did the markets get fed chair janet yellin's message wrong yesterday? ron insana thinks the answer to that question is yes and his argument is one minute away. as stocks recover somewhat today, what should your next move be? did you reallocated? should you look to the bond market? what should you do. and what does all of this mean for mortgage rates and the housing market? should 5% be the number that breaks the camel's back? or might it be even lower than that. plus, a developing story involving the search for that mystery airliner, malaysia airlines flight 370. some authorities believe they may have found the debris field, but the reports are really contradictory. sue, down to you at the nyse. >> it's a big here down at the nyse. stocks rebounding after a big sell-off yesterday. the dow right now is up 121 points. the s&p 500 is up almost 12. the nasdaq, as you can see, is in the green as well by almost half a percent. transports are down a little bit in today's trading session, about a tenth of a percent. and the mighty ten-year note, what's the yiel

yellin speaks. economy cools. markets don't. how does it affect investments. joining us, nick collis and scott clemmons. thank you both for being here. >> thank you. good morning. >> we heard gdp numbers for the quarter were worse than we were expecting. does this matter? is a backwards looking number? >> backwards looking number. it does base line expectations for how q 1 is progressing. for controversy about weather and impact on the economy. useful to see the economy is quite slow. >> you think the e skon conomy worse than the weather is letting on. >> slow growth economy. when that happens. we get a lot of pulls and tugz -- pulls and tugs on the economy. choppy. in for a year like this. kind of slow, choppy, growth. >> not a great, not, thing for the markets or for anybody frying to work in the environments. scott, you agree with the assessment? >> i do. more of the same. surprised at preliminary release of fourth quarter gdp. this doesn't strike me that the revision is negative. more of a -- back down to an economy that is growing along at a modest pace.

the markets didn't like what janet yellin had to say this week. joins us right now barry napp and aaron task. thank you for being here today. it mattered what she said from that point forward. the market has been passing at a overly passive rate height cycle. they have never gone slower than two. really, it is not a question of her miss speaking. it is good news that the fed feels confident that the economy is going to improve. my concern is that the fed is going to be wrong. his friend s there start hikin in 2015. >> that brings us back to the point of where the economy stands right now. where is your sense of what is happening. i think the economy is in good shape. the issue we thought was uncertainty about public policy and what was going on in washington? that slowed investment and hiring. that has gotten substantially better. let's talk about the other factors. it looked like we cared for about a day. is that something that either of you think could come back and pressure stocks from here? >> if putin doesn't stop with crimes. then the europe

janet yellin speaks, the markets quake, what did she say, mean and what's next? toyota find $1 billion. gm facing criminal investigation. who is watching the automakers to make sure they're doing their jobs? and is america a third-world country when it comes to the airports. ranking the best and worst nationwide. whether you are walking to the altar or ready to retire. tax tips for every stage of life. your money, your future "on the money starts right now." >> announcer: this is america's number one financial news program, "on the money." now becky quick. >> here is a look at what is making news as we head into a new week. fed chair janet yell spin spein. she answered questions from the media for the first time since she became chair. ye yellin said the fed would slow the bond buying program by $10 billion and stop using 6.5% as a rate target for when the fed will raise interest rates. she also talked when she thinks the rates could go up. >> it will be a considerable period after the asset purchase program ends before it will be appropriate to begin to raise ra

janet yellin could be a hawk empress pressure a hawk empress. we'll see. coming up on "the kudlow report" beginning right now. good evening, everybody, i'm larry kudlow. this is "the kudlow report." we are live here at 506789 p.m. eastern, 4:00 p.m. pacific. president obama leveled new sanctions against 20 individual and a key russian bank today. he warned more on are on the way if moscow escalated a crisis in ukraine. good evening, eamon. >> 16 russian people and four senior officials called cronies of vladmir putin today, also a bank which the senior delegation called a crony bank for the putin regime. all of that, the president said, designed to send a message to russia and the russian people. take a listen. >> the russian people need to know and mr. putin needs to understand that the ukrainians shouldn't have to choose the between the west and russia. we want the ukrainian people to determine their own destiny. and to have good relations with the united states, with russia, with europe, with anyone that they choose. >> now the president also said that

