yellen or chairman yellen is backing up on the rate comments.as a result of that is the momentum stock will start to lose momentum because they are not going to be supported by the future earnings and the economic growth. we've seen this decoupling before. we're in the last stages of a liquidity driven bull market. we're not catching the economic fundamentals that we need to catch the next cycle but certainly have mrs. yellen there. >> you don't think we're there. some would argue that in fact the rotation is happening in a constructive way because generally speaking the s&p is closing higher, near record highs. >> the gdp is not there, kelly. that's the problem. >> revenue growth isn't there either. >> don't see any revenue growth. >> anthony. >> aren't we in a stock picker's market? shouldn't these macro themes? >> i wouldn't say so. that's the interesting thing. others would say we're not because of the fed. it's very hard to short stocks in a market like this. tesla is working right now, but it could zip back up. >> got to go, but, guys, tha

janet yellen made that point.is not something that the fed is in control of. >> neil, let's take a quick break from our conversation and returned to the testimony of the fed chair, janet yellen. bob casey is questioning -- a democrat, i should add, is questioning the chairman right now. testimony itur articulates -- when i think about it from a national perspective, good job numbers in the last couple of months, even the recent report, there is a lot less in the way of good news in terms of the labor participation rate tom of which i am told is at a 35 euros low. i noticed in your testimony you the on page one that during economic recovery so far, payroll employment has increased by 8.5 million jobs and the unemployment rate has declined about three and three-quarter percentage points. that is good news, both in terms of the recent news, as well as over a number of years, but we still have a long way to go. i guess the real cautionary note or reason for concern, main reason for concern, is the young labor force pa

saidchair janet yellen -- -- fed janet yellen says the economy is recovering but needs a dose of stimuluspeter cook has more on the first two days of testimony had no major change in her outlook. >> no major change indeed. she did not stray too far from the message the fed delivered last week. the economic outlook is improving enough to wind down the bond buying program, not yet good enough to start taking about raising interest rates at this moment in time. she told the joint economic committee in her testimony today that after basically grinding to a halt in the first quarter because of the bad weather, the economy is starting to pick up some speed. >> with the harsh winter behind us, many recent indicators suggest that a rebound in spending and production is already underway, putting the overall economy on track for solid growth in the current quarter. >> the improvement is enough, she said, to continue the taper of the bond buying program in measured steps, confirming in her questioning that the programming could end all together in the fall, but even friday's better-than-expected job

the same for yellen. you know what? at one point we thought she was hawkish, but clearly she's dovish, and every time she reminds us, as you said, that central banks are there. plus, i also think the market is in -- maybe it's a perverse way for players, but it's taking comfort in the fact that's discriminating among the high fliers, or the former high fliers, so when a tesla goes down, nasdaq goes up. and when you've got twitter that bounces around, but far off its highs, down, you've got the rational players, which are the vast majority of the market saying, you know what, there's a rational underpinning to the market, i'm coming in. however, i'm not as bullish as i was before. i think we'll have a nice uptrending market, but not blown away. >> and for the talk of bubbles existing in certain pockets of the market, and seen stocks get hit as a result of the conversation around the teslas and twitters and others, is this the most important and most powerful message that all investors, traders, or whatever your participa

janet yellen about to testify.d chair janet yellen saying a high degree of monetary accommodation remains warranted. quoting the last fed statement and saying the current fed funds target will remain low for, quote, a considerable time and the funds target will remain below what's considered a normal level even once employment and inflation return back to the fed's objectives. current comments she's saying the recent weakness was mostly due to transtorre factors and mentions the harsh winter weather and does say many recent indicators such there's been a spending and production rebound in the next several months and the economy on track for solid growth in the current quarter. does not put a number on it. forecast the economy will expand at a somewhat faster pace this year. maybe somewhat is a little bit of a downgrade. housing activity, though, she says has remained disappointing and a risk to the forecast. the labor market continues to improve but still far from satisfactory. she cites long-term unemployment, tho

