we are waiting for yellen to emerge. i think it's not raining there, so chances are she'll emerge for the cameras shortly and bring it to you live. in advance, of course, speaking at 10:00 a.m., and we'll have details of that speech then and there at 10:00 curtesy of steve, who is currently in a locked room. >> what's follow-unny, i've bee there, the jackson lakes lodge. you are looking at the patio outside the dining room, the conference room, and ceremony, the chair comes out, does a wave, funny, almost red carpet moment of jackson hole. that's what we're showing you, and, of course, we'll bring that to you. >> a central bank cat walk. >> exactly. maybe she'll wave to the camera. the company's president of u.s. retail will become the ceo in november, succeeding frank blake who spent seven years on the top job and will remain chairman. this month on "closing bell," kelly spoke to him and he told her what he sees ahead for home depot. >> the future, i think, is incredibly bright for the home depot. we look at the interco

what is your bet on janet yellen? would be surprised if this is a market winning speech. >> martin feldstein, thank you for coming out here. back to you. hopefully it is warmer in new york. >> thanks so much, live from jackson hole, wyoming. theng up, golf looks for fountain of youth. the game needs young players, will golf find them? some ideas. ♪ kids grew up where watching tiger woods, you would think golf would be on the rise. participation rates between the 18 and 24 fell. playing, it'sare all about detail. some savvy folks from the tech world have found ways to record detail. the tcu. before we get into what your company is doing, tell me why --ng people are not playing is it too expensive? >> the number one reason, there was research asking people why millenials are dropping out, the number one reason is golf is boring. pickedline in golf got up by running and cycling. if you see the explosion and cycling and running, we think it with the factted that quantified self has taken over those sports. that, coupled w

fed chair janet yellen says the u.s. economy is improving, but not enough to worry the markets about moving up the rate hiking timetable. >> slipping. why buying and then quickly selling houses is back in vogue but this time the game has changed. >>> and stripping. the vegas strip is back, as the first casino in five years opens its doors. we have all that and more, tonight on "nightly business report" for this friday, august 22nd. >> good evening everyone and well company. it's billed as a kind of summer camp for 3407b tear policy superstars. the annual retreat for central bankers hosted by the kansas city federal reserve in jackson hole, wyoming. and today amidst the elk, the moose and the low-hanging clouds came two speeches from arguably the two most powerful central bankers in the world. and their stories were very, very different. federal reserve chair janet yellen's highly anticipated speech described an improving u.s. job market albeit one that is improving slowly, and an economy that is making progress. but her

yellen. >> exactly. do you think anything exciting is going to come out of this symposium that we haven't heard before? >> the best line i just read about this whole thing was prepared for the unexpected, but expect the expected. which i think summarizes the situations relatively well. there is a small chance that she could sound more hawkish. the key is sound, not act. the employment situation is clearly sustainable and improving at this point, especially the single best by the way marker for the u.s. economic health has been the weekly jobless claim numbers and those have been consistently strong. they were below 200,000 yesterday. so i think a lot of those data points have been quite good for the fed. but having said all this, i think she still very much understands that until you get any kind of wage pressures in the system, its unlikely tough little wage inflgzary pressures. so she may just sort of give a nod to the idea that u.s. economy is doing better. but i don't think she's going to signal any

so much for janet yellen's speech as didn't give markets one way or the other.slugs his shoulders. let's get going on this friday. "after the bell" starts right now. david: we have a whole week of action to talk about. started like a bang and ended kind of like a whimper. john tuohey, has three picks about market

coming up, will yellen disappoint?ly await the fed chief's speech later today. ♪ >> welcome back to "the pulse," everybody. let's check on the currency markets. his is euro $. jonathan ferro joins me onset because we're looking at what is ahead for the day. what to watch and the one thing that is to watch is janet yellen and mario draghi. actually draghi doesn't say much of any import at all because he is happy with what's happening on the currency front. we don't want to get in the way of that. > over the last five years janet yellen but bernanke before her, the role of being the fed chair, is the most powerful person in the united states. forget the president. some might argue against that. the same in the eurozone. draghi has been more impactful than merkel. he came out and solved the european debt crisis by pushing yields so far down by that speech in london four years ago. these are two massive speeches today. here is the challenge. jackson hole and the fed may want to reduce it significantly. how does janet yelle

