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Nov 7, 2013
11/13
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steve liesman has more. >>> economic growth was hotter in the third quarter than investor expected but that could be cold comfort in the months ahead. the government gross domestic prodt rose 2.8% well ahead of the 2% consensus and the best quarterly number in a year. the data accounts for growth before the government shutdown and the controversial debt ceiling debate that many economist believe weaken growth in the current quarter. still, better to have more men tum than less. housing surged ahead by 14.6%, durable purchases by consumers up nearly 8% and exports up 4.5% and invenn tomorrowries,there was a big inventory, $86 billion. business equipment purchases fell and federal government fell by 1.7%. it's the strong growth ingrowth inventoriesith ncerns about the shut down that makes economists concerned about the current quarters' growth. if they put too much on the shelf last quarter, they will spend this quarter working it off. it's seen at 1.6%, one shot in the arm for global growth could be from europe. it cutted cutted lending rate w declining inflation. they signalled more me
steve liesman has more. >>> economic growth was hotter in the third quarter than investor expected but that could be cold comfort in the months ahead. the government gross domestic prodt rose 2.8% well ahead of the 2% consensus and the best quarterly number in a year. the data accounts for growth before the government shutdown and the controversial debt ceiling debate that many economist believe weaken growth in the current quarter. still, better to have more men tum than less. housing...
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Nov 21, 2013
11/13
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steve liesman explains. >> the fed's october meeting showing this committee members general he believe the economy will improve enough to warrant a reduction in stimulus to the economy. specifically, they could reduce the amount of assets they purchase in quantitative easing if the fed's forecast for gradually improving economy comes true. the fed is deeply divided overcome mun case strategy as it fears stocks and bonds could sell off sharply and is trying to convince markets, if it does taper, that does not mean the central bank will raise interest rates any time sooner. ben bernanke struggled with the problem for months and there doesn't seem to be easy answers. we learned the special emergency october 16th meeting the day before the government was supposed to default to discuss what to do if that default happened. it's suggested it could take access in the event of a default. economic effects are temporary and limited. for "nightly business report", i'm steve liesman. >>> well, joining us now to talk more about the fed, bruce, chief economist at jp morgan chase. thanks for being her
steve liesman explains. >> the fed's october meeting showing this committee members general he believe the economy will improve enough to warrant a reduction in stimulus to the economy. specifically, they could reduce the amount of assets they purchase in quantitative easing if the fed's forecast for gradually improving economy comes true. the fed is deeply divided overcome mun case strategy as it fears stocks and bonds could sell off sharply and is trying to convince markets, if it does...
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Nov 19, 2013
11/13
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steve liesman clearing it up for us. >>> chicago and other towns facing critical decisions. opportunities aren't always obvious. sometimes they just drop in. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group: how the world advances. [ bagpipes and drums playing over ] [ music transitions to rock ] make it happen with the all-new fidelity active trader pro. it's one more innovative reason serious investors are choosing fidelity. get 200 free trades when you open an account. >>> there was speculation in some circles a month before the presidential election in 20 12 that somehow the unemployment numbers were skewed to be more positive than they should have been. it was widely discounted. today an exclusive story in the new york post claims bogus data made it into the jobs report leading up to the presidential election. steve liesman with more on the story. >> cnbc has learned the person named in that new york post report, who is alleged to have fabricated data, has not w
steve liesman clearing it up for us. >>> chicago and other towns facing critical decisions. opportunities aren't always obvious. sometimes they just drop in. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group: how the world advances. [ bagpipes and drums playing over ] [ music transitions to rock ] make it happen with the all-new fidelity active trader pro. it's one more...
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Nov 18, 2013
11/13
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steve liesman reporting on timothy geithner. >> we wish him well. thanks, guys, still ahead, hard assets have been hot lately. how about this one. a $15 million ferrari. we'll show you some of the most expensive cars ever, and also let you know who might be buying them. and did you know about detroit's financial problems? of course you did. the list of cities in trouble doesn't stop there. scott kohn is going across america to save our cities. stop number one, oakland, california. scott? >> yeah. sue, you know, this is a real main street versus wall street story. the issue here, did wall street take hundreds of american cities for a ride or were these cities simply playing the market with their taxpayers' money. it's the first stop on our critical conditions tour, looking at america's cities and what can be done to save them. we're in oakland, california, and we'll have the story coming up on "power lunch." mine was earned orbiting the moon in 1971. afghanistan in 2009. on the u.s.s. saratoga in 1982. [ male announcer ] once it's earned, usaa auto i
steve liesman reporting on timothy geithner. >> we wish him well. thanks, guys, still ahead, hard assets have been hot lately. how about this one. a $15 million ferrari. we'll show you some of the most expensive cars ever, and also let you know who might be buying them. and did you know about detroit's financial problems? of course you did. the list of cities in trouble doesn't stop there. scott kohn is going across america to save our cities. stop number one, oakland, california. scott?...
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Nov 20, 2013
11/13
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mandy and her income aflok are here but start with steve liesman and the fed minutes which are due out. >> the federal reserve and its october meeting the committee generally expected data would justify tapering in coming months or in other words they used later the next few meetings. considered scenarios to taper before the economy showed clear or what they called unambiguous improvement and discussed qe issues and ways to improve guidance what amounts to one of the most confusing and inconclusive debates from a fed meeting. a number of participants supported equal size reductions in treasure rises and mortgage backed securities. they discussed lowering the unemployment threshold. the one at 6.5%. pretty much dismiss that. debated providing additional assurances on low funds rate. didn't come to conclusions on that. discussed lowering the rate on excess reserves. they thought the benefits were small and so took no decision on that. they discussed a, quote, standing purchase of short-term treasuries, kind of forever revolving qe fund. didn't take a conclusion on that but talked about i
mandy and her income aflok are here but start with steve liesman and the fed minutes which are due out. >> the federal reserve and its october meeting the committee generally expected data would justify tapering in coming months or in other words they used later the next few meetings. considered scenarios to taper before the economy showed clear or what they called unambiguous improvement and discussed qe issues and ways to improve guidance what amounts to one of the most confusing and...
