ron insana thinks so. he's here with former white house budget director peter orszag who will go head to head coming up in a moment. >> and imitation is the highest form of flattery. burger king has certainly been imitating mcdonald's recently and doing it again by going big into coffee. can anyone say the muskoka fay? will there be a new king of coffee? stay with us. that's coming up. (announcer) scottrade knows our clients trade and invest their own way. with scottrade's smart text, i can quickly understand my charts, and spend more time trading. their quick trade bar lets my account follow me online so i can react in real-time. plus, my local scottrade office is there to help. because they know i don't trade like everybody. i trade like me. i'm with scottrade. (announcer) scottrade. voted "best investment services company." >>> markets up 57 points just off the highs of the session right now, and we would point out if we close above 14,000, it would be the first time since february 1st that that has hap

. >> ron insana, what did you make of the talk this week of the federal reserve suggesting that they are going to start unwinding. >> this is the same ongoing debate that's happened four years ago when the fed started quantitative easing. the same folks are probably dissending over the program in place. the only place who really count are ben bernanke and janet yellin and bill dudley, everybody at the new york fed. jim bullard, the president of the st. louis fed clarified the whole thing on cnbc. that was the real catalyst for the rally today. i'm concerned as i was back on february 12th that we have headline risk for the market and broadly speaking, not a sell signal horanything like that, that i think we could see a 5% or 10% pullback. many think so. there's risk there. looking at the averages, i don't think you sell good stocks based on this, but the market might be more volatile in the days and weeks ahead. >> what are the headline risks? >> the fiscal follies and in as many as the sequester may not be as big an economic deal as feared. the worry about the fed, had that actually

. >> ron, always bright to talk to you, ron insana. >>> the banks are watching this fight with the stock another cnbc sit-down exclusive. >>> and is tomorrow the day for an all-tile high. you're geks join us next. stay with us. [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinkorswim. from td ameritrade. [ male announcer ] i've seen incredible things. otherworldly things. but there are some things i've never seen before. this ge jet engine can understand 5,000 data samples per second. which is good for business. because planes use less fuel, spend less time on the ground and more time in the air. suddenly, faraway places don't seem so...far away. ♪ >>> welcome back. the sixth largest bank in north america, td bank group, reporting a 21% increase in quarterly profits while all the while raising its dividend. the stock traded down fractionally as did most of the canadian

. >> do not do the ron insana. keep it off. make sure you join us tomorrow. "squawk on the street" is next.. >>> that was an image could i do without. i'm carl quintanilla, melissa lee, jim cramer, david faber. we begin 89 points from the all-time closing high. just this side of positive and chicago pmi on the way. europe has gains this morning. tokyo rebounded along with the rest of asia. china pmi is out tonight. >> our road map this morning starts with what could be a record-setting day. as carl mentioned, the dow just 89 points away from its all-time high, sit a day away from the potential sequester cuts kicking n >> the bleeding continues at jc penney. sales down a whopping 28% from the holiday quarter. how much time does ron johnson have to turn things around in the stock down 40% since they took over? >> speak of bloodbaths, group reason shares taking a dive on its much, much wider quarterly loss. analysts not betting on the company being able to outage zohn amazon on its new strat joif selling goods. >>> we begin with the dow taking aim at record terr