yellen andom janet look at the market reaction. yellenomist has called "the ferry godmother of the bull market." he says she will not let us down. she will get a dovish message today. what's interesting. and the last seven jackson hole meetings, the s&p 500 has risen the dayge by 1.3% on that the fed governor speaks from 2007-2012. bernanke did not speak last year but every year from 2007 until last year. the s&p has risen and it hit a record high yesterday. raiseill match you and you. volatility has dropped by 31% this month. investors are pumping money into bets that volatility will not rise any further. bit of a hard one to get your head around but investors pumping $300 million into a bet that volatility will not rise any further. it is the velocity daily inverse vix. the last time we saw this kind of momentum by the market, it was right at the start of the year. that was rather short-lived and we're seeing a similar pattern in people betting against the tax -- the dax. >> muhammad el-erian said yesterday what we have here is d

yellen's remarks from former pimco ceo. we will great this summer's movies box office and look ahead to the fall. to our viewers here in the united states, and to those of you joining us from around the world, welcome. we have full coverage of the stocks in stories making headlines today. peter cook focuses on the technology being news to hunt for the killers of american journalists. and willem marx takes on a two or of iraq's american-style village gone bust. her firsten gave jackson hole speech today. her focus, the u.s. job market. michael mckee is in jackson hole, and has details. >> this was a status quo speech, breaking no new ground. janet yellen didn't change the debate, but she outlined it. for the fed, the damage to the economy from the great recession makes it very hard to know where unemployment and inflation should be before interest rates go up. as she said in a speech, as the recovery progresses, assessments need to be more nuanced, because of the considerable uncertainty about the level of unemployment consi

what do you need to hear from janet yellen?k at she did for a long time, did the economic club here in new york, about the uncertainties of the labor market. i think that is the one thing that really troubles her. they are not sure why the labor market -- >> there is a mystery to it. >> she admits that and she admits that a lot of people are not going back into the labor market, it is a very soft labor market. that will keep the fed on hold for longer than it otherwise would be. >> lower for longer is the idea there. >> and adam pozen suggesting earlier this week humility is in order. i asked tom, you have got to head over to the radio where "bloomberg surveillance" continues. i will give you my agenda, which is the stock market. s&p 500 hitting its 20th record. on that 2000 in level. i know it is a nice, round number and there is no real significance to it other than it is a nice round number, but people look at that and they think of it as a sign that perhaps there is a greater bubble that will be painful, not to blow up, but

that's where yellen's comments come in on friday. she has to acknowledge that the labor market continued to improve more rapidly than the fed expected a year ago. liz: you have to admit it, don't they? >> they are going to have to admit it. >> they want to. >> i think at the end of the day, even janet yellen believes rates should be higher over time. liz: you think so? >> no doubt. i think that structurally and for whatever zero interest rates is not the appropriate path. whether they tighten in july or april or, you know, that's a moot point, and really has an impact on minutia parts of where i spend 24 hours a day trying to figure it out. the fear factor comes in if the next payroll is 280. liz: 280,000. >> and then it becomes late 2014 or early 2015, and it starts to accelerate and that's the problem for the marketplace. the marketplace can handle and price in a reasonable series of 25's and not be too distressed but the incremental jump that's the problem. liz: jon, is the fed hoping for worse data? >> no, no! absolutely not. tha

fastball for janet yellen.rybody expects her to step up to the plate, put the cap on and smack that away for a home run. dove capitulates? everybody i spoke to this morning says no. you very much. let's take a closer look at what is happening in europe with virginie maisonneuve. let's talk a little bit about the data we have had out this morning. we kicked things off with china. overnight, we got disappointing hsbc pmi numbers. france.ot germany, the composite eurozone number came in below estimates. this is for the month of august. we are getting early readings. where do you think we stand? >> clearly, the russian situation has created i think another element of difficulty, particularly potentially denting some business confidence. i think that is the key thing. that doesn't mean that is going to go on forever. there are talks and hopefully things will be resolved. hoverher thing is, as we around that 50 level in pmi, we should expect given the fragility of the recovery and in example,s, france for the sluggis

