look at the fake fed. waited until he was president to raise rates. starts push go the blame off. and that to me could be an event that leads the a bigger sell-off. >> they have to raise rates. they need to continue to message where the market feels gfl the increasing confidence that they have in the economic or reflation and globally. that's something they're talking about. i think tim is 100% right about the market. we're at 2,400. and they do have that cover. it is really important that they get to some normalized situation. because let's face it. the fed funds rates prior to the 2007 all time highs. above 5%. back in 2000, it was above -- >> what is normalized? >> then months ago, people were complaining it could not stand up on its own. in 2016, it was how much global sovereign deck. the fear was that is the next step for us. and that's my point west need to get back to a point where we have all time highs in s&p ma e margi margins. ? is it fopossible the market goe down no matter what? if they raise rates? >> the equity market is rallying for the reasons behind the tax refor

>> pelley: tonight "60 minutes" reports on the real consequences of fake news. lies on the left and right fedhers like jestin coler make money. >> people in general are quick to believe anything that is... not anything, but, well, yeah, basically anything that's put in front of them in a format that is news-ish. >> alfonsi: until a couple summers ago, the ancient game of chess was still mostly a mystery for the folks of rural franklin county, mississippi. >> what's this called? >> alfonsi: so imagine everyone's surprise when a tall stranger arrived from memphis to bring chess to the country. >> i was like, what? why would somebody come down here? >> alfonsi: less than two years later, a chess boom is under way in the unlikeliest of places. >> people said that country kids couldn't learn chess. >> alfonsi: and? >> we showed 'em different. >> we proved 'em wrong. >> we proved 'em wrong. >> i'm steve kroft. >> e-mail lesley stahl. >> i'm bill whitaker. >> i'm anderson cooper. >> i'm sharyn alfonsi. >> i'm scott pelley. those stories tonight on "60 minutes." see me. see me to know that psoriasis

what's interesting about the term "fake news" is, asun, this is a real thing. there are sometimes fed or other governments lies, sthars are just not true, about a pizzeria in washington where they torture children and it's all tied to the clintons. i mean, just nonsense, crazy stuff. that's fake news. the president and the white house have used the term to apply to stories they don't like. >> trevor: i don't understand how so many people were so quick to say this is a pivot to presidential. >> well, i didn't say that last night. ( cheers and applause ). >> trevor: i know you didn't. i'm saying it appears-- >> it was, as you note, in the show today, it was a fine speech. >> trevor: yeah. >> and a decent performance. the policies and the positions that he holds are as, if not more important, i think, and the fact is that some of the things he has said and done have been completely contrary to the ideals and aspirations that he voiced in the speech. i mean, he-- for instance, he condemned wholeheartedly, passionately, eloquently, the hate crimes. >> trevor: yeah. >> that's how he started

analysing the ecosystem of fa ke been good is analysing the ecosystem of fake news and how they drench the internet with right wing propaganda and fedthrown up. thinking about my mother, they would not know that is being thrown upm journalistic terms, the case of the presentation of this, it is as clear as mud what they are after. the key to facebook and the reason people believe the stories is it becomes from friends and family, not because it isa from friends and family, not because it is a computer saying this is a story you are interested in. we are in trouble. we need to go to facebook! the sunday times. this will provoke a lot of comment. jenni murray said changing sex cannot make a real woman and the quote, too many men who changed sex model themselves on the male view of what a woman should be. i'm sorry, i am the editor of the sunday times magazine and it is in my magazine today, by jenni murray, the trans, be proud, but do not call yourself a real woman is the headline. it came from a discussion we had when i was on woman's hour. we were talking about this. there is disquiet among quite a lot of women about men who change

the eden center strip markings during that fake mission. when the detective told her boss about this, the baus called the-- boss called the feds and found there is no such surveillance. chief gavin said the detective is suspended for now. >> it is, yeah, embarrassing as well. >> it is embarrassing, a gut check. >> how could this happen? chief gavin said it is not uncommon for police departments to work with federal task forces like ice, but clearly more needs to be done so this never happens again. more charges are expected in a week or so. >>> tonight a 71-year-old woman is being treated for severe bites from a fox. she was attacked this afternoon while walking along ong ad hoc road. the cat's owner kicked the fox away and captured it. county officials euthanized the animal and are testing it for quarantine. >>> people who live in dc's ward five are fed up with crime and tonight they came out in force to show it, an emergency meeting in northeast nearly packed tonight as police chief peter and mayor bowser are address the spike in crime, garrett was in the room. >> reporter: this churchinaryly ran out of-- church nearly ran out of chairs as

