joe: joining us to discuss that is peter fisher from blackrock. thank you for joining us. what do you make of the market action since that? peter: the important thing the fed said was what they are likely to do in the future but unfortunately it was murky. rightlyllen has been trying to get us focused on the expected path of interest rates, but she has backed yourself into a corner where what matters most is when they start. i think they have gotten a bit tangled in their own medications strategy. scarlet: is the fed to sensitive to swings in commodities and currency prices? peter: monetary policy matters. interest rates are a big influence on asset prices but they run the risk of making it look like they are fine-tuning things with respect to markets, so that is another whole she may be stuck in. joe: what about the market expectations of inflation? janet yellen cited them but in the san francisco fed said market expectations don't have any predictive power at all. should the fed be looking at breakeven's? they: that's one thing look at. they don't have an impact because t

peter doocy is live, and kristin fisher is live. we will start with peter doocy, what can you tell us this morning? history in the making. >> reporter: it is, the 14 hours or so that the pope has been in the states have been filled with excitement and anticipation. we just heard about a clarification. on the plane ride over pope francis told reporters that anybody who thinks he leans to the left because of his positions on things like climate change is wrong. and the pope made clear his social views come from the catholic doctrine. that's it. he does not want this to be a political trip. and the white house is okay with that. >> this is not a meeting between politicians. and this is not an effort to advance anybody's political agenda, but rather it is an opportunity for two respected world leaders with significant influence around the world to spend some time talking about the values that they hold in common. >> reporter: they've got tsa agents this morning wanding anybody who wants to come along the parade route. but this airport-st

can we have dalio analysis and also have the analysis of emily fisher? peter: big question., ray dalio is a rock star on this kind of stuff. in addition to the video, he also have a 210-page x lehner. i raced an issue about one point t made, which is money printing. it is out there. peter: it is a good shorthand. the problem is that it is not a literal description the way the fed conducts monetary policy. tom: i know that. analysisd that, his resonates with a lot of people. how do you dovetail that with optimal control theory and differential equations of all the different guests we speak to? peter: that is amazing. a lot of the people who come on the show are practitioners. they have an intuitive sense of markets, when they hear the phd s or the models telling them the economy works one way when they feel it working another, there is a huge disconnect. ray dalio is definitely worth looking at. tom: hold onto the lens on the camera. it may crack. dynamic stochastic general equilibrium theory. that is what the red sox used in april. [laughter] what we used to try to figure ou

peter and our director, mr. c. fishery were hoping to one day sing for the president of the united states but the pope got there first, so then bobby walked up to the pope with the rock and the pope was like, bobby was like, the pope said in his little accent, oh, is this for me, thank you. in return he gave bobby a rosery. so we were looking at the rosery like oh my god, this is so amazing. >> we're so glad you got that experience and thank you for sharing with us because it's certainly something special. thank you, best of luck to you, as always. >> thank you. >>> top of the hour complete coverage of the pope's last day in the u.s. including a look what is ahead for this afternoon's mass in philadelphia. more than 1 million people expected to flood this area. we'll be back. people don't have to think about where their electricity comes from. they flip the switch-- and the light comes on. it's our job to make sure that it does. using natural gas this power plant can produce enough energy for about 600,000 homes. generati

peter and paul in philadelphia. this is one of the last engagement before he wraps up his tour of the united states. he's expected to give speeches at independence hall later. alan fisher is live in philadelphia. alan, how is this visit to philadelphia going so far? >> reporter: well, interestingly enough there aren't the crowds here that had been predicted by those who organized this. i'm looking out on the balcony in front of the cathedral where the pope is currently celebrating mass. they were expected tens of thousands of people here, and i suspect the crowd that i can see for those in front of the church, there are probably no more than a couple of thousand. of course, this is an important leg of the pope's visit. in a few hours he'll be at independence mall. there, he will make a speech that will touch on religious liberty, but crucially as well he will talk about immigration. he's talked about during his few remarks during this church service in the last few minutes. he's talked about how the people who come to the church want to be ministered by priests who will deal with their problems, who will deal to the sick, to the injured, to the immigrants, and on the t

senator fisher, and we have up next, he's ready. you want to go -- okay. senator petersnext. >> thank you, thank you, mr. chairman. you are putting a great deal of good effort putting in and working hard and i appreciate your effort and i appreciate the opportunity to meet earlier and talk about some issues. before i get into the freight control which i have questions relate today that, i would like to first mention a personal incident that i had with a good friend and an accident that you mentioned and some of the follow-up related to the accident. you mentioned the inceddent outside of philadelphia in 188. i have personal contact with that. i have very good friends that lost their daughter in the very tragic accident. the first contact with amtrack was a cold call from a claims adjustor of some sort who said that they would be willing to pay reasonable funeral costs, that was amtrack's response which did not suit well with the company, as you can imagine. amtrack is to have family assistance plans and i inserted an amendment, which is part of the comprehensive transpor

fisher. and we have up next, he's ready, senator manchin. you want to go? okay, we'll go senator peters next. >> thank you. thank you, mr. chairman. miss feinberg, thank you for being willing to take on this job. obviously it's a very big job and i know you are putting a lot of good faith efforts and we appreciate your efforts and appreciate the opportunity to meet earlier and talk about some issues. before i get into the positive train control and i have some questions related to that, i would like to first mention a personal incident that i had with a good friend and an accident that you mentioned in some of the follow-up related to that accident. you mentioned in your opening testimony the amtrak accident out of philadelphia, 188. and i had some personal contact with that in the fact that i had some very good friends of mine who lost their daughter in that very tragic accident. and their first contact with amtrak was a very impersonal cold call from a claims adjuster of some sort who said that they would be willing to pay reasonable funeral costs to let them know that was amtrak's re