plosser is not in the majority, is he? >> no. plosser has had this view for quite some period of time, but the core of the fomc, which is ben bernanke, janet yellen and bill dudley, they're doves, they don't have the same view. i think we'll probably see tapering of the qe in early 2014 conceivably -- >> not this year? >> it could be in december 2014 meeting if the evidence is called at the holiday season is strong. but i don't think they'll be dealing with this every summer. >> we just got the spanish auction, a t-bill auction. 1.1 billion t-bill auctions. have we got the yields on that? we haven't. 3.30 billion of 12-month bills, a little less than the previous auction of the six-month yield. 0.5%. lower in april 2016 and haven't got yields yet for the 12-month. i think it is also lower, as well. yields 1 is.05% versus 1.274%, as well, on the t-bill yields. come back to the fed. how is that, i want to bring in don smith who is with us, as well, government bond strategist at icap. don, it's heading higher in the last two session

>> i want to go back to the plosser thing for one second, which i thought was interesting. you know, it's not going to be a shock to anyone that one day q.e., whatever, will be tapered off. yet right now we're sort of in that goldilox where we want modest growth but not enough to have them pull the punchbowl away. and oh, my god, what will happen if they actually do? won't that be on the heels of better economic data? but you know what? everyone's in for the party, if they sate party's over, that actually gives me a little bit of concern. we saw that brief sell-off after those comments today. even though it's not going to be until 2014 at the earliest. >> right. let's get more on the end breakdown today, bring in rebecca patterson, the cio of bessemer trust. good to have you. good to sigh as always. when we're talking about the short yen trade, everybody and their cab driver and their brother and their mother are in on this trade and we take a look at the people who have recently said on cnbc, some of these so-called heavy hitters who say they remain short yen. we're talkin

philadelphia fed president plosser said two weeks ago he'd like to see it scale back as soon as june. add to that concerns that stock prices are anticipating faster growth than seems probable, and you see why some of the world's most respected investors like pimco are taking a cautious stance. >> at these level of prices, we are walking away from risk. we're not running away. we're not sprinting away because central banks are committed, but we're walking away. so we're taking money off the table. >> reporter: remember, market timing is a bulls game. but no one ever went broke taking profits. >> so how do individual investors feel about the stock market, and what are they doing with their money? let's find out now from a man who is in close touch with them. walter bettinger. walt, nice to have you back on the program. let me begin by asking you, how would you describe investor sentiment right now? optimistic? pessimistic? are individuals feeling that they miss out on the rally? are they participating? what are you finding? >> well, suzy, thanks first for the invitation to be here. it's

thursday is philly fed president charles plosser. he's speaking in boston. he's like a short-seller's dream. he's worse than dallas fed fisher, when he speaks. because when it comes to his impact on stock, let's just say he has been worried about infrustration forever. so we will be on full taper watch. not tapers like those weird animals tapir. taper like tapering off the fed bond buying program and perhaps selling them. egads. it doesn't matter he has been wrong about his view for ages. it doesn't matter other than housing we aren't seeing that much strength in the economy just yet. who would ever let facts like these get in the way of a solid negative story? certainly not charles plosse. so be prepared for its 8:00 a.m. talk to send the market lower. he just feels it's his duty to be our own country's jean-claude, the european central bank meeting. it's thursday, touchÉ, wouldn't it be great if they rolled back that moronic trade they put through. i think europe is bottoming. it's not enough. we need growth! finally, friday's employment numbers, the conse

the hawks on the committee, the plossers and the fishers have a lot to say, fisher is monday. they're in the minority on the board. the majority wants to do all of this qe until it sees a, what's the word that they're using, a substantial improvement in the labor market and the one place i can help is maybe the extent to which they layer participation rate and whether or not the issue of what quality they see in the change, but when that statement, sentence was added to the statement last time, we're going to go up or we're going to go down it was a test not for hawkishness or dovishness on the fed but hawkishness or dovishness on the economy. what do i think about the economy? do i think it will move quickly that is hawkish. let's remember what hawkishness and dovishness is. if the fed tapers it's buying assets. if it stops doing anything it is holding a $3 trillion or $4 trillion balance sheet. that's another assessment to have a reasonable discussion on. >> steve as always enjoy the weekend, catch you on the other side. one key question facing traders and investors is wheth