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Nov 18, 2013
11/13
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steve liesman is very grateful. microsoft france is transforming the hotel o in paris into xbox 1 hotel. rooms are being decorated to look like scenes from the new xbox games and the who he tell bar offering xbox inspired cocktails. the hotel will stay game themed until the new year and opens to the public on friday. it's really, really hard core gamers. speaking of hotels, we'll take you inside one hotel that's going the way of the godfather and letting guests sleep with the fish. >> but first, starbucks versus charbucks. this was a real fight, by the way. a 12-year court battle just ended. why the court says the coffee giant did not have the grounds to stand on. the xbox 1. yeah. we're back after this. the american dream is of a better future, a confident retirement. those dreams, there's just no way we're going to let them die. ♪ like they helped millions of others. by listening. planning. working one on one. that's what ameriprise financial does. that's what they can do with you. that's how ameriprise puts mor
steve liesman is very grateful. microsoft france is transforming the hotel o in paris into xbox 1 hotel. rooms are being decorated to look like scenes from the new xbox games and the who he tell bar offering xbox inspired cocktails. the hotel will stay game themed until the new year and opens to the public on friday. it's really, really hard core gamers. speaking of hotels, we'll take you inside one hotel that's going the way of the godfather and letting guests sleep with the fish. >> but...
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Nov 20, 2013
11/13
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steve liesman, i'll finish with you. in your view, does the fed have a credibility problem right now? >> perhaps, but it certainly has a communications problem right now. it seems incapable of telling the market that if it reduces the amount of qe that's out there, that it doesn't mean they're going to be raising rates any time sooner. i'm not sure, though, that all the investors on the panel, bill, are listening to what the fed is saying. because you made the point, bill, that if the fed does, indeed taper because its economic forecast for improving or accelerated growth comes to pass -- >> or so they tell us. >> again, if i could trade ten bucks of qe for $1 of groeshgts i would take that bet any time. i would probably take it in the stock market but i'm not sure the average investor is there yet. >> that's without knowing how you're going to exit those extra nine bucks. that's the problem right there. >> all right, guys. thank you. >> thanks, everybody. >> another fun taper talk today on "closing bell." heading toward
steve liesman, i'll finish with you. in your view, does the fed have a credibility problem right now? >> perhaps, but it certainly has a communications problem right now. it seems incapable of telling the market that if it reduces the amount of qe that's out there, that it doesn't mean they're going to be raising rates any time sooner. i'm not sure, though, that all the investors on the panel, bill, are listening to what the fed is saying. because you made the point, bill, that if the fed...
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Nov 29, 2013
11/13
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steve liesman does. he's going to introduce us to band fuse. think of it as guitar hero but with real instructs. we're going to demo it next and talk to the game creator after the break. ready to run your lines? okay, who helps you focus on your recovery? yo, yo, yo. aflac. wow. [ under his breath ] that was horrible. pays you cash when you're sick or hurt? [ japanese accent ] aflac. love it. [ under his breath ] hate it. helps you focus on getting back to normal? [ as a southern belle ] aflac. [ as a cowboy ] aflac. [ sassily ] aflac. uh huh. [ under his breath ] i am so fired. you're on in 5, duck. [ male announcer ] when you're sick or hurt, aflac pays you cash. find out more at aflac.com. to help secure retirements and protect financial futures. to help communities recover and rebuild. for companies going from garage to global. on the ground, in the air, even into space. we repaid every dollar america lent us. and gave america back a profit. we're here to keep our promises. to help you realize a better tomorrow. from the families of aig, ha
steve liesman does. he's going to introduce us to band fuse. think of it as guitar hero but with real instructs. we're going to demo it next and talk to the game creator after the break. ready to run your lines? okay, who helps you focus on your recovery? yo, yo, yo. aflac. wow. [ under his breath ] that was horrible. pays you cash when you're sick or hurt? [ japanese accent ] aflac. love it. [ under his breath ] hate it. helps you focus on getting back to normal? [ as a southern belle ] aflac....
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Nov 19, 2013
11/13
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steve liesman's been digging into that all day. he brings us his latest findings still to come on the "closing bell." i'm beth... and i'm michelle. and we own the paper cottage. it's a stationery and gifts store. anything we purchase for the paper cottage goes on our ink card. so you can manage your business expenses and access them online instantly with the game changing app from ink. we didn't get into business to spend time managing receipts, that's why we have ink. we like being in business because we like being creative, we like interacting with people. so you have time to focus on the things you love. ink from chase. so you can. ♪ [ male announcer ] laura's heart attack didn't come with a warning. today her doctor has her on a bayer aspirin regimen to help reduce the risk of another one. if you've had a heart attack, be sure to talk to your doctor before you begin an aspirin regimen. >>> welcome back. well, there has been a lot of talk surrounding the bitcoin mania. what exactly is a bitcoin? >> i'm glad you asked. we put t
steve liesman's been digging into that all day. he brings us his latest findings still to come on the "closing bell." i'm beth... and i'm michelle. and we own the paper cottage. it's a stationery and gifts store. anything we purchase for the paper cottage goes on our ink card. so you can manage your business expenses and access them online instantly with the game changing app from ink. we didn't get into business to spend time managing receipts, that's why we have ink. we like being...