many of which were discussed this morning by chair yellen. i don't think the unemployment rate alone tells the whole story. i have been one to talk a lot about part time for economic reasons or involuntary part-time workers. i think they would like to see more hours and they're still at elevated number relative to before the recession. i think there are some people who fall in the category of marginally attached who will be attracted back to the labor markets as time progresses. i would like to see that. so i'm looking at a range of indicators of an overall health of the labor markets. >> just so people understand the u-6 is a broader measure of unemployment that includes diskour ranned wocouraged worke >> and part time for economic reason or involuntary part time. >> what is the dangers of getting this wrong? do you have some concern you could have this inflation problem? other issue we talked a lot about which is markets really creating excesses and bubbles because of low interest rates. >> well, you've touched on two of the concerns that a

he went after janet yellen.emember he got turned down the job because he couldn't get senate approval in order for janet yellen to get in there. criticized yellen about social media stocks and debate other issues this is interesting. summers supports obamacare said it shouldn't have been implemented until economy improved. melissa: maybe why -- >> maybe why he is not fed chair. he goes off the reservation constantly. melissa: scott martin, bring you into the discussion. worth noting as he is saying wrong of janet yellen to criticize social media he is good friends and close colleagues and long history with cheryl samburg at facebook. what do you think of this story, scott? >> cheryl has become quite rich as facebook has recovered. if janet yellen didn't like social media before she made that comment, certainly doesn't like it now because they blew her up on it after that comment was made because it was to charlie's point and some of the guys at party, it was out of left field. making a speech and all of sudden,

yellen, mr. draghi. what'd you think? >> well, i think, you know, we've heard talk about two-handed economist and vanilla. i think the best description in terms of today is all hat and no cattle. i mean, they're out there on the ranch, and i've been out to jackson hole, not at the fed meeting, but riding horses at the grohan river ranch, which is close to steve. and so, today's discussion from draghi, from yellen, you know, basically all hat, no kettle. they talked about things they've talked about before. it doesn't mean that the fed and the ecb aren't in a position to do additional things. they are. but at this point, we didn't learn much that was different relative to what we knew yesterday. >> you know, it's funny, bill, i hear a lot of people, and obviously, you do as well, that the fed is behind the curve. and i just wonder if we come out of mr. draghi's speech and i'm already hearing from some people that the ecb, in fact, they're the ones who are actually behind the curve, that maybe people were looking for mr. dr

dennis, real quick, what did you think of chair yellen's speech ng?i thought janet emphasized the challenge of estimating the slack in labor markets at this time. i think she framed very well the kind of, i don't know, challenging deliberations that the fomc is going through to determine how much more work needs to be done by monetary policy. >> yeah, she talked about how difficult it is now and as the labor markets have evolved. to actually gauge the health and strength of the labor markets. not necessarily the unemployment rate as we heard. >> she made the point, and i think it's a very good point, when unemployment was above 8% or even higher, it was pretty easy to gauge improvement and pretty easy to determine that we had a lot of monetary policy work yet to do. as unemployment come down, 6.2%, it gets a little bit more difficult to assess how much more has to be done. >> looking at wages and part-time workers and long term unemployed. so where are you right now in your read of the economy, of the job market and when the fed should start to raise

stephen oliner, former fed board member says yellen has it right. of course we have larry shover, who bright and early way before janet yellen got up, sending us his notes what is happening. what did happen, larry? we were expecting a lot more from janet. weren't you? >> you know, actually, ended up being anticlimactic. i was expecting a little bit more. hard to accuse her of anything. given recent data points, especially wage growth, lack thereof and cpi coming in a lot colder than expected, she is able to lay in the woods right now and talk about being very data dependent. talk about wage growth not being there and environment changed since that great recession. that said, very anticlimactic. i was caught a little bit surprised. liz: steven, former fed board member, so let's get right to your opinion on this. tell us, give us some direction. i love how larry cac gorized it and hard for him to be mad at her because this was sort after squishy speech in a way. >> she didn't break any ground. that was right. repeated what was said to the statement at

in focus, and janet yellen's speech.nt to talk about that market, i am on twitter. ♪ >> waiting for yellen. markets are set for the fed chair's speech. minister seekign aid from terminally, as angela merkel meets poroshenko tomorrow. ash alert. a volcanic eruption threatens flights. a warm welcome to "the pulse" live from london.