if we get a strong showing by yellin, we are further away for some clarity in ukraine, then we could be ready for a rally regardless of what happens in china, at least a couple days. one other thing of photofor wednesday, remember i told you not to forget about first solar, they reported that a few weeks ago. people didn't like it, it was a squishy quarter. the shock had its biggest move. it occurs on wednesday. it will be huge again. i would buy the stock ahead of the meeting if it is down going into it. i'm calling thursday housing day. we hear from lenore, the giant housing sales. they have a head wind, excessive amount of hammering about a drying up of home sales, some people have already written off spring hoems home sales. do you mind if we get facts before we make these negative judgments? they score with the housing over, not like fedex giving you a world of review. it's one of the key looks for american growth. i think existing home sales are truly important. when you buy a home, what do you do? you are bound to fix it up. the stat gives you a sense of how much inventory is

janet yellin -- a number of reports on it her virtuoso performance.washington -- peter cook joins us this morning. how did she do? >> it was a solid performance. thefirst time chairing federal reserve and the meeting. she was calm, cool and collected. i watched her the whole time. she was steady. exactly what you would expect. not too much of a difference from ben bernanke you. there was one moment that people she made a on -- calculated decision to actually answer questions from reporters. she was pressed on when the bond buying ends. there is this considerable time before they start raising interest rates. what is that? she chose to answer the question. define.hard to on they means something order of around six months. that type of thing. it depends what conditions are like. >> around six months. those three words despite all the caveats and repeated mentions throughout the course of the press conference that the fed's policy had them changed, markets did not see it that way. ratesuggesting the increase will come sooner than some people expected. ma

we get the statement about interest rates, then a press conference hosted by new fed chair janet yellin. so far, her tenure has been flawless, although, it's been short. i expect the flaws to continue. if we get a strong showing by yellen, and we're further along towards some clarity in ukraine, then we could be ready for a rally regardless of what happens in china, at least for a couple days. one other thing of note for wednesday, remember i told you not to forget about first solar, they reported that a few weeks ago. people didn't like it, it was a squishy quarter. the shock had its biggest move. it occurs on wednesday. it will be huge again. i would buy the stock ahead of the meeting if it is down going into it. i'm calling thursday housing day. we hear from lenore, the giant housing sales. housing has become out of nowhere a headwind with multiple downgrades of this group with excessive amount of hammering about a drying up of home sales, some people have already written off spring home sales. do you mind if we get facts before we make these negative judgments? they score with the h

and the yellin factor, rejoined by steve liesman. steve, you were at the fed's news conference yesterday. let's talk, before we get into the markets today, about the moment that the markets got spooked. >> so, i thought we might divide it up into different pieces here. there were different pieces of it. and ultimately, what this is, is sort of a dramatic irony now. when you watch it in this case. where the audience knows what's about to happen, but because this is on tape, janet yellen doesn't know what's about to happen. let's roll the first part of this. the question was, what would you do? what does a considerable period mean between ending qe and hiking rates? >> so, the language that we used in this statement is "considerable period." so i -- i, you know, this is the kind of term, it's hard to define, but -- >> so freeze it there. you know, it was a poignant moment. i wasn't exactly cringing, i didn't know. but right now it's sort of apparent that she, i think, doesn't really want to answer this question quite the way she's abou

. >>> federal reserve chair janet yellin noted that the u.s. economy is not close to full employment as she held her first news conference. >> unemployment is still elevated, underemployment and long-term unemployment remain significant concerns. >> yellen also said the fed will take another step back in its bond buying stimulus effort and she said that it may raise short-term interest rates after the stimulus and run the end of the year. this could mean all interest rates will rise. interest rates have been an a record low since 2008. >>> major indexes pullback after yellen's combats the dow lost 114 points, nasdaq dropped 25. financial stocks rose in anticipation of higher interest rates turning into higher earnings. >>> rate resort and casino is taking a big bite out of profits from river rock casino. since the opening last november business at river rock casino dropped by about 40% according to the press democrat which also reports that 100 people left river rock to work for reagan. and that river rock may not fill the vacant jobs. payments