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Nov 20, 2013
11/13
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steve liesman, i can't believe we both gave bernanke a "b." >> more of a meeting of the minds -- >> you have accused me of watching the data in the past. >> okay. >> now time for the main event of "the kudlow report" tonight. we have scott walker about to join us to talk about obama care, budgets, and will he be a presidential candidate in 2016? as always, don't forget free market capitalism is the best path to prosperity. scott walker knows that's true, that's why we love him. "the kudlow report" is coming right back. >>> i was not informed directly that the website would not be working. as the way it was supposed to. had i been informed i wouldn't be saying boy, this will be great. >> say it ain't so, mr. president. turns out this might go down as yet another obama care falsehood. i'm being very polite about that, because of my respect for the office. we learned today that the white house was in fact clearly warned way back in march by the respected consulting firm mckenzie & company that the healthcare.gov website was full of risks and disasters and today, jay carney was forced to wa
steve liesman, i can't believe we both gave bernanke a "b." >> more of a meeting of the minds -- >> you have accused me of watching the data in the past. >> okay. >> now time for the main event of "the kudlow report" tonight. we have scott walker about to join us to talk about obama care, budgets, and will he be a presidential candidate in 2016? as always, don't forget free market capitalism is the best path to prosperity. scott walker knows that's...
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Nov 21, 2013
11/13
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. >>> when we come back, steve liesman reads into the fed minutes. and when it dials down into their easy money policy, he'll tell us when that may be coming. plus, big savings around the holiday season has been a huge selling point for retailers. but this year, seems that retailers are pushing it much earlier than usual. courtney reagan has just that story in a moment. your grass waters itself. your dishes wash themselves. so why don't your floors... ...clean themselves? the irobot roomba vacuum cleaning robot. irobot. do you? customer erin swenson ordebut they didn't fit.line customer's not happy, i'm not happy. sales go down, i'm not happy. merch comes back, i'm not happy. use ups. they make returns easy. unhappy customer becomes happy customer. then, repeat customer. easy returns, i'm happy. repeat customers, i'm happy. sales go up, i'm happy. i ordered another pair. i'm happy. (both) i'm happy. i'm happy. happy. happy. happy. happy. happy happy. i love logistics. ♪ ♪ no two people have the same financial goals. pnc works with you to understa
. >>> when we come back, steve liesman reads into the fed minutes. and when it dials down into their easy money policy, he'll tell us when that may be coming. plus, big savings around the holiday season has been a huge selling point for retailers. but this year, seems that retailers are pushing it much earlier than usual. courtney reagan has just that story in a moment. your grass waters itself. your dishes wash themselves. so why don't your floors... ...clean themselves? the irobot...
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Nov 1, 2013
11/13
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steve liesman at hq. >> time to seal it up. the container store making its wall street debut, ticker will be tcs. we're told they're bringing a hundred employees to the floor. it's going to get low. and kipp tindell coming up. a lot more "squawk on the street" in just a moment. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. to tostore and essentially they just get sold something. we provide the exact individualization that your body needs. before you invest in a mattress, discover the bed clinically proven to improve sleep quality. the sleep number bed. once you experience it, there's no going back. right now our queen mattress s
steve liesman at hq. >> time to seal it up. the container store making its wall street debut, ticker will be tcs. we're told they're bringing a hundred employees to the floor. it's going to get low. and kipp tindell coming up. a lot more "squawk on the street" in just a moment. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional...
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Nov 1, 2013
11/13
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>> what's weird is when i talked to senate -- >> you're steve liesman, right? >> i'm steve liesman. they say the benghazi thing is more worrisome than the rand paul thing because the benghazi thing is more out there in the public domain and more likely to gain -- >> i don't think it was handled well. >> but the connection, even though the rand paul thing makes more sense to tie yellen to the fed audit thing, benghazi and the fed and yellen, i don't really see the connection. >> considering you said where do we draw the line, is $50 trillion too big? >> you mean on the fed's balance sheet? well, you asked what is the number? >> i did ask rhetorically what is the number. >> that's what i'm talking about. >> why talk to me? >> i don't know. >> i think the same of you. let's start off 7:00 in the morning with quite a few insults. >> you know what i mean, though. if we're going to talk about something, we thought we were priming the pump. we didn't know the economy ran on qe forever. >> we didn't. >> wipe don't we bring in our distinct guests. >> did you know that? we don't just prime th
>> what's weird is when i talked to senate -- >> you're steve liesman, right? >> i'm steve liesman. they say the benghazi thing is more worrisome than the rand paul thing because the benghazi thing is more out there in the public domain and more likely to gain -- >> i don't think it was handled well. >> but the connection, even though the rand paul thing makes more sense to tie yellen to the fed audit thing, benghazi and the fed and yellen, i don't really see the...
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Nov 18, 2013
11/13
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steve liesman with the story. >> thanks. this poll conducted by public opinion strategists, which does the polling for cnbc the republican half of our polling team, did this poll on behalf of the international franchise association and the u.s. chamber of commerce. find a very negative impact right now on businesses and employment from the affordable care act. let's take a look at the graphics. 64% of franchise and 53% of nonfranchise are saying the aca is having an impact on their business. you might expect that but now let's take a look at what they're saying about specifically how. they say because of aca, 30% of franchise owners have replaced full with part time about 15% have seen reduced staff and more than 30% have reduced worker hours. this has potentially huge neck negative impact on employment. one other piece of data. asked if they would stay below 50 workers. 59 % of franchise owners and 52% of nonfranchise owners. there's a lot of debate about this. unclear whether or not it shows up in the official government d
steve liesman with the story. >> thanks. this poll conducted by public opinion strategists, which does the polling for cnbc the republican half of our polling team, did this poll on behalf of the international franchise association and the u.s. chamber of commerce. find a very negative impact right now on businesses and employment from the affordable care act. let's take a look at the graphics. 64% of franchise and 53% of nonfranchise are saying the aca is having an impact on their...
