people who have a variable rate law reached their interest rate payments at florida as well and let me let me jump in there for a second because when you talk about the savings people have on the mortgage rates with the lower interest rates there was a study put out by bank of england last year they looked at the amount of money saved their lower interest rates. mortgages versus the amount of money lost and savings accounts are pension accounts and they figure that for every pound gain in the interest on a mortgage they're losing two pounds in savings or roughly to two hundred billion and income from pensions a savings account because of the artificially low interest rates and that is that why in a poll in britain recently the majority have asked or said that they would like to see interest rates go higher and i know we've tweeted about this back and forth a little bit talk a little bit about this account but well fortunately fortunately interest rates are set by what people think in the polls you're right of course that through all of this there have been winners and there have been l

are going to go up, car loan rates are going to go up, credit card rates may go up, what is the bestce of advise? >> yeah, you need to be very proactive. we have a solid investment marketplace on the equity side. a lot of big companies paying excellent dividends. there is no one investment asset class that you can stay in for ten, 20 years. so currently, the fixed income market, the bond market is not attractive, the equity market is. you can earn dividends, as you mentioned the s&p and dow jones had a very good year in 2013. right now there doesn't seem to be a lot of headwinds that will challenge the market. as market conditions start changing, cd rates will be attractive, but not for several years from now, i don't think. >> anton bayer, founder of investment firm up capital management, thanks for being on the program. >> thank you. >> investors who showned share of fiat had reason to cheer today. the company's stock jumped 61% today. the price tag is less than many analysts expected. one big reason for the rally in fiat shares. chrysler turned to fiat to help rescue it from bankr

people who have a variable rate law reached their interest rate payments at florida as well and let me let me jump in there for a second because when you talk about the savings people have on their mortgage rates with the lower interest rates there was a study put out by bank of england last year they looked at the amount of money saved their lower interest rates. mortgages versus the amount of money lost and savings accounts are pantin accounts and they figure that for every pound gain in a interest on a mortgage they're losing two pounds in savings or roughly to two hundred billion and income from pensions a savings account because of the artificially low interest rates and that is that why in a poll in britain recently the a majority have asked or said that they would like to see interest rates go higher and i know we've tweeted about this back and forth a little bit talk a little bit about this account but well fortunately fortunately interest rates are set by what people think in the polls you're right of course that through all of this there have been winners and there have been

the rate of growth in 2012 was just 0.4%, which was the same rate of growth as in 2010. in 2010 the low growth was influenced by sharp slow down in use. in 2011 there was a temporary rebound and prescription drug spending grew by a faster rate of 2.5%. which is due to prices in brand names. in 2012 growth slowed again and this was driven largely up by a slow down in over all prices paid for prescription drugs. first major influence on slower growth in prices was on the so called patent cliff or the wave of brand name patent expirations that occurred 2012 as numerous blockbuster drugs notably, lipitor and singular lost patents in 2011 and 2012. that led to lower cost generic versions of these drugs. also influencing the slower growth was continued increase in the generic dispensing ring. the dispense prescriptions that were generic excluding branded generic increased in one year. in large part due to many brands switching to generic status. among payers in 2012, we saw declines in out of pocket and private health insurance spending. this was influenced by the continued mo

that will impacts rates. all see a small impact on rates. a few basis points.t's a hundredth of a percentage point. we're talking about 10, 15, 25 basis points in the cost of a mortgage, borrowing in the economy. the most important part of this is less the real size as it is a signal about a change in direction and change in confidence in the economy. >> pedro in the beginning critics of the policy said this is terrible. this is the worse abuse of money, money that you talk into being. but then it didn't get lent out. it didn't go flooding into the economy. it got held in closets somewhere if it's not being issued or written into being, will it make a difference? >> the question is will it make a difference on the positive side and the negative side. the critics are worried that the expansion would lead to run away inflation. that's hardly been the case. inflation if anything is trending lower and below the fed's target which has been a source of concern for the central bank and gave them a little bit of pause about today's decision. in terms of what mark was s