fed chair janet yellen keeps investors guessing.aghi will stay tight lipped today on the subject of the strong euro. >>> you're watching "worldwide exchange," bringing you business news from around the globe. >> very good morning to you. if you've just joined us in north america, welcome to the start of your trading day on "worldwide exchange." u.s. equity markets on wednesday, today futures suggest ahead of janet yellen's testimony part two, we might inch up higher at the start this morning. the dow is currently some 22, 23 points above fair value after being up 117 points yesterday. the s&p around 2 points above fair value, it was up 10 points during yesterday's session. the nasdaq was the lagger, dropped by yahoo!. yahoo! off by 6% because the proposed ipo of alibaba looks to be at a valuation less than they had been hoping. the nasdaq is higher by around about five points after being up 0.3% yesterday. a polarized day for u.s. stocks as we were saying. the composite down 13 points as well. pulled, again, down by smaller companie

fed chair janet yellen and russian president putin move the market. putin wants to postpone the east ukraine vote on autonomy. and yellen signals the fed will remain pat with its stimulus strategy. the dow raced up 118 points the nasdaq was hit with another sell off in big tech and the s&p gained 10 points. gold fell $19 dollars and oil rallied $1.21. trader todd horwitz is here to start our trading day for us. good morning, todd. > > good morning and what's up, angie? > > well apparently it's not interest rates because janet yellen is telling congress rates will remain low, so what we do with our money, todd? > > well unfortunately you are forced and compelled to put your money into the equity market which is artificially driving this market higher. again. i'm not going to fight it but i just think that we are in very bubblish territory and as we know, the fed's track record for picking tops in market and picking bubbles is 0 out of 1 million-- they've never been right at picking the market, so why would i expect this time to be different? i don't.i

you're watching a live shot of janet yellen's testimony.ioned by members of the senate banking committee. livean watch it on our channel at bloomberg.com/tv. wey "in the loop" as continue to monitor the headlines from that hearing. now to the call. global market strategist at j.p. morgan. his call involves the fed. he believes the fed will disappear from the market later this year. what do you mean by that? if you have been listening to janet yellen and ben bernanke, these asset purchases are not going to last forever. yesterday, when yellen was interviewed, she made it clear that the pace of economic growth is improving. things are getting better. that warrants into doing tapering. i suspect they will be done with asset purchases by the end of this year. >> do you expect interest rates will rise? >> interest rates are on a gradual path higher. the first few months of the year surprised everyone. we had disappointing data and geopolitical risks. i do actually think interest rates are going to keep moving higher. once they are done with thes

janet yellen, day two on capitol hill. yellen expressed the concerns about housing yesterday. and then in europe, the bank of europe and ecb left it unchanged and then we've got china export data continuing. >> and we're going to breakdown the momentum for you. we'll also have the priceline ceo joining us live. >> morgan stanley in agreement. >> and pricing for online orders while amazon adds 15 cities to its sunday delivery program. is yours on the list? >> a busy day after janet yellen speaking. and jean-claude trichet will be a guest here. >> the guy has become a cheerleader in chief. he's done a lot of good for those who favor growth but there hasn't been growth yet and i think that the austerity park worked but when does growth kick in? one of the reasons why i think the interest rates are so low is because of yields all over the world. i personally think that we should be issuing bonds in this country. the feds should stop selling them. there's a bond shortage but we're not getting the growth that i want to see. i feel for him. >> german industrial production a miss toda

yellen's comments. we were almost up triple digits, then that bond auction took the market off of its best lows -- best levels of the day. so where's the right message to be found about the markets? is it in stocks, or is it in bonds? jack ablin is chief investment officer at bmo private bank with $66 million under management. jack brewer is ceo of the brewer green and a former nfl player. gentlemen, pleasure to have you with us. >> hello. >> i'm going to start with you, jack, if i could. where do you see the message from the bond market and the stock market taking us? which market has it right? stocks seem to be more optimistic than the bond market is. >> i agree with that. i'm definitely much more bullish on the stock market. i think equities overall will continue to perform well. we have been, though, shifting a little bit into asset classes like gold. also very bullish on emerging market debt, just trying to balance out our portfolios for our clients. >> jack, do you agree? >> well, you know, histor