all eyes will be on janet yellen and her speech.followed by margo graggy, the european central bank governor and the japanese central bank governor is here, as well. so the big three in attendance. and we'll get a picture of the outlook for global interest rates and monetary policy. back to you. >> don't forget to stay tuned for our coverage of the jackson hole summit. our u.s. colleagues will be speaking to san francisco president john williams at 11:30 a.m. eastern time. charles plosser will be joining us at 4:15 p.m. eastern time. >>> shares in ahold have been falling to the bottom of the stoxx 600 today after the dutch grocer posted weaker than expected profits in the second quarter. the drop was largely due to softer sales in the u.s. where the group operates super market chains giant and stop n shop. earlier we spoke to the ceo about ahold and asked about what we're seeing in the u.s. the spendable income, of course, is not going up. so wages are increasing again, but the spendable income, what they can spend on foods and othe

janet yellen's speech in jackson hole on friday. so will the fed chair be as dovish as investors hope, or is there a surprise lurking in the grand tetons? someone who probably knows. our own steve liesman who is there. steve, will she disappoint the markets or not? >> depends on what the markets want, scott. >> you know what they want, steve. >> you know better than i do. >> you know what they want. >> the story, markets expect yellen to be neutral and the cnbc survey prepared for the jackson hole conference here, 63% are looking for yellen to be neutral relative to a prior stances which would be essentially dovish. 31% think she may actually be more dovish than she was before. how dovish does the market think the fed will be? we asked our respondents, 36 of them, scott, to look forward. where will interest rates be in '15, '16 and '17, and where will the fed stop? we plotted it out compared to other interest rate hikes. this will be the longest interest rate hike since at least 1983. three percentage points they'll rise are about n

look for yellen to be hawkish next couple months.d finally get a pullback. >> thank you very much, chris gersch. david: inflation figures out today show steady 2% rate which should please fed bankers that meet at jackson hole thursday to defend their zero interest rates. try telling a retired saver that 2% inflation on top of zero interest rates is a good thing. he has been seeing savings whittled down for three years and fed up with things. will his voice get a hearing at this week's fed meeting? we'll ask someone who will be there, glenn hubbard, former chair of the economic council of advisors and current dean of columbia business school. dean, great to see you. >> my pleasure. david: will anyone defend interests of poor old guy saving his money his whole life and relying on savings from savings account to retire with and he can't do that? he has seen those savings whittled down. >> i think you're asking a great question for the jackson hole meeting because monetary policy has been easy for too long. i think the beginning of the f

absent movement by congress, what choice is janet yellen left with?nk after the midterms, there's good chance for congressional action. whether congress and president obama agree, is another story. the fed is not able to pull into many more people from the margins of the labor force than it has done right now and it runs the risk of ms. allocating credits. has donetely, the fed what cam. >> is the fed ms. allocating credit right now or encouraging the misallocation of credit? >> while interest rates are very low, it's good news for large companies refinancing their debt or for the government and wealthy households. the many households cannot borrow anywhere near this rate. certainly entrepreneurs and small businesses cannot. the fed is aware of this but thinks it's in the interest of making the employment situation brighter. >> if we look at the whatloyment rate, i'll literal level -- at what literal level doesn't become an issue and force the fed's hand? >> within a year, we will be at the lower bound or below of what the fed even says as the natural

groundwork, what yellen probably says tomorrow. the market already accepted the fact that whether it is july, june, sometime next summer, when we see, rates probably rising. well, for the interim, things are good here, right? we're seeing seller, it is not over the top earnings from the s&p 500. liz: breaking news. it is gap earnings. let's get to adam shapiro. how did they do? >> liz, a lot of people are saying gap is surprising investors to the good side. earnings per share adjusted 70 cents. street expecting 69 cents. it is revenue picture, outperformed not by a lot but outperform. 3.98 billion. street was expecting 3.96 billion. we'll jump into this get more to you. bottom line is beat a beat. liz: a win is a win no matter how tiny. want to mention a couple of headlines. on track to finish their fiscal year 2014110 gap stores across main mainland china, hong kong and taiwan. clearly, david, a chinese effort is really important. david: not bad at you will, though after hours is not moving much at you will. certainly not big move

