peter fisher is the global head of fixed income for blackrock.to see you. >> good to be here. >> we've been trying to figure out what the fed will do. steve liesman and larry meyer raised the idea the fed might be nothing. conventional wisdom has been they would extend twags twist. what's your thought on, a, what the fed should do and, b, what the effectiveness of any of these measures might be? >> i agree with them. i'd like to see the fed stand pat. i think they're more likely to do an operation twist but i think they should sit still here. if you go back and look at what bernanke said in february and his testimony then, he expected the u.s. economy to slow down in the first half of this year compared to the second half of last year and it did. he expected the labor market would give back some of its gains, that they were one off improvement and not likely to be sustained and that's exactly what happened. he expected inflation to come down a little bit. it's just what's happened. he actually deserves a a little bit of a victory lap in terms of

this morning. >> good to be with you. >> coming up, peter fisher.ld render retirement planning unnecessary. but say the sun rises on december 22nd, and you still need to retire. td ameritrade's investment consultants can help you build a plan that fits your life. we'll even throw in up to $600 when you open a new account or roll over an old 401(k). so who's in control now, mayans? >>> after friday's disappointing jobs report, we're looking for the potential for more fed action, which steve didn't think would happen and now -- >> no. have i to report the news. if you want to ask me what i think after, we can spend a few minutes. i'll tell you what the market -- >> all i care about is what you think. the rest is crap as far as i'm concerned. >> we want to know what the market expects and the reason we launched the cnbc fed survey over a year ago, if the main policy tool is quantitative easing, there's no market to gauge that the way we have the feds fund interest rate. we have this way to see what the market is pricing in now. we can know if they're m

. >>> blackrock's global head of fixed income, peter fisher, what he expects to hear from the fed. >>ports news. roger goodell and senator durbin will hold a news conference this afternoon. they'll talk about bounties in professional football and coaches. yeah, bounties like the new orleans saints. they were -- it's not a great story for hard hits getting bounty. they were suspended, a couple of saints after the league accused the team of awarding cash for big hits. goodell and durbin are expected to discuss possible reforms to prevent bounty systems in the future. optionsxpress, where you can trade your favorite products, all in one account. keep watch on the markets. or use our exclusive tools to help find ideas. it's powerful, easy-to-use technology for trading stocks, options, and futures. keep trading whether you're at home, in the office, or on the go. optionsxpress, the broker smart traders deserve. open an account today at optionsxpress.com. back.'re the >>> we're back. the shipping industry has had its fair share of economic headwinds but the strength of the lng market has be

. >> peter fisher, the head of fixed income at blackrock has a piece in today's "finance times" where of further qe, the fed is risking diminishing returns with anything more that they do. do you think that's the case in. >> i would agree with that. rates are down dramatically, the yield has flattened dramatically. that's what operation twist did. i'm not sure what qe can do, provide more liquidity into the system? sure. are we seeing that transform into the lending market? banks have so many excess money right now, they would like to see more demand. i don't see what the impact the qe3 would do in terms of the improvement of the economy. so i'm printy dubious on the y on the impact. >> what they should do and what they will do, what do you i think? do you think they will do it? 50/50? >> i think at best 50/50. >> what are they going to get out of it? >> nothing. >> what they should do and will do are two different things. they seem to be sending signals that maybe they're thinking about it. >> the long treasury has a 22-year duration. if they move up by 12 basis points, you lose an e