thank you, janet yellen for being here.ou touched on something a few minutes ago about some deeper structural trends going on in the employment market. you tied those very appropriately to the trends, to the macro trends of globalization and macro type allergy. we have benefited people with access to capital. they have been very disruptive to the average american. this is the root cause of some of the concerns. we are creating high school jobs is it possible? put us in a position where the fed would have accommodating monetary policy for a sustained period of time. particularly, congress doing things like rough form. it is impossible that that is the new norm and the size of the federal reserve talent sheet stays quite large for a reasonable period of time. >> you know, i think these longer-term trends have to do with relative wages of different groups in the labor force. it has been going on for a long time for the reasons you stated. i do not think that those trends are ones that the federal reserve can really address. in

fed chair janet yellen set to testify on capitol hill on the u.s.ty to come on today's program. we continue to focus on theion going battle for ge. france's alstom wrapped up a press conference in paris after reporting quarterly numbers. the firm's ceo has opened the deal to some possible deal with ge. kron reiterated he would give rival siemens fair access to its books so it can decide on whether to make a counteroffer. stephan has been speaking exclusively to the alstom ceo and he jones us njoins us now. i'm particularly interested in what he had to say about the prospect of the french government blocking any deal. >> yes, that's one of the questions, of course, that we've heard this morning at a press conference here at alstom headquarters. the press conference was focused on the earnings of the company, down 28% on the full year. of course, most of the questions, if not all, were focused on general electric and siemens, both reportedly interested by the energy activity of alstom. ge has made an offer. siemens is still working on it. i caught up

we had sunni -- >> yellen was dovish today. rates aren't going up anytime soon. >> how about capital spending? how about the rest of the global sectors are spending money, doing acquisitions. >> they have been they've been picking up cap ex, m&a is picking up. where are the banks? >> if the financials. >> that's the catalyst. let's see m&a in the financials. let's see someone go out and buy a regions. i've been talking about regions being an acquisition target for many years. it hasn't happened. how about a suntrust bank? those are regional banks you can own, and i think a key catalyst outside of normal earnings and rates rising could be the potential for bigger banks to acquire. >> hold your thought. we'll continue the conversation in a moment. dominic chu has breaking news from the newsdesk. dom, what have you got? >> so this is for the sports fans out there. you'll be happy to hear if you're an nbc viewer, the olympics, the international olympic committee, has today awarded nbc-universal the broadcast rights in the u.s. for

the long-term unemployed is a concern for janet yellen, of course. mentioned that a number of times. how usual or unusual is this recovery in that sense? >> it's not unusual compared to the last couple of recoveries and that the labor market has been very slow to recover. it has been dimensions that look to us to be symptoms of still quite a bit of underlying weakness in the labor market. our favorite example, the thing we are really focused on right of is the large number people who are working part-time who say that they would really like to be working full-time. the participation rate sec liquor or cyclical? >> both. >> david, thank you for joining us here in london. executive vice president and director of research at the federal reserve bank of atlanta. >> we will bring you more on huawei's been in paris and the race to catch up with samsung and apple. u.k. housing market constrains. that's the wording of a new survey. we go inside the report next with the senior economist next on bloomberg. ♪ time for today's company news. confirming the new ch

hard to be too critical of janet yellen at this point. not done anything so provocative as to inspire that kind of feeling from republicans . if anything she is moving more in the direction of the taper program, so i think she will get a warm reception. >> it will be interesting to see the question. she has not been asked the question that david einhorn was asking yesterday. why, at this point, do you continue with such low rate policies that don't help the economy? the critics make a good case on both sides, but she has not come out publicly to say why she thinks that. >> mike, thank you so much. mike mckee, peter cook on the hill, be sure to tune in for full-color. -- full coverage of the janet yellen testimony. you can also watch it on our website. a potential multibillion-dollar contract, inside the company announced a contract for every manned space mission. plus, jeffrey kellogg, why does the bond manager think the tesla founder should bail on the car business? ♪ makingoeing is known for airplanes, but they actually have a history i