people who have a variable rate law reached their interest rate payments at florida as well and let me let me jump in there for a second because when you talk about the savings people have on the mortgage rates with the lower interest rates there was a study put out by bank of england last year and they looked at the amount of money saved their lower interest rates. mortgages versus the amount of money lost and savings accounts are pantin accounts and they figure that for every pound gain in the interest on a mortgage they're losing two pounds in savings or roughly to two hundred billion and income from pensions and savings account because of the artificially low interest rates and that is that why in a poll in britain recently the a majority have asked or said that they would like to see interest rates go higher and i know we've tweeted about this back and forth a little bit talk a little bit about this account but well fortunately fortunately interest rates are set by what people think in the polls you'll ride to the course that through all of this there have been winners and there h

rates.you have a bond with a fixed rate. the bonds' value falls as rates rise because investors pay less with a lower bond with a lower rate. next wednesday they will auction off $15 billion two-year floating rate treasury notes. it will be pegged to the yield on the 13-week treasury bill which is a currently a little less than than a tenth of one 1%. the rate will be adjusted quarterly. you can buy in minimum of $100. not everyone is welcoming this change. a duke university finance professor first pushed the idea in the early 1990s. when a rates were falling he worries that today this could end up increasing the government's interest rate expenses, which totaled more than $200 billion last year. >> if you go to floating rate notes, you at risk, the government is at risk of having to pay out more in terms of the floating coupon as the interest rates rise. and people generally believe that we're in a rising interest rate environment. the rate today is still historically very low. >> and so ca

see that at all no i do think we need higher interest rate much higher interest rates but i. am not delusional i know that if we have higher interest rates we're going to have a sock. market crash we're going to have a real estate market crash but unfortunately that has to happen the biggest problem with the u.s. economy is that interest rates are too low they have to go up and the economy has to restructure in response to that but right now we have this phony economy that we just borrow and spend we're not saving and we're not producing all of our resources are misallocated because of the fed now fixing that is going to be painful we're going to have to allow a restructuring and interest rates have to go up but the reason the fed will not let interest rates go up is because they don't want any of that short term pain even if it means a lot of long term gain and of course the most pain is going to be felt at the federal government because when interest rates go up you're going to have to have massive spending cuts coming out of the federal government they may even have to res

rate is at zero. there were papers on how that could be done and a useful complement to conventional policies. for the last seven or eight years, we have gained enormous experience, both with these policies and with the lessons from that research. my paper says what did we learn relative to 2006, what did we learn you go and what did we observe out there. the first part of the paper, is the zero lower bound a big problem? looking at the world where all the central banks have had interest rates at zero for five years straight, it is clearly a much larger problem. why, what did we miss? we thought zero lower bound was going to be a modest constraint most of the time. in fact, it has shown to be globally a huge issue. one of the lessons i try to emphasize in the paper is that we were fooled by the postwar u.s. data, especially the great moderation, a relatively small sample of data, where we did not have large shocks, we had a financial system, due to the lasting effects of the reforms from the 1930's, t

to be initially offered at 12.3 cents a kill owatt hour and that rate is forecast to increase to 9.4 cents a kilowatt hour in january so pg and e's basic service energy component of basic service rates is increasing come january to 9.4 cents and their current proposal before the cpuc under the green tariff option would be to offer the one hundred percent green power at 12.3 cents a kilowatt hour again that's just a proposal. we're expecting more activity probably around april. turn then to energy efficiency issues at the cpuc as it relates to -- >> can i ask a question? >> absolutely. >> so since pg and e is in control of the power throughout the city owe on -- owe will they issue letters to ask people on opt in? >> i don't know what method they would use to communicate with the customers but customers would need to somehow elect to join the program. >> thank you. >> your welcome. >> so then on the energy efficiency front we do have a proposed decision issued by an alj administrative law judge there on plan implementation for community choice aggregation entities where funds are awar