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Nov 12, 2013
11/13
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>> i don't to want take steve liesman's job away from him. the truth is interest rates went up and market went up. that's good. i don't disagree with rick on many issues. however, on this one, i think the world is getting better. only by a little, but getting better. ceos are doing a great job. i think we can handle getting rid of this mystery, getting rid of this qe. >> i agree. why did they stop going down the taper road then? what you said makes sense. the fed doesn't think so. they don't have the confidence you do, i guess. >> i look at the markets, the ceos, i'm happy to stay in -- i don't. expect the world but i'm happy to stay in. tapering, if they do it right, god knows what that means, we'll be all right. >> how do you want to allocate capital? anthony chan, what would you be doing in terms of recommending folks allocating capital here? czink right now, maria, when you look at price earnings ratio, and if we use our expectation for the s&p 500 of maybe $115, much lower than the market which is expecting $120, $122, a price earnings r
>> i don't to want take steve liesman's job away from him. the truth is interest rates went up and market went up. that's good. i don't disagree with rick on many issues. however, on this one, i think the world is getting better. only by a little, but getting better. ceos are doing a great job. i think we can handle getting rid of this mystery, getting rid of this qe. >> i agree. why did they stop going down the taper road then? what you said makes sense. the fed doesn't think so....
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Nov 19, 2013
11/13
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. >> steve liesman, i know you're looking into that. always good to have your perspective on this real economy. >> thanks. >> wall street versus main street. thank you, sir. >>> speaking of recoveries, let's go to the actual recovery efforts in the midwest after tornadoes and violent storms ripped through michigan all the way to new york state. teams are still digging through rubble. the current death toll stands at 8, 6 in illinois and 2 in michigan. the tornados that struck new mindon and washington, illinois weather rated ef-4s. in english, that means they had winds that were close to 200 miles an hour. at least 25 toids were confirmed. on monday governors of both states toured the damage. in illinois, governor pat quinn said the recovery is just beginning. >> we're all in this together. and every person in illinois wants to help the people of washington and the people of cole city and diamond and gifford and brook port and new mindon. all these towns are strong towns and we want to make sure they get back on their feet. >> stick aro
. >> steve liesman, i know you're looking into that. always good to have your perspective on this real economy. >> thanks. >> wall street versus main street. thank you, sir. >>> speaking of recoveries, let's go to the actual recovery efforts in the midwest after tornadoes and violent storms ripped through michigan all the way to new york state. teams are still digging through rubble. the current death toll stands at 8, 6 in illinois and 2 in michigan. the tornados...
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Nov 20, 2013
11/13
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steve liesman was there and, yes, this is confusing. i don't know what some of your guests think about this but it makes it hard to read exactly what a marketplace should do. >> nathan how do you allocate capital post the minutes here knowing they're looking at the next couple of months? >> well if it happened in the next cowluple of months and i'll give my original front two teeth back as well if they did that in the next couple of months we'll have a taper tantrum like we saw about five months ago. rates are going to spike. the fed's going to have to figure out how to have a new -- two new mandates, in my opinion. number one how to stop the tapering while still having an easy money policy. also convincing investors that interest rates aren't going to spike when they start the tapering. that's the challenge. when that happens, i think you'll lighten up in the united states and you start looking at the movie called europe which is a mini version of what we've been living for the last five years. i also think you have to continue to shor
steve liesman was there and, yes, this is confusing. i don't know what some of your guests think about this but it makes it hard to read exactly what a marketplace should do. >> nathan how do you allocate capital post the minutes here knowing they're looking at the next couple of months? >> well if it happened in the next cowluple of months and i'll give my original front two teeth back as well if they did that in the next couple of months we'll have a taper tantrum like we saw...
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Nov 8, 2013
11/13
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. >> thank you very much, steve liesman. >> sector s.o.s., which stocks are flashing a warning signal and if the momentum run is done. >> the most powerful storm recorded slamming into the philippines, heartbreaking images from that part of the world after a terrifying night for them. we're going to bring you the latest when "street signs" returns. you really love, what would you do?" ♪ [ woman ] i'd be a writer. [ man ] i'd be a baker. [ woman ] i wanna be a pie maker. [ man ] i wanna be a pilot. [ woman ] i'd be an architect. what if i told you someone could pay you and what if that person were you? ♪ when you think about it, isn't that what retirement should be, paying ourselves to do what we love? ♪ the holidays can belves an especially difficult time. everything's different now. sometimes i feel all alone. christmas used to be my favorite. i just don't expect anything. what if santa can't find me? to help, sleep train is holding a secret santa toy drive. bring your gift to any sleep train, and help keep the spirit of the holidays alive. not everyone can be a foster parent,
. >> thank you very much, steve liesman. >> sector s.o.s., which stocks are flashing a warning signal and if the momentum run is done. >> the most powerful storm recorded slamming into the philippines, heartbreaking images from that part of the world after a terrifying night for them. we're going to bring you the latest when "street signs" returns. you really love, what would you do?" ♪ [ woman ] i'd be a writer. [ man ] i'd be a baker. [ woman ] i wanna be a...
