plosser sitting down with our own peter barnes -- yes, only peter -- and he said he believes interesthould begin to rise as early as this year, not 2015. >> we're much closer to achieving our objective, we have made progress, and we need to be adjusting our messaging about the adjustment toss our funds -- adjustments to our funds that reflect the changes in the approaching objective. liz: he doesn't sound like a hawk, but he's more hawkish than many of the members. he also said he's not worried about runaway inflation. either way, all the indexes were higher. the interview comes out -- i'm giving peter credit because i sort of feel the things mr. losser said sometimes when any fedhead started to speak, it affects the markets, but we also have stepped-up violence in the middle east. we've got the dow and s&p 500 flipping into negative territory. are investigationers taking -- investors taking profits or is there something more insidious at work here? 22 new highs this year for the s&p, anything today would be a 23rd. a total of 67 record highs since march of 2013. just how much more st

peter barnes, moving the market. eter. >>> could the latest housing sales numbers show recovery is back on track? wait until you hear why now may be a good time to buy. why rising rents may actually be good for the housing market. we'll explain. liz: plus, more than half the fortune 100 companies use this company's products, that you might not have ever heard of them. the products to pinpoint cybersecurity threats. the i.t. pros in your company love it, but with so many security products on the market, why is one big vc firm, biggest of the big, actually, betting $19 million on their success? we have one of the top partners at andreessen horowitz coming up to explain. ♪. weekdays are for rising to the challenge. they're the days to take care of business. when possibilities become reality. with centurylink as your trusted partner, our visionary cloud infrastructure and global broadband network free you to focus on what matters. with custom communications solutions and responsive, dedicated support, we constantly evolve

peter barnes right now on capitol hill. coming just a two days after the president announced he was expanding his program. over $1 trillion in student loan debt out there right now. elizabeth warren wants to move that further down the field with her legislation to try to allow students to refinance those student loans. how will this work. >> there are people who borrowed money to go to school. they are now repaying it. bring us interest rate down to 3.86% for grant. give some of the city's borrowers. this is not creative subsidies. in fact, according to the budget office, the program will still make profit. it will be a whole lot smaller than it is right now. it is fully paid for. our proposal is to say we will stitch up the loophole for the people that make war than a million dollars in adjustable income pay at least 3% in their income. we will take those dollars and put them straight to refinancing student loan debt. >> that is the best buffet tax. it has gone nowhere. in the senate in particular. they say that it is not

peter barnes is live for us at the white house.nistration officials saying about this part of the puzzle? >> well, the president actually was asked about any possible disruptions to world oil supplies because of the situation in iraq. the jihadists who have had this basically a blitzkrieg through the country just in the last few days. the president said we have not seen any major disruptions in supplies as yet, but obviously if the isil were to obtain control of major outputs, major facilities in iraq, that could be a source of concern, and he said, however, that there could end up being other producers in the gulf that could pick up the slack. and, in fact, at an opec meeting this week in vienna opec members indicated that they were standing by to take up any slack, should, quote, there be any developments that might jeopardize oil markets. >> peter barnes at the white house. peter, thank you. how much money do you think you'll need when you retire? then we gave each person a ribbon to show how many years that amount might last. i

jo ling: peter barnes, thank you so much are joining us live from the white house.we are covering this with our panel here. aaa sandia's weighted violence will guarantee higher gas prices at home so we are covering your assets with rob morgan for the associates and the ceo. here with the onset, the managing director, chief strategist, also a former professor in beijing. welcome to all of you, thank you for joining us. my first question here is what do you think of the escalating crisis and the impact on the market? >> obviously it is of some concern here. oil prices could certainly go higher. at the same time these are sunni insurgents iraqi government obviously the iranians are shiite government, so it is not like these rebels are getting funded by iran, which would certainly be trouble some. this is probably something that will be resolved in the not too distant future. but it could certainly spike higher if the violence gets worse. speak with the crisis in ukraine and syria may be shuddering a little bit the day of and obviously hitting new highs. what would have

