china gdp, there's yellen today. you know, first major policy speech as fed chair, that's coming here in new york city. >> yeah, yeah. >> as we speak. you'll see the q&a and see how the market reacts to that. you have the 10-year, which is still in play. the yield moving off the lowest levels of yesterday. >> yeah. >> the beige book at 2:00 p.m. you have ukraine still out there. >> and you've also got emerging market debt, which has rallied to unconscionable levels, given they're moving slightly in a better direction, but to be below pre-crisis lows is ridiculous. look, i disagree with art cashin -- or maybe i don't disagree, i have a different take -- to think that the market action in one day can dictate a trend going further, i just don't buy into that. and frankly, maybe it's true, maybe it does happen, but i don't look at it, because what i'm looking at are stocks. and that's where i see the value. >> well, i think what art cashin's point is, steve, is that, you know, looking at that reversal -- we were all look

>>> hiring, china, federal chair janet yellen, the fed chair sends a message to wall street, don't worry about interest rates. >>> and slow moving sector, leading the way on wall street this year, all that and more tonight on "nightly business report" for wednesday. april 16th. >>> good evening, everyone, we begin tonight with ibm and google. they are two iconic tech companies, two big disappointments and two stocks that carry a lot of weight. one of them the dow, the other the nasdaq, big blue's quarterly report out after the market close was another in a long line of revenue misses, income continues to be hurt by sharp declines in hardware sales. ibm earned $2.54 a share, right along with predictions but revenue missed coming in at $22 and a half billion, less than expected. that sent shares initially lower in after-hours trading. morgan brenner has been looking through the report and has more on that. so morgan, as you look through the numbers what do you see as the key takeaway from ibm. >> well, ibm is one of the ones with the bigger numbers, but shares have continued to weigh on th

it's part of a promise yellen gave in a confirmation hearing in the fall. she said she would never forget there are ordinary americans behind the statics and ensure the efforts to secure the economy, which was highly controversial during the financial crisis have popular support. yellen took a page out of a playbook mentioning ordinary people, like a woman unemployed for a long time. >> that's what doreen pool learned after she lost her job processing medical insurance claims just as the recession was getting started. like many others, she couldn't find any job despite clerical skills and experience acquired over 15 years of steady employment. >> her predecessor pioneered the idea teaching college courses on monetary policy throughout the country, but yellen seems to be embracing the technique from the beginning and in a more down home way. yellen made news on monetary policy. >> i think this extraordinary commitment is still needed and will be for sometime. and i believe this view is widely shared by my fellow policy makers at the fed. >> that sent stocks

as janet yellen toured the city colleges of chicago. she applauded the inexpensive... short-term program.. teaming up business professionals and academics to try to close the skills gap... but said such efforts aren't enough to lower nagging unemployment -- declaring the fed's 'job is not done.' "i think this extraordinary commitment is still needed and will be for some time." yellen "also" told more than a thousand community development professionals that the fed has its eyes on 'slack' in the labor market. that's when the pool of "skilled" workers seeking employment.. outweighs the jobs available. " no amount of training will be enough if there aren't enough jobs to fill." the fed head hints that interest rates will likely remain low until unemployment declines further... an attitude that turned into a market mover. "today's rally suggests that longer easy monetary policy is in store for the market, and that's why equities are going to outperform." yellen's comments contrasted those implying a tightening of stimulus a few weeks ago. "if we look at what we need to get

yellen have to say? >> she pretty much outlines the same case. she said things are not good enough and the fed remains committed to keeping interest rates low for a long time. she organized her speech around three questions. slackre still significant in the labor market? they find there is. a long way to go. it is not just the unemployment rate, but a number of other indicators including part-time work and the length of time people are out of job markets. there are still a ways to go. the second question is, is inflation moving back toward 2%? warning the standard about not letting it go too far. her third part, what factors may push the recovery off track? we have had problems in europe and problems in the nation's capital that have kept the economy from expanding this last year. the fed is mindful of all of those things and for all of those reasons is still reluctant to raise interest rates. >> investors won't happy with the fed after its march policy meetings. did she do anything to repair that damage today? >> she did not do anything to hurt

