peter barnes standing by with the philly fed president, charles plosser. peter. >> reporter: that's right. charlie plosser retires as the head of the philadelphia federal reserve at the end of this month, and he gave his last speech today, and he's giving his last interview today to us here at fox business. president plosser, thanks again for joining us. >> great to be here, peter. thanks for coming. >> reporter: before we get to interest rates and the path forward, you had plenty of topics to talk about in your speech today, but you chose to talk about the independence of the fed. why did you choose that topic? do you feel that the fed's independence is threatened? >> well, through the years the fed independence has often been threatened to one degree or another. but i have a feeling that in listening to many of the conversations around the country today about the fed, i'm not sure people really understand and appreciate how the fed's structured, why its independence is so important. >> reporter: but we have legislation on the hill, senator paul, audit th

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i put this question to charles plosser, the president and ceo of the philadelphia federal reserve whenthis week. first, though, i asked him about jobs and the economy. >> i think the broad economy is actually doing remarkably well. much better than people thought this time a year ago, so i think gdp growth is going to look pretty good this year about 3%. i think the unemployment rate is going to continue to drift downward. i think we're in a reasonably good place. >> how do you assess the participation rate when you look at the jobs number because that's sort of the nitpicking that goes on after we see good numbers, right well, not everybody is counted they are not participating because the participation rate keeps going lower. >> the participation rate is actually driven a lot by demographics, the baby boomers retiring leaving the job market population growth and demographic, so i think the participation is down, but people predicted that the case. the participation rate obviously, people are concerned about it but i don't think it's going to spike back up. i think it's down there to

liz: philly fed president charles plosser speaking speakih beat peter barnes exclusive. to see the rest of the interview, go to foxbusiness.com. david: number one thing to watch. hillary camer, what is number one thing? >> we might see a hint that rates might start to go up sooner than what i predict which is 2017. that could joss sill the markets. david: in what way? what specifically? change in language or what? >> because this whole issue being patient. the fed said we'll be patient. the problem we have a little bit too much strength in the market. what will the fed do? they look like they're asleep at the switch. they will have to hint they might start to raise rates. ultimately our market could still go up but might mean a little hiccup. liz: they're watching greece closely i'm sure. >> greece, globally is the big geopolitical issue. there we have to be concerned but hopefully what we'll see for that default and return to the drachma in greece, is probably six months down the road. david: you think there will be default eventually? >> of course they will default. th

the president charles plosser is speaking about the economy and policy.look for earnings from mgm resorts and waste management and goodyear after the open. after the bell lazy boy and amc. >> mester is joining the course of officials that want to raise rates after mid year. she wants to change the fed's pledge to be patient before making a move which would signal the central bank is done staying near zero. she wants june to be a viable option for a hike. joining us now is david, ceo of advisors academy. i imagine you're going to disagree with the point of view i just outlined because when you were last on the show you said the fed won't be able to raise rates at all in 2015. is that still your view? >> i think they'll either not be able to raise rates at all or perhaps a tiny little bit because at this stage with the stimulus coming in from europe it's likely to keep long-term interest rates down in the u.s. such as the rate on the ten year treasury and raising rates, short-term rates will flatten out the yield curve which he we all know isn't really good

you know, maria bartiromo had charles plosser on today. he made big news. you've got to hear. we've got the fed people on today on fox business. they tend to move the markets the most. stay tuned, that's on after the bell. and under intense scrutiny of not just international regulators ow the u.s. justice department because of a stockpile of secret bank files, shows that hsbc helped wealthy customers, weapons deals and-- so what? apparently they were helping them to avoid taxes and hide assets from international tax authorities including the united states. this should infuriate you if you pay your taxes. joining me now for latest on this scandal and potential implications is fox business's rich edson. what else have you learned that should infuriate people, rich? >> u.s. investigators tell us they're still looking into the hsbc. the documents show hsbc show them in behavior, tax evasion, money laundering and arms dealing. and according to the association of journalists say the leaked documents show they helped clients hide taxable wealth from authorities worldwide. a former hs

. >>> later in the show an exclusive interview with philly fed president charles plosser.e is breaking with most of his colleagues on the fed when it comes to interest rates. you will want to hear this. tigers, both of you. tigers? don't be modest. i see how you've been investing. setting long term goals. diversifying. dip! you got our attention. we did? of course. you're type e* well, i have been researching retirement strategies. well that's what type e*s do. welcome home. taking control of your retirement? e*trade gives you the tools and resources to get it right. are you type e*? the real question that needs to be asked is "what is it that we can do that is impactful?" what the cloud enables is computing to empower cancer researchers. it used to take two weeks to sequence and analyze a genome; with the microsoft cloud we can analyze 100 per day. whatever i can do to help compute a cure for cancer, that's what i'd like to do. you total your brand new car. nobody's hurt,but there will still be pain. it comes when your insurance company says they'll only pay three-quarter

when should we raise rates, when should we have raised rates, and i use it that way because charles plosser speaking to peter barnes a week ago and said we should have been doing this yesterday. where do do you stand? >> i agree, we're going to look like japan which kept rates down and down and down, now they've had rates down for two and a half decades, and we've had two and a half decades of lost jobs, a lost economy. the fed is just over and again kicking the can down the road, you know? the way i see it now, this is episode five of the fed that cried wolf, a fed that said, hey, we're going to raise rates, and then they kind of listened to what the market reaction was, and when the market reaction wasn't what thigh liked, the market went down, maybe we won't raise rates. now they can't trust any signal because the market doesn't believe them any longer. liz: okay, michael, but let me just -- hold on one second, joe. we've had the best job creation that we've seen since 1997. lost jobs appear to be coming back. we could argue about the quality of them, but, bill ve ruining, we started to

