the fed, again, to get back to janet yellen. she must own up in a forthright fashion to the fact that the fed is introducing immense distortions into our markets. she, on behalf of the federal reserve board, owns that problem. and -- and it is -- it is evasive of her not to acknowledge that plainly. >> the challenge has been issued. we'll see if she accepts it in her next public comments. >> great to see you, as always. thanks for coming by. >> zillow speaking of conditions in the u.s. housing market is the latest company to report its quarterly results and diana olick has those numbers for us. >> and it's a big beat. record quarterly revenue of 66.2 million, up 70% over the first quarter of 2013. they had record quarterly all-time traffic. another record nearly 79 million monthly unique users. earnings per share came in a gain at two cents. when you break it down in the marketplace, you had revenue of 53.4 million. real estate, 46.2. that's a record, and display up 62%. so, again, ceo of zillow, spenc spencer razcopf this was a

fed chair janet yellen keeps investors guessing. plus the ecb's mario draghi 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,

janet yellen made that point. that 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 fo

saidchair janet yellen -- -- fed janet yellen says the economy is recovering but needs a dose of stimulus. peter 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 j

janet yellen about to testify. steve liesman has the headline. >> fed 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.

you're watching a live shot of janet yellen's testimony. she will be questioned 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

thank you, janet yellen for being here. you 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.

is janet yellen actively pushing a formula that keeps growth down? john tamny thinks 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

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

hard to be too critical of janet yellen at this point. she has 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

janet yellen has said which he has seen. she 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

day two ofcovers janet yellen's congressional testimony. and 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

fed chair janet yellen set to testify on capitol hill on the u.s. economy and monetary policy. >>> plenty 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. siemen

fed, janet yellen speaking on housing this morning. expect the 10 year 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 n

need is a hawkish janet yellen, believe it or not. is that going to drive up 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.

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

and you saw more of that today in janet yellen's testimony. she said, well, 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 lo

i think janet yellen had something to do with it. she reassured us rates aren't going up anytime quickly. it's money searching for a yield. 2.6 looks pretty good. >> all right, rich, i want to get your take. are you surprised that yields are so low as we're so deep into the year at this point? >> absolutely not, jackie. it's all about global liquidity, as jim noted. this is central bank looking for a yield. they have to park this money. however, in the last seven days, we've seen some large allocations. i think that's going to run its course right to the low. the line in the sand here is 2.573. jackie, if we close below that level, we do see a 2.47, but i think later in the year, the yields still go up. >> all right. for more on bond yields, check out the online show. we're also going to be talking to jody gunsburg, talking to her about global warming and the impact it's having on the commodities in the ag space. don't miss the show. futuresnow.cnbc.com. >> all right, jackie, thank you. >>> coming up here next, fedex changing the way

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

let's start with the housing risk that janet yellen highlighted. in 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

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 victoria secret. finally, cheetah mobile ended up at about 1%, it was the first tech ipo in a while. but the problem was with the volatile new tech and internet stocks so companies like work day, facebook, and amazon were all positive most of the day then they faded away late in the afternoon. the 2,000 index, a basket of small cap stocks went up to close down a percent, near the lowest of the year. so at no bottom in side, traders expect the volatility in tech to continue. >>> chris gaffney says there are a lot of positives in the market and he expects the major averages to be up 8% or more by the end of the year. he is senior marketing strategist at everbank, good to have you with us. >> thank you. >> most of our interviews begin with a question, okay, what is your overall outlook and what do you like in the markets? i'll turn it another way, what is your overall outlook and what do you not like in an investment? what

and all of this comes a day ahead of two two of janet yellen on the hill. the fed chair will be testifying before the senate budget committee this time, starting at 9:30 a.m. eastern time. she told the join the economic committee the economy still needs plenty of support and that the markets are not in bubble territory. >> valuations are in house torq -- historically -- interest rates are historically low. that feeds into the valuation. there's that linkage. there are pockets where we could see valuations in smaller cap stocks but overall, those broad metrics don't suggest that we are in obviously bubble territory. >> in reaction to her comments, the dow managed a triple digit gain, closing at 16,518. the s&p 500 also picked up ground adding ten points. the nasdaq, though, dropped 13 points. the nasdaq looked worse earlier in the day, though. you did see much steeper declines. it was boosted into the decline of 13 points by the end of the day. the futures right now, you'll see at this point dow futures are indicated higher about 13.5 points, nasdaq up by 2,

differs wither janet yellen in terms of how to look at the long-term unemployed. her focusen believes 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

after fed chair janet yellen gave an upbeat take on the economy. much 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

the long-term unemployed is a concern for janet yellen, of course. she's 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 th

janet yellen. the latest from ukraine. margaret carlson debates epa's big win. we began the program with the u.s. transportation secretary anthony foxx. thank you for being with us. >> great to be here. >> the highway trust fund runs out of money soon. it will not be resolved by 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. >> projects by july will be stalled. some projects will be canceled. >> you say by july. >> the trust fund will become insolvent as early as august. before then, many state d.o.t.'s will 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 we can do this with tax reform. >> did you get any receptiveness from john boehner? >> we introduced -- we think there is bipartisan interest. >>