janet yellen's pledge to continue to support the u.s.conomy sending the pound in opposite directions and we are joined by asset management global market strategist david lieberman. good morning. always good to see you. what yellen essentially said is what matters is how short the fed is of its goals of full employment and price stability. she pretty much gave the answer away. she said they are about two years from those goals. what are the implications of that? >> when yellen is asked questions about the direction of fed policy, she is trying to be a little more transparent. it's impossible to put an exact timeline on a how long this will take but in interest-rate rises not imminent. they will continue along the path of tapering but will not do anything unexpected. business as usual and effort to reassure markets that they will not be removing liquidity. >> our markets now more confident that rates will not go up six months after the tapering process ends which was what she said after the fed meeting? >> her comments need to be taken wit

yellen seems to worry right now more about unemployment.rnanke did in his later years also. >> inflation is not above her target but below your target. she laid out three challenges -- three questions that she needs to think about as we go forward. she did not take the passover four questions. how much slack is there in the labor market? she says it's a lot. the second is inflation but not that it is too high but too low. and the third, what will it not be a recovery of? all three show what you are saying. she's very concerned about unemployment and not worried at all about it except that it's too low. >> do any of the inflation hawks now even worry about somehow inflation coming back? >> you had marty feldstein, a harvard professor, and at one point mentioned that a potential fed chair in a republican administration and he asked janet yellen about inflation and what they would do about inflation if it went above target. he is worried that as the economy starts to pick up, he wanted to get her on the record saying that she is to two-sided.

we all thought that the meeting was janet yellen's first.urns out that was incorrect -- she presided over a march teleconference wherein they discussed getting rid of the 6.5% guidance. they agreed that the existing forward guidance with its reference to the .5% threshold -- reference to the 6.5% theshold was outdated for employment rate. they did continue that discussion when they met on which timed 19, at almost all members judged the new language should be qualitative in nature. that's what they ended up with, but not everyone agreed. one member wanted to keep the 6.5% threshold we know. ,ne wanted a new 5.5% threshold and a few wanted an inflation floor threshold, but they decided against it. assessing the economy, most participants noted that severe winter weather had held down activity during the early months of the year. they went with conventional wisdom. business contacts reporting a number of weather-induced disruptions, and the general feeling was as we get better once the weather improved. couple star reasons to believe that slac

here are three yellen dove-iisms. the fed will remain at zero for pretty much as long as inflation and employment goals are not met. she's word worried more about low inflation than high inflation, and here's what janet yellen said about inflation risks. >> with inflation running at around 1%, at this point, as i mentioned, i think the risk is greater that we should by worried about inflation undershooting our goal and getting inflation back up to 2%. >> there it is, guys. your beige book and your yellen summary in about a minute and a half, which is what i promised your producers i would do. >> perfect, steve. >> i like that. >> in terms of the reaction, not really any reaction. but pretty much the status quo, though. >> i think the market is forgets that six-month period. >> they've only been walking that back since the words came our her mouth. they realized that was a big fauxpas. >> you looked more troubled, my friend. >> this is a business question not a personal question. [ laughter ] >> fair enough. >> here's

did janet yellen repair the damage? >> we have seen a slight uptick in bond yields and a selloff in the stock market -- not a whole lot, but there may be a little bit of disappointment. there was a lot of confusion about when the fed dropped to 6.5% unemployment threshold, with?id they replace it and they have the whole controversy over the minutes last week. she tried to lay out a framework that said the fed's new policy is mind the gap, says our craig torres, watch inflation, watch unemployment, and how far away from what we think full employment might the, which is a little below 6%, perhaps, and that should give you guidance on when we will act. was that too complicated? did she try too hard to explain it? was it to academic? >> and the question about whether or not -- how she would avoid overshooting the goal and -- end up behind the goal behind the curve. what was your biggest take away? >> i think in washington, it to those comments that will get the most attention. as you know, there are a lot of republicans in