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Nov 6, 2013
11/13
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liesman. gentlemen, good to see you. >> good to be here, maria. >> explain the theory. >> well, look, if obama care fails because of the website, well, then that's terrible for the president. let's say it succeeds and give it the benefit of the doubt and say the president is right and 30 million people sign up, and they start getting insurance, but they start paying premiums. those premiums maybe they'll be a bargain, $100, $200 a month. >> they haven't been a bargain. i see your point. >> let's give the president all the credit and say it's going to work. that's by my calculations about $77 billion of spending by consumers that they won't have to spend at mcdonald's and target and ford motor -- that's a lot of money. more than the president's stimulus plan spent on infrastructure or for tax cuts. it could be in an economy right now where consumers look a little bit shaky, it could be just enough to dislodge us from this tentative recovery. >> steve, you on board? >> not exactly. and i questio
liesman. gentlemen, good to see you. >> good to be here, maria. >> explain the theory. >> well, look, if obama care fails because of the website, well, then that's terrible for the president. let's say it succeeds and give it the benefit of the doubt and say the president is right and 30 million people sign up, and they start getting insurance, but they start paying premiums. those premiums maybe they'll be a bargain, $100, $200 a month. >> they haven't been a bargain. i...
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Nov 20, 2013
11/13
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mandy and her income aflok are here but start with steve liesman and the fed minutes which are due out. >> the federal reserve and its october meeting the committee generally expected data would justify tapering in coming months or in other words they used later the next few meetings. considered scenarios to taper before the economy showed clear or what they called unambiguous improvement and discussed qe issues and ways to improve guidance what amounts to one of the most confusing and inconclusive debates from a fed meeting. a number of participants supported equal size reductions in treasure rises and mortgage backed
mandy and her income aflok are here but start with steve liesman and the fed minutes which are due out. >> the federal reserve and its october meeting the committee generally expected data would justify tapering in coming months or in other words they used later the next few meetings. considered scenarios to taper before the economy showed clear or what they called unambiguous improvement and discussed qe issues and ways to improve guidance what amounts to one of the most confusing and...
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Nov 8, 2013
11/13
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louis with -- steve liesman wit now. >> the headline great, my one concern the following, 720,000 drop in -- >> in the labor. >> labor participation rate. last time we saw that was december of 2009, this is not the 2009 economy, this is 2013. >> what does that tell you? >> an outlier or something you have to wait and see. >> the economist i was talking to at the bls earlier today needs to call me back. we were talking about a half hour -- >>s there's your invitation. >> i can not get back to that person. a lovely person talking me through it. we don't know the reason for the 720, related to the furloughed workers and the shutdown. >> it is huge. >> not since december 2009. why we think there may be a relationship to the shutdown but we don't know. you would be rare to have a 200,000 increase in the jobs -- in the payroll part and 700,000 job in both employment and household. >> you pointed out yesterday the headline number on gdp growth masked a fairly weak consumer, a lot was business inventories getting piled up. >> but i think first of all, that number was more for real. this jobs n
louis with -- steve liesman wit now. >> the headline great, my one concern the following, 720,000 drop in -- >> in the labor. >> labor participation rate. last time we saw that was december of 2009, this is not the 2009 economy, this is 2013. >> what does that tell you? >> an outlier or something you have to wait and see. >> the economist i was talking to at the bls earlier today needs to call me back. we were talking about a half hour -- >>s there's...
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Nov 4, 2013
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everybody enjoyed james bullard on cnbc with steve liesman. i have basically one observation. people object the floor talking about the notion of balance sheet. here is what james bullard said on air. we have room in the balance sheet. some think we don't have room in the balance sheet. i guess that's about as subjective of an approach to their balance sheet as one could state. as we approach 4 trill and approach on the fed's balance sheet, the size of the japanese entire economy, whether there is room or there isn't room, is such a puffy statement to make. consider, where is the historical perspective on this. the balance sheet has never been this big. and, i don't know that there is any rules written anywhere regarding federal reserve act that created it that has any limits to it. zero interest rate policy known as zerp, could stand alone at this point. it really is the amount and the fact that there are so many unknowns as regards to the exit. is this like a tarp a, or a bailing out of g.m.? some of these things didn't turn out half bad. it is about the risk and the questio
everybody enjoyed james bullard on cnbc with steve liesman. i have basically one observation. people object the floor talking about the notion of balance sheet. here is what james bullard said on air. we have room in the balance sheet. some think we don't have room in the balance sheet. i guess that's about as subjective of an approach to their balance sheet as one could state. as we approach 4 trill and approach on the fed's balance sheet, the size of the japanese entire economy, whether there...
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Nov 20, 2013
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steve liesman is back at hq having summed up this morning what bernanke said last night. hey, steve. >> reporter: carl, let's talk about the inventory number. we just got, rick alluded to this, probably end up boosting estimates for q3 growth, at 3.3%, expected to be revised up from 2.8. it can cause a down revision in the fourth quarter. retail and auto inventories surged, although the sales to inventory ratio has remain pretty much unchanged. on moments year-on-year on existing home sales. retail numbers were much better than expected up. year-on-year, 2.4. there are those inflation numbers, headline down 0.1, the core up 0.1 year over year, 1.7%. here are the retail details. auto strong, reverse in september, furniture decline, gas stations down because prices were down, electronic appliances up, clothing up, core sales also doing well. that feeds into gdp. we saved money at the gas station, bought cars, electronics and a few sweaters. the big question is whether retail strength carries through to the holiday shopping season. if job growth and improved housing and stoc
steve liesman is back at hq having summed up this morning what bernanke said last night. hey, steve. >> reporter: carl, let's talk about the inventory number. we just got, rick alluded to this, probably end up boosting estimates for q3 growth, at 3.3%, expected to be revised up from 2.8. it can cause a down revision in the fourth quarter. retail and auto inventories surged, although the sales to inventory ratio has remain pretty much unchanged. on moments year-on-year on existing home...