peter barnes at the white house with the very latest. peter. >> the administration did not comment, the white house did not comment on these reports of militant advancesoving closer to baghdad, but the president will be meeting with congressional leaders at the white house tomorrow afternoon for consultations as a white house call them on the situation in iraq. the national security team is still reviewing options for u.s. action in iraq which the administration has which could include drone strikes against those forces. republican chairman of the house intelligence committee echoed the comments today that military activity alone will not settle the secretary and divisions in iraq. >> you may see air strikes occurred to push back this fourth and to kill this threat not only with the united states, but at the same time needed the diplomatic political solution that is so critical because the matter what you do militarily if they are not working together, working against each other, it is not, the whole thing is going to implode as we are se

joining me is peter barnes who has that breaking news. peter. >> hey, melissa. the budget deficit, the federal budget deficit shrinking slightly in may. the treasury department reported a deficit in may of $130 billion. that compares to deficit of 139 billion in may last year. of first six months, starting october 1st, the deficit fell from 626 billion in the same period in fiscal 2013. that is reduction of $190 billion, driven mainly by higher individual income and payroll tax revenues with improving economy, more jobs. more people paying into the system combined with flat federal spending. melissa. melissa: obviously the other huge story, house majority leader eric cantor. what is the buzz? >> he is going to announce at a meeting of house republicans at 4:00 he will step down at the end of july, july 31st. this appears to be, according to aides, gop aides, an effort to try to provide some continuity in this transition after cantor lost his primary bid yesterday, last night. and, the, jockeying is going on now on who might succeed him. it is kind of a frenzy up

peter barnes joins us from washington. peter? >> hey, melissa, all 12 he had federal reserve districts reported that economic activity expanded during the current reporting period. quote, the pace of growth was characterized as moderate in seven districts and modest in the remaining five regions. this is the summary of economic conditions that the fed will use at its next policy meeting in the next two weeks. nothing jumps out on any kind of economic weakening that might push the fed to change and pause its taper of its monthly bond purchases which it has been reducing at a pace of $10 billion a month. the beige book says consumer spending expanded across all districts to varying degrees and quote, increasingly strong new vehicle sales were reported by more than half the districts, a trend confirmed by the car companies themselves in reports yesterday. on jobs, the beige book says, quote, labor market conditions generally strengthened in the latest reporting period with hiring activity steady to stronger across most of the countr

. >> peter barnes, fox business. to follow up a little bit on what pedro asked about specific the equity market, right now today the s&p 500 is on track to close another record high. you said you have not seen any equity bubbles, they have been trading within historic norms. is that still the case today? >> i don't have a sense the committee doesn't try to gauge what is the right level of equity prices, but we do certainly monitor the number of different metrics that give us a feeling for what valuations are relative to things like earnings or dividends, and look at where these metrics stand in comparison with previous history. to get a sense whether or not we are moving valuation levels that are outside of historical norms and i still don't see that, i still don't see that for equity prices bluntly. >> thank you, chairwoman yellen. what is the expectation for wage growth this year, next year, and if inflation outpaces wage growth, does that scenario make you more hesitant to raise a federal fun right next year or if

fox businesses senior washington correspondent peter barnes joins me with details from today's supreme court ruling. peter? >> the supreme court raised the bar for taxpayers who want to challenge a summons from the irs in court. the issue here is when does a taxpayer have a right to question the irs and irs agents about their reasons for issuing a summons when they want to gather more information in a tax dispute? the court ruled today that taxpayers cannot just make allegations about the agency's motivations, rather the court said that taxpayers must cite specific facts or circumstances that, quote, plausibly supports suspected bad faith on the part of the agency. it said quote, naked allegations of improper purpose are not enough. the taxpayer must offer some credible evidence supporting his charge. now this case was about a florida man, michael clark, who accused the irs of issuing a summons against him and business partners for resisting audit. they alleged harassment by the irs when they did not agree to a third extension of an audit. they already agreed to two extensions, they ju