wicz miller and julie byko on janet yellen. julianna goldman on joe biden's trip. margaret her olson and run mesh -- margaret carlson and ramesh nnuru on gay marriage. we begin with former secretary of defense william cohen. there were some signs of easing. ?re you optimistic cap >> i would like to be but we need to look at what president putin has done and is declared intentions. he has been speaking as if the eastern part of ukraine is already part of russia. the newalked about russia. in his mind, there will be over time some federalization of ukraine which would mean the hollowing out of that government and reducing the ability of the government to really have a coherent state that they can control. i think that is his ultimate goal. he will continue to have his forces on the border and continue to agitate. the united states and the west really is at a disadvantage. >> not much we can do other than sending forces over. will search or real sanctions have any impact --will sanctions have an impact? covertly or quietly propose to the russians that we have a whole

which ultimately makes yellen, forces yellen to be more hawkish perhaps than she needs to be to controlack end rates. why did she back off this week after having shot the market over the timing of rate hikes? >> well, i think the reaction was pretty strong from the market and maybe she has to continue her remarks a little bit. but i think we have to to get used to the fact that central banks are going to act very different from the central banks that not do the qe. when the economy recovers, central banks that did to the qe will be most relaxed, very happy. and then with the quantity of the full employment. in the case of united states, there's enough reserves in the banking system to increase the u.s. money supply by 19 times. we're talking potentially 1900% inflation rate. so the central bank that did the qe will have to always appear ahead of the curve in terms of inflation to make sure people not worry about this 1900% inflation rate. and when the federal reserve started tapering, inflation rate was only 1.1%. to get ahead of the curve even further the, they start mentioning a rate

it is not like janik yellen. -- janet yellen. mr. does not think the federal reserve chairman go out with workers and people who are less than multimillionaires. he'd think she should eat caviar with his wall street pals. that is an offensive view. means isaul singer that this is not the kind of thing the federal reserve chair does. she is making a political tour. she is doing a little pr. >> i'm sorry, he's wrong. >> she doesn't need to be doing this for the cameras. >> that is historically wrong. some of thatn did and paul volcker did some of that and ben bernanke did some of that. the federal mandate has a dual mandate unemployment and inflation. there is nothing in the statute that says the federal reserve should only spend time with wealthy market investors. it's important the federal reserve spends time with real workers. >> this brings us to the larger issue of income inequality. this resonates with a lot of people. are you hearing people in d.c. talk about income inequality? >> it is and i feel guilty. this book is clearly a

yellen today about as dovish as you can get. >> bank of america's earnings.ional banks have been good. bottom line, labor markets lag and continue for two years. holding her hands and saying we're going to keep it low for two years. >> are you right, doesn't get any clearer than that. good news. bottom lines are pushing out the rate hike and yet we're looking for better news on the economy. capacity utilization, industrial production good and housing starts work so great overall. a little bit of a slowdown in the housing development. >> kind of good news but also not so good news. want it to come out and say you see the improvement. >> that doesn't matter because the market is going higher. >> look at doug, up 160 points. we are going out on the high of the session. are they expecting better earnings? we'll find out coming up here from those big three companies we mentioned here. stay tuned now for the second hour of the "closing bell" with kelly evans and company. >> and welcome to "closing bell." i'm kelly evans. it's 4:00 on wall street. here's how we're f

this was the fed meeting where afterwards janet yellen came out and when pressed

there are some distinctions between krugman and yellen.f the most intensive notes that i saw on the dais was stanley fischer. >> potentially the new vice chair. >> he was really listening to what his chair with 88. >> fascinating. he was the governor of the bank of israel, comes back to the u.s., and he may not be the vice chair of the fed. >> how about guacamole? coming up, holy guacamole. california has cut into supply of all the we will discuss this, "bloomberg surveillance," on bloomberg television, streaming on your tablet, your phone, and bloomberg.com. >> how does olivia sterns do that? she is the queen. ♪ >> it is our twitter question of the day. get out your pen, pencil, we already appreciate the response @bsurveillance. is high-frequency trading a crime? we are there with six subpoenas. it is the new "new." is high-frequency trading a crime? our twitter question of the day. this is "bloomberg surveillance." i am tom keene. we welcome all of you worldwide on this thursday morning. welcome to bloomberg television and bloomberg radi