janet yellen begins her speech by making the case that the labor market still need improvement. but how much or how the fed might accomplish that is a tricky question third "as the recovery progresses, assessment to be labor market needs more nuanced because of the considerable uncertainty about the level of employment consistent with the mandate." she spends the rest of her speech discussing those nuances. why has labor force participation dropped? she says that is a key question for policymakers. what portion of the decline in labor force participation reflects structural shifts and what portion reflects weakness in the labor market? she runs through a number of other indicators asking why part-time employment remains so high. why the quits rate is moving up. she talks about wages. you should see wages go up, but if they don't, maybe it doesn't mean there is lack of the market. she doesn't say that wage inflation is a problem. she says the fed has 19 indicators they're looking at. improved market has significantly over the past year . those indicators also suggest a decline in

what do you want to hear janet yellen say?hear her continue to be as dovish as she has been. we have got a favorite there. so i think rates are not going to hold out lower nomad or what she said. the minutes yesterday were something that was very interesting in the way the market reacted to those minutes. a lot happened since july 29 and 30th. i am not sure what the market was reacting to was current data. it is also assumed many of the to thebers want to go tightening direction and that is not case either. i am looking for janet yellen to give some clarity to her position as we go into the next month. >> because you think there are members of the fmo see who are breaking ranks and want to raise rates and it is not as uniform as the minutes indicate yesterday? >> i think that is clear it is the case. they have been public about where the fed has been now. she has been a little more reserved and a little more, let's wait and see on how the labor markets perform as we go into the next phase. a absence of inflation or limited eco

what are you watching for most carefully from janet yellen?> it is pretty clear that she is going to be somewhat dovish relative to market views. , sheu look at janet yellen is clear that there is labor capacity in the marketplace. she thinks there is more the fed can do to help. >> politically speaking, what else is she going to say? i have no power, i don't know that i can do it? it does not cost her to say that there was a lot of spare capacity and the fed should not -- should keep rates easy. to say there is a lot of spare labor capacity and by the time she gets to mid 2015 there probably won't be any and then she can justify the rate hike cycle. she is trying to justify what policy is easy now. but i think they should have hiked rates a long time ago. >> this is interesting. why? >> everything works with lag. there is a lag between the unemployment rate picking up and wages dropping. >> how long is the lag? >> you are looking at about a year. ubs went through the breakeven for on a plummet for five months ago. -- employment for five month

janet yellen and mario draghi both spoke today. michael mckee is there and joins me with the latest. >> pimm, certainly not a day you could necessarily trade on but a lot of information for investors to digest. two central bankers with their economies going in different directions, two different messages for the colleagues and the markets. for janet yellen, acknowledgment the economy is getting better faster than she expected which does put rate increases on the table. the timing remains uncertain. act too fast and you risk threatening recovery if investors overreact and push market rates up deceptively. act too slowly and you risk accelerating inflation that would force the fed to raise rates higher and faster short-circuiting growth. as yellen said, monetary policy must be conducted in a pragmatic matter that reflects the ongoing assessment of a wide range of information. mario draghi does not need information. he knows his economy is in trouble, growth stalling in eurozone and inflation is still falling. after a long-delay, the

yellen's remarks. >> it was a balanced speech, tie le. one that said there's a lot of reasons you could think there's a lot of slack in the economy. if there is some change at all in the evidence about whether or not there is less slack than yellen believes, it creates the prerequisite for change in policy, most of the people seem tore sticking to this idea of mid 2015. >> ron, does it matter whether interest rates rise in the long run in march of 2015 or may of 2015 or august of 2015? or does it only matter to traders? >> i think it matters to a lot of people so in the long run, it doesn't matter, but i think in terms of market perceptions about the economy, in terms of whether or not the stock market will have to digest an interest rate increase, i think it is a question of whether it's sooner rather than later. i agree with steve's analysis, though i've heard other people suggest that yellen was actually a little more dovish than people had suggested. to kind of hide behind conceptually some ideas that might give her a bit of maneuveri

last week the news from russia sending the dow into a sudden tailspin, but what as janet yellen confused perhaps or a guest who calls isis the most dangerous terrorist organization of our time. if you thought airlines could not come up with another way to charge you for something, don't take off. we have a story to make you dislike flying more, if that's possible. you know, maybe the stocks are confused. they're neither here nor there. what is of note, brian, to tell you is that it is the best week in four months for both of these industries. it's the two-years yield. this morning it hit three-week highs on the bam of those comments as she did not push back. remember, they revealed that some committee members thought that economic improvements may warrant a faster move to the exit than initially thought. maybe it's what she did not say. let's get do dom chu. it's the best monthly gains. we haven't even finished the month so far. >> if you look at the picture overall, the intraday charts tell you a story. if you look at the dow or s&p, what you see is that dib down towards just aroundy ye