let's bring in peter barnes who joins us from a fitness club in washington, d.c. peter, are you getting fit. >> i'm already fit. i get all my pointers from charlie. melissa: yes of okay. >> thank you. melissa: what is this yoga tax going on down there? >> well, as you said, melissa, the city council voted last month to apply the nearly 6% sales tax on goods and products to a number of services including fitness clubs and yoga clubs, bowling alice, car washes and others in order to raise about $60 million for the city budget. of course the gym owners including the owners of vida fitness are fighting this very hard. they say not only will the tax raise prices for customers around discourage a healthy living, it will also perhaps cost jobs as well. melissa: pardon me. what i love about this, this is exact situation where washington is taxing the thing that is working. so they want people to be healthy. wan them to be easier on the health care system. so they get people working out, they decide wait a second, what a great opportunity to tax them! >> i would say that gu

senior washington correspondent peter barnes is here with the latest. >> that is right, high-frequencytrading was made famous by michael lewis in his new book. he said that the market was rigged compared to regular investors. this includes performing a special committee of experts to look into the and that looks into the initiatives. she wants to regulate high-speed trading by dozens of firms and non-stock exchanges and she said that she wants all of these other firms to register to basically license them like the others and subject them to more regulation. she said that the sec should not roll back the technology clock or prohibit this including the computer-driven trading environment working against investors rather than for them. she said it has produced him benefits including lower training costs and narrow were trading spreads and what the seller is willing to pay. >> i have to ask you. 58% disagree with mary jo white. they say the market is rigged. >> a trade association for wall street itself, it has been calling for a comprehensive review of the equity markets. this is because,

janelle yellen was asked by peter barnes whether or not the stock market itself was overvalued. she said. >> i still don't see that -- i still don't see that for equity prices broadly. david: she doesn't see the market overvalued. of course the market reacted in a very positive way. didn't she anticipate that that would be good news for the market? >> well, she's actually said that before she's been asked about, she talked about p/e ratios and congressional testimony earlier this year. i think what the market was reacting to today was the fact that the fed policy is pretty much steady as she goes, there were no surprises. mark carney the head of the bank of england suggested that interest rates might go up sooner than expected in the u.k. the market didn't suggest that today, so the market breathed a sigh of relief. on market valuations, i think that's what we've seen from the fed before. david: jerry, is this fed different others starting with ben bernanke in the qe program, is the fed focused on what the stock market is doing? >> yes, they are, to be that explicit, yes. david:

peter barnes has details.will be welcome news to millions of young people. >> yeah, it could be. and the white house says it could save the average eligible student or grad about $1500 a year and this announcement came ahead of a senate vote this week on a bill from democrat elizabeth warren of massachusetts to allow millions of college graduates to refinance their student loans at rock bottom interest rates. and this would be in addition to the financial relief for grads beyond the pay as you earn program that the president signed the memorandum on today. but the measure in the senate is not expected to pass because it would be financed by a tax increase on millionaires of more than $70 billion over ten years. republicans oppose that as a political stunt. without those tax increases, the warren bill would cost the government more than $50 billion in lost interest income pl no. nonetheless the president pressured republicans to support the measure. >> it would be scandalous if we allowed those kinds of tax loo

there are senior washington correspondent peter barnes has also been on the story throughout the dayns our discussion now. cory was saying you're going to see some, well, to use market terminology as we were discussing stocks, micro impact of this. you also see to his earlier point the macro impact because mr. cantor was a good friend of wall street, peter. >> absolutely. in fact, i have the list of his top donors, connell. connell: there you go. >> financial firms were the number one contributors to cantor's 2014, in fact, by company, top three contributors were employees of blackstone, hedge fund scroggin capital and goldman sachs. according to opensecrets.org which keeps track, cantor raised more campaign contributions from this race from new york than from his home city of richmond, connell. liz: maybe, cory, that is the problem. everybody was saying the minute i woke up early and watched pundits on many different channels, everyone was saying he turned his back on his own district and way too involved in washington, d.c. could it be as simple as that? is something about his mess

. >> peter barnes, fox business. what about equity markets? right now, the s&p 500 is on track to close at another record high. you have said you haven't seen any evidence of bubbles, and trading within historic norms. have you seen anything like that today? >> well, we do certainly monitor a number of different metrics that give us a feel for where valuations are relative to things like earnings and dividends. and look at where the metrics stand in comparison with history, to get a sense of whether or not we're moving outside of historical norms. i still don't see that for equity prices broadly. >> thank you, chair yellen. i'm growth this year and next year and if inflation outpaces wage growth, does that scenario make you more hesitant to raise the federal funds rate next year or if conversely wages rise just enough to keep up with inflation, moving in lockstep, let's say. is that enough to satisfy what you're looking for in the job market? >> well, thanks, that's a great question. you know, i see compensation growth broadly speaking and as