we had janet yellen yesterday. we are watching a couple of corporate and we're watching ukraine and russia. >> you did not leave me much. go back and look at bloomberg.com and look at the bill mcdermott interview. -- thisd the similarity could be what the year 2000 was intact. -- in cap. -- tech. china might be reducing the reserve requirement. we will take a little bit of gas out of these markets. if you've are going to be out of action for four days, how much risk would you want to leave on the proverbial table? shift inof an historic .lobal geopolitical relations how much risk would you want to leave on the table if you are an active trader? the fed willsays stay fully engaged in lower rates potentially up to two years. inflation and jobs are nowhere near where i want them to be for the federal reserve targets. i call that the yellen express. bill mcdermott called this year not dissimilar to that of the year 2000. the s&p down three percent. rebalancing or cannibalizing? cannibalizing the current business, softw

. >> peter barnes is here for janet yellen. 4:00 o'clock show with liz claman. i thought i would be part of the company, but i am a company of one. stuart: back to lauren on yahoo!. digging into allie baba. yahoo! owns what? how are they doing? >> great. the issue is the numbers are a little bit late. this is for the end of last year. $3 billion. we are talking about what could be and probably will be the biggest ipo in the u.s. yahoo! has the option to sell a 10% stake in the ipo. that will be a huge windfall for the company. stuart: thank you very much, indeed. look at the big board. 16386. that is a nice rally. just .75%. we have another rags to riches story for you coming up. the man who runs a chain of gyms. it is called retro fitness. coming up next. ♪ we asked people a question, how much money do you think you'll need when you retire? then we gave each person a ribbon to show how many years that amount might last. i was trying to, like, pull it a little further. [ woman ] got me to 70 years old. i'm going have to rethink

i will get to janet yellen in a moment. first let me talk about housing.ousing starts, now, these measure groundbreaking activity for new hose. they rose 2.8% in march to the fastest pace so far this year. >> that's a monthly number, monthly gain of 2.8. permits to build houses, a barometer for future construction activity fell 2.4%, dragged down by meulti-family homes. they are apartments, how you might think of them. industrial production, i want you to see this, messuring the output of industry, mines, factories, it was un7/10ths in march. the february number -- a lot of these numbers are revised when we get the next month's number. february was revised up to 1.2%. when you take the first quarter all together, industrial production grew 4.4% in the first three months of the year compared to the same period a year ago. it's pretty impressive number. one that supports federal reserve chair janet yellen's belief that the economy is making, in her words, very meaningful progress. i went to the economic club of new york this afternoon to here her talk about

asian stocks drew some momentum on yellen's comments.ng's hang seng adds 1%, tokyo's nikkei bucked the trend moving 0.25%. here on wall street, investigators as liked what janet yellen said. the dow rose 134 points. the nasdaq added 43 points. >>> the fbi has begun a criminal investigation into high-speed trading here on wall street. we told you about this yesterday. "60 minutes" first broke the story during an interview with author michael lewis on sunday. he made the bombshell claim the u.s. market is rigged to benefit a few insiders. the fbi now says they're looking into when these high frequency traders manipulate stock prices. >>> for the 17th time since 1977, the senate passed another medicare doc fix. it blames a 24% cut to medicare for doctors for one more year. it also extends other health care provisions. the house passed a similar measure last week. president obama is expected to quickly sign the bill. >>> and soon you'll be able to see much better when you back up. the government said yesterday by 2018, all new cars and many

they basically suggested that fed chair janet yellen and other officials wanted to make it

all about janet yellen looking at the part-time issue. it does not matter.f you work part-time and you want a part job -- part-time job, good for you. if you work part-time and you wish you begin full-time job , but you can't commit that is where it matters. caress what janet yellen about. >> the fed's taper schedule, as far as that is concerned, anything in the march numbers that would alter that schedule l? >> not at all. and that is so locked in, even bill dudley says that gdp would have to be five percent are present for us to change our past. that is saying we are not going to alter, they want to be in the -- out of the business of qe. i think it is a done deal. us.hank you for joining next, bottom line continues. ♪ >> we're approaching 26 minutes past the hour, that means a bloomberg television is on the markets. our calling matt miller is standing by with the details. on a day where we got that jobs report with the mark critz -- that jobs report, the markets are lower right now. >> we have stocked down across the board of the nasdaq really taking a di