yellen is saying she doesn't see the broad market in bubble territory. maybe a pocket here or there, so that seems to be a green light. is it? >> i think it is. we think the fed will be very friendly here, and that's good, almost like -- earnings go to to on the s&p by the end of this year. you've got a fed on hold at very, very low rates. i think it is the kind of green light for equities. >> what do you think, joe? do you agree with that? general? >> i agree in general, but we see more up side here. i do think we need to temper expectations. i think we're looking at future gains coming from the u.s. equities really to be limited by earnings growth and some dividends. i don't think you're necessarily going to see a lot of multiple expansion. having said that, i think there's up side here. >> the thing that's a conundrum to people that i talk to down here is the ten-year note going below the 2.6 level. maybe that's a bit of geopolitical fear, steve, but is it signaling something that we don't see right now in the stock market? the bond market and stock m

janet yellen, day two on capitol hill. yellen expressed the concerns about housing yesterday.and ecb left

and thank you chair yellen for being here. i also want to comment, i was stunned at how remarkably clear and linear your remarks have been here today. it is good to see firsthand. you touched on some deeper structural trends going on in the employment market and the job market and you tied those i think very appropriatery to the trends of -- to the macro trends of global technology. which as we all know have benefited people with terrific educations or with access to capital or with highly refined skills but they have been very disruptive to the average american. and in my judgment this is the root cause of some of the concerns that we have around income inequality and job creation, particularly job creation of jobs that have decent standard of living. we're created high skilled jobs and low skilled jobs. is it possible -- and you hate to use those four words that people always regret, quote, this time is different, is it possible that these trends, as they continue to play out in our economy and in our job market put us in a

day two ofcovers janet yellen's congressional testimony.nd recovers -- silvio burwell's nomination hearing. and we have an update on the crisis in ukraine. but first, the president says vladimir putin plans to go to for a ceremony marking the 70th anniversary of d-day. if president putin makes the trip, it will be his first meeting with president obama and other western leaders since the start of the ukraine crisis, which has longed relationship -- relations between russia and the u.s. to its worst since the start of the cold war. of president putin's inner circle have been slapped with travel bans and freezes. said he wastin pulling back troops from the border and today he says he is testing his army's combat readiness. what is he really up to? >> it is clearly a skin of fred six message. i would love to be a fly on the wall with that d-day celebration and prudent having to sit next to all of the other leaders. putin having to sit next to all of the other leaders. back, vladimir putin came and said, actually, i'm testing the readiness of m

federal reserve chair janet yellen went to capitol hill today. she told congress' joint economic committee that the u.s. economy is turning up after a winter of virtual standstill. but she pointed to several areas that bear watching, among them, housing. steve liesman has our report. >> reporter: fed chair janet yellen's testimony before congress' joint economic committee today blamed the first quarter's economic weakness solidly on the harsh winter weather saying she already sees a rebound in spending and production in the first month of the spring. and that leads her to be optimistic about growth this year. >> looking ahead, i expect that economic activity will expand at a somewhat faster pace this year than it did last year. that the unemployment rate will continue to decline gradually, and that inflation will begin to move up toward 2%. >> reporter: behind yellin's optimism she sees less fiscal restraint, that is, a small er decline in government spending, gains in home prices and equity leading to increased spending, increasing confidence am

is janet yellen actively pushing a formula that keeps growth down? so an editor on real clear markets. a guest just about every week on "forbes on fox." with more later. let me read you the jon hilsenrath quote he mentioned about janet yellen. janet yellen argued consistently in recent markets are abundant with slack that will hold inflation and wages down. in other words, as long as you have that slow growth you don't have to worry about inflation. what do you think of that? >> well i'm glad you read the quote because it needs to be stressed there is no bombast, there is no hyperbole here. janet yellen literally believes that too many americans working and pros pouring is the source of inflation. if there are labor shortages, it leads to inflation of the kind that we had in the 1970s. that there is evidence that low unemployment ever caused inflation doesn't seem to concern her. there has never been evidence supporting this going back to pericles but this is exactly what she believes. david: could that affect her monetary policy if in fact you're ri