and my customers are reall liking your flat rate shipping. fedex one rate.makes my life easier. maybe a promotion is in order. good news. i got a new title. and a raise? management couldn't make that happen. [ male announcer ] introducing fedex one rate. simple, flat rate shipping with the reliability of fedex. gerri: ben bernanke speaking today that will be his last speech as the federal reserve chairman summing up the statement saying 2014 could be a better use of the economy but the recovery remains incomplete we have peter recede from merrill lynch. good to have here. i thought it was as much as what he did say but he is concerned about his legacy to fashion the last few months to look like soone who ended e horrible mortgage meltdown how well did he do? >> reasonably well to get us though the crisis but lacking the reforms that we needed some of it was his fault. he did not extract enough from the bankers when they needed the cash but some of it is at the feet of congress. that quantitative easing has made it possible for congress and the president to d

and my customers are really liking your flat rate shipping. fedex one rate. really makes my life easier. maybe a promotion is in order. good news. i got a new title. and a raise? management couldn't make that happen. [ male announcer ] introducing fedex one rate. simple, flat rate shipping with the reliability of fedex. >>> ee mentaling market central banks take markets into their own hands, speaking out and raising rates. >>> last year, it was immigration, guns and the environment. the u.s. will find out what's on president obama's agenda tonight in his sixth state of the union address. >>> and apple's suppliers see a bite taken out of their earnings share prices as apple fails to impress. >>> president obama will deliver his state of the union address this evening to a joint session of congress, a practice that dates all the way back to george washington in 1790. but the president will take the podium with his public approval ratings at some of the lowest levels for his term in office. hi, morgan. what's on the agenda tonight? >> hi, yes. president obama gi

see that at all no i do think we need higher interest rate much higher interest rates but i. am not delusional i know that if we have higher interest rates we're going to have a stock. crash we're going to have a real estate market crash but unfortunately that has to happen the biggest problem with the u.s. economy is that interest rates are too low they have to go up and the economy has to restructure in response to that but right now we have this phony economy that we just borrow and spend we're not saving and we're not producing all of our resources are misallocated because of the fed now fixing that is going to be painful we're going to have to allow a restructuring and interest rates have to go up but the reason the fed will not let interest rates go up is because they don't want any of that short term pain even if it means a lot of long term gain and of course the most pain is going to be felt at the federal government because when interest rates go up you're going to have to have massive spending cuts coming out of the federal government they may even have to restructu

long term interest rates a series of short-term interest rates.ownward pressure on long-term rates. doesn't cost them anything. all they're using is word. >> that is fudge anyway. ashley: it is a fun. >> fed looking at labor force dropouts, right? >> unemployment rate, 1.3 million people all of sudden leave the workforce. that 6% number is not a real number. ashley: producers are screaming at us. you are done. we have to go. everyone thank you so much, scott brown, bob pavlick here in the studio. liz macdonald and charles payne as always thanks very much. great stuff. tracy: dow was at session lows. we pulled back with more fed coverage and more panel reaction ahead. we want to hear from you, as lizzie pointed out like old school -- janet yellen fed is blank. i play that with my daughter all the time. your answers ahead. ashley: the president trying out his state of the union pitch at a costco store. "wall street journal's" jerry seib joins us next. stick around. welcome back. how is everything? there's nothing like being your own boss! and my cus

the unemployment rate will be interesting. the labor department releasing revisions to the last five years. they could move it around a little bit. it is possible we could go below 7%. just on a revisions basis. street into aall tizzy, able take a while for people to absorb that. >> we are all above the consensus, we think what happened in december will play in january. we are talking about after five years having the best five-year pattern of jobs since the recession. this is north of 2 million for this year, possibly. rate aside, what is really interesting is the average hour workweek is pure a session. we have taken the slack out of the system and we have got to start hiring. >> does the street care about the jobs number? at 8:30, everybody is cheering, betting, is it really affecting what they are doing? >> it affects the idea of quantitative easing. if we get a good number and unemployment goes, on your morning show, someone said it will go under 6%. >> john herrmann. type of fastthat forward, you will see quantitative ea