bank of tokyo saying the fed is falling further behind the curve of sent meant that plosser seems to agree with. patient will be dropped in march, opening the door to a june rate hike. tyler, i just want to tell you about an interview you have coming up. >> tell me. >> jack lew, the treasury secretary. that's monday morning. there's more than a few things on the agenda to discuss with the treasurer. >> there's been a tremendous amount of concern about recent announcements of job losses in the energy sect or in the oil business, drillers and so forth. did any of those job losses show up in these numbers, or are they too early? >> we have some. we have some. there's two sect orz. only one is reported on a monthly basis up. one is a month behind. the bigger one is a month behind. the one that's directly oil and gas production in the mining sector, that fell by 1900 workers. it's the biggest decline since the recession of 2009. the bigger sector we're going to have to wait for the detail on the data. that's the oil services sect or and my guess is there's going to be a lot more jobs lost

betty: mike mckee did an interview with charles plosser and i thought he made a great point as to why are confused. leo you are mention confusion in the media world, this is nothing compared to confusion in the markets. listen to this. >> clearly the fed has opted to keep a large balance sheet and begin raising rates. we do not know in some form or fashion, how fast we will have to raise rates or how the economy will respond. everybody thought that when we quit buying assets after qe three that rates would skyrocket . they have done nothing but go down. i think there is a lot of unknowns. betty: the unknowing of the unknowns that are scaring all of us. bob: you have a philadelphia fed president is contrary to other members of the fed board. there is not cohesion within countries, let alone globally. the concept of the multinational company that would balance it self out through its diversity. in some cases has become a plague not a promise. betty: bob, you mentioned that you believe that a surprise around the corner may be that u.s. growth outperforms the emergent market growth? bob:

tune in at 12 noon for an exclusive interview with philadelphia fed president charles plosser.ng at the end of the month. mike mckee brings us that interview in a few hours. cnn reporting philadelphia will host the democratic national convention in july, 2016. go quakers! by the way, on an unrelated note we will be sitting down with new york superintendent of financial services then lost key -- ben lawsky. ♪ >> we are 10 minutes into the trading session. let's go to scarlet fu for a look at some early action. you are looking at the expedia-orbitz tie up. >> expedia is at the highest level of the year after saying it is buying orbitz worldwide for $12 a share in cash, a 25% premium. orbitz trading close to the $12 low. this comes after expedia bought travelocity last month to better take on priceline, who is also a by 2%. american express taking a state -- biggest tumble in three and a half years, off by 6%. it is parting ways with costco the kart membership partnership agreement will be ended next year. analysts believe that this mix of it percent of the business and 12% of wor

i want to play for you what philadelphia fed president charles plosser said about a month ago where youat the results are going to be. here is what he said. >> a number of things could go wrong. the fed has opted to deep large balance sheet and begin raising rates. we don't know in some form or fashion how fast we will have to raise rates or how the economy will respond to that in some ways. and how it will respond to the balance sheet. everyone thought when we quit buying assets after qe3 that rates were going to skyrocket. well they've done nothing but go down since then. i think there's a lot of unknowns. we are in uncharted territory. >> there are a lot of unknowns. randy he makes a great point. what will likely happen if and when the fed raises rates? >> i very much agree with charlie that this is unchartered territory. we have never had interest rates at these low levels for so long. and we don't know exactly how the markets will react when they move off of them. i think it is going to be a little bit like in q, there were probablye be some to multiple market as the fed changes so

steve has an exclusive interview with charles plosser today on squawk box at 8:00 a.m. eastern time. one of the questions i did want to ask to lorenzo is whether central banks are creating a global currency war and whether he thinks that's a responsible act on behalf of the ecb. it's been a busy week for the greek government with the finance minister and prime minister jumping from one country to another. check out the highlights of this whistle stop tour. ♪ >>> welcome back. german chancellor angela merkel and french president are heading to russia with a new proposal to end the violence in eastern ukraine. what should we expect? bill joins us live from kiev with the latest bill. >> yes, hello from kiev. there's an intense military push at the moment by the rebels in the east and an intense diplomatic push. the french president in moscow today to talk to president putin. they have a plan apparently. i say apparently because they were here in kiev for five hours last night with the ukrainian president and they talked about this plan with him but no details have been rel

charles plosser, 8:00 a.m. eastern on "squawk box." we return in a moment.is is a great opportunity for an upgrade. sound good? great. because you're not you you're a whole airline... and it's not a ticket you're upgrading it's your entire operations, from domestic to international... which means you need help from a whole team of advisors. from workforce strategies to tech solutions and a thousand other things. so you call pwc. the right people to get the extraordinary done. ♪ ♪ >>> welcome back to "squawk box." joined by our guest host walter isaacson. the president and ceo of the aspen institute. a new cnbc contributor. >> you know a great studio. >> i used to work. >> responsible for this? >> this the time life building. >> time life building. my office right up there. good reference. you didn't build this. >> right. when -- >> you know cnn, right after 9/11 needed a studio. i looked down on this place a bank branch first here and i think aaron brown, anderson cooper many others used. it's great you're here. looks good. >> great to have you here. a coupl