fed, janet yellen speaking on housing this morning.ear yield to and at 3.38%. >> i thought that was a total class act. from credit squeeze saying he was wrong. .> here we are that dovetails right into what we are saying. selling debt because it is going to return some cash to shareholders and because it can. this low rate environment is doing all kinds of things, enabling technology companies to do all kinds of things they would not be able to or want to. >> facebook buying oculus and whatsapp. companies that have the ability to sell at equity do not often get such debt. it is facilitating a lot of flexibility. our jost rocked over those two jaws-- deals -- our dropped over those two deals. thehusiastic about -- enthusiastic about the alibaba deal. >> when you say squishy, like we kool-aid?inking mthe companies, like twitter and groupon were overvalued and they are being properly readjusted. other companies, like google, facebook, ali baba is in the middle. they are giant colossi that will continue making money. it is not one uniform l

janet yellen. dr. yellen, i want to start by thanking you for your leadership and encouraging stronger economic growth, stability and job creation throughout your tenure at the federal reserve as vice chair and now as chair. really is wonderful to have you here. i also do want to take a moment and recognize your predecessor, chairman ben bernanke, for all the work he did on we half of -- he did on behalf of the country. i'm glad we do have the opportunity today to talk about our economic and our fiscal outlook and the steps we can take to continue creating jobs and broad-based growth now and over the long term. dr. yellen, your new role at the fed comes at a very dynamic time. just a few years ago, the economy faced its biggest crisis since the great depression. we were hemorrhaging jobs, business faced a massive liquidity crisis, and markets were in a freefall. i think we all remember how much fear and uncertainty there was throughout the country. as all of this unfolded, the fed stepped in. they acte

then, janet yellen says we are not done resolving too big to fail. today bloomberg tv takes you inside pepsico. to our viewers in the united states and those of you joining us from around the world, welcome. full coverage of the stocks and stories making headlines today. eddie lou is at the pepsico innovation center in new york. peter cook in the washington area with the latest on the crisis in ukraine. matt miller has the latest on the c street -- see suite crisis. alan mulally will step down in august, trying to make way for the ceo mark crane to take the reins. >> we looked at executives inside the industry and outside the industry, but alan and i cap coming back to the fact that without mark was the best -- kept coming back to the fact that we thought our quiz the best candidate. we really did the due diligence, but the more we did, the better we felt about mark. >> i am so confident in for going forward. i will be their best cheerleader. i cannot wait to see profitable growth going forward. i am very passionate about product. on leadingls vision

, in her second day of testimony, yellen promised to keep interest rates, quote, right where they are to boost the economy until both the housing and job market do better. >> our objective in monetary policy is to continue to maintain an accomodative monetary policy for as necessary to see recovery of the labor market to >(nwith-state. it is hard to know exactly how to characterize it, but what the federal reserve calls maximum employment or we used to call full employment for sure and in many ways we're far from it. >>> the dow rose 32 points but not enough for a new record high, the nasdaq fell 16, the s&p was lower by two points, now over in the bond market, also a volatile day with the yield on the ten-year treasury rate, but on a six-month low. what happened today. >>> stocks started the day strong and ended flat with small caps, again the losers, the day started out well with several positive developments. central bankers like the fed's janet yellen and mario draghi both implied they would keep the rates low, and they reported strong sales for april, and from the owner of victor

