the more i read stan fischer's speech, it really was though the investors he was somewhat speaking to he was speaking to them almost as if they were kind of too young and too child-like to understand exactly what's coming, and i think that's very interesting when you think about it. >> erin, what do you think of that? especially to rick's point, if it's coming then theoretically that means that the dollar could keep moving higher as well which is having a tremendous impact on the markets week after week here. >> fact he stressed late in 2015, that's so far out, and i don't think people are really expecting any appreciation in the near term -- sorry any depreciation of the dollar in the near term and we're looking for further appreciation. >> that's despite the little pull back we saw right after the fed. >> this is just very much a small pull back because of the fed. i still see the long-term trend of the dollar going up for quite some time. >> kenny, what's going to move the markets this week? we got fed last week earnings next week. what's going to move the markets this week? >> i'm

now, stan fischer, vice chairman of the u.s. federal reserve, spoke about the issue in berlin at a banking conference citing the impact that could be on mutual funds and etf's which hold bonds. >> open-end mutual funds and exchange traded funds now hold the greatest share of debt. each of these say their assets are redeemable immediately. the underlying assets are normal. in some cases, especially liquid. there's a considerable concern that it could be that come a crisis there could be something analagous to a run on things like that. >> we're mostly talking about corporate bonds, but the bank of england and many other institutions point to remember the flash crash in treasuries back in october? that's a big red warning flag. what happened that day? that should be the most liquid market in the world, and if you are seeing huge moves like that is there something wrong with market structure? >> thank you. >> let's bring in rick santelli on the cme on this topic as well. what are you seeing with regards to liquidity in bond land? >

tom: alan ruskin, taylor rules, we heard a clinic yesterday from stan fischer.adlines with olivia sterns. olivia: breaking news from france -- a german airbus has crashed in the southern outs. french president francois hollande says there are unlikely to be any survivors. it was formed by german wings, a budget carrier owned by lufthansa. in crash near the city of digne france. that is about an hour north of marseilles for stop the airbus a320 is a single plane that flies short to medium distances. the 320 is the world's best-selling single mile airplane. and greek prime minister alexis tsipras came away from his meeting with angela merkel into hannah. the german leader gave tsipras a red card but no money. merkel telling the greek leader he needs to follow the path set out by greece's creditors. he has been trying to come up to them alternative to the program to the bailout. tsipras saying neither side is to blame. tsipras: neither are the greeks lazy, and we have to break hard to break these terrible stereotypes on both sides. olivia: greece may submit its lat

that is stan fischer behind the scenes with a guiding hand. they also took out the word solid. yellen describes the recovery is solid, but yesterday she described economic growth as moderating somewhat. brendan: she opened with, we will make an assessment. my word yesterday was assessment. it means we are still working on this. ellen zentner: i thought that the bond market reaction to yesterday's events was overdone. at the end of the day, what are they still telling us? they want to raise rates this year. as stan fisher puts it, we don't know what will happen. tom: what are the implications of your call to wall street? what does it is actually mean if ellen zentner is right? ellen zentner: i think the concerns over the timing of the first rate hike or misplaced. investors continue to month -- to not put as much focus on what the rate hikes will look like what they do begin -- when they do begin and that is the more important issue here. the bond market tends to reprice when the fed starts a policy hiking cycle. historically, they have never priced in less than seven rate hikes

what's interesting about stan fischer and the new makeup of the federal reserve is the internationale with what the ecb is doing, with what 20-plus other central banks are doing in the world. that has to come into the fed's, maybe it done influence their decision, but at least the discussion. >> it will have them looking further to him. he comes in with an enormous amount of credibility, taught many who moved on to the fed and having served as head of the central bank of israel he has a great deal of international experience, too. they'll be looking to him. can i come back to picture we had in frankfurt and the demonization of the european central bank from those on the left? i mean protesters like this are nothing new in europe this is how people behave. but it's interesting unelected officials, ecb, blamed partly for what's going on in europe. do you imagine a scenario given dalio's warning, central bankers here become vilified for the role they have played in ordinary people'swell and their incomes over time if they start raising rate now. >> i think you've seen that already in th

my thinking of stan fischer is he represents in many ways his own orbit, but an orbit not for this momenten -- i think he is pushing the fed towards normalization. that's where he wants to be but he can't do so too quickly, and he is going to be the guy who is the guy you want there when they start to normalize. kind of like a throwback. here's the story. i think that the normalization camp won one, but not definitively, and it dpoendz the data. if they get where they're going to go, ron, then he is going to be seen as having won that. >> but they have to get where they're going to go. you look at cpi. it's up .2%. it's just as likely to reverse itself next month after falling for four months in a row as it is to go back up. the inflation argument still very much in play. >> very unresolved. >> you have a soft patch in the third quarter. the fed itself is looking at .3% growth in first quarter gdp. they've downgraded their assessment. >> right. >> it becomes less clear as to whether or not the trajectory in the economy, as it was in the third and fourth quarter of last year. >> in a sense