fake news sway the election? or did the people who -- >> depends what you mean by fake news. >> i mean, stories like the one that i tracked down, that fed into this narrative that is out there that the clintons were responsible for the deaths of all these people, which is, in fact, a narrative, that is floating around on the right in this country. and if you're inclined to believe that and see this story it reaffirms what you believe. or if the stories weren't out there, would you stop -- would no longer believe that? were you going to vote for trump no matter what? that's a question that i still have, you know. what impact is this phenomena actually having? >> yeah, i have to say i tend to think our concern over this is overblown and driven in part by the fact that these stories like the ones you reported are just so shocking, right. it is novel that someone can be so morally bankrupt and have such power to influence the media narrative. i think the other thing that is worth paying attention to is what we really want companies like facebook to be doing here. i happen to like facebook's relatively gentle approach to this, to try to labe

the snow forecast? julie: it's supposed to change to rain. david: i producer said that is fake news. alix: the fedut monetary policy. march is a done deal, but what about the rest of the year? the white line is the spread between april-august fed funds futures. roughly 75% chance of hike in the summer. the blue line is the spread between august-january at 26 basis points, over 100% of the hike. march, one in summer, one in winter. our guest joining us now. the market seems to be pricing in three rate hikes pick what you see? the market is on point. german yellen was explicit to say she believes in three hikes. three hikes is probably the minimum. hikes, we might see some additional tightening later this year from the fed announcing the start of balance seet reduction, so we do a reset of the baseline towards a hawkish fed, three being a low bar for the fed to clear. one-to two from potentially 3-4, but the market still seems relatively calm. what market has yet to price in a steeper path? a couple ofhere are things we are looking at. where our forecast disagrees with the market, it is next year. o

the fed's actions can move stock markets by hundreds of points, we should absolutely reject the trump white house and the republicans' desire to use the fed for partisan gain. n administration that believes believes fake news, unquote, goes to inflate the attendees at the inauguration and debt level should not be able to meddle with the marketplace guardrails critical to our economy's health. so i would urge members to oppose this bill and i yield back the balance of my time. the chair: the gentlelady yields back. the gentleman from utah is recognized. mr. chaffetz: reserve the balance of our time. the chair: the gentleman reserves. the gentlelady from the virgin islands. ms. plaskett: mr. chair, at this time i yield three minutes to the gentlewoman from the district of columbia, ms. holmes norton. the chair: the gentlewoman is recognized. ms. norton: i thank my good friend from the virgin islands for yielding to me. i simply had to come down as i our his attempt to use jurisdiction to undermine our independent agencies and i want to put an emphasis on independent agencies because they have always been treated differently. the executive order 12866 have long subjected agency rulemakings to some review

fed investigators say the technd spoofing where the caller i.d. is faked.e criminal scam. he fc to to plok any orhone welcoming a new c ulia istism. reason to autism. and hbo.ical mergency that pls. >> when the refund ishey contac the 10 respondsteam. >> anna and her husband look at a photo album. they werho memories during a vacation new orleans in february 2016. >> my husbandou mardi gras and watching down the street and ih >> but it didn't happen. wade's husband fl and couldn't >> i tried. >> e-mailed her stating it refunded her card. account. saw no refund credited >> so wade called american. the arnlthe credit. so she spoke union manager. >> he said he researched nowher found. >> after five months ogo and her credit union, wade we contacted american. turnut refund transaction referenceive transaction number for her. we got the gave it to her credit union and says twoer they found her mo$1264.40. >> i can't thank youenou. >> nbc 10 responds. >> wade's credit repeated calls and several e-mailsou d't see a the vendor for thetrsaction num. if you have aw a

the senate intelligence committee yesterday. testimony claimed that up to 15,000 disinformation specialists fed fake news stories that may have influenced 2016 election. russian president vladimir putin was asked about the accusations yesterday, he pointed to his mouth and said, read my lips, no. jeff pegues is on capitol hill with the explosive testimony. good morning. >> reporter: good morning, u.s. officials and cyberexperts say the goal of the russian information warfare campaign was to exploit the visions in this country and it is ongoing with russian hacking units continually targeting the computer networks of u.s. congressmen, senators and others. >> we're all targets of a sophisticated and capable adversary. >> reporter: the senate intel yens committee learned details thursday about the size and scope of russia's information warfare against the u.s. and its allies. >> this is widespread in a campaign they're looking at doing that will drive wedges between our own political parties and between our country and nato. >> reporter: former nsa director general keith ail distender said now that the u.s. is aware of russia's sophisticat