investors also reassured by those comments from janet yellen. tokyo's nikkei average rose nearly 1% to 14,163. rebounding from an almost 3% loss on wednesday. investors bought back recent decliners. shares of trading companies saw pretty strong buying. the shanghai composite add added .25%. 2,015. shares of resources companies like coal got a boost from the positive data on the chinese economy. and over in sydney, the s&p asx200 seeing gains of .75%. 5,476. market sentiment received support from data showing australia added a more than expected number of jobs in april. coupled with the country's steady jobless rate. >>> u.s. president barack obama has warned russian leaders again and again over what's happening in ukraine. he's hit them with a range of sanctions. now he's decided to remove russia's preferential trade status. a statement from the white house said obama would withdraw russia's eligible for benefits under the trade program. the u.s. grants lower tariffs on imports from developing economies. but the statement says russia is efficien

today we have janet yellen. re: going to see more dovish yellen?> the bond market -- i will always say the bond markets are the most important things in the world. they determine reality. this am and a is journalized it -- journalistic froth. bond markets are fascinating. the u.s. treasury market, despite signs we are getting the economy recovering, and i think we will get stronger signals, bond market yields remained very low in supportive. in europe, we have got italy and 3% 10 years the back of the expectations that the ecb is going to go in and buy. the ecb is not going to go in and buy. what they have done is a typical ecb thing of saying, we will think about buying and yes, we are planning it, and the market assumes it happens, and it does not actually have to do anything that might upset the political status quo. >> bravo. playing with words. >> kicking the can down the road and scoring a goal. >> bill, thank you so much. coming up on the program, it is the biggest ipo ever and the most hyped ipo of the year. alibaba files for a blockbuster

janet yellen has said which he has seen. has seen growth in the second quarter will stop that she is very cautious. >> that is her job. i want to get back to these stocks. program earlier in this , it is this route we are seeing. they are saying that it is a small correction and these docs will rally again. i am not so sure. i know you have earnings from green mountain. >> not in the tech space. green mountain renamed itself coming out. they have earnings sales that beat estimates. sales were rising and earnings were rising will stop 2% for earnings. we are seeing gains. they are expanding their partnership with smuckers. we will look into that more will stop the company is expanding a buyback off rising a share repurchase. the big news was that they recently signed a deal with coca-cola to develop some type of cola beverage maker. we'll see if we get details on that in a statement or on the call. i want to point out that the company is eating -- beating forecasts for for your earnings. part of that may be dilution from viva

and you saw more of that today in janet yellen's testimony.l, you know, we can wait for that because we have more to do about unemployment. they're not doing anything about unemployment. their policy to help unemployment is just not doing very much. the unemployment rate has come down but it is come down almost entirely because people have left the labor force. that's not good. that's bad. people, and it is just not the old people leaving the labor force. people in the 18 to 54 age group. david: some of them are right in their prime and still can't get a job anywhere so they leave the force. sticking with inflation for a second. you're saying the head of the federal reserve, one the most important monitors of inflation in the world is completely ignoring the signs of inflation. how could that be? >> that is easy. he has done that time and time again. arthur burns did it. you know, most of the real anti-inflation chairman have been two, volcker and greenspan. the others, not much. david: now the treasury yields are still pretty low. do you thin

need is a hawkish janet yellen, believe it or not.p the dollar and pushed on the euro? i don't know. >> does she want to drive up the dollar? >> it is not in her interest to do that right now. mario draghi is secretly hoping that will happen. i think with tom keene was saying earlier is pretty interesting. you have seen a commitment to say yes, i am committed to the labor market. some of the other stuff can be quite confusing at times. if they are not on a preset course, why do they continue to do the same thing for months after months after months? let's see them not do that. i'm not convinced right now. >> fed watcher. criminologist. [laughter] >> jonathan ferro, hans nichols, thank you very much. they will be following this janet yellen testimony closely. keep it right here on bloomberg tv, "surveillance" is up next. >> alibaba on deck today. the fed on deck today. follow us on twitter. we will see you tomorrow. have a great afternoon. ♪ quiet russians to elements, it's an election. alibaba is from china. scarlet fu never throughou