. >> peter barnes life at the white house with details. s well right? >> yes a bipartisan leaders of the house and senate, speaker boehner, leader pelosi, the democratic leader harry reid and mitch mcconnell, the republican leader in the senate and the white house is describing these meetings as the presidents-- it is going to have consultations with them about the next steps in iraq. the white house is the president special security team is reviewing options for possible next steps, which the administration has said it could include drone strikes in iraq against those jihadist forces, those insurgent forces as well as some kind of partnership with iran after the us and already officials met with each other in vienna earlier this week. >> i would caution anyone from overly formalizing what this is. we are engaging with a range of countries in the region. they are concerned about the stability of iraq and the impact on the region. that's what this was, briefly on the margin. what it will mean moving forward i think it's got to be determined,

yesterday we had charles plosser with peter barnes. these are fed heads who matter when they speak and they're just showing different opinions. well certainly about when we might see rates tightening. when we talk to market participants in the last hour, howard ward of gabelli said in essence wouldn't worry about the gdp number. it is yesterday. do you? >> yeah. well, you know, it is a mixed bag out there and that's what's very compelling about pushing this market forward. the reality is, there could be some weak to flat economic data out there and yet, the market seems to shrug that off. it continues to go higher. so, alongwith, there is a lot of money on the sidelines. there is $2.5 trillion in money markets and, we have now the personal consumer numbers coming out in may and those are seeming to be strong. so that will push probably the economy further along in the second quarter as well. so it is a very mixed message. so, in that case you really need to stay your course. what is your allocation and continue to be invested in the ma

could be a reason to allow it to continue but that is my view not of the committee has been met peter barnesh fox business. is there anything else there that you worry about that keeps you and your colleagues up that night? to knock the recovery off-track? we have seen bad weather. ukraine in. other events. >> yes. one of the things that we have discussed is the upside and downside risk and with the list of the downside risks, geopolitics is write-up there. it is not just the military action although that is part of it but the crackdown on credit in china. it is something we applaud your is necessary but it is tricky to negotiate in china is extremely important to a global economy. also watching the title of regulation as well. that is related in the sense in europe there are still stress tests under way that european banks are a little slower than the u.s. wants to implement new capital and liquidity requirements. and it is a potential source of economic weakness if not handled delicately. but none of these were big enough concerns to tilt the of forecast. on the other side there are potent

. >> peter barnes, fox business. just to follow up a little bit on what pedro asked about. specifically what about equity markets? i mean, right now today, the s&p 500 is on track to close at another record high. you have said you have not seen evidence of bubbles in equity markets and they've been trading within historic norms. is that still the case today? thank you. >> so i don't have -- since the committee doesn't try to gauge what is the right level of equity prices, but we do certainly monitor a number of different metrics that give us a feeling for where valuations are relative to things like earnings or dividends. and look at where these metrics stand in comparison with previous history. to get a sense of whether or not we're moving to valuation levels that are outside of historical norms. and i still don't see that. i still don't see that for equity prices broadly. >> anna kurtz with cnn money. thank you, chair yellen. i'm wondering what's the fed's general expectation for wage growth this year and next year, and if inflation outpaces wage growth, does that scenari

. >> peter barnes, fox business news. just a follow-up a little bit on what pedro asked about.specifically what about equity markets? right now today the s&p 500 is on track to close at another record high. you have said that you've not seen any evidence of bubbles and equity markets and that they havhave been trading with an historic norms. is that still the case today? >> so i don't have a sense, the committee doesn't try to gauge what is the right level of equity prices, but we do certainly monitor the number of different metrics that give us a feeling for where valuations are relative to things like dividends. and look at where these metrics stand in comparison with previous history, to get a sense of whether or not we are moving to valuation levels that are outside of the storable norms. and i still don't see that. i still don't see that for equity prices broadly. >> thank you, chair yellen. i'm wondering what the feds general expectation for wage growth this year, next year? and if inflation out pages of wage growth does that make you more hesitant to raise the federal fu