. >>> i guess that's it from chair yellen. i believe that's roger ferguson resuming the podium at the economic club of new york. >>> let's talk more about the speech we were just monitoring and the q&a we just heard with my co-host michelle caruso-cabrera, who is at the new york stock exchange, and with our senior economics reporter steve liesman. steve, let me begin with you. did she break any new ground? >> right there was a very interesting conversation, tyler. let me give a bit of background there. being debate in the economic community about the people who have left the workforce, people out of work 26 weeks or longer, are they coming back in? if not, is what you see what you get in terms of the labor fort? more people who aren't working create downward pressure on wages, fewer people upward pressure, concerned about inflation, you heard the eminent economist argue the idea that maybe these people are not coming back. janet yellen says i've heard that, i've seen that, i don't believe it. so that was an interesting comment

the focus is still on janet yellen as the dove as opposed to janet yellen the economist who looks atgh a transition. i hate to use a technical term. but we will learn about the the fed reaction. the dots in the last fed set of forecast materials, people say, well, the dots have moved up. maybe they need to have a little bit higher interest rates out there. >> a little inflation would be nice. don't want 20 years without anything. >> thank you. appreciate it. that's some hope. i like that kind of hope. and we're listening to cher now. 25 years later. >> goldman sachs earnings expected to hit any minute. we will bring it to you. we're traveling back in time to 1989 to be in fact. cnbc celebrating 25 years in the making today. one of our very first guests on the air will be joining us. we needed 30 new hires for our call center. i'm spending too much time hiring and not enough time in my kitchen. [ female announcer ] need to hire fast? go to ziprecruiter.com and post your job to over 30 of the web's leading job boards with a single click; then simply select the best candidates from one

janet yellen made her position very, very clear.a lead time, approximately two years is what she said it is going to take to get employment back to where it was. janet yellen keeps her eye in terms of what is going on in the .s. economy. the c.e.o. of sat, he missed on all of his metrix. sales. a whole wave of them. down 3.29%. basically what he said is yeah, i can see correlations between what's happening now and what happened back in 2000. there are a number of companies, not all companies that, have top line growth but are not producing profit. if anybody is not familiar with what happened in 2000, have a look at a couple of charts. a little bit of a change in direction. u.s. equity futures, tom keene, royal watcher extraordinary on bloomberg keeps an eye on what's happening with baby george and the duke and duchess of cambridge. down .25%. those are the key issues, francine. back to you. >> with the royal correspondent appointment, we really have all of our goals covered on bloomberg tv. there you go. coming up, wu-tang's one co

yellen uses this dashboard of data. this is one piece of the puzzle. >> the data is very important because there are five elements read the unemployment rate, they are so passÉ. unemploymentnew rate. there is a great debate amongst the economic community. -- ishe dashboard confirm it a reliable evidence measure of how much slack there is in the markets? looking through these numbers, two thirds of what janet yellen , twoer board look at thirds of the dashboard is worse than when the recession began. big pieces,o payrolls growth and layoffs, which are back at precrisis levels. today, it is about the long-term unemployed. that is what the market will focus on. janet yellen using language like , it is aboutflak on picking your way that. rise six months after we finish tapering. she will never make that mistake again, will she? >> maybe it was intentional. very much indeed. we have already indicated it is jobs day. withouriel roubini will be us. he has given us an exclusive. we will get his take on what is happening in the

janet yellen talking about a stronger economy.rack record in terms of predicting economic future and outcome in the u.s. so if we get a stronger economy, the industrial uses increases. then a fault in unison with gold a little bit. struggles at that point. >> joining us of the cme. thank you to ken hoffman joining us from bloomberg industries. on the markets again in 30 minutes. coming upakers" next. stay tuned. ♪ >> live from bloomberg thisuarters in new york, is "market makers" with erik schatzker and stephanie ruhle. >> recall debacle. gm recalls more than one million more cars. heading to the hilt to explain why the company ignored a this is "market makers" with erik schatzker and stephanie ruhle. defect that killed 13 people. you will hear for live from the chairman of the committee holding today's hearing. defense. a high-frequency trader is here to tell us why the system is not rate and why he says michael lewis's new book is dead wrong. >> cautious proposals. if you thought ballpark hotdogs were expensive, you will not bel