>> rising rate environment. the fed is not going to raise rates this year but as the labor market continues to mend and inflation continues to tick up, we have higher inflation rates, a lot of people coming back on who were on the labor market before. that should be in general. >> karl, appreciate you. >> thank you. >> upward mobility in the u.s. has not declined in a generation. do you agree and why? tweet us @alivelshi. or @aljazeera arerealmoney. >> i was sad to learn recently that red lobster is facing financial difficulties. it's in hot water, really. analysts are not sure how the chain will survive. other sit down restaurants are doing poorly. ruby tuesday is closing 30 of its restaurants. restaurants like pan panera brer smashburger, requirement in the business world, red lobster for the seafood lover in you, needs to produce a new business model. i wish them well. those garlic cheese biscuits are one of a kind. that's "real money". i'm david shuster, thanks for joining us. romantic repercussions. war of

and my customers are really liking your flat rate shipping. fedex one rate. really makes my life easier. maybe a promotion is in order. good news. i got a new title. and a raise? management couldn't make that happen. [ male announcer ] introducing fedex one rate. simple, flat rate shipping with the reliability of fedex. >>> we just heard from the bank of indonesia. they have left rates steady. joining us is jeff ping in singapore. let's kick off with this indonesian move. does this mean they are less worried about currency weakness? >> well, we are still expecting them to hike rates again in the first half of this year. and we do see some pace of hiking. i think going to the second quarter of the year for now. also, the inflationary price has been cut for now. >> what about the impact of tapering? they have been we've been fairly calm about it. but if the dollar index is up at a seven-week high, if the dollar strengthens more this year and the fed steps up their pace of tapering, then what happens? >> i think we are believing the fed will continue to taper th

interest rates go up.he problem is volumes right now. as you pointed out, mortgage volumes have really disappointed so far with the three banks that have reported. bank of america was a lot better than expected but still purchase volumes the most important in terms of an indicator of the housing economy, fell 22%. >> explain this to me. if you think rates are going up, which is what we all kind of think, wouldn't that cause people to lock in the purchase? why wouldn't we drop? >> it could be related to the fact that christmas fell on a wednesday and people took two weeks off instead of one week off, in which case we can expect a search at the beginning of this year. which would be nice. we'll stand by for that. but it has to do with most purchasers anticipated rates to rise, and then all the news on tapering came out, and now it's happening. there was a blip before. now we missed it, the rates are going up and now that is behind us. >> maybe people who were going to buy a house aren't. >> i think with all

florida has an unemployment rate below the national employment rate but 46% of the unemployed have been jobless for six months. 60% of manufacture in my state have openings for jobs put they can not find workers with the right skills. this is a bipartisan issue. we have a bill about investing in affective workforce training. so overall, we still have recovery in the labor market. the economy is proving resilient in 2013. the numbers are not where we want to have them, but when you look at the average year, 182, 000 jobs a month shows we are going into the direction that doesn't just turn money but invent things for the rest of the world and a strong private-sector economy. >> i would like to welcome the 14th commissioner erica groshen. she is the vice president of research and statistics group at the federal bank in new york. and served on advisory boards. she is a visit professor at barnard college, columbia university and a visiting economist in switzerland. she went to harvard and from the university of wisconsin. welcome and we look forward to your testimony. >> thank you. mr., chai

they werare rates as high as wer seen, they know they need to bring the rate down, and they need to do it slowly. they know they need to get the consumption levels up, and they're not panicking with the relative drop. >> is there a increase in intert rates. >> we saw a bump in interest rates. we saw exchange rates drop and market rates drop, generally speaking if you look at which countries that was, and when you look over all developing countries only 38% saw their currency rates drop. 62% saw them rise. it wasn't across the board. and it was countries with known structural weakness it's with reforms that had not been carried out that took the biggest hit. we're not sure but a third to half of the interest rate rise has probably already happened. every indication suggests to us that it will be smooth. we think the overall flood of gdp, as long as the tapering is slow, and chairperson yellen has made every indication she wants to do that, then it will drop from 4.6% to 4% of gdp. the concern is if it gets bumpy and we see a sharp rise of interest rates, as much as 50% of capitol flow f