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Nov 19, 2013
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our own steve liesman is joining us now with more details from headquarters. and, steve, you know, firstly, we should make it clear to people, the incident in question has to do with, i believe, with the household survey, one of two surveys involved in producing this monthly report. >> reporter: right. very quickly, i want to tell you, we have a statement from the inspector general of the department of commerce, saying we are aware of the media reports. and evaluating what actions may be warranted. the data show a huge spike in the number of employed in the household survey, and a decline in the unemployed in the months leading up to -- you can see there -- that's november, the end there, november 2012 election, as kelly said, the household one of two surveys conducted monthly. the survey, in which data gathers from the census bureau, they contact 60,000 homes nationwide on behalf of the bls. that's used to calculate the unemployment rate. the separate payroll survey used to measure job growth, that data comes from employers themselves right to the bls. so it
our own steve liesman is joining us now with more details from headquarters. and, steve, you know, firstly, we should make it clear to people, the incident in question has to do with, i believe, with the household survey, one of two surveys involved in producing this monthly report. >> reporter: right. very quickly, i want to tell you, we have a statement from the inspector general of the department of commerce, saying we are aware of the media reports. and evaluating what actions may be...
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Nov 8, 2013
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liesman with his unique perspective and breaking headlines from atlanta fed president dennis lockhart. >> yeah, dennis lockhart saying the fed should continue to, quote, stand in with accommodative policy. what he means by that, he is quoting a book, that says you should stand in against the curve, said the fed has been throwing curve s to the economy including the unreliable conditions, and these are the first of comments from the fed officials. he is saying the employment report is a good story, important story, and notes the unemployment rate has fallen but said some job measures are less than satisfactory. so those are the news headlines from dennis lockhart that we just got. you can see not much effect, i think, in the market from the headlines. either the dow or the -- or bonds, but bonds were deeply affected this morning, as you know, guys. i want to show you one way of looking at the jobs numbers. here's the current number, 204. and then, look at the three-month average, which is 201,000. and then the six-month average. what you see there is far from declining, it's been accel
liesman with his unique perspective and breaking headlines from atlanta fed president dennis lockhart. >> yeah, dennis lockhart saying the fed should continue to, quote, stand in with accommodative policy. what he means by that, he is quoting a book, that says you should stand in against the curve, said the fed has been throwing curve s to the economy including the unreliable conditions, and these are the first of comments from the fed officials. he is saying the employment report is a...
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Nov 5, 2013
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let's get to steve liesman. good morning to you, steve. >> andrew, thanks very much. i'm here with eric rosengren. yesterday, eric, we interviewed the loser, st. louis fed president jim bullard. and now, what did boston fed do, fiscal probabilities to the red sox? were you a player in the world series victory? >> i'm afraid we can't take any credit, but it certainly was wonderful news that the boston red sox won. >> okay. let's talk about fed policy move very quickly. you said last night at the university of massachusetts that it didn't matter if the fed tapered in april or december. it's irrelevant for the market. >> so i didn't say it was irrelevant to the market. i did say that the difference between one quarter or two quarters wouldn't make a big difference to the total stock of securities that we held. so given that we're close to $4 trillion, the difference of one quarter one way or the other doesn't make a huge difference in the stock. >> you're not talking about eliminating qe. you're talking about reducing it, reducing it over the three or four-month period.
let's get to steve liesman. good morning to you, steve. >> andrew, thanks very much. i'm here with eric rosengren. yesterday, eric, we interviewed the loser, st. louis fed president jim bullard. and now, what did boston fed do, fiscal probabilities to the red sox? were you a player in the world series victory? >> i'm afraid we can't take any credit, but it certainly was wonderful news that the boston red sox won. >> okay. let's talk about fed policy move very quickly. you said...
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Nov 7, 2013
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steve liesman in studio. and i don't -- we've got to get to these numbers, rick. but i'll tell you, i figure you're thinking, these euros, misery loves company, we're going to race to the bottom with currency debasement. liesman comes over and says see how stupid they are, took them a long time to realize what the right thing to do was. i'd love to get you two guys going on that. >> bring it on. >> anyway, give us the numbers. >> all right. the survey says our first look at third quarter gdp, better than expected, 2.8%. and i'll tell you what, that is definitely more than i was looking for. let's go through the internals. consumption number, definitely on the weak side. we knew this, 1.5 versus our last look at 1.8. the price index triple our last look, actually. comes in at 1.9. also hotter, if you look at the personal consumption expenditure quarter over quarter, 1.4. so to summarize, the headline numbers definitely hot. the consumption is not and the prices are a little hotter than we expected. 336 on initial jobless claims, that's a drop of 9,000 from 345,000.
steve liesman in studio. and i don't -- we've got to get to these numbers, rick. but i'll tell you, i figure you're thinking, these euros, misery loves company, we're going to race to the bottom with currency debasement. liesman comes over and says see how stupid they are, took them a long time to realize what the right thing to do was. i'd love to get you two guys going on that. >> bring it on. >> anyway, give us the numbers. >> all right. the survey says our first look at...