they're having their first policy meeting with janet yellin in less than two weeks. if the numbers are weak in march, april, and may, what do they do? >> oh, well, right now i think, you know, they're just not going to have a clear hand at the meeting. i don't think they're going to dooefrate from the crypt script that they've been under, which is this gradual tapering pace. i think they're comfortable with that and comfortable with the forecast about the economy. it's going to take a much bigger shift to get them to veer off that task. if we get into the spring and it turns out this is not just the weather phenomenon, that the economy is downshifting more fundamentally, then, you know, by may, june, that type of time frame, then it would have to rethink. i don't think that's going to happen, but i think that's what it would take to get the fed to veer off this course. >> thanks so much, josh. josh fineman, chief global economist at deutsche asset and wealth management. >>> quiet day on wall street. stocks following up their best one-day gains of the year on tuesday

the policies under janet yellin. fisher said that the fed needs to keep moving forward in dealing with the issue of unemployment, saying the economy has now returned to a state of normalcy and as a result, expansionist monetary policy is still justified. thtold senators he stresses at he understands the pain that americans are still feeling. >> slow growth is not an abstraction. it's people not finding jobs. slow growth is problems for families in meeting their food bill. ,f one does not understand that one should not be a policymaker. acknowledge the debate over whether or not the taper should speed up. he did not express a preference for that. he survived pretty unscathed today. that one moment with elizabeth warren perhaps being his biggest test. >> he spoke about the other nominees. any surprises there? >> no real surprises again from jay powell. one issue.e all three were asked if they would support the idea of higher bank capital charges on the biggest things in the country. an effort to address too big to fail

and i think that janet yellin has a difficult job in front of her.ds will stay relatively low until we see some sort of growth and u.s. data is coming through kind of tend and we are not seeing things get really heated up. so it's all going to be about our data this week again and maybe see if this china situation is softening or not is going to affect the equity market. >> absolutely. very quickly, gold is up to six-month highs. still see support for that? >> probably up to the 1400 level, maybe a bit more, but i still think the world can't afford $100 oil and can't afford $1400 gold. i think that slowly but surely we'll see the pressures ease out of the commodities. >> scott, thank you for that. have a good week. don't forget, "squawk box" is coming up next. meanwhile, for viewers in europe, vodafone is ringing in a new deal buying spain's ono. we'll dig deeper into that. >>> good monday morning. crimea voted to secede from ukraine. vladimir putin is told they are rejecting the results and warning of sanctions. >>> and alibaba picking new york for

. >>> fed chair janet yellin said interest rates will remain near zero for a considerable time.tral bank will cut bond purchases. >>> two winning tickets were sold for last night's jackpot. winners will split the $414 million prize. now back to "hardball." >>> welcome back to "hardball." has the republican party's war on women so ingained that republican women declaring themselves on this. one said it makes women look like whiners. a progressive group got their hands on the audio of the remarks. >> we heard several of those last week about women's issues. i kept thinking these bills are putting us backwards in time. we are losing the respect that we so dearly want in the work place by bringing up all of these special bills for women and almost making us look like whiners. >> whiners. doesn't stop there. on sunday ahead of the action group named red state women railed against texas gubernatorial candidate wendy davis by claiming women voters don't support laws that support correcting the pay gap. >> what is the solution you think for equalal pay, then? >> if you look at it, women

did the markets get fed chair janet yellin's message wrong yesterday? insana thinks the answer to that question is yes and his argument is one minute away. as stocks recover somewhat today, what should your next move be? did you reallocated? should you look to the bond market? what should you do. and what does all of this mean for mortgage rates and the housing market? should 5%

when janet yellin, the new chairman of the federal reserve, when she logs in she can create as much moneyants. that's what it's like to be a central bank. the baby sitting story, this is a real story. this happened in washington, d.c., in the late 1970s. it was a baby sitting coopt that fell into a depression and the reason was, there wasn't enough money to go around. they had these little tokens they were exchanging to do baby sitting for each other's kids. everybody in the baby sitting coopt wanted to baby sit and build up a reserve of tokens before they went out and because everybody wanted to do that nobody went out. this is a classic keynesian view of how depressions happen. but -- >> explain the analogy so everybody is saving, nobody is spending. >> everyone is saving. no one is spending. prices don't adjust. i don't phone you up and say i'll baby sit for you but you give me twice as many tokens. that isn't happening. and in the end, it was fixed by what we might call central bank action. so the equivalent of the federal reserve in this case, was the baby sitting coopt committee and