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people who have a variable rate law reached their interest rate payments that flow in as well and let me let me jump in there for a second because when you talk about the savings people have on the mortgage rates with the lower interest rates there was a study put out by bank of england last year and they looked at the amount of money saved their lower interest rates. mortgages versus the amount of money lost and savings accounts are panting accounts and they figure that for every pound game in the interest on a mortgage they're losing two pounds in savings or roughly two to one a billion and income from pensions a savings account because of the artificially low interest rates and that is that why in a poor or in britain recently the a majority have asked or said that they would like to see interest rates go higher and i know we've tweeted about this back and forth a little bit talk a little bit about it this account well well fortunately fortunately interest rates are set by what people think in the polls you're right a course that through all of this there have been winners and ther

dollar exchange rate and here he's saying this is the whole thing it's going to battery s.n.d. jaitley is always told this is going to be no price for there will be no dollar price it will be no euro price for gold this is what crash j.p. morgan buy silver was about most people are like oh i want to make one hundred dollars on it or i want to make five hundred dollars on it you're going to get no dollars on it you're going to have gold and silver at the end of the day that's what will happen they only aaa rated credit the foundation of the global banking system is gold and if you notice all these sovereigns are being downgraded from aaa to double layer etc there's very few aaa credits left those aaa credits and some are debt are the money they credit the collateral that is on the balance sheet that supports these enormous ponzi schemes like do it your bank is an enormous ponzi scheme so is h.s.b.c. so is j.p. morgan at the base of these ponzi schemes are a few ounces of gold that they've read that catered to infinity and so they've created this enormous hole a gram of fraud tha

that makes those other countries less attractive unless they rate their interest rates too. the problem is that slows down the economy. the tour kirk central bank is expected to hike rates between two and four percent. those are extreme moves to american whose are used to the fed moving a quarter percent out a time. desperate times call for desperate measures. for "nightly business report", i'm michelle cabrera. >> more on the other big concern for the markets, the fed's meeting kicking off tomorrow. steve liesman has more on how the decisions on the asset buying stimulus plans and interest rates could further royal world markets. >> reporter: broad expectations on wall street emerging markets or a weak december employment report will stay from completing qe this year. it's expected to continue the process it began in december for another cut at the january meeting that ends on wednesday. this is, of course, ben bernanke's last meeting after eight years in the leadership seat. janet yellen takes chair february 1st and the first meeting will be in march when there will be a p

so ally bank has raise your rate cd that wothat's correct.a rate.ly nervous about getting trapped. why's that? uh, mark? go get hel i ve my reasons. look, you don't have to feelrapped with our raise your rate cd. if our rate on this cd goes up, yours can too. oh that sounds nice. don't feel trapped with the ally raise your rate cd. your money needs an ally. there's nothing like being your own ss! and my customers are really liking your flat rate shipping. fedex one rate. really makes my life easier. maybe a promotion is in order. good news. i got a new title. and a raise? management couldn't make that happen. [ male anouncer ] introducing fedex one rate. simple, flat rate shipping with the reliability of fedex. of the dusty basement at 06 35th street the old dining table at 25th and hoffman. ...and the little room above the strip mall f roble avenue. ♪ this magic momt it is the story of where every great idea begins. and of those o believed they had the power to do more. dell is honored to be part of some of the world'great stories. that began much

the rate of growth in 2012 was just 0.4%, which was the same rate of growth as in 2010. in 2010 the low growth was influenced by sharp slow down in use. in 2011 there was a temporary rebound and prescription drug spending grew by a faster rate of 2.5%. which is due to prices in brand names. in 2012 growth slowed again and this was driven largely up by a slow down in over all prices paid for prescription drugs. first major influence on slower growth in prices was on the so called patent cliff or the wave of brand name patent expirations that occurred 2012 as numerous blockbuster drugs notably, lipitor and singular lost patents in 2011 and 2012. that led to lower cost generic versions of these drugs. also influencing the slower growth was continued increase in the generic dispensing ring. the dispense prescriptions that were generic excluding branded generic increased in one year. in large part due to many brands switching to generic status. among payers in 2012, we saw declines in out of pocket and private health insurance spending. this was influenced by the continued mo