. >> peter barnes, fox business. just to follow up a little bit on what pedro asked about, specifically, what about equity markets? i mean, right now, today, the s&p 500 is on track to close at another record high. you have said that you have not seen any evidence of bubbles in equity markets and that they have been trading within historic norms. is that still the case today? >> so, i don't have sense the committee doesn't try to gauge what is the right level of equity prices, but we do certainly monitor a number of different metrics that give us a feeling for where valuations are relative to things like earnings or dividends and look at where these metrics stand in comparison with previous history to get a sense of whether or not we're moving to valuation levels that are outside of historical norms. and i still don't see that. i still don't see that for equity prices broadly. >> anna lynn kurtz with cnn money. thank you, chairman yellen. i'm wondering, what's the fed's general exec asian fpectation f growth this yea

. >> is there, peter barnes with fox business. is there anything out there that you worry about?ere anything that is keeping you up at night, you and your colleagues that could, you know, knock the recovery off track like the, obviously we saw the bad weather? the ukraine, other events. >> yeah, so the question is there anything we particularly worried about that keeps us up at night that might knock the recovery off track? yes, one of the things we discuss is upside and downside risks. on the list of downside risks geopolitics is right up there. it is not just the, the military action that is going on in ukraine, although that is part of it. it's also the crackdown on credit, for example. in china. it is something that we applaud. it is necessary. but, it is tricky too. it is going to be difficult i think to negotiate and china is extremely important to the global economy. we're also watching the tide of regulation as well. and that is related at least, in the sense that, in europe, there are still stress tests, bank stress tests underway. the european banks are a little slower

peter greste have been detained since december. they are accused of collaborating with the muslim brotherhood. barn bephillips has their stoab you are watching closely the trial of the staff. >> it has resonated far and wide that journalism is not a crime but in a free society, reporters need to be able to speak to all sides. the men in the cage have already paid a heavy price in defense of this right. peter greste, mohammed fatmy and b bahami mohammed. they have been behind bars for 176 days. he job description authorities accuse of them spreading lies, having linx to what they call a terrorist organization. across the world, many disagree. many have spoken out in defense of the al jazeera team. >> we would like to live in a world where we can go about our legitimate, lawfully business without interference as anybody could, as a doctor, a lawyer, anybody could and should be able to do. it's not democracy. it's about the simply freedom not saying journalists are above the law, not saying there are special rules for journalists but in this instance, instances like this, if they are doing their job l

barns from washington. you have been watching the details and comments from the present. peter. reporter: that's right.resident obama is on air force one on his way back to washington after his visit to california. he will immediately meet with his national security team according to white house spokespersons. aboard air force one the present will talk to his team about the various options that they may be reviewing before helping iraq militarily, secretary state john kerry said this morning in an interview with yahoo news that grown as one of thosenitely on options to help the iraqi armored. another option is to work somehow with the shiite government of iran to help the shiite government in baghdad, but secretary scary-- carries spokesperson later this afternoon clarifying exactly what that might entail three years the spokesperson. >> responsible to dramatic approach includes evaluating circumstances as they come up every day, every week every month and that's with our team does. we are open to it at this point time. again, not military coordination and cooperation, but a shared concern about the th

barn biphillips has more now from london. >> many bbc journalists took part in this protest, because they personally know and respect the work and integrity of peter gresta who worked here for many years. but management, i believe, think there is a wider principle at stake, that that verdict in a cairo courtroom is an attack on journalism itself, an attack on free speech, and is intended to intimidate other journalist whose way want to report from egypt on the affairs and the months and years to come. the bbc head of news says this organization and other british organizations will be sending a letter to president ceci calling on him to intervene. the story has been very high across commercial television, across british newspapers over the last 24 hours. >> not only journalist whose have been condemning the verdict, world leaders have too. u.s. secretary of state called the sentencing chilling and draconian. the british foreign secretary said he was appalled and that they were unacceptable shortcomings during the trial process. the dutch foreign ministry said the minimum requirements for a fair trial were not met. david drake canada's ambassador to