. >> and bullard went on to say that the six-month time period mentioned by janet yellin, as far as he was concerned, was equal to what was already out there in market expectations in most of the surveys. now, john williams, the san francisco fed president, spoke about risk in the banking sector, and in a discussion about whether or not there was concern about financial instability from low rates. and here's what he said about banks. >> we do, most definitely, see banks taking on extra risk, going out. so i do think we're seeing even in the banking sector, especially with small or medium-sized banks, basically even with the flatter yield curve, looking to get -- taking on greater duration and risk. that's something that in the supervision world, putting out guidance and really focusing on making sure that the banks are putting extra risk there. >> so, guys, the debate really remains out there, when yellen said six months, did she mean october? starting from october, do you count, or do you count from december? when a lot of folks think it was a mistake and ultimately she did want to ch

janet yellin could be a hawk empress pressure a h

- you just watch who you be yellin' at. oh, i'm sorry. excuse me. i hit my head, mustapha. [ chuckles ] [ chuckles ] what is this ? it's very weird and unsanitary. i know one thing. i'm not gonna use it. come on, you guys. will you get out of there ? look out for the sink in the floor. sink in the floor ? [ groans ] sink in the floor. i still like marvin, anyway. don't get to like him too much. how come ? because he ain't no good's how come. [ boys shouting ] i'm gonna meet some network people in the morning. right. yeah. uh, they're over here to cover-- shhh ! quiet ! they're over here to cover the karate matches, right. yeah, after that, uh, i think they're gonna tape the ball game on the 21st. since when ? will you get rawlings on the other phone ? what did you say ? yeah, we're gonna have a practice inning in the morning. just an exhibition, but a lot of press coverage. yeah, network people too. voit and rawlings are both very interested. hold on a minute, will ya ? what is this, yankee stadium ? now, will you guys shut ! now, get to bed ! baseb

let's talk about exactly what we're looking for from fed chair janet yellin today.rst fed meeting she will chair. good morning, thomas. good morning, everybody. >> hi. >> two-day meeting starts today, finishes friday. 2:00 eastern on cnbc. >> programming note. >> i don't get paid extra. that's my pay. i tease the show. >> if you had two tvs, you could watch us both. >> you could. >> because comcast offers such a wide variety. >> brian, brian, sully, you do this for free? >> i do these hits for free. >> all right. >> grateful. >> the sarcasm is melting through the television. >> insert you get what you pay for joke here. >> okay. >> good morning, by the way. i wish i was walking through the park just the other day, baby. all right. here we go. >> what? >> janet yellin -- it's a led zeppelin reference. drawdown from the stimulus to the economy? one thing we are looking for is maybe different measures of how she defines the economy. simple unemployment rate doesn't necessarily reflect how we calculate it. a lot of people are leaving the workforce. perhaps chairman yell

yellin said the central bank will ease back on the economic stimulus with $10 million less in bonds ands. they said cold weather slowed down the economy in recent months. as we pick back up with the special coverage, i want to tell you a little story. i was at whole foods getting juice and the man recognized me and said hello and i said hello and the next thing was brooke, have they found the plane yet? i tweeted it out and ending up chatting with him about what i knew and what he thought and how this makes our worst fears about flying more frightening. that conversation stayed with me ever since. whether you want to admit to it or not, it has so many invested in the mystery. host of reliable sources. brian, i thought so much about this and i'm sure you have as well. is it because this happens into everyone's inner most fears about flying? >> if you think back to the dawn of time, stories have beginnings, middles and ends. that is what we are so used to and not skruft in our societtim going back thousands of years. because it doesn't have an end, people are fixated. obsessed is a fair w