but this central bank had started to invent different rates. there were four different rates. a corridor. and on extraordinary days they could go beyond that. and the rate that was printed was out there, nobody actually paid it. they started to call it a political rate. so, that way, they could tell the politicians, interest rates are this. but the fact of the matter is, primary dealers were paying even more than that. this interest rate, the overnight rate, 12%, higher than anything else that we have seen before, out of the turkish central bank. i'm thinking, i'm guessing that this will satisfy and help codify that move that we saw in the turkish lira today, which was a rally into this announcement. and see if it overcomes the emerging markets at this point. >> it's tim seymour. michelle. this is tim seymour. turkey is a country i've invested in for years. the central bank has been innovative and independent. i guess the question to you is, do you think they are reaffirmed that independence tonight? and at a time when the political environment in turkey is one where the prime

they were up to 46, 47% investment rates, rates as high as we have ever seen. they know they have to bring the rate down but they have to do it slowly. they know they have to get the connellsumption levels up but they are doing the right things right now and are not panicking with the relative drop in their growth rate. >> let's put the brakes on this for a second and take the opportunity to have a conversation with my audience, many of whom i think are not economists and don't understand some of the nanswers here -- the nuances. some how come we keep growing? how come the world doesn't stop growing? i know it's possibly china's answer and the answer to many places where labor rates are low, wage rates are low. is that the answer? >> well, you know, if you want to have a growing economy, there has to be a balance. until china's case, there was a huge imbalance. growth was much more driven by investment than consumption. they are talking about balancing investments and consubjects so the economy can grow in a stable and healthy way. >> that's what we talk about

short-term interest rates. of course, we can't achieve that. and as you indicate, that's why we're trying to push down longer term interest rates. >> all right, thank you. i think you'll make a great chair, and your brooklyn wisdom shines through. [laughter] >> thank you very much. i never forget my roots. appreciate that. >> thank you. thank you, director yellen, for your excellent testimony. i ask the members of this committee submit any written questions for the record for dr. yellen by close of business tomorrow. dr. yellen b, please respond promptly so that the committee may proceed to markup as soon as possible. this hearing is adjourned. dr. yellen, please respond [inaudible conversations] [inaudible conversations] >> and we expect to hear more today about janet yellen on capitol hill. a vote on her nomination scheduled for 5:30. also today top appropriators in the house and senate will be meeting to work through the differences remaining in the budget proposal agreement that was reached last month by a

we just had a groundbreaking at transbay block 6 about approximately 400 market rate units golub, chicago director he, this is their first investment in san francisco and i believe they've done it right upped your review and direction. it combines 70 units of affordable housing on block 6. [speaker not understood] truly sustainable mixed say stainable. [speaker not understood], mercy housing will be developing another 77 units of housing. so, really thank you for your efforts and the efforts of the community to make that happen. i think that's really emblematic of the work do you here and the work we do with the hard working staff. so, that's one. two, just to draw your attention, there is an informational memorandum in your packet about -- as required under state law. and just good prudence. we do have an independent auditor's report that reviews our year-end financials. no material weaknesses were found. we certainly are managing our funds appropriately and we can also provide you additional details in the new year in 2014 through the budget process, which we will be kicking off rather

in the middle column the rate on average we're chargingors customers. for 41 percent of the power you can see we've received 69 percent of our revenues that's our highest paying customer base they pay retail rates. then we have our general fund and wholesale customer transactions at the top. so this is - funds one hundred and 11 or 12 million every year of our costs. now we have new challenges. although we had a balanced plan we've got new capital improvement needs. as i mentioned our current adapted plan fund 4 hundred in power needs and we're expecting american people increase of 3 million over the new 10 year period. we're seeing increases of costs from pg&e for the transmission costs. and some increased operating costs associated with the loss of our intersection agreement with pg&e. taken together we're seeing from that challenge an increases of $20 million a year in operating costs. and then finally, our third challenge that would anticipated in our balanced financial plan in our 10 year plan adapted in february with some new regulatory requiremen