let's start with the housing risk that janet yellen highlighted.n contrast to a recent fmoc statement submission this in passing, it was interesting she could pointed out as a concern. how important is housing to the overall momentum in the economy? >> it ruggedly not quite as important as the fed seems to think. i sometimes say the fed is almost as obsessed with housing as the labor market. i'm not convinced it is absolutely essential that housing keeps charging upwards in order for the rest of the economy to grow. it's a relatively small share of gdp now in terms of housing construction and even when you add in the retail stuff related to housing. it is important to sentiment. homeowners are upset by house prices in the rebound in housing values has drastically improve the personal sector balance sheet. the fed is clearly no very concerned about it in a way that two or three months ago they were not. they were ready to dismiss it as something temporary and clearly the worries are more deeper. >> if the 10 year yield moves up and we see mortgage r

yellen, thank you for being here and offering your testimony today. you mentioned several times that the unemployment rate is still too high and clearly we as elected officials who represent our constituency would agree with that. in april, you made some remarks to the economic club of new york. at that time, you said that the central tendency of the federal market committee participant projections for the unemployment rate at the end of 2016 -- so this is still out a year and a half -- would be 5.2% to 5.6%. for inflation, the central tendency is 1.7% to 2%. you kind of mentioned the 2% today. if this forecast were to become reality, you mentioned, the economy would be approaching what my colleagues and i view as maximum employment and price stability for the first time in nearly a decade. so i guess i'm kind of wondering because you didn't want to put a number on maximum employment. in light of the unemployment being -- full employment or maximum employment is significantly higher at 5.2% to 5.6%, is that the new normal that you're potentially targe

and thank you chair yellen for being here. i also want to comment, i was stunned at how remarkably clear and linear your remarks have been here today. it is good to see firsthand. you touched on some deeper structural trends going on in the employment market and the job market and you tied those i think very appropriatery to the trends of -- to the macro trends of global technology. which as we all know have benefited people with terrific educations or with access to capital or with highly refined skills but they have been very disruptive to the average american. and in my judgment this is the root cause of some of the concerns that we have around income inequality and job creation, particularly job creation of jobs that have decent standard of living. we're created high skilled jobs and low skilled jobs. is it possible -- and you hate to use those four words that people always regret, quote, this time is different, is it possible that these trends, as they continue to play out in our economy and in our job market put us in a

federal reserve chair janet yellen testified before lawmakers on the house and the senate and said though that the economy is improving it still has a long way to go. to most people that means interest rates will stay low for a long time to come and that's good news as far as stocks are concerned. the dow and the s&p 500 had their best day in three weeks on wednesday after she spoke. they were mixed on thursday and rose on friday. earnings season chugs along. pfizer beating estimates, disney bl blew out expectations and tesla foal its outlook and zil low was beat as well. ali banna fighting for its initial public offering this week and is expected to raise more than $15 billion when it goes public. it could be the largest technology debut in history a alibaba. burger king is announcing a newburgers at breakfast program that allows stores to serve up a whopper when you wake up. 5,000 burger king stores have signed up for the program. >> a happy program, a chatty fed and worries about the bond market. what does it mean for your money? joining us now is michelle girard, chief economist at rb

fed chair janet yellen says the bond holding will drop very gradually.r second day of congressional testimony, yellen says it could take eight years for the fed investment portfolio to return to 2008 levels. those investments now total $4.5 trillion. >>> on wall street investors will be watching developments in eastern ukraine ahead of sunday's scheduled referendum on secession. the dow rose 32 points on thursday. the nasdaq lost 16 points. >>> asian markets were mostly higher on news that china's inflation eased last month. tokyo's nikkei added a quarter percent. hong kong's hang seng gained a fraction. >>> cash is king in the u.s. real estate market. almost 43% of residential home purchases in the first quarter of the year were all cash deals, according to realtytrac. that's up from 38% from the previous quarter. that may be driven by more investors hoping to flip a property quickly for a profit. >>> snapchat agrees to a settlement over charges it deceived its customers. the federal trade commission says that snapchat, the popular mobile messaging app,