>> and charles plosser is on the hawk side and he gave a speech in stockholm saying we've got to unlined slow down. he's in the minority. the majority doesn't want to stop. >> that's what you've got to watch. as long as he's got a majority, we keep printing. >> go, ben, go. >> travel safely. we'd like to see that. >> thanks, nice to see you. >> now, i've got coming up at 10:00 eastern, i've got two developments from california, the unions are trying to block the koch brothers from buying the l.a. times, to the barricades, boys, you can hear them saying it. you will not believe what the unions are saying about that potential takeover of that liberal bastion, the l.a. times. here is the second story from the formerly golden state, governor brown. there will be a budget surplus billions in the black. question, did tax the rich work in california. the dow is up 11 points now, okay? still pretty flat with a slight upward bias and no doubt the market was listening to david right there. and ripping the department of justice for secretly obtaining two month's worth of personal and work related

the san francisco fed president and charles plosser both speculated that a taking of qe could be in placestephen king joins us for this thought. how are you? >> i'm good. >> where are you on the tapering debate? it's interesting, what evans is saying, you keep going forward and then come rolling back. there you go. >> it's the great uncertainty. we've had a huge qe over the course of the last three or four years. >> how much is qe behind the current valuations on equities? >> what's interesting is the valuation of equities is amazingly high. the economies is amazingly poor by standards. they might say that indicates that markets are increasingly hopeful that economies will cover next year and the year after that. but so far, it's been an optimism about recovery has been misplaced. >> what gdp there is, firms are taking the bigger chunk of it, aren't they, as well? >> well, that's been very helpful. you can't continue to have a rising share of gdp. so the good news in one sense is from a corporate point of view, profits are higher and justifies why equity markets are higher. you have to ha

plosser says the fed has no t-bills in its portfolio. it should have some. this is at a q&a at a speech in mil milan. he's pleased that expectations are stable. he gives largely the same speech to reduce asset purchases as we know. meanwhile, in china, growth in its prime direct investment appears to be easing. the latest data shows the country attracted around $8.4 billion in fdi last mott month. just 0.4% higher compared to a year ago. way below the 5.7% growth it had in march because investments from asian countries which contribute the biggest chunk of fdi barely grew last month. >>> right. what can i say if the nikkei did on the asian markets. sixuan is with us. >> thanks, ross. a mixed day of trading here in asia. japan's first quarter gdp came in bert than expected, but the nikkei pulled back 0.4 had% after the recent rally. and the outperformer today was the shanghai composite ending higher by 1.2%. in terms of data, ross just mentioned the fdi into china rose marginally in april but continued to slow down from previous months. and in south korea, th

later this afternoon, we have charles plosser addressing the economy. a lot of things that these fed officials could say. >> i want to take a royalty every time they use tptf. >> too big to fail, too big to fail. >> i would see you over at the table in a moment. >>> facebook is reportedly in talks to acquire waze. the price tag there said to be in the range of $800 million to $11 billion. tech crunch is now saying microsoft is offering $1 billion for the digital assets of nook media. the deal would reportedly leave microsoft with prefrerred units in the nook. and the sha phone is priced at $9 the 9. that's not bad. the company is trying to stop consumers to switching to google's android. particularly emerging markets is the pricing issue there. also, related news there, apple's supplier tegratom says it will increase number of workers in china by up to 40% in the second half of the year. the company is an assembler for the i foed phone and ipad. the news is fueling market speculation that another cheaper iphone is on the way. we've been talking about th