may hear about today with jenny ellen and her first fomc press conference but we will action janice yellinc press conference. let's bring in chief portfolio strategist with wells fargo funds management. his call, do not fear correction. accommodative,l and fundamentally they are still strong. brian, good to see you. a lot of people are a little bit worried about how the fed might affect the overall markets. you look back to last year, some people say it was a sugar high, all fed-induced. are there fundamentals we can point to that suggest we are going to have more upside? >> i think there are the fundamentals that point to further upside. what you have to do is look at the longer-term trends here as far as corporate profits, but not just corporate profits, but even revenue growth. last year, despite the dramatic divergence between earnings growth and revenue growth, there was still revenue growth. that is what investors should be looking for, making sure that you are invested in those companies that have quality earning some high visibility but are also generating revenue through expanding

that is followed by the first press conference by new fed chair janet yellin. saturday morning at 10:00 eastern. >> sec chom whaler and jessica rosenworcel said it is crucial that the congress is the rate program provides school access to the internet undergo a major improvement. both the chair and commissioner were featured at the chiefs a school officers legislative conference held earlier this week in washington. this is just over an hour. >> good morning, everyone. thanks for being here. we have a really exciting our scheduled here where we are going to be discussing key rate reform and the work underway at the federal communications commission. and peter zamora, director of federal relations here and i am really just here to introduce superintendent luna and kick off the discussion today. tom luna has been a two-term superintendent in the state of idaho and that capacity has shown tremendous leadership and courage in pursuing major improvements on accountability and particularly innovation in the use of technology in the classroom. and for a benefit here a

if you're an ear if that room how do , and a voice, you shape yellin's understanding of the labor market issue and how do you think she's going to try to sway this group to think differently about unemployment and raising rates? >> the first place, janet yellen doesn't need me to help her understand the labor market. she understands it very well. she and her colleagues have been making some of these same points in speeches. and even in the fed materials for quite a while. the labor market is complicated. right now the unemployment rate has fallen quite respectablely but that's not a good indicator of what good shape we're in in labor markets because we know that a lot of people have dropped out, have given up looking for work. this has been a very deep and long recession. and the particular manifestation has been many more people who have been unemployed for a very long time and some of those people have given up. on top of that, we have people who are working part time and would like to work full time. these are often true in a recession but this is a bad recession. we had people taking

the author of yellin and the fed. we will talk about the book. our front-page story about her.ng in from this weekend's meeting. guest: yesterday was her first day running a fed meeting. she became chairwoman of the fed at the beginning of february. this was her first meeting. she had challenges on her hands. the fed has been doing two things. it has been pulling back the bond buying program. trying to make decisions about when to start raising interest rates. that position at the fed is shifting a bit. investors were rattled by what she had to say. investors -- the consensus in the market was the fed would not start raising rates until late 2015. when they do, they will do a very small amounts. by the end of 2015, the expectation was the fed would not been push rates above one percent. we are reading between the messages. to think that maybe they will go .25% higher in less time. the market is so caught up in the fed's monetary policies -- it has been such an important driver of not just the recovery but the stock market for the last couple of years. even tiny little changes l

fed chair janet yellin said interest rates could remain low for a considerable time and then suggested six months and said it depends where the labor market is. some analysts think rates may start going up before the summer of 2015. >>> five people are in custody in houston after police made a disturbing find finding more than 100 people held in squalid conditions in what appeared to be a human smuggling operation. officials went to the home after a woman reported her children missing. >>> a man's truck got stuck wednesday on railroad tracks. he and his passengers were able to get out in time, right before a freight train slammed into the trailer dragging it a quarter mile down the tracks. no one was hurt. the driver was cited for failure to obey a railroad crossing. >>> march madness came early for an elderly bowler in pennsylvania. ray did what most bowlers only dream of. he bold a perfect game, 300, nothing but strikes. 81 years old! >> yes! >> there you go, no doubt still celebrating his victory this morning. i think automatic of us combined couldn't even bowl a 300, is that right?