this is janet yellen's worst nightmare. the bloomberg terminal. we had a little bit of a spike down in negative yields. you can see the persistency here. this financial repression that we have enjoyed. this is the price of salvation by our central banks. >> the two year yield minus inflation. we actually have negative returns. >> negative returns for retirees. what an on front page this morning. it is jammed. >> let's start with iraq. the u.s. may send airstrikes in iraq. targets were hit near the mosul dam. kurdish and iraqi forces are trying to expand the control of the region. a developing story in the last hour. the kurds of northern iraq want their fair share. that is their price for taking the dam. there was a report, a little less unconfirmed that i would will support the new government. that is the big deal here. that could be good news for john kerry and president obama. >> finally, right? released aitants video showing them killing an american journalist. >> this has not been confirmed by our state department, by the white house, etc. th

everyone waits on janet yellen's friday speech, this woman's opinion matters more today. esther george whether she thinks today's strong econo data, plus how to maximize your portfolio now for then. >>> all week long we've shown you airborne drones in "rise of the drones." check out the experimental seafaring drones. we lift the veil on the future of warfare. it's a fox business exclusive. >>> and alert! all american jobs coming soon, on road or off-road, polaris producing all-terrain vehicles for 60 years. shares up 60% and now hiring 300 people in iowa. polaris chairman and ceo joins us in a fox business exclusive. "countdown to the closing bell" starts right now. good afternoon, everybody, i'm liz claman, less than 60 minutes to gain seven points. that's how far the s&p 500 has to go to reach 2,000. the historic 2,000. s&p in record territory heading for 28th record close this year, gaining by 7.75 points or third of a percent. breaking news with the dow up 95 points. just a short time ago, the obama administration announced it will move to increase regulations on cert

what do investors and business leaders need to hear from janet yellen on friday? >> i'm not sure what they need to hear. what they are going to hear as steve pointed out is big focus on the labor market that progress is being made and increasing confidence with the fed that that progress can continue but we're not there yet. there is still slack, it's too soon to throw in the towel on the long-term unemployed and those who left the force. the fed would like to give these folks as much of a chance to repair the damage from the great recession as possible. while the fed is inclosingly getting their heads around the idea economic conditions will justify them starting rate hikes next year, i think they will want to move slowly and cautiously. they don't feel a great sense of urgency and they would rather air on the side of the giving the economy more chance to improve the damage. >> jim paulsen today, a lot of people, my humble little self included read it to be more hawkish than some anticipated. did you read them that way? and if you did, why did the stock market mo

earlier this year, janet yellen -- earlier today, janet yellen delivered opening remarks. she said questions remain over job availability and when to raise interest rates. for now, the fed is leaving itself open to set economic policy according to economic performance. >> the eyes of the worlds investors are fixed on jackson hole. the conference of bankers has a renewed cachet with all major central bankers in attendance. they are coordinating strategies between the united states and europe. they're more divergent than ever since the 2008 financial crisis. janet yellen plans to gradually raise interest rates of the employment stage -- situation in the united states continues to improve. for now, she is holding off. >> over the past year, the unemployment rate has fallen considerably and that a surprisingly rapid pace. these developments are encouraging, but it speaks to the depth of the damage that five years after the end of the recession the labor market has yet to fully recover. ecb president meanwhile has indicated he is operating on a different track than the fed. he

>> the key thing about janet yellen's speech. me about the speech that malcom gladwell gave. >> that is the first shameless plug there. malcolm gladwell. >> i'm just amazed that the gladwell comparison. >> puzzles and mysteries. yellen said that what is going on in the u.s. market is a mystery. we don't know how much slack is left in the economy. wages have been rising at about 2% per year. real wages are basically steady. we don't know whether wages have a lot of room to rise or whether they are going to remain flat. suggest after the mario draghi speech on the follow-up saturday and sunday that all of the eco-talk is being overwhelmed by markets and by europe right now. a well, central bankers have key mandate, to focus on price stability and full employment. they have a job to make sure they focus on the long-term instability. the speeches may not have been great theater. what is not great theater is often best for the economy >>. . >> i went back of her janet yellen's speech and there were five mentions of the dual mandate. w