yellen?erable is janet -- how miserable is janet yellen? slack, slack, slack. it has been a surprising week. >> bond yields have tumbled. this is the third time the fed has backed off on monetary stimulus. are you willing to say the fed has been wrong three times? >> the consensus has been wrong at these seeming turning points in terms of the rate outlook. there is no doubt about that. ,hat is different about this this has been driven by the real rate. inflation expectations have not plummeted like they did after qe1, qe2 ended. we are not seeing the associated stress and other credit market indicators. it is a little unusual, relative -- >> let me translate what the good darda just said. there is the inflation pardon the real part. michael is saying that the inflation part has not changed and the real part is driving down rates. >> and it is not necessarily something we have seen before. >> i can do this, i cannot do this. i cannot do this thing. [laughter] >> we will continue low interest rates. guess is that if the outlook is intact for this year, it is goin

take that, gamers. >> finally, janet yellen, speaking on wall street.ight now, the dow is up 67 points, so for now, your 401k is smiling and it's safe to check your stocks. thank you for watching aljazeera america. i'm del walters. "inside story" is next. for news updates through the day . head to al jazeera dot com. where the news never stops. >> nigeria is africa's most populous country, a major oil exporter and struggling to cope with lethal religious-based violence, boko haram, kid snapped girls, and a divided nigeria. that's "inside story." >> hello, i'm ray suarez. maybe you've heard about nigeria in the news in the past few days. the kidnapping of school girls

after fed chair janet yellen gave an upbeat take on the economy.uch more on that in just a moment including the one issue she refused to allow herself to be pinned down on. the other story, the nasdaq. take a look at the nasdaq shutting 30 points down 59. what is going on here? this is largely due to another major selloff with social media and momentum stocks. the big fall being led by groupon. slightly better-than-expected results late yesterday but being punished for lackluster second-quarter guidance. i will get a quick look at groupon for the moment, 24% at the moment. about 21%. yahoo is tumbling about 6%, now officially announced alibaba ipo. this is a major stakeholder. more than 20% stake. they were smart enough nine years ago to buy up a chunk of alibaba. alibaba has announced its ipo, we will get the impact on that in just a moment to get clarity of how much money this company could really race. twitter falling once again down another five.33% after getting smacked to the two and lower. today it hit a low of 29.51. the first time it had g

differs wither janet yellen in terms of how to look at the long-term unemployed.ves is more on the long-term and how they are finding jobs as an indicator of whether inflation will pick up. where do you stand? >> i think there is a cyclical and structural and sectoral component. 3.4 5 million, unemployment is still too high. at the cyclical component because that is what she can impact with her instruments. she cannot get to the secular and structural components because that requires tools she does not have. that speaks to what congress can public-private partnerships can do. >> some have criticized the reason why we focus so much on the fed and janet yellen is because there is no help coming from washington on the jobs or economic fronts. that is why there is almost a distorted reality where the fed is the only name in the game when it comes to repairing jobs. >> part of why i think we will is we haven 2014 made progress on the fiscal side. we will have less fiscal drag this year. we had a budget agreement in december. congress extended the debt limit without dra

janet yellen during the latest from ukraine. debates epa'son big win. we began the program with the u.s. transportation secretary anthony fox. thank you for being with us. >> they -- great to be here. >> the highway trust fund runs out of money soon. bywill not be resolved august. >> we are working very hard with congress to get an answer before the highway trust fund becomes insolvent. in the event it becomes insolvent, we are working through contingency plans to work with states so we can do the best job we can. byprojects -- >> projects july will be stalled. some projects will be stalled > -- canceled. >> you say by july. >> the trust fund will become insolvent as early as august. before then, ministate d.o.t.'s dot's willmany state be making decisions. there has been a lot of consternation about this. we have had 27 band-aids put on transportation. the biggest issue is how you pay for it. the president put forward a framework, a bill out that says tax reform.is with >> you got any resettlement -- getption of this -- did you any receptiveness from jo