the hackers or why he would know about wikileaks. i don't know why they would cite a fake russian prop gang da story after it had been debunked or why president trump would get those lines fed information campaign. thank you very much. it's hard to believe this time last week we were talking about president trump's health care plan and its chance of becoming law. how quickly things unravelled. however much he tried, hejust couldn't get the freedom caucus — the conservative members of his own party — to sign up to it. at the time he blamed the democrats, but today we got a sense of the real story. the freedom caucus will hurt the entire republican agenda if they don't get on the team, & fast. we must fight them, & dems, in 2018! 0ur north america editor, jon sopel, is watching developments and joins us now. trump is going to battle with members of the party he is meant to be working with? never let it be said that donald trump is afraid to pick a fight. he goes after the democratic party, you might expect it and the freedom can you suss, 30 plus republican tea party house members who sunk his health care bill. donald trump has been talking about how it could be resurrected.

the u.s. navy. the feds accusing officers of partying with prostitutes and spending millions of your taxpayer dollars. dozens of admirals caught up. and lonely and need buddies? a company is offering you fake friends that looks like they're partying with you so you can get pictures to post online. seriously? let's get to it. >> they do not believe what the president said is true. the top republican and the top democrat on the house intelligence committee have formed a united front against president trump's unsubstantiated claim that president obama tapped the phones at trump tower during the election. devin nunes and adam schiff have said they see nothing to support the president's assertion. >> don't have any evidence that that took place. i don't believe in the last week of time that the people we talked to, don't think there was an actual tap of trump tower. >> to date, i see no evidence supports the claim that president trump made that his predecessor had wiretapped his and his associates at trump tower. we see no basis for that whatsoever. >> congressmen schiff and nunes have extended the deadline to provide any evidence the justice department might have. the doj has until monday of n

you want to be positioned like that in a market in which the fed is signaling the economy is strong? >> i think this may be a bit of a head fakeple in those positions. obviously when the yield curve flattens, you'll see financials get hurt and reits get helped because they're so sensitive to the curve. the fed gives us these one-quarter-point moves. no matter what people think at this point, that relentless move does tend to push long rates higher. it should help financials and should hurt financials and the reits. >> with all due respect to the fed -- can we bring up -- this is called producing by chair -- xlf, if we haven't already? best team in the business. thank you. can we do a one year? the biggest move in the financials came november 4th right before the election. i think -- what do you think -- that there's maybe more of a dodd/frank repeal or whatever aspect to the bank move than the fed. what do you think, karen? >> first of all, you never know until janet yellen has spoken. that's still to come, right, today? some people will wait to make a move until after that. secondly, absolutely, there is a sense that the ligh

the borrowing in china fed the recovery in europe, did it? >> not specifically, but these things flow through in different paths. >> you actually think it's a fakel driven by the loan book? stature, but a big bear. recoveries are driven by the credit cycle at the end of the day. this one has been. most of that credit has been created in china. it will be hard to keep that up going forward. when that tails off, we can have another discussion and see how sustainable this upturn is. i have a feeling it will not be as strong as people think. shery: i know oil is reversing gains, but how about other commodities? it has fueled the trend, especially in asia. >> oil is decoupling. as long as china carries on with a policy of just building things and not worrying about making money, you will see commodity prices hold up. is that sustainable? at the end of the day people are making investment decisions that have no capitalist criteria whatsoever. i find that a puzzling state of affairs. david: can you give us a genuine piece of good news. >> the weather has taken up in hong kong. had one of the most bearish forecast for 2017. is that stick? >> for the mom

fake account scandal. quick programming note, wilfred fro frost will have an exclusive interview with sloan tomorrow. >>> coming up when we return, breaking economic news. jobless claims, housing starts, and the philly fedlks, we're just a few seconds away from jobless claims. housing starts and the philly fed survey, a lot of numbers to digest. check this out this morning. dow futures are up 51 points once again. s&p futures up almost three points after closing at the second highest levels of the year. nasdaq is on track for a new record this morning. right now we're going to get to rick santelli, standing by at the cme in chicago. rick, go ahead. take it away. >> all right. a litany of data points, of course. let's start with housing starts. we saw 3% increase. we were expecting 1.264 million. we ended up with 1.288 million, seasonally adjusted and annualized. last look was revised slightly higher on permits. down over 6%, expecting 1.268. roughly about the same we're expecting on the other side. and what do we end up with, 1.213 million. if you look at last month, it did gain a bit from 1.285 to 1.293 million. but there's your disappointment. jobless claims, unrevised at 2.43 last week. subtract 2,00