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Nov 19, 2013
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in a statement to steve liesman, the bls adds, the incident has been reported for investigation. we have no further comment. >>> when we return, we're going to go to value picks from a "squawk" market master. delphi's scott black, a member of the prestigious baron round table. as we head to the break, let's take a look at the u.s. equity futures. [ male announcer ] once, there was a man who found a magic seashell. it told him what was happening on the trading floor in real time. ♪ the shell brought him great fame. ♪ but then, one day, he noticed that everybody could have a magic seashell. [ indistinct talking ] [ male announcer ] right there in their trading platform. ♪ [ indistinct talking continues ] [ male announcer ] so the magic shell went back to being a...shell. get live squawks right in your trading platform with think or swim from td ameritrade. okay, who helps you focus on your recovery? yo, yo, yo. aflac. wow. [ under his breath ] that was horrible. pays you cash when you're sick or hurt? [ japanese accent ] aflac. love it. [ under his breath ] hate it. helps you
in a statement to steve liesman, the bls adds, the incident has been reported for investigation. we have no further comment. >>> when we return, we're going to go to value picks from a "squawk" market master. delphi's scott black, a member of the prestigious baron round table. as we head to the break, let's take a look at the u.s. equity futures. [ male announcer ] once, there was a man who found a magic seashell. it told him what was happening on the trading floor in real...
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Nov 8, 2013
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steve liesman digging deeper into the employment numbers. >> reporter: despite the rising unemployment rate, a mostly positive jobs report showing not only big 204,000 jobs added in october but good upward revisions to prior months and importantly job-based job growth. august and september combined revisions up 60,000, including putting august over 200,000. unemployment rate ticks up. the bad parts of the report, average hourly earnings and average weekly hours, 0.1% on earnings and 34.4 average weekly hours, the two weaknesses. the job based job growth, two areas that should have been affected by obama care, maybe the delay in implementation is having a positive effect. professional business services up, education, manufacturing, that's one of the bigger gains we've had in many months and construction coming along again with 11,000 workers added. now, fixed income traders smelling less fed stimulus in the air. they bid up interest rates this morning in the wake of the report. look at that cliff right there. a lot of talk if we get another positive jobs report in december, the fed coul
steve liesman digging deeper into the employment numbers. >> reporter: despite the rising unemployment rate, a mostly positive jobs report showing not only big 204,000 jobs added in october but good upward revisions to prior months and importantly job-based job growth. august and september combined revisions up 60,000, including putting august over 200,000. unemployment rate ticks up. the bad parts of the report, average hourly earnings and average weekly hours, 0.1% on earnings and 34.4...
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Nov 27, 2013
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i suspect they may. >> thank very much, steve liesman. it is the last key report on consumer sentiment before black friday. breaking news and market reaction next. as we head to break, the nasdaq hate new 13-year high. does bring back memories looking at that peak back in 2000. i think it was 5,000 on march 10, 2001. we're right back after this. you get your hair cut here. you find that certain thing you were looking for here, but actually you get so much more. when you shop at these small local businesses, you support all the things that make your community great. the money you spend here, stays here. in this place you call your neighborhood. this saturday is small business saturday. get out and shop small. ♪ ♪ no two people have the same financial goals. pnc works with you to understand yours and help plan for your retirement. visit a branch or call now for your personal retirement review. >>> welcome back to "squawk on the street." we're awaiting university of michigan confidence index. we're expecting a number slightly above or ne
i suspect they may. >> thank very much, steve liesman. it is the last key report on consumer sentiment before black friday. breaking news and market reaction next. as we head to break, the nasdaq hate new 13-year high. does bring back memories looking at that peak back in 2000. i think it was 5,000 on march 10, 2001. we're right back after this. you get your hair cut here. you find that certain thing you were looking for here, but actually you get so much more. when you shop at these...
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Nov 26, 2013
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let's bring in steve liesman to this conversation, as well. steve, pretty strong number, at least, in terms of what you're seeing for the permits. the question becomes the starts. what are we going to see when we get those numbers. >> details, becky, this looks like driven by multifamily construction. we're reporting two months now, we're looking through going back to august as the baseline. you were about 299,000 in august, multifamily, now that's up to 414 in october. so that's a -- a consecutive jump in september and october. whereas single family homes, 627 is actually below that level. you've had a two-month surge in multifamily. looks like a lot happened out west and out south where permits are, at least in october, unchanged in the northeast and down in the midwest. so i'm not -- we like this number, we like it to be high. it's a number that doesn't do badly in terms of tracking gdp two quarters ahead of time. >> over a million now too. >> yeah. we haven't been there since march. but you certainly like to see that more substantially in
let's bring in steve liesman to this conversation, as well. steve, pretty strong number, at least, in terms of what you're seeing for the permits. the question becomes the starts. what are we going to see when we get those numbers. >> details, becky, this looks like driven by multifamily construction. we're reporting two months now, we're looking through going back to august as the baseline. you were about 299,000 in august, multifamily, now that's up to 414 in october. so that's a -- a...
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Nov 29, 2013
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i'm becky quick along with andrew ross sorkin and steve liesman, who is in for joe kernen today. o is enjoying a day off. our top story today, of course, it's retail. so we are lucky enough to have our industry expert dana telsey here this morning. >> thank you. thank you for having me. >> have you slept? >> i don't believe in sleeping, not when the stores are open. >> that's what we figured. we'll talk more to dana in just a moment. at least a dozen retail chains opened their stores yesterday. it did make for some big thanksgiving day sales. overall, the national retail federation expects sales to be up by 3.9% during the last two months of the year. that is higher than last year's 3.5% growth. but it's below the 6% rates that we saw just before the
i'm becky quick along with andrew ross sorkin and steve liesman, who is in for joe kernen today. o is enjoying a day off. our top story today, of course, it's retail. so we are lucky enough to have our industry expert dana telsey here this morning. >> thank you. thank you for having me. >> have you slept? >> i don't believe in sleeping, not when the stores are open. >> that's what we figured. we'll talk more to dana in just a moment. at least a dozen retail chains opened...