women wanted to avoid rate they really needed to buy guns and burn how to use them i'm. sure this is the one that i want to go with them once again it's the field for women definitely a target of the gun lobby and one you don't kill them when the killing money would have so many would you would just prefer. i'm noticing more and more if that's really scary marketing tactics which implies that women have some sort of moral obligation to own guns to protect their family and young girls shoot out here too so we do have a pink or. more kids young kids choke on food than are killed by firearms if being armed made us safer in america we should be the safest nation on earth were clearly not the safest. right from the scene. first street view and i think the jury. on our reporters twitter. and instagram. would be in the old little. i made signs of madrid progress and see where peace talks at washington accuses damascus of holding on to have some financial weapons war wrong despite the ongoing chemical design process we need a way to balance against geneva he did find a way to co

rates? if you did not do quantitative easing, would interest rates be artificially high so to speak? >> i think that's fair. if you judge what is high or low by the needs of the economy, people sometimes talk about the equilibrium real rate. what is natural given the levels of saving and investment in the economy when this a lot of saving and not very much investment which is where we are now in a weak economy. the natural forces of the economy are fishing interest interest rates down and it is these forces that we are trying to go with. if we were going to try to push rates up when the economy has that much saving and such weak investment, we would truly harm the recovery. having pushed rates to zero, we would ideally have negative short-term interest rates. of course we cannot achieve that. that's when we are trying to push down longer-term interest rates. >> i think you'll make a great chair and your brooklyn wisdom shines through. >> i never forget my roots. thank you. >> thank you for y

we don't know what the natural rate of interest the market goes there but when you said rates below the natural rate of interest when the when the situation does that are there keeps a savers from being able to make the amount of money day should have but what it tells to investors and bankers and businessmen is it financial transactions make more sense than capital transactions because the interest rate is one part of the information that we use because the sinsin do each other some really really think that of it that way but that's what it is so with it makes more sense for me as a businessman to buy my stock. to go out and do stock buybacks rather than buying a piece of pure good to compete with somebody else to try to produce more stock to more of the price of something else. which would screw for consumers as we get lower prices and that's the natural order of the let me look at something here let me jump in if are second because or open up a couple of different things i want to unpack this a little bit because i think it's very i think it's right to scupper to let me let me let me

growth, and the unemployment rate. over time, we added long projections for inflation growth and unemployment, as well as projections of the path of the federal funds rate consistent with each individual's views of appropriate monetary policy. these additions have better informed the public about participants' views on both objectives to policy and the interest rates most consistent with acheefing those objectives. we took another important step in january 2012 when the fomc issued a statement laying out its longer run goals and policy strategy. the statement established for the first time an explicit longer run goal for inflation of 2%, and it pointed to the s.a.p. to provide information about committee participants' assessments of the longer run normal unemployment rate, currently between 5.2% and 6%. the statement also indicated that the committee would take a balanced approach to its price stability and employment objectives. we adopted additional measures aimed at clarifying the rationales for our decision, includ

the lending rate was raised. the refi rates listed sharply higher, as well. in fact, the rates up by 550 basis points. following that, the lira regained a lot of the ground it lost against the dollar. we're back to around 2.21. 2.29 was the record low in the last 24 hours. we've got policy tightening on the rates about 400 basis points. a lot later, michelle crusoe cabrera will talk to us from is at all t istanbul. >>> president obama is vowing to help the economy. the president stressed he'll no longer be content to wait for approval. he would like to work together but will work to increase minimum wage and he intends to use executive powers to bypass congress altogether. >> the cold, hard fact is that even in the midst of recovery, too many americans are working more than ever just to get by, let alone to get ahead. and too many still aren't working at all. what i offered tonight is a set of concrete, practical proposals to speed up growth, strengthen the middle class and build new ladders of opportunity into the middle class. . >> so as the president vows