mr. fisher is a hawk and made similar comments before. but traders are well aware the markets have slowed when the feds ended their particular markets. mr. fisher took particular aim at high yield markets, not surprisingly high yield exchanged traded funds, dropped, some of them over a half of a percentage point. second there were vague reports that the russians may enact a law to seize russian assets on foreign territory, largely in response to sanctions, why is this important? because europe is reportedly in in low growth, despite keeping efforts low. any push of that concept could push them back into a recession. the german market ended down 1.6%. from there it was risk off in the u.s. markets, emerging markets etfs were down over 2%, momentum stocks that are heavily traded like biotech were down 2 or 3%, while volume at the "the new york times" was not particularly strong there was heavy market in the futures markets suggesting that there were a few large sellers today. >>> and small cap stocks have also been hit hard recently. the sm

mr. fisher.e not only crushed the high yield market, looking at the intraday charts, the move on the high yield minutes ahead of the s&p's reaction in the future market about 8:30 speaking in rome. coming into our market, that attitude was the fear and terrible month of september. the money managers in the world have underperformed and this is not going to help the situation when you have mr. fisher not only saying they see extreme movements in the high yield market but also handed the accept or the over to mr. draghi saying it's a question to fight super mario and that's where this market is right now. >> really amazing thing is fisher's leaving. you know? he's leaving in april. he's required to step down and instead of going out gracefully, he is getting louder in the commentary. they're getting sharper here. he moved the high yield market today. >> to be fair, though, there are others who have been on watch for the high yield market for sometime now. >> yes. >> but obviously they don't carry t

mr. fisher and mr. plosser are hawks but virtually lame ducks. their term expires in the end of the year and replaced by mr. williams being a noted dove and lacquer in the middle. at the end of the year this is a more dovish fed as opposed to hawkish fed and i think that is important. >> what would you have voted to do with the considerable time phrase? >> i think they need a considerable time because the rest of the world and the fed is not in charge of the west of the world but are the reserve currency and what we do dictates a lot in terms of economic growth and interest rates everywhere else. what we see in the rest of the world is a mild deflation. we see that in japan and south america in recession and we see in the united states that the cpi has come down to 1.7 and that suggests 1.5 for the core cpe. what would i do? considerable period of time. let's sort of stop and evaluate the evidence. let me speak if i have a moment to inflation. inflation and inflationary expectations i think will be the key for future fed decisions considering pol

mr. fisher. he's hawk at the dallas federal reserve but he was unusually hawkish today. rather loud talk about the interest rates may rise in the spring of 2015. earlier than people are expected and tame out of the high yield market. by the way half a percent move is a big move for high yield that we've been seeing so very heavy volume there. he made the sooner rather than the later rate increase comments. that is effecting emerging markets. they are very interest rate sensitive so the een is down 2% today. very heavy volume in smaller etfs that are emerging markets. that is no surprise. fisher is obviously moving that. and then a second issue the vague unsubstantiated rumors the russian government may enact laws to seize foreign assetes on the russian territory possibly in response to sapgs sanctions. but the german market immediately started south and when we opened weakened even more. this is important for them because there is no growth in most of europe. even germany is pretty modest. an escalation of this conflict could tip europe into negative growth and potential

mr. fisher talking about higher rates, but what he is doing is reminding us all, wait a minute. >> richardher talk about higher interest rates is not new. >> more, aggressive from him. >> i get t. >> he definitely moved the high yield market today. is there any question about that, ar this you are? absolutely not. that spilled over into smaut caps. on top of that i think he is reminding everyone that we have had problems in the past when the fed ended its program, we did this twice before, we have had problems, i think that was a little gentle reminder, too, that everybody said, you know what, good point. >> gdp, get that number tomorrow what are you guys expecting that? we had a guest on a little while ago, he thinks we could see a 5% number for the quarter. >> i think north of 3% with some confidence, 3 1/2 to 4, 5 is a little bit of a reach. i want to point out coming back to the dollar, macrolandscape is clearly shifting, the gdp differentials favor the u.s. versus europe. the interest rate, monetary policy differentials favor the dollar as well so the dollar strengthening, makes perfe