fed chair janet yellen is getting ready to speak at the economic club of new york. we'll have live coverage with her remarks. in the interim, we want to take you back to the new york auto .how here is the vice president of u.s. operations with our very own car guy, matt miller. >> it's a global team set up in hong kong, and we are moving this way, chasing bmw, chasing mercedes, chasing audi. by 2020, we will be sitting at the table with these guys. >> full disclosure, i went to the grand prix with you in .ustin carstian helped develop the i drove there. had a lot of fun, and it's a great seller for you. is this the way forward to have these incredible technological advances? >> there are two things. first of all, you have to have the technology right. a luxury brand today as defined by technology, but advocacy, so you have to have all that right, but also really good brands have really great emotion. part of the automotive business is that on track performance. we are certainly targeting the young mindset, and that is very racing,racted to f1 anything where there is

you have yellen, carney. yellen is talking about slack. is talk of underutilized capacity and spare capacity is mark carney's reference point. it is a phrase of language rather than a target. it is revolutionary for the ecb to use this kind of terminology. when you look at it, it is hard to define. draghi has said that himself. the imf try to measure it. gdp is underperforming by about 6% and it is going to be 2018 before that gap closes. >> thank you very much. your quick primer on everything macroeconomic. russian forces started withdrawing from the eastern border of ukraine. diplomats were to lower tensions over the crimean peninsula annexation. could russia ramp up pressure from other sources? to become the next for non-ukrainian gas prices? >> the way they measure it is 1000 by 1000 cubic meters. $268.e is now paying that is really cheap. they were paying about $500, but they got discounts. the first and most recent discount was given by the russians to the ukrainians on december 17. billionthat $215 -- dollar aid package that they of

are we supposed to listen to every word janet yellen says and assume that is where everyone stands?e just heard john explained there are a lot of different viewpoints out there. >> the key thing is that ben bernanke was communicating a simple message. we are not hiking. messages a more complex -- janet has a more complex message, that we may start hiking over the next few months. start focusing on the inflation numbers. that will be the key. >> unemployment is not dead. in the summary of economic projections, the expanded version that comes with these minutes, there was discussion about everyone but one member thought it appropriate to raise the fed funds if the unemployment rate went below 6.6%. so there is a soft numerical guidance in the economic projections it has those words were picked out for a reason. >> until we get to six new -- to 6% and the economy is not healthy and not growing at a clip that they would like to see -- >> it was interesting to see -- one of the interesting nuggets in the minutes is that there is a real debate about the unemployment rate and whether or no

what is more, it was revealed today that new chair janet yellen was so concerned about fine-tuning theguidance that she called a video conference on march 4th to discuss the matter. the dow soured 81 points, the nasdaq jumped almost 71, and an almost 2% spike for the day, the s&p added 20. there is the bond note, you see the yield coming down there. the dollar index weakened a bit and the gold prices turned higher after the fed prices were released. but they ended the day slightly lower. steve leaseman has more on where the bank stands and when interest rates may start to climb higher. >> the minutes of the federal reserve's march meeting suggested maybe the fed was not as hawkish as some in the market believed at the time. the fed said it was concerned that the market would take the wrong signal from the individual funds rates from the forecast members, the forecast shows the rates would be higher in 2015 @ld 2016 than the market had previously thought. it is a big problem for the fed where it says one thing in the statement about the funds rate but also provides the individual foreca

traders will listen closely to comments by federal reserve chair janet yellen today.. chuck coppola has more.. . angie, the fed is keeping a close watch on inflation. that and more will likely be discussed in janet yellen's second major speech as fed chair. inflation remains a top concern on the fed's agenda. consumer prices in march popped two tenths of a percent, as food and housing costs rose more than anticipated, signaling the times of low inflation are coming to a close. today yellen will be in new york city following her speech at an atlanta banking conference, yesterday. the fed chair told attendees banks may need more capitol on hand to weather the possibility of another financial meltdown. a change at the top could happen sooner than expected at general electric. the wall street journal reports-- ge's ceo jeff immelt may step down before his 20-year tenure ends. he's been on the job since 2001. ge says it doesn't comment on speculation.also making changes: best buy. shawn score-- the president of retail sales in the u.s. is retiring just 7 months after being