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Nov 5, 2013
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many on the trading floor look forward to steve liesman's interviews with the fed officials. it's not about the fed officials, but garnering where they're going, where they've been, and where they are, and how that will affect traders. today, i learned important bits of information from boston fed mr. eric rosengren. i'd like to play a clip. >> you would agree, you've said that before, you would agree your colleagues have said that before, i would agree i heard that before. it tonight seem like it's sinking in. is there some other way that markets can be told to understand this thing, or is it just something you can't do? is it too complicated a policy? >> so i think it has been a complicated policy. so one of the challenges is we've not been in a situation where we tried to exit from a large balance sheet before. and communications is a very important part of that. so we're working to get the communications better and be as transparent as possible. but there's still been challenges as you pointed out. >> well, a couple of things that jumped out at me. first of all, it's not
many on the trading floor look forward to steve liesman's interviews with the fed officials. it's not about the fed officials, but garnering where they're going, where they've been, and where they are, and how that will affect traders. today, i learned important bits of information from boston fed mr. eric rosengren. i'd like to play a clip. >> you would agree, you've said that before, you would agree your colleagues have said that before, i would agree i heard that before. it tonight...
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Nov 4, 2013
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i'm becky quick along with joe kernan and andrew ross sorkin and steve liesman. we're watching the futures this morning. right now, dow futures up by about 26 points above fair value, s&p futures up by 2 1/2. and in our headlines this morning, we are expecting a settlement to be announced today between the government and s.a.c. capital. the settlement would be worth $1.8 billion when you include that $616 million fine that the firm has already paid. s.a.c. would also plead guilty to one count of securities fraud. and twitter is facing a dose of skepticism ahead of the ipo later this week. that's according to the cnbc associated press poll. 47% say buying twitter stock would not be a good investment. 36% take a positive view. >>> and california home builder tripoint homes is merging with warehousers home building position. the deal is worth $2.7 billion. and tripoint would become one of the top 20 u.s. home builders as a result of that deal. barry sternlicht will be here tomorrow starting at 7:00 a.m. on "squawk." >>> and a number of events of note this week. tomo
i'm becky quick along with joe kernan and andrew ross sorkin and steve liesman. we're watching the futures this morning. right now, dow futures up by about 26 points above fair value, s&p futures up by 2 1/2. and in our headlines this morning, we are expecting a settlement to be announced today between the government and s.a.c. capital. the settlement would be worth $1.8 billion when you include that $616 million fine that the firm has already paid. s.a.c. would also plead guilty to one...
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Nov 8, 2013
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we're going to get to rick santelli and steve liesman for final predictions. gentlemen, let's start with you, rick. what's your number? >> 101,000. >> oh, you're going even lower than consensus. >> i don't know. >> consensus right now is about 120, though some of our "squawk" panelists are a little more all over the map. >> boy, you said a mouthful there. >> steve, where are you? >> i like 141,000. >> oh. why? >> just a touch higher than consensus. i don't think the federal stuff shows up in the payroll numbers, i think it shows up in the unemployment rate. and the private sector indicators i've seen have not been that bad. i don't know what the knock on effect of the federal government shutdown has been. but the ism numbers are pretty good, the jobless claims have been polluted by the california computer problem. but if that's the case and a 335 or 340 average over the course of the four weeks is not too bad. plus, my thinking here is that all of the risk is to the up side. the market has completely baked in a negative number. i'm most interested in the septe
we're going to get to rick santelli and steve liesman for final predictions. gentlemen, let's start with you, rick. what's your number? >> 101,000. >> oh, you're going even lower than consensus. >> i don't know. >> consensus right now is about 120, though some of our "squawk" panelists are a little more all over the map. >> boy, you said a mouthful there. >> steve, where are you? >> i like 141,000. >> oh. why? >> just a touch...
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Nov 18, 2013
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first, though, steve liesman is onset with us to set up -- what's that -- we have numbers this week? >> oh, man, numbers, fed, all kinds of stuff. will the me tell you what we've got here. today is not a day not to pay attention because we have fed speak in surplus here, that's today, tomorrow, evans and you guys already talked earlier this morning about the bernanke speech tomorrow night at 7:00. we'll be following that closely. wednesday, cpi, look for unchanged on the headline. retail sales also unchanged. watch for the control group which takes out some of the other stuff that feeds into gdp. and normally you don't make a big deal about business inventories, but it's been the big swing factor in our growth numbers both for the third quarter and the fourth quarter. wednesday, the minutes claim at 3:35. powell and bullard on thursday. i want to show you quickly on the outlook for growth we have. macro economic advisers are tracking forecast running at 3.3 versus the actual 2.8. and that's because as we talked about before, the inventory push in the third quarter. but the expectatio
first, though, steve liesman is onset with us to set up -- what's that -- we have numbers this week? >> oh, man, numbers, fed, all kinds of stuff. will the me tell you what we've got here. today is not a day not to pay attention because we have fed speak in surplus here, that's today, tomorrow, evans and you guys already talked earlier this morning about the bernanke speech tomorrow night at 7:00. we'll be following that closely. wednesday, cpi, look for unchanged on the headline. retail...