mr. fisher saying we may raise sooner rather than later and said that before. searched about the fact there are reports that the russian government may enact a law to seize foreign assets in russia. now, that's an escalation of the conflict an we don't need that in europe. they have reacted very quickly to that. my hope is putin is supposed -- president of russia, mr. putin, supposed to meet with european officials in milan very, very soon. i hope that there will be a little bit of de-escalation of that and calm down little bit. >> all right. let's go now to bertha chumbs. what are you watching? >> apple today, obviously, that's the big drag. if you look at apple year to date it added 120 points to the nasdaq 100s outperformance for the year in terms of point gain. today it's definitely the big drag. it is technically weak today. we often see this obviously with apple after you have a big launch. certainly when you have negative headlines. but, you know, this is not a stock you count out and put them out for the count. a lot of folks wondering whether this issu

fisher. >> thank you, mr. chairman and thank you gentlemen for the challenges that you are facing and the options you are presenting to congress on this. general dempsey, congress is being asked to fund training for about 5,000 moderate syrian rebels. if congress would provide that funding immediately, how long do you think it would take before a program is going to be up and running? i realize there is a lot of variables involved in this. you need to find the folks that we are going to be training. you need to thoroughly vet them to make sure that they are the fighters that we need and that we desire. also, how do the moderates leave the field of battle? how are they going to defend that territory in syria while they are being trained? how are they going to defend that against assad? if you can address that, please. >> to the first part of your question, senator, we think three to five months to establish the program. some of that is consumed by contracting for equipment. it is not as much maneuvering people

fisher. >> thank you, mr. chairman and thank you gentlemen for the challenges that you are facing and the options you are presenting to congress on this. general dempsey, congress is being asked to fund training for about 5,000 moderate rebels. if congress would provide that funding immediately, how long do you think it would take before a program is going to be up and running? i realize there is a lot of variables involved in this. you need to find the folks that we are going to be training. you need to thoroughly vet them to make sure that they are the fighters that we need and that we desire. also, how do the moderates leave the field of battle? how are they going to defend that territory in syria while they are being trained? how are they going to defend that against assad? if you can address that, please. >> to the first part of your question, senator, we think three to five months to establish the program. some of that is consumed by contracting for equipment. it is not as much maneuvering people into th

fisher. >> thank you, mr.airman and thank you gentlemen for the challenges that you are facing and the options you are presenting to congress on this. general dempsey, congress is being asked to fund training for about 5,000 moderate syrian rebels. if congress would provide that funding immediately, how long do you think it would take before a program is going to be up and running? i realize there is a lot of variables involved in this. you need to find the folks that we are going to be training. you need to thoroughly vet them to make sure that they are the fighters that we need and that we desire. also, how do the moderates leave the field of battle? how are they going to defend that territory in syria while they are being trained? how are they going to defend that against assad? if you can address that, please. >> to the first part of your question, senator, we think three to five months to establish the program. some of that is consumed by contracting for equipment. it is not as much maneuvering people int

mr. evans's comments, he's a voting member on the fomc next year. we are almost through the year of the hawk versus the dove because dallas fed president fisher and placer from switzerland will be leaving. mid-year 2015 interest rates hikes will be slow and steady, and you will have dissenting opinions, doves dissenting with other doves about the pace and the level of the interest rates. that's giving a look to the market. overall, liz, i would say i can make a bull case or a bear case for pulling back some, i don't think we're going to get new highs or 10% correction in the offing any time soon until we get through the middle or late october. liz: i'm surprised you're saying that about new highs, looks and feels like we might. you could be right. everybody stay tuned to chris later on in the show, put aside september, it's novand december, you have to what are he has to say. alan, right in front of me, big tech looks unbelievably healthy. financial services all green, industrials, except for ge pretty much all green and the consumer names, this is a widespread rally, is it not? >> yeah, as much as things change they remain the same. technically speakin

mr. evans today and joins us live. it certainly feels like you have a festering fight within that room? >> i hear the hawks getting hawkier and the doves doveyer. we saw richard fisher join the dissenters. there's two dissents now watching for a third. then you have guys like bill dudley talking about the dollar, the feed for patience seems to be the buzzword for the dovs out there. charles evans say -- i said how could you have a low interest rate when things are normal he goes are you kidding me? have you looked around the world and talked about europe and china's slowing down and talked about the different challenges that are faced here in the united states. again, he also urged patience. here's what he said. >> we need to make sure we've got the fundamentals right to have strong growth, get inflation to 2% to exit the zero bound dilemmas we have. if we stay in this environment for an extended period of time and then there were a downturn we've used our best policy tools and it's a tough slog from here on out. >> so what you see is you see the fed funds futures market remaining below where the federal reserve is. it's up a little bit today in that 77 basis points