what do you think yellen wants here? >> i don't think we will be able to draw such a strong distinction between what yellen wants and the rest of the fed. it's a group of consensus, of serious discussions, and now joining the fed, i think we will see a very consense discussions. >> that's a big change at the fed. >> thank you so much for joining us. as brian was saying, the market has slipped just a bit. but interesting what we are sealing, treasury prices hitting their session lows. in reaction to the minutes, the dollar also hitting session highs. i think the market is taking this as quite hawkish. >> what are the implications for the market that you see, not just today, but going over future weeks and months? >> i mean the phet is in a spot where they have to do a good job of communicating their policy. . >> i think we've got some of those questions answered today in the machines, which is good news, but not enough specifics. so i think around some of the bigger issues of which rate are they going to targets? the exce

>> i was not spoken to yellen about this directly, but i assure you the thing that yellen wants from what she does not want to do is marking down u.s. gdp because we're not getting growth from europement i think she wants draghi to turn around the economy over there. there's talk whether or not buying sovereign bonds would really do anything for europe. as you know, the bund is trading below 1%. it's unclear how even lower rates would help europe. is not an interest rate problem, but perhaps a liquidity problem, and that's why there's a lot of focus, listening to draghi intently about the issue of asset back securities, and lending in the real economy as opposed to the financial economy. as far as the currency, if the u.s. currency strengths vis-a-vis, there's more breathing room with inflation. >> interesting. >> 11-month highs on the dollar. back to the federal reserve and given the lineup of the regional fed presidents you're talking to, do you sense there's increasing pressure on janet yellen, we know now tends to lean in the dovish direction, defending the super easy policy, do

eastern, ahead of yellen's friday speech at the annual jackson hole get together. i was there this year, at the beginning of the summer. it's really nice there. >> i'm not getting there this year. i hope they come in with a happy frame of mind. they have an idea of low inflation, strong dollar, dweent housing, interest rates low. i don't know. what do you want? you want what you got. >> a $4 trillion balance sheet? isn't it time, maybe, just time to -- >> should be a seller. should be a seller. >> what for? they want to ring the register. >> it's a contrary view, but she should ring the register. >> those will cost them. >> whoever came up with that, i want the name. i want the name of the person. saying you should short jazz pharmaceutical. >> i think a lot of hedge funds would too to do the opposite and do better. >> there's a lot of talk they are behind the curve, that was the operative term, and in the meantime, they were on yesterday saying, listen, go to the supermarket, everything's up in price. all i can tell you is you got to look at where things are in th

is it russian president vladimir putin or fed chair janet yellen?litical threat today, a massive and mysterious convoy of trucks in ukraine. but yellen could royal the market if she raises interest rates too fast. the putin versus yellen takedown is next. >>> plus, jim cramer says there's a need for corporate takeovers right now. >> there's really only one choice when you're faced with terrible growth conditions. that's to take advantage of what's out there and make some acquisitions. >> we're going to talk about that. >>> also, candy crush maker king digital hammered after hours. lots more coming up. we'll be right back after a short break. you are watching cnbc, first in business worldwide. i make a lot of purchases for my business. and i get a lot in return with ink plus from chase. like 50,000 bonus points when i spent $5,000 in the first 3 months after i opened my account. and i earn 5 times the rewards on internet, phone services and at office supply stores. with ink plus i can choose how to redeem my points. travel, gift cards, even cash back

that's providing the tail wind for the dollar. >> hear from janet yellen tomorrow.uestion, will she take some of the wind out of the dollar's sale here? >> that is absolutely the ge question. why? earlier in the week, confusing news in the fed minutes. seems that the federal reserve closer to raising rates than the market expected, you know, that's backward looking. in jackson hole this week, we'll get realtime data about what she's thinking, also what's going to happen regarding rates in europe. >> all right. for more on the dollar index, check out the online show. also talking to robert schiller. he'll tell us where to put the money if we thinks stocks are too expensive. that's it's a the top of the hour. 1:00 p.m. see you, scott. >>> much coming up. energy stocks feeling pain. should you be buying the dip? a manage manager next up with his take. >>> then, is it time to shop at walmart? unusual activity going on in that stock. the najarians bring it to you next. >>> and don't look now. chinese stocks on fire. before you pile in there, though, are there a few thing

