fed tapering today, richard fisher says the fed forward guidance must be limited.laming operational regions, mcdonald's suspends its restaurants in crimea. >>> citibank's ceo says he believes high frequently trading dispense an unfair advantage. speaking to reporters at the an mull meeting, the curb from u.s. regulators. he says what we are trying to do is run a market where everyone is on an even footing. td is canada's second bank but has a large presence in the united states. high frequency trading makes up more than half of its volume that accounts for a smaller portion of the market. now let's get back out to lake como. >> high frequently trading and the concerns that investors have about this. talking about the financial trust index, right now in the financial system, this is just another blow, isn't it? >> we look at participants. if we look at the volumes in the equity markets to the financial crisis, there's a fraction of that. you said that the u.s. was deteriorating. run by corrupt appreciate politicians. where are we on from that quote? we are talking a

richard fisher speaking in hong kong overnight. bank must avoid being locked into calendar based policy commitments. he said forward guidance should be flexible enough to allow for changing conditions. he's currently a voting member of the federal open market committee. we talked about his comments. >> he's the sexiest guy on -- isn't he? he's a handsome guy. >> he is. his son? it's like him and tom cruise got separated at birth. >> is he back yet? >> i think he's doing hong kong. >> if we had a moderate, if we had a moderate administration, either democrat or republican, moderate, dick fisher -- richard fisher would be a treasury secretary candidate in my opinion. >> that's probably right. >> he ran for the senate once in texas. >> he once ran as a democrat. he's a texas democrat. i don't know what that is. >> pro-business. >> we have a big day for ipos, online food ordering service grub hub priced its shares at $26 higher than expect. originally it was $23 to $25 range which had been raised again from $20 to 22 on tuesday. i am a

david: i call the president of the dallas fed, richard fisher. you call him dick fisher. i didn't know you have a close basis with this guy. >> we have the same similar hair thing happening. david: good stuff, guys. pete, chris, thank you very much. lincoln, we'll come back to you when the s&p futures close shortly. appreciate it. liz: netflix just reported earnings moments ago. they beat on the bottom line. met on revenue, shares, while they're jumping right nowings they have dropped about 23% since their march peak. do these results mean a buying opportunity or is this high-flyer's downfall set to continue? not today, that's for sure. david: also, what is insider trading? you might think they have an answer. they don't. a lot of prosecutors couldn't give you one. pending court case could shed some light exactly what that definition is, and make it harder for the government to prosecute but can insider trading really be defined? we're going to debate that. liz: tell us what you think. is there any way to make insider trading rules less ambiguous? tweet us, @fbnatb or one

melissa: fed chair janet yellen and richard fisher sounding off as we get the latest report on regionalnce back after the brutal winter? not yet in housing, but stocks score there third game this week? $6 billion surprise and not a good one. that is how much they feel they have to pay legal bills. wiping out the bank's profits last quarter. what can we expect from capital one, american express come morgan stanley and oldman sachs? telling us how it could all impact the bottom line.

melissa: fed chair janet yellen and richard fisher sounding off as we get the latest report on regional economic positions. and bounce back after the brutal winter? not yet in housing, but stocks score there third game this week? $6 billion surprise and not a good one. that is how much they feel they have to pay legal bills. wiping out the bank's profits last quarter. what can we expect from capital one, american express come morgan stanley and oldman sachs? telling us how it could all impact the bottom line. from mustang to mercedes, ford with the big reveal, limited-edition mustang gt to celebrate the 50th anniversary. mercedes going zero to 60 in less than four seconds with a new vehicle. mercedes-benz ceo tells you how the automaker plans to stay ahead of bmw and audio the was. "countdown to the closing bell" revving its engines right now. ♪ melissa: good afternoon, everybody. just a second or two ago dow jones industrials hit session highs. last hour of trading, welcome to the show, we're glad you are here. we have comments from the fed chair janet yellen on keeping interest rates

richard fisher, dallas fed president. some say smartest person in the room.interview with him a while back. here is what he said to say unwinding this portfolio. >> the issue for me how do we get out of huge expansion of our balance sheet and what is the risks we do so as interest rates come up as economy improves the economy is improving gradually david, but it is moving forward. david: alan, the point it is going to be unwinding this debt somehow. they will stop buying bonds. what happens to the market then? >> well everybody has bond in their portfolio. the fed can hold these bond and receive the interest every month. they don't have to sell those. if you look at interest rates we're still tis toreally low levels. we're not even near the midpoint. look at 10-year note last 20 years the midpoint is 4.75%. we're at 2.7%. we're 70% below the midpoint last 20 years. when rates do rise, they will rise, they can't go any lower, when they go back up that is sign of healthy markets and supply of supply and demand and fact that markets want highers rates. david: he

