ward mccarthy as well. let's give you a forex report.he fed decision coming out, the yen holding a six-year low versus the dollar-pound. euro-dollar, little changed at one point 2956. ♪ >> waiting on the fed. what is the timetable for raising interest rates? we will hear from janet yellen in a few hours. >> voters decide in scotland whether to declare independence from the u.k.. we will see what is at stake. investors are starting to take their money out and move it back to the u.s. good morning. this is "bloomberg surveillance ," live from our world headquarters in new york. morning, adams johnson and olivia sterns. tom keene is on assignment. our guest host for the hour is richard clarida, global strategic advisor with pimco. is on the the fed agenda, adam. >> as a matter of fact, the u.k. got some important data. unemployment -- unemployment fell to a six-year low. a different story in china, --re growth has prompted here in the u.s., we get vpi, our read on inflation coming out at 8:30. then we get the interpretation from the fed. at

ward mccarthy, he is a former fed economist. i'm surprised ward, the fed accommodated -- moderated to what they have. she is suggesting these policies might go on for a decade. take a listen. >> even after employment and inflation are near mandate consistent levels, economic conditions may, for some time, warrant keeping the target federal fund rate below levels that the committee views as normal in the longer run. david: were you surprised? i mean, it is all a question now of how long it is before the next rate rise, but she is looking into the future, she can't even tell, beyond a decade where it is pogue to be going. were you surprised how liberal she was, open she was on that point? >> oh, not at all. that was a quote from the fed policy statement and it has been in the fed policy statement since march. so that is really been the fed's point of view for six months now. and i think it is important to differentiate between when the fed might start raising rates and how fast they're going to raise rates. so, my opinion, the fed