that's one of the points that came from federal reserve chairman janet yellen who spoke yesterday at the economic club of new york. yellen says the fed's policies must respond to significant unexpected twist and turns in the economy. the u.s. is still far from maximum employment. and, the fed's forecast for moderate growth remains about the same despite the tough winter. the fed chair also believes the strongest economy in a decade is within reach for us. by 2016. the yield curve in the treasury market moved to its flattest level since 2009 following yellen's comments. in russia-- the country's economy is feeling the heat amid mounting political pressures. the economic minister there estimates in the first quarter, the economy only expanded eight tenths of a percent, far below the country's original hopes of 2.5%. the minister cites the conflict with ukraine and "serious capital flight" as reasons. the associated press reports investors yanked 70 billion dollars from the country in the first three months of the year. russian president vladmir putin says the escalating clashes have uk

gillian, you saw janet yellen speak this week. she said interest rates would continue to stay low for a long time. the market took that as good news. was there any real new news here? >> it was a speech that was really designed to reassure. aimed at the american people as much as the investment community. because she went out of her way to show that she really cares about unemployment. and the key takeaways were firstly that she does not expect an imminent further tightening of monetary policy. she did mention they would carry on with the taper but there was a strong sense that she's not that concerned about inflation. she wants to provide support to the economy. and the second key takeaway was that she really is not in the camp of people who think that the rise in employment, the fact that unemployment is coming down, is going to put any upward pressure on prices soon. >> we can imagine that the fed is there for a long time, the market maybe this week started to look at that as like go goldilocks. we can have our cake and eat it,

investors may be listening to comments from janet yellen.o clarify remarks she made last month about when u.s. rates might start to rise. >> more welcome to you. welcome to the trading day here on cnbc. after the gains we saw yesterday, the nasdaq and s & p are briefly negative. to date, futures indicating pretty flat start. undecided is really where it's gone. that vigt on fair value. s&p 500 is now two points below and the dow at the moment is also 26 points below fair value. dax is off 1%. down off the lows of the session. we did see the expectations index about half an hour or so ago. it is below expectations. current conditions are very strong. inflation in the uk is down at the lowest levels since october 2009. the annual rate of inflation 1.6%. we should see average earnings tomorrow coming in above that rate for the first time in a long while. average earnings above inflation in the uk. paris is down .5%. in italy, down 1.5% as well. quick recap of asian markets. a little bit nervous ahead of the gdp number we're going to get out tom

we had dovish comments from janet yellen. that did just mean that the dollar lost a little bit of ground, not necessarily against the yen. we hit 103.44 dollar/yen which was a three-week high. today, 103.32. we heard john talking about the impact on the inflation rate and the longer than expected data. so plenty going on in asia today. that china official pmi a little better than expected and the sales tax hike in japan. no better than that sri to run us through all the action. sri, good to see you. >> good to see you, ross. we were talking about this with john earlier. yes, the official number just above the boom/bust level of 50 for the month of march. the hsbc/pmi number did show some real stress. 48, well below that 50 demarcation at an eight-month low, as well. but look at the reaction on the greater china markets. the shanghai composite was up by almost 0.7%. the happening second, up by more than 1.3%. so at face value, it looks as though the markets are gravitating towards the official number or the other reading here

when janet yellen spoke about it, there was a market panic to some degree. but i think that raising of fed funds rate is quite a ways off in the future, maybe a year off. that's going to be just fine. but when we get to the end of easing, the end of tapering, there's going to be questions about what happens with the interest rates and that's going to be your best opportunity to get into the stock market, to make your plans, to be opportunistic, to get involved with the companies like industrials, technology, financials, that's your best play in this market. >> all right, thank you so much, bob. chief market strategist of danny and partners. >>> if jobs are one of the economic engines, housing and the consumers are the other two. how they are holding up as the weather heats up, that's next. >>> lingering winter weather means that the market hasn't gotten off to a running start. first it was the weather. now though increasingly the blame is going to a tight mortgage market. so tight that it's keeping many potential buyers locked out of homeownership. our real