they should not rush to act preemptively, and richard fisher of the dallas fed, usually ad hoc, he saysly head. all right, that is the take from the fed, so you do not necessarily have to wait until tomorrow. by the way, all of these perspectives have been shared in just the past couple of days. all right, so what does it mean for us as investors? steady as it goes. the 10 year yield has been 2.71%,ent, right now at atht in the middle, and 2.5%, that is the cell, and at three percent, that is the buy. steady as she goes. you have got your plan ahead of the fed. >> a very tight range. low volatility. and that is what the market is looking for, according to the managing director of alternative fund at credit suisse. >> there is a lot of risk appetite now, and people are looking. in some asset classes, you have more money, so one of the things like mortgages, like direct is ang, and anyplace there little bit of fear, money is not wants and everybody equity like returns, and that is hard to do. linked tosset classes interest rates, one of them is old, a traditional inflation hedge, and we a

if richard fisher is right and ifthe fed has got resolve, the market falls 10% of and the fed says wehe course where we're going to taper $10 billion after 10% of it could get really ugly. i do not think the people expect that if the market goes down. i think they like them to stop. >> always good to see you, always good to hear your perspective. let's get over to these yahoo! numbers. olivia sterns me with an update. alibaba's numbers are out here, and looking pretty good. lookey look a -- what they great, and they are the reason why so many analysts told you what is yahoo! with of it is worth the 24% stake alibaba. it more than doubled in the final quarter of the year. revenue cover the previous quarter was up 51%, and this past quarter up 66%. that is great news for yahoo!. >> what happens when ali baba is not there to have out? >> that rings up the question of what is the company worth. we are expecting that ipo soon according to a bloomberg survey of analysts rate the latest valuation was an average of estimates of what the valuation could be is $153 billion. bloomberg has learne

, didn't they say that the benefits of all the qe got less and less and less, even, you know, richard fisher has said that. mainstream members have said the possibility for doing harm is now greater than the benefit we're getting. i don't think -- does anyone think they can come back -- if we slow down or god forbid we go into a recession, is anyone thinking that the fed has anyone left? because qe4, qe5, qe6, do those things help? >> let's put out on the table, the only good thing from friday morning was the fact that at least the things, aluminum stocks, coal stocks, steel stocks held up relatively well. >> they did? >> they relatively did. >> it was mostly the nasdaq momentum. >> i have seen 20 death crosses in the last year but nothing has happened. i like to say it, though. >> the death cross. >> the death cross in the ten-year, run for the hills. >> could you actually draw the death cross if you -- remember the old days? >> i would draw one of those old goth great big things. >> with the skull? >> maybe. so you don't -- do you say three is off the table now? i still think -- >> i think

so unless real shooting breaks out in ukraine, or unless janet yellen or richard fisher from the dallasmight be relatively safe. >> since the nasdaq narrowly escaped that correction, does that tell you that the market has some resistance to actually go into a real downturn? or do you think this rally has legs from here? is that what you're saying? >> well, i think we've changed -- the focus was in the momentum of biotech stocks. and even the other rallies that we saw previously in this week and the week before faded because they fell apart. they're clearly back in favor this morning. i think that tells me we certainly get into next week without anything big happening, and as i said, with all due respect to the risk in the ukraine, the market is taking a kind of jaundiced eye and saying it's all talking and posturing. the hostilities are almost like show hostilities so far. if they turn real and serious, and god forbid people's lives are lost, that will be a different story. but for now, we'll let his mother worry about it. >> i've heard that the latter half of april historically pretty

fisher will return, he said, patience, you must have. >> if you don't do it in spanish -- >> no. "star wars" hits theaters december 15th. >>> are the goonies coming back. >> richardup of kids searching for pirate treasures so they can save their homes from demolition and exciting news, donner wants to bring back the entire original cast and we may get to see corey feldman, josh brolin, sean astin and the others. goonies never say die. what i love about in this wasn't an announcement that was planned. he was just signing autographs. >> made ginger's day. >> i watched it this weekend again. >> favorite movie? >> it is. >> it says a lot about you. the adventure is in there. i can't wait to see you all again now that it's been promised, right? >> thank you, gio. >>> we move on to the big controversy over honey maid graham crackers received a flood of angry couples after it featured biracial and gay couples in its aides. paula faris has the story. ♪ >> reporter: it was the ad for a sweet snack that generated a bitter backlash. >> every day wholesome snacks for every wholesome family. >> honey maid featuring interracial and gay parents in an ad for graham crackers view