larry was talking about the fed staff, not yellen. yellen made the comments. okay, i guess you're right. one thing about larry summers, when he starts talking extemporaneously, he gets himself in trouble. he clearly attacked the sitting chairman on the federal reserve for making sector calls. no doubt he was critical. liz: we thought it was off the record. >> he was off the record. that's my job to get the off the record stuff. kill me for that. liz: with your partner julie producing for you. great to see you both. julie, charlie, thank you. while charlie was talking, i'm not going to blame you, the dow is down 67 points. still not the lows of the session. closing bell is five minutes away. much more on today's july jobs report. the market sell-off adding to what happened yesterday, but more importantly what can you expect next week? superstar chief economist diane swonk is our guest. audi, so much more, stay tuned. we never thought we'd be farming wind out here. it's not just building jobs here, it's helping our community. siemens location here has just recei

janet yellen is speaking about labor markets. economists that bloomberg has spoken to suggest she will remain dovish. there is still funny of room for improvement in the labor market despite the improving figures. the caveat to last night's minutes, we had key wage, inflation data, since the july d toing which is surprise the downside. the unemployment rate is up. it gives the doves a little bit more ammunition ahead of jackson hole which kicks off today. >> the conundrum is markets. by 3%. bond yields are rising. stocks in the u.s. fell by retraced the losses. the dollar up as we know. volatility down. gold down. mixed messages in the market. the bond markets are telling us rates are coming sooner. the stock market does not seem to care or does not believe it. >> or the stock market says great. the economy is doing better so get ready and consumers, go spend. >> stocks will rise. latest data on the chinese economy was just released. the numbers were not too good, were they? >> not as good as we expected. it still came in at 50 p

janet yellen was there but did not make speeches.do not know which direction she will take, academic outline or policy prescription. >> what is most likely? >> people are expecting a policy talk. speech title is labor's market. market.r i know kansas city fed people would like to get back to the old days when the focus was on the symposium, not the speech. also not clear what she would say. >> what would she say if she didn't? is lockedicy changes in. onking to the first moves interest rates. if she wants to i suppose she could given up a on the labor market -- had. put that in the context of the papers deliver there. she spoke a lot on part-time employment and how it is elevated. good story at bloomberg.com for that. it is coming down. the percentage of workers who ,an only find part-time workers still much higher than in the decade before the recession. also talking a lot about long-term unemployed, people who have been happier or more without having to find a new job. big focus for yellen and others, wages rising at just the level

and then you've got yellen's address in jackson hole. i don't know why people are saying she might talk hawkish. she is a dove. >> they were much more hawkish. he said he was feeling that people were listening to -- >> their actions. we're still q.e. >> it would be regardble if she were more hawkish. >> but then again, we still doerchbt know, does this definitely mean the markets sell off? eventually. you usually see a knee jerk wobble, at least. >> anyway, we're at 28 new high for the year. she's going to start speaking at 10:00 a.m. that's important that ben white is going to start speaking at like 6:08. >> we know the markets move more on that than janet yellen. >> the central bank is expected to talk on the labor market. pomzmakers were surprised about the improvement in the employment picture. in an interview with steve liesman yesterday, philly fed president plosser warned against waiting too long to hike rates. >> i would prefer us to begin raising rates sooner and more gradually. but the longer we wait, the more risk i see it as

federal reserve chief janet yellen is giving away very few clues about their future course of u.s. interest rates. >> at a central banking conference in jackson hole, wyoming, she said the u.s. labor market was still hurting from the effects of the recession and that the fed should move cautiously. she is being closely watched for any shift in monetary policy. most analysts expect the fed to raise its ultralow benchmark lending rates as it winds down its economic stimulus for the u.s. economy. european shares dipped in friday trading, trimming their biggest weekly gains for six months. our correspondent sent us this summary of friday's action from the frankfurt stock exchange. >> politics is clearly back on the agenda after russia decided to send its aid convoy into the ukraine without the consent of the ukrainian government. the ukrainian government called that act a flagrant violation of international law but also said that they have no plans on attacking it. another big highlight for the day was the speech of janet yellen, the fed chair, which was taking place at the annual gath