>> 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 today. french industrial production a miss. >> a lot of the american companies are saying that it looks like we could get 0 to 2% growth over there. zero is not growth. how do you have zero growth? it's like negative yardage. >> or negative growth, which we have said many times on cnbc. that is a phrase that's been uttered but makes no sense. >> none. we're dealing with a situation where we get 1%, maybe 4%. w

janet yellen. the latest from ukraine. margaret carlson debates epa's big win. we begin the program with the u.s. transportation secretary anthony foxx thank you for being with us. >> great to be here. >> the highway trust fund runs out of money soon. what are the odds it will not be resolved by 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. >> projects by july will be stalled. some contracts will be canceled. >> you say by july. >> the trust fund will become insolvent as early as august. before then, many state d.o.t.'s will 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 we can do this with tax reform. >> did you get any receptiveness from john boehner? >> we introduced -- we think there is bipar

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

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

janet yellen. the latest from ukraine. margaret carlson debates epa's big win. we begin the program with the u.s. transportation secretary anthony foxx thank you for being with us. >> great to be here. >> the highway trust fund runs out of money soon. it will not be resolved by 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. >> projects by july will be stalled. some projects will be canceled. >> you say by july. >> the trust fund will become insolvent as early as august. before then, many state d.o.t.'s will 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 we can do this with tax reform. >> did you get any receptiveness from john boehner? >> we introduced -- we think there is bipartisan interest. >>

janet yellen. the latest from ukraine. margaret carlson debates epa's big win. we began the program with the u.s. transportation secretary anthony fox.x thank you for being with us. >> great to be here. >> the highway trust fund runs out of money soon. it will not be resolved by 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. >> projects by july will be stalled. some projects will be canceled. >> you say by july. >> the trust fund will become insolvent as early as august. before then, many state d.o.t.'s will 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 we can do this with tax reform. >> did you get any receptiveness from john boehner? >> we introduced -- we think there is bipartisan interest. >>

liz: what do you think of how janet yellen is running the show and again i think it's actually a good thing when you have differing opinions in different voices for the federal reserve in a cucumber both speaking tree what you think? >> i think absolutely. the problem in the two thousands was there wasn't enough to set three everyone thought the world had changed. we had the great moderation and there wasn't enough to set to read i think this is necessary and useful. liz: what do you think? >> i think so also in one thing i think i learned yesterday in addition to janet yellen being someone who encourages dissent, public dissent because baby in the interest of transparency i think i noticed yesterday that we will have to start thinking of mr. dudley as her surrogate. he's going to go out there basically say what janet would say if she were giving a speech and i think that was clear looking at what he said yesterday in what we saw the minutes today. liz: by the way, that usually is the role of the vice chair. they are very much a lock step with the chairman of the fed three great to se

we're questioning whether janet yellen giving the green light by say there's no market bubble. joe is with us, global market strategist, and steve auff, at federated investors. steve, you have a year end target of 2100 for the s&p 500, and ms. 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

janet yellen. the latest from ukraine. margaret carlson debates epa's big win. we begin the program with the u.s. transportation secretary anthony foxx. thank you for being with us. >> great to be here. >> the highway trust fund runs out of money soon. this summer. you are in constant conversations with congress. what are the odds it will not be resolved by 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. >> projects by july will be stalled. some contracts will be canceled. >> you say by july. early? >> the trust fund will become insolvent as early as august. but before then, many state d.o.t.'s will be making decisions. in the june and july time period. >> is there any chance? >> there has been a lot of consternation about this. we have had 27 band-aids put on transportation. continuing resolutions, extensions. the biggest issue is how you pay for it. the president pu

. >> it looks like treasury yields are close to after some moves on janet yellen. >> scott wapner has the "halftime" next. scott? >> and following the comments from janet yellen on the stock market and valuations, what that means, and watching the nasdaq, and many question the valuations in the high-flying stocks. thank you so much. have a great rest of the day. here's today's game plan. spoiled foods. after its earnings miss and outlook comes up short, what's in store for for a stock wall street used to love? tech wreck, from facebook to pandora to twitter, when will the selling in these once high fliers stop? the alibaba question. will one of the biggest ipo ever bring big returns to your portfolio, or are the danger signs building? let's meet today's starting lineup -- john, pete, josh, joe, and steve liesman following the testimony this morning, right here next to us. steve, i'll go to you first. i thought she was dovish. i thought she was not so dour on the economy. >> dovish not dour, a junior economics reporter. i think that's exactly right. first quarter weakness, she explaine

no matter what janet yellen and the president are saying but people care about it. there was a recent fox poll that showed what people care most about by 35% are rises prices. >> they are like me. i go to the grocery store. to feed five people it's extremely expensive. the cost of beef is the highest it's been. it's not simply the administration. it's a lot of the progressive activist groups. all of the labeling laws are costing money. >> rick is wrong. the number of pigs hasn't deminutid diminished. they just all moved to washington d.c. >> that's a good note to end on. forget flowers, candy, or jewelry, our informers have gifts for >>> stocks for mother's day. staples. why do you like it? >> great gift for mom. >> yeah, it's coming in strong. this might be a good one. >> why do you like them? they invest a lot to make better engines at the leading edge. >> great company. just be cautious. the ceo was selling shares at about $151. >> good stuff. that's it for forbes on fox. a shout out to a great man and fan of the show that just passed away. he started as a butche

federal reserve chair janet yellen heads to capital hill to give congress her view of the economy. more store closings are in the works for sears according to ceo eddie lampert who is attempting to turnaround business. disney easily tops wall street earnings estimates' stocks slide as investors rotate out of tech and more. on light volume-- the dow fell 130 points on selling in banks. the nasdaq slipped 57 points as twitter and yelp dropped dramatically. and the s&p closed down 17 points. gold and oil were just about flat on the day. larry shover of sfg alternatives joins us on this wednesday morning. what do you think? will janet yellen, the fed chair be a market mover today? >>i don't think she'll be a mover today. she's got two days to speak today. thursdayi do believe she understands that the market is just depending on her to stabilize the marketand i think that's what she'll do. i don't think she'll reiterate anything other than we're data dependent, we continue to watch the inflation and jobs reports. >>disney had earnings report last night that topped expectations. will tha

fed chair janet yellen says the bond holding will drop very gradually. in her 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 messagin

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

and on wednesday, fed chair janet yellen speaks before congress's joint economic committee. we are at the centurylink center in omaha, where investors are gathering for the annual share holder meeting hosted by warren buffett. this is a huge event for the city. it's 14,000 packed hotel rooms are averaging about $425 a night. that's right, $425 a night. one steakhouse, a favorite spot, expects to serve 1,500 pounds of beef this weekend. now the fifth most valuable company in the united states, berkshire hasn't always attracted the crowds. back in 1981, in fact, just 12 berkers attended the annual meeting, and my how it has grown since then. that's the show today, i'm becky quick. thank you so much for joining me. my guest next week, actor and director alan alda on his new role as a science educator. each week, keep it here, we're "on the money." have a great one, everybody, and i'll see you next weekend. female announcer: sleep train's interest free for 3 event ends sunday. it's your last chance to get three years interest-free financing on beautyrest black, stearns & foster,

but the market has now stalled enough so that this week that fed chair janet yellen told congress she is concerned about and watching the market closely. our cbs news business analyst jill schlesinger joins us now. jill, how bad are the numbers and what's behind this. >> there's a definite slow down from last year but last year was an amazing year. we see it in metrics of housing, existing home sales, new home sales. they are down pretty dramatically from a year ago. price increases are slowing down. part of the reason is mortgage rates have jumped from last year. from may to this year in about probably almost 1%. now that's been a burden on buyers because it's harder to qualify for a loan still. and the cost of the house has gone up. that said, i don't want anyone to go too crazy here. we aren't in a terrible situation where housing is cratering. things are slowing down and that's normal. >> jim: so housing of course drives so much. how likely is the housing slow down, how likely is it impacted general recovery. >> well i think that's part of the reason that janet yellen is watching

take that, gamers. >> finally, janet yellen, speaking on wall street. right 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

no matter what janet yellen and the president are saying but people care about it. there was a recent fox poll that showed what people care most about by 35% are rises prices. >> they are like me. i go to the grocery store. to feed five people it's extremely expensive. the cost of beef is the highest it's been. it's not simply the administration. it's a lot of the progressive activist groups. all of the labeling laws are costing money. >> rick is wrong. the number of pigs hasn't deminutid diminished. they just all moved to washington d.c. >> that's a good note to end on. forget flowers, candy, or jewelry, our informers have gifts for mom that will make you her favorite kid all yearlong. that's good. i procrastinated on... buying a car because i knew... it would be a scary process. truecar made it very easy... for me to negotiate, because i didn't really need to do any negotiating at all. save time, save money, and never overpay. visit truecar.com >>> stocks for mother's day. staples. why do you like it? >> great gift for mom. >> yeah, it's coming in strong. this mig

janet yellen is delivering the commencement address to nyu seniors at 11:00. we will let you know of any headlines come out of that. >> the u.s. is negotiating with another bank about investigating a big -- settling a big penalty. prosecutors may seek more than $5 billion from a french bank for possibly vile -- violating u.s. sanctions. those recalls are leading to more sanctions against gm. general motors is overhauling its legal department. that is according to people familiar with the matter. last week they were fined $35 million for the way they handle the recall of cars with faulty -- faulty ignition switches. netflix launches its biggest expansion in three years, moving into germany, france, and for other european countries this year. they want to boost their overseas presence ahead of amazon and hbo. >> within the hour we have had the news of russia siding with china, a giant norma's gas deal, no other way to describe it. 10 years in the making. ryan is in st. petersburg this morning. ryan, this this change the politics of russia and europe in the ukrai