap five straight a's of declines. saudi arabia -- cushman and wakefield searching for a buyer. the company has reportedly hired goldman sachs and morgan stanley to help. real estate broker is said to be seeking 2 million -- hong kong post government want to reduce taxes. the move comes on the heels of slow economic growth area hong kon

we will talk to josh wright on janet yellen. she begins her testimony tomorrow up on capitol hill.ut this morning. >> thank you so much, tom keene in 25 minutes from now. >> let's return to europe, more sanctions could be the story. our next guest says you must ratchet up sanctions if the situation in ukraine worsens. good morning. very nice to see you. thank you for taking the time to come see us. what are you watching for in the cease-fire that exists currently in ukraine as a gauge as to whether or not it is holding, not holding and what is your sense of the situation on the ground at the moment? >> it is difficult to give a specific answer because it is an untidy front. military discipline doesn't apply in the british sense. i think what we're looking for is there should be less military action day by day, that the heavy artillery and so forth should be brought back as the agreement states the exchange of prisoners should take place. there should be a reduction in tension. it is not going to be clear-cut. it is not going to be suddenly peace is breaking out. the sing the whole

josh wright, thank you as well. coming up more on bloomberg television and bloomberg radio. morning. ♪ >> good morning. it is monday, february 23. you are "in the loop" and we are 90 minutes away from the opening bell. we are talking about the oscars and network television. we have two people who know the network tv game very well. bob wright and mike dolan both joining me in a moment. another day and another deadline. greece has measures. bellow funding will keep flowing if so. sippers -- cyprus told greece there is more work to be done. >> we want to battle that's we won the battle, but not the war. the real difficulties including those related to the